average cost of debt from 7.1% to an effective rate of 6.9%.
The inclusion of the offsetting interest income from short-term investments reduced this effective rate to 6.26%.
Other financing activities during 2011 included the issuance of approximately 0.3 million shares of treasury stock for various incentive plans and the acquisition of 1.0 million shares of treasury stock primarily related to restricted stock withholding taxes.
Payments of restricted stock withholding taxes totaled $30 million.
Off-Balance Sheet Variable Interest Entities Information concerning off-balance sheet variable interest entities is set forth in Note 12 Variable Interest Entities and Preferred Securities of Subsidiaries on pages 72 through 75 of Item 8.
Financial Statements and Supplementary Data for discussion.
Liquidity and Capital Resources Outlook for 2014 Capital Expenditures and Long-Term Debt International Paper expects to be able to meet projected capital expenditures, service existing debt and meet working capital and dividend requirements during 2014 through current cash balances and cash from operations.
Additionally, the Company has existing credit facilities totaling $2.0 billion.
The Company was in compliance with all its debt covenants at December 31, 2013.
The Company’s financial covenants require the maintenance of a minimum net worth of $9 billion and a total debt-tocapital ratio of less than 60%.
Net worth is defined as the sum of common stock, paid-in capital and retained earnings, less treasury stock plus any cumulative goodwill impairment charges.
The calculation also excludes accumulated other comprehensive income/ loss and Nonrecourse Financial Liabilities of Special Purpose Entities.
The total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth.
At December 31, 2013, International Paper’s net worth was $15.1 billion, and the total-debtto-capital ratio was 39%.
The Company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows.
Funding decisions will be guided by our capital structure planning objectives.
The primary goals of the Company’s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense.
The majority of International Paper’s debt is accessed through global public capital markets where we have a wide base of investors.
Maintaining an investment grade credit rating is an important element of International Paper’s financing strategy.
At December 31, 2013, the Company held long-term credit ratings of BBB (stable outlook) and Baa3 (stable outlook) by S&P and Moody’s, respectively.
Contractual obligations for future payments under existing debt and lease commitments and purchase obligations at December 31, 2013, were as follows:
## Table 0 ##
(a) Total debt includes scheduled principal payments only.
(b) Represents debt obligations borrowed from non-consolidated variable interest entities for which International Paper has, and intends to effect, a legal right to offset these obligations with investments held in the entities.
Accordingly, in its consolidated balance sheet at December 31, 2013, International Paper has offset approximately $5.2 billion of interests in the entities against this $5.2 billion of debt obligations held by the entities (see Note 12 Variable Interest Entities and Preferred Securities of Subsidiaries on pages 72 through 75 in Item 8.
Financial Statements and Supplementary Data).
(c) Includes $3.3 billion relating to fiber supply agreements entered into at the time of the 2006 Transformation Plan forestland sales and in conjunction with the 2008 acquisition of Weyerhaeuser Company’s Containerboard, Packaging and Recycling business.
(d) Not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $146 million.
We consider the undistributed earnings of our foreign subsidiaries as of December 31, 2013, to be indefinitely reinvested and, accordingly, no U. S.  income taxes have been provided thereon.
As of December 31, 2013, the amount of cash associated with indefinitely reinvested foreign earnings was approximately $900 million.
We do not anticipate the need to repatriate funds to the United States to satisfy domestic liquidity needs arising in the ordinary course of business, including liquidity needs associated with our domestic debt service requirements.
Pension Obligations and Funding At December 31, 2013, the projected benefit obligation for the Company’s U. S.  defined benefit plans determined under U. S.  GAAP was approximately $2.2 billion higher than the fair value of plan assets.
Approximately $1.8 billion of this amount relates to plans that are subject to minimum funding requirements.
Under current IRS funding rules, the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits (the projected benefit obligation) for accounting purposes.
In December 2008, the Worker, Retiree and Employer Recovery Act of 2008 (WERA) was passed by the U. S.  Congress which provided for pension funding relief and technical corrections.
Funding
shareholders received 1.64 shares of UnitedHealth Group common stock and $18 in cash for each share of MAMSI common stock they owned.
Total consideration issued was approximately $2.7 billion, comprised of 72.8 million shares of UnitedHealth Group common stock (valued at $1.9 billion based on the average of UnitedHealth Group’s share closing price for two days before, the day of and two days after the acquisition announcement date of October 27, 2003) and approximately $800 million in cash.
The purchase price and costs associated with the acquisition exceeded the estimated fair value of the net tangible assets acquired by approximately $2.1 billion.
Based on management’s consideration of fair value, which included an independent valuation analysis, we have allocated the excess purchase price over the fair value of the net tangible assets acquired to finite-lived intangible assets of approximately $280 million and associated deferred tax liabilities of approximately $100 million, and goodwill of approximately $1.9 billion.
The finite-lived intangible assets consist primarily of member lists, health care physician and hospital networks and trademarks, with an estimated weighted-average useful life of 17 years.
The acquired goodwill is not deductible for income tax purposes.
Acquired net tangible assets and liabilities are categorized as follows: cash, cash equivalents and investments of $736 million; accounts receivable and other current assets of $228 million; property, equipment and capitalized software and other assets of $57 million; medical costs payable of $283 million and other current liabilities of $140 million.
The results of operations and financial condition of PacifiCare, Oxford and MAMSI have been included in our consolidated financial statements since the respective acquisition dates.
The unaudited pro forma financial information presented below assumes that the acquisitions occurred as of the beginning of the respective periods.
The pro forma adjustments include the pro forma effect of UnitedHealth Group shares issued in the acquisitions, the amortization of finite-lived intangible assets arising from the purchase price allocations, interest expense related to financing the cash portion of the purchase price and the associated income tax effects of the pro forma adjustments.
The following unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the acquisitions been consummated at the beginning of the periods presented.
## Table 1 ##
In October 2005, we sold the life insurance and annuity business within Golden Rule to OneAmerica Financial Partners, Inc.  (OneAmerica) through an indemnity reinsurance arrangement.
Under the arrangement, OneAmerica assumes the risks associated with the future policy benefits for the life and annuity contracts.
We remain liable for claims if OneAmerica fails to meet its obligations to policy holders.
Because we remain primarily liable to the policy holders, the liabilities and obligations associated with the reinsured contracts remain on our Consolidated Balance Sheet with a corresponding reinsurance receivable from OneAmerica, which is classified in other noncurrent assets and totaled approximately $1.8 billion as of December 31, 2005.
We transferred approximately $1.3 billion of investments and $363 million in cash to OneAmerica in conjunuction with the arrangement.
We realized a small gain on the sale which has been deferred and is being amortized over the estimated remaining life of the reinsured contracts.
For the years ended December 31, 2005, 2004 and 2003, aggregate consideration paid or issued for smaller acquisitions accounted for under the purchase method was $196 million, $158 million and $127 million, respectively.
These acquisitions were not material to our consolidated financial statements.
deficit we fund could be recovered by underwriting gains in future periods of the contract.
To date, we have not been required to fund any underwriting deficits.
The RSF balance is reported in Other Policy Liabilities in the accompanying Consolidated Balance Sheets.
We believe the RSF balance is sufficient to cover potential future underwriting or other risks associated with the contract.
The following AARP program-related assets and liabilities are included in our Consolidated Balance Sheets:
## Table 2 ##
The effects of changes in balance sheet amounts associated with the AARP program accrue to the overall benefit of the AARP policyholders through the RSF balance.
Accordingly, we do not include the effect of such changes in our Consolidated Statements of Cash Flows.
Pursuant to our agreement, AARP assets under management are managed separately from our general investment portfolio and are used to pay costs associated with the AARP program.
These assets are invested at our discretion, within investment guidelines approved by AARP.
We do not guarantee any rates of investment return on these investments and, upon transfer of the AARP contract to another entity, we would transfer cash equal in amount to the fair value of these investments at the date of transfer to that entity.
Interest earnings and realized investment gains and losses on these assets accrue to the overall benefit of the AARP policyholders through the RSF.
As such, they are not included in our earnings.
Interest income and realized gains and losses related to assets under management are recorded as an increase to the AARP RSF and were $90 million, $103 million and $101 million in 2005, 2004 and 2003, respectively.
Assets under management are reported at their fair market value, and unrealized gains and losses are included directly in the RSF associated with the AARP program.
As of December 31, 2005 and 2004, the amortized cost, gross unrealized gains and losses, and fair value of cash, cash equivalents and investments associated with the AARP insurance program, included in Assets Under Management, were as follows (in millions):
## Table 3 ##
As of December 31, 2005 and 2004, respectively, debt securities consisted of $779 million and $809 million in U. S.  Government and Agency obligations, $19 million and $20 million in state and municipal obligations and $585 million and $870 million in corporate obligations.
At December 31, 2005, the AARP assets under management included debt securities of $149 million with maturities of less than one year, $459 million with maturities of one to five years, $435 million with maturities of five to 10 years and $340 million with maturities of more than 10 years.
As of December 31, 2005, we had no investments under the AARP agreement in a continuous unrealized loss position for 12 months or greater.

<table><tr><td>In millions</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td><td>Thereafter</td></tr><tr><td>Maturities of long-term debt (a)</td><td>$661</td><td>$498</td><td>$571</td><td>$285</td><td>$1,837</td><td>$5,636</td></tr><tr><td>Debt obligations with right of offset (b)</td><td>—</td><td>—</td><td>5,185</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Lease obligations</td><td>171</td><td>133</td><td>97</td><td>74</td><td>59</td><td>162</td></tr><tr><td>Purchase obligations (c)</td><td>3,170</td><td>770</td><td>642</td><td>529</td><td>453</td><td>2,404</td></tr><tr><td>Total (d)</td><td>$4,002</td><td>$1,401</td><td>$6,495</td><td>$888</td><td>$2,349</td><td>$8,202</td></tr></table>
<table><tr><td></td><td> For the Year Ended December 31, 2005</td><td> For the Year Ended December 31, 2004</td></tr><tr><td> (in millions, except per share data)</td><td colspan="2"> Pro forma - unaudited </td></tr><tr><td>Revenues</td><td>$59,426</td><td>$53,051</td></tr><tr><td>Net Earnings</td><td>$3,568</td><td>$3,012</td></tr><tr><td>Earnings Per Share:</td><td></td><td></td></tr><tr><td>Basic</td><td>$2.62</td><td>$2.12</td></tr><tr><td>Diluted</td><td>$2.48</td><td>$2.02</td></tr></table>
<table><tr><td></td><td colspan="2"> Balance as of December </td></tr><tr><td> (in millions)</td><td> 2005 </td><td> 2004 </td></tr><tr><td>Accounts Receivable</td><td>$414</td><td>$389</td></tr><tr><td>Assets Under Management</td><td>$1,792</td><td>$1,883</td></tr><tr><td>Medical Costs Payable</td><td>$1,001</td><td>$899</td></tr><tr><td>Other Policy Liabilities</td><td>$939</td><td>$1,162</td></tr><tr><td>Other Current Liabilities</td><td>$266</td><td>$211</td></tr></table>
<table><tr><td></td><td> Amortized Cost </td><td> Gross Unrealized Gains </td><td>Gross Unrealized Losses</td><td> Fair Value </td></tr><tr><td> 2005</td><td></td><td></td><td></td><td></td></tr><tr><td> Cash and Cash Equivalents</td><td>$409</td><td>$—</td><td>$—</td><td>409</td></tr><tr><td> Debt Securities — Available for Sale</td><td>1,390</td><td>6</td><td>-13</td><td>1,383</td></tr><tr><td> Total Cash and Investments</td><td>$1,799</td><td>$6</td><td>$-13</td><td>$1,792</td></tr><tr><td> 2004</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and Cash Equivalents</td><td>$184</td><td>$—</td><td>$—</td><td>$184</td></tr><tr><td>Debt Securities — Available for Sale</td><td>1,664</td><td>37</td><td>-2</td><td>1,699</td></tr><tr><td>Total Cash and Investments</td><td>$1,848</td><td>$37</td><td>$-2</td><td>$1,883</td></tr></table>

Question: Which year is the value of the Gross Unrealized Gains for Debt Securities — Available for Sale the lowest?
Answer: 2005