2007 and are attributable to higher Net revenues and expenses, as discussed above.
Overall margin decreased from 15.0% to 14.8% for the fiscal year ended June 30, 2008 as compared to the fiscal year ended June 30, 2007.
Provision for Income Taxes.
Our effective tax rate for fiscal year 2008 was 41.0%, compared to 38.6% for fiscal year 2007.
The increase in the effective tax rate is primarily attributable to a one-time adjustment related to our spin-off from ADP.
Net Earnings and Basic and Diluted Earnings per Share.
Net earnings for the fiscal year ended June 30, 2008 were $192.2 million, a decrease of $4.9 million, or 3%, compared to $197.1 million for the fiscal year ended June 30, 2007.
The lower Net earnings reflects increased Net revenues, offset by increased expenses, and a higher effective tax rate, as described above.
Basic and Diluted Earnings per share decreased 3% and 4%, to $1.38 and $1.36, respectively for the fiscal year ended June 30, 2008.
ANALYSIS OF REPORTABLE SEGMENTS Investor Communication Solutions, Securities Processing Solutions, and Clearing and Outsourcing Solutions are the Company’s reportable segments.
The primary components of “Other” are the elimination of inter-segment revenues and profits and certain unallocated expenses.
Foreign exchange is a reconciling item between the actual foreign exchange rates and fiscal year 2009 budgeted foreign exchange rates.
The prior fiscal years’ reportable segment Net revenues have been adjusted to reflect updated fiscal year 2009 budgeted foreign exchange rates.
This adjustment represents a reconciling difference to Net revenues and Earnings from continuing operations before provision for income taxes.
Certain corporate expenses, as well as certain centrally managed expenses, are allocated based upon budgeted amounts in a reasonable manner.
Because the Company compensates the management of its various businesses on, among other factors, segment profit, the Company may elect to record certain segment-related expense items of an unusual or non-recurring nature in consolidation rather than reflect such items in segment profit.
The Clearing and Outsourcing Solutions segment is charged for services provided by other segments and it records these costs as operating expenses.
Before January 2007, the Clearing and Outsourcing Solutions segment was billed for these services on a mark-up basis with the other segments recording revenue for the amount of these billings.
For the fiscal year ended June 30, 2007, the Clearing and Outsourcing Solutions segment was billed $2.0 million for services provided by the Investor Communication Solutions segment and $6.0 million for services provided by the Securities Processing Solutions segment.
Beginning in January 2007, the Company changed its methodology for charging the Clearing and Outsourcing Solutions segment for services provided by the Company’s other segments.
For the fiscal year ended June 30, 2008 and from January 1, 2007 through June 30, 2007, the Clearing and Outsourcing Solutions segment was charged $4.6 million and $1.4 million, respectively, from the Investor Communication Solutions segment and $3.4 million and $2.1 million, respectively, from the Securities Processing Solutions segment based on the cost of providing such services.
The other segments record these services as cost transfers in Cost of net revenues.
Net Revenues
## Table 0 ##
* Not Meaningful
Contractual Obligations The following table summarizes our contractual obligations to third parties as of June 30, 2010 and the effect such obligations are expected to have on our liquidity and cash flows in future periods:
## Table 1 ##
(1) These amounts represent the principal repayments of Long-term debt and are included on our Consolidated Balance Sheets.
As of June 30, 2010, we had $324.1 million of outstanding debt consisting of $200.0 million of a term loan facility and $124.1 million in Senior Notes.
See Note 11, “Borrowings” to our Financial Statements under Item 8 of Part II of this Annual Report on Form 10-K for additional information about our Borrowings and related matters.
Excludes future cash payments related to interest expense as the term loan facility is variable rate and the interest payments will ultimately be determined by the rates in effect during each period.
(2) Included in these amounts are various facilities and equipment leases and software license agreements.
We enter into operating leases in the normal course of business relating to facilities and equipment, as well as the licensing of software.
The majority of our lease agreements have fixed payment terms based on the passage of time.
Certain facility and equipment leases require payment of maintenance and real estate taxes and contain escalation provisions based on future adjustments in price indices.
Our future operating lease obligations could change if we exit certain contracts and if we enter into additional operating lease agreements.
(3) Purchase obligations primarily relate to payments to ADP related to a data center outsourcing services agreement that expires in fiscal year 2012, payments to IBM related to the IT Services Agreement entered into in March 2010 that expires October 2021, and purchase and maintenance agreements on our software, equipment and other assets.
ADP provides the Company with data center services under a data center outsourcing services agreement which expires on June 30, 2012.
Among the principal services provided by ADP are information technology services and service delivery network services.
For the fiscal years ended June 30, 2010, 2009 and 2008, the Company recorded expenses related to this agreement of $104.8 million, $102.8 million and $107.0 million, respectively, in the Consolidated Statements of Earnings.
Other Commercial Commitments The Company has a five-year revolving credit facility that expires in March 2012 that has an available capacity of $500.0 million.
As of June 30, 2010, no amounts were outstanding under this credit facility.
In addition, immediately before the separation from ADP, certain of the Company’s foreign subsidiaries established unsecured, uncommitted lines of credit with banks.
These lines of credit bear interest at a rate equal to LIBOR plus 250 basis points.
There were no outstanding borrowings under these lines of credit at June 30, 2010.
(8) We have incurred other various expenses from specific events or projects that we consider highly variable or have a significant impact to our operating results that we have excluded from our non-GAAP financial measures.
This includes legal entity and operational restructuring as well as our costs of complying with our DPA with the U. S.  government related to certain FCPA matters involving Biomet and certain of its subsidiaries.
Under the DPA, which has a three-year term, we are subject to oversight by an independent compliance monitor, which monitorship commenced in July 2017.
The excluded costs include the fees paid to the independent compliance monitor and to external legal counsel assisting in the matter.
(9) Represents the tax effects on the previously specified items.
The tax effect for the U. S.  jurisdiction is calculated based on an effective rate considering federal and state taxes, as well as permanent items.
For jurisdictions outside the U. S. , the tax effect is calculated based upon the statutory rates where the items were incurred.
(10) The 2016 period includes negative effects from finalizing the tax accounts for the Biomet merger.
Under the applicable U. S.  GAAP rules, these measurement period adjustments are recognized on a prospective basis in the period of change.
(11) The 2017 Tax Act resulted in a net favorable provisional adjustment due to the reduction of deferred tax liabilities for unremitted earnings and revaluation of deferred tax liabilities to a 21 percent rate, which was partially offset by provisional tax charges related to the toll charge provision of the 2017 Tax Act.
In 2018, we finalized our estimates of the effects of the 2017 Tax Act based upon final guidance issued by U. S.  tax authorities.
(12) Other certain tax adjustments in 2018 primarily related to changes in tax rates on deferred tax liabilities recorded on intangible assets recognized in acquisition-related accounting and adjustments from internal restructuring transactions that provide us access to offshore funds in a tax efficient manner.
In 2017, other certain tax adjustments relate to tax benefits from lower tax rates unrelated to the impact of the 2017 Tax Act, net favorable resolutions of various tax matters and net favorable adjustments from internal restructuring transactions.
The 2016 adjustment primarily related to a favorable adjustment to certain deferred tax liabilities recognized as part of acquisition-related accounting and favorable resolution of certain tax matters with taxing authorities offset by internal restructuring transactions that provide us access to offshore funds in a tax efficient manner.
(13) Diluted share count used in Adjusted Diluted EPS:
## Table 2 ##
LIQUIDITY AND CAPITAL RESOURCES Cash flows provided by operating activities were $1,747.4 million in 2018 compared to $1,582.3 million and $1,632.2 million in 2017 and 2016, respectively.
The increase in operating cash flows in 2018 compared to 2017 was driven by additional cash flows from our sale of accounts receivable in certain countries, lower acquisition and integration expenses and lower quality remediation expenses, as well as certain significant payments made in the 2017 period.
In the 2017 period, we made payments related to the U. S.  Durom Cup Settlement Program, and we paid $30.5 million in Settlement Payments to resolve previously-disclosed FCPA matters involving Biomet and certain of its subsidiaries as discussed in Note 19 to our consolidated financial statements included in Item 8 of this report.
The decline in operating cash flows in 2017 compared to 2016 was driven by additional investments in inventory, additional expenses for quality remediation and the significant payments made in the 2017 period as discussed in the previous sentence.
These unfavorable items were partially offset by $174.0 million of incremental cash flows in 2017 from our sale of accounts receivable in certain countries.
Cash flows used in investing activities were $416.6 million in 2018 compared to $510.8 million and $1,691.5 million in 2017 and 2016, respectively.
Instrument and property, plant and equipment additions reflected ongoing investments in our product portfolio and optimization of our manufacturing and logistics network.
In 2018, we entered into receive-fixed-rate, pay-fixed-rate cross-currency interest rate swaps.
Our investing cash flows reflect the net cash inflows from the fixedrate interest rate receipts/payments, as well as the termination of certain of these swaps that were in a gain position in the year.
The 2016 period included cash outflows for the acquisition of LDR Holding Corporation (“LDR”) and other business acquisitions.
Additionally, the 2016 period reflects the maturity of available-for-sale debt securities.
As these investments matured, we used the cash to pay off debt and have not reinvested in any additional debt securities.
Cash flows used in financing activities were $1,302.2 million in 2018.
Our primary use of available cash in 2018 was for debt repayment.
We received net proceeds of $749.5 million from the issuance of additional senior notes and borrowed $400.0 million from our Multicurrency Revolving Facility to repay $1,150.0 million of senior notes that became due on April 2, 2018.
We subsequently repaid the $400.0 million of Multicurrency Revolving Facility borrowings.
Also in 2018, we borrowed another $675.0 million under a new U. S.  Term Loan C and used the cash proceeds along with cash generated from operations throughout the year to repay an aggregate of $835.0 million on U. S.  Term Loan A, $450.0 million on U. S.  Term Loan B, and we subsequently repaid $140.0 million on U. S.  Term Loan C.  Overall, we had approximately $1,150 million of net principal repayments on our senior notes and term loans in 2018.
In 2017, our primary use of available cash was also for debt repayment compared to 2016 when we were not able to repay as much debt due to financing requirements to complete the LDR and other business acquisitions.
Additionally in 2017, we had net cash inflows of $103.5 million on factoring programs that had not been remitted to the third party.
In 2018, we had net cash outflows related to these factoring programs as we remitted the $103.5 million and collected only $66.8 million which had not yet been remitted by the end of the year.
Since our factoring programs started at the end of 2016, we did not have similar cash flows in that year.
In January 2019, we borrowed an additional $200.0 million under U. S.  Term Loan C and used those proceeds, along with cash on hand, to repay the remaining $225.0 million outstanding under U. S.  Term Loan B.
In February, May, August and December 2018, our Board of Directors declared cash dividends of $0.24 per share.
We expect to continue paying cash dividends on a quarterly basis; however, future dividends are subject to approval of the Board of Directors and may be adjusted as business needs or market conditions change.
As further discussed in Note 11 to our consolidated financial statements, our debt facilities restrict the payment of dividends in certain circumstances.

<table><tr><td></td><td></td><td></td><td></td><td colspan="4"> Change</td><td></td></tr><tr><td></td><td colspan="3">Years Ended June 30,</td><td colspan="2">2009 vs. 2008</td><td colspan="2"> 2008 vs. 2007</td><td></td></tr><tr><td></td><td>2009</td><td> 2008</td><td>2007</td><td>$</td><td>%</td><td> $</td><td> %</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>($ in millions)</td><td></td><td></td><td></td><td></td></tr><tr><td>Investor Communication Solutions</td><td>$1,531.0</td><td>$1,575.2</td><td>$1,554.2</td><td>$-44.2</td><td>-3</td><td>$21.0</td><td>1</td><td></td></tr><tr><td>Securities Processing Solutions</td><td>533.8</td><td>514.4</td><td>509.9</td><td>19.4</td><td>4</td><td>4.5</td><td>1</td><td></td></tr><tr><td>Clearing and Outsourcing Solutions</td><td>101.4</td><td>95.8</td><td>93.8</td><td>5.6</td><td>6</td><td>2.0</td><td>2</td><td></td></tr><tr><td>Other</td><td>1.5</td><td>8.5</td><td>-7.0</td><td>-7.0</td><td>-82</td><td>15.5</td><td>NM</td><td>*</td></tr><tr><td>Foreign currency exchange</td><td>-18.4</td><td>13.6</td><td>-13.0</td><td>-32.0</td><td>NM*</td><td>26.6</td><td>NM</td><td>*</td></tr><tr><td>Total Net revenues</td><td>$2,149.3</td><td>$2,207.5</td><td>$2,137.9</td><td>$-58.2</td><td>-3</td><td>$69.6</td><td>3</td><td></td></tr></table>
<table><tr><td></td><td colspan="5"> Payments Due by Period</td></tr><tr><td></td><td> Total</td><td> Less than 1 Year</td><td> 1-3 Years</td><td> 4-5 Years</td><td> After 5 Years</td></tr><tr><td></td><td colspan="5"> (in millions)</td></tr><tr><td>Long-term debt-1</td><td>$324.1</td><td>$—</td><td>$200.0</td><td>$—</td><td>$124.1</td></tr><tr><td>Operating lease and software licenses-2</td><td>172.6</td><td>44.6</td><td>68.9</td><td>35.4</td><td>23.7</td></tr><tr><td>Purchase obligations-3</td><td>810.5</td><td>116.5</td><td>219.5</td><td>122.5</td><td>352.0</td></tr><tr><td>Total</td><td>$1,307.2</td><td>$161.1</td><td>$488.4</td><td>$157.9</td><td>$499.8</td></tr></table>
<table><tr><td></td><td>Year endedDecember 31, 2018</td></tr><tr><td>Diluted shares</td><td>203.5</td></tr><tr><td>Dilutive shares assuming net earnings</td><td>1.5</td></tr><tr><td>Adjusted diluted shares</td><td>205.0</td></tr></table>

Question: In what year is Foreign currency exchange greater than 0?
Answer: 2008