THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Long-Term Debt Instruments The aggregate contractual principal amount of long-term other secured financings for which the fair value option was elected exceeded the related fair value by $361 million and $362 million as of December 2016 and December 2015, respectively.
The aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected exceeded the related fair value by $1.56 billion and $1.12 billion as of December 2016 and December 2015, respectively.
The amounts above include both principal- and non-principal-protected long-term borrowings.
Impact of Credit Spreads on Loans and Lending Commitments The estimated net gain attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $281 million for 2016, $751 million for 2015 and $1.83 billion for 2014, respectively.
The firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads.
For floating-rate loans and lending commitments, substantially all changes in fair value are attributable to changes in instrument-specific credit spreads, whereas for fixed-rate loans and lending commitments, changes in fair value are also attributable to changes in interest rates.
Debt Valuation Adjustment The firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm’s credit spreads.
The net DVA on such financial liabilities was a loss of $844 million ($544 million, net of tax) for 2016 and was included in “Debt valuation adjustment” in the consolidated statements of comprehensive income.
The gains/(losses) reclassified to earnings from accumulated other comprehensive loss upon extinguishment of such financial liabilities were not material for 2016.
Note 9.
Loans Receivable Loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses.
Interest on loans receivable is recognized over the life of the loan and is recorded on an accrual basis.
The table below presents details about loans receivable.
## Table 0 ##
As of December 2016 and December 2015, the fair value of loans receivable was $49.80 billion and $45.19 billion, respectively.
As of December 2016, had these loans been carried at fair value and included in the fair value hierarchy, $28.40 billion and $21.40 billion would have been classified in level 2 and level 3, respectively.
As of December 2015, had these loans been carried at fair value and included in the fair value hierarchy, $23.91 billion and $21.28 billion would have been classified in level 2 and level 3, respectively.
The firm also extends lending commitments that are held for investment and accounted for on an accrual basis.
As of December 2016 and December 2015, such lending commitments were $98.05 billion and $93.92 billion, respectively.
Substantially all of these commitments were extended to corporate borrowers and were primarily related to the firm’s relationship lending activities.
The carrying value and the estimated fair value of such lending commitments were liabilities of $327 million and $2.55 billion, respectively, as of December 2016, and $291 million and $3.32 billion, respectively, as of December 2015.
As of December 2016, had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.10 billion and $1.45 billion would have been classified in level 2 and level 3, respectively.
As of December 2015, had these lending commitments been carried at fair value and included in the fair value hierarchy, $1.35 billion and $1.97 billion would have been classified in level 2 and level 3, respectively.
2010 and 2009, the Financial Services Businesses had $1.785 billion and $1.852 billion of outstanding notional amounts, reported at fair value as a $2 million asset and a $113 million asset, respectively.
As of December 31, 2010 and 2009, the Closed Block Business had $399 million and $461 million of outstanding notional amounts, reported at fair value as a liability of $1 million and an asset of $61 million, respectively.
The premium paid for the credit derivatives we purchase attributable to the Financial Services Businesses was $50 million and $52 million for the years ended December 31, 2010 and 2009, respectively, and is included in adjusted operating income as an adjustment to “Realized investment gains (losses), net.
” See Note 21 to the Consolidated Financial Statements for additional information regarding credit derivatives and an overall description of our derivative activities.
Unrealized Losses from Fixed Maturity Securities The following table sets forth the amortized cost and gross unrealized losses of fixed maturity securities attributable to the Financial Services Businesses where the estimated fair value had declined and remained below amortized cost by 20% or more for the following timeframes: Unrealized Losses from Fixed Maturity Securities, Greater than 20%—Financial Services Businesses
## Table 1 ##
(1) The aging of amortized cost and gross unrealized losses is determined based upon a count of the number of months the estimated fair value remained below amortized cost by 20% or more, using month-end valuations.
The gross unrealized losses were primarily concentrated in asset-backed securities as of December 31, 2010 and 2009.
Gross unrealized losses attributable to the Financial Services Businesses where the estimated fair value had declined and remained below amortized cost by 20% or more of $1.548 billion as of December 31, 2010, includes $731 million relating to asset-backed securities collateralized by sub-prime mortgages.
Gross unrealized losses attributable to the Financial Services Businesses where the estimated fair value had declined and remained below amortized cost by 20% or more as of December 31, 2010, also includes $65 million of gross unrealized losses on securities with amortized cost of $107 million where the estimated fair value had declined and remained below amortized cost by 50% or more, of which, $3 million was included in the less than three months timeframe, $4 million was included in the three months or greater but less than six months timeframe, $2 million was included in the six months or greater but less than nine months timeframe, $20 million was included in the nine months or greater but less than twelve months timeframe, and $36 million was included in the greater than twelve months timeframe.
We have not recognized the gross unrealized losses shown in the tables above as other-thantemporary impairments in earnings based on our detailed analysis of the underlying credit and cash flows on each of these securities.
The gross unrealized losses are primarily attributable to general credit spread widening in the structured credit marketplace, liquidity discounts, and the impact of changes in foreign currency exchange rates, and we believe the recoverable value of these investments based on the expected future cash flows is greater than or equal to our remaining amortized cost.
At December 31, 2010, we do not intend to sell these securities and it is not more likely than not that we will be required to sell these securities before the anticipated recovery of its remaining amortized cost basis.
See “—Other-Than-Temporary Impairments of Fixed Maturity Securities” for a discussion of the factors we consider in making these determinations.
The following table sets forth the amortized cost and gross unrealized losses of fixed maturity securities attributable to the Closed Block Business where the estimated fair value had declined and remained below amortized cost by 20% or more for the following timeframes: Unrealized Losses from Fixed Maturity Securities, Greater than 20%—Closed Block Business
## Table 2 ##
(1) The aging of amortized cost and gross unrealized losses is determined based upon a count of the number of months the estimated fair value remained below amortized cost by 20% or more, using month-end valuations.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 22.
SEGMENT INFORMATION (continued) Adjustments to “Realized investment gains (losses), net,” for purposes of calculating adjusted operating income, include the following: Gains and losses pertaining to derivative contracts that do not qualify for hedge accounting treatment, other than derivatives used in the Company’s capacity as a broker or dealer, are included in “Realized investment gains (losses), net.
” This includes mark-to-market adjustments of open contracts as well as periodic settlements.
As discussed further below, adjusted operating income includes a portion of realized gains and losses pertaining to certain derivative contracts.
Adjusted operating income of the International Insurance segment and International Investments segment, excluding the global commodities group, reflect the impact of an intercompany arrangement with Corporate and Other operations pursuant to which the segments’ non-U.
S.  dollar denominated earnings in all countries for a particular year, including its interim reporting periods, are translated at fixed currency exchange rates.
The fixed rates are determined in connection with a currency hedging program designed to mitigate the risk that unfavorable rate changes will reduce the segments’ U. S.  dollar equivalent earnings.
Pursuant to this program, the Company’s Corporate and Other operations execute forward currency contracts with third parties to sell the net exposure of projected earnings from the hedged currency in exchange for U. S.  dollars at a specified exchange rate.
The maturities of these contracts correspond with the future periods in which the identified non-U.
S.  dollar denominated earnings are expected to be generated.
These contracts do not qualify for hedge accounting under U. S.  GAAP and, as noted above, all resulting profits or losses from such contracts are included in “Realized investment gains (losses), net.
” When the contracts are terminated in the same period that the expected earnings emerge, the resulting positive or negative cash flow effect is included in adjusted operating income (net losses of $93 million and $36 million, and net gains of $11 million for the years ended December 31, 2010, 2009 and 2008, respectively).
As of December 31, 2010 and 2009, the fair value of open contracts used for this purpose were net liabilities of $252 million and $16 million, respectively.
The Company uses interest rate and currency swaps and other derivatives to manage interest and currency exchange rate exposures arising from mismatches between assets and liabilities, including duration mismatches.
For the derivative contracts that do not qualify for hedge accounting treatment, mark-to-market adjustments of open contracts as well as periodic settlements are included in “Realized investment gains (losses), net.
” However, the periodic swap settlements, as well as other derivative related yield adjustments, are included in adjusted operating income to reflect the after-hedge yield of the underlying instruments.
In certain instances, when these derivative contracts are terminated or offset before their final maturity, the resulting realized gains or losses recorded within “Realized investment gains (losses), net” are recognized in adjusted operating income over periods that generally approximate the expected terms of the derivatives or underlying instruments in order for adjusted operating income to reflect the after-hedge yield of the underlying instruments.
Adjusted operating income includes net gains of $243 million, $167 million and $66 million for the years ended December 31, 2010, 2009 and 2008, respectively, due to periodic settlements and yield adjustments of such contracts, and includes net gains of $35 million and $26 million, and net losses of $14 million for the years ended December 31, 2010, 2009 and 2008, respectively, related to certain derivative contracts that were terminated or offset in prior periods.
The table below reflects the total deferred gain (loss) related to certain derivative contracts that were terminated or offset in prior periods that will be recognized in adjusted operating income in future periods for each segment, as well as the weighted average period over which these deferred amounts will be recognized.

<table><tr><td></td><td>As of December</td></tr><tr><td><i>$ in millions</i></td><td>2016</td><td>2015</td></tr><tr><td>Corporate loans</td><td>$24,837</td><td>$20,740</td></tr><tr><td>Loans to private wealth management clients</td><td>13,828</td><td>13,961</td></tr><tr><td>Loans backed by commercial real estate</td><td>4,761</td><td>5,271</td></tr><tr><td>Loans backed by residential real estate</td><td>3,865</td><td>2,316</td></tr><tr><td>Other loans</td><td>2,890</td><td>3,533</td></tr><tr><td>Total loans receivable, gross</td><td>50,181</td><td>45,821</td></tr><tr><td>Allowance for loan losses</td><td>-509</td><td>-414</td></tr><tr><td>Total loans receivable</td><td>$49,672</td><td>$45,407</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2010</td><td colspan="2"> December 31, 2009</td></tr><tr><td></td><td> Amortized Cost-1</td><td> Gross Unrealized Losses-1</td><td> Amortized Cost-1</td><td> Gross Unrealized Losses-1</td></tr><tr><td></td><td colspan="4"> (in millions)</td></tr><tr><td>Less than three months</td><td>$622</td><td>$136</td><td>$1,225</td><td>$267</td></tr><tr><td>Three months or greater but less than six months</td><td>751</td><td>169</td><td>714</td><td>175</td></tr><tr><td>Six months or greater but less than nine months</td><td>1,094</td><td>283</td><td>201</td><td>56</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>173</td><td>52</td><td>1,260</td><td>431</td></tr><tr><td>Greater than twelve months</td><td>2,503</td><td>908</td><td>4,533</td><td>1,517</td></tr><tr><td>Total</td><td>$5,143</td><td>$1,548</td><td>$7,933</td><td>$2,446</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2010</td><td colspan="2"> December 31, 2009</td></tr><tr><td></td><td> Amortized Cost-1</td><td> Gross Unrealized Losses-1</td><td> Amortized Cost-1</td><td> Gross Unrealized Losses-1</td></tr><tr><td></td><td colspan="4"> (in millions)</td></tr><tr><td>Less than three months</td><td>$173</td><td>$37</td><td>$408</td><td>$94</td></tr><tr><td>Three months or greater but less than six months</td><td>149</td><td>43</td><td>203</td><td>52</td></tr><tr><td>Six months or greater but less than nine months</td><td>70</td><td>16</td><td>18</td><td>7</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>73</td><td>22</td><td>859</td><td>306</td></tr><tr><td>Greater than twelve months</td><td>1,518</td><td>559</td><td>1,827</td><td>672</td></tr><tr><td>Total</td><td>$1,983</td><td>$677</td><td>$3,315</td><td>$1,131</td></tr></table>

Question: At December 31, 2010,what is the ratio of the Gross Unrealized Losses for Six months or greater but less than nine months to the Gross Unrealized Losses for Total ?
Answer: 0.18282