German InfraServ Entities The Company's InfraServ Entities (Note 9) are liable for any residual contamination and other pollution because they own the real estate on which the individual facilities operate.
In addition, Hoechst, and its legal successors, as the responsible party under German public law, is liable to third parties for all environmental damage that occurred while it was still the owner of the plants and real estate (Note 24).
The contribution agreements entered into in 1997 between Hoechst and the respective operating companies, as part of the divestiture of these companies, provide that the operating companies will indemnify Hoechst, and its legal successors, against environmental liabilities resulting from the transferred businesses.
Additionally, the InfraServ Entities have agreed to indemnify Hoechst, and its legal successors, against any environmental liability arising out of or in connection with environmental pollution of any site.
The InfraServ partnership agreements provide that, as between the partners, each partner is responsible for any contamination caused predominantly by such partner.
Any liability, which cannot be attributed to an InfraServ partner and for which no third party is responsible, is required to be borne by the InfraServ partnership.
Also, under lease agreements entered into by an InfraServ partner as landlord, the tenants agreed to pay certain remediation costs on a pro rata basis.
If an InfraServ partner defaults on its respective indemnification obligations to eliminate residual contamination, the owners of the remaining participation in the InfraServ companies have agreed to fund such liabilities, subject to a number of limitations.
To the extent that any liabilities are not satisfied by either the InfraServ Entities or their owners, these liabilities are to be borne by the Company in accordance with the demerger agreement.
However, Hoechst, and its legal successors, will reimburse the Company for two-thirds of any such costs.
Likewise, in certain circumstances the Company could be responsible for the elimination of residual contamination on several sites that were not transferred to InfraServ companies, in which case Hoechst, and its legal successors, must also reimburse the Company for two-thirds of any costs so incurred.
The Company's ownership interest and environmental liability participation percentages for such liabilities, which cannot be attributed to an InfraServ partner are as follows:
## Table 0 ##
(1) Gross reserves maintained by the respective InfraServ entity.
US Superfund Sites In the US, the Company may be subject to substantial claims brought by US federal or state regulatory agencies or private individuals pursuant to statutory authority or common law.
In particular, the Company has a potential liability under the US Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, and related state laws (collectively referred to as "Superfund") for investigation and cleanup costs at certain sites.
At most of these sites, numerous companies, including the Company, or one of its predecessor companies, have been notified that the US Environmental Protection Agency ("EPA"), state governing bodies or private individuals consider such companies to be potentially responsible parties ("PRP") under Superfund or related laws.
The proceedings relating to these sites are in various stages.
The cleanup process has not been completed at most sites and the status of the insurance coverage for some of these proceedings is uncertain.
Consequently, the Company cannot accurately determine its ultimate liability for investigation or cleanup costs at these sites.
As events progress at each site for which it has been named a PRP, the Company accrues, as appropriate, a liability for site cleanup.
Such liabilities include all costs that are probable and can be reasonably estimated.
In establishing these liabilities, the Company considers its shipment of waste to a site, its percentage of total waste shipped to the site, the types of wastes involved, the conclusions of any studies, the magnitude of any remedial actions that may be necessary and the number and viability of other PRPs.
Often the Company joins with other PRPs to sign joint defense agreements that settle, among PRPs, each party's percentage allocation of costs at the site.
Although the ultimate liability may differ from the estimate, the Company routinely reviews the liabilities and revises the estimate, as appropriate, based on the most current information available.
platforms, to maintain its dividend per share and to repay debt maturities as they come due, including short-term debt and current portion of long-term debt totaling $601.9 million as of December 31, 2016, which included the Company’s outstanding commercial paper obligations and borrowings under the Receivables Facility and Jarden Securitization Facility replaced by the New Receivables Facility.
Contractual Obligations, Commitments and Off-Balance Sheet Arrangements The Company has outstanding debt obligations maturing at various dates through 2046.
Certain other items, such as purchase commitments and other executory contracts, are not recognized as liabilities in the Company’s consolidated financial statements but are required to be disclosed.
Examples of items not recognized as liabilities in the Company’s consolidated financial statements are commitments to purchase raw materials or inventory that has not yet been received as of December 31, 2016, and future minimum lease payments for the use of property and equipment under operating lease agreements.
The following table summarizes the effect that lease and other material contractual obligations is expected to have on the Company’s cash flow in the indicated period.
In addition, the table reflects the timing of principal and interest payments on borrowings outstanding as of December 31, 2016.
Additional details regarding these obligations are provided in the Notes to Consolidated Financial Statements (in millions):
## Table 1 ##
(1) Amounts represent contractual obligations based on the earliest date that the obligation may become due, excluding interest, based on borrowings outstanding as of December 31, 2016.
Includes $189.4 million in borrowings under the receivables facility that the Company intends to repay or refinance before maturity.
For further information relating to these obligations, see Footnote 10 of the Notes to Consolidated Financial Statements.
(2) Amounts represent estimated interest payable on borrowings outstanding as of December 31, 2016, excluding the impact of fixed to floating rate interest rate swaps.
Interest on floating-rate debt was estimated using the rate in effect as of December 31, 2016.
For further information, see Footnote 10 of the Notes to Consolidated Financial Statements.
(3) Amounts represent contractual minimum lease obligations on operating leases as of December 31, 2016.
For further information relating to these obligations, see Footnote 12 of the Notes to Consolidated Financial Statements.
(4) Primarily consists of purchase commitments entered into as of December 31, 2016, for finished goods, raw materials, components and services pursuant to legally enforceable and binding obligations, which include all significant terms.
(5) Total does not include contractual obligations reported on the December 31, 2016 balance sheet as current liabilities, except for current portion of long-term debt, short-term debt and accrued interest.
The Company also has liabilities for uncertain tax positions and unrecognized tax benefits.
The Company is under audit from time-to-time by the IRS and other taxing authorities, and it is possible that the amount of the liability for uncertain tax positions and unrecognized tax benefits could change in the coming year.
While it is possible that one or more of these examinations may be resolved in the next year, the Company is not able to reasonably estimate the timing or the amount by which the liability will be settled over time; therefore, the $367.9 million in unrecognized tax benefits as of December 31, 2016 is excluded from the preceding table.
See Footnote 16 of the Notes to Consolidated Financial Statements for additional information.
Additionally, the Company has obligations with respect to its pension and postretirement benefit plans, which are excluded from the preceding table.
The timing and amounts of the funding requirements are uncertain because they are dependent on interest rates and actual returns on plan assets, among other factors.
See Footnote 13 of the Notes to Consolidated Financial Statements for further information.
As of December 31, 2016, the Company had $80.0 million in standby letters of credit primarily related to the Company’s selfinsurance programs, including workers’compensation, product liability and medical.
See Footnote 19 of the Notes to Consolidated Financial Statements for further information.
As of December 31, 2016, the Company did not have any significant off-balance sheet arrangements, as defined in Item 303(a) (4)(ii) of SEC Regulation S-K.  Critical Accounting Estimates The Company’s accounting policies are more fully described in Footnote 1 of the Notes to Consolidated Financial Statements.
As disclosed in that footnote, the preparation of financial statements in conformity with generally accepted accounting principles
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 18.
EMPLOYEE BENEFIT PLANS (continued)
## Table 2 ##
(1) These categories invest in U. S.  equity funds whose objective is to track or outperform various indexes.
(2) This category invests in a large cap international equity funds whose objective is to track an index.
(3) This category invests in international equity funds, primarily large cap, whose objective is to outperform various indexes.
(4) This category invests in an international equity fund whose objective is to track an index.
(5) This category invests in bond funds, primarily highly rated private placement securities.
(6) This category invests in bond funds, primarily highly rated public securities whose objective is to outperform an index.
(7) This category invests in bond funds, primarily highly rated corporate securities.
(8) This category invests in highly rated corporate securities.
(9) This category invests in highly rated Collateralized Mortgage Obligations.
(10) Primarily cash and cash equivalents, short term investments, payables and receivables and open future contract positions (including fixed income collateral).
(11) The contractual net value of the investment of securities lending collateral invested in primarily short-term bond funds is $1,295 million and the liability for securities lending collateral is $1,418 million.
(12) This category invests in commercial real estate and real estate securities funds, whose objective is to outperform an index.
(13) The contractual net value of the investment of securities lending collateral invested in primarily short-term bond funds is $1,231 million and the liability for securities lending collateral is $1,413 million.
Notes to Consolidated Financial Statements (continued) | 72 SNAP-ON INCORPORATED Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:
## Table 3 ##
Of the $18.7 million of unrecognized tax benefits at the end of 2007, approximately $16.2 million would impact the effective income tax rate if recognized.
Interest and penalties related to unrecognized tax benefits are recorded in income tax expense.
During the years ended December 29, 2007, December 30, 2006, and December 31, 2005, the company recognized approximately $1.2 million, $0.5 million and ($0.5) million in net interest expense (benefit), respectively.
The company has provided for approximately $3.4 million, $2.2 million, and $1.7 million of accrued interest related to unrecognized tax benefits at the end of fiscal year 2007, 2006 and 2005, respectively.
During the next 12 months, the company does not anticipate any significant changes to the total amount of unrecognized tax benefits, other than the accrual of additional interest expense in an amount similar to the prior year’s expense.
With few exceptions, Snap-on is no longer subject to U. S.  federal and state/local income tax examinations by tax authorities for years prior to 2003, and Snap-on is no longer subject to non-U.
S.  income tax examinations by tax authorities for years prior to 2001.
The undistributed earnings of all non-U.
S.  subsidiaries totaled $338.5 million, $247.4 million and $173.6 million at the end of fiscal 2007, 2006 and 2005, respectively.
Snap-on has not provided any deferred taxes on these undistributed earnings as it considers the undistributed earnings to be permanently invested.
Determination of the amount of unrecognized deferred income tax liability related to these earnings is not practicable.
The American Jobs Creation Act of 2004 (the “AJCA”) created a one-time tax incentive for U. S.  corporations to repatriate accumulated foreign earnings by providing a tax deduction of 85% of qualifying dividends received from foreign affiliates.
Under the provisions of the AJCA, Snap-on repatriated approximately $93 million of qualifying dividends in 2005 that resulted in additional income tax expense of $3.3 million for the year.
Note 9: Short-term and Long-term Debt Notes payable and long-term debt as of December 29, 2007, was $517.9 million; no commercial paper was outstanding at December 29, 2007.
As of December 30, 2006, notes payable and long-term debt was $549.2 million, including $314.9 million of commercial paper.
Snap-on presented $300 million of the December 30, 2006, outstanding commercial paper as “Long-term debt” on the accompanying December 30, 2006, Consolidated Balance Sheet.
On January 12, 2007, Snap-on sold $300 million of unsecured notes consisting of $150 million of floating rate notes that mature on January 12, 2010, and $150 million of fixed rate notes that mature on January 15, 2017.
Interest on the floating rate notes accrues at a rate equal to the three-month London Interbank offer rate plus 0.13% per year and is payable quarterly.
Interest on the fixed rate notes accrues at a rate of 5.50% per year and is payable semi-annually.
Snap-on used the proceeds from the sale of the notes, net of $1.5 million of transaction costs, to repay commercial paper obligations issued to finance the acquisition of Business Solutions.
On January 12, 2007, the company also terminated a $250 million bridge credit agreement that Snap-on established prior to its acquisition of Business Solutions.

<table><tr><td></td><td colspan="3">As of December 31, 2014</td></tr><tr><td></td><td>Ownership</td><td>Liability</td><td>Reserves<sup>-1</sup></td></tr><tr><td></td><td colspan="2">(In percentages)</td><td>(In $ millions)</td></tr><tr><td>InfraServ GmbH & Co. Gendorf KG</td><td>39</td><td>10</td><td>13</td></tr><tr><td>InfraServ GmbH & Co. Hoechst KG</td><td>32</td><td>40</td><td>70</td></tr><tr><td>InfraServ GmbH & Co. Knapsack KG</td><td>27</td><td>22</td><td>1</td></tr></table>
<table><tr><td></td><td colspan="5">Payments Due by Period</td></tr><tr><td></td><td>Total</td><td>2017</td><td>2018-2019</td><td>2020-2021</td><td>2022+</td></tr><tr><td>Debt<sup>-1</sup></td><td>$11,955.3</td><td>$599.0</td><td>$2,308.8</td><td>$1,693.7</td><td>$7,353.8</td></tr><tr><td>Interest on debt<sup>-2</sup></td><td>5,368.8</td><td>479.9</td><td>860.3</td><td>733.7</td><td>3,294.9</td></tr><tr><td>Operating lease obligations<sup>-3</sup></td><td>1,025.3</td><td>219.1</td><td>340.2</td><td>205.2</td><td>260.8</td></tr><tr><td>Purchase obligations<sup>-4</sup></td><td>1,062.4</td><td>852.2</td><td>205.9</td><td>3.3</td><td>1.0</td></tr><tr><td>Total contractual obligations<sup>-5</sup></td><td>$19,411.8</td><td>$2,150.2</td><td>$3,715.2</td><td>$2,635.9</td><td>$10,910.5</td></tr></table>
<table><tr><td></td><td colspan="4">As of December 31, 2009</td></tr><tr><td></td><td> Level 1</td><td>Level 2</td><td> Level 3</td><td>Total</td></tr><tr><td></td><td colspan="4">(in millions)</td></tr><tr><td>U.S. Equities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Pooled separate accounts-1</td><td>$0</td><td>$782</td><td>$0</td><td>$782</td></tr><tr><td>Common/collective trusts-1</td><td>0</td><td>128</td><td>0</td><td>128</td></tr><tr><td>Other-10</td><td>33</td><td>5</td><td>0</td><td>38</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>948</td></tr><tr><td>International Equities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Pooled separate accounts-2</td><td>0</td><td>23</td><td>0</td><td>23</td></tr><tr><td>Common/collective trusts-3</td><td>0</td><td>156</td><td>0</td><td>156</td></tr><tr><td>Equities</td><td>61</td><td>0</td><td>0</td><td>61</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>240</td></tr><tr><td>Fixed Maturities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Pooled separate accounts-5</td><td>0</td><td>867</td><td>0</td><td>867</td></tr><tr><td>Common/collective trusts-6</td><td>0</td><td>345</td><td>0</td><td>345</td></tr><tr><td>U.S. government securities (federal):</td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed</td><td>0</td><td>70</td><td>0</td><td>70</td></tr><tr><td>Other U.S. government securities</td><td>0</td><td>2,085</td><td>0</td><td>2,085</td></tr><tr><td>U.S. government securities (state & other)</td><td>0</td><td>385</td><td>0</td><td>385</td></tr><tr><td>Non-U.S. government securities</td><td>0</td><td>20</td><td>0</td><td>20</td></tr><tr><td>United Kingdom insurance pooled funds-7</td><td>0</td><td>90</td><td>0</td><td>90</td></tr><tr><td>Corporate Debt:</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporate bonds-8</td><td>0</td><td>2,008</td><td>1</td><td>2,009</td></tr><tr><td>Asset-backed</td><td>0</td><td>102</td><td>0</td><td>102</td></tr><tr><td>Collateralized Mortgage Obligations (CMO)(9)</td><td>0</td><td>881</td><td>2</td><td>883</td></tr><tr><td>Interest rate swaps (Notional amount: $5,686)</td><td>0</td><td>215</td><td>0</td><td>215</td></tr><tr><td>Guaranteed investment contract</td><td>0</td><td>13</td><td>0</td><td>13</td></tr><tr><td>Other-10</td><td>61</td><td>-1</td><td>120</td><td>180</td></tr><tr><td>Unrealized gain (loss) on investment of securities lending collateral(13)</td><td>0</td><td>-182</td><td>0</td><td>-182</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>7,082</td></tr><tr><td>Short-term Investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Pooled separate accounts</td><td>0</td><td>10</td><td>0</td><td>10</td></tr><tr><td>United Kingdom insurance pooled funds</td><td>0</td><td>6</td><td>0</td><td>6</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>16</td></tr><tr><td>Real Estate:</td><td></td><td></td><td></td><td></td></tr><tr><td>Pooled separate accounts-12</td><td>0</td><td>0</td><td>187</td><td>187</td></tr><tr><td>Partnerships</td><td>0</td><td>0</td><td>48</td><td>48</td></tr><tr><td>Other</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>235</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td></tr><tr><td>Structured debt (Gateway Recovery Trust)</td><td>0</td><td>0</td><td>572</td><td>572</td></tr><tr><td>Partnerships</td><td>0</td><td>0</td><td>280</td><td>280</td></tr><tr><td>Hedge fund</td><td>0</td><td>0</td><td>218</td><td>218</td></tr><tr><td>Subtotal</td><td></td><td></td><td></td><td>1,070</td></tr><tr><td>Total</td><td>$155</td><td>$8,008</td><td>$1,428</td><td>$9,591</td></tr></table>
<table><tr><td><i>(Amounts in millions)</i></td><td>Amount</td></tr><tr><td>Unrecognized tax benefits as of December 31, 2006</td><td>$21.3</td></tr><tr><td>Gross increases – tax positions in prior periods</td><td>0.5</td></tr><tr><td>Gross decreases – tax positions in prior periods</td><td>-0.4</td></tr><tr><td>Gross increases – tax positions in the current period</td><td>0.5</td></tr><tr><td>Settlements with taxing authorities</td><td>-3.0</td></tr><tr><td>Lapsing of statutes of limitations</td><td>-0.2</td></tr><tr><td>Unrecognized tax benefits as of December 29, 2007</td><td>$18.7</td></tr></table>

Question: Which element exceeds 10 % of total for U.S. Equities?