Derivatives used in trading activities Various derivative financial instruments are offered to enable customers to meet their financing and investing objectives and for their risk management purposes.
Derivative financial instruments used in trading activities consisted predominantly of interest rate swaps, but also included interest rate caps, floors, and futures, as well as foreign exchange options.
Interest rate options grant the option holder the right to buy or sell an underlying financial instrument for a predetermined price before the contract expires.
Interest rate futures are commitments to either purchase or sell a financial instrument at a future date for a specified price or yield and may be settled in cash or through delivery of the underlying financial instrument.
Interest rate caps and floors are option-based contracts that entitle the buyer to receive cash payments based on the difference between a designated reference rate and a strike price, applied to a notional amount.
Written options, primarily caps, expose Huntington to market risk but not credit risk.
Purchased options contain both credit and market risk.
The interest rate risk of these customer derivatives is mitigated by entering into similar derivatives having offsetting terms with other counterparties.
The credit risk to these customers is evaluated and included in the calculation of fair value.
The net fair values of these derivative financial instruments, for which the gross amounts are included in accrued income and other assets or accrued expenses and other liabilities at December 31, 2010 and 2009, were $46.3 million and $45.1 million, respectively.
The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $9.8 billion and $9.6 billion at December 31, 2010 and 2009, respectively.
Huntington’s credit risks from interest rate swaps used for trading purposes were $263.0 million and $255.7 million at the same dates, respectively.
Derivatives used in mortgage banking activities Huntington also uses certain derivative financial instruments to offset changes in value of its residential MSRs.
These derivatives consist primarily of forward interest rate agreements and forward mortgage securities.
The derivative instruments used are not designated as hedges.
Accordingly, such derivatives are recorded at fair value with changes in fair value reflected in mortgage banking income.
The following table summarizes the derivative assets and liabilities used in mortgage banking activities:
## Table 0 ##
The total notional value of these derivative financial instruments at December 31, 2010 and 2009, was $2.6 billion and $3.7 billion, respectively.
The total notional amount at December 31, 2010 corresponds to trading assets with a fair value of $2.7 million and trading liabilities with a fair value of $16.0 million.
Total MSR hedging gains and (losses) for the years ended December 31, 2010, 2009, and 2008, were $55.0 million, ($37.8) million, and $22.4 million, respectively.
Included in total MSR hedging gains and losses for the years ended December 31, 2010, 2009, and 2008 were gains and (losses) related to derivatives instruments of $64.6 million, ($41.2) million, and ($19.0) million, respectively.
These amounts are included in mortgage banking income in the Consolidated Statements of Income.
in the machinery/equipment and vehicle categories.
The increase in machinery/equipment reflects the addition of approximately $0.8 billion in equipment leases related to the acquisition of Huntington Technology Finance.
The increase in the unsecured exposure is centered in high quality commercial credit customers.
Table 9 - Loan and Lease Portfolio by Collateral Type (dollar amounts in millions)
## Table 1 ##
(1) 2015 includes a decrease of approximately $0.8 billion in automobile loans resulting from an automobile securitization transaction.
(2) Reflects the addition of approximately $0.8 billion in equipment leases related to the acquisition of Huntington Technology Finance.
Commercial Credit The primary factors considered in commercial credit approvals are the financial strength of the borrower, assessment of the borrower’s management capabilities, cash flows from operations, industry sector trends, type and sufficiency of collateral, type of exposure, transaction structure, and the general economic outlook.
While these are the primary factors considered, there are a number of other factors that may be considered in the decision process.
We utilize a centralized preview and senior loan approval committee, led by our chief credit officer.
The risk rating (see next paragraph) and complexity of the credit determines the threshold for approval of the senior loan committee with a minimum credit exposure of $10.0 million.
For loans not requiring senior loan committee approval, with the exception of small business loans, credit officers who understand each local region and are experienced in the industries and loan structures of the requested credit exposure are involved in all loan decisions and have the primary credit authority.
For small business loans, we utilize a centralized loan approval process for standard products and structures.
In this centralized decision environment, certain individuals who understand each local region may make credit-extension decisions to preserve our commitment to the communities in which we operate.
In addition to disciplined and consistent judgmental factors, a sophisticated credit scoring process is used as a primary evaluation tool in the determination of approving a loan within the centralized loan approval process.
In commercial lending, on-going credit management is dependent on the type and nature of the loan.
We monitor all significant exposures on an on-going basis.
All commercial credit extensions are assigned internal risk ratings reflecting the borrower’s PD and LGD.
This two-dimensional rating methodology provides granularity in the portfolio management process.
The PD is rated and applied at the borrower level.
The LGD is rated and applied based on the specific type of credit extension and the quality and lien position associated with the underlying collateral.
The internal risk ratings are assessed at origination and updated at each periodic monitoring event.
There is also extensive macro portfolio management analysis on an on-going basis.
We continually review and adjust our risk-rating criteria based on actual experience, which provides us with the current risk level in the portfolio and is the basis for determining an appropriate allowance for credit losses (ACL) amount for the commercial portfolio.
A centralized portfolio management team monitors and reports on the performance of the entire commercial portfolio, including small business loans, to provide consistent oversight.
In addition to the initial credit analysis conducted during the approval process, our Credit Review group performs testing to provide an independent review and assessment of the quality and risk of new loan originations.
This group is part of our Risk Management area and conducts portfolio reviews on a risk-based cycle to evaluate individual loans, validate risk ratings, and test the consistency of credit processes.
## Table 2 ##
Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality.
These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors.
Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.
The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature.
Standby letters-of-credit are conditional commitments issued to guarantee the performance of a customer to a third-party.
These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions.
Most of these arrangements mature within two years.
The carrying amount of deferred revenue associated with these guarantees was $8 million and $7 million at December 31, 2016 and December 31, 2015, respectively.
Commercial letters-of-credit represent short-term, self-liquidating instruments that facilitate customer trade transactions and generally have maturities of no longer than 90 days.
The goods or cargo being traded normally secures these instruments.
Commitments to sell loans Activity related to our mortgage origination activity supports the hedging of the mortgage pricing commitments to customers and the secondary sale to third parties.
At December 31, 2016 and 2015, Huntington had commitments to sell residential real estate loans of $819 million and $659 million, respectively.
These contracts mature in less than one year.
Litigation The nature of Huntington’s business ordinarily results in a certain amount of pending as well as threatened claims, litigation, investigations, regulatory and legal and administrative cases, matters and proceedings, all of which are considered incidental to the normal conduct of business.
When the Company determines it has meritorious defenses to the claims asserted, it vigorously defends itself.
The Company considers settlement of cases when, in management’s judgment, it is in the best interests of both the Company and its shareholders to do so.
On at least a quarterly basis, Huntington assesses its liabilities and contingencies in connection with threatened and outstanding legal cases, matters and proceedings, utilizing the latest information available.
For cases, matters and proceedings where it is both probable the Company will incur a loss and the amount can be reasonably estimated, Huntington establishes an accrual for the loss.
Once established, the accrual is adjusted as appropriate to reflect any relevant developments.
For cases, matters or proceedings where a loss is not probable or the amount of the loss cannot be estimated, no accrual is established.
In certain cases, matters and proceedings, exposure to loss exists in excess of the accrual to the extent such loss is reasonably possible, but not probable.
Management believes an estimate of the aggregate range of reasonably possible losses, in excess of amounts accrued, for current legal proceedings is up to $65 million at December 31, 2016.
For certain other cases, and matters, Management cannot reasonably estimate the possible loss at this time.
Any estimate involves significant judgment, given the varying stages of the proceedings (including the fact that many of them are currently in preliminary stages), the existence of multiple defendants in several of the current proceedings whose share of liability has yet to be determined, the numerous unresolved issues in many of the proceedings, and the inherent uncertainty of the various potential outcomes of such proceedings.
Accordingly, Management’s estimate will change from time-to-time, and actual losses may be more or less than the current estimate.
While the final outcome of legal cases, matters, and proceedings is inherently uncertain, based on information currently available, advice of counsel, and available insurance coverage, Management believes that the amount it has already accrued is adequate and any incremental liability arising from the Company’s legal cases, matters, or proceedings will not have a material negative adverse effect on the Company’s consolidated financial position as a whole.
However, in the event of unexpected future developments, it is possible that the ultimate resolution of these cases, matters, and proceedings, if unfavorable, may be material to the Company’s consolidated financial position in a particular period.
growth focused.
For example, in December 2005, 3M announced its intention to build an LCD optical film manufacturing facility in Poland to support the fast-growing LCD-TV market in Europe and to better serve its customers.
The Company expects 2006 capital expenditures to total approximately $1.1 billion, compared with $943 million in 2005.
In the third quarter of 2005, 3M completed the acquisition of CUNO.3M acquired CUNO for approximately $1.36 billion, including assumption of debt.
This $1.36 billion included $1.27 billion of cash paid (net of cash acquired) and the assumption of $80 million of debt, most of which has been repaid.
In 2005, the Company also entered into two additional business combinations for a total purchase price of $27 million.
Refer to Note 2 to the Consolidated Financial Statements for more information on these 2005 business combinations, and for information concerning 2004 and 2003 business combinations.
Purchases of investments in 2005 include the purchase from TI&M Beteiligungsgesellschaft mbH of 19 percent of I&T Innovation Technology (discussed previously under the Transportation business segment).
The purchase price of approximately $55 million is reported as “Investments” in the Consolidated Balance Sheet and as “Purchases of Investments” in the Consolidated Statement of Cash Flows.
Other “Purchases of Investments” and “Proceeds from Sale of Investments” in 2005 are primarily attributable to auction rate securities, which are classified as available-for-sale.
Prior to 2005, purchases of and proceeds from the sale of auction rate securities were classified as Cash and Cash Equivalents.
At December 31, 2004, the amount of such securities taken as a whole was immaterial to Cash and Cash Equivalents, and accordingly were not reclassified for 2004 and prior.
Proceeds from the sale of investments in 2003 include $26 million of cash received related to the sale of 3M’s 50% ownership in Durel Corporation to Rogers Corporation.
Additional purchases of investments totaled $5 million in 2005, $10 million in 2004 and $16 million in 2003.
These purchases include additional survivor benefit insurance and equity investments.
The Company is actively considering additional acquisitions, investments and strategic alliances.
Cash Flows from Financing Activities:
## Table 3 ##
Total debt at December 31, 2005, was $2.381 billion, down from $2.821 billion at year-end 2004, with the decrease primarily attributable to the retirement of $400 million in medium-term notes.
There were no new longterm debt issuances in 2005.
In 2005, the cash flow decrease in net short-term debt of $258 million includes the portion of short-term debt with original maturities of 90 days or less.
The repayment of debt of $656 million primarily related to the retirement of $400 million in medium-term notes and commercial paper retirements.
Proceeds from debt of $429 million primarily related to commercial paper issuances.
Total debt was 19% of total capital (total capital is defined as debt plus equity), compared with 21% at year-end 2004.
Debt securities, including the Company’s shelf registration, its medium-term notes program, dealer remarketable securities and Convertible Note, are all discussed in more detail in Note 8 to the Consolidated Financial Statements.3M has a shelf registration and medium-term notes program through which $1.5 billion of mediumterm notes may be offered.
In 2004, the Company issued approximately $62 million in debt securities under its medium-term notes program.
No debt was issued under this program in 2005.
The medium-term notes program and shelf registration have remaining capacity of approximately $1.438 billion.
The Company’s $350 million of dealer remarketable securities (classified as current portion of long-term debt) were remarketed for one year in December 2005.
In addition, the Company has Convertible Notes with a book value of $539 million at December 31, 2005.
The next put option date for these Convertible Notes is November 2007, thus at year-end 2005 this debt

<table><tr><td></td><td colspan="2">At December 31,</td></tr><tr><td> (Dollar amounts in thousands)</td><td>2010</td><td>2009</td></tr><tr><td>Derivative assets:</td><td></td><td></td></tr><tr><td>Interest rate lock agreements</td><td>$2,817</td><td>$995</td></tr><tr><td>Forward trades and options</td><td>20,669</td><td>7,711</td></tr><tr><td> Total derivative assets</td><td>23,486</td><td>8,706</td></tr><tr><td>Derivative liabilities:</td><td></td><td></td></tr><tr><td>Interest rate lock agreements</td><td>-1,445</td><td>-1,338</td></tr><tr><td>Forward trades and options</td><td>-883</td><td>-119</td></tr><tr><td> Total derivative liabilities</td><td>-2,328</td><td>-1,457</td></tr><tr><td> Net derivative asset (liability)</td><td>$21,158</td><td>$7,249</td></tr></table>
<table><tr><td></td><td colspan="11">At December 31,</td></tr><tr><td></td><td colspan="3">2015</td><td colspan="2">2014</td><td colspan="2">2013</td><td colspan="2">2012</td><td colspan="2">2011</td></tr><tr><td>Secured loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate—commercial</td><td>$8,296</td><td></td><td>16%</td><td>$8,631</td><td>18%</td><td>$8,622</td><td>20%</td><td>$9,128</td><td>22%</td><td>$9,557</td><td>25%</td></tr><tr><td>Real estate—consumer</td><td>14,469</td><td></td><td>29</td><td>14,322</td><td>30</td><td>13,657</td><td>32</td><td>13,305</td><td>33</td><td>13,444</td><td>35</td></tr><tr><td>Vehicles</td><td>11,880</td><td>-1</td><td>24</td><td>10,932</td><td>23</td><td>8,989</td><td>21</td><td>6,659</td><td>16</td><td>6,021</td><td>15</td></tr><tr><td>Receivables/Inventory</td><td>5,961</td><td></td><td>12</td><td>5,968</td><td>13</td><td>5,534</td><td>13</td><td>5,178</td><td>13</td><td>4,450</td><td>11</td></tr><tr><td>Machinery/Equipment</td><td>5,171</td><td>-2</td><td>10</td><td>3,863</td><td>8</td><td>2,738</td><td>6</td><td>2,749</td><td>7</td><td>1,994</td><td>5</td></tr><tr><td>Securities/Deposits</td><td>974</td><td></td><td>2</td><td>964</td><td>2</td><td>786</td><td>2</td><td>826</td><td>2</td><td>800</td><td>2</td></tr><tr><td>Other</td><td>987</td><td></td><td>2</td><td>919</td><td>2</td><td>1,016</td><td>2</td><td>1,090</td><td>3</td><td>1,018</td><td>3</td></tr><tr><td>Total secured loans and leases</td><td>47,738</td><td></td><td>95</td><td>45,599</td><td>96</td><td>41,342</td><td>96</td><td>38,935</td><td>96</td><td>37,284</td><td>96</td></tr><tr><td>Unsecured loans and leases</td><td>2,603</td><td></td><td>5</td><td>2,057</td><td>4</td><td>1,778</td><td>4</td><td>1,793</td><td>4</td><td>1,640</td><td>4</td></tr><tr><td>Total loans and leases</td><td>$50,341</td><td></td><td>100%</td><td>$47,656</td><td>100%</td><td>$43,120</td><td>100%</td><td>$40,728</td><td>100%</td><td>$38,924</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="2">At December 31,</td></tr><tr><td>(dollar amounts in thousands)</td><td>2016</td><td>2015</td></tr><tr><td>Contract amount represents credit risk</td><td></td><td></td></tr><tr><td>Commitments to extend credit:</td><td></td><td></td></tr><tr><td>Commercial</td><td>$15,190,056</td><td>$11,448,927</td></tr><tr><td>Consumer</td><td>12,235,943</td><td>8,574,093</td></tr><tr><td>Commercial real estate</td><td>1,697,671</td><td>813,271</td></tr><tr><td>Standby letters of credit</td><td>637,182</td><td>511,706</td></tr><tr><td>Commercial letters-of-credit</td><td>4,610</td><td>56,119</td></tr></table>
<table><tr><td>(Millions)</td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Change in short-term debt — net</td><td>$-258</td><td>$399</td><td>$-215</td></tr><tr><td>Repayment of debt (maturities greater than 90 days)</td><td>-656</td><td>-868</td><td>-719</td></tr><tr><td>Proceeds from debt (maturities greater than 90 days)</td><td>429</td><td>358</td><td>494</td></tr><tr><td>Total change in debt</td><td>$-485</td><td>$-111</td><td>$-440</td></tr><tr><td>Purchases of treasury stock</td><td>-2,377</td><td>-1,791</td><td>-685</td></tr><tr><td>Reissuances of treasury stock</td><td>545</td><td>508</td><td>555</td></tr><tr><td>Dividends paid to stockholders</td><td>-1,286</td><td>-1,125</td><td>-1,034</td></tr><tr><td>Distributions to minority interests and other — net</td><td>-76</td><td>-15</td><td>-23</td></tr><tr><td>Net cash used in financing activities</td><td>$-3,679</td><td>$-2,534</td><td>$-1,627</td></tr></table>

Question: what was the percentage change in the net cash used in financing activities from 2004 to 2005
Answer: 0.45185