During the third quarter ended 30 June 2017, we recognized a goodwill impairment charge of $145.3 and an intangible asset impairment charge of $16.8 associated with our LASA reporting unit.
Refer to Note 11, Goodwill, and Note 12, Intangible Assets, for more information related to these charges and the associated fair value measurement methods and significant inputs/assumptions, which were classified as Level 3 since unobservable inputs were utilized in the fair value measurements.16.
DEBT The tables below summarize our outstanding debt at 30 September 2019 and 2018: Total Debt
## Table 0 ##
(A) Fiscal year 2019 includes the current portion of long-term debt owed to a related party of $37.8.
(B) Refer to Note 7, Acquisitions, for additional information regarding related party debt.
Short-term Borrowings Short-term borrowings consisted of bank obligations of $58.2 and $54.3 at 30 September 2019 and 2018, respectively.
The weighted average interest rate of short-term borrowings outstanding at 30 September 2019 and 2018 was 3.7% and 5.0%, respectively
The asset allocation for National City’s defined benefit pension plan as of the measurement date, by asset category is as follows:
## Table 1 ##
The investment objective for the National City qualified pension plan is to maximize total return with tolerance for slightly above average risk.
Asset allocation strongly favors equities, with a target allocation of approximately 80% equity securities, 15% fixed income securities, and 5% cash.
Due to volatility in the market, the target allocation is not always desirable as asset allocations will fluctuate.
A core equity position of large cap stocks will be maintained.
However, more aggressive or volatile sectors will be meaningfully represented in the asset mix in pursuit of higher returns.
Higher volatility investment strategies such as credit risk, structured finance, and international bonds will be appropriate strategies in conjunction with the core position.
As of December 31, 2008, the plan had a temporary large cash and cash equivalents balance due to a contribution of $850 million made by National City to the plan on December 30, 2008 which had not yet been fully invested.
Equity securities included $9 million of National City common stock at December 31, 2008, representing 5,048,833 shares at a closing price of $1.81.
In conjunction with PNC’s acquisition of National City, these shares were exchanged into 197,914 shares of PNC common stock.
The following table provides information regarding our estimated future cash flows related to our various plans, including the impact of the National City plans: ESTIMATED CASH FLOWS
## Table 2 ##
The qualified pension plan contributions are deposited into the Trust, and the qualified pension plan benefit payments are paid from the Trust.
For the other plans, total contributions and the benefit payments are the same and represent expected benefit amounts, which are paid from general assets.
Postretirement benefits are net of participant contributions.
The components of net periodic benefit cost/ (income) and other amounts recognized in other comprehensive income were as follows.
This table excludes the impact of the National City plans which we acquired on December 31, 2008.
## Table 3 ##
National City sold residential mortgage loans and home equity lines of credit (collectively, loans) in the normal course of business.
These agreements usually require certain representations concerning credit information, loan documentation, collateral, and insurability.
On a regular basis, investors may request PNC to indemnify them against losses on certain loans or to repurchase loans which the investors believe do not comply with applicable representations.
Upon completion of its own investigation as to the validity of the claim, PNC will repurchase or provide indemnification on such loans.
Indemnification requests are generally received within two years subsequent to the date of sale.
Management maintains a liability for estimated losses on loans expected to be repurchased, or on which indemnification is expected to be provided, and regularly evaluates the adequacy of this recourse liability based on trends in repurchase and indemnification requests, actual loss experience, known and inherent risks in the loans, and current economic conditions.
At December 31, 2008 the liability for estimated losses on repurchase and indemnification claims was $406 million.
OTHER GUARANTEES We write caps and floors for customers, risk management and proprietary trading purposes.
At December 31, 2008, the fair value of the written caps and floors liability on our Consolidated Balance Sheet was $12 million.
Our ultimate obligation under written options is based on future market conditions and is only quantifiable at settlement.
We manage our market risk exposure from customer positions through transactions with third-party dealers.
CREDIT DEFAULT SWAPS
## Table 4 ##
(a) Includes $883 million of investment grade credit default swaps with a rating of Baa3 or above and $72 million of subinvestment grade based on published rating agency information.
(b) Includes $1.7 billion of investment grade credit default swaps with a rating of Baa3 or above and $263 million of subinvestment grade based on published rating agency information.
(c) The referenced/underlying assets for these credit default swaps is approximately 70% corporate debt, 27% commercial mortgage backed securities and 3% related to loans.
We enter into credit default swaps under which we buy loss protection from or sell loss protection to a counterparty for the occurrence of a credit event of a reference entity.
The fair value of the contracts sold on our Consolidated Balance Sheet was a net liability of $80 million at December 31, 2008.
The maximum amount we would be required to pay under the credit default swaps in which we sold protection, assuming all reference obligations experience a credit event at a total loss, without recoveries, was $955 million at December 31, 2008.
We have also entered into various contingent performance guarantees through credit risk participation arrangements with terms ranging from less than one year to 23 years.
As of December 31, 2008 the notional amount of risk participations agreements was $1.9 billion with a weighted-average remaining maturity of 3 years.
The fair value of these agreements on our Consolidated Balance Sheet was a net liability of $3 million.
Based on the Corporation’s internal risk rating process, 98% of the notional amount of the risk participations agreements outstanding had underlying swap counterparties with internal credit ratings of pass, indicating the expected risk of loss is currently low, while 2% had underlying swap counterparties with internal risk ratings below pass, indicating a higher degree of risk of default.
We will be required to make payments under these guarantees if a customer defaults on its obligation to perform under certain credit agreements with third parties.
Assuming all underlying swap counterparties defaulted, the maximum potential exposure from these agreements as of December 31, 2008 would be $128 million based on the fair value of the underlying swaps.
CONTINGENT PAYMENTS IN CONNECTION WITH CERTAIN ACQUISITIONS A number of the acquisition agreements to which we are a party and under which we have purchased various types of assets, including the purchase of entire businesses, partial interests in companies, or other types of assets, require us to make additional payments in future years if certain predetermined goals are achieved or not achieved within a specific time period.
Due to the nature of the contract provisions, we cannot quantify our total exposure that may result from these agreements.
program totaled $445 million.
These trades matured at the end of January 2009 and were replaced with commercial paper sold to investors.
**** It is also possible that the US Congress and federal banking agencies, as part of their efforts to provide economic stimulus and financial market stability, to enhance the liquidity and solvency of financial institutions and markets, and to enhance the regulation of financial institutions and markets, will announce additional legislation, regulations or programs.
These additional actions may take the form of changes in or additions to the statutes or regulations related to existing programs, including those described above.
It is not possible at this time to predict the ultimate impact of these actions on PNC’s business plans and strategies.
KEY FACTORS AFFECTING FINANCIAL PERFORMANCE Our financial performance is substantially affected by several external factors outside of our control including the following, some of which may be affected by legislative, regulatory and administrative initiatives of the Federal government outlined above: ?
General economic conditions, including the length and severity of the current recession, ?
The level of, and direction, timing and magnitude of movement in interest rates, and the shape of the interest rate yield curve, ?
The functioning and other performance of, and availability of liquidity in, the capital and other financial markets, ?
Loan demand, utilization of credit commitments and standby letters of credit, and asset quality, ?
Customer demand for other products and services, ?
Changes in the competitive landscape and in counterparty creditworthiness and performance as the financial services industry restructures in the current environment, ?
Movement of customer deposits from lower to higher rate accounts or to investment alternatives, and ?
The impact of market credit spreads on asset valuations.
In addition, our success will depend, among other things, upon: ?
Further success in the acquisition, growth and retention of customers, ?
Progress toward integrating the National City acquisition, ?
Continued development of the markets related to our recent acquisitions, including full deployment of our product offerings, ?
Revenue growth, ?
A sustained focus on expense management, including achieving our cost savings targets associated with our National City integration, and creating positive operating leverage, ?
Managing the distressed assets portfolio, ?
Maintaining solid overall asset quality, ?
Continuing to maintain our solid deposit base, ?
Prudent risk and capital management leading to a return to our desired moderate risk profile, and ?
Actions we take within the capital and other financial markets.
See also Item 1A Risk Factors and the Cautionary Statement Regarding Forward-Looking Information section of Item 7 of this Report.
OTHER 2008 ACQUISITION AND DIVESTITURE ACTIVITY On April 4, 2008, we acquired Lancaster, Pennsylvania-based Sterling Financial Corporation (“Sterling”) for approximately 4.6 million shares of PNC common stock and $224 million in cash.
Sterling was a banking and financial services company with approximately $3.2 billion in assets, $2.7 billion in deposits, and 65 branches in south-central Pennsylvania, northern Maryland and northern Delaware.
The Sterling technology systems and bank charter conversions were completed during the third quarter of 2008 and we realized the anticipated cost savings related to these activities.
On March 31, 2008, we sold J. J.
B.  Hilliard, W. L.  Lyons, LLC (“Hilliard Lyons”), a Louisville, Kentucky-based whollyowned subsidiary of PNC and a full-service brokerage and financial services provider, to Houchens Industries, Inc.  We recognized an after-tax gain of $23 million in the first quarter of 2008 in connection with this divestiture.
Business segment information for the periods presented in this Item 7 reflects the reclassification of results for Hilliard Lyons, including the gain on the sale of this business, from the Retail Banking business segment to “Other.
” Summary Financial Results
## Table 5 ##
Our earnings and related per share amounts for 2008 do not include the impact of National City, which we acquired effective December 31, 2008, other than a conforming adjustment to our provision for credit losses of $504 million and other integration costs of $71 million, both of which were recognized in the fourth quarter.
Our performance in 2008 included the following: ?
At December 31, 2008 we had total assets of $291 billion, including loans of $175 billion, and total deposits of $193 billion, reflecting the acquisition of National City.  ?
We significantly strengthened capital.
The Tier 1 risk-based capital ratio was 9.7% at December 31,
The decline in total trading revenue for 2008 primarily related to losses sustained in our proprietary trading activities.
These decreases reflected the negative impact of significant widening of market credit spreads in extremely illiquid markets.
We took the following steps during 2008 to reduce our proprietary trading positions: ?
Sold Hilliard Lyons on March 31, 2008, including their proprietary trading positions; ?
Significantly reduced the PNC Capital Markets municipal bond arbitrage book during the first half of 2008, closing it completely by August 2008; ?
Reduced significantly proprietary risk taking within the customer-focused equity derivatives book during 2008; ?
Reduced convertible arbitrage book positions during 2008 from close to $225 million face value of bonds to close to $100 million; ?
Terminated all derivative positions hedging municipal bond exposure in tender option bond trusts, terminated the trusts, and transferred the remaining long municipal bond position (approximately $300 million face value) to the available for sale portfolio.
This transfer occurred in the fourth quarter of 2008; ?
Sold down approximately 80% of the positions in the non-agency mortgage-backed securities and commercial mortgage-backed securities proprietary trading books during 2008.
The remaining positions (market value of approximately $300 million) were transferred to the available for sale portfolio after terminating swap hedges.
This transfer occurred in the fourth quarter of 2008; and ?
Significantly reduced all other proprietary trading positions including interest rate swaps, futures, swap options and credit default swaps.
Trading securities at December 31, 2008 totaled $1.7 billion, including $1 billion from National City, compared with $3.6 billion at December 31, 2007 and reflected our risk management actions outlined above.
Average trading assets and liabilities for the past three years consisted of the following:

<table><tr><td>30 September</td><td>2019</td><td>2018</td></tr><tr><td>Short-term borrowings</td><td>$58.2</td><td>$54.3</td></tr><tr><td>Current portion of long-term debt<sup>(A)(B)</sup></td><td>40.4</td><td>406.6</td></tr><tr><td>Long-term debt</td><td>2,907.3</td><td>2,967.4</td></tr><tr><td>Long-term debt – related party<sup>(B)</sup></td><td>320.1</td><td>384.3</td></tr><tr><td>Total Debt</td><td>$3,326.0</td><td>$3,812.6</td></tr></table>
<table><tr><td></td><td colspan="3">Qualified Pension Plan</td><td colspan="3">Nonqualified Pension Plan</td><td colspan="3">Postretirement Benefits</td></tr><tr><td>Year ended December 31 – in millions</td><td>2008</td><td>2007</td><td>2006</td><td>2008</td><td>2007</td><td>2006</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Net periodic cost consists of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Service cost</td><td>$44</td><td>$42</td><td>$34</td><td>$2</td><td>$2</td><td>$1</td><td>$3</td><td>$3</td><td>$2</td></tr><tr><td>Interest cost</td><td>86</td><td>82</td><td>68</td><td>6</td><td>6</td><td>4</td><td>15</td><td>14</td><td>13</td></tr><tr><td>Expected return on plan assets</td><td>-160</td><td>-156</td><td>-129</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amortization of prior service cost</td><td>-2</td><td></td><td>-1</td><td></td><td></td><td></td><td>-7</td><td>-7</td><td>-6</td></tr><tr><td>Amortization of actuarial losses</td><td></td><td>2</td><td>16</td><td>2</td><td>2</td><td>3</td><td></td><td></td><td>1</td></tr><tr><td>Net periodic cost</td><td>$-32</td><td>$-30</td><td>$-12</td><td>$10</td><td>$10</td><td>$8</td><td>$11</td><td>$10</td><td>$10</td></tr><tr><td>Other changes in plan assets and benefit obligations recognized in other comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current year prior service cost/(credit)</td><td>$-17</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$-5</td><td></td></tr><tr><td>Amortization of prior service (cost)/credit</td><td>2</td><td></td><td></td><td></td><td></td><td></td><td>$7</td><td>7</td><td></td></tr><tr><td>Current year actuarial loss/(gain)</td><td>807</td><td>$16</td><td></td><td>$2</td><td>$4</td><td></td><td>-17</td><td>-2</td><td></td></tr><tr><td>Amortization of actuarial (loss)/gain</td><td></td><td>-2</td><td></td><td>-2</td><td>-2</td><td></td><td></td><td></td><td></td></tr><tr><td>Total recognized in OCI</td><td>792</td><td>14</td><td></td><td></td><td>2</td><td></td><td>-10</td><td></td><td></td></tr><tr><td>Total recognized in net periodic cost and OCI</td><td>$760</td><td>$-16</td><td></td><td>$10</td><td>$12</td><td></td><td>$1</td><td>$10</td><td></td></tr></table>
<table><tr><td> National City Pension Plan</td><td>Percentage of Plan Assets  December 31 2008</td><td></td></tr><tr><td>Asset Category</td><td></td><td></td></tr><tr><td>Equity securities</td><td> 42</td><td> %</td></tr><tr><td>Fixed income securities</td><td> 9</td><td> %</td></tr><tr><td>Cash and cash equivalents</td><td> 49</td><td> %</td></tr><tr><td>Total</td><td> 100</td><td> %</td></tr></table>
<table><tr><td></td><td></td><td></td><td colspan="2">Postretirement Benefits</td></tr><tr><td>In millions</td><td>QualifiedPension</td><td>NonqualifiedPension</td><td>GrossPNCBenefitPayments</td><td>Reductionin PNCBenefitPaymentsDue toMedicarePart DSubsidy</td></tr><tr><td>Estimated 2009</td><td></td><td></td><td></td><td></td></tr><tr><td>employercontributions</td><td>—</td><td>$29</td><td>$35</td><td>$2</td></tr><tr><td>Estimated future</td><td></td><td></td><td></td><td></td></tr><tr><td>benefit</td><td></td><td></td><td></td><td></td></tr><tr><td>payments</td><td></td><td></td><td></td><td></td></tr><tr><td>2009</td><td>$247</td><td>$29</td><td>$35</td><td>$2</td></tr><tr><td>2010</td><td>253</td><td>30</td><td>36</td><td>2</td></tr><tr><td>2011</td><td>262</td><td>28</td><td>34</td><td>2</td></tr><tr><td>2012</td><td>267</td><td>28</td><td>34</td><td>2</td></tr><tr><td>2013</td><td>277</td><td>25</td><td>34</td><td>2</td></tr><tr><td>2014 – 2018</td><td>1,499</td><td>109</td><td>164</td><td>9</td></tr></table>
<table><tr><td>December 31, 2008Dollars in millions</td><td>Notional amount</td><td>Estimated net fair value</td><td>Weighted- Average Remaining Maturity InYears</td></tr><tr><td> <i></i>  <i>Credit Default Swaps – Guarantees</i>  <i></i></td><td></td><td></td><td></td></tr><tr><td>Single name</td><td>$278</td><td>$-38</td><td>3.84</td></tr><tr><td>Index traded</td><td>677</td><td>-42</td><td>4.84</td></tr><tr><td>Total (a)</td><td>$955</td><td>$-80</td><td>4.54</td></tr><tr><td> <i>Credit Default Swaps – Beneficiaries</i></td><td></td><td></td><td></td></tr><tr><td>Single name</td><td>$974</td><td>$84</td><td>3.82</td></tr><tr><td>Index traded</td><td>1,008</td><td>201</td><td>31.82</td></tr><tr><td>Total (b)</td><td>$1,982</td><td>$285</td><td>18.06</td></tr><tr><td>Total (c)</td><td>$2,937</td><td>$205</td><td>13.67</td></tr></table>
<table><tr><td></td><td colspan="2"> Year ended December 31 </td></tr><tr><td> In millions, except  per share data </td><td>2008</td><td> 2007 </td></tr><tr><td>Net income</td><td>$882</td><td>$1,467</td></tr><tr><td>Diluted earnings per share</td><td>$2.46</td><td>$4.35</td></tr><tr><td>Return on</td><td></td><td></td></tr><tr><td>Average common shareholders’ equity</td><td>6.28%</td><td>10.53%</td></tr><tr><td>Average assets</td><td>.62%</td><td>1.19%</td></tr></table>

Question: How many Qualified Pension Plan exceed the average of Qualified Pension Plan in 2008?