Net cash used for investing activities was $651 million, primarily driven by $549 million for the acquisition of Kichler, net of cash acquired, and $219 million for capital expenditures, partially offset by $108 million of net proceeds from the disposition of short-term bank deposits.
We continue to invest in our manufacturing and distribution operations to increase our productivity, improve customer service and support new product innovation.
Capital expenditures for 2018 were $219 million, compared with $173 millionfor 2017and $180 millionfor 2016.
For 2019, capital expenditures, excluding any potential acquisitions, are expected to be approximately $200 million.
Depreciation and amortization expense for 2018 totaled $156 million, compared with $127 million for 2017 and $134 million for 2016.
For 2019, depreciation and amortization expense, excluding any potential 2019 acquisitions, is expected to be approximately $175 million.
Amortization expense totaled $24 million in 2018, compared with $11 million and $10 million in 2017 and 2016, respectively.
Costs of environmental responsibilities and compliance with existing environmental laws and regulations have not had, nor do we expect them to have, a material effect on our capital expenditures, financial position or results of operations.
We believe that our present cash balance and cash flows from operations, and our ability to utilize our Amended Credit Agreement are sufficient to fund our near-term working capital and other investment needs.
We believe that our longer-term working capital and other general corporate requirements will be satisfied through cash flows from operations and, to the extent necessary, from bank borrowings and future financial market activities.
Consolidated Results of Operations We report our financial results in accordance with GAAP in the United States.
However, we believe that certain non-GAAP performance measures and ratios, used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods.
Non-GAAP performance measures and ratios should be viewed in addition to, and not as an alternative for, our reported results under GAAP.
The following discussion of consolidated results of operations compares each respective period to the same period of the immediately preceding year.
Sales and Operations Net sales for 2018 were $8.4 billion, which increased nine percent compared to 2017.
Excluding acquisitions, divestitures and the effect of currency translation, net sales increased five percent.
The following table reconciles reported net sales to net sales excluding acquisitions, divestitures and the effect of currency translation, in millions:
## Table 0 ##
Net sales for 2018increased five percent due to the acquisition of Kichler in March 2018 and Mercury in December 2017.
Net sales were also positively impacted by increased sales volume of plumbing products and cabinetry, which, in aggregate, increased sales by three percent, and net selling price increases of paints and other coating products, plumbing products and windows, which, in aggregate, increased sales by two percent.
Foreign currency translation also increased sales by one percent.
Net sales for 2018 were negatively affected by the divestiture of our Arrow and Moores businesses, which, in aggregate, decreased sales by one percent.
Net sales for 2017 were positively affected by increased sales volume of plumbing products, paints and other coating products and builders' hardware, which, in aggregate, increased sales by four percent.
Net sales for 2017 were also positively affected by favorable sales mix of cabinets, North American plumbing products and North American windows, as well as net selling price increases of windows and international plumbing products, which, in aggregate, increased sales two percent.
Net sales for 2017 were negatively affected by lower sales volume of cabinets, the
The increase in general account investments related to our Japanese insurance operations in 2018 was primarily attributable to net business inflows, the reinvestment of net investment income, and the translation impact of the yen strengthening against the U. S.  dollar, partially offset by an increase in U. S.  interest rates.
As of December 31, 2018, our Japanese insurance operations had $64.9 billion, at carrying value, of investments denominated in U. S.  dollars, including $2.5 billion that were hedged to yen through third-party derivative contracts and $50.0 billion that support liabilities denominated in U. S.  dollars, with the remainder hedging our foreign currency exchange rate exposure on U. S.  dollar-equivalent equity.
As of December 31, 2017, our Japanese insurance operations had $62.6 billion, at carrying value, of investments denominated in U. S.  dollars, including $5.8 billion that were hedged to yen through third-party derivative contracts and $43.8 billion that support liabilities denominated in U. S.  dollars, with the remainder hedging our foreign currency exchange rate exposure on U. S.  dollar-equivalent equity.
The $2.3 billion increase in the carrying value of U. S.  dollar-denominated investments from December 31, 2017 was primarily attributable to portfolio growth as a result of net business inflows and the reinvestment of net investment income, partially offset by the reduction of the U. S.  dollar investments hedged back to yen through third-party derivatives.
Our Japanese insurance operations had $10.1 billion and $11.4 billion, at carrying value, of investments denominated in Australian dollars that support liabilities denominated in Australian dollars, as of December 31, 2018 and 2017, respectively.
The $1.3 billion decrease in the carrying value of Australian dollar-denominated investments from December 31, 2017, was primarily attributable to the translation impact of the Australian dollar weakening against the U. S.  dollar and portfolio reduction as a result of net business outflows.
For additional information regarding U. S.  and Australian dollar investments held in our Japanese insurance operations and a discussion of our yen hedging strategy, see “—Results of Operations by Segment—Impact of Foreign Currency Exchange Rates” above.
Investment Results The following tables set forth the investment results of our general account apportioned between PFI excluding the Closed Block division and the Closed Block division, for the periods indicated.
The yields are based on net investment income as reported under U. S.  GAAP and as such do not include certain interest-related items, such as settlements of duration management swaps which are included in “Realized investment gains (losses), net.
”
## Table 1 ##
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
## Table 2 ##
The Company’s major tax jurisdictions as of September 30, 2011 are the United States, California, Iowa, Singapore and Canada.
For the United States, the Company has open tax years dating back to fiscal year 1998 due to the carry forward of tax attributes.
For California and Iowa, the Company has open tax years dating back to fiscal year 2002 due to the carry forward of tax attributes.
For Singapore, the Company has open tax years dating back to fiscal year 2011.
For Canada, the Company has open tax years dating back to fiscal year 2004.
During the year ended September 30, 2011, the Company did not recognize any significant amount of previously unrecognized tax benefits related to the expiration of the statute of limitations.
The Company’s policy is to recognize accrued interest and penalties, if incurred, on any unrecognized tax benefits as a component of income tax expense.
The Company recognized $0.5 million of accrued interest or penalties related to unrecognized tax benefits during fiscal year 2011.11.
STOCKHOLDERS’ EQUITY COMMON STOCK At September 30, 2011, the Company is authorized to issue 525,000,000 shares of common stock, par value $0.25 per share of which 195,407,396 shares are issued and 186,386,197 shares outstanding.
Holders of the Company’s common stock are entitled to such dividends as may be declared by the Company’s Board of Directors out of funds legally available for such purpose.
Dividends may not be paid on common stock unless all accrued dividends on preferred stock, if any, have been paid or declared and set aside.
In the event of the Company’s liquidation, dissolution or winding up, the holders of common stock will be entitled to share pro rata in the assets remaining after payment to creditors and after payment of the liquidation preference plus any unpaid dividends to holders of any outstanding preferred stock.
Each holder of the Company’s common stock is entitled to one vote for each such share outstanding in the holder’s name.
No holder of common stock is entitled to cumulate votes in voting for directors.
The Company’s second amended and restated certificate of incorporation provides that, unless otherwise determined by the Company’s Board of Directors, no holder of common stock has any preemptive right to purchase or subscribe for any stock of any class which the Company may issue or sell.
On August 3, 2010, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $200.0 million of the Company’s common stock from time to time on the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements.
During the fiscal year ended September 30, 2011, the Company paid approximately $70.0 million (including commissions) in connection with the repurchase of 2,768,045 shares of its common stock (paying an average price of $25.30 per share).
As of September 30, 2011, $130.0 million remained available under the existing share repurchase program.
‰ Refined Coal Investment Tax Credits — Our refined coal facility investment and the resulting credits reduced our provision for income taxes by $17 million for the year ended December 31, 2011.
Refer to Note 9 to the Consolidated Financial Statements for more information related to our refined coal investment.
Our acquisition of Oakleaf did not materially impact our provision for income taxes or the effective income tax rate for the period ended December 31, 2011.
We did receive, as part of the acquisition, income tax attributes (primarily federal and state net operating losses).
While these tax attributes, when realized, will not affect our overall provision for income taxes, they will have a favorable impact on our cash taxes, although we do not anticipate the impact to be material to our overall cash flow from operations.
We expect our 2012 recurring effective tax rate will be approximately 35.5% based on expected income levels, projected federal tax credits and other permanent items.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act, signed into law on December 17, 2010, included an extension of the bonus depreciation allowance through the end of 2012 and increased the amount of qualifying capital expenditures that can be depreciated immediately from 50% to 100%.
The 100% depreciation deduction applies to qualifying property placed in service from September 8, 2010 through December 31, 2011.
The acceleration of deductions on 2011 capital expenditures resulting from the bonus depreciation provision had no impact on our 2011 effective tax rate.
However, the ability to accelerate depreciation deductions decreased our 2011 cash taxes by approximately $190 million.
Taking the accelerated tax depreciation will result in increased cash taxes in future periods when the deductions for these capital expenditures would have otherwise been taken.
Noncontrolling Interests Net income attributable to noncontrolling interests was $48 million in 2011, $49 million in 2010 and $66 million in 2009.
These amounts are principally related to third parties’ equity interests in two limited liability companies that own three waste-to-energy facilities operated by our Wheelabrator Group.
The comparison of these amounts for the reported periods has been affected by (i) our January 2010 acquisition of a controlling financial interest in a portable self-storage business and (ii) the deconsolidation of certain final capping, closure, post-closure and environmental remediation trusts as a result of our implementation of authoritative accounting guidance, effective January 1, 2010, associated with variable interest entities.
Refer to Note 20 to the Consolidated Financial Statements for information related to the consolidation of these variable interest entities.
Landfill and Environmental Remediation Discussion and Analysis We owned or operated 266 solid waste and five secure hazardous waste landfills at December 31, 2011 and 2010.
At December 31, 2011 and 2010, the expected remaining capacity, in cubic yards and tonnage of waste that can be accepted at our owned or operated landfills, is shown below (in millions):

<table><tr><td></td><td colspan="2">Year EndedDecember 31</td></tr><tr><td></td><td>2018</td><td>2017</td></tr><tr><td>Net sales, as reported</td><td>$8,359</td><td>$7,642</td></tr><tr><td>Acquisitions</td><td>-377</td><td>—</td></tr><tr><td>Divestitures</td><td>—</td><td>-72</td></tr><tr><td>Net sales, excluding acquisitions and divestitures</td><td>7,982</td><td>7,570</td></tr><tr><td>Currency translation</td><td>-47</td><td>—</td></tr><tr><td>Net sales, excluding acquisitions, divestitures and the effect of currency translation</td><td>$7,935</td><td>$7,570</td></tr></table>
<table><tr><td></td><td colspan="8">Year Ended December 31, 2018</td></tr><tr><td></td><td colspan="2">PFI Excluding Closed Block Division and Japanese Operations</td><td colspan="2">Japanese Insurance Operations</td><td colspan="2">PFI Excluding Closed Block Division</td><td>Closed Block Division</td><td>Total-5</td></tr><tr><td></td><td>Yield-1</td><td>Amount</td><td>Yield-1</td><td>Amount</td><td>Yield-1</td><td>Amount</td><td>Amount</td><td>Amount</td></tr><tr><td></td><td colspan="8">($ in millions)</td></tr><tr><td>Fixed maturities-2</td><td>4.68%</td><td>$7,004</td><td>2.93%</td><td>$3,707</td><td>3.87%</td><td>$10,711</td><td>$1,692</td><td>$12,403</td></tr><tr><td>Assets supporting experience-rated contractholder liabilities</td><td>3.62</td><td>674</td><td>1.81</td><td>46</td><td>3.41</td><td>720</td><td>0</td><td>720</td></tr><tr><td>Equity securities</td><td>2.28</td><td>48</td><td>3.45</td><td>72</td><td>2.86</td><td>120</td><td>45</td><td>165</td></tr><tr><td>Commercial mortgage and other loans</td><td>4.03</td><td>1,299</td><td>3.96</td><td>623</td><td>4.01</td><td>1,922</td><td>407</td><td>2,329</td></tr><tr><td>Policy loans</td><td>5.44</td><td>258</td><td>3.92</td><td>101</td><td>4.91</td><td>359</td><td>263</td><td>622</td></tr><tr><td>Short-term investments and cash equivalents</td><td>2.20</td><td>265</td><td>2.83</td><td>33</td><td>2.25</td><td>298</td><td>30</td><td>328</td></tr><tr><td>Gross investment income</td><td>4.36</td><td>9,548</td><td>3.04</td><td>4,582</td><td>3.82</td><td>14,130</td><td>2,437</td><td>16,567</td></tr><tr><td>Investment expenses</td><td>-0.15</td><td>-397</td><td>-0.13</td><td>-237</td><td>-0.14</td><td>-634</td><td>-204</td><td>-838</td></tr><tr><td>Investment income after investment expenses</td><td>4.21%</td><td>9,151</td><td>2.91%</td><td>4,345</td><td>3.68%</td><td>13,496</td><td>2,233</td><td>15,729</td></tr><tr><td>Other invested assets-3</td><td></td><td>221</td><td></td><td>93</td><td></td><td>314</td><td>55</td><td>369</td></tr><tr><td>Investment results of other entities and operations-4</td><td></td><td>78</td><td></td><td>0</td><td></td><td>78</td><td>0</td><td>78</td></tr><tr><td>Total investment income</td><td></td><td>$9,450</td><td></td><td>$4,438</td><td></td><td>$13,888</td><td>$2,288</td><td>$16,176</td></tr></table>
<table><tr><td>Balance at October 1, 2010</td><td>$19,900</td></tr><tr><td>Increases based on positions related to prior years</td><td>935</td></tr><tr><td>Increases based on positions related to current year</td><td>11,334</td></tr><tr><td>Decreases relating to settlements with taxing authorities</td><td>—</td></tr><tr><td>Decreases relating to lapses of applicable statutes of limitations</td><td>-33</td></tr><tr><td>Balance at September 30, 2011</td><td>$32,136</td></tr></table>

Question: What is the average value of Policy loans for PFI Excluding Closed Block Division and Japanese Operations,Japanese Insurance Operations and PFI Excluding Closed Block Division? (in million)