(5) EBIT is defined as earnings (loss) before interest expense and provisions (benefits) for income taxes.
EBITDA is defined as EBIT plus depreciation and amortization.
EBIT and EBITDA do not purport to represent net earnings or net cash provided by operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as an alternative to these measurements or as indicators of the Company’s performance.
The Company’s definitions of EBIT and EBITDA may not be comparable with similarly-titled measures used by other companies.
EBIT and EBITDA are among the indicators used by the Company’s management to measure the performance of the Company’s operations and are also among the criteria upon which performance based compensation may be based.
The following is a reconciliation of net earnings (loss) to EBIT and EBITDA:
## Table 0 ##
Item 7.
Management’s Discussion and Analysis of Results of Operations and Financial Condition The information in ‘‘Management’s Discussion and Analysis of Results of Operations and Financial Condition’’ should be read together with the Company’s consolidated financial statements and related notes set forth in Item 8 of Part II of this Annual Report on Form 10-K.  All amounts and percentages are approximate due to rounding.
Introduction The Company manufactures and sells a wide range of food, protective and specialty packaging products, operating in the United States and in 49 other countries, with products distributed in those countries and in other parts of the world.
The Company operates in two reportable business segments, Food Packaging and Protective and Specialty Packaging.
The Company’s principal food packaging products are its flexible materials and related systems marketed primarily under the Cryovac trademark for packaging a broad range of perishable foods and the Company’s rigid packaging and absorbent pads.
The Company primarily sells the products in this segment to food processors, distributors and food service businesses.
The Company’s principal protective and specialty packaging products provide cushioning, surface protection and void fill.
The Company primarily sells its protective and specialty packaging products and systems to distributors and manufacturers in a wide variety of industries.
The Company employs over 2,600 sales and marketing personnel in the countries in which it operates, who market the Company’s products through a large number of distributors, fabricators and converters, as well as directly to end users such as food processors, food service businesses, and manufacturers.
The Company has no material long-term contracts for the distribution of its products.
In 2003, no customer or affiliated group of customers accounted for 10% or more of the Company’s consolidated net sales.
Although net sales of both food packaging products and protective and specialty packaging products have tended to be slightly higher in the fourth quarter, the Company does not consider seasonality to be material to its consolidated business.
Competition for most of the Company’s packaging products is based primarily on packaging performance characteristics, service and price.
Competition is also based upon innovations in packaging
SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Continued) (Amounts in tables in millions of dollars, except share and per share data) Note 3 Business Segment Information (Continued) The allocation of goodwill in accordance with SFAS No.142 for the years ended December 31, 2003 and 2002 was as follows:
## Table 1 ##
Note 4 Accounts Receivable Securitization In December 2001, the Company and a group of its U. S.  subsidiaries entered into an accounts receivable securitization program with a bank and an issuer of commercial paper administered by the bank.
Under this receivables facility, the Company’s two primary operating subsidiaries, Cryovac, Inc.  and Sealed Air Corporation (US), sell all of their eligible U. S.  accounts receivable to Sealed Air Funding Corporation, an indirectly wholly-owned subsidiary of the Company that was formed for the sole purpose of entering into the receivables facility.
Sealed Air Funding in turn may sell undivided ownership interests in these receivables to the bank and the issuer of commercial paper, subject to specified conditions, up to a maximum of $125.0 million of receivables interests outstanding from time to time.
Sealed Air Funding retains the receivables it purchases from the operating subsidiaries, except those as to which it sells receivables interests to the bank or the issuer of commercial paper.
The Company has structured the sales of accounts receivable by the operating subsidiaries to Sealed Air Funding, and the sales of receivables interests from Sealed Air Funding to the bank and the issuer of commercial paper, as ‘‘true sales’’ under applicable laws.
The assets of Sealed Air Funding are not available to pay any creditors of the Company or of its subsidiaries or affiliates.
The Company accounts for these transactions as sales of receivables under the provisions of SFAS No.140, ‘‘Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities.
’’ To secure the performance of their obligations under the receivables facility, Sealed Air Funding and the operating subsidiaries granted a first priority security interest to the bank, as agent, in accounts receivable owned by them, proceeds and collections of those receivables and other collateral.
The bank and the issuer of commercial paper have no recourse to the Company’s, the operating subsidiaries’ or Sealed Air Funding’s other assets for any losses resulting from the financial inability of customers to pay amounts due on the receivables when they become due.
As long as a termination event with
In assessing the need for a valuation allowance, we estimate future taxable earnings, with consideration for the feasibility of ongoing planning strategies and the realizability of tax benefit carry forwards and past operating results, to determine which deferred tax assets are more likely than not to be realized in the future.
Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on valuation allowances related to deferred tax assets.
The decrease in net deferred tax assets is attributable to the increase in our valuation allowance with respect to our deferred tax asset for the Settlement agreement, partially offset by additional accruals under the Settlement agreement and amortization of intangibles.
Based upon anticipated future results, we have concluded that it is more likely than not that we will realize the $603 million balance of deferred tax assets at December 31, 2013, net of the valuation allowance of $240 million.
In addition to an $88 million valuation allowance with respect to our deferred tax asset for the Settlement agreement, the valuation allowance primarily relates to the uncertainty of utilizing the following deferred tax assets: $397 million of U. S.  federal and foreign net operating loss carryforwards, or $116 million on a taxeffected basis, $18 million of foreign and federal tax credits and investment allowances, $828 million of state net operating loss carry forwards, or $39 million on a tax-effected basis, and $23 million of state tax credits, or $15 million net of federal tax benefits.
For the year ended December 31, 2013, the valuation allowance increased by $40 million, due to an increase in our valuation allowance with respect to the deferred tax asset for the Settlement agreement, partially offset by a reduced valuation allowance related to the use of foreign tax credits and state net operating losses.
For the year ended December 31, 2012, the valuation allowance decreased by $19 million, due to the use of foreign tax credits in connection with the sale of Diversey Japan, offset by an increase with respect to foreign net operating losses and our allowance with respect to the Settlement agreement.
For the year ended December 31, 2011, the valuation allowance increased by $176 million primarily due to $162 million related to the acquisition of Diversey, $3 million that was charged to the income tax provision and $11 million resulting from a net increase to deferred tax assets with a 100% valuation allowance.
As of December 31, 2013, we have U. S.  federal and foreign net operating loss carryforwards totaling $397 million that expire during the following calendar years (in millions): 2014 — $4; 2015 — $7; 2016 — $7; 2017 — $12; 2018 — $27; 2019 — $6; 2020 and beyond — $169; and no expiration — $165.
The state net operating loss carryforwards totaling $828 million expire in various amounts over one to 20 years.
As of December 31, 2013, we have foreign and federal foreign tax credit carryforwards and investment allowances totaling $18 million that expire during the following calendar years (in millions): 2014 — $1; 2015 — $1; 2016 — $0; 2017 — $2; 2018 — $0; 2019 — $2; 2020 and beyond — $2; and no expiration — $10.
The state tax credit carryforwards, totaling $23 million, expire in various amounts over one to 20 years.
Net deferred income taxes (credited) charged to stockholders’ equity were $(7) million in 2013, $(25) million in 2012 and $6 million in 2011.
The U. S.  federal statutory corporate tax rate reconciles to our effective income tax rate as follows:
## Table 2 ##
VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2008 (in millions, except as noted) Secured Notes Series B-1995 Lease Agreement In September 1995, a real estate partnership owned jointly by Visa U. S. A.  and Visa International issued notes that are secured by certain office properties and facilities in California which are used by the Company through a lease financing of net-leased office space (“1995 Lease Agreement”).
Series B of these notes, totaling $27 million, were issued with an interest rate of 7.83% and a stated maturity of September 15, 2015, and are payable monthly with interest-only payments for the first ten years and payments of interest and principal for the remainder of the term.
Series B debt issuance costs of $0.3 million and a $0.8 million loss on termination of a forward contract are being amortized on a straightline basis over the life of the notes.
The settlement entered into in connection with Visa Check/ Master Money Antitrust litigation had triggered an event of default under the 1995 Lease Agreement.
Accordingly, the related debt was classified as a current liability at September 30, 2007.
In May 2008, Visa Inc. , Visa U. S. A.  and Visa International executed an Amendment and Waiver to the 1995 Lease Agreement (“Amended 1995 Lease Agreement”), curing the default and including a guarantee of remaining obligations under the agreement by Visa Inc.
The interest terms remained unchanged.
Future Principal Payments Future principal payments on the Company’s outstanding debt are as follows:

<table><tr><td> </td><td> 2003</td><td>2002</td><td> 2001</td><td> 2000</td><td> 1999</td></tr><tr><td>Net earnings (loss)</td><td>$240.4</td><td>$-309.1</td><td>$156.7</td><td>$225.3</td><td>$211.5</td></tr><tr><td>Add:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest expense</td><td>134.3</td><td>65.3</td><td>76.4</td><td>64.5</td><td>58.1</td></tr><tr><td>Income tax expense (benefit)</td><td>136.5</td><td>-82.8</td><td>140.8</td><td>188.1</td><td>184.2</td></tr><tr><td>EBIT</td><td>$511.2</td><td>$-326.6</td><td>$373.9</td><td>$477.9</td><td>$453.8</td></tr><tr><td>Add: depreciation and amortization</td><td>173.2</td><td>164.9</td><td>220.6</td><td>219.7</td><td>223.4</td></tr><tr><td>EBITDA</td><td>$684.4</td><td>$-161.7</td><td>$594.5</td><td>$697.6</td><td>$677.2</td></tr></table>
<table><tr><td> </td><td> Balance at Beginning of Period</td><td> Goodwill Acquired During the Year</td><td>Foreign Currency Translation</td><td> Balance at End of Period</td></tr><tr><td>Year Ended December 31, 2003</td><td></td><td></td><td></td><td></td></tr><tr><td>Food Packaging</td><td>$535.3</td><td>$—</td><td>$11.9</td><td>$547.2</td></tr><tr><td>Protective and Specialty Packaging</td><td>1,390.9</td><td>0.5</td><td>0.9</td><td>1,392.3</td></tr><tr><td>Total</td><td>$1,926.2</td><td>$0.5</td><td>$12.8</td><td>$1,939.5</td></tr><tr><td>Year Ended December 31, 2002</td><td></td><td></td><td></td><td></td></tr><tr><td>Food Packaging</td><td>$528.9</td><td>$—</td><td>$6.4</td><td>$535.3</td></tr><tr><td>Protective and Specialty Packaging</td><td>1,384.1</td><td>7.3</td><td>-0.5</td><td>1,390.9</td></tr><tr><td>Total</td><td>$1,913.0</td><td>$7.3</td><td>$5.9</td><td>$1,926.2</td></tr></table>
<table><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Statutory U.S. federal tax rate</td><td>35.0%</td><td>35.0%</td><td>35.0%</td></tr><tr><td>State income taxes, net of federal tax benefit</td><td>-1.3</td><td>0.5</td><td>0.2</td></tr><tr><td>Foreign earnings taxed at lower effective rates</td><td>-4.1</td><td>-0.8</td><td>-8.4</td></tr><tr><td>Nondeductible acquisition costs</td><td>—</td><td>—</td><td>2.9</td></tr><tr><td>U.S. domestic manufacturing deduction</td><td>—</td><td>—</td><td>-2.8</td></tr><tr><td>Impairment</td><td>—</td><td>-20.0</td><td>—</td></tr><tr><td>Reorganization tax benefit</td><td>-6.7</td><td>—</td><td>—</td></tr><tr><td>Net change in valuation allowance</td><td>22.7</td><td>-2.2</td><td>0.8</td></tr><tr><td>Net change in unrecognized tax benefits</td><td>2.0</td><td>1.9</td><td>0.4</td></tr><tr><td>Other</td><td>-0.3</td><td>-0.3</td><td>1.8</td></tr><tr><td>Effective income tax rate</td><td>47.3%</td><td>14.1%</td><td>29.9%</td></tr></table>

Question: What is the proportion of Food Packaging to the total in 2003 for Balance at Beginning of Period?
Answer: 0.2779