Aranesp?
For the years ended December 31, 2008, 2007 and 2006, total Aranesp?
sales by geographic region were as follows (dollar amounts in millions):
## Table 0 ##
The decrease in U. S.  Aranesp?
sales for the year ended December 31, 2008 reflects the negative impact on demand, primarily in the supportive cancer care setting, of physician conformance to regulatory and reimbursement developments which principally occurred in the second half of 2007, additional product label changes which occurred in 2008, and to a lesser extent, loss of segment share.
The decline in demand was partially offset by an increase in the average net sales price.
In addition, U. S.  sales of Aranesp?
for the year ended December 31, 2008 benefited from a slight change in an accounting estimate related to product sales return reserves.
The regulatory and reimbursement developments negatively impacting sales, discussed in more detail in “Item 1.  Business — Key Developments,” include (i) the loss of Aranesp?
for use in the treatment of AoC in 2007 (ii) the March 9, 2007, November 8, 2007, March 7, 2008 and August 6, 2008 product safety-related label changes in the United States, and (iii) the CMS’ Decision Memorandum issued in July 2007, which significantly restricted Medicare reimbursement for use of Aranesp?
in CIA and which we believe has also negatively impacted Aranesp?
use in CIA for patients covered by private insurance plans.
The increase in international Aranesp?
sales for the year ended December 31, 2008 is due to changes in foreign currency exchange rates, which positively impacted sales growth by approximately $104 million.
Excluding the impact of foreign currency exchange rate changes, international Aranesp?
sales decreased 5%.
This decrease reflects dosing conservatism in the oncology segment and pricing pressures across all ESAs in Europe, which has resulted in an overall decrease in the ESA market.
Through December 31, 2008, biosimilars and other recently introduced marketed products in Europe have not had a significant impact on total international Aranesp?
segment share.
The decrease in U. S.  Aranesp?
sales for the year ended December 31, 2007 was principally driven by a decline in demand.
This decline primarily reflects physician conformance to label and reimbursement changes that occurred throughout 2007, primarily in the supportive cancer care setting, which are discussed in more detail in “Item 1.  Business — Key Developments,” and, to a lesser extent, loss of segment share.
The increase in international Aranesp?
sales for the year ended December 31, 2007 was primarily driven by favorable foreign currency exchange rate changes of $100 million.
Excluding the impact of foreign currency exchange rate changes, international Aranesp?
sales increased 2%.
International sales were negatively impacted in Europe by dosing conservatism in the oncology segment and pricing pressures across all ESAs.
In addition to the factors mentioned in the “Product sales” section above, future worldwide Aranesp?
sales will be dependent, in part, on such factors as: ?
regulatory developments, including those resulting from: O the proposed REMS for the class of ESAs, which we have submitted to the FDA, or other risk management activities undertaken by us or required by the FDA or other regulatory authorities; O product labeling changes occurring in October 2008 in Europe for the class of ESAs, including Aranesp?, by the European Commission and the potential for further changes; O future product label changes; ?
reimbursement developments, including those resulting from: O government’s and/or third-party payor’s reaction to regulatory developments, including the proposed REMS, which we have submitted to the FDA, and recent or future product label changes;
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Stock-Based Compensation—The Company complies with the provisions of SFAS No.148, “Accounting for Stock-Based Compensation—Transition and Disclosure—an amendment of SFAS No.123,” which provides optional transition guidance for those companies electing to voluntarily adopt the accounting provisions of SFAS No.123.
The Company continues to use Accounting Principles Board Opinion No.25 (APB No.25), “Accounting for Stock Issued to Employees,” to account for equity grants and awards to employees, officers and directors and has adopted the disclosure-only provisions of SFAS No.148.
In accordance with APB No.25, the Company recognizes compensation expense based on the excess, if any, of the quoted stock price at the grant date of the award or other measurement date over the amount an employee must pay to acquire the stock.
The Company’s stock option plans are more fully described in note 13.
In December 2004, the FASB issued SFAS No.123R, “Share-Based Payment” (SFAS No.123R), described below.
The following table illustrates the effect on net loss and net loss per share if the Company had applied the fair value recognition provisions of SFAS No.123 (as amended) to stock-based compensation.
The estimated fair value of each option is calculated using the Black-Scholes option-pricing model (in thousands, except per share amounts):
## Table 1 ##
During the year ended December 31, 2004 and 2003, the Company modified certain option awards to accelerate vesting and recorded charges of $3.0 million and $2.3 million, respectively, and corresponding increases to additional paid in capital in the accompanying consolidated financial statements.
Fair Value of Financial Instruments—The carrying values of the Company’s financial instruments, with the exception of long-term obligations, including current portion, reasonably approximate the related fair values as of December 31, 2004 and 2003.
As of December 31, 2004, the carrying amount and fair value of long-term obligations, including current portion, were $3.3 billion and $3.6 billion, respectively.
As of December 31, 2003, the carrying amount and fair value of long-term obligations, including current portion, were $3.4 billion and $3.6 billion, respectively.
Fair values are based primarily on quoted market prices for those or similar instruments.
Retirement Plan—The Company has a 401(k) plan covering substantially all employees who meet certain age and employment requirements.
Under the plan, the Company matching contribution for periods prior to June 30, 2004 was 35% up to a maximum 5% of a participant’s contributions.
Effective July 1, 2004, the plan was amended to increase the Company match to 50% up to a maximum 6% of a participant’s contributions.
The Company contributed approximately $533,000, $825,000 and $979,000 to the plan for the years ended December 31, 2004, 2003 and 2002, respectively.
Recent Accounting Pronouncements—In December 2004, the FASB issued SFAS No.123R, which is a revision of SFAS No.123, “Accounting for Stock-Based Compensation,” and supersedes APB No.25, Accounting for
The Company did not issue any equity awards in connection with this acquisition.
The Company incurred third-party transaction costs of $1.3 million, which were expensed within general and administrative expenses primarily in fiscal 2011.
The allocation of the preliminary purchase price was based on preliminary estimates of the fair value of assets acquired and liabilities assumed as of June 1, 2011.
The Company is continuing to obtain information to complete its valuation of intangible assets, as well as to determine the acquired assets and liabilities, including tax assets and liabilities.
The components and allocation of the preliminary purchase price consists of the following approximate amounts:
## Table 2 ##
As part of the preliminary purchase price allocation, the Company determined that the separately identifiable intangible assets were customer relationships, business licenses, and trade names related to the TCT company name.
The fair value of the intangible assets was determined through the application of the income approach, and the cash flow projections were discounted at 12.5%.
Customer relationships relate to relationships that TCT’s founders and sales force have developed with obstetricians, gynecologists, hospitals, and clinical laboratories.
Customer relationships, business licenses and trade names are being amortized over a weighted average period of 13.6 years, 10 years and 13 years, respectively.
The excess of the purchase price over the fair value of the tangible net assets and intangible assets acquired was recorded to goodwill.
The goodwill recognized is attributable to the established sales and distribution network of TCT and expected synergies that the Company will realize from this acquisition.
None of the goodwill is expected to be deductible for income tax purposes.
Interlace Medical, Inc.  On January 6, 2011, the Company consummated the acquisition of 100% of the equity interest in Interlace Medical, Inc.  (“Interlace”), a privately-held company located in Framingham, Massachusetts.
Interlace is the developer, manufacturer and supplier of the MyoSure hysteroscopic tissue removal system (“MyoSure”).
The MyoSure system is a new and innovative tissue removal device that is designed to provide incision-less removal of fibroids and polyps within the uterus.
Interlace’s operations have been integrated within the Company’s GYN Surgical reporting segment.
The Company believes that MyoSure is a complementary product to its existing surgical product portfolio.
The Company concluded that the acquisition of Interlace did not represent a material business combination, and therefore, no pro forma financial information has been provided herein.
Subsequent to the acquisition date, the Company’s results of operations include the results of Interlace.
The Company accounted for the Interlace acquisition as a purchase of a business under ASC 805.
In December 2008, we received approval from NJDOBI for Prudential Insurance to provide an 18-month $1.5 billion lending facility to our commercial mortgage operation that is collateralized primarily by its interim loan portfolio.
The maximum amount outstanding under this facility was $1.0 billion and was drawn at inception.
This amount was gradually repaid during the period it was outstanding and was repaid in its entirety during the second quarter of 2010 using long-term funding provided by Prudential Financial.
In April 2009, our commercial mortgage origination and servicing business received approval to participate in a Fannie Mae alternative delivery program known as ASAP Plus (“As Soon as Pooled” delivery).
Our approval limit for outstanding balances on ASAP Plus is presently $350 million.
This program allows us to assign a qualified Fannie Mae loan trade commitment to Fannie Mae as early as the next business day after a loan closes, and receive 99% of the loan purchase price from Fannie Mae.
The program does not eliminate the need to provide temporary warehouse financing, but does significantly reduce the duration of funding requirements for eligible Fannie Mae originated loans from the normal delivery cycle of two to four weeks down to as little as one to two days.
There was no balance outstanding on this program as of December 31, 2010.
Certain real estate funds under management are held for the benefit of clients in insurance company separate accounts sponsored by Prudential Insurance.
In the normal course of business, these separate accounts enter into purchase commitments which include commitments to purchase real estate, invest in future real estate partnerships, and/or fund additional construction or other expenditures on previously-acquired real estate investments.
Certain purchases of real estate are contingent on the developer’s development of the real estate according to plans and specifications outlined in a pre-sale agreement or the property achieving a certain level of leasing.
Purchase commitments are typically entered into by Prudential Insurance on behalf of the particular separate account and, upon acquisition, are titled either in the name of Prudential Insurance or an LLC subsidiary formed for that purpose.
In certain cases, the commitments specify that recourse on the obligation is limited to the assets of the separate account.
At December 31, 2010 and 2009, total outstanding purchase commitments were $5.3 billion and $8.7 billion, respectively.
The decrease in total outstanding purchase commitments was primarily driven by debt repayments funded from investor capital contributions and property sales.
The following is a summary of the outstanding purchase commitments for these separate account portfolios as of December 31, 2010.
Off-balance sheet commitments have not yet substantially satisfied pre-conditions and are considered contingent liabilities.
On-balance sheet commitments represent obligations which have substantially satisfied pre-conditions of the commitments.
## Table 3 ##
The contractual maturity dates of some of the outstanding purchase commitments may accelerate upon a failure to maintain required loan-to-value ratios, failure of Prudential Insurance to maintain required ratings or failure to satisfy other financial covenants.
Some separate accounts have also entered into syndicated credit facilities providing for borrowings in the aggregate amount of up to $1.0 billion.
As of December 31, 2010, there were outstanding borrowings of $100 million under these credit facilities.
These facilities also include loan-to-value ratio requirements and other financial covenants.
Recourse on obligations under these facilities is limited to the assets of the applicable separate account.
As of December 31, 2010, these separate account portfolios had combined gross and net asset values of $25.7 billion and $14.5 billion, respectively.
At the time of maturity of a commitment obligation, Prudential Insurance often endeavors to negotiate extensions, refinancings or other solutions with creditors.
Management believes that the separate accounts have sufficient resources to ultimately meet their obligations.
However, there is a risk that the separate accounts may not be able to timely fund all maturing obligations from regular sources such as asset sales, operating cash flow, deposits from clients, debt refinancings or from the above-mentioned portfolio level credit facilities.
In cases where the separate account is not able to fund maturing obligations, Prudential Insurance may be called upon or required to provide interim funding solutions.
To date, Prudential Insurance has not been required to provide any such funding.
As of December 31, 2010 and 2009, our asset management subsidiaries had cash and cash equivalents and short-term investments of $805 million and $646 million, respectively.
Financing Activities Prudential Financial maintains a shelf registration statement with the SEC that permits the issuance of public debt, equity and hybrid securities.
As a “Well-Known Seasoned Issuer” under SEC rules, Prudential Financial’s shelf registration statement provides for automatic effectiveness upon filing, pay-as-you-go fees and the ability to add securities by filing automatically effective amendments.
Also, in accordance with these rules, the shelf registration statement has no stated issuance capacity.
In November 2010, Prudential Financial issued 18,348,624 shares of its Common Stock in a public offering at a price of $54.50 per share for gross proceeds of $1.0 billion.
The proceeds from the offering, along with proceeds from the sale of $1.0 billion of medium-term notes, were used to fund a portion of the purchase price for the acquisition of the Star and Edison Businesses from AIG.

<table><tr><td></td><td> 2008</td><td>Change</td><td> 2007</td><td>Change</td><td> 2006</td></tr><tr><td>Aranesp<sup>®</sup>— U.S.</td><td>$1,651</td><td>-23%</td><td>$2,154</td><td>-23%</td><td>$2,790</td></tr><tr><td>Aranesp<sup>®</sup>— International</td><td>1,486</td><td>2%</td><td>1,460</td><td>10%</td><td>1,331</td></tr><tr><td>Total Aranesp<sup>®</sup></td><td>$3,137</td><td>-13%</td><td>$3,614</td><td>-12%</td><td>$4,121</td></tr></table>
<table><tr><td></td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td>Net loss as reported</td><td>$-247,587</td><td>$-325,321</td><td>$-1,163,540</td></tr><tr><td>Add: Stock-based employee compensation expense associated with modifications, net of related tax effect, included in net loss asreported</td><td>2,297</td><td>2,077</td><td></td></tr><tr><td>Less: Total stock-based employee compensation expense determined under fair value based method for all awards, net of related taxeffect</td><td>-23,906</td><td>-31,156</td><td>-38,126</td></tr><tr><td>Pro-forma net loss</td><td>$-269,196</td><td>$-354,400</td><td>$-1,201,666</td></tr><tr><td>Basic and diluted net loss per share—as reported</td><td>$-1.10</td><td>$-1.56</td><td>$-5.95</td></tr><tr><td>Basic and diluted net loss per share pro-forma</td><td>$-1.20</td><td>$-1.70</td><td>$-6.15</td></tr></table>
<table><tr><td>Cash</td><td>$27,961</td></tr><tr><td>Accounts receivable</td><td>18,032</td></tr><tr><td>Inventory, including fair value adjustments</td><td>5,469</td></tr><tr><td>Property and equipment</td><td>4,039</td></tr><tr><td>Other tangible assets</td><td>1,081</td></tr><tr><td>Accrued taxes</td><td>-14,399</td></tr><tr><td>Accounts payable and accrued expenses</td><td>-7,517</td></tr><tr><td>Customer relationships</td><td>41,800</td></tr><tr><td>Business licenses</td><td>2,500</td></tr><tr><td>Trade names</td><td>1,900</td></tr><tr><td>Deferred taxes, net</td><td>-11,445</td></tr><tr><td>Goodwill</td><td>77,870</td></tr><tr><td>Purchase Price</td><td>$147,291</td></tr></table>
<table><tr><td></td><td colspan="4"> Contractual Maturity Date</td></tr><tr><td></td><td> 2011</td><td> 2012</td><td> After 2012</td><td> Total</td></tr><tr><td></td><td colspan="4"> (in millions)</td></tr><tr><td>Off-Balance Sheet Commitments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Recourse to Prudential Insurance</td><td>$790</td><td>$217</td><td>$8</td><td>$1,015</td></tr><tr><td>Recourse limited to assets of separate accounts</td><td>733</td><td>74</td><td>15</td><td>822</td></tr><tr><td>Total Off-Balance Sheet Commitments</td><td>1,523</td><td>291</td><td>23</td><td>1,837</td></tr><tr><td>On-Balance Sheet Commitments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Recourse to Prudential Insurance</td><td>1,396</td><td>0</td><td>71</td><td>1,467</td></tr><tr><td>Recourse limited to assets of separate accounts</td><td>1,537</td><td>416</td><td>59</td><td>2,012</td></tr><tr><td>Total On-Balance Sheet Commitments</td><td>2,933</td><td>416</td><td>130</td><td>3,479</td></tr><tr><td>Total Commitments</td><td>$4,456</td><td>$707</td><td>$153</td><td>$5,316</td></tr></table>

Question: Between 2011 and 2012,for Contractual Maturity Date what year is Total Off-Balance Sheet Commitments lower?
Answer: 2012