conflicts amicably and have generally resolved customer and supplier disputes on commercially reasonable terms, such disputes may lead to increased tensions and damaged relationships between ourselves and these entities, some of whom are key customers or suppliers of ours.
In addition, if we are unable to resolve these differences amicably, we may be forced to litigate these disputes in order to enforce or defend our rights.
There can be no assurances as to the outcome of these disputes.
Damaged relationships or litigation with our key customers or suppliers may lead to decreased revenues (including as a result of losing a customer) or increased costs, which could have a material adverse effect on us.
Internet Access to Reports We maintain an internet website at www.
crowncastle.
com.
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K (and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934) are made available, free of charge, through the investor relations section of our internet website at http://investor.
crowncastle.
com/edgar.
cfm as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.
Item 2.
Properties Our principal corporate offices are located in Houston, Texas; Canonsburg, Pennsylvania; Warwick, United Kingdom; and Sydney, Australia.
## Table 0 ##
* We previously owned the 100,250 square foot building in which this leased office space is located.
In March 2003, we sold the building to a third party and entered into a lease for the office space shown above.
In the U. S. , we also lease and maintain five additional regional offices (called “Area Offices”) located in (1) Albany, New York, (2) Alpharetta, Georgia, (3) Charlotte, North Carolina, (4) Louisville, Kentucky and (5) Phoenix, Arizona.
The principal responsibilities of these offices are to manage the leasing of tower space on a local basis, maintain the towers already located in the region and service our customers in the area.
During 2003, we disposed of two office buildings (a 100,250 square foot building in Houston, Texas and a 48,500 square foot building in Canonsburg, Pennsylvania) for which we received total proceeds of approximately $11.7 million.
In the U. K. , we also lease and maintain three regional offices in Altringham, Bristol and Hemel Hempstead, England, which provide service and support for our site rental business.
In addition, we lease approximately 11,300 square feet of office space in central London which we do not use or contemplate using.
The London space is subleased on a short-term basis and the sublease payments offset our current rent obligation under the lease.
In the U. S. , our interests in our tower sites are comprised of a variety of ownership interests, leases created by long-term lease agreements, easements, licenses or rights-of-way granted by government entities.
In the U. S. , 19% of the sites are occupied by guyed towers, which are located on an average of approximately 136,000 square feet of land.
The remaining 81% are non-guyed (monopole, self-support, etc.
), which are located on an average of approximately 20,500 square feet of land.
These tracts support the towers, equipment shelters and, where applicable, guy wires to stabilize the structure.
The actual square footage of any particular site depends on a number of things, including the topography of the site, the size of the area the landlord is willing to lease, the number of customers locating on the tower and the type of structure at the site, as self-supporting and monopole tower structures typically require less land area than a guyed tower.
Our land leases, subleases and licenses generally have five- or ten-year initial terms and frequently contain one or more renewal options.
As of December 31, 2003, 8,855 of our U. S.  sites, or approximately 83% of our U. S.  portfolio, were leased, subleased or licensed, while 1,787 or approximately 17%
ssion of The Capital Markets Company BVBA ("Capco") contingent consideration liability.
(d)Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 815, Derivatives and Hedgingg .
During 2016, 2015 and 2014, the Company engaged in hedging activities relating to its variable rate debt through the use of interest rate swaps.
The Company designates these interest rate swaps as cash flow hedges.
The estimated fair values of the cashh flow hedges are determined using Level 2 type measurements.
They are recorded as an asset or liability of the Company and are included in the accompanying Consolidated Balance Sheets in prepaid expenses and other current assets, other non-current assets, accounts payable and accrued liabilities or other long-term liabilities, as appropriate, and as a component of accumulated other comprehensive earnings, net of deferred taxes.
A portion of the amount included in accumulated other comprehensive earnings is recorded in interest expense as a yield adjustment as interest payments are made onn the Company’s Term and Revolving Loans (Note 10).
The Company’s existing cash flow hedge is highly effective and there was no impact on 2016 earnings due to hedge ineffectiveness.
It is our policy to execute such instruments with credit-worthy banks and not to enter into derivative financial instruments for speculative purposes.
As of December 31, 2016, we believe that our interest rate swap counterparty will be able to fulfill its obligations under our agreement.
The Company's foreign exchange risk management policy permits the use of derivative instruments, such as forward contracts and options, to reduce volatility in the Company's results of operations and/or cash flows resulting from foreign exchange rate fluctuations.
During 2016 and 2015, the Company entered into foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.
As of December 31, 2016 and 2015, the notional amount of these derivatives was approximately $143 million and a $81 million, respectively, and the fair value was nominal.
These derivatives have not been designated as hedges for accounting purposes.
We also use currency forward contracts to manage our exposure to fluctuations in costs caused by variations in Indian Rupee ("IINR") exchange rates.
As of December 31, 2016, the notional amount of these derivatives was approximately $7 million and the fair vallue was less than $1 million, which is included in Prepaid Expenses and Other Current Assets in the Consolidated Balance Sheets.
These INR forward contracts are designated as cash flow hedges.
The fair value of these currency forward contracts is determined using currency u exchange market rates, obtained from reliable, independent, third party banks, at the balance sheet date.
The fair value of forrward contracts is subject to changes in currency exchange rates.
The Company has no ineffectiveness related to its use of currency fforward contracts in connection with INR cash flow hedges.
In September 2015, the Company entered into treasury lock hedges with a total notional amount of $1.0 billion, reducing the risk of changes in the benchmark index component off the 10-year treasury yield.
The Company designated these derivatives as cash flow hedges.
On October 13, 2015, in conjunction with the pricing of the $4.5 billion seniorr notes, the Company terminated these treasury lock contracts for a cash settlement payment of $16 million, which was recorded as a component of Other Comprehensive Earnings and will be reclassified as an adjustment to interest expense over the ten years during which the related interest payments that were hedged will be recognized in income.
(e)Trade Receivables A summary of trade receivables, net, as of December 31, 2016 and 2015 is as follows (in millions):
## Table 1 ##
THE HERSHEY COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) (amounts in thousands, except share data or if otherwise indicated)
## Table 2 ##
“Estimated values” means the fair value for the market-based total shareholder return component of each PSU at the date of grant using a Monte Carlo simulation model; “Dividend yields” means the sum of dividends declared for the four most recent quarterly periods, divided by the average price of our Common Stock for the comparable periods; “Expected volatility” means the historical volatility of our Common Stock over the expected term of each grant.
The fair value of shares vested totaled $28,752, $29,981 and $22,062 in 2018, 2017 and 2016, respectively.
Deferred PSUs, deferred RSUs and deferred stock units representing directors’ fees totaled 303,855 units as of December 31, 2018.
Each unit is equivalent to one share of the Company’s Common Stock.12.
SEGMENT INFORMATION Our organizational structure is designed to ensure continued focus on North America, coupled with an emphasis on profitable growth in our focus international markets.
Our business is organized around geographic regions, which enables us to build processes for repeatable success in our global markets.
As a result, we have defined our operating segments on a geographic basis, as this aligns with how our Chief Operating Decision Maker (“CODM”) manages our business, including resource allocation and performance assessment.
Our North America business, which generates approximately 89% of our consolidated revenue, is our only reportable segment.
None of our other operating segments meet the quantitative thresholds to qualify as reportable segments; therefore, these operating segments are combined and disclosed below as International and Other.  ?
North America - This segment is responsible for our traditional chocolate and non-chocolate confectionery market position, as well as our grocery and growing snacks market positions, in the United States and Canada.
This includes developing and growing our business in chocolate and non-chocolate confectionery, pantry, food service and other snacking product lines.  ?
International and Other - International and Other is a combination of all other operating segments that are not individually material, including those geographic regions where we operate outside of North America.
We currently have operations and manufacture product in China, Mexico, Brazil, India and Malaysia, primarily for consumers in these regions, and also distribute and sell confectionery products in export markets of Asia, Latin America, Middle East, Europe, Africa and other regions.
This segment also includes our global retail operations, including Hershey's Chocolate World stores in Hershey, Pennsylvania, New York City, Las Vegas, Niagara Falls (Ontario) and Singapore, as well as operations associated with licensing the use of certain of the Company's trademarks and products to third parties around the world.
For segment reporting purposes, we use “segment income” to evaluate segment performance and allocate resources.
Segment income excludes unallocated general corporate administrative expenses, unallocated mark-to-market gains and losses on commodity derivatives, business realignment and impairment charges, acquisition-related costs and other unusual gains or losses that are not part of our measurement of segment performance.
These items of our operating income are managed centrally at the corporate level and are excluded from the measure of segment income reviewed by the CODM as well the measure of segment performance used for incentive compensation purposes.
Accounting policies associated with our operating segments are generally the same as those described in Note 1.
Note Regarding Forward-Looking Statements This Annual Report, including the Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to trends in the operations and financial results and the business and the products of MetLife, Inc.  (the “Holding Company”) and its subsidiaries (collectively, “MetLife” or the “Company”), as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend” and other similar expressions.
Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on MetLife, Inc.  and its subsidiaries.
Such forward-looking statements are not guarantees of future performance.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations.
” Selected Financial Data The following selected financial data has been derived from the Company’s audited consolidated financial statements.
The statement of income data for the years ended December 31, 2007, 2006 and 2005 and the balance sheet data as of December 31, 2007 and 2006 have been derived from the Company’s audited financial statements included elsewhere herein.
The statement of income data for the years ended December 31, 2004 and 2003 and the balance sheet data as of December 31, 2005, 2004 and 2003 have been derived from the Company’s audited financial statements not included herein.
The selected financial data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes included elsewhere herein.
Some previously reported amounts have been reclassified to conform with the presentation at and for the year ended December 31, 2007.
## Table 3 ##

<table><tr><td> Location</td><td> Title </td><td></td><td> Size (Sq. Ft.)</td><td> Use </td></tr><tr><td>Houston, TX</td><td>Leased</td><td>*</td><td>24,300</td><td>Corporate office</td></tr><tr><td>Canonsburg, PA</td><td>Owned</td><td></td><td>124,000</td><td>Corporate office</td></tr><tr><td>Warwick, U.K.</td><td>Owned</td><td></td><td>50,000</td><td>Corporate office</td></tr><tr><td>Sydney, Australia</td><td>Leased</td><td></td><td>10,500</td><td>Corporate office</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td></tr><tr><td>Trade receivables — billed</td><td>$1,452</td><td>$1,546</td></tr><tr><td>Trade receivables — unbilled</td><td>228</td><td>201</td></tr><tr><td>Total trade receivables</td><td>1,680</td><td>1,747</td></tr><tr><td>Allowance for doubtful accounts</td><td>-41</td><td>-16</td></tr><tr><td>Total trade receivables, net</td><td>$1,639</td><td>$1,731</td></tr></table>
<table><tr><td>For the years ended December 31,</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Units granted</td><td>457,315</td><td>478,044</td><td>545,750</td></tr><tr><td>Weighted-average fair value at date of grant</td><td>$97.86</td><td>$110.97</td><td>$93.55</td></tr><tr><td>Monte Carlo simulation assumptions:</td><td></td><td></td><td></td></tr><tr><td>Estimated values</td><td>$29.17</td><td>$46.85</td><td>$38.02</td></tr><tr><td>Dividend yields</td><td>2.6%</td><td>2.3%</td><td>2.5%</td></tr><tr><td>Expected volatility</td><td>20.4%</td><td>20.4%</td><td>17.0%</td></tr></table>
<table><tr><td></td><td colspan="5">Years Ended December 31,</td></tr><tr><td></td><td>2007</td><td>2006</td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td> Statement of Income Data -1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues -2 (3):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$27,895</td><td>$26,412</td><td>$24,860</td><td>$22,200</td><td>$20,575</td></tr><tr><td>Universal life and investment-type product policy fees</td><td>5,311</td><td>4,780</td><td>3,828</td><td>2,867</td><td>2,495</td></tr><tr><td>Net investment income</td><td>19,006</td><td>17,082</td><td>14,756</td><td>12,261</td><td>11,373</td></tr><tr><td>Other revenues</td><td>1,533</td><td>1,362</td><td>1,271</td><td>1,198</td><td>1,199</td></tr><tr><td>Net investment gains (losses)</td><td>-738</td><td>-1,382</td><td>-86</td><td>175</td><td>-551</td></tr><tr><td>Total revenues</td><td>53,007</td><td>48,254</td><td>44,629</td><td>38,701</td><td>35,091</td></tr><tr><td>Expenses -2 (3):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder benefits and claims</td><td>27,828</td><td>26,431</td><td>25,506</td><td>22,662</td><td>20,811</td></tr><tr><td>Interest credited to policyholder account balances</td><td>5,741</td><td>5,171</td><td>3,887</td><td>2,997</td><td>3,035</td></tr><tr><td>Policyholder dividends</td><td>1,726</td><td>1,701</td><td>1,679</td><td>1,666</td><td>1,731</td></tr><tr><td>Other expenses</td><td>11,673</td><td>10,783</td><td>9,264</td><td>7,813</td><td>7,168</td></tr><tr><td>Total expenses</td><td>46,968</td><td>44,086</td><td>40,336</td><td>35,138</td><td>32,745</td></tr><tr><td>Income from continuing operations before provision for income tax</td><td>6,039</td><td>4,168</td><td>4,293</td><td>3,563</td><td>2,346</td></tr><tr><td>Provision for income tax -2</td><td>1,759</td><td>1,097</td><td>1,222</td><td>991</td><td>580</td></tr><tr><td>Income from continuing operations</td><td>4,280</td><td>3,071</td><td>3,071</td><td>2,572</td><td>1,766</td></tr><tr><td>Income from discontinued operations, net of income tax -2</td><td>37</td><td>3,222</td><td>1,643</td><td>272</td><td>477</td></tr><tr><td>Income before cumulative effect of a change in accounting, net of income tax</td><td>4,317</td><td>6,293</td><td>4,714</td><td>2,844</td><td>2,243</td></tr><tr><td>Cumulative effect of a change in accounting, net of income tax -3</td><td>—</td><td>—</td><td>—</td><td>-86</td><td>-26</td></tr><tr><td>Net income</td><td>4,317</td><td>6,293</td><td>4,714</td><td>2,758</td><td>2,217</td></tr><tr><td>Preferred stock dividends</td><td>137</td><td>134</td><td>63</td><td>—</td><td>—</td></tr><tr><td>Charge for conversion of company-obligated mandatorily redeemable securities of a subsidiary trust</td><td>—</td><td>—</td><td>—</td><td>—</td><td>21</td></tr><tr><td>Net income available to common shareholders</td><td>$4,180</td><td>$6,159</td><td>$4,651</td><td>$2,758</td><td>$2,196</td></tr></table>

Question: what is the percentage change in total trade net receivables?
Answer: -0.05315