NEWS CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS consideration over the fair value of the net tangible and intangible assets acquired was recorded as goodwill.
The allocation is as follows (in millions):
## Table 0 ##
The acquired intangible assets primarily relate to broadcast licenses, which have a fair value of approximately $185 million, tradenames, which have a fair value of approximately $27 million, and customer relationships with a fair value of approximately $8 million.
The broadcast licenses and tradenames have indefinite lives and the customer relationships are being amortized over a weighted-average useful life of approximately 6 years.
Wireless Group’s results are included within the News and Information Services segment, and it is considered a separate reporting unit for purposes of the Company’s annual goodwill impairment review.
REA Group European Business In December 2016, REA Group, in which the Company holds a 61.6% interest, sold its European business for NEWS CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS consideration over the fair value of the net tangible and intangible assets acquired was recorded as goodwill.
The allocation is as follows (in millions):
The acquired intangible assets primarily relate to broadcast licenses, which have a fair value of approximately $185 million, tradenames, which have a fair value of approximately $27 million, and customer relationships with a fair value of approximately $8 million.
The broadcast licenses and tradenames have indefinite lives and the customer relationships are being amortized over a weighted-average useful life of approximately 6 years.
Wireless Group¡¯s results are included within the News and Information Services segment, and it is considered a separate reporting unit for purposes of the Company¡¯s annual goodwill impairment review.
REA Group European Business In December 2016, REA Group, in which the Company holds a 61.6% interest, sold its European business for approximately $140 million (approximately €133 million) in cash, which resulted in a pre-tax gain of $107 million for the fiscal year ended June 30, 2017.
The sale allows REA Group to focus on its core businesses in Australia and Asia.
In addition to the acquisitions noted above and the investments referenced in Note 6¡ªInvestments, the Company used $62 million of cash for additional acquisitions during fiscal 2017, primarily consisting of Australian Regional Media (¡°ARM¡±).
ARM¡¯s results are included within the News and Information Services segment.
NOTE 5.
RESTRUCTURING PROGRAMS The Company recorded restructuring charges of $92 million, $71 million and $142 million for the fiscal years ended June 30, 2019, 2018 and 2017, respectively, of which $77 million, $58 million and $133 million related to the News and Information Services segment, respectively.
The restructuring charges recorded in fiscal 2019, 2018 and 2017 were primarily for employee termination benefits.
Selling, general and administrative—Selling, general and administrative expenses increased $158 million, or 5%, for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
The increase in Selling, general and administrative expenses was primarily due to higher expenses of $169 million at the Subscription Video Services segment, primarily as a result of the Transaction, and the absence of the $46 million impact from the reversal of a portion of the previously accrued liability for the U. K.  Newspaper Matters and the corresponding receivable as the result of an agreement reached with the relevant tax authority with respect to certain employment taxes in the first quarter of fiscal 2018.
The impact of foreign currency fluctuations of the U. S.  dollar against local currencies resulted in a Selling, general and administrative expense decrease of $109 million for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
Depreciation and amortization—Depreciation and amortization expense increased $187 million, or 40%, for the fiscal year ended June 30, 2019 as compared to fiscal 2018, primarily as a result of an additional $185 million of depreciation and amortization expense at the Subscription Video Services segment, mainly due to the Transaction.
Impairment and restructuring charges—During the fiscal years ended June 30, 2019 and 2018, the Company recorded restructuring charges of $92 million and $71 million, respectively.
During the fiscal year ended June 30, 2019, the Company recognized non-cash impairment charges of $96 million related to the impairment of goodwill and intangible assets.
During the fiscal year ended June 30, 2018, the Company recognized non-cash impairment charges of $280 million primarily related to the impairment of goodwill and intangible assets at the News America Marketing reporting unit and impairment of goodwill at the FOX SPORTS Australia reporting unit.
See Note 5—Restructuring Programs and Note 8—Goodwill and Other Intangible Assets in the accompanying Consolidated Financial Statements.
Equity losses of affiliates—Equity losses of affiliates improved by $989 million for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
The decrease in losses for the fiscal year ended June 30, 2019 was primarily due to the absence of a $957 million non-cash write-down of the carrying value of the Company’s investment in Foxtel recognized in the third quarter of fiscal 2018.
## Table 1 ##
** not meaningful (a) Following completion of the Transaction in April 2018, News Corp ceased accounting for Foxtel as an equity method investment and began consolidating its results in the fourth quarter of fiscal 2018.
See Note 4—Acquisitions, Disposals and Other Transactions and Note 6—Investments in the accompanying Consolidated Financial Statements.
The fiscal year ended June 30, 2018 included the write-down discussed above.
See Note 6—Investments in the accompanying Consolidated Financial Statements.
In accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles—Goodwill and Other” (“ASC 350”), the Company amortized $49 million related to excess cost over the Company’s proportionate share of its investment’s underlying net assets allocated to finite-lived intangible assets during the fiscal year ended June 30, 2018.
Such amortization is reflected in Equity losses of affiliates in the Statement of Operations.
News and Information Services (49% and 57% of the Company’s consolidated revenues in fiscal 2019 and 2018, respectively)
## Table 2 ##
For the fiscal year ended June 30, 2019, revenues at the News and Information Services segment decreased $163 million, or 3%, as compared to fiscal 2018.
The revenue decrease was primarily due to lower Advertising revenues of $189 million resulting mainly from weakness in the print advertising market, the $74 million negative impact of foreign currency fluctuations and lower revenues at News America Marketing of $61 million, partially offset by digital advertising growth, primarily in Australia.
Circulation and subscription revenues for the fiscal year ended June 30, 2019 increased $13 million as compared to fiscal 2018 mainly due to cover and subscription price increases, digital subscriber growth, primarily at The Wall Street Journal and in Australia, higher professional information business revenues at Dow Jones and the impact of the adoption of the new revenue recognition standard in Australia.
These increases were partially offset by the $61 million negative impact of foreign currency fluctuations and print volume declines in Australia and in the U. K. , primarily at The Sun.
Other revenues increased $13 million as compared to fiscal 2018 primarily due to the $38 million net benefit related to News UK’s exit from the partnership for Sun Bets in the first quarter of fiscal 2019, partially offset by the $19 million negative impact of foreign currency fluctuations and lower brand partnership revenues in the U. K.  The impact of foreign currency fluctuations of the U. S.  dollar against local currencies resulted in a revenue decrease of $154 million for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
For the fiscal year ended June 30, 2019, Segment EBITDA at the News and Information Services segment increased $20 million, or 5%, as compared to fiscal 2018.
The increase was primarily due to higher contribution from Dow Jones of $17 million, primarily related to higher revenues, and from News Corp Australia of $9 million, primarily due to lower newsprint, production and distribution costs and cost savings initiatives.
Dow Jones Revenues were $1,559 million for the fiscal year ended June 30, 2019, an increase of $48 million, or 3%, as compared to fiscal 2018 revenues of $1,511 million.
Circulation and subscription revenues increased $58 million, primarily due to the $44 million impact from digital subscriber growth and digital subscription price increases at The Wall Street Journal, as well as $21 million of higher professional information business revenues led by Dow Jones Risk & Compliance, partially offset by the negative impact of foreign currency fluctuations.
Advertising revenues decreased $13 million, primarily due to weakness in the print advertising market, partially offset by digital advertising growth.
The impact of foreign currency fluctuations of the U. S.  dollar against local currencies resulted in a revenue decrease of $7 million for the fiscal year ended June 30, 2019 as compared to fiscal 2018.
News Corp Australia Revenues at the Australian newspapers were $1,197 million for the fiscal year ended June 30, 2019, a decrease of $82 million, or 6%, as compared to fiscal 2018 revenues of $1,279 million.
The impact of foreign currency
Basel III (Full Implementation) Citigroup’s Capital Resources Under Basel III (Full Implementation) Citi currently estimates that its effective minimum Common Equity Tier 1 Capital, Tier 1 Capital and Total Capital ratio requirements under the U. S.  Basel III rules, on a fully implemented basis and assuming a 3% GSIB surcharge, may be 10%, 11.5% and 13.5%, respectively.
Further, under the U. S.  Basel III rules, Citi must also comply with a 4% minimum Tier 1 Leverage ratio requirement and an effective 5% minimum Supplementary Leverage ratio requirement.
The following tables set forth the capital tiers, total risk-weighted assets, risk-based capital ratios, quarterly adjusted average total assets, Total Leverage Exposure and leverage ratios, assuming full implementation under the U. S.  Basel III rules, for Citi as of December 31, 2015 and December 31, 2014.
Citigroup Capital Components and Ratios Under Basel III (Full Implementation)
## Table 3 ##
(1) Restated to reflect the retrospective adoption of ASU 2014-01 for LIHTC investments, consistent with current period presentation.
(2) Under the Advanced Approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in Tier 2 Capital to the extent the excess reserves do not exceed 0.6% of credit risk-weighted assets, which differs from the Standardized Approach in which the allowance for credit losses is eligible for inclusion in Tier 2 Capital up to 1.25% of credit risk-weighted assets, with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets.
(3) As of December 31, 2015 and December 31, 2014, Citi’s Common Equity Tier 1 Capital, Tier 1 Capital, and Total Capital ratios were the lower derived under the Basel III Advanced Approaches framework.
(4) Citi’s Basel III capital ratios and related components, on a fully implemented basis, are non-GAAP financial measures.
Citi believes these ratios and the related components provide useful information to investors and others by measuring Citi’s progress against future regulatory capital standards.
(5) Tier 1 Leverage ratio denominator.
(6) Supplementary Leverage ratio denominator.
## Table 4 ##
(1) 2012 includes approximately $635 million of incremental charge-offs related to the Office of the Comptroller of the Currency (OCC) guidance issued in the third quarter of 2012, which required mortgage loans to borrowers that have gone through Chapter 7 U. S.  Bankruptcy Code to be written down to collateral value.
There was a corresponding approximate $600 million release in the third quarter of 2012 Allowance for loan losses related to these charge-offs.2012 also includes a benefit to charge-offs of approximately $40 million related to finalizing the impact of the OCC guidance in the fourth quarter of 2012.
(2) 2012 includes approximately $370 million of incremental charge-offs related to previously deferred principal balances on modified loans in the first quarter of 2012.
These charge-offs were related to anticipated forgiveness of principal in connection with the national mortgage settlement.
There was a corresponding approximate $350 million reserve release in the first quarter of 2012 related to these charge-offs.
(3) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful.
(4) Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, FX translation, purchase accounting adjustments, etc.
(5) 2015 includes reductions of approximately $2.4 billion related to the sale or transfer to held-for-sale (HFS) of various loan portfolios, which includes approximately $1.5 billion related to the transfer of various real estate loan portfolios to HFS.
Additionally, 2015 includes a reduction of approximately $474 million related to FX translation.
(6) 2014 includes reductions of approximately $1.1 billion related to the sale or transfer to HFS of various loan portfolios, which includes approximately $411 million related to the transfer of various real estate loan portfolios to HFS, approximately $204 million related to the transfer to HFS of a business in Greece, approximately $177 million related to the transfer to HFS of a business in Spain, approximately $29 million related to the transfer to HFS of a business in Honduras, and approximately $108 million related to the transfer to HFS of various EMEA loan portfolios.
Additionally, 2014 includes a reduction of approximately $463 million related to FX translation.
(7) 2013 includes reductions of approximately $2.4 billion related to the sale or transfer to HFS of various loan portfolios, which includes approximately $360 million related to the sale of Credicard and approximately $255 million related to a transfer to HFS of a loan portfolio in Greece, approximately $230 million related to a non-provision transfer of reserves associated with deferred interest to other assets which includes deferred interest and approximately $220 million related to FX translation.
(8) 2012 includes reductions of approximately $875 million related to the sale or transfer to HFS of various U. S.  loan portfolios.
(9) 2011 includes reductions of approximately $1.6 billion related to the sale or transfer to HFS of various U. S.  loan portfolios, approximately $240 million related to the sale of the Egg Banking PLC credit card business, approximately $72 million related to the transfer of the Citi Belgium business to held-for-sale and approximately $290 million related to FX translation.
(10) 2015 includes a reclassification of $271 million of Allowance for loan losses to allowance for unfunded lending commitments, included in the Other line item.
This reclassification reflects the re-attribution of $271 million in allowance for credit losses between the funded and unfunded portions of the corporate credit portfolios and does not reflect a change in the underlying credit performance of these portfolios.
(11) December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012 and December 31, 2011 exclude $5.0 billion, $5.9 billion, $5.0 billion, $5.3 billion and $5.3 billion, respectively, of loans which are carried at fair value.
(12) Represents additional credit reserves recorded as Other liabilities on the Consolidated Balance Sheet.
(13) Allowance for loan losses represents management’s best estimate of probable losses inherent in the portfolio, as well as probable losses related to large individually evaluated impaired loans and troubled debt restructurings.
See “Significant Accounting Policies and Significant Estimates” and Note 1 to the Consolidated Financial Statements below.
Attribution of the allowance is made for analytical purposes only and the entire allowance is available to absorb probable credit losses inherent in the overall portfolio.
Liquidity Monitoring and Measurement Stress Testing Liquidity stress testing is performed for each of Citi’s major entities, operating subsidiaries and/or countries.
Stress testing and scenario analyses are intended to quantify the potential impact of a liquidity event on the balance sheet and liquidity position, and to identify viable funding alternatives that can be utilized.
These scenarios include assumptions about significant changes in key funding sources, market triggers (such as credit ratings), potential uses of funding and political and economic conditions in certain countries.
These conditions include expected and stressed market conditions as well as Companyspecific events.
Liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons (overnight, one week, two weeks, one month, three months, one year) and over a variety of stressed conditions.
Liquidity limits are set accordingly.
To monitor the liquidity of an entity, these stress tests and potential mismatches are calculated with varying frequencies, with several tests performed daily.
Given the range of potential stresses, Citi maintains a series of contingency funding plans on a consolidated basis and for individual entities.
These plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses.
Short-Term Liquidity Measurement: Liquidity Coverage Ratio (LCR) In addition to internal measures that Citi has developed for a 30-day stress scenario, Citi also monitors its liquidity by reference to the LCR, as calculated pursuant to the U. S.  LCR rules.
Generally, the LCR is designed to ensure that banks maintain an adequate level of HQLA to meet liquidity needs under an acute 30-day stress scenario.
The LCR is calculated by dividing HQLA by estimated net outflows over a stressed 30-day period, with the net outflows determined by applying prescribed outflow factors to various categories of liabilities, such as deposits, unsecured and secured wholesale borrowings, unused lending commitments and derivativesrelated exposures, partially offset by inflows from assets maturing within 30 days.
Banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows.
The minimum LCR requirement is 90% effective January 2016, increasing to 100% in January 2017.
The table below sets forth the components of Citi’s LCR calculation and HQLA in excess of net outflows as of the periods indicated:
## Table 5 ##
As set forth in the table above, Citi’s LCR was unchanged both year-over-year and quarter-over-quarter, as the reduction in Citi’s HQLA was offset by a reduction in net outflows, reflecting reductions in Citi’s long-term debt and short-term borrowings.
Long-Term Liquidity Measurement: Net Stable Funding Ratio (NSFR) For 12-month liquidity stress periods, Citi uses several measures, including its internal long-term liquidity measure, based on a 12-month scenario assuming deterioration due to a combination of idiosyncratic and market stresses of moderate to high severity.
It is broadly defined as the ratio of unencumbered liquidity resources to net stressed cumulative outflows over a 12-month period.
In addition, in October 2014, the Basel Committee on Banking Supervision (Basel Committee) issued final standards for the implementation of the Basel III NSFR, with full compliance required by January 1, 2018.
Similar to Citi’s internal long-term liquidity measure, the NSFR is intended to measure the stability of a banking organization’s funding over a one-year time horizon.
Pursuant to the Basel Committee’s final standards, the NSFR is calculated by dividing the level of a bank’s available stable funding by its required stable funding.
The ratio is required to be greater than 100%.
Under the Basel Committee standards, available stable funding primarily includes portions of equity, deposits and long-term debt, while required stable funding primarily includes the portion of long-term assets which are deemed illiquid.
The U. S.  banking agencies have not yet proposed the U. S.  version of the NSFR, although a proposal is expected during 2016.
Credit Ratings Citigroup’s funding and liquidity, its funding capacity, ability to access capital markets and other sources of funds, the cost of these funds, and its ability to maintain certain deposits are partially dependent on its credit ratings.
The table below sets forth the ratings for Citigroup and Citibank as of December 31, 2015.
While not included in the table below, the long-term and short-term ratings of Citigroup Global Markets Inc.  (CGMI) were A/A-1 at Standard & Poor’s and A+/F1 at Fitch as of December 31, 2015.

<table><tr><td>Intangible assets</td><td>$220</td></tr><tr><td>Goodwill</td><td>115</td></tr><tr><td>Net liabilities</td><td>-50</td></tr><tr><td>Total net assets acquired</td><td>$285</td></tr></table>
<table><tr><td></td><td colspan="4"> For the fiscal years ended June 30,</td></tr><tr><td></td><td>2019</td><td>2018</td><td> Change</td><td> % Change</td></tr><tr><td> (in millions, except %)</td><td></td><td></td><td colspan="2"> Better/(Worse)</td></tr><tr><td>Foxtel<sup>(a)</sup></td><td>$—</td><td>$-974</td><td>$974</td><td>**</td></tr><tr><td>Other equity affiliates, net<sup>(b)</sup></td><td>-17</td><td>-32</td><td>15</td><td>47%</td></tr><tr><td>Total Equity losses of affiliates</td><td>$-17</td><td>$-1,006</td><td>$989</td><td>98%</td></tr></table>
<table><tr><td></td><td colspan="4"> For the fiscal years ended June 30,</td></tr><tr><td></td><td>2019</td><td>2018</td><td>Change</td><td> % Change</td></tr><tr><td> (in millions, except %)</td><td></td><td></td><td colspan="2"> Better/(Worse)</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td></tr><tr><td>Circulation and subscription</td><td>$2,128</td><td>$2,115</td><td>$13</td><td>1%</td></tr><tr><td>Advertising</td><td>2,400</td><td>2,589</td><td>-189</td><td>-7%</td></tr><tr><td>Other</td><td>428</td><td>415</td><td>13</td><td>3%</td></tr><tr><td> Total Revenues</td><td>4,956</td><td>5,119</td><td>-163</td><td> -3%</td></tr><tr><td>Operating expenses</td><td>-2,822</td><td>-2,934</td><td>112</td><td>4%</td></tr><tr><td>Selling, general and administrative</td><td>-1,717</td><td>-1,788</td><td>71</td><td>4%</td></tr><tr><td> Segment EBITDA</td><td>$417</td><td>$397</td><td>$20</td><td> 5%</td></tr></table>
<table><tr><td></td><td>December 31, 2015</td><td>December 31, 2014<sup>-1</sup></td></tr><tr><td>In millions of dollars, except ratios</td><td>Advanced Approaches</td><td>Standardized Approach</td><td>Advanced Approaches</td><td>Standardized Approach</td></tr><tr><td>Common Equity Tier 1 Capital</td><td>$146,865</td><td>$146,865</td><td>$136,597</td><td>$136,597</td></tr><tr><td>Tier 1 Capital</td><td>164,036</td><td>164,036</td><td>148,066</td><td>148,066</td></tr><tr><td>Total Capital (Tier 1 Capital + Tier 2 Capital)<sup>(2)</sup></td><td>186,097</td><td>198,655</td><td>165,454</td><td>178,413</td></tr><tr><td>Total Risk-Weighted Assets</td><td>1,216,277</td><td>1,162,884</td><td>1,292,605</td><td>1,228,488</td></tr><tr><td>Common Equity Tier 1 Capital ratio<sup>-3-4</sup></td><td>12.07%</td><td>12.63%</td><td>10.57%</td><td>11.12%</td></tr><tr><td>Tier 1 Capital ratio<sup>-3-4</sup></td><td>13.49</td><td>14.11</td><td>11.45</td><td>12.05</td></tr><tr><td>Total Capital ratio<sup>-3-4</sup></td><td>15.30</td><td>17.08</td><td>12.80</td><td>14.52</td></tr></table>
<table><tr><td>As a percentage of average corporate loans</td><td>0.08%</td><td>0.10%</td><td>0.08%</td><td>0.09%</td><td>0.79%</td></tr><tr><td>Allowance for loan losses at end of period<sup>-13</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Citicorp</td><td>$10,616</td><td>$11,465</td><td>$13,174</td><td>$14,623</td><td>$16,699</td></tr><tr><td>Citi Holdings</td><td>2,010</td><td>4,529</td><td>6,474</td><td>10,832</td><td>13,416</td></tr><tr><td>Total Citigroup</td><td>$12,626</td><td>$15,994</td><td>$19,648</td><td>$25,455</td><td>$30,115</td></tr><tr><td>Allowance by type</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Consumer</td><td>$9,916</td><td>$13,605</td><td>$17,064</td><td>$22,679</td><td>$27,236</td></tr><tr><td>Corporate</td><td>2,710</td><td>2,389</td><td>2,584</td><td>2,776</td><td>2,879</td></tr><tr><td>Total Citigroup</td><td>$12,626</td><td>$15,994</td><td>$19,648</td><td>$25,455</td><td>$30,115</td></tr></table>
<table><tr><td>In billions of dollars</td><td>Dec. 31, 2015</td><td>Sept. 30, 2015</td><td>Dec. 31, 2014</td></tr><tr><td>HQLA</td><td>$378.5</td><td>$398.9</td><td>$412.6</td></tr><tr><td>Net outflows</td><td>336.5</td><td>355.6</td><td>368.6</td></tr><tr><td>LCR</td><td>112%</td><td>112%</td><td>112%</td></tr><tr><td>HQLA in excess of net outflows</td><td>$42.0</td><td>$43.3</td><td>$44.0</td></tr></table>

Question: In the year with the most Circulation and subscription, what is the growth rate of Total Revenues?
Answer: 2.03289