the duration of the liabilities in each plan when selecting the bonds to be used in determining the discount rate.
The rate of compensation increase for all plans and the medical cost trend rate for the applicable U. S.  plans are based on plan experience.
With respect to the U. S.  plans, the expected rate of return on plan assets was determined based on an asset allocation model using the current target allocation, real rates of return by asset class and an anticipated inflation rate.
The target asset allocation consists of approximately: 20% in equity securities and 80% in fixed income securities.
The plan has achieved a compounded annual rate of return of 4.9% over the previous 20 years.
At December 31, 2018, the actual asset allocation for the U. S.  plan was: 1% cash and cash equivalents, 25% in equity securities and 74% in fixed income securities.
The expected rate of return for the non-U.
S.  plans employs a similar set of criteria adapted for local investments, inflation rates and in certain cases specific government requirements.
The target asset allocation, for the non-U.
S.  plans, consists of approximately: 40% – 70% in fixed income securities; 15% – 40% in equity securities; 5% – 20% in real estate; and 5% – 10% in alternative investments.
At December 31, 2018, the actual asset allocation for the non-U.
S.  plan was: 36% in fixed income investments; 12% in equity investments; 8% in real estate investments, 3% in cash and cash equivalents and 41% in alternative investments.
Changes in pension and other post-employment benefits, and associated expenses, may occur in the future due to changes in these assumptions.
The impact that a 0.25% decrease in the discount rate or a 1% change in the medical cost trend rate would have on our pension and other post-employment benefit expense, as applicable, is as follows:
## Table 0 ##
The effect of a 1% increase in the medical cost trend rate would increase the accumulated postretirement benefit obligation and the annual postretirement expense by approximately $0.3 million and less than $0.1 million, respectively; a 1% decrease in the rate would decrease the obligation and expense by approximately $0.3 million and less than $0.1 million, respectively.
The ongoing assessment of the valuation of inventory, given the large number of natural ingredients employed, the quality of which may be diminished over time.
We hold a majority of our inventory as raw materials, providing the greatest degree of flexibility in manufacture and use.
As of December 31, 2018, we maintained 53% of our inventory as raw materials.
Materials are evaluated based on shelf life, known uses and anticipated demand based on forecasted customer order activity and changes in product/sales mix.
Management policy provides for an ongoing assessment of inventory with adjustments recorded when an item is deemed to be slow moving or obsolete.
Redeemable Non-controlling interest.
Through some of our subsidiaries, we assume certain non-controlling interests that carry redemption features.
Non-controlling interests, where we may be required to repurchase the non-controlling interest under a put option or other contractual redemption requirement, are reported in the Consolidated Balance Sheet between liabilities and equity, as redeemable non-controlling interest.
We adjust the redeemable non-controlling interests when the redemption value exceeds the carrying value with changes recognized as an adjustment to additional paid-in capital.
Overall, we believe that we have considered relevant circumstances that we may be currently subject to, and the financial statements accurately reflect our best estimate of the impact of these items in our results of
Table of Contents The following table sets forth certain consolidated quarterly income statement data for the eight quarters ended December 31, 2004.
In our opinion, this unaudited information has been prepared on a basis consistent with our annual financial statements and includes all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the unaudited quarterly data.
This information should be read in conjunction with our Consolidated Financial Statements and related Notes included in this annual report on Form 10-K.
The results of operations for any quarter are not necessarily indicative of results that we may achieve for any subsequent periods.
## Table 1 ##
(1) Of these amounts, $4,816, $5,814, $7,052, $6,506, $6,506, $6,265, $6,100 and $6,442, respectively, were from related parties.
(2) Of these amounts, $729, $984, $1,087, $1,605, $2,611, $1,971, $1,990 and $1,778, respectively, were from related parties.
(3) Of these amounts, $835, $998, $1,135, $1,461, $1,434, $1,139, $1,592 and $1,479, respectively, were from related parties.
(4) Of these amounts, $41, $43, $53, $52, $60, $76, $118 and $207, respectively, were from related parties.
State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return.
The state impact of any federal changes generally remains subject to examination by various states for a period of up to one year after formal notification to the states.
We have various state income tax returns in the process of examination, administrative appeals or litigation.
Our tax returns are currently under examination in various foreign jurisdictions.
Foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years.
Years still open to examination by foreign tax authorities in major jurisdictions include: Australia (2009 onward), Canada (2007 onward), France (2011 onward), Germany (2009 onward), Ireland (2009 onward), Italy (2010 onward), Japan (2010 onward), Korea (2008 onward), Puerto Rico (2008 onward), Switzerland (2012 onward), and the United Kingdom (2012 onward).16.
CAPITAL STOCK AND EARNINGS PER SHARE We are authorized to issue 250 million shares of preferred stock, none of which were issued or outstanding as of December 31, 2013.
The numerator for both basic and diluted earnings per share is net earnings available to common stockholders.
The denominator for basic earnings per share is the weighted average number of common shares outstanding during the period.
The denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards.
The following is a reconciliation of weighted average shares for the basic and diluted share computations (in millions):
## Table 2 ##
For the year ended December 31, 2013, an average of 3.1 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock.
For the years ended December 31, 2012 and 2011, an average of 11.9 million and 13.2 million options, respectively, were not included.
During 2013, we repurchased 9.1 million shares of our common stock at an average price of $78.88 per share for a total cash outlay of $719.0 million, including commissions.
Effective January 1, 2014, we have a new share repurchase program that authorizes purchases of up to $1.0 billion with no expiration date.
No further purchases will be made under the previous share repurchase program.17.
SEGMENT DATA We design, develop, manufacture and market orthopaedic reconstructive implants, biologics, dental implants, spinal implants, trauma products and related surgical products which include surgical supplies and instruments designed to aid in surgical procedures and post-operation rehabilitation.
We also provide other healthcare-related services.
We manage operations through three major geographic segments – the Americas, which is comprised principally of the U. S.  and includes other North, Central and South American markets; Europe, which is comprised principally of Europe and includes the Middle East and African markets; and Asia Pacific, which is comprised primarily of Japan and includes other Asian and Pacific markets.
This structure is the basis for our reportable segment information discussed below.
Management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to share-based payment expense, inventory step-up and certain other inventory and manufacturing related charges, “Certain claims,” goodwill impairment, “Special items,” and global operations and corporate functions.
Global operations and corporate functions include research, development engineering, medical education, brand management, corporate legal, finance, and human resource functions, U. S. , Puerto Rico and Ireland-based manufacturing operations and logistics and intangible asset amortization resulting from business combination accounting.
Intercompany transactions have been eliminated from segment operating profit.
Management reviews accounts receivable, inventory, property, plant and equipment, goodwill and intangible assets by reportable segment exclusive of U. S. , Puerto Rico and Ireland-based manufacturing operations and logistics and corporate assets.

<table><tr><td></td><td colspan="4">Sensitivity of Disclosures to Changes in Selected Assumptions</td></tr><tr><td></td><td colspan="2">25 BP Decrease inDiscount Rate</td><td>25 BP Decrease inDiscount Rate</td><td>25 BP Decrease inLong-Term Rateof Return</td></tr><tr><td>(DOLLARS IN THOUSANDS)</td><td>Change inPBO</td><td>Change inABO</td><td>Change inpension expense</td><td>Change inpension expense</td></tr><tr><td>U.S. Pension Plans</td><td>$14,603</td><td>$14,524</td><td>$-102</td><td>$1,248</td></tr><tr><td>Non-U.S. Pension Plans</td><td>46,475</td><td>44,628</td><td>2,710</td><td>1,911</td></tr><tr><td>Postretirement Benefit Plan</td><td>N/A</td><td>1,638</td><td>44</td><td>N/A</td></tr></table>
<table><tr><td></td><td colspan="8"> Three Months Ended</td></tr><tr><td></td><td>March 31, 2003</td><td> June 30,  2003</td><td> Sept 30,  2003</td><td> Dec 31,  2003</td><td> March 31,  2004</td><td>June 30, 2004</td><td>Sept 30, 2004</td><td> Dec 31,  2004</td></tr><tr><td></td><td colspan="8"> (In thousands)</td></tr><tr><td></td><td colspan="8"> (Unaudited)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commissions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. high-grade-1</td><td>$6,958</td><td>$9,803</td><td>$12,157</td><td>$11,392</td><td>$11,424</td><td>$11,492</td><td>$11,108</td><td>$11,441</td></tr><tr><td>European high-grade-2</td><td>1,009</td><td>1,465</td><td>2,114</td><td>2,538</td><td>4,521</td><td>3,621</td><td>3,652</td><td>3,348</td></tr><tr><td>Other-3</td><td>888</td><td>1,277</td><td>1,439</td><td>1,761</td><td>1,804</td><td>1,677</td><td>2,073</td><td>2,009</td></tr><tr><td>Total commissions</td><td>8,855</td><td>12,544</td><td>15,710</td><td>15,690</td><td>17,750</td><td>16,791</td><td>16,833</td><td>16,798</td></tr><tr><td>Information and user access fees-4</td><td>122</td><td>268</td><td>391</td><td>362</td><td>489</td><td>532</td><td>731</td><td>961</td></tr><tr><td>License fees</td><td>1,679</td><td>838</td><td>533</td><td>1,095</td><td>582</td><td>566</td><td>744</td><td>1,251</td></tr><tr><td>Interest income-5</td><td>86</td><td>91</td><td>90</td><td>105</td><td>154</td><td>116</td><td>171</td><td>441</td></tr><tr><td>Other-6</td><td>—</td><td>—</td><td>—</td><td>—</td><td>198</td><td>228</td><td>239</td><td>222</td></tr><tr><td>Total revenues</td><td>10,743</td><td>13,741</td><td>16,724</td><td>17,252</td><td>19,173</td><td>18,233</td><td>18,718</td><td>19,673</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>6,385</td><td>6,639</td><td>6,692</td><td>7,145</td><td>8,165</td><td>8,445</td><td>8,259</td><td>8,277</td></tr><tr><td>Depreciation and amortization</td><td>1,464</td><td>1,127</td><td>1,046</td><td>1,050</td><td>746</td><td>1,081</td><td>644</td><td>997</td></tr><tr><td>Technology and communications</td><td>1,099</td><td>1,204</td><td>1,152</td><td>1,300</td><td>1,592</td><td>1,547</td><td>1,496</td><td>1,767</td></tr><tr><td>Professional and consulting fees-7</td><td>1,249</td><td>1,033</td><td>765</td><td>1,134</td><td>946</td><td>790</td><td>1,041</td><td>2,131</td></tr><tr><td>Warrant-related expense</td><td>1,439</td><td>913</td><td>913</td><td>2,133</td><td>2,524</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Marketing and advertising</td><td>558</td><td>557</td><td>551</td><td>626</td><td>625</td><td>518</td><td>750</td><td>637</td></tr><tr><td>Moneyline revenue share</td><td>371</td><td>448</td><td>478</td><td>508</td><td>464</td><td>356</td><td>219</td><td>201</td></tr><tr><td>Restructuring charges</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>General and administrative</td><td>750</td><td>890</td><td>953</td><td>1,485</td><td>1,102</td><td>1,239</td><td>1,337</td><td>585</td></tr><tr><td>Total expenses</td><td>13,315</td><td>12,812</td><td>12,550</td><td>15,382</td><td>16,165</td><td>13,975</td><td>13,746</td><td>14,595</td></tr><tr><td>Income (loss) before taxes</td><td>-2,572</td><td>930</td><td>4,174</td><td>1,871</td><td>3,008</td><td>4,258</td><td>4,971</td><td>5,078</td></tr><tr><td>Provision (benefit) for income tax(8)</td><td>—</td><td>—</td><td>—</td><td>190</td><td>92</td><td>-39,737</td><td>-4,163</td><td>2,478</td></tr><tr><td>Net income (loss)</td><td>$-2,572</td><td>$930</td><td>$4,174</td><td>$1,681</td><td>$2,916</td><td>$43,995</td><td>$9,134</td><td>$2,600</td></tr></table>
<table><tr><td>For the Years Ended December 31,</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Weighted average shares outstanding for basic net earnings per share</td><td>169.6</td><td>174.9</td><td>187.6</td></tr><tr><td>Effect of dilutive stock options and other equity awards</td><td>2.2</td><td>1.1</td><td>1.1</td></tr><tr><td>Weighted average shares outstanding for diluted net earnings per share</td><td>171.8</td><td>176.0</td><td>188.7</td></tr></table>

Question: What is the growing rate of Total commissions in the years with the least March 31, 2003?
Answer: -0.4166