The following table presents the current estimated LTV ratios for PCI loans, as well as the ratios of the carrying value of the underlying loans to the current estimated collateral value.
Because such loans were initially measured at fair value, the ratios of the carrying value to the current estimated collateral value will be lower than the current estimated LTV ratios, which are based on the unpaid principal balances.
The estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting ratios are necessarily imprecise and should therefore be viewed as estimates.
LTV ratios and ratios of carrying values to current estimated collateral values – PCI loans
## Table 0 ##
(a) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value.
Current property values are estimated at least quarterly based on home valuation models that utilize nationally recognized home price index valuation estimates; such models incorporate actual data to the extent available and forecasted data where actual data is not available.
(b) Represents current estimated combined LTV for junior home equity liens, which considers all available lien positions, as well as unused lines, related to the property.
All other products are presented without consideration of subordinate liens on the property.
(c) Net carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition and is also net of the allowance for loan losses at December 31, 2014 and 2013 of $1.2 billion and $1.7 billion for prime mortgage, $194 million and $494 million for option ARMs, respectively, and $1.8 billion for home equity and $180 million for subprime mortgage for both periods.
The current estimated average LTV ratios were 77% and 88% for California and Florida PCI loans, respectively, at December 31, 2014, compared with 85% and 103%, respectively, at December 31, 2013.
Average LTV ratios have declined consistent with recent improvements in home prices.
Although home prices have improved, home prices in most areas of California and Florida are still lower than at the peak of the housing market; this continues to negatively contribute to current estimated average LTV ratios and the ratio of net carrying value to current estimated collateral value for loans in the PCI portfolio.
Of the total PCI portfolio, 15% had a current estimated LTV ratio greater than 100%, and 3% had a current LTV ratio of greater than 125% at December 31, 2014, compared with 26% and 7%, respectively, at December 31, 2013.
While the current estimated collateral value is greater than the net carrying value of PCI loans, the ultimate performance of this portfolio is highly dependent on borrowers’ behavior and ongoing ability and willingness to continue to make payments on homes with negative equity, as well as on the cost of alternative housing.
For further information on current estimated LTVs of residential real estate loans, see Note 14.
Loan modification activities – residential real estate loans The performance of modified loans generally differs by product type due to differences in both the credit quality and the types of modifications provided.
Performance metrics for the residential real estate portfolio, excluding PCI loans, that have been modified and seasoned more than six months show weighted-average redefault rates of 20% for senior lien home equity, 22% for junior lien home equity, 16% for prime mortgages including option ARMs, and 29% for subprime mortgages.
The cumulative performance metrics for the PCI residential real estate portfolio modified and seasoned more than six months show weighted average redefault rates of 20% for home equity, 17% for prime mortgages, 15% for option ARMs and 32% for subprime mortgages.
The favorable performance of the PCI option ARM modifications is the result of a targeted proactive program which fixed the borrower’s payment to the amount at the point of modification.
The cumulative redefault rates reflect the performance of modifications completed under both the Home Affordable Modification Program (“HAMP”) and the Firm’s proprietary modification programs (primarily the Firm’s modification program that was modeled after HAMP) from October 1, 2009, through December 31, 2014.
Certain loans that were modified under HAMP and the Firm’s proprietary modification programs have interest rate reset provisions (“step-rate modifications”).
Interest rates on these loans will generally increase beginning in 2014 by 1% per year until the rate reaches a specified cap, typically at a prevailing market interest rate for a fixed-rate loan as of the modification date.
The carrying value of non-PCI loans modified in step-rate modifications was $5 billion at December 31, 2014, with $1 billion scheduled to experience the initial interest rate increase in each of 2015 and 2016.
The unpaid principal balance of PCI loans modified in step-rate modifications was $10 billion at December 31, 2014, with $2 billion and $3 billion scheduled to experience the initial interest rate increase in 2015 and 2016, respectively.
The impact of these potential interest rate increases is considered in the Firm’s allowance for loan losses.
The Firm will continue to monitor this risk exposure to ensure that it is appropriately considered in the Firm’s allowance for loan losses.
Notes to consolidated financial statements 220 JPMorgan Chase & Co. /2014 Annual Report Gains and losses For the Firm’s defined benefit pension plans, fair value is used to determine the expected return on plan assets.
Amortization of net gains and losses is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the PBO or the fair value of the plan assets.
Any excess is amortized over the average future service period of defined benefit pension plan participants, which for the U. S.  defined benefit pension plan is currently seven years.
In addition, prior service costs are amortized over the average remaining service period of active employees expected to receive benefits under the plan when the prior service cost is first recognized.
The average remaining amortization period for current prior service costs is five years.
For the Firm’s OPEB plans, a calculated value that recognizes changes in fair value over a five-year period is used to determine the expected return on plan assets.
This value is referred to as the market related value of assets.
Amortization of net gains and losses, adjusted for gains and losses not yet recognized, is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the accumulated postretirement benefit obligation or the market related value of assets.
Any excess net gain or loss is amortized over the average expected lifetime of retired participants, which is currently twelve years; however, prior service costs resulting from plan changes are amortized over the average years of service remaining to full eligibility age, which is currently two years.
The following table presents pretax pension and OPEB amounts recorded in AOCI
## Table 1 ##
The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income and other comprehensive income for the Firm’s U. S.  and non-U.
S.  defined benefit pension, defined contribution and OPEB plans.
## Table 2 ##
(a) Includes various defined benefit pension plans which are individually immaterial.
The Company files income tax returns in the U. S.  federal jurisdiction, and various states and foreign jurisdictions.
With few exceptions, the Company is no longer subject to U. S.  federal, state and local, or non-U.
S.  income tax examinations by tax authorities for years before 1999.
It is anticipated that its examination for the Company’s U. S.  income tax returns for the years 2002 through 2004 will be completed by the end of first quarter 2008.
As of December 31, 2007, the IRS has proposed adjustments to the Company’s tax positions for which the Company is fully reserved.
Payments relating to any proposed assessments arising from the 2002 through 2004 audit may not be made until a final agreement is reached between the Company and the IRS on such assessments or upon a final resolution resulting from the administrative appeals process or judicial action.
In addition to the U. S.  federal examination, there is also limited audit activity in several U. S.  state and foreign jurisdictions.
Currently, the Company expects the liability for unrecognized tax benefits to change by an insignificant amount during the next 12 months.
The Company adopted the provisions of FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes,” on January 1, 2007.
As a result of the implementation of Interpretation 48, the Company recognized an immaterial increase in the liability for unrecognized tax benefits, which was accounted for as a reduction to the January 1, 2007, balance of retained earnings.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) is as follows:
## Table 3 ##
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of January 1, 2007 and December 31, 2007, respectively, are $261 million and $334 million.
The ending net UTB results from adjusting the gross balance at December 31, 2007 for items such as Federal, State, and non-U.
S.  deferred items, interest and penalties, and deductible taxes.
The net UTB is included as components of Accrued Income Taxes and Other Liabilities within the Consolidated Balance Sheet.
The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense.
At January 1, 2007 and December 31, 2007, accrued interest and penalties on a gross basis were $65 million and $69 million, respectively.
Included in these interest and penalty amounts is interest and penalties related to tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.
Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.
In 2007, the Company completed the preparation and filing of its 2006 U. S.  federal and state income tax returns, which did not result in any material changes to the Company’s financial position.
In 2006, an audit of the Company’s U. S.  tax returns for years through 2001 was completed.
The Company and the Internal Revenue Service reached a final settlement for these years, including an agreement on the amount of a refund claim to be filed by the Company.
The Company also substantially resolved audits in certain European countries.
In addition, the Company completed the preparation and filing of its 2005 U. S.  federal income tax return and the corresponding 2005 state income tax returns.
The adjustments from amounts previously estimated in the U. S.  federal and state income tax returns (both positive and negative) included lower U. S.  taxes on dividends received from the Company's foreign subsidiaries.
The Company also made quarterly adjustments (both positive and negative) to its reserves for tax contingencies.
Considering the developments noted above and other factors, including the impact on open audit years of the recent resolution of issues in various audits, these reassessments resulted in a reduction of the reserves in 2006 by $149 million, inclusive of the expected amount of certain refund claims.
In 2005, the Company announced its intent to reinvest $1.7 billion of foreign earnings in the United States pursuant to the provisions of the American Jobs Creation Act of 2004.
This Act provided the Company the opportunity to tax-

<table><tr><td></td><td colspan="5">2014</td><td colspan="5">2013</td></tr><tr><td>December 31,(in millions,except ratios)</td><td>Unpaid principal balance</td><td colspan="2">Current estimatedLTV ratio<sup>(a)</sup></td><td>Net carrying value<sup>(c)</sup></td><td>Ratio of netcarrying valueto current estimatedcollateral value<sup>(c)</sup></td><td>Unpaid principalbalance</td><td colspan="2">Current estimatedLTV ratio<sup>(a)</sup></td><td>Net carrying value<sup>(c)</sup></td><td>Ratio of netcarrying valueto current estimatedcollateral value<sup>(c)</sup></td></tr><tr><td>Home equity</td><td>$17,740</td><td>83%</td><td><sup>(b)</sup></td><td>$15,337</td><td>72%</td><td>$19,830</td><td>90%</td><td><sup>(b)</sup></td><td>$17,169</td><td>78%</td></tr><tr><td>Prime mortgage</td><td>10,249</td><td>76</td><td></td><td>9,027</td><td>67</td><td>11,876</td><td>83</td><td></td><td>10,312</td><td>72</td></tr><tr><td>Subprime mortgage</td><td>4,652</td><td>82</td><td></td><td>3,493</td><td>62</td><td>5,471</td><td>91</td><td></td><td>3,995</td><td>66</td></tr><tr><td>Option ARMs</td><td>16,496</td><td>74</td><td></td><td>15,514</td><td>70</td><td>19,223</td><td>82</td><td></td><td>17,421</td><td>74</td></tr></table>
<table><tr><td></td><td colspan="4">Defined benefit pension plans</td><td colspan="2"></td></tr><tr><td>December 31,</td><td colspan="2">U.S.</td><td colspan="2">Non-U.S.</td><td colspan="2">OPEB plans</td></tr><tr><td>(in millions)</td><td>2014</td><td>2013</td><td>2014</td><td>2013</td><td>2014</td><td>2013</td></tr><tr><td>Net gain/(loss)</td><td>$-3,346</td><td>$-1,726</td><td>$-628</td><td>$-658</td><td>$130</td><td>$125</td></tr><tr><td>Prior service credit/(cost)</td><td>102</td><td>196</td><td>11</td><td>14</td><td>—</td><td>1</td></tr><tr><td>Accumulated other comprehensive income/(loss), pretax, end of year</td><td>$-3,244</td><td>$-1,530</td><td>$-617</td><td>$-644</td><td>$130</td><td>$126</td></tr></table>
<table><tr><td></td><td colspan="8">Pension plans</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td colspan="3">U.S.</td><td colspan="5">Non-U.S.</td><td></td><td colspan="3">OPEB plans</td></tr><tr><td>Year ended December 31, (in millions)</td><td>2014</td><td>2013</td><td>2012</td><td>2014</td><td></td><td>2013</td><td></td><td>2012</td><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Components of net periodic benefit cost</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Benefits earned during the year</td><td>$281</td><td>$314</td><td>$272</td><td>$33</td><td></td><td>$34</td><td></td><td>$41</td><td></td><td>$—</td><td>$1</td><td>$1</td></tr><tr><td>Interest cost on benefit obligations</td><td>534</td><td>447</td><td>466</td><td>137</td><td></td><td>125</td><td></td><td>126</td><td></td><td>38</td><td>35</td><td>44</td></tr><tr><td>Expected return on plan assets</td><td>-985</td><td>-956</td><td>-861</td><td>-172</td><td></td><td>-142</td><td></td><td>-137</td><td></td><td>-101</td><td>-92</td><td>-90</td></tr><tr><td>Amortization:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net (gain)/loss</td><td>25</td><td>271</td><td>289</td><td>47</td><td></td><td>49</td><td></td><td>36</td><td></td><td>—</td><td>1</td><td>-1</td></tr><tr><td>Prior service cost/(credit)</td><td>-41</td><td>-41</td><td>-41</td><td>-2</td><td></td><td>-2</td><td></td><td>—</td><td></td><td>-1</td><td>—</td><td>—</td></tr><tr><td>Net periodic defined benefit cost</td><td>-186</td><td>35</td><td>125</td><td>43</td><td></td><td>64</td><td></td><td>66</td><td></td><td>-64</td><td>-55</td><td>-46</td></tr><tr><td>Other defined benefit pension plans<sup>(a)</sup></td><td>14</td><td>15</td><td>15</td><td>6</td><td></td><td>14</td><td></td><td>8</td><td></td><td>NA</td><td>NA</td><td>NA</td></tr><tr><td>Total defined benefit plans</td><td>-172</td><td>50</td><td>140</td><td>49</td><td></td><td>78</td><td></td><td>74</td><td></td><td>-64</td><td>-55</td><td>-46</td></tr><tr><td>Total defined contribution plans</td><td>438</td><td>447</td><td>409</td><td>329</td><td></td><td>321</td><td></td><td>302</td><td></td><td>NA</td><td>NA</td><td>NA</td></tr><tr><td>Total pension and OPEB cost included in compensation expense</td><td>$266</td><td>$497</td><td>$549</td><td>$378</td><td></td><td>$399</td><td></td><td>$376</td><td></td><td>$-64</td><td>$-55</td><td>$-46</td></tr><tr><td>Changes in plan assets and benefit obligations recognized in other comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net (gain)/loss arising during the year</td><td>$1,645</td><td>$-1,817</td><td>$434</td><td>$57</td><td></td><td>$19</td><td></td><td>$146</td><td></td><td>$-5</td><td>$-257</td><td>$-43</td></tr><tr><td>Prior service credit arising during the year</td><td>53</td><td>—</td><td>—</td><td>—</td><td></td><td>—</td><td></td><td>-6</td><td></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Amortization of net loss</td><td>-25</td><td>-271</td><td>-289</td><td>-47</td><td></td><td>-49</td><td></td><td>-36</td><td></td><td>—</td><td>-1</td><td>1</td></tr><tr><td>Amortization of prior service (cost)/credit</td><td>41</td><td>41</td><td>41</td><td>2</td><td></td><td>2</td><td></td><td>—</td><td></td><td>1</td><td>—</td><td>—</td></tr><tr><td>Foreign exchange impact and other</td><td>—</td><td>—</td><td>—</td><td>-39</td><td><sup>(a)</sup></td><td>14</td><td><sup>(a)</sup></td><td>22</td><td><sup>(a)</sup></td><td>—</td><td>—</td><td>-1</td></tr><tr><td>Total recognized in other comprehensive income</td><td>$1,714</td><td>$-2,047</td><td>$186</td><td>$-27</td><td></td><td>$-14</td><td></td><td>$126</td><td></td><td>$-4</td><td>$-258</td><td>$-43</td></tr><tr><td>Total recognized in net periodic benefit cost and other comprehensive income</td><td>$1,528</td><td>$-2,012</td><td>$311</td><td>$16</td><td></td><td>$50</td><td></td><td>$192</td><td></td><td>$-68</td><td>$-313</td><td>$-89</td></tr></table>
<table><tr><td>(Millions)</td><td>Federal, State, and Foreign Tax</td></tr><tr><td>Gross UTB Balance at January 1, 2007</td><td>$691</td></tr><tr><td>Additions based on tax positions related to the current year</td><td>79</td></tr><tr><td>Additions for tax positions of prior years</td><td>143</td></tr><tr><td>Reductions for tax positions of prior years</td><td>-189</td></tr><tr><td>Settlements</td><td>-24</td></tr><tr><td>Reductions due to lapse of applicable statute of limitations</td><td>-20</td></tr><tr><td>Gross UTB Balance at December 31, 2007</td><td>$680</td></tr><tr><td>Net UTB impacting the effective tax rate at December 31, 2007</td><td>$334</td></tr></table>

Question: at january 12007 what was the percent of the interest and penalties included in the gross unrecognized tax benefits
Answer: 0.19392