The table set forth below summarizes the fair values and contract terms of financial instruments subject to interest rate risk maintained by us as of December 31, 2017 (dollars in millions):
## Table 0 ##
Interest rates on variable-rate debt are estimated using the average implied forward LIBOR for the year of maturity based on the yield curve in effect at December 31, 2017 including applicable bank spread.
Item 8.
Financial Statements and Supplementary Data.
Our consolidated financial statements, the related notes thereto, and the reports of independent accountants are included in this annual report beginning on page F-1.
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A.
Controls and Procedures.
Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures As of the end of the period covered by this report, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of disclosure controls and procedures with respect to the information generated for use in this annual report.
The evaluation was based upon reports and certifications provided by a number of executives.
Based on, and as of the date of that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective to provide reasonable assurances that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Based upon the above evaluation, we believe that our controls provide such reasonable assurances.
During the quarter ended December 31, 2017, there was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Management’s Report on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) for the Company.
Our internal control system was designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements.
Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2017.
In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control — Integrated Framework (2013).
Based on management’s assessment utilizing these criteria we believe that, as of December 31, 2017, our internal control over financial reporting was effective.
The Containerboard Group(a Division of Tenneco Packaging Inc. )Notes to Combined Financial Statements (Continued)April 11, 199914.
LEASES (Continued)to the sale transaction on April 12, 1999.
Therefore, the remaining outstanding aggregate minimumrental commitments under noncancelable operating leases are as follows:
## Table 1 ##
15.
SALE OF ASSETSIn the second quarter of 1996, Packaging entered into an agreement to form a joint venture withCaraustar Industries whereby Packaging sold its two recycled paperboard mills and a fiber recyclingoperation and brokerage business to the joint venture in return for cash and a 20% equity interest inthe joint venture.
Proceeds from the sale were approximately $115 million and the Group recognized a$50 million pretax gain ($30 million after taxes) in the second quarter of 1996.
In June, 1998, Packaging sold its remaining 20% equity interest in the joint venture to CaraustarIndustries for cash and a note of $26,000,000.
The Group recognized a $15 million pretax gain on thistransaction.
At April 11, 1999, the balance of the note with accrued interest is $27,122,000.
The notewas paid in June, 1999.16.
SUBSEQUENT EVENTSOn August 25, 1999, PCA and Packaging agreed that the acquisition consideration should bereduced as a result of a postclosing price adjustment by an amount equal to $20 million plus interestthrough the date of payment by Packaging.
The Group recorded $11.9 million of this amount as part ofthe impairment charge on the accompanying financial statements, representing the amount that waspreviously estimated by Packaging.
PCA intends to record the remaining amount in September, 1999.
In August, 1999, PCA signed purchase and sales agreements with various buyers to sellapproximately 405,000 acres of timberland.
PCA has completed the sale of approximately 260,000 ofthese acres and expects to complete the sale of the remaining acres by mid-November, 1999.
The Investment Committee of our Board of Directors oversees our proprietary investments.
It also reviews performance and risk positions quarterly.
Our Senior Vice President, Asset Liability and Risk Management, approves the investment policy for the general account assets of our insurance subsidiaries and oversees the investment process for our general account and has the authority to initiate tactical shifts within exposure ranges approved annually by the Investment Committee.
The Asset Liability and Risk Management Group works closely with each of our business units to develop investment objectives, performance factors and measures and asset allocation ranges and to ensure that the specific characteristics of our products are incorporated into its processes.
We adjust this dynamic process as products change, as customer behavior changes and as changes in the market environment occur.
We develop asset strategies for specific classes of product liabilities and attributed or accumulated surplus, each with distinct risk characteristics.
Most of our products can be categorized into the following three classes: ?
interest-crediting products for which the rates credited to customers are periodically adjusted to reflect market and competitive forces and actual investment experience, such as fixed annuities and universal life insurance; ?
participating individual and experience rated group products in which customers participate in actual investment and business results through annual dividends, interest or return of premium; and ?
guaranteed products for which there are price or rate guarantees for the life of the contract, such as GICs.
We determine a target asset mix for each product class, which we reflect in our investment policies.
Our asset/liability management process has permitted us to manage interest-sensitive products successfully through several market cycles.
Portfolio Composition Our investment portfolio consists of public and private fixed maturity securities, commercial loans, equity securities and other invested assets.
The composition of our general account reflects, within the discipline provided by our risk management approach, our need for competitive results and the selection of diverse investment alternatives available primarily through our Asset Management segment.
The size of our portfolio enables us to invest in asset classes that may be unavailable to the typical investor.
Our total general account investments were $229.7 billion and $216.8 billion as of December 31, 2006 and December 31, 2005, respectively, which are segregated between the Financial Services Businesses and the Closed Block Business.
Total general account investments attributable to the Financial Services Businesses were $159.6 billion and $149.3 billion as of December 31, 2006 and December 31, 2005, respectively, while total general account investments attributable to the Closed Block Business were $70.1 billion and $67.5 billion as of December 31, 2006 and December 31, 2005, respectively.
The following table sets forth the composition of the investments of our general account as of the dates indicated.
The average duration our general account investment portfolio attributable to the domestic Financial Services Businesses as of December 31, 2006 is approximately 5 years.
## Table 2 ##
An excess tax benefit is generated on the extent to which the actual gain, or spread, an optionee receives upon exercise of an option exceeds the fair value determined at the grant date; that excess spread over the fair value of the option times the applicable tax rate represents the excess tax benefit.
During 2018 and 2017, the excess tax benefit arising from tax deductions in excess of recognized compensation cost totaled $2.3 million and $18.3 million, respectively, and was recorded in income tax expense.
Prior to the adoption of ASU 2016-09, the 2016 excess tax benefit of $9.1 million was recorded in additional paid-in capital.
Outstanding and exercisable stock option information at December 29, 2018 follows:

<table><tr><td></td><td>2018</td><td>2019</td><td>2020</td><td>2021</td><td>2022</td><td>Thereafter</td><td>Total</td><td>Fair Value</td></tr><tr><td>Debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed Rate</td><td>$2,000</td><td>$3,250</td><td>$3,500</td><td>$2,200</td><td>$4,250</td><td>$44,324</td><td>$59,524</td><td>$63,443</td></tr><tr><td>Average Interest Rate</td><td>6.75%</td><td>8.44%</td><td>4.19%</td><td>4.32%</td><td>4.70%</td><td>5.70%</td><td>5.67%</td><td></td></tr><tr><td>Variable Rate</td><td>$207</td><td>$207</td><td>$207</td><td>$207</td><td>$207</td><td>$8,444</td><td>$9,479</td><td>$9,440</td></tr><tr><td>Average Interest Rate</td><td>3.60%</td><td>3.90%</td><td>3.98%</td><td>4.01%</td><td>4.05%</td><td>4.39%</td><td>4.34%</td><td></td></tr></table>
<table><tr><td>Remainder of 1999</td><td>$7,606</td></tr><tr><td>2000</td><td>7,583</td></tr><tr><td>2001</td><td>4,891</td></tr><tr><td>2002</td><td>3,054</td></tr><tr><td>2003</td><td>1,415</td></tr><tr><td>Thereafter</td><td>1,178</td></tr><tr><td>Total</td><td>$25,727</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2006</td></tr><tr><td></td><td> Financial Services Businesses</td><td> Closed Block Business</td><td> Total</td><td> % of Total</td></tr><tr><td></td><td colspan="4"> ($ in millions)</td></tr><tr><td>Fixed Maturities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Public, available for sale, at fair value</td><td>$92,802</td><td>$38,752</td><td>$131,554</td><td>57.3%</td></tr><tr><td>Public, held to maturity, at amortized cost</td><td>3,025</td><td>—</td><td>3,025</td><td>1.3</td></tr><tr><td>Private, available for sale, at fair value</td><td>18,336</td><td>12,021</td><td>30,357</td><td>13.2</td></tr><tr><td>Private, held to maturity, at amortized cost</td><td>443</td><td>—</td><td>443</td><td>0.2</td></tr><tr><td>Trading account assets supporting insurance liabilities, at fair value</td><td>14,262</td><td>—</td><td>14,262</td><td>6.2</td></tr><tr><td>Other trading account assets, at fair value</td><td>109</td><td>—</td><td>109</td><td>0.1</td></tr><tr><td>Equity securities, available for sale, at fair value</td><td>4,314</td><td>3,772</td><td>8,086</td><td>3.5</td></tr><tr><td>Commercial loans, at book value</td><td>17,275</td><td>7,318</td><td>24,593</td><td>10.7</td></tr><tr><td>Policy loans, at outstanding balance</td><td>3,472</td><td>5,415</td><td>8,887</td><td>3.9</td></tr><tr><td>Other long-term investments-1</td><td>2,791</td><td>965</td><td>3,756</td><td>1.6</td></tr><tr><td>Short-term investments</td><td>2,752</td><td>1,851</td><td>4,603</td><td>2.0</td></tr><tr><td>Total general account investments</td><td>159,581</td><td>70,094</td><td>229,675</td><td>100.0%</td></tr><tr><td>Invested assets of other entities and operations-2</td><td>5,742</td><td>—</td><td>5,742</td><td></td></tr><tr><td>Total investments</td><td>$165,323</td><td>$70,094</td><td>$235,417</td><td></td></tr></table>

Question: of the post-closing price adjustment of $ 20 million plus interest , what percentage was recognized as part of the impairment charge on the accompanying financial statements?