are included in capital spending amounts.
Another example is the company’s decision in 2007 to contribute an additional $44.5 million ($27.3 million) to its pension plans as part of its overall debt reduction plan.
Based on this, our consolidated free cash flow is summarized as follows:
## Table 0 ##
Based on information currently available, we estimate cash flows from operating activities for 2008 to be approximately $650 million, capital spending to be approximately $350 million and free cash flow to be in the $300 million range.
Capital spending of $259.9 million (net of $48.6 million in insurance recoveries) in 2007 was below depreciation and amortization expense of $281 million.
We continue to invest capital in our best performing operations, including projects to increase custom can capabilities, improve beverage can and end making productivity and add more beverage can capacity in Europe, as well as expenditures in the aerospace and technologies segment.
Of the $350 million of planned capital spending for 2008, approximately $180 million will be spent on top-line sales growth projects.
Debt Facilities and Refinancing Interest-bearing debt at December 31, 2007, decreased $93.1 million to $2,358.6 million from $2,451.7 million at December 31, 2006.
The 2007 debt decrease from 2006 was primarily attributed to debt payments offset by higher foreign exchange rates.
At December 31, 2007, $705 million was available under the company’s multi-currency revolving credit facilities.
The company also had $345 million of short-term uncommitted credit facilities available at the end of the year, of which $49.7 million was outstanding.
On October 13, 2005, Ball refinanced its senior secured credit facilities and during the third and fourth quarters of 2005, Ball redeemed its 7.75% senior notes due August 2006 primarily through the drawdown of funds under the new credit facilities.
The refinancing and redemption resulted in a pretax debt refinancing charge of $19.3 million ($12.3 million after tax) to reflect the call premium associated with the senior notes and the write off of unamortized debt issuance costs.
The company has a receivables sales agreement that provides for the ongoing, revolving sale of a designated pool of trade accounts receivable of Ball’s North American packaging operations, up to $250 million.
The agreement qualifies as off-balance sheet financing under the provisions of Statement of Financial Accounting Standards (SFAS) No.140, as amended by SFAS No.156.
Net funds received from the sale of the accounts receivable totaled $170 million and $201.3 million at December 31, 2007 and 2006, respectively, and are reflected as a reduction of accounts receivable in the consolidated balance sheets.
The company was not in default of any loan agreement at December 31, 2007, and has met all payment obligations.
The U. S.  note agreements, bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividends, investments, financial ratios, guarantees and the incurrence of additional indebtedness.
Additional details about the company’s receivables sales agreement and debt are available in Notes 7 and 13, respectively, accompanying the consolidated financial statements within Item 8 of this report.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Benefit payments due under the non-qualified pension plans are funded from the Subsidiaries’ general assets as they become due under the provision of the plans.
These payments totaled $57 million and $43 million for the years ended December 31, 2009 and 2008, respectively.
These payments are expected to be at approximately the same level in 2010.
Postretirement benefits, other than those provided under qualified pension plans, are either: (i) not vested under law; (ii) a non-funded obligation of the Subsidiaries; or (iii) both.
Current regulations do not require funding for these benefits.
The Subsidiaries use their general assets, net of participant’s contributions, to pay postretirement medical claims as they come due in lieu of utilizing any plan assets.
Total payments equaled $158 million and $149 million for the years ended December 31, 2009 and 2008, respectively.
The Subsidiaries expect to make contributions of $119 million, net of participant’s contributions, towards benefit obligations (other than those under qualified pension plans) in 2010.
As noted previously, the Subsidiaries expect to receive subsidies under the Prescription Drug Act to partially offset payment of such benefits.
Gross benefit payments for the next ten years, which reflect expected future service where appropriate, and gross subsidies to be received under the Prescription Drug Act are expected to be as follows:
## Table 1 ##
Additional Information As previously discussed, the assets of the pension and other postretirement benefit plans are held in group annuity and life insurance contracts issued by the Subsidiaries.
Total revenue from these contracts recognized in the consolidated statements of operations was $45 million, $42 million and $47 million for the years ended December 31, 2009, 2008 and 2007, respectively, and includes policy charges, net investment income from investments backing the contracts and administrative fees.
Total investment income (loss), including realized and unrealized gains and losses, credited to the account balances were $725 million, ($1,090) million and $603 million for the years ended December 31, 2009, 2008 and 2007, respectively.
The terms of these contracts are consistent in all material respects with those the Subsidiaries offer to unaffiliated parties that are similarly situated.
Savings and Investment Plans The Subsidiaries sponsor savings and investment plans for substantially all Company employees under which a portion of employee contributions are matched.
The Subsidiaries contributed $93 million, $70 million and $76 million for the years ended December 31, 2009, 2008 and 2007, respectively.18.
Equity Preferred Stock In September 1999, the Holding Company adopted a stockholder rights plan (the “rights plan”).
Under the rights plan, each outstanding share of common stock issued between April 4, 2000 and the distribution date (as defined in the rights plan) is coupled with a stockholder right.
Each right will entitle the holder to purchase one one-hundredth of a share of Series A Junior Participating Preferred Stock.
Each one one-hundredth of a share of Series A Junior Participating Preferred Stock will have economic and voting terms equivalent to one share of common stock.
Until it is exercised, the right itself will not entitle the holder thereof to any rights as a stockholder, including the right to receive dividends or to vote at stockholder meetings.
Stockholder rights are not exercisable until the distribution date.
The rights plan will expire at the close of business on April 4, 2010, unless the rights are earlier redeemed or exchanged by the Holding Company.
The Board of Directors of the Holding Company does not currently intend to renew it.
The Holding Company has outstanding 24 million shares of Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred shares”) with a $0.01 par value per share, and a liquidation preference of $25 per share, for aggregate proceeds of $600 million.
The Holding Company has outstanding 60 million shares of 6.50% Non-Cumulative Preferred Stock, Series B (the “Series B preferred shares”), with a $0.01 par value per share, and a liquidation preference of $25 per share, for aggregate proceeds of $1.5 billion.
The Series A and Series B preferred shares (the “Preferred Shares”) rank senior to the common stock with respect to dividends and liquidation rights.
Dividends on the Preferred Shares are not cumulative.
Holders of the Preferred Shares will be entitled to receive dividend payments only when, as and if declared by the Holding Company’s Board of Directors or a duly authorized committee of the board.
If dividends are declared on the Series A preferred shares, they will be payable quarterly, in arrears, at an annual rate of the greater of: (i) 1.00% above 3-month LIBOR on the related LIBOR determination date; or (ii) 4.00%.
Any dividends declared on the Series B preferred shares will be payable quarterly, in arrears, at an annual fixed rate of 6.50%.
Accordingly, in the event that dividends are not declared on the Preferred Shares for payment on any dividend payment date, then those dividends will cease to accrue and be payable.
If a dividend is not declared before the dividend payment date, the Holding Company has no obligation to pay dividends accrued for that dividend period whether or not dividends are declared and paid in future periods.
No dividends may, however, be paid or declared on the Holding Company’s common stock — or any other securities ranking junior to the Preferred Shares — unless the full dividends for the latest completed dividend period on all Preferred Shares, and any parity stock, have been declared and paid or provided for.
## Table 2 ##
Extreme volatility in the equity, credit and real estate markets resulted in decreasing yields on our investment portfolio causing net investment income to decline by $190 million despite growth in average invested assets.
The market environment had its most significant impact on other limited partnership interests, real estate joint ventures and fixed maturity securities.
Net investment income from the general account portion of investment-type products, including variable universal life, group life and certain non-medical health products decreased by $135 million, while other businesses, including traditional life, decreased by $55 million.
As many of our products are interest spread-based, the lower net investment income was significantly offset by lower interest credited expense on our investment and insurance products, reducing its impact on operating earnings which declined $64 million compared to 2007.
Also contributing to the decline in operating earnings was unfavorable mortality experience in the group and individual life businesses, unfavorable claims experience in the non-medical health business and the resulting impact of the decline in the financial markets on separate account balances.
Such decreases were partially offset by higher earnings in the dental and group term life businesses, including the favorable impact on the year over year variance of the adoption of new accounting guidance for DAC on internal replacements of insurance contracts in the prior year.
Retirement Products
## Table 3 ##
The unprecedented disruption and dislocation in the global financial markets that began in the third quarter of 2008 negatively impacted many aspects of our business resulting in a $696 million decrease in operating earnings, despite new sales and deposits which continue to grow consistent with expectations.

<table><tr><td>($ in millions)</td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Cash flows from operating activities</td><td>$673.0</td><td>$401.4</td><td>$558.8</td></tr><tr><td>Incremental pension funding, net of tax</td><td>27.3</td><td>–</td><td>–</td></tr><tr><td>Capital spending</td><td>-308.5</td><td>-279.6</td><td>-291.7</td></tr><tr><td>Proceeds for replacement of fire-damaged assets</td><td>48.6</td><td>61.3</td><td>–</td></tr><tr><td>Free cash flow</td><td>$440.4</td><td>$183.1</td><td>$267.1</td></tr></table>
<table><tr><td></td><td></td><td colspan="3"> Other Postretirement Benefits</td></tr><tr><td></td><td> Pension   Benefits</td><td> Gross</td><td>Prescription Drug Subsidies</td><td> Net</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>2010</td><td>$436</td><td>$131</td><td>$-12</td><td>$119</td></tr><tr><td>2011</td><td>$413</td><td>$135</td><td>$-12</td><td>$123</td></tr><tr><td>2012</td><td>$430</td><td>$137</td><td>$-13</td><td>$124</td></tr><tr><td>2013</td><td>$441</td><td>$138</td><td>$-13</td><td>$125</td></tr><tr><td>2014</td><td>$460</td><td>$140</td><td>$-14</td><td>$126</td></tr><tr><td>2015-2019</td><td>$2,536</td><td>$733</td><td>$-77</td><td>$656</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>$16,402</td><td>$15,269</td><td>$1,133</td><td>7.4%</td></tr><tr><td>Universal life and investment-type product policy fees</td><td>2,171</td><td>2,061</td><td>110</td><td>5.3%</td></tr><tr><td>Net investment income</td><td>5,787</td><td>6,079</td><td>-292</td><td>-4.8%</td></tr><tr><td>Other revenues</td><td>819</td><td>810</td><td>9</td><td>1.1%</td></tr><tr><td>Total operating revenues</td><td>25,179</td><td>24,219</td><td>960</td><td>4.0%</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>18,183</td><td>17,001</td><td>1,182</td><td>7.0%</td></tr><tr><td>Interest credited to policyholder account balances</td><td>930</td><td>1,037</td><td>-107</td><td>-10.3%</td></tr><tr><td>Capitalization of DAC</td><td>-849</td><td>-885</td><td>36</td><td>4.1%</td></tr><tr><td>Amortization of DAC and VOBA</td><td>743</td><td>727</td><td>16</td><td>2.2%</td></tr><tr><td>Interest expense</td><td>5</td><td>10</td><td>-5</td><td>-50.0%</td></tr><tr><td>Other expenses</td><td>4,196</td><td>4,241</td><td>-45</td><td>-1.1%</td></tr><tr><td>Total operating expenses</td><td>23,208</td><td>22,131</td><td>1,077</td><td>4.9%</td></tr><tr><td>Provision for income tax expense (benefit)</td><td>661</td><td>714</td><td>-53</td><td>-7.4%</td></tr><tr><td>Operating earnings</td><td>$1,310</td><td>$1,374</td><td>$-64</td><td>-4.7%</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>$361</td><td>$339</td><td>$22</td><td>6.5%</td></tr><tr><td>Universal life and investment-type product policy fees</td><td>1,870</td><td>2,005</td><td>-135</td><td>-6.7%</td></tr><tr><td>Net investment income</td><td>2,365</td><td>2,740</td><td>-375</td><td>-13.7%</td></tr><tr><td>Other revenues</td><td>168</td><td>181</td><td>-13</td><td>-7.2%</td></tr><tr><td>Total operating revenues</td><td>4,764</td><td>5,265</td><td>-501</td><td>-9.5%</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>692</td><td>605</td><td>87</td><td>14.4%</td></tr><tr><td>Interest credited to policyholder account balances</td><td>1,337</td><td>1,321</td><td>16</td><td>1.2%</td></tr><tr><td>Capitalization of DAC</td><td>-980</td><td>-932</td><td>-48</td><td>-5.2%</td></tr><tr><td>Amortization of DAC and VOBA</td><td>1,356</td><td>822</td><td>534</td><td>65.0%</td></tr><tr><td>Interest expense</td><td>2</td><td>3</td><td>-1</td><td>-33.3%</td></tr><tr><td>Other expenses</td><td>2,065</td><td>2,088</td><td>-23</td><td>-1.1%</td></tr><tr><td>Total operating expenses</td><td>4,472</td><td>3,907</td><td>565</td><td>14.5%</td></tr><tr><td>Provision for income tax expense (benefit)</td><td>99</td><td>469</td><td>-370</td><td>-78.9%</td></tr><tr><td>Operating earnings</td><td>$193</td><td>$889</td><td>$-696</td><td>-78.3%</td></tr></table>

Question: What is the growing rate of Total operating expenses in the year with more Total operating revenues?
Answer: 0.04866