Stock Performance Graph The following graph sets forth the performance of our Series A common, Series B common stock, and Series C common stock for the period September 18, 2008 through December 31, 2008 as compared with the performance of the Standard and Poor’s 500 Index and a peer group index which consists of The Walt Disney Company, Time Warner Inc. , CBS Corporation Class B common stock, Viacom, Inc.  Class B common stock, News Corporation Class A Common Stock, and Scripps Network Interactive, Inc.
The graph assumes $100 originally invested on September 18, 2006 and that all subsequent dividends were reinvested in additional shares.
## Table 0 ##
Impairment and other charges (credits), net reduced/ (increased) return on average assets by 5.4 percentage points, 0.4 percentage points and (0.2) percentage points in 2007, 2006 and 2005, respectively.
In addition, these items along with the 2007 and 2005 net tax benefi t resulting from the completion of IRS examinations and incremental tax expense in connection with HIA, reduced/(increased) return on average common equity by 8.5 percentage points, 0.6 percentage points and (0.5) percentage points in 2007, 2006 and 2005, respectively.
In 2007 and 2006, return on average assets and return on average common equity both benefi ted from strong operating results in the U. S.  and Europe, as well as improved results in APMEA.
During 2008, the Company will continue to concentrate restaurant openings and new capital invested in markets with acceptable returns or opportunities for long-term growth.
Financing and market risk The Company generally borrows on a long-term basis and is exposed to the impact of interest rate changes and foreign currency fl uctuations.
Debt obligations at December 31, 2007 totaled $9.3 billion, compared with $8.4 billion at December 31, 2006.
The net increase in 2007 was primarily due to net issuances of $573 million and the impact of changes in exchange rates on foreign currency denominated debt of $342 million, partly offset by Statement of Financial Accounting Standards No.133, Accounting for Derivative Instruments and Hedging Activities (SFAS No.133) noncash fair value adjustments of $23 million.
Debt highlights(1)
## Table 1 ##
(1) All percentages are as of December 31st, except for the weighted-average annual interest rate, which is for the year.
(2) Based on debt obligations before the effect of SFAS No.133 fair value adjustments.
This effect is excluded, as these adjustments have no impact on the obligation at maturity.
See Debt fi nancing note to the consolidated fi nancial statements.
(3) Includes the effect of interest rate and foreign currency exchange agreements.
Fitch, Standard & Poor’s and Moody’s currently rate the Company’s commercial paper F1, A-1 and P-2, respectively; and its long-term debt A, A and A3, respectively.
Historically, the Company has not experienced diffi culty in obtaining fi nancing or refi nancing existing debt.
The Company’s key metrics for monitoring its credit structure are shown in the preceding table.
While the Company targets these metrics for ease of focus, it also considers similar credit ratios that incorporate capitalized operating leases to estimate total adjusted debt.
Total adjusted debt, a term that is commonly used by the rating agencies referred to above, includes debt outstanding on the Company’s balance sheet plus an adjustment to capitalize operating leases.
Based on their most recent calculations, these agencies add between $7 billion and $11 billion to debt for lease capitalization purposes, which increases total debt as a percent of total capitalization and reduces cash provided by operations as a percent of total debt for credit rating purposes.
The Company believes the rating agency methodology for capitalizing leases requires certain adjustments.
These adjustments include: excluding percent rents in excess of minimum rents; excluding certain Company-operated restaurant lease agreements outside the U. S.  that are cancelable with minimal penalties (representing approximately 25% of Company-operated restaurant minimum rents outside the U. S. , based on the Company’s estimate); capitalizing non-restaurant leases using a multiple of three times rent expense; and reducing total rent expense by a percentage of the annual minimum rent payments due to the Company from franchisees operating on leased sites.
Based on this calculation, for credit analysis purposes, approximately $4 billion of future operating lease payments would be capitalized.
Certain of the Company’s debt obligations contain crossacceleration provisions and restrictions on Company and subsidiary mortgages and the long-term debt of certain subsidiaries.
There are no provisions in the Company’s debt obligations that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business.
The Company has approximately $7.3 billion of authority to issue debt securities, including debt securities registered on a U. S.  shelf registration statement and in connection with a Euro Medium-Term Notes program.
The Company also has $1.3 billion available under a committed line of credit agreement (see Debt fi nancing note to the consolidated fi nancial statements) and authority to issue commercial paper.
In 2008, the Company expects to issue commercial paper and long-term debt in order to refi nance maturing debt and fi nance a portion of the Company’s previously disclosed expectation to return $15 billion to $17 billion to shareholders.
Debt maturing in 2008 includes approximately $1.8 billion of outstanding borrowings under the HIA multi-currency term loan facility and $800 million of long-term corporate debt.
The Company uses major capital markets, bank fi nancings and derivatives to meet its fi nancing requirements and reduce interest expense.
The Company manages its debt portfolio in response to changes in interest rates and foreign currency rates by periodically retiring, redeeming and repurchasing debt, terminating exchange agreements and using derivatives.
The Company does not use derivatives with a level of complexity or with a risk higher than the exposures to be hedged and does not hold or issue derivatives for trading purposes.
All exchange agreements are over-the-counter instruments.
In managing the impact of interest rate changes and foreign currency fl uctuations, the Company uses interest rate exchange agreements and fi nances in the currencies in which assets are denominated.
Derivatives were recorded at fair value in the Company’s Consolidated balance sheet at December 31, 2007 and 2006 in miscellaneous other assets of $64 million and $41 million, respectively, and other long-term liabilities of $70 million and $117 million, respectively.
See Summary of signifi - cant accounting policies note to the consolidated fi nancial statements related to fi nancial instruments for additional information regarding their use and the impact of SFAS No.133 regarding derivatives.
CONSOLIDATED OPERATING RESULTS
## Table 2 ##
In August 2007, the Company completed the sale of its businesses in Brazil, Argentina, Mexico, Puerto Rico, Venezuela and 13 other countries in Latin America and the Caribbean, which totaled 1,571 restaurants, to a developmental licensee organization.
The Company refers to these markets as “Latam.
” As a result of the Latam transaction, the Company receives royalties in these markets instead of a combination of Company-operated sales and franchised rents and royalties.
Based on approval by the Company’s Board of Directors on April 17, 2007, the Company concluded Latam was “held for sale” as of that date in accordance with the requirements of SFAS No.144, Accounting for the Impairment or Disposal of Long-lived Assets.
As a result, the Company recorded an impairment charge of $1.7 billion in 2007, substantially all of which was noncash.
The charge included $896 million for the difference between the net book value of the Latam business and approximately $675 million in cash proceeds received.
This loss in value was primarily due to a historically difficult economic environment coupled with volatility experienced in many of the markets included in this transaction.
The charges also included historical foreign currency translation losses of $769 million recorded in shareholders’ equity The Company recorded a tax benefit of $62 million in 2007 in connection with this transaction.
As a result of meeting the “held for sale” criteria, the Company ceased recording depreciation expense with respect to Latam effective April 17, 2007.
In connection with the sale, the Company agreed to indemnify the buyers for certain tax and other claims, certain of which are reflected as liabilities on McDonald’s Consolidated balance sheet, totaling $142 million at December 31, 2008 and $179 million at December 31, 2007.
The change in the balance was primarily due to foreign currency translation.
The Company mitigates the currency impact to income through the use of forward foreign exchange agreements.
The buyers of the Company’s operations in Latam entered into a 20-year master franchise agreement that requires the buyers, among other obligations to (i) pay monthly royalties commencing at a rate of approximately 5% of gross sales of the restaurants in these markets, substantially consistent with market rates for similar license arrangements; (ii) commit to adding approximately 150 new McDonald’s restaurants by the end of 2010 and pay an initial fee for each new restaurant opened; and (iii) commit to specified annual capital expenditures for existing restaurants.
outstanding common stock with no specified expiration date.
In 2009, approximately 50 million shares were repurchased for $2.9 billion, of which 8 million shares or $0.5 billion were purchased under the new program.
The Company reduced its shares outstanding at year end by over 3% compared with 2008, net of stock option exercises.
The Company has paid dividends on its common stock for 34 consecutive years and has increased the dividend amount every year.
The 2009 full year dividend of $2.05 per share reflects the quarterly dividend paid for each of the first three quarters of $0.50 per share, with an increase to $0.55 per share paid in the fourth quarter.
This 10% increase in the quarterly dividend equates to a $2.20 per share annual dividend rate and reflects the Company’s confidence in the ongoing strength and reliability of its cash flow.
As in the past, future dividend amounts will be considered after reviewing profitability expectations and financing needs, and will be declared at the discretion of the Company’s Board of Directors.
Financial Position and Capital Resources TOTAL ASSETS AND RETURNS Total assets increased $1.8 billion or 6% in 2009.
Excluding the effect of changes in foreign currency exchange rates, total assets increased $677 million in 2009.
Over 70% of total assets were in major markets at year-end 2009.
Net property and equipment increased $1.3 billion in 2009 and represented over 70% of total assets at year end.
Excluding the effect of changes in foreign currency exchange rates, net property and equipment increased $476 million primarily due to capital expenditures, partly offset by depreciation, the impact of refranchising and asset retirements related to reimaging.
Operating income is used to compute return on average assets, while income from continuing operations is used to calculate return on average common equity.
Month-end balances are used to compute both average assets and average common equity.
Assets of discontinued operations are excluded from average assets since operating income excludes results from discontinued operations.
Returns on assets and equity
## Table 3 ##
In 2009, 2008 and 2007, return on average assets and return on average common equity both benefited from strong global operating results.
During 2010, the Company will continue to concentrate restaurant openings and invest new capital in markets with acceptable returns or opportunities for long-term growth.
In 2009, impairment and other charges (credits), net benefited return on average assets and return on average common equity by 0.2 percentage points and 0.7 percentage points, respectively.
In 2007, impairment and other charges (credits), net reduced return on average assets by 5.4 percentage points.
Impairment and other charges (credits), net partly offset by the 2007 net tax benefit resulting from the completion of an IRS examination, reduced return on average common equity by 8.5 percentage points in 2007.
Operating income, as reported, does not include interest income; however, cash balances are included in average assets.
The inclusion of cash balances in average assets reduced return on average assets by 2.0 percentage points, 1.9 percentage points and 1.3 percentage points in 2009, 2008 and 2007, respectively.
FINANCING AND MARKET RISK The Company generally borrows on a long-term basis and is exposed to the impact of interest rate changes and foreign currency fluctuations.
Debt obligations at December 31, 2009 totaled $10.6 billion, compared with $10.2 billion at December 31, 2008.
The net increase in 2009 was primarily due to net issuances of $219 million and changes in exchange rates on foreign currency denominated debt of $128 million.
Debt highlights(1)

<table><tr><td></td><td>September 18,   2008</td><td>September 30,   2008</td><td>December 31,   2008</td></tr><tr><td>DISCA</td><td>$100.00</td><td>$103.19</td><td>$102.53</td></tr><tr><td>DISCB</td><td>$100.00</td><td>$105.54</td><td>$78.53</td></tr><tr><td>DISCK</td><td>$100.00</td><td>$88.50</td><td>$83.69</td></tr><tr><td>S&P 500</td><td>$100.00</td><td>$96.54</td><td>$74.86</td></tr><tr><td>Peer Group</td><td>$100.00</td><td>$92.67</td><td>$68.79</td></tr></table>
<table><tr><td></td><td>2007</td><td>2006</td><td><i>2005</i></td><td><i></i></td></tr><tr><td>Fixed-rate debt as a percent of totaldebt<sup><i>-2,3</i></sup></td><td>58%</td><td>49%</td><td>46%</td><td></td></tr><tr><td>Weighted-average annual interest rate of total debt</td><td>4.7</td><td>4.1</td><td>4.1</td><td></td></tr><tr><td>Foreign currency-denominated debt as a percent oftotal debt<sup><i>-2,3</i></sup></td><td>66</td><td>80</td><td>80</td><td></td></tr><tr><td>Total debt as a percent of total capitalization(total debt and total shareholders’ equity)<sup><i>(2)</i></sup></td><td>38</td><td>35</td><td>40</td><td></td></tr><tr><td>Cash provided by operations as a percent of totaldebt<sup><i>-2</i></sup></td><td>53</td><td>52</td><td>44</td><td></td></tr></table>
<table><tr><td></td><td colspan="2">2008</td><td colspan="2">2007</td><td rowspan="2">2006 Amount</td></tr><tr><td><i>Dollars in millions, except per share data</i></td><td>Amount</td><td>Increase/ (decrease)</td><td>Amount</td><td>Increase/ (decrease)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by Company-operated restaurants</td><td>$16,561</td><td>—%</td><td>$16,611</td><td>8%</td><td>$15,402</td></tr><tr><td>Revenues from franchised restaurants</td><td>6,961</td><td>13</td><td>6,176</td><td>12</td><td>5,493</td></tr><tr><td> Total revenues</td><td>23,522</td><td>3</td><td>22,787</td><td>9</td><td>20,895</td></tr><tr><td> Operating costs and expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Company-operated restaurant expenses</td><td>13,653</td><td>-1</td><td>13,742</td><td>6</td><td>12,905</td></tr><tr><td>Franchised restaurants—occupancy expenses</td><td>1,230</td><td>8</td><td>1,140</td><td>8</td><td>1,058</td></tr><tr><td>Selling, general & administrative expenses</td><td>2,355</td><td>—</td><td>2,367</td><td>3</td><td>2,296</td></tr><tr><td>Impairment and other charges, net</td><td>6</td><td>nm</td><td>1,670</td><td>nm</td><td>134</td></tr><tr><td>Other operating (income) expense, net</td><td>-165</td><td>nm</td><td>-11</td><td>nm</td><td>69</td></tr><tr><td> Total operating costs and expenses</td><td>17,079</td><td>-10</td><td>18,908</td><td>15</td><td>16,462</td></tr><tr><td> Operating income</td><td>6,443</td><td>66</td><td>3,879</td><td>-12</td><td>4,433</td></tr><tr><td>Interest expense</td><td>523</td><td>27</td><td>410</td><td>2</td><td>402</td></tr><tr><td>Nonoperating (income) expense, net</td><td>-78</td><td>25</td><td>-103</td><td>-16</td><td>-123</td></tr><tr><td>Gain on sale of investment</td><td>-160</td><td>nm</td><td></td><td></td><td></td></tr><tr><td> Income from continuing operations before provision for income taxes</td><td>6,158</td><td>72</td><td>3,572</td><td>-14</td><td>4,154</td></tr><tr><td>Provision for income taxes</td><td>1,845</td><td>49</td><td>1,237</td><td>-4</td><td>1,288</td></tr><tr><td> Income from continuing operations</td><td>4,313</td><td>85</td><td>2,335</td><td>-19</td><td>2,866</td></tr><tr><td>Income from discontinued operations (net of taxes of $35 and $102)</td><td></td><td>nm</td><td>60</td><td>nm</td><td>678</td></tr><tr><td> Net income</td><td>$4,313</td><td>80%</td><td>$2,395</td><td>-32%</td><td>$3,544</td></tr><tr><td> Income per common share–diluted</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations</td><td>$3.76</td><td>95%</td><td>$1.93</td><td>-16%</td><td>$2.29</td></tr><tr><td>Discontinued operations</td><td></td><td>nm</td><td>0.05</td><td>nm</td><td>0.54</td></tr><tr><td>Net income</td><td>$3.76</td><td>90%</td><td>$1.98</td><td>-30%</td><td>$2.83</td></tr><tr><td> Weighted-average common shares outstanding–diluted</td><td>1,146.0</td><td></td><td>1,211.8</td><td></td><td>1,251.7</td></tr></table>
<table><tr><td></td><td>2009</td><td>2008</td><td><i>2007</i></td></tr><tr><td>Return on average assets</td><td>23.4%</td><td>21.8%</td><td>13.2%</td></tr><tr><td>Return on average common equity</td><td>34.0</td><td>30.6</td><td>15.1</td></tr></table>

Question: how much did the s&p 500 index decline in the fourth quarter?