BANK OF AMERICA CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements—(Continued) A portion of the derivative activity involves exchange-traded instruments.
Exchange-traded instruments conform to standard terms and are subject to policies set by the exchange involved, including margin and security deposit requirements.
Management believes the credit risk associated with these types of instruments is minimal.
The average fair value of Derivative Assets for 2005 and 2004 was $25.9 billion and $28.0 billion.
The average fair value of Derivative Liabilities for 2005 and 2004 was $16.8 billion and $15.7 billion.
The following table presents the contract/notional amounts and credit risk amounts at December 31, 2005 and 2004 of all the Corporation’s derivative positions.
These derivative positions are primarily executed in the over-the-counter market.
The credit risk amounts take into consideration the effects of legally enforceable master netting agreements, and on an aggregate basis have been reduced by the cash collateral applied against Derivative Assets.
At December 31, 2005 and 2004, the cash collateral applied against Derivative Assets on the Consolidated Balance Sheet was $9.3 billion and $9.4 billion.
In addition, at December 31, 2005 and 2004, the cash collateral placed against Derivative Liabilities was $7.6 billion and $6.0 billion.
Derivatives(1)
|| December 31 |
|| 2005 |2004 |
| (Dollars in millions)| Contract/ Notional | Credit Risk |Contract/ Notional |Credit Risk |
| Interest rate contracts|||||
|Swaps|$14,401,577|$11,085|$11,597,813|$12,705|
|Futures and forwards|2,113,717|—|1,833,216|332|
|Written options|900,036|—|988,253|—|
|Purchased options|869,471|3,345|1,243,809|4,840|
| Foreign exchange contracts|||||
|Swaps|333,487|3,735|305,999|7,859|
|Spot, futures and forwards|944,321|2,481|956,995|3,593|
|Written options|214,668|—|167,225|—|
|Purchased options|229,049|1,214|163,243|679|
| Equity contracts|||||
|Swaps|28,287|548|34,130|1,039|
|Futures and forwards|6,479|44|4,078|—|
|Written options|69,048|—|37,080|—|
|Purchased options|57,693|6,729|32,893|5,741|
| Commodity contracts|||||
|Swaps|8,809|2,475|10,480|2,099|
|Futures and forwards|5,533|—|6,307|6|
|Written options|7,854|—|9,270|—|
|Purchased options|3,673|546|5,535|301|
| Credit derivatives -2|2,017,896|766|499,741|430|
|Credit risk before cash collateral||32,968||39,624|
|Less: Cash collateral applied||9,256||9,389|
| Total derivative assets||$23,712||$30,235|

(1) Includes long and short derivative positions.
(2) The increase in credit derivatives notional amounts reflects structured basket transactions and customer-driven activity.
ALM Process Interest rate contracts and foreign exchange contracts are utilized in the Corporation’s ALM process.
The Corporation maintains an overall interest rate risk management strategy that incorporates the use of interest rate contracts to minimize significant fluctuations in earnings that are caused by interest rate volatility.
The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not significantly adversely affect Net Interest Income.
As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities appreciate or depreciate in market value.
Gains or losses on the derivative instruments that are linked to the hedged fixed-rate assets and liabilities are expected to substantially offset this unrealized appreciation or depreciation.
Interest Income and Interest Expense on hedged variable-rate assets and liabilities increase or decrease as a result of interest rate fluctuations.
Gains and losses on the derivative instruments that are linked to these hedged assets and liabilities are expected to substantially offset this variability in earnings.
CHIPOTLE MEXICAN GRILL, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) (dollar and share amounts in thousands, unless otherwise specified) The following table reflects the assumptions utilized to value the 2007 stock option awards granted, the 2006 stock option awards granted, option modifications in 2006, the SARs conversion upon the initial public offering and to value the SARs as of December 31, 2005 using the Black-Scholes valuation model.
In accordance with FAS 123(R), upon conversion to options in conjunction with the initial public offering, the SARs were revalued using the assumptions as of that date.
In addition, the SARs were revalued as of December 31, 2005 using the assumptions effective as of that date which are also noted above.
The risk-free interest rate is based upon U. S.  Treasury Rates for instruments with similar terms.
The expected life of the 2007 and 2006 granted options was derived utilizing the short-cut method allowed for a vanilla option grant under Staff Accounting Bulletin No.107, in which the expected life is assumed to be the average of the vesting period and the contractual life of the option.
The Company has not paid dividends to date and does not plan to pay dividends in the near future.
The volatility assumptions were derived from the Company’s actual and implied volatilities and historical volatilities of competitors whose shares are traded in the public markets and are adjusted to reflect anticipated behavior specific to the Company.
In 2005, the Company’s annual independent stock valuations were also considered in the calculation of volatility.
|| 2007| 2006| 2005|
|Risk-free interest rate|4.7%|4.4% to 5.3%|3.9%|
|Expected life (years)|5.0|0.1 to 5.0|5.0|
|Expected dividend yield|0.0%|0.0%|0.0%|
|Volatility|35%|40.0%|37.0%|

9.
Employee Benefit Plans In October 2006, effective upon consummation of the Disposition, the Company adopted the Chipotle Mexican Grill 401(k) plan (the “401(k) plan”).
Prior to October 2006, eligible Chipotle employees were participants of a 401(k) plan sponsored by McDonald’s.
The Company matches 100% of the first 3% of pay contributed by each eligible employee and 50% on the next 2% of pay contributed.
Employees become eligible to receive matching contributions after one year of service with the Company.
For the years ended December 31, 2007, 2006 and 2005, Company matching contributions totaled approximately $1,234, $1,070 and $828, respectively.
As a result of the Disposition, the Company adopted the Chipotle Mexican Grill, Inc.
Supplemental Deferred Investment Plan (the “Deferred Plan”) which covers eligible employees of the Company.
The Deferred Plan is a non-qualified, unfunded plan that allows participants to make tax-deferred contributions that cannot be made under the 401(k) plan because of Internal Revenue Service limitations.
Participants’ earnings on contributions made to the Deferred Plan fluctuate with the actual earnings and losses of a variety of available investment choices selected by the participant.
Total liabilities under the Deferred Plan as of December 31, 2007 and 2006 were $800 and $111, respectively, and are included in other long-term liabilities in the consolidated balance sheet.
The Company matches 100% of the first 3% of pay contributed by each eligible employee and 50% on the next 2% of pay contributed once the 401(k) contribution limits are reached.
For the years ended December 31, 2007 and 2006, the Company made deferred compensation matches of $137 and $25, respectively, to the Deferred Plan.
Prior to October 2006, eligible Chipotle employees were participants of a deferred compensation plan sponsored by McDonald’s.
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except per Share Amounts) In 2012, amounts reversed to costs and expenses primarily relate to the net reversal of valuation allowances in the Asia Pacific and Continental Europe regions, based on positive evidence in the form of a sustained pattern of profitability.
Amounts reversed to gross tax assets and other accounts relate primarily to the reversal of valuation allowance on foreign tax credits.
In 2011, amounts reversed to costs and expenses primarily relate to the utilization of capital loss carryforwards and the expiration of foreign tax credits on which 100% valuation allowances had been established, and the net reversal of valuation allowances based on positive evidence in the form of a sustained pattern of profitability.
These reversals were partially offset by the establishment of an additional deferred tax asset and a corresponding valuation allowance for a Luxembourg tax loss carryforward.
In 2010, amounts charged to costs and expenses primarily relate to the establishment of a deferred tax asset and a corresponding valuation allowance for a Luxembourg tax loss carryforward, which were first available for effective utilization in 2011.
This resulted from restructuring due to a tax law change in Luxembourg.
Amounts reversed to gross tax assets and other accounts relate primarily to the effect of foreign currency translation.
As of December 31, 2012, there are $1,356.6 of loss carryforwards, of which $15.1 are U. S.  tax loss carryforwards that expire in the years 2026 through 2029.
The remaining $1,341.5 are non-U.
S.  tax loss carryforwards, of which $1,091.1 have unlimited carryforward periods and $250.4 have expiration periods from 2013 through 2031.
As of December 31, 2012 and 2011, we had $2,110.0 and $1,766.7, respectively, of undistributed earnings attributable to foreign subsidiaries.
It is our intention to permanently reinvest undistributed earnings of our foreign subsidiaries.
We have not provided deferred U. S.  income taxes or foreign withholding taxes on temporary differences resulting from earnings for certain foreign subsidiaries which are permanently reinvested outside the U. S.  It is not practicable to determine the amount of unrecognized deferred tax liability associated with these temporary differences.
The table below summarizes the activity related to our unrecognized tax benefits.
||December 31,|
||2012|2011|2010|
|Balance at beginning of period|$161.0|$146.7|$160.5|
|Increases as a result of tax positions taken during a prior year|28.2|5.3|4.6|
|Decreases as a result of tax positions taken during a prior year|-6.8|-18.1|-28.1|
|Settlements with taxing authorities|-0.7|-5.0|-10.2|
|Lapse of statutes of limitation|-1.1|-0.2|-0.6|
|Increases as a result of tax positions taken during the current year|14.0|32.3|20.5|
|Balance at end of period|$194.6|$161.0|$146.7|

Included in the total amount of unrecognized tax benefits of $194.6 as of December 31, 2012, is $193.5 of tax benefits that, if recognized, would impact the effective income tax rate.
The total amount of accrued interest and penalties as of December 31, 2012 and 2011 is $13.5 and $12.1, respectively, of which a detriment of $1.4 and $0.2 is included in our 2012 and 2011 Consolidated Statements of Operations, respectively.
In accordance with our accounting policy, interest and penalties accrued on unrecognized tax benefits are classified as income taxes in our Consolidated Statements of Operations.
In 2011, we effectively settled the 2007-2008 IRS audit cycle.
The settlement resulted in no cash payment and our effective income tax rate was positively impacted by the recognition of previously unrecognized tax benefits.
We have various tax years under examination by tax authorities in various countries, and in various states, such as New York, in which we have significant business operations.
It is not yet known whether these examinations will, in the aggregate, result in our paying additional taxes.
We believe our tax reserves are adequate in relation to the potential for additional assessments in each of the jurisdictions in which we are subject to taxation.
We regularly assess the likelihood of additional tax assessments in those jurisdictions and, if necessary, adjust our reserves as additional information or events require.
NIKE, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) such agreements in place.
However, based on the Company’s historical experience and the estimated probability of future loss, the Company has determined that the fair value of such indemnifications is not material to the Company’s financial position or results of operations.
In the ordinary course of its business, the Company is involved in various legal proceedings involving contractual and employment relationships, product liability claims, trademark rights, and a variety of other matters.
The Company does not believe there are any pending legal proceedings that will have a material impact on the Company’s financial position or results of operations.
Note 16 — Restructuring Charges During the fourth quarter of fiscal 2009, the Company took necessary steps to streamline its management structure, enhance consumer focus, drive innovation more quickly to market and establish a more scalable, long-term cost structure.
As a result, the Company reduced its global workforce by approximately 5% and incurred pre-tax restructuring charges of $195 million, primarily consisting of severance costs related to the workforce reduction.
As nearly all of the restructuring activities were completed in the fourth quarter of fiscal 2009, the Company does not expect to recognize additional costs in future periods relating to these actions.
The restructuring charge is reflected in the corporate expense line in the segment presentation of pre-tax income in Note 19 — Operating Segments and Related Information.
The activity in the restructuring accrual for the year ended May 31, 2009 is as follows (in millions):

Question: What's the growth rate of Swaps in terms of Interest rate contracts with Contract/ Notional in 2005?

Python solution:
def solution():
    # Define variables name and value
    swaps_2005 = 11597813
    swaps_2004 = 14401577
    
    # Do math calculation to get the answer
    difference = swaps_2004 - swaps_2005
    growth_rate = (difference / swaps_2005) * 100
    
    return growth_rate

Answer: 24.1749371196