Notes to the Financial Statements — Continued The carrying amounts and fair values of long-term debt are:
## Table 0 ##
Fair values of long-term debt have been estimated primarily using available market information.
At December 31, 2011 and 2010, long-term debt of Con Edison included $29 million and $32 million, respectively, of Transition Bonds issued in 2004 by O&R’s New Jersey utility subsidiary through a special purpose entity.
Significant Debt Covenants The significant debt covenants under the financing arrangements for the notes of Con Edison and the debentures of CECONY are obligations to pay principal and interest when due, covenants not to consolidate with or merge into any other corporation unless certain conditions are met and, for Con Edison’s notes, covenants that Con Edison shall continue its utility business in New York City and shall not permit Con Edison’s ratio of consolidated debt to consolidated capital to exceed 0.675 to 1.
Con Edison’s notes are also subject to cross default provisions with respect to other indebtedness of Con Edison or its material subsidiaries having a then outstanding principal balance in excess of $100 million.
CECONY’s debentures have no cross default provisions.
The tax-exempt financing arrangements of the Utilities are subject to covenants for the CECONY debentures discussed above and the covenants discussed below.
The Companies believe that they were in compliance with their significant debt covenants at December 31, 2011.
The tax-exempt financing arrangements involved the issuance of uncollateralized promissory notes of the Utilities to NYSERDA in exchange for the net proceeds of a like amount of tax-exempt bonds with substantially the same terms sold to the public by NYSERDA.
The tax-exempt financing arrangements include covenants with respect to the tax-exempt status of the financing, including covenants with respect to the use of the facilities financed.
The arrangements include provisions for the maintenance of liquidity and credit facilities, the failure to comply with which would, except as otherwise provided, constitute an event of default with respect to the debt to which such provisions applied.
The failure to comply with debt covenants would, except as otherwise provided, constitute an event of default with respect to the debt to which such provisions applied.
If an event of default were to occur, the principal and accrued interest on the debt to which such event of default applied and, in the case of the Con Edison notes, a make-whole premium might and, in the case of certain events of default would, become due and payable immediately.
The liquidity and credit facilities currently in effect for the tax-exempt financing include covenants that the ratio of debt to total capital of the obligated utility will not at any time exceed 0.65 to 1 and that, subject to certain exceptions, the utility will not mortgage, lien, pledge or otherwise encumber its assets.
Certain of the facilities also include as events of default, defaults in payments of other debt obligations in excess of specified levels ($100 million for CECONY).
Note D — Short-Term Borrowing In October 2011, Con Edison and the Utilities entered into a Credit Agreement (Credit Agreement), under which banks are committed to provide loans and letters of credit on a revolving credit basis, and terminated their Amended and Restated Credit Agreement (Prior Credit Agreement) which was to expire in June 2012.
Under the Credit Agreement, which expires in October 2016, there is a maximum of $2.25 billion of credit available, with the full amount available to CECONY and $1 billion available to Con Edison, including up to $1.2 billion of letters of credit.
The Credit Agreement supports the Companies’ commercial paper programs.
The Companies have not borrowed under the Credit Agreement.
At December 31, 2011 and 2010, Con Edison and CECONY had no commercial paper outstanding.
The banks’ commitments under the Credit Agreement are subject to certain conditions, including that there be no event of default.
The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change.
Upon a change of control of, or upon an event of default by one of the Companies, the banks may terminate their commitments with respect to that company, declare any amounts owed by that company under the Credit Agreement immediately due and payable and require that company to provide cash collateral relating to the letters of credit issued for it under the Credit Agreement.
Events of default include the exceeding at any time of a ratio of consolidated debt to consolidated total capital of 0.65 to 1 (at December 31, 2011 this ratio was 0.48 to 1 for Con Edison and CECONY); having liens on its assets in an aggregate amount exceeding 5 percent of its consolidated total capital, subject to certain exceptions; and the failure, following any applicable notice period, to meet certain other customary covenants.
Interest and fees charged for the revolving credit facilities and any loans made or letters of credit issued under the Credit Agreement reflect the Companies’ respective credit ratings.
Notes to the Financial Statements — Continued Assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 are summarized below.
## Table 1 ##
(1) A portion of the commodity derivatives categorized in Level 3 is valued using an internally developed model with observable inputs.
The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3.
See Note O.
(2) See Note O.
(3) Other assets are comprised of assets such as life insurance contracts within the deferred compensation plan and non-qualified retirement plans.
(4) Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties.
(5) The Companies’ policy is to recognize transfers into and transfers out of the levels at the end of the reporting period.
(6) Transferred between Level 3 and Levels 1 and 2 because of reassessment of the levels in the fair value hierarchy within which certain inputs fall.
Other assets and interest rate contract were transferred as of March 31, 2012.
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2011 are summarized below.
## Table 2 ##
(1) A significant portion of the commodity derivative contracts categorized in Level 3 is valued using either an industry acceptable model or an internally developed model with observable inputs.
The models also include some less readily observable inputs resulting in the classification of the entire contract as Level 3.
See Note O.
VORNADO REALTY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 164 17.
Leases As lessor: We lease space to tenants under operating leases.
Most of the leases provide for the payment of fixed base rentals payable monthly in advance.
Office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs.
Shopping center leases provide for pass-through to tenants the tenant’s share of real estate taxes, insurance and maintenance.
Shopping center leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants’ sales.
As of December 31, 2011, future base rental revenue under non-cancelable operating leases, excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options, is as follows:
## Table 3 ##
These amounts do not include percentage rentals based on tenants’ sales.
These percentage rents approximated $8,482,000, $7,912,000 and $8,394,000, for the years ended December 31, 2011, 2010 and 2009, respectively.
None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2011, 2010 and 2009.
Former Bradlees Locations Pursuant to a Master Agreement and Guaranty, dated May 1, 1992, we are due $5,000,000 per annum of additional rent from Stop & Shop which was allocated to certain Bradlees former locations.
On December 31, 2002, prior to the expiration of the leases to which the additional rent was allocated, we reallocated this rent to other former Bradlees leases also guaranteed by Stop & Shop.
Stop & Shop is contesting our right to reallocate and claims that we are no longer entitled to the additional rent.
On November 7, 2011, the Court determined that we have a continuing right to allocate the annual rent to unexpired leases covered by the Master Agreement and Guaranty and directed entry of a judgment in our favor ordering Stop & Shop to pay us the unpaid annual rent (see Note 20 – Commitments and Contingencies – Litigation).
As of December 31, 2011, we have a $41,983,000 receivable from Stop and Shop.

<table><tr><td></td><td colspan="4"> December 31,</td></tr><tr><td><i></i> <i>(millions of dollars)</i></td><td colspan="2"> 2011</td><td colspan="2"> 2010</td></tr><tr><td> Long-Term Debt (including current portion)</td><td> Carrying Amount</td><td> Fair Value</td><td> Carrying Amount</td><td> Fair Value</td></tr><tr><td>Con Edison</td><td>$10,673</td><td>$12,744</td><td>$10,676</td><td>$11,761</td></tr><tr><td>CECONY</td><td>$9,745</td><td>$11,593</td><td>$9,743</td><td>$10,680</td></tr></table>
<table><tr><td></td><td colspan="2"> Level 1</td><td colspan="2">Level 2</td><td colspan="2">Level 3</td><td colspan="2">Netting Adjustments -4</td><td colspan="2">Total</td></tr><tr><td> (Millions of Dollars)</td><td>Con Edison</td><td> CECONY</td><td>Con Edison</td><td>CECONY</td><td>Con Edison</td><td>CECONY</td><td>Con Edison</td><td>CECONY</td><td>Con Edison</td><td>CECONY</td></tr><tr><td>Derivative assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity</td><td>$-</td><td>$-</td><td>$43</td><td>$8</td><td>$33</td><td>$10</td><td>$-10</td><td>$12</td><td>$66</td><td>$30</td></tr><tr><td>Transfer in<sup>-5(6)</sup></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Transfer out<sup>-5(6)</sup></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodity Total<sup>-1</sup></td><td>$-</td><td>$-</td><td>$43</td><td>$8</td><td>$33</td><td>$10</td><td>$-10</td><td>$12</td><td>$66</td><td>$30</td></tr><tr><td>Other assets</td><td>$106</td><td>$99</td><td>$2</td><td>$3</td><td>$105</td><td>$95</td><td>$-</td><td>$-</td><td>$213</td><td>$197</td></tr><tr><td>Transfer in<sup>-5(6)</sup></td><td>-</td><td>-</td><td>105</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td><td>105</td><td>95</td></tr><tr><td>Transfer out<sup>-5(6)</sup></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-105</td><td>-95</td><td>-</td><td>-</td><td>-105</td><td>-95</td></tr><tr><td>Other assets<sup>-3</sup></td><td>$106</td><td>$99</td><td>$107</td><td>$98</td><td>$-</td><td>$-</td><td>$-</td><td>$-</td><td>$213</td><td>$197</td></tr><tr><td>Total</td><td>$106</td><td>$99</td><td>$150</td><td>$106</td><td>$33</td><td>$10</td><td>$-10</td><td>$12</td><td>$279</td><td>$227</td></tr><tr><td>Derivative liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity</td><td>$5</td><td>$3</td><td>$114</td><td>$62</td><td>$47</td><td>$9</td><td>$-94</td><td>$-35</td><td>$72</td><td>$39</td></tr><tr><td>Transfer in<sup>-5(6)</sup></td><td>9</td><td>9</td><td>13</td><td>9</td><td>2</td><td>-</td><td>-</td><td>-</td><td>24</td><td>18</td></tr><tr><td>Transfer out<sup>-5(6)</sup></td><td>-2</td><td>-</td><td>-11</td><td>-9</td><td>-11</td><td>-9</td><td>-</td><td>-</td><td>-24</td><td>-18</td></tr><tr><td>Commodity Total<sup>-1</sup></td><td>$12</td><td>$12</td><td>$116</td><td>$62</td><td>$38</td><td>$-</td><td>$-94</td><td>$-35</td><td>$72</td><td>$39</td></tr><tr><td>Interest rate contract</td><td>$-</td><td>$-</td><td>$-2</td><td>$-</td><td>$8</td><td>$-</td><td>$-</td><td>$-</td><td>$6</td><td>$-</td></tr><tr><td>Transfer in<sup>-5(6)</sup></td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td></tr><tr><td>Transfer out<sup>-5(6)</sup></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-8</td><td>-</td><td>-</td><td>-</td><td>-8</td><td>-</td></tr><tr><td>Interest ratecontract<sup>-2</sup></td><td>$-</td><td>$-</td><td>$6</td><td>$-</td><td>$-</td><td>$-</td><td>$-</td><td>$-</td><td>$6</td><td>$-</td></tr><tr><td>Total</td><td>$12</td><td>$12</td><td>$122</td><td>$62</td><td>$38</td><td>$-</td><td>$-94</td><td>$-35</td><td>$78</td><td>$39</td></tr></table>
<table><tr><td></td><td colspan="2"> Level 1</td><td colspan="2">Level 2</td><td colspan="2">Level 3</td><td colspan="2">Netting Adjustments -4</td><td colspan="2">Total</td></tr><tr><td> (Millions of Dollars)</td><td> Con Edison</td><td> CECONY</td><td>Con Edison</td><td>CECONY</td><td>Con Edison</td><td>CECONY</td><td>Con Edison</td><td>CECONY</td><td>Con Edison</td><td>CECONY</td></tr><tr><td>Derivative assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity<sup>-1</sup></td><td>$3</td><td>$-</td><td>$64</td><td>$8</td><td>$87</td><td>$11</td><td>$-84</td><td>$5</td><td>$70</td><td>$24</td></tr><tr><td>Other assets<sup>-3</sup></td><td>76</td><td>76</td><td>-</td><td>-</td><td>99</td><td>90</td><td>-</td><td>-</td><td>175</td><td>166</td></tr><tr><td>Total</td><td>$79</td><td>$76</td><td>$64</td><td>$8</td><td>$186</td><td>$101</td><td>$-84</td><td>$5</td><td>$245</td><td>$190</td></tr><tr><td>Derivative liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity</td><td>$12</td><td>$4</td><td>$222</td><td>$122</td><td>$169</td><td>$37</td><td>$-194</td><td>$-41</td><td>$209</td><td>$122</td></tr><tr><td>Transfer in<sup>-5(6)(7)</sup></td><td>-</td><td>-</td><td>26</td><td>25</td><td>6</td><td>6</td><td>-</td><td>-</td><td>32</td><td>31</td></tr><tr><td>Transfer out<sup>-5(6)(7)</sup></td><td>-</td><td>-</td><td>-6</td><td>-6</td><td>-26</td><td>-25</td><td>-</td><td>-</td><td>-32</td><td>-31</td></tr><tr><td>Commodity<sup>-1</sup></td><td>$12</td><td>$4</td><td>$242</td><td>$141</td><td>$149</td><td>$18</td><td>$-194</td><td>$-41</td><td>$209</td><td>$122</td></tr><tr><td>Interest ratecontract<sup>-2</sup></td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td></tr><tr><td>Total</td><td>$12</td><td>$4</td><td>$242</td><td>$141</td><td>$157</td><td>$18</td><td>$-194</td><td>$-41</td><td>$217</td><td>$122</td></tr></table>
<table><tr><td>2012</td><td>$1,807,885</td></tr><tr><td>2013</td><td>1,718,403</td></tr><tr><td>2014</td><td>1,609,279</td></tr><tr><td>2015</td><td>1,425,804</td></tr><tr><td>2016</td><td>1,232,154</td></tr><tr><td>Thereafter</td><td>6,045,584</td></tr></table>

Question: What is the proportion of Other assets of Con Edison to the total for Derivative assets of Con Edison in terms of Level 1?
Answer: 0.96203