THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2011, 2010, AND 2009 There was no cash used to settle stock options or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2011, 2010 and 2009.
As of December 31, 2011, $3 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of 1.8 years.
During the year ended December 31, 2011, modifications were made to stock option awards affecting 2 million stock options.
A summary of the option activity for the year ended December 31, 2011 follows (number of options in thousands, dollars in millions except per option amounts):
## Table 0 ##
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the fourth quarter of 2011 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2011.
The amount of the aggregate intrinsic value will change based on the fair market value of the Company’s stock.
The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered.
In 2011, AES has estimated a forfeiture rate of 12.81% for stock options granted in 2011.
This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates.
Based on the estimated forfeiture rate, the Company expects to expense $4.4 million on a straight-line basis over a three year period (approximately $1.5 million per year) related to stock options granted during the year ended December 31, 2011.
RESTRICTED STOCK Restricted Stock Units Without Market Conditions—The Company issues restricted stock units (“RSUs”) without market conditions under its long-term compensation plan.
The RSUs are generally granted based upon a percentage of the participant’s base salary.
The units have a three-year vesting schedule and vest in one-third increments over the three-year period.
Units granted prior to 2011 are required to be held for an additional two years before they can be converted into shares, and thus become transferable.
There is no such requirement for units granted in 2011.
In all circumstances, restricted stock units granted by AES do not entitle the holder the right, or obligate AES, to settle the restricted stock unit in cash or other assets of AES.
For the years ended December 31, 2011, 2010, and 2009, RSUs issued without a market condition had a grant date fair value equal to the closing price of the Company’s stock on the grant date.
The Company does not discount the grant date fair values to reflect any post-vesting restrictions.
RSUs without a market condition
2012 COMPARED TO 2011 Price increases in the segment contributed 0.5% to sales growth on a year-over-year basis during 2012 as compared to 2011 and are reflected as a component of the change in sales from existing businesses.
Sales in the segment's instrument businesses declined at a high-single digit rate during 2012 as compared to 2011, as lower demand for most product categories more than offset modest sales increases of service solutions.
Instrument demand was weak in all major geographies although the North American market showed improvement in the fourth quarter of 2012 compared to the results reported during the first nine months of 2012.
Europe and Japan continued to remain weak in the fourth quarter of 2012.
Sales in the segment's communications businesses grew at a high-single digit rate during 2012 compared to 2011 with strong growth in North America and Western Europe in the first six months of 2012 moderating in the second half of 2012 due primarily to project timing and difficult prior year comparisons.
Demand for network management solutions and, to a lesser extent, core network enterprise solutions drove the 2012 growth.
Operating profit margins declined 150 basis points during 2012 as compared to 2011.
Year-over-year operating profit margin comparisons were adversely impacted by 120 basis points as lower instrument sales volumes and incremental year-over-year costs associated with various sales, marketing and product development growth investments more than offset the favorable impacts of increased sales volumes of higher operating profit margin communication business products and incremental yearover-year cost savings associated with ongoing productivity improvement initiatives, including the restructuring actions taken in 2012 and 2011.
The incremental net dilutive effect of acquired businesses adversely impacted year-over-year operating profit margin comparisons by 30 basis points.
ENVIRONMENTAL Danaher’s Environmental segment provides products that help protect the water supply and air quality by serving two primary markets: water quality and retail/commercial petroleum.
Danaher’s water quality business is a global leader in water quality analysis and treatment, providing instrumentation and disinfection systems to help analyze and manage the quality of ultra pure water, potable water, wastewater, groundwater and ocean water in residential, commercial, industrial and natural resource applications.
Danaher’s retail/commercial petroleum business is a leading worldwide provider of solutions and services focused on fuel dispensing, remote fuel management, point-of-sale systems, payment systems, environmental compliance, vehicle tracking and fleet management.
Environmental Selected Financial Data ($ in millions)
## Table 1 ##
Components of Sales Growth
## Table 2 ##
2013 COMPARED TO 2012 Price increases in the segment contributed 1.0% to sales growth on a year-over-year basis during 2013 as compared with 2012 and are reflected as a component of the change in sales from existing businesses.
Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at December 31, 2013 and 2012, respectively
## Table 3 ##
Approximately 95% of our debt securities were investment-grade quality, with a weighted average credit rating of AA- by S&P at December 31, 2013.
Most of the debt securities that were below investment-grade were rated BB, the higher end of the below investment-grade rating scale.
At December 31, 2013, 7% of our taxexempt municipal securities were pre-refunded, generally with U. S.  government and agency securities.
Taxexempt municipal securities that were not pre-refunded were diversified among general obligation bonds of U. S.  states and local municipalities as well as special revenue bonds.
General obligation bonds, which are backed by the taxing power and full faith of the issuer, accounted for 40% of the tax-exempt municipals that were not prerefunded in the portfolio.
Special revenue bonds, issued by a municipality to finance a specific public works project such as utilities, water and sewer, transportation, or education, and supported by the revenues of that project, accounted for the remaining 60% of these municipals.
Our general obligation bonds are diversified across the United States with no individual state exceeding 12%.
In addition, 18% of our tax-exempt securities were insured by bond insurers and had an equivalent weighted average S&P credit rating of AA- exclusive of the bond insurers’ guarantee.
Our investment policy limits investments in a single issuer and requires diversification among various asset types.
approximately $51 per ounce, decreased production and higher mining costs.
Mining costs were higher primarily due to sound abatement costs and increased contract maintenance, drilling rates, fuel and tire usage costs.
Gold ounces sold decreased in 2006 from 2005, due to lower mill throughput (harder ore), a decrease in mill ore grade and a decrease in roaster throughput resulting from a higher sulfur to gold ratio and adverse weather conditions.
Costs applicable to sales per ounce increased due to lower production and increased labor, diesel and contract services.
Milling costs also increased due to mill maintenance costs and higher grinding costs due to the harder ore.  Costs applicable to sales were also impacted by the change in accounting for open pit waste removal costs.
In 2005, $9 of mining costs was deferred which reduced Costs applicable to sales by $23 per ounce.
Jundee, Australia.
Gold ounces sold decreased in 2007 compared to 2006 as a result of lower production, partially offset by increased inventory sales.
Mill throughput decreased by 26% due to the consolidation of milling operations into one plant, partially offset by 28% higher mill ore grade.
Open pit mining concluded in the fourth quarter of 2007.
Underground mining operations will continue in 2008.
Costs applicable to sales per ounce increased due to the strengthening of the Australian dollar, which increased Costs applicable to sales by approximately $42 per ounce, lower production, and higher underground mining and electricity generation costs.
Gold ounces sold decreased in 2006 from 2005, due to a 4% decrease in tons milled and a 6% decrease in mill ore grade.
The decrease in tons milled was attributable to severe weather conditions, flooding and an extended mill shutdown in the first half of the year.
Costs applicable to sales per ounce increased due to lower gold production and higher maintenance costs, partially offset by reduced mining activity.
Waihi, New Zealand.
Gold ounces sold decreased in 2007 compared to 2006 as a result of the transition to mining the Martha open pit south layback and Favona underground in 2007.
Costs applicable to sales per ounce increased in 2007 compared to 2006 as a result of the strengthening of the New Zealand dollar which increased Costs applicable to sales by approximately $51 per ounce and lower production.
Gold ounces sold decreased in 2006 from 2005, primarily due to a 4% decrease in mill ore grade and a 20% decrease in mill throughput due to reduced open pit mining activity and the commencement of Favona ore treatment which requires finer grinding.
Costs applicable to sales per ounce increased due to the decrease in gold production.
Development of the Boddington project was approximately 62% complete at December 31, 2007, with mill start-up still expected in late 2008 or early 2009.
The Company completed a definitive estimate to update the Company’s share of Boddington capital costs, which are now expected to be between $1,400 and $1,600, up from $900 to $1,100, including the adverse impact of the strengthening Australian dollar exchange rate.
In 2007, the Company commenced a hedging program to reduce the variability of the Australian denominated capital expenditures related to Boddington.
As of December 31, 2007, we have hedged 32% of our forecasted Australian denominated capital expenditures in 2008.
Batu Hijau Operations

<table><tr><td></td><td>Options</td><td> Weighted Average Exercise Price</td><td> Weighted Average Remaining Contractual Term  (in years)</td><td> Aggregate  Intrinsic  Value</td></tr><tr><td>Outstanding at December 31, 2010</td><td>20,482</td><td>$16.04</td><td></td><td></td></tr><tr><td>Exercised</td><td>-958</td><td>4.21</td><td></td><td></td></tr><tr><td>Forfeited and expired</td><td>-11,197</td><td>17.72</td><td></td><td></td></tr><tr><td>Granted</td><td>1,131</td><td>12.60</td><td></td><td></td></tr><tr><td>Outstanding at December 31, 2011</td><td>9,458</td><td>$13.82</td><td>4.8</td><td>$17</td></tr><tr><td>Vested and expected to vest at December 31, 2011</td><td>9,379</td><td>$13.84</td><td>4.7</td><td>$16</td></tr><tr><td>Eligible for exercise at December 31, 2011</td><td>7,385</td><td>$14.58</td><td>4.1</td><td>$14</td></tr></table>
<table><tr><td></td><td colspan="3">For the Year Ended December 31</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Sales</td><td>$3,316.9</td><td>$3,063.5</td><td>$2,939.6</td></tr><tr><td>Operating profit</td><td>696.5</td><td>652.5</td><td>622.7</td></tr><tr><td>Depreciation and amortization</td><td>62.7</td><td>48.9</td><td>45.9</td></tr><tr><td>Operating profit as a % of sales</td><td>21.0%</td><td>21.3%</td><td>21.2%</td></tr><tr><td>Depreciation and amortization as a % of sales</td><td>1.9%</td><td>1.6%</td><td>1.6%</td></tr></table>
<table><tr><td></td><td>2013 vs. 2012</td><td>2012 vs. 2011</td></tr><tr><td>Existing businesses</td><td>3.5%</td><td>3.5%</td></tr><tr><td>Acquisitions</td><td>5.5%</td><td>2.5%</td></tr><tr><td>Currency exchange rates</td><td>-0.5%</td><td>-2.0%</td></tr><tr><td>Total</td><td>8.5%</td><td>4.0%</td></tr></table>
<table><tr><td></td><td colspan="2">Less than 12 months</td><td colspan="2">12 months or more</td><td colspan="2">Total</td></tr><tr><td></td><td> Fair  Value</td><td>Gross Unrealized Losses</td><td> Fair  Value</td><td>Gross Unrealized Losses</td><td> Fair  Value</td><td>Gross Unrealized Losses</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td> December 31, 2013</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and other U.S. government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and agency obligations</td><td>$231</td><td>$-6</td><td>$5</td><td>$0</td><td>$236</td><td>$-6</td></tr><tr><td>Mortgage-backed securities</td><td>1,076</td><td>-47</td><td>21</td><td>-1</td><td>1,097</td><td>-48</td></tr><tr><td>Tax-exempt municipal securities</td><td>693</td><td>-28</td><td>57</td><td>-5</td><td>750</td><td>-33</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential</td><td>6</td><td>0</td><td>1</td><td>0</td><td>7</td><td>0</td></tr><tr><td>Commercial</td><td>270</td><td>-8</td><td>40</td><td>-1</td><td>310</td><td>-9</td></tr><tr><td>Asset-backed securities</td><td>35</td><td>-1</td><td>0</td><td>0</td><td>35</td><td>-1</td></tr><tr><td>Corporate debt securities</td><td>594</td><td>-28</td><td>17</td><td>-2</td><td>611</td><td>-30</td></tr><tr><td>Total debt securities</td><td>$2,905</td><td>$-118</td><td>$141</td><td>$-9</td><td>$3,046</td><td>$-127</td></tr><tr><td> December 31, 2012</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and other U.S. government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and agency obligations</td><td>$56</td><td>$0</td><td>$2</td><td>$0</td><td>$58</td><td>$0</td></tr><tr><td>Mortgage-backed securities</td><td>38</td><td>0</td><td>25</td><td>-1</td><td>63</td><td>-1</td></tr><tr><td>Tax-exempt municipal securities</td><td>233</td><td>-3</td><td>27</td><td>-1</td><td>260</td><td>-4</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential</td><td>0</td><td>0</td><td>4</td><td>-1</td><td>4</td><td>-1</td></tr><tr><td>Commercial</td><td>94</td><td>0</td><td>0</td><td>0</td><td>94</td><td>0</td></tr><tr><td>Asset-backed securities</td><td>2</td><td>0</td><td>4</td><td>0</td><td>6</td><td>0</td></tr><tr><td>Corporate debt securities</td><td>104</td><td>-2</td><td>4</td><td>0</td><td>108</td><td>-2</td></tr><tr><td>Total debt securities</td><td>$527</td><td>$-5</td><td>$66</td><td>$-3</td><td>$593</td><td>$-8</td></tr></table>

Question: Does the value of U.S. Treasury and agency obligations for Fair Value of Less than 12 months in 2012 greater than that in 2013 ?
Answer: No