THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2011, 2010, AND 2009 The current income taxes receivable and payable are included in Other Current Assets and Accrued and Other Liabilities, respectively, on the accompanying Consolidated Balance Sheets.
The noncurrent income taxes receivable and payable are included in Other Assets and Other Long-Term Liabilities, respectively, on the accompanying Consolidated Balance Sheets.
The following table summarizes the income taxes receivable and payable as of December 31, 2011 and 2010:
## Table 0 ##
DEFERRED INCOME TAXES—Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating loss and tax credit carryforwards.
These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered.
As of December 31, 2011, the Company had federal net operating loss carryforwards for tax purposes of approximately $2.1 billion expiring in years 2023 to 2031.
Approximately $73 million of the net operating loss carryforward related to stock option deductions will be recognized in additional paid-in capital when realized.
The Company also had federal general business tax credit carryforwards of approximately $18 million expiring primarily from 2020 to 2031, and federal alternative minimum tax credits of approximately $5 million that carryforward without expiration.
The Company had state net operating loss carryforwards as of December 31, 2011 of approximately $5.0 billion expiring in years 2013 to 2031.
As of December 31, 2011, the Company had foreign net operating loss carryforwards of approximately $3.1 billion that expire at various times beginning in 2012 and some of which carryforward without expiration, and tax credits available in foreign jurisdictions of approximately $23 million, $1 million of which expire in 2012 to 2014, $4 million of which expire in 2015 to 2022 and $18 million of which carryforward without expiration.
Valuation allowances decreased $374 million during 2011 to $0.9 billion at December 31, 2011.
This net decrease was primarily the result of the release of a valuation allowance against certain foreign operating loss carryforwards which were written off in 2011 and a release of a valuation allowance at one of our Brazillian subsidiaries.
Valuation allowances decreased $322 million during 2010 to $1.3 billion at December 31, 2010.
This net decrease was primarily the result of the release of valuation allowances against deferred tax assets at foreign subsidiaries.
The Company believes that it is more likely than not that the net deferred tax assets as shown below will be realized when future taxable income is generated through the reversal of existing taxable temporary differences and income that is expected to be generated by businesses that have long-term contracts or a history of generating taxable income.
The Company continues to monitor the utilization of its deferred tax asset for its U. S.  consolidated net operating loss carryforward.
Although management believes it is more likely
to our stockholders in the event of liquidation.
Holders of common stock have no preemptive, subscription, redemption, or conversion rights.
The holders of common stock do not have cumulative voting rights.
The holders of a majority of the shares of common stock can elect all of the directors and can control our management and affairs.
We did not repurchase any shares of our common stock during 2007 or 2006.
We repurchased approximately 25 million shares of our common stock at an aggregate cost of $734 million in 2005.
Approximately 37 million shares remain under previous share repurchase authorizations.
Repurchased shares are available for reissuance under our equity incentive plans and for general corporate purposes, including acquisitions and alliances.
There were no shares remaining in treasury at December 31, 2007 due to reissuance.
Note N – Stock Ownership Plans Employee and Director Stock Incentive Plans Our 2000 and 2003 Long-Term Incentive Plans (the Plans) provide for the issuance of up to 90 million shares of common stock.
Together, the Plans cover officers, directors, employees and consultants and provide for the grant of various incentives, including qualified and nonqualified options, deferred stock units, stock grants, share appreciation rights, performance-based awards and market-based awards.
The Executive Compensation and Human Resources Committee of the Board of Directors, consisting of independent, non-employee directors, may authorize the issuance of common stock and authorize cash awards under the plans in recognition of the achievement of long-term performance objectives established by the Committee.
Nonqualified options issued to employees are generally granted with an exercise price equal to the market price of our stock on the grant date, vest over a four-year service period, and have a ten-year contractual life.
In the case of qualified options, if the recipient owns more than ten percent of the voting power of all classes of stock, the option granted will be at an exercise price of 110 percent of the fair market value of our common stock on the date of grant and will expire over a period not to exceed five years.
Non-vested stock awards (awards other than options) issued to employees are generally granted with an exercise price of zero and typically vest in four to five equal installments over a five-year service period.
These awards represent our commitment to issue shares to recipients after a vesting period.
Upon each vesting date, such awards are no longer subject to risk of forfeiture and we issue shares of our common stock to the recipient.
We generally issue shares for option exercises and non-vested stock from our treasury, if available.
During 2004, the FASB issued Statement No.123(R), ShareBased Payment, which is a revision of Statement No.123, Accounting for Stock-Based Compensation.
Statement No.123(R) supersedes APB Opinion No.25, Accounting for Stock Issued to Employees, and amends Statement No.95, Statement of Cash Flows.
In general, Statement No.123(R) contains similar accounting concepts as those described in Statement No.123.
However, Statement No.123(R) requires that we recognize all share-based payments to employees, including grants of employee stock options, in our consolidated statements of operations based on their fair values.
Pro forma disclosure is no longer an alternative.
We adopted Statement No.123(R) on January 1, 2006 using the modified-prospective method, which is a method in which compensation cost is recognized beginning with the effective date (i) based on the requirements of Statement No.123(R) for all share-based payments granted after the effective date and (ii) based on the requirements of Statement No.123 for all awards granted to employees prior to the effective date of Statement No.123(R) that were unvested on the effective date.
In accordance with this method of adoption, we have not restated prior period results of operations and financial position to reflect the impact of stock-based compensation expense.
Prior to the adoption of Statement No.123(R), we accounted for options using the intrinsic value method under the guidance of APB Opinion No.25, and provided pro forma disclosure as allowed by Statement No.123.
The following presents the impact of stock-based compensation on our consolidated statements of operations for the years ended December 31, 2007 and 2006 for options and restricted stock awards:
## Table 1 ##
it can issue debt securities, preferred stock, common stock, warrants, share purchase contracts or share purchase units without a predetermined limit.
Securities can be sold in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Emerson’s financial structure provides the flexibility necessary to achieve its strategic objectives.
The Company has been successful in efficiently deploying cash where needed worldwide to fund operations, complete acquisitions and sustain long-term growth.
At September 30, 2017, $3.1 billion of the Company’s cash was held outside the U. S.  (primarily in Europe and Asia), $1.4 billion of which income taxes have been provided for, and was generally available for repatriation to the U. S.  Under current tax law, repatriated cash may be subject to U. S.  federal income taxes, net of available foreign tax credits.
The Company routinely repatriates a portion of its non-U.
S.  cash from earnings each year, or otherwise when it can be accomplished tax efficiently, and provides for U. S.  income taxes as appropriate.
The Company has been able to readily meet all its funding requirements and currently believes that sufficient funds will be available to meet the Company’s needs in the foreseeable future through operating cash flow, existing resources, short- and long-term debt capacity or backup credit lines.
CONTRACTUAL OBLIGATIONS At September 30, 2017, the Company’s contractual obligations, including estimated payments, are as follows:
## Table 2 ##
Purchase obligations consist primarily of inventory purchases made in the normal course of business to meet operational requirements.
The table above does not include $2.0 billion of other noncurrent liabilities recorded in the balance sheet and summarized in Note 19, which consist primarily of pension and postretirement plan liabilities, deferred income taxes and unrecognized tax benefits, because it is not certain when these amounts will become due.
See Notes 11 and 12 for estimated future benefit payments and Note 14 for additional information on deferred income taxes.
FINANCIAL INSTRUMENTS The Company is exposed to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices, and selectively uses derivative financial instruments, including forwards, swaps and purchased options to manage these risks.
The Company does not hold derivatives for trading or speculative purposes.
The value of derivatives and other financial instruments is subject to change as a result of market movements in rates and prices.
Sensitivity analysis is one technique used to forecast the impact of these movements.
Based on a hypothetical 10 percent increase in interest rates, a 10 percent decrease in commodity prices or a 10 percent weakening in the U. S.  dollar across all currencies, the potential losses in future earnings, fair value or cash flows are not material.
Sensitivity analysis has limitations; for example, a weaker U. S.  dollar would benefit future earnings through favorable translation of non-U.
S.  operating results, and lower commodity prices would benefit future earnings through lower cost of sales.
See Notes 1, and 8 through 10.
Critical Accounting Policies Preparation of the Company’s financial statements requires management to make judgments, assumptions and estimates regarding uncertainties that could affect reported revenue, expenses, assets, liabilities and equity.
Note 1 describes the significant accounting policies used in preparation of the consolidated financial statements.
The most significant areas where management judgments and estimates impact the primary financial statements are described below.
Actual results in these areas could differ materially from management’s estimates under different assumptions or conditions.
REVENUE RECOGNITION The Company recognizes a large majority of its revenue through the sale of manufactured products and records the sale when products are shipped or delivered, title and risk of loss pass to the customer, and collection is reasonably assured.
In certain circumstances, revenue is recognized using the percentage-ofcompletion method, as performance occurs, or in accordance with ASC 985-605 related to software.
Sales arrangements sometimes involve delivering multiple elements, which requires management judgment that affects the amount and timing of revenue recognized.
In these instances, the revenue assigned to each element is based on vendor-specific objective evidence, third-party evidence or a management estimate of the relative selling price.
Revenue is recognized for delivered elements if they have value to the customer on a stand-alone basis and performance related to the undelivered items is probable and substantially in the Company’s control, or the undelivered elements are inconsequential or perfunctory and there are no unsatisfied contingencies related to payment.
The vast majority of deliverables are tangible products, with a smaller portion attributable to installation, service or maintenance.
Management believes that all relevant criteria and conditions are considered when recognizing revenue.
## Table 3 ##
As a result of the extraordinary market conditions that began in late 2008, we experienced decreasing yields on our other limited partnership interests and cash, cash equivalents and short-term investments.
The decreased yields resulted in a $403 million decrease in investment results, despite the positive impact of a higher asset base resulting from the investment of a portion of the proceeds from debt issuances in 2008 and late 2007.
These lower investment results were the primary driver of the $667 million decline in operating earnings available to common shareholders as compared to 2007.
Increases in interest expense, corporate expenses and legal costs also contributed to the decline in operating earnings (loss).
Higher interest expense was the result of the various debt issuances in 2008 and late 2007.
The implementation of our Operational Excellence initiative resulted in higher postemployment related costs.
In addition, corporate support expenses, including incentive compensation, rent, advertising, and information technology costs, were higher than in 2007.
Lastly, legal costs were higher due primarily to the commutation of three asbestos-related excess insurance policies.
The increases in these corporate expenses were partially offset by a reduction in deferred compensation costs.
Banking results improved operating earnings by $21 million primarily due to the acquisitions made by MetLife Bank in 2008.
See Note 2 of the Notes to the Consolidated Financial Statements.
Effects of Inflation The Company does not believe that inflation has had a material effect on its consolidated results of operations, except insofar as inflation may affect interest rates.
Inflation in the United States has remained contained and been in a general downtrend for an extended period.
However, in light of recent and ongoing aggressive fiscal and monetary stimulus measures by the U. S.  federal government and foreign governments, it is possible that inflation could increase in the future.
An increase in inflation could affect our business in several ways.
During inflationary periods, the value of fixed income investments falls which could increase realized and unrealized losses.
Inflation also increases expenses for labor and other materials, potentially putting pressure on profitability if such costs can not be passed through in our product prices.
Inflation could also lead to increased costs for losses and loss adjustment expenses in our Auto & Home business, which could require us to adjust our pricing to reflect our expectations for future inflation.
If actual inflation exceeds the expectations we use in pricing our policies, the profitability of our Auto & Home business would be adversely affected.
Prolonged and elevated inflation could adversely affect the financial markets and the economy generally, and dispelling it may require governments to pursue a restrictive fiscal and monetary policy, which could constrain overall economic activity, inhibit revenue growth and reduce the number of attractive investment opportunities.
Investments Investment Risks.
The Company’s primary investment objective is to optimize, net of income tax, risk-adjusted investment income and risk-adjusted total return while ensuring that assets and liabilities are managed on a cash flow and duration basis.
The Company is exposed to four primary sources of investment risk: ?
credit risk, relating to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest; ?
interest rate risk, relating to the market price and cash flow variability associated with changes in market interest rates; ?
liquidity risk, relating to the diminished ability to sell certain investments in times of strained market conditions; and ?
market valuation risk, relating to the variability in the estimated fair value of investments associated with changes in market factors such as credit spreads.
The Company manages risk through in-house fundamental analysis of the underlying obligors, issuers, transaction structures and real estate properties.
The Company also manages credit risk, market valuation risk and liquidity risk through industry and issuer diversification

<table><tr><td></td><td colspan="2"> December 31,</td></tr><tr><td></td><td> 2011</td><td> 2010</td></tr><tr><td></td><td colspan="2"> (in millions)</td></tr><tr><td>Income taxes receivable—current</td><td>$565</td><td>$504</td></tr><tr><td>Income taxes receivable—noncurrent</td><td>21</td><td>21</td></tr><tr><td>Total income taxes receivable</td><td>$586</td><td>$525</td></tr><tr><td>Income taxes payable—current</td><td>$773</td><td>$678</td></tr><tr><td>Income taxes payable—noncurrent</td><td>3</td><td>5</td></tr><tr><td>Total income taxes payable</td><td>$776</td><td>$683</td></tr></table>
<table><tr><td></td><td colspan="2">Year EndedDecember 31,</td></tr><tr><td>(in millions)</td><td>2007</td><td>2006</td></tr><tr><td>Cost of products sold</td><td>$19</td><td>$15</td></tr><tr><td>Selling, general and administrative expenses</td><td>76</td><td>74</td></tr><tr><td>Research and development expenses</td><td>27</td><td>24</td></tr><tr><td></td><td>122</td><td>113</td></tr><tr><td>Income tax benefit</td><td>35</td><td>32</td></tr><tr><td></td><td>$87</td><td>$81</td></tr><tr><td>Net income (loss) per common share - basic</td><td>$0.06</td><td>$0.06</td></tr><tr><td>Net income (loss) per common share - assuming dilution</td><td>$0.06</td><td>$0.06</td></tr></table>
<table><tr><td></td><td>Amounts Due By Period</td></tr><tr><td>(dollars in millions)</td><td>Total</td><td>Less Than 1 Year</td><td>1 - 3Years</td><td>3 - 5Years</td><td>More Than5 Years</td></tr><tr><td>Long-term Debt (including Interest)</td><td>$5,342</td><td>428</td><td>1,434</td><td>966</td><td>2,514</td></tr><tr><td>Operating Leases</td><td>536</td><td>171</td><td>206</td><td>80</td><td>79</td></tr><tr><td>Purchase Obligations</td><td>746</td><td>655</td><td>71</td><td>14</td><td>6</td></tr><tr><td>Total</td><td>$6,624</td><td>1,254</td><td>1,711</td><td>1,060</td><td>2,599</td></tr></table>
<table><tr><td></td><td colspan="2">Years Ended December 31,</td><td></td><td></td></tr><tr><td></td><td>2008</td><td>2007</td><td>Change</td><td>% Change</td></tr><tr><td></td><td colspan="3">(In millions)</td><td></td></tr><tr><td> Operating Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$27</td><td>$35</td><td>$-8</td><td>-22.9%</td></tr><tr><td>Net investment income</td><td>808</td><td>1,428</td><td>-620</td><td>-43.4%</td></tr><tr><td>Other revenues</td><td>184</td><td>72</td><td>112</td><td>155.6%</td></tr><tr><td>Total operating revenues</td><td>1,019</td><td>1,535</td><td>-516</td><td>-33.6%</td></tr><tr><td> Operating Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder benefits and claims and policyholder dividends</td><td>46</td><td>46</td><td>—</td><td>—%</td></tr><tr><td>Interest credited to policyholder account balances</td><td>7</td><td>—</td><td>7</td><td>—%</td></tr><tr><td>Interest credited to bank deposits</td><td>166</td><td>200</td><td>-34</td><td>-17.0%</td></tr><tr><td>Capitalization of DAC</td><td>-3</td><td>-8</td><td>5</td><td>62.5%</td></tr><tr><td>Amortization of DAC and VOBA</td><td>5</td><td>11</td><td>-6</td><td>-54.5%</td></tr><tr><td>Interest expense</td><td>1,033</td><td>875</td><td>158</td><td>18.1%</td></tr><tr><td>Other expenses</td><td>699</td><td>328</td><td>371</td><td>113.1%</td></tr><tr><td>Total operating expenses</td><td>1,953</td><td>1,452</td><td>501</td><td>34.5%</td></tr><tr><td>Provision for income tax expense (benefit)</td><td>-495</td><td>-157</td><td>-338</td><td>-215.3%</td></tr><tr><td>Operating earnings</td><td>-439</td><td>240</td><td>-679</td><td>-282.9%</td></tr><tr><td>Preferred stock dividends</td><td>125</td><td>137</td><td>-12</td><td>-8.8%</td></tr><tr><td>Operating earnings available to common shareholders</td><td>$-564</td><td>$103</td><td>$-667</td><td>-647.6%</td></tr></table>

Question: What is the value of the Total operating revenues in the Year where Operating earnings is positive? (in million)
Answer: 1535