information available to predict the volume of expected future rebates.
If we are unable to estimate the expected rebates reasonably, we record a liability for the maximum rebate percentage offered.
We have entered certain agreements with group purchasing organizations to sell our products to participating hospitals at negotiated prices.
We recognize revenue from these agreements following the same revenue recognition criteria discussed above.
Warranty Obligations We offer warranties on certain of our product offerings.
The majority of our warranty liability relates to implantable devices offered by our CRM business, which include defibrillator and pacemaker systems.
Our CRM products come with a standard limited warranty covering the replacement of these devices.
We offer a full warranty for a portion of the period post-implant, and a partial warranty for a period of time thereafter.
We estimate the costs that we may incur under our warranty programs based on the number of units sold, historical and anticipated rates of warranty claims and cost per claim, and record a liability equal to these estimated costs as cost of products sold at the time the product sale occurs.
We assess the adequacy of our recorded warranty liabilities on a quarterly basis and adjust these amounts as necessary.
Changes in our product warranty accrual during 2012, 2011, and 2010 consisted of the following (in millions):
## Table 0 ##
Inventories We state inventories at the lower of first-in, first-out cost or market.
We base our provisions for excess, expired and obsolete inventory primarily on our estimates of forecasted net sales.
A significant change in the timing or level of demand for our products as compared to forecasted amounts may result in recording additional provisions for excess, expired and obsolete inventory in the future.
Further, the industry in which we participate is characterized by rapid product development and frequent new product introductions.
Uncertain timing of next-generation product approvals, variability in product launch strategies, product recalls and variation in product utilization all affect our estimates related to excess, expired and obsolete inventory.
Approximately 40 percent of our finished goods inventory as of December 31, 2012 and 2011 was at customer locations pursuant to consignment arrangements.
Property, Plant and Equipment We state property, plant, equipment, and leasehold improvements at historical cost.
We charge expenditures for maintenance and repairs to expense and capitalize additions and improvements that extend the life of the underlying asset.
We provide for depreciation using the straight-line method at rates that approximate the estimated useful lives of the assets.
We depreciate buildings and improvements over a 20 to 40 year life; equipment, furniture and fixtures over a three to ten year life; and leasehold improvements over the shorter of the useful life of the improvement or the term of the related lease.
Depreciation expense was $288 million in 2012, $296 million in 2011, and $303 million in 2010.
Valuation of Business Combinations We allocate the amounts we pay for each acquisition to the assets we acquire and liabilities we assume based on their fair values at the dates of acquisition, including identifiable intangible assets and purchased research and development which either arise from a contractual or legal right or are separable from goodwill.
We base the fair value of identifiable intangible assets acquired in a business combination, including purchased research and development, on detailed valuations that use information and assumptions provided by management, which consider management’s best estimates of inputs and assumptions that a market participant would use.
We allocate any excess purchase price over the fair value of the net tangible and identifiable intangible assets acquired to goodwill.
The use of alternative valuation assumptions, including estimated revenue projections, growth rates, cash flows, discount rates, estimated useful lives and probabilities surrounding the achievement of clinical, regulatory or revenue-based milestones could result in different purchase price allocations and amortization expense in current and future periods.
Transaction costs associated with these acquisitions are expensed as incurred through selling, general and administrative costs.
In those circumstances where an acquisition involves a contingent consideration arrangement, we recognize a liability equal to the fair value of the contingent payments we expect to make as of the acquisition date.
We re-measure this liability each reporting period and record changes in the fair value through a separate line item within our consolidated statements of operations.
Increases or decreases in the fair value of the contingent
agreements.
Deferred financing costs amounted to $51 million and $60 million, net of accumulated amortization, as of December 31, 2007 and 2006, respectively.
Amortization of deferred financing costs totaled $13 million, $15 million and $14 million in 2007, 2006 and 2005, respectively, and is included in interest expense on the accompanying statements of operations.
Amortization of property and equipment under capital leases totaled $2 million, $2 million and $3 million in 2007, 2006 and 2005, respectively, and is included in depreciation and amortization on the accompanying consolidated statements of operations.5 STOCKHOLDERS’ EQUITY Seven hundred fifty million shares of common stock, with a par value of $0.01 per share, are authorized, of which 522.6 million and 521.1 million were outstanding as of December 31, 2007 and 2006, respectively.
Fifty million shares of no par value preferred stock are authorized, with 4.0 million shares outstanding as of December 31, 2007 and 2006.
Dividends We are required to distribute at least 90% of our annual taxable income, excluding net capital gain, to qualify as a REIT.
However, our policy on common dividends is generally to distribute 100% of our estimated annual taxable income, including net capital gain, unless otherwise contractually restricted.
For our preferred dividends, we will generally pay the quarterly dividend,regardless of the amount of taxable income, unless similarly contractually restricted.
The amount of any dividends will be determined by Host’s Board of Directors.
All dividends declared in 2007, 2006 and 2005 were determined to be ordinary income.
The table below presents the amount of common and preferred dividends declared per share as follows:
## Table 1 ##
Common Stock On April 10, 2006, we issued approximately 133.5 million common shares for the acquisition of hotels from Starwood Hotels & Resorts.
See Note 12, Acquisitions-Starwood Acquisition.
During 2006, we converted our Convertible Subordinated Debentures into approximately 24 million shares of common stock.
The remainder was redeemed for $2 million in April 2006.
See Note 4, Debt.
Preferred Stock We currently have one class of publicly-traded preferred stock outstanding: 4,034,400 shares of 87/8% Class E preferred stock.
Holders of the preferred stock are entitled to receive cumulative cash dividends at 87/8% per annum of the $25.00 per share liquidation preference, which are payable quarterly in arrears.
After June 2, 2009, we have the option to redeem the Class E preferred stock for $25.00 per share, plus accrued and unpaid dividends to the date of redemption.
The preferred stock ranks senior to the common stock and the authorized Series A junior participating preferred stock (discussed below).
The preferred stockholders generally have no voting rights.
Accrued preferred dividends at December 31, 2007 and 2006 were approximately $2 million.
During 2006 and 2005, we redeemed, at par, all of our then outstanding shares of Class C and B cumulative preferred stock, respectively.
The fair value of the preferred stock (which was equal to the redemption price) exceeded the carrying value of the Class C and B preferred stock by approximately $6 million and $4 million, respectively.
These amounts represent the original issuance costs.
The original issuance costs for the Class C and B preferred stock have been reflected in the determination of net income available to common stockholders for the pur- pose of calculating our basic and diluted earnings per share in the respective years of redemption.
Stockholders Rights Plan In 1998, the Board of Directors adopted a stockholder rights plan under which a dividend of one preferred stock purchase right was distributed for each outstanding share of our common stock.
Each right when exercisable entitles the holder to buy 1/1,000th of a share of a Series A junior participating preferred stock of ours at an exercise price of $55 per share, subject to adjustment.
The rights are exercisable 10 days after a person or group acquired beneficial ownership of at least 20%, or began a tender or exchange offer for at least 20%, of our common stock.
Shares owned by a person or group on November 3, 1998 and held continuously thereafter are exempt for purposes of determining beneficial ownership under the rights plan.
The rights are non-voting and expire on November 22, 2008, unless exercised or previously redeemed by us for $.005 each.
If we were involved in a merger or certain other business combina- tions not approved by the Board of Directors, each right entitles its holder, other than the acquiring person or group, to purchase common stock of either our company or the acquiror having a value of twice the exercise price of the right.
Stock Repurchase Plan Our Board of Directors has authorized a program to repur- chase up to $500 million of common stock.
The common stock may be purchased in the open market or through private transactions, dependent upon market conditions.
The plan does not obligate us to repurchase any specific number of shares and may be suspended at any time at management’s discretion.6 INCOME TAXES We elected to be treated as a REIT effective January 1, 1999, pursuant to the U. S. Internal Revenue Code of 1986, as amended.
In general, a corporation that elects REIT status and meets certain tax law requirements regarding the distribution of its taxable income to its stockholders as prescribed by applicable tax laws and complies with certain other requirements (relating primarily to the nature of its assets and the sources of its revenues) is generally not subject to federal and state income taxation on its operating income distributed to its stockholders.
In addition to paying federal and state income taxes on any retained income, we are subject to taxes on “built-in-gains” resulting from sales of certain assets.
Additionally, our taxable REIT subsidiaries are subject to federal, state and foreign
RAYMOND JAMES FINANCIAL, INC.  AND SUBSIDIARIES Management's Discussion and Analysis 40 The following table presents our consolidated average balance, interest income and expense and the related yield and rates.
Average balances are calculated on a daily basis, with the exception of Trading instruments, Loans to financial advisors, net and Corporate cash and all other, which are calculated based on the average of the end-of-month balances for each month within the period.
## Table 2 ##
Nonaccrual loans are included in the average loan balances in the preceding table.
Payment or income received on corporate nonaccrual loans are applied to principal.
Income on other nonaccrual loans is recognized on a cash basis.
Fee income on all loans included in interest income for the year ended September 30, 2018, 2017 and 2016, was $24 million, $38 million and $36 million, respectively.
Results of Operations – Private Client Group Through our PCG segment, we provide investment advisory and securities transaction services for which we charge asset-based fees or sales commissions.
Such revenues are included in “Securities commissions and fees.
” Revenues of this segment are correlated with the level of PCG client assets under administration, including fee-based accounts, as well as the overall U. S.  equity markets.
In

<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Beginning balance</td><td>$30</td><td>$43</td><td>$55</td></tr><tr><td>Provision</td><td>8</td><td>9</td><td>15</td></tr><tr><td>Settlements/ reversals</td><td>-12</td><td>-22</td><td>-27</td></tr><tr><td>Ending balance</td><td>$26</td><td>$30</td><td>$43</td></tr></table>
<table><tr><td></td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Common stock</td><td>$1.00</td><td>$.76</td><td>$.41</td></tr><tr><td>Class B preferred stock 10%</td><td>—</td><td>—</td><td>.87</td></tr><tr><td>Class C preferred stock 10%</td><td>—</td><td>.625</td><td>2.50</td></tr><tr><td>Class E preferred stock 8<sup>7</sup>/<sub>8</sub>%</td><td>2.22</td><td>2.22</td><td>2.22</td></tr></table>
<table><tr><td></td><td colspan="9">Year ended September 30,</td></tr><tr><td></td><td colspan="3">2018</td><td colspan="3">2017</td><td colspan="3">2016</td></tr><tr><td>$ in thousands</td><td>Averagebalance</td><td>Interestinc./exp.</td><td>Averageyield/cost</td><td>Averagebalance</td><td>Interestinc./exp.</td><td>Averageyield/cost</td><td>Averagebalance</td><td>Interestinc./exp.</td><td>Averageyield/cost</td></tr><tr><td>Interest-earning assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash segregated pursuant to regulations</td><td>$2,587,759</td><td>$52,561</td><td>2.03%</td><td>$3,250,854</td><td>$37,270</td><td>1.15%</td><td>3,565,252</td><td>22,287</td><td>0.63%</td></tr><tr><td>Securities loaned</td><td>381,422</td><td>14,548</td><td>3.81%</td><td>456,573</td><td>14,049</td><td>3.08%</td><td>577,002</td><td>8,777</td><td>1.52%</td></tr><tr><td>Trading instruments</td><td>694,715</td><td>23,016</td><td>3.31%</td><td>655,302</td><td>21,068</td><td>3.22%</td><td>707,321</td><td>19,362</td><td>2.74%</td></tr><tr><td>Available-for-sale securities</td><td>2,530,988</td><td>52,420</td><td>2.07%</td><td>1,588,484</td><td>27,946</td><td>1.76%</td><td>561,925</td><td>7,596</td><td>1.35%</td></tr><tr><td>Margin loans</td><td>2,586,882</td><td>107,201</td><td>4.14%</td><td>2,403,451</td><td>85,699</td><td>3.57%</td><td>1,811,845</td><td>68,712</td><td>3.79%</td></tr><tr><td>Bank loans, net:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans held for investment:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>C&I loans</td><td>7,618,949</td><td>326,042</td><td>4.22%</td><td>7,340,052</td><td>281,274</td><td>3.78%</td><td>7,171,402</td><td>271,476</td><td>3.73%</td></tr><tr><td>CRE construction loans</td><td>165,780</td><td>8,547</td><td>5.08%</td><td>129,073</td><td>6,184</td><td>4.73%</td><td>169,101</td><td>8,462</td><td>4.92%</td></tr><tr><td>CRE loans</td><td>3,231,369</td><td>132,898</td><td>4.06%</td><td>2,831,870</td><td>100,563</td><td>3.50%</td><td>2,297,224</td><td>70,048</td><td>3.00%</td></tr><tr><td>Tax-exempt loans</td><td>1,146,493</td><td>29,567</td><td>2.58%</td><td>891,922</td><td>23,057</td><td>2.59%</td><td>617,701</td><td>16,707</td><td>2.70%</td></tr><tr><td>Residential mortgage loans</td><td>3,447,710</td><td>108,825</td><td>3.16%</td><td>2,803,464</td><td>83,537</td><td>2.94%</td><td>2,217,789</td><td>64,607</td><td>2.87%</td></tr><tr><td>SBL</td><td>2,689,612</td><td>111,403</td><td>4.09%</td><td>2,123,189</td><td>72,400</td><td>3.36%</td><td>1,713,243</td><td>51,515</td><td>2.96%</td></tr><tr><td>Loans held for sale</td><td>125,970</td><td>5,057</td><td>4.01%</td><td>159,384</td><td>5,156</td><td>3.34%</td><td>150,305</td><td>4,551</td><td>3.07%</td></tr><tr><td>Total bank loans, net</td><td>18,425,883</td><td>722,339</td><td>3.93%</td><td>16,278,954</td><td>572,171</td><td>3.55%</td><td>14,336,765</td><td>487,366</td><td>3.42%</td></tr><tr><td>Loans to financial advisors, net</td><td>892,776</td><td>15,078</td><td>1.69%</td><td>848,677</td><td>13,333</td><td>1.57%</td><td>563,548</td><td>8,207</td><td>1.46%</td></tr><tr><td>Corporate cash and all other</td><td>3,757,719</td><td>56,830</td><td>1.51%</td><td>3,450,514</td><td>30,590</td><td>0.89%</td><td>2,750,688</td><td>18,090</td><td>0.66%</td></tr><tr><td>Total interest-earning assets</td><td>$31,858,144</td><td>$1,043,993</td><td>3.28%</td><td>$28,932,809</td><td>$802,126</td><td>2.77%</td><td>$24,874,346</td><td>$640,397</td><td>2.57%</td></tr><tr><td>Interest-bearing liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank deposits:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Certificates of deposit</td><td>$372,052</td><td>$6,217</td><td>1.67%</td><td>$293,589</td><td>$4,325</td><td>1.47%</td><td>345,628</td><td>5,402</td><td>1.56%</td></tr><tr><td>Money market, savings and Negotiable Order of Withdrawal (“NOW”) accounts</td><td>18,473,046</td><td>59,340</td><td>0.32%</td><td>15,566,621</td><td>12,859</td><td>0.08%</td><td>12,640,068</td><td>4,816</td><td>0.05%</td></tr><tr><td>Securities borrowed</td><td>157,310</td><td>7,630</td><td>4.85%</td><td>110,416</td><td>6,690</td><td>6.06%</td><td>79,613</td><td>3,174</td><td>3.99%</td></tr><tr><td>Trading instruments sold but not yet purchased</td><td>267,759</td><td>7,344</td><td>2.74%</td><td>289,218</td><td>6,138</td><td>2.12%</td><td>281,501</td><td>5,035</td><td>1.79%</td></tr><tr><td>Brokerage client payables</td><td>4,167,919</td><td>15,367</td><td>0.37%</td><td>4,678,445</td><td>4,884</td><td>0.10%</td><td>4,291,632</td><td>2,084</td><td>0.05%</td></tr><tr><td>Other borrowings</td><td>914,463</td><td>22,006</td><td>2.41%</td><td>855,638</td><td>16,559</td><td>1.94%</td><td>723,904</td><td>12,957</td><td>1.79%</td></tr><tr><td>Senior notes payable</td><td>1,549,163</td><td>72,708</td><td>4.69%</td><td>1,689,172</td><td>94,665</td><td>5.60%</td><td>1,210,148</td><td>78,533</td><td>6.49%</td></tr><tr><td>Other</td><td>366,182</td><td>10,891</td><td>2.97%</td><td>267,794</td><td>7,658</td><td>2.86%</td><td>241,454</td><td>4,055</td><td>1.68%</td></tr><tr><td>Total interest-bearing liabilities</td><td>$26,267,894</td><td>$201,503</td><td>0.77%</td><td>$23,750,893</td><td>$153,778</td><td>0.65%</td><td>$19,813,948</td><td>$116,056</td><td>0.59%</td></tr><tr><td>Net interest income</td><td></td><td>$842,490</td><td></td><td></td><td>$648,348</td><td></td><td></td><td>$524,341</td><td></td></tr></table>

Question: what was the percent of the change in the amortization of deferred financing costs from 2006 to 2007
Answer: -0.13333