otherwise stated, the following information presented in Part I, Item 1, of this report excludes discontinued operations for all periods presented.
See Note 16 – Divestiture Transactions and Discontinued Operations under Part II, Item 8, of this report for additional information.
The following table presents our total employees at December 31, 2015:
## Table 0 ##
At December 31, 2015, the IBEW, the IUOE, the LIUNA, and the UA labor unions collectively represented about 54% of Ameren’s total employees.
They represented 63% and 59% of the employees at Ameren Missouri and Ameren Illinois, respectively.
The collective bargaining agreements have terms ranging from two to six years and expire between 2016 and 2018.
For additional information about the development of our businesses, our business operations, and factors affecting our operations and financial position, see Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, of this report and Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of this report.
BUSINESS SEGMENTS Ameren has two reportable segments: Ameren Missouri and Ameren Illinois.
Ameren Missouri and Ameren Illinois each have one reportable segment.
The Ameren Missouri segment for both Ameren and Ameren Missouri includes all the operations of Ameren Missouri.
The Ameren Illinois segment for both Ameren and Ameren Illinois consists of all of the operations of Ameren Illinois.
See Note 1 – Summary of Significant Accounting Policies and Note 17 – Segment Information under Part II, Item 8, of this report for additional information on reporting segments.
RATES AND REGULATION Rates The rates that Ameren Missouri, Ameren Illinois, and ATXI are allowed to charge for their utility services significantly influence the results of operations, financial position, and liquidity of these companies and Ameren.
The electric and natural gas utility industry is highly regulated.
The utility rates charged to customers are determined by governmental entities, including the MoPSC, the ICC, and the FERC.
Decisions by these entities are influenced by many factors, including the cost of providing service, the prudency of expenditures, the quality of service, regulatory staff knowledge and experience, customer intervention, and economic conditions, as well as social and political views.
Decisions made by these governmental entities regarding rates are largely outside of our control.
These decisions, as well as the regulatory lag involved in filing and getting new rates approved, could have a material adverse effect on the results of operations, financial position, and liquidity of the Ameren Companies.
The extent of the regulatory lag varies for each of Ameren’s electric and natural gas jurisdictions, with the FERC-regulated electric transmission and Illinois electric distribution jurisdictions experiencing the least amount of regulatory lag.
Depending on the jurisdiction, the effects of regulatory lag are mitigated through a variety of means, including the use of a future test year, the implementation of trackers and riders, the level and timing of expenditures, and by regulatory frameworks that include annual revenue requirement reconciliations.
The MoPSC regulates rates and other matters for Ameren Missouri.
The ICC regulates rates and other matters for Ameren Illinois, as well as non-rate utility matters for ATXI.
ATXI does not have retail distribution customers; therefore, the ICC does not have authority to regulate its rates.
The FERC regulates Ameren Missouri’s, Ameren Illinois’, and ATXI’s cost-based rates for the wholesale distribution and transmission of energy in interstate commerce and various other matters discussed below under General Regulatory Matters.
The following table summarizes, by rate jurisdiction, the key terms of the rate orders in effect for customer billings for each of Ameren’s rate-regulated utilities as of January 1, 2016:
## Table 1 ##
(a) Includes pass-through costs recovered from customers, such as purchased power for electric distribution delivery service and gas purchased for resale for natural gas delivery service, and intercompany eliminations.
(b) Ameren Missouri’s electric generation, transmission, and delivery service rates are bundled together and charged to retail customers under a combined electric service rate.
In May 2000, a subsidiary of the company acquired an additional 5% of the preferred, non-voting shares of Eletropaulo for approximately $90 million.
In January 2000, 59% of the preferred non-voting shares were acquired for approximately $1 billion at auction from BNDES, the National Development Bank of Brazil.
The price established at auction was approximately $72.18 per 1,000 shares, to be paid in four annual installments commencing with a payment of 18.5% of the total price upon closing of the transaction and installments of 25.9%, 27.1% and 28.5% of the total price to be paid annually thereafter.
At December 31, 2000, the Company had a total economic interest of 49.6% in Eletropaulo.
The Company accounts for this investment using the equity method based on the related consortium agreement that allows the exercise of significant influence.
In August 2000, a subsidiary of the Company acquired a 49% interest in Songas Limited for approximately $40 million.
Songas Limited owns the Songo Songo Gas-to-Electricity Project in Tanzania.
Under the terms of a project management agreement, the Company has assumed overall project management responsibility.
The project consists of the refurbishment and operation of five natural gas wells in coastal Tanzania, the construction and operation of a 65 mmscf/day gas processing plant and related facilities, the construction of a 230 km marine and land pipeline from the gas plant to Dar es Salaam and the conversion and upgrading of an existing 112 MW power station in Dar es Salaam to burn natural gas, with an optional additional unit to be constructed at the plant.
Since the project is currently under construction, no revenues or expenses have been incurred, and therefore no results are shown in the following table.
In December 2000, a subsidiary of the Company with EDF International S. A.
(“EDF”) completed the acquisition of an additional 3.5% interest in Light from two subsidiaries of Reliant Energy for approximately $136 million.
Pursuant to the acquisition, the Company acquired 30% of the shares while EDF acquired the remainder.
With the completion of this transaction, the Company owns approximately 21.14% of Light.
In December 2000, a subsidiary of the Company entered into an agreement with EDF to jointly acquire an additional 9.2% interest in Light, which is held by a subsidiary of Companhia Siderurgica Nacional (“CSN”).
Pursuant to this transaction, the Company acquired an additional 2.75% interest in Light for $114.6 million.
This transaction closed in January 2001.
Following the purchase of the Light shares previously owned by CSN, AES and EDF will together be the controlling shareholders of Light and Eletropaulo.
AES and EDF have agreed that AES will eventually take operational control of Eletropaulo and the telecom businesses of Light and Eletropaulo, while EDF will eventually take operational control of Light and Eletropaulo’s electric workshop business.
AES and EDF intend to continue to pursue a further rationalization of their ownership stakes in Light and Eletropaulo, the result of which AES would become the sole controlling shareholder of Eletropaulo and EDF would become the sole controlling shareholder of Light.
Upon consummation of the transaction, AES will begin consolidating Eletropaulo’s operating results.
The structure and process by which this rationalization may be effected, and the resulting timing, have yet to be determined and will likely be subject to approval by various Brazilian regulatory authorities and other third parties.
As a result, there can be no assurance that this rationalization will take place.
In May 1999, a subsidiary of the Company acquired subscription rights from the Brazilian state-controlled Eletrobras which allowed it to purchase preferred, nonvoting shares in Eletropaulo and common shares in Light.
The aggregate purchase price of the subscription rights and the underlying shares in Light and Eletropaulo was approximately $53 million and $77 million, respectively, and represented 3.7% and 4.4% economic ownership interest in their capital stock, respectively.
The following table presents summarized financial information (in millions) for the Company’s investments in 50% or less owned investments accounted for using the equity method:
## Table 2 ##
change in the pretax loss and net tax benefits related to various tax audit matters, partially offset by a $348 million tax charge in 2016 related to the change in the U. K.  corporate tax rate compared to a $290 million charge in 2015.
Both periods include income tax benefit adjustments to eliminate the FTE treatment of certain tax credits recorded in Global Banking.
Off-Balance Sheet Arrangements and Contractual Obligations We have contractual obligations to make future payments on debt and lease agreements.
Additionally, in the normal course of business, we enter into contractual arrangements whereby we commit to future purchases of products or services from unaffiliated parties.
Purchase obligations are defined as obligations that are legally binding agreements whereby we agree to purchase products or services with a specific minimum quantity at a fixed, minimum or variable price over a specified period of time.
Included in purchase obligations are vendor contracts, the most significant of which include communication services, processing services and software contracts.
Debt, lease and other obligations are more fully discussed in Note 11 – Long-term Debt and Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
Other long-term liabilities include our contractual funding obligations related to the Qualified Pension Plan, Non-U.
S.  Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans (collectively, the Plans).
Obligations to the Plans are based on the current and projected obligations of the Plans, performance of the Plans’ assets, and any participant contributions, if applicable.
During 2016 and 2015, we contributed $256 million and $234 million to the Plans, and we expect to make $215 million of contributions during 2017.
The Plans are more fully discussed in Note 17 – Employee Benefit Plans to the Consolidated Financial Statements.
We enter into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of our customers.
For a summary of the total unfunded, or off-balance sheet, credit extension commitment amounts by expiration date, see Credit Extension Commitments in Note 12 – Commitments and Contingencies to the Consolidated Financial Statements.
Table 9 includes certain contractual obligations at December 31, 2016 and 2015.
## Table 3 ##
(1) Represents forecasted net interest expense on long-term debt and time deposits based on interest rates at December 31, 2016.
Forecasts are based on the contractual maturity dates of each liability, and are net of derivative hedges, where applicable.
Representations and Warranties We securitize first-lien residential mortgage loans generally in the form of RMBS guaranteed by the government-sponsored enterprises (GSEs), which include Freddie Mac (FHLMC) and Fannie Mae (FNMA), or by the Government National Mortgage Association (GNMA) in the case of Federal Housing Administration (FHA)- insured, U. S.  Department of Veterans Affairs (VA)-guaranteed and Rural Housing Service-guaranteed mortgage loans, and sell pools of first-lien residential mortgage loans in the form of whole loans.
In addition, in prior years, legacy companies and certain subsidiaries sold pools of first-lien residential mortgage loans and home equity loans as private-label securitizations or in the form of whole loans.
In connection with these transactions, we or certain of our subsidiaries or legacy companies made various representations and warranties.
Breaches of these representations and warranties have resulted in and may continue to result in the requirement to repurchase mortgage loans or to otherwise make whole or provide other remedies to investors, securitization trusts, guarantors, insurers or other parties (collectively, repurchases).
At December 31, 2016, we had $18.3 billion of unresolved repurchase claims, predominately related to subprime and pay option first-lien loans and home equity loans, compared to $18.4 billion at December 31, 2015.
Outstanding repurchase claims remain unresolved primarily due to (1) the level of detail, support and analysis accompanying such claims, which impact overall claim quality and, therefore, claim resolution and (2) the lack of an established process to resolve disputes related to these claims.
In addition to unresolved repurchase claims, we have received notifications from sponsors of third-party securitizations with whom we engaged in whole-loan transactions indicating that we may have indemnity obligations with respect to loans for which we have not received a repurchase request.
These outstanding notifications totaled $1.3 billion and $1.4 billion at December 31, 2016 and 2015.
The liability for representations and warranties and corporate guarantees is included in accrued expenses and other liabilities on the Consolidated Balance Sheet and the related provision is included in mortgage banking income in the Consolidated
Table of Contents
## Table 4 ##
As of October 31,

<table><tr><td></td><td>Regulator</td><td>AllowedReturn on Equity</td><td>Percent ofCommon Equity</td><td>Rate Base(in billions)</td><td>Portion of Ameren's 2015 Operating Revenues<sup>(a)</sup></td></tr><tr><td>Ameren Missouri</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Electric service<sup>(b)(c)</sup></td><td>MoPSC</td><td>9.53%</td><td>51.8%</td><td>$7.0</td><td>56%</td></tr><tr><td>Natural gas delivery service<sup>(d)</sup></td><td>MoPSC(d)</td><td></td><td>52.9%</td><td>$0.2</td><td>2%</td></tr><tr><td>Ameren Illinois</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Electric distribution delivery service<sup>(e)</sup></td><td>ICC</td><td>9.14%</td><td>50.0%</td><td>$2.5</td><td>25%</td></tr><tr><td>Natural gas delivery service<sup>(f)</sup></td><td>ICC</td><td>9.60%</td><td>50.0%</td><td>$1.2</td><td>13%</td></tr><tr><td>Electric transmission delivery service<sup>(g)</sup></td><td>FERC</td><td>12.38%</td><td>51.9%</td><td>$1.2</td><td>3%</td></tr><tr><td>ATXI</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Electric transmission delivery service<sup>(g)</sup></td><td>FERC</td><td>12.38%</td><td>56.1%</td><td>$0.9</td><td>1%</td></tr></table>
<table><tr><td>Ameren Missouri</td><td>3,773</td></tr><tr><td>Ameren Illinois</td><td>3,305</td></tr><tr><td>Ameren Services</td><td>1,449</td></tr><tr><td>Ameren</td><td>8,527</td></tr></table>
<table><tr><td>As of and for the Years ended December 31,</td><td>2000</td><td>1999</td><td>1998</td></tr><tr><td>Revenues</td><td>$6,241</td><td>$5,960</td><td>$8,091</td></tr><tr><td>Operating Income</td><td>1,989</td><td>1,839</td><td>2,079</td></tr><tr><td>Net Income</td><td>859</td><td>62</td><td>1,146</td></tr><tr><td>Current Assets</td><td>2,423</td><td>2,259</td><td>2,712</td></tr><tr><td>Noncurrent Assets</td><td>13,080</td><td>15,359</td><td>19,025</td></tr><tr><td>Current Liabilities</td><td>3,370</td><td>3,637</td><td>4,809</td></tr><tr><td>Noncurrent Liabilities</td><td>5,927</td><td>7,536</td><td>7,356</td></tr><tr><td>Stockholder's Equity</td><td>6,206</td><td>6,445</td><td>9,572</td></tr></table>
<table><tr><td>Table 9</td><td colspan="6">Contractual Obligations</td></tr><tr><td></td><td colspan="5">December 31, 2016</td><td>December 312015</td></tr><tr><td>(Dollars in millions)</td><td>Due in OneYear or Less</td><td>Due AfterOne Year ThroughThree Years</td><td>Due AfterThree Years ThroughFive Years</td><td>Due AfterFive Years</td><td>Total</td><td>Total</td></tr><tr><td>Long-term debt</td><td>$43,964</td><td>$60,106</td><td>$26,034</td><td>$86,719</td><td>$216,823</td><td>$236,764</td></tr><tr><td>Operating lease obligations</td><td>2,324</td><td>3,877</td><td>2,908</td><td>4,511</td><td>13,620</td><td>13,681</td></tr><tr><td>Purchase obligations</td><td>2,089</td><td>2,019</td><td>604</td><td>1,030</td><td>5,742</td><td>5,350</td></tr><tr><td>Time deposits</td><td>65,112</td><td>5,961</td><td>3,369</td><td>502</td><td>74,944</td><td>73,974</td></tr><tr><td>Other long-term liabilities</td><td>1,991</td><td>837</td><td>648</td><td>1,091</td><td>4,567</td><td>4,311</td></tr><tr><td>Estimated interest expense on long-term debt and time deposits<sup>-1</sup></td><td>4,814</td><td>9,852</td><td>4,910</td><td>19,871</td><td>39,447</td><td>43,898</td></tr><tr><td>Total contractual obligations</td><td>$120,294</td><td>$82,652</td><td>$38,473</td><td>$113,724</td><td>$355,143</td><td>$377,978</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended October 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="3">(in thousands)</td></tr><tr><td>Revenue:</td><td></td><td></td><td></td></tr><tr><td>United States</td><td>$1,205,880</td><td>$1,143,816</td><td>$1,020,654</td></tr><tr><td>Europe</td><td>287,381</td><td>300,352</td><td>272,911</td></tr><tr><td>Japan</td><td>239,964</td><td>218,794</td><td>238,588</td></tr><tr><td>Asia Pacific and Other</td><td>689,307</td><td>579,249</td><td>525,319</td></tr><tr><td>Consolidated</td><td>$2,422,532</td><td>$2,242,211</td><td>$2,057,472</td></tr></table>

Question: what was the implied value of the preferred shares of eletropaulo based on the bndes acquisition , in billions?
Answer: 1.69492