Earnings before Income Taxes
## Table 0 ##
* Not Meaningful Investor Communication Solutions Fiscal Year 2009 Compared to Fiscal Year 2008 Net Revenues.
Investor Communication Solutions segment’s Net revenues for the fiscal year ended June 30, 2009 were $1,531.0 million, a decrease of $44.2 million, or 3%, compared to $1,575.2 million for the fiscal year ended June 30, 2008.
The decrease reflects lower net distribution revenues driven by less event-driven activity and higher adoption rates for notice and access, partially offset by increased recurring revenues driven by Net New Business and internal growth.
Net distribution revenues were $756.8 million, a decrease of $51.0 million, or 6%.
Position growth, a key measure in the number of pieces processed, was negative 2% for annual equity proxies and a positive 4% for mutual fund interim communications.
The total number of pieces processed decreased 1% from 1,210.5 million pieces to 1,196.8 million pieces.
Earnings before Income Taxes.
Earnings before income taxes for the fiscal year ended June 30, 2009 were $248.9 million, a decrease of $6.4 million, or 3%, compared to $255.3 million for the fiscal year ended June 30, 2008.
Margin increased 0.1 percentage point compared to the prior year to 16.3%.
Fiscal Year 2008 Compared to Fiscal Year 2007 Net Revenues.
Investor Communication Solutions segment’s Net revenues for the fiscal year ended June 30, 2008 were $1,575.2 million, an increase of $21.0 million, or 1%, compared to $1,554.2 million for the fiscal year ended June 30, 2007.
Of the 1%, increase in net fee revenues contributed 2.0 percentage points and was partially offset by a decrease in net distribution revenues of 1.0 percentage point.
The increase in net fee revenues was driven by internal growth of 3% resulting from gains in processing fees due to the impact of our new notice and access proxy solution, higher suppressions, and higher activity in interim communication services, and transaction reporting and fulfillment.
Net revenues from new sales increased by 1%, driven by transaction reporting and fulfillment; offset by the previously announced loss of a large client (anniversary date of loss was the third quarter of fiscal year 2008), resulting in 1% reduction in net new business.
Net distribution revenues were $807.8 million, a decrease of $13.1 million, or 2%, driven primarily by the impact of our new notice and access proxy solution, higher suppressions, and the previously announced loss of a large client; partially offset by higher rates generated by the U. S.  Postal Service’s postage rate change.
Position growth, which is a measure of how many holders own a security compared to the prior fiscal year and a key factor in the number of pieces processed, was a positive 2% for annual equity proxies and a positive 9% for mutual fund interims.
The number of pieces processed increased 4% from 1,166.8 million pieces to 1,210.5 million pieces.
Earnings before Income Taxes.
Earnings before income taxes for the fiscal year ended June 30, 2008 were $255.3 million, an increase of $28.5 million, or 13%, compared to $226.8 million for the fiscal year ended June 30, 2007.
Margin increased 1.6 percentage points to 16.2% of which higher net fee revenues and operating
NOTE 4.
OTHER EXPENSES, NET Other expenses, net consisted of the following:
## Table 1 ##
NOTE 5.
ACQUISITIONS Assets acquired and liabilities assumed in business combinations were recorded on the Company’s Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates.
The results of operations of businesses acquired by the Company were included in the Company’s Consolidated and Combined Statements of Earnings since their respective dates of acquisition.
The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill.
The Company acquired one business in the Investor Communication Solutions segment in fiscal year 2009 for $45.2 million.
This acquisition resulted in approximately $31.4 million of goodwill.
Intangible assets acquired, which totaled approximately $13.0 million, consist primarily of acquired technology and customer relationships that are being amortized over a five-year life and seven-year life, respectively.
This acquisition was not material to the Company’s operations, financial position, or cash flows.
The Company acquired one business in the Securities Processing Solutions segment in fiscal year 2009 for $13.7 million.
In addition, the Company agreed to pay contingent consideration, subject to the acquired business’ achievement of specified revenue targets.
The maximum remaining payout based on the achievement of fiscal year 2010 revenue target is $10.9 million.
This acquisition resulted in approximately $11.2 million of goodwill.
Intangible assets acquired, which totaled approximately $3.8 million, consist primarily of acquired technology and customer relationships that are being amortized over a five-year life and seven-year life, respectively.
This acquisition was not material to the Company’s operations, financial position, or cash flows.
The Company acquired one business in the Securities Processing Solutions segment in fiscal year 2008 for $6.1 million.
This acquisition resulted in approximately $3.6 million of goodwill.
Intangible assets acquired, which totaled approximately $2.5 million, consist of acquired technology that is being amortized over a five-year life.
This acquisition was not material to the Company’s operations, financial position, or cash flows.
NOTE 6.
FAIR VALUE OF FINANCIAL INSTRUMENTS SFAS No.157, “Fair Value Measurements” defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Fair value measurements do not include transaction costs.
SFAS No.157 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs.
The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
Each fair value measurement is reported in one of the three
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.
Foreign Currency Risk We are exposed to foreign currency risks that arise from normal business operations.
These risks include the translation of local currency balances of foreign subsidiaries, transaction gains and losses associated with intercompany loans with foreign subsidiaries and transactions denominated in currencies other than a location's functional currency.
We manage the exposure to these risks through a combination of normal operating activities and the use of foreign currency forward contracts.
Contracts are denominated in curr t encies of major industrial countries.
Our exposure to foreign currency exchange risks generally arises from our non-U.
S.  operations, to the extent they are conductedd in local currency.
Changes in foreign currency exchange rates affect translations of revenues denominated in currencies other than the U. S.  Dollar.
During the years ended December 31, 2016, 2015 and 2014, we generated approximately $1,909 million, $1,336 million and $1,229 million, respectively, in revenues denominated in currencies other than the U. S.  Dollar.
The major currencies to which our revenues are exposed are the Brazilian Real, the Euro, the British Pound Sterling and the Indian Rupee.
A 10% move in average exchange rates for these currencies (assuming a simultaneous and immediate 10% change in all of such rates for the relevant period) would have resulted in the following increase or (decrease) in our reported revenues for the years ended December 31, 2016, 2015 and 2014 (in millions):
## Table 2 ##
While our results of operations have been impacted by the effects of currency fluctuations, our international operations' revenues and expenses are generally denominated in local currency, which reduces our economic exposure to foreign exchange risk in those jurisdictions.
Revenues included $100 million and $243 million and net earrnings included $10 million, and $31 million, respectively, of unfavorable foreign currency impact during 2016 and 2015 resulting from a stronger U. S.  Dollar during these years compared to tthe preceding year.
In 2017, we expect continued unfavorable foreign currency impact on our operating income resulting from the continued strengthening of the U. S.  Dollar vs.  other currencies.
Our foreign exchange risk management policy permits the use of derivative instruments, such as forward contracts and options, to reduce volatility in our results of operations and/or cash flows resulting from foreign exchange rate fluctuations.
We do not enter into foreign currency derivative instruments for trading purposes orr to engage in speculative activitty.
We do periodically enter into foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.
As of December 31, 2016, the notional amount of these derivatives was approximately $143 million and the fair value was nominal.
These derivatives are intended to hedge the foreign exchange risks related to intercompany loans but 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 ("INR") 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.
These INR forward contracts are designated as cash flow hedges.
The fair value of these currency forward contracts is determined using currency exchange market rates, obtained fromm reliable, independent, third party banks, at the balance sheet date.
The fair value of forward contracts is subject to changes in currency exchange rates.
The Company has no ineffectiveness related to its use of currency forward contracts in connection with INR cash flow hedges.
In conjunction with entering into the definitive agreement to acquire Clear2Pay in September 2014, we initiated a foreign currency forward contract to purchase Euros and sell U. S.  Dollars to manage the risk arising from fluctuations in exchange rates until the closing because the purchase price was stated in Euros.
As this derivative did not qualify for hedge accounting, we recorded a charge of $16 million in Other income (expense), net during the third quarter of 2014.
This forward contract was settled on October 1, 2014.

<table><tr><td></td><td></td><td></td><td></td><td colspan="4">Change</td></tr><tr><td></td><td colspan="3">Years Ended June 30,</td><td colspan="2">2009 vs. 2008</td><td colspan="2">2008 vs. 2007</td></tr><tr><td></td><td>2009</td><td>2008</td><td>2007</td><td>$</td><td>%</td><td>$</td><td>%</td></tr><tr><td></td><td></td><td></td><td></td><td>($ in millions)</td><td></td><td></td><td></td></tr><tr><td>Investor Communication Solutions</td><td>$248.9</td><td>$255.3</td><td>$226.8</td><td>$-6.4</td><td>-3</td><td>$28.5</td><td>13</td></tr><tr><td>Securities Processing Solutions</td><td>142.6</td><td>137.5</td><td>148.4</td><td>5.1</td><td>4</td><td>-10.9</td><td>-7</td></tr><tr><td>Clearing and Outsourcing Solutions</td><td>-9.1</td><td>-5.0</td><td>-11.9</td><td>-4.1</td><td>-82</td><td>6.9</td><td>58</td></tr><tr><td>Other</td><td>-31.9</td><td>-68.0</td><td>-36.4</td><td>36.1</td><td>53</td><td>-31.6</td><td>-87</td></tr><tr><td>Foreign currency exchange</td><td>-4.2</td><td>6.1</td><td>-6.1</td><td>-10.3</td><td>NM*</td><td>12.2</td><td>NM*</td></tr><tr><td>Earnings before income taxes</td><td>$346.3</td><td>$325.9</td><td>$320.8</td><td>$20.4</td><td>7</td><td>$5.1</td><td>2</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended June 30,</td></tr><tr><td></td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td></td><td colspan="3">($ in millions)</td></tr><tr><td>Interest expense on notes payable to ADP affiliated parties</td><td>$—</td><td>$—</td><td>$1.9</td></tr><tr><td>Interest expense on borrowings</td><td>14.3</td><td>31.3</td><td>10.6</td></tr><tr><td>Interest income</td><td>-0.8</td><td>-2.0</td><td>-0.8</td></tr><tr><td>Foreign currency exchange (gain) loss</td><td>-1.9</td><td>0.9</td><td>0.4</td></tr><tr><td>Gain from purchase of senior notes</td><td>-8.4</td><td>—</td><td>—</td></tr><tr><td>Other</td><td>0.8</td><td>0.7</td><td>0.2</td></tr><tr><td>Other expenses, net</td><td>$4.0</td><td>$30.9</td><td>$12.3</td></tr></table>
<table><tr><td>Currency</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Pound Sterling</td><td>$47</td><td>$34</td><td>$31</td></tr><tr><td>Euro</td><td>38</td><td>33</td><td>30</td></tr><tr><td>Real</td><td>32</td><td>29</td><td>38</td></tr><tr><td>Indian Rupee</td><td>12</td><td>10</td><td>8</td></tr><tr><td>Total impact</td><td>$129</td><td>$106</td><td>$107</td></tr></table>

Question: What's the growth rate of Securities Processing Solutions in 2009?
Answer: 4%