Note 9.
Commitments and Contingencies Operating Leases We are obligated under noncancelable operating leases for corporate office space, warehouse and distribution facilities, trucks and certain equipment.
The future minimum lease commitments under these leases at December 31, 2009 are as follows (in thousands): Years ending December 31:
## Table 0 ##
Rental expense for operating leases was approximately $57.2 million, $49.0 million and $26.6 million during the years ended December 31, 2009, 2008 and 2007, respectively.
We guarantee the residual values of the majority of our truck and equipment operating leases.
The residual values decline over the lease terms to a defined percentage of original cost.
In the event the lessor does not realize the residual value when a piece of equipment is sold, we would be responsible for a portion of the shortfall.
Similarly, if the lessor realizes more than the residual value when a piece of equipment is sold, we would be paid the amount realized over the residual value.
Had we terminated all of our operating leases subject to these guarantees at December 31, 2009, the guaranteed residual value would have totaled approximately $27.8 million.
Litigation and Related Contingencies In December 2005 and May 2008, Ford Global Technologies, LLC filed complaints with the International Trade Commission against us and others alleging that certain aftermarket parts imported into the U. S.  infringed on Ford design patents.
The parties settled these matters in April 2009 pursuant to a settlement arrangement that expires in September 2011.
Pursuant to the settlement, we (and our designees) became the sole distributor in the United States of aftermarket automotive parts that correspond to Ford collision parts that are covered by a United States design patent.
We have paid Ford an upfront fee for these rights and will pay a royalty for each such part we sell.
The amortization of the upfront fee and the royalty expenses are reflected in Cost of Goods Sold on the accompanying Consolidated Statements of Income.
We also have certain other contingencies resulting from litigation, claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business.
We currently expect that the resolution of such contingencies will not materially affect our financial position, results of operations or cash flows.
Note 10.  Business Combinations On October 1, 2009, we acquired Greenleaf Auto Recyclers, LLC (“Greenleaf”) from SSI for $38.8 million, net of cash acquired.
Greenleaf is the entity through which SSI operated its late model automotive parts recycling business.
We recorded a gain on bargain purchase for the Greenleaf acquisition totaling $4.3 million, which is
STATE STREET CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
## Table 1 ##
(1)As of December 31, 2012 and December 31, 2011, fair value hedges of long-term debt increased the carrying value of longterm debt presented in our consolidated statement of condition by $174 million and $140 million, respectively.
The following table presents the contractual and weighted-average interest rates for long-term debt, which include the effects of the hedges presented in the table above, for the periods indicated:
## Table 2 ##
For cash flow hedges, any changes in the fair value of the derivative financial instruments remain in accumulated other comprehensive income, and are generally recorded in our consolidated statement of income in future periods when earnings are affected by the variability of the hedged cash flow.
The following tables present the fair value of the derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated.
The impact of master netting agreements is disclosed in note 3.
## Table 3 ##
Asset Derivatives
## Table 4 ##
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) 40 services and short-term investment vehicles, such as repurchase agreements and commercial paper, to meet clients' needs for high-grade liquid investments, and investing these sources of funds and additional borrowings in assets yielding a higher rate.
Fee Revenue Servicing and management fees collectively composed approximately 76% of our total fee revenue for 2012 and 74% for 2011.
The level of these fees is influenced by several factors, including the mix and volume of assets under custody and administration and assets under management, securities positions held and the volume of portfolio transactions, and the types of products and services used by clients, and is generally affected by changes in worldwide equity and fixed-income security valuations.
Generally, servicing fees are affected, in part, by changes in daily average valuations of assets under custody and administration.
Additional factors, such as the relative mix of assets serviced, the level of transaction volumes, changes in service level, the nature of services provided, balance credits, client minimum balances, pricing concessions and other factors, may have a significant effect on our servicing fee revenue.
Generally, management fees are affected, in part, by changes in month-end valuations of assets under management.
Management fee revenue is relatively more sensitive to market valuations than servicing fee revenue, since a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income values.
Additional factors, such as the relative mix of assets managed, changes in service level and other factors, may have a significant effect on our management fee revenue.
While certain management fees are directly determined by the value of assets under management and the investment strategy employed, management fees reflect other factors as well, including our relationship pricing for clients using multiple services.
Management fees for actively managed products are generally earned at higher rates than those for passive products.
Actively managed products may also involve performance fee arrangements.
Performance fees are generated when the performance of certain managed funds exceeds benchmarks specified in the management agreements.
Generally, we experience more volatility with performance fees than with more traditional management fees.
In light of the above, we estimate, assuming all other factors remain constant, that a 10% increase or decrease in worldwide equity valuations would result in a corresponding change in our total revenue of approximately 2%.
If fixed-income security valuations were to increase or decrease by 10%, we would anticipate a corresponding change of approximately 1% in our total revenue.
The following table presents selected equity market indices.
Daily averages and the averages of month-end indices demonstrate worldwide changes in equity markets that affect our servicing and management fee revenue, respectively.
Year-end indices affect the value of assets under custody and administration and assets under management as of those dates.
The index names listed in the table are service marks of their respective owners.
INDEX

<table><tr><td>2010</td><td>$55,178</td></tr><tr><td>2011</td><td>45,275</td></tr><tr><td>2012</td><td>36,841</td></tr><tr><td>2013</td><td>30,789</td></tr><tr><td>2014</td><td>22,094</td></tr><tr><td>Thereafter</td><td>59,263</td></tr><tr><td>Future Minimum Lease Payments</td><td>$249,440</td></tr></table>
<table><tr><td></td><td colspan="3">December 31, 2012</td><td colspan="3">December 31, 2011</td></tr><tr><td>(In millions)</td><td>FairValueHedges</td><td>CashFlowHedges</td><td>Total</td><td>FairValueHedges</td><td>CashFlowHedges</td><td>Total</td></tr><tr><td>Investment securities available for sale</td><td>$1,573</td><td>$130</td><td>$1,703</td><td>$1,298</td><td>$124</td><td>$1,422</td></tr><tr><td>Long-term debt<sup>-1</sup></td><td>1,450</td><td>—</td><td>1,450</td><td>2,450</td><td>—</td><td>2,450</td></tr><tr><td>Total</td><td>$3,023</td><td>$130</td><td>$3,153</td><td>$3,748</td><td>$124</td><td>$3,872</td></tr></table>
<table><tr><td></td><td colspan="4">Years Ended December 31,</td></tr><tr><td></td><td colspan="2">2012</td><td colspan="2">2011</td></tr><tr><td></td><td>ContractualRates</td><td>Rate IncludingImpact of Hedges</td><td>ContractualRates</td><td>Rate IncludingImpact of Hedges</td></tr><tr><td>Long-term debt</td><td>4.01%</td><td>3.17%</td><td>3.64%</td><td>3.22%</td></tr></table>
<table><tr><td></td><td colspan="2">Asset Derivatives December 31, 2012</td><td colspan="2">Liability Derivatives December 31, 2012</td></tr><tr><td>(In millions)</td><td>Balance SheetLocation</td><td>FairValue</td><td>Balance SheetLocation</td><td>FairValue</td></tr><tr><td>Derivatives not designated as hedging instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>Other assets</td><td>$9,243</td><td>Other liabilities</td><td>$9,067</td></tr><tr><td>Interest-rate contracts</td><td>Other assets</td><td>61</td><td>Other liabilities</td><td>61</td></tr><tr><td>Other derivative contracts</td><td>Other assets</td><td>—</td><td>Other liabilities</td><td>9</td></tr><tr><td>Total</td><td></td><td>$9,304</td><td></td><td>$9,137</td></tr><tr><td>Derivatives designated as hedging instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-rate contracts</td><td>Other assets</td><td>$162</td><td>Other liabilities</td><td>$284</td></tr><tr><td>Foreign exchange contracts</td><td>Other assets</td><td>135</td><td>Other liabilities</td><td>17</td></tr><tr><td>Total</td><td></td><td>$297</td><td></td><td>$301</td></tr></table>
<table><tr><td></td><td colspan="2">Asset Derivatives December 31, 2011</td><td colspan="2">Liability Derivatives December 31, 2011</td></tr><tr><td>(In millions)</td><td>Balance SheetLocation</td><td>FairValue</td><td>Balance SheetLocation</td><td>FairValue</td></tr><tr><td>Derivatives not designated as hedging instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>Other assets</td><td>$12,210</td><td>Other liabilities</td><td>$12,315</td></tr><tr><td>Interest-rate contracts</td><td>Other assets</td><td>1,682</td><td>Other liabilities</td><td>1,688</td></tr><tr><td>Other derivative contracts</td><td>Other assets</td><td>1</td><td>Other liabilities</td><td>10</td></tr><tr><td>Total</td><td></td><td>$13,893</td><td></td><td>$14,013</td></tr><tr><td>Derivatives designated as hedging instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-rate contracts</td><td>Other assets</td><td>$123</td><td>Other liabilities</td><td>$293</td></tr><tr><td>Foreign exchange contracts</td><td>Other assets</td><td>3</td><td>Other liabilities</td><td>37</td></tr><tr><td>Total</td><td></td><td>$126</td><td></td><td>$330</td></tr></table>

Question: Which year is Foreign exchange contracts the most for FairValue?
Answer: Liability Derivatives December 31, 2011