Liquidity and Capital Resources The following table presents selected financial information and statistics for each of the last three fiscal years (dollars in millions):
## Table 0 ##
increase of $229 million from the end of fiscal 2002.
The Company’s short-term investment portfolio consists primarily of investments in U. S.  Treasury and Agency securities, U. S.  corporate securities, and foreign securities.
Foreign securities consist primarily of foreign commercial paper, certificates of deposit and time deposits with foreign institutions, most of which are denominated in U. S.  dollars.
The Company’s investments are generally liquid and investment grade.
As a result of declining investment yields on the Company’s cash equivalents and short-term investments resulting from substantially lower market interest rates during 2003, the Company has elected to reduce the average maturity of its portfolio to maintain liquidity for future investment opportunities when market interest rates increase.
Accordingly, during 2003 the Company increased its holdings in short-term investment grade instruments, both in U. S.  corporate and foreign securities, that are classified as cash equivalents and has reduced its holdings in longer-term U. S.  corporate securities classified as short-term investments.
Although the Company’s cash, cash equivalents, and short-term investments increased in 2003, the Company’s working capital at September 27, 2003 decreased by $200 million as compared to the end of fiscal 2002 due primarily to the current year reclassification of the Company’s long-term debt as a current obligation resulting from its scheduled maturity in February 2004.
The primary sources of total cash and cash equivalents in fiscal 2003 were $289 million in cash generated by operating activities and $53 million in proceeds from the issuance of common stock, partially offset by $164 million utilized for capital expenditures and $26 million for the repurchase of common stock.
The Company believes its existing balances of cash, cash equivalents, and short-term investments will be sufficient to satisfy its working capital needs, capital expenditures, debt obligations, stock repurchase activity, outstanding commitments, and other liquidity requirements associated with its existing operations over the next 12 months.
Debt The Company currently has debt outstanding in the form of $300 million of aggregate principal amount 6.5% unsecured notes that were originally issued in 1994.
The notes, which pay interest semiannually, were sold at 99.925% of par, for an effective yield to maturity of 6.51%.
The notes, along with approximately $4 million of unamortized deferred gains on closed interest rate swaps, are due in February 2004 and therefore have been classified as current debt as of September 27, 2003.
The Company currently anticipates utilizing its existing cash balances to settle these notes when due.
Capital Expenditures The Company’s total capital expenditures were $164 million during fiscal 2003, $92 million of which were for retail store facilities and equipment related to the Company’s Retail segment and $72 million of which were primarily for corporate infrastructure, including information systems enhancements and operating facilities enhancements and expansions.
The Company currently anticipates it will utilize approximately $160 million for capital expenditures during 2004, approximately $85 million of which is expected to be utilized for further expansion of the Company’s Retail segment and the remainder utilized to support normal replacement of existing capital assets and enhancements to general information technology infrastructure.
Stock Repurchase Plan In July 1999, the Company's Board of Directors authorized a plan for the Company to repurchase up to $500 million of its common stock.
This repurchase plan does not obligate the Company to acquire any specific number of shares or acquire shares over any specified period of time.
The following table provides information related to certain financial information associated with PNC’s loan sale and servicing activities: Table 58: Certain Financial Information and Cash Flows Associated with Loan Sale and Servicing Activities
## Table 1 ##
The following table provides information related to the cash flows associated with PNC’s loan sale and servicing activities:
## Table 2 ##
(a) Represents financial and cash flow information associated with both commercial mortgage loan transfer and servicing activities.
(b) These activities were part of an acquired brokered home equity lending business in which PNC is no longer engaged.
See Note 24 Commitments and Guarantees for further information.
(c) For our continuing involvement with residential mortgage and home equity loan/line transfers, amount represents outstanding balance of loans transferred and serviced.
For commercial mortgages, amount represents overall servicing portfolio in which loans have been transferred by us or third parties to VIEs.
(d) See Note 9 Fair Value and Note 10 Goodwill and Other Intangible Assets for further information.
(e) Pursuant to certain contractual servicing agreements, represents outstanding balance of funds advanced (i) to investors for monthly collections of borrower principal and interest, (ii) for borrower draws on unused home equity lines of credit, and (iii) for collateral protection associated with the underlying mortgage collateral.
(f) Represents liability for our loss exposure associated with loan repurchases for breaches of representations and warranties for our Residential Mortgage Banking and Non-Strategic Assets Portfolio segments, and our commercial mortgage loss share arrangements for our Corporate & Institutional Banking segment.
See Note 24 Commitments and Guarantees for further information.
(g) Represents securities held where PNC transferred to and/or services loans for a securitization SPE and we hold securities issued by that SPE.
(h) There were no gains or losses recognized on the transaction date for sales of residential mortgage loans as these loans are recognized on the balance sheet at fair value.
For transfers of commercial mortgage loans not recognized on the balance sheet at fair value, gains/losses recognized on sales of these loans were insignificant for the periods presented.
(i) Includes government insured or guaranteed loans repurchased through the exercise of our ROAP option and loans repurchased due to breaches of origination covenants or representations and warranties made to purchasers.
(j) Includes contractually specified servicing fees, late charges and ancillary fees.
NOTE 19 EQUITY PREFERRED STOCK The following table provides the number of preferred shares issued and outstanding, the liquidation value per share and the number of authorized preferred shares that are available for future use.
Table 144: Preferred Stock – Authorized, Issued and Outstanding
## Table 3 ##
Our Series B preferred stock is cumulative and is not redeemable at our option.
Annual dividends on Series B preferred stock total $1.80 per share.
Holders of Series B preferred stock are entitled to 8 votes per share, which is equal to the number of full shares of common stock into which the Series B Preferred Stock is convertible.
Our Series K preferred stock was issued in May 2008 in connection with our issuance of $500 million of Depositary Shares, each representing a fractional interest in a share of the Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series K.  Dividends are payable if and when declared each May 21 and November 21 until May 21, 2013.
After that date, dividends will be payable each 21st of August, November, February and May.
Dividends will be paid at a rate of 8.25% prior to May 21, 2013 and at a rate of three-month LIBOR plus 422 basis points beginning May 21, 2013.
The Series K preferred stock is redeemable at our option on or after May 21, 2013.
Our 9.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series L was issued in connection with the National City transaction in exchange for National City’s Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series F.  Dividends on the Series L preferred stock are payable if and when declared each 1st of February, May, August and November.
Dividends will be paid at a rate of 9.875% prior to February 1, 2013 and at a rate of three-month LIBOR plus 633 basis points beginning February 1, 2013.
The Series L is redeemable at PNC’s option, subject to Federal Reserve approval, if then applicable, on or after February 1, 2013 at a redemption price per share equal to the liquidation preference plus any declared but unpaid dividends.
Our Series O preferred stock was issued on July 27, 2011, when we issued one million depositary shares, each representing a 1/100th interest in a share of our Fixed-toFloating Rate Non-Cumulative Perpetual Preferred Stock, Series O for gross proceeds before commissions and expenses of $1 billion.
Dividends are payable when, as, and if declared by our board of directors or an authorized committee of our board, semi-annually on February 1 and August 1 of each year until August 1, 2021 at a rate of 6.75%.
After that date, dividends will be payable on February 1, May 1, August 1 and November 1 of each year beginning on November 1, 2021 at a rate of three-month LIBOR plus 3.678% per annum.
The Series O preferred stock is redeemable at our option on or after August 1, 2021 and at our option within 90 days of a regulatory capital treatment event as defined in the designations.
Our Series P preferred stock was issued on April 24, 2012, when we issued 60 million depositary shares, each representing a 1/4,000th interest in a share of our Fixed-toFloating Rate Non-Cumulative Perpetual Preferred Stock, Series P for gross proceeds before commissions and expenses of $1.5 billion.
Dividends are payable when, as, and if declared by our board of directors or an authorized committee of our board, quarterly on February 1, May 1, August 1 and November 1 of each year.
Dividends are paid for each dividend period to, but excluding, May 1, 2022 at a rate of 6.125% and for each dividend period from and including May 1, 2022 at a rate of three-month LIBOR plus 4.0675% per annum.
The Series P preferred stock is redeemable at our option on or after May 1, 2022 and at our option within 90 days of a regulatory capital treatment event as defined in the designations.
Our Series Q preferred stock was issued on September 21, 2012, when we issued 18 million depositary shares, each representing a 1/4,000th interest in a share of our 5.375% NonCumulative Perpetual Preferred Stock, Series Q for gross proceeds before commissions and expenses of $450 million.
Dividends are payable when, as, and if declared by our board of directors or an authorized committee of our board, quarterly on March 1, June 1, September 1 and December 1 of each year at a rate of 5.375%.
The Series Q preferred stock is redeemable at our option on or after December 1, 2017 and at our option within 90 days of a regulatory capital treatment event as defined in the designations.
We issued additional Series Q Preferred Stock on October 9, 2012, in connection with the issuance of an additional 1.2 million depositary shares for gross proceeds before commissions and expenses of $30 million, when the underwriters exercised a portion of their over-allotment option.
We have authorized but unissued Series H, I, and J preferred stock.
As described in Note 14 Capital Securities of Subsidiary Trusts and Perpetual Trust Securities, under the terms of two of the hybrid capital vehicles we issued that currently qualify as capital for regulatory purposes (the Trust
LOANS OUTSTANDING
## Table 4 ##
(a) Includes the impact of the RBC Bank (USA) acquisition, which we acquired on March 2, 2012.
NONPERFORMING ASSETS AND RELATED INFORMATION
## Table 5 ##
(a) Excludes most consumer loans and lines of credit, not secured by residential real estate, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b) In the first quarter of 2012, we adopted a policy stating that Home equity loans past due 90 days or more would be placed on nonaccrual status.
Prior policy required that these loans be past due 180 days before being placed on nonaccrual status.
(c) Nonperforming residential real estate excludes loans of $69 million and $61 million accounted for under the fair value option as of December 31, 2012 and December 31, 2011, respectively.
The comparable balances for prior periods presented were not material.
(d) Effective in the second quarter 2011, the commercial nonaccrual policy was applied to certain small business credit card balances.
This change resulted in loans being placed on nonaccrual status when they become 90 days or more past due.
We continue to charge off these loans at 180 days past due.
(e) Pursuant to regulatory guidance, issued in the third quarter of 2012, nonperforming consumer loans, primarily home equity and residential mortgage, increased $288 million in 2012 related to changes in treatment of certain loans classified as TDRs, net of charge-offs, resulting from bankruptcy where no formal reaffirmation was provided by the borrower and

<table><tr><td></td><td>2003</td><td>2002</td><td>2001</td></tr><tr><td>Cash, cash equivalents, and short-term investments</td><td>$4,566</td><td>$4,337</td><td>$4,336</td></tr><tr><td>Accounts receivable, net</td><td>$766</td><td>$565</td><td>$466</td></tr><tr><td>Inventory</td><td>$56</td><td>$45</td><td>$11</td></tr><tr><td>Working capital</td><td>$3,530</td><td>$3,730</td><td>$3,625</td></tr><tr><td>Days sales in accounts receivable (DSO) (a)</td><td>41</td><td>36</td><td>29</td></tr><tr><td>Days of supply in inventory (b)</td><td>4</td><td>4</td><td>1</td></tr><tr><td>Days payables outstanding (DPO) (c)</td><td>82</td><td>77</td><td>73</td></tr><tr><td>Annual operating cash flow</td><td>$289</td><td>$89</td><td>$185</td></tr></table>
<table><tr><td>In millions</td><td>Residential Mortgages</td><td>Commercial Mortgages (a)</td><td>Home Equity Loans/Lines (b)</td></tr><tr><td> FINANCIAL INFORMATION – December 31, 2012</td><td></td><td></td><td></td></tr><tr><td>Servicing portfolio (c)</td><td>$119,262</td><td>$153,193</td><td>$5,353</td></tr><tr><td>Carrying value of servicing assets (d)</td><td>650</td><td>420</td><td></td></tr><tr><td>Servicing advances (e)</td><td>582</td><td>505</td><td>5</td></tr><tr><td>Repurchase and recourse obligations (f)</td><td>614</td><td>43</td><td>58</td></tr><tr><td>Carrying value of mortgage-backed securities held (g)</td><td>5,445</td><td>1,533</td><td></td></tr><tr><td> FINANCIAL INFORMATION – December 31, 2011</td><td></td><td></td><td></td></tr><tr><td>Servicing portfolio (c)</td><td>$118,058</td><td>$155,813</td><td>$5,661</td></tr><tr><td>Carrying value of servicing assets (d)</td><td>647</td><td>468</td><td>1</td></tr><tr><td>Servicing advances (e)</td><td>563</td><td>510</td><td>8</td></tr><tr><td>Repurchase and recourse obligations (f)</td><td>83</td><td>47</td><td>47</td></tr><tr><td>Carrying value of mortgage-backed securities held (g)</td><td>4,654</td><td>1,839</td><td></td></tr></table>
<table><tr><td>In millions</td><td>Residential Mortgages</td><td>Commercial Mortgages (a)</td><td>Home Equity Loans/Lines (b)</td></tr><tr><td> CASH FLOWS – Year ended December 31, 2012</td><td></td><td></td><td></td></tr><tr><td>Sales of loans (h)</td><td>$13,783</td><td>$2,172</td><td></td></tr><tr><td>Repurchases of previously transferred loans (i)</td><td>1,500</td><td></td><td>$21</td></tr><tr><td>Servicing fees (j)</td><td>383</td><td>180</td><td>22</td></tr><tr><td>Servicing advances recovered/(funded), net</td><td>-19</td><td>6</td><td>3</td></tr><tr><td>Cash flows on mortgage-backed securities held (g)</td><td>1,220</td><td>536</td><td></td></tr><tr><td> CASH FLOWS – Year ended December 31, 2011</td><td></td><td></td><td></td></tr><tr><td>Sales of loans (h)</td><td>$11,920</td><td>$2,351</td><td></td></tr><tr><td>Repurchases of previously transferred loans (i)</td><td>1,683</td><td></td><td>$42</td></tr><tr><td>Servicing fees (j)</td><td>355</td><td>179</td><td>22</td></tr><tr><td>Servicing advances recovered/(funded), net</td><td>-30</td><td>-95</td><td>12</td></tr><tr><td>Cash flows on mortgage-backed securities held (g)</td><td>586</td><td>419</td><td></td></tr></table>
<table><tr><td></td><td></td><td colspan="2">Preferred Shares</td></tr><tr><td>December 31Shares in thousands</td><td>Liquidationvalue pershare</td><td>2012</td><td>2011</td></tr><tr><td>Authorized</td><td></td><td></td><td></td></tr><tr><td>$1 par value</td><td></td><td>16,588</td><td>16,588</td></tr><tr><td>Issued and outstanding</td><td></td><td></td><td></td></tr><tr><td>Series B</td><td>$40</td><td>1</td><td>1</td></tr><tr><td>Series K</td><td>10,000</td><td>50</td><td>50</td></tr><tr><td>Series L</td><td>100,000</td><td>2</td><td>2</td></tr><tr><td>Series O</td><td>100,000</td><td>10</td><td>10</td></tr><tr><td>Series P</td><td>100,000</td><td>15</td><td></td></tr><tr><td>Series Q</td><td>100,000</td><td>5</td><td></td></tr><tr><td>Total issued and outstanding</td><td></td><td>83</td><td>63</td></tr></table>
<table><tr><td>December 31 – in millions</td><td>2012(a)</td><td>2011</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Commercial lending</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$83,040</td><td>$65,694</td><td>$55,177</td><td>$54,818</td><td>$69,220</td></tr><tr><td>Commercial real estate</td><td>18,655</td><td>16,204</td><td>17,934</td><td>23,131</td><td>25,736</td></tr><tr><td>Equipment lease financing</td><td>7,247</td><td>6,416</td><td>6,393</td><td>6,202</td><td>6,461</td></tr><tr><td>Total commercial lending</td><td>108,942</td><td>88,314</td><td>79,504</td><td>84,151</td><td>101,417</td></tr><tr><td>Consumer lending</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity</td><td>35,920</td><td>33,089</td><td>34,226</td><td>35,947</td><td>38,276</td></tr><tr><td>Residential real estate</td><td>15,240</td><td>14,469</td><td>15,999</td><td>19,810</td><td>21,583</td></tr><tr><td>Credit card</td><td>4,303</td><td>3,976</td><td>3,920</td><td>2,569</td><td>2,237</td></tr><tr><td>Other consumer</td><td>21,451</td><td>19,166</td><td>16,946</td><td>15,066</td><td>11,976</td></tr><tr><td>Total consumer lending</td><td>76,914</td><td>70,700</td><td>71,091</td><td>73,392</td><td>74,072</td></tr><tr><td>Total loans</td><td>$185,856</td><td>$159,014</td><td>$150,595</td><td>$157,543</td><td>$175,489</td></tr></table>
<table><tr><td>December 31 – dollars in millions</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Nonperforming loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$590</td><td>$899</td><td>$1,253</td><td>$1,806</td><td>$576</td></tr><tr><td>Commercial real estate</td><td>807</td><td>1,345</td><td>1,835</td><td>2,140</td><td>766</td></tr><tr><td>Equipment lease financing</td><td>13</td><td>22</td><td>77</td><td>130</td><td>97</td></tr><tr><td>Total commercial lending</td><td>1,410</td><td>2,266</td><td>3,165</td><td>4,076</td><td>1,439</td></tr><tr><td>Consumer (a)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity (b)</td><td>951</td><td>529</td><td>448</td><td>356</td><td>66</td></tr><tr><td>Residential real estate (c)</td><td>845</td><td>726</td><td>818</td><td>1,203</td><td>153</td></tr><tr><td>Credit card (d)</td><td>5</td><td>8</td><td></td><td></td><td></td></tr><tr><td>Other consumer</td><td>43</td><td>31</td><td>35</td><td>36</td><td>4</td></tr><tr><td>Total consumer lending (e)</td><td>1,844</td><td>1,294</td><td>1,301</td><td>1,595</td><td>223</td></tr><tr><td>Total nonperforming loans (f)</td><td>3,254</td><td>3,560</td><td>4,466</td><td>5,671</td><td>1,662</td></tr><tr><td>OREO and foreclosed assets</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other real estate owned (OREO) (g)</td><td>507</td><td>561</td><td>589</td><td>484</td><td>422</td></tr><tr><td>Foreclosed and other assets</td><td>33</td><td>35</td><td>68</td><td>49</td><td>16</td></tr><tr><td>Total OREO and foreclosed assets</td><td>540</td><td>596</td><td>657</td><td>533</td><td>438</td></tr><tr><td>Total nonperforming assets</td><td>$3,794</td><td>$4,156</td><td>$5,123</td><td>$6,204</td><td>$2,100</td></tr><tr><td>Nonperforming loans to total loans</td><td>1.75%</td><td>2.24%</td><td>2.97%</td><td>3.60%</td><td>.95%</td></tr><tr><td>Nonperforming assets to total loans, OREO and foreclosed assets</td><td>2.04</td><td>2.60</td><td>3.39</td><td>3.92</td><td>1.19</td></tr><tr><td>Nonperforming assets to total assets</td><td>1.24</td><td>1.53</td><td>1.94</td><td>2.30</td><td>.72</td></tr><tr><td>Interest on nonperforming loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Computed on original terms</td><td>$212</td><td>$278</td><td>$329</td><td>$302</td><td>$115</td></tr><tr><td>Recognized prior to nonperforming status</td><td>30</td><td>47</td><td>53</td><td>90</td><td>60</td></tr><tr><td>Past due loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accruing loans past due 90 days or more (h)</td><td>$2,351</td><td>$2,973</td><td>$2,709</td><td>$2,698</td><td>$1,321</td></tr><tr><td>As a percentage of total loans</td><td>1.26%</td><td>1.87%</td><td>1.80%</td><td>1.71%</td><td>.75%</td></tr><tr><td>Past due loans held for sale</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accruing loans held for sale past due 90 days or more (i)</td><td>$38</td><td>$49</td><td>$65</td><td>$72</td><td>$40</td></tr><tr><td>As a percentage of total loans held for sale</td><td>1.03%</td><td>1.67%</td><td>1.86%</td><td>2.84%</td><td>.92%</td></tr></table>

Question: In the year with the most Commercial, what is the growth rate of Equipment lease financing?
Answer: 0.25385