Capital Investment.
Our business is not capital intensive.
Capital expenditures totaled $99.9 million and $123.2 million in fiscal years 2016 and 2015, respectively.
Our capital expenditures relate primarily to recurring improvements to retail offices, as well as investments in computers, software and related assets.
We expended net cash totaling $88.8 million and $113.3 million in fiscal years 2016 and 2015 in connection with acquired businesses.
We routinely acquire competitor tax businesses and franchisees, and recurring capital allocated to acquisitions consists primarily of this activity.
In fiscal year 2014, we also acquired the assets, primarily purchased technology, of a business for $30.3 million.
FINANCING RESOURCES – On September 25, 2015, we issued $650.0 million of 4.125% Senior Notes due October 1, 2020, and $350.0 million of 5.250% Senior Notes due October 1, 2025.
Proceeds of these Senior Notes, and cash on hand, were used to repurchase shares, as discussed in Item 8, note 10 to the consolidated financial statements.
Our new 2015 CLOC has capacity up to $2.0 billion, and is scheduled to expire in September 2020.
We intend to borrow amounts under the 2015 CLOC from time to time, rather than issuing commercial paper, to support our working capital needs or for other general corporate purposes.
As of April 30, 2016, amounts available to borrow under the 2015 CLOC were limited by the debt-to-EBITDA covenant in the 2015 CLOC Agreement to approximately $1.2 billion, however, our cash needs at April 30 generally do not require us to borrow on our CLOC at that time.
We had no outstanding balance under the 2015 CLOC as of April 30, 2016.
See Item 8, note 8 to the consolidated financial statements for discussion of the Senior Notes and our 2015 CLOC.
Our 5.125% Senior Notes with a principal amount of $400 million matured in October 2014 and, utilizing available cash on hand, we repaid them according to their terms.
The following table provides ratings for debt issued by Block Financial as of April 30, 2016 and 2015:
## Table 0 ##
(1) Outlook of Negative effective June 10, 2016.
CASH AND INVESTMENT SECURITIES – As of April 30, 2016, we held cash and cash equivalents of $896.8 million, including $104.5 million held by our foreign subsidiaries.
As discussed above, we liquidated the AFS securities previously held by HRB Bank in connection with the closing of the P&A Transaction on August 31, 2015.
Foreign Operations.
Seasonal borrowing needs of our Canadian operations are typically funded by our U. S.  operations.
To mitigate foreign currency exchange rate risk, we sometimes enter into foreign exchange forward contracts.
There were no forward contracts outstanding as of April 30, 2016.
As of April 30, 2016, our Canadian operations had repaid their U. S.  dollar denominated borrowings owed to various U. S.  subsidiaries.
Non-borrowed funds would have to be repatriated to be available to fund domestic operations, and in certain circumstances this would trigger additional income taxes on those amounts.
We do not currently intend to repatriate any non-borrowed funds held by our foreign subsidiaries.
The impact of changes in foreign exchange rates during the period on our international cash balances resulted in a decrease of $10.6 million during fiscal year 2016 compared to decreases of $10.0 million and $17.6 million in fiscal years 2015 and 2014, respectively.
This change resulted primarily from a decline in Canadian exchange rates.
MARKET RISK MANAGEMENT – EQUITY AND OTHER INVESTMENT RISK Equity investment risk is the risk of potential losses associated with investing in both private and public equity markets.
PNC invests primarily in private equity markets.
In addition to extending credit, taking deposits, and underwriting and trading financial instruments, we make and manage direct investments in a variety of transactions, including management buyouts, recapitalizations, and growth financings in a variety of industries.
We also have investments in affiliated and nonaffiliated funds that make similar investments in private equity and in debt and equity-oriented hedge funds.
The economic and/or book value of these investments and other assets such as loan servicing rights are directly affected by changes in market factors.
The primary risk measurement for equity and other investments is economic capital.
Economic capital is a common measure of risk for credit, market and operational risk.
It is an estimate of the potential value depreciation over a one year horizon commensurate with solvency expectations of an institution rated single-A by the credit rating agencies.
Given the illiquid nature of many of these types of investments, it can be a challenge to determine their fair values.
See Note 9 Fair Value in the Notes To Consolidated Financial Statements in Item 8 of this Report for additional information.
Various PNC business units manage our equity and other investment activities.
Our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines.
A summary of our equity investments follows: Table 55: Equity Investments Summary
## Table 1 ##
BLACKROCK PNC owned approximately 36 million common stock equivalent shares of BlackRock equity at December 31, 2013, accounted for under the equity method.
The primary risk measurement, similar to other equity investments, is economic capital.
The Business Segments Review section of this Item 7 includes additional information about BlackRock.
TAX CREDIT INVESTMENTS Included in our equity investments are tax credit investments which are accounted for under the equity method.
These investments, as well as equity investments held by consolidated partnerships, totaled $2.7 billion at December 31, 2013 and $3.0 billion at December 31, 2012.
These equity investment balances include unfunded commitments totaling $802 million and $685 million at December 31, 2013 and December 31, 2012, respectively.
These unfunded commitments are included in Other Liabilities on our Consolidated Balance Sheet.
Note 3 Loan Sale and Servicing Activities and Variable Interest Entities in the Notes To Consolidated Financial Statements in Item 8 of this Report has further information on Tax Credit Investments.
See also the Critical Accounting Estimates And Judgments section of this Item 7 regarding ASU 2014-01 and our intention to early adopt this guidance in the first quarter of 2014.
PRIVATE EQUITY The private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry, stage and type of investment.
Private equity investments carried at estimated fair value totaled $1.7 billion at December 31, 2013 and $1.8 billion at December 31, 2012.
As of December 31, 2013, $1.1 billion was invested directly in a variety of companies and $.6 billion was invested indirectly through various private equity funds.
Included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes.
The noncontrolling interests of these funds totaled $236 million as of December 31, 2013.
The interests held in indirect private equity funds are not redeemable, but PNC may receive distributions over the life of the partnership from liquidation of the underlying investments.
See Item 1 Business – Supervision and Regulation and Item 1A Risk Factors of this Report for discussion of the potential impacts of the Volcker Rule provisions of Dodd-Frank on our interests in and sponsorship of private funds covered by the Volcker Rule.
Our unfunded commitments related to private equity totaled $164 million at December 31, 2013 compared with $182 million at December 31, 2012.
VISA During 2013, we sold 4 million of Visa Class B common shares, in addition to the 9 million shares sold in 2012, and entered into swap agreements with the purchaser of the shares.
See Note 9 Fair Value and Note 17 Financial Derivatives in the Notes To Consolidated Financial Statements in Item 8 of this Report for additional information.
At December 31, 2013, our investment in Visa Class B common shares totaled approximately 10 million shares and was recorded at $158 million.
Based on the December 31, 2013 closing price of $222.68 for the Visa Class A common shares, the fair value of our total investment was approximately $971 million at the
NONPERFORMING ASSETS AND RELATED INFORMATION
## Table 2 ##
(a) Excludes most consumer loans and lines of credit, not secured by residential real estate, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.
(b) Pursuant to alignment with interagency supervisory guidance on practices for loans and lines of credit related to consumer lending in the first quarter of 2013, nonperforming home equity loans increased $214 million, nonperforming residential mortgage loans increased $187 million and nonperforming other consumer loans increased $25 million.
Charge-offs were taken on these loans where the fair value less costs to sell the collateral was less than the recorded investment of the loan and were $134 million.
(c) In the first quarter of 2012, we adopted a policy stating that Home equity loans past due 90 days or more would be placed on nonaccrual status.
Prior policy required that these loans be past due 180 days before being placed on nonaccrual status.
(d) Effective in the second quarter 2011, the commercial nonaccrual policy was applied to certain small business credit card balances.
This change resulted in loans being placed on nonaccrual status when they become 90 days or more past due.
We continue to charge off these loans at 180 days past due.
(e) Pursuant to regulatory guidance, issued in the third quarter of 2012, nonperforming consumer loans, primarily home equity and residential mortgage, increased $288 million in 2012 related to changes in treatment of certain loans classified as TDRs, net of charge-offs, resulting from bankruptcy where no formal reaffirmation was provided by the borrower and therefore a concession has been granted based upon discharge from personal liability.
Charge-offs have been taken where the fair value less costs to sell the collateral was less than the recorded investment of the loan and were $128.1 million.
(f) Includes TDRs of $1,511 million at December 31, 2013, $1,589 million at December 31, 2012, $1,141 million at December 31, 2011, $784 million at December 31, 2010 and $440 million at December 31, 2009, respectively.
Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale, loans accounted for under the fair value option and purchased impaired loans.
(g) OREO excludes $245 million, $380 million, $280 million, $178 million and $112 million at December 31, 2013, December 31, 2012, December 31, 2011, December 31, 2010 and December 31, 2009, respectively, related to residential real estate that was acquired by us upon foreclosure of serviced loans because they are insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA).
(h) Amounts include certain government insured or guaranteed consumer loans totaling $995 million, $2,236 million, $2,474 million, $2,167 million and $1,814 million at December 31, 2013, December 31, 2012, December 31, 2011, December 31, 2010 and December 31, 2009, respectively.
Past due loan amounts exclude purchased impaired loans as they are considered current loans due to the accretion of interest income.
(i) Amounts include certain government insured or guaranteed consumer loans held for sale totaling $4 million, zero, $15 million, $22 million and $27 million at December 31, 2013, December 31, 2012, December 31, 2011, December 31, 2010 and December 31, 2009, respectively.

<table><tr><td>As of</td><td colspan="3">April 30, 2016</td><td colspan="3">April 30, 2015</td></tr><tr><td></td><td>Short-term</td><td>Long-term</td><td>Outlook</td><td>Short-term</td><td>Long-term</td><td>Outlook</td></tr><tr><td>Moody's</td><td>P-3</td><td>Baa3</td><td>Stable</td><td>P-2</td><td>Baa2</td><td>Stable</td></tr><tr><td>S&P<sup>-1</sup></td><td>A-2</td><td>BBB</td><td>Stable</td><td>A-2</td><td>BBB</td><td>Negative</td></tr></table>
<table><tr><td>In millions</td><td>December 312013</td><td>December 312012</td></tr><tr><td>BlackRock</td><td>$5,940</td><td>$5,614</td></tr><tr><td>Tax credit investments</td><td>2,676</td><td>2,965</td></tr><tr><td>Private equity</td><td>1,656</td><td>1,802</td></tr><tr><td>Visa</td><td>158</td><td>251</td></tr><tr><td>Other</td><td>234</td><td>245</td></tr><tr><td>Total</td><td>$10,664</td><td>$10,877</td></tr></table>
<table><tr><td>December 31 – dollars in millions</td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Nonperforming loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$457</td><td>$590</td><td>$899</td><td>$1,253</td><td>$1,806</td></tr><tr><td>Commercial real estate</td><td>518</td><td>807</td><td>1,345</td><td>1,835</td><td>2,140</td></tr><tr><td>Equipment lease financing</td><td>5</td><td>13</td><td>22</td><td>77</td><td>130</td></tr><tr><td>Total commercial lending</td><td>980</td><td>1,410</td><td>2,266</td><td>3,165</td><td>4,076</td></tr><tr><td>Consumer lending (a)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity (b) (c)</td><td>1,139</td><td>951</td><td>529</td><td>448</td><td>356</td></tr><tr><td>Residential real estate (b)</td><td>904</td><td>845</td><td>726</td><td>818</td><td>1,203</td></tr><tr><td>Credit card (d)</td><td>4</td><td>5</td><td>8</td><td></td><td></td></tr><tr><td>Other consumer (b)</td><td>61</td><td>43</td><td>31</td><td>35</td><td>36</td></tr><tr><td>Total consumer lending (e)</td><td>2,108</td><td>1,844</td><td>1,294</td><td>1,301</td><td>1,595</td></tr><tr><td>Total nonperforming loans (f)</td><td>3,088</td><td>3,254</td><td>3,560</td><td>4,466</td><td>5,671</td></tr><tr><td>OREO and foreclosed assets</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other real estate owned (OREO) (g)</td><td>360</td><td>507</td><td>561</td><td>589</td><td>484</td></tr><tr><td>Foreclosed and other assets</td><td>9</td><td>33</td><td>35</td><td>68</td><td>49</td></tr><tr><td>Total OREO and foreclosed assets</td><td>369</td><td>540</td><td>596</td><td>657</td><td>533</td></tr><tr><td>Total nonperforming assets</td><td>$3,457</td><td>$3,794</td><td>$4,156</td><td>$5,123</td><td>$6,204</td></tr><tr><td>Nonperforming loans to total loans</td><td>1.58%</td><td>1.75%</td><td>2.24%</td><td>2.97%</td><td>3.60%</td></tr><tr><td>Nonperforming assets to total loans, OREO and foreclosed assets</td><td>1.76</td><td>2.04</td><td>2.60</td><td>3.39</td><td>3.92</td></tr><tr><td>Nonperforming assets to total assets</td><td>1.08</td><td>1.24</td><td>1.53</td><td>1.94</td><td>2.30</td></tr><tr><td>Interest on nonperforming loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Computed on original terms</td><td>$163</td><td>$212</td><td>$278</td><td>$329</td><td>$302</td></tr><tr><td>Recognized prior to nonperforming status</td><td>30</td><td>30</td><td>47</td><td>53</td><td>90</td></tr><tr><td>Past due loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accruing loans past due 90 days or more (h)</td><td>$1,491</td><td>$2,351</td><td>$2,973</td><td>$2,709</td><td>$2,698</td></tr><tr><td>As a percentage of total loans</td><td>.76%</td><td>1.26%</td><td>1.87%</td><td>1.80%</td><td>1.71%</td></tr><tr><td>Past due loans held for sale</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accruing loans held for sale past due 90 days or more (i)</td><td>$4</td><td>$38</td><td>$49</td><td>$65</td><td>$72</td></tr><tr><td>As a percentage of total loans held for sale</td><td>.18%</td><td>1.03%</td><td>1.67%</td><td>1.86%</td><td>2.84%</td></tr></table>

Question: What is the proportion of all Consumer lending (a) that are greater than 400 to the total amount of Consumer lending (a), in 2013?
Answer: 0.96917