Incentive Compensation Cost The following table shows components of compensation expense, relating to certain of the incentive compensation programs described above:
## Table 0 ##
(1) Represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation.
The expense is generally accrued as cash incentive compensation in the year prior to grant.
(2) All periods include amortization expense for all unvested awards to non-retirement-eligible employees.
## Table 1 ##
(1) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting.
(2) Includes positions related to investments in unallocated precious metals, as discussed in Note 25 to the Consolidated Financial Statements.
Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products.
(3) Reflects the net amount of $41,429 million of gross cash collateral paid, of which $29,911 million was used to offset trading derivative liabilities.
(4) Amounts exclude $0.2 billion of investments measured at NAV in accordance with ASU No.2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
(5) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives.
(6) Reflects the net amount of $52,514 million of gross cash collateral received, of which $38,608 million was used to offset trading derivative assets.
Table of Contents Index to Financial Statements Noble Energy, Inc.  Notes to Consolidated Financial Statements
## Table 2 ##
Note 8.
Derivative Instruments and Hedging Activities Objective and Strategies for Using Derivative Instruments In order to mitigate the effect of commodity price volatility and enhance the predictability of cash flows relating to the marketing of our crude oil and natural gas, we enter into crude oil and natural gas price hedging arrangements.
The derivative instruments we use may include variable to fixed price commodity swaps, enhanced swaps, two-way and three-way collars, basis swaps and/or put options.
The fixed price swap and two-way collar contracts entitle us (floating price payor) to receive settlement from the counterparty (fixed price payor) for each calculation period in amounts, if any, by which the settlement price for the scheduled trading days applicable for each calculation period is less than the fixed strike price or floor price.
We would pay the counterparty if the settlement price for the scheduled trading days applicable for each calculation period is more than the fixed strike price or ceiling price.
The amount payable by us, if the floating price is above the fixed or ceiling price, is the product of the notional quantity per calculation period and the excess of the floating price over the fixed or ceiling price in respect of each calculation period.
The amount payable by the counterparty, if the floating price is below the fixed or floor price, is the product of the notional quantity per calculation period and the excess of the fixed or floor price over the floating price in respect of each calculation period.
A three-way collar consists of a two-way collar contract combined with a put option contract sold by us with a strike price below the floor price of the two-way collar.
We receive price protection at the purchased put option floor price of the two-way collar if commodity prices are above the sold put option strike price.
If commodity prices fall below the sold put option strike price, we receive the cash market price plus the delta between the two put option strike prices.
This type of instrument allows us to capture more value in a rising commodity price environment, but limits our benefits in a downward commodity price environment.
For put options, we typically pay a premium to the counterparty in exchange for the sale of the instrument.
If the index price is below the floor price of the put option, we receive the difference between the floor price and the index price multiplied by the contract volumes less the option premium at the time of settlement.
If the index price settles at or above the floor price of the put option, we pay only the put option premium at the time of settlement.
We had no outstanding put options as of December 31, 2015.
We also may enter into forward contracts to hedge anticipated exposure to interest rate risk associated with public debt financing.
As of December 31, 2015 we did not have any interest rate derivatives outstanding.
While these instruments mitigate the cash flow risk of future reductions in commodity prices or increases in interest rates, they may also curtail benefits from future increases in commodity prices or decreases in interest rates.
See Note 13.
Fair Value Measurements and Disclosures for a discussion of methods and assumptions used to estimate the fair values of our derivative instruments.
Counterparty Credit Risk Derivative instruments expose us to counterparty credit risk.
Our commodity derivative instruments are currently with a diversified group of major banks or market participants, and we monitor and manage our level of financial exposure.
Our commodity derivative contracts are executed under master agreements which allow us, in the event of default, to elect early termination of all contracts with the defaulting counterparty.
If we choose to elect early termination, all asset and liability positions with the defaulting counterparty would be net settled at the time of election.

<table><tr><td>In millions of dollars</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Charges for estimated awards to retirement-eligible employees</td><td>$669</td><td>$659</td><td>$555</td></tr><tr><td>Amortization of deferred cash awards, deferred cash stock units and performance stock units</td><td>202</td><td>354</td><td>336</td></tr><tr><td>Immediately vested stock award expense<sup>-1</sup></td><td>75</td><td>70</td><td>73</td></tr><tr><td>Amortization of restricted and deferred stock awards<sup>-2</sup></td><td>435</td><td>474</td><td>509</td></tr><tr><td>Other variable incentive compensation</td><td>640</td><td>694</td><td>710</td></tr><tr><td>Total</td><td>$2,021</td><td>$2,251</td><td>$2,183</td></tr></table>
<table><tr><td>In millions of dollars at December 31, 2018</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Grossinventory</td><td>Netting<sup>-1</sup></td><td>Netbalance</td></tr><tr><td>Loans</td><td>$—</td><td>$2,946</td><td>$277</td><td>$3,223</td><td>$—</td><td>$3,223</td></tr><tr><td>Mortgage servicing rights</td><td>—</td><td>—</td><td>584</td><td>584</td><td>—</td><td>584</td></tr><tr><td>Non-trading derivatives and other financial assets measured on a recurring basis</td><td>$15,839</td><td>$4,949</td><td>$—</td><td>$20,788</td><td>$—</td><td>$20,788</td></tr><tr><td>Total assets</td><td>$294,151</td><td>$818,051</td><td>$10,314</td><td>$1,134,034</td><td>$-416,681</td><td>$717,353</td></tr><tr><td>Total as a percentage of gross assets<sup>-5</sup></td><td>26.2%</td><td>72.9%</td><td>0.9%</td><td></td><td></td><td></td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing deposits</td><td>$—</td><td>$980</td><td>$495</td><td>$1,475</td><td>$—</td><td>$1,475</td></tr><tr><td>Federal funds purchased and securities loaned and sold under agreements to repurchase</td><td>—</td><td>110,511</td><td>983</td><td>111,494</td><td>-66,984</td><td>44,510</td></tr><tr><td>Trading account liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities sold, not yet purchased</td><td>78,872</td><td>11,364</td><td>586</td><td>90,822</td><td>—</td><td>90,822</td></tr><tr><td>Other trading liabilities</td><td>—</td><td>1,547</td><td>—</td><td>1,547</td><td>—</td><td>1,547</td></tr><tr><td>Total trading liabilities</td><td>$78,872</td><td>$12,911</td><td>$586</td><td>$92,369</td><td>$—</td><td>$92,369</td></tr><tr><td>Trading derivatives</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts</td><td>$71</td><td>$152,931</td><td>$1,825</td><td>$154,827</td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>—</td><td>159,003</td><td>352</td><td>159,355</td><td></td><td></td></tr><tr><td>Equity contracts</td><td>351</td><td>32,330</td><td>1,127</td><td>33,808</td><td></td><td></td></tr><tr><td>Commodity contracts</td><td>—</td><td>19,904</td><td>785</td><td>20,689</td><td></td><td></td></tr><tr><td>Credit derivatives</td><td>—</td><td>9,486</td><td>865</td><td>10,351</td><td></td><td></td></tr><tr><td>Total trading derivatives</td><td>$422</td><td>$373,654</td><td>$4,954</td><td>$379,030</td><td></td><td></td></tr><tr><td>Cash collateral received<sup>-6</sup></td><td></td><td></td><td></td><td>$13,906</td><td></td><td></td></tr><tr><td>Netting agreements</td><td></td><td></td><td></td><td></td><td>$-311,089</td><td></td></tr><tr><td>Netting of cash collateral paid</td><td></td><td></td><td></td><td></td><td>-29,911</td><td></td></tr><tr><td>Total trading derivatives</td><td>$422</td><td>$373,654</td><td>$4,954</td><td>$392,936</td><td>$-341,000</td><td>$51,936</td></tr><tr><td>Short-term borrowings</td><td>$—</td><td>$4,446</td><td>$37</td><td>$4,483</td><td>$—</td><td>$4,483</td></tr><tr><td>Long-term debt</td><td>—</td><td>25,659</td><td>12,570</td><td>38,229</td><td>—</td><td>38,229</td></tr><tr><td>Total non-trading derivatives and other financial liabilities measured on a recurring basis</td><td>$15,839</td><td>$67</td><td>$—</td><td>$15,906</td><td>$—</td><td>$15,906</td></tr><tr><td>Total liabilities</td><td>$95,133</td><td>$528,228</td><td>$19,625</td><td>$656,892</td><td>$-407,984</td><td>$248,908</td></tr><tr><td>Total as a percentage of gross liabilities<sup>-5</sup></td><td>14.8%</td><td>82.1%</td><td>3.1%</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td>(millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Statements of Operations Information</td><td></td><td></td><td></td></tr><tr><td>Operating Revenues</td><td>$645</td><td>$1,142</td><td>$1,256</td></tr><tr><td>Operating Expenses</td><td>393</td><td>405</td><td>388</td></tr><tr><td>Operating Income</td><td>252</td><td>737</td><td>868</td></tr><tr><td>Other (Income) Net</td><td>-9</td><td>-9</td><td>-14</td></tr><tr><td>Income Before Income Taxes</td><td>261</td><td>746</td><td>882</td></tr><tr><td>Income Tax Provision</td><td>46</td><td>172</td><td>212</td></tr><tr><td>Net Income</td><td>$215</td><td>$574</td><td>$670</td></tr></table>

Question: What is the proportion of Non-trading derivatives and other financial assets measured on a recurring basis to the total in 2018?
Answer: 0.05385