Table of Contents In March 2008, the FASB issued SFAS No.161, Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No.133, which requires companies to provide additional disclosures about its objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for under SFAS No.133, Accounting for Derivative Instruments and Hedging Activities , and related interpretations, and how the derivative instruments and related hedged items affect the Company’s financial statements.
SFAS No.161 also requires companies to disclose information about credit risk-related contingent features in their hedged positions.
SFAS No.161 is effective for fiscal years and interim periods beginning after November 15, 2008 and is required to be adopted by the Company beginning in the second quarter of fiscal 2009.
Although the Company will continue to evaluate the application of SFAS No.161, management does not currently believe adoption will have a material impact on the Company’s financial condition or operating results.
Liquidity and Capital Resources The following table presents selected financial information and statistics as of and for the three fiscal years ended September 27, 2008 (in millions):
## Table 0 ##
As of September 27, 2008, the Company had $24.5 billion in cash, cash equivalents, and short-term investments, an increase of $9.1 billion from September 29, 2007.
The principal components of this net increase were cash generated by operating activities of $9.6 billion, proceeds from the issuance of common stock under stock plans of $483 million and excess tax benefits from stock-based compensation of $757 million.
These increases were partially offset by payments for acquisitions of property, plant, and equipment of $1.1 billion, payments made in connection with business acquisitions, net of cash acquired, of $220 million and payments for acquisitions of intangible assets of $108 million.
The Company’s cash generated by operating activities significantly exceeded its net income due primarily to the large increase in deferred revenue, net of deferred costs, associated with subscription accounting for iPhone.
The Company’s short-term investment portfolio is invested primarily in highly rated securities with a minimum rating of single-A.
As of September 27, 2008 and September 29, 2007, $11.3 billion and $6.5 billion, respectively, of the Company’s cash, cash equivalents, and shortterm investments were held by foreign subsidiaries and are generally based in U. S.  dollar-denominated holdings.
The Company had $117 million in net unrealized losses on its investment portfolio, primarily related to investments with stated maturities ranging from one to five years, as of September 27, 2008, and net unrealized losses of approximately $11 million on its investment portfolio, primarily related to investments with stated maturities from one to five years, as of September 29, 2007.
The Company has the intent and ability to hold such investments for a sufficient period of time to allow for recovery of the principal amounts invested.
Accordingly, none of these declines in fair value were recognized in the Company’s Statement of Operations.
The Company believes its existing balances of cash, cash equivalents, and short-term investments will be sufficient to satisfy its working capital needs, capital expenditures, outstanding commitments, and other liquidity requirements associated with its existing operations over the next 12 months.
Capital Assets The Company’s cash payments for capital asset purchases were $1.1 billion during 2008, consisting of $389 million for retail store facilities and $702 million for real estate acquisitions and corporate infrastructure including information systems enhancements.
The Company anticipates utilizing approximately $1.5 billion for capital asset purchases during 2009, including approximately $400 million for Retail facilities and approximately $1.1 billion for corporate facilities and infrastructure.
People’s Bank and Subsidiaries Notes to Consolidated Financial Statements—(Continued) The following table summarizes the impact of adopting SFAS No.158 on People’s Consolidated Statement of Condition:
## Table 1 ##
People’s also maintains an unfunded plan that provides retirees with optional medical, dental and life insurance benefits (“other postretirement benefits”).
People’s accrues the cost of these benefits over the employees’ years of service to the date of their eligibility for such benefits.
The table on the following page summarizes changes in the benefit obligations and plan assets for (i) the pension plans (combining the funded plan and the unfunded supplemental plans), and (ii) the other postretirement benefits plan.
The table also provides a reconciliation of the funded status (or the difference between benefit obligations and plan assets) to the net amount recognized in the Consolidated Statements of Condition.
People’s uses a measurement date of September 30 for plan accounting purposes and, accordingly, changes in benefit obligations and plan assets are shown for the twelve-month periods ended September 30, 2006 and September 30, 2005.
Plan assets for the funded plan of $282.0 million as of September 30, 2006 exceeded both the accumulated benefit obligations of $176.2 million and the projected benefit obligations of $198.4 million at that date.
Employer contributions for the next fiscal year are expected to total $2.2 million for both the unfunded plan and the other postretirement benefits plan, representing net benefit payments expected to be paid under these plans.
Expected future net benefit payments for the pension plans as of December 31, 2006 are: $6.8 million in 2007; $7.3 million in 2008; $7.9 million in 2009; $8.5 million in 2010; $9.4 million in 2011; and an aggregate of $66.0 million in 2012 through 2016.
Expected future net benefit payments for the other postretirement benefits plan as of December 31, 2006 are: $1.1 million in 2007; $1.0 million in 2008; $1.1 million in 2009; $1.0 million in 2010 and 2011; and an aggregate of $4.4 million in 2012 through 2016.
In September 2006, People’s contributed $91.5 million to the pension plan, representing approximately the maximum deductible contribution per Internal Revenue Service rules.
To develop the expected long-term rate of return on asset assumptions, People’s considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio.
This resulted in the selection of the 8.25% long-term rate of return on asset assumption.
The Pension Protection Act of 2006 (“PPA”) was signed into law on August 17, 2006.
While the PPA will have some effect on specific plan provisions in People’s retirement program, its primary effect will be to change the minimum funding requirements for plan years beginning in 2008.
The changes in the timing and amount of People’s required contributions are not expected to be materially different than current projections.
Until regulations are issued by the Treasury Department, the financial effect on People’s is uncertain.
The supplemental pension plans had total projected benefit obligations of $29.1 million and $25.8 million in 2006 and 2005, respectively.
Although these plans hold no assets, People’s has funded a trust to provide for benefit payments to the extent such benefits are not paid directly by People’s.
Trust assets of $11.8 million and $11.3 million are included in People’s short-term investments as of December 31, 2006 and 2005, respectively.
PBCT_2006_page_119
## Table 2 ##
People’s strategy is to focus on increasing deposits by providing a wide range of convenient services to individuals, corporations and municipalities.
People’s provides customers access to their deposits through 77 traditional branches, 74 full-service Stop & Shop supermarket branches, seven limited-service branches, over 250 ATMs, telephone banking and an Internet banking site that is fully integrated with People’s brokerage subsidiary, PSI.
Core deposits equaled 84% and 81% of total assets at December 31, 2006 and 2005, respectively.
Core deposits and stockholders’ equity constituted over 98% of People’s funding base at December 31, 2006 and over 94% at December 31, 2005.
The expansion of People’s branch network and its commitment to developing full-service relationships with its customers are integral components of People’s strategy to leverage the success of its supermarket banking initiative, expand market share and continue growing deposits.
At December 31, 2006, People’s statewide network of Stop & Shop branches held deposits totaling $2.1 billion and deposits in supermarket branches open for more than one year averaged $30 million per store.
In 2006, People’s announced plans to expand into New York State by opening at least 15 new traditional branches in Westchester County over the next three years.
Seven of these branches are expected to be opened by the end of 2007.
People’s also plans to continue its branch expansion in Connecticut by opening new both traditional and Stop & Shop branches.
Non-interest-bearing deposits are an important source of low-cost funding and fee income for People’s.
In addition, People’s believes that checking accounts represent one of the core relationships between a financial institution and its customers, and it is from these relationships that cross-selling of other financial services can be achieved.
Non-interest-bearing core deposits equaled 24% and 25% of core deposits at December 31, 2006 and 2005, respectively.

<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Cash, cash equivalents, and short-term investments</td><td>$24,490</td><td>$15,386</td><td>$10,110</td></tr><tr><td>Accounts receivable, net</td><td>$2,422</td><td>$1,637</td><td>$1,252</td></tr><tr><td>Inventory</td><td>$509</td><td>$346</td><td>$270</td></tr><tr><td>Working capital</td><td>$20,598</td><td>$12,676</td><td>$8,066</td></tr><tr><td>Annual operating cash flow</td><td>$9,596</td><td>$5,470</td><td>$2,220</td></tr></table>
<table><tr><td> As of December 31, 2006 (in millions)</td><td>Before the adoption of SFAS No. 158</td><td>Adjustments</td><td>After the adoption of SFAS No. 158</td></tr><tr><td>Other assets</td><td>$344.9</td><td>$-56.3</td><td>$288.6</td></tr><tr><td>Total assets</td><td>10,743.2</td><td>-56.3</td><td>10,686.9</td></tr><tr><td>Other liabilities</td><td>211.7</td><td>-16.3</td><td>195.4</td></tr><tr><td>Total liabilities</td><td>9,363.7</td><td>-16.3</td><td>9,347.4</td></tr><tr><td>Accumulated other comprehensive loss</td><td>-8.0</td><td>-40.0</td><td>-48.0</td></tr><tr><td>Total stockholders’ equity</td><td>1,379.5</td><td>-40.0</td><td>1,339.5</td></tr></table>
<table><tr><td></td><td colspan="2">2006</td><td colspan="2">2005</td><td colspan="2"> 2004</td></tr><tr><td> As of December 31 (dollars in millions)</td><td> Amount</td><td>Weighted Average Rate</td><td> Amount</td><td>Weighted Average Rate</td><td> Amount</td><td> Weighted Average Rate</td></tr><tr><td>Core deposits:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-interest-bearing</td><td>$2,188.1</td><td>—%</td><td>$2,218.4</td><td>—%</td><td>$2,105.4</td><td>—%</td></tr><tr><td>Savings, interest-bearing checking and money market</td><td>3,192.0</td><td>1.39</td><td>3,749.8</td><td>1.29</td><td>4,217.5</td><td>0.82</td></tr><tr><td>Total</td><td>5,380.1</td><td>0.82</td><td>5,968.2</td><td>0.81</td><td>6,322.9</td><td>0.55</td></tr><tr><td>Time deposits maturing:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 6 months</td><td>2,282.7</td><td>4.50</td><td>1,299.5</td><td>2.94</td><td>820.6</td><td>1.57</td></tr><tr><td>After 6 months but within 1 year</td><td>980.2</td><td>4.63</td><td>958.1</td><td>3.44</td><td>855.8</td><td>2.53</td></tr><tr><td>After 1 but within 2 years</td><td>220.8</td><td>3.65</td><td>496.4</td><td>3.64</td><td>442.8</td><td>2.75</td></tr><tr><td>After 2 but within 3 years</td><td>45.4</td><td>3.14</td><td>89.1</td><td>2.86</td><td>152.9</td><td>3.64</td></tr><tr><td>After 3 years</td><td>49.2</td><td>4.63</td><td>61.4</td><td>3.47</td><td>86.4</td><td>3.10</td></tr><tr><td>Total</td><td>3,578.3</td><td>4.47</td><td>2,904.5</td><td>3.23</td><td>2,358.5</td><td>2.33</td></tr><tr><td>Total core deposits</td><td>8,958.4</td><td>2.28</td><td>8,872.7</td><td>1.59</td><td>8,681.4</td><td>1.02</td></tr><tr><td>Non-core deposits</td><td>124.2</td><td>0.34</td><td>209.9</td><td>1.27</td><td>180.6</td><td>0.62</td></tr><tr><td>Total deposits</td><td>$9,082.6</td><td>2.25%</td><td>$9,082.6</td><td>1.59%</td><td>$8,862.0</td><td>1.02%</td></tr></table>

Question: Does the value of total Core deposits in 2006 greater than that in 2005?
Answer: No