EDWARDS LIFESCIENCES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 13.
COMMON STOCK (Continued) The Company also maintains the Nonemployee Directors Stock Incentive Compensation Program (the ‘‘Nonemployee Directors Program’’).
Under the Nonemployee Directors Program, each nonemployee director may receive annually up to 20,000 stock options or 8,000 restricted stock units of the Company’s common stock, or a combination thereof, provided that in no event may the total value of the combined annual award exceed $0.2 million.
Each option and restricted stock unit award granted in 2011 or prior generally vests in three equal annual installments.
Each option and restricted stock unit award granted after 2011 generally vests after one year.
Additionally, each nonemployee director may elect to receive all or a portion of the annual cash retainer to which the director is otherwise entitled through the issuance of stock options or restricted shares.
Each option received as a deferral of the cash retainer immediately vests on the grant date, and each restricted share award vests after one year.
Upon a director’s initial election to the Board, the director receives an initial grant of stock options equal to a fair market value on grant date of $0.2 million, not to exceed 10,000 shares.
These grants vest over three years from the date of grant.
Under the Nonemployee Directors Program, an aggregate of 1.4 million shares of the Company’s common stock has been authorized for issuance.
The Company has an employee stock purchase plan for United States employees and a plan for international employees (collectively ‘‘ESPP’’).
Under the ESPP, eligible employees may purchase shares of the Company’s common stock at 85% of the lower of the fair market value of Edwards Lifesciences common stock on the effective date of subscription or the date of purchase.
Under the ESPP, employees can authorize the Company to withhold up to 12% of their compensation for common stock purchases, subject to certain limitations.
The ESPP is available to all active employees of the Company paid from the United States payroll and to eligible employees of the Company outside the United States, to the extent permitted by local law.
The ESPP for United States employees is qualified under Section 423 of the Internal Revenue Code.
The number of shares of common stock authorized for issuance under the ESPP was 6.9 million shares.
The fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following tables.
The risk-free interest rate is estimated using the U. S.  Treasury yield curve and is based on the expected term of the award.
Expected volatility is estimated based on a blend of the weighted-average of the historical volatility of Edwards Lifesciences’ stock and the implied volatility from traded options on Edwards Lifesciences’ stock.
The expected term of awards granted is estimated from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that awards granted are expected to be outstanding.
The Company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 5.4%.
The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods: Option Awards
## Table 0 ##
5.
Short-Term Borrowings and Other Financing Instruments Commercial Paper — At Dec.  31, 2008 and 2007, Xcel Energy and its utility subsidiaries had commercial paper outstanding of approximately $330.3 and $1.1 billion, respectively.
The weighted average interest rates at Dec.  31, 2008 and 2007 were 3.53 percent and 5.57 percent, respectively.
At Dec.  31, 2008 and 2007, Xcel Energy and its utility subsidiaries had combined board approval to issue up to $2.25 billion of commercial paper.
Credit Facility Bank Borrowings — At Dec.  31, 2008, Xcel Energy and its utility subsidiaries had credit facility bank borrowings of $125.0 million with a weighted average interest rate of 1.88 percent.
Xcel Energy and its utility subsidiaries had no credit facility bank borrowings at Dec.  31, 2007.
Money Pool — Xcel Energy and its utility subsidiaries have established a utility money pool arrangement that allows for short-term loans between the utility subsidiaries and from the holding company to the utility subsidiaries at marketbased interest rates.
The utility money pool arrangement does not allow loans from the utility subsidiaries to the holding company.
At Dec.  31, 2008 and 2007, Xcel Energy and its utility subsidiaries had money pool loans outstanding of $104.5 million and $100.6 million, respectively.
The weighted average interest rates at Dec.  31, 2008 and 2007 were 3.48 percent and 5.64 percent, respectively.6.
Long-Term Borrowings and Other Financing Instruments Credit Facilities — At Dec.  31, 2008, Xcel Energy and its utility subsidiaries had the following committed credit facilities available:
## Table 1 ##
(1) Reflects a reduction in the commitments resulting from the Lehman Brothers bankruptcy, which reduced the credit facilities by $73.3 million, collectively.
(2) Net of credit facility borrowings, issued and outstanding letters of credit and commercial paper borrowings.
The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.  ?
Each credit facility has one financial covenant requiring that the debt-to-total-capitalization ratio of each entity be less than or equal to 65 percent with which all were in compliance at Dec.  31, 2008 and 2007.
If Xcel Energy or any of its utility subsidiaries do not comply with the covenant, it is deemed an event of default and any outstanding amounts due under the facility can be declared due by the lender.  ?
Each credit facility has a cross default provision that provides the borrower will be in default on its borrowings under the facility if any of its subsidiaries, comprising more than 15 percent of the consolidated assets, defaults on any of its indebtedness greater than $50 million.  ?
The interest rates under these lines of credit are based on either the agent bank’s prime rate or the applicable LIBOR, plus a borrowing margin based on the applicable debt rating.  ?
The commitment fees, also based on applicable debt ratings, are calculated on the unused portion of the lines of credit at 8 annual basis points for Xcel Energy, PSCo and SPS, and at 6 annual basis points for NSP-Minnesota.
Xcel Energy and its utility subsidiaries have $2.2 billion in senior unsecured revolving credit facilities that mature in December 2011.
Xcel Energy and its utility subsidiaries have the right to request an extension of the final maturity date by one year.
The maturity extension is subject to majority bank group approval.  ?
At Dec.  31, 2008, Xcel Energy had short-term borrowings of $125.0 million on this line of credit.
In addition, the credit facilities were used to provide backup for $330.3 million of commercial paper outstanding and $23.0 million of letters of credit.
A reconciliation of the beginning and ending aggregate carrying amounts of Xcel Energy’s AROs is shown in the table below for the 12 months ended Dec.  31, 2008 and Dec.  31, 2007, respectively
## Table 2 ##
The fair value of NSP-Minnesota assets legally restricted, for purposes of settling the nuclear ARO is $1.1 billion as of Dec.  31, 2008, including external nuclear decommissioning investment funds and internally funded amounts.
A new decommissioning study filed with the MPUC in 2008 proposed extension of the final removal date of the Monticello and Prairie Island nuclear plants by 14 and 26 years, respectively, effective Jan.  1, 2009.
As a result of the studies for the Monticello and Prairie Island nuclear plants, the nuclear production decommissioning ARO and related regulatory asset decreased by $128.5 million and $139.3 million, respectively, in the fourth quarter of 2008.
Revisions to prior estimates were made for asbestos, ash ponds, gas distribution and electric transmission and distribution asset retirement obligations due to revised estimates and end of life dates.
## Table 3 ##
On Sept.  21, 2007, the MPUC approved NSP-Minnesota’s remaining lives depreciation filing lengthening the life of the Monticello nuclear plant by 20 years, effective Jan.  1, 2007, which decreased the related ARO and related regulatory asset by $120.9 million in the third quarter of 2007.
Indeterminate AROs — PSCo has underground natural gas storage facilities that have special closure requirements for which the final removal date cannot be determined, therefore an ARO has not been recorded.
Removal Costs — Xcel Energy accrues an obligation for plant removal costs for other generation, transmission and distribution facilities of its utility subsidiaries.
Generally, the accrual of future non-ARO removal obligations is not required.
However, long-standing ratemaking practices approved by applicable state and federal regulatory commissions have allowed provisions for such costs in historical depreciation rates.
These removal costs have accumulated over a number of years based on varying rates as authorized by the appropriate regulatory entities.
Given the long periods over which the amounts were accrued and the changing of rates through time, the utility subsidiaries have estimated the amount of removal costs accumulated through historic depreciation expense based on current factors used in the existing depreciation rates.

<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Average risk-free interest rate</td><td>1.5%</td><td>0.8%</td><td>0.7%</td></tr><tr><td>Expected dividend yield</td><td>None</td><td>None</td><td>None</td></tr><tr><td>Expected volatility</td><td>31%</td><td>31%</td><td>31%</td></tr><tr><td>Expected life (years)</td><td>4.6</td><td>4.6</td><td>4.6</td></tr><tr><td>Fair value, per share</td><td>$23.50</td><td>$19.47</td><td>$23.93</td></tr></table>
<table><tr><td> </td><td> Credit Facility<sup>-1</sup></td><td> Credit Facility Borrowings</td><td> Available<sup>-2</sup></td><td> Original Term</td><td> Maturity</td></tr><tr><td> </td><td colspan="4"> (Millions of Dollars) </td><td> </td></tr><tr><td>NSP-Minnesota</td><td>$482.2</td><td>$—</td><td>$411.4</td><td>Five year</td><td>December 2011</td></tr><tr><td>PSCo</td><td>675.1</td><td>—</td><td>630.2</td><td>Five year</td><td>December 2011</td></tr><tr><td>SPS</td><td>247.8</td><td>—</td><td>236.2</td><td>Five year</td><td>December 2011</td></tr><tr><td>Xcel Energy — holding company</td><td>771.6</td><td>125.0</td><td>420.7</td><td>Five year</td><td>December 2011</td></tr><tr><td>Total</td><td>$2,176.7</td><td>$125.0</td><td>$1,698.5</td><td></td><td></td></tr></table>
<table><tr><td> </td><td> Beginning Balance Jan. 1, 2008</td><td> Liabilities Recognized</td><td>Liabilities Settled</td><td> Accretion</td><td>Revisions to Prior Estimates</td><td> Ending Balance Dec. 31, 2008</td></tr><tr><td> </td><td colspan="6"> (Thousands of Dollars) </td></tr><tr><td> Electric Utility Plant:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Steam production asbestos</td><td>$35,807</td><td>$21,721</td><td>$-500</td><td>$2,165</td><td>$33,948</td><td>$93,141</td></tr><tr><td>Steam production ash containment</td><td>22,539</td><td>—</td><td>—</td><td>1,275</td><td>-5,171</td><td>18,643</td></tr><tr><td>Steam production radiation sources</td><td>—</td><td>335</td><td>—</td><td>2</td><td>—</td><td>337</td></tr><tr><td>Nuclear production decommissioning</td><td>1,209,746</td><td>—</td><td>—</td><td>71,370</td><td>-267,774</td><td>1,013,342</td></tr><tr><td>Wind production</td><td>—</td><td>7,408</td><td></td><td>39</td><td></td><td>7,447</td></tr><tr><td>Electric transmission and distribution</td><td>270</td><td>—</td><td>—</td><td>16</td><td>27</td><td>313</td></tr><tr><td> Gas Utility Plant:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gas transmission and distribution</td><td>45,505</td><td>—</td><td>—</td><td>1,127</td><td>-45,752</td><td>880</td></tr><tr><td> Common Utility and Other Property:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common general plant asbestos</td><td>1,277</td><td>—</td><td>—</td><td>70</td><td>-268</td><td>1,079</td></tr><tr><td>Total liability</td><td>$1,315,144</td><td>$29,464</td><td>$-500</td><td>$76,064</td><td>$-284,990</td><td>$1,135,182</td></tr></table>
<table><tr><td> </td><td> Beginning Balance Jan. 1, 2007</td><td> Liabilities Recognized</td><td> Liabilities Settled</td><td> Accretion</td><td>Revisions to Prior Estimates</td><td> Ending Balance Dec. 31, 2007</td></tr><tr><td> </td><td colspan="6"> (Thousands of Dollars) </td></tr><tr><td> Electric Utility Plant:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Steam production asbestos</td><td>$35,515</td><td>$—</td><td>$—</td><td>$2,049</td><td>$-1,757</td><td>$35,807</td></tr><tr><td>Steam production ash containment</td><td>21,416</td><td>—</td><td>—</td><td>1,212</td><td>-89</td><td>22,539</td></tr><tr><td>Nuclear production decommissioning</td><td>1,256,763</td><td>—</td><td>—</td><td>73,914</td><td>-120,931</td><td>1,209,746</td></tr><tr><td>Electric transmission and distribution</td><td>1,994</td><td>—</td><td>—</td><td>43</td><td>-1,767</td><td>270</td></tr><tr><td> Gas Utility Plant:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gas transmission and distribution</td><td>44,405</td><td>—</td><td>—</td><td>1,100</td><td>—</td><td>45,505</td></tr><tr><td> Common Utility and Other Property:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common general plant asbestos</td><td>1,858</td><td>—</td><td>—</td><td>100</td><td>-681</td><td>1,277</td></tr><tr><td>Total liability</td><td>$1,361,951</td><td>$—</td><td>$—</td><td>$78,418</td><td>$-125,225</td><td>$1,315,144</td></tr></table>

Question: What is the percentage of Steam production asbestos of Electric Utility Plant in relation to the total in 2008 for Liabilities Recognized ?
Answer: 0.7372