ITEM 6.
SELECTED FINANCIAL DATA You should read the selected financial data in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our audited consolidated financial statements and the related notes to those consolidated financial statements included in this annual report.
Our continuing operations are reported in two segments: rental and management and network development services.
In accordance with generally accepted accounting principles, the consolidated statements of operations for all periods presented in this “Selected Financial Data” have been adjusted to reflect certain businesses as discontinued operations (see note 16 to our consolidated financial statements included in this annual report).
Year-to-year comparisons are significantly affected by our acquisitions, dispositions and, to a lesser extent, construction of towers.
Our merger with SpectraSite, Inc. , which closed in August 2005, significantly impacts the comparability of reported results between periods.
Our principal acquisitions and dispositions are described in “Business—Recent Transactions” and in the notes to our consolidated financial statements included in this annual report.
## Table 0 ##
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2012, 2011 and 2010, accumulated other comprehensive (loss) income included the following items related to derivative financial instruments (in thousands):
## Table 1 ##
As of December 31, 2012, $1.8 million of the amount related to derivatives designated as cash flow hedges and recorded in accumulated other comprehensive (loss) income is expected to be reclassified into earnings in the next twelve months.
During the years ended December 31, 2012, 2011 and 2010, the Company recorded aggregate net unrealized (losses) gains of approximately $(4.8) million, $1.9 million, and $9.5 million, respectively (net of tax benefits (provisions) of approximately $0.7 million, $(1.3) million, and $(6.0) million, respectively) in accumulated other comprehensive (loss) income for the change in fair value of interest rate swaps designated as cash flow hedges.
The Company is amortizing the deferred loss on the settlement of the treasury rate lock as additional interest expense over the term of the 7.00% Notes, and is amortizing the deferred gain on the settlement of interest rate swap agreements entered into in connection with the Securitization as a reduction in interest expense over the five-year period for which the interest rate swaps were designated as hedges.
For the year ended December 31, 2012, the Company reclassified $0.6 million into results of operations.
The Company reclassified an aggregate of $0.1 million (net of income tax provisions of $0.1 million) into results of operations during the years ended December 31, 2011 and 2010.
As a result of the REIT Conversion described in note 1, effective December 31, 2011, the Company reversed the deferred tax assets and liabilities related to the entities operating its REIT activities.
Accordingly, approximately $1.8 million of deferred tax assets associated with the deferred loss on the settlement of the treasury rate lock and the deferred gain on the settlement of the interest rate swap agreement entered into in connection with the Securitization were reclassified to other comprehensive income.12.
FAIR VALUE MEASUREMENTS The Company determines the fair values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
Below are the three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Liquidity and Capital Resources Overview During the year ended December 31, 2016, we increased our financial flexibility and our ability to grow our business while maintaining our long-term financial policies.
Our significant 2016 financing transactions included: ?
Registered public offerings of $750.0 million aggregate principal amount of 3.300% senior unsecured notes due 2021 (the “3.300% Notes”) and $500.0 million aggregate principal amount of 4.400% senior unsecured notes due 2026 (the “4.400% Notes”).  ?
A registered public offering of $1.0 billion aggregate principal amount of 3.375% senior unsecured notes due 2026 (the “3.375% Notes”).  ?
Registered public offerings of $600.0 million aggregate principal amount of 2.250% senior unsecured notes due 2022 (the “2.250% Notes”) and $400.0 million aggregate principal amount of 3.125% senior unsecured notes due 2027 (the “3.125% Notes”).  ?
Amendment of our multicurrency senior unsecured revolving credit facility entered into in June 2013, as amended (the “2013 Credit Facility”), our senior unsecured revolving credit facility entered into in January 2012, as amended and restated in September 2014, as further amended (the “2014 Credit Facility”) and our unsecured term loan entered into in October 2013, as amended (the “Term Loan”) to, among other things, extend the maturity dates by one year.
As a holding company, our cash flows are derived primarily from the operations of, and distributions from, our operating subsidiaries or funds raised through borrowings under our credit facilities and debt or equity offerings.
The following table summarizes our liquidity as of December 31, 2016 (in thousands):
## Table 2 ##
(1) Includes $238.7 million from the establishment of our joint venture, ATC Europe, to which we contributed our German business in exchange for an investment from our partner, PGGM.
Subsequent to December 31, 2016, we had net borrowings of $1.0 billion under the 2013 Credit Facility and the 2014 Credit Facility, which we used to fund the acquisition of FPS in France, the redemption of all outstanding 7.25% senior unsecured notes due 2019 (the “7.25% Notes”), the repayment of all amounts outstanding under the 2012 GTP Notes and the Unison Notes and for general corporate purposes.
Summary cash flow information is set forth below for the years ended December 31, (in thousands):

<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td>2006</td><td>2005</td><td>2004</td><td>2003</td><td>2002</td></tr><tr><td></td><td colspan="5">(In thousands, except per share data)</td></tr><tr><td> Statements of Operations Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rental and management</td><td>$1,294,068</td><td>$929,762</td><td>$684,422</td><td>$619,697</td><td>$544,906</td></tr><tr><td>Network development services</td><td>23,317</td><td>15,024</td><td>22,238</td><td>12,796</td><td>32,888</td></tr><tr><td>Total operating revenues</td><td>1,317,385</td><td>944,786</td><td>706,660</td><td>632,493</td><td>577,794</td></tr><tr><td>Operating expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Costs of operations (exclusive of items shown separately below)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rental and management</td><td>332,246</td><td>247,781</td><td>195,242</td><td>192,380</td><td>187,694</td></tr><tr><td>Network development services</td><td>11,291</td><td>8,346</td><td>16,220</td><td>7,419</td><td>27,195</td></tr><tr><td>Depreciation, amortization and accretion</td><td>528,051</td><td>411,254</td><td>329,449</td><td>330,414</td><td>327,665</td></tr><tr><td>Selling, general, administrative and development expense</td><td>159,324</td><td>108,059</td><td>83,094</td><td>83,492</td><td>94,664</td></tr><tr><td>Impairments, net loss on sale of long-lived assets, restructuring and merger related expense</td><td>2,572</td><td>34,232</td><td>23,876</td><td>31,656</td><td>101,372</td></tr><tr><td>Total operating expenses</td><td>1,033,484</td><td>809,672</td><td>647,881</td><td>645,361</td><td>738,590</td></tr><tr><td>Operating income (loss)</td><td>283,901</td><td>135,114</td><td>58,779</td><td>-12,868</td><td>-160,796</td></tr><tr><td>Interest income, TV Azteca, net</td><td>14,208</td><td>14,232</td><td>14,316</td><td>14,222</td><td>13,938</td></tr><tr><td>Interest income</td><td>9,002</td><td>4,402</td><td>4,844</td><td>5,255</td><td>3,496</td></tr><tr><td>Interest expense</td><td>-215,643</td><td>-222,419</td><td>-262,237</td><td>-279,783</td><td>-254,345</td></tr><tr><td>Loss on retirement of long-term obligations</td><td>-27,223</td><td>-67,110</td><td>-138,016</td><td>-46,197</td><td>-8,869</td></tr><tr><td>Other income (expense)</td><td>6,619</td><td>227</td><td>-2,798</td><td>-8,598</td><td>-7,004</td></tr><tr><td>Income (loss) before income taxes, minority interest and income (loss) on equity method investments</td><td>70,864</td><td>-135,554</td><td>-325,112</td><td>-327,969</td><td>-413,580</td></tr><tr><td>Income tax (provision) benefit</td><td>-41,768</td><td>-5,714</td><td>83,338</td><td>85,567</td><td>92,609</td></tr><tr><td>Minority interest in net earnings of subsidiaries</td><td>-784</td><td>-575</td><td>-2,366</td><td>-3,703</td><td>-2,118</td></tr><tr><td>Income (loss) on equity method investments</td><td>26</td><td>-2,078</td><td>-2,915</td><td>-21,221</td><td>-18,555</td></tr><tr><td>Income (loss) from continuing operations before cumulative effect of change in accounting principle</td><td>$28,338</td><td>$-143,921</td><td>$-247,055</td><td>$-267,326</td><td>$-341,644</td></tr><tr><td>Basic and diluted income (loss) per common share from continuing operations before cumulative effect of change in accountingprinciple(1)</td><td>$0.06</td><td>$-0.47</td><td>$-1.10</td><td>$-1.28</td><td>$-1.75</td></tr><tr><td>Weighted average common shares outstanding-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>424,525</td><td>302,510</td><td>224,336</td><td>208,098</td><td>195,454</td></tr><tr><td>Diluted</td><td>436,217</td><td>302,510</td><td>224,336</td><td>208,098</td><td>195,454</td></tr><tr><td> Other Operating Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ratio of earnings to fixed charges-2</td><td>1.25x</td><td>.51x</td><td>—</td><td>—</td><td>—</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Deferred loss on the settlement of the treasury rate lock, net of tax</td><td>$-3,827</td><td>$-4,625</td><td>$-3,354</td></tr><tr><td>Deferred gain on the settlement of interest rate swap agreements entered into in connection with the Securitization, net oftax</td><td>—</td><td>202</td><td>497</td></tr><tr><td>Unrealized losses related to interest rate swap agreements, net of tax</td><td>-4,815</td><td>—</td><td>-2,083</td></tr></table>
<table><tr><td>Available under the 2013 Credit Facility</td><td>$2,210,025</td></tr><tr><td>Available under the 2014 Credit Facility</td><td>615,000</td></tr><tr><td>Letters of credit</td><td>-10,512</td></tr><tr><td>Total available under credit facilities, net</td><td>2,814,513</td></tr><tr><td>Cash and cash equivalents -1</td><td>787,161</td></tr><tr><td>Total liquidity</td><td>$3,601,674</td></tr></table>

Question: What's the increasing rate of operating expenses in 2006? (in %)
Answer: 0.27642