Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments, interest rate swap agreements and trade accounts receivable.
The Company is exposed to credit losses in the event of nonperformance by counter parties to its financial instruments.
The Company anticipates, however, that counter parties will be able to fully satisfy their obligations under these instruments.
The Company places cash and temporary investments and its interest rate swap agreements with various high-quality financial institutions throughout the world, and exposure is limited at any one institution.
Although the Company does not obtain collateral or other securityto supportthese financial instruments, it does periodically evaluate the credit standing of the counter party financial institutions.
In addition, concentrations of credit risk arising from trade accounts receivable are limited due to the diversity of its customers.
The Company performs ongoing credit evaluations of its customers’ financial conditions and obtains collateral or other security when appropriate.
Liquidity and Capital Resources Overview of Cash Flows and Liquidity
## Table 0 ##
Operating cash flow, a key source of the Company’s liquidity was $1,033 million for 2004, an increase of $172 million, or approximately 20% as compared to 2003.
Earnings growth contributed $209 million to the increase in operating cash flow in 2004 compared to 2003, which was somewhat offset by year-over-year changes in working capital as discussed below.
— As of December 31, 2004, the Company held approximately $609 million of cash and cash equivalents.
— Acquisitions constituted the most significant use of cash in all periods presented.
The Company acquired thirteen companies and product lines during 2004 for total consideration of approximately $1.6 billion in cash, including transaction costs.
— The Company’s Eurobond notes mature July 2005.
The Company currently anticipates that at maturity the Eurobond notes will be satisfied from available cash, through the issuance of commercial paper, borrowings under existing credit facilities or by accessing the capital markets, or through a combination of some or all of these alternatives.
Operating Activities The Company continues to generate substantial cash from operating activities and remains in a strong financial position, with resources available for reinvestment in existing businesses, strategic acquisitions and managing its capital structure on a short and long-term basis.
Operating cash flow, a key source of the Company’s liquidity, was $1,033 million for 2004, an increase of $172 million, or approximately 20% as compared to 2003.
Earnings growth contributed $209 million to the increase in operating cash flow in 2004 compared to 2003.
In addition, additional deferred taxes related to 2004’s earnings contributed approximately $19 million to the change in operating cash flows and depreciation and amortization contributed approximately $23 million to the improvement in cash flow on a year-over year basis.
Operating working capital, which the company defines as accounts receivable plus inventory less accounts payable, unfavorably impacted the year-over-year comparison between 2004 and 2003 as accounts receivable increased to support the higher sales the company experienced in 2004.
Operating working capital still made an overall positive contribution to operating cash flow during 2004 due to continued emphasis on inventory management.
Inventory levels decreased approximately $65 million in 2004 versus 2003 reflecting these efforts in both newly acquired businesses as well as the Company’s existing operations.
These improvements were partially offset by increases in prepaid expenses associated with the timing of payments for certain of the Company’s benefit programs, including 401(k) and employee health plan contributions.
In connection with its acquisitions, the Company records appropriate accruals for the costs of closing duplicate facilities, severing redundant personnel and integrating the acquired businesses into existing Company operations.
Cash
McKESSON CORPORATION FINANCIAL REVIEW (Continued)
## Table 1 ##
Total revenues increased 2% to $108.7 billion in 2010 and 5% to $106.6 billion in 2009.
The growth in revenues was primarily driven by our Distribution Solutions segment, which accounted for approximately 97% of revenues.
Direct distribution and services revenues increased in 2010 compared to 2009 primarily due to a shift of revenues from sales to customers’ warehouses to direct store delivery and market growth, which includes price increases and increased volume from new and existing customers, offset in part by the greater sales of lower priced generic drugs.
This increase was partially offset by the loss of several customers in late 2009.
Direct distribution and services revenues increased in 2009 compared to 2008 primarily reflecting market growth, our acquisitions of OTN in October 2007 and McQueary Brothers in May 2008 and a shift of revenues from sales to customers’ warehouses to direct store delivery.
Sales to customers’ warehouses for 2010 decreased compared to prior year primarily due to a shift of revenues to direct store delivery, reduced revenues associated with a large customer and the loss of a large customer in mid- 2009, partially offset by expanded business with existing customers.
Sales to customers’ warehouses decreased in 2009 compared to 2008 primarily reflecting a customer’s loss of business, the loss of a large customer and reduced revenues associated with the consolidation of certain customers.
Additionally, 2009 revenues were also impacted by a shift to direct store delivery.
These decreases were partially offset by expanded business with existing customers.
Sales to retail customers’ warehouses represent large volume sales of pharmaceuticals primarily to a limited number of large self-warehousing retail chain customers whereby we order bulk product from the manufacturer, receive and process the product through our central distribution facility and subsequently deliver the bulk product (generally in the same form as received from the manufacturer) directly to our customers’ warehouses.
This distribution method is typically not marketed or sold by the Company as a stand-alone service; rather, it is offered as an additional distribution method for our large retail chain customers that have an internal self-warehousing distribution network.
Sales to customers’ warehouses provide a benefit to these customers because they can utilize the Company as one source for both their direct-to-store business and their warehouse business.
We generally have significantly lower gross profit margins on sales to customers’ warehouses as we pass much of the efficiency of this low cost-to-serve model on to the customer.
These sales do, however, contribute to our gross profit dollars.
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) 6.
Investments — (continued) Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $1.2 billion, $2.4 billion and $1.5 billion in 2008, 2007 and 2006, respectively.
We recognize impairment losses for fixed maturities and equity securities when declines in value are other than temporary.
Gross realized losses related to other than temporary impairments of fixed maturity securities were $421.6 million, $215.7 million and $14.6 million in 2008, 2007 and 2006, respectively.
Certain fixed maturity securities moved into a loss position during the second quarter of 2007, and we determined that we did not have the ability and intent to hold these securities.
As a result, we also recognized impairment losses on these securities of $24.5 million, net of recoveries on the subsequent sale, primarily due to a change in interest rates.
As a result of the need to fund our acquisition of WM Advisors, Inc. , we also recognized $17.2 million of write-downs in 2006 that resulted from our determination that we no longer had the ability and intent to hold certain fixed maturity securities until they recovered in value.
We also recognized gross realized losses as the result of credit triggered sales of $13.7 million, $32.3 million and $22.2 million in 2008, 2007 and 2006, respectively.
Gross realized losses related to other than temporary impairments of equity securities were $55.3 million and $52.6 million in 2008 and 2007, respectively.
We did not recognize any impairment losses on equity securities in 2006.
Gross Unrealized Losses for Fixed Maturities and Equity Securities For fixed maturities and equity securities available-for-sale with unrealized losses as of December 31, 2008 and 2007, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are summarized as follows:
## Table 2 ##
As of December 31, 2008, we held $31,428.4 million in available-for-sale fixed maturity securities with unrealized losses of $8,317.3 million.
Of these amounts, Principal Life’s consolidated portfolio represented $28,923.7 million in available-for-sale fixed maturity securities with unrealized losses of $8,215.6 million.
Principal Life’s consolidated portfolio consists of fixed maturity securities where 94% are investment grade (rated AAA through BBB-) with an average price of 78 (carrying value/amortized cost) at December 31, 2008.
Due to the credit disruption that began in the last half of 2007 and continued into 2008 which reduced liquidity and led to wider credit spreads, we saw an increase in unrealized losses in our securities portfolio.
The unrealized losses were more pronounced in the Corporate-public and Corporate-private finance sectors and in structured products, such as collateralized debt obligations, asset-backed securities and commercial mortgage-backed securities.
For those securities that have been in a loss position for less than twelve months, Principal Life’s consolidated portfolio holds 2,105 securities with a carrying value of $18,488.0 million and unrealized losses of $3,037.6 million reflecting an average price of 86 at December 31, 2008.
Of this portfolio, 95% was investment grade (rated AAA through BBB-) at December 31, 2008, with associated unrealized losses of $2,701.9 million.
The losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired.
For those securities that have been in a continuous loss position greater than or equal to twelve months, Principal Life’s consolidated portfolio holds 1,526 securities with a carrying value of $10,435.7 million and unrealized losses of $5,178.0 million.
The average rating of this portfolio is A- with an average price of 67 at December 31, 2008.
Of the $5,178.0 million in unrealized losses, the Corporate-public and Corporate-private sectors account for $2,943.8 million in unrealized losses with an average price of 73 and an average credit rating of BBB+.
The remaining unrealized losses
See Note 3 for a discussion of the Amegy acquisition, the determination of the amount of goodwill, and subsequent purchase accounting adjustments affecting goodwill.
See Note 17 for a discussion of the exercise of stock options converted in the Amegy acquisition.
See Note 3 for a discussion of the P5 acquisition and the $17.5 million of goodwill shown in the “Other” segment.
During the fourth quarter of 2006, we completed the annual goodwill impairment review required by SFAS 142 and did not recognize any impairment losses for 2006.
The 2005 impairment loss on goodwill of $0.6 million removed all of the goodwill related to Zions Bank International Ltd.  (“ZBI”), an odd-lot bond trading operation, due to the Company’s decision to restructure and ultimately close the London office in 2005.
The restructuring charges of $2.4 million in 2005 and $1.1 million in 2004 relate to the ZBI restructuring.
The reduction in CB&T goodwill of $3.7 million in 2005 resulted from the recognition of a portion of acquired state net operating loss carryforward benefits.
This accounting follows the guidance of SFAS No.109, Accounting for Income Taxes.
There was no impact on net income.10.
DEPOSITS At December 31, 2006, the scheduled maturities of all time deposits were as follows (in thousands):
## Table 3 ##
At December 31, 2006, the contractual maturities of domestic time deposits with a denomination of $100,000 and over were as follows: $1,863 million in 3 months or less, $1,125 million over 3 months through 6 months, $1,046 million over 6 months through 12 months, and $268 million over 12 months.
Domestic time deposits $100,000 and over were $4.3 billion and $2.5 billion at December 31, 2006 and 2005, respectively.
Foreign time deposits $100,000 and over were $945 million and $980 million at December 31, 2006 and 2005, respectively.
Deposit overdrafts reclassified as loan balances were $48 million and $43 million at December 31, 2006 and 2005, respectively.11.
SHORT-TERM BORROWINGS Selected information for short-term borrowings is as follows (in thousands):
## Table 4 ##
Short-term borrowings generally mature in less than 30 days.
Our participation in security repurchase agreements is on an overnight or term basis.
Certain overnight agreements are performed with sweep accounts in conjunction with a master repurchase agreement.
In this case, securities under our control are pledged for and interest is paid on the collected balance of the customers’ accounts.
For term repurchase agreements, securities are transferred to the applicable counterparty.
The counterparty, in certain instances, is contractually entitled to sell or repledge securities accepted as collateral.
As of December 31, 2006, overnight security repurchase agreements were $833 million and term security repurchase agreements were $101 million.

<table><tr><td></td><td colspan="3">For the years ended, December 31, ($ in millions)</td></tr><tr><td></td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td>Total operating cash flows</td><td>$1,033.2</td><td>$861.5</td><td>$710.3</td></tr><tr><td>Purchases of property, plant and equipment</td><td>-115.9</td><td>-80.3</td><td>-65.4</td></tr><tr><td>Cash paid for acquisitions</td><td>-1,591.7</td><td>-312.3</td><td>-1,158.1</td></tr><tr><td>Other sources</td><td>74.0</td><td>24.5</td><td>79.0</td></tr><tr><td>Net cash used in investing activities</td><td>-1,633.6</td><td>-368.1</td><td>-1,144.5</td></tr><tr><td>Proceeds from the issuance of common stock</td><td>45.9</td><td>50.5</td><td>512.1</td></tr><tr><td>Proceeds (repayments) of borrowings, net</td><td>-66.3</td><td>-145.5</td><td>17.7</td></tr><tr><td>Dividends paid</td><td>-17.7</td><td>-15.3</td><td>-13.5</td></tr><tr><td>Net cash provided by (used in) financing activities</td><td>-38.1</td><td>-110.3</td><td>516.3</td></tr></table>
<table><tr><td></td><td colspan="3"> Years Ended March 31,</td></tr><tr><td><i>(In millions)</i></td><td> 2010</td><td> 2009</td><td> 2008</td></tr><tr><td>Distribution Solutions</td><td></td><td></td><td></td></tr><tr><td>Direct distribution & services</td><td>$72,210</td><td>$66,876</td><td>$60,436</td></tr><tr><td>Sales to customers’ warehouses</td><td>21,435</td><td>25,809</td><td>27,668</td></tr><tr><td>Total U.S. pharmaceutical distribution & services</td><td>93,645</td><td>92,685</td><td>88,104</td></tr><tr><td>Canada pharmaceutical distribution & services</td><td>9,072</td><td>8,225</td><td>8,106</td></tr><tr><td>Medical-Surgical distribution & services</td><td>2,861</td><td>2,658</td><td>2,509</td></tr><tr><td>Total Distribution Solutions</td><td>105,578</td><td>103,568</td><td>98,719</td></tr><tr><td>Technology Solutions</td><td></td><td></td><td></td></tr><tr><td>Services</td><td>2,439</td><td>2,337</td><td>2,240</td></tr><tr><td>Software & software systems</td><td>571</td><td>572</td><td>591</td></tr><tr><td>Hardware</td><td>114</td><td>155</td><td>153</td></tr><tr><td>Total Technology Solutions</td><td>3,124</td><td>3,064</td><td>2,984</td></tr><tr><td>Total Revenues</td><td>$108,702</td><td>$106,632</td><td>$101,703</td></tr></table>
<table><tr><td> </td><td colspan="6"> December 31, 2008</td></tr><tr><td> </td><td colspan="2"> Less than twelve months</td><td colspan="2"> Greater than or equal to twelve months</td><td colspan="2"> Total</td></tr><tr><td> </td><td> Carrying value</td><td> Gross unrealized losses</td><td> Carrying value</td><td> Gross unrealized losses</td><td> Carrying value</td><td> Gross unrealized losses</td></tr><tr><td> </td><td colspan="6"><i>(in millions)</i> </td></tr><tr><td>Fixed maturities, available-for-sale:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government and agencies</td><td>$6.0</td><td>$0.1</td><td>$—</td><td>$—</td><td>$6.0</td><td>$0.1</td></tr><tr><td>Non-U.S. governments</td><td>128.8</td><td>12.3</td><td>18.0</td><td>3.1</td><td>146.8</td><td>15.4</td></tr><tr><td>States and political subdivisions</td><td>1,137.4</td><td>82.1</td><td>162.8</td><td>38.8</td><td>1,300.2</td><td>120.9</td></tr><tr><td>Corporate — public</td><td>11,382.4</td><td>1,351.5</td><td>4,922.9</td><td>1,713.4</td><td>16,305.3</td><td>3,064.9</td></tr><tr><td>Corporate — private</td><td>5,308.2</td><td>849.7</td><td>3,150.2</td><td>1,254.6</td><td>8,458.4</td><td>2,104.3</td></tr><tr><td>Mortgage-backed and other asset-backed securities</td><td>2,883.6</td><td>819.3</td><td>2,328.1</td><td>2,192.4</td><td>5,211.7</td><td>3,011.7</td></tr><tr><td>Total fixed maturities, available-for-sale</td><td>$20,846.4</td><td>$3,115.0</td><td>$10,582.0</td><td>$5,202.3</td><td>$31,428.4</td><td>$8,317.3</td></tr><tr><td>Total equity securities, available-for-sale</td><td>$95.6</td><td>$68.7</td><td>$57.3</td><td>$25.6</td><td>$152.9</td><td>$94.3</td></tr></table>
<table><tr><td>2007</td><td>$6,820,397</td></tr><tr><td>2008</td><td>421,952</td></tr><tr><td>2009</td><td>123,781</td></tr><tr><td>2010</td><td>73,328</td></tr><tr><td>2011</td><td>64,931</td></tr><tr><td>Thereafter</td><td>878</td></tr><tr><td></td><td>$7,505,267</td></tr></table>
<table><tr><td></td><td> 2006 </td><td> 2005 </td><td> 2004 </td></tr><tr><td>Federal funds purchased:</td><td></td><td></td><td></td></tr><tr><td>Average amount outstanding</td><td>$1,747,256</td><td>1,456,531</td><td>1,393,344</td></tr><tr><td>Weighted average rate</td><td>5.06%</td><td>3.02%</td><td>1.33%</td></tr><tr><td>Highest month-end balance</td><td>$2,586,072</td><td>1,683,509</td><td>1,841,092</td></tr><tr><td>Year-end balance</td><td>$1,993,483</td><td>1,255,662</td><td>1,841,092</td></tr><tr><td>Weighted average rate on outstandings at year-end</td><td>5.16%</td><td>3.97%</td><td>2.19%</td></tr><tr><td>Security repurchase agreements:</td><td></td><td></td><td></td></tr><tr><td>Average amount outstanding</td><td>$1,090,452</td><td>850,510</td><td>1,288,982</td></tr><tr><td>Weighted average rate</td><td>3.33%</td><td>2.30%</td><td>1.06%</td></tr><tr><td>Highest month-end balance</td><td>$1,225,107</td><td>1,027,658</td><td>1,363,420</td></tr><tr><td>Year-end balance</td><td>$934,057</td><td>1,027,658</td><td>683,984</td></tr><tr><td>Weighted average rate on outstandings at year-end</td><td>3.60%</td><td>2.62%</td><td>1.44%</td></tr></table>

Question: What's the average of Sales to customers’ warehouses of Years Ended March 31, 2009, and Average amount outstanding of 2006 ?
Answer: 886532.5