Question: What is the sum of Elba Express and FEP in MilesofPipeline?

def solution():
    # Define variables name and value
    elba_express = 200
    fep = 185

    # Do math calculation to get the answer
    answer = elba_express + fep

    return answer

Maturities of Debt The scheduled maturities of the outstanding debt balances, excluding debt fair value adjustments as of December 31, 2014, are summarized as follows (in millions):

Interest Rates, Interest Rate Swaps and Contingent Debt The weighted average interest rate on all of our borrowings was 5.02% during 2014 and 5.08% during 2013.

Information on our interest rate swaps is contained in Note 13.

For information about our contingent debt agreements, see Note 12.

Subsequent Event Subsequent to December 31, 2014, additional EP Trust I Preferred Securities were converted, primarily consisting of 969,117 EP Trust I Preferred Securities converted on January 14, 2015, into (i) 697,473 of our Class P common stock; (ii) approximately $24 million in cash; and (iii) 1,066,028 in warrants.9.

Share-based Compensation and Employee Benefits Share-based Compensation Kinder Morgan, Inc.  Class P Shares Stock Compensation Plan for Non-Employee Directors We have a Stock Compensation Plan for Non-Employee Directors, in which our eligible non-employee directors participate.

The plan recognizes that the compensation paid to each eligible non-employee director is fixed by our board, generally annually, and that the compensation is payable in cash.

Pursuant to the plan, in lieu of receiving some or all of the cash compensation, each eligible non-employee director may elect to receive shares of Class P common stock.

Each election will be generally at or around the first board meeting in January of each calendar year and will be effective for the entire calendar year.

An eligible director may make a new election each calendar year.

The total number of shares of Class P common stock authorized under the plan is 250,000.

During 2014, 2013 and 2012, we made restricted Class P common stock grants to our non-employee directors of 6,210, 5,710 and 5,520, respectively.

These grants were valued at time of issuance at $220,000, $210,000 and $185,000, respectively.

All of the restricted stock grants made to non-employee directors vest during a six-month period.

in direct competition with other CO2 pipelines.

We also compete with other interest owners in the McElmo Dome unit and the Bravo Dome unit for transportation of CO2 to the Denver City, Texas market area.

Terminals Our Terminals segment includes the operations of our petroleum, chemical, ethanol and other liquids terminal facilities (other than those included in the Products Pipelines segment) and all of our coal, petroleum coke, fertilizer, steel, ores and other dry-bulk material services facilities, including all transload, engineering, conveying and other in-plant services.

Our terminals are located throughout the U. S.  and in portions of Canada.

We believe the location of our facilities and our ability to provide flexibility to customers help attract new and retain existing customers at our terminals and provide us opportunities for expansion.

We often classify our terminal operations based on the handling of either liquids or dry-bulk material products.

In addition, we have Jones Act qualified product tankers that provide marine transportation of crude oil, condensate and refined products in the U. S.  The following summarizes our Terminals segment assets, as of December 31, 2014:

||Number|Capacity(MMBbl)|
|Liquids terminals|39|78.0|
|Bulk terminals|78|n/a|
|Materials Services locations|8|n/a|
|Jones Act qualified tankers|7|2.3|

Competition We are one of the largest independent operators of liquids terminals in the U.

S, based on barrels of liquids terminaling capacity.

Our liquids terminals compete with other publicly or privately held independent liquids terminals, and terminals owned by oil, chemical and pipeline companies.

Our bulk terminals compete with numerous independent terminal operators, terminals owned by producers and distributors of bulk commodities, stevedoring companies and other industrial companies opting not to outsource terminal services.

In some locations, competitors are smaller, independent operators with lower cost structures.

Our rail transloading (material services) operations compete with a variety of single- or multi-site transload, warehouse and terminal operators across the U. S.  Our Jones Act qualified product tankers compete with other Jones Act qualified vessel fleets.

||OwnershipInterest %|MilesofPipeline|Design (Bcf/d) [Storage (Bcf)] Capacity|Supply and Market Region|
|Elba Express|100|200|0.95|Georgia; connects to SNG (Georgia), Transco (Georgia/South Carolina), SLNG (Georgia) and CGT (Georgia).|
|FEP|50|185|2.00|Arkansas to Mississippi; connects to NGPL, Trunkline Gas Company, Texas Gas Transmission, and ANR Pipeline Company|
|KMLP|100|135|2.20|sources gas from Cheniere Sabine Pass LNG terminal to interconnects with Columbia Gulf, ANR and various other pipelines|
|Sierrita Gas Pipeline LLC|35|61|0.20|near Tucson, Arizona, to the U.S.-Mexico border near Sasabe, Arizona; connects to EPNG and via a new international border crossing with a new natural gas pipeline in Mexico|
|Young Gas Storage|48|16|[6]|Morgan County, Colorado, capacity is committed to CIG and Colorado Springs Utilities.|
|Keystone Gas Storage|100|12|[6]|located in the Permian Basin and near the WAHA natural gas trading hub in West Texas.|
|Gulf LNG Holdings|50|5|[6.6]|near Pascagoula, Mississippi; connects to four interstate pipelines and natural gas processing plant.|
|Bear Creek Storage|100|—|[59]|located in Louisiana; provides storage capacity to SNG and TGP.|
|SLNG|100|—|[11.5]|Georgia; connects to Elba Express, SNG and CGT|
|ELC|100|—|0.35|Georgia; not in service until 2018|
|Midstream assets||||
|KM Texas andTejas pipelines|100|5,600|6.20[124]|Texas Gulf Coast.|
|Mier-Monterreypipeline|100|87|0.65|Starr County, Texas to Monterrey, Mexico; connects to Pemex NG Transportation system and a 1,000-megawatt power plant|
|KM North Texaspipeline|100|82|0.33|interconnect from NGPL; connects to 1,750-megawatt Forney, Texas, power plant and a 1,000-megawatt Paris, Texas, power plant|
|Oklahoma||||
|Southern Dome|73|—|0.03|propane refrigeration plant in the southern portion of Oklahoma county|
|Oklahoma System|100|3,600|0.38|Hunton Dewatering, Woodford Shale, and Mississippi Lime|
|South Texas||||
|Webb/Duval gas gathering system|63|145|0.15|South Texas|
|South Texas System|100|1,300|1.88|Eagle Ford shale formation, Woodbine and Eaglebine (Texas)|
|EagleHawk|25|860|1.20|South Texas, Eagle Ford shale formation|
|KM Altamont|100|1,200|0.08|Utah, Uinta Basin|
|Red Cedar|49|740|0.70|La Plata County, Colorado, Ignacio Blanco Field|
|Rocky Mountain||||
|Fort Union|37|310|1.25|Powder River Basin (Wyoming)|
|Bighorn|51|290|0.60|Powder River Basin (Wyoming)|
|KinderHawk|100|500|2.00|Northwest Louisiana, Haynesville and Bossier shale formations|
|North Texas|100|400|0.14|North Barnett Shale Combo|
|Endeavor|40|100|0.12|East Texas, Cotton Valley Sands and Haynesville/ Bossier Shale horizontal well developments|
|Camino Real - Gas|100|70|0.15|South Texas, Eagle Ford shale formation|
|KM Treating|100|—|—|Odessa, Texas, other locations in Tyler and Victoria, Texas|

||December 31,|
||2015|2014|
|Long-term assets, excluding goodwill and other intangibles|||
|U.S.|$51,679|$49,992|
|Canada|2,193|2,268|
|Mexico|67|81|
|Total consolidated long-lived assets|$53,939|$52,341|

Litigation, Environmental and Other Contingencies We and our subsidiaries are parties to various legal, regulatory and other matters arising from the day-to-day operations of our businesses or certain predecessor operations that may result in claims against the Company.

Although no assurance can be given, we believe, based on our experiences to date and taking into account established reserves and insurance, that the ultimate resolution of such items will not have a material adverse impact on our business, financial position, results of operations or dividends to our shareholders.

We believe we have meritorious defenses to the matters to which we are a party and intend to vigorously defend the Company.

When we determine a loss is probable of occurring and is reasonably estimable, we accrue an undiscounted liability for such contingencies based on our best estimate using information available at that time.

If the estimated loss is a range of potential outcomes and there is no better estimate within the range, we accrue the amount at the low end of the range.

We disclose contingencies where an adverse outcome may be material, or in the judgment of management, we conclude the matter should otherwise be disclosed.

Federal Energy Regulatory Commission Proceedings SFPP The tariffs and rates charged by SFPP are subject to a number of ongoing proceedings at the FERC, including the complaints and protests of various shippers the most recent of which was filed in late 2015 with the FERC (docketed at OR16-6) challenging SFPP’s filed East Line rates.

In general, these complaints and protests allege the rates and tariffs charged by SFPP are not just and reasonable under the Interstate Commerce Act (ICA).

In some of these proceedings shippers have challenged the overall rate being charged by SFPP, and in others the shippers have challenged SFPP’s index-based rate increases.

If the shippers are successful in proving these claims or other of their claims, they are entitled to seek reparations (which may reach back up to two years prior to the filing of their complaints) or refunds of any excess rates paid, and SFPP may be required to reduce its rates going forward.

These proceedings tend to be protracted, with decisions of the FERC often appealed to the federal courts.

The issues involved in these proceedings include, among others, whether indexed rate increases are justified, and the appropriate level of return and income tax allowance SFPP may include in its rates.

With respect to the various SFPP related complaints and protest proceedings at the FERC, we estimate that the shippers are seeking approximately $40 million in annual rate reductions and approximately $160 million in refunds.

Management believes SFPP has meritorious arguments supporting SFPP’s rates and intends to vigorously defend SFPP against these complaints and protests.

However, to the extent the shippers are successful in one or more of the complaints or protest proceedings, SFPP estimates that applying the principles of several recent FERC decisions in SFPP cases, as applicable, to pending cases would result in rate reductions and refunds substantially lower than those sought by the shippers.

EPNG The tariffs and rates charged by EPNG are subject to two ongoing FERC proceedings (the “2008 rate case” and the “2010 rate case”).

With respect to the 2008 rate case, the FERC issued its decision (Opinion 517-A) in July 2015.

FERC generally upheld its prior determinations, ordered refunds to be paid within 60 days, and stated that it will apply its findings in Opinion 517-A to the same issues in the 2010 rate case.

EPNG has sought federal appellate review of Opinion 517-A.

With respect to the 2010 rate case, the FERC issued its decision (Opinion 528) on October 17, 2013.

EPNG sought rehearing on certain issues in Opinion 528.

As required by Opinion 528, EPNG filed revised pro forma recalculated rates consistent with the terms of Opinion 528.

The FERC also required an Administrative Law Judge (ALJ) to conduct an additional hearing concerning one of the issues in Opinion 528.

On September 17, 2014, the ALJ issued an initial decision finding certain shippers qualify for lower rates under a prior settlement.

EPNG has sought FERC review of the ALJ decision.

EPNG believes it has an appropriate reserve, which is classified as a current liability, related to the findings in Opinions 517-A and 528 for both rate cases.

in direct competition with other CO2 pipelines.

Terminals Our Terminals segment includes the operations of our refined petroleum product, crude oil, chemical, ethanol and other liquid terminal facilities (other than those included in the Products Pipelines segment) and all of our coal, petroleum coke, fertilizer, steel, ores and other dry-bulk terminal facilities.

We believe the location of our facilities and our ability to provide flexibility to customers help attract new and retain existing customers at our terminals and provide expansion opportunities.

In addition, Terminals’ marine operations include Jones Act qualified product tankers that provide marine transportation of crude oil, condensate a

Answer: 385.0


Question: What's the total amount of the Total revenues in the years where Net realized capital gains (losses) is greater than -716?

def solution():
    # Define variables
    total_revenues_2012 = 65656
    total_revenues_2011 = 59812

    # Calculate the answer
    answer = total_revenues_2012 + total_revenues_2011

    return answer

INVESTMENTS Maiden Lane III The FRBNY completed the liquidation of ML III assets during the third quarter of 2012 and substantially all of the sales proceeds have been distributed in accordance with the priority of payments of the transaction.

In 2012, we received total payments of approximately $8.5 billion, which included contractual and additional distributions and our original $5.0 billion equity interest in ML III.

In 2012, we purchased $7.1 billion of securities through the FRBNY’s auction of ML III assets.

Other Invested Assets The following table summarizes the carrying values of other invested assets:

|  December 31, (in millions) |  2012 |2011 |
|Alternative investments(a)|$18,990|$18,793|
|Mutual funds|128|258|
|Investment real estate(b)|3,195|2,778|
|Aircraft asset investments(c)|984|1,100|
|Life settlement contracts|4,357|4,006|
|Retained interest in AIA|–|12,367|
|All other investments|1,463|1,442|
|Total|$29,117|$40,744|

(a) Includes hedge funds, private equity funds, affordable housing partnerships and other investment partnerships.

(b) Net of accumulated depreciation of $469 million and $428 million in 2012 and 2011, respectively.

(c) Consist primarily of AIG Life and Retirement investments in aircraft equipment held in trusts.

Other Invested Assets Carried at Fair Value Certain hedge funds, private equity funds, affordable housing partnerships and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income with the exception of DIB investments, for which such changes are reported in Other income.

Other investments in hedge funds, private equity funds, affordable housing partnerships and other investment partnerships in which our insurance operations do not hold aggregate interests sufficient to exercise more than minor influence over the respective partnerships are reported at fair value with changes in fair value recognized as a component of Accumulated other comprehensive income (loss).

These investments are subject to other-than-temporary impairment evaluation (see below for discussion on evaluating equity investments for other-than-temporary impairment).

The gross unrealized loss recorded in Accumulated other comprehensive income on such investments was $68 million and $269 million at December 31, 2012 and 2011, respectively, the majority of which pertains to investments in private equity funds and hedge funds that have been in continuous unrealized loss position for less than 12 months.

Other Invested Assets – Equity Method Investments We account for hedge funds, private equity funds, affordable housing partnerships and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies.

Under the equity method of accounting, our carrying value generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income with the exception of DIB investments, for which such changes are reported in Other income.

In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments, which is one to three months prior to the end of our reporting period.

The financial statements of these investees are generally audited annually.

DERIVATIVES AND HEDGE ACCOUNTING designated as hedges of the change in fair value of foreign currency denominated available-for-sale securities attributable to changes in foreign exchange rates.

We previously designated certain interest rate swaps entered into by GCM with third parties as cash flow hedges of certain floating rate debt issued by ILFC, specifically to hedge the changes in cash flows on floating rate debt attributable to changes in the benchmark interest rate.

We de-designated such cash flow hedges in December 2012 subsequent to the announcement of the ILFC Transaction.

We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.

S.  dollar functional currency foreign subsidiaries.

We assess the hedge effectiveness and measure the amount of ineffectiveness for these hedge relationships based on changes in spot exchange rates.

For the years ended December 31, 2012, 2011, and 2010 we recognized gains (losses) of $(74) million, $(13) million and $28 million, respectively, included in Foreign currency translation adjustment in Accumulated other comprehensive income related to the net investment hedge relationships.

A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

The following table presents the effect of our derivative instruments in fair value hedging relationships in the Consolidated Statement of Operations:

|  Years Ended December 31, (in millions) |2012|2011|
|Interest rate contracts:(a)||||
|Loss recognized in earnings on derivatives|  $|–|$-3|
|Gain recognized in earnings on hedged items(b)||124|152|
|Foreign exchange contracts:(a)||||
|Loss recognized in earnings on derivatives||-2|-1|
|Gain recognized in earnings on hedged items||2|1|

(a) Gains and losses recognized in earnings for the ineffective portion and amounts excluded from effectiveness testing, if any, are recorded in Net realized capital gains (losses).

(b) Includes $124 million and $149 million, for the years ended December 31, 2012 and 2011, respectively, representing the amortization of debt basis adjustment recorded in Other income and Net realized capital gains (losses) following the discontinuation of hedge accounting.

The following table presents the effect of our derivative instruments in cash flow hedging relationships in the Consolidated Statement of Operations:

|  Years Ended December 31, (in millions) |2012|2011|
|Interest rate contracts(a):|||
|Gain (loss) recognized in OCI on derivatives|$-2|$-5|
|Gain (loss) reclassified from Accumulated OCI into earnings(b)|-35|-55|

(a) Hedge accounting was discontinued in December 2012 subsequent to the announcement of the ILFC Transaction.

Gains and losses recognized in earnings are recorded in Income (loss) from discontinued operations.

Previously the effective portion of the change in fair value of a derivative qualifying as a cash flow hedge was recorded in Accumulated other comprehensive income until earnings were affected by the variability of cash flows in the hedged item.

Gains and losses reclassified from Accumulated other comprehensive income were previously recorded in Other income.

Gains or losses recognized in earnings on derivatives for the ineffective portion were previously recorded in Net realized capital gains (losses).

(b) Includes $19 million for the year ended December 2012, representing the reclassification from Accumulated other comprehensive income into earnings following the discontinuation of cash flow hedges of ILFC debt.

ITEM 6 / SELECTED FINANCIAL DATA The Selected Consolidated Financial Data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and accompanying notes included elsewhere herein.

(a) Comparability between 2010 and 2009 data is affected by the deconsolidation of AIA in the fourth quarter of 2010.

Book value per share, excluding Accumulated other comprehensive income (loss) is a non-GAAP measure.

MD&A – Use of Non-GAAP Measures for additional information.

Comparability of 2010, 2009 and 2008 is affected by a one for twenty reverse stock split.

(b) Reduced by fourth quarter reserve strengthening charges of $4.2 billion and $2.2 billion in 2010 and 2009, respectively, related to the annual review of AIG Property Casualty loss and loss adjustment reserves.

(c) Amounts for periods after December 31, 2008 have been revised to reflect reclassification of income taxes from AOCI to additional paid in capital to correct the presentation of components of AIG Shareholders’ Equity.

See Note 1 to the Consolidated Financial Statements for additional information on the reclass.

MD&A – Results of Operations – AIG Property Casualty Operations for a reconciliation of the adjusted combined ratio.

Management’s Discussion and Analysis Business-Specific Limits.

The Firmwide Finance Committee sets asset and liability limits for each business and aged inventory limits for certain financial instruments as a disincentive to hold inventory over longer periods of time.

These limits are set at levels which are close to actual operating levels in order to ensure prompt escalation and discussion among business managers and managers in our independent control and support functions on a routine basis.

The Firmwide Finance Committee reviews and approves balance sheet limits on a quarterly basis and may also approve changes in limits on an ad hoc basis in response to changing business needs or market conditions.

We monitor key balance sheet metrics daily both by business and on a consolidated basis, including asset and liability size and composition, aged inventory, limit utilization, risk measures and capital usage.

We allocate assets to businesses and review and analyze movements resulting from new business activity as well as market fluctuations.

We conduct scenario analyses to determine how we would manage the size and composition of our balance sheet and maintain appropriate funding, liquidity and capital positions in a variety of situations: ‰ These scenarios cover short-term and long-term time horizons using various macro-economic and firm-specific assumptions.

We use these analyses to assist us in developing longer-term funding plans, including the level of unsecured debt issuances, the size of our secured funding program and the amount and composition of our equity capital.

We also consider any potential future constraints, such as limits on our ability to grow our asset base in the absence of appropriate funding.

‰ Through our Internal Capital Adequacy Assessment Process (ICAAP), CCAR, the stress tests we are required to conduct under the Dodd-Frank Act, and our resolution and recovery planning, we further analyze how we would manage our balance sheet and risks through the duration of a severe crisis and we develop plans to access funding, generate liquidity, and/or redeploy or issue equity capital, as appropriate.

Balance Sheet Allocation In addition to preparing our consolidated statements of financial condition in accordance with U. S.  GAAP, we prepare a balance sheet that generally allocates assets to our businesses, which is a non-GAAP presentation and may not be comparable to similar non-GAAP presentations used by other companies.

We believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm’s assets and better enables investors to assess the liquidity of the firm’s assets.

The table below presents a summary of this balance sheet allocation.

Answer: 125468.0


Question: What's the sum of Repurchases from securitization trusts of Residential Mortgage Agency 2015, and U.S. credit card Loans and leases charged off of 2013 ?

def solution():
    # Define variables name and value
    repurchases_2015 = 3716.0
    us_credit_card_2013 = 4004.0

    # Do math calculation to get the answer
    answer = repurchases_2015 + us_credit_card_2013

    return answer

(1) Includes U. S.  small business commercial charge-offs of $253 million, $282 million, $345 million, $457 million and $799 million in 2016, 2015, 2014, 2013 and 2012, respectively.

(2) Includes U. S.  small business commercial recoveries of $45 million, $57 million, $63 million, $98 million and $100 million in 2016, 2015, 2014, 2013 and 2012, respectively.

(3) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, foreign currency translation adjustments and certain other reclassifications.

(4) Represents allowance for loan and lease losses related to the non-U.

S.  credit card loan portfolio, which is included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016.

Valuation Adjustments on Derivatives The Corporation records credit risk valuation adjustments on derivatives in order to properly reflect the credit quality of the counterparties and its own credit quality.

The Corporation calculates valuation adjustments on derivatives based on a modeled expected exposure that incorporates current market risk factors.

The exposure also takes into consideration credit mitigants such as enforceable master netting agreements and collateral.

CDS spread data is used to estimate the default probabilities and severities that are applied to the exposures.

Where no observable credit default data is available for counterparties, the Corporation uses proxies and other market data to estimate default probabilities and severity.

Valuation adjustments on derivatives are affected by changes in market spreads, non-credit related market factors such as interest rate and currency changes that affect the expected exposure, and other factors like changes in collateral arrangements and partial payments.

Credit spreads and non-credit factors can move independently.

For example, for an interest rate swap, changes in interest rates may increase the expected exposure, which would increase the counterparty credit valuation adjustment (CVA).

Independently, counterparty credit spreads may tighten, which would result in an offsetting decrease to CVA.

The Corporation early adopted, retrospective to January 1, 2015, the provision of new accounting guidance issued in January 2016 that requires the Corporation to record unrealized DVA resulting from changes in the Corporation’s own credit spreads on liabilities accounted for under the fair value option in accumulated OCI.

This new accounting guidance had no impact on the accounting for DVA on derivatives.

For additional information, see New Accounting Pronouncements in Note 1 – Summary of Significant Accounting Principles.

The Corporation enters into risk management activities to offset market driven exposures.

The Corporation often hedges the counterparty spread risk in CVA with CDS.

The Corporation hedges other market risks in both CVA and DVA primarily with currency and interest rate swaps.

In certain instances, the net-of-hedge amounts in the table below move in the same direction as the gross amount or may move in the opposite direction.

This movement is a consequence of the complex interaction of the risks being hedged resulting in limitations in the ability to perfectly hedge all of the market exposures at all times.

The table below presents CVA, DVA and FVA gains (losses) on derivatives, which are recorded in trading account profits, on a gross and net of hedge basis for 2016, 2015 and 2014.

CVA gains reduce the cumulative CVA thereby increasing the derivative assets balance.

DVA gains increase the cumulative DVA thereby decreasing the derivative liabilities balance.

CVA and DVA losses have the opposite impact.

FVA gains related to derivative assets reduce the cumulative FVA thereby increasing the derivative assets balance.

FVA gains related to derivative liabilities increase the cumulative FVA thereby decreasing the derivative liabilities balance.

(1) At December 31, 2016, 2015 and 2014, cumulative CVA reduced the derivative assets balance by $1.0 billion, $1.4 billion and $1.6 billion, cumulative FVA reduced the net derivatives balance by $296 million, $481 million and $497 million, and cumulative DVA reduced the derivative liabilities balance by $774 million, $750 million and $769 million, respectively

NOTE 6 Securitizations and Other Variable Interest Entities The Corporation utilizes VIEs in the ordinary course of business to support its own and its customers’ financing and investing needs.

The Corporation routinely securitizes loans and debt securities using VIEs as a source of funding for the Corporation and as a means of transferring the economic risk of the loans or debt securities to third parties.

The assets are transferred into a trust or other securitization vehicle such that the assets are legally isolated from the creditors of the Corporation and are not available to satisfy its obligations.

These assets can only be used to settle obligations of the trust or other securitization vehicle.

The Corporation also administers, structures or invests in other VIEs including CDOs, investment vehicles and other entities.

For more information on the Corporation’s utilization of VIEs, see Note 1 – Summary of Significant Accounting Principles.

The tables in this Note present the assets and liabilities of consolidated and unconsolidated VIEs at December 31, 2016 and 2015, in situations where the Corporation has continuing involvement with transferred assets or if the Corporation otherwise has a variable interest in the VIE.

The tables also present the Corporation’s maximum loss exposure at December 31, 2016 and 2015, resulting from its involvement with consolidated VIEs and unconsolidated VIEs in which the Corporation holds a variable interest.

The Corporation’s maximum loss exposure is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on the Consolidated Balance Sheet but also potential losses associated with off-balance sheet commitments, such as unfunded liquidity commitments and other contractual arrangements.

The Corporation’s maximum loss exposure does not include losses previously recognized through write-downs of assets.

As a result of new accounting guidance, which was effective on January 1, 2016, the Corporation identified certain limited partnerships and similar entities that are now considered to be VIEs and are included in the unconsolidated VIE tables in this Note at December 31, 2016.

The Corporation had a maximum loss exposure of $6.1 billion related to these VIEs, which had total assets of $16.7 billion.

The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs to hold collateral.

These securities and loans are included in Note 3 – Securities or Note 4 – Outstanding Loans and Leases.

In addition, the Corporation uses VIEs such as trust preferred securities trusts in connection with its funding activities.

For additional information, see Note 11 – Long-term Debt.

The Corporation uses VIEs, such as common trust funds managed within Global Wealth & Investment Management (GWIM), to provide investment opportunities for clients.

These VIEs, which are generally not consolidated by the Corporation, as applicable, are not included in the tables in this Note.

Except as described below, the Corporation did not provide financial support to consolidated or unconsolidated VIEs during 2016 or 2015 that it was not previously contractually required to provide, nor does it intend to do so.

First-lien Mortgage Securitizations First-lien Mortgages As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties, generally in the form of RMBS guaranteed by government-sponsored enterprises, FNMA and FHLMC (collectively the GSEs), or Government National Mortgage Association (GNMA) primarily in the case of FHA-insured and U. S.  Department of Veterans Affairs (VA)-guaranteed mortgage loans.

Securitization usually occurs in conjunction with or shortly after origination or purchase, and the Corporation may also securitize loans held in its residential mortgage portfolio.

In addition, the Corporation may, from time to time, securitize commercial mortgages it originates or purchases from other entities.

The Corporation typically services the loans it securitizes.

Further, the Corporation may retain beneficial interests in the securitization trusts including senior and subordinate securities and equity tranches issued by the trusts.

Except as described below and in Note 7 – Representations and Warranties Obligations and Corporate Guarantees, the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties.

The table below summarizes select information related to firstlien mortgage securitizations for 2016, 2015 and 2014.

||Residential Mortgage|||
||Agency|Non-agency - Subprime|Commercial Mortgage|
|(Dollars in millions)|2016|2015|2014|2016|2015|2014|2016|2015|2014|
|Cash proceeds from new securitizations-1|$24,201|$27,164|$36,905|$—|$—|$809|$3,887|$7,945|$5,710|
|Gain on securitizations-2|370|894|371|—|—|49|38|49|68|
|Repurchases from securitization trusts-3|3,611|3,716|5,155|—|—|—|—|—|—|

(1) The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or GNMA in the normal course of business and receives RMBS in exchange which may then be sold into the market to third-party investors for cash proceeds.

(2) A majority of the first-lien residential and commercial mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option.

Gains recognized on these LHFS prior to securitization, which totaled $487 million, $750 million and $715 million net of hedges, during 2016, 2015 and 2014, respectively are not included in the table above.

(3) The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make.

The Corporation may also repurchase loans from securitization trusts to perform modifications.

The majority of repurchased loans are FHA-insured mortgages collateralizing GNMA securities.

In addition to cash proceeds as reported in the table above, the Corporation received securities with an initial fair value of $4.2 billion, $22.3 billion and $5.4 billion in connection with first-lien mortgage securitizations in 2016, 2015 and 2014.

The receipt of these securities represents non-cash operating and investing activities and, accordingly, is not reflected on the Consolidated Statement of Cash Flows.

All of these securities were initially classified as Level 2 assets within the fair value hierarchy.

During 2016, 2015 and 2014 there were no changes to the initial classification.

The Corporation recognizes consumer MSRs from the sale or securitization of first-lien mortgage loans.

Servicing fee and ancillary fee income on consumer mortgage loans serviced, including securitizations where the Corporation has continuing

The following table shows the major categories of ongoing claims for which the Company has been able to estimate its probable liability and for which the Company has taken reserves and the related insurance receivables:

Answer: 7720.0


Question: what is the percentage change in rent expense for operating leases from 2001 to 2002?

def solution():
    # Define variables name and value
    rent_expense_2001 = 14
    rent_expense_2002 = 16

    # Do math calculation to get the answer
    answer = ((rent_expense_2002 - rent_expense_2001) / rent_expense_2001) * 100

    return answer

ECHOSTAR COMMUNICATIONS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued F-34 closing price of the class A common stock on the last business day of each calendar quarter in which such shares of class A common stock are deemed sold to an employee under the ESPP.

The ESPP shall terminate upon the first to occur of (i) October 1, 2007 or (ii) the date on which the ESPP is terminated by the Board of Directors.

During 2000, 2001 and 2002 employees purchased approximately 58,000; 80,000 and 108,000 shares of class A common stock through the ESPP, respectively.401(k) Employee Savings Plan EchoStar sponsors a 401(k) Employee Savings Plan (the “401(k) Plan”) for eligible employees.

Voluntary employee contributions to the 401(k) Plan may be matched 50% by EchoStar, subject to a maximum annual contribution by EchoStar of $1,000 per employee.

Matching 401(k) contributions totaled approximately $1.6 million, $2.1 million and $2.4 million during the years ended December 31, 2000, 2001 and 2002, respectively.

EchoStar also may make an annual discretionary contribution to the plan with approval by EchoStar’s Board of Directors, subject to the maximum deductible limit provided by the Internal Revenue Code of 1986, as amended.

These contributions may be made in cash or in EchoStar stock.

Forfeitures of unvested participant balances which are retained by the 401(k) Plan may be used to fund matching and discretionary contributions.

Expense recognized relating to discretionary contributions was approximately $7 million, $225 thousand and $17 million during the years ended December 31, 2000, 2001 and 2002, respectively.9.

Commitments and Contingencies Leases Future minimum lease payments under noncancelable operating leases as of December 31, 2002, are as follows (in thousands):

Total rent expense for operating leases approximated $9 million, $14 million and $16 million in 2000, 2001 and 2002, respectively.

Purchase Commitments As of December 31, 2002, EchoStar’s purchase commitments totaled approximately $359 million.

The majority of these commitments relate to EchoStar receiver systems and related components.

All of the purchases related to these commitments are expected to be made during 2003.

EchoStar expects to finance these purchases from existing unrestricted cash balances and future cash flows generated from operations.

Patents and Intellectual Property Many entities, including some of EchoStar’s competitors, now have and may in the future obtain patents and other intellectual property rights that cover or affect products or services directly or indirectly related to those that EchoStar offers.

EchoStar may not be aware of all patents and other intellectual property rights that its products may potentially infringe.

Damages in patent infringement cases can include a tripling of actual damages in certain cases.

Further, EchoStar cannot estimate the extent to which it may be required in the future to obtain licenses with respect to

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued 52 Tivo litigation expense.

We recorded $361 million of “Tivo litigation expense” during the year ended December 31, 2009 for supplemental damages, contempt sanctions and interest.

See Note 14 in the Notes to the Consolidated Financial Statements in Item 15 of this Annual Report on Form 10-K for further discussion.

“Depreciation and amortization” expense totaled $940 million during the year ended December 31, 2009, a $60 million or 6.0% decrease compared to the same period in 2008.

The decrease in “Depreciation and amortization” expense was primarily due to the declines in depreciation expense related to set-top boxes used in our lease programs and the abandonment of a software development project during 2008 that was designed to support our IT systems.

The decrease related to set-top-boxes was primarily attributable to capitalization of a higher mix of new advanced equipment in 2009 compared to the same period in 2008, which has a longer estimated useful life.

In addition, the satellite depreciation expense declined due to the retirements of certain satellites from commercial service, almost entirely offset by depreciation expense associated with satellites placed in service in 2008.

“Interest income” totaled $30 million during the year ended December 31, 2009, a decrease of $21 million or 41.4% compared to the same period in 2008.

This decrease principally resulted from lower percentage returns earned on our cash and marketable investment securities, partially offset by higher average cash and marketable investment securities balances during the year ended December 31, 2009.

Interest expense, net of amounts capitalized.

“Interest expense, net of amounts capitalized” totaled $388 million during the year ended December 31, 2009, an increase of $19 million or 5.0% compared to the same period in 2008.

This change primarily resulted from an increase in interest expense related to the issuance of debt during 2009 and 2008 and the Ciel II capital lease, partially offset by a decrease in interest expense associated with 2008 debt redemptions.

“Other, net” expense totaled $16 million during the year ended December 31, 2009 compared to $169 million in 2008, a decrease of $153 million.

This decrease primarily resulted from $178 million less in impairment charges on marketable and other investment securities, partially offset by $33 million less in net gains on the sale and exchanges of investments in 2009 compared to 2008.

Earnings before interest, taxes, depreciation and amortization.

EBITDA was $2.311 billion during the year ended December 31, 2009, a decrease of $576 million or 20.0% compared to the same period in 2008.

EBITDA for the year ended December 31, 2009 was negatively impacted by the $361 million “Tivo litigation expense.

” The following table reconciles EBITDA to the accompanying financial statements.

|| For the Years Ended  December 31,|
|| 2009| 2008|
||(In thousands)|
|EBITDA|$2,311,398|$2,887,697|
|Less:|||
|Interest expense, net|358,391|318,661|
|Income tax provision (benefit), net|377,429|665,859|
|Depreciation and amortization|940,033|1,000,230|
|Net income (loss) attributable to DISH Network common shareholders|$635,545|$902,947|

EBITDA is not a measure determined in accordance with accounting principles generally accepted in the United States, or GAAP, and should not be considered a substitute for operating income, net income or any other measure determined in accordance with GAAP.

EBITDA is used as a measurement of operating efficiency and overall financial performance and we believe it to be a helpful measure for those evaluating companies in the pay-TV industry.

Conceptually, EBITDA measures the amount of income generated each period that could be used to service debt, pay taxes and fund capital expenditures.

EBITDA should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Our income tax provision was $377 million during the year ended December 31, 2009, a decrease of $288 million compared to the same period in 2008.

The decrease in the provision was primarily related to the decrease in “Income (loss) before income taxes” and a decrease in our effective tax rate.

DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued F-28 9.

Acquisitions DBSD North America and TerreStar Transactions On March 2, 2012, the FCC approved the transfer of 40 MHz of AWS-4 wireless spectrum licenses held by DBSD North America and TerreStar to us.

On March 9, 2012, we completed the DBSD Transaction and the TerreStar Transaction, pursuant to which we acquired, among other things, certain satellite assets and wireless spectrum licenses held by DBSD North America and TerreStar.

In addition, during the fourth quarter 2011, we and Sprint entered into a mutual release and settlement agreement (the “Sprint Settlement Agreement”) pursuant to which all issues then being disputed relating to the DBSD Transaction and the TerreStar Transaction were resolved between us and Sprint, including, but not limited to, issues relating to costs allegedly incurred by Sprint to relocate users from the spectrum then licensed to DBSD North America and TerreStar.

The total consideration to acquire the DBSD North America and TerreStar assets was approximately $2.860 billion.

This amount includes $1.364 billion for the DBSD Transaction, $1.382 billion for the TerreStar Transaction, and the net payment of $114 million to Sprint pursuant to the Sprint Settlement Agreement.

As a result of these acquisitions, we recognized the acquired assets and assumed liabilities based on our estimates of fair value at their acquisition date, including $102 million in an uncertain tax position in “Long-term deferred revenue, distribution and carriage payments and other long-term liabilities” on our Consolidated Balance Sheets.

Subsequently, in the third quarter 2013, this uncertain tax position was resolved and $102 million was reversed and recorded as a decrease in “Income tax (provision) benefit, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2013.10.

Discontinued Operations As of December 31, 2013, Blockbuster had ceased all material operations.

Accordingly, our Consolidated Balance Sheets, Consolidated Statements of Operations and Comprehensive Income (Loss) and Consolidated Statements of Cash Flows have been recast to present Blockbuster as discontinued operations for all periods presented and the amounts presented in the Notes to our Consolidated Financial Statements relate only to our continuing operations, unless otherwise noted.

During the years ended December 31, 2013, 2012 and 2011, the revenue from our discontinued operations was $503 million, $1.085 billion and $974 million, respectively.

“Income (loss) from discontinued operations, before income taxes” for the same periods was a loss of $54 million, $62 million and $3 million, respectively.

In addition, “Income (loss) from discontinued operations, net of tax” for the same periods was a loss of $47 million, $37 million and $7 million, respectively.

As of December 31, 2013, the net assets from our discontinued operations consisted of the following:

||As of December 31, 2013 (In thousands)|
|Current assets from discontinued operations|$68,239|
|Noncurrent assets from discontinued operations|9,965|
|Current liabilities from discontinued operations|-49,471|
|Long-term liabilities from discontinued operations|-19,804|
|Net assets from discontinued operations|$8,929|

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters Market Information.

Our Class A common stock is quoted on the Nasdaq Global Select Market under the symbol “DISH.

” The high and low closing sale prices of our Class A common stock during 2014 and 2013 on the Nasdaq Global Select Market (as reported by Nasdaq) are set forth below.

As of February 13, 2015, there were approximately 8,208 holders of record of our Class A common stock, not including stockholders who beneficially own Class A common stock held in nominee or street name.

As of February 10, 2015, 213,247,004 of the 238,435,208 outstanding shares of our Class B common stock were beneficially held by Charles W.  Ergen, our Chairman, and the remaining 25,188,204 were held in trusts established by Mr.  Ergen for the benefit of his family.

There is currently no trading market for our Class B common stock.

On December 28, 2012, we paid a cash dividend of $1.00 per share, or approximately $453 million, on our outstanding Class A and Class B common stock to stockholders of record at the close of business on December 14, 2012.

While we currently do not intend to declare additional dividends on our common stock, we may elect to do so from time to time.

Payment of any future dividends will depend upon our earnings and capital requirements, restrictions in our debt facilities, and other factors the Board of Directors considers appropriate.

We currently intend to retain our earnings, if any, to support future growth and expansion, although we may repurchase shares of our common stock from time to time.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” in this Annual Report on Form 10-K.  Securities Authorized for Issuance Under Equity Compensation Plans.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in this Annual Report on Form 10-K.

SELECTED FINANCIAL DATA The selected consolidated financial data as of and for each of the five years ended December 31, 2018 have been derived from our consolidated financial statements.

On February 28, 2017, we and EchoStar and certain of our respective subsidiaries completed the Share Exchange.

As the Share Exchange was a transaction between entities that are under common control accounting rules require that our Consolidated Financial Statements include the results of the Transferred Businesses for all periods presented, including periods prior to the completion of the Share Exchange.

We initially recorded the Transferred Businesses at EchoStar’s historical cost basis.

The difference between the historical cost basis of the Transferred Businesses and the net carrying value of the Tracking Stock was recorded in “Additional paid-in capital” on our Consolidated Balance Sheets.

The results of the Transferred Businesses were prepared from separate records maintained by EchoStar for the periods prior to March 1, 2017, and may not necessarily be indicative of the conditions that would have existed, or the results of operations, if the Transferred Businesses had been operated on a combined basis with our subsidiaries.

The selected consolidated financial data includes the results of the Transferred Businesses as described above for all periods presented, including periods prior to the completion of the Share Exchange.

See Note 2 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K for further information.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Management’s Discussion and Analysis of Financial Condition and Results of Operations — Explanation of Key Metrics and Other Items” in this Annual Report on Form 10-K.

This data should be read in conjunction with our consolidated financial statements and related notes thereto for the three years ended December 31, 2018, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report on Form 10-K.

Answer: 14.285714285714285


Question: What's the increasing rate of Total operating revenues in 2011?

def solution():
    # Define variables name and value
    total_operating_revenues_2011 = 4092.2
    total_operating_revenues_2010 = 3487.7

    # Do math calculation to get the answer
    difference = total_operating_revenues_2011 - total_operating_revenues_2010
    increasing_rate = (difference / total_operating_revenues_2010) * 100

    return increasing_rate

||Payments Due By Period(a)|
|($ in millions)|Total|Less than1 Year|1-3 Years|3-5 Years|More than5 Years|
|Long-term debt, including capital leases|$2,750.1|$34.5|$188.3|$367.1|$2,160.2|
|Interest payments on long-term debt(b)|1,267.5|160.5|316.4|304.2|486.4|
|Operating leases|93.2|31.1|37.1|16.6|8.4|
|Purchase obligations(c)|6,586.9|2,709.5|3,779.4|98.0|−|
|Total payments on contractual obligations|$10,697.7|$2,935.6|$4,321.2|$785.9|$2,655.0|

(a) Amounts reported in local currencies have been translated at the year-end 2010 exchange rates.

(b) For variable rate facilities, amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments.

(c) The company’s purchase obligations include contracted amounts for aluminum, steel and other direct materials.

Also included are commitments for purchases of natural gas and electricity, aerospace and technologies contracts and other less significant items.

In cases where variable prices and/or usage are involved, management’s best estimates have been used.

Depending on the circumstances, early termination of the contracts may or may not result in penalties and, therefore, actual payments could vary significantly.

The table above does not include $60.1 million of uncertain tax positions, the timing of which is uncertain.

Contributions to the company’s defined benefit pension plans, not including the unfunded German plans, are expected to be in the range of $30 million in 2011.

This estimate may change based on changes in the Pension Protection Act and actual plan asset performance, among other factors.

Benefit payments related to these plans are expected to be $71.4 million, $74.0 million, $77.1 million, $80.3 million and $84.9 million for the years ending December 31, 2011 through 2015, respectively, and a total of $483.1 million for the years 2016 through 2020.

Payments to participants in the unfunded Other Liquidity Items Cash payments required for long-term debt maturities, rental payments under noncancellable operating leases, purchase obligations and other commitments in effect at December 31, 2010, are summarized in the following table:

(a) Amounts reported in local currencies have been translated at the year-end 2010 exchange rates.

(c) The company¡¯s purchase obligations include contracted amounts for aluminum, steel and other direct materials.

In cases where variable prices and/or usage are involved, management¡¯s best estimates have been used.

The table above does not include $60.1 million of uncertain tax positions, the timing of which is uncertain.

Contributions to the company¡¯s defined benefit pension plans, not including the unfunded German plans, are expected to be in the range of $30 million in 2011.

Payments to participants in the unfunded German plans are expected to be between $21.8 million (€16.5 million) to $23.2 million (€17.5 million) in each of the years 2011 through 2015 and a total of $102.7 million (€77.5 million) for the years 2016 through 2020.

For the U. S.  pension plans in 2011, we changed our return on asset assumption to 8.00 percent (from 8.25 percent in 2010) and our discount rate assumption to an average of 5.55 percent (from 6.00 percent in 2010).

Based on the changes in assumptions, pension expense in 2011 is anticipated to be relatively flat compared to 2010.

A reduction of the expected return on pension assets assumption by a quarter of a percentage point would result in an estimated $2.9 million increase in the 2011 global pension expense, while a quarter of a percentage point reduction in the discount rate applied to the pension liability would result in an estimated $3.5 million of additional pension expense in 2011.

Additional information regarding the company¡¯s pension plans is provided in Note 14 accompanying the consolidated financial statements within Item 8 of this report.

Annual cash dividends paid on common stock were 20 cents per share in 2010, 2009 and 2008.

Total dividends paid were $35.8 million in 2010, $37.4 million in 2009 and $37.5 million in 2008.

On January 26, 2011, the company¡¯s board of directors approved an increase in the quarterly dividends to 7 cents per share.

Share Repurchases Our share repurchases, net of issuances, totaled $506.7 million in 2010, $5.1 million in 2009 and $299.6 million in 2008.

On November 2, 2010, we acquired 2,775,408 shares of our publicly held common stock in a private transaction for $88.8 million.

On February 17, 2010, we entered into an accelerated share repurchase agreement to buy $125.0 million of our common shares using cash on hand and available borrowings.

We advanced the $125.0 million on February 22, 2010, and received 4,323,598 shares, which represented 90 percent of the total shares as calculated using the previous day¡¯s closing price.

The agreement was settled on May 20, 2010, and the company received an additional 398,206 shares.

Net repurchases in 2008 included a $31 million settlement on January 7, 2008, of a forward contract entered into in December 2007 for the repurchase of 1,350,000 shares.

From January 1 through February 24, 2011, Ball repurchased an additional $143.3 million of its common stock.

Table of Contents into U. S.  Dollars using the spot foreign exchange rate in effect on the exercise date.

Upon the exercise of share options, the company either issues new shares or can utilize shares held in treasury (see Note 10, “Share Capital”) to satisfy the exercise.

The share option plans provided for a grant price equal to the quoted market price of the company's shares on the date of grant.

If the options remain unexercised after a period of 10 years from the date of grant, the options expire.

Furthermore, options are forfeited if the employee leaves the company before the options vest.

All options outstanding at December 31, 2011were exercisable and had a range of exercise prices from ￡6.39 to ￡19.19, and weighted average remaining contractual life of 2.62 years.

The total intrinsic value of options exercised during the years ended December 31, 2011, 2010, and 2009, was $9.2 million, $18.5 million, and $20.7 million, respectively.

At December 31, 2011, the aggregate intrinsic value of options outstanding and options exercisable was $36.3 million.

The market price of the company's common stock at December 31, 2011 was $20.09 (December 31, 2010: $24.06).

Changes in outstanding share option awards are as follows:

||2011|2010|2009|
|Millions of shares, except prices|Options|Weighted Average Exercise Price(£ Sterling)|Options|Weighted Average Exercise Price(£ Sterling)|Options|Weighted Average Exercise Price(£ Sterling)|
|Outstanding at the beginning of year|10.7|13.85|16.4|14.99|23.1|14.06|
|Forfeited during the year|-5.3|19.70|-3.9|21.90|-2.1|15.15|
|Exercised during the year|-0.9|8.33|-1.8|6.70|-4.6|10.20|
|Outstanding at the end of the year|4.5|7.85|10.7|13.85|16.4|14.99|
|Exercisable at the end of the year|4.5|7.85|10.7|13.85|16.4|14.99|

RETIREMENT BENEFIT PLANS Defined Contribution Plans The company operates defined contribution retirement benefit plans for all qualifying employees.

The assets of the plans are held separately from those of the company in funds under the control of trustees.

When employees leave the plans prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions.

The total amounts charged to the Consolidated Statements of Income for the year ended December 31, 2011, of $53.2 million (December 31, 2010: $47.0 million, 2009: $43.6 million) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans.

As of December 31, 2011, accrued contributions of $20.0 million (December 31, 2010: $18.9 million) for the current year will be paid to the plans.

Defined Benefit Plans The company maintains legacy defined benefit pension plans for qualifying employees of its subsidiaries in the U. K. , Ireland, Germany and Taiwan.

All defined benefit plans are closed to new participants.

The company also maintains a postretirement medical plan in the U. S. , which was closed to new participants in 2005.

In 2006, the plan was amended to eliminate benefits for all participants who will not meet retirement eligibility by 2008.

The assets of all defined benefit schemes are held in separate trustee-administered funds.

Under the plans, the employees are generally entitled to retirement benefits based on final salary at retirement.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were valued as of December 31, 2011.

The benefit obligation, related current service cost and prior service cost were measured using the projected unit credit method.

|$ in millions|Before Consolidation-1|Consolidated Investment Products|Adjustments-1(2)|Total|
|Year ended December 31, 2010|||||
|Total operating revenues|3,532.7|0.3|-45.3|3,487.7|
|Total operating expenses|2,887.8|55.3|-45.3|2,897.8|
|Operating income|644.9|-55.0|—|589.9|
|Equity in earnings of unconsolidated affiliates|40.8|—|-0.6|40.2|
|Interest and dividend income|10.4|246.0|-5.1|251.3|
|Other investment income/(losses)|15.6|107.6|6.4|129.6|
|Interest expense|-58.6|-123.7|5.1|-177.2|
|Income before income taxes|653.1|174.9|5.8|833.8|
|Income tax provision|-197.0|—|—|-197.0|
|Net income|456.1|174.9|5.8|636.8|
|(Gains)/losses attributable to noncontrolling interests in consolidated entities, net|-0.2|-170.8|-0.1|-171.1|
|Net income attributable to common shareholders|455.9|4.1|5.7|465.7|

(1) The Before Consolidation column includes Invesco's equity interests in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs).

Upon consolidation of the CLOs, the company's and the CLOs' accounting policies are effectively aligned, resulting in the reclassification of the company's gain for the year ended December 31, 2011 of $20.3 million (representing the increase in the market value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses (year ended December 31, 2010: $6.4 million).

The company's gain on its investment in the CLOs (before consolidation) eliminates with the company's share of the offsetting loss on the CLOs' debt.

The net income arising from consolidation of CLOs is therefore completely attributed to other investors in these CLOs, as the company's share has been eliminated through consolidation.

The Before Consolidation column does not include any other adjustments related to non-GAAPfinancial measure presentation.

(2) Adjustments include the elimination of intercompany transactions between the company and its consolidated investment products, primarily the elimination of management fees expensed by the funds and recorded as operating revenues (before consolidation) by the company.

Operating Revenues and Net Revenues The main categories of revenues, and the dollar and percentage change between the periods, are as follows:

|$ in millions|2011|2010|$ Change|% Change|
|Investment management fees|3,138.5|2,720.9|417.6|15.3%|
|Service and distribution fees|780.3|645.5|134.8|20.9%|
|Performance fees|37.9|26.1|11.8|45.2%|
|Other|135.5|95.2|40.3|42.3%|
|Total operating revenues|4,092.2|3,487.7|604.5|17.3%|
|Third-party distribution, service and advisory expenses|-1,282.5|-1,053.8|-228.7|21.7%|
|Proportional share of revenues, net of third-party distribution expenses, from joint venture investments|41.4|42.2|-0.8|-1.9%|
|Management fees earned from consolidated investment products|46.8|45.3|1.5|3.3%|
|Performance fees earned from consolidated investment products|0.5|—|0.5|N/A|
|Other revenues recorded by consolidated investment products|—|-0.3|0.3|-100.0%|
|Net revenues|2,898.4|2,521.1|377.3|15.0%|

Operating revenues increased by 17.3% in the year ended December 31, 2011 to $4,092.2 million (year ended December 31, 2010: $3,487.7 million).

Net revenues increased by 15.0% in in the year ended December 31, 2011 to $2,898.4 million (year ended December 31, 2010: $2,521.1 million).

Net revenues are operating revenues less third-party distribution, service and advisory expenses, plus our proportional share of net revenues from joint venture arrangements, plus management and performance fees

Table of Contents both probable and reasonably estimable.

We must from time to time make material estimates with respect to legal and other contingencies.

The nature of our business requires compliance with various state and federal statutes, as well as various contractual obligations, and exposes us to a variety of legal proceedings and matters in the ordinary course of business.

While the outcomes of matters such as these are inherently uncertain and difficult to predict, we maintain reserves reflected in other current and other non-current liabilities, as appropriate, for identified losses that are, in our judgment, probable and reasonably estimable.

Management's judgment is based on the advice of legal counsel, ruling on various motions by the applicable court, review of the outcome of similar matters, if applicable, and review of guidance from state or federal agencies, if applicable.

Contingent consideration payable in relation to a business acquisition is recorded as of the acquisition date as part of the fair value transferred in exchange for the acquired business.

Recent Accounting Standards See Item 8, Financial Statements and Supplementary Data - Note 1, “Accounting Policies - Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements.

Quantitative and Qualitative Disclosures About Market Risk In the normal course of its business, the company is primarily exposed to market risk in the form of securities market risk, interest rate risk, and foreign exchange rate risk.

AUM Market Price Risk The company's investment management revenues are comprised of fees based on a percentage of the value of AUM.

Declines in equity or fixed income security market prices could cause revenues to decline because of lower investment management fees by: ?

Causing the value of AUM to decrease.  ?

Causing the returns realized on AUM to decrease (impacting performance fees).  ?

Causing clients to withdraw funds in favor of investments in markets that they perceive to offer greater opportunity and that the company does not serve.  ?

Causing clients to rebalance assets away from investments that the company manages into investments that the company does not manage.  ?

Causing clients to reallocate assets away from products that earn higher revenues into products that earn lower revenues.

Underperformance of client accounts relative to competing products could exacerbate these factors.

Securities Market Risk The company has investments in sponsored investment products that invest in a variety of asset classes.

Investments are generally made to establish a track record or to hedge economically exposure to certain deferred compensation plans.

The company's exposure to market risk arises from its investments.

The following table summarizes the fair values of the investments exposed to market risk and provides a sensitivity analysis of the estimated fair values of those investments, assuming a 20% increase or decrease in fair values:

Answer: 17.33233936405081


Question: what was the percentage decline in pipeline barrels from 2007 to 2009?

def solution():
    # Define variables name and value
    barrels_2007 = 2500
    barrels_2009 = 2232

    # Do math calculation to get the answer
    difference = barrels_2007 - barrels_2009
    percentage_decline = (difference / barrels_2007) * 100

    return percentage_decline

eBay Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Employee Savings Plans We have a savings plan, which qualifies under Section 401(k) of the Internal Revenue Code.

Participating employees may contribute up to 25% of their annual salary, but not more than statutory limits.

In 2005 and 2006, we contributed one dollar for each dollar a participant contributed, with a maximum contribution of $1,500 per employee.

In 2007, we contributed one dollar for each dollar a participant contributed, with a maximum contribution of $2,000 per employee.

S.  employees are covered by various other savings plans.

Our expenses for these plans were $8.6 million in 2005, $14.9 million in 2006 and $20.4 million in 2007.

Deferred Stock Unit Plan We have a deferred stock unit plan under which deferred stock units have to date, been granted non-employee directors elected to our Board of Directors after December 31, 2002.

Under this plan, each new director receives a one-time grant of deferred stock units equal to the result of dividing $150,000 by the fair market value of our common stock on the date of grant.

Each deferred stock unit constitutes an unfunded and unsecured promise by us to deliver one share of our common stock (or the equivalent value thereof in cash or property at our election).

Each deferred stock unit award granted to a new non-employee director upon election to the Board vests 25% one year from the date of grant, and at a rate of 2.08% per month thereafter.

If the services of the director are terminated at any time, all rights to the unvested deferred stock units shall also terminate.

In addition, directors may elect to receive, in lieu of annual retainer and committee chair fees and at the time these fees would otherwise be payable (i. e. , on a quarterly basis in arrears for services provided), fully vested deferred stock units with an initial value equal to the amount based on the fair market value of common stock at the date of grant.

Deferred stock units are payable following the termination of a director’s tenure as a director.

All eBay officers, directors and employees are eligible to receive awards under the plan, although, to date, awards have been made only to new non-employee directors.

As of December 31, 2007, 47,481 units have been awarded under this plan.

Valuation Assumptions We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model.

The following weighted-average assumptions were used for each respective period:

|| Year Ended December 31,|
|| 2005| 2006| 2007|
|Risk-free interest rates|3.8%|4.7%|4.5%|
|Expected life|3 years|3 years|3.5 years|
|Dividend yield|0%|0%|0%|
|Expected volatility|36%|36%|37%|

Our computation of expected volatility for 2006 and 2007 was based on a combination of historical and market-based implied volatility from traded options on our stock.

Prior to 2006, our computation of expected volatility was based on historical volatility.

Our computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior.

The interest rate for periods within the contractual life of the award is based on the U. S.  Treasury yield curve in effect at the time of grant.

We recognize interest and penalties related to unrecognized tax benefits as part of income tax expense in the Consolidated Statements of Operations, which is consistent with prior reporting periods.

As of December 31, 2011, three tax years were subject to audit by the United States Internal Revenue Service (IRS), covering the years 2009 through 2011.

In 2011, IRS examinations of the 2004 through 2008 tax returns were completed, and a final audit report was issued.

We are now waiting on review and final sign-off by the Joint Committee on Taxation.

Refunds aggregating $15.6 are expected for all years associated with the audit.

In addition, in 2011 we adjusted our reserve for uncertain tax positions with respect to the largest issue in connection with this examination, related to worthless stock deductions, which had a favorable impact on our tax provision of $3.6.

Five tax years were undergoing (or subject to) audit by the Canada Revenue Agency, covering the periods 2005 through 2009.

Examinations are in progress for each of these years and are at various stages of completion, but to date we are not aware of any material adjustments.

Various state and other foreign jurisdiction tax years remain open to examination as well, though we believe assessments (if any) would be immaterial to our consolidated financial statements.

We are not aware of any changes that would materially impact our tax expense for an increase or decrease in the total amount of unrecognized tax benefits within the next 12 months.

Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities.

The major temporary differences and their associated deferred tax assets or liabilities are as follows:

||December 31|
||2011|2010|
||Assets|Liabilities|Assets|Liabilities|
|Property, plant and equipment|$12.2|$-65.5|$12.7|$-61.8|
|Inventories|2.1|-16.0|2.1|-18.7|
|Accrued expenses|91.8|-.2|91.9|-1.2|
|Net operating loss and tax credit carryforwards|67.4|—|64.9|—|
|Pension cost and other post-retirement benefits|24.0|-.8|20.5|-1.4|
|Intangible assets|3.6|-112.1|4.6|-109.2|
|Derivative financial instruments|13.3|-1.7|.5|-2.8|
|Uncertain tax positions|13.4|—|16.9|—|
|Other|15.1|-12.7|14.4|-12.9|
|Gross deferred tax assets (liabilities)|242.9|-209.0|228.5|-208.0|
|Valuation allowance|-69.1|—|-69.0|—|
|Total deferred taxes|$173.8|$-209.0|$159.5|$-208.0|
|Net deferred tax (liability)||$-35.2||$-48.5|

The valuation allowance primarily relates to net operating loss and tax credit carryforwards for which utilization is uncertain.

Cumulative tax losses in certain state and foreign jurisdictions during recent years, limited carryforward periods in certain jurisdictions, future reversals of existing taxable temporary differences, and reasonable tax planning strategies were among the factors considered in determining the valuation allowance.

These loss and credit carryforwards have expiration dates that vary generally over the next 20 years, but no significant amounts expire in any one year.

Deferred income taxes and withholding taxes have been provided on earnings of our foreign subsidiaries to the extent it is anticipated that the earnings will be remitted in the future as dividends.

The tax effect of most distributions would be significantly offset by available foreign tax credits.

PART II Cash from Operations Cash from operations is our primary source of funds.

Earnings and changes in working capital levels are the two broad factors that generally have the greatest impact on our cash from operations.

As shown in the chart below (and discussed in the paragraph that follows), most of the variability in cash from operations in recent years has come from changes in working capital.

In 2011, cash from operations decreased primarily due to lower earnings.

The decrease in 2010 operating cash (versus 2009) was due to the change in working capital levels (as shown in the chart above).

Cash from operations in 2009 benefitted from a $186 million reduction in working capital that occurred as a result of the economy-induced sales contraction.

The following table presents key working capital measures at the end of the past two years.

(1) The accounts receivable ratio represents the days of sales outstanding calculated as: ending net accounts receivable ÷ (net sales ÷ number of days in the year).

(2) The inventory ratio represents days of inventory on hand calculated as: ending net inventory ÷ (cost of goods sold ÷ number of days in the year).

(3) The accounts payable ratio represents the days of payables outstanding calculated as: ending accounts payable ÷ (cost of goods sold ÷ number of days in the year).

Pipeline transportation – We own a system of pipelines through Marathon Pipe Line LLC (“MPL”) and Ohio River Pipe Line LLC (“ORPL”), our wholly-owned subsidiaries.

Our pipeline systems transport crude oil and refined products primarily in the Midwest and Gulf Coast regions to our refineries, our terminals and other pipeline systems.

Our MPL and ORPL wholly-owned and undivided interest common carrier systems consist of 1,737 miles of crude oil lines and 1,825 miles of refined product lines comprising 32 systems located in 11 states.

The MPL common carrier pipeline network is one of the largest petroleum pipeline systems in the United States, based on total barrels delivered.

Our common carrier pipeline systems are subject to state and Federal Energy Regulatory Commission regulations and guidelines, including published tariffs for the transportation of crude oil and refined products.

Third parties generated 13 percent of the crude oil and refined product shipments on our MPL and ORPL common carrier pipelines in 2009.

Our MPL and ORPL common carrier pipelines transported the volumes shown in the following table for each of the last three years.

We also own 196 miles of private crude oil pipelines and 850 miles of private refined products pipelines, and we lease 217 miles of common carrier refined product pipelines.

We have partial ownership interests in several pipeline companies that have approximately 780 miles of crude oil pipelines and 3,600 miles of refined products pipelines, including about 970 miles operated by MPL.

In addition, MPL operates most of our private pipelines and 985 miles of crude oil and 160 miles of natural gas pipelines owned by our E&P segment.

Our major refined product pipelines include the owned and operated Cardinal Products Pipeline and the Wabash Pipeline.

The Cardinal Products Pipeline delivers refined products from Kenova, West Virginia, to Columbus, Ohio.

The Wabash Pipeline system delivers product from Robinson, Illinois, to various terminals in the area of Chicago, Illinois.

Other significant refined product pipelines owned and operated by MPL extend from: Robinson, Illinois, to Louisville, Kentucky; Garyville, Louisiana, to Zachary, Louisiana; and Texas City, Texas, to Pasadena, Texas.

In addition, as of December 31, 2009, we had interests in the following refined product pipelines: ?65 percent undivided ownership interest in the Louisville-Lexington system, a petroleum products pipeline system extending from Louisville to Lexington, Kentucky; ?60 percent interest in Muskegon Pipeline LLC, which owns a refined products pipeline extending from Griffith, Indiana, to North Muskegon, Michigan; ?50 percent interest in Centennial Pipeline LLC, which owns a refined products system connecting the Gulf Coast region with the Midwest market; ?17 percent interest in Explorer Pipeline Company, a refined products pipeline system extending from the Gulf Coast to the Midwest; and ?6 percent interest in Wolverine Pipe Line Company, a refined products pipeline system extending from Chicago, Illinois, to Toledo, Ohio.

Our major owned and operated crude oil lines run from: Patoka, Illinois, to Catlettsburg, Kentucky; Patoka, Illinois, to Robinson, Illinois; Patoka, Illinois, to Lima, Ohio; Lima, Ohio to Canton, Ohio; Samaria, Michigan, to Detroit, Michigan; and St.  James, Louisiana, to Garyville, Louisiana.

As of December 31, 2009, we had interests in the following crude oil pipelines: ?51 percent interest in LOOP LLC, the owner and operator of LOOP, which is the only U. S.  deepwater oil port, located 18 miles off the coast of Louisiana, and a crude oil pipeline connecting the port facility to storage caverns and tanks at Clovelly, Louisiana; ?59 percent interest in LOCAP LLC, which owns a crude oil pipeline connecting LOOP and the Capline system;

Answer: 10.72


Question: What do all Benefits earned during the year sum up, excluding those negative ones in 2010 for Pension plans ? (in million)

def solution():
    # Define variables name and value
    benefit_earned_us = 14
    benefit_earned_non_us = 167

    # Do math calculation to get the answer
    answer = benefit_earned_us + benefit_earned_non_us

    return answer

RETIREMENT BENEFITS The Company has several non-contributory defined benefit pension plans covering certain U. S.  employees and has various defined benefit pension and termination indemnity plans covering employees outside the United States.

The U. S.  qualified defined benefit plan provides benefits under a cash balance formula.

However, employees satisfying certain age and service requirements remain covered by a prior final average pay formula under that plan.

Effective January1, 2008, the U. S.  qualified pension plan was frozen for most employees.

Accordingly, no additional compensation-based contributions were credited to the cash balance portion of the plan for existing plan participants after 2007.

However, certain employees covered Net (Benefit) Expense under the prior final pay plan formula continue to accrue benefits.

The Company also offers postretirement health care and life insurance benefits to certain eligible U. S.  retired employees, as well as to certain eligible employees outside the United States.

The following tables summarize the components of net (benefit) expense recognized in the Consolidated Statement of Income and the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s U. S.  qualified and nonqualified pension plans, postretirement plans and plans outside the United States.

The Company uses a December31 measurement date for the U. S.  plans as well as the plans outside the United States.

(1) The 2009 curtailment loss in the non-U.

S pension plans includes an $18 million gain reflecting the sale of Citigroup’s Nikko operations.

See Note 3 to the Consolidated Financial Statements for further discussion of the sale of Nikko operations.

The estimated net actuarial loss, prior service cost and net transition obligation that will be amortized from Accumulated other comprehensive income (loss) into net expense in 2011 are approximately $147 million, $2 million and $(1) million, respectively, for defined benefit pension plans.

For postretirement plans, the estimated 2011 net actuarial loss and prior service cost amortizations are approximately $41 million and $(3) million, respectively

SPECIAL ASSET POOL Special Asset Pool (SAP), which constituted approximately 22% of Citi Holdings by assets as of December 31, 2010, is a portfolio of securities, loans and other assets that Citigroup intends to actively reduce over time through asset sales and portfolio run-off.

At December 31, 2010, SAP had $80 billion of assets.

SAP assets have declined by $248 billion, or 76%, from peak levels in 2007 reflecting cumulative write-downs, asset sales and portfolio run-off.

|In millions of dollars|2010|2009|2008|% Change 2010 vs. 2009|% Change 2009 vs. 2008|
|Net interest revenue|$1,219|$2,754|$2,676|-56%|3%|
|Non-interest revenue|1,633|-6,014|-42,375|NM|86|
|Revenues, net of interest expense|$2,852|$-3,260|$-39,699|NM|92%|
|Total operating expenses|$548|$824|$893|-33%|-8%|
|Net credit losses|$2,013|$5,399|$906|-63%|NM|
|Provision (releases) for unfunded lending commitments|-76|111|-172|NM|NM|
|Credit reserve builds (releases)|-1,711|-530|2,677|NM|NM|
|Provisions for credit losses and for benefits and claims|$226|$4,980|$3,411|-95%|46%|
|Income (loss) from continuing operations before taxes|$2,078|$-9,064|$-44,003|NM|79%|
|Income taxes (benefits)|905|-3,695|-16,714|NM|78|
|Net income (loss) from continuing operations|$1,173|$-5,369|$-27,289|NM|80%|
|Net income (loss) attributable to noncontrolling interests|188|-16|-205|NM|92|
|Net income (loss)|$985|$-5,353|$-27,084|NM|80%|
|EOP assets(in billions of dollars)|$80|$136|$219|-41%|-38%|

2010 vs.  2009 Revenues, net of interest expense increased $6.1 billion, primarily due to the improvement of revenue marks in 2010.

Aggregate marks were negative $2.6 billion in 2009 as compared to positive marks of $3.4 billion in 2010 (see “Items Impacting SAP Revenues” below).

Revenue in the current year included positive marks of $2.0 billion related to sub-prime related direct exposure, a positive $0.5 billion CVA related to the monoline insurers, and $0.4 billion on private equity positions.

These positive marks were partially offset by negative revenues of $0.5 billion on Alt-A mortgages and $0.4 billion on commercial real estate.

Operating expenses decreased 33% in 2010, mainly driven by the absence of the U. S.  government loss-sharing agreement, lower compensation, and lower transaction expenses.

Provisions for credit losses and for benefits and claims decreased $4.8 billion due to a decrease in net credit losses of $3.4 billion and a higher release of loan loss reserves and unfunded lending commitments of $1.4 billion.

Assets declined 41% from the prior year, primarily driven by sales and amortization and prepayments.

Asset sales of $39 billion for the year of 2010 generated pretax gains of approximately $1.3 billion.2009 vs.  2008 Revenues, net of interest expense increased $36.4 billion in 2009, primarily due to the absence of significant negative revenue marks occurring in the prior year.

Total negative marks were $2.6 billion in 2009 as compared to $37.4 billion in 2008.

Revenue in 2009 included positive marks of $0.8 billion on subprime-related direct exposures.

These positive revenues were partially offset by negative revenues of $1.5 billion on Alt-A mortgages, $0.8 billion of write-downs on commercial real estate, and a negative $1.6 billion CVA on the monoline insurers and fair value option liabilities.

Revenue was also affected by negative marks on private equity positions and write-downs on highly leveraged finance commitments.

Operating expenses decreased 8% in 2009, mainly driven by lower compensation and lower volumes and transaction expenses, partially offset by costs associated with the U. S.  government loss-sharing agreement exited in the fourth quarter of 2009.

Provisions for credit losses and for benefits and claims increased $1.6 billion, primarily driven by $4.5 billion in increased net credit losses, partially offset by a lower provision for loan losses and unfunded lending commitments of $2.9 billion.

Assets declined 38% versus the prior year, primarily driven by amortization and prepayments, sales, marks and charge-offs.

Investment Securities Investment securities totaled $5,215.4 million, or 40% of total assets at December 31, 2008, and $4,650.4 million, or 36% of total assets at December 31, 2007.

Debt securities, detailed below, comprised over 99% of this investment portfolio.

The fair value of debt securities were as follows at December 31, 2008 and 2007:

|| December 31, 2008|Percentage of Total| December 31, 2007| Percentage of Total|
|| (dollars in thousands)|
|U.S. Government and agency obligations|$1,883,378|36.2%|$984,003|21.2%|
|Tax exempt municipal securities|1,689,462|32.5%|1,864,991|40.2%|
|Mortgage and asset-backed securities|766,202|14.7%|910,662|19.6%|
|Corporate securities|841,397|16.2%|863,866|18.6%|
|Redeemable preferred stocks|19,702|0.4%|15,558|0.4%|
|Total debt securities|$5,200,141|100.0%|$4,639,080|100.0%|

More than 98% of our debt securities were of investment-grade quality, with an average credit rating of AA+ by S&P at December 31, 2008.

Most of the debt securities that are below investment grade are rated at the higher end (BB or better) of the non-investment grade spectrum.

Our investment policy limits investments in a single issuer and requires diversification among various asset types.

U. S.  Government and agency obligations include $1,431.6 million at December 31, 2008 and $791.8 million at December 31, 2007 of debt securities issued by agencies of the U. S.  Government including Federal National Mortgage Association, or Fannie Mae, and Federal Home Loan Mortgage Association, or Freddie Mac, whose principal payment is guaranteed by the U. S.  Government.

Tax exempt municipal securities included pre-refunded bonds of $694.8 million at December 31, 2008 and $182.2 million at December 31, 2007.

These pre-refunded bonds are secured by an escrow fund consisting of U. S.  government obligations sufficient to pay off all amounts outstanding at maturity.

The ratings of these pre-refunded bonds generally assume the rating of the government obligations (AAA by S&P) at the time the fund is established.

In addition, certain monoline insurers guarantee the timely repayment of bond principal and interest when a bond issuer defaults and generally provide credit enhancement for bond issues related to our tax exempt municipal securities.

We have no direct exposure to these monoline insurers.

We owned $452.4 million and $662.4 million at December 31, 2008 and 2007, respectively of tax exempt securities guaranteed by monoline insurers.

The equivalent S&P credit rating of these tax-exempt securities without the guarantee from the monoline insurer was AA-.

Our direct exposure to subprime mortgage lending is limited to investment in residential mortgage-backed securities and asset-backed securities backed by home equity loans.

The fair value of securities backed by Alt-A and subprime loans was $7.6 million at December 31, 2008 and $22.0 million at December 31, 2007.

There are no collateralized debt obligations or structured investment vehicles in our investment portfolio.

The percentage of corporate securities associated with the financial services industry was 42.4% at December 31, 2008 and 48.4% at December 31, 2007.

Duration is indicative of the relationship between changes in market value and 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 4.2 years at December 31, 2008.

Including cash equivalents, the average duration was approximately 3.4 years.

Based on the duration including cash equivalents, a 1% increase in interest rates would generally decrease the fair value of our securities by approximately $229 million.

Answer: 181.0