subject to regulatory restrictions.
Cash, cash equivalents and short-term investments at the parent company decreased $19.7 million to $419.6 million at December 31, 2005 compared to $439.3 million at December 31, 2004 reflecting the use of parent company cash for acquisition activity during 2005.
See Schedule I to this Form 10-K beginning on page 107 for our parent company only financial information.
Regulatory Requirements Certain of our subsidiaries operate in states that regulate the payment of dividends, loans, or other cash transfers to Humana Inc. , our parent company, and require minimum levels of equity as well as limit investments to approved securities.
The amount of dividends that may be paid to Humana Inc.  by these subsidiaries, without prior approval by state regulatory authorities, is limited based on the entity’s level of statutory income and statutory capital and surplus.
In most states, prior notification is provided before paying a dividend even if approval is not required.
As of December 31, 2005, we maintained aggregate statutory capital and surplus of $1,203.2 million in our state regulated subsidiaries.
Each of these subsidiaries was in compliance with applicable statutory requirements which aggregated $722.2 million.
Although the minimum required levels of equity are largely based on premium volume, product mix, and the quality of assets held, minimum requirements can vary significantly at the state level.
Given our anticipated premium growth in 2006 resulting from the expansion of our Medicare products, capital requirements will increase.
We expect to fund these increased requirements with capital contributions from Humana Inc. , our parent company, in the range of $450 million to $650 million in 2006.
Most states rely on risk-based capital requirements, or RBC, to define the required levels of equity.
RBC is a model developed by the National Association of Insurance Commissioners to monitor an entity’s solvency.
This calculation indicates recommended minimum levels of required capital and surplus and signals regulatory measures should actual surplus fall below these recommended levels.
If RBC were adopted by all states and Puerto Rico at December 31, 2005, we would be required to fund $14.7 million in one of our Puerto Rico subsidiaries to meet all requirements.
After this funding, we would have $378.2 million of aggregate capital and surplus above any of the levels that require corrective action under RBC.
Contractual Obligations We are contractually obligated to make payments for years subsequent to December 31, 2005 as follows:
## Table 0 ##
(1) Interest includes the estimated contractual interest payments under our debt agreements net of the effect of the associated swap agreements assuming no change in the LIBOR rate as of December 31, 2005.
(2) We lease facilities, computer hardware, and other equipment under long-term operating leases that are noncancelable and expire on various dates through 2023.
We sublease facilities or partial facilities to third party tenants for space not used in our operations which partially mitigates our operating lease commitments.
An operating lease, accounted for under the provisions of SFAS No.13, Accounting for Leases, is a type of off-balance sheet arrangement.
Assuming we acquired the asset, rather than leased such asset, we would have recognized a liability for the financing of these assets.
See also Note 14 to the consolidated financial statements included in Item 8.
—Financial Statements and Supplementary Data.
The completion and claims per member per month trend factors are the most significant factors impacting the IBNR estimate.
The following table illustrates the sensitivity of these factors and the estimated potential impact on our operating results caused by changes in these factors based on December 31, 2005 data:
## Table 1 ##
(a) Reflects estimated potential changes in medical and other expenses payable caused by changes in completion factors for incurred months prior to the most recent three months.
(b) Reflects estimated potential changes in medical and other expenses payable caused by changes in annualized claims trend used for the estimation of per member per month incurred claims for the most recent three months.
Most medical claims are paid within a few months of the member receiving service from a physician or other health care provider.
As a result, these liabilities generally are described as having a “short-tail”, which causes less than 2% of our medical and other expenses payable as of the end of any given period to be outstanding for more than 12 months.
As such, we expect that substantially all of the December 31, 2005 estimate of medical and other expenses payable will be known and paid during 2006.
Our reserving practice is to consistently recognize the actuarial best point estimate within a level of confidence required by actuarial standards.
Actuarial standards of practice generally require a level of confidence such that the liabilities established for IBNR have a greater probability of being adequate versus being insufficient, or such that the liabilities established for IBNR are sufficient to cover obligations under an assumption of moderately adverse conditions.
Adverse conditions are situations in which the actual claims are expected to be higher than the otherwise estimated value of such claims at the time of the estimate.
Therefore, in many situations, the claim amounts ultimately settled will be less than the estimate that satisfies the actuarial standards of practice.
IBNR established in connection with our TRICARE contracts is typically more difficult to estimate than for our other operations, because there are more variables that impact the estimate.
These additional variables include continual changes in the number of eligible beneficiaries, changes in the utilization of military treatment facilities and changes in levels of benefits versus the original contract provisions.
Many of these variables are impacted by an increase or decrease in military activity involving the United States armed forces.
We have considered all of these factors in establishing our IBNR estimate.
Each of these factors requires significant judgment by management.
As more fully described on page 55, our TRICARE contract contains risk-sharing provisions with the Department of Defense and with subcontractors, which effectively limit profits and losses when actual claim experience varies from the targeted medical claim amount negotiated in our annual bid.
As a result of these contract provisions, the impact of changes in estimates for prior year TRICARE medical claims payable on our results of operations is reduced substantially, whether positive or negative.
As more fully described on pages 11 and 12, we have a significant percentage of our Medicare and Medicaid membership under risk-sharing arrangements with providers.
Accordingly, the impact of changes in
Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Stock-Based Compensation We have stock-based employee compensation plans, which are described more fully in Note 11.
We account for stock options granted to our employees under Accounting Principles Board Opinion No.25, Accounting for Stock Issued to Employees and related interpretations, or APB No.25.
No employee compensation cost is reflected in net income related to fixed-based stock option awards because these options had an exercise price equal to the market value of the underlying common stock on the date of grant.
Generally, if a fixed-based stock option award is subsequently modified, compensation expense, if any, is recorded for the amount that the market price of Humana common stock exceeds the option’s exercise price on the date the option is modified.
Compensation expense for performance-based stock options is recognized over the performance period which varies based on the market value of the underlying common stock at the end of each period.
Compensation expense is recorded for restricted stock grants ratably over their vesting periods, generally three years from the date of grant, based on fair value, which is equal to the market price of Humana common stock on the date of the grant.
The effect on net income and earnings per common share if we had applied the fair value recognition provisions of SFAS No.123, Accounting for Stock-Based Compensation, or SFAS 123, to our fixed-based stock option awards using the Black-Scholes pricing model was as follows for the years ended December 31, 2005, 2004 and 2003.
## Table 2 ##
Earnings Per Common Share We compute basic earnings per common share on the basis of the weighted average number of unrestricted common shares outstanding.
Diluted earnings per common share is computed on the basis of the weighted average number of unrestricted common shares outstanding plus the dilutive effect of outstanding employee stock options and restricted shares using the treasury stock method.
Recently Issued Accounting Pronouncements In December 2004, the Financial Accounting Standards Board issued SFAS 123R, which requires companies to expense the fair value of employee stock options and other forms of stock-based compensation.
This requirement represents a significant change because fixed-based stock option awards, a predominate form of stock compensation for us, were not recognized as compensation expense under APB No.25.
SFAS 123R requires that the cost of the award, as determined on the date of grant at fair value, be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period)
Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) The purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $391.6 million.
We allocated the excess purchase price over the fair value of the net tangible assets acquired to other intangible assets of $88.9 million and associated deferred tax liabilities of $33.5 million, and goodwill of $336.2 million.
The other intangible assets, which consist primarily of subscriber contracts, have a weightedaverage useful life of approximately 10 years.
Approximately $47.4 million of the acquired goodwill is deductible for income tax purposes.
We used an independent third party valuation specialist firm to assist us in evaluating the fair value of assets acquired.
On April 1, 2004, we acquired Ochsner Health Plan, or Ochsner, from the Ochsner Clinic Foundation for $157.1 million in cash.
The results of operations and financial condition of Corphealth, CarePlus and Ochsner have been included in our consolidated statements of income and consolidated balance sheets from the respective acquisition dates.
The pro forma financial information presented below assumes that the acquisitions of Corphealth, CarePlus and Ochsner had occurred as of the beginning of each respective period.
The pro forma adjustments include the pro forma effect of amortization of other intangible assets arising from the purchase price allocation and interest expense related to the assumed financing of the cash purchase price and the associated income tax effects of the pro forma adjustments.
The pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the Corphealth, CarePlus and Ochsner acquisitions been consummated at the beginning of the respective periods.
## Table 3 ##
(1) This period includes the pro forma impact of Corphealth for approximately 11.5 months and CarePlus for approximately 1.5 months.
(2) This period includes the pro forma impact of Corphealth and CarePlus for 12 months and Ochsner for 3 months.4.
INVESTMENT SECURITIES Investment securities classified as current assets were as follows at December 31, 2005 and 2004:
## Table 4 ##
mill in the fourth quarter of 2008.
This compares with 635,000 tons of total downtime in 2008 of which 305,000 tons were lack-of-order downtime.
## Table 5 ##
NORTH AMERICAN PRINTING PAPERS net sales in 2009 were $2.8 billion compared with $3.4 billion in 2008 and $3.5 billion in 2007.
Operating earnings in 2009 were $746 million ($307 million excluding alternative fuel mixture credits and plant closure costs) compared with $405 million ($435 million excluding shutdown costs for a paper machine) in 2008 and $415 million in 2007.
Sales volumes decreased significantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the Franklin mill in December 2008 and the conversion of the Bastrop mill to pulp production in June 2008.
Average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets.
Margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets.
Input costs, however, were favorable due to lower wood and chemical costs and significantly lower energy costs.
Freight costs were also lower.
Planned maintenance downtime costs in 2009 were comparable with 2008.
Operating costs were favorable, reflecting cost control efforts and strong machine performance.
Lack-of-order downtime increased to 525,000 tons in 2009, including 120,000 tons related to the shutdown of a paper machine at our Franklin mill in the 2008 fourth quarter, from 135,000 tons in 2008.
Operating earnings in 2009 included $671 million of alternative fuel mixture credits, $223 million of costs associated with the shutdown of our Franklin mill and $9 million of other shutdown costs, while operating earnings in 2008 included $30 million of costs for the shutdown of a paper machine at our Franklin mill.
Looking ahead to 2010, first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels.
Average sales price realizations should be higher, reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated freesheet paper and an increase in prices to export markets.
However, input costs for wood, energy and chemicals are expected to continue to increase.
Planned maintenance downtime costs should be lower and operating costs should be favorable.
BRAZILIAN PAPERS net sales for 2009 of $960 million increased from $950 million in 2008 and $850 million in 2007.
Operating profits for 2009 were $112 million compared with $186 million in 2008 and $174 million in 2007.
Sales volumes increased in 2009 compared with 2008 for both paper and pulp reflecting higher export shipments.
Average sales price realizations were lower due to strong competitive pressures in the Brazilian domestic market in the second half of the year, lower export prices and unfavorable foreign exchange rates.
Margins were unfavorably affected by a higher proportion of lower margin export sales.
Input costs for wood and chemicals were favorable, but these benefits were partially offset by higher energy costs.
Planned maintenance downtime costs were lower, and operating costs were also favorable.
Earnings in 2009 were adversely impacted by unfavorable foreign exchange effects.
Entering 2010, sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009.
Profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets, partially offset by higher planned maintenance outage costs.
EUROPEAN PAPERS net sales in 2009 were $1.3 billion compared with $1.7 billion in 2008 and $1.5 billion in 2007.
Operating profits in 2009 of $92 million ($115 million excluding expenses associated with the closure of the Inverurie mill) compared with $39 million ($146 million excluding a charge to reduce the carrying value of the fixed assets at the Inverurie, Scotland mill to their estimated realizable value) in 2008 and $171 million in 2007.
Sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the Inverurie mill in 2009.
Average sales price realizations decreased significantly in 2009 across most of Western Europe, but margins increased in Poland and Russia reflecting the effect of local currency devaluations.
Input costs were favorable as lower wood costs, particularly in Russia, were only partially offset by higher energy costs in Poland and higher chemical costs.
Planned maintenance downtime costs were higher in 2009 than in 2008, while manufacturing operating costs were lower.
Operating profits in 2009 also reflect favorable foreign exchange impacts.
Looking ahead to 2010, sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand.
Average sales price realizations are expected to increase over the quarter, primarily in Eastern Europe, as price increases

<table><tr><td></td><td colspan="5"> Payments Due by Period</td></tr><tr><td></td><td> Total</td><td> Less than 1 Year</td><td> 1-3 Years</td><td> 3-5 Years</td><td> More than 5 Years</td></tr><tr><td></td><td colspan="5"> (in thousands)</td></tr><tr><td>Debt</td><td>$803,640</td><td>$300,574</td><td>$1,080</td><td>$201,080</td><td>$300,906</td></tr><tr><td>Interest-1</td><td>285,720</td><td>50,333</td><td>66,900</td><td>45,396</td><td>123,091</td></tr><tr><td>Operating leases-2</td><td>297,113</td><td>84,993</td><td>121,622</td><td>62,325</td><td>28,173</td></tr><tr><td>Purchase and other obligations-3</td><td>46,433</td><td>24,044</td><td>18,346</td><td>4,043</td><td>—</td></tr><tr><td>Total</td><td>$1,432,906</td><td>$459,944</td><td>$207,948</td><td>$312,844</td><td>$452,170</td></tr></table>
<table><tr><td colspan="2">Completion Factor(a):</td><td colspan="2">Claims Trend Factor(b):</td></tr><tr><td>(Decrease) Increase in Factor</td><td>Increase (Decrease) in Medicaland Other Expenses Payable</td><td>(Decrease) Increase in Factor</td><td>(Decrease) Increase in Medical and Other Expenses Payable</td></tr><tr><td colspan="4">(dollars in thousands)</td></tr><tr><td>-3%</td><td>$183,000</td><td>-3%</td><td>$-68,000</td></tr><tr><td>-2%</td><td>$117,000</td><td>-2%</td><td>$-44,000</td></tr><tr><td>-1%</td><td>$56,000</td><td>-1%</td><td>$-21,000</td></tr><tr><td>1%</td><td>$-53,000</td><td>1%</td><td>$26,000</td></tr><tr><td>2%</td><td>$-102,000</td><td>2%</td><td>$49,000</td></tr><tr><td>3%</td><td>$-150,000</td><td>3%</td><td>$73,000</td></tr></table>
<table><tr><td></td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td></td><td colspan="3">(in thousands, except per share results)</td></tr><tr><td>Net income, as reported</td><td>$308,483</td><td>$280,012</td><td>$228,934</td></tr><tr><td>Add: Stock-based employee compensation expense included in reported net income, net of related tax</td><td>7,063</td><td>2,456</td><td>3,872</td></tr><tr><td>Deduct: Total stock-based employee compensation expense determined under the fair value based method for all awards, net of relatedtax</td><td>-18,816</td><td>-12,521</td><td>-9,067</td></tr><tr><td>Adjusted net income</td><td>$296,730</td><td>$269,947</td><td>$223,739</td></tr><tr><td>Earnings per common share:</td><td></td><td></td><td></td></tr><tr><td>Basic, as reported</td><td>$1.91</td><td>$1.75</td><td>$1.44</td></tr><tr><td>Basic, pro forma</td><td>$1.83</td><td>$1.68</td><td>$1.41</td></tr><tr><td>Diluted, as reported</td><td>$1.87</td><td>$1.72</td><td>$1.41</td></tr><tr><td>Diluted, pro forma</td><td>$1.79</td><td>$1.66</td><td>$1.38</td></tr></table>
<table><tr><td></td><td colspan="2"> For the year ended December 31,</td></tr><tr><td></td><td> 2005-1</td><td> 2004-2</td></tr><tr><td></td><td colspan="2"> (in thousands, except per share results)</td></tr><tr><td>Revenues</td><td>$14,500,064</td><td>$13,786,237</td></tr><tr><td>Net income</td><td>$312,951</td><td>$303,427</td></tr><tr><td>Earnings per common share:</td><td></td><td></td></tr><tr><td>Basic</td><td>$1.94</td><td>$1.89</td></tr><tr><td>Diluted</td><td>$1.89</td><td>$1.87</td></tr></table>
<table><tr><td></td><td colspan="4"> 2005</td><td colspan="4"> 2004</td></tr><tr><td></td><td> Amortized Cost</td><td> Gross Unrealized Gains</td><td>Gross Unrealized Losses</td><td> Fair Value</td><td> Amortized Cost</td><td> Gross Unrealized Gains</td><td>Gross Unrealized Losses</td><td> Fair Value</td></tr><tr><td></td><td colspan="8"> (in thousands)</td></tr><tr><td>U.S. Government obligations</td><td>$791,322</td><td>$84</td><td>$-9,729</td><td>$781,677</td><td>$650,200</td><td>$3,437</td><td>$-2,952</td><td>$650,685</td></tr><tr><td>Tax exempt municipal securities</td><td>971,330</td><td>1,112</td><td>-11,637</td><td>960,805</td><td>888,592</td><td>11,379</td><td>-3,722</td><td>896,249</td></tr><tr><td>Corporate and other securities</td><td>422,127</td><td>566</td><td>-9,182</td><td>413,511</td><td>469,375</td><td>8,593</td><td>-3,121</td><td>474,847</td></tr><tr><td>Mortgage-backed securities</td><td>105,859</td><td>142</td><td>-2,761</td><td>103,240</td><td>78,722</td><td>839</td><td>-1,146</td><td>78,415</td></tr><tr><td>Redeemable preferred stocks</td><td>19,668</td><td>52,285</td><td>-289</td><td>71,664</td><td>7,310</td><td>—</td><td>-134</td><td>7,176</td></tr><tr><td>Debt securities</td><td>2,310,306</td><td>54,189</td><td>-33,598</td><td>2,330,897</td><td>2,094,199</td><td>24,248</td><td>-11,075</td><td>2,107,372</td></tr><tr><td>Non-redeemable preferred stocks</td><td>24,237</td><td>13</td><td>-243</td><td>24,007</td><td>38,221</td><td>621</td><td>-569</td><td>38,273</td></tr><tr><td>Investment securities</td><td>$2,334,543</td><td>$54,202</td><td>$-33,841</td><td>$2,354,904</td><td>$2,132,420</td><td>$24,869</td><td>$-11,644</td><td>$2,145,645</td></tr></table>
<table><tr><td><i>In millions</i></td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Sales</td><td>$5,680</td><td>$6,810</td><td>$6,530</td></tr><tr><td>Operating Profit</td><td>1,091</td><td>474</td><td>839</td></tr></table>

Question: Does the value of Revenues in 2004 greater than that in 2005?
Answer: no