Answer: 4.0

Question: What is the sum amount of Capital lease obligations in the years with the lowest amount of Operating lease obligations? (in dollars in millions)

Context:
Revenues N&SS revenues decreased 1% in 2008 and 2% in 2007. The decrease of $137 million in 2008 is primarily due to decreased revenues in FCS, Proprietary and satellite programs partially offset by increased revenues in the SBInet program. The decrease of $292 million in 2007 was primarily due to the exclusion of government Delta volume, now a component of our equity investment in ULA and lower FCS volume, partially offset by increased volume on SBInet and several satellite programs. Delta launch and new-build satellite deliveries were as follows:

Years ended December 31,	 2008	2007	2006

Delta II Commercial	 2	3

Delta II Government			2

Delta IV Government			3

Satellites	 1	4	4

 Delta government launches are excluded from our deliveries after December 1, 2006 due to the formation of ULA. Operating Earnings N&SS operating earnings increased by $171 million in 2008 was primarily due to increased earnings from our investment in ULA. The decrease in 2007 was due to lower earnings on FCS and several satellite programs. These decreases were partially offset by higher award fees on GMD and a $44 million gain on sale of a property in Anaheim. N&SS operating earnings include equity earnings of $73 million, $85 million and $71 million from the United Space Alliance joint venture in 2008, 2007, and 2006, respectively and equity earnings of $105 million, a loss of $11 million and equity earnings of $5 million from the ULA joint venture in 2008, 2007 and 2006, respectively. The ULA equity earnings and loss amounts are net of the basis difference amortization. Research and Development The N&SS research and development funding remains focused on the development of communications, command and control, computers, intelligence, surveillance and reconnaissance systems (C4ISR); communications and command and control (C3) capabilities that support a network-enabled architecture approach for our various government customers. We are investing in communications capabilities to enable connectivity between existing air/ground platforms, increase communications availability and bandwidth through more robust space systems, and leverage innovative communications concepts. Key programs in this area include JTRS, FCS, Global Positioning System, Tracking and Data Relay Satellite, Ares 1 Crew Launch Vehicle and GMD. Investments were also made to support concepts that may lead to the development of next-generation space intelligence systems. Along with increased funding to support these areas of architecture and network-enabled capabilities development, we also maintained our investment levels in global missile defense and advanced missile defense concepts and technologies. Backlog N&SS total backlog decreased by 12% in 2008 compared with 2007 primarily due to revenues recognized on multi-year orders received in prior years on FCS, GMD and C3 programs, partially offset by an increase in the International Space Station program. Total backlog decreased by 7% in 2007 compared with 2006 due to revenues recognized on FCS and Proprietary programs, partially offset by an increase in Space Exploration programs. Additional Considerations Items which could have a future impact on N&SS operations include the following: United Launch Alliance On December 1, 2006, we completed the transaction with Lockheed Martin Corporation (Lockheed) to create a 50/50 joint venture named United Launch Alliance L. L. C.  (ULA). ULA combines the production, engineering, test and launch operations associated with U. S.  government launches of Boeing Delta and Lockheed Atlas rockets. In connection with the transaction, billion of unused borrowing on revolving credit line agreements. We anticipate that these credit lines will primarily serve as backup liquidity to support our general corporate borrowing needs. Financing commitments totaled $18.1 billion and $15.9 billion as of December 31, 2012 and 2011. We anticipate that we will not be required to fund a significant portion of our financing commitments as we continue to work with third party financiers to provide alternative financing to customers. Historically, we have not been required to fund significant amounts of outstanding commitments. However, there can be no assurances that we will not be required to fund greater amounts than historically required. In the event we require additional funding to support strategic business opportunities, our commercial aircraft financing commitments, unfavorable resolution of litigation or other loss contingencies, or other business requirements, we expect to meet increased funding requirements by issuing commercial paper or term debt. We believe our ability to access external capital resources should be sufficient to satisfy existing short-term and long-term commitments and plans, and also to provide adequate financial flexibility to take advantage of potential strategic business opportunities should they arise within the next year. However, there can be no assurance of the cost or availability of future borrowings, if any, under our commercial paper program, in the debt markets or our credit facilities. At December 31, 2012 and 2011, our pension plans were $19.7 billion and $16.6 billion underfunded as measured under GAAP. On an ERISA basis our plans are more than 100% funded at December 31, 2012 with minimal required contributions in 2013. We expect to make discretionary contributions to our plans of approximately $1.5 billion in 2013. We may be required to make higher contributions to our pension plans in future years. As of December 31, 2012, we were in compliance with the covenants for our debt and credit facilities. The most restrictive covenants include a limitation on mortgage debt and sale and leaseback transactions as a percentage of consolidated net tangible assets (as defined in the credit agreements), and a limitation on consolidated debt as a percentage of total capital (as defined). When considering debt covenants, we continue to have substantial borrowing capacity. Contractual Obligations The following table summarizes our known obligations to make future payments pursuant to certain contracts as of December 31, 2012, and the estimated timing thereof.

(Dollars in millions)	Total	Lessthan 1year	1-3years	3-5years	After 5years

Long-term debt (including current portion)	$10,251	$1,340	$2,147	$1,095	$5,669

Interest on debt-1	6,177	510	864	749	4,054

Pension and other postretirement cash requirements	25,558	579	1,244	7,025	16,710

Capital lease obligations	184	102	78	4

Operating lease obligations	1,405	218	334	209	644

Purchase obligations not recorded on the Consolidated Statements of Financial Position	118,002	44,472	41,838	18,956	12,736

Purchase obligations recorded on the Consolidated Statements of Financial Position	15,981	14,664	1,307	1	9

Total contractual obligations	$177,558	$61,885	$47,812	$28,039	$39,822

 (1) Includes interest on variable rate debt calculated based on interest rates at December 31, 2012. Variable rate debt was less than 1% of our total debt at December 31, 2012. Industry Competitiveness The commercial jet airplane market and the airline industry remain extremely competitive. Market liberalization in Europe, the Middle East and Asia is enabling low-cost airlines to continue gaining market share. These airlines are increasing the pressure on airfares. This results in continued cost pressures for all airlines and price pressure on our products. Major productivity gains are essential to ensure a favorable market position at acceptable profit margins. Continued access to global markets remains vital to our ability to fully realize our sales potential and longterm investment returns. Approximately 91% of Commercial Airplanes’ total backlog, in dollar terms, is with non-U. S.  airlines. We face aggressive international competitors who are intent on increasing their market share. They offer competitive products and have access to most of the same customers and suppliers. With government support,Airbus has historically invested heavily to create a family of products to compete with ours. Regional jet makers Embraer and Bombardier continue to develop and market larger and increasingly more capable airplanes, including Embraer’s E-195 in the regional jet market and Bombardier’s C Series in the 100-150 seat transcontinental market. Additionally, other competitors from Russia, China and Japan are developing commercial jet aircraft. Some of these competitors have historically enjoyed access to governmentprovided financial support, including “launch aid,” which greatly reduces the cost and commercial risks associated with airplane development activities. This has enabled the development of airplanes without commercial viability; others to be brought to market more quickly than otherwise possible; and many offered for sale below market-based prices. Many competitors have continued to make improvements in efficiency, which may result in funding product development, gaining market share and improving earnings. This market environment has resulted in intense pressures on pricing and other competitive factors, and we expect these pressures to continue or intensify in the coming years. We are focused on improving our products and services and continuing our cost-reduction efforts, which enhances our ability to compete. We are also focused on taking actions to ensure that Boeing is not harmed by unfair subsidization of competitors. Results of Operations

Years ended December 31,	2017	2016	2015

Revenues	$56,729	$58,012	$59,399

% of total company revenues	61%	61%	62%

Earnings from operations	$5,432	$1,995	$4,284

Operating margins	9.6%	3.4%	7.2%

Research and development	$2,247	$3,706	$2,311

 Revenues Commercial Airplanes revenues decreased by $1,283 million or 2% in 2017 compared with 2016 due to delivery mix, with fewer twin aisle deliveries more than offsetting the impact of higher single aisle deliveries. Commercial Airplanes revenues decreased by $1,387 million or 2% in 2016 compared with 2015 primarily due to fewer deliveries. Through February 25, 2016, we repurchased approximately $415.0 million of shares of our common stock, which includes the $250.0 million of shares that we repurchased from certain selling stockholders on February 10, 2016. In order to achieve operational synergies, we expect cash outlays related to our integration plans to be approximately $290.0 million in 2016. These cash outlays are necessary to achieve our integration goals of net annual pre-tax operating profit synergies of $350.0 million by the end of the third year post-Closing Date. Also as discussed in Note 20 to our consolidated financial statements, as of December 31, 2015, a short-term liability of $50.0 million and long-term liability of $264.6 million related to Durom Cup product liability claims was recorded on our consolidated balance sheet. We expect to continue paying these claims over the next few years. We expect to be reimbursed a portion of these payments for product liability claims from insurance carriers. As of December 31, 2015, we have received a portion of the insurance proceeds we estimate we will recover. We have a long-term receivable of $95.3 million remaining for future expected reimbursements from our insurance carriers. We also had a short-term liability of $33.4 million related to Biomet metal-on-metal hip implant claims. At December 31, 2015, we had ten tranches of senior notes outstanding as follows (dollars in millions):


Answer: 26.0

Question: what is the pre-tax aggregate net unrealized loss in 2008?

Context:
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) of certain of its assets and liabilities under its interest rate swap agreements held as of December 31, 2006 and entered into during the first half of 2007. In addition, the Company paid $8.0 million related to a treasury rate lock agreement entered into and settled during the year ended December 31, 2008. The cost of the treasury rate lock is being recognized as additional interest expense over the 10-year term of the 7.00% Notes. During the year ended December 31, 2007, the Company also received $3.1 million in cash upon settlement of the assets and liabilities under ten forward starting interest rate swap agreements with an aggregate notional amount of $1.4 billion, which were designated as cash flow hedges to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the Certificates issued in the Securitization in May 2007. The settlement is being recognized as a reduction in interest expense over the five-year period for which the interest rate swaps were designated as hedges. The Company also received $17.0 million in cash upon settlement of the assets and liabilities under thirteen additional interest rate swap agreements with an aggregate notional amount of $850.0 million that managed exposure to variability of interest rates under the credit facilities but were not considered cash flow hedges for accounting purposes. This gain is included in other income in the accompanying consolidated statement of operations for the year ended December 31, 2007. As of December 31, 2008 and 2007, other comprehensive (loss) income included the following items related to derivative financial instruments (in thousands):

	2008	2007

Deferred loss on the settlement of the treasury rate lock, net of tax	$-4,332	$-4,901

Deferred gain on the settlement of interest rate swap agreements entered into in connection with the Securitization, net oftax	1,238	1,636

Unrealized losses related to interest rate swap agreements, net of tax	-16,349	-486

 During the years ended December 31, 2008 and 2007, the Company recorded an aggregate net unrealized loss of approximately $15.8 million and $3.2 million, respectively (net of a tax provision of approximately $10.2 million and $2.0 million, respectively) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified an aggregate of $0.1 million and $6.2 million, respectively (net of an income tax provision of $2.0 million and an income tax benefit of $3.3 million, respectively) into results of operations.9. FAIR VALUE MEASUREMENTS The Company determines the fair market values of its financial instruments based on the fair value hierarchy established in SFAS No.157, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. The Company’s Level 1 assets consist of available-for-sale securities traded on active markets as well as certain Brazilian Treasury securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. TELEFLEX INCORPORATED NOTES?TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The Company issued 82,865, 93,367 and 105,239 of non-vested restricted stock units in 2017, 2016 and 2015, respectively, the majority of which provide for vesting as to all underlying shares on the third anniversary of the grant date. The weighted average grant-date fair value for non-vested restricted stock units granted during 2017, 2016 and 2015 was $187.85, $142.71 and $118.00, respectively. The Company recorded $11.2 million of expense related to restricted stock units during 2017, which is included in cost of goods sold or selling, general and administrative expenses. The unamortized share-based compensation cost related to non-vested restricted stock units, net of expected forfeitures, was $13.2 million, which is expected to be recognized over a weighted-average period of 1.8 years. The Company uses treasury stock to provide shares of common stock in connection with vesting of the restricted stock units. TELEFLEX INCORPORATED NOTES?TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) F-37 Note 13?— Income taxes The following table summarizes the components of the provision for income taxes from continuing operations:

	2017	2016	2015

	(Dollars in thousands)

Current:

Federal	$133,621	$2,344	$-4,700

State	5,213	5,230	2,377

Foreign	35,444	28,842	53,151

Deferred:

Federal	-258,247	-25,141	-35,750

State	1,459	-1,837	-5,012

Foreign	212,158	-1,364	-2,228

	$129,648	$8,074	$7,838

 The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 22, 2017. The legislation significantly changes U. S.  tax law by, among other things, permanently reducing corporate income tax rates from a maximum of 35% to 21%, effective January 1, 2018; implementing a territorial tax system, by generally providing for, among other things, a dividends received deduction on the foreign source portion of dividends received from a foreign corporation if specified conditions are met; and imposing a one-time repatriation tax on undistributed post-1986 foreign subsidiary earnings and profits, which are deemed repatriated for purposes of the tax. As a result of the TCJA, the Company reassessed and revalued its ending net deferred tax liabilities at December 31, 2017 and recognized a?$46.1 million?provisional tax benefit in the Company’s consolidated statement of income for the year ended December 31, 2017. As a result of the deemed repatriation tax under the TCJA, the Company recognized a $154.0 million provisional tax expense in the Company’s consolidated statement of income for the year ended December 31, 2017, and the Company expects to pay this tax over an eight-year period. While the TCJA provides for a territorial tax system, beginning in 2018, it includes?two?new U. S.  tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U. S.  income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company expects that it will be subject to incremental U. S.  tax on GILTI income beginning in 2018. Because of the complexity of the new GILTI tax rules, the Company is continuing to evaluate this provision of the TCJA and the application of Financial Accounting Standards Board Accounting Standards Codification Topic 740, "Income Taxes. " Under U. S.  GAAP, the Company may make an accounting policy election to either (1) treat future taxes with respect to the inclusion in U. S.  taxable income of amounts related to GILTI as current period expense when incurred (the “period cost method”) or (2) take such amounts into a company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on an analysis of the Company’s global income to determine whether the Company expects to have future U. S.  inclusions in taxable income related to GILTI and, if so, what the impact is expected to be. The determination of whether the Company expects to have future U. S.  inclusions ? Miller Insurance Services LLP, which is a Pounds sterling functional entity, earns significant non-functional currency revenues, in which case the Company limits its exposure to exchange rate changes by the use of forward contracts matched to a percentage of forecast cash inflows in specific currencies and periods. However, where the foreign exchange risk relates to any Pounds sterling pension benefits assets or liability for pension benefits, we do not hedge the risk. Consequently, if our London market operations have a significant pension asset or liability, we may be exposed to accounting gains and losses, recognized in other comprehensive income or loss, if the U. S.  dollar and Pounds sterling exchange rates change. We do, however, hedge the Pounds sterling contributions into the pension plan. Translation risk Outside our U. S.  and London market operations, we predominantly earn revenues and incur expenses in the local currency. When we translate the results and net assets of these operations into U. S.  dollars for reporting purposes, movements in exchange rates will affect reported results and net assets. For example, if the U. S.  dollar strengthens against the Euro, the reported results of our Eurozone operations in U. S.  dollar terms will be lower. With the exception of foreign currency hedges for certain intercompany loans that are not designated as hedging instruments, we do not hedge translation risk. The table below provides information about our foreign currency forward exchange contracts, which are sensitive to exchange rate risk. The table summarizes the U. S.  dollar equivalent amounts of each currency bought and sold forward and the weighted average contractual exchange rates. All forward exchange contracts mature within three years.

	Settlement date before December 31,

	2017	2018	2019

December 31, 2016	Contract amount	Average contractual exchange rate	Contract amount	Average contractual exchange rate	Contract amount	Average contractual exchange rate

	(millions)		(millions)		(millions)

Foreign currency sold

U.S. dollars sold for Pounds sterling	$390	$1.51 = £1	$268	$1.46 = £1	$77	$1.39 = £1

Euro sold for U.S. dollars	74	€1 = $1.20	48	€1 = $1.19	14	€1 = $1.17

Japanese yen sold for U.S. dollars	21	¥110.85 = $1	13	¥110.90 - $1	5	¥98.63 = $1

Euro sold for Pounds sterling	22	€1 = £1.21	9	1 = £1.33	4	€1 = £1.24

Total	$507		$338		$100

Fair value(i)	$-65		$-40		$-5

 (i) Represents the difference between the contract amount and the cash flow in U. S.  dollars which would have been receivable had the foreign currency forward exchange contracts been entered into on December 31, 2016 at the forward exchange rates prevailing at that date.


Answer: 0.01147

Question: What is the growing rate of BENEFIT OBLIGATION AT END OF YEAR for Con Edison in the year with the least Benefit obligation at beginning of year for Con Edison?

Context:
	Year Ended December 31,

	2011	2010	2009

Risk-free interest rate	1.2%	1.4%	1.7%

Expected life (in years)	3.8	3.4	3.8

Dividend yield	—%	—%	—%

Expected volatility	38%	37%	47%

 Our computation of expected volatility for 2011 , 2010 and 2009 was based on a combination of historical and market-based implied volatility from traded options on our stock. 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 was based on the U. S.  Treasury yield curve in effect at the time of grant. The estimation of awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. We consider many factors when estimating forfeitures, including employee class and historical experience. Recent Accounting Pronouncements See “Note 1 - The Company and Summary of Significant Accounting Policies” to the consolidated financial statements included in this report, regarding the impact of certain recent accounting pronouncements on our consolidated financial statements. Item 7A: Quantitative and Qualitative Disclosures About Market Risk Foreign Currency Exposure We have significant operations internationally that are denominated in foreign currencies, primarily the Euro, British pound, Korean won, Australian dollar and Canadian dollar, subjecting us to foreign currency risk which may adversely impact our financial results. We transact business in various foreign currencies and have significant international revenues as well as costs. In addition, we charge our international subsidiaries for their use of intellectual property and technology and for certain corporate services provided by eBay and by PayPal. Our cash flow, results of operations and certain of our intercompany balances that are exposed to foreign exchange rate fluctuations may differ materially from expectations and we may record significant gains or losses due to foreign currency fluctuations and related hedging activities. We have a foreign exchange exposure management program that aims to identify material foreign currency exposures, to manage these exposures, and to minimize the potential effects of currency fluctuations on our reported consolidated cash flows and results of operations through the purchase of foreign currency exchange contracts. These foreign currency exchange contracts are accounted for as derivative instruments. For additional details related to our derivative instruments, please see “Note 9 - Derivative Instruments” to the consolidated financial statements included in this report. Interest Rate Risk The primary objective of our investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk. To achieve this objective, we maintain our portfolio of cash equivalents and short-term and long-term investments in a variety of available for sale securities, including money market funds and government and corporate securities. As of December 31, 2011 , approximately 56% of our total cash and investment portfolio was held in bank deposits and money market funds. As such, changes in interest rates will impact our interest income. In addition, we regularly issue new commercial paper notes to repay outstanding commercial paper notes as they mature, and those new commercial paper notes bear interest at rates prevailing at the time of issuance. Accordingly, changes in interest rates will impact interest expense or cost of net revenues. As of December 31, 2011 , we held no direct investments in auction rate securities, collateralized debt obligations, structured investment vehicles or mortgage-backed securities. For additional details related to our investment activities, please see "Note 7 - Investments" to the consolidated financial statements included in this report. Investments in both fixed-rate and floating-rate interest-earning instruments carry varying degrees of interest rate risk. The fair market value of our fixed-rate securities may be adversely impacted due to a rise in interest rates. In general, securities with longer maturities are subject to greater interest-rate risk than those with shorter maturities. While floating rate securities generally are subject to less interest-rate risk than fixedrate securities, floating-rate securities may produce less income than expected if interest rates decrease. Due in part to these factors, our investment income may fall short of expectations or we may suffer losses in principal if securities are sold that have declined in market value due to changes in interest rates. As of

	Con Edison	CECONY

(Millions of Dollars)	2015	2014	2013	2015	2014	2013

CHANGE IN BENEFIT OBLIGATION

Benefit obligation at beginning of year	$1,411	$1,395	$1,454	$1,203	$1,198	$1,238

Service cost	20	19	23	15	15	18

Interest cost on accumulated postretirement benefit obligation	51	60	54	43	52	46

Amendments	—	-12	—	—	—	—

Net actuarial loss/(gain)	-103	47	-42	-85	28	-20

Benefits paid and administrative expenses	-127	-134	-136	-117	-125	-126

Participant contributions	35	36	38	34	35	38

Medicare prescription subsidy	—	—	4	—	—	4

BENEFIT OBLIGATION AT END OF YEAR	$1,287	$1,411	$1,395	$1,093	$1,203	$1,198

CHANGE IN PLAN ASSETS

Fair value of plan assets at beginning of year	$1,084	$1,113	$1,047	$950	$977	$922

Actual return on plan assets	-6	59	153	-4	54	134

Employer contributions	6	7	9	6	7	9

EGWP payments	28	12	8	26	11	7

Participant contributions	35	36	38	34	35	38

Benefits paid	-153	-143	-142	-142	-134	-133

FAIR VALUE OF PLAN ASSETS AT END OF YEAR	$994	$1,084	$1,113	$870	$950	$977

FUNDED STATUS	$-293	$-327	$-282	$-223	$-253	$-221

Unrecognized net loss	$28	$78	$70	$4	$45	$54

Unrecognized prior service costs	-51	-71	-78	-32	-46	-61

 The decrease in the other postretirement benefit plan obligation (due primarily to increased discount rates) was the primary cause of the decreased liability for other postretirement benefits at Con Edison and CECONY of $34 million and $30 million, respectively, compared with December 31, 2014. For Con Edison, this decreased liability corresponds with an increase to regulatory liabilities of $30 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, and an immaterial change to OCI (net of taxes) for the unrecognized net losses and a credit to OCI of $1 million (net of taxes) for the unrecognized prior service costs associated with the competitive energy businesses and O&R’s New Jersey subsidiary. For CECONY, the decrease in liability corresponds with an increase to regulatory liabilities of $27 million for unrecognized net losses and unrecognized prior service costs associated with the company consistent with the accounting rules for regulated operations, and an immaterial change to OCI (net of taxes) for the unrecognized net losses and unrecognized prior service costs associated with the competitive energy businesses. A portion of the unrecognized net losses and prior service costs for the other postretirement benefits, equal to $12 million and $(20) million, respectively, will be recognized from accumulated OCI and the regulatory asset into net periodic benefit cost over the next year for Con Edison. Included in these amounts are $10 million and $(14) million, respectively, for CECONY. Assumptions The actuarial assumptions were as follows: FIDELITY NATIONAL INFORMATION SERVICES, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Future minimum operating lease payments for leases with remaining terms greater than one year for each of the years in the five years ending December 31, 2015, and thereafter in the aggregate, are as follows (in millions):

2011	$65.1

2012	47.6

2013	35.7

2014	27.8

2015	24.3

Thereafter	78.1

Total	$278.6

 In addition, the Company has operating lease commitments relating to office equipment and computer hardware with annual lease payments of approximately $16.3 million per year which renew on a short-term basis. Rent expense incurred under all operating leases during the years ended December 31, 2010, 2009 and 2008 was $116.1 million, $100.2 million and $117.0 million, respectively. Included in discontinued operations in the Consolidated Statements of Earnings was rent expense of $2.0 million, $1.8 million and $17.0 million for the years ended December 31, 2010, 2009 and 2008, respectively. Data Processing and Maintenance Services Agreements. The Company has agreements with various vendors, which expire between 2011 and 2017, for portions of its computer data processing operations and related functions. The Company’s estimated aggregate contractual obligation remaining under these agreements was approximately $554.3 million as of December 31, 2010. However, this amount could be more or less depending on various factors such as the inflation rate, foreign exchange rates, the introduction of significant new technologies, or changes in the Company’s data processing needs. (16) Employee Benefit Plans Stock Purchase Plan FIS employees participate in an Employee Stock Purchase Plan (ESPP). Eligible employees may voluntarily purchase, at current market prices, shares of FIS’ common stock through payroll deductions. Pursuant to the ESPP, employees may contribute an amount between 3% and 15% of their base salary and certain commissions. Shares purchased are allocated to employees based upon their contributions. The Company contributes varying matching amounts as specified in the ESPP. The Company recorded an expense of $14.3 million, $12.4 million and $14.3 million, respectively, for the years ended December 31, 2010, 2009 and 2008, relating to the participation of FIS employees in the ESPP. Included in discontinued operations in the Consolidated Statements of Earnings was expense of $0.1 million and $3.0 million for the years ended December 31, 2009 and 2008, respectively.401(k) Profit Sharing Plan The Company’s employees are covered by a qualified 401(k) plan. Eligible employees may contribute up to 40% of their pretax annual compensation, up to the amount allowed pursuant to the Internal Revenue Code. The Company generally matches 50% of each dollar of employee contribution up to 6% of the employee’s total eligible compensation. The Company recorded expense of $23.1 million, $16.6 million and $18.5 million, respectively, for the years ended December 31, 2010, 2009 and 2008, relating to the participation of FIS employees in the 401(k) plan. Included in discontinued operations in the Consolidated Statements of Earnings was expense of $0.1 million and $3.9 million for the years ended December 31, 2009 and 2008, respectively The following table presents a reconciliation of net cash provided by operating activities to free cash flow available to News Corporation:


Answer: 67.0

Question: In the year with lowest amount of Distribution fees, what's the increasing rate of Net investment income? (in %)

Context:
Certain property fund limited partnerships that the Company consolidates have floating rate revolving credit borrowings of $381 million as of December 31, 2009. Certain Threadneedle subsidiaries guarantee the repayment of outstanding borrowings up to the value of the assets of the partnerships. The debt is secured by the assets of the partnerships and there is no recourse to Ameriprise Financial.24. Earnings per Share Attributable to Ameriprise Financial Common Shareholders The computations of basic and diluted earnings (loss) per share attributable to Ameriprise Financial common shareholders are as follows:

 	 Years Ended December 31,

 	 2009	2008	 2007

 	 (in millions, except per share amounts)

 Numerator:

Net income (loss) attributable to Ameriprise Financial	$722	$-38	$814

 Denominator:

Basic: Weighted-average common shares outstanding	242.2	222.3	236.2

Effect of potentially dilutive nonqualified stock options and other share-based awards	2.2	2.6	3.7

Diluted: Weighted-average common shares outstanding	244.4	224.9	239.9

 Earnings (loss) per share attributable to Ameriprise Financial common shareholders:

Basic	$2.98	$-0.17	$3.45

Diluted	$2.95	$-0.17 (1)	$3.39

 (1) Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution. Basic weighted average common shares for the years ended December 31, 2009, 2008 and 2007 included 3.4 million, 2.1 million and 1.6 million, respectively, of vested, nonforfeitable restricted stock units and 4.6 million, 3.1 million and 3.5 million, respectively, of non-vested restricted stock awards and restricted stock units that are forfeitable but receive nonforfeitable dividends. Potentially dilutive securities include nonqualified stock options and other share-based awards.25. Shareholders’ Equity The Company has a share repurchase program in place to return excess capital to shareholders. Since September 2008 through the date of this report, the Company has suspended its stock repurchase program; as a result there were no share repurchases during the year ended December 31, 2009. During the years ended December 31, 2008 and 2007, the Company repurchased a total of 12.7 million and 15.9 million shares, respectively, of its common stock at an average price of $48.26 and $59.59, respectively. As of December 31, 2009, the Company had approximately $1.3 billion remaining under a share repurchase authorization. The Company may also reacquire shares of its common stock under its 2005 ICP and 2008 Plan related to restricted stock awards. Restricted shares that are forfeited before the vesting period has lapsed are recorded as treasury shares. In addition, the holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligations. These vested restricted shares reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase. The restricted shares forfeited and recorded as treasury shares under the 2005 ICP and 2008 Plan were 0.3 million shares in each of the years ended December 31, 2009, 2008 and 2007. For each of the years ended December 31, 2009, 2008 and 2007, the Company reacquired 0.5 million of its common stock through the surrender of restricted shares upon vesting and paid in the aggregate $11 million, $24 million and $29 million, respectively, related to the holders’ income tax obligations on the vesting date. In 2009, the Company issued and sold 36 million shares of its common stock. The proceeds of $869 million will be used for general corporate purposes, including the Company’s pending acquisition of the long-term asset management business of Columbia, which is expected to close in the spring of 2010. See Note 5 for additional information on the Company’s pending acquisition of Columbia. In 2008, the Company reissued 1.8 million treasury shares for restricted stock award grants and the issuance of shares vested under the P2 Deferral Plan and the Transition and Opportunity Bonus (‘‘T&O Bonus’’) program. In 2005, the Company awarded bonuses to advisors General and administrative expense decreased $15 million, or 7%, to $192 million for the year ended December 31, 2009, primarily due to expense controls. Protection Our Protection segment offers a variety of protection products to address the protection and risk management needs of our retail clients including life, disability income and property-casualty insurance. Life and disability income products are primarily distributed through our branded advisors. Our property-casualty products are sold direct, primarily through affinity relationships. We issue insurance policies through our life insurance subsidiaries and the property casualty companies. The primary sources of revenues for this segment are premiums, fees, and charges that we receive to assume insurance-related risk. We earn net investment income on owned assets supporting insurance reserves and capital supporting the business. We also receive fees based on the level of assets supporting variable universal life separate account balances. This segment earns intersegment revenues from fees paid by the Asset Management segment for marketing support and other services provided in connection with the availability of RiverSource VST Funds under the variable universal life contracts. Intersegment expenses for this segment include distribution expenses for services provided by the Advice & Wealth Management segment, as well as expenses for investment management services provided by the Asset Management segment. The following table presents the results of operations of our Protection segment:

 	 Years Ended December 31,

 	 2009	 2008	Change

 	(in millions, except percentages)

 Revenues

Management and financial advice fees	$47	$56	$-9	-16%

Distribution fees	97	106	-9	-8

Net investment income	422	252	170	67

Premiums	1,020	994	26	3

Other revenues	386	547	-161	-29

Total revenues	1,972	1,955	17	1

Banking and deposit interest expense	1	1	—	—

Total net revenues	1,971	1,954	17	1

 Expenses

Distribution expenses	22	18	4	22

Interest credited to fixed accounts	144	144	—	—

Benefits, claims, losses and settlement expenses	924	856	68	8

Amortization of deferred acquisition costs	159	333	-174	-52

General and administrative expense	226	251	-25	-10

Total expenses	1,475	1,602	-127	-8

Pretax income	$496	$352	$144	41%

 Our Protection segment pretax income was $496 million for 2009, an increase of $144 million, or 41%, from $352 million in 2008. Net revenues Net revenues increased $17 million, or 1%, to $2.0 billion for the year ended December 31, 2009, due to an increase in net investment income and premiums, partially offset by a decrease in other revenues related to updating valuation assumptions. Net investment income increased $170 million, or 67%, to $422 million for the year ended December 31, 2009, primarily due to net realized investment gains of $27 million in 2009 compared to net realized investment losses of $92 million in the prior year primarily related to impairments of Available-for-Sale securities. In addition, investment income earned on fixed maturity securities increased $46 million compared to the prior year driven by higher yields on the longer-term investments in our fixed income investment portfolio. In December, our board of directors ratified its authorization of a stock repurchase program in the amount of 1.5 million shares of our common stock. As of December 31, 2010 no shares had been repurchased. We have paid dividends for 71 consecutive years with payments increasing each of the last 19 years. We paid total dividends of $.54 per share in 2010 compared with $.51 per share in 2009. Aggregate Contractual Obligations A summary of our contractual obligations as of December 31, 2010, is as follows:

(dollars in millions)	Payments due by period

Contractual Obligations	Total	Less Than1 year	1 - 3Years	3 - 5Years	More than5 years

Long-term Debt	$261.0	$18.6	$181.2	$29.2	$32.0

Fixed Rate Interest	22.4	6.1	9.0	5.1	2.2

Operating Leases	30.2	7.2	7.9	5.4	9.7

Purchase Obligations	45.5	45.5	-	-	-

Total	$359.1	$77.4	$198.1	$39.7	$43.9

 As of December 31, 2010, the liability for uncertain income tax positions was $2.7 million. Due to the high degree of uncertainty regarding timing of potential future cash flows associated with these liabilities, we are unable to make a reasonably reliable estimate of the amount and period in which these liabilities might be paid. We utilize blanket purchase orders to communicate expected annual requirements to many of our suppliers. Requirements under blanket purchase orders generally do not become committed until several weeks prior to the company’s scheduled unit production. The purchase obligation amount presented above represents the value of commitments considered firm. RESULTS OF OPERATIONS Our sales from continuing operations in 2010 were $1,489.3 million surpassing 2009 sales of $1,375.0 million by 8.3 percent. The increase in sales was due mostly to significantly higher sales in our water heater operations in China resulting from geographic expansion, market share gains and new product introductions as well as additional sales from our water treatment business acquired in November, 2009. Our sales from continuing operations were $1,451.3 million in 2008. The $76.3 million decline in sales from 2008 to 2009 was due to lower residential and commercial volume in North America, reflecting softness in the domestic housing market and a slowdown in the commercial water heater business and was partially offset by strong growth in water heater sales in China and improved year over year pricing. On December 13, 2010 we entered into a definitive agreement to sell our Electrical Products Company to Regal Beloit Corporation for $700 million in cash and approximately 2.83 million shares of Regal Beloit common stock. The transaction, which has been approved by both companies' board of directors, is expected to close in the first half of 2011. Due to the pending sale, our Electrical Products segment has been accorded discontinued operations treatment in the accompanying financial statements. Sales in 2010, including sales of $701.8 million for our Electrical Products segment, were $2,191.1 million. Our gross profit margin for continuing operations in 2010 was 29.9 percent, compared with 28.7 percent in 2009 and 25.8 percent in 2008. The improvement in margin from 2009 to 2010 was due to increased volume, cost containment activities and lower warranty costs which more than offset certain inefficiencies resulting from the May flood in our Ashland City, TN water heater manufacturing facility. The increase in profit margin from 2008 to 2009 resulted from increased higher margin China water heater volume, aggressive cost reduction programs and lower material costs. Selling, general and administrative expense (SG&A) was $36.9 million higher in 2010 than in 2009. The increased SG&A, the majority of which was incurred in our China water heater operation, was associated with selling costs to support higher volume and new product lines. Additional SG&A associated with our 2009 water treatment acquisition also contributed to the increase. SG&A was $8.5 million higher in 2009 than 2008 resulting mostly from an $8.2 million increase in our China water heater operation in support of higher volumes.


Answer: 1.0

Question: How many elements for Issued of Common Stock show negative value in 2004?

Context:
Entergy Corporation and Subsidiaries Notes to Financial Statements

	Amount (In Millions)

Plant (including nuclear fuel)	$727

Decommissioning trust funds	252

Other assets	41

Total assets acquired	1,020

Purchased power agreement (below market)	420

Decommissioning liability	220

Other liabilities	44

Total liabilities assumed	684

Net assets acquired	$336

 Subsequent to the closing, Entergy received approximately $6 million from Consumers Energy Company as part of the Post-Closing Adjustment defined in the Asset Sale Agreement. The Post-Closing Adjustment amount resulted in an approximately $6 million reduction in plant and a corresponding reduction in other liabilities. For the PPA, which was at below-market prices at the time of the acquisition, Non-Utility Nuclear will amortize a liability to revenue over the life of the agreement. The amount that will be amortized each period is based upon the difference between the present value calculated at the date of acquisition of each year's difference between revenue under the agreement and revenue based on estimated market prices. Amounts amortized to revenue were $53 million in 2009, $76 million in 2008, and $50 million in 2007. The amounts to be amortized to revenue for the next five years will be $46 million for 2010, $43 million for 2011, $17 million in 2012, $18 million for 2013, and $16 million for 2014. NYPA Value Sharing Agreements Non-Utility Nuclear's purchase of the FitzPatrick and Indian Point 3 plants from NYPA included value sharing agreements with NYPA. In October 2007, Non-Utility Nuclear and NYPA amended and restated the value sharing agreements to clarify and amend certain provisions of the original terms. Under the amended value sharing agreements, Non-Utility Nuclear will make annual payments to NYPA based on the generation output of the Indian Point 3 and FitzPatrick plants from January 2007 through December 2014. Non-Utility Nuclear will pay NYPA $6.59 per MWh for power sold from Indian Point 3, up to an annual cap of $48 million, and $3.91 per MWh for power sold from FitzPatrick, up to an annual cap of $24 million. The annual payment for each year's output is due by January 15 of the following year. Non-Utility Nuclear will record its liability for payments to NYPA as power is generated and sold by Indian Point 3 and FitzPatrick. An amount equal to the liability will be recorded to the plant asset account as contingent purchase price consideration for the plants. In 2009, 2008, and 2007, Non-Utility Nuclear recorded $72 million as plant for generation during each of those years. This amount will be depreciated over the expected remaining useful life of the plants. In August 2008, Non-Utility Nuclear entered into a resolution of a dispute with NYPA over the applicability of the value sharing agreements to its FitzPatrick and Indian Point 3 nuclear power plants after the planned spin-off of the Non-Utility Nuclear business. Under the resolution, Non-Utility Nuclear agreed not to treat the separation as a "Cessation Event" that would terminate its obligation to make the payments under the value sharing agreements. As a result, after the spin-off transaction, Enexus will continue to be obligated to make payments to NYPA under the amended and restated value sharing agreements. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (Dollar amounts in thousands except per share data) Note 11—Shareholders’ Equity Share Data: A summary of preferred and common share activity is as follows:

	 Preferred Stock 	Common Stock

	 Issued 	 Treasury Stock 	Issued	Treasury Stock

2004:

Balance at January 1, 2004	-0-	-0-	113,783,658	-1,069,053

Issuance of common stock due to exercise of stock options				763,592

Treasury stock acquired				-5,534,276

Retirement of treasury stock			-5,000,000	5,000,000

Balance at December 31, 2004	-0-	-0-	108,783,658	-839,737

2005:

Issuance of common stock due to exercise of stock options			91,090	5,835,740

Treasury stock acquired				-10,301,852

Retirement of treasury stock			-4,000,000	4,000,000

Balance at December 31, 2005	-0-	-0-	104,874,748	-1,305,849

2006:

Grants of restricted stock				28,000

Issuance of common stock due to exercise of stock options				507,259

Treasury stock acquired				-5,989,531

Retirement of treasury stock			-5,000,000	5,000,000

Balance at December 31, 2006	-0-	-0-	99,874,748	-1,760,121

 Acquisition of Common Shares: Torchmark shares are acquired from time to time through open market purchases under the Torchmark stock repurchase program when it is believed to be the best use of Torchmark’s excess cash flows. Share repurchases under this program were 5.6 million shares at a cost of $320 million in 2006, 5.6 million shares at a cost of $300 million in 2005, and 5.2 million shares at a cost of $268 million in 2004. When stock options are exercised, proceeds from the exercises are generally used to repurchase approximately the number of shares available with those funds, in order to reduce dilution. Shares repurchased for dilution purposes were 415 thousand shares at a cost of $24 million in 2006, 4.7 million shares costing $255 million in 2005, and 313 thousand shares at a cost of $17 million in 2004. Retirement of Treasury Stock: Torchmark retired 5 million shares of treasury stock in December, 2006, 4 million in 2005, and 5 million in 2004. Restrictions: Restrictions exist on the flow of funds to Torchmark from its insurance subsidiaries. Statutory regulations require life insurance subsidiaries to maintain certain minimum amounts of capital and surplus. Dividends from insurance subsidiaries of Torchmark are limited to the greater of statutory net gain from operations, excluding capital gains and losses, on an annual noncumulative basis, or 10% of surplus, in the absence of special regulatory approval. Additionally, insurance company distributions are generally not permitted in excess of statutory surplus. Subsidiaries are also subject to certain minimum capital requirements. In 2006, subsidiaries of Torchmark paid $428 million in dividends to the parent company. During 2007, a maximum amount of $434 million is expected to be available to Torchmark from subsidiaries without regulatory approval. PART I ITEM 1.  BUSINESS General SL Green Realty Corp.  is a self-managed real estate investment trust, or REIT, with in-house capabilities in property management, acquisitions, financing, development, construction and leasing. We were formed in June 1997 for the purpose of continuing the commercial real estate business of S. L.  Green Properties, Inc. , our predecessor entity. S. L.  Green Properties, Inc. , which was founded in 1980 by Stephen L.  Green, the Company's Chairman, had been engaged in the business of owning, managing, leasing, acquiring and repositioning office properties in Manhattan, a borough of New York City. Reckson Associates Realty Corp. , or Reckson, and Reckson Operating Partnership, L. P. , or ROP, are wholly-owned subsidiaries of SL Green Operating Partnership, L. P. , the Operating Partnership. As of December 31, 2013, we owned the following interests in commercial office properties in the New York Metropolitan area, primarily in midtown Manhattan. Our investments in the New York Metropolitan area also include investments in Brooklyn, Long Island, Westchester County, Connecticut and Northern New Jersey, which are collectively known as the Suburban properties:

Location	Ownership	Number ofBuildings	Square Feet	Weighted AverageOccupancy-1

Manhattan	Consolidated properties	23	17,306,045	94.5%

	Unconsolidated properties	9	5,934,434	96.6%

Suburban	Consolidated properties	26	4,087,400	79.8%

	Unconsolidated properties	4	1,222,100	87.2%

		62	28,549,979	92.5%

 (1) The weighted average occupancy represents the total occupied square feet divided by total available rentable square feet. As of December 31, 2013, our Manhattan office properties were comprised of 17 fee owned buildings, including ownership in commercial condominium units, and six leasehold owned buildings. As of December 31, 2013, our Suburban office properties were comprised of 25 fee owned buildings and one leasehold building. As of December 31, 2013, we also held fee owned interests in nine unconsolidated Manhattan office properties and four unconsolidated Suburban office properties. We refer to our consolidated and unconsolidated Manhattan and Suburban office properties collectively as our Portfolio. As of December 31, 2013, we also owned investments in 16 retail properties encompassing approximately 875,800 square feet, 20 development buildings encompassing approximately 3,230,800 square feet, four residential buildings encompassing 801 units (approximately 719,900 square feet) and two land interests encompassing approximately 961,400 square feet. The Company also has ownership interests in 28 west coast office properties encompassing 52 buildings totaling approximately 3,654,300 square feet. In addition, we manage two office buildings owned by third parties and affiliated companies encompassing approximately 626,400 square feet. As of December 31, 2013, we also held debt and preferred equity investments with a book value of $1.3 billion. Our corporate offices are located in midtown Manhattan at 420 Lexington Avenue, New York, New York 10170. As of December 31, 2013, our corporate staff consisted of approximately 278 persons, including 182 professionals experienced in all aspects of commercial real estate. We can be contacted at (212) 594-2700. We maintain a website at www. slgreen. com. On our website, you can obtain, free of charge, a copy of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we file such material electronically with, or furnish it to, the Securities and Exchange Commission, or the SEC. We have also made available on our website our audit committee charter, compensation committee charter, nominating and corporate governance committee charter, code of business conduct and ethics and corporate governance principles. We do not intend for information contained on our website to be part of this annual report on Form 10-K.  You can also read and copy any materials we file with the SEC at its Public Reference Room at 100 F Street, NE, Washington, DC 20549 (1-800-SEC-0330). The SEC maintains an Internet site (http://www. sec. gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Operating Profit We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate. We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment’s contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated. Segment operating profit is not, however, a measure of financial performance under U. S.  GAAP, and may not be defined and calculated by other companies in the same manner. The table below reconciles segment operating profit to total operating profit:


Answer: 80251.0

Question: What was the total amount of Expenses in 2008 for Amount? (in thousand)

Context:
MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (in thousands, except share and per share amounts) Had compensation expense for employee stock-based awards been determined based on the fair value at grant date consistent with SFAS No.123(R), the Company’s Net income (loss) for the year would have been increased or decreased to the pro forma amounts indicated below:

	Year Ended December 31,

	 2005	 2004	2003

Net income

As reported	$8,142	$57,587	$4,212

Compensation expense	1,366	1,965	1,646

Pro forma	$6,776	$55,622	$2,566

Basic net income (loss) per common share	$0.29	$6.76	$-2.20

Diluted net income (loss) per common share	$0.23	$1.88	$-2.20

Basic net income (loss) per common share — pro forma	$0.24	$6.48	$-2.70

Diluted net income (loss) per common share — pro forma	$0.19	$1.82	$-2.70

 Basic and diluted earnings per share (“EPS”) in 2003 includes the effect of dividends accrued on our redeemable convertible preferred stock. In 2003, securities that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS, because to do so would have been anti-dilutive. See Note 12, “Earnings Per Share”. Revenue Recognition The majority of the Company’s revenues are derived from commissions for trades executed on the electronic trading platform that are billed to its broker-dealer clients on a monthly basis. The Company also derives revenues from information and user access fees, license fees, interest and other income. Commissions are generally calculated as a percentage of the notional dollar volume of bonds traded on the electronic trading platform and vary based on the type and maturity of the bond traded. Under the transaction fee plans, bonds that are more actively traded or that have shorter maturities are generally charged lower commissions, while bonds that are less actively traded or that have longer maturities generally command higher commissions. Commissions are recorded on a trade date basis. The Company’s standard fee schedule for U. S.  high-grade corporate bonds was revised in August 2003 to provide lower average transaction commissions for dealers who transacted higher U. S.  high-grade volumes through the platform, while at the same time providing an element of fixed commissions over the two-year term of the plans. One of the revised plans that was suited for the Company’s most active broker-dealer clients included a fee cap that limited the potential growth in U. S.  high-grade revenue. The fee caps were set to take effect at volume levels significantly above those being transacted at the time the revised transaction fee plans were introduced. Most broker-dealer clients entered into fee arrangements with respect to the trading of U. S.  high-grade corporate bonds that included both a fixed component and a variable component. These agreements had been scheduled to expire during the third quarter of 2005. On June 1, 2005, the Company introduced a new fee plan primarily for secondary market transactions in U. S.  high-grade corporate bonds executed on its electronic trading platform. As of December 31, 2005, 17 of the Company’s U. S.  high-grade broker-dealer clients have signed new two-year agreements that supersede the fee arrangements that were entered into with many of its broker-dealer clients during the third quarter of 2003. The new plan incorporates higher fixed monthly fees and lower variable fees for brokerdealer clients than the previous U. S.  high-grade corporate transaction fee plans described above, and incorporates volume incentives to broker-dealer clients that are designed to increase the volume of transactions effected on the Company’s The U. S.  high-grade average variable transaction fee per million increased from $84 per million for the year ended December 31, 2007 to $121 per million for the year ended December 31, 2008 due to the longer maturity of trades executed on the platform, for which we charge higher commissions. The Eurobond average variable transaction fee per million decreased from $138 per million for the year ended December 31, 2007 to $112 per million for the year ended December 31, 2008, principally from the introduction of the new European high-grade fee plan. Other average variable transaction fee per million increased from $121 per million for the year ended December 31, 2007 to $158 per million for the year ended December 31, 2008 primarily due to a higher percentage of volume in products that carry higher fees per million, principally high-yield. Technology Products and Services. Technology products and services revenues increased by $7.8 million to $8.6 million for the year ended December 31, 2008 from $0.7 million for the year ended December 31, 2007. The increase was primarily a result of the Greenline acquisition. Information and User Access Fees. Information and user access fees increased by $0.1 million or 2.5% to $6.0 million for the year ended December 31, 2008 from $5.9 million for the year ended December 31, 2007. Investment Income. Investment income decreased by $1.8 million or 33.7% to $3.5 million for the year ended December 31, 2008 from $5.2 million for the year ended December 31, 2007. This decrease was primarily due to lower interest rates. Other. Other revenues decreased by $0.1 million or 4.4% to $1.5 million for the year ended December 31, 2008 from $1.6 million for the year ended December 31, 2007. Expenses Our expenses for the years ended December 31, 2008 and 2007, and the resulting dollar and percentage changes, were as follows:

	Year Ended December 31,

	2008	2007

		% of		% of	$	%

	 $	Revenues	 $	Revenues	Change	Change

	($ in thousands)

 Expenses

Employee compensation and benefits	$43,810	47.1%	$43,051	46.0%	$759	1.8%

Depreciation and amortization	7,879	8.5	7,170	7.7	709	9.9

Technology and communications	8,311	8.9	7,463	8.0	848	11.4

Professional and consulting fees	8,171	8.8	7,639	8.2	532	7.0

Occupancy	2,891	3.1	3,275	3.5	-384	-11.7

Marketing and advertising	3,032	3.3	1,905	2.0	1,127	59.2

General and administrative	6,157	6.6	5,889	6.3	268	4.6

Total expenses	$80,251	86.2%	$76,392	81.6%	$3,859	5.1%

 $43.8 million for the year ended December 31, 2008 from $43.1 million for the year ended December 31, 2007. This increase was primarily attributable to higher wages of $2.4 million, severance costs of $1.0 million and stockbased compensation expense of $1.4 million, offset by reduced incentive compensation of $3.6 million. The higher wages were primarily a result of the Greenline acquisition. The total number of employees increased to 185 as of December 31, 2008 from 182 as of December 31, 2007. As a percentage of total revenues, employee compensation and benefits expense increased to 47.1% for the year ended December 31, 2008 from 46.0% for the year ended December 31, 2007. Depreciation and Amortization. Depreciation and amortization expense increased by $0.7 million or 9.9% to $7.9 million for the year ended December 31, 2008 from $7.2 million for the year ended December 31, 2007. An increase in amortization of intangible assets of $1.3 million and the TWS impairment charge of $0.7 million were offset by a decline in depreciation and amortization of hardware and software development costs of $1.3 million. MARKETAXESS HOLDINGS INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) of this standard had no material effect on the Company’s Consolidated Statements of Financial Condition and Consolidated Statements of Operations. Reclassifications Certain reclassifications have been made to the prior years’ financial statements in order to conform to the current year presentation. Such reclassifications had no effect on previously reported net income. On March 5, 2008, the Company acquired all of the outstanding capital stock of Greenline Financial Technologies, Inc.  (“Greenline”), an Illinois-based provider of integration, testing and management solutions for FIX-related products and services designed to optimize electronic trading of fixed-income, equity and other exchange-based products, and approximately ten percent of the outstanding capital stock of TradeHelm, Inc. , a Delaware corporation that was spun-out from Greenline immediately prior to the acquisition. The acquisition of Greenline broadens the range of technology services that the Company offers to institutional financial markets, provides an expansion of the Company’s client base, including global exchanges and hedge funds, and further diversifies the Company’s revenues beyond the core electronic credit trading products. The results of operations of Greenline are included in the Consolidated Financial Statements from the date of the acquisition. The aggregate consideration for the Greenline acquisition was $41.1 million, comprised of $34.7 million in cash, 725,923 shares of common stock valued at $5.8 million and $0.6 million of acquisition-related costs. In addition, the sellers were eligible to receive up to an aggregate of $3.0 million in cash, subject to Greenline attaining certain earnout targets in 2008 and 2009. A total of $1.4 million was paid to the sellers in 2009 based on the 2008 earn-out target, bringing the aggregate consideration to $42.4 million. The 2009 earn-out target was not met. A total of $2.0 million of the purchase price, which had been deposited into escrow accounts to satisfy potential indemnity claims, was distributed to the sellers in March 2009. The shares of common stock issued to each selling shareholder of Greenline were released in two equal installments on December 20, 2008 and December 20, 2009, respectively. The value ascribed to the shares was discounted from the market value to reflect the non-marketability of such shares during the restriction period. The purchase price allocation is as follows (in thousands):

Cash	$6,406

Accounts receivable	2,139

Amortizable intangibles	8,330

Goodwill	29,405

Deferred tax assets, net	3,410

Other assets, including investment in TradeHelm	1,429

Accounts payable, accrued expenses and deferred revenue	-8,701

Total purchase price	$42,418

 The amortizable intangibles include $3.2 million of acquired technology, $3.3 million of customer relationships, $1.3 million of non-competition agreements and $0.5 million of tradenames. Useful lives of ten years and five years have been assigned to the customer relationships intangible and all other amortizable intangibles, respectively. The identifiable intangible assets and goodwill are not deductible for tax purposes. The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the years ended December 31, 2008 and 2007, as if the acquisition of Greenline had occurred as of the beginning of the period presented, after giving effect to certain purchase accounting adjustments. These pro forma results are not necessarily indicative of what the Company’s operating results would have been had the acquisition actually taken place as of the beginning of the earliest period presented. The pro forma financial information


Answer: 1.0

Question: How many Balance at Beginning of Period exceed the average of Balance at Beginning of Period in 2006?

Context:
The following table summarizes the changes in the Company’s valuation allowance:

Balance at January 1, 2010	$25,621

Increases in current period tax positions	907

Decreases in current period tax positions	-2,740

Balance at December 31, 2010	$23,788

Increases in current period tax positions	1,525

Decreases in current period tax positions	-3,734

Balance at December 31, 2011	$21,579

Increases in current period tax positions	0

Decreases in current period tax positions	-2,059

Balance at December 31, 2012	$19,520

 Note 14: Employee Benefits Pension and Other Postretirement Benefits The Company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations. Benefits under the plans are based on the employee’s years of service and compensation. The pension plans have been closed for most employees hired on or after January 1, 2006. Union employees hired on or after January 1, 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement. Union employees hired on or after January 1, 2001 and non-union employees hired on or after January 1, 2006 are provided with a 5.25% of base pay defined contribution plan. The Company does not participate in a multiemployer plan. The Company’s funding policy is to contribute at least the greater of the minimum amount required by the Employee Retirement Income Security Act of 1974 or the normal cost, and an additional contribution if needed to avoid “at risk” status and benefit restrictions under the Pension Protection Act of 2006. The Company may also increase its contributions, if appropriate, to its tax and cash position and the plan’s funded position. Pension plan assets are invested in a number of actively managed and indexed investments including equity and bond mutual funds, fixed income securities and guaranteed interest contracts with insurance companies. Pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans. (See Note 6) The Company also has several unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees. The Company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees. The retiree welfare plans are closed for union employees hired on or after January 1, 2006. The plans had previously closed for non-union employees hired on or after January 1, 2002. The Company’s policy is to fund other postretirement benefit costs for rate-making purposes. Plan assets are invested in equity and bond mutual funds, fixed income securities, real estate investment trusts (“REITs”) and emerging market funds. The obligations of the plans are dominated by obligations for active employees. Because the timing of expected benefit payments is so far in the future and the size of the plan assets are small relative to the Company’s assets, the investment strategy is to allocate a significant percentage of assets to equities, which the Company believes will provide the highest return over the long-term period. The fixed income assets are invested in long duration debt securities and may be invested in fixed income instruments, such as futures and options in order to better match the duration of the plan liability. The allocation of goodwill in accordance with SFAS No.142 for the years ended December 31, 2006 and 2005 was as follows:

 	 Balance at Beginning of Period	 Goodwill Acquired	 Foreign Currency Translation and Other	 Balance at End of Period

Year Ended December 31, 2006

Food Packaging	$540.4	$31.9	$14.9	$587.2

Protective Packaging	1,368.4	0.4	1.1	1,369.9

Total	$1,908.8	$32.3	$16.0	$1,957.1

Year Ended December 31, 2005

Food Packaging	$549.8	$0.7	$-10.1	$540.4

Protective Packaging	1,368.2	0.8	-0.6	1,368.4

Total	$1,918.0	$1.5	$-10.7	$1,908.8

 See Note 20, “Acquisitions,” for additional information on the goodwill acquired during 2006. Note 4 Short Term Investments—Available-for-Sale Securities At December 31, 2006 and 2005, the Company’s available-for-sale securities consisted of auction rate securities for which interest or dividend rates are generally re-set for periods of up to 90 days. At December 31, 2006, the Company held $33.9 million of auction rate securities which were investments in preferred stock with no maturity dates. At December 31, 2005, the Company held $44.1 million of auction rate securities, of which $34.7 million were investments in preferred stock with no maturity dates and $9.4 million were investments in other auction rate securities with contractual maturities in 2031. At December 31, 2006 and 2005, the fair value of the available-for-sale securities held by the Company was equal to their cost. There were no gross realized gains or losses from the sale of availablefor-sale securities in 2006 and 2005. Note 5 Accounts Receivable Securitization Program In December 2001, the Company and a group of its U. S.  subsidiaries entered into an accounts receivable securitization program with a bank and an issuer of commercial paper administered by the bank. On December 7, 2004, which was the scheduled expiration date of this program, the parties extended this program for an additional term of three years ending December 7, 2007. Under this receivables program, the Company’s two primary operating subsidiaries, Cryovac, Inc.  and Sealed Air Corporation (US), sell all of their eligible U. S.  accounts receivable to Sealed Air Funding Corporation, an indirectly wholly-owned subsidiary of the Company that was formed for the sole purpose of entering into the receivables program. Sealed Air Funding in turn may sell undivided ownership interests in these receivables to the bank and the issuer of commercial paper, subject to specified conditions, up to a maximum of $125.0 million of receivables interests outstanding from time to time. Sealed Air Funding retains the receivables it purchases from the operating subsidiaries, except those as to which it sells receivables interests to the bank or the issuer of commercial paper. The Company has structured the sales of accounts receivable by the operating subsidiaries to Sealed Air Funding, and the sales of receivables interests from Sealed Air Funding to the bank and the issuer of commercial paper, as “true sales” under applicable laws. The assets of Sealed Air Funding are not available to pay any creditors of the Company or of the Company’s other subsidiaries or affiliates. The Company accounts for these transactions as sales of receivables under the provisions of SFAS No.140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities. ” Product Care 2016 compared with 2015 As reported, net sales decreased $30 million, or 2%, in 2016 compared with 2015, of which $22 million was due to negative currency impact. On a constant dollar basis, net sales decreased $8 million, or 1%, in 2016 compared with 2015 primarily due to the following: ? unfavorable price/mix of $29 million primarily in North America driven by targeted pricing incentives and an unfavorable product mix related to accelerated growth in e-Commerce and a shift in demand due to more innovative, resource-efficient solutions. This was partially offset by: ? higher unit volumes of $21 million, primarily in North America and EMEA due to ongoing strength in the e-Commerce and third party logistics markets, partially offset by rationalization and weakness in the industrial sector, as well as declines in Latin America due to the political and economic environment.2015 compared with 2014 As reported, net sales decreased $109 million, or 7%, in 2015 compared with 2014, of which $99 million was due to negative currency impact. On a constant dollar basis, net sales decreased $10 million, or 1%, in 2015 compared with 2014 primarily due to the following: ? lower unit volumes due to rationalization efforts in North America, Latin America and to a lesser extent, EMEA and weaknesses across the industrial sector. This was partially offset by: ? favorable price/mix in all regions, primarily in North America and Latin America reflecting results from our focus on maintaining pricing disciplines and an increase of sales from high-performance packaging solutions, including cushioning and packaging systems as compared to sales from general packaging solutions, and the progression of our pricing and value initiatives implemented to offset non-material inflationary costs as well as currency devaluation. Cost of Sales Cost of sales for the years ended December 31, were as follows:

	Year Ended December 31,	2016 vs. 2015 % Change	2015 vs. 2014 % Change

(In millions)	2016	2015	2014

Net sales	$6,778.3	$7,031.5	$7,750.5	-3.6%	-9.3%

Cost of sales	4,246.7	4,444.9	5,062.9	-4.5%	-12.2%

As a % of net sales	62.7%	63.2%	65.3%

Gross Profit	$2,531.6	$2,586.6	$2,687.6	-2.1%	-3.8%

 2016 compared with 2015 As reported, costs of sales decreased $198 million in 2016 as compared to 2015. Cost of sales was impacted by favorable foreign currency translation of $163 million. On a constant dollar basis, cost of sales decreased $35 million primarily due to the divestiture of the North American foam trays and absorbent pads business and European food trays business of $79 million, offset by an increase of $51 million in expenses representing higher non-material manufacturing and direct costs, including salary and wage inflation, partially offset by restructuring savings and lower incentive based compensation.2015 compared with 2014 As reported, costs of sales decreased $618 million in 2015 as compared to 2014. Cost of sales was impacted by favorable foreign currency translation of $492 million. On a constant dollar basis, cost of sales decreased $126 million primarily due to the divestiture of the North American foam trays and absorbent pads business and European food trays business of $140 million and favorable impact of $31 million related to cost savings, freight, and other supply chain costs. These were partially offset by $47 million in expenses related to higher non-material manufacturing costs, including salary and wage inflation.


Answer: 1.0

Question: Does the average value of Loans and leases in 2014 greater than that in 2013

Context:
countries which totaled between .75% and 1% of our consolidated total assets at December 31, 2009 amounted to $1.26 billion (Italy). Aggregate cross-border outstandings to countries which totaled between .75% and 1% of our consolidated total assets at December 31, 2008 amounted to $3.45 billion (Canada and Germany). There were no cross-border outstandings to countries which totaled between .75% and 1% of our consolidated total assets as of December 31, 2007. Capital The management of regulatory and economic capital both involve key metrics evaluated by management to assess whether our actual level of capital is commensurate with our risk profile, is in compliance with all regulatory requirements, and is sufficient to provide us with the financial flexibility to undertake future strategic business initiatives. Regulatory Capital Our objective with respect to regulatory capital management is to maintain a strong capital base in order to provide financial flexibility for our business needs, including funding corporate growth and supporting customers’ cash management needs, and to provide protection against loss to depositors and creditors. We strive to maintain an optimal level of capital, commensurate with our risk profile, on which an attractive return to shareholders is expected to be realized over both the short and long term, while protecting our obligations to depositors and creditors and satisfying regulatory capital adequacy requirements. Our capital management process focuses on our risk exposures, our regulatory capital requirements, the evaluations of the major independent credit rating agencies that assign ratings to our public debt and our capital position relative to our peers. Our Capital Committee, working in conjunction with our Asset and Liability Committee, referred to as ALCO, oversees the management of regulatory capital, and is responsible for ensuring capital adequacy with respect to regulatory requirements, internal targets and the expectations of the major independent credit rating agencies. The primary regulator of both State Street and State Street Bank for regulatory capital purposes is the Federal Reserve. Both State Street and State Street Bank are subject to the minimum capital requirements established by the Federal Reserve and defined in the Federal Deposit Insurance Corporation Improvement Act of 1991. State Street Bank must meet the regulatory capital thresholds for “well capitalized” in order for the parent company to maintain its status as a financial holding company. Regulatory capital ratios and related regulatory guidelines for State Street and State Street Bank were as follows as of December 31:

	REGULATORY GUIDELINES	STATE STREET	 STATE  STREET  BANK

	Minimum	Well Capitalized	2009	2008 -2	2009	 2008-2

Regulatory capital ratios:

Tier 1 risk-based capital	4%	6%	17.7%	20.3%	17.3%	19.8%

Total risk-based capital	8	10	19.1	21.6	19.0	21.3

Tier 1 leverage ratio-1	4	5	8.5	7.8	8.2	7.6

 (1) Regulatory guideline for well capitalized applies only to State Street Bank. (2) Tier 1 and total risk-based capital and tier 1 leverage ratios exclude the impact, where applicable, of the asset-backed commercial paper purchased under the Federal Reserve’s AMLF, as permitted by the AMLF’s terms and conditions. At December 31, 2009, State Street’s and State Street Bank’s tier 1 and total risk-based capital ratios decreased compared to year-end 2008. With respect to State Street, the loss associated with the May 2009 conduit consolidation and the June 2009 redemption of the equity received from the U. S.  Treasury in connection with the TARP Capital Purchase Program, partly offset by the aggregate impact of the May 2009 public offering MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) on a number of factors, including, but not limited to, the level of housing prices and the timing of defaults. To the extent that such factors differ significantly from management's current expectations, resulting loss estimates may differ materially from those stated. Excluding other-than-temporary impairment recorded in 2014, management considers the aggregate decline in fair value of the remaining investment securities and the resulting gross unrealized losses as of December 31, 2014 to be temporary and not the result of any material changes in the credit characteristics of the securities. Additional information about these gross unrealized losses is provided in note 3 to the consolidated financial statements included under Item 8 of this Form 10-K.  Loans and Leases TABLE 26: U. S.  AND NON- U. S.  LOANS AND LEASES

	As of December 31,

(In millions)	2014	2013	2012	2011	2010

Institutional:

U.S.	$14,908	$10,623	$9,645	$7,115	$7,001

Non-U.S.	3,263	2,654	2,251	2,478	4,192

Commercial real estate:

U.S.	28	209	411	460	764

Total loans and leases	$18,199	$13,486	$12,307	$10,053	$11,957

Average loans and leases	$15,912	$13,781	$11,610	$12,180	$12,094

 The increase in loans in the institutional segment as of December 31, 2014 as compared to December 31, 2013 was primarily driven by higher levels of short-duration advances and increased investment in the non-investment-grade lending market through participations in loan syndications, specifically senior secured bank loans. Short-duration advances to our clients included in the institutional segment were $3.54 billion and $2.45 billion as of December 31, 2014 and 2013, respectively. These short-duration advances provide liquidity to fund clients in support of their transaction flows associated with securities settlement activities. As of December 31, 2014 and 2013, our investment in senior secured bank loans totaled approximately $2.07 billion and $724 million, respectively. In addition, we had binding unfunded commitments as of December 31, 2014 totaling $337 million to participate in such syndications. These senior secured bank loans, which we have rated “speculative” under our internal risk-rating framework (refer to note 4 to the consolidated financial statements included under Item 8 of this Form 10-K), are externally rated “BBB,” “BB” or “B,” with approximately 95% of the loans rated “BB” or “B” as of December 31, 2014, compared to 94% as of December 31, 2013. Our investment strategy involves limiting our investment to larger, more liquid credits underwritten by major global financial institutions, applying our internal credit analysis process to each potential investment, and diversifying our exposure by counterparty and industry segment. However, these loans have significant exposure to credit losses relative to higher-rated loans. As of December 31, 2014, our allowance for loan losses included approximately $26 million related to these senior secured bank loans. As this portfolio grows and becomes more seasoned, our allowance for loan losses related to these loans may increase through additional provisions for credit losses. As of December 31, 2014 and 2013, unearned income deducted from our investment in leveraged lease financing was $109 million and $121 million, respectively, for U. S.  leases and $261 million and $298 million, respectively, for non-U. S.  leases. The commercial real estate, or CRE, loans are composed of the loans acquired in 2008 pursuant to indemnified repurchase agreements with an affiliate of Lehman as a result of the Lehman Brothers bankruptcy. Additional information about all of our loan-and-lease segments, as well as underlying classes, is provided in note 4 to the consolidated financial statements included under Item 8 of this Form 10-K. The decrease in the CRE loans as of December 31, 2014 compared to December 31, 2013 resulted from one of the loans, acquired in 2008 pursuant to indemnified repurchase agreement with an affiliate of Lehman as a result of the Lehman Brothers bankruptcy being repaid. As of December 31, 2014 no CRE loans were modified in troubled debt restructurings. As of December 31, 2013, we held a CRE loan for approximately $130 million which had previously been modified in a troubled debt restructuring. No loans were modified in troubled debt restructurings in 2014 or 2013. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Funding Deposits: We provide products and services including custody, accounting, administration, daily pricing, foreign exchange services, cash management, financial asset management, securities finance and investment advisory services. As a provider of these products and services, we generate client deposits, which have generally provided a stable, low-cost source of funds. As a global custodian, clients place deposits with State Street entities in various currencies. We invest these client deposits in a combination of investment securities and shortduration financial instruments whose mix is determined by the characteristics of the deposits. For the past several years, we have experienced higher client deposit inflows toward the end of the quarter or the end of the year. As a result, we believe average client deposit balances are more reflective of ongoing funding than period-end balances. TABLE 33: CLIENT DEPOSITS

	December 31,	Average Balance Year Ended December 31,

(In millions)	2014	2013	2014	2013

Client deposits-1	$195,276	$182,268	$167,470	$143,043

 (1) Balance as of December 31, 2014 excluded term wholesale certificates of deposit, or CDs, of $13.76 billion; average balances for the year ended December 31, 2014 and 2013 excluded average CDs of $6.87 billion and $2.50 billion, respectively. Short-Term Funding: Our corporate commercial paper program, under which we can issue up to $3.0 billion of commercial paper with original maturities of up to 270 days from the date of issuance, had $2.48 billion and $1.82 billion of commercial paper outstanding as of December 31, 2014 and 2013, respectively. Our on-balance sheet liquid assets are also an integral component of our liquidity management strategy. These assets provide liquidity through maturities of the assets, but more importantly, they provide us with the ability to raise funds by pledging the securities as collateral for borrowings or through outright sales. In addition, our access to the global capital markets gives us the ability to source incremental funding at reasonable rates of interest from wholesale investors. As discussed earlier under “Asset Liquidity,” State Street Bank's membership in the FHLB allows for advances of liquidity with varying terms against high-quality collateral. Short-term secured funding also comes in the form of securities lent or sold under agreements to repurchase. These transactions are short-term in nature, generally overnight, and are collateralized by high-quality investment securities. These balances were $8.93 billion and $7.95 billion as of December 31, 2014 and 2013, respectively. State Street Bank currently maintains a line of credit with a financial institution of CAD $800 million, or approximately $690 million as of December 31, 2014, to support its Canadian securities processing operations. The line of credit has no stated termination date and is cancelable by either party with prior notice. As of December 31, 2014, there was no balance outstanding on this line of credit. Long-Term Funding: As of December 31, 2014, State Street Bank had Board authority to issue unsecured senior debt securities from time to time, provided that the aggregate principal amount of such unsecured senior debt outstanding at any one time does not exceed $5 billion. As of December 31, 2014, $4.1 billion was available for issuance pursuant to this authority. As of December 31, 2014, State Street Bank also had Board authority to issue an additional $500 million of subordinated debt. We maintain an effective universal shelf registration that allows for the public offering and sale of debt securities, capital securities, common stock, depositary shares and preferred stock, and warrants to purchase such securities, including any shares into which the preferred stock and depositary shares may be convertible, or any combination thereof. We have issued in the past, and we may issue in the future, securities pursuant to our shelf registration. The issuance of debt or equity securities will depend on future market conditions, funding needs and other factors. Agency Credit Ratings Our ability to maintain consistent access to liquidity is fostered by the maintenance of high investment-grade ratings as measured by the major independent credit rating agencies. Factors essential to maintaining high credit ratings include diverse and stable core earnings; relative market position; strong risk management; strong capital ratios; diverse liquidity sources, including the global capital markets and client deposits; strong liquidity monitoring procedures; and preparedness for current or future regulatory developments. High ratings limit borrowing costs and enhance our liquidity by providing assurance for unsecured funding and depositors, increasing the potential market for our debt and improving our ability to offer products, serve markets, and engage in transactions in which clients value high credit ratings. A downgrade or reduction of our credit ratings could have a material adverse effect on our liquidity by restricting our ability to access the capital