THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2011, 2010, AND 2009 company for an aggregate proceeds of approximately $234 million.
The Company recognized a gain on disposal of $6 million, net of tax, during the year ended December 31, 2010.
Ras Laffan was previously reported in the Asia Generation segment.23.
ACQUISITIONS AND DISPOSITIONS Acquisitions DPL— On November 28, 2011, AES completed its acquisition of 100% of the common stock of DPL for approximately $3.5 billion, pursuant to the terms and conditions of a definitive agreement (the “Merger Agreement”) dated April 19, 2011.
DPL serves over 500,000 customers, primarily West Central Ohio, through its operating subsidiaries DP&L and DPL Energy Resources (“DPLER”).
Additionally, DPL operates over 3,800 MW of power generation facilities and provides competitive retail energy services to residential, commercial, industrial and governmental customers.
The Acquisition strengthens the Company’s U. S.  utility operations by expanding in the Midwest and PJM, a regional transmission organization serving several eastern states as part of the Eastern Interconnection.
The Company expects to benefit from the regional scale provided by Indianapolis Power & Light Company, its nearby integrated utility business in Indiana.
AES funded the aggregate purchase consideration through a combination of the following: ?
the proceeds from a $1.05 billion term loan obtained in May 2011; ?
the proceeds from a private offering of $1.0 billion notes in June 2011; ?
temporary borrowings of $251 million under its revolving credit facility; and ?
the proceeds from private offerings of $450 million aggregate principal amount of 6.50% senior notes due 2016 and $800 million aggregate principal amount of 7.25% senior notes due 2021 (collectively, the “Notes”) in October 2011 by Dolphin Subsidiary II, Inc.  (“Dolphin II”), a wholly-owned special purpose indirect subsidiary of AES, which was merged into DPL upon the completion of acquisition.
The fair value of the consideration paid for DPL was as follows (in millions):
## Table 0 ##
the Company’s television investments, including the investment in the joint venture with Discovery and its issuance of $425,000 of long-term debt, both of which closed in May 2009, as well as the start-up of the Company’s internal television studio, Hasbro Studios.
Consolidated net revenues for the year ended December 26, 2010 were $4,002,161 compared to $4,067,947 in 2009 and $4,021,520 in 2008.
Most of the Company’s net revenues and operating profits were derived from its three principal segments: the U. S.  and Canada segment, the International segment and the Entertainment and Licensing segment, which are discussed in detail below.
Consolidated net revenues in 2010 were negatively impacted by foreign currency translation of approximately $17,700 as a result of the stronger U. S.  dollar in 2010 as compared to 2009.
Consolidated net revenues in 2009 were also negatively impacted by foreign currency translation of approximately $65,200 as a result of the stronger U. S.  dollar in 2009 as compared to 2008.
The following table presents net revenues and operating profit data for the Company’s three principal segments for 2010, 2009 and 2008.
## Table 1 ##
U. S.  and Canada U. S.  and Canada segment net revenues for the year ended December 26, 2010 decreased 6% to $2,299,547 from $2,447,943 in 2009.
In 2010, net revenues were positively impacted by currency translation by approximately $10,300.
The decrease in net revenues in 2010 was primarily due to decreased revenues in the boys’ toys category, primarily as a result of decreased sales of TRANSFORMERS and G. I.  JOE products.
The 2009 sales of these lines benefited from the theatrical releases of TRANSFORMERS: REVENGE OF THE FALLEN in June 2009 and G. I.  JOE: THE RISE OF COBRA in August 2009.
Boys’ toys sales were also negatively impacted by decreased sales of STAR WARS products.
These decreases were partially offset by increased sales of NERF products as well as increased sales of MARVEL products, which benefited from the theatrical release of IRON MAN 2 in May 2010.
Boys’ toys sales were also positively impacted by the reintroduction of BEYBLADE products in the second half of 2010.
Net revenues in the games and puzzles category also decreased in 2010 due to decreased sales of traditional board games and puzzles in the U. S.  late in the year.
These decreases were partially offset by increased sales of MAGIC: THE GATHERING trading card games.
Sales in the girls’ category were flat in 2010.
Increased sales of FURREAL FRIENDS products and, to a lesser extent, BABY ALIVE products were offset by decreased sales of MY LITTLE PONY and LITTLEST PET SHOP products.
Although revenues from LITTLEST PET SHOP products decreased in 2010, sales of these products remained a significant contributor to U. S.  and Canada segment net revenues.
Net revenues in the preschool category increased in 2010 as the result of stronger sales of PLAY-DOH, TONKA and PLAYSKOOL products.
U. S.  and Canada operating profit decreased to $349,594 in 2010 from $380,580 in 2009.
Foreign currency translation did not have a material impact on U. S.  and Canada operating profit in 2010.
The decrease in U. S.  and Canada operating profit was primarily driven by the decreased revenues in 2010 discussed above and, to a lesser extent, higher cost of sales as a percentage of those revenues due to a change in the mix of products sold.
These decreases were partially offset by decreased royalty and amortization expense in 2010.
Expenses The Company’s operating expenses, stated as percentages of net revenues, are illustrated below for the three fiscal years ended December 26, 2010:
## Table 2 ##
Cost of sales primarily consists of purchased materials, labor, manufacturing overheads and other inventory-related costs such as obsolescence.
In addition, 2010 cost of sales also includes amortization of television program production costs.
Cost of sales increased to 42.8% for the year ended December 26, 2010 from 41.2% in 2009.
In 2010, cost of sales includes $22,069 of television programming amortization.
The remaining increase was partially due to a change in the mix of revenues.
Increased cost of sales as a percentage of net revenues reflects a change in product mix primarily due to decreased sales of entertainmentbased products in 2010 as compared to 2009.
While cost of sales as a percentage of revenues of theatrical entertainment-based products are generally lower than many of the Company’s other products, sales from these products, including Company owned or controlled brands based on a movie release, also incur royalty expense.
Such royalties reduce the benefit of these lower cost of sales.
Cost of sales decreased to 41.2% for the year ended December 27, 2009 from 42.1% in 2008.
The decrease was partially due to a change in the mix of revenues reflecting higher licensing revenues in 2009.
In addition, the decrease reflects a change in product mix primarily due to increased sales of entertainment-based products in 2009 as compared to 2008.
Cost of sales in 2009 were also positively impacted by lower obsolescence charges.
Royalty expense decreased to $248,570 or 6.2% of net revenues in 2010 compared to $330,651 or 8.1% of net revenues in 2009 and $312,986 or 7.8% of net revenues in 2008.
The decrease in 2010 and the increase in 2009 primarily reflect the higher sales of entertainment-driven products in 2009, namely TRANSFORMERS and G. I.  JOE products.
The increase in royalty expense in 2009 was partially offset by the impact of foreign exchange.
Product development expense increased in 2010 to $201,358 or 5.0% of net revenues compared to $181,195 or 4.5% of net revenues in 2009.
This increase reflects costs associated with the development of products for introduction in 2011, including products related to the Company’s agreement with Sesame Workshop.
Product development expense decreased in 2009 to $181,195 or 4.5% of net revenues from $191,424 or 4.8% of net revenues in 2008.
The decrease in 2009 primarily reflected an effort to reduce the Company’s overall SKU count and make development spending more efficient as part of the Company’s ongoing cost control efforts.
Advertising expense increased to $420,651 or 10.5% of net revenues in 2010 compared to $412,580 or 10.1% of net revenues in 2009.
This increase reflects the decrease in entertainment-driven products in 2010, which do not require the same level of advertising that the Company spends on non-entertainment based products.
In addition, the increase in 2010 reflects a lower revenue base due to the decline in U. S.  sales late in the year as well as increased advertising rates in 2010.
Advertising expense decreased to $412,580 or 10.1% of net revenues in 2009 compared to $454,612 or 11.3% of net revenues in 2008.
In years in which the Company has significant sales of products related to major motion picture releases, such as in 2009, advertising expense as a percentage of revenue is generally lower, as such products do not require the same level of advertising that the Company spends on non-entertainment based products.
The decrease in advertising expense in 2009 also reflects lower advertisement placement costs as well as the impact of foreign exchange.
Amortization expense decreased to $50,405 or 1.3% of net revenues in 2010 compared to $85,029 or 2.1% of net revenues in 2009.
The decrease is the result of the property rights related to Wizards of the Coast becoming fully amortized in the fourth quarter of 2009.
Amortization expense increased to $85,029 or 2.1% of
Expenses The Company’s operating expenses, stated as percentages of net revenues, are illustrated below for the three fiscal years ended December 30, 2012:
## Table 3 ##
Operating expenses in 2012 and 2011 each includes costs resulting from restructuring activities.
In 2011, the Company incurred costs of $14,385 associated with establishing Hasbro’s Gaming Center of Excellence.
In 2012, the Company incurred costs associated with events occurring during the first and fourth quarters.
During the first quarter of 2012 the Company incurred employee severance charges of $11,130 associated with measures to right size certain businesses and functions.
During the fourth quarter of 2012 the Company announced a cost savings initiative to reduce annual operating expenses by approximately $100,000 by 2015.
This initiative includes a workforce reduction, facility consolidations and process improvements.
During the fourth quarter of 2012, the Company recognized charges totaling $36,045, primarily related to employee severance charges.
The Company expects additional charges in 2013 and beyond as it implements additional phases of this program.
These expenses were recorded to the consolidated statements of operations as follows:

<table><tr><td>Agreed enterprise value</td><td>$4,719</td></tr><tr><td>Less: fair value of assumed long-term debt outstanding, net</td><td>-1,255</td></tr><tr><td>Cash consideration paid to DPL’s common stockholders</td><td>3,464</td></tr><tr><td>Add: cash paid for outstanding stock-based awards</td><td>19</td></tr><tr><td>Total cash consideration paid</td><td>$3,483</td></tr></table>
<table><tr><td></td><td> 2010</td><td> %   Change</td><td> 2009</td><td> %   Change</td><td> 2008</td></tr><tr><td>Net Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. and Canada</td><td>$2,299,547</td><td>-6%</td><td>$2,447,943</td><td>2%</td><td>$2,406,745</td></tr><tr><td>International</td><td>$1,559,927</td><td>7%</td><td>$1,459,476</td><td>-3%</td><td>$1,499,334</td></tr><tr><td>Entertainment and Licensing</td><td>$136,488</td><td>-12%</td><td>$155,013</td><td>44%</td><td>$107,929</td></tr><tr><td>Operating Profit</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. and Canada</td><td>$349,594</td><td>-8%</td><td>$380,580</td><td>34%</td><td>$283,152</td></tr><tr><td>International</td><td>$209,704</td><td>29%</td><td>$162,159</td><td>-2%</td><td>$165,186</td></tr><tr><td>Entertainment and Licensing</td><td>$43,234</td><td>-34%</td><td>$65,572</td><td>28%</td><td>$51,035</td></tr></table>
<table><tr><td></td><td> 2010</td><td> 2009</td><td> 2008</td></tr><tr><td>Cost of sales</td><td>42.8%</td><td>41.2%</td><td>42.1%</td></tr><tr><td>Royalties</td><td>6.2</td><td>8.1</td><td>7.8</td></tr><tr><td>Product development</td><td>5.0</td><td>4.5</td><td>4.8</td></tr><tr><td>Advertising</td><td>10.5</td><td>10.1</td><td>11.3</td></tr><tr><td>Amortization</td><td>1.3</td><td>2.1</td><td>1.9</td></tr><tr><td>Selling, distribution and administration</td><td>19.5</td><td>19.5</td><td>19.8</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td> 2010</td></tr><tr><td>Cost of sales</td><td>40.9%</td><td>42.8%</td><td>42.2%</td></tr><tr><td>Royalties</td><td>7.4</td><td>7.9</td><td>6.2</td></tr><tr><td>Product development</td><td>4.9</td><td>4.6</td><td>5.0</td></tr><tr><td>Advertising</td><td>10.3</td><td>9.7</td><td>10.5</td></tr><tr><td>Amortization of intangibles</td><td>1.3</td><td>1.1</td><td>1.3</td></tr><tr><td>Program production cost amortization</td><td>1.0</td><td>0.8</td><td>0.6</td></tr><tr><td>Selling, distribution and administration</td><td>20.7</td><td>19.2</td><td>19.5</td></tr></table>

Question: Which year is Net Revenues for Entertainment and Licensing greater than 150000 ?
Answer: 2009