2014 was driven by higher operating expenses from expanding our commercial infrastructure, additional research and development costs, the implementation of the medical device tax in the U. S.  in January 2013, and additional legal fees to comply with the subpoena received from the Department of Justice in October 2012 and defend ourselves from other legal claims, which were partially offset by increased Impella sales resulting from greater demand for our products, particularly the Impella CP.
Liquidity and Capital Resources At March 31, 2015, our total cash, cash equivalents, and short and long-term marketable securities totaled $146.0 million, an increase of $27.7 million compared to $118.3 million at March 31, 2014.
The increase in our cash, cash equivalents, and short and long-term marketable securities was due primarily to positive cash flows from operations in fiscal 2015 and proceeds from stock option exercises, partially offset by the ECP and AIS acquisitions discussed above in “Overview.
” We paid approximately $15.7 million in net cash for the initial purchase price of these acquisitions.
We also could be required to pay up to an additional $15.0 million, which may be paid, at our discretion, as cash, shares of our common stock or a combination of both, in connection with the acquisition of ECP, if certain technical, regulatory and commercial milestones are met.
Following is a summary of our cash flow activities:
## Table 0 ##
Cash Provided by Operating Activities For the year ended March 31, 2015, cash provided by operating activities consisted of net income of $113.7 million, less non-cash items of $65.7 million and cash used for working capital of $4.7 million.
The increase in net income in fiscal 2015 included a deferred income tax benefit of $87.1 million primarily due to the release of our valuation allowance on certain of our deferred tax assets and higher Impella product revenue due to greater utilization in the U. S.  and Europe.
Other non-cash items primarily consisted of $16.5 million of stock-based compensation expense, $2.8 million of depreciation and amortization of long-lived assets, $2.2 million of write-downs of inventory and a $0.5 million change in fair value of contingent consideration.
The decrease in cash from changes in working capital included an $8.0 million increase in accounts receivable from higher revenues, a $7.0 million increase in inventory to support growing demand for our Impella products, and a $1.5 million increase in prepaid expenses.
These amounts were partially offset by $9.4 million increase in accounts payable and accrued expenses due to increase in operating expenses as discussed above in “Costs and Expenses” and an increase in deferred revenue of $2.3 million primarily due to an increase in preventative maintenance service contracts as we expand the use of our Impella AIC consoles to additional sites.
For the year ended March 31, 2014, cash provided by operating activities consisted of net income of $7.4 million, adjustments for noncash items of $16.6 million and cash used for working capital of $0.5 million.
Adjustments for non-cash items primarily consisted of $11.2 million of stock-based compensation expense, $2.5 million of depreciation and amortization of long-lived assets, $2.0 million of write-downs of inventory and a $0.9 million change in deferred tax provision.
The decrease in cash from changes in working capital was primarily due to a $2.4 million increase in accounts receivable and prepaid expenses, partially offset by a $1.9 million decrease in accounts payable and accrued expenses mostly related to timing of vendor payments.
For the year ended March 31, 2013, cash provided by operating activities consisted of net income of $15.0 million, adjustments for noncash items of $14.2 million and cash used in working capital of $2.8 million.
Adjustments for non-cash items primarily consisted of $9.5 million of stock-based compensation expense, $2.7 million of depreciation and amortization of long-lived assets, $1.2 million of write-downs of inventory and a $0.8 million change in deferred tax provision.
The decrease in cash from changes in working capital was primarily due to a $2.9 million increase in accounts receivable and prepaid expenses, a $5.3 million increase in inventory and a $1.2 million increase in deferred revenue, partially offset by a $4.2 million decrease in accounts payable and accrued expenses mostly related to timing of vendor payments.
Cash Used in Investing Activities For the year ended March 31, 2015, net cash used for investing activities included $26.1 million for the purchase (net of maturities) of marketable securities, $15.7 million for our acquisition of ECP and AIS, $5.2 million for the purchase of property and equipment mostly related to expansion of manufacturing capacity in Danvers, Massachusetts and Aachen, Germany and $2.9 million of investments in private medical technology companies.
Competition The subset of DERs that produce electricity are collectively referred to as distributed generation (DG).
DG includes solar energy production facilities, fuel cells and micro-turbines, and provide an alternative source of electricity for the Utilities’ electric delivery customers.
Typically, customers with DG remain connected to the utility’s delivery system and pay a different rate.
Gas delivery customers have electricity and oil as alternatives, and steam customers have electricity and natural gas as alternative sources for heating and cooling their buildings.
Micro-grids and community-based micro-grids enable distributed generation to serve multiple locations and multiple customers.
Other DERs, such as energy storage, demand reduction and energy efficiency investments, provide ways for the energy consumers within the Utilities’ service areas to manage their energy usage.
The following table shows the aggregate capacities of the DG projects connected to the Utilities’ distribution systems at the end of the last five years:
## Table 1 ##
The Clean Energy Businesses participate in competitive renewable and energy infrastructure projects and provide energy-related products and services that are subject to different risks than those found in the businesses of the Utilities.
See "Clean Energy Businesses," below.
Con Edison Transmission invests in electric and gas transmission and gas storage projects, the current and prospective customers of which may have competitive alternatives.
The Utilities do not consider it reasonably likely that another company would be authorized to provide utility delivery service of electricity, natural gas or steam where the company already provides service.
Any such other company would need to obtain NYSPSC consent, satisfy applicable local requirements, install facilities to provide the service, meet applicable services standards and charge customers comparable taxes and other fees and costs imposed on the service.
A new delivery company would also be subject to extensive ongoing regulation by the NYSPSC.
See “Utility Regulation – State Utility Regulation – Regulators,” above.
The Utilities CECONY CECONY, incorporated in New York State in 1884, is a subsidiary of Con Edison and has no significant subsidiaries of its own.
Its principal business segments are its regulated electric, gas and steam businesses.
For a discussion of the company’s operating revenues and operating income for each segment, see “Results of Operations” in Item 7.
For additional information about the segments, see Note N to the financial statements in Item 8.
Electric Operations Electric Facilities CECONY’s capitalized costs for utility plant, net of accumulated depreciation, for distribution facilities were $18,716 million and $17,996 million at December 31, 2018 and 2017, respectively.
For its transmission facilities, the costs for utility plant, net of accumulated depreciation, were $3,106 million and $2,990 million at December 31, 2018 and 2017, respectively, and for its portion of the steam-electric generation facilities, the costs for utility plant, net of accumulated depreciation, were $592 million and $544 million, at December 31, 2018 and 2017, respectively.
See "CECONY – Steam Operations – Steam Facilities," below.
Distribution Facilities CECONY owns 62 area distribution substations and various distribution facilities located throughout New York City and Westchester County.
At December 31, 2018, the company’s distribution system had a transformer capacity of 32,653 MVA, with 37,049 miles of overhead distribution lines and 97,607 miles of underground distribution lines.
Administrative fees, which increased $5.8 million to $353.9 million, are generally offset by related operating expenses that are incurred to provide services to the funds and their investors.
Our largest expense, compensation and related costs, increased $18.4 million or 2.3% from 2007.
This increase includes $37.2 million in salaries resulting from an 8.4% increase in our average staff count and an increase of our associates’ base salaries at the beginning of the year.
At December 31, 2008, we employed 5,385 associates, up 6.0% from the end of 2007, primarily to add capabilities and support increased volume-related activities and other growth over the past few years.
Over the course of 2008, we slowed the growth of our associate base from earlier plans and the prior year.
We also reduced our annual bonuses $27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results.
The balance of the increase is attributable to higher employee benefits and employment-related expenses, including an increase of $5.7 million in stock-based compensation.
After higher spending during the first quarter of 2008 versus 2007, investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending, which for the year was down $3.8 million from 2007.
Occupancy and facility costs together with depreciation expense increased $18 million, or 12% compared to 2007.
We expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands.
Other operating expenses were up $3.3 million from 2007.
We increased our spending $9.8 million, primarily for professional fees and information and other third-party services.
Reductions in travel and charitable contributions partially offset these increases.
Our non-operating investment activity resulted in a net loss of $52.3 million in 2008 as compared to a net gain of $80.4 million in 2007.
This change of $132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds, which resulted from declines in financial market values during the year.
## Table 2 ##
We recognized other than temporary impairments of our investments in sponsored mutual funds because of declines in fair value below cost for an extended period.
The significant declines in fair value below cost that occurred in 2008 were generally attributable to adverse market conditions.
In addition, income from money market and bond fund holdings was $19.3 million lower than in 2007 due to the significantly lower interest rate environment of 2008.
Lower interest rates also led to substantial capital appreciation on our $40 million holding of U. S.  Treasury Notes that we sold in December 2008 at a $2.6 million gain.
The 2008 provision for income taxes as a percentage of pretax income is 38.4%, up from 37.7% in 2007, primarily to reflect changes in state income tax rates and regulations and certain adjustments made prospectively based on our annual income tax return filings for 2007.
CAPITAL RESOURCES AND LIQUIDITY.
During 2009, stockholders’ equity increased from $2.5 billion to $2.9 billion.
We repurchased nearly 2.3 million common shares for $67 million in 2009.
Tangible book value is $2.2 billion at December 31, 2009, and our cash and cash equivalents and our mutual fund investment holdings total $1.4 billion.
Given the availability of these financial resources, we do not maintain an available external source of liquidity.
On January 20, 2010, we purchased a 26% equity interest in UTI Asset Management Company and an affiliate for $142.4 million.
We funded the acquisition from our cash holdings.
In addition to the pending UTI acquisition, we had outstanding commitments to fund other investments totaling $35.4 million at December 31, 2009.
We presently anticipate funding 2010 property and equipment expenditures of about $150 million from our cash balances and operating cash inflows.

<table><tr><td></td><td colspan="3">Years Ended March 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Net cash provided by operating activities</td><td>$43,279</td><td>$23,466</td><td>$26,399</td></tr><tr><td>Net cash used for investing activities</td><td>-49,863</td><td>-22,272</td><td>-10,265</td></tr><tr><td>Net cash provided by (used for) financing activities</td><td>9,534</td><td>9,632</td><td>-11,811</td></tr><tr><td>Effect of exchange rate changes on cash</td><td>-1,465</td><td>639</td><td>-862</td></tr><tr><td>Net increase in cash and cash equivalents</td><td>$1,485</td><td>$11,465</td><td>$3,461</td></tr></table>
<table><tr><td>Technology</td><td colspan="5">CECONY</td><td colspan="5">O&R</td></tr><tr><td>Total MW, except project number</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td></tr><tr><td>Internal-combustion engines</td><td>101</td><td>103</td><td>104</td><td>108</td><td>110</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Photovoltaic solar</td><td>58</td><td>95</td><td>135</td><td>178</td><td>226</td><td>28</td><td>46</td><td>63</td><td>75</td><td>96</td></tr><tr><td>Gas turbines</td><td>40</td><td>40</td><td>40</td><td>48</td><td>48</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Micro turbines</td><td>9</td><td>10</td><td>10</td><td>14</td><td>17</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Fuel cells</td><td>8</td><td>8</td><td>9</td><td>12</td><td>13</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Steam turbines</td><td>3</td><td>3</td><td>4</td><td>6</td><td>6</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Landfill</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Total distribution-level DG</td><td>219</td><td>259</td><td>302</td><td>366</td><td>420</td><td>52</td><td>70</td><td>88</td><td>100</td><td>121</td></tr><tr><td>Number of DG projects</td><td>4,200</td><td>7,451</td><td>12,928</td><td>18,090</td><td>23,942</td><td>1,877</td><td>3,718</td><td>5,409</td><td>6,537</td><td>7,566</td></tr></table>
<table><tr><td></td><td>2007</td><td>2008</td><td>Change</td></tr><tr><td>Capital gain distributions received</td><td>$22.1</td><td>$5.6</td><td>$-16.5</td></tr><tr><td>Other than temporary impairments recognized</td><td>-.3</td><td>-91.3</td><td>-91.0</td></tr><tr><td>Net gains (losses) realized onfund dispositions</td><td>5.5</td><td>-4.5</td><td>-10.0</td></tr><tr><td>Net gain (loss) recognized on fund holdings</td><td>$27.3</td><td>$-90.2</td><td>$-117.5</td></tr></table>

Question: what percentage of tangible book value is made up of cash and cash equivalents and mutual fund investment holdings at december 31 , 2009?
Answer: 0.63636