Notes to consolidated financial statements JPMorgan Chase & Co.
Estimated future benefit payments The following table presents benefit payments expected to be paid, which include the effect of expected future service, for the years indicated.
The postretirement medical and life insurance payments are net of expected retiree contributions.
## Table 0 ##
Defined contribution plans JPMorgan Chase offers several defined contribution plans in the U. S.  and certain non-U.
S.  locations.
The most significant of these plans is the 401(k) Savings Plan, which covers substantially all U. S.  employees.
The 401(k) Savings Plan allows employees to make pre-tax contributions to tax-deferred investment portfolios.
The JPMorgan Chase Common Stock Fund within the 401(k) Savings Plan is a nonleveraged employee stock ownership plan.
The Firm matches eligible employee contributions up to a certain percentage of benefits-eligible compensation per pay period, subject to plan and legal limits.
Employees begin to receive matching contributions after completing a specified service requirement and are immediately vested in such company contributions.
The Firm’s defined contribution plans are administered in accordance with applicable local laws and regulations.
Compensation expense related to these plans totaled $392 million in 2005, $317 million in 2004 and $240 million in 2003.
Note 7 – Employee stock-based incentives Effective January 1, 2003, JPMorgan Chase adopted SFAS 123 using the prospective transition method.
SFAS 123 requires all stock-based compensation awards, including stock options and stock-settled stock appreciation rights (“SARs”), to be accounted for at fair value.
The Firm currently uses the BlackScholes valuation model to estimate the fair value of stock options and SARs.
Stock options that were outstanding as of December 31, 2002, continue to be accounted for under APB 25 using the intrinsic value method.
Under this method, no expense is recognized for stock options or SARs granted at the stock price on grant date, since such options have no intrinsic value.
Compensation expense for restricted stock and restricted stock units (“RSUs”) is measured based upon the number of shares granted and the stock price at the grant date.
Compensation expense is recognized in earnings over the required service period.
In connection with the Merger in 2004, JPMorgan Chase converted all outstanding Bank One employee stock-based awards at the merger date, and those awards became exercisable for or based upon JPMorgan Chase common stock.
The number of awards converted, and the exercise prices of those awards, was adjusted to take into account the Merger exchange ratio of 1.32.
On December 16, 2004, the FASB issued SFAS 123R, which revises SFAS 123 and supersedes APB 25.
In March 2005, the SEC issued SAB 107, which provides interpretive guidance on SFAS 123R.
Accounting and reporting under SFAS 123R is generally similar to the SFAS 123 approach.
However, SFAS 123R requires all share-based payments to employees, including grants of employee stock options and SARs, to be recognized in the income statement based upon their fair values.
Pro forma disclosure is no longer an alternative.
SFAS 123R permits adoption using one of two methods — modified prospective or modified retrospective.
In April 2005, the U. S.  Securities and Exchange Commission approved a new rule that, for public companies, delayed the effective date of SFAS 123R to no later than January 1, 2006.
The Firm adopted SFAS 123R on January 1, 2006, under the modified prospective method.
Key employee stock-based awards In 2005, JPMorgan Chase granted long-term stock-based awards under the 1996 Long-Term Incentive Plan as amended (“the 1996 Plan”) until May 2005 and under the 2005 Long-Term Incentive Plan (“the 2005 Plan”) thereafter to certain key employees.
These two plans, plus prior Firm plans and plans assumed as the result of acquisitions, constitute the Firm’s plans (“LTI Plans”).
The 2005 Plan was adopted by the Board of Directors on March 15, 2005, and became effective on May 17, 2005, after approval by shareholders at the annual meeting.
The 2005 Plan replaces three existing stock compensation plans—the 1996 Plan and two non-shareholder approved plans—all of which expired in May 2005.
Under the terms of the 2005 Plan, 275 million shares of common stock are available for issuance during its five-year term.
The 2005 Plan is the only active plan under which the Firm is currently granting stock-based incentive awards.
In 2005, 15.5 million SARs settled only in shares and 1.7 million nonqualified stock options were granted.
Under the LTI Plans, stock options and SARs are granted with an exercise price equal to JPMorgan Chase’s common stock price on the grant date.
Generally, options and SARs cannot be exercised until at least one year after the grant date and become exercisable over various periods as determined at the time of the grant.
These awards generally expire 10 years after the grant date.
In December 2005, the Firm accelerated the vesting of approximately 41 million unvested, out-of-the-money employee stock options granted in 2001 under the Growth and Performance Incentive Program (“GPIP”), which were scheduled to vest in January 2007.
These options were not modified other than to accelerate vesting.
The related expense was approximately $145 million, and was recognized as compensation expense in the fourth quarter of 2005.
The Firm believes that at the time the options were accelerated they had limited economic value since the exercise price of the accelerated options was $51.22 and the closing price of the Firm’s common stock on the effective date of the acceleration was $39.69.
The table below presents information about delinquencies,net credit losses and components of reported and securitized financial assets at December 31,2005 and 2004
## Table 1 ##
(a) 2004 results include six months of the combined Firm’s results and six months of heritage JPMorgan Chase results.
(b) Includes $5.9 billion and $10.3 billion of outstanding principal balances on securitized sub-prime 1–4 family residential mortgage loans as of December 31, 2005 and 2004, respectively.
(c) Total assets held in securitization-related SPEs were $204.2 billion and $175.1 billion at December 31, 2005 and 2004, respectively.
The $93.1 billion and $88.5 billion of loans securitized at December 31, 2005 and 2004, respectively, excludes: $85.6 billion and $50.8 billion of securitized loans, in which the Firm’s only continuing involvement is the servicing of the assets; $24.8 billion and $35.2 billion of seller’s interests in credit card master trusts; and $0.7 billion and $0.6 billion of escrow accounts and other assets, respectively.
(d) Represents both loans on the Consolidated balance sheets and loans that have been securitized, but excludes loans for which the Firm’s only continuing involvement is servicing of the assets Note 14 – Variable interest entities Refer to Note 1 on page 91 of this Annual Report for a further description of JPMorgan Chase’s policies regarding consolidation of variable interest entities.
JPMorgan Chase’s principal involvement with VIEs occurs in the following business segments: ?
Investment Bank: Utilizes VIEs to assist clients in accessing the financial markets in a cost-efficient manner by providing the structural flexibility to meet their needs pertaining to price, yield and desired risk.
There are two broad categories of transactions involving VIEs in the IB: (1) multi-seller conduits and (2) client intermediation; both are discussed below.
The IB also securitizes loans through QSPEs which are not considered VIEs, to create asset-backed securities, as further discussed in Note 13 on pages 108–111 of this Annual Report.  ?
Asset & Wealth Management: Provides investment management services to a limited number of the Firm’s mutual funds deemed VIEs.
AWM earns a fixed fee based upon assets managed; the fee varies with each fund’s investment objective and is competitively priced.
For the limited number of funds that qualify as VIEs,AWM’s relationships with such funds are not considered significant interests under FIN 46R.  ?
Treasury & Securities Services: Provides trustee and custodial services to a number of VIEs.
These services are similar to those provided to non-VIEs.
TSS earns market-based fees for services provided.
Such relationships are not considered significant interests under FIN 46R.  ?
Commercial Banking: Utilizes VIEs to assist clients in accessing the financial markets in a cost-efficient manner.
This is often accomplished through the use of products similar to those offered in the Investment Ban Commercial Banking may assist in the structuring and/or on-going admin- istration of these VIEs and may provide liquidity, letters of credit and/or derivative instruments in support of the VIE.  ?
The Firm’s Private Equity business, included in Corporate, is involved with entities that may be deemed VIEs.
Private equity activities are accounted for in accordance with the Investment Company Audit Guide (“Audit Guide”).
The FASB deferred adoption of FIN 46R for non-registered investment companies that apply the Audit Guide until the proposed Statement of Position on the clarification of the scope of the Audit Guide is finalized.
The Firm continues to apply this deferral provision; had FIN 46R been applied to VIEs subject to this deferral, the impact would have had an insignificant impact on the Firm’s Consolidated financial statements as of December 31, 2005.
As noted above, there are two broad categories of transactions involving VIEs with which the IB is involved: multi-seller conduits and client intermediation.
These categories are discussed more fully below.
Multi-seller conduits The Firm is an active participant in the asset-backed securities business, helping meet customers’ financing needs by providing access to the commercial paper markets through VIEs known as multi-seller conduits.
These entities are separate bankruptcy-remote corporations in the business of purchasing interests in, and making loans secured by, receivable pools and other financial assets pursuant to agreements with customers.
The entities fund their purchases and loans through the issuance of highly-rated commercial paper.
The primary source of repayment of the commercial paper is the cash flow from the pools of assets.
The Firm structures credit-linked notes in which the VIE purchases highly-rated assets (such as asset-backed securities) and enters into a credit derivative contract with the Firm to obtain exposure to a referenced credit not held by the VIE.
Credit-linked notes are issued by the VIE to transfer the risk of the referenced credit to the investors in the VIE.
Clients and investors often prefer a VIE structure, since the credit-linked notes generally carry a higher credit rating than they would if issued directly by JPMorgan Chase.
The Firm is involved with municipal bond vehicles for the purpose of creating a series of secondary market trusts that allow tax-exempt investors to finance their investments at short-term tax-exempt rates.
The VIE purchases fixed-rate, longer-term highly-rated municipal bonds by issuing puttable floating-rate certificates and inverse floating-rate certificates; the investors in the inverse floating-rate certificates are exposed to the residual losses of the VIE (the “residual interests”).
For vehicles in which the Firm owns the residual interests, the Firm consolidates the VIE.
In vehicles where third-party investors own the residual interests, the Firm’s exposure is limited because of the high credit quality of the underlying municipal bonds, the unwind triggers based upon the market value of the underlying collateral and the residual interests held by third parties.
The Firm often serves as remarketing agent for the VIE and provides liquidity to support the remarketing.
Assets held by credit-linked and municipal bond vehicles at December 31, 2005 and 2004, were as follows:
## Table 2 ##
(a) Assets of $1.8 billion and $2.3 billion reported in the table above were recorded on the Firm’s Consolidated balance sheets at December 31, 2005 and 2004, respectively, due to contractual relationships held by the Firm that relate to collateral held by the VIE.
(b) Total amounts consolidated due to the Firm owning residual interests were $4.9 billion and $2.6 billion at December 31, 2005 and 2004, respectively, and are reported in the table.
Total liquidity commitments were $5.8 billion and $3.1 billion at December 31, 2005 and 2004, respectively.
The Firm’s maximum credit exposure to all municipal bond vehicles was $10.7 billion and $5.7 billion at December 31, 2005 and 2004, respectively.
Finally, the Firm may enter into transactions with VIEs structured by other parties.
These transactions can include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, trustee or custodian.
These transactions are conducted at arm’s length, and individual credit decisions are based upon the analysis of the specific VIE, taking into consideration the quality of the underlying assets.
JPMorgan Chase records and reports these positions similarly to any other third-party transaction.
These activities do not cause JPMorgan Chase to absorb a majority of the expected losses of the VIEs or to receive a majority of the residual returns of the VIE, and they are not considered significant for disclosure purposes.
Consolidated VIE assets The following table summarizes the Firm’s total consolidated VIE assets, by classification on the Consolidated balance sheets, as of December 31, 2005 and 2004:
## Table 3 ##
(a) The Firm also holds $3.9 billion and $3.4 billion of assets, at December 31, 2005 and December 31, 2004, respectively, primarily as a seller’s interest, in certain consumer securitizations in a segregated entity, as part of a two-step securitization transaction.
This interest is included in the securitization activities disclosed in Note 13 on pages 108–111 of this Annual Report.
(b) The decline in balance is primarily attributable to the sale of the Firm’s interest in a structured investment vehicle’s capital notes and resulting deconsolidation of this vehicle in 2005.
(c) Includes the fair value of securities and derivatives.
Interests in purchased receivables include interests in receivables purchased by Firm-administered conduits, which have been consolidated in accordance with FIN 46R.
Interests in purchased receivables are carried at cost and are reviewed to determine whether an other-than-temporary impairment exists.
Based upon the current level of credit protection specified in each transaction, primarily through overcollateralization, the Firm determined that no otherthan-temporary impairment existed at December 31, 2005.
The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item titled, “Beneficial interests issued by consolidated variable interest entities” on the Consolidated balance sheets.
The holders of these beneficial interests do not have recourse to the general credit of JPMorgan Chase.
See Note 17 on page 117 of this Annual Report for the maturity profile of FIN 46 long-term beneficial interests.
FIN 46R transition In December 2003, the FASB issued a revision to FIN 46 (“FIN 46R”) to address various technical corrections and implementation issues that had arisen since the issuance of FIN 46.
Effective March 31, 2004, JPMorgan Chase implemented FIN 46R for all VIEs, excluding certain investments made by its private equity business, as previously discussed.
Implementation of FIN 46R did not have a significant effect on the Firm’s Consolidated financial statements.
Management’s discussion and analysis JPMorgan Chase & Co.
Immediate changes in interest rates present a limited view of risk, and so a number of alternative scenarios also are reviewed.
These scenarios include the implied forward curve, nonparallel rate shifts and severe interest rate shocks on selected key rates.
These scenarios are intended to provide a comprehensive view of JPMorgan Chase’s earnings-at-risk over a wide range of outcomes.
JPMorgan Chase’s 12-month pre-tax earnings sensitivity profile as of December 31, 2005 and 2004, follows:

<table><tr><td>Year ended December 31,</td><td rowspan="2">U.S. pension benefits</td><td rowspan="2">Non- U.S. pension benefits</td><td rowspan="2">Other postretirement benefits before Medicare Part D subsidy</td><td></td></tr><tr><td>(in millions)</td><td>Medicare Part D subsidy</td></tr><tr><td>2006</td><td>$558</td><td>$67</td><td>$124</td><td>$14</td></tr><tr><td>2007</td><td>550</td><td>70</td><td>127</td><td>15</td></tr><tr><td>2008</td><td>565</td><td>74</td><td>127</td><td>16</td></tr><tr><td>2009</td><td>584</td><td>77</td><td>128</td><td>17</td></tr><tr><td>2010</td><td>600</td><td>81</td><td>129</td><td>19</td></tr><tr><td>Years 2011–2015</td><td>3,266</td><td>396</td><td>633</td><td>111</td></tr></table>
<table><tr><td></td><td colspan="2">Total Loans</td><td colspan="2">Nonaccrual and 90 days or more past due</td><td colspan="2">Net loan charge-offs<sup>(a)</sup> Year ended</td></tr><tr><td>December 31, (in millions)</td><td> 2005</td><td>2004</td><td> 2005</td><td>2004</td><td>2005</td><td>2004</td></tr><tr><td>Home finance</td><td>$133,453</td><td>$124,653</td><td>$863</td><td>$673</td><td>$154</td><td>$573</td></tr><tr><td>Auto & education finance</td><td>49,047</td><td>62,712</td><td>195</td><td>193</td><td>277</td><td>263</td></tr><tr><td>Consumer & small business and other</td><td>14,799</td><td>15,107</td><td>280</td><td>295</td><td>141</td><td>154</td></tr><tr><td>Credit card receivables</td><td>71,738</td><td>64,575</td><td>1,091</td><td>1,006</td><td>3,324</td><td>1,923</td></tr><tr><td>Total consumer loans</td><td>269,037</td><td>267,047</td><td>2,429</td><td>2,167</td><td>3,896</td><td>2,913</td></tr><tr><td>Total wholesale loans</td><td>150,111</td><td>135,067</td><td>1,042</td><td>1,582</td><td>-77</td><td>186</td></tr><tr><td> Total loans reported</td><td>419,148</td><td>402,114</td><td>3,471</td><td>3,749</td><td>3,819</td><td>3,099</td></tr><tr><td> Securitized loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential mortgage<sup>(b)</sup></td><td>8,061</td><td>11,533</td><td>370</td><td>460</td><td>105</td><td>150</td></tr><tr><td>Automobile</td><td>5,439</td><td>4,763</td><td>11</td><td>12</td><td>15</td><td>24</td></tr><tr><td>Credit card</td><td>70,527</td><td>70,795</td><td>730</td><td>1,337</td><td>3,776</td><td>2,898</td></tr><tr><td> Total consumer loans securitized</td><td>84,027</td><td>87,091</td><td>1,111</td><td>1,809</td><td>3,896</td><td>3,072</td></tr><tr><td>Securitized wholesale activities</td><td>9,049</td><td>1,401</td><td>4</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total loans securitized<sup>(c)</sup></td><td>93,076</td><td>88,492</td><td>1,115</td><td>1,809</td><td>3,896</td><td>3,072</td></tr><tr><td> Total loans reported and securitized<sup>(d)</sup></td><td>$512,224</td><td>$490,606</td><td>$4,586</td><td>$5,558</td><td>$7,715</td><td>$6,171</td></tr></table>
<table><tr><td>December 31, (in billions)</td><td> 2005</td><td>2004</td></tr><tr><td>Credit-linked note vehicles<sup>(a)</sup></td><td>$13.5</td><td>$17.8</td></tr><tr><td>Municipal bond vehicles<sup>(b)</sup></td><td>13.7</td><td>7.5</td></tr></table>
<table><tr><td>December 31, (in billions)</td><td> 2005</td><td>2004</td></tr><tr><td>Consolidated VIE assets<sup>(a)</sup></td><td></td><td></td></tr><tr><td>Investment securities<sup>(b)</sup></td><td>$1.9</td><td>$10.6</td></tr><tr><td>Trading assets<sup>(c)</sup></td><td>9.3</td><td>4.7</td></tr><tr><td>Loans</td><td>8.1</td><td>3.4</td></tr><tr><td>Interests in purchased receivables</td><td>29.6</td><td>31.6</td></tr><tr><td>Other assets</td><td>3.0</td><td>0.4</td></tr><tr><td>Total consolidated assets</td><td>$51.9</td><td>$50.7</td></tr></table>

Question: What's the average of the Total consumer loans securitized for Nonaccrual and 90 days or more past due in the years where Loans is greater than 0? (in million)