Table of Contents The amortized cost and fair value of fixed maturity securities at December 31, 2004 and 2003, by contractual maturity are shown below:
## Table 0 ##
Virtually all of our fixed maturity securities portfolio is publicly traded.
Our investment portfolio contains private placements, including 144A securities.
We have recently initiated the private placement program and plan to invest approximately $500 million in other privately placed securities over the next two years.
Currently, we have less than 3% of our fixed maturity securities invested in other private placements, excluding 144A securities.
As of December 31, 2004, approximately 92% of the fair market value of our fixed maturity securities were dollar denominated.
As of December 31, 2004, we had approximately $710 (Canadian) million invested in Canadian fixed maturity securities; however, these assets directly support Canadian liabilities.
We have made commercial mortgage loans, collateralized by the underlying real estate, on properties located throughout the United States.
At December 31, 2004 approximately 41% of the outstanding principal balance of commercial mortgage loans was concentrated in the states of California, New York, and Pennslyvania.
Although we have a diversified loan portfolio, an economic downturn could have an adverse impact on the ability of our debtors to repay their loans.
At December 31, 2004, the outstanding balances of commercial mortgage loans ranged in size from less than $1 million to $13 million with an average outstanding balance of $2.2 million.
Loan commitments outstanding at December 31, 2004 and December 31, 2003 totaled $32 million and $76 million, respectively.
We also hold commercial equity real estate as part of our investment portfolio.
We own real estate through real estate joint ventures and partnerships.
Investments in real estate joint ventures totaled $57 million as of December 31, 2004 and 2003.
Investments in limited partnership totaled $37 million and $31 million at December 31, 2004 and 2003, respectively.
The main property types within our portfolio are office, industrial/warehouse and multi-family housing.
At December 31, 2004, we are committed to fund additional capital contributions of $15 million to joint ventures and $14 million to certain investments in limited partnerships.
Competition We face competition in each of our businesses; however, we believe that no single competitor competes against us in all of our business lines and the business lines in which we operate are generally characterized by a limited number of competitors.
Competition in our operating business segments is based on a number of factors, including: quality of service, product features, price, scope of distribution, financial strength ratings and name recognition.
The relative importance of these factors depends on the particular product and market.
We compete for customers and distributors with insurance companies and other financial services companies in our various businesses.
The following tables present total revenue, net of interest expense, on a FTE basis and net income (loss) for 2009, 2008 and 2007, and total assets at December 31, 2009 and 2008 for each business segment, as well as All Other.
## Table 1 ##
(1) There were no material intersegment revenues.
(2) Total assets include asset allocations to match liabilities (i. e. , deposits).
(3) Global Card Services is presented on a managed basis with a corresponding offset recorded in All Other.
(4) FTE basis (5) Provision for credit losses represents: For Global Card Services – Provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio and for All Other – Provision for credit losses combined with the Global Card Services securitization offset.
Aeronautics business segment’s results of operations discussion.
The increase in our consolidated net adjustments for 2011 as compared to 2010 primarily was due to an increase in profit booking rate adjustments at our IS&GS and Aeronautics business segments.
Aeronautics Our Aeronautics business segment is engaged in the research, design, development, manufacture, integration, sustainment, support, and upgrade of advanced military aircraft, including combat and air mobility aircraft, unmanned air vehicles, and related technologies.
Aeronautics’ major programs include the F-35 Lightning II Joint Strike Fighter, F-22 Raptor, F-16 Fighting Falcon, C-130 Hercules, and the C-5M Super Galaxy.
Aeronautics’ operating results included the following (in millions):
## Table 2 ##
2012 compared to 2011 Aeronautics’ net sales for 2012 increased $591 million, or 4%, compared to 2011.
The increase was attributable to higher net sales of approximately $745 million from F-35 LRIP contracts principally due to increased production volume; about $285 million from F-16 programs primarily due to higher aircraft deliveries (37 F-16 aircraft delivered in 2012 compared to 22 in 2011) partially offset by lower volume on sustainment activities due to the completion of modification programs for certain international customers; and approximately $140 million from C-5 programs due to higher aircraft deliveries (four C-5M aircraft delivered in 2012 compared to two in 2011).
Partially offsetting the increases were lower net sales of approximately $365 million from decreased production volume and lower risk retirements on the F-22 program as final aircraft deliveries were completed in the second quarter of 2012; approximately $110 million from the F-35 development contract primarily due to the inception-to-date effect of reducing the profit booking rate in the second quarter of 2012 and to a lesser extent lower volume; and about $95 million from a decrease in volume on other sustainment activities partially offset by various other Aeronautics programs due to higher volume.
Net sales for C-130 programs were comparable to 2011 as a decline in sustainment activities largely was offset by increased aircraft deliveries.
Aeronautics’ operating profit for 2012 increased $69 million, or 4%, compared to 2011.
The increase was attributable to higher operating profit of approximately $105 million from C-130 programs due to an increase in risk retirements; about $50 million from F-16 programs due to higher aircraft deliveries partially offset by a decline in risk retirements; approximately $50 million from F-35 LRIP contracts due to increased production volume and risk retirements; and about $50 million from the completion of purchased intangible asset amortization on certain F-16 contracts.
Partially offsetting the increases was lower operating profit of about $90 million from the F-35 development contract primarily due to the inceptionto-date effect of reducing the profit booking rate in the second quarter of 2012; approximately $50 million from decreased production volume and risk retirements on the F-22 program partially offset by a resolution of a contractual matter in the second quarter of 2012; and approximately $45 million primarily due to a decrease in risk retirements on other sustainment activities partially offset by various other Aeronautics programs due to increased risk retirements and volume.
Operating profit for C-5 programs was comparable to 2011.
Adjustments not related to volume, including net profit booking rate adjustments and other matters described above, were approximately $30 million lower for 2012 compared to 2011.2011 compared to 2010 Aeronautics’ net sales for 2011 increased $1.3 billion, or 10%, compared to 2010.
The growth in net sales primarily was due to higher volume of about $850 million for work performed on the F-35 LRIP contracts as production increased; higher volume of about $745 million for C-130 programs due to an increase in deliveries (33 C-130J aircraft delivered in 2011 compared to 25 during 2010) and support activities; about $425 million for F-16 support activities and an increase in aircraft deliveries (22 F-16 aircraft delivered in 2011 compared to 20 during 2010); and approximately $90 million for higher volume on C-5 programs (two C-5M aircraft delivered in 2011 compared to one during 2010).
These increases partially were offset by a decline in net sales of approximately $675 million due to lower volume on the F-22 program and lower net sales of about $155 million for the F-35 development contract as development work decreased.
Proven, or measured, reserves are those reserves for which the quantity is computed from dimensions revealed by drill data, together with other direct and measurable observations such as outcrops, trenches and quarry faces.
The grade and quality of those reserves are computed from the results of detailed sampling, and the sampling and measurement data are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well established.
Probable, or indicated, reserves are those reserves for which quantity and grade and quality are computed partly from specific measurements and partly from projections based on reasonable, though not drilled, geologic evidence.
The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.
Reported proven and probable reserves include only quantities that are owned in fee or under lease, and for which all appropriate zoning and permitting have been obtained.
Leases, zoning, permits, reclamation plans and other government or industry regulations often set limits on the areas, depths and lengths of time allowed for mining, stipulate setbacks and slopes that must be left in place, and designate which areas may be used for surface facilities, berms, and overburden or waste storage, among other requirements and restrictions.
Our reserve estimates take into account these factors.
Technical and economic factors also affect the estimates of reported reserves regardless of what might otherwise be considered proven or probable based on a geologic analysis.
For example, excessive overburden or weathered rock, rock quality issues, excessive mining depths, groundwater issues, overlying wetlands, endangered species habitats, and rights of way or easements may effectively limit the quantity of reserves considered proven and probable.
In addition, computations for reserves in-place are adjusted for estimates of unsaleable sizes and materials as well as pit and plant waste.
The 15.0 billion tons of estimated proven and probable aggregates reserves reported at the end of 2013 and 2012 include reserves at inactive and greenfield (undeveloped) sites.
The table below presents, by region, the tons of proven and probable aggregates reserves as of December 31, 2013 and the types of facilities operated.

<table><tr><td></td><td colspan="2"> At December 31, 2004</td><td colspan="2"> At December 31, 2003</td></tr><tr><td></td><td> Amortized  Cost</td><td> Fair  Value</td><td> Amortized  Cost</td><td> Fair  Value</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Due in one year or less</td><td>$386</td><td>$391</td><td>$240</td><td>$245</td></tr><tr><td>Due after one year through five years</td><td>1,798</td><td>1,864</td><td>1,728</td><td>1,824</td></tr><tr><td>Due after five years through ten years</td><td>2,297</td><td>2,424</td><td>2,136</td><td>2,275</td></tr><tr><td>Due after ten years</td><td>2,544</td><td>2,822</td><td>2,199</td><td>2,425</td></tr><tr><td>Total</td><td>7,025</td><td>7,501</td><td>6,303</td><td>6,769</td></tr><tr><td>Mortgage and asset backed securities</td><td>1,655</td><td>1,677</td><td>1,927</td><td>1,960</td></tr><tr><td>Total</td><td>$8,680</td><td>$9,178</td><td>$8,230</td><td>$8,729</td></tr></table>
<table><tr><td> Business Segments At and for the Year Ended December 31</td><td colspan="3"> Total Corporation<sup>-1</sup></td><td colspan="3">Deposits -2</td><td colspan="3">Global Card Services -3</td></tr><tr><td>(Dollars in millions)</td><td>2009</td><td>2008</td><td>2007</td><td>2009</td><td>2008</td><td>2007</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Net interest income<sup>(4</sup><sup>)</sup></td><td>$48,410</td><td>$46,554</td><td>$36,190</td><td>$7,160</td><td>$10,970</td><td>$10,215</td><td>$20,264</td><td>$19,589</td><td>$16,627</td></tr><tr><td>Noninterest income</td><td>72,534</td><td>27,422</td><td>32,392</td><td>6,848</td><td>6,870</td><td>6,187</td><td>9,078</td><td>11,631</td><td>11,146</td></tr><tr><td>Total revenue, net of interest expense</td><td>120,944</td><td>73,976</td><td>68,582</td><td>14,008</td><td>17,840</td><td>16,402</td><td>29,342</td><td>31,220</td><td>27,773</td></tr><tr><td>Provision for credit losses<sup>(</sup><sup>5</sup><sup>)</sup></td><td>48,570</td><td>26,825</td><td>8,385</td><td>380</td><td>399</td><td>227</td><td>30,081</td><td>20,164</td><td>11,678</td></tr><tr><td>Amortization of intangibles</td><td>1,978</td><td>1,834</td><td>1,676</td><td>238</td><td>297</td><td>294</td><td>911</td><td>1,048</td><td>1,040</td></tr><tr><td>Other noninterest expense</td><td>64,735</td><td>39,695</td><td>35,848</td><td>9,455</td><td>8,486</td><td>8,056</td><td>7,050</td><td>8,112</td><td>8,337</td></tr><tr><td>Income (loss) before income taxes</td><td>5,661</td><td>5,622</td><td>22,673</td><td>3,935</td><td>8,658</td><td>7,825</td><td>-8,700</td><td>1,896</td><td>6,718</td></tr><tr><td>Income tax expense (benefit)<sup>(4</sup><sup>)</sup></td><td>-615</td><td>1,614</td><td>7,691</td><td>1,429</td><td>3,146</td><td>2,751</td><td>-3,145</td><td>662</td><td>2,457</td></tr><tr><td> Net income (loss)</td><td>$6,276</td><td>$4,008</td><td>$14,982</td><td>$2,506</td><td>$5,512</td><td>$5,074</td><td>$-5,555</td><td>$1,234</td><td>$4,261</td></tr><tr><td> Year end total assets</td><td>$2,223,299</td><td>$1,817,943</td><td></td><td>$445,363</td><td>$390,487</td><td></td><td>$217,139</td><td>$252,683</td><td></td></tr><tr><td></td><td colspan="3"> Home Loans & Insurance</td><td colspan="3">Global Banking -2</td><td colspan="3">Global Markets</td></tr><tr><td>(Dollars in millions)</td><td>2009</td><td>2008</td><td>2007</td><td>2009</td><td>2008</td><td>2007</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Net interest income<sup>(4</sup><sup>)</sup></td><td>$4,974</td><td>$3,311</td><td>$1,899</td><td>$11,250</td><td>$10,755</td><td>$8,679</td><td>$6,120</td><td>$5,151</td><td>$2,308</td></tr><tr><td>Noninterest income (loss)</td><td>11,928</td><td>5,999</td><td>1,806</td><td>11,785</td><td>6,041</td><td>6,083</td><td>14,506</td><td>-8,982</td><td>-3,618</td></tr><tr><td>Total revenue, net of interest expense</td><td>16,902</td><td>9,310</td><td>3,705</td><td>23,035</td><td>16,796</td><td>14,762</td><td>20,626</td><td>-3,831</td><td>-1,310</td></tr><tr><td>Provision for credit losses</td><td>11,244</td><td>6,287</td><td>1,015</td><td>8,835</td><td>3,130</td><td>658</td><td>400</td><td>-50</td><td>2</td></tr><tr><td>Amortization of intangibles</td><td>63</td><td>39</td><td>2</td><td>187</td><td>217</td><td>182</td><td>65</td><td>2</td><td>3</td></tr><tr><td>Other noninterest expense</td><td>11,620</td><td>6,923</td><td>2,527</td><td>9,352</td><td>6,467</td><td>7,376</td><td>9,977</td><td>3,904</td><td>4,737</td></tr><tr><td>Income (loss) before income taxes</td><td>-6,025</td><td>-3,939</td><td>161</td><td>4,661</td><td>6,982</td><td>6,546</td><td>10,184</td><td>-7,687</td><td>-6,052</td></tr><tr><td>Income tax expense (benefit)<sup>(4</sup><sup>)</sup></td><td>-2,187</td><td>-1,457</td><td>60</td><td>1,692</td><td>2,510</td><td>2,415</td><td>3,007</td><td>-2,771</td><td>-2,241</td></tr><tr><td> Net income (loss)</td><td>$-3,838</td><td>$-2,482</td><td>$101</td><td>$2,969</td><td>$4,472</td><td>$4,131</td><td>$7,177</td><td>$-4,916</td><td>$-3,811</td></tr><tr><td> Year end total assets</td><td>$232,706</td><td>$205,046</td><td></td><td>$398,061</td><td>$394,541</td><td></td><td>$538,456</td><td>$306,693</td><td></td></tr><tr><td></td><td colspan="3"> GWIM<sup>-2</sup></td><td colspan="3">All Other -2, 3</td><td colspan="3"></td></tr><tr><td>(Dollars in millions)</td><td>2009</td><td>2008</td><td>2007</td><td>2009</td><td>2008</td><td>2007</td><td></td><td></td><td></td></tr><tr><td>Net interest income<sup>(4</sup><sup>)</sup></td><td>$5,564</td><td>$4,797</td><td>$3,920</td><td>$-6,922</td><td>$-8,019</td><td>$-7,458</td><td></td><td></td><td></td></tr><tr><td>Noninterest income</td><td>12,559</td><td>3,012</td><td>3,637</td><td>5,830</td><td>2,851</td><td>7,151</td><td></td><td></td><td></td></tr><tr><td>Total revenue, net of interest expense</td><td>18,123</td><td>7,809</td><td>7,557</td><td>-1,092</td><td>-5,168</td><td>-307</td><td></td><td></td><td></td></tr><tr><td>Provision for credit losses<sup>(</sup><sup>5</sup><sup>)</sup></td><td>1,061</td><td>664</td><td>15</td><td>-3,431</td><td>-3,769</td><td>-5,210</td><td></td><td></td><td></td></tr><tr><td>Amortization of intangibles</td><td>512</td><td>231</td><td>150</td><td>2</td><td>–</td><td>5</td><td></td><td></td><td></td></tr><tr><td>Other noninterest expense</td><td>12,565</td><td>4,679</td><td>4,341</td><td>4,716</td><td>1,124</td><td>474</td><td></td><td></td><td></td></tr><tr><td>Income (loss) before income taxes</td><td>3,985</td><td>2,235</td><td>3,051</td><td>-2,379</td><td>-2,523</td><td>4,424</td><td></td><td></td><td></td></tr><tr><td>Income tax expense (benefit)<sup>(4</sup><sup>)</sup></td><td>1,446</td><td>807</td><td>1,096</td><td>-2,857</td><td>-1,283</td><td>1,153</td><td></td><td></td><td></td></tr><tr><td> Net income (loss)</td><td>$2,539</td><td>$1,428</td><td>$1,955</td><td>$478</td><td>$-1,240</td><td>$3,271</td><td></td><td></td><td></td></tr><tr><td> Year end total assets</td><td>$254,192</td><td>$189,073</td><td></td><td>$137,382</td><td>$79,420</td><td></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>Net sales</td><td>$14,953</td><td>$14,362</td><td>$13,109</td></tr><tr><td>Operating profit</td><td>1,699</td><td>1,630</td><td>1,498</td></tr><tr><td>Operating margins</td><td>11.4%</td><td>11.3%</td><td>11.4%</td></tr><tr><td>Backlog at year-end</td><td>30,100</td><td>30,500</td><td>27,500</td></tr></table>

Question: what is the growth rate in operating profit for aeronautics in 2012?
Answer: 0.04233