Notes to the Consolidated Financial Statements of January 1, 2007, and does not purport to project PPG’s future consolidated results of operations.
During 2008, the Company made several other acquisitions in the coatings businesses.
The following table summarizes the estimated fair value of assets acquired and liabilities assumed as a result of these acquisitions and reflected in the preliminary purchase price allocations and adjustments recorded as of December 31, 2008.
No significant adjustments to these preliminary allocations are expected.
## Table 0 ##
The Company spent $233 million on several acquisitions in 2007, including purchase price adjustments related to 2006 acquisitions.
The 2007 results of the acquired businesses have been included in PPG’s consolidated results of operations for the period since the acquisitions were completed.
Sales in 2007 increased by approximately $592 million due to acquisitions and the acquired businesses were accretive to earnings in 2007.
The largest of the transactions completed in 2007 were the acquisition of Barloworld Coatings Australia and the acquisition of the architectural and industrial coatings businesses of Renner Sayerlack, S. A.
In the third quarter of 2007, PPG acquired Barloworld Coatings Australia, the architectural paint unit of South African-based Barloworld, Ltd. , a multinational industrial brand management company.
Barloworld Coatings Australia, a leading Australian architectural paint manufacturer, produces Taubmans, Bristol and White Knight brands of architectural coatings.
The acquisition includes a production facility in Villawood, New South Wales.
Barloworld Coatings Australia distributes products through approximately 50 companyowned stores, a network of sole-brand distributors and numerous independent dealers.
In addition, the company’s paints are sold through Bunnings, Australia’s largest home-improvement retailer, and exported to New Zealand.
Barloworld Coatings Australia sales in 2006 were approximately $150 million.
During the first quarter of 2007, the Company acquired the architectural and industrial coatings businesses of Renner Sayerlack, S. A. , Gravatai, Brazil, to expand its coatings businesses in Latin America.
The acquired business operates manufacturing plants in Brazil, Chile, and Uruguay and each plant also serves as a distribution center.
The purchase price allocation resulted in an excess of purchase price over the fair value of net assets acquired, which has been reflected as an addition to goodwill.
The following table summarizes the estimated fair value of assets acquired and liabilities assumed as a result of the acquisitions completed in 2007 and reflected in the purchase price allocations and adjustments recorded as of December 31, 2007.
There were no significant adjustments to these amounts subsequent to December 31, 2007.
## Table 1 ##
During 2006, the Company made several acquisitions, primarily in the coatings and optical products businesses.
The total cost of these acquisitions was $482 million, consisting of $402 million of cash and the assumption of $80 million of debt.
In addition, certain of these acquisitions also provide for contingent payments and/or escrowed holdbacks that could result in future adjustments to the cost of the acquisitions.
The largest of the transactions completed during 2006 were the acquisition of the performance coatings and finishes businesses of Ameron International Corporation, the acquisitions of Sierracin Corporation and Intercast Europe, S. p. A. , and the acquisition of the remaining 50% share of Dongju Industrial Co. , Ltd.
The following table summarizes the estimated fair value of assets acquired and liabilities assumed as a result of the acquisitions completed in 2006 and reflected in the purchase price allocations and adjustments recorded as of December 31, 2006.
There were no significant adjustments to these amounts subsequent to December 31, 2006.
## Table 2 ##
Notes to the Consolidated Financial Statements The activity in the accrued liability for unrecognized tax benefits for the two years ended December 31, 2008 was as follows:
## Table 3 ##
The amount of unrecognized tax benefits was $99 million and $110 million as of December 31, 2008 and 2007, respectively.
If recognized, $89 million and $88 million would impact the effective rate as of December 31, 2008 and 2007, respectively.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.
The Company had accrued $10 million and $9 million for estimated interest and penalties on unrecognized tax benefits as of December 31, 2008 and 2007, respectively.
The Company recognized $1 million and $3 million of expense for estimated interest and penalties during the years ended December 31, 2008 and 2007, respectively.
While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, quantification of an estimated range cannot be made at this time.
The Company does not expect this change to have a significant impact on the results of operations or financial position of the Company, however, actual settlements may differ from amounts accrued.14.
Pensions and Other Postretirement Benefits Defined Benefit Plans PPG has defined benefit pension plans that cover certain employees worldwide.
PPG also sponsors welfare benefit plans that provide postretirement medical and life insurance benefits for certain U. S.  and Canadian employees and their dependents.
These programs require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for sharing of future benefit cost increases between PPG and participants based on management discretion.
The Company has the right to modify or terminate certain of these benefit plans in the future.
Salaried and certain hourly employees hired on or after October 1, 2004, are not eligible for postretirement medical benefits.
Salaried employees hired, rehired or transferred to salaried status on or after January 1, 2006, and certain hourly employees hired in 2006 or thereafter are eligible to participate in a defined contribution retirement plan.
These employees are not eligible for defined benefit pension plan benefits.
The Medicare Act of 2003 introduced a prescription drug benefit under Medicare (“Medicare Part D”) that provides several options for Medicare eligible participants and employers, including a federal subsidy payable to companies that elect to provide a retiree prescription drug benefit which is at least actuarially equivalent to Medicare Part D.  During the third quarter of 2004, PPG concluded its evaluation of the provisions of the Medicare Act and decided to maintain its retiree prescription drug program and to take the subsidy available under the Medicare Act.
The impact of the Medicare Act was accounted for in accordance with FASB Staff Position No.106-2, “Accounting and Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003” effective January 1, 2004.
In addition, the plan was amended September 1, 2004, to provide that PPG management will determine the extent to which future increases in the cost of its retiree medical and prescription drug programs will be shared by certain retirees.
The federal subsidy related to providing a retiree prescription drug benefit is not subject to U. S.  federal income tax and is recorded as a reduction in annual net periodic benefit cost of other postretirement benefits.
In August 2007, the Company’s U. S.  other postretirement benefit plan was amended to consolidate the number of retiree health care options available for certain retirees and their dependents.
The plan amendment was effective January 1, 2008.
The amended plan also offers a fully-insured Medicare Part D prescription drug plan for certain retirees and their dependents.
As such, beginning in 2008 PPG is no longer eligible to receive the subsidy provided under the Medicare Act of 2003 for these retirees and their dependents.
The impact of the plan amendment was to reduce the accumulated plan benefit obligation by $57 million.
Notes to the Consolidated Financial Statements Restricted Stock Units Long-term incentive value is delivered to selected key management employees by granting RSUs, which have either time or performance-based vesting features.
The fair value of an RSU is equal to the market value of a share of stock on the date of grant.
Time-based RSUs vest over the three-year period following the date of grant, unless forfeited, and will be released in shares of stock or paid out in cash or a combination of both at the Company’s discretion at the end of the three-year vesting period.
Performance-based RSUs vest based on achieving specific annual performance targets for earnings per share growth and cash flow return on capital over the three-year period following the date of grant.
Unless forfeited, the performance-based RSUs will be paid out in the form of stock, cash or a combination of both at the Company’s discretion at the end of the three-year vesting period if PPG meets the performance targets.
For awards granted in 2006 and 2007, the actual amount paid for performancebased awards may range from 0% to 150% of the original grant, as 50% of the grant vests in each year that one of the two targets are met during the three-year period.
If the designated performance targets are not met in any of the three years in an award period, no payout will be made on the performance-based RSUs.
For awards granted in 2008, the amount paid for performance-based awards may range from 0% to 180% of the original grant, based upon the frequency with which the earnings per share growth and cash flow return on capital performance targets are met over the three-year period.
The performance-based RSUs granted in 2006 vested at the 150% level.
For the purposes of expense recognition PPG has assumed that performance-based RSUs granted in 2007 and 2008 will vest at the 100% level.
The performance targets for 2006, 2007 and 2008 were achieved as it relates to the 2006 and 2007 grants.
With respect to the 2008 grant, one of the two performance targets was met in 2008.
The following table summarizes RSU activity for the year ended December 31, 2008:
## Table 4 ##
There was $10 million of total unrecognized compensation cost related to nonvested RSUs outstanding as of December 31, 2008.
This cost is expected to be recognized as expense over a weighted average period of 1.5 years.
Contingent Share Grants The Company also provides grants of contingent shares to selected key executives that may be earned based on PPG total shareholder return over the three-year period following the date of grant.
Contingent share grants (“TSR”) are made annually and are paid out at the end of each three-year period based on the Company’s performance.
For awards granted in 2006 and 2007, performance is measured by determining the percentile rank of the total shareholder return of PPG common stock (stock price plus accumulated dividends) in relation to the total shareholder return of the S&P 500 and of the S&P 500 Materials sector for the three-year period following the date of grant.
For awards granted in 2008, performance is measured by determining the percentile rank of the total shareholder return of PPG common stock in relation to the total shareholder return of the S&P 500 for the three-year period following the date of grant.
The payment of awards following the three-year award period will be based on performance achieved in accordance with the scale set forth in the plan agreement and may range from 0% to 220% of the initial grant.
A payout of 100% is earned if the target performance is achieved.
Contingent share awards earn dividend equivalents during the threeyear award period, which are credited to participants in the form of common stock equivalents.
Any payments made at the end of the award period may be in the form of stock, cash or a combination of both.
The TSR awards qualify as liability awards, and compensation expense is recognized over the three-year award period based on the fair value of the awards (giving consideration to the Company’s percentile rank of total shareholder return) remeasured in each reporting period until settlement of the awards.
As of December 31, 2008, there was $4 million of total unrecognized compensation cost related to outstanding TSR awards based on the current estimate of fair value.
This cost is expected to be recognized as expense over a weighted average period of 1.8 years.21.
Advertising Costs Advertising costs are expensed in the year incurred and totaled $310 million, $157 million and $121 million in 2008, 2007 and 2006, respectively.
The increase in 2008 is primarily a result of the SigmaKalon acquisition.
Notes to the Consolidated Financial Statements that was recorded in the first quarter of 2013.
This transaction lowered the projected benefit obligation of PPG's defined benefit pension plans by approximately $550 million and the accumulated benefit obligation of the other postretirement benefit plans by $165 million.
PPG has transferred to Axiall pension assets of $421 million and expects to transfer an additional $75 million upon the completion of the calculation of the total amount required to be transferred under ERISA.
These amounts are recorded in "Income from discontinued operations, net of tax" in each of these years and have been excluded from the expense disclosures in the remainder of this footnote.
Plan Reorganization As a part of recently completed separation activities related to the separation and merger transaction of the former commodity chemicals business, the Company reorganized two of its U. S.  defined benefit pension plans representing 92% of the total U. S.  projected benefit obligation as of January 28, 2013, the date of the separation of the former commodity chemicals business and remeasurement of these pension plans, into multiple plans.
The decision to reorganize these plans was finalized in August 2013.
As a result of this reorganization, certain of these newly formed plans have no active participants and as such the amortization periods of the unrecognized net actuarial losses of these plans were changed to the average remaining life expectancy of the plan participants from the average remaining service period of plan participants in accordance with the accounting guidance for retirement benefits.
This change reduced the Company's 2013 annual pension expense by approximately $18 million.
Postretirement medical Beginning in 2004, PPG's other postretirement benefit plan provided a retiree prescription drug benefit which was at least actuarially equivalent to Medicare Part D.  Therefore, PPG received the federal subsidy provided for under the Medicare Act of 2003.
The federal subsidy is not subject to U. S.  federal income tax and is recorded as a reduction in annual net periodic benefit cost of other postretirement benefits.
During the period from January 1, 2010 to December 31, 2012 the Company provided a self-insured plan for certain retirees and their dependents that was at least actuarially equivalent to Medicare Part D and received the subsidy under the Medicare Act of 2003 for those retirees and their dependents.
In October 2012, the Company decided, effective January 1, 2013, to move to an Employee Group Waiver Plan ("EGWP") for certain Medicare-eligible retirees and their dependents.
The EGWP includes a fully-insured Medicare Part D prescription drug plan.
As such, beginning in 2013 PPG was no longer eligible to receive the federal subsidy provided under the Medicare Act of 2003 for these retirees and their dependents.
The following table sets forth the changes in projected benefit obligations (“PBO”) (as calculated as of December 31), plan assets, the funded status and the amounts recognized in the accompanying consolidated balance sheet for the Company’s defined benefit pension and other postretirement benefit plans:
## Table 5 ##
(a) Amount reported in Income from discontinued operations.
The PBO is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases.
The accumulated benefit obligation (“ABO”) is the actuarial present value of benefits attributable to employee service rendered to date, but

<table><tr><td>Current assets</td><td>$38</td></tr><tr><td>Property, plant, and equipment</td><td>6</td></tr><tr><td>Goodwill</td><td>21</td></tr><tr><td>Other current assets</td><td>38</td></tr><tr><td>Other non-current assets</td><td>34</td></tr><tr><td><i></i> <i>Total assets</i></td><td>137</td></tr><tr><td>Long-term liabilities</td><td>-1</td></tr><tr><td><i></i> <i>Net assets</i></td><td>$136</td></tr></table>
<table><tr><td>Current assets</td><td>$124</td></tr><tr><td>Property, plant, and equipment</td><td>38</td></tr><tr><td>Goodwill</td><td>59</td></tr><tr><td>Other non-current assets</td><td>67</td></tr><tr><td><i></i> <i>Total assets</i></td><td>288</td></tr><tr><td>Current liabilities</td><td>-48</td></tr><tr><td>Long-term liabilities</td><td>-7</td></tr><tr><td><i></i> <i>Net assets</i></td><td>$233</td></tr></table>
<table><tr><td>Current assets</td><td>$296</td></tr><tr><td>Property, plant, and equipment</td><td>150</td></tr><tr><td>Goodwill</td><td>158</td></tr><tr><td>Other non-current assets</td><td>102</td></tr><tr><td><i></i> <i>Total assets</i></td><td>706</td></tr><tr><td>Short-term debt</td><td>-69</td></tr><tr><td>Current liabilities</td><td>-153</td></tr><tr><td>Long-term debt</td><td>-11</td></tr><tr><td>Long-term liabilities</td><td>-71</td></tr><tr><td><i></i> <i>Net assets</i></td><td>$402</td></tr></table>
<table><tr><td><i>(Millions)</i></td><td>2008</td><td>2007</td></tr><tr><td>Balance at January 1</td><td>$110</td><td>$77</td></tr><tr><td>Additions based on tax positions related to the current year</td><td>12</td><td>21</td></tr><tr><td>Additions for tax positions of prior years</td><td>5</td><td>19</td></tr><tr><td>Reductions for tax positions of prior years</td><td>-17</td><td>-5</td></tr><tr><td>Pre-acquisition unrecognized tax benefits</td><td>20</td><td>—</td></tr><tr><td>Reductions for expiration of the applicable statute of limitations</td><td>-6</td><td>-5</td></tr><tr><td>Settlements</td><td>-21</td><td>-1</td></tr><tr><td>Currency</td><td>-4</td><td>4</td></tr><tr><td><i></i> <i>Balance at December 31</i></td><td>$99</td><td>$110</td></tr></table>
<table><tr><td></td><td>Number of Shares</td><td>Weighted Average Fair Value</td><td>Intrinsic Value (in millions)</td></tr><tr><td>Outstanding, January 1, 2008</td><td>808,413</td><td>$61.60</td><td>$57</td></tr><tr><td>Granted</td><td>241,632</td><td>$57.73</td><td></td></tr><tr><td>Additional Shares Vested</td><td>95,350</td><td>$54.32</td><td></td></tr><tr><td>Released</td><td>-341,258</td><td>$65.31</td><td></td></tr><tr><td>Forfeited</td><td>-36,197</td><td>$58.73</td><td></td></tr><tr><td><i></i> <i>Outstanding, December 31, 2008</i></td><td>767,940</td><td>$57.96</td><td>$33</td></tr><tr><td><i></i> <i>Vested or expected to vest, December 31, 2008</i></td><td>759,197</td><td>$57.93</td><td>$32</td></tr></table>
<table><tr><td></td><td colspan="2">Pensions</td><td colspan="2">OtherPostretirementBenefits</td></tr><tr><td>(Millions)</td><td>2013</td><td>2012</td><td>2013</td><td>2012</td></tr><tr><td>Projected benefitobligation, January 1</td><td>$5,784</td><td>$5,333</td><td>$1,362</td><td>$1,394</td></tr><tr><td>Service cost</td><td>57</td><td>54</td><td>20</td><td>19</td></tr><tr><td>Interest cost</td><td>218</td><td>217</td><td>49</td><td>50</td></tr><tr><td>Plan amendments</td><td>-25</td><td>-2</td><td>-8</td><td>-19</td></tr><tr><td>Actuarial losses / (gains) - net</td><td>-267</td><td>443</td><td>-160</td><td>-33</td></tr><tr><td>Benefits paid</td><td>-304</td><td>-347</td><td>-60</td><td>-62</td></tr><tr><td>Plan transfers</td><td>327</td><td>—</td><td>40</td><td>—</td></tr><tr><td>Foreign currency translation adjustments</td><td>12</td><td>59</td><td>-8</td><td>3</td></tr><tr><td>Curtailment and special termination benefits</td><td>-18</td><td>-6</td><td>—</td><td>—</td></tr><tr><td>Impact of commodity chemicals transaction (a)</td><td>-548</td><td>29</td><td>-165</td><td>10</td></tr><tr><td>Other</td><td>4</td><td>4</td><td>—</td><td>—</td></tr><tr><td>Projected benefitobligation, December 31</td><td>$5,240</td><td>$5,784</td><td>$1,070</td><td>$1,362</td></tr><tr><td>Market value of planassets, January 1</td><td>$4,750</td><td>$4,382</td><td></td><td></td></tr><tr><td>Actual return on plan assets</td><td>267</td><td>571</td><td></td><td></td></tr><tr><td>Company contributions</td><td>174</td><td>80</td><td></td><td></td></tr><tr><td>Participant contributions</td><td>2</td><td>2</td><td></td><td></td></tr><tr><td>Benefits paid</td><td>-283</td><td>-335</td><td></td><td></td></tr><tr><td>Plan transfers</td><td>352</td><td>—</td><td></td><td></td></tr><tr><td>Plan settlements</td><td>-51</td><td>—</td><td></td><td></td></tr><tr><td>Plan expenses and other-net</td><td>-2</td><td>-1</td><td></td><td></td></tr><tr><td>Foreign currency translation adjustments</td><td>-11</td><td>50</td><td></td><td></td></tr><tr><td>Impact of commodity chemicals transaction</td><td>-496</td><td>1</td><td></td><td></td></tr><tr><td>Other</td><td>-1</td><td>—</td><td></td><td></td></tr><tr><td>Market value of planassets, December 31</td><td>$4,701</td><td>$4,750</td><td></td><td></td></tr><tr><td>Funded Status</td><td>$-539</td><td>$-1,034</td><td>$-1,070</td><td>$-1,362</td></tr><tr><td colspan="3">Amounts recognized in the Consolidated Balance Sheet:</td><td></td><td></td></tr><tr><td>Other assets (long-term)</td><td>224</td><td>27</td><td>—</td><td>—</td></tr><tr><td>Accounts payable and accrued liabilities</td><td>-19</td><td>-20</td><td>-63</td><td>-75</td></tr><tr><td>Accrued pensions</td><td>-744</td><td>-1,041</td><td>—</td><td>—</td></tr><tr><td>Other postretirement benefits</td><td>—</td><td>—</td><td>-1,007</td><td>-1,287</td></tr><tr><td>Net liability recognized</td><td>$-539</td><td>$-1,034</td><td>$-1,070</td><td>$-1,362</td></tr></table>

Question: What's the average of Outstanding, December 31, 2008 of Number of Shares, and Projected benefitobligation, January 1 of OtherPostretirementBenefits 2013 ?