income (loss) from continuing operations, net of income tax.
Operating earnings available to common shareholders increased by $1.5 billion to $3.9 billion in 2010 from $2.4 billion in 2009.
Reconciliation of income (loss) from continuing operations, net of income tax, to operating earnings available to common shareholders Year Ended December 31, 2010
## Table 0 ##
Year Ended December 31, 2009
## Table 1 ##
(1) See definitions of operating revenues and operating expenses for the components of such adjustments.
Reconciliation of GAAP revenues to operating revenues and GAAP expenses to operating expenses Year Ended December 31, 2010
## Table 2 ##
sold or repledged by the transferee.
The Company is liable to return to its counterparties the cash collateral under its control.
These transactions are treated as financing arrangements and the associated liability recorded at the amount of the cash received.
See “Investments — Securities Lending” in Note 3 of the Notes to the Consolidated Financial Statements for information regarding the Company’s securities lending program.
The estimated fair value of the securities on loan related to the cash collateral on open at December 31, 2010 was $2,699 million, of which $2,317 million were U. S.  Treasury, agency and government guaranteed securities which, if put to the Company, can be immediately sold to satisfy the cash requirements.
The remainder of the securities on loan were primarily U. S.  Treasury, agency and government guaranteed securities, and very liquid RMBS.
The U. S.  Treasury securities on loan are primarily holdings of on-the-run U. S.  Treasury securities, the most liquid U. S.  Treasury securities available.
If these high quality securities that are on loan are put back to the Company, the proceeds from immediately selling these securities can be used to satisfy the related cash requirements.
The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including RMBS, U. S.  corporate, U. S.  Treasury, agency and government guaranteed, and ABS).
If the on loan securities or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities are put back to the Company.
Security collateral on deposit from counterparties in connection with the securities lending transactions may not be sold or repledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements.
Separately, the Company had $49 million and $46 million, at estimated fair value, of cash and security collateral on deposit from a counterparty to secure its interest in a pooled investment that is held by a third-party trustee, as custodian, at December 31, 2010 and 2009, respectively.
This pooled investment is included within fixed maturity securities and had an estimated fair value of $49 million and $51 million at December 31, 2010 and 2009, respectively.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral See “Investments — Invested Assets on Deposit, Held in Trust and Pledged as Collateral” in Note 3 of the Notes to the Consolidated Financial Statements for a table of the invested assets on deposit, invested assets held in trust and invested assets pledged as collateral at December 31, 2010 and 2009.
See also “— Investments — Securities Lending” for the amount of the Company’s cash and invested assets received from and due back to counterparties pursuant to its securities lending program.
Trading and Other Securities The Company has a trading securities portfolio, principally invested in fixed maturity securities, to support investment strategies that involve the active and frequent purchase and sale of securities (“Actively Traded Securities”) and the execution of short sale agreements.
Trading and other securities also include securities for which the FVO has been elected (“FVO Securities”).
FVO Securities include certain fixed maturity and equity securities held for investment by the general account to support asset and liability matching strategies for certain insurance products.
FVO Securities also include contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation as separate account summary total assets and liabilities.
These investments are primarily mutual funds, and to a lesser extent, fixed maturity and equity securities, short-term investments and cash and cash equivalents.
The investment returns on these investments inure to contractholders and are offset by a corresponding change in PABs through interest credited to PABs.
Changes in estimated fair value of such trading and other securities subsequent to purchase are included in net investment income.
FVO Securities also include securities held by CSEs (former qualifying special purpose entities) with changes in estimated fair value subsequent to consolidation included in net investment gains (losses).
Trading and other securities were $18.6 billion and $2.4 billion, or 3.9% and 0.7% of total cash and invested assets at estimated fair value, at December 31, 2010 and 2009, respectively.
The significant increase in trading and other securities in 2010 was driven primarily by inclusion of ALICO’s contractholder-directed unit-linked investments, and to a lesser extent, growth in this book of business that occurred during the ten month period ended October 31, 2010 prior to the Acquisition.
See “Investments — Trading and Other Securities” in Note 3 of the Notes to the Consolidated Financial Statements for tables which present information about the Actively Traded Securities and FVO Securities, related short sale agreement liabilities, investments pledged to secure short sale agreement liabilities, net investment income, changes in estimated fair value included in net investment income for trading and other securities and changes in estimated fair value included in net investment gains (losses) for FVO Securities held by CSEs at December 31, 2010 and 2009 and for the years ended December 31, 2010, 2009 and 2008.
Trading and other securities and trading (short sale agreement) liabilities, measured at estimated fair value on a recurring basis and their corresponding fair value hierarchy, are presented as follows:
## Table 3 ##
(1) All FVO Securities held by CSEs are classified as Level 2.
(4) Includes securities transferred to the Holding Company of $399 million.
(5) Consists of shares of RGA stock distributed by MLIC to the Holding Company as an in-kind dividend of $1,318 million.
(6) Reflects dividends permitted to be paid and the respective dividends paid since the Acquisition Date.
See Note 2 to the Notes to the Consolidated Financial Statements.
(7) Includes shares of an affiliate distributed to the Holding Company as an in-kind dividend of $475 million.
(8) Includes shares of an affiliate distributed to the Holding Company as an in-kind dividend of $164 million.
In addition to the amounts presented in the table above, for the years ended December 31, 2010, 2009 and 2008, cash dividends in the aggregate amount of $0, $215 million and $235 million, respectively, were paid to the Holding Company.
The dividend capacity of non-U.
S.  operations is subject to similar restrictions established by the local regulators.
The non-U.
S.  regulatory regimes also commonly limit the dividend payments to the parent to a portion of the prior year’s statutory income, as determined by the local accounting principles.
The regulators of the non-U.
S.  operations, including the Japan branch of American Life, may also limit or not permit profit repatriations or other transfers of funds to the U. S.  if such transfers would be detrimental to the solvency or financial strength of the operations of the non-U.
S.  operations, or for other reasons.
Most of the non-U.
S.  subsidiaries are second tier subsidiaries and are not directly owned by the Holding Company.
The capital and rating considerations applicable to the first tier subsidiaries may also impact the dividend flow into the Holding Company.
The Company’s management actively manages its target and excess capital levels and dividend flows on a pro-active basis and forecasts local capital positions as part of the financial planning cycle.
The dividend capacity of certain U. S.  and non-U.
S.  subsidiaries is also subject to business targets in excess of the minimum capital necessary to maintain the desired rating or level of financial strength in the relevant market.
Management of the Holding Company cannot provide assurances that the Holding Company’s subsidiaries will have statutory earnings to support payment of dividends to the Holding Company in an amount sufficient to fund its cash requirements and pay cash dividends and that the applicable regulators will not disapprove any dividends that such subsidiaries must submit for approval.
See Note 18 of the Notes to the Consolidated Financial Statements.
Liquid Assets.
An integral part of the Holding Company’s liquidity management is the amount of liquid assets it holds.
Liquid assets include cash, cash equivalents, short-term investments and publicly-traded securities, excluding: (i) cash collateral received under the Company’s securities lending program that has been reinvested in cash, cash equivalents, short-term investments and publicly-traded securities; and (ii) cash collateral received from counterparties in connection with derivative instruments.
At December 31, 2010 and 2009, the Holding Company had $2.8 billion and $3.8 billion, respectively, in liquid assets.
In addition, the Holding Company has pledged collateral and has had collateral pledged to it, and may be required from time to time to pledge additional collateral or be entitled to have additional collateral pledged to it.
At December 31, 2010 and 2009, the Holding Company had pledged $362 million and $289 million, respectively, of liquid assets under collateral support agreements.
Shelf Registration.
In November 2010, the Holding Company filed a shelf registration statement (the “2010 Shelf Registration Statement”) with the U. S.  Securities and Exchange Commission (“SEC”), which was automatically effective upon filing, in accordance with SEC rules.
SEC rules also allow for pay-as-you-go fees and the ability to add securities by filing automatically effective amendments for companies, such as the Holding Company, which qualify as “Well-Known Seasoned Issuers.
” The 2010 Shelf Registration Statement registered an unlimited amount of debt and equity securities and replaces the shelf registration statement that the Holding Company filed in November 2007, which expired in the fourth quarter of 2010.
The terms of any offering will be established at the time of the offering.
Global Funding Sources.
Liquidity is also provided by a variety of short-term instruments, including commercial paper.
Capital is provided by a variety of instruments, including medium- and long-term debt, junior subordinated debt securities, collateral financing arrangements, capital securities and stockholders’ equity.
The diversity of the Holding Company’s funding sources enhances funding flexibility, limits dependence on any one source of funds and generally lowers the cost of funds.
Other sources of the Holding Company’s liquidity include programs for short-and long-term borrowing, as needed.
We continuously monitor and adjust our liquidity and capital plans for the Holding Company and its subsidiaries in light of changing requirements and market conditions.
Long-term Debt.
The following table summarizes the outstanding long-term debt of the Holding Company at:
## Table 4 ##
(1) Includes $165 million of affiliated senior notes associated with bonds held by ALICO.
Short-term Debt.
MetLife, Inc.  maintains a commercial paper program, proceeds of which can be used to finance the general liquidity needs of MetLife, Inc.  and its subsidiaries.
The Holding Company had no short-term debt outstanding at both December 31, 2010 and 2009.
There was no short-term debt activity in 2010.
During the years ended December 31, 2009 and 2008, the weighted average interest rate on short-term debt, comprised only of commercial paper, was 1.25% and 2.5%, respectively.
During the year ended December 31, 2009, the average daily balance on short-term debt was $5 million, and the average days outstanding was 6 days.
Debt Issuances and Other Borrowings.
For information on debt issuances and other borrowings entered into by the Holding Company, see “— The Company — Liquidity and Capital Sources — Debt Issuances and Other Borrowings.
”
Notes to the Consolidated Financial Statements The Crown Group On October 2, 2017, PPG acquired The Crown Group (“Crown”), a U. S. -based coatings application services business, which is reported as part of PPG's Industrial Coatings reportable segment.
Crown is one of the leading component and product finishers in North America.
Crown applies coatings to customers’ manufactured parts and assembled products at 11 U. S.  sites.
Most of Crown’s facilities, which also provide assembly, warehousing and sequencing services, are located at customer facilities or positioned near customer manufacturing sites.
The company serves manufacturers in the automotive, agriculture, construction, heavy truck and alternative energy industries.
The pro-forma impact on PPG's sales and results of operations, including the pro forma effect of events that are directly attributable to the acquisition, was not significant.
The results of this business since the date of acquisition have been reported within the industrial coatings business within the Industrial Coatings reportable segment.
Taiwan Chlorine Industries Taiwan Chlorine Industries (“TCI”) was established in 1986 as a joint venture between PPG and China Petrochemical Development Corporation (“CPDC”) to produce chlorine-based products in Taiwan, at which time PPG owned 60 percent of the venture.
In conjunction with the 2013 separation of its commodity chemicals business, PPG conveyed to Axiall Corporation ("Axiall") its 60% ownership interest in TCI.
Under PPG’s agreement with CPDC, if certain post-closing conditions were not met following the three year anniversary of the separation, CPDC had the option to sell its 40% ownership interest in TCI to Axiall for $100 million.
In turn, Axiall had a right to designate PPG as its designee to purchase the 40% ownership interest of CPDC.
In April 2016, Axiall announced that CPDC had decided to sell its ownership interest in TCI to Axiall.
In June 2016, Axiall formally designated PPG to purchase the 40% ownership interest in TCI.
In August 2016, Westlake Chemical Corporation acquired Axiall, which became a wholly-owned subsidiary of Westlake.
In April 2017, PPG finalized its purchase of CPDC’s 40% ownership interest in TCI.
The difference between the acquisition date fair value and the purchase price of PPG’s 40% ownership interest in TCI has been recorded as a loss in discontinued operations during the year-ended December 31, 2017.
PPG’s ownership in TCI is accounted for as an equity method investment and the related equity earnings are reported within Other income in the consolidated statement of income and in Legacy in Note 20, “Reportable Business Segment Information.
” MetoKote Corporation In July 2016, PPG completed the acquisition of MetoKote Corporation ("MetoKote"), a U. S. -based coatings application services business.
MetoKote applies coatings to customers' manufactured parts and assembled products.
It operates onsite coatings services within several customer manufacturing locations, as well as at regional service centers, located throughout the U. S. , Canada, Mexico, the United Kingdom, Germany, Hungary and the Czech Republic.
Customers ship parts to METOKOTE?
service centers where they are treated to enhance paint adhesion and painted with electrocoat, powder or liquid coatings technologies.
Coated parts are then shipped to the customer’s next stage of assembly.
MetoKote coats an average of more than 1.5 million parts per day.
The following table summarizes the estimated fair value of assets acquired and liabilities assumed as reflected in the final purchase price allocation for MetoKote.

<table><tr><td></td><td>Insurance Products</td><td>Retirement Products</td><td>Corporate Benefit Funding</td><td>Auto & Home</td><td>International</td><td>Banking, Corporate & Other</td><td>Total</td></tr><tr><td></td><td></td><td></td><td colspan="2">(In millions)</td><td></td><td></td><td></td></tr><tr><td>Income (loss) from continuing operations, net of income tax</td><td>$1,371</td><td>$813</td><td>$1,002</td><td>$295</td><td>$-131</td><td>$-573</td><td>$2,777</td></tr><tr><td>Less: Net investment gains (losses)</td><td>103</td><td>139</td><td>176</td><td>-7</td><td>-273</td><td>-530</td><td>-392</td></tr><tr><td>Less: Net derivative gains (losses)</td><td>215</td><td>266</td><td>-193</td><td>-1</td><td>-491</td><td>-61</td><td>-265</td></tr><tr><td>Less: Adjustments to continuing operations -1</td><td>-237</td><td>-282</td><td>143</td><td>—</td><td>-427</td><td>-178</td><td>-981</td></tr><tr><td>Less: Provision for income tax (expense) benefit</td><td>-31</td><td>-49</td><td>-44</td><td>3</td><td>268</td><td>254</td><td>401</td></tr><tr><td>Operating earnings</td><td>$1,321</td><td>$739</td><td>$920</td><td>$300</td><td>$792</td><td>-58</td><td>4,014</td></tr><tr><td>Less: Preferred stock dividends</td><td></td><td></td><td></td><td></td><td></td><td>122</td><td>122</td></tr><tr><td>Operating earnings available to common shareholders</td><td></td><td></td><td></td><td></td><td></td><td>$-180</td><td>$3,892</td></tr></table>
<table><tr><td></td><td>Insurance Products</td><td>Retirement Products</td><td>Corporate Benefit Funding</td><td>Auto & Home</td><td>International</td><td>Banking, Corporate & Other</td><td>Total</td></tr><tr><td></td><td colspan="7">(In millions)</td></tr><tr><td>Income (loss) from continuing operations, net of income tax</td><td>$-418</td><td>$-628</td><td>$-581</td><td>$321</td><td>$-280</td><td>$-733</td><td>$-2,319</td></tr><tr><td>Less: Net investment gains (losses)</td><td>-472</td><td>-533</td><td>-1,486</td><td>-41</td><td>-105</td><td>-269</td><td>-2,906</td></tr><tr><td>Less: Net derivative gains (losses)</td><td>-1,786</td><td>-1,426</td><td>-421</td><td>39</td><td>-798</td><td>-474</td><td>-4,866</td></tr><tr><td>Less: Adjustments to continuing operations -1</td><td>-139</td><td>519</td><td>125</td><td>—</td><td>-206</td><td>-16</td><td>283</td></tr><tr><td>Less: Provision for income tax (expense) benefit</td><td>837</td><td>504</td><td>621</td><td>1</td><td>366</td><td>354</td><td>2,683</td></tr><tr><td>Operating earnings</td><td>$1,142</td><td>$308</td><td>$580</td><td>$322</td><td>$463</td><td>-328</td><td>2,487</td></tr><tr><td>Less: Preferred stock dividends</td><td></td><td></td><td></td><td></td><td></td><td>122</td><td>122</td></tr><tr><td>Operating earnings available to common shareholders</td><td></td><td></td><td></td><td></td><td></td><td>$-450</td><td>$2,365</td></tr></table>
<table><tr><td></td><td>Insurance Products</td><td>Retirement Products</td><td>Corporate Benefit Funding</td><td>Auto & Home</td><td>International</td><td>Banking, Corporate & Other</td><td>Total</td></tr><tr><td></td><td></td><td></td><td colspan="2">(In millions)</td><td></td><td></td><td></td></tr><tr><td>Total revenues</td><td>$26,451</td><td>$6,881</td><td>$7,540</td><td>$3,146</td><td>$6,794</td><td>$1,905</td><td>$52,717</td></tr><tr><td>Less: Net investment gains (losses)</td><td>103</td><td>139</td><td>176</td><td>-7</td><td>-273</td><td>-530</td><td>-392</td></tr><tr><td>Less: Net derivative gains (losses)</td><td>215</td><td>266</td><td>-193</td><td>-1</td><td>-491</td><td>-61</td><td>-265</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>1</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>1</td></tr><tr><td>Less: Other adjustments to revenues -1</td><td>-144</td><td>-248</td><td>193</td><td>—</td><td>44</td><td>449</td><td>294</td></tr><tr><td>Total operating revenues</td><td>$26,276</td><td>$6,724</td><td>$7,364</td><td>$3,154</td><td>$7,514</td><td>$2,047</td><td>$53,079</td></tr><tr><td>Total expenses</td><td>$24,338</td><td>$5,622</td><td>$5,999</td><td>$2,781</td><td>$6,987</td><td>$3,032</td><td>$48,759</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>90</td><td>35</td><td>—</td><td>—</td><td>-7</td><td>—</td><td>118</td></tr><tr><td>Less: Other adjustments to expenses -1</td><td>4</td><td>-1</td><td>50</td><td>—</td><td>478</td><td>627</td><td>1,158</td></tr><tr><td>Total operating expenses</td><td>$24,244</td><td>$5,588</td><td>$5,949</td><td>$2,781</td><td>$6,516</td><td>$2,405</td><td>$47,483</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2010</td></tr><tr><td></td><td colspan="2">Trading and Other Securities</td><td colspan="2"> Trading Liabilities</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Quoted prices in active markets for identical assets and liabilities (Level 1)</td><td>$6,270</td><td>33.7%</td><td>$46</td><td>100.0%</td></tr><tr><td>Significant other observable inputs (Level 2) (1)</td><td>11,497</td><td>61.9</td><td>—</td><td>—</td></tr><tr><td>Significant unobservable inputs (Level 3)</td><td>822</td><td>4.4</td><td>—</td><td>—</td></tr><tr><td>Total estimated fair value</td><td>$18,589</td><td>100.0%</td><td>$46</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="3"> December 31,</td></tr><tr><td></td><td> 2010</td><td></td><td> 2009</td></tr><tr><td></td><td colspan="3"> (In millions)</td></tr><tr><td>Long-term debt — unaffiliated</td><td>$16,258</td><td></td><td>$10,458</td></tr><tr><td>Long-term debt — affiliated</td><td>$665</td><td>-1</td><td>$500</td></tr><tr><td>Collateral financing arrangements</td><td>$2,797</td><td></td><td>$2,797</td></tr><tr><td>Junior subordinated debt securities</td><td>$1,748</td><td></td><td>$1,748</td></tr></table>

Question: What is the proportion of international to the total in total revenue? (in %)
Answer: 0.12888