American International Group, Inc. , and Subsidiaries December 31, 2010, six countries were rated AAA and two were rated AA.
The two largest cross-border exposures are to the United Kingdom and France.
In addition, AIG reviews and manages its industry concentrations.
AIG’s single largest industry credit exposure is to the global financial institutions sector, which includes banks and finance companies, securities firms and insurance and reinsurance companies.
These exposures include fixed income securities, operating account balances, deposit placements, reverse repurchase agreements, the mark-to-market and potential future exposure to derivative exposures, collateral placed with counterparties, letters of credit received as collateral to insurance programs and credit exposure to captive insurance programs.
The following table presents AIG’s largest credit exposures to the global financial institution sector as a percentage of Total equity:
## Table 0 ##
(a) Amounts shown include AIG Star, AIG Edison, and Nan Shan which were held for sale at December 31, 2010.
(b) Exposure to Money Center/Global Bank Groups as a percentage of Total equity declined from 74.6 percent at September 30, 2010, primarily as a result of the deconsolidation of AIA and sale of ALICO.
AIG’s exposure to its five largest money center/global bank group institutions was 21.4 percent of Total equity at December 31, 2010 compared to 33.5 percent of Total equity at December 31, 2009.
AIG also has a risk concentration through the investment portfolios of its insurance companies in the U. S.  municipal sector.
AIG holds approximately $45.6 billion (amortized cost) of tax-exempt and taxable securities, $5.9 billion of which are pre-refunded, issued by a wide number of municipal authorities across the U. S.  and its territories.
A majority of these securities are held in available-for-sale portfolios of AIG’s domestic propertycasualty insurance companies.
These securities are comprised of the general obligations of states and local governments, revenue bonds issued by these same governments and bonds issued by transportation authorities, universities, state housing finance agencies and hospital systems.
The weighted average credit quality of these issuers is A.  AIG has $985 million of additional exposure to the municipal sector outside of its insurance company portfolios.
Currently, several states, local governments and other issuers are facing pressures on their budgets from the effects of the recession and have had to cut spending, raise taxes and fees and draw on reserve funds.
Consequently, several municipal issuers in AIG’s portfolios have been downgraded one or more notches by the major nationally recognized statistical rating agencies.
The most notable of these issuers is the State of California, of which AIG holds approximately $748.1 million of general obligation bonds, $44.9 million of which are pre-refunded, and the state of Illinois, of which AIG holds approximately $238 million, $69 million of which are pre-refunded.
AIG has credit exposure to several European sovereign governments whose ratings have been downgraded or placed under review in recent months by one or more major rating agencies.
The downgrades primarily reflect the large government budget deficits and rising government debt to GDP ratios of these countries.
At December 31, 2010, AIG’s exposure to the governments of Portugal, Ireland, Italy, Spain and Hungary, amounted to $1.1 billion.
Four of these five governments experienced rating downgrades during 2010.
American International Group, Inc. , and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AIG’s investments in life settlement contracts are monitored for impairment based on the underlying life insurance policies, with cash flows reported periodically.
An investment in a life settlement contract is considered impaired if the undiscounted cash flows resulting from the expected proceeds from the insurance policy are less than the carrying amount of the investment plus anticipated continuing costs.
If an impairment loss is recognized, the investment is written down to fair value.
AIG’s aircraft asset investments and investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired.
When impairment indicators are present, AIG compares expected investment cash flows to carrying value.
When the expected cash flows are less than the carrying value, the investments are written down to fair value with a corresponding charge to earnings.
Fixed Maturity Securities Impairment Policy — Prior to April 1, 2009 In all periods prior to April 1, 2009, AIG assessed its ability to hold any fixed maturity available for sale security in an unrealized loss position to its recovery at each balance sheet date.
The decision to sell any such fixed maturity security classified as available for sale reflected the judgment of AIG’s management that the security sold was unlikely to provide, on a relative value basis, as attractive a return in the future as alternative securities entailing comparable risks.
With respect to distressed securities, the sale decision reflected management’s judgment that the risk-adjusted ultimate recovery was less than the value achievable on sale.
In those periods, AIG evaluated its fixed maturity securities for other-than-temporary impairments with respect to valuation as well as credit.
After a fixed maturity security had been identified as other-than-temporarily impaired, the amount of such impairment was determined as the difference between fair value and amortized cost and the entire amount, whether attributable to credit or noncredit factors, was recorded as a charge to earnings.
(f) Insurance — Statutory Deposits Total carrying values of cash and securities deposited by AIG’s insurance subsidiaries under requirements of regulatory authorities were $12.0 billion and $14.6 billion at December 31, 2010 and 2009, respectively.8.
Lending Activities The following table presents mortgages and other loans receivable:
## Table 1 ##
(a) Primarily consists of foreign mortgage loans.
(b) In 2010, comprised of $470 million related to commercial mortgage loans and $397 million related to other loans.
In 2009, comprised of $432 million related to commercial mortgage loans and $406 million related to other loans.
Mortgage loans and other receivables held for sale were $62 million at December 31, 2009.
For the year ended December 31, 2010, there were no mortgage loans and other receivables held for sale.
Contractual Obligations The following table summarizes contractual obligations in total, and by remaining maturity:
## Table 2 ##
(a) Reflects completion of an offer to exchange Equity Units (and therefore the underlying subordinated debt) for AIG Common Stock and cash.
(b) The FRBNY Credit Facility was fully repaid and terminated on January 14, 2011, the closing date of the Recapitalization.
(c) Primarily includes contracts to purchase future services and other capital expenditures.
(d) Does not reflect unrecognized tax benefits of $5.3 billion, the timing of which is uncertain.
In addition, the majority of Capital Markets’ credit default swaps require AIGFP to provide credit protection on a designated portfolio of loans or debt securities.
At December 31, 2010, the fair value derivative liability was $3.5 billion relating to AIGFP’s super senior multi-sector CDO credit default swap portfolio, net of amounts realized in extinguishing derivative obligations.
Due to the long-term maturities of these credit default swaps, AIG is unable to make reasonable estimates of the periods during which any payments would be made.
However, at December 31, 2010 AIGFP had posted collateral of $3.0 billion with respect to these swaps (prior to offsets for other transactions).
Borrowings AIG’s borrowings exclude those incurred by consolidated investments and include hybrid financial instrument liabilities recorded at fair value.
The repayment of long-term debt maturities and interest accrued on borrowings by AIG and its subsidiaries is expected to be made through maturing investments and asset sales, future cash flows from operations, cash flows generated from invested assets, future debt issuance and other financing arrangements, as more fully described in Liquidity of Parent and Subsidiaries.
Loss Reserves Loss reserves relate primarily to Chartis business, but also include Mortgage Guaranty reserves, and represent future loss and loss adjustment expense payments estimated based on historical loss development payment patterns.
Due to the significance of the assumptions used, the payments by period presented above could be materially different from actual required payments.
Management believes that adequate financial resources are maintained by the individual Chartis and UGC subsidiaries to meet the actual required payments under these obligations.
These subsidiaries maintain substantial liquidity in the form of cash and short-term investments.
Further, these businesses maintain significant levels of investment-grade fixed income securities, including substantial holdings in government and corporate bonds (see Investments herein), which Chartis and UGC could seek to monetize in the event operating cash flows are insufficient.
See Capital Resources and Liquidity — Liquidity — Analysis of Sources and Uses of Cash and Capital Resources and Liquidity — Liquidity — Liquidity of Parent and Subsidiaries for matters that could affect operating cash flows and liquidity of the subsidiaries.
REPUBLIC SERVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits.
Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas.
We provide services to commercial, industrial, municipal and residential customers in the United States and Puerto Rico.
We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables.
We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information.
Accounts Receivable, Net Accounts receivable represent receivables from customers for collection, transfer, recycling, disposal and other services.
Our receivables are recorded when billed or when the related revenue is earned, if earlier, and represent claims against third parties that will be settled in cash.
The carrying value of our receivables, net of the allowance for doubtful accounts and customer credits, represents their estimated net realizable value.
Provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience, the age of the receivables, specific customer information and economic conditions.
We also review outstanding balances on an account-specific basis.
In general, reserves are provided for accounts receivable in excess of 90 days outstanding.
Past due receivable balances are written-off when our collection efforts have been unsuccessful in collecting amounts due.
The following table reflects the activity in our allowance for doubtful accounts for the years ended December 31:
## Table 3 ##
Restricted Cash and Marketable Securities As of December 31, 2014, we had $115.6 million of restricted cash and marketable securities.
We obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills, transfer stations, collection and recycling centers.
The funds are deposited directly into trust accounts by the bonding authorities at the time of issuance.
As the use of these funds is contractually restricted, and we do not have the ability to use these funds for general operating purposes, they are classified as restricted cash and marketable securities in our consolidated balance sheets.
In the normal course of business, we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with municipal residential collection contracts, closure or postclosure of landfills, environmental remediation, environmental permits, and business licenses and permits as a financial guarantee of our performance.
At several of our landfills, we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.
Property and Equipment We record property and equipment at cost.
Expenditures for major additions and improvements to facilities are capitalized, while maintenance and repairs are charged to expense as incurred.
When property is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income.

<table><tr><td> At December 31, 2010 </td><td>Credit Exposure as a Percentage of Total Equity<i><sup>(a)</sup></i> </td><td></td></tr><tr><td>Industry Category:</td><td></td><td></td></tr><tr><td>Money center / Global bank groups</td><td>54.9</td><td>%<i><sup>(b)</sup></i></td></tr><tr><td>European regional financial institutions</td><td>11.1</td><td></td></tr><tr><td>Global reinsurance companies</td><td>10.4</td><td></td></tr><tr><td>Global life insurance companies</td><td>9.5</td><td></td></tr><tr><td>North American based regional financial institutions</td><td>6.1</td><td></td></tr><tr><td>Global non-life insurance companies</td><td>4.6</td><td></td></tr><tr><td>Global securities companies</td><td>4.3</td><td></td></tr><tr><td>Supranational Banks</td><td>4.2</td><td></td></tr></table>
<table><tr><td> December 31, <i>(in millions)</i> </td><td>2010</td><td>2009</td></tr><tr><td>Mortgages – commercial</td><td>$13,571</td><td>$16,005</td></tr><tr><td>Mortgages – residential<i><sup>(a)</sup></i></td><td>9</td><td>623</td></tr><tr><td>Life insurance policy loans</td><td>3,133</td><td>6,788</td></tr><tr><td>Collateral, guaranteed, and other commercial loans</td><td>3,521</td><td>4,883</td></tr><tr><td>Total mortgage and other loans receivable</td><td>20,234</td><td>28,299</td></tr><tr><td>Allowance for losses<i><sup>(b)</sup></i></td><td>-867</td><td>-838</td></tr><tr><td>Mortgage and other loans receivable, net</td><td>$19,367</td><td>$27,461</td></tr></table>
<table><tr><td> </td><td> </td><td colspan="4">Payments due by Period</td></tr><tr><td> At December 31, 2010 <i>(in millions)</i> </td><td>Total Payments </td><td>2011 </td><td>2012 - 2013 </td><td>2014 - 2015 </td><td>Thereafter </td></tr><tr><td>Borrowings<i><sup>(a)</sup></i></td><td>$82,862</td><td>$10,323</td><td>$16,031</td><td>$9,223</td><td>$47,285</td></tr><tr><td>FRBNY Credit Facility<i><sup>(b)</sup></i></td><td>20,985</td><td>-</td><td>20,985</td><td>-</td><td>-</td></tr><tr><td>Interest payments on borrowings</td><td>51,940</td><td>4,531</td><td>9,532</td><td>5,963</td><td>31,914</td></tr><tr><td>Loss Reserves</td><td>91,151</td><td>20,235</td><td>25,157</td><td>14,074</td><td>31,685</td></tr><tr><td>Insurance and investment contract liabilities</td><td>462,496</td><td>18,743</td><td>32,916</td><td>30,706</td><td>380,131</td></tr><tr><td>Aircraft purchase commitments</td><td>13,533</td><td>282</td><td>1,742</td><td>3,523</td><td>7,986</td></tr><tr><td>Operating leases</td><td>2,054</td><td>429</td><td>657</td><td>422</td><td>546</td></tr><tr><td>Other long-term obligations<i><sup>(c)</sup></i></td><td>365</td><td>61</td><td>95</td><td>80</td><td>129</td></tr><tr><td>Total<i><sup>(d)</sup></i></td><td>$725,386</td><td>$54,604</td><td>$107,115</td><td>$63,991</td><td>$499,676</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Balance at beginning of year</td><td>$38.3</td><td>$45.3</td><td>$48.1</td></tr><tr><td>Additions charged to expense</td><td>22.6</td><td>16.1</td><td>29.7</td></tr><tr><td>Accounts written-off</td><td>-22.0</td><td>-23.1</td><td>-32.5</td></tr><tr><td>Balance at end of year</td><td>$38.9</td><td>$38.3</td><td>$45.3</td></tr></table>

Question: as of december 31 , 2014 what was the ratio of the restricted cash and marketable securities to the balance in allowance for doubtful accounts
Answer: 2.97172