Answer: 2008.0

Question: Which year is Granted for shares(in thousands) the most?

Context:
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis Investing & Lending Investing & Lending includes our investing activities and the origination of loans, including our relationship lending activities, to provide financing to clients. These investments and loans are typically longer-term in nature. We make investments, some of which are consolidated, including through our merchant banking business and our special situations group, in debt securities and loans, public and private equity securities, infrastructure and real estate entities. Some of these investments are made indirectly through funds that we manage. We also make unsecured and secured loans to retail clients through our digital platforms, Marcus and Goldman Sachs Private Bank Select (GS Select), respectively. The table below presents the operating results of our Investing & Lending segment.

	Year Ended December

$ in millions	2017	2016	2015

Equity securities	$4,578	$2,573	$3,781

Debt securities and loans	2,003	1,507	1,655

Total net revenues	6,581	4,080	5,436

Operating expenses	2,796	2,386	2,402

Pre-taxearnings	$3,785	$1,694	$3,034

 Operating Environment. During 2017, generally higher global equity prices and tighter credit spreads contributed to a favorable environment for our equity and debt investments. Results also reflected net gains from companyspecific events, including sales, and corporate performance. This environment contrasts with 2016, where, in the first quarter of 2016, market conditions were difficult and corporate performance, particularly in the energy sector, was impacted by a challenging macroeconomic environment. However, market conditions improved during the rest of 2016 as macroeconomic concerns moderated. If macroeconomic concerns negatively affect company-specific events or corporate performance, or if global equity markets decline or credit spreads widen, net revenues in Investing & Lending would likely be negatively impacted.2017 versus 2016. Net revenues in Investing & Lending were $6.58 billion for 2017, 61% higher than 2016. Net revenues in equity securities were $4.58 billion, including $3.82 billion of net gains from private equities and $762 million in net gains from public equities. Net revenues in equity securities were 78% higher than 2016, primarily reflecting a significant increase in net gains from private equities, which were positively impacted by companyspecific events and corporate performance. In addition, net gains from public equities were significantly higher, as global equity prices increased during the year. Of the $4.58 billion of net revenues in equity securities, approximately 60% was driven by net gains from company-specific events, such as sales, and public equities. Net revenues in debt securities and loans were $2.00 billion, 33% higher than 2016, reflecting significantly higher net interest income (2017 included approximately $1.80 billion of net interest income). Net revenues in debt securities and loans for 2017 also included an impairment of approximately $130 million on a secured loan. Operating expenses were $2.80 billion for 2017, 17% higher than 2016, due to increased compensation and benefits expenses, reflecting higher net revenues, increased expenses related to consolidated investments, and increased expenses related to Marcus. Pre-tax earnings were $3.79 billion in 2017 compared with $1.69 billion in 2016.2016 versus 2015. Net revenues in Investing & Lending were $4.08 billion for 2016, 25% lower than 2015. Net revenues in equity securities were $2.57 billion, including $2.17 billion of net gains from private equities and $402 million in net gains from public equities. Net revenues in equity securities were 32% lower than 2015, primarily reflecting a significant decrease in net gains from private equities, driven by company-specific events and corporate performance. Net revenues in debt securities and loans were $1.51 billion, 9% lower than 2015, reflecting significantly lower net revenues related to relationship lending activities, due to the impact of changes in credit spreads on economic hedges. Losses related to these hedges were $596 million in 2016, compared with gains of $329 million in 2015. This decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income. See Note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities. Operating expenses were $2.39 billion for 2016, essentially unchanged compared with 2015. Pre-tax earnings were $1.69 billion in 2016, 44% lower than 2015. the 2006 Plan and the 1997 Plan generally vest over four years and expire no later than ten years from the date of grant. For restricted stock awards issued under the 2006 Plan and the 1997 Plan, stock certificates are issued at the time of grant and recipients have dividend and voting rights. In general, these grants vest over three years. For deferred stock awards issued under the 2006 Plan and the 1997 Plan, no stock is issued at the time of grant. Generally, these grants vest over two-, three- or four-year periods. Performance awards granted under the 2006 Plan and the 1997 Plan are earned over a performance period based on achievement of goals, generally over twoto three-year periods. Payment for performance awards is made in cash or in shares of our common stock equal to its fair market value per share, based on certain financial ratios, after the conclusion of each performance period. We record compensation expense, equal to the estimated fair value of the options on the grant date, on a straight-line basis over the options’ vesting periods. We use a Black-Scholes option-pricing model to estimate the fair value of the options granted. The weighted-average assumptions used in connection with the option-pricing model were as follows for the years indicated:

	2009	2008	 2007

Dividend yield	4.82%	1.32%	1.34%

Expected volatility	26.70	21.00	23.30

Risk-free interest rate	2.49	3.17	4.69

Expected option lives (in years)	7.8	7.8	7.8

 Compensation expense related to stock options, stock appreciation rights, restricted stock awards, deferred stock awards and performance awards, which we record as a component of salaries and employee benefits expense in our consolidated statement of income, was $126 million, $321 million and $272 million for the years ended December 31, 2009, 2008 and 2007, respectively. The 2009 and 2008 expense excluded $13 million and $47 million, respectively, associated with accelerated vesting in connection with the restructuring plan described in note 6. The aggregate income tax benefit recorded in our consolidated statement of income related to the above-described compensation expense was $50 million, $127 million and $109 million for 2009, 2008 and 2007, respectively. Information about the 2006 Plan and 1997 Plan as of December 31, 2009, and activity during the years ended December 31, 2008 and 2009, is presented below:

	Shares (in thousands)	 Weighted Average Exercise Price	 Weighted Average Remaining Contractual Term (in years)	 Aggregate Intrinsic Value (in millions)

Stock Options and Stock Appreciation Rights:

Outstanding at December 31, 2007	16,368	$48.94

Granted	921	81.71

Exercised	-2,926	44.99

Forfeited or expired	-47	47.40

Outstanding at December 31, 2008	14,316	51.86

Granted	516	19.31

Exercised	-832	40.57

Forfeited or expired	-833	46.32

Outstanding at December 31, 2009	13,167	$51.64	 4.10	$24.8

Exercisable at December 31, 2009	11,172	$50.12	 3.42	$12.0

 The weighted-average grant date fair value of options granted in 2009, 2008 and 2007 was $2.96, $21.06 and $22.44, respectively. The total intrinsic value of options exercised during the years ended December 31, 2009, 2008 and 2007, was $5 million, $102 million and $129 million, respectively. As of December 31, 2009, total unrecognized compensation cost, net of estimated forfeitures, related to stock options and stock appreciation rights was $7 million, which is expected to be recognized over a weighted-average period of 21 months. value of our liquid assets, as defined, totaled $75.98 billion, compared to $85.81 billion as of December 31, 2008. The decrease was mainly attributable to unusually high 2008 deposit balances, as we experienced a significant increase in customer deposits during the second half of 2008 as the credit markets worsened. As customers accumulated liquidity, they placed cash with us, and these incremental customer deposits remained with State Street Bank at December 31, 2008. During 2009, as markets normalized, deposit levels moderated as customers returned to investing their cash, and our liquid asset levels declined accordingly. Due to the unusual size and volatile nature of these customer deposits, we maintained approximately $22.45 billion at central banks as of December 31, 2009, in excess of regulatory required minimums. Securities carried at $40.96 billion as of December 31, 2009, compared to $42.74 billion as of December 31, 2008, were designated as pledged for public and trust deposits, borrowed funds and for other purposes as provided by law, and are excluded from the liquid assets calculation, unless pledged to the Federal Reserve Bank of Boston. Liquid assets included securities pledged to the Federal Reserve Bank of Boston to secure State Street Bank’s ability to borrow from their discount window should the need arise. This access to primary credit is an important source of back-up liquidity for State Street Bank. As of December 31, 2009, we had no outstanding primary credit borrowings from the discount window. Based upon our level of liquid assets and our ability to access the capital markets for additional funding when necessary, including our ability to issue debt and equity securities under our current universal shelf registration, management considers overall liquidity at December 31, 2009 to be sufficient to meet State Street’s current commitments and business needs, including supporting the liquidity of the commercial paper conduits and accommodating the transaction and cash management needs of our customers. As referenced above, our ability to maintain consistent access to liquidity is fostered by the maintenance of high investment-grade ratings on our debt, as measured by the major independent credit rating agencies. Factors essential to retaining high credit ratings include diverse and stable core earnings; strong risk management; strong capital ratios; diverse liquidity sources, including the global capital markets and customer deposits; and strong liquidity monitoring procedures. High ratings on debt minimize borrowing costs and enhance our liquidity by ensuring the largest possible market for our debt. A downgrade or reduction of these credit ratings could have an adverse impact to our ability to access funding at favorable interest rates. The following table presents information about State Street’s and State Street Bank’s credit ratings as of February 22, 2010.


Answer: 706.0

Question: What is the sum of Passive for Equities, Active and other, and Company stock/ESOP in 2008? (in billion)

Context:
Note 21. Expenses During the fourth quarter of 2008, we elected to provide support to certain investment accounts managed by SSgA through the purchase of asset- and mortgage-backed securities and a cash infusion, which resulted in a charge of $450 million. SSgA manages certain investment accounts, offered to retirement plans, that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account. The accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value. The financial institutions have the right, under certain circumstances, to terminate this guarantee with respect to future investments in the account. During 2008, the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts. Although we were not statutorily or contractually obligated to do so, we elected to purchase approximately $2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $450 million to the accounts to improve the ratio of the market value of the accounts’ portfolio holdings to the book value of the accounts. We have no ongoing commitment or intent to provide support to these accounts. The securities are carried in investment securities available for sale in our consolidated statement of condition. The components of other expenses were as follows for the years ended December 31:

(In millions)	2008	2007	2006

Customer indemnification obligation	$200

Securities processing	187	$79	$37

Other	505	399	281

Total other expenses	$892	$478	$318

 In September and October 2008, Lehman Brothers Holdings Inc. , or Lehman Brothers, and certain of its affiliates filed for bankruptcy or other insolvency proceedings. While we had no unsecured financial exposure to Lehman Brothers or its affiliates, we indemnified certain customers in connection with these and other collateralized repurchase agreements with Lehman Brothers entities. In the then current market environment, the market value of the underlying collateral had declined. During the third quarter of 2008, to the extent these declines resulted in collateral value falling below the indemnification obligation, we recorded a reserve to provide for our estimated net exposure. The reserve, which totaled $200 million, was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral, which we purchased during the fourth quarter of 2008. The collateral, composed of commercial real estate loans which are discussed in note 5, is recorded in loans and leases in our consolidated statement of condition. Management Fees We provide a broad range of investment management strategies, specialized investment management advisory services and other financial services for corporations, public funds, and other sophisticated investors. These services are offered through SSgA. Based upon assets under management, SSgA is the largest manager of institutional assets worldwide, the largest manager of assets for tax-exempt organizations (primarily pension plans) in the United States, and the third largest investment manager overall in the world. SSgA offers a broad array of investment management strategies, including passive and active, such as enhanced indexing and hedge fund strategies, using quantitative and fundamental methods for both U. S.  and global equities and fixed income securities. SSgA also offers exchange traded funds, or ETFs, such as the SPDR? Dividend ETFs. The 10% decrease in management fees from 2007 primarily resulted from declines in average month-end equity market valuations and lower performance fees. Average month-end equity market valuations, individually presented in the above “INDEX” table, were down an average of 18% compared to 2007. The decrease in performance fees from $72 million in 2007 to $21 million in 2008 was generally the result of reduced levels of assets under management subject to performance fees, and somewhat lower relative performance measured against specified benchmarks during 2008. Management fees generated from customers outside the United States were approximately 40% of total management fees for 2008, down slightly from 41% for 2007. At year-end 2008, assets under management were $1.44 trillion, compared to $1.98 trillion at year-end 2007. While certain management fees are directly determined by the value of assets under management and the investment strategy employed, management fees reflect other factors as well, including our relationship pricing for customers who use multiple services, and the benchmarks specified in the respective management agreements related to performance fees. Accordingly, no direct correlation necessarily exists between the value of assets under management, market indices and management fee revenue. The overall decrease in assets under management at December 31, 2008 compared to December 31, 2007 resulted from declines in market valuations and from a net loss of business, with declines in market valuations representing the substantial majority of the decrease. During 2008, we experienced an aggregate net loss of business of approximately $55 billion, compared to net new business of approximately $116 billion during 2007. Our levels of assets under management were affected by a number of factors, including investor issues related to SSgA’s active fixed-income strategies and the relative under-performance of certain of our passive equity products. The net loss of business of $55 billion for 2008 did not reflect new business awarded to us during 2008 that had not been installed prior to December 31, 2008. This new business will be reflected in assets under management in future periods after installation. Assets under management consisted of the following at December 31: ASSETS UNDER MANAGEMENT

 As of December 31,	 2008	 2007	 2006	 2005	 2004	2007-2008 Annual Growth Rate	2004-2008 Compound Annual Growth Rate

 (Dollars in billions)

Equities:

Passive	$576	$803	$691	$625	$600	-28%	-1%

Active and other	91	206	181	147	122	-56	-7

Company stock/ESOP	39	79	85	76	77	-51	-16

Total equities	706	1,088	957	848	799	-35	-3

Fixed-income:

Passive	238	218	180	128	106	9	22

Active	32	41	34	28	35	-22	-2

Cash and money market	468	632	578	437	414	-26	3

Total fixed-income and cash/money market	738	891	792	593	555	-17	7

Total	$1,444	$1,979	$1,749	$1,441	$1,354	-27	2

 To measure, monitor, and report on our interest-rate risk position, we use (1) NIR simulation, or NIR-at-risk, which measures the impact on NIR over the next twelve months to immediate, or “rate shock,” and gradual, or “rate ramp,” changes in market interest rates; and (2) economic value of equity, or EVE, which measures the impact on the present value of all NIR-related principal and interest cash flows of an immediate change in interest rates. NIR-at-risk is designed to measure the potential impact of changes in market interest rates on NIR in the short term. EVE, on the other hand, is a long-term view of interest-rate risk, but with a view toward liquidation of State Street. Both of these measures are subject to ALCO-established guidelines, and are monitored regularly, along with other relevant simulations, scenario analyses and stress tests by both Global Treasury and ALCO. In calculating our NIR-at-risk, we start with a base amount of NIR that is projected over the next twelve months, assuming that the then-current yield curve remains unchanged over the period. Our existing balance sheet assets and liabilities are adjusted by the amount and timing of transactions that are forecasted to occur over the next twelve months. That yield curve is then “shocked,” or moved immediately, ±100 basis points in a parallel fashion, or at all points along the yield curve. Two new twelve-month NIR projections are then developed using the same balance sheet and forecasted transactions, but with the new yield curves, and compared to the base scenario. We also perform the calculations using interest rate ramps, which are ±100 basis point changes in interest rates that are assumed to occur gradually over the next twelve-month period, rather than immediately as we do with interest-rate shocks. EVE is based on the change in the present value of all NIR-related principal and interest cash flows for changes in market rates of interest. The present value of existing cash flows with a then-current yield curve serves as the base case. We then apply an immediate parallel shock to that yield curve of ±200 basis points and recalculate the cash flows and related present values. A large shock is used to better capture the embedded option risk in our mortgage-backed securities that results from the borrower’s prepayment opportunity. Key assumptions used in the models described above include the timing of cash flows; the maturity and repricing of balance sheet assets and liabilities, especially option-embedded financial instruments like mortgage-backed securities; changes in market conditions; and interest-rate sensitivities of our customer liabilities with respect to the interest rates paid and the level of balances. These assumptions are inherently uncertain and, as a result, the models cannot precisely predict future NIR or predict the impact of changes in interest rates on NIR and economic value. Actual results could differ from simulated results due to the timing, magnitude and frequency of changes in interest rates and market conditions, changes in spreads and management strategies, among other factors. Projections of potential future streams of NIR are assessed as part of our forecasting process. The following table presents the estimated exposure of NIR for the next twelve months, calculated as of December 31, 2008 and 2007, due to an immediate ± 100 basis point shift in then-current interest rates. Estimated incremental exposures presented below are dependent on management’s assumptions about asset and liability sensitivities under various interest-rate scenarios, such as those previously discussed, and do not reflect any actions management may undertake in order to mitigate some of the adverse effects of interest-rate changes on State Street’s financial performance. NIR-AT-RISK

	Estimated Exposure to Net Interest Revenue

 (In millions)	2008	2007

Rate change:

+100 bps shock	$7	$-98

-100 bps shock	-439	7

+100 bps ramp	-29	-44

-100 bps ramp	-166	20

 The NIR-at-risk exposure to an immediate 100 bp increase in market interest rates changed from negative at December 31, 2007 to slightly positive at December 31, 2008, while the NIR-at-risk exposure to a 100 bp downward shock in rates changed from slightly positive to significantly negative. These changes were the result of two factors. First, the level of on-balance sheet liquid assets was increased during 2008 in response to the


Answer: 2011.0

Question: In the year with largest amount of Pension Fundings, what's the sum of Commitment Type?

Context:
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview U. S.  economic growth, retail sales and industrial production continued at a moderate pace in 2014, which resulted in growth in the small package delivery market. Continued strong growth in e-commerce and omni-channel retail sales has driven package volume increases in both commercial and residential products. Given these trends, overall volume growth was strong during the year, and products most aligned with business-to-consumer and retail industry shipments experienced the fastest growth. Economic conditions in Europe have deteriorated somewhat, as solid growth in the United Kingdom is being offset by slower growth in Germany and general economic weakness in France and Italy. Economic growth in Asia has continued, though growth in China has moderated. The uneven nature of economic growth worldwide, combined with a trend towards more intra-regional trade, has led to shifting trade patterns and resulted in overcapacity in certain trade lanes. These factors have created an environment in which customers are more likely to trade-down from premium express products to standard delivery products in both Europe and Asia. As a result of these circumstances, we have adjusted our air capacity and cost structure in our transportation network to better match the prevailing volume mix levels. Our broad portfolio of product offerings and the flexibilities inherent in our transportation network have helped us adapt to these changing trends. While the worldwide economic environment has remained challenging in 2014, we have continued to undertake several initiatives in the U. S.  and internationally to (1) improve the flexibility and capacity in our delivery network; (2) improve yield management; and (3) increase operational efficiency and contain costs across all segments. Most notably, the continued deployment of technology improvements (including several facility automation projects and the accelerated deployment of our On Road Integrated Optimization and Navigation system - "ORION") should increase our network capacity, and improve operational efficiency, flexibility and reliability. Additionally, we have continued to adjust our transportation network and utilize new or expanded operating facilities to improve time-in-transit for shipments in each region. Our consolidated results are presented in the table below:

	Year Ended December 31,	% Change

	2014	2013	2012	2014 / 2013	2013 / 2012

Revenue (in millions)	$58,232	$55,438	$54,127	5.0%	2.4%

Operating Expenses (in millions)	53,264	48,404	52,784	10.0%	-8.3%

Operating Profit (in millions)	$4,968	$7,034	$1,343	-29.4%	N/A

Operating Margin	8.5%	12.7%	2.5%

Average Daily Package Volume (in thousands)	18,016	16,938	16,295	6.4%	3.9%

Average Revenue Per Piece	$10.58	$10.76	$10.82	-1.7%	-0.6%

Net Income (in millions)	$3,032	$4,372	$807	-30.6%	N/A

Basic Earnings Per Share	$3.31	$4.65	$0.84	-28.8%	N/A

Diluted Earnings Per Share	$3.28	$4.61	$0.83	-28.9%	N/A

 UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 Revenue The change in overall revenue was impacted by the following factors for the years ended December 31, 2014 and 2013, compared with the corresponding prior year periods:

	Volume	Rates /Product Mix	FuelSurcharge	TotalRevenueChange

Revenue Change Drivers:

2014 / 2013	6.8%	-1.6%	—%	5.2%

2013 / 2012	3.7%	0.5%	-0.5%	3.7%

 Volume 2014 compared to 2013 Our total volume increased in 2014, largely due to continued solid growth in e-commerce and overall retail sales. Business-to-consumer shipments, which represent more than 45% of total U. S.  Domestic Package volume, grew 12% for the year and drove increases in both air and ground shipments. UPS SurePost volume increased more than 45% in 2014, and accounted for approximately half of the overall volume growth for the segment. Business-to-business volume grew 3% in 2014, largely due to increased volume from the retail industry, including the use of our solutions for omni-channel (including ship-from-store and ship-to-store models) and returns shipping; additionally, business-to-business volume was positively impacted by growth in shipments from the industrial, automotive and government sectors. Among our air products, volume increased in 2014 for both our Next Day Air and deferred services. Solid air volume growth continued for those products most aligned with business-to-consumer shipping, particularly our residential Second Day Air package product. Our business-to-business air volume increased slightly as well, largely due to growth in the retail and industrial sectors. This growth was slightly offset by a decline in air letter volume, which was negatively impacted by some competitive losses and slowing growth in the financial services industry. The growth in premium and deferred air volume continues to be impacted by economic conditions and changes in our customers' supply chain networks; the combination of these factors influences their sensitivity towards the price and speed of shipments, and therefore favoring the use of our deferred air services. The increase in ground volume in 2014 was driven by our SurePost service offering, which had a volume increase of more than 45% for the year; additionally, we experienced moderate volume growth in our traditional residential and commercial ground services. Demand for SurePost and our traditional residential products continues to be driven by businessto-consumer shipping activity from e-commerce retailers and other large customers. The growth in business-to-business ground volume was largely due to growth in omni-channel retail volume, the increased use of our returns service offerings, and the growth in shipments from the industrial sector.2013 compared to 2012 Our overall volume increased in 2013 compared with 2012, largely due to continued solid growth in e-commerce and overall retail sales; however, the increase in volume was hindered by slow overall U. S.  economic and industrial production growth. Business-to-consumer shipments, which represent over 40% of total U. S.  Domestic Package volume, grew approximately 8% for the year and drove increases in both air and ground shipments. Growth accelerated during our peak holiday shipping season, as business-to-consumer volume grew over 11% in the fourth quarter of 2013, and business-toconsumer shipments exceeded 50% of total U. S.  Domestic Package volume for the first time. Business-to-business volume increased slightly in 2013, largely due to increased shipping activity by the retail industry; however, business-to-business volume was negatively impacted by slowing industrial production. UNITED PARCEL SERVICE, INC.  AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 49 Issuances of debt in 2014 and 2013 consisted primarily of longer-maturity commercial paper. Issuances of debt in 2012 consisted primarily of senior fixed rate note offerings totaling $1.75 billion. Repayments of debt in 2014 and 2013 consisted primarily of the maturity of our $1.0 and $1.75 billion senior fixed rate notes that matured in April 2014 and January 2013, respectively. The remaining repayments of debt during the 2012 through 2014 time period included paydowns of commercial paper and scheduled principal payments on our capitalized lease obligations. We consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt. We had $772 million of commercial paper outstanding at December 31, 2014, and no commercial paper outstanding at December 31, 2013 and 2012. The amount of commercial paper outstanding fluctuates throughout each year based on daily liquidity needs. The average commercial paper balance was $1.356 billion and the average interest rate paid was 0.10% in 2014 ($1.013 billion and 0.07% in 2013, and $962 million and 0.07% in 2012, respectively). The variation in cash received from common stock issuances to employees was primarily due to level of stock option exercises in the 2012 through 2014 period. The cash outflows in other financing activities were impacted by several factors. Cash inflows (outflows) from the premium payments and settlements of capped call options for the purchase of UPS class B shares were $(47), $(93) and $206 million for 2014, 2013 and 2012, respectively. Cash outflows related to the repurchase of shares to satisfy tax withholding obligations on vested employee stock awards were $224, $253 and $234 million for 2014, 2013 and 2012, respectively. In 2013, we paid $70 million to purchase the noncontrolling interest in a joint venture that operates in the Middle East, Turkey and portions of the Central Asia region. In 2012, we settled several interest rate derivatives that were designated as hedges of the senior fixed-rate debt offerings that year, which resulted in a cash outflow of $70 million. Sources of Credit See note 7 to the audited consolidated financial statements for a discussion of our available credit and debt covenants. Guarantees and Other Off-Balance Sheet Arrangements We do not have guarantees or other off-balance sheet financing arrangements, including variable interest entities, which we believe could have a material impact on financial condition or liquidity. Contractual Commitments We have contractual obligations and commitments in the form of capital leases, operating leases, debt obligations, purchase commitments, and certain other liabilities. We intend to satisfy these obligations through the use of cash flow from operations. The following table summarizes the expected cash outflow to satisfy our contractual obligations and commitments as of December 31, 2014 (in millions):

Commitment Type	2015	2016	2017	2018	2019	After 2019	Total

Capital Leases	$75	$74	$67	$62	$59	$435	$772

Operating Leases	323	257	210	150	90	274	1,304

Debt Principal	876	8	377	752	1,000	7,068	10,081

Debt Interest	295	293	293	282	260	4,259	5,682

Purchase Commitments	269	195	71	19	8	26	588

Pension Fundings	1,030	1,161	344	347	400	488	3,770

Other Liabilities	43	23	10	5	—	—	81

Total	$2,911	$2,011	$1,372	$1,617	$1,817	$12,550	$22,278


Answer: 0.0967

Question: what is the growth rate in net revenue for entergy texas , inc . in 2007?

Context:
Entergy Texas, Inc.  Management's Financial Discussion and Analysis 361 Fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between Entergy Gulf States Louisiana and Entergy Texas and an increase in the average market prices of purchased power and natural gas, substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs. Other regulatory charges increased primarily due to an increase of $6.9 million in the recovery of bond expenses related to the securitization bonds. The recovery became effective July 2007. See Note 5 to the financial statements for additional information regarding the securitization bonds.2007 Compared to 2006 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges. Following is an analysis of the change in net revenue comparing 2007 to 2006.

	Amount (In Millions)

2006 net revenue	$403.3

Purchased power capacity	13.1

Securitization transition charge	9.9

Volume/weather	9.7

Transmission revenue	6.1

Base revenue	2.6

Other	-2.4

2007 net revenue	$442.3

 The purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between Entergy Texas and Entergy Gulf States Louisiana. The securitization transition charge variance is due to the issuance of securitization bonds. As discussed above, in June 2007, EGSRF I, a company wholly-owned and consolidated by Entergy Texas, issued securitization bonds and with the proceeds purchased from Entergy Texas the transition property, which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds. See Note 5 to the financial statements herein for details of the securitization bond issuance. The volume/weather variance is due to increased electricity usage on billed retail sales, including the effects of more favorable weather in 2007 compared to the same period in 2006. The increase is also due to an increase in usage during the unbilled sales period. Retail electricity usage increased a total of 139 GWh in all sectors. See "Critical Accounting Estimates" below and Note 1 to the financial statements for further discussion of the accounting for unbilled revenues. The transmission revenue variance is due to an increase in rates effective June 2007 and new transmission customers in late 2006. The base revenue variance is due to the transition to competition rider that began in March 2006. Refer to Note 2 to the financial statements for further discussion of the rate increase. Gross operating revenues, fuel and purchased power expenses, and other regulatory charges Gross operating revenues decreased primarily due to a decrease of $179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds. The decrease was partially offset by the $39 million increase in net revenue described above and an increase of $44 million in wholesale revenues, including $30 million from the System Agreement cost equalization payments from Entergy Arkansas. The receipt of such payments is being Noble Energy, Inc.  Notes to Consolidated Financial Statements Additional fair value disclosures about plan assets are as follows:

	Fair Value Measurements Using

Asset Category	Quoted Prices inActive Markets forIdentical Assets(Level 1)(1)	SignificantObservable Inputs(Level 2)(1)	SignificantUnobservable Inputs(Level 3)(1)	Total

(millions)

December 31, 2011

Federal Money Market Funds	$1	$-	$-	$1

Mutual Funds

Large Cap Funds	66	-	-	66

Mid Cap Funds	10	-	-	10

Blended Funds	6	-	-	6

Emerging Markets Funds	6	-	-	6

Fixed Income Funds	77	-	-	77

Common Collective Trust Funds

Large Cap Funds	-	17	-	17

Small Cap Funds	-	12	-	12

International Funds	-	24	-	24

Total	$166	$53	$-	$219

December 31, 2010

Federal Money Market Funds	$2	$-	$-	$2

Mutual Funds

Large Cap Funds	69	-	-	69

Mid Cap Funds	10	-	-	10

Blended Funds	6	-	-	6

Emerging Markets Funds	7	-	-	7

Fixed Income Funds	55	-	-	55

Common Collective Trust Funds

Large Cap Funds	-	16	-	16

Small Cap Funds	-	12	-	12

International Funds	-	29	-	29

Total	$149	$57	$-	$206

 (1) See Note 1. Summary of Significant Accounting Policies - Fair Value Measurements for a description of the fair value hierarchy. Additional information about plan assets, including methods and assumptions used to estimate the fair values of plan assets, is as follows: Federal Money Market Funds Investments in federal money market funds consist of portfolios of high quality fixed income securities (such as US Treasury securities) which, generally, have maturities of less than one year. The fair value of these investments is based on quoted market prices for identical assets as of the measurement date. Mutual Funds Investments in mutual funds consist of diversified portfolios of common stocks and fixed income instruments. The common stock mutual funds are diversified by market capitalization and investment style as well as economic sector and industry. The fixed income mutual funds are diversified primarily in government bonds, mortgage backed securities, and corporate bonds, most of which are rated investment grade. The fair values of these investments are based on quoted market prices for identical assets as of the measurement date. Common Collective Trust Funds Investments in common collective trust funds consist of common stock investments in both US and non-US equity markets. Portfolios are diversified by market capitalization and investment style as well as economic sector and industry. The investments in the non-US equity markets are used to further enhance the plan’s overall equity diversification which is expected to moderate the plan’s overall risk volatility. In addition to the normal risk associated with stock market investing, investments in foreign equity markets may carry additional political, regulatory, and currency risk which is taken into account by the committee in its deliberations. The fair value of these investments is based on quoted prices for similar assets in active markets. All of the investments in common collective trust funds represent exchange-traded securities with readily observable prices. Risk Management The oil and gas business is subject to many significant risks, including operational, strategic, financial and compliance/ regulatory risks. We strive to maintain a proactive enterprise risk management (ERM) process to plan, organize, and control our activities in a manner which is intended to minimize the effects of risk on our capital, cash flows and earnings. ERM expands our process to include risks associated with accidental losses, as well as operational, strategic, financial, compliance/regulatory, and other risks. Our ERM process is designed to operate in an annual cycle, integrated with our long range plans, and supportive of our capital structure planning. Elements include, among others, cash flow at risk analysis, credit risk management, a commodity hedging program to reduce the impacts of commodity price volatility, an insurance program to protect against disruptions in our cash flows, a robust global compliance program, and government and community relations initiatives. We benchmark our program against our peers and other global organizations. See Item 1A. Risk Factors for a discussion of specific risks we face in our business. Available Information Our website address is www. nobleenergyinc. com. Available on this website under “Investors – SEC Filings,” free of charge, are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, Forms 3, 4 and 5 filed on behalf of directors and executive officers and amendments to those reports as soon as reasonably practicable after such materials are electronically filed with or furnished to the SEC. Alternatively, you may access these reports at the SEC’s website at www. sec. gov. Also posted on our website under “About Us – Corporate Governance”, and available in print upon request made by any stockholder to the Investor Relations Department, are charters for our Audit Committee, Compensation, Benefits and Stock Option Committee, Corporate Governance and Nominating Committee, and Environment, Health and Safety Committee. Copies of the Code of Conduct and the Code of Ethics for Chief Executive and Senior Financial Officers (the Codes) are also posted on our website under the “Corporate Governance” section. Within the time period required by the SEC and the NYSE, as applicable, we will post on our website any modifications to the Codes and any waivers applicable to senior officers as defined in the applicable Code, as required by the Sarbanes-Oxley Act of 2002. Item 1A. Risk Factors Described below are certain risks that we believe are applicable to our business and the oil and gas industry in which we operate. There may be additional risks that are not presently material or known. You should carefully consider each of the following risks and all other information set forth in this Annual Report on Form 10-K. If any of the events described below occur, our business, financial condition, results of operations, cash flows, liquidity or access to the capital markets could be materially adversely affected. In addition, the current global economic and political environment intensifies many of these risks. We are currently experiencing a severe downturn in the oil and gas business cycle, and an extended or more severe downturn could have material adverse effects on our operations, our liquidity, and the price of our common stock. Our ability to operate profitably, maintain adequate liquidity, grow our business and pay dividends on our common stock depend highly upon the prices we receive for our crude oil, natural gas, and NGL production. Commodity prices are volatile. Crude oil prices, in particular, began to decline significantly in the fourth quarter 2014, declined further in 2015 and have continued to trade at a low level or decline further thus far in 2016. High and low monthly daily average prices for crude oil and high and low contract expiration prices for natural gas for the last three years and into 2016 were as follows:

	Jan. 1 - Feb.12, 2016	Year Ended December 31,

	2015	2014	2013

NYMEX

Crude Oil - WTI (per Bbl) High(1)	$31.78	$59.83	$105.15	$110.53

Crude Oil - WTI (per Bbl) Low(1)	29.71	37.33	59.29	86.68

Natural Gas - HH (Per MMbtu) High	2.23	3.19	5.56	4.46

Natural Gas - HH (Per MMbtu) Low	2.05	2.03	3.73	3.11

Brent

Crude Oil - (per Bbl) High	32.80	64.32	111.76	118.90

Crude Oil - (per Bbl) Low	31.93	38.21	62.91	97.69


Answer: 742.0

Question: What's the total amount of Interest, Operating leases, Purchase obligations and Investment commitments in 2018? (in millions)

Context:
Long-term product offerings include alpha-seeking active and index strategies. Our alpha-seeking active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile, and leverage fundamental research and quantitative models to drive portfolio construction. In contrast, index strategies seek to closely track the returns of a corresponding index, generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index. Index strategies include both our non-ETF index products and iShares ETFs. Although many clients use both alpha-seeking active and index strategies, the application of these strategies may differ. For example, clients may use index products to gain exposure to a market or asset class, or may use a combination of index strategies to target active returns. In addition, institutional non-ETF index assignments tend to be very large (multi-billion dollars) and typically reflect low fee rates. Net flows in institutional index products generally have a small impact on BlackRock’s revenues and earnings. Equity Year-end 2017 equity AUM totaled $3.372 trillion, reflecting net inflows of $130.1 billion. Net inflows included $174.4 billion into iShares ETFs, driven by net inflows into Core funds and broad developed and emerging market equities, partially offset by non-ETF index and active net outflows of $25.7 billion and $18.5 billion, respectively. BlackRock’s effective fee rates fluctuate due to changes in AUM mix. Approximately half of BlackRock’s equity AUM is tied to international markets, including emerging markets, which tend to have higher fee rates than U. S.  equity strategies. Accordingly, fluctuations in international equity markets, which may not consistently move in tandem with U. S.  markets, have a greater impact on BlackRock’s equity revenues and effective fee rate. Fixed Income Fixed income AUM ended 2017 at $1.855 trillion, reflecting net inflows of $178.8 billion. In 2017, active net inflows of $21.5 billion were diversified across fixed income offerings, and included strong inflows into municipal, unconstrained and total return bond funds. iShares ETFs net inflows of $67.5 billion were led by flows into Core, corporate and treasury bond funds. Non-ETF index net inflows of $89.8 billion were driven by demand for liability-driven investment solutions. Multi-Asset BlackRock’s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities, bonds, currencies and commodities, and our extensive risk management capabilities. Investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays. Component changes in multi-asset AUM for 2017 are presented below.

(in millions)	December 31,2016	Net inflows (outflows)	Marketchange	FXimpact	December 31,2017

Asset allocation and balanced	$176,675	$-2,502	$17,387	$4,985	$196,545

Target date/risk	149,432	23,925	24,532	1,577	199,466

Fiduciary	68,395	-1,047	7,522	8,819	83,689

FutureAdvisor-1	505	-46	119	—	578

Total	$395,007	$20,330	$49,560	$15,381	$480,278

 (1) FutureAdvisor amounts do not include AUM held in iShares ETFs. Multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $18.9 billion of net inflows coming from institutional clients. Defined contribution plans of institutional clients remained a significant driver of flows, and contributed $20.8 billion to institutional multi-asset net inflows in 2017, primarily into target date and target risk product offerings. Retail net inflows of $1.1 billion reflected demand for our Multi-Asset Income fund family, which raised $5.8 billion in 2017. The Company’s multi-asset strategies include the following: ? Asset allocation and balanced products represented 41% of multi-asset AUM at year-end. These strategies combine equity, fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget. In certain cases, these strategies seek to minimize downside risk through diversification, derivatives strategies and tactical asset allocation decisions. Flagship products in this category include our Global Allocation and Multi-Asset Income fund families.  ? Target date and target risk products grew 16% organically in 2017, with net inflows of $23.9 billion. Institutional investors represented 93% of target date and target risk AUM, with defined contribution plans accounting for 87% of AUM. Flows were driven by defined contribution investments in our LifePath offerings. LifePath products utilize a proprietary active asset allocation overlay model that seeks to balance risk and return over an investment horizon based on the investor’s expected retirement timing. Underlying investments are primarily index products.  ? Fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain BlackRock to assume responsibility for some or all aspects of investment management. These customized services require strong partnership with the clients’ investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2017. The 2017 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities. At December 31, 2017, the Company had no amount outstanding under the 2017 credit facility Commercial Paper Program. The Company can issue unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $4.0 billion. The commercial paper program is currently supported by the 2017 credit facility. At December 31, 2017, BlackRock had no CP Notes outstanding Long-Term Borrowings The carrying value of long-term borrowings at December 31, 2017 included the following:

(in millions)	Maturity Amount	Carrying Value	Maturity

5.00% Notes	$1,000	$999	December 2019

4.25% Notes	750	747	May 2021

3.375% Notes	750	746	June 2022

3.50% Notes	1,000	994	March 2024

1.25% Notes-1	841	835	May 2025

3.20% Notes	700	693	March 2027

Total Long-term Borrowings	$5,041	$5,014

 (1) The carrying value of the 1.25% Notes estimated using foreign exchange rate as of December 31, 2017. For more information on Company’s borrowings, see Note 12, Borrowings, in the notes to the consolidated financial statements contained in Part II, Item 8 of this filing. Contractual Obligations, Commitments and Contingencies The following table sets forth contractual obligations, commitments and contingencies by year of payment at December 31, 2017:

(in millions)	2018	2019	2020	2021	2022	Thereafter-1	Total

Contractual obligations and commitments-1:

Long-term borrowings-2:

Principal	$—	$1,000	$—	$750	$750	$2,541	$5,041

Interest	175	175	125	109	81	185	850

Operating leases	141	132	126	118	109	1,580	2,206

Purchase obligations	128	101	29	22	19	28	327

Investment commitments	298	—	—	—	—	—	298

Total contractual obligations and commitments	742	1,408	280	999	959	4,334	8,722

Contingent obligations:

Contingent payments related to business acquisitions-3	33	179	39	34	—	—	285

Total contractual obligations, commitments andcontingent obligations-4	$775	$1,587	$319	$1,033	$959	$4,334	$9,007

 (1) Amounts do not include $350 million of cash payment consideration and contingent consideration related to the Company’s agreement to acquire the asset management business of Citibanamex. (2) The amount of principal and interest payments for the 2025 Notes (issued in Euros) represents the expected payment amounts using foreign exchange rates as of December 31, 2017. (3) The amount of contingent payments reflected for any year represents the expected payments using foreign currency exchange rates as of December 31, 2017. The fair value of the remaining aggregate contingent payments at December 31, 2017 totaled $236 million and is included in other liabilities on the consolidated statements of financial condition. (4) At December 31, 2017, the Company had approximately $365 million of net unrecognized tax benefits. Due to the uncertainty of timing and amounts that will ultimately be paid, this amount has been excluded from the table above. Operating Leases. The Company leases its primary office locations under agreements that expire on varying dates through 2043. In connection with certain lease agreements, the Company is responsible for escalation payments. The contractual obligations table above includes only guaranteed minimum lease payments for such leases and does not project potential escalation or other lease-related payments. These leases are classified as operating leases and, as such, are not recorded as liabilities on the consolidated statements of financial condition. In May 2017, the Company entered into an agreement with 50 HYMC Owner LLC, for the lease of approximately 847,000 square feet of office space located at 50 Hudson Yards, New York, New York. The term of the lease is twenty years from the date that rental payments begin, expected to occur in McKESSON CORPORATION FINANCIAL REVIEW (Continued) 46 In July 2008, the Board authorized the retirement of shares of the Company’s common stock that may be repurchased from time-to-time pursuant to its stock repurchase program. During the second quarter of 2009, all of the 4 million repurchased shares, which we purchased for $204 million, were formally retired by the Company. The retired shares constitute authorized but unissued shares. We elected to allocate any excess of share repurchase price over par value between additional paid-in capital and retained earnings. As such, $165 million was recorded as a decrease to retained earnings. The Company anticipates that it will continue to pay quarterly cash dividends in the future. However, the payment and amount of future dividends remain within the discretion of the Board and will depend upon the Company’s future earnings, financial condition, capital requirements and other factors. Although we believe that our operating cash flow, financial assets, current access to capital and credit markets, including our existing credit and sales facilities, will give us the ability to meet our financing needs for the foreseeable future, there can be no assurance that continued or increased volatility and disruption in the global capital and credit markets will not impair our liquidity or increase our costs of borrowing. Selected Measures of Liquidity and Capital Resources:


Answer: 5639.0

Question: How much of profit before taxes is there in total (in 2017) without U.S. tax reform impact and Gain on sale of equity investment? (in million)

Context:
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our discussion of cautionary statements and significant risks to the company’s business under Item 1A. Risk Factors of the 2018 Form?10-K.  OVERVIEW Our sales and revenues for 2018 were $54.722 billion, a 20?percent increase from 2017 sales and revenues of $45.462?billion. The increase was primarily due to higher sales volume, mostly due to improved demand across all regions and across the three primary segments. Profit per share for 2018 was $10.26, compared to profit per share of $1.26 in 2017. Profit was $6.147 billion in 2018, compared with $754 million in 2017. The increase was primarily due to lower tax expense, higher sales volume, decreased restructuring costs and improved price realization. The increase was partially offset by higher manufacturing costs and selling, general and administrative (SG&A) and research and development (R&D) expenses and lower profit from the Financial Products Segment. Fourth-quarter 2018 sales and revenues were $14.342 billion, up $1.446 billion, or 11 percent, from $12.896 billion in the fourth quarter of 2017. Fourth-quarter 2018 profit was $1.78 per share, compared with a loss of $2.18 per share in the fourth quarter of 2017. Fourth-quarter 2018 profit was $1.048 billion, compared with a loss of $1.299 billion in 2017. Highlights for 2018 include: z Sales and revenues in 2018 were $54.722 billion, up 20?percent from 2017. Sales improved in all regions and across the three primary segments. z Operating profit as a percent of sales and revenues was 15.2?percent in 2018, compared with 9.8 percent in 2017. Adjusted operating profit margin was 15.9 percent in 2018, compared with 12.5 percent in 2017.  z Profit was $10.26 per share for 2018, and excluding the items in the table below, adjusted profit per share was $11.22. For 2017 profit was $1.26 per share, and excluding the items in the table below, adjusted profit per share was $6.88.  z In order for our results to be more meaningful to our readers, we have separately quantified the impact of several significant items:

	Full Year 2018	Full Year 2017

(Millions of dollars)	Profit Before Taxes	ProfitPer Share	Profit Before Taxes	ProfitPer Share

Profit	$7,822	$10.26	$4,082	$1.26

Restructuring costs	386	0.50	1,256	1.68

Mark-to-market losses	495	0.64	301	0.26

Deferred tax valuation allowance adjustments	—	-0.01	—	-0.18

U.S. tax reform impact	—	-0.17	—	3.95

Gain on sale of equity investment	—	—	-85	-0.09

Adjusted profit	$8,703	$11.22	$5,554	$6.88

 z Machinery, Energy & Transportation (ME&T) operating cash flow for 2018 was about $6.3 billion, more than sufficient to cover capital expenditures and dividends. ME&T operating cash flow for 2017 was about $5.5 billion. Restructuring Costs In recent years, we have incurred substantial restructuring costs to achieve a flexible and competitive cost structure. During 2018, we incurred $386 million of restructuring costs related to restructuring actions across the company. During 2017, we incurred $1.256 billion of restructuring costs with about half related to the closure of the facility in Gosselies, Belgium, and the remainder related to other restructuring actions across the company. Although we expect restructuring to continue as part of ongoing business activities, restructuring costs should be lower in 2019 than 2018. Notes: z Glossary of terms included on pages 33-34; first occurrence of terms shown in bold italics. z Information on non-GAAP financial measures is included on pages 42-43. Recognition of finance revenue and rental revenue is suspended and the account is placed on non-accrual status when management determines that collection of future income is not probable (generally after 120 days past due). Recognition is resumed, and previously suspended income is recognized, when the account becomes current and collection of remaining amounts is considered probable. See Note 7 for more information. Revenues are presented net of sales and other related taxes.3. Stock-Based Compensation Our stock-based compensation plans primarily provide for the granting of stock options, stock-settled stock appreciation rights (SARs), restricted stock units (RSUs) and performance-based restricted stock units (PRSUs) to Officers and other key employees, as well as non-employee Directors. Stock options permit a holder to buy Caterpillar stock at the stock’s price when the option was granted. SARs permit a holder the right to receive the value in shares of the appreciation in Caterpillar stock that occurred from the date the right was granted up to the date of exercise. RSUs are agreements to issue shares of Caterpillar stock at the time of vesting. PRSUs are similar to RSUs and include performance conditions in the vesting terms of the award. Our long-standing practices and policies specify that all stockbased compensation awards are approved by the Compensation Committee (the Committee) of the Board of Directors. The award approval process specifies the grant date, value and terms of the award. The same terms and conditions are consistently applied to all employee grants, including Officers. The Committee approves all individual Officer grants. The number of stock-based compensation award units included in an individual’s award is determined based on the methodology approved by the Committee. The exercise price methodology?approved by the Committee is the closing price of the Company stock on the date of the grant. In June of 2014, shareholders approved the Caterpillar Inc.  2014 Long-Term Incentive Plan (the Plan) under which all new stock-based compensation awards are granted. In June of 2017, the Plan was amended and restated. The Plan initially provided that up to 38,800,000 Common Shares would be reserved for future issuance under the Plan, subject to adjustment in certain events. Subsequent to the shareholder approval of the amendment and restatement of the Plan, an additional 36,000,000 Common Shares became available for all awards under the Plan. Common stock issued from Treasury stock under the plans totaled 5,590,641 for 2018, 11,139,748 for 2017 and 4,164,134 for 2016. The total number of shares authorized for equity awards under the amended and restated Caterpillar Inc.  2014 Long-Term Incentive Plan is 74,800,000, of which 44,139,162 shares remained available for issuance as of December?31,?2018. Stock option and RSU awards generally vest according to a threeyear graded vesting schedule. One-third of the award will become vested on the first anniversary of the grant date, one-third of the award will become vested on the second anniversary of the grant date and one-third of the award will become vested on the third anniversary of the grant date. PRSU awards generally have a threeyear performance period and cliff vest at the end of the period based upon achievement of performance targets established at the time of grant. Upon separation from service, if the participant is 55 years of age or older with more than five years of service, the participant meets the criteria for a “Long Service Separation. ” Award terms for awards granted in 2016 allow for immediate vesting upon separation of all outstanding options and RSUs with no requisite service period for employees who meet the criteria for a “Long Service Separation. ” Compensation expense for the 2016 grant was fully recognized immediately on the grant date for these employees. Award terms for the 2018 and 2017 grants allow for continued vesting as of each vesting date specified in the award document for employees who meet the criteria for a “Long Service Separation” and fulfill a requisite service period of six months. Compensation expense for eligible employees for the 2018 and 2017 grants was recognized over the period from the grant date to the end date of the six-month requisite service period. For employees who become eligible for a “Long Service Separation” subsequent to the end date of the six-month requisite service period and prior to the completion of the vesting period, compensation expense is recognized over the period from the grant date to the date eligibility is achieved. At grant, SARs and option awards have a term life of ten years. For awards granted prior to 2016, if the “Long Service Separation” criteria are met, the vested options/SARs have a life that is the lesser of ten years from the original grant date or five years from the separation date. For awards granted in 2018, 2017, and 2016, the vested options have a life equal to ten years from the original grant date. Prior to 2017, all outstanding PRSU awards granted to employees eligible for a “Long Service Separation” may vest at the end of the performance period based upon achievement of the performance target. Compensation expense for the 2016 PRSU grant was fully recognized immediately on the grant date for these employees. For PRSU awards granted in 2018 and 2017, only a prorated number of shares may vest at the end of the performance period based upon achievement of the performance target, with the proration based upon the number of months of continuous employment during the three-year performance period. Employees with a “Long Service Separation” must also fulfill a six-month requisite service period in order to be eligible for the prorated vesting of outstanding PRSU awards granted in 2018 and 2017. Compensation expense for the 2018 and 2017 PRSU grants is being recognized on a straight-line basis over the three-year performance period for all participants. Accounting guidance on share-based payments requires companies to estimate the fair value of options/SARs on the date of grant using an option-pricing model. The fair value of our option/SAR grants was estimated using a lattice-based option-pricing model. The latticebased option-pricing model considers a range of assumptions related to volatility, risk-free interest rate and historical employee behavior. Expected volatility was based on historical Caterpillar stock price movement and current implied volatilities from traded options on Caterpillar stock. The risk-free interest rate was based on U. S.  Treasury security yields at the time of grant. The weighted-average dividend yield was based on historical information. The expected life was determined from the lattice-based model. The latticebased model incorporated exercise and post vesting forfeiture assumptions based on analysis of historical data. The following table provides the assumptions used in determining the fair value of the Option/SAR awards for the years ended December?31, 2018, 2017 and 2016, respectively.

	Grant Year

	2018	2017	2016

Weighted-average dividend yield	2.7%	3.4%	3.2%

Weighted-average volatility	30.2%	29.2%	31.1%

Range of volatilities	21.5-33.0%	22.1-33.0%	22.5-33.4%

Range of risk-free interest rates	2.02-2.87%	0.81-2.35%	0.62-1.73%

Weighted-average expected lives	8 years	8 years	8 years


Answer: 0.00602

Question: at december 31 , 2002 what was the ratio of the company unsecured debt to the secured debt outstanding

Context:
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The indenture governing the Company’s unsecured notes also requires the Company to comply with financial ratios and other covenants regarding the operations of the Company. The Company is currently in compliance with all such covenants and expects to remain in compliance in the foreseeable future. In January 2003, the Company completed an issuance of unsecured debt totaling $175 million bearing interest at 5.25%, due 2010. Sale of Real Estate Assets The Company utilizes sales of real estate assets as an additional source of liquidity. During 2000 and 2001, the Company engaged in a capital-recycling program that resulted in sales of over $1 billion of real estate assets during these two years. In 2002, this program was substantially reduced as capital needs were met through other sources and the slower business climate provided few opportunities to profitably reinvest sales proceeds. The Company continues to pursue opportunities to sell real estate assets when beneficial to the long-term strategy of the Company Uses of Liquidity The Company’s principal uses of liquidity include the following: ? Property investments and recurring leasing/capital costs; ? Dividends and distributions to shareholders and unitholders; ? Long-term debt maturities; and ? The Company’s common stock repurchase program. Property Investments and Other Capital Expenditures One of the Company’s principal uses of its liquidity is for the development, acquisition and recurring leasing/capital expenditures of its real estate investments. A summary of the Company’s recurring capital expenditures is as follows (in thousands):

	2002	2001	2000

Tenant improvements	$28,011	$18,416	$31,955

Leasing costs	17,975	13,845	17,530

Building improvements	13,373	10,873	6,804

Totals	$59,359	$43,134	$56,289

 Dividends and Distributions In order to qualify as a REIT for federal income tax purposes, the Company must currently distribute at least 90% of its taxable income to its shareholders and Duke Realty Limited Partnership (“DRLP”) unitholders. The Company paid dividends of $1.81, $1.76 and $1.64 for the years ended December 31, 2002, 2001 and 2000, respectively. The Company expects to continue to distribute taxable earnings to meet the requirements to maintain its REIT status. However, distributions are declared at the discretion of the Company’s Board of Directors and are subject to actual cash available for distribution, the Company’s financial condition, capital requirements and such other factors as the Company’s Board of Directors deems relevant. Debt Maturities Debt outstanding at December 31, 2002, totaled $2.1 billion with a weighted average interest rate of 6.25% maturing at various dates through 2028. The Company had $1.8 billion of unsecured debt and $299.1 million of secured debt outstanding at December 31, 2002. Scheduled principal amortization of such debt totaled $10.9 million for the year ended December 31, 2002. Following is a summary of the scheduled future amortization and maturities of the Company’s indebtedness at December 31, 2002 (in thousands): Basic and diluted weighted-average common shares outstanding are the same due to the net losses for all periods presented. As discussed in Note 14, approximately 63 million common shares were issued in June of 2010 in connection with the conversion of the remaining Series B mandatorily convertible preferred shares, which were originally issued in May 2009. Under applicable accounting literature, such shares should be included in the denominator in arriving at diluted earnings per share as if they were issued at the beginning of the reporting period or as of the date issued, if later. Prior to conversion, these shares were not included in the computation above as such amounts would have had an antidilutive effect on earnings (loss) per common share. NOTE 16. SHARE-BASED PAYMENTS Regions has long-term incentive compensation plans that permit the granting of incentive awards in the form of stock options, restricted stock, restricted stock awards and units, and/or stock appreciation rights. While Regions has the ability to issue stock appreciation rights, as of December 31, 2010, 2009 and 2008, there were no outstanding stock appreciation rights. The terms of all awards issued under these plans are determined by the Compensation Committee of the Board of Directors; however, no awards may be granted after the tenth anniversary from the date the plans were initially approved by shareholders. Options and restricted stock usually vest based on employee service, generally within three years from the date of the grant. The contractual lives of options granted under these plans range from seven to ten years from the date of the grant. On May 13, 2010, the shareholders of the Company approved the Regions Financial Corporation 2010 Long-Term Incentive Plan (“2010 LTIP”), which permits the Company to grant to employees and directors various forms of incentive compensation. These forms of incentive compensation are similar to the types of compensation approved in prior plans. The 2010 LTIP authorizes 100 million common share equivalents available for grant, where grants of options count as one share equivalent and grants of full value awards (e. g. , shares of restricted stock and restricted stock units) count as 2.25 share equivalents. Unless otherwise determined by the Compensation Committee of the Board of Directors, grants of restricted stock and restricted stock units accrue dividends as they are declared by the Board of Directors, and the dividends are paid upon vesting of the award. The 2010 LTIP closed all prior long-term incentive plans to new grants, and accordingly, prospective grants must be made under the 2010 LTIP or a successor plan. All existing grants under prior long-term incentive plans were unaffected by this amendment. The number of remaining share equivalents available for future issuance under the active long-term compensation plan was approximately 91 million at December 31, 2010. Grants of performance-based restricted stock typically have a one-year performance period, after which shares vest within three years after the grant date. Restricted stock units, which were granted in 2008, have a vesting period of five years. Generally, the terms of these plans stipulate that the exercise price of options may not be less than the fair market value of Regions’ common stock at the date the options are granted; however, under prior stock option plans, non-qualified options could be granted with a lower exercise price than the fair market value of Regions’ common stock on the date of grant. The contractual life of options granted under these plans ranges from seven to ten years from the date of grant. Regions issues new shares from authorized reserves upon exercise. Grantees of restricted stock awards or units must either remain employed with the Company for certain periods from the date of grant in order for shares to be released or issued or retire after meeting the standards of a retiree, at which time shares would be prorated and released. The following table summarizes the elements of compensation cost recognized in the consolidated statements of operations for the years ended December 31:

	2010	2009	2008

	(In millions)

Compensation cost of share-based compensation awards:

Restricted stock awards and units	$10	$33	$50

Stock options	13	14	16

Tax benefits related to compensation cost	-8	-17	-24

Compensation cost of share-based compensation awards, net of tax	$15	$30	$42

 PROVISION FOR LOAN LOSSES The provision for loan losses is used to maintain the allowance for loan losses at a level that in management’s judgment is appropriate to absorb probable losses inherent in the portfolio at the balance sheet date. During 2018, the provision for loan losses totaled $229 million and net charge-offs were $323 million. This compares to a provision for loan losses of $150 million and net charge-offs of $307 million in 2017. The increase in the provision for loan losses was primarily a result of increased loan balances and slowing credit improvement as compared to 2017. The increase was partially offset by the release of the Company's $40 million hurricane-specific loan loss allowance associated with certain 2017 hurricanes, as well as a $16 million net reduction to the provision for loan losses in the first quarter of 2018 from the sale of $254 million in residential first mortgage loans consisting primarily of performing troubled debt restructured loans. For further discussion and analysis of the total allowance for credit losses, see the "Allowance for Credit Losses" and “Risk Management” sections found later in this report. See also Note 6 “Allowance for Credit Losses” to the consolidated financial statements. NON-INTEREST INCOME Table 5—Non-Interest Income from Continuing Operations

	Year Ended December 31	Change 2018 vs. 2017

	2018	2017	2016	Amount	Percent

	(Dollars in millions)

Service charges on deposit accounts	$710	$683	$664	$27	4.0%

Card and ATM fees	438	417	402	21	5.0%

Investment management and trust fee income	235	230	213	5	2.2%

Capital markets income	202	161	152	41	25.5%

Mortgage income	137	149	173	-12	-8.1%

Investment services fee income	71	60	58	11	18.3%

Commercial credit fee income	71	71	73	—	—%

Bank-owned life insurance	65	81	95	-16	-19.8%

Insurance proceeds	—	—	50	—	NM

Securities gains, net	1	19	6	-18	-94.7%

Market value adjustments on employee benefit assets - defined benefit	-6	—	—	-6	NM

Market value adjustments on employee benefit assets - other	-5	16	3	-21	-131.3%

Other miscellaneous income	100	75	122	25	33.3%

	$2,019	$1,962	$2,011	$57	2.9%

 Service Charges on Deposit Accounts Service charges on deposit accounts include non-sufficient fund fees and other service charges. The increase in 2018 compared to 2017 was primarily due to continued customer account growth and increases in non-sufficient fund fee activity. Card and ATM Fees Card and ATM fees include the combined amounts of credit card/bank card income and debit card and ATM related revenue. The increase in 2018 compared to 2017 was primarily the result of an increase in commercial and consumer checkcard interchange income associated with new account growth and increases in spend and transactions. Capital Markets Income Capital markets income primarily relates to capital raising activities that includes securities underwriting and placement, loan syndication and placement, as well as foreign exchange, derivatives, merger and acquisition and other advisory services. The increase in 2018 compared to 2017 was driven primarily by increases in income from mergers and acquisitions advisory fees, customer interest rate swap income, and loan syndication fees, partially offset by a decrease in fees from the placement of permanent financing for real estate customers.


Answer: 260.90909

Question: as of february 8 , 2019 what was the number of shares outstanding

Context:
PART II ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our Class A common stock trades on the New York Stock Exchange under the symbol “MA”. At February 8, 2019, we had 73 stockholders of record for our Class A common stock. We believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our Class A common stock is held in “street name” by brokers. There is currently no established public trading market for our Class B common stock. There were approximately 287 holders of record of our non-voting Class B common stock as of February 8, 2019, constituting approximately 1.1% of our total outstanding equity. Stock Performance Graph The graph and table below compare the cumulative total stockholder return of Mastercard’s Class A common stock, the S&P 500 Financials and the S&P 500 Index for the five-year period ended December 31, 2018. The graph assumes a $100 investment in our Class A common stock and both of the indices and the reinvestment of dividends. Mastercard’s Class B common stock is not publicly traded or listed on any exchange or dealer quotation system.

	Base period	Indexed Returns For the Years Ended December 31,

Company/Index	2013	2014	2015	2016	2017	2018

Mastercard	$100.00	$103.73	$118.05	$126.20	$186.37	$233.56

S&P 500 Financials	100.00	115.20	113.44	139.31	170.21	148.03

S&P 500 Index	100.00	113.69	115.26	129.05	157.22	150.33

 Total returns to stockholders for each of the years presented were as follows: General and Administrative The significant components of our general and administrative expenses were as follows:

	For the Years Ended December 31,	Percent Increase (Decrease)

	2018	2017	2016	2018	2017

	($ in millions)

Personnel	$3,214	$2,687	$2,225	20%	21%

Professional fees	377	355	337	6%	5%

Data processing and telecommunications	600	504	420	19%	20%

Foreign exchange activity1	-36	106	34	**	**

Other	1,019	1,001	811	2%	23%

General and administrative expenses	5,174	4,653	3,827	11%	22%

Special Item2	—	-167	—	**	**

Adjusted general and administrative expenses (excluding Special Item)2	$5,174	$4,486	$3,827	15%	17%

 Note: Table may not sum due to rounding. ** Not meaningful 1 Foreign exchange activity includes gains and losses on foreign exchange derivative contracts and the impact of remeasurement of assets and liabilities denominated in foreign currencies. See Note 22 (Foreign Exchange Risk Management) to the consolidated financial statements included in Part II, Item 8 for further discussion.2 See “Non-GAAP Financial Information” for further information on Special Items. The primary drivers of general and administrative expenses in 2018 and 2017, versus the prior year, were as follows: ? Personnel expenses increased 20% and 21%, or 19% and 20% on a currency-neutral basis, respectively. The 2018 and 2017 increases were driven by a higher number of employees to support our continued investment in the areas of real-time account-based payments, digital, services, data analytics and geographic expansion. The impact of acquisitions contributed 2 and 6 percentage points of growth for 2018 and 2017, respectively.  ? Data processing and telecommunication expenses increased 19% and 20%, respectively, both as reported and on a currency-neutral basis, due to capacity growth of our business. Acquisitions contributed 3 and 8 percentage points, respectively.  ? Foreign exchange activity contributed a benefit of 3 percentage points in 2018 related to gains from our foreign exchange activity for derivative contracts primarily due to the strengthening of the U. S.  dollar, partially offset by balance sheet remeasurement losses. In 2017, foreign exchange activity had a negative impact of 2 percentage points due to greater losses from foreign exchange derivative contracts.  ? Other expenses increased 2% and 23%, or 2% and 25% on a currency-neutral basis, respectively. In 2018, other expenses increased primarily due to the $100 million contribution to the Mastercard Impact Fund. The remaining increase was due to costs to support our strategic development efforts. These increases were primarily offset by the non-recurring Venezuela charge of $167 million recorded in 2017 which was the primary driver of growth for that period. Other expenses include costs to provide loyalty and rewards solutions, travel and meeting expenses and rental expense for our facilities and other costs associated with our business. Advertising and Marketing In 2018, advertising and marketing expenses increased 18% both as reported and on a currency-neutral basis versus 2017, primarily due to a change in accounting for certain marketing fund arrangements as a result of our adoption of the new revenue guidance, partially offset by a net decrease in spending on certain marketing campaigns. For a more detailed discussion on the impact of the new revenue guidance, refer to Note 1 (Summary of Significant Accounting Policies). In 2017, advertising and marketing expenses increased 11%, or 10% on a currency-neutral basis versus 2016, mainly due to higher marketing spend primarily related to certain marketing campaigns. The table below shows a summary of select balance sheet data at December 31:

	2018	2017

	(in millions)

Balance Sheet Data:

Current assets	$16,171	$13,797

Current liabilities	11,593	8,793

Long-term liabilities	7,778	6,968

Equity	5,418	5,497

 We believe that our existing cash, cash equivalents and investment securities balances, our cash flow generating capabilities, our borrowing capacity and our access to capital resources are sufficient to satisfy our future operating cash needs, capital asset purchases, outstanding commitments and other liquidity requirements associated with our existing operations and potential obligations. Debt and Credit Availability In February 2018, we issued $500 million principal amount of notes due in 2028 and an additional $500 million principal amount of notes due in 2048. Our total debt outstanding (including the current portion) was $6.3 billion and $5.4 billion at December 31, 2018 and 2017, respectively, with the earliest maturity of $500 million of principal occurring in April 2019. As of December 31, 2018, we have a commercial paper program (the “Commercial Paper Program”), under which we are authorized to issue up to $4.5 billion in outstanding notes, with maturities up to 397 days from the date of issuance. In conjunction with the Commercial Paper Program, we have a committed unsecured $4.5 billion revolving credit facility (the “Credit Facility”) which expires in November 2023. Borrowings under the Commercial Paper Program and the Credit Facility are to provide liquidity for general corporate purposes, including providing liquidity in the event of one or more settlement failures by our customers. In addition, we may borrow and repay amounts under these facilities for business continuity purposes. We had no borrowings outstanding under the Commercial Paper Program or the Credit Facility at December 31, 2018 and 2017. In March 2018, we filed a universal shelf registration statement (replacing a previously filed shelf registration statement that was set to expire) to provide additional access to capital, if needed. Pursuant to the shelf registration statement, we may from time to time offer to sell debt securities, guarantees of debt securities, preferred stock, Class A common stock, depository shares, purchase contracts, units or warrants in one or more offerings. See Note 14 (Debt) to the consolidated financial statements included in Part II, Item 8 for further discussion on our debt, the Commercial Paper Program and the Credit Facility. Dividends and Share Repurchases We have historically paid quarterly dividends on our outstanding Class A common stock and Class B common stock. Subject to legally available funds, we intend to continue to pay a quarterly cash dividend. However, the declaration and payment of future dividends is at the sole discretion of our Board of Directors after taking into account various factors, including our financial condition, operating results, available cash and current and anticipated cash needs. The following table summarizes the annual, per share dividends paid in the years reflected:


Answer: 98379.0

Question: What was the total amount of the Net Revenues in the years where Investment Banking Fees greater than 8000? (in thousand)

Context:
Guarantees We adopted FASB Interpretation No.45 (“FIN 45”), “Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others” at the beginning of our fiscal 2003. See “Recent Accounting Pronouncements” for further information regarding FIN 45. The lease agreements for our three office buildings in San Jose, California provide for residual value guarantees. These lease agreements were in place prior to December 31, 2002 and are disclosed in Note 14. In the normal course of business, we provide indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our products. Historically, costs related to these indemnification provisions have not been significant and we are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations. We have commitments to make certain milestone and/or retention payments typically entered into in conjunction with various acquisitions, for which we have made accruals in our consolidated financial statements. In connection with our purchases of technology assets during fiscal 2003, we entered into employee retention agreements totaling $2.2 million. We are required to make payments upon satisfaction of certain conditions in the agreements. As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The indemnification period covers all pertinent events and occurrences during the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have director and officer insurance coverage that limits our exposure and enables us to recover a portion of any future amounts paid. We believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. As part of our limited partnership interests in Adobe Ventures, we have provided a general indemnification to Granite Ventures, an independent venture capital firm and sole general partner of Adobe Ventures, for certain events or occurrences while Granite Ventures is, or was serving, at our request in such capacity provided that Granite Ventures acts in good faith on behalf of the partnerships. We are unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but believe the risk of having to make any payments under this general indemnification to be remote. We accrue for costs associated with future obligations which include costs for undetected bugs that are discovered only after the product is installed and used by customers. The accrual remaining at the end of fiscal 2003 primarily relates to new releases of our Creative Suites products during the fourth quarter of fiscal 2003. The table below summarizes the activity related to the accrual during fiscal 2003:

Balance at November 29, 2002	Accruals	Payments	Balance at November 28, 2003

$—	$5,554	$-2,369	$3,185

 Advertising Expenses We expense all advertising costs as incurred and classify these costs under sales and marketing expense. Advertising expenses for fiscal years 2003, 2002, and 2001 were $24.0 million, $26.7 million and $30.5 million, respectively. Foreign Currency and Other Hedging Instruments Statement of Financial Accounting Standards No.133 (“SFAS No.133”), “Accounting for Derivative Instruments and Hedging Activities,” establishes accounting and reporting standards for derivative instruments and hedging activities and requires us to recognize these as either assets or liabilities on the balance sheet and measure them at fair value. As described in Note 15, gains and losses resulting from

	Year Ended

	September 30, 2009	% Incr. (Decr.)	September 30, 2008	% Incr. (Decr.)	September 30, 2007

	($ in 000's)

Revenues

Securities Commissions and

Investment Banking Fees	$ 7,162	-78%	$ 32,292	-23%	$ 41,879

Investment Advisory Fees	1,355	-59%	3,326	30%	2,568

Interest Income	1,456	-63%	3,987	-4%	4,163

Trading Profits	4,531	341%	1,027	-80%	5,254

Other	387	-60%	975	-82%	5,340

Total Revenues	14,891	-64%	41,607	-30%	59,204

Interest Expense	421	-66%	1,235	3%	1,197

Net Revenues	14,470	-64%	40,372	-30%	58,007

Non-Interest Expense

Compensation Expense	14,381	-44%	25,860	-8%	28,010

Other Expense	7,296	-60%	18,064	-23%	23,383

Total Non-Interest Expense	21,677	-51%	43,924	-15%	51,393

Income (Loss) Before Taxes

and Minority Interest	-7,207	103%	-3,552	-154%	6,614

Minority Interest in

Pre-tax (Losses) Income Held by Others	-2,321	1,742%	-126	-104%	2,995

Pre-tax (Loss) Earnings	$ -4,886	-43%	$ -3,426	-195%	$ 3,619

 Year ended September 30, 2009 Compared with the Year ended September 30, 2008 - Emerging Markets Emerging markets in fiscal 2009 consists of the results of our joint ventures in Latin America, including Argentina, Uruguay and Brazil. The global economic slowdown and credit crisis continued to significantly impact emerging markets in all business lines. The results in the emerging market segment declined to a $4.9 million loss from a $3.4 million loss in the prior year. This decline was a result of a $24 million, or 80%, decline in commission revenues which was almost entirely offset by a $3.5 million increase in trading profits and a $22 million decline in non-interest expenses. Our minority interest partners shared in $2.3 million of the fiscal 2009 loss before taxes. In December, our joint venture in Turkey ceased operations and subsequently filed for protection under Turkish bankruptcy laws. We have fully reserved for our equity interest in this joint venture. Year ended September 30, 2008 Compared with the Year ended September 30, 2007 - Emerging Markets Emerging markets consists of the results of our joint ventures in Argentina, Uruguay, Brazil and Turkey. The results in the emerging market segment declined from a $3.6 million profit in fiscal 2007 to a $3.4 million loss in fiscal 2008. This decline was a result of a greater decline in revenues than an increase in expenses. Expenses were impacted by our investment in Brazil. The global economic slowdown and credit crisis significantly impacted emerging markets in all business lines. Commission revenue declined 23% in fiscal 2008 as compared to the prior year as the economic slowdown and a series of political crises in Turkey and Argentina during 2008 severely undermined investors’ confidence in these countries. Trading profits declined due to losses taken in proprietary positions in Turkey. The commission expense portion of compensation expense declined in proportion to the decline in commission revenue. Other expenses in fiscal 2007 were unusually high due to the accrual of tax liabilities and the related legal expenses. As of September 30, 2008, we were still awaiting the final outcome of the litigation in Turkey, and in light of the suspension of the entity’s license, our ability to continue as a going concern in Turkey was uncertain. We had fully reserved for our investment in the Turkish joint venture as of September 30, 2008 and, accordingly, fiscal 2008 pre-tax earnings did not include any net impact of our Turkish joint venture. Index 64 Certain statistical disclosures by bank holding companies As a financial holding company, we are required to provide certain statistical disclosures by bank holding companies pursuant to the SEC’s Industry Guide 3. Certain of those disclosures are as follows for the fiscal year indicated:

	Year ended September 30,

	2016	2015	2014

RJF return on average assets-1	1.8%	2.0%	2.1%

RJF return on average equity-2	11.3%	11.5%	12.3%

Average equity to average assets-3	17.1%	18.5%	18.1%

Dividend payout ratio-4	21.9%	21.0%	19.3%

 (1) Computed as net income attributable to RJF for the year indicated, divided by average assets (the sum of total assets at the beginning and end of the year, divided by two). (2) Computed by utilizing the net income attributable to RJF for the year indicated, divided by the average equity attributable to RJF for each respective fiscal year. Average equity is computed by adding the total equity attributable to RJF as of each quarter-end date during the indicated fiscal year, plus the beginning of the year total, divided by five. (3) Computed as average equity (the sum of total equity at the beginning and end of the fiscal year, divided by two), divided by average assets (the sum of total assets at the beginning and end of the fiscal year, divided by two). (4) Computed as dividends declared per common share during the fiscal year as a percentage of diluted earnings per common share. Refer to the RJ Bank section of this MD&A, various sections within Item 7A in this report and the Notes to Consolidated Financial Statements in this Form 10-K for the other required disclosures. Liquidity and Capital Resources Liquidity is essential to our business. The primary goal of our liquidity management activities is to ensure adequate funding to conduct our business over a range of market environments. Senior management establishes our liquidity and capital policies. These policies include senior management’s review of shortand long-term cash flow forecasts, review of monthly capital expenditures, the monitoring of the availability of alternative sources of financing, and the daily monitoring of liquidity in our significant subsidiaries. Our decisions on the allocation of capital to our business units consider, among other factors, projected profitability and cash flow, risk and impact on future liquidity needs. Our treasury department assists in evaluating, monitoring and controlling the impact that our business activities have on our financial condition, liquidity and capital structure as well as maintains our relationships with various lenders. The objectives of these policies are to support the successful execution of our business strategies while ensuring ongoing and sufficient liquidity. Liquidity is provided primarily through our business operations and financing activities. Financing activities could include bank borrowings, repurchase agreement transactions or additional capital raising activities under our “universal” shelf registration statement. Cash used in operating activities during the year ended September 30, 2016 was $518 million. Successful operating results generated a $650 million increase in cash. Increases in cash from operations include: ? An increase in brokerage client payables had a $1.82 billion favorable impact on cash. The increase largely results from two factors. First, many clients reacted to uncertainties in the equity markets by increasing the cash balances in their brokerage accounts. Second, our brokerage client account balances increased as a result of our fiscal year 2016 acquisitions of Alex. Brown and 3Macs. Cumulatively, these two factors result in the increase in brokerage client payables and a corresponding increase in assets segregated pursuant to regulations which is discussed below.  ? Stock loaned, net of stock borrowed, increased $153 million.  ? Accrued compensation, commissions and benefits increased $46 million as a result of the increased financial results we achieved in fiscal year 2016. Offsetting these, decreases in cash used in operations resulted from: ? A $1.95 billion increase in assets segregated pursuant to regulations and other segregated assets, primarily resulting from the increase in client cash balances described above. RALPH LAUREN CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) The weighted-average number of common shares outstanding used to calculate basic net income (loss) per common share is reconciled to shares used to calculate diluted net income (loss) per common share as follows: