Answer: 2018.0

Question: In what year is profit of profit before taxes greater than 5000?

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: 2018.0

Question: Which year Ended December 31 is the amount of Investment services fee income the highest?

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: 50620.0

Question: What will U.S. high-grade be like in 2005 if it develops with the same increasing rate as current? (in thousand)

Context:
Table of Contents Broker-dealer clients pay a commission for transactions in sovereign and corporate bonds issued by entities domiciled in an emerging markets country based on the type and amount of the security traded. The commission is calculated on a standard schedule that applies to all broker-dealer clients and varies depending on whether the transaction is in an actively traded sovereign issue, a less actively traded sovereign issue or a corporate issue. A lower commission rate is charged for actively traded sovereign issues, while a higher commission rate is charged for corporate issues. The average commission on emerging markets transactions for the year ended December 31, 2004 was $205 per million traded. For newly-issued U. S.  high-grade corporate bonds and for newly-issued sovereign and corporate bonds issued by entities domiciled in an emerging markets country, we enable U. S.  institutional investors to submit indications of interest on our electronic trading platform directly to the underwriter syndicate desks of our broker-dealer clients. Broker-dealer clients pay a commission for new issue transactions that is based on the allocation amount. The commission is set as a percentage of the new issue selling costs paid by the issuer to our broker-dealer client. The percentage of the new issue selling costs is lower on orders over $5 million. The fee is capped on larger transactions. There are currently no fixed monthly fees or caps on the level of monthly commissions. The average commission on new issue transactions for the year ended December 31, 2004 was $297 per million traded U. S.  Treasury Securities In September 2004, we started trading U. S.  Treasury securities on our trading platform. In 2004, the total revenues we derived from the trading of U. S.  Treasury securities on our platform was not material. The commission is calculated as a flat fee per million of notional amount traded and applies to all broker-dealer clients. Please see “— Risk Factors That May Affect Future Results — If we are unable to enter into additional marketing and strategic alliances or if our current strategic alliances are not successful, we may not maintain the current level of trading or generate increased trading on our trading platform. Information and User Access Fees

	 Year Ended December 31,

	 2004	 2003	 2002

		 % of		 % of		 % of

		 Total		 Total		 Total

	 $	 Revenues	 $	 Revenues	 $	 Revenues

	 ($ in thousands)

Information services fees	$2,280	3.0%	$826	1.5%	$15	0.0%

User access fees	433	0.6	318	0.5	272	1.5

	$2,713	3.6%	$1,144	2.0%	$287	1.5%

 Information and user access fees consist of information services fees and monthly user fees. We charge information services fees for Corporate BondTicker to our broker-dealer clients, institutional investor clients and data only subscribers. The information services fee is a flat monthly fee, based on the level of service. We also generate information services fees from the sale of bulk data to certain institutional investor clients and data only subscribers. Institutional investor clients trading U. S.  high-grade corporate bonds are charged a monthly user access fee for the use of our platform. The fee, billed quarterly, is charged to the client based on the number of the client’s users. To encourage institutional investor clients to execute trades on our U. S.  high-grade corporate bond platform, we reduce these information and user access fees for such clients once minimum quarterly trading volumes are attained. Revenues Our revenues for the years ended December 31, 2004 and 2003, and the resulting dollar and percentage change, are as follows:

	Year Ended December 31,

	2004	2003

	 $	% of Revenues	 $	% of Revenues	$ Change	% Change

	($ in thousands)

 Revenues

Commissions

U.S. high-grade	$45,465	60.0%	$40,310	69.0%	$5,155	12.8%

European high-grade	15,142	20.0	7,126	12.2	8,016	112.5

Other	7,565	10.0	5,364	9.1	2,201	41.0

Total commissions	68,172	90.0	52,800	90.3	15,372	29.1

Information and user access fees	2,713	3.6	1,144	2.0	1,569	137.2

License fees	3,143	4.1	4,145	7.1	-1,002	-24.2

Interest income	882	1.2	371	0.6	511	137.7

Other	887	1.1	—	0	887	—

Total revenues	$75,797	100%	$58,460	100%	$17,337	29.7%

 Commissions. Total commissions increased by $15.4 million or 29.1% to $68.2 million for the year ended December 31, 2004 from $52.8 million for the comparable period in 2003. This increase was primarily due to increases in the amount of U. S.  high-grade commissions and substantial increases in European high-grade commissions. U. S.  high-grade commissions increased by $5.2 million or 12.8% to $45.5 million for the year ended December 31, 2004 from $40.3 million for the comparable period in 2003. European high-grade commissions increased by $8.0 million or 112.5% to $15.1 million from $7.1 million for the comparable period in 2003. Other commissions increased by $2.2 million or 41.0% to $7.6 million from $5.4 million for the comparable period in 2003. These increases were primarily due to an increase in transaction volume from $192.2 billion for the year ended December 31, 2003 to $298.1 billion for the year ended December 31, 2004 generated by new and existing clients, offset by a 16.7% reduction in the average commission per million from $275 per million for the year ended December 31, 2003 to $229 per million for the year ended December 31, 2004. This decrease in average commission per million was attributable to the full-year effect of our U. S.  high-grade fee plans, increasing volumes of transactions with lower fees per million and an increase in the percentage of trades executed on the platform with shorter maturities, which generally generate lower commissions per million, Information and User Access Fees. Information and user access fees increased by $1.6 million or 137.2% to $2.7 million for the year ended December 31, 2004 from $1.1 million for the year ended December 31, 2003. This increase was primarily due to an increase in the number of subscribers to our Corporate BondTicker service. License Fees. License fees decreased by $1.0 million or 24.2% to $3.1 million for the year ended December 31, 2004 from $4.1 million for the year ended December 31, 2003. This decrease was due to the addition of four new broker-dealer clients in the year ended December 31, 2004 compared to five new broker-dealer clients added in the year ended December 31, 2003. Interest Income. Interest income increased by $0.5 million or 137.7% to $0.9 million for the year ended December 31, 2004 from $0.4 million for the comparable period in 2003. This increase was due to a rise in interest rates and higher cash, cash equivalents and short-term investment balances during the year ended December 31, 2004 as compared to the comparable period in 2003. Other. Other revenues increased to $0.9 million for the year ended December 31, 2004 from $0.0 million for the comparable period in 2003. This increase was primarily due to the effects of a change in accounting policy with respect to recognizing as revenue gross telecommunication line fees paid by broker- PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Price Range Our common stock commenced trading on the NASDAQ National Market under the symbol “MKTX” on November 5, 2004. Prior to that date, there was no public market for our common stock. The high and low bid information for our common stock, as reported by NASDAQ, was as follows:

	High	Low

November 5, 2004 to December 31, 2004	$24.41	$12.75

January 1, 2005 to March 31, 2005	$15.95	$9.64

April 1, 2005 to June 30, 2005	$13.87	$9.83

July 1, 2005 to September 30, 2005	$14.09	$9.99

October 1, 2005 to December 31, 2005	$13.14	$10.64

 On March 8, 2006, the last reported closing price of our common stock on the NASDAQ National Market was $12.59. Holders There were approximately 114 holders of record of our common stock as of March 8, 2006.  Dividend Policy We have not declared or paid any cash dividends on our capital stock since our inception. We intend to retain future earnings to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future. In the event we decide to declare dividends on our common stock in the future, such declaration will be subject to the discretion of our Board of Directors. Our Board may take into account such matters as general business conditions, our financial results, capital requirements, contractual, legal, and regulatory restrictions on the payment of dividends by us to our stockholders or by our subsidiaries to us and any such other factors as our Board may deem relevant. Use of Proceeds On November 4, 2004, the registration statement relating to our initial public offering (No.333-112718) was declared effective. We received net proceeds from the sale of the shares of our common stock in the offering of $53.9 million, at an initial public offering price of $11.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses. Except for salaries, and reimbursements for travel expenses and other out-of -pocket costs incurred in the ordinary course of business, none of the proceeds from the offering have been paid by us, directly or indirectly, to any of our directors or officers or any of their associates, or to any persons owning ten percent or more of our outstanding stock or to any of our affiliates. We have invested the proceeds from the offering in cash and cash equivalents and short-term marketable securities.


Answer: 987.82486

Question: If Group specialty develops with the same growth rate in 2011, what will it reach in 2012? (in million)

Context:
Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) not be estimated based on observable market prices, and as such, unobservable inputs were used. For auction rate securities, valuation methodologies include consideration of the quality of the sector and issuer, underlying collateral, underlying final maturity dates, and liquidity. Recently Issued Accounting Pronouncements There are no recently issued accounting standards that apply to us or that will have a material impact on our results of operations, financial condition, or cash flows.3. ACQUISITIONS On December 21, 2012, we acquired Metropolitan Health Networks, Inc. , or Metropolitan, a Medical Services Organization, or MSO, that coordinates medical care for Medicare Advantage beneficiaries and Medicaid recipients, primarily in Florida. We paid $11.25 per share in cash to acquire all of the outstanding shares of Metropolitan and repaid all outstanding debt of Metropolitan for a transaction value of $851 million, plus transaction expenses. The preliminary fair values of Metropolitan’s assets acquired and liabilities assumed at the date of the acquisition are summarized as follows:

	Metropolitan (in millions)

Cash and cash equivalents	$49

Receivables, net	28

Other current assets	40

Property and equipment	22

Goodwill	569

Other intangible assets	263

Other long-term assets	1

Total assets acquired	972

Current liabilities	-22

Other long-term liabilities	-99

Total liabilities assumed	-121

Net assets acquired	$851

 The goodwill was assigned to the Health and Well-Being Services segment and is not deductible for tax purposes. The other intangible assets, which primarily consist of customer contracts and trade names, have a weighted average useful life of 8.4 years. On October 29, 2012, we acquired a noncontrolling equity interest in MCCI Holdings, LLC, or MCCI, a privately held MSO headquartered in Miami, Florida that coordinates medical care for Medicare Advantage and Medicaid beneficiaries primarily in Florida and Texas. The Metropolitan and MCCI transactions are expected to provide us with components of a successful integrated care delivery model that has demonstrated scalability to new markets. A substantial portion of the revenues for both Metropolitan and MCCI are derived from services provided to Humana Medicare Advantage members under capitation contracts with our health plans. In addition, Metropolitan and MCCI provide services to Medicare Advantage and Medicaid members under capitation contracts with third party health plans. Under these capitation agreements with Humana and third party health plans, Metropolitan and MCCI assume financial risk associated with these Medicare Advantage and Medicaid members. Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 17. EXPENSES ASSOCIATED WITH LONG-DURATION INSURANCE PRODUCTS Premiums associated with our long-duration insurance products accounted for approximately 2% of our consolidated premiums and services revenue for the year ended December 31, 2012. We use long-duration accounting for products such as long-term care, life insurance, annuities, and certain health and other supplemental policies sold to individuals because they are expected to remain in force for an extended period beyond one year and because premium received in the earlier years is intended to pay anticipated benefits to be incurred in future years. As a result, we defer policy acquisition costs, primarily consisting of commissions, and amortize them over the estimated life of the policies in proportion to premiums earned. In addition, we establish reserves for future policy benefits in recognition of the fact that some of the premium received in the earlier years is intended to pay anticipated benefits to be incurred in future years. These reserves are recognized on a net level premium method based on interest rates, mortality, morbidity, withdrawal and maintenance expense assumptions from published actuarial tables, modified based upon actual experience. The assumptions used to determine the liability for future policy benefits are established and locked in at the time each contract is acquired and would only change if our expected future experience deteriorated to the point that the level of the liability, together with the present value of future gross premiums, are not adequate to provide for future expected policy benefits. Long-term care policies provide for long-duration coverage and, therefore, our actual claims experience will emerge many years after assumptions have been established. The risk of a deviation of the actual interest rates, morbidity rates, and mortality rates from those assumed in our reserves are particularly significant to our closed block of long-term care policies. We monitor the loss experience of these long-term care policies and, when necessary, apply for premium rate increases through a regulatory filing and approval process in the jurisdictions in which such products were sold. To the extent premium rate increases and/ or loss experience vary from our acquisition date assumptions, future adjustments to reserves could be required. The table below presents deferred acquisition costs and future policy benefits payable associated with our long-duration insurance products for the years ended December 31, 2012 and 2011.

	2012	2011

	 Deferred acquisition costs	Future policy benefits payable	 Deferred acquisition costs	Future policy benefits payable

	(in millions)

Other long-term assets	$149	$0	$114	$0

Trade accounts payable and accrued expenses	0	-63	0	-58

Long-term liabilities	0	-1,858	0	-1,663

Total asset (liability)	$149	$-1,921	$114	$-1,721

 In addition, future policy benefits payable include amounts of $220 million at December 31, 2012 and $224 million at December 31, 2011 which are subject to 100% coinsurance agreements as more fully described in Note 18. Benefits expense associated with future policy benefits payable was $136 million in 2012, $114 million in 2011, and $266 million in 2010. Benefits expense for 2012 and 2010 included net charges of $29 million and $139 million, respectively, associated with our long-term care policies discussed further below. Amortization of deferred acquisition costs included in operating costs was $44 million in 2012, $34 million in 2011, and $198 million in 2010. Amortization expense for 2010 included a write-down of deferred acquisition costs of $147 million discussed further below.

		Change

	2011	2010	Dollars	Percentage

	(in millions)

 Premiums and Services Revenue:

Premiums:

Fully-insured commercial group	$4,782	$5,169	$-387	-7.5%

Group Medicare Advantage	3,152	3,021	131	4.3%

Group Medicare stand-alone PDP	8	5	3	60.0%

Total group Medicare	3,160	3,026	134	4.4%

Group specialty	935	885	50	5.6%

Total premiums	8,877	9,080	-203	-2.2%

Services	356	395	-39	-9.9%

Total premiums and services revenue	$9,233	$9,475	$-242	-2.6%

 Income before income taxes	$242	$288	$-46	-16.0%

Benefit ratio	82.4%	82.4%		0.0%

Operating cost ratio	17.8%	17.5%		0.3%

 Pretax Results ? Employer Group segment pretax income decreased $46 million, or 16%, to $242 million in 2011 primarily due to the impact of minimum benefit ratios required under the Health Insurance Reform Legislation which became effective in 2011. Enrollment ? Fully-insured commercial group medical membership decreased 72,000 members, or 5.7%, from December 31, 2010 to December 31, 2011 primarily due to continued pricing discipline in a highly competitive environment for large group business partially offset by small group business membership gains.  ? Group ASO commercial medical membership decreased 161,300 members, or 11.1%, from December 31, 2010 to December 31, 2011 primarily due to continued pricing discipline in a highly competitive environment for self-funded accounts. Premiums revenue ? Employer Group segment premiums decreased by $203 million, or 2.2%, from 2010 to $8.9 billion for 2011 primarily due to lower average commercial group medical membership year-over-year and rebates associated with minimum benefit ratios required under the Health Insurance Reform Legislation which became effective in 2011, partially offset by an increase in group Medicare Advantage membership. Rebates result in the recognition of lower premiums revenue, as amounts are set aside for payments to commercial customers during the following year. Benefits expense ? The Employer Group segment benefit ratio of 82.4% for 2011 was unchanged from 2010 due to offsetting factors. Factors increasing the 2011 ratio compared to the 2010 ratio include growth in our group Medicare Advantage products which generally carry a higher benefit ratio than our fully-insured commercial group products and the effect of rebates accrued in 2011 associated with the minimum benefit ratios required under the Health Insurance Reform Legislation. Factors decreasing the 2011 ratio compared to the 2010 ratio include the beneficial effect of higher favorable prior-period medical claims reserve development in 2011 versus 2010 and lower utilization of benefits in our commercial group


Answer: 4332598.0

Question: What's the average of the Property and equipment, net in the years where Basic weighted average common shares outstanding greater than 395000 ? (in thousand)

Context:
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following table sets forth basic and diluted income from continuing operations per common share computational data for the years ended December 31, 2012, 2011 and 2010 (in thousands, except per share data):

	 2012	 2011	 2010

Income from continuing operations attributable to American Tower Corporation	$637,283	$396,462	$372,906

Basic weighted average common shares outstanding	394,772	395,711	401,152

Dilutive securities	4,515	4,484	2,920

Diluted weighted average common shares outstanding	399,287	400,195	404,072

Basic income from continuing operations attributable to

American Tower Corporation per common share	$1.61	$1.00	$0.93

Diluted income from continuing operations attributable to

American Tower Corporation per common share	$1.60	$0.99	$0.92

 For the year ended December 31, 2010, the weighted average number of common shares outstanding excludes shares issuable upon conversion of the Company’s convertible notes of 0.1 million. For the years ended December 31, 2012, 2011 and 2010, the diluted weighted average number of common shares outstanding excludes shares issuable upon exercise of the Company’s stock options and share based awards of 1.0 million, 0.9 million and 1.1 million, respectively, as the effect would be anti-dilutive.18. COMMITMENTS AND CONTINGENCIES Litigation—The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business. In the opinion of Company management, after consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity. SEC Subpoena—On June 2, 2011, the Company received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting certain documents from 2007 through the date of the subpoena, including in particular documents related to our tax accounting and reporting. On November 6, 2012, the SEC notified the Company that the SEC’s investigation has been completed. The SEC indicated that it does not intend to recommend any enforcement action against the Company. Mexico Litigation—One of the Company’s subsidiaries, SpectraSite Communications, Inc.  (“SCI “), a predecessor in interest by conversion to SpectraSite Communications, LLC, was involved in a lawsuit brought in Mexico against a former Mexican subsidiary of SCI (the subsidiary of SCI was sold in 2002, prior to the Company’s acquisition of SCI in 2005). The lawsuit concerns a terminated tower construction contract and related agreements with a wireless carrier in Mexico. The primary issue for the Company is whether SCI itself can be found liable to the Mexican carrier. The trial and lower appellate courts initially found that SCI had no such liability in part because Mexican courts did not have the necessary jurisdiction over SCI. In September 2010, following several decisions by Mexican appellate courts, including the Supreme Court of Mexico, and related appeals by both parties, an intermediate appellate court issued a new decision that would have, if enforceable, re-imposed liability on SCI if the primary defendant in the case were unable to satisfy the judgment. In its decision, the intermediate appellate court identified potential damages, in the form of potential statutory interest, of approximately $6.7 million as of that date. On October 14, 2010, the Company filed a new constitutional appeal to again dispute the decision, which was rejected on January 24, 2012. The case was Issuer Purchases of Equity Securities During the three months ended December 31, 2012, we repurchased 619,314 shares of our common stock for an aggregate of approximately $46.0 million, including commissions and fees, pursuant to our publicly announced stock repurchase program, as follows:

Period	Total Number of Shares Purchased-1	Average Price Paid per Share-2	Total Number of Shares Purchased as Part of Publicly Announced Plans orPrograms	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans orPrograms  (in millions)

October 2012	27,524	$72.62	27,524	$1,300.1

November 2012	489,390	$74.22	489,390	$1,263.7

December 2012	102,400	$74.83	102,400	$1,256.1

Total Fourth Quarter	619,314	$74.25	619,314	$1,256.1

 (1) Repurchases made pursuant to the $1.5 billion stock repurchase program approved by our Board of Directors in March 2011 (the “2011 Buyback”). Under this program, our management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. To facilitate repurchases, we make purchases pursuant to trading plans under Rule 10b5-1 of the Exchange Act, which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. This program may be discontinued at any time. (2) Average price per share is calculated using the aggregate price, excluding commissions and fees. We continued to repurchase shares of our common stock pursuant to our 2011 Buyback subsequent to December 31, 2012. Between January 1, 2013 and January 21, 2013, we repurchased an additional 15,790 shares of our common stock for an aggregate of $1.2 million, including commissions and fees, pursuant to the 2011 Buyback. As a result, as of January 21, 2013, we had repurchased a total of approximately 4.3 million shares of our common stock under the 2011 Buyback for an aggregate of $245.2 million, including commissions and fees. We expect to continue to manage the pacing of the remaining $1.3 billion under the 2011 Buyback in response to general market conditions and other relevant factors.

	 As of December 31,

	 2012	 2011	 2010	 2009	 2008

	 (In thousands)

 Balance Sheet Data:-8

Cash and cash equivalents (including restricted cash)(9)	$437,934	$372,406	$959,935	$295,129	$194,943

Property and equipment, net	5,789,995	4,981,722	3,683,474	3,169,623	3,022,636

Total assets	14,089,129	12,242,395	10,370,084	8,519,931	8,211,665

Long-term obligations, including current portion	8,753,376	7,236,308	5,587,388	4,211,581	4,333,146

Total American Tower Corporation equity	3,573,101	3,287,220	3,501,444	3,315,082	2,991,322

 (1) For the years ended December 31, 2012 and 2011, amount includes approximately $0.8 million and $1.1 million, respectively, in stock-based compensation expense. For the years ended December 31, 2008 through 2010, there was no stock-based compensation expense included. (2) For the years ended December 31, 2012 and 2011, amount includes approximately $1.0 million and $1.2 million, respectively, in stock-based compensation expense. For the years ended December 31, 2008 through 2010, there was no stock-based compensation expense included. (3) In 2008, we completed a review of the estimated useful lives of our tower assets. Based upon this review, we revised the estimated useful lives of our towers and certain related intangible assets, primarily our network location intangible assets, from our historical estimate of 15 years to a revised estimate of 20 years. We accounted for this change as a change in estimate, which was accounted for prospectively, effective January 1, 2008. For the year ended December 31, 2008, the change resulted in a reduction in depreciation and amortization expense of approximately $121.2 million and an increase in net income of approximately $74.4 million. (4) For the years ended December 31, 2012, 2011, 2010, 2009 and 2008 amount includes approximately $50.2 million, $45.1 million, $52.6 million, $60.7 million and $54.8 million, respectively, in stock-based compensation expense. (5) We ceased to consolidate Verestar, Inc’s (“Verestar”) financial results beginning in December 2003 and reported the results as discontinued operations. Income from discontinued operations for 2008 includes an income tax benefit of $110.1 million related to losses associated with our investment in Verestar. (6) Basic income from continuing operations per common share represents income from continuing operations attributable to American Tower Corporation divided by the weighted average number of common shares outstanding during the period. Diluted income from continuing operations per common share represents income from continuing operations attributable to American Tower Corporation divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including unvested restricted stock, shares issuable upon exercise of stock options and warrants as determined under the treasury stock method and upon conversion of our convertible notes, as determined under the if-converted method. Dilutive common share equivalents also include the dilutive impact of the Verizon transaction (see note 18 to our consolidated financial statements included in this Annual Report). (7) For the purpose of this calculation, “earnings” consists of income from continuing operations before income taxes, income on equity method investments and fixed charges (excluding interest capitalized and amortization of interest capitalized). “Fixed charges” consists of interest expense, including amounts capitalized, amortization of debt discounts and premiums and related issuance costs and the component of rental expense associated with operating leases believed by management to be representative of the interest factor thereon. (8) Balances have been revised to reflect purchase accounting measurement period adjustments. (9) As of December 31, 2012, 2011, 2010, 2009 and 2008, includes approximately $69.3 million, $42.2 million, $76.0 million, $47.8 million and $51.9 million, respectively, in restricted funds pledged as collateral to secure obligations and cash that is otherwise limited by contractual provisions.


Answer: 77.0

Question: what is the net change in the other retained interests not reflected in the table during 2018 , in millions?

Context:
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements ‰ Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests. ‰ Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2014 and thereafter as of December 2018, and relate to securitizations during 2012 and thereafter as of December 2017. ‰ The fair value of retained interests was $3.28 billion as of December 2018 and $2.13 billion as of December 2017. In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated VIEs. The carrying value of these derivatives and commitments was a net asset of $75 million as of December 2018 and $86 million as of December 2017, and the notional amount of these derivatives and commitments was $1.09 billion as of December 2018 and $1.26 billion as of December 2017. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE table in Note 12. The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests.

	As of December

$ in millions	2018	2017

Fair value of retained interests	$ 3,151	$2,071

Weighted average life (years)	7.2	6.0

Constant prepayment rate	11.9%	9.4%

Impact of 10% adverse change	$ -27	$ -19

Impact of 20% adverse change	$ -53	$ -35

Discount rate	4.7%	4.2%

Impact of 10% adverse change	$ -75	$ -35

Impact of 20% adverse change	$ -147	$ -70

 In the table above: ‰ Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests. ‰ Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear. ‰ The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above. ‰ The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value. ‰ The discount rate for retained interests that relate to U. S.  government agency-issued collateralized mortgage obligations does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests. The firm has other retained interests not reflected in the table above with a fair value of $133 million and a weighted average life of 4.2 years as of December 2018, and a fair value of $56 million and a weighted average life of 4.5 years as of December 2017. Due to the nature and fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of both December 2018 and December 2017. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $133 million as of December 2018 and $56 million as of December 2017. Note 12. Variable Interest Entities A variable interest in a VIE is an investment (e. g. , debt or equity) or other interest (e. g. , derivatives or loans and lending commitments) that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns. The firm’s variable interests in VIEs include senior and subordinated debt; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create, rather than absorb, risk. VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 11, and investments in and loans to other types of VIEs, as described below. See Note 11 for further information about securitization activities, including the definition of beneficial interests. See Note 3 for the firm’s consolidation policies, including the definition of a VIE. The completion factor method is used for the months of incurred claims prior to the most recent three months because the historical percentage of claims processed for those months is at a level sufficient to produce a consistently reliable result. Conversely, for the most recent three months of incurred claims, the volume of claims processed historically is not at a level sufficient to produce a reliable result, which therefore requires us to examine historical trend patterns as the primary method of evaluation. Medical cost trends potentially are more volatile than other segments of the economy. The drivers of medical cost trends include increases in the utilization of hospital and physician services, prescription drugs, and new medical technologies, as well as the inflationary effect on the cost per unit of each of these expense components. Other external factors such as government-mandated benefits or other regulatory changes, catastrophes, and epidemics also may impact medical cost trends. Additionally, as we realign our commercial strategy, we continue to reduce the level of traditional utilization management functions such as preauthorization of services, monitoring of inpatient admissions, and requirements for physician referrals. Other internal factors such as system conversions and claims processing interruptions also may impact our ability to accurately predict estimates of historical completion factors or medical cost trends. All of these factors are considered in estimating IBNR and in estimating the per member per month claims trend for purposes of determining the reserve for the most recent three months. Each of these factors requires significant judgment by management. The completion and claims per member per month trend factors are the most significant factors impacting the IBNR estimate. The following table illustrates the sensitivity of these factors and the estimated potential impact on our operating results caused by changes in these factors based on December 31, 2003 data:

Completion Factor (a):	Claims Trend Factor (b):

 (Decrease) Increase in Factor	Increase (Decrease) in Medical and Other Expenses Payable	(Decrease) Increase in Factor	Increase (Decrease) in Medical and Other Expenses Payable

(dollars in thousands)

-3%	$136,000	-3%	$-59,000

-2%	$88,000	-2%	$-41,000

-1%	$43,000	-1%	$-22,000

1%	$-40,000	1%	$14,000

2%	$-79,000	2%	$33,000

3%	$-116,000	3%	$51,000

 (a) Reflects estimated potential changes in medical and other expenses payable caused by changes in completion factors for incurred months prior to the most recent three months. (b) Reflects estimated potential changes in medical and other expenses payable caused by changes in annualized claims trend used for the estimation of per member per month incurred claims for the most recent three months. Most medical claims are paid within a few months of the member receiving service from a physician or other health care provider. As a result, these liabilities generally are described as having a “short-tail”, which causes less than 2% of our medical and other expenses payable as of the end of any given period to be outstanding for more than 12 months. As such, we expect that substantially all of the 2003 estimate of medical and other expenses payable will be known and paid during 2004. Our reserving practice is to consistently recognize the actuarial best point estimate within a level of confidence required by actuarial standards. Actuarial standards of practice generally require a level of confidence such that the liabilities established for IBNR have a greater probability of being adequate versus being insufficient, or such that the liabilities established for IBNR are sufficient to cover obligations under an assumption of moderately adverse conditions. Adverse conditions are situations in which the actual claims are TRICARE change orders occur when we perform services or incur costs under the directive of the federal government that were not originally specified in our contracts. Under federal regulations we are entitled to an equitable adjustment to the contract price, which results in additional premium revenues. Examples of items that have necessitated substantial change orders in recent years include congressionally legislated increases in the level of benefits for TRICARE beneficiaries and the administration of new government programs such as TRICARE for Life and TRICARE Senior Pharmacy. Like BPAs, we record revenue applicable to change orders when these amounts are determinable and the collectibility is reasonably assured. Unlike BPAs, where settlement only occurs at specified intervals, change orders may be negotiated and settled at any time throughout the year. Total TRICARE premium and ASO fee receivables were as follows at December 31, 2003 and 2002:

	2003	2002

	(in thousands)

TRICARE premiums receivable:

Base receivable	$254,688	$190,339

Bid price adjustments (BPAs)	92,875	104,044

Change orders	7,073	1,400

Subtotal	354,636	295,783

Less: long-term portion of BPAs	-38,794	-86,471

Total TRICARE premiums receivable	$315,842	$209,312

TRICARE ASO fees receivable:

Base receivable	$—	$7,205

Change orders	11,968	56,230

Total TRICARE ASO fees receivable	$11,968	$63,435

 Our TRICARE contracts also contain risk-sharing provisions with the federal government to minimize any losses and limit any profits in the event that medical costs for which we are at risk differ from the levels targeted in our contracts. Amounts receivable from the federal government under such risk-sharing provisions are included in the BPA receivable above, while amounts payable to the federal government under these provisions of approximately $17.3 million at December 31, 2003 are included in medical and other expenses payable in our consolidated balance sheets. Investment Securities Investment securities totaled $1,995.8 million, or 38% of total assets at December 31, 2003. Debt securities totaled $1,960.6 million, or 98% of our total investment portfolio. More than 94% of our debt securities were of investment-grade quality, with an average credit rating of AA by Standard & Poor’s at December 31, 2003. Most of the debt securities that are below investment grade are rated at the higher end (B or better) of the noninvestment grade spectrum. Our investment policy limits investments in a single issuer and requires diversification among various asset types. Duration is indicative of the relationship between changes in market value to changes in interest rates, providing a general indication of the sensitivity of the fair values of our debt securities to changes in interest rates. However, actual market values may differ significantly from estimates based on duration. The average duration of our debt securities was approximately 3.5 years at December 31, 2003. Based on this duration, a 1% increase in interest rates would generally decrease the fair value of our debt securities by approximately $70 million. Our investment securities are categorized as available for sale and, as a result, are stated at fair value. Fair value of publicly traded debt and equity securities are based on quoted market prices. Non-traded debt securities are priced independently by a third party vendor. Fair value of venture capital debt securities that are privately Revenue for other healthcare services is recognized on a fee-for-service basis at estimated collectible amounts at the time services are rendered. Our fees are determined in advance for each type of service performed. Investment Securities Investment securities totaled $9.8 billion, or 47.3% of total assets at December 31, 2013, and $9.8 billion, or 49% of total assets at December 31, 2012. Debt securities, detailed below, comprised this entire investment portfolio at December 31, 2013 and at December 31, 2012. The fair value of debt securities were as follows at December 31, 2013 and 2012:


Answer: 1068.5

Question: What was the average value of the Fixed maturities: Foreign government bonds for AmortizedCost or Cost in the years where Corporate securities is positive for AmortizedCost or Cost? (in million)

Context:
Shares of common stock issued, in treasury, and outstanding were (in thousands of shares):

	Shares Issued	Treasury Shares	Shares Outstanding

Balance at December 29, 2013	376,832	—	376,832

Exercise of stock options, issuance of other stock awards, and other	178	—	178

Balance at December 28, 2014	377,010	—	377,010

Exercise of warrants	20,480	—	20,480

Issuance of common stock to Sponsors	221,666	—	221,666

Acquisition of Kraft Foods Group, Inc.	592,898	—	592,898

Exercise of stock options, issuance of other stock awards, and other	2,338	-413	1,925

Balance at January 3, 2016	1,214,392	-413	1,213,979

Exercise of stock options, issuance of other stock awards, and other	4,555	-2,058	2,497

Balance at December 31, 2016	1,218,947	-2,471	1,216,476

 Note 13.  Financing Arrangements We routinely enter into accounts receivable securitization and factoring programs . We account for transfers of receivables pursuant to these programs as a sale and remove them from our consolidated balance sheet. At December 31, 2016 , our most significant program in place was the U. S.  securitization program, which was amended in May 2016 and originally entered into in October of 2015. Under the program, we are entitled to receive cash consideration of up to $800 million (which we elected to reduce to $500 million , effective February 21, 2017) and a receivable for the remainder of the purchase price (the “Deferred Purchase Price”). This securitization program utilizes a bankruptcyremote special-purpose entity (“SPE”). The SPE is wholly-owned by a subsidiary of Kraft Heinz and its sole business consists of the purchase or acceptance, through capital contributions of receivables and related assets, from a Kraft Heinz subsidiary and subsequent transfer of such receivables and related assets to a bank. Although the SPE is included in our consolidated financial statements, it is a separate legal entity with separate creditors who will be entitled, upon its liquidation, to be satisfied out of the SPE's assets prior to any assets or value in the SPE becoming available to Kraft Heinz or its subsidiaries. The assets of the SPE are not available to pay creditors of Kraft Heinz or its subsidiaries. This program expires in May 2017. In addition to the U. S.  securitization program, we have accounts receivable factoring programs denominated in Australian dollars, New Zealand dollars, British pound sterling, euros, and Japanese yen. Under these programs, we generally receive cash consideration up to a certain limit and a receivable for the Deferred Purchase Price. There is no Deferred Purchase Price associated with the Japanese yen contract. Related to these programs, our aggregate cash consideration limit, after applying applicable hold-backs, was $245 million U. S.  dollars at December 31, 2016. Generally, each of these programs automatically renews annually until terminated by either party. The cash consideration and carrying amount of receivables removed from the consolidated balance sheets in connection with the above programs were $904 million at December 31, 2016 and $267 million at January 3, 2016 . The fair value of the Deferred Purchase Price for the programs was $129 million at December 31, 2016 and $583 million at January 3, 2016 . The Deferred Purchase Price is included in sold receivables on the consolidated balance sheets and had a carrying value which approximated its fair value at December 31, 2016 and January 3, 2016 . The proceeds from these sales are recognized on the consolidated statements of cash flows as a component of operating activities. We act as servicer for these arrangements and have not recorded any servicing assets or liabilities for these arrangements as of December 31, 2016 and January 3, 2016 because they were not material to the financial statements. PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements The following table sets forth a rollforward of pre-tax amounts remaining in OCI related to fixed maturity securities with credit loss impairments recognized in earnings, for the periods indicated:

	Years Ended December 31,

	2018	2017

	(in millions)

Credit loss impairments:

Balance, beginning of period	$319	$359

New credit loss impairments	1	10

Additional credit loss impairments on securities previously impaired	0	11

Increases due to the passage of time on previously recorded credit losses	10	15

Reductions for securities which matured, paid down, prepaid or were sold during the period	-162	-58

Reductions for securities impaired to fair value during the period-1	-24	-13

Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected	-4	-5

Balance, end of period	$140	$319

 (1) Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. Assets Supporting Experience-Rated Contractholder Liabilities The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:

	December 31, 2018	December 31, 2017

	AmortizedCost or Cost	FairValue	AmortizedCost or Cost	FairValue

	(in millions)

Short-term investments and cash equivalents	$215	$215	$245	$245

Fixed maturities:

Corporate securities	13,258	13,119	13,816	14,073

Commercial mortgage-backed securities	2,346	2,324	2,294	2,311

Residential mortgage-backed securities-1	828	811	961	966

Asset-backed securities-2	1,649	1,665	1,363	1,392

Foreign government bonds	1,087	1,083	1,050	1,057

U.S. government authorities and agencies and obligations of U.S. states	538	577	357	410

Total fixed maturities-3	19,706	19,579	19,841	20,209

Equity securities	1,378	1,460	1,278	1,643

Total assets supporting experience-rated contractholder liabilities-4	$21,299	$21,254	$21,364	$22,097

 (1) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types. Includes collateralized loan obligations at fair value of $1,028 million and $943 million as of December 31, 2018 and 2017, respectively, all of which were rated AAA. (3) As a percentage of amortized cost, 93% and 92% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of December 31, 2018 and 2017, respectively. (4) As a percentage of amortized cost, 78% and 80% of the portfolio consisted of public securities as of December 31, 2018 and 2017, respectively. The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(778) million, $300 million and $75 million during the years ended December 31, 2018, 2017 and 2016, respectively. Equity Securities The net change in unrealized gains (losses) from equity securities, still held at period end, recorded within “Other income (loss),” was $(1,157) million during the year ended December 31, 2018. The net change in unrealized gains (losses) from equity securities, still held at period end, recorded within “Other comprehensive income (loss),” was $(494) million and $760 million during the years ended December 31, 2017 and 2016, respectively. Benefits and expenses increased $735 million. Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $709 million primarily driven by an increase in policyholders’ benefits, including the change in policy reserves, related to the increase in premiums discussed above. Account Values Account values are a significant driver of our operating results, and are primarily driven by net additions (withdrawals) and the impact of market changes. The income we earn on most of our fee-based products varies with the level of fee-based account values, since many policy fees are determined by these values. The investment income and interest we credit to policyholders on our spread-based products varies with the level of general account values. To a lesser extent, changes in account values impact our pattern of amortization of DAC and VOBA and general and administrative expenses. The following table shows the changes in the account values and net additions (withdrawals) of Retirement segment products for the periods indicated. Net additions (withdrawals) are plan sales and participant deposits or additions, as applicable, minus plan and participant withdrawals and benefits. Account values include both internally- and externallymanaged client balances as the total balances drive revenue for the Retirement segment. For more information on internally-managed balances, see “—PGIM. ”


Answer: -0.12459

Question: what is the growth rate in advertising expense in 2002 relative to 2001?

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:


Answer: 0.12063

Question: What is the average growth rate of U.S. high-grade between 2003 and 2004?


Answer: 3380347.0

Question: what's the total amount of Cost of goods sold of Year Ended December 31, 2016, Inventories of At December 31, 2013, and Leasehold and tenant improvements of December 31, 2016 ?

Context:
ITEM 6. SELECTED FINANCIAL DATA The following selected financial data is qualified by reference to, and should be read in conjunction with, the Consolidated Financial Statements, including the notes thereto, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Form 10-K.

	Year Ended December 31,

(In thousands, except per share amounts)	2016	2015	2014	2013	2012

Net revenues	$4,825,335	$3,963,313	$3,084,370	$2,332,051	$1,834,921

Cost of goods sold	2,584,724	2,057,766	1,572,164	1,195,381	955,624

Gross profit	2,240,611	1,905,547	1,512,206	1,136,670	879,297

Selling, general and administrative expenses	1,823,140	1,497,000	1,158,251	871,572	670,602

Income from operations	417,471	408,547	353,955	265,098	208,695

Interest expense, net	-26,434	-14,628	-5,335	-2,933	-5,183

Other expense, net	-2,755	-7,234	-6,410	-1,172	-73

Income before income taxes	388,282	386,685	342,210	260,993	203,439

Provision for income taxes	131,303	154,112	134,168	98,663	74,661

Net income	256,979	232,573	208,042	162,330	128,778

Adjustment payment to Class C	59,000	—	—	—	—

Net income available to all stockholders	$197,979	$232,573	$208,042	$162,330	$128,778

Net income available per common share

Basic net income per share of Class A and B common stock	$0.45	$0.54	$0.49	$0.39	$0.31

Basic net income per share of Class C common stock	$0.72	$0.54	$0.49	$0.39	$0.31

Diluted net income per share of Class A and B common stock	$0.45	$0.53	$0.47	$0.38	$0.30

Diluted net income per share of Class C common stock	$0.71	$0.53	$0.47	$0.38	$0.30

Weighted average common shares outstanding Class A and B common stock

Basic	217,707	215,498	213,227	210,696	208,686

Diluted	221,944	220,868	219,380	215,958	212,760

Weighted average common shares outstanding Class C common stock

Basic	218,623	215,498	213,227	210,696	208,686

Diluted	222,904	220,868	219,380	215,958	212,760

Dividends declared	$59,000	$—	$—	$—	$—

 Our net revenues for the full year 2016 were $4,825.3 million, which reflects a revision from the $4,828.2 million reported in our earnings release, filed January 31, 2017, on Form 8-K. This revision reflects a $2.9 million adjustment related to a return credit for footwear that was identified in connection with the closing of our January 2017 books and records, following the earnings release. As a result, other items on our Consolidated Financial Statements have been appropriately adjusted from the amounts provided in the earnings release, including a reduction of our full year 2016 gross profit and income from operations by $2.9 million, and a reduction of net income by $1.7 million.

	At December 31,

(In thousands)	2016	2015	2014	2013	2012

Cash and cash equivalents	$250,470	$129,852	$593,175	$347,489	$341,841

Working capital -1	1,279,337	1,019,953	1,127,772	702,181	651,370

Inventories	917,491	783,031	536,714	469,006	319,286

Total assets	3,644,331	2,865,970	2,092,428	1,576,369	1,155,052

Total debt, including current maturities	817,388	666,070	281,546	151,551	59,858

Total stockholders’ equity	$2,030,900	$1,668,222	$1,350,300	$1,053,354	$816,922

 (1) Working capital is defined as current assets minus current liabilities. In March 2016, the FASB issued ASU 2016-09, which effects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016. This guidance can be applied either prospectively, retrospectively or using a modified retrospective transition method. Early adoption is permitted. The Company will not early adopt this ASU. The adoption of this guidance may have a material impact on the Company’s effective tax rate and income tax expense, depending in part on whether significant employee stock option exercises occur. In August 2016, the FASB issued ASU 2016-15, which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not believe this ASU will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period of 2017. Upon adoption, any deferred charge established upon an intra-company transfer would be recorded as a cumulative-effect adjustment to retained earnings. At December 31, 2016, the Company had a deferred charge of $26.0 million with $1.8 million and $24.2 million recorded within Prepaid expenses and Other long term assets, respectively. The Company plans to adopt this ASU during the interim period ending March 31, 2017. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, which requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt. This ASU is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of this ASU in the first quarter of 2016, and reclassified approximately $2.9 million from “Other long term assets” to “Long term debt, net of current maturities” as of December 31, 2015.3. Property and Equipment, Net Property and equipment consisted of the following:

	December 31,

(In thousands)	2016	2015

Leasehold and tenant improvements	$326,617	$214,834

Furniture, fixtures and displays	168,720	132,736

Buildings	47,216	47,137

Software	151,059	99,309

Office equipment	75,196	50,399

Plant equipment	124,140	118,138

Land	83,574	17,628

Construction in progress	204,362	147,581

Other	20,383	4,002

Subtotal property and equipment	1,201,267	831,764

Accumulated depreciation	-397,056	-293,233

Property and equipment, net	$804,211	$538,531


Answer: 1435.26

Question: according to the above listed holders of common stock , what was the market share of mktx common stock on march 8 , 2006?


Answer: 0.11338

Question: What's the current increasing rate of U.S. high-grade?