contents of gas produced, transportation availability and costs and demand for the various products derived from oil, natural gas and NGLs.
Substantially all of Devon’s revenues are attributable to sales, processing and transportation of these three commodities.
Consequently, our financial results and resources are highly influenced by price volatility.
Estimates for Devon’s future production of oil, natural gas and NGLs are based on the assumption that market demand and prices will continue at levels that allow for profitable production of these products.
There can be no assurance of such stability.
Most of our Canadian production is subject to government royalties that fluctuate with prices.
Thus, price fluctuations can affect reported production.
Also, our international production is governed by payout agreements with the governments of the countries in which we operate.
If the payout under these agreements is attained earlier than projected, Devon’s net production and proved reserves in such areas could be reduced.
Estimates for our future processing and transport of oil, natural gas and NGLs are based on the assumption that market demand and prices will continue at levels that allow for profitable processing and transport of these products.
There can be no assurance of such stability.
The production, transportation, processing and marketing of oil, natural gas and NGLs are complex processes which are subject to disruption from many causes.
These causes include transportation and processing availability, mechanical failure, human error, meteorological events including, but not limited to, hurricanes, and numerous other factors.
The following forward-looking statements were prepared assuming demand, curtailment, producibility and general market conditions for Devon’s oil, natural gas and NGLs during 2005 will be substantially similar to those of 2004, unless otherwise noted.
Unless otherwise noted, all of the following dollar amounts are expressed in U. S.  dollars.
Amounts related to Canadian operations have been converted to U. S.  dollars using a projected average 2005 exchange rate of $0.82 U. S.  to $1.00 Canadian.
The actual 2005 exchange rate may vary materially from this estimate.
Such variations could have a material effect on the following estimates.
Though we have completed several major property acquisitions and dispositions in recent years, these transactions are opportunity driven.
Thus, the following forward-looking data excludes the financial and operating effects of potential property acquisitions or divestitures, except as discussed in “Property Acquisitions and Divestitures,” during the year 2005.
The timing and ultimate results of such acquisition and divestiture activity is difficult to predict, and may vary materially from that discussed in this report.
Geographic Reporting Areas for 2005 The following estimates of production, average price differentials and capital expenditures are provided separately for each of the following geographic areas: ?
the United States onshore; ?
the United States offshore, which encompasses all oil and gas properties in the Gulf of Mexico; ?
Canada; and ?
International, which encompasses all oil and gas properties that lie outside of the United States and Canada.
Year 2005 Potential Operating Items The estimates related to oil, gas and NGL production, operating costs and DD&A set forth in the following paragraphs are based on estimates for Devon’s properties other than those that have been designated for possible sale (See “Property Acquisitions and Divestitures”).
Therefore, the following estimates exclude the results of the potential sale properties for the entire year.
Oil, Gas and NGL Production Set forth in the following paragraphs are individual estimates of Devon’s oil, gas and NGL production for 2005.
On a combined basis, Devon estimates its 2005 oil, gas and NGL production will total 217 MMBoe.
Of this total, approximately 92% is estimated to be produced from reserves classified as “proved” at December 31, 2004.
Oil Production We expect our oil production in 2005 to total 60 MMBbls.
Of this total, approximately 95% is estimated to be produced from reserves classified as “proved” at December 31, 2004.
The expected production by area is as follows:
## Table 0 ##
Oil Prices – Fixed Through various price swaps, Devon has fixed the price it will receive in 2005 on a portion of its oil production.
The following table includes information on this fixed-price production by area.
Where necessary, the prices have been adjusted for certain transportation costs that are netted against the prices recorded by Devon.
METLIFE, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Information regarding the closed block revenues and expenses is as follows:
## Table 1 ##
Metropolitan Life charges the closed block with federal income taxes, state and local premium taxes, and other additive state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan.
Metropolitan Life also charges the closed block for expenses of maintaining the policies included in the closed block.10.
Long-term and Short-term Debt Long-term and short-term debt outstanding is as follows:
## Table 2 ##
## Table 3 ##
Metropolitan Life charges the closed block with federal income taxes, state and local premium taxes, and other additive state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan.
Metropolitan Life also charges the closed block for expenses of maintaining the policies included in the closed block.10.
Long-term and Short-term Debt Long-term and short-term debt outstanding is as follows: @t@ The aggregate maturities of long-term debt as of December 31, 2006 for the next five years are $116 million in 2007, $383 million in 2008, $398 million in 2009, $194 million in 2010, $992 million in 2011 and $7,896 million thereafter.
Collateralized debt, which consists of repurchase agreements and capital lease obligations, ranks highest in priority, followed by unsecured senior debt which consists of senior notes, fixed rate notes and other notes with varying interest rates, followed by subordinated debt which consists of junior subordinated debentures.
Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations at the operating company level and senior to obligations at the Holding Company, may be made only with the prior approval of the insurance department of the state of domicile.
Senior Notes The Holding Company repaid a $500 million 5.25% senior note which matured on December 1, 2006 and a $1,006 million 3.911% senior note which matured on May 15, 2005.
RGA repaid a $100 million 7.25% senior note which matured on April 1, 2006.
Underwriting Underwriting results are generally the difference between the portion of premium and fee income intended to cover mortality, morbidity or other insurance costs, less claims incurred, and the change in insurance-related liabilities.
Underwriting results are significantly influenced by mortality, morbidity or other insurance-related experience trends and the reinsurance activity related to certain blocks of business and, as a result, can fluctuate from period to period.
Underwriting results were favorable within the life products in the Individual segment, as well as in the Reinsurance segment, and in the group life and non-medical health & other products in the Institutional segment.
Retirement & saving’s underwriting results were mixed across several products in the Institutional segment.
Underwriting results, excluding catastrophes, in the Auto & Home segment were favorable for the year ended December 31, 2006, as the combined ratio, excluding catastrophes, decreased to 82.8% from 86.7% for the year ended December 31, 2005.
Underwriting results in the International segment increased commensurate with the growth in the business for most countries with the exception of Brazil which experienced unfavorable claim experience and Argentina which experienced improved claim experience.
Other Expenses Other expenses increased by $1,530 million, or 17%, to $10,797 million for the year ended December 31, 2006 from $9,267 million for the comparable 2005 period.
Excluding the impact of the acquisition of Travelers, which contributed $612 million during the first six months of 2006 to the year over year increase, other expenses increased by $918 million.
The year ended December 31, 2006 includes a $35 million contribution to the MetLife Foundation.
The year ended December 31, 2005 included a $28 million benefit associated with the reduction of a previously established real estate transfer tax liability related to Metropolitan Life’s demutualization in 2000.
Excluding these items and the acquisition of Travelers, other expenses increased by $855 million from the comparable 2005 period.
The following table provides the change in other expenses by segment, excluding Travelers, and certain transactions as mentioned above:
## Table 4 ##
The International segment contributed to the year over year increase in other expenses primarily due to business growth commensurate with the increase in revenues discussed above and changes in foreign currency exchange rates.
Taiwan’s other expenses increased due to an increase in amortization of DAC, due to a loss recognition adjustment, refinements associated with the implementation of a new valuation system and a restructuring charge.
Mexico’s other expenses increased due to an increase in commissions commensurate with the revenue growth, higher DAC amortization, higher expenses related to growth initiatives and additional expenses associated with the Mexican pension business, partially offset by the unfavorable impact of contingent liabilities that were established in the prior year related to potential employment matters and which were eliminated in the current year.
South Korea’s other expenses increased due to an increase in DAC amortization and general expenses, partially offset by a decrease in DAC amortization associated with the implementation of a more refined reserve valuation system.
In addition, Brazil’s other expenses increased due to an increase in litigation liabilities.
Other expenses associated with the home office increased due to an increase in expenditures for information technology projects, growth initiative projects and integration costs, as well as an increase in compensation expense.
In addition, expenses were incurred related to the start-up of operations in Ireland.
Corporate & Other contributed to the year over year variance in other expenses primarily due to higher interest expense, corporate support expenses, interest credited to bankholder deposits at MetLife Bank, National Association (“MetLife Bank” or “MetLife Bank, N. A.
”) and legal-related costs, partially offset by lower integration costs.
The Reinsurance segment also contributed to the increase in other expenses primarily due to an increase in expenses associated with DAC, interest expense and minority interest, as well as an increase in compensation, including equity compensation expense and overhead-related expenses.
The Institutional segment contributed to the year over year increase primarily due to an increase in non-deferrable volume-related expenses, a charge associated with costs related to the sale of certain small market recordkeeping businesses, a charge associated with non-deferrable LTC commissions expense and a charge associated with costs related to a previously announced regulatory settlement, all within the current year, partially offset by the reduction in Travelers-related integration costs, principally incentive accruals and an adjustment of DAC for certain LTC products.
The Auto & Home segment contributed to the year over year increase primarily due to expenditures related to information technology, advertising and compensation costs.
Partially offsetting the increases in other expenses was a decrease in the Individual segment.
This decrease is primarily due to lower DAC amortization, partially offset by higher general spending in the current year, despite higher corporate incentives.
In addition, the impact of revisions to certain expenses, premium tax, policyholder liabilities and pension and postretirement liabilities, in both periods, increased other expenses in the current year period.
Net Income Income tax expense for the year ended December 31, 2006 was $1,116 million, or 26% of income from continuing operations before provision for income tax, compared with $1,228 million, or 29%, of such income, for the comparable 2005 period.
Excluding the impact of the acquisition of Travelers, which contributed $126 million during the first six months of 2006, income tax expense was $990 million, or 26%, of income from continuing operations before provision for income tax, compared with $1,228 million, or 29%, of such income, for the
On June 29, 2005, the Holding Company issued 400 million pounds sterling ($729.2 million at issuance) aggregate principal amount of 5.25% senior notes due June 29, 2020 at a discount of 4.5 million pounds sterling ($8.1 million at issuance), for aggregate proceeds of 395.5 million pounds sterling ($721.1 million at issuance).
The senior notes were initially offered and sold outside the United States in reliance upon Regulation S under the Securities Act of 1933, as amended.
The following table summarizes the Holding Company’s outstanding senior notes issuances, excluding any premium or discount:

<table><tr><td></td><td>(MMBbls)</td></tr><tr><td>United States Onshore</td><td>12</td></tr><tr><td>United States Offshore</td><td>10</td></tr><tr><td>Canada</td><td>12</td></tr><tr><td>International</td><td>26</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$2,959</td><td>$3,062</td><td>$3,156</td></tr><tr><td>Net investment income and other revenues</td><td>2,355</td><td>2,382</td><td>2,504</td></tr><tr><td>Net investment gains (losses)</td><td>-130</td><td>10</td><td>-19</td></tr><tr><td>Total revenues</td><td>5,184</td><td>5,454</td><td>5,641</td></tr><tr><td> Expenses</td><td></td><td></td><td></td></tr><tr><td>Policyholder benefits and claims</td><td>3,474</td><td>3,478</td><td>3,480</td></tr><tr><td>Policyholder dividends</td><td>1,479</td><td>1,465</td><td>1,458</td></tr><tr><td>Change in policyholder dividend obligation</td><td>-114</td><td>-9</td><td>124</td></tr><tr><td>Other expenses</td><td>247</td><td>263</td><td>275</td></tr><tr><td>Total expenses</td><td>5,086</td><td>5,197</td><td>5,337</td></tr><tr><td>Revenues, net of expenses before income tax</td><td>98</td><td>257</td><td>304</td></tr><tr><td>Income tax</td><td>34</td><td>90</td><td>109</td></tr><tr><td>Revenues, net of expenses and income tax from continuing operations</td><td>64</td><td>167</td><td>195</td></tr><tr><td>Revenues, net of expenses and income tax from discontinued operations</td><td>1</td><td>—</td><td>—</td></tr><tr><td>Revenues, net of expenses, income taxes and discontinued operations</td><td>$65</td><td>$167</td><td>$195</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Balance at December 31,</td><td>$4,480</td><td>$4,545</td><td>$4,712</td></tr><tr><td>Balance at January 1,</td><td>4,545</td><td>4,712</td><td>4,907</td></tr><tr><td>Change during year</td><td>$-65</td><td>$-167</td><td>$-195</td></tr></table>
<table><tr><td></td><td colspan="2">Interest Rates</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>Weighted</td><td></td><td colspan="2"> December 31,</td></tr><tr><td></td><td> Range</td><td>Average</td><td> Maturity</td><td> 2006</td><td> 2005</td></tr><tr><td></td><td></td><td></td><td></td><td colspan="2"> (In millions)</td></tr><tr><td>Senior notes</td><td>5.00%-6.75%</td><td>5.67%</td><td>2011-2036</td><td>$8,046</td><td>$7,616</td></tr><tr><td>Repurchase agreements</td><td>2.18%-5.65%</td><td>4.77%</td><td>2007-2013</td><td>998</td><td>855</td></tr><tr><td>Surplus notes</td><td>7.63%-7.88%</td><td>7.76%</td><td>2015-2025</td><td>697</td><td>696</td></tr><tr><td>Fixed rate notes</td><td>5.76%-6.47%</td><td>5.95%</td><td>2007-2011</td><td>107</td><td>104</td></tr><tr><td>Other notes with varying interest rates</td><td>3.44%-6.10%</td><td>4.33%</td><td>2009-2012</td><td>68</td><td>145</td></tr><tr><td>Capital lease obligations</td><td></td><td></td><td></td><td>63</td><td>73</td></tr><tr><td>Total long-term debt</td><td></td><td></td><td></td><td>9,979</td><td>9,489</td></tr><tr><td>Total short-term debt</td><td></td><td></td><td></td><td>1,449</td><td>1,414</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>$11,428</td><td>$10,903</td></tr></table>
<table><tr><td></td><td>$ Change (In millions)</td><td>% Change</td></tr><tr><td>International</td><td>$330</td><td>39%</td></tr><tr><td>Corporate & Other</td><td>287</td><td>33</td></tr><tr><td>Reinsurance</td><td>236</td><td>28</td></tr><tr><td>Institutional</td><td>79</td><td>9</td></tr><tr><td>Auto & Home</td><td>17</td><td>2</td></tr><tr><td>Individual</td><td>-94</td><td>-11</td></tr><tr><td>Total change</td><td>$855</td><td>100%</td></tr></table>

Question: What is the ratio of Balance at December 31, to the total in 2005?
Answer: 0.49098