leveraged lease with any change in the recalculated net investment recognized as a gain or loss currently.
Con Edison believes that its position on the LILOs is correct and is currently appealing the auditors’ proposal within the Internal Revenue Service.
If Con Edison is unsuccessful in defending its position, the company may be required to recalculate the leveraged leases, which could result in a charge to earnings, the amount of which could have a material adverse effect on Con Edison’s results of operations.
Liquidity and Capital Resources The Companies’ liquidity reflects cash flows from operating, investing and financing activities, as shown on their respective consolidated statement of cash flows and as discussed below.
The principal factors affecting Con Edison’s liquidity are its investments in the Utilities, the dividends it pays to its shareholders and the dividends it receives from the Utilities.
In addition, in the 2004 and 2003 periods, Con Edison issued 16.7 million and 11.9 million shares of common stock for $578 and $436 million, respectively, of which $512 million and $378 million were invested in Con Edison of New York.
Con Edison also issued $200 million of five-year debt in 2003 and $325 million of 40-year debt (most of which it invested in its unregulated subsidiaries) in 2002.
The principal factors affecting the Utilities’ liquidity are the cash flow generated from operations, construction expenditures and maturities of their debt securities.
In addition, Con Edison of New York in 2004 and 2003 received net capital contributions from Con Edison of $512 million and $378 million, respectively, and in 2004, 2003 and 2002 issued $95 million, $45 million and $225 million, respectively, of additional debt net of redemptions.
In 2003, O&R redeemed $35 million of debt at maturity with commercial paper.
Con Edison of New York’s expenditures have included approximately $447 million related to the attack on the World Trade Center and the subsequent restoration of lower Manhattan energy services and facilities; to date the company has received reimbursement of $76 million of such costs from insurance carriers and $63 million from the federal government and is pursuing further reimbursement of such costs.
See Note R to the financial statements.
The Companies’ current liabilities exceeded their current assets at December 31, 2004 and 2003.
The Companies generally maintain minimal cash balances and use short-term borrowing to meet their working capital needs and other cash requirements.
The Companies repay their short-term borrowings using cash flow from long-term financings and operating activities.
The Utilities’ cost of capital, including working capital, is reflected in the rates they charge to their customers.
Each of the Companies believes that it will be able to meet its reasonably likely short-term and long-term cash requirements.
See “Risk Factors,” and “Application of Critical Accounting Policies – Accounting for Contingencies,” above, and “Regulatory Matters,” below.
Changes in the Companies’ cash and temporary cash investments resulting from operating, investing and financing activities for the years ended December 31, 2004, 2003 and 2002 are summarized as follows: Con Edison
## Table 0 ##
Con Edison of New York
## Table 1 ##
O&R
## Table 2 ##
Table of Contents ETHANOL We own 14 ethanol plants with a combined ethanol production capacity of 1.73 billion gallons per year.
Our ethanol plants are dry mill facilities(a) that process corn to produce ethanol, distillers grains, and corn oil(b).
We source our corn supply from local farmers and commercial elevators.
Our facilities receive corn primarily by rail and truck.
We publish on our website a corn bid for local farmers and cooperative dealers to facilitate corn supply transactions.
We sell our ethanol primarily to refiners and gasoline blenders under term and spot contracts in bulk markets such as New York, Chicago, the U. S.  Gulf Coast, Florida, and the U. S.  West Coast.
We also export our ethanol into the global markets.
We ship our dry distillers grains (DDGs) by truck or rail primarily to animal feed customers in the U. S.  and Mexico.
We also sell modified distillers grains locally at our plant sites, and corn oil by truck and rail.
We distribute our ethanol through logistics assets, which include railcars owned by us.
The following table presents the locations of our ethanol plants, their approximate annual production capacities for ethanol (in millions of gallons) and DDGs (in tons), and their approximate annual corn processing capacities (in millions of bushels).
## Table 3 ##
The combined production of ethanol from our plants averaged 4.1 million gallons per day for 2018.
________________________ (a) Ethanol is commercially produced using either the wet mill or dry mill process.
Wet milling involves separating the grain kernel into its component parts (germ, fiber, protein, and starch) prior to fermentation.
In the dry mill process, the entire grain kernel is ground into flour.
The starch in the flour is converted to ethanol during the fermentation process, creating carbon dioxide and distillers grains.
(b) During fermentation, nearly all of the starch in the grain is converted into ethanol and carbon dioxide, while the remaining nutrients (proteins, fats, minerals, and vitamins) are concentrated to yield corn oil, modified distillers grains, or, after further drying, dried distillers grains.
Distillers grains generally are an economical partial replacement for corn and soybeans in feeds for cattle, swine, and poultry.
Corn oil is produced as fuel grade and feed grade (not for human consumption), and is sold primarily as a feedstock for biodiesel or renewable diesel production with a smaller percentage sold into animal feed markets.
(c) The Bluffton, Lakota, and Riga plants were acquired from two subsidiaries of Green Plains Inc.  in November 2018.
The annual ethanol, DDG production, and corn processing capacities for these ethanol plants were only applicable for November and December of 2018.
Table of Contents TCEQ and Harris County Pollution Control Services Department (HCPCS) (Houston Terminal).
We have an outstanding NOE from the TCEQ and an outstanding VN from the HCPCS alleging excess emissions from Tank 003 that occurred during Hurricane Harvey.
We are working with the pertinent authorities to resolve these matters.
ITEM 4.
MINE SAFETY DISCLOSURES None.
PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on the NYSE under the trading symbol “VLO.
” As of January 31, 2019, there were 5,271 holders of record of our common stock.
Dividends are considered quarterly by the board of directors, may be paid only when approved by the board, and will depend on our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements, and other factors and restrictions our board deems relevant.
There can be no assurance that we will pay a dividend at the rates we have paid historically, or at all, in the future.
The following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018.
## Table 4 ##
(a) The shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to (i) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and (ii) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options, the vesting of restricted stock, and other stock compensation transactions in accordance with the terms of our stock-based compensation plans.
(b) On January 23, 2018, we announced that our board of directors authorized our purchase of up to $2.5 billion of our outstanding common stock (the 2018 Program), with no expiration date, which was in addition to the remaining amount available under a $2.5 billion program authorized on September 21, 2016 (the 2016 Program).
During the fourth quarter of 2018, we completed our purchases under the 2016 Program.
As of December 31, 2018, we had $2.2 billion remaining available for purchase under the 2018 Program.
Table of Contents VALERO ENERGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 11.
EQUITY Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions):
## Table 5 ##
Preferred Stock We have 20 million shares of preferred stock authorized with a par value of $0.01 per share.
No shares of preferred stock were outstanding as of December 31, 2018 or 2017.
Treasury Stock We purchase shares of our common stock as authorized under our common stock purchase program (described below) and to meet our obligations under employee stock-based compensation plans.
On July 13, 2015, our board of directors authorized us to purchase $2.5 billion of our outstanding common stock with no expiration date, and we completed that program during 2017.
On September 21, 2016, our board of directors authorized our purchase of up to an additional $2.5 billion with no expiration date, and we completed that program during 2018.
On January 23, 2018, our board of directors authorized our purchase of up to an additional $2.5 billion (the 2018 Program) with no expiration date.
During the years ended December 31, 2018, 2017, and 2016, we purchased $1.5 billion, $1.3 billion, and $1.3 billion, respectively, of our common stock under our programs.
As of December 31, 2018, we have approval under the 2018 Program to purchase approximately $2.2 billion of our common stock.
Common Stock Dividends On January 24, 2019, our board of directors declared a quarterly cash dividend of $0.90 per common share payable on March 5, 2019 to holders of record at the close of business on February 13, 2019.
Valero Energy Partners LP Units On September 16, 2016, VLP entered into an equity distribution agreement pursuant to which VLP offered and sold from time to time their common units having an aggregate offering price of up to $350 million based on amounts, at prices, and on terms determined by market conditions and other factors at the time of

<table><tr><td><i>(Millions of Dollars)</i></td><td>2004</td><td>2003</td><td>Variance 2004 vs. 2003</td><td>2002</td><td>Variance 2003 vs. 2002</td></tr><tr><td>Operating activities</td><td>$1,320</td><td>$1,321</td><td>$-1</td><td>$1,581</td><td>$-260</td></tr><tr><td>Investing activities</td><td>-1,540</td><td>-1,546</td><td>6</td><td>-1,634</td><td>88</td></tr><tr><td>Financing activities</td><td>197</td><td>156</td><td>41</td><td>-100</td><td>256</td></tr><tr><td>Net change for the period</td><td>-23</td><td>-69</td><td>46</td><td>-153</td><td>84</td></tr><tr><td>Balance at beginning of period</td><td>49</td><td>118</td><td>-69</td><td>271</td><td>-153</td></tr><tr><td>Balance at end of period (including restricted cash)</td><td>$26</td><td>$49</td><td>$-23</td><td>$118</td><td>$-69</td></tr></table>
<table><tr><td><i>(Millions of Dollars)</i></td><td>2004</td><td>2003</td><td>Variance 2004 vs. 2003</td><td>2002</td><td>Variance 2003 vs. 2002</td></tr><tr><td>Operating activities</td><td>$1,201</td><td>$1,169</td><td>32</td><td>$1,310</td><td>$-141</td></tr><tr><td>Investing activities</td><td>-1,412</td><td>-1,337</td><td>-75</td><td>-1,273</td><td>-64</td></tr><tr><td>Financing activities</td><td>188</td><td>113</td><td>75</td><td>-214</td><td>327</td></tr><tr><td>Net change for the period</td><td>-23</td><td>-55</td><td>32</td><td>-177</td><td>122</td></tr><tr><td>Balance at beginning of period</td><td>33</td><td>88</td><td>-55</td><td>265</td><td>-177</td></tr><tr><td>Balance at end of period (including restricted cash)</td><td>$10</td><td>$33</td><td>$-23</td><td>$88</td><td>$-55</td></tr></table>
<table><tr><td><i>(Millions of Dollars)</i></td><td>2004</td><td>2003</td><td>Variance 2004 vs. 2003</td><td>2002</td><td>Variance 2003 vs. 2002</td></tr><tr><td>Operating activities</td><td>$81</td><td>$127</td><td>$-46</td><td>$104</td><td>$23</td></tr><tr><td>Investing activities</td><td>-81</td><td>-71</td><td>-10</td><td>-60</td><td>-11</td></tr><tr><td>Financing activities</td><td>3</td><td>-49</td><td>52</td><td>-44</td><td>-5</td></tr><tr><td>Net change for the period</td><td>3</td><td>7</td><td>-4</td><td>-</td><td>7</td></tr><tr><td>Balance at beginning of period</td><td>9</td><td>2</td><td>7</td><td>2</td><td>-</td></tr><tr><td>Balance at end of period (including restricted cash)</td><td>$12</td><td>$9</td><td>$3</td><td>$2</td><td>$7</td></tr></table>
<table><tr><td>State</td><td>City</td><td>EthanolProductionCapacity</td><td>Productionof DDGs</td><td>CornProcessed</td></tr><tr><td>Indiana</td><td>Bluffton<sup>(c)</sup></td><td>115</td><td>302,000</td><td>40</td></tr><tr><td></td><td>Linden</td><td>135</td><td>355,000</td><td>47</td></tr><tr><td></td><td>Mount Vernon</td><td>100</td><td>263,000</td><td>35</td></tr><tr><td>Iowa</td><td>Albert City</td><td>135</td><td>355,000</td><td>47</td></tr><tr><td></td><td>Charles City</td><td>140</td><td>368,000</td><td>49</td></tr><tr><td></td><td>Fort Dodge</td><td>140</td><td>368,000</td><td>49</td></tr><tr><td></td><td>Hartley</td><td>140</td><td>368,000</td><td>49</td></tr><tr><td></td><td>Lakota<sup>(c)</sup></td><td>110</td><td>289,000</td><td>38</td></tr><tr><td>Michigan</td><td>Riga<sup>(c)</sup></td><td>55</td><td>145,000</td><td>19</td></tr><tr><td>Minnesota</td><td>Welcome</td><td>140</td><td>368,000</td><td>49</td></tr><tr><td>Nebraska</td><td>Albion</td><td>135</td><td>355,000</td><td>47</td></tr><tr><td>Ohio</td><td>Bloomingburg</td><td>135</td><td>355,000</td><td>47</td></tr><tr><td>South Dakota</td><td>Aurora</td><td>140</td><td>368,000</td><td>49</td></tr><tr><td>Wisconsin</td><td>Jefferson</td><td>110</td><td>352,000</td><td>41</td></tr><tr><td>Total</td><td></td><td>1,730</td><td>4,611,000</td><td>606</td></tr></table>
<table><tr><td>Period</td><td>Total Numberof SharesPurchased</td><td>AveragePrice Paidper Share</td><td>Total Number ofShares NotPurchased as Part ofPublicly AnnouncedPlans or Programs (a)</td><td>Total Number ofShares Purchased asPart of PubliclyAnnounced Plans orPrograms</td><td>Approximate DollarValue of Shares thatMay Yet Be PurchasedUnder the Plans orPrograms (b)</td></tr><tr><td>October 2018</td><td>939,957</td><td>$87.23</td><td>8,826</td><td>931,131</td><td>$2.7 billion</td></tr><tr><td>November 2018</td><td>3,655,945</td><td>$87.39</td><td>216,469</td><td>3,439,476</td><td>$2.4 billion</td></tr><tr><td>December 2018</td><td>3,077,364</td><td>$73.43</td><td>4,522</td><td>3,072,842</td><td>$2.2 billion</td></tr><tr><td>Total</td><td>7,673,266</td><td>$81.77</td><td>229,817</td><td>7,443,449</td><td>$2.2 billion</td></tr></table>
<table><tr><td></td><td>CommonStock</td><td>TreasuryStock</td></tr><tr><td>Balance as of December 31, 2015</td><td>673</td><td>-200</td></tr><tr><td>Transactions in connection withstock-based compensation plans</td><td>—</td><td>1</td></tr><tr><td>Stock purchases under purchase program</td><td>—</td><td>-23</td></tr><tr><td>Balance as of December 31, 2016</td><td>673</td><td>-222</td></tr><tr><td>Transactions in connection withstock-based compensation plans</td><td>—</td><td>1</td></tr><tr><td>Stock purchases under purchase programs</td><td>—</td><td>-19</td></tr><tr><td>Balance as of December 31, 2017</td><td>673</td><td>-240</td></tr><tr><td>Stock purchases under purchase programs</td><td>—</td><td>-16</td></tr><tr><td>Balance as of December 31, 2018</td><td>673</td><td>-256</td></tr></table>

Question: if the same amount was spent monthly for 24 months purchasing $ 2.5 billion of common stock , what was the monthly average spent be , in billions?
Answer: 0.10417