For reporting purposes, we allocate the allowance for credit losses across products.
However, the allowance is available to absorb any credit losses without restriction.
Table 27 presents our allocation by product type.
## Table 0 ##
(1) Includes allowance for small business commercial – domestic loans of $1.4 billion and $578 million at December 31, 2007 and 2006.
(2) Includes allowance for loan and lease losses for impaired commercial loans of $123 million and $43 million at December 31, 2007 and 2006.
Market Risk Management Market risk is the risk that values of assets and liabilities or revenues will be adversely affected by changes in market conditions such as market movements.
This risk is inherent in the financial instruments associated with our operations and/or activities including loans, deposits, securities, short-term borrowings, long-term debt, trading account assets and liabilities, and derivatives.
Market-sensitive assets and liabilities are generated through loans and deposits associated with our traditional banking business, customer and proprietary trading operations, ALM process, credit risk mitigation activities and mortgage banking activities.
In the event of market volatility, factors such as underlying market movements and liquidity have an impact on the results of the Corporation.
Our traditional banking loan and deposit products are nontrading positions and are reported at amortized cost for assets or the amount owed for liabilities (historical cost).
GAAP requires a historical cost view of traditional banking assets and liabilities.
However, these positions are still subject to changes in economic value based on varying market conditions, primarily changes in the levels of interest rates.
The risk of adverse changes in the economic value of our nontrading positions is managed through our ALM activities.
We have elected to fair value certain loan and deposit products in accordance with SFAS 159.
For further information on fair value of certain financial assets and liabilities, see Note 19 – Fair Value Disclosures to the Consolidated Financial Statements.
Our trading positions are reported at fair value with changes currently reflected in income.
Trading positions are subject to various risk factors, which include exposures to interest rates and foreign exchange rates, as well as mortgage, equity, commodity, issuer and market liquidity risk factors.
We seek to mitigate these risk exposures by using techniques that encompass a variety of financial instruments in both the cash and derivatives markets.
The following discusses the key risk components along with respective risk mitigation techniques.
Interest Rate Risk Interest rate risk represents exposures to instruments whose values vary with the level or volatility of interest rates.
These instruments include, but are not limited to, loans, debt securities, certain trading-related assets and liabilities, deposits, borrowings and derivative instruments.
Hedging instruments used to mitigate these risks include related derivatives such as options, futures, forwards and swaps.
Foreign Exchange Risk Foreign exchange risk represents exposures to changes in the values of current holdings and future cash flows denominated in other currencies.
The types of instruments exposed to this risk include investments in foreign subsidiaries, foreign currency-denominated loans and securities, future cash flows in foreign currencies arising from foreign exchange transactions, foreign currency-denominated debt and various foreign exchange derivative instruments whose values fluctuate with changes in the level or volatility of currency exchange rates or foreign interest rates.
Hedging instruments used to mitigate this risk include foreign exchange options, currency swaps, futures, forwards and deposits.
Mortgage Risk Mortgage risk represents exposures to changes in the value of mortgagerelated instruments.
The values of these instruments are sensitive to prepayment rates, mortgage rates, agency debt ratings, default, market liquidity, other interest rates and interest rate volatility.
Our exposure to these instruments takes several forms.
First, we trade and engage in market-making activities in a variety of mortgage securities including whole loans, pass-through certificates, commercial mortgages, and collateralized mortgage obligations including CDOs using mortgages as underlying collateral.
Second, we originate a variety of mortgage-backed securities which involves the accumulation of mortgage-related loans in anticipation of eventual securitization.
Third, we may hold positions in mortgage secu-
b.
Includes charges to revenues totaling $78 million ($52 million to net loss or $0.14 per share) in 2008 and $30 million ($18 million to net income or $0.05 per share) in 2007 for unrealized losses on copper derivative contracts entered into with our U. S.  copper rod customers, which allows us to receive market prices in the month of shipment while the customer pays the fixed price they requested.
Refer to Note 17 for further discussion.
c.  Includes charges to revenues for mark-to-market accounting adjustments on the 2007 copper price protection program totaling $175 million ($106 million to net income or $0.27 per share) and a reduction in average realized copper prices of $0.05 per pound.
d.  Includes charges to revenues for redemptions of our Gold-Denominated Preferred Stock, Series II, and Silver-Denominated Preferred Stock totaling $82 million ($44 million to net income or $0.20 per share) and a reduction in average realized gold prices of approximately $39 per ounce.
Refer to Note 17 for further discussion.
e.  Includes charges for LCM inventory adjustments totaling $782 million ($479 million to net loss or $1.26 per share).
f.  Includes long-lived asset impairments and other charges totaling $11.0 billion ($6.7 billion to net loss or $17.52 per share), and also includes goodwill impairment charges totaling $6.0 billion ($6.0 billion to net loss or $15.69 per share).
Refer to Notes 2 and 7 and “Critical Accounting Estimates – Asset Impairments” for further discussion.
g.  Includes the impacts of purchase accounting fair value adjustments associated with the acquisition of Phelps Dodge, which are primarily because of increased carrying values of acquired property, plant and equipment and metal inventories, including mill and leach stockpiles, and also includes amounts for non-operating income and expense mostly related to accretion of the fair values of assumed environmental obligations (determined on a discounted cash flow basis).
These impacts totaled $1.1 billion, including $1.0 billion to operating loss and $93 million for non-operating income and expenses, ($679 million to net loss or $1.78 per share) in 2008 and $1.3 billion to operating income ($793 million to net income or $2.00 per share) in 2007.
Refer to Note 19 for a summary of the impacts of purchase accounting fair value adjustments on our business segments for the years ended December 31, 2008 and 2007.  h.  After preferred dividends.
The year ended December 31, 2008, also includes charges of $22 million ($0.06 per share) associated with privately negotiated transactions to induce conversion of 0.3 million shares of our 5?% Convertible Perpetual Preferred Stock into approximately 5.8 million shares of FCX common stock (refer to Note 13 and “Capital Resources and Liquidity – Financing Activities” for further discussion).
i.
Includes net losses on early extinguishment and conversions of debt totaling $5 million ($0.01 per share) in 2008 associated with an open-market purchase of our 9?% Senior Notes; $132 million ($0.33 per share) in 2007 primarily related to premiums paid and the accelerated recognition of deferred financing costs associated with early repayments of debt; and $30 million ($0.14 per share) in 2006 primarily related to the completion of a tender offer and privately negotiated transactions to induce conversion of our 7% Convertible Senior Notes into FCX common stock and open-market purchases of our 101/8% Senior Notes.
j.
Reflects assumed conversion of our 5?% Convertible Perpetual Preferred Stock and 6?% Mandatory Convertible Preferred Stock for 2007 and of our 5?% Convertible Perpetual Preferred Stock for 2006.  k.  On March 19, 2007, we issued 137 million common shares to acquire Phelps Dodge, and on March 28, 2007, we sold 47 million common shares.
Common shares outstanding on December 31, 2008, totaled 384 million.
l.  Reflects per pound weighted average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines.
For reconciliations of the per pound costs by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements, refer to “Operations – Unit Net Cash Costs” and to “Product Revenues and Production Costs.
” Revenues Consolidated revenues include the sale of copper rod, copper cathodes, copper concentrates, molybdenum, gold and other metals by our North and South America copper mines, the sale of copper concentrates (which also contain significant quantities of gold and silver) by our Indonesia mining operation, the sale of molybdenum in various forms by our Molybdenum operations, and the sale of copper anodes, copper cathodes, and gold in anodes and slimes by Atlantic Copper.
Consolidated revenues totaled $17.8 billion in 2008, compared with $16.9 billion in 2007 and $5.8 billion in 2006.
Following is a summary of changes in our consolidated revenues between years (in millions):
## Table 1 ##
a.
As FCX was not a producer of molybdenum prior to the acquisition of Phelps Dodge, the change in sales volumes for 2007 reflects sales of produced molybdenum beginning March 20, 2007.2008 Compared with 2007 Consolidated sales volumes in 2008 totaled 4.1 billion pounds of copper, 1.3 million ounces of gold and 71 million pounds of molybdenum, compared with 3.4 billion pounds of copper, 2.3 million ounces of gold and 52 million pounds of molybdenum in 2007.
Higher copper and molybdenum sales volumes in 2008 reflected a full twelve months of sales at our North and South America copper mines and Molybdenum operations, compared with 2007, which included sales from these operations beginning March 20, 2007.
Higher copper sales volumes in 2008 also reflected additional copper production from the Safford mine, which began production in December 2007, and higher production from the Cerro Verde concentrator, which reached design capacity in mid-2007.
At the Grasberg open-pit mine, the sequencing in mining areas with varying ore grades causes fluctuations in the timing of ore production resulting in varying quarterly and annual sales of copper and gold.
As a result, gold sales volumes for 2008 were lower than in 2007 because of mining in a lower-grade section of the Grasberg open pit during the first nine months of 2008, which resulted in lower grades and recovery rates.
Realized copper prices decreased in 2008 to an average of $2.69 per pound, compared with $3.34 per pound (excluding the impact from the 2007 copper price protection program) in 2007.
Realized gold and molybdenum prices increased in 2008 to an average of $861 per ounce for gold and $30.55 per pound for molybdenum, compared with $682 per ounce for gold and $26.81 per pound for molybdenum in 2007.
For 2008, more than half of our mined copper was sold in concentrate, approximately 27 percent as rod (principally from our North America operations) and approximately 19 percent as cathodes.
Substantially all of our concentrate sales contracts and some of our cathode sales contracts provide final copper pricing in a specified future period (generally one to four months from the
of its Australian newspaper business.
The following table provides information regarding key properties within News Corp Australia’s portfolio:
## Table 2 ##
(1) Based on Audit Bureau of Circulation (“ABC”) data for the year ended December 31, 2016.
(2) As of June 30, 2017, based on internal sources.
(3) For the month of May 2017, based on Enhanced Media Metrics Australia (“EMMA”) average monthly print data for the year ended May 31, 2017 and Nielsen desktop, mobile and tablet audience data for May 2017.
EMMA data incorporates more frequent sampling and combines both online usage derived from Nielsen data and print usage into a single metric that removes any audience overlap.
News Corp Australia’s broad portfolio of digital properties also includes news.
com.
au, the leading general interest site in Australia that provides breaking news, finance, entertainment, lifestyle, technology and sports news and delivers an average monthly unique audience of approximately 5.7 million based on Nielsen monthly total audience ratings for the year ended June 30, 2017.
In addition, News Corp Australia owns other premier properties such as taste.
com.
au, a leading food and recipe site, and kidspot.
com.
au, a leading parenting website, as well as various other digital media assets.
As of June 30, 2017, News Corp Australia’s other assets included a 13.40% interest in HT&E Limited (formerly APN News and Media Limited), which operates a portfolio of Australian radio and outdoor media assets, a 13.75% interest in SEEKAsia Limited, which operates leading online employment marketplaces throughout Southeast Asia, and a 25% interest in Hipages Group Pty Ltd. , which operates a leading on-demand home improvement services marketplace.
News UK News UK publishes The Sun, The Sun on Sunday, The Times and The Sunday Times, which are leading newspapers in the U. K.  As of June 30, 2017, sales of these four titles accounted for approximately one-third of all national newspaper sales in the U. K, and The Sun is the most read national newspaper in the U. K.  News UK’s newspapers (except some Saturday and Sunday supplements) are printed at News UK’s world-class printing facilities in England, Scotland and Ireland.
In addition to revenue from the sale of advertising, circulation and subscriptions to its print and digital products, News UK generates revenue by providing third party printing services through these facilities and is one of the largest contract printers in the U. K.  News UK also distributes content through its digital platforms, including its websites, thesun.
co. uk, thetimes.
co. uk and thesundaytimes.
co. uk, as well as mobile and tablet applications.
News UK’s online and mobile offerings include the rights to show English Premier League Football, English Premiership Rugby Union and UEFA Champions League and Europa League match clips across its digital platforms.
In addition, News UK has assembled a
December 31, 2008, 2007 and 2006, included (in millions):
## Table 3 ##
Included in the gain on disposition, adjustment or impairment of acquired assets and obligations for 2008 is a favorable adjustment to certain liabilities of acquired companies due to changes in circumstances surrounding those liabilities subsequent to the related measurement period.
Included in the gain on disposition, adjustment or impairment of acquired assets and obligations for 2006 is the sale of the former Centerpulse Austin land and facilities for a gain of $5.1 million and the favorable settlement of two preacquisition contingent liabilities.
These gains were offset by a $13.4 million impairment charge for certain Centerpulse tradename and trademark intangibles based principally in our Europe operating segment.
In-process research and development charges for 2008 are related to the acquisition of Abbott Spine.
In-process research and development charges for 2007 are related to the acquisitions of Endius and ORTHOsoft.
Consulting and professional fees relate to thirdparty integration consulting performed in a variety of areas such as tax, compliance, logistics and human resources and legal fees related to matters involving acquired businesses.
Cash and Equivalents – We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents.
The carrying amounts reported in the balance sheet for cash and equivalents are valued at cost, which approximates their fair value.
Restricted cash is primarily composed of cash held in escrow related to certain insurance coverage.
Inventories – Inventories, net of allowances for obsolete and slow-moving goods, are stated at the lower of cost or market, with cost determined on a first-in first-out basis.
Property, Plant and Equipment – Property, plant and equipment is carried at cost less accumulated depreciation.
Depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements, three to eight years for machinery and equipment.
Maintenance and repairs are expensed as incurred.
In accordance with Statement of Financial Accounting Standards (“SFAS”) No.144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” we review property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.
An impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount.
An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value.
Software Costs – We capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended.
Capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project.
Capitalized software costs are included in property, plant and equipment on our balance sheet and amortized on a straight-line basis when the software is ready for its intended use over the estimated useful lives of the software, which approximate three to seven years.
Instruments – Instruments are hand-held devices used by orthopaedic surgeons during total joint replacement and other surgical procedures.
Instruments are recognized as long-lived assets and are included in property, plant and equipment.
Undeployed instruments are carried at cost, net of allowances for excess and obsolete instruments.
Instruments in the field are carried at cost less accumulated depreciation.
Depreciation is computed using the straight-line method based on average estimated useful lives, determined principally in reference to associated product life cycles, primarily five years.
We review instruments for impairment in accordance with SFAS No.144.
Depreciation of instruments is recognized as selling, general and administrative expense.
Goodwill – We account for goodwill in accordance with SFAS No.142, “Goodwill and Other Intangible Assets.
” Goodwill is not amortized but is subject to annual impairment tests.
Goodwill has been assigned to reporting units.
We perform annual impairment tests by comparing each reporting unit’s fair value to its carrying amount to determine if there is potential impairment.
The fair value of the reporting unit and the implied fair value of goodwill are determined based upon a discounted cash flow analysis.
Significant assumptions are incorporated into to these discounted cash flow analyses such as estimated growth rates and risk-adjusted discount rates.
We perform this test in the fourth quarter of the year.
If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the implied fair value of the reporting unit goodwill is less than the carrying value of the reporting unit goodwill.
Intangible Assets – We account for intangible assets in accordance with SFAS No.142.
Intangible assets are initially measured at their fair value.
We have determined the fair value of our intangible assets either by the fair value of the

<table><tr><td></td><td colspan="4"> December 31</td></tr><tr><td></td><td colspan="2">2007</td><td colspan="2">2006</td></tr><tr><td>(Dollars in millions)</td><td> Amount</td><td>Percent of Total</td><td>Amount</td><td>Percent of Total</td></tr><tr><td> Allowance for loan and lease losses</td><td></td><td></td><td></td><td></td></tr><tr><td>Residential mortgage</td><td>$207</td><td>1.8%</td><td>$248</td><td>2.8%</td></tr><tr><td>Credit card – domestic</td><td>2,919</td><td>25.2</td><td>3,176</td><td>35.2</td></tr><tr><td>Credit card – foreign</td><td>441</td><td>3.8</td><td>336</td><td>3.7</td></tr><tr><td>Home equity</td><td>963</td><td>8.3</td><td>133</td><td>1.5</td></tr><tr><td>Direct/Indirect consumer</td><td>2,077</td><td>17.9</td><td>1,378</td><td>15.3</td></tr><tr><td>Other consumer</td><td>151</td><td>1.3</td><td>289</td><td>3.2</td></tr><tr><td>Total consumer</td><td>6,758</td><td>58.3</td><td>5,560</td><td>61.7</td></tr><tr><td>Commercial – domestic<sup>-1</sup></td><td>3,194</td><td>27.6</td><td>2,162</td><td>24.0</td></tr><tr><td>Commercial real estate</td><td>1,083</td><td>9.3</td><td>588</td><td>6.5</td></tr><tr><td>Commercial lease financing</td><td>218</td><td>1.9</td><td>217</td><td>2.4</td></tr><tr><td>Commercial – foreign</td><td>335</td><td>2.9</td><td>489</td><td>5.4</td></tr><tr><td>Total commercial<sup>-2</sup></td><td>4,830</td><td>41.7</td><td>3,456</td><td>38.3</td></tr><tr><td> Allowance for loan and lease losses</td><td>11,588</td><td>100.0%</td><td>9,016</td><td>100.0%</td></tr><tr><td> Reserve for unfunded lending commitments</td><td>518</td><td></td><td>397</td><td></td></tr><tr><td> Allowance for credit losses</td><td>$12,106</td><td></td><td>$9,413</td><td></td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td></tr><tr><td>Consolidated revenues – prior year</td><td>$16,939</td><td>$5,791</td></tr><tr><td>Sales volumes:</td><td></td><td></td></tr><tr><td>Copper</td><td>2,367</td><td>6,742</td></tr><tr><td>Gold</td><td>-671</td><td>341</td></tr><tr><td>Molybdenum</td><td>505</td><td>1,495a</td></tr><tr><td>Price realizations:</td><td></td><td></td></tr><tr><td>Copper</td><td>-2,631</td><td>702</td></tr><tr><td>Gold</td><td>235</td><td>174</td></tr><tr><td>Molybdenum</td><td>266</td><td>N/A</td></tr><tr><td>Purchased copper and molybdenum</td><td>-5</td><td>1,901</td></tr><tr><td>Adjustments, primarily for copper pricing on prior year open sales</td><td>309</td><td>-175</td></tr><tr><td>Treatment charges</td><td>104</td><td>-114</td></tr><tr><td>Impact of the 2007 copper price protection program</td><td>175</td><td>-175</td></tr><tr><td>Atlantic Copper revenues</td><td>-47</td><td>146</td></tr><tr><td>Other, net</td><td>250</td><td>111</td></tr><tr><td>Consolidated revenues – current year</td><td>$17,796</td><td>$16,939</td></tr></table>
<table><tr><td></td><td> Average Daily Paid Print Circulation<sup>-1</sup></td><td> Total Paid Subscribers for Combined Masthead (Print and Digital)<sup>(2)</sup></td><td> Total Monthly Audience for Combined Masthead (Print and Digital)<sup>(3)</sup></td></tr><tr><td><i>The Australian (Mon – Fri)</i></td><td>99,000</td><td>127,000</td><td>3.2 million</td></tr><tr><td><i>The Weekend Australian (Sat)</i></td><td>224,000</td><td></td><td></td></tr><tr><td><i>The Daily Telegraph (Mon – Sat)</i></td><td>237,000</td><td>122,000</td><td>4.6 million</td></tr><tr><td><i>The Sunday Telegraph</i></td><td>413,000</td><td></td><td></td></tr><tr><td><i>Herald Sun (Mon – Sat)</i></td><td>325,000</td><td>109,000</td><td>4.1 million</td></tr><tr><td><i>Sunday Herald Sun</i></td><td>380,000</td><td></td><td></td></tr><tr><td><i>The Courier Mail (Mon – Sat)</i></td><td>149,000</td><td>79,000</td><td>3.0 million</td></tr><tr><td><i>The Sunday Mail</i></td><td>318,000</td><td></td><td></td></tr><tr><td><i>The Advertiser (Mon – Sat)</i></td><td>128,000</td><td>112,000</td><td>1.5 million</td></tr><tr><td><i>Sunday Mail</i></td><td>198,000</td><td></td><td></td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Gain on disposition, adjustment or impairment of acquired assets and obligations</td><td>$-9.0</td><td>$-1.2</td><td>$-19.2</td></tr><tr><td>Consulting and professional fees</td><td>10.1</td><td>1.0</td><td>8.8</td></tr><tr><td>Employee severance and retention</td><td>1.9</td><td>1.6</td><td>3.3</td></tr><tr><td>Information technology integration</td><td>0.9</td><td>2.6</td><td>3.0</td></tr><tr><td>In-process research & development</td><td>38.5</td><td>6.5</td><td>2.9</td></tr><tr><td>Integration personnel</td><td>–</td><td>–</td><td>2.5</td></tr><tr><td>Facility and employee relocation</td><td>7.5</td><td>–</td><td>1.0</td></tr><tr><td>Distributor acquisitions</td><td>7.3</td><td>4.1</td><td>–</td></tr><tr><td>Sales agent and lease contract terminations</td><td>8.1</td><td>5.4</td><td>0.2</td></tr><tr><td>Other</td><td>3.2</td><td>5.2</td><td>3.6</td></tr><tr><td>Acquisition, Integration and Other</td><td>$68.5</td><td>$25.2</td><td>$6.1</td></tr></table>

Question: what is the sale of the former centerpulse austin land and facilities as a percentage of the gain on disposition adjustment or impairment of acquired assets and obligations in 2006?
Answer: 0.26562