The estimated fair value of loans payable and long-term debt (including current portion) at December 31, 2009 was $17.7 billion compared with a carrying value of $17.5 billion and at December 31, 2008 was $6.3 billion compared with a carrying value of $6.2 billion.
Fair value was estimated using quoted dealer prices.
A summary of the December 31 gross unrealized gains and losses on available-for-sale investments, including those pledged as collateral, recorded in AOCI is as follows:
## Table 0 ##
(1) At December 31, 2009, gross unrealized gains and gross unrealized losses related to amounts pledged as collateral (see below and Note 17) were $25.6 million and $(0.3) million, respectively.
At December 31, 2008, gross unrealized gains and gross unrealized losses related to amounts pledged as collateral were $36.1 million and $(30.3) million, respectively.
Available-for-sale debt securities included in Short-term investments totaled $293.1 million at December 31, 2009.
Of the remaining debt securities, $141.9 million mature within five years.
There were no debt securities pledged as collateral included in current assets at December 31, 2009.
Debt securities pledged as collateral maturing within five years totaled $37.1 million.
Letter of Credit In August 2008, Old Merck executed a $4.1 billion letter of credit agreement with a financial institution, which satisfied certain conditions set forth in the U. S.  Vioxx Settlement Agreement (see Note 12).
Old Merck pledged collateral to the financial institution of approximately $5.1 billion pursuant to the terms of the letter of credit agreement.
Although the amount of assets pledged as collateral was set by the letter of credit agreement and such assets were held in custody by a third party, the assets were managed by Old Merck.
Old Merck considered the assets pledged under the letter of credit agreement to be restricted.
The letter of credit amount and required collateral balances declined as payments (after the first $750 million) under the Settlement Agreement were made.
As of December 31, 2008, $3.8 billion was recorded within Deferred income taxes and other current assets and $1.3 billion was classified as Other assets.
During 2009, Old Merck made all remaining payments into the Vioxx settlement funds pursuant to the U. S.  Vioxx Settlement Agreement.
Accordingly, the letter of credit agreement was terminated and the collateral was released.
Concentrations of Credit Risk On an ongoing basis, the Company monitors concentrations of credit risk associated with corporate issuers of securities and financial institutions with which it conducts business.
Credit exposure limits are established to limit a concentration with any single issuer or institution.
Cash and investments are placed in instruments that meet high credit quality standards, as specified in the Company’s investment policy guidelines.
Derivative financial instruments are executed under International Swaps and Derivatives Association master agreements.
The master agreements with several of the Company’s financial institution counterparties also include credit support annexes.
These annexes contain provisions that require collateral to be exchanged depending on the value of the derivative assets and liabilities, the Company’s credit rating, and the credit rating of the counterparty.
As of December 31, 2009, Cash and cash equivalents includes cash collateral of $69.2 million
eliminate the essentials rate effective January 1, 2011.
As a result of this announcement, the Company remeasured its December 31, 2010 monetary assets and liabilities at the new official rate.
## Table 1 ##
Segment profits are comprised of segment sales less standard costs, certain operating expenses directly incurred by the segment, components of equity income or loss from affiliates and depreciation and amortization expenses.
For internal management reporting presented to the chief operating decision maker, Merck does not allocate materials and production costs, other than standard costs, the majority of research and development expenses or general and administrative expenses, nor the cost of financing these activities.
Separate divisions maintain responsibility for monitoring and managing these costs, including depreciation related to fixed assets utilized by these divisions and, therefore, they are not included in segment profits.
Also excluded from the determination of segment profits is the charge related to the settlement of the ENHANCE Litigation recorded in 2012, the arbitration settlement charge, the gain on the divestiture of the Company’s interest in the JJMCP joint venture and a gain on the sale of certain manufacturing facilities and related assets recorded in 2011, and the charge for the Vioxx Liability Reserve and the income recognized on AstraZeneca’s asset option exercise both recognized in 2010.
In addition, the amortization of purchase accounting adjustments and other acquisition-related costs, intangible asset impairment charges, restructuring costs, taxes paid at the joint venture level and a portion of equity income are also excluded from the determination of segment profits.
Additionally, segment profits do not reflect other expenses from corporate and manufacturing cost centers and other miscellaneous income or expense.
These unallocated items are reflected in “Other” in the above table.
Also included in “Other” are miscellaneous corporate profits (losses), as well as operating profits (losses) related to third-party manufacturing sales, divested products or businesses, and other supply sales.
Pharmaceutical segment profits increased 1% in 2012 driven primarily by lower operating expenses mostly offset by the effects of the loss of U. S.  market exclusivity for Singulair.
Pharmaceutical segment profits rose 7% in 2011 driven largely by the increase in sales and the gross margin improvement discussed above.
Taxes on Income The effective income tax rates of 27.9% in 2012, 12.8% in 2011 and 40.6% in 2010 reflect the impacts of acquisition-related costs and restructuring costs, partially offset by the beneficial impact of foreign earnings.
The effective tax rate for 2012 also reflects the favorable impacts of a tax settlement with the Canada Revenue Agency (the “CRA”), the realization of foreign tax credits and the impact of a favorable ruling on a state tax matter.
In addition, the 2012 effective tax rate reflects the unfavorable impact of the net charge recorded in connection with the settlement of the ENHANCE Litigation for which no tax benefit was recorded and does not reflect any impacts for the R&D tax credit, which expired on December 31, 2011.
As a result of legislation passed in 2013 that extended the R&D tax credit, both the 2012 and 2013 R&D tax credits will be recognized in 2013; however, the entire 2012 R&D tax credit will be recognized in the first quarter of 2013.
The effective tax rate for 2011 reflects a net favorable impact of approximately $700 million relating to the settlement of Merck’s 2002-2005 federal income tax audit, the favorable impact of certain foreign and state tax rate changes that resulted in a net $270 million reduction of deferred tax liabilities on intangibles established in purchase accounting, and the unfavorable impact of the $500 million charge related to the resolution of the arbitration proceeding with J&J.
The 2010 effective tax rate reflects the impact of the Vioxx Liability Reserve for which no tax impact was recorded, a $147 million charge associated with a change in tax law that requires taxation of the prescription drug subsidy of the Company’s retiree health benefit plans which was enacted in the first quarter of 2010 as part of U. S.  health care reform legislation, and the impact of AstraZeneca’s asset option exercise.
These unfavorable impacts were partially offset by a $391 million tax benefit from changes in a foreign entity’s tax rate, which resulted in a reduction in deferred tax liabilities on product intangibles recorded in conjunction with the Merger, and the favorable impact of foreign earnings and dividends from the Company’s foreign subsidiaries.
On December 19, 2011, we redeemed the remaining $175 million of our 6.5% notes due April 15, 2012, and all $300 million of our outstanding 6.125% notes due January 15, 2012.
The redemptions resulted in an early extinguishment charge of $5 million in the fourth quarter of 2011.
Receivables Securitization Facility – As of December 31, 2013 and 2012, we recorded $0 and $100 million, respectively, as secured debt under our receivables securitization facility.
(See further discussion of our receivables securitization facility in Note 10).15.
Variable Interest Entities We have entered into various lease transactions in which the structure of the leases contain variable interest entities (VIEs).
These VIEs were created solely for the purpose of doing lease transactions (principally involving railroad equipment and facilities, including our headquarters building) and have no other activities, assets or liabilities outside of the lease transactions.
Within these lease arrangements, we have the right to purchase some or all of the assets at fixed prices.
Depending on market conditions, fixed-price purchase options available in the leases could potentially provide benefits to us; however, these benefits are not expected to be significant.
We maintain and operate the assets based on contractual obligations within the lease arrangements, which set specific guidelines consistent within the railroad industry.
As such, we have no control over activities that could materially impact the fair value of the leased assets.
We do not hold the power to direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs.
Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs.
We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIE’s performance and our fixed-price purchase price options are not considered to be potentially significant to the VIEs.
The future minimum lease payments associated with the VIE leases totaled $3.3 billion as of December 31, 2013.16.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statements of Financial Position as of December 31, 2013 and 2012 included $2,486 million, net of $1,092 million of accumulated depreciation, and $2,467 million, net of $966 million of accumulated depreciation, respectively, for properties held under capital leases.
A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income.
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, were as follows:
## Table 2 ##
Approximately 94% of capital lease payments relate to locomotives.
Rent expense for operating leases with terms exceeding one month was $618 million in 2013, $631 million in 2012, and $637 million in 2011.
When cash rental payments are not made on a straight-line basis, we recognize variable rental expense on a straight-line basis over the lease term.
Contingent rentals and sub-rentals are not significant.

<table><tr><td></td><td colspan="4">December 31, 2009</td><td colspan="4">December 31, 2008</td></tr><tr><td></td><td> Fair </td><td> Amortized </td><td colspan="2">Gross Unrealized</td><td>Fair </td><td>Amortized </td><td colspan="2">Gross Unrealized</td></tr><tr><td></td><td> Value</td><td> Cost</td><td> Gains<i><sup>-1</sup></i></td><td>Losses -1</td><td>Value</td><td>Cost</td><td>Gains <i><sup>-1</sup></i></td><td>Losses -1</td></tr><tr><td>U.S. government and agency securities</td><td>$215.6</td><td>$215.7</td><td>$1.1</td><td>$-1.2</td><td>$3,125.8</td><td>$3,061.6</td><td>$67.4</td><td>$-3.2</td></tr><tr><td>Corporate notes and bonds</td><td>209.2</td><td>207.1</td><td>3.3</td><td>-1.2</td><td>4,124.7</td><td>4,158.4</td><td>31.6</td><td>-65.3</td></tr><tr><td>Municipal securities</td><td>186.7</td><td>184.8</td><td>2.9</td><td>-1.0</td><td>792.5</td><td>764.4</td><td>28.4</td><td>-0.3</td></tr><tr><td>Mortgage-backed securities</td><td>79.4</td><td>65.9</td><td>13.8</td><td>-0.3</td><td>1,031.9</td><td>1,024.4</td><td>12.5</td><td>-5.0</td></tr><tr><td>Asset-backed securities</td><td>79.3</td><td>69.2</td><td>10.1</td><td>-</td><td>551.7</td><td>571.8</td><td>0.6</td><td>-20.7</td></tr><tr><td>Foreign government bonds</td><td>0.4</td><td>0.4</td><td>-</td><td>-</td><td>319.4</td><td>305.9</td><td>13.5</td><td>-</td></tr><tr><td>Commercial paper</td><td>-</td><td>-</td><td>-</td><td>-</td><td>490.3</td><td>490.3</td><td>-</td><td>-</td></tr><tr><td>Other debt securities</td><td>21.7</td><td>19.3</td><td>9.4</td><td>-7.0</td><td>46.7</td><td>48.6</td><td>1.5</td><td>-3.4</td></tr><tr><td>Equity securities</td><td>181.6</td><td>161.4</td><td>28.4</td><td>-8.2</td><td>100.9</td><td>86.3</td><td>17.7</td><td>-3.1</td></tr><tr><td></td><td>$973.9</td><td>$923.8</td><td>$69.0</td><td>$-18.9</td><td>$10,583.9</td><td>$10,511.7</td><td>$173.2</td><td>$-101.0</td></tr></table>
<table><tr><td><i>($ in millions)</i></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Pharmaceutical segment profits</td><td>$25,852</td><td>$25,617</td><td>$23,864</td></tr><tr><td>Other non-reportable segment profits</td><td>3,163</td><td>2,995</td><td>2,849</td></tr><tr><td>Other</td><td>-20,276</td><td>-21,278</td><td>-25,060</td></tr><tr><td>Income before income taxes</td><td>$8,739</td><td>$7,334</td><td>$1,653</td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>OperatingLeases</i></td><td><i>CapitalLeases</i></td></tr><tr><td>2014</td><td>$512</td><td>$272</td></tr><tr><td>2015</td><td>477</td><td>260</td></tr><tr><td>2016</td><td>438</td><td>239</td></tr><tr><td>2017</td><td>400</td><td>247</td></tr><tr><td>2018</td><td>332</td><td>225</td></tr><tr><td>Later years</td><td>1,907</td><td>957</td></tr><tr><td>Total minimum leasepayments</td><td>$4,066</td><td>$2,200</td></tr><tr><td>Amount representing interest</td><td>N/A</td><td>-498</td></tr><tr><td>Present value of minimum leasepayments</td><td>N/A</td><td>$1,702</td></tr></table>

Question: what was the percentage change in rent expense for operating leases with terms exceeding one month from 2012 to 2013?
Answer: -0.0206