Performance Graph The performance graph below shows the five-year cumulative total stockholder return on Applied common stock during the period from October 30, 2011 through October 30, 2016.
This is compared with the cumulative total return of the Standard & Poor’s 500 Stock Index and the RDG Semiconductor Composite Index over the same period.
The comparison assumes $100 was invested on October 30, 2011 in Applied common stock and in each of the foregoing indices and assumes reinvestment of dividends, if any.
Dollar amounts in the graph are rounded to the nearest whole dollar.
The performance shown in the graph represents past performance and should not be considered an indication of future performance.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Applied Materials, Inc. , the S&P 500 Index and the RDG Semiconductor Composite Index
## Table 0 ##
Dividends During each of fiscal 2016, 2015, and 2014, Applied’s Board of Directors declared four quarterly cash dividends in the amount of $0.10 per share.
Applied currently anticipates that cash dividends will continue to be paid on a quarterly basis, although the declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on Applied’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination by the Board of Directors that cash dividends are in the best interests of Applied’s stockholders.
Off-Balance Sheet Arrangements and Contractual Obligations We do not participate in, nor have we created, any off-balance sheet variable interest entities or other off-balance sheet financing, other than letters of credit.
The following table details our contractual cash obligations at December 31, 2014:
## Table 1 ##
(1) Interest, operating lease and purchase obligations are reported on a pre-tax basis.
(2) The calculations assume that only mandatory debt repayments are made, the 3.125% senior notes due in October 2015 are refinanced on a long-term basis, no additional refinancing or lending occurs, and the variable rates on the term loan and revolving credit facility are priced at the rate in effect as of December 31, 2014.
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk Market risk refers to the risk that a change in the level of one or more market prices, interest rates, currency exchange rates, indices, correlations or other market factors, such as liquidity, will result in losses for a certain financial instrument or group of financial instruments.
We are exposed primarily to interest rate risk and market price risk on outstanding debt, investments of subscriber funds and foreign currency.
Our senior management actively monitors these risks.
We manage our debt structure and interest rate risk through the use of fixed- and floating-rate debt.
Based on our outstanding debt with variable interest rates at December 31, 2014, a 1% increase in our borrowing rate would increase annual interest expense in 2015 by approximately $8.5 million.
In connection with processing electronic payments transactions, the funds we receive from subscribers are invested from the time we collect the funds until payments are made to the applicable recipients.
These subscriber funds are invested in short-term, highly liquid investments.
Subscriber funds are not included in our consolidated balance sheets and can fluctuate significantly based on consumer bill payment and debit card activity.
Based on daily average subscriber funds balances during 2014 of approximately $1.0 billion, a 1% increase in applicable interest rates would increase our annual pre-tax income by approximately $10 million, and if applicable interest rates decreased to zero, our annual pre-tax income would decrease by less than $5 million.
We conduct business in the United States and in foreign countries and are exposed to foreign currency risk from changes in the value of underlying assets and liabilities of our non-U.
S.  dollar denominated foreign investments and foreign currency transactions.
We have entered into foreign currency forward exchange contracts with total notional values of approximately $73 million as of December 31, 2014 to hedge foreign currency exposure to the Indian Rupee.
In 2014, approximately 6% of our total revenue was from clients in foreign countries.
Risk can be estimated by measuring the impact of a near-term adverse movement of 10% in foreign currency rates against the U. S.  dollar.
If these rates were 10% higher or lower at December 31, 2014, there would not have been a material adverse impact on our annual income from continuing operations or financial position.
for collateral for certain of the Company’s insurance liabilities.
Management has no reason to believe that its lending counterparties are unable to fulfill their contractual obligations.
Total fees associated with these committed facilities were $35 million, of which $13 million related to deferred amendment fees for the year ended December 31, 2008.
Information on committed facilities at December 31, 2008 is as follows:
## Table 2 ##
(1) In December 2008, the Holding Company entered into an amended and restated one year $500 million letter of credit facility (dated as of August 2008 and amended and restated at December 31, 2008), with an unaffiliated financial institution, Exeter Reassurance Company, Ltd.  (“Exeter”) is a co-applicant under this letter of credit facility.
This letter of credit facility matures in August 2009, except that letters of credit outstanding upon termination may remain outstanding until August 2010.
Fees for this agreement include a margin of 2.25% and a utilization fee of 0.05%, as applicable.
The Holding Company incurred amendment costs of $1.3 million related to the $500 million amended and restated letter of credit facility, which has been capitalized and included in other assets.
These costs will be amortized over the term of the agreement.
(2) The Holding Company is a guarantor under this agreement.
(3) Letters of credit and replacements or renewals thereof issued under this facility of $280 million, $10 million and $200 million are set to expire no later than December 2015, March 2016 and June 2016, respectively.
(4) In December 2008, Exeter, as borrower, and the Holding Company, as guarantor, entered into an amendment of an existing credit agreement with an unaffiliated financial institution.
Issuances under this facility are set to expire in December 2027.
Exeter incurred amendment costs of $1.6 million related to the amendment of the existing credit agreement, which have been capitalized and included in other assets.
These costs will be amortized over the term of the agreement.
(5) In May 2007, MRSC, a wholly-owned subsidiary of the Company, terminated the $2.0 billion amended and restated five-year letter of credit and reimbursement agreement entered into among the Holding Company, MRSC and various financial institutions on April 25, 2005.
In its place, the Company entered into a 30-year collateral financing arrangement as described in Note 11 of the Notes to the Consolidated Financial Statements, which may be extended by agreement of the Company and the financial institution on each anniversary of the closing of the facility for an additional one-year period.
At December 31, 2008, $2.7 billion had been drawn upon under the collateral financing arrangement.
(6) In December 2007, Exeter terminated four letters of credit, with expirations from March 2025 through December 2026, which were issued under a letter of credit facility with an unaffiliated financial institution in an aggregate amount of $1.7 billion.
The letters of credit had served as collateral for Exeter’s obligations under a reinsurance agreement that was recaptured by MetLife Investors USA Insurance Company (“MLI-USA”) in December 2007.
MLI-USA immediately thereafter entered into a new reinsurance agreement with MetLife Reinsurance Company of Vermont (“MRV”).
To collateralize its reinsurance obligations, MRV and the Holding Company entered into a 30-year, $2.9 billion letter of credit facility with an unaffiliated financial institution.
(7) In September 2008, MRV and the Holding Company entered into a 30-year, $3.5 billion letter of credit facility with an unaffiliated financial institution.
These letters of credit serve as collateral for MRV’s obligations under a reinsurance agreement.
Letters of Credit.
At December 31, 2008, the Company had outstanding $6.6 billion in letters of credit from various financial institutions of which $4.3 billion and $2.3 billion were part of committed and credit facilities, respectively.
As commitments associated with letters of credit and financing arrangements may expire unused, these amounts do not necessarily reflect the Company’s actual future cash funding requirements.
Covenants.
Certain of the Company’s debt instruments, credit facilities and committed facilities contain various administrative, reporting, legal and financial covenants.
The Company believes it is in compliance with all covenants at December 31, 2008 and 2007.
Liquidity and Capital Uses Debt Repayments.
On October 31, 2007, the Company redeemed $125 million of 8.525% GenAmerica Capital I Capital Securities which were due to mature on June 30, 2027.
As a result of this repayment, the Company recognized additional interest expense of $10 million.
During the years ended December 31, 2008, 2007 and 2006, MetLife Bank made repayments of $371 million, $175 million, and $117 million, respectively, to the FHLB of NY related to long-term borrowings.
During the year ended December 31, 2008, MetLife Bank made repayments of $4.6 billion to the FHLB of NY and $650 million to the Federal Reserve Bank of New York related to short-term borrowings.
See “Liquidity and Capital Sources — Debt Issuances and Other Borrowings” for further information.
The Holding Company repaid a $500 million 5.25% senior note which matured in December 2006.

<table><tr><td></td><td>10/30/2011</td><td>10/28/2012</td><td>10/27/2013</td><td>10/26/2014</td><td>10/25/2015</td><td>10/30/2016</td></tr><tr><td>Applied Materials</td><td>100.00</td><td>86.93</td><td>148.68</td><td>179.96</td><td>143.74</td><td>255.27</td></tr><tr><td>S&P 500 Index</td><td>100.00</td><td>115.21</td><td>146.52</td><td>171.82</td><td>180.75</td><td>188.90</td></tr><tr><td>RDG Semiconductor Composite Index</td><td>100.00</td><td>96.65</td><td>127.68</td><td>160.86</td><td>154.90</td><td>191.65</td></tr></table>
<table><tr><td> (In millions)</td><td> Total</td><td> Less than 1 year</td><td> 1-3 years</td><td> 3-5 years</td><td> More than 5 years</td></tr><tr><td>Long-term debt including interest<sup>-1 (2)</sup></td><td>$4,436</td><td>$231</td><td>$1,523</td><td>$1,027</td><td>$1,655</td></tr><tr><td>Minimum operating lease payments<sup>-1</sup></td><td>383</td><td>93</td><td>137</td><td>67</td><td>86</td></tr><tr><td>Purchase obligations<sup>-1</sup></td><td>207</td><td>118</td><td>66</td><td>19</td><td>4</td></tr><tr><td>Income tax obligations</td><td>55</td><td>3</td><td>34</td><td>13</td><td>5</td></tr><tr><td>Total</td><td>$5,081</td><td>$445</td><td>$1,760</td><td>$1,126</td><td>$1,750</td></tr></table>
<table><tr><td> Account Party/Borrower(s)</td><td colspan="2"> Expiration</td><td> Capacity</td><td> Drawdowns</td><td> Letter of   Credit   Issuances</td><td> Unused   Commitments</td><td> Maturity   (Years)</td></tr><tr><td></td><td></td><td></td><td colspan="4"> (In millions)</td><td></td></tr><tr><td>MetLife, Inc.</td><td>August 2009</td><td>-1</td><td>$500</td><td>$—</td><td>$500</td><td>$—</td><td>—</td></tr><tr><td>Exeter Reassurance Company Ltd., MetLife, Inc., & Missouri Reinsurance (Barbados), Inc.</td><td>June 2016</td><td>-3</td><td>500</td><td>—</td><td>490</td><td>10</td><td>7</td></tr><tr><td>Exeter Reassurance Company Ltd.</td><td>December 2027</td><td>-2, (4)</td><td>650</td><td>—</td><td>410</td><td>240</td><td>19</td></tr><tr><td>MetLife Reinsurance Company of South Carolina & MetLife, Inc.</td><td>June 2037</td><td>-5</td><td>3,500</td><td>2,692</td><td>—</td><td>808</td><td>29</td></tr><tr><td>MetLife Reinsurance Company of Vermont & MetLife, Inc.</td><td>December 2037</td><td>-2, (6)</td><td>2,896</td><td>—</td><td>1,359</td><td>1,537</td><td>29</td></tr><tr><td>MetLife Reinsurance Company of Vermont & MetLife, Inc.</td><td>September 2038</td><td>-2, (7)</td><td>3,500</td><td>—</td><td>1,500</td><td>2,000</td><td>29</td></tr><tr><td>Total</td><td></td><td></td><td>$11,546</td><td>$2,692</td><td>$4,259</td><td>$4,595</td><td></td></tr></table>

Question: What is the proportion of all Letter of Credit Issuances that are greater than 1000 to the total amount of Letter of Credit Issuances for Letter of Credit Issuances?
Answer: 0.67128