The following unaudited pro forma information for the years ended December 31, 2008 and 2007 presents the results of operations of International Paper as if the CBPR and Central Lewmar acquisitions, and the Luiz Antonio asset exchange, had occurred on January 1, 2007.
This pro forma information does not purport to represent International Paper’s actual results of operations if the transactions described above would have occurred on January 1, 2007, nor is it necessarily indicative of future results.
## Table 0 ##
(1) Attributable to International Paper Company common shareholders.
JOINT VENTURES In October 2007, International Paper and Ilim Holding S. A.  announced the completion of the formation of a 50:50 joint venture to operate in Russia as Ilim Group.
To form the joint venture, International Paper purchased 50% of Ilim Holding S. A.
(Ilim) for approximately $620 million, including $545 million in cash and $75 million of notes payable, and contributed an additional $21 million in 2008.
The Company’s investment in Ilim totaled approximately $465 million at December 31, 2009, which is approximately $190 million higher than the Company’s share of the underlying net assets of Ilim.
This basis difference primarily consists of the estimated fair value write-up of Ilim plant, property and equipment of $150 million that is being amortized as a reduction of reported net income over the estimated remaining useful lives of the related assets, goodwill of $90 million and other basis differences of $50 million, including deferred taxes.
A key element of the proposed joint venture strategy is a long-term investment program in which the joint venture will invest, through cash from operations and additional borrowings by the joint venture, approximately $1.5 billion in Ilim’s three mills over approximately five years.
This planned investment in the Russian pulp and paper industry will be used to upgrade equipment, increase production capacity and allow for new high-value uncoated paper, pulp and corrugated packaging product development.
This capital expansion strategy is expected to be ini tiated in the second half of 2010, subject to Ilim obtaining financing sufficient to fund the project.
NOTE 7 BUSINESSES HELD FOR SALE, DIVESTITURES AND IMPAIRMENTS DISCONTINUED OPERATIONS 2008: During the fourth quarter of 2008, the Company recorded pre-tax gains of $9 million ($5 million after taxes) for adjustments to reserves associated with the sale of discontinued operations.
During the first quarter of 2008, the Company recorded a pre-tax charge of $25 million ($16 million after taxes) related to the final settlement of a postclosing adjustment to the purchase price received by the Company for the sale of its Beverage Packaging business, and a $3 million charge before taxes ($2 million after taxes) for 2008 operating losses related to certain wood products facilities.2007: During the fourth quarter of 2007, the Company recorded a pre-tax charge of $9 million ($6 million after taxes) and a pre-tax credit of $4 million ($3 million after taxes) relating to adjustments to estimated losses on the sales of its Beverage Packaging and Wood Products businesses, respectively.
Additionally, during the fourth quarter, a $4 million pre-tax charge ($3 million after taxes) was recorded for additional taxes associated with the sale of the Company’s former Weldwood of Canada Limited business.
During the third quarter of 2007, the Company completed the sale of the remainder of its non-U.
S.  Beverage Packaging business.
During the second quarter of 2007, the Company recorded pre-tax charges of $6 million ($4 million after taxes) and $5 million ($3 million after taxes) relating to adjustments to estimated losses on the sales of its Wood Products and Beverage Packaging businesses, respectively.
During the first quarter of 2007, the Company recorded pre-tax credits of $21 million ($9 million after taxes) and $6 million ($4 million after taxes) relating to the sales of its Wood Products and Kraft Papers businesses, respectively.
In addition, a $15 million pre-tax charge ($39 million after taxes) was recorded for adjustments to the loss on the completion of the sale of most of the Beverage Packaging business.
Finally, a pre-tax credit of approximately $10 million ($6 million after taxes) was recorded for refunds received from the Canadian government of
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale by Sector The following tables present the estimated fair value and gross unrealized loss of the Company’s fixed maturity and equity securities in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position.
The unrealized loss amounts presented below at December 31, 2009 include the noncredit component of OTTI loss.
Fixed maturity securities on which a noncredit OTTI loss has been recognized in accumulated other comprehensive loss are categorized by length of time as being “less than 12 months” or “equal to or greater than 12 months” in a continuous unrealized loss position based on the point in time that the estimated fair value initially declined to below the amortized cost basis and not the period of time since the unrealized loss was deemed a noncredit OTTI loss.
## Table 1 ##
December 31, 2008
## Table 2 ##
Derivative Financial Instruments Derivatives.
The Company is exposed to various risks relating to its ongoing business operations, including interest rate risk, foreign currency risk, credit risk, and equity market risk.
The Company uses a variety of strategies to manage these risks, including the use of derivative instruments.
See Note 4 of the Notes to the Consolidated Financial Statements for a comprehensive description of the nature of the Company’s derivative instruments, including the strategies for which derivatives are used in managing various risks.
See Note 4 of the Notes to Consolidated Financial Statements for information about the notional amount, estimated fair value, and primary underlying risk exposure of Company’s derivative financial instruments, excluding embedded derivatives held at December 31, 2009 and 2008.
Hedging.
See Note 4 of the Notes to Consolidated Financial Statements for information about: ?
The notional amount and estimated fair value of derivatives and non-derivative instruments designated as hedging instruments by type of hedge designation at December 31, 2009 and 2008.  ?
The notional amount and estimated fair value of derivatives that are not designated or do not qualify as hedging instruments by derivative type at December 31, 2009 and 2008.  ?
The statement of operations effects of derivatives in cash flow, fair value, or non-qualifying hedge relationships for the years ended December 31, 2009, 2008, and 2007.
See “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” for more information about the Company’s use of derivatives by major hedge program.
See “— Policyholder Liabilities — Variable Annuity Guarantees” for information about the Company’s use of derivatives to hedge variable annuity guarantees.
Fair Value Hierarchy.
Derivatives measured at estimated fair value on a recurring basis and their corresponding fair value hierarchy, are presented as follows:
## Table 3 ##
The valuation of Level 3 derivatives involves the use of significant unobservable inputs and generally requires a higher degree of management judgment or estimation than the valuations of Level 1 and Level 2 derivatives.
Although Level 3 inputs are based on assumptions deemed appropriate given the circumstances and are assumed to be consistent with what other market participants would use when pricing such instruments, the use of different inputs or methodologies could have a material effect on the estimated fair value of Level 3 derivatives and could materially affect net income.
Derivatives categorized as Level 3 at December 31, 2009 include: interest rate forwards including interest rate lock commitments with certain unobservable inputs, including pull-through rates; equity variance swaps with unobservable volatility inputs or that are priced via independent broker quotations; foreign currency swaps which are cancelable and priced through independent broker quotations; interest rate swaps with maturities which extend beyond the observable portion of the yield curve; credit default swaps based upon baskets of credits having unobservable credit correlations, as well as credit default swaps with maturities which extend beyond the observable portion of the credit curves and credit default swaps priced through independent broker quotes; foreign currency forwards priced via independent broker quotations or with liquidity adjustments; implied volatility swaps with unobservable volatility inputs; equity options with unobservable volatility inputs; interest rate caps and floors referencing unobservable yield curves and/or which include liquidity and volatility adjustments; currency options based upon baskets of currencies having unobservable currency correlations; and credit forwards having unobservable repurchase rates.
At December 31, 2009 and 2008, 5.5% and 2.7% of the net derivative estimated fair value was priced via independent broker quotations.
A rollforward of the fair value measurements for derivatives measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs for the year ended December 31, 2009 is as follows:
## Table 4 ##
During the fourth quarter of 2009, the Company’s volatility inputs for certain of its equity options changed from being unobservable to observable, which resulted in the transfer of these positions from level 3 to level 2.
The volatility inputs became observable because the Company began utilizing a market data provider that constructs an implied volatility surface sourced from transactions executed in the marketplace.
The value at the beginning of the year of the options transferred was $2.0 billion, and the amount recorded in earnings in connection with these options for the year ended December 31, 2009 was a loss of $762 million.
See “— Summary of Critical Accounting Estimates — Derivative Financial Instruments” for further information on the estimates and assumptions that affect the amounts reported above.
Table of Contents MetLife, Inc.  Notes to the Consolidated Financial Statements — (continued) 1.  Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

<table><tr><td><i>In millions, except per share amounts</i></td><td>2008</td><td>2007</td></tr><tr><td>Net sales</td><td>$27,920</td><td>$27,489</td></tr><tr><td>Earnings (loss) from continuingoperations</td><td>-1,348</td><td>1,083</td></tr><tr><td>Net earnings (loss) (1)</td><td>-1,361</td><td>1,052</td></tr><tr><td>Earnings (loss) from continuingoperations per common share</td><td>-3.20</td><td>2.50</td></tr><tr><td>Net earnings (loss) per common share<sup>(1)</sup></td><td>-3.23</td><td>2.43</td></tr></table>
<table><tr><td></td><td colspan="6"> December 31, 2009</td></tr><tr><td></td><td colspan="2"> Less than 12 Months</td><td colspan="2"> Equal to or Greater   than 12 Months</td><td colspan="2"> Total</td></tr><tr><td></td><td> Estimated </td><td> Gross </td><td> Estimated </td><td> Gross </td><td> Estimated </td><td> Gross </td></tr><tr><td></td><td> Fair </td><td> Unrealized </td><td> Fair </td><td> Unrealized </td><td> Fair </td><td> Unrealized </td></tr><tr><td></td><td> Value</td><td> Loss</td><td> Value</td><td> Loss</td><td> Value</td><td> Loss</td></tr><tr><td></td><td colspan="6"> (In millions, except number of securities)</td></tr><tr><td> Fixed Maturity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. corporate securities</td><td>$8,641</td><td>$395</td><td>$18,004</td><td>$2,314</td><td>$26,645</td><td>$2,709</td></tr><tr><td>RMBS</td><td>5,623</td><td>119</td><td>10,268</td><td>2,438</td><td>15,891</td><td>2,557</td></tr><tr><td>Foreign corporate securities</td><td>3,786</td><td>139</td><td>7,282</td><td>1,096</td><td>11,068</td><td>1,235</td></tr><tr><td>U.S. Treasury, agency and government guaranteed securities</td><td>15,051</td><td>990</td><td>51</td><td>20</td><td>15,102</td><td>1,010</td></tr><tr><td>CMBS</td><td>2,052</td><td>29</td><td>5,435</td><td>1,095</td><td>7,487</td><td>1,124</td></tr><tr><td>ABS</td><td>1,259</td><td>143</td><td>5,875</td><td>1,156</td><td>7,134</td><td>1,299</td></tr><tr><td>Foreign government securities</td><td>2,318</td><td>55</td><td>507</td><td>84</td><td>2,825</td><td>139</td></tr><tr><td>State and political subdivision securities</td><td>2,086</td><td>94</td><td>1,843</td><td>317</td><td>3,929</td><td>411</td></tr><tr><td>Other fixed maturity securities</td><td>6</td><td>2</td><td>—</td><td>—</td><td>6</td><td>2</td></tr><tr><td>Total fixed maturity securities</td><td>$40,822</td><td>$1,966</td><td>$49,265</td><td>$8,520</td><td>$90,087</td><td>$10,486</td></tr><tr><td> Equity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common stock</td><td>56</td><td>7</td><td>14</td><td>1</td><td>70</td><td>8</td></tr><tr><td>Non-redeemable preferred stock</td><td>66</td><td>41</td><td>930</td><td>226</td><td>996</td><td>267</td></tr><tr><td>Total equity securities</td><td>$122</td><td>$48</td><td>$944</td><td>$227</td><td>$1,066</td><td>$275</td></tr><tr><td>Total number of securities in an unrealized loss position</td><td>2,210</td><td></td><td>3,333</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="6"> December 31, 2008</td></tr><tr><td></td><td colspan="2"> Less than 12 Months</td><td colspan="2"> Equal to or Greater   than 12 Months</td><td colspan="2"> Total</td></tr><tr><td></td><td> Estimated </td><td> Gross </td><td> Estimated </td><td> Gross </td><td> Estimated </td><td> Gross </td></tr><tr><td></td><td> Fair </td><td> Unrealized </td><td> Fair </td><td> Unrealized </td><td> Fair </td><td> Unrealized </td></tr><tr><td></td><td> Value</td><td> Loss</td><td> Value</td><td> Loss</td><td> Value</td><td> Loss</td></tr><tr><td></td><td colspan="6"> (In millions, except number of securities)</td></tr><tr><td> Fixed Maturity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. corporate securities</td><td>$30,076</td><td>$4,479</td><td>$18,011</td><td>$5,423</td><td>$48,087</td><td>$9,902</td></tr><tr><td>RMBS</td><td>10,032</td><td>2,711</td><td>4,572</td><td>2,009</td><td>14,604</td><td>4,720</td></tr><tr><td>Foreign corporate securities</td><td>15,634</td><td>3,157</td><td>6,609</td><td>2,527</td><td>22,243</td><td>5,684</td></tr><tr><td>U.S. Treasury, agency and government guaranteed securities</td><td>106</td><td>1</td><td>—</td><td>—</td><td>106</td><td>1</td></tr><tr><td>CMBS</td><td>9,259</td><td>1,665</td><td>3,093</td><td>1,788</td><td>12,352</td><td>3,453</td></tr><tr><td>ABS</td><td>6,412</td><td>1,325</td><td>3,777</td><td>2,414</td><td>10,189</td><td>3,739</td></tr><tr><td>Foreign government securities</td><td>2,030</td><td>316</td><td>403</td><td>61</td><td>2,433</td><td>377</td></tr><tr><td>State and political subdivision securities</td><td>2,035</td><td>405</td><td>948</td><td>537</td><td>2,983</td><td>942</td></tr><tr><td>Other fixed maturity securities</td><td>20</td><td>3</td><td>2</td><td>—</td><td>22</td><td>3</td></tr><tr><td>Total fixed maturity securities</td><td>$75,604</td><td>$14,062</td><td>$37,415</td><td>$14,759</td><td>$113,019</td><td>$28,821</td></tr><tr><td> Equity securities</td><td>$727</td><td>$306</td><td>$978</td><td>$672</td><td>$1,705</td><td>$978</td></tr><tr><td>Total number of securities in an unrealized loss position</td><td>9,066</td><td></td><td>3,539</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2009</td></tr><tr><td></td><td colspan="2">Derivative Assets</td><td colspan="2"> Derivative   Liabilities</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Quoted prices in active markets for identical assets and liabilities (Level 1)</td><td>$103</td><td>2%</td><td>$51</td><td>1%</td></tr><tr><td>Significant other observable inputs (Level 2)</td><td>5,600</td><td>91</td><td>3,990</td><td>97</td></tr><tr><td>Significant unobservable inputs (Level 3)</td><td>430</td><td>7</td><td>74</td><td>2</td></tr><tr><td>Total estimated fair value</td><td>$6,133</td><td>100%</td><td>$4,115</td><td>100%</td></tr></table>
<table><tr><td></td><td>Year Ended December 31, 2009</td></tr><tr><td>(In millions)</td><td></td></tr><tr><td>Balance, beginning of period</td><td>$2,547</td></tr><tr><td>Total realized/unrealized gains (losses) included in:</td><td></td></tr><tr><td>Earnings</td><td>-273</td></tr><tr><td>Other comprehensive income (loss)</td><td>-11</td></tr><tr><td>Purchases, sales, issuances and settlements</td><td>97</td></tr><tr><td>Transfer in and/or out of Level 3</td><td>-2,004</td></tr><tr><td>Balance, end of period</td><td>$356</td></tr></table>

Question: In terms of Estimated Fair Value for Equal to or Greater than 12 Months,what is the ratio of ABS to Total fixed maturity securities?
Answer: 0.10095