Management’s Discussion and Analysis of Financial Condition and Results of Operations – (Continued) (Amounts in Millions, Except Per Share Amounts) As discussed below, we took measures in 2009 to extend our debt maturities.
From time to time we evaluate market conditions and financing alternatives for opportunities to raise additional financing or otherwise improve our liquidity profile and enhance our financial flexibility.
Our ability to access the capital markets depends on a number of factors, which include those specific to us, such as our credit rating, and those related to the capital markets, such as the amount or terms of available credit.
Should we access the capital markets, there can be no guarantee that we would be able to access new sources of liquidity on commercially reasonable terms.
Funding Requirements Our most significant funding requirements include: our operations, non-cancelable operating lease obligations, acquisitions, capital expenditures, debt service, preferred stock dividends, contributions to pension and postretirement plans and taxes.
Additionally, we may be required to make payments to minority owners if put options related to prior acquisitions are exercised.
In any twelve-month period, we maintain substantial flexibility over certain significant uses of cash, including our capital expenditures and cash used for new acquisitions.
Notable funding requirements include: ?
Debt service – The remaining $213.7 aggregate principal amount of our 2010 Notes matures on November 15, 2010.
We expect to use available cash to reduce our debt in 2010.
The remainder of our debt is primarily longterm, with maturities scheduled from 2011 to 2023.
See table below for the maturity schedule of our long-term debt.  ?
Acquisitions – During 2009 we paid approximately $66.0 of deferred payments related to acquisitions completed in previous years.
We expect to continue to evaluate strategic opportunities to grow and to increase our ownership interests in current investments, particularly in our digital and marketing services offerings, and to expand our presence in high-growth markets.  ?
Contributions to pension and postretirement plans – Our funding policy regarding our pension plan is to contribute amounts necessary to satisfy minimum pension funding requirements, plus such additional amounts as we consider appropriate to improve the plans’ funded status.
During 2009, we contributed $31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible.
For 2010, we expect to contribute $25.2 to our foreign pension plans and $9.2 to our domestic pension plans.
A significant portion of our contributions to the foreign pension plans relate to the Interpublic Pension Plan in the U. K.  (“the U. K.  Pension Plan”).
Additionally, we are in the process of modifying the schedule of employer contributions for the U. K.  Pension Plan and we expect to finalize this during 2010.
As a result, we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years.  ?
Preferred stock dividends – We pay regular quarterly dividends on our Series B Preferred Stock of $6.9, or $27.6 annually.
The following summarizes our estimated contractual cash obligations and commitments as of December 31, 2009 and their effect on our liquidity and cash flow in future periods.
## Table 0 ##
1 Amounts represent maturity at par.
Holders of our 4.25% Convertible Senior Notes due 2023 may require us to repurchase their Notes for cash at par in March 2012 and holders of our 4.75% Convertible Senior Notes due 2023 may require us to repurchase their Notes for cash, stock or a combination, at our election, at par in March 2013.
All of these Notes will mature in 2023 if not converted or repurchased.
Notes to Consolidated Financial Statements—(Continued) (Amounts in Millions, Except Per Share Amounts) Sales of Businesses and Investments – Primarily includes realized gains and losses relating to the sales of businesses, cumulative translation adjustment balances from the liquidation of entities and sales of marketable securities and investments in publicly traded and privately held companies in our Rabbi Trusts.
During 2009, we realized a gain of $15.2 related to the sale of an investment in our Rabbi Trusts, which was partially offset by losses realized from the sale of various businesses.
Losses in 2007 primarily related to the sale of several businesses within Draftfcb for a loss of $9.3 and charges at Lowe of $7.8 as a result of the realization of cumulative translation adjustment balances from the liquidation of several businesses.
Vendor Discounts and Credit Adjustments – We are in the process of settling our liabilities related to vendor discounts and credits established during the restatement we presented in our 2004 Annual Report on Form 10-K.
These adjustments reflect the reversal of certain of these liabilities as a result of settlements with clients or vendors or where the statute of limitations has lapsed.
Litigation Settlement – During May 2008, the SEC concluded its investigation that began in 2002 into our financial reporting practices, resulting in a settlement charge of $12.0.
Investment Impairments – In 2007 we realized an other-than-temporary charge of $5.8 relating to a $12.5 investment in auction rate securities, representing our total investment in auction rate securities.
See Note 12 for further information.
Note 5: Intangible Assets Goodwill Goodwill is the excess purchase price remaining from an acquisition after an allocation of purchase price has been made to identifiable assets acquired and liabilities assumed based on estimated fair values.
The changes in the carrying value of goodwill for our segments, Integrated Agency Networks (“IAN”) and Constituency Management Group (“CMG”), for the years ended December 31, 2009 and 2008 are listed below.
## Table 1 ##
1 For all periods presented we have not recorded a goodwill impairment charge.2 For acquisitions completed after January 1, 2009, amount includes contingent and deferred payments, which are recorded at fair value on the acquisition date.
See Note 6 for further information.
See Note 1 for further information regarding our annual impairment methodology.
Other Intangible Assets Included in other intangible assets are assets with indefinite lives not subject to amortization and assets with definite lives subject to amortization.
Other intangible assets primarily include customer lists and trade names.
Intangible assets with definitive lives subject to amortization are amortized on a straight-line basis with estimated useful lives generally between 7 and 15 years.
Amortization expense for other intangible assets for the years ended December 31, 2009, 2008 and 2007 was $19.3, $14.4 and $8.5, respectively.
The following table provides a summary of other intangible assets, which are included in other assets on our Consolidated Balance Sheets.
Notes to Consolidated Financial Statements – (Continued) (Amounts in Millions, Except Per Share Amounts) Assumptions
## Table 2 ##
Discount Rates – For the domestic pension and postretirement benefit plans, we determine our discount rate based on the estimated rate at which annuity contracts could be purchased to effectively settle the respective benefit obligations.
To assist in this we utilize a yield curve based on Aa-rated corporate non-callable bonds.
Each plan’s projected cash flow is matched to this yield curve and a present value is developed, which is then used to develop a single equivalent discount rate.
The average duration of our domestic pension obligations was 10 years as of December 31, 2009.
The average duration of our postretirement healthcare obligation was 8 years as of December 31, 2009.
For the foreign pension plans, we either determine our discount rate using the same methodology as described for our domestic pension plan or we determine a discount rate by referencing market yields on high quality corporate bonds in the local markets with the appropriate term as of December 31, 2009.
Expected Return on Assets – For the domestic pension plans, our expected rate of return considers the historical trends of asset class index returns over various market cycles and economic conditions, current market conditions, risk premiums associated with asset classes and long-term inflation rates.
We determine both a short-term and long-term view and then attempt to select a long-term rate of return assumption that matches the duration of our liabilities.
For the foreign pension plans, primarily the U. K.  Pension Plan, we determine the expected rate of return by utilizing a weighted average approach based on the current long-term expected rates of return for each asset category.
The long-term expected rate of return for the equity category is based on the current long-term rates of return available on government bonds and applying suitable risk premiums that consider historical market returns and current market expectations.
Fair Value of Pension Plan Assets The following table presents the fair value of our domestic and foreign pension plan assets as of December 31, 2009 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
See Note 12 for a description of the fair value hierarch
## Table 3 ##
Notes to Consolidated Financial Statements – (Continued) (Amounts in Millions, Except Per Share Amounts) Guarantees We have guarantees of certain obligations of our subsidiaries relating principally to credit facilities, certain media payables and operating leases of certain subsidiaries.
The amount of such parent company guarantees was $769.3 and $706.7 as of December 31, 2009 and 2008, respectively.
In the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee, we would be obligated to pay the amounts covered by that guarantee.
As of December 31, 2009, there are no material assets pledged as security for such parent company guarantees.
Contingent Acquisition Obligations The following table details the estimated future contingent acquisition obligations payable in cash as of December 31, 2009.
The estimated amounts listed would be paid in the event of exercise at the earliest exercise date.
See Note 6 for further information relating to the payment structure of our acquisitions.
All payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress.
## Table 4 ##
We have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions.
In such instances, we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable.
We have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of December 31, 2009.
As such, these estimated acquisition payments of $20.5 have been included within the total payments expected to be made in 2010 in the table and, if not made in 2010, will continue to carry forward into 2011 or beyond until they are exercised or expire.
Redeemable noncontrolling interests are included in the table at current exercise price payable in cash, not at applicable redemption value in accordance with the authoritative guidance for classification and measurement of redeemable securities.
Legal Matters We are involved in legal and administrative proceedings of various types.
While any litigation contains an element of uncertainty, we do not believe that the outcome of such proceedings will have a material adverse effect on our financial condition, results of operations or cash flows.
Note 16: Recent Accounting Standards In December 2009, the Financial Accounting Standards Board (“FASB”) amended authoritative guidance related to accounting for transfers and servicing of financial assets and extinguishments of liabilities.
The guidance will be effective for the Company beginning January 1, 2010.
The guidance eliminates the concept of a qualifying special-purpose entity and changes the criteria for derecognizing financial assets.
In addition, the guidance will require additional disclosures related to a company’s continued involvement with financial assets that have been transferred.
We do not expect the adoption of this amended guidance to have a significant impact on our Consolidated Financial Statements.
In December 2009, the FASB amended authoritative guidance for consolidating variable interest entities.
The guidance will be effective for the Company beginning January 1, 2010.
Specifically, the guidance revises factors that should be considered by a reporting entity when determining whether an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated.
This guidance also includes revised financial statement disclosures regarding the reporting entity’s involvement, including significant risk exposures as a result of that involvement, and the impact the relationship has on the reporting entity’s financial statements.
We are currently evaluating the potential impact of the amended guidance on our Consolidated Financial Statements.
PART III Item 10.
Directors, Executive Officers and Corporate Governance The information required by this Item is incorporated by reference to the “Election of Directors” section, the “Director Selection Process” section, the “Code of Conduct” section, the “Principal Committees of the Board of Directors” section, the “Audit Committee” section and the “Section 16(a) Beneficial Ownership Reporting Compliance” section of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 27, 2010 (the “Proxy Statement”), except for the description of our Executive Officers, which appears in Part I of this Report on Form 10-K under the heading “Executive Officers of IPG.
” New York Stock Exchange Certification In 2009, our CEO provided the Annual CEO Certification to the New York Stock Exchange, as required under Section 303A.12(a) of the New York Stock Exchange Listed Company Manual.
Item 11.
Executive Compensation The information required by this Item is incorporated by reference to the “Compensation of Executive Officers” section, the “Non-Management Director Compensation” section, the “Compensation Discussion and Analysis” section and the “Compensation Committee Report” section of the Proxy Statement.
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this Item is incorporated by reference to the “Outstanding Shares” section of the Proxy Statement, except for information regarding the shares of common stock to be issued or which may be issued under our equity compensation plans as of December 31, 2009, which is provided in the following table.

<table><tr><td></td><td colspan="5"> Years ended December 31,</td><td></td><td></td></tr><tr><td></td><td> 2010</td><td> 2011</td><td> 2012</td><td> 2013</td><td> 2014</td><td> Thereafter</td><td> Total</td></tr><tr><td>Long-term debt<sup>1</sup></td><td>$217.1</td><td>$39.0</td><td>$2.2</td><td>$17.7</td><td>$350.1</td><td>$1,200.2</td><td>$1,826.3</td></tr><tr><td>Interest payments on long-term debt</td><td>126.6</td><td>112.7</td><td>108.4</td><td>108.4</td><td>108.4</td><td>405.3</td><td>969.8</td></tr><tr><td>Non-cancelable operating lease obligations<sup>2</sup></td><td>285.6</td><td>259.0</td><td>221.0</td><td>190.8</td><td>158.5</td><td>663.3</td><td>1,778.2</td></tr><tr><td>Contingent acquisition payments<sup>3</sup></td><td>64.9</td><td>82.7</td><td>41.7</td><td>37.4</td><td>5.4</td><td>0.3</td><td>232.4</td></tr><tr><td>Uncertain tax positions</td><td>54.8</td><td>28.2</td><td>7.5</td><td>6.5</td><td>27.4</td><td>10.0</td><td>134.4</td></tr><tr><td>Total</td><td>$749.0</td><td>$521.6</td><td>$380.8</td><td>$360.8</td><td>$649.8</td><td>$2,279.1</td><td>$4,941.1</td></tr></table>
<table><tr><td></td><td>IAN</td><td>CMG</td><td>Total 1</td></tr><tr><td>Balance as of December 31, 2007</td><td>$2,789.7</td><td>$441.9</td><td>$3,231.6</td></tr><tr><td>Current year acquisitions</td><td>99.5</td><td>1.8</td><td>101.3</td></tr><tr><td>Contingent and deferred payments for prior acquisitions</td><td>28.9</td><td>1.1</td><td>30.0</td></tr><tr><td>Other (primarily foreign currency translation)</td><td>-128.1</td><td>-13.9</td><td>-142.0</td></tr><tr><td>Balance as of December 31, 2008</td><td>$2,790.0</td><td>$430.9</td><td>$3,220.9</td></tr><tr><td>Current year acquisitions<sup>2</sup></td><td>5.2</td><td>—</td><td>5.2</td></tr><tr><td>Contingent and deferred payments for prior acquisitions</td><td>14.2</td><td>—</td><td>14.2</td></tr><tr><td>Other (primarily foreign currency translation)</td><td>76.2</td><td>4.5</td><td>80.7</td></tr><tr><td>Balance as of December 31, 2009</td><td>$2,885.6</td><td>$435.4</td><td>$3,321.0</td></tr></table>
<table><tr><td></td><td colspan="3">Domestic Pension Plans</td><td colspan="3">Foreign Pension Plans</td><td colspan="3"> Postretirement Benefit Plans</td></tr><tr><td> Years ended December 31,</td><td>2009</td><td>2008</td><td>2007</td><td>2009</td><td>2008</td><td>2007</td><td>2009</td><td>2008</td><td> 2007</td></tr><tr><td><i>Net periodic cost</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>6.01%</td><td>5.89%</td><td>5.68%</td><td>5.54%</td><td>5.31%</td><td>4.64%</td><td>6.00%</td><td>6.00%</td><td>5.75%</td></tr><tr><td>Rate of compensation increase</td><td>N/A</td><td>N/A</td><td>N/A</td><td>4.41%</td><td>3.79%</td><td>3.50%</td><td>N/A</td><td>N/A</td><td>N/A</td></tr><tr><td>Expected return on plan assets</td><td>8.16%</td><td>8.15%</td><td>8.16%</td><td>5.05%</td><td>6.95%</td><td>6.83%</td><td>N/A</td><td>N/A</td><td>N/A</td></tr><tr><td><i>Benefit obligation</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>5.53%</td><td>6.01%</td><td></td><td>5.51%</td><td>5.38%</td><td></td><td>5.50%</td><td>6.00%</td><td></td></tr><tr><td>Rate of compensation increase</td><td></td><td></td><td></td><td>4.43%</td><td>3.38%</td><td></td><td></td><td></td><td></td></tr><tr><td><i>Healthcare cost trend rate assumed for next year</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Initial rate (weighted-average)</td><td></td><td></td><td></td><td></td><td></td><td></td><td>8.00%</td><td>8.50%</td><td></td></tr><tr><td>Year ultimate rate is reached</td><td></td><td></td><td></td><td></td><td></td><td></td><td>2015</td><td>2015</td><td></td></tr><tr><td>Ultimate rate</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5.50%</td><td>5.50%</td><td></td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2009</td></tr><tr><td> Asset category</td><td> Level 1</td><td> Level 2</td><td> Level 3</td><td> Total</td></tr><tr><td>Cash and cash equivalents</td><td>$6.8</td><td>$—</td><td>$—</td><td>$6.8</td></tr><tr><td>Equity securities</td><td>2.0</td><td>—</td><td>—</td><td>2.0</td></tr><tr><td>Fixed income securities</td><td>6.1</td><td>—</td><td>—</td><td>6.1</td></tr><tr><td>Investment funds</td><td>22.3</td><td>279.0</td><td>38.6</td><td>339.9</td></tr><tr><td>Insurance contracts</td><td>—</td><td>31.3</td><td>—</td><td>31.3</td></tr><tr><td>Other</td><td>—</td><td>—</td><td>5.2</td><td>5.2</td></tr><tr><td>Total</td><td>$37.2</td><td>$310.3</td><td>$43.8</td><td>$391.3</td></tr></table>
<table><tr><td></td><td>2010</td><td>2011</td><td>2012</td><td>2013</td><td>2014</td><td>Thereafter</td><td>Total</td></tr><tr><td>Deferred acquisition payments</td><td>$20.5</td><td>$34.8</td><td>$1.2</td><td>$1.1</td><td>$2.1</td><td>$0.3</td><td>$60.0</td></tr><tr><td>Redeemable noncontrolling interests and call options with affiliates<sup>1</sup></td><td>44.4</td><td>47.9</td><td>40.5</td><td>36.3</td><td>3.3</td><td>—</td><td>172.4</td></tr><tr><td>Total contingent acquisition payments</td><td>64.9</td><td>82.7</td><td>41.7</td><td>37.4</td><td>5.4</td><td>0.3</td><td>232.4</td></tr><tr><td>Less: cash compensation expense included above</td><td>1.0</td><td>1.0</td><td>1.0</td><td>0.5</td><td>—</td><td>—</td><td>3.5</td></tr><tr><td>Total</td><td>$63.9</td><td>$81.7</td><td>$40.7</td><td>$36.9</td><td>$5.4</td><td>$0.3</td><td>$228.9</td></tr></table>

Question: What is the percentage of Fixed income securities in relation to the total in 2009?