Recurring Fair Value Measurements In accordance with accounting principles generally accepted in the United States, certain assets and liabilities are required to be recorded at fair value on a recurring basis.
For our Company, the only assets and liabilities that are adjusted to fair value on a recurring basis are investments in equity and debt securities classified as trading or available-for-sale and derivative financial instruments.
Additionally, the Company adjusts the carrying value of certain long-term debt as a result of the Company’s fair value hedging strategy.
Investments in Trading and Available-for-Sale Securities The fair values of our investments in trading and available-for-sale securities using quoted market prices from daily exchange traded markets are based on the closing price as of the balance sheet date and are classified as Level 1.
The fair values of our investments in trading and available-for-sale securities classified as Level 2 are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data.
Inputs into these valuation techniques include actual trade data, benchmark yields, broker/dealer quotes and other similar data.
These inputs are obtained from quoted market prices, independent pricing vendors or other sources.
Derivative Financial Instruments The fair values of our futures contracts are primarily determined using quoted contract prices on futures exchange markets.
The fair values of these instruments are based on the closing contract price as of the balance sheet date and are classified as Level 1.
The fair values of our derivative instruments other than futures are determined using standard valuation models.
The significant inputs used in these models are readily available in public markets, or can be derived from observable market transactions, and therefore have been classified as Level 2.
Inputs used in these standard valuation models for derivative instruments other than futures include the applicable exchange rates, forward rates, interest rates, discount rates and commodity prices.
The standard valuation model for options also uses implied volatility as an additional input.
The discount rates are based on the historical U. S.  Deposit or U. S.  Treasury rates, and the implied volatility specific to options is based on quoted rates from financial institutions.
Included in the fair value of derivative instruments is an adjustment for nonperformance risk.
The adjustment is based on current credit default swap (“CDS”) rates applied to each contract, by counterparty.
We use our counterparty’s CDS rate when we are in an asset position and our own CDS rate when we are in a liability position.
The adjustment for nonperformance risk did not have a significant impact on the estimated fair value of our derivative instruments.
The following tables summarize those assets and liabilities measured at fair value on a recurring basis (in millions):
## Table 0 ##
1 Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties.
There are no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements.
Refer to Note 5.2 Refer to Note 3 for additional information related to the composition of our trading securities and available-for-sale securities.3 Primarily related to long-term debt securities that mature in 2018.4 Refer to Note 5 for additional information related to the composition of our derivative portfolio.5 The Company is obligated to return $184 million in cash collateral it has netted against its derivative position.6 The Company has the right to reclaim $17 million in cash collateral it has netted against its derivative position.7 The Company’s derivative financial instruments are recorded at fair value in our consolidated balance sheet as follows: $79 million in the line item prepaid expenses and other assets; $553 million in the line item other assets; and $171 million in the line item other liabilities.
Refer to Note 5 for additional information related to the composition of our derivative portfolio.
Year Ended December 31, 2014 versus Year Ended December 31, 2013 The Company’s net operating revenues decreased $856 million, or 2 percent.
The following table illustrates, on a percentage basis, the estimated impact of key factors resulting in the increase (decrease) in net operating revenues for each of our operating segments:
## Table 1 ##
* Calculation is not meaningful.1 Represents the percent change in net operating revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating segments (expressed in equivalent unit cases) after considering the impact of structural changes.
For our Bottling Investments operating segment, this represents the percent change in net operating revenues attributable to the increase (decrease) in unit case volume after considering the impact of structural changes.
Our Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only.
Refer to the heading “Beverage Volume” above.
Refer to the heading “Beverage Volume” above for additional information related to changes in our unit case and concentrate sales volumes.
“Acquisitions and Divestitures” refers to acquisitions and divestitures of brands or businesses, some of which the Company considers to be structural changes.
Refer to the heading “Structural Changes, Acquired Brands and Newly Licensed Brands” above for additional information related to the structural changes.
The acquisitions and divestitures percent change for 2014 versus 2013 in the table above consisted entirely of structural changes.
The impact of the Venezuelan Fair Price Law reduced our Latin America segment revenues by 5 percent in 2014.
Price, product and geographic mix had a favorable 1 percent impact on our consolidated net operating revenues.
Price, product and geographic mix was impacted by a variety of factors and events including, but not limited to, the following: ?
Eurasia and Africa — favorable price mix in all of the segment’s business units; ?
Europe — favorable impact as a result of consolidating the juice and smoothie business of Fresh Trading Ltd.  (“innocent”) in May 2013 and favorable price mix in all of the segment’s business units; ?
Latin America — favorable price mix in all four of the segment’s business units and the impact of inflationary environments in certain markets; and ?
Asia Pacific — unfavorable geographic mix.
The unfavorable impact of foreign currency fluctuations decreased our consolidated net operating revenues by 2 percent.
The unfavorable currency impact was primarily due to a stronger U. S.  dollar compared to certain other foreign currencies, including the South African rand, Mexican peso, Brazilian real, Australian dollar and Japanese yen, which had an unfavorable impact on our Eurasia and Africa, Latin America, Asia Pacific and Bottling Investments operating segments.
The unfavorable impact of a stronger U. S.  dollar compared to the currencies listed above was partially offset by the impact of a weaker U. S.  dollar compared to certain other foreign currencies, including the euro and British pound, which had a favorable impact on our Europe and Bottling Investments operating segments.
Refer to the heading “Liquidity, Capital Resources and Financial Position — Foreign Exchange” below.
Selling, General and Administrative Expenses The following table sets forth the significant components of selling, general and administrative expenses (in millions):
## Table 2 ##
Year Ended December 31, 2015 versus Year Ended December 31, 2014 Selling, general and administrative expenses decreased $791 million, or 5 percent.
During the year ended December 31, 2015, fluctuations in foreign currency decreased selling, general and administrative expenses by 6 percent.
The increase in stock-based compensation was primarily due to reversals in 2014 of previously recognized expenses related to the Company’s long-term incentive programs as performance criteria were not achieved.
The increase in advertising expenses reflects the Company’s increased investments to strengthen our brands, partially offset by a foreign currency exchange impact of 13 percent.
The decrease in selling and distribution expenses reflects the impact of acquisitions and divestitures.
The decrease in other operating expenses reflects the shift of the Company’s marketing spending to more consumer-facing advertising expenses as well as savings from our productivity and reinvestment initiatives.
Foreign currency exchange rate fluctuations have a more significant impact on both advertising and other operating expenses as compared to our selling and distribution expenses since they are generally transacted in local currency.
Our selling and distribution expenses are primarily related to our Company-owned bottling operations, of which the majority of expenses are attributable to CCR and are primarily denominated in U. S.  dollars.
Refer to Note 2 of Notes to Consolidated Financial Statements for additional information related to acquisitions and divestitures.
In 2016, our pension expense is expected to decrease by $200 million compared to 2015.
The anticipated decrease is primarily due to settlement and special termination costs incurred in 2015 of $169 million, the new method to calculate service and interest costs, an increase in the weighted-average discount rate used to calculate the Company’s benefit obligations and the impact of $471 million of contributions the Company made in early 2016 to U. S.  pension plans.
The impact of these items will be partially offset by unfavorable asset performance compared to our expected return during 2015 and a decrease in the expected return on assets for U. S.  plans.
Refer to the heading “Liquidity, Capital Resources and Financial Position” below for information related to these contributions.
Refer to the heading “Critical Accounting Policies and Estimates — Pension Plan Valuations” above and Note 13 of Notes to Consolidated Financial Statements for additional information related to the pension plan assumptions used by the Company.
As of December 31, 2015, we had $319 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under our plans.
This cost is expected to be recognized over a weighted-average period of 1.8 years as stockbased compensation expense.
This expected cost does not include the impact of any future stock-based compensation awards.
Refer to Note 12 of Notes to Consolidated Financial Statements.
Year Ended December 31, 2014 versus Year Ended December 31, 2013 Selling, general and administrative expenses decreased $92 million, or 1 percent.
Foreign currency fluctuations decreased selling, general and administrative expenses by 2 percent.
The decrease in stock-based compensation was primarily due to reversals in 2014 of previously recognized expenses related to the Company’s long-term incentive compensation programs.
The increase in advertising expenses reflects the Company’s increased investment to strengthen our brands.
This increase was partially offset by a foreign currency exchange impact of 4 percent.
The decrease in selling and distribution expenses is a result of the refranchising of certain territories in North America in 2014 and the deconsolidation of our Brazilian bottling operations as a result of their combination with an independent bottling partner in July 2013.
14.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statement of Financial Position as of December 31, 2008 and 2007 included $2,024 million, net of $869 million of amortization, and $2,062 million, net of $887 million of amortization, respectively, for properties held under capital leases.
A charge to income resulting from the amortization 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, 2008 were as follows:
## Table 3 ##
The majority of capital lease payments relate to locomotives.
Rent expense for operating leases with terms exceeding one month was $747 million in 2008, $810 million in 2007, and $798 million in 2006.
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.15.
Commitments and Contingencies Asserted and Unasserted Claims – Various claims and lawsuits are pending against us and certain of our subsidiaries.
We cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations, financial condition, or liquidity; however, to the extent possible, where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated, we have recorded a liability.
We do not expect that any known lawsuits, claims, environmental costs, commitments, contingent liabilities, or guarantees will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters.
Personal Injury – The cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year.
We use third-party actuaries to assist us in measuring the expense and liability, including unasserted claims.
The Federal Employers’ Liability Act (FELA) governs compensation for work-related accidents.
Under FELA, damages are assessed based on a finding of fault through litigation or out-of-court settlements.
We offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work.
Our personal injury liability is discounted to present value using applicable U. S.  Treasury rates.
Approximately 88% of the recorded liability related to asserted claims, and approximately 12% related to unasserted claims at December 31, 2008.
Because of the uncertainty surrounding the ultimate outcome of personal injury claims, it is reasonably possible that future costs to settle these claims may range from

<table><tr><td></td><td colspan="7">December 31, 2015</td><td></td></tr><tr><td></td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td></td><td>Netting Adjustment 1</td><td></td><td>Fair ValueMeasurements</td><td></td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trading securities<sup>2</sup></td><td>$183</td><td>$135</td><td>$4</td><td></td><td>$—</td><td></td><td>$322</td><td></td></tr><tr><td>Available-for-sale securities<sup>2</sup></td><td>3,913</td><td>4,574</td><td>119</td><td><sup>3</sup></td><td>—</td><td></td><td>8,606</td><td></td></tr><tr><td>Derivatives<sup>4</sup></td><td>2</td><td>1,268</td><td>—</td><td></td><td>-638</td><td><sup>5</sup></td><td>632</td><td><sup>7</sup></td></tr><tr><td>Total assets</td><td>$4,098</td><td>$5,977</td><td>$123</td><td></td><td>$-638</td><td></td><td>$9,560</td><td></td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Derivatives<sup>4</sup></td><td>$24</td><td>$635</td><td>$—</td><td></td><td>$-488</td><td><sup>6</sup></td><td>$171</td><td><sup>7</sup></td></tr><tr><td>Total liabilities</td><td>$24</td><td>$635</td><td>$—</td><td></td><td>$-488</td><td></td><td>$171</td><td></td></tr></table>
<table><tr><td></td><td colspan="5">Percent Change 2014 vs. 2013</td></tr><tr><td></td><td>Volume 1</td><td>Acquisitions & Divestitures</td><td>Price, Product & Geographic Mix</td><td>Currency Fluctuations</td><td>Total</td></tr><tr><td>Consolidated</td><td>1%</td><td>-2%</td><td>1%</td><td>-2%</td><td>-2%</td></tr><tr><td>Eurasia & Africa</td><td>3%</td><td>—%</td><td>4%</td><td>-8%</td><td>-1%</td></tr><tr><td>Europe</td><td>-2</td><td>—</td><td>4</td><td>2</td><td>4</td></tr><tr><td>Latin America</td><td>—</td><td>-4</td><td>8</td><td>-10</td><td>-6</td></tr><tr><td>North America</td><td>-1</td><td>-1</td><td>1</td><td>—</td><td>-1</td></tr><tr><td>Asia Pacific</td><td>5</td><td>1</td><td>-2</td><td>-6</td><td>-2</td></tr><tr><td>Bottling Investments</td><td>5</td><td>-9</td><td>-2</td><td>-2</td><td>-8</td></tr><tr><td>Corporate</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr></table>
<table><tr><td>Year Ended December 31,</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Stock-based compensation expense</td><td>$236</td><td>$209</td><td>$227</td></tr><tr><td>Advertising expenses</td><td>3,976</td><td>3,499</td><td>3,266</td></tr><tr><td>Selling and distribution expenses</td><td>6,025</td><td>6,412</td><td>6,419</td></tr><tr><td>Other operating expenses</td><td>6,190</td><td>7,098</td><td>7,398</td></tr><tr><td>Selling, general and administrative expenses</td><td>$16,427</td><td>$17,218</td><td>$17,310</td></tr></table>
<table><tr><td><i>Millions of Dollars</i></td><td><i>OperatingLeases</i></td><td><i>CapitalLeases</i></td></tr><tr><td>2009</td><td>$657</td><td>$188</td></tr><tr><td>2010</td><td>614</td><td>168</td></tr><tr><td>2011</td><td>580</td><td>178</td></tr><tr><td>2012</td><td>465</td><td>122</td></tr><tr><td>2013</td><td>389</td><td>152</td></tr><tr><td>Later years</td><td>3,204</td><td>1,090</td></tr><tr><td>Total minimum lease payments</td><td>$5,909</td><td>$1,898</td></tr><tr><td>Amount representing interest</td><td>N/A</td><td>628</td></tr><tr><td>Present value of minimum lease payments</td><td>N/A</td><td>$1,270</td></tr></table>

Question: what was the ratio of the rent expense for operating leases with terms exceeding one month in 2008 to 2007
Answer: 0.92222