Table of Contents 117 A reconciliation of the significant differences between the US federal statutory tax rate of 35% and the effective income tax rate on income from continuing operations is as follows:
## Table 0 ##
As a result of the TCJA, US federal and state income taxes have been recorded on undistributed foreign earnings accumulated from 1986 through December 31, 2017.
Based on the provisions of the law, the Company's previously taxed income for its foreign subsidiaries significantly exceeds its cash balances offshore.
The Company has not recorded a deferred tax liability for foreign withholding or other foreign local tax that would be due when cash is repatriated to the US as such foreign earnings are considered permanently reinvested in the business or may be remitted substantially free of any additional local taxes.
The determination of the amount of the unrecognized deferred tax liability related to the undistributed earnings is not practicable.
The higher effective tax rate for the year ended December 31, 2017 is primarily due to the impact of the TCJA (which is recorded in the Change in valuation allowance and Legislative changes lines, in the effective tax rate reconciliation above), increased losses in jurisdictions with no tax benefit and current year taxes related to internal restructuring for the Company's proposed acetate tow joint venture with Blackstone (Note 4) (which is recorded in the US tax effect of foreign earnings and dividends and the Foreign tax credits lines, above).
The increases in losses without tax benefit primarily relate to $51 million of plant/office closure costs related to the Company's notice of termination of a contract with a key raw materials supplier at its ethanol production unit in Nanjing, China (Note 18), which is recorded in the Change in valuation allowance line above.
The lower effective tax rate for the year ended December 31, 2016 was primarily due to the settlement of uncertain tax positions and technical clarifications in Germany and the US of $55 million, which was recorded in the Other, net line above.
The higher effective rate for the year ended December 31, 2015 was due to increased losses in jurisdictions with no tax benefit.
The increased losses primarily related to a $123 million long-lived asset impairment recorded to fully write-off certain ethanol related assets at the Company's acetyl facility in Nanjing, China and a $174 million charge related to the termination of a raw materials contract with a supplier in Singapore (Note 18), which was recorded in the Change in valuation allowance line above.
These losses without tax benefit impacted 2015, but did not recur in 2016.
The tax impact of these events was partially offset by decreases in uncertain tax positions of $29 million due to audit closures and technical jurisdictional clarifications, which was recorded in the Other, net line above.
During 2017, the Company undertook various internal reorganization transactions to separate certain assets to reorganize the holdings of its various foreign subsidiaries in preparation for contribution of those assets to its proposed acetate tow joint venture with Blackstone (Note 4).
As a result, the Company generated additional net foreign tax credit carryforwards of approximately $240 million, the gross impacts of which are reflected in the Foreign tax credit line and the US tax effect of foreign earnings lines above in the effective tax rate reconciliation, that will be carried forward to future tax periods.
These new credit carryforwards, as well as balances carried into 2017, were evaluated for realizability under the provisions of the TCJA.
Due to the TCJA and uncertainty as to future sources of general limitation foreign source income to allow for utilization of these credits, the Company recorded a valuation allowance on these foreign tax credits in the amount of $164 million, which is recorded in the Change in valuation allowance line in the effective tax rate reconciliation.
## Table 1 ##
For further discussion of the company’s gas operating revenues and its gas results, see “Results of Operations” in Item 7.
For additional segment information, see Note N to the financial statements in Item 8.
Gas Peak Demand The gas peak demand for firm service customers in CECONY’s service area occurs during the winter heating season.
The daily peak day demand during the winter 2010/2011 (through January 25, 2011) occurred on January 23, 2011 when the demand reached 891 mdths.
The 2010/2011 winter demand included an estimated 587 mdths for CECONY’s full-service customers and 304 mdths for customers participating in its gas retail access program.
“Design weather” for the gas system is a standard to which the actual peak demand is adjusted for evaluation and planning purposes.
The company estimates that under design weather conditions the 2011/2012 service area peak demand will be 1,151 mdths, including an estimated 675 mdths for its full-service customers and 475 mdths for its retail access customers.
The company forecasts average annual growth of the peak gas demand over the next five years at design conditions to be approximately 1.1 percent in its service area.
The forecasted peak demand at design conditions does not include gas used by interruptible gas customers or in generating stations (electricity and steam).
The company continues to monitor the potential impact on customer demand from the current economic conditions Gas Supply CECONY and O&R have combined their gas requirements, and contracts to meet those requirements, into a single portfolio.
The combined portfolio is administered by, and related management services are provided by, CECONY (for itself and as agent for O&R) and costs are allocated between the Utilities in accordance with provisions approved by the NYSPSC.
See Note S to the financial statements in Item 8.
Charges from suppliers for the firm purchase of gas, which are based on formulas or indexes or are subject to negotiation, are generally designed to approximate market prices.
The gas supply contracts are for various terms extending to 2014.
The Utilities have contracts with interstate pipeline companies for the purchase of firm transportation from upstream points where gas has been purchased to the Utilities’ distribution systems, and for upstream storage services.
Charges under these transportation and storage contracts are approved by the FERC.
Such contracts are for various terms extending to 2023.
The Utilities are required to pay certain fixed charges under the supply, transportation and storage contracts whether or not the contracted capacity is actually used.
These fixed charges amounted to approximately $246 million in 2010, including $205 million for CECONY.
See “Contractual Obligations” below.
In addition, the Utilities purchase gas on the spot market and contract for interruptible gas transportation.
See “Recoverable Energy Costs” in Note A to the financial statements in Item 8
Assumed health care cost trend rates for the U. S.  retiree health care benefit plan as of December 31 are as follows:
## Table 2 ##
A one percentage point increase or decrease in health care cost trend rates over all future periods would have increased or decreased the accumulated postretirement benefit obligation for the U. S.  retiree health care benefit plan as of December 31, 2017, by $1 million.
The service cost and interest cost components of 2017 plan expense would have increased or decreased by less than $1 million.
Deferred compensation arrangements We have a deferred compensation plan that allows U. S.  employees whose base salary and management responsibility exceed a certain level to defer receipt of a portion of their cash compensation.
Payments under this plan are made based on the participant’s distribution election and plan balance.
Participants can earn a return on their deferred compensation based on notional investments in the same investment funds that are offered in our defined contribution plans.
As of December 31, 2017, our liability to participants of the deferred compensation plans was $255 million and is recorded in Other long-term liabilities on our Consolidated Balance Sheets.
This amount reflects the accumulated participant deferrals and earnings thereon as of that date.
As of December 31, 2017, we held $236 million in mutual funds related to these plans that are recorded in Long-term investments on our Consolidated Balance Sheets, and serve as an economic hedge against changes in fair values of our other deferred compensation liabilities.
We record changes in the fair value of the liability and the related investment in SG&A as discussed in Note 8.11.
Debt and lines of credit Short-term borrowings We maintain a line of credit to support commercial paper borrowings, if any, and to provide additional liquidity through bank loans.
As of December 31, 2017, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $2 billion until March 2022.
The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable London Interbank Offered Rate (LIBOR).
As of December 31, 2017, our credit facility was undrawn and we had no commercial paper outstanding.
Long-term debt We retired $250 million of maturing debt in March 2017 and another $375 million in June 2017.
In May 2017, we issued an aggregate principal amount of $600 million of fixed-rate, long-term debt.
The offering consisted of the reissuance of $300 million of 2.75% notes due in 2021 at a premium and the issuance of $300 million of 2.625% notes due in 2024 at a discount.
We incurred $3 million of issuance and other related costs.
The proceeds of the offerings were $605 million, net of the original issuance discount and premium, and were used for the repayment of maturing debt and general corporate purposes.
In November 2017, we issued a principal amount of $500 million of fixed-rate, long-term debt due in 2027.
We incurred $3 million of issuance and other related costs.
The proceeds of the offering were $494 million, net of the original issuance discount, and were used for general corporate purposes.
In May 2016, we issued a principal amount of $500 million of fixed-rate, long-term debt due in 2022.
We incurred $3 million of issuance and other related costs.
The proceeds of the offering were $499 million, net of the original issuance discount, and were used toward the repayment of a portion of $1.0 billion of maturing debt retired in May 2016.
In May 2015, we issued a principal amount of $500 million of fixed-rate, long-term debt due in 2020.
We incurred $3 million of issuance and other related costs.
The proceeds of the offering were $498 million, net of the original issuance discount, and were used toward the repayment of a portion of the debt that matured in August 2015.
We retired $250 million of maturing debt in April 2015 and another $750 million in August 2015.

<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td></td><td colspan="3">(In $ millions, except percentages)</td></tr><tr><td>Income tax provision computed at US federal statutory tax rate</td><td>376</td><td>361</td><td>171</td></tr><tr><td>Change in valuation allowance</td><td>218</td><td>-18</td><td>124</td></tr><tr><td>Equity income and dividends</td><td>-87</td><td>-60</td><td>-33</td></tr><tr><td>(Income) expense not resulting in tax impact, net</td><td>-157</td><td>-152</td><td>-32</td></tr><tr><td>US tax effect of foreign earnings and dividends</td><td>521</td><td>302</td><td>15</td></tr><tr><td>Foreign tax credits</td><td>-759</td><td>-293</td><td>-4</td></tr><tr><td>Other foreign tax rate differentials</td><td>-38</td><td>-48</td><td>-47</td></tr><tr><td>Legislative changes</td><td>116</td><td>4</td><td>9</td></tr><tr><td>State income taxes, net of federal benefit</td><td>12</td><td>8</td><td>6</td></tr><tr><td>Other, net</td><td>11</td><td>18</td><td>-8</td></tr><tr><td>Income tax provision (benefit)</td><td>213</td><td>122</td><td>201</td></tr><tr><td>Effective income tax rate</td><td>20%</td><td>12%</td><td>41%</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td> 2006</td><td> 2007</td><td> 2008</td><td> 2009</td><td>2010</td></tr><tr><td> Gas Delivered ($ in millions)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Firm Sales</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Full service</td><td>$1,252</td><td>$1,341</td><td>$1,332</td><td>$1,229</td><td>$1,099</td></tr><tr><td>Firm transportation</td><td>105</td><td>168</td><td>202</td><td>266</td><td>347</td></tr><tr><td> Total Firm Sales and Transportation</td><td>1,357</td><td>1,509</td><td>1,534</td><td>1,495</td><td>1,446</td></tr><tr><td>Interruptible Sales</td><td>121</td><td>88</td><td>138</td><td>75</td><td>60</td></tr><tr><td> Total Gas Sold to CECONY Customers</td><td>1,478</td><td>1,597</td><td>1,672</td><td>1,570</td><td>1,506</td></tr><tr><td>Transportation of customer-owned gas</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>NYPA</td><td>4</td><td>4</td><td>4</td><td>4</td><td>2</td></tr><tr><td>Other (mainly generating plants)</td><td>76</td><td>76</td><td>85</td><td>73</td><td>87</td></tr><tr><td>Off-System Sales</td><td>5</td><td>17</td><td>1</td><td>—</td><td>—</td></tr><tr><td>Other operating revenues (mainly regulatory amortizations)</td><td>50</td><td>65</td><td>77</td><td>54</td><td>-54</td></tr><tr><td> Total Sales and Transportation</td><td>$1,613</td><td>$1,759</td><td>$1,839</td><td>$1,701</td><td>$1,541</td></tr><tr><td> Average Revenue per dth Sold</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential</td><td>$19.24</td><td>$19.78</td><td>$21.15</td><td>$20.33</td><td>$19.31</td></tr><tr><td>General</td><td>$15.07</td><td>$16.01</td><td>$16.77</td><td>$14.91</td><td>$14.28</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td></tr><tr><td>Assumed health care cost trend rate for next year</td><td>7.50%</td><td>6.75%</td></tr><tr><td>Ultimate trend rate</td><td>5.00%</td><td>5.00%</td></tr><tr><td>Year in which ultimate trend rate is reached</td><td>2028</td><td>2024</td></tr></table>

Question: what is the net value of liabilities and investments related to these plans that are reported in the balance sheet at the end of 2017?