ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company has exposure to different types of market risk including changes in foreign currency rates and stock prices.
The Company neither holds nor issues financial instruments for trading purposes.
The following sections provide quantitative information on the Company’s exposure to foreign currency rate risk and stock price risk.
The Company makes use of sensitivity analyses that are inherently limited in estimating actual losses in fair value that can occur from changes in market conditions.
Foreign Currency Rates The Company conducts operations in three principal currencies: the U. S.  dollar; the Australian dollar; and the British pound sterling.
These currencies operate primarily as the functional currency for the Company’s U. S. , Australian and U. K.  operations, respectively.
Cash is managed centrally within each of the three regions with net earnings reinvested locally and working capital requirements met from existing liquid funds.
To the extent such funds are not sufficient to meet working capital requirements, funding in the appropriate local currencies is made available from intercompany capital.
The Company does not hedge its investments in the net assets of its Australian and U. K.  foreign operations.
Because of fluctuations in exchange rates, the Company is subject to currency translation exposure on the results of its operations.
Foreign currency translation risk is the risk that exchange rate gains or losses arise from translating foreign entities’ statements of earnings and balance sheets from functional currency to the Company’s reporting currency (the U. S.  dollar) for consolidation purposes.
The Company does not hedge translation risk because it generally generates positive cash flows from its international operations that are typically reinvested locally.
Exchange rates with the most significant impact to its translation include the Australian dollar and British pound sterling.
As exchange rates fluctuate, translation of its Statements of Operations into U. S.  dollars affects the comparability of revenues and operating expenses between years.
The table below details the percentage of revenues and expenses by the three principal currencies for the fiscal years ended June 30, 2016 and 2015:
## Table 0 ##
Based on the year ended June 30, 2016, a one cent change in each of the U. S.  dollar/Australian dollar and the U. S.  dollar/British pound sterling exchange rates would have impacted revenues by approximately $32 million and $11 million, respectively, for each currency on an annual basis, and would have impacted Total Segment EBITDA by approximately $7 million and $0.4 million, respectively, on an annual basis.
Stock Prices The Company has common stock investments in publicly traded companies that are subject to market price volatility.
These investments had an aggregate fair value of approximately $189 million as of June 30, 2016.
A hypothetical decrease in the market price of these investments of 10% would result in a decrease in comprehensive income of approximately $19 million before tax.
Any changes in fair value of the Company’s common stock investments are not recognized unless deemed other-than-temporary.
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) December 31, 2012 14.
Fair Value Measurements — (continued)
## Table 1 ##
(5) Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.
Transfers Transfers of assets and liabilities measured at fair value on a recurring basis between fair value hierarchy levels are summarized below.
## Table 2 ##
Transfers between fair value hierarchy levels are recognized at the beginning of the reporting period.
We had significant transfers of separate account assets between Level 1 and Level 2, primarily related to foreign equity securities.
When these securities are valued at the local close price of the exchange where the assets traded, they are reflected in Level 1.
When events materially affecting the value occur between the close of the local exchange and the New York Stock Exchange, we use adjusted prices determined by a third party pricing vendor to update the foreign market closing prices and the fair value is reflected in Level 2.
During 2011 and 2010, $2,796.1 million and $6,600.6 million, respectively, of separate account assets transferred out of Level 2 into Level 1.
During 2011 and 2010, $3,595.9 million and $3,128.3 million, respectively, of separate account assets transferred out of Level 1 into Level 2.
Assets transferred into Level 3 during 2012, 2011 and 2010, primarily included those assets for which we are now unable to obtain pricing from a recognized third party pricing vendor as well as assets that were previously priced using a matrix valuation approach that may no longer be relevant when applied to asset-specific situations.
Assets transferred out of Level 3 during 2012, 2011 and 2010, included those for which we are now able to obtain pricing from a recognized third party pricing vendor or from internal models using substantially all market observable information.
REPUBLIC SERVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED at December 31.
The following table summarizes our restricted cash and marketable securities as of December 31:
## Table 3 ##
We own a 19.9% interest in a company that, among other activities, issues financial surety bonds to secure capping, closure and post-closure obligations for companies operating in the solid waste industry.
We account for this investment under the cost method of accounting.
There have been no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment.
This investee company and the parent company of the investee had written surety bonds for us relating to our landfill operations for capping, closure and post-closure, of which $855.0 million and $775.2 million were outstanding as of December 31, 2010 and 2009, respectively.
Our reimbursement obligations under these bonds are secured by an indemnity agreement with the investee and letters of credit totaling $45.0 million and $67.4 million as of December 31, 2010 and 2009, respectively.
Off-Balance Sheet Arrangements We have no off-balance sheet debt or similar obligations, other than operating leases and the financial assurances discussed above, which are not classified as debt.
We have no transactions or obligations with related parties that are not disclosed, consolidated into or reflected in our reported financial position or results of operations.
We have not guaranteed any third-party debt.
Guarantees We enter into contracts in the normal course of business that include indemnification clauses.
Indemnifications relating to known liabilities are recorded in the consolidated financial statements based on our best estimate of required future payments.
Certain of these indemnifications relate to contingent events or occurrences, such as the imposition of additional taxes due to a change in the tax law or adverse interpretation of the tax law, and indemnifications made in divestiture agreements where we indemnify the buyer for liabilities that relate to our activities prior to the divestiture and that may become known in the future.
We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.
We have entered into agreements with property owners to guarantee the value of property that is adjacent to certain of our landfills.
These agreements have varying terms.
We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.
Other Matters Our business activities are conducted in the context of a developing and changing statutory and regulatory framework.
Governmental regulation of the waste management industry requires us to obtain and retain numerous governmental permits to conduct various aspects of our operations.
These permits are subject to revocation, modification or denial.
The costs and other capital expenditures which may be required to obtain or retain the applicable permits or comply with applicable regulations could be significant.
Any revocation, modification or denial of permits could have a material adverse effect on us.

<table><tr><td></td><td>U.S. Dollars</td><td>Australian Dollars</td><td> British Pound Sterling</td></tr><tr><td> Fiscal year ended June 30, 2016</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>47%</td><td>28%</td><td>20%</td></tr><tr><td>Operating and Selling, general, and administrative expenses</td><td>48%</td><td>24%</td><td>21%</td></tr><tr><td> Fiscal year ended June 30, 2015</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>43%</td><td>30%</td><td>21%</td></tr><tr><td>Operating and Selling, general, and administrative expenses</td><td>43%</td><td>27%</td><td>23%</td></tr></table>
<table><tr><td> </td><td colspan="5">For the year ended December 31, 2011</td></tr><tr><td> </td><td>Purchases</td><td>Sales</td><td> Issuances</td><td>Settlements</td><td>Net purchases, sales, issuances and settlements</td></tr><tr><td> </td><td colspan="5">(in millions)</td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, available-for-sale:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-U.S. government</td><td>$3.6</td><td>$-5.4</td><td>$—</td><td>$—</td><td>$-1.8</td></tr><tr><td>Corporate</td><td>21.2</td><td>-25.6</td><td>—</td><td>-38.3</td><td>-42.7</td></tr><tr><td>Commercial mortgage-backed securities</td><td>—</td><td>-10.5</td><td>—</td><td>—</td><td>-10.5</td></tr><tr><td>Collateralized debt obligations</td><td>1.3</td><td>-0.4</td><td>—</td><td>-0.6</td><td>0.3</td></tr><tr><td>Other debt obligations</td><td>—</td><td>—</td><td>—</td><td>-30.5</td><td>-30.5</td></tr><tr><td>Total fixed maturities, available-for-sale</td><td>26.1</td><td>-41.9</td><td>—</td><td>-69.4</td><td>-85.2</td></tr><tr><td>Fixed maturities, trading</td><td>10.0</td><td>-8.7</td><td>—</td><td>-28.5</td><td>-27.2</td></tr><tr><td>Equity securities, available-for-sale</td><td>0.3</td><td>-28.3</td><td>—</td><td>—</td><td>-28.0</td></tr><tr><td>Derivative assets</td><td>19.0</td><td>-29.8</td><td>—</td><td>—</td><td>-10.8</td></tr><tr><td>Other investments</td><td>—</td><td>—</td><td>—</td><td>-28.3</td><td>-28.3</td></tr><tr><td>Separate account assets</td><td>342.7</td><td>-191.8</td><td>—</td><td>-62.0</td><td>88.9</td></tr><tr><td> Liabilities</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment-type insurance contracts</td><td>—</td><td>—</td><td>9.2</td><td>7.9</td><td>17.1</td></tr><tr><td>Derivative liabilities</td><td>-12.1</td><td>27.7</td><td>—</td><td>—</td><td>15.6</td></tr><tr><td>Other liabilities</td><td>-2.1</td><td>—</td><td>—</td><td>-13.8</td><td>-15.9</td></tr></table>
<table><tr><td> </td><td colspan="11"> For the year ended December 31, 2012</td></tr><tr><td> </td><td colspan="2"> Transfers out of Level 1 into Level 2</td><td colspan="2"> Transfers out of Level 1 into Level 3</td><td colspan="2"> Transfers out of Level 2 into Level 1</td><td> Transfers out of Level 2 into Level 3</td><td colspan="2"> Transfers out of Level 3 into Level 1</td><td colspan="2"> Transfers out of Level 3 into Level 2</td></tr><tr><td> </td><td colspan="11"><i>(in millions)</i> </td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, available-for-</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>sale:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-U.S. governments</td><td> $</td><td> —</td><td> $</td><td> —</td><td> $</td><td> —</td><td>$14.5</td><td> $</td><td> —</td><td> $</td><td> —</td></tr><tr><td>State and political subdivisions</td><td></td><td> —</td><td></td><td> —</td><td></td><td> —</td><td>1.8</td><td></td><td> —</td><td></td><td> —</td></tr><tr><td>Corporate</td><td></td><td> —</td><td></td><td> —</td><td></td><td> —</td><td>79.7</td><td></td><td> —</td><td></td><td> 137.4</td></tr><tr><td>Collateralized debt obligations</td><td></td><td> —</td><td></td><td> —</td><td></td><td> —</td><td>—</td><td></td><td> —</td><td></td><td> 31.2</td></tr><tr><td>Other debt obligations</td><td></td><td> —</td><td></td><td> —</td><td></td><td> —</td><td>15.3</td><td></td><td> —</td><td></td><td> —</td></tr><tr><td>Total fixed maturities, available-for-sale</td><td></td><td> —</td><td></td><td> —</td><td></td><td> —</td><td>111.3</td><td></td><td> —</td><td></td><td> 168.6</td></tr><tr><td>Fixed maturities, trading</td><td></td><td> —</td><td></td><td> —</td><td></td><td> —</td><td>9.5</td><td></td><td> —</td><td></td><td> —</td></tr><tr><td>Separate account assets</td><td></td><td> 3,255.7</td><td></td><td> 0.3</td><td></td><td> 205.5</td><td>1.3</td><td></td><td> —</td><td></td><td> 1.9</td></tr></table>
<table><tr><td></td><td>2010</td><td>2009</td></tr><tr><td>Financing proceeds</td><td>$39.8</td><td>$93.1</td></tr><tr><td>Capping, closure and post-closure obligations</td><td>61.8</td><td>62.4</td></tr><tr><td>Self-insurance</td><td>63.8</td><td>65.1</td></tr><tr><td>Other</td><td>7.4</td><td>19.9</td></tr><tr><td>Total restricted cash and marketable securities</td><td>$172.8</td><td>$240.5</td></tr></table>

Question: what was the ratio of the outstanding surety bonds for the investee and the parent for 2010 to 2009