Notes to Consolidated Financial Statements—(Continued) (Amounts in Millions, Except Per Share Amounts) withholding taxes on temporary differences resulting from earnings for certain foreign subsidiaries which are permanently reinvested outside the U. S.  It is not practicable to determine the amount of unrecognized deferred tax liability associated with these temporary differences.
Pursuant to the provisions of FASB Interpretation No.48, Accounting for Uncertainty in Income Taxes (“FIN 48”), the following table summarizes the activity related to our unrecognized tax benefits:
## Table 0 ##
Included in the total amount of unrecognized tax benefits of $148.8 as of December 31, 2008, is $131.8 of tax benefits that, if recognized, would impact the effective tax rate and $17.1 of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.
The total amount of accrued interest and penalties as of December 31, 2008 and 2007 is $33.5 and $33.6, of which $0.7 and $9.2 is included in the 2008 and 2007 Consolidated Statement of Operations, respectively.
In accordance with our accounting policy, interest and penalties accrued on unrecognized tax benefits are classified as income taxes in the Consolidated Statements of Operations.
We have not elected to change this classification with the adoption of FIN 48.
With respect to all tax years open to examination by U. S.  federal and various state, local, and non-U.
S.  tax authorities, we currently anticipate that the total unrecognized tax benefits will decrease by an amount between $45.0 and $55.0 in the next twelve months, a portion of which will affect the effective tax rate, primarily as a result of the settlement of tax examinations and the lapsing of statutes of limitation.
This net decrease is related to various items of income and expense, including transfer pricing adjustments and restatement adjustments.
For this purpose, we expect to complete our discussions with the IRS appeals division regarding the years 1997 through 2004 within the next twelve months.
We also expect to effectively settle, within the next twelve months, various uncertainties for 2005 and 2006.
In December 2007, the IRS commenced its examination for the 2005 and 2006 tax years.
In addition, we have various tax years under examination by tax authorities in various countries, such as the U. K. , and in various states, such as New York, in which we have significant business operations.
It is not yet known whether these examinations will, in the aggregate, result in our paying additional taxes.
We have established tax reserves that we believe to be adequate in relation to the potential for additional assessments in each of the jurisdictions in which we are subject to taxation.
We regularly assess the likelihood of additional tax assessments in those jurisdictions and adjust our reserves as additional information or events require.
On May 1, 2007, the IRS completed its examination of our 2003 and 2004 income tax returns and proposed a number of adjustments to our taxable income.
We have appealed a number of these items.
In addition, during the second quarter of 2007, there were net reversals of tax reserves, primarily related to previously unrecognized tax benefits related to various items of income and expense, including approximately $80.0 for certain worthless securities deductions associated with investments in consolidated subsidiaries, which was a result of the completion of the tax examination.
Notes to Consolidated Financial Statements—(Continued) (Amounts in Millions, Except Per Share Amounts) Statements of Cash Flows was $0.3 and $0.1 in 2007 and 2006, respectively.
The cash received from the stock options exercised in 2007 and 2006 was $3.0 and $0.9, respectively.
As of December 31, 2008 there was $24.3 of total unrecognized compensation expense related to non-vested stock options granted, which is expected to be recognized over a weighted-average period of 2.3 years.
As of December 31, 2008, the aggregate intrinsic value for stock options outstanding, vested and expected to vest, exercisable and non-vested is negligible.
We use the Black-Scholes option-pricing model to estimate the fair value of options granted, which requires the input of subjective assumptions including the option’s expected term and the price volatility of the underlying stock.
Changes in the assumptions can materially affect the estimate of fair value and our results of operations could be materially impacted.
The weighted-average option grant-date fair value during the years ended December 31, 2008, 2007 and 2006 was $4.07, $4.89, and $3.91, respectively.
The fair value of each option grant has been estimated with the following weighted-average assumptions:
## Table 1 ##
1 The expected volatility for the years ended December 31, 2008, 2007 and 2006 used to estimate the fair value of stock options awarded is based on a blend of: (i) historical volatility of our common stock for periods equal to the expected term of our stock options and (ii) implied volatility of tradable forward put and call options to purchase and sell shares of our common stock.2 The estimate of our expected term for the years ended December 31, 2008, 2007 and 2006 is based on the average of (i) an assumption that all outstanding options are exercised upon achieving their full vesting date and (ii) an assumption that all outstanding options will be exercised at the midpoint between the current date (i. e. , the date awards have ratably vested through) and their full contractual term.
In determining the estimate, we considered several factors, including the historical option exercise behavior of our employees and the terms and vesting periods of the options.3 The risk free rate is determined using the implied yield currently available for zero-coupon U. S.  government issuers with a remaining term equal to the expected term of the options.4 No dividend yield was assumed because we currently do not pay cash dividends on our common stock and have no current plans to reinstate a dividend.
Incentive Awards We grant other incentive awards such as stock-settled awards, cash-settled awards and performance-based awards (settled in cash or shares) to certain key employees.
The number of shares or units received by an employee for performance-based awards depends on Company and/or individual performance against specific performance targets and could range from 0% to 200% of the target amount of shares originally granted.
Incentive awards are subject to certain restrictions and vesting requirements as determined by the Compensation Committee.
The vesting period is generally three years.
Upon completion of the vesting period for cash-settled awards, which include restricted stock units expected to be settled in cash, the grantee is entitled to receive a payment in cash or in shares of common stock based on the fair market value of the corresponding number of shares of common stock.
No monetary consideration is paid by a recipient for any incentive award, and the fair value of the shares on the grant date is amortized over the vesting period, except for cash-settled awards where the quarterly-adjusted fair value based on our share price is amortized over the vesting period.
The holders of cash-settled and performance-based awards have no ownership interest in the underlying shares of common stock until the awards vest and the shares of common stock are issued.
Notes to Consolidated Financial Statements—(Continued) (Amounts in Millions, Except Per Share Amounts
## Table 2 ##
Assumptions

<table><tr><td></td><td>2008</td><td>2007</td></tr><tr><td>Balance at beginning of period</td><td>$134.8</td><td>$266.9</td></tr><tr><td>Increases as a result of tax positions taken during a prior year</td><td>22.8</td><td>7.9</td></tr><tr><td>Decreases as a result of tax positions taken during a prior year</td><td>-21.3</td><td>-156.3</td></tr><tr><td>Settlements with taxing authorities</td><td>-4.5</td><td>-1.0</td></tr><tr><td>Lapse of statutes of limitation</td><td>-1.7</td><td>-2.4</td></tr><tr><td>Increases as a result of tax positions taken during the current year</td><td>18.7</td><td>19.7</td></tr><tr><td>Balance at end of period</td><td>$148.8</td><td>$134.8</td></tr></table>
<table><tr><td></td><td colspan="3"> Years ended December 31,</td></tr><tr><td></td><td>2008</td><td>2007</td><td> 2006</td></tr><tr><td>Expected volatility<sup>1</sup></td><td>36.6%</td><td>34.6%</td><td>38.9%</td></tr><tr><td>Expected term (years)<sup>2</sup></td><td>6.1</td><td>6.0</td><td>5.9</td></tr><tr><td>Risk free interest rate<sup>3</sup></td><td>3.5%</td><td>4.8%</td><td>5.1%</td></tr><tr><td>Expected dividend yield<sup>4</sup></td><td>0.0%</td><td>0.0%</td><td>0.0%</td></tr></table>
<table><tr><td></td><td colspan="2">Domestic Pension Plans</td><td colspan="2">Foreign Pension Plans</td><td colspan="2">Postretirement Benefit Plans</td></tr><tr><td> December 31,</td><td>2008</td><td>2007</td><td>2008</td><td>2007</td><td>2008</td><td>2007</td></tr><tr><td> Amounts recognized in consolidated balance sheet</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-current asset</td><td>$1.5</td><td>$3.5</td><td>$5.3</td><td>$6.5</td><td>$—</td><td>$—</td></tr><tr><td>Current liability</td><td>—</td><td>—</td><td>-7.4</td><td>-7.2</td><td>-5.2</td><td>-5.7</td></tr><tr><td>Non-current liability</td><td>-46.2</td><td>-13.3</td><td>-157.8</td><td>-171.0</td><td>-52.3</td><td>-57.9</td></tr><tr><td>Net liability recognized</td><td>$-44.7</td><td>$-9.8</td><td>$-159.9</td><td>$-171.7</td><td>$-57.5</td><td>$-63.6</td></tr><tr><td> Accumulated benefit obligation</td><td>$140.5</td><td>$143.8</td><td>$389.4</td><td>$493.0</td><td></td><td></td></tr><tr><td> Amounts recognized in accumulated other comprehensive loss</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net actuarial loss</td><td>$74.3</td><td>$40.8</td><td>$53.4</td><td>$44.1</td><td>$8.1</td><td>$13.8</td></tr><tr><td>Prior service cost (credit)</td><td>0.2</td><td>0.2</td><td>2.6</td><td>3.7</td><td>-0.7</td><td>-0.8</td></tr><tr><td>Transition obligation</td><td>—</td><td>—</td><td>0.1</td><td>0.9</td><td>0.6</td><td>0.8</td></tr><tr><td>Total amount recognized</td><td>$74.5</td><td>$41.0</td><td>$56.1</td><td>$48.7</td><td>$8.0</td><td>$13.8</td></tr><tr><td> Plans with underfunded or unfunded accumulated benefit obligation</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Aggregate projected benefit obligation</td><td>$130.4</td><td>$129.9</td><td>$401.5</td><td>$520.1</td><td></td><td></td></tr><tr><td>Aggregate accumulated benefit obligation</td><td>130.4</td><td>129.9</td><td>379.5</td><td>480.4</td><td></td><td></td></tr><tr><td>Aggregate fair value of plan assets</td><td>84.2</td><td>116.6</td><td>236.8</td><td>342.1</td><td></td><td></td></tr></table>

Question: what percentage of balance of unrecognized tax benefits at the end of 2008 would impact the effective tax rate if recognized?
Answer: 0.88575