Aggregate Notional Amounts Associated with Interest Rate Caps in Place As of December 31, 2004 and Interest Rate Detail by Contractual Maturity Dates (In thousands, except percentages)
## Table 0 ##
(a) As of December 31, 2005, variable rate debt consists of the new American Tower and SpectraSite credit facilities ($1,493.0 million) that were refinanced on October 27, 2005, which are included above based on their October 27, 2010 maturity dates.
As of December 31, 2005, fixed rate debt consists of: the 2.25% convertible notes due 2009 (2.25% Notes) ($0.1 million); the 7.125% Notes ($500.0 million principal amount due at maturity; the balance as of December 31, 2005 is $501.9 million); the 5.0% Notes ($275.7 million); the 3.25% Notes ($152.9 million); the 7.50% Notes ($225.0 million); the ATI 7.25% Notes ($400.0 million); the ATI 12.25% Notes ($227.7 million principal amount due at maturity; the balance as of December 31, 2005 is $160.3 million accreted value, net of the allocated fair value of the related warrants of $7.2 million); the 3.00% Notes ($345.0 million principal amount due at maturity; the balance as of December 31, 2005 is $344.4 million accreted value) and other debt of $60.4 million.
Interest on our credit facilities is payable in accordance with the applicable London Interbank Offering Rate (LIBOR) agreement or quarterly and accrues at our option either at LIBOR plus margin (as defined) or the base rate plus margin (as defined).
The weighted average interest rate in effect at December 31, 2005 for our credit facilities was 4.71%.
For the year ended December 31, 2005, the weighted average interest rate under our credit facilities was 5.03%.
As of December 31, 2004, variable rate debt consists of our previous credit facility ($698.0 million) and fixed rate debt consists of: the 2.25% Notes ($0.1 million); the 7.125% Notes ($500.0 million principal amount due at maturity; the balance as of December 31, 2004 is $501.9 million); the 5.0% Notes ($275.7 million); the 3.25% Notes ($210.0 million); the 7.50% Notes ($225.0 million); the ATI 7.25% Notes ($400.0 million); the ATI 12.25% Notes ($498.3 million principal amount due at maturity; the balance as of December 31, 2004 is $303.8 million accreted value, net of the allocated fair value of the related warrants of $21.6 million); the 93?8% Notes ($274.9 million); the 3.00% Notes ($345.0 million principal amount due at maturity; the balance as of December 31, 2004 is $344.3 million accreted value) and other debt of $60.0 million.
Interest on the credit facility was payable in accordance with the applicable London Interbank Offering Rate (LIBOR) agreement or quarterly and accrues at our option either at LIBOR plus margin (as defined) or the base rate plus margin (as defined).
The weighted average interest rate in effect at December 31, 2004 for the credit facility was 4.35%.
For the year ended December 31, 2004, the weighted average interest rate under the credit facility was 3.81%.
(b) Includes notional amount of $175,000 that expires in February 2006.
(c) Includes notional amount of $25,000 that expires in September 2007.
(d) Includes notional amounts of $250,000 and $100,000 that expire in June and July 2006, respectively.
(e) Represents the weighted-average fixed rate or range of interest based on contractual notional amount as a percentage of total notional amounts in a given year.
(f) Includes notional amounts of $75,000, $75,000 and $150,000 that expire in December 2009.
(g) Includes notional amounts of $100,000, $50,000, $50,000, $50,000 and $50,000 that expire in October 2010.
(h) Includes notional amounts of $50,000 and $50,000 that expire in October 2010.
(i) Includes notional amount of $50,000 that expires in October 2010.
Our foreign operations include rental and management segment divisions in Mexico and Brazil.
The remeasurement gain for the year ended December 31, 2005 was $396,000, and the remeasurement losses for the years ended December 31, 2004, and 2003 approximated $146,000, and $1,142,000, respectively.
Changes in interest rates can cause interest charges to fluctuate on our variable rate debt, comprised of $1,493.0 million under our credit facilities as of December 31, 2005.
A 10% increase, or approximately 47 basis points, in current interest rates would have caused an additional pre-tax charge our net loss and an increase in our cash outflows of $7.0 million for the year ended December 31, 2005.
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA See Item 15(a).
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
realizable.
While we have considered future taxable income in assessing the need for a valuation allowance, we could in the future be required to increase the valuation allowance to take into account additional deferred tax assets that we may be unable to realize.
An increase in the valuation allowance would have an adverse impact, which could be material, on our income tax provision and net income in the period in which we record the increase.
We recognize and measure benefits for uncertain tax positions using a two-step approach.
The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained upon audit, including resolution of any related appeals or litigation processes.
For tax positions that are more likely than not of being sustained upon audit, the second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.
Significant judgment is required to evaluate uncertain tax positions.
We evaluate our uncertain tax positions on a quarterly basis.
Our evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits and effective settlement of audit issues.
Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in our income tax expense in the period in which we make the change, which could have a material impact on our effective tax rate and operating results.
Results of Operations Financial Overview
## Table 1 ##
Fiscal 2012 Compared with Fiscal 2011 Total net revenue increased $379 million or 10% in fiscal 2012 compared with fiscal 2011, driven by revenue growth in our Small Business Group and our Consumer Tax segment.
In our Small Business Group, revenue was up 14%.
Financial Management Solutions segment revenue increased 11% due to growth in QuickBooks Online and QuickBooks Enterprise Solutions revenue and, to a lesser extent, to higher financial supplies revenue.
Employee Management Solutions segment revenue increased 12% due to favorable offering mix, improved customer adoption of payroll direct deposit services, and price increases for desktop payroll customers.
Payment Solutions segment revenue increased 20% due to fee structure changes, higher total card transaction volume, and growth in the merchant customer base.
In our Tax businesses, Consumer Tax segment revenue increased 11% due to 6% growth in paid federal units and favorable offering mix.
Accounting Professionals segment revenue increased 6% due to price increases in our professional tax business and higher QuickBooks Premier Accountant Edition and ProAdvisor Program revenue.
Financial Services segment revenue increased 5%, or 9% when adjusted for the March 2012 sale of that segment's corporate banking business, due to higher mobile banking and bill-pay revenue.
Other Businesses segment revenue increased 1% due to 7% growth in global revenue offset by lower Quicken revenue.
Operating income from continuing operations increased 14% in fiscal 2012 compared with fiscal 2011 due to the increase in revenue described above partially offset by higher costs and operating expenses.
Excluding the $30 million fiscal 2011 goodwill and intangible asset impairment charge, total operating expenses were $159 million higher in the fiscal 2012 period, including about $144 million for higher staffing expenses and about $16 million for higher share-based compensation expenses.
See “Cost of Revenue” and “Operating Expenses” later in this Item 7 for more information.
Net income from continuing operations increased 18% in fiscal 2012 compared with fiscal 2011 due to the increase in operating income, lower interest expense due to the repayment of debt during the year, and a slightly lower effective tax rate.
Diluted net income per share from continuing operations for fiscal 2012 increased 22% to $2.52 as a result of the increase in net income and the decline in weighted average diluted shares compared with fiscal 2011.
ITEM 6 - SELECTED FINANCIAL DATA The following tables show Intuit’s selected financial information for the past five fiscal years.
The comparability of the information is affected by a variety of factors, including acquisitions and divestitures of businesses, issuance and repayment of debt, share-based compensation expense, amortization of acquired technology and other acquired intangible assets, repurchases of common stock under our stock repurchase programs, and the payment of cash dividends.
In fiscal 2014, fiscal 2015, and fiscal 2018 we acquired several companies and we have included the results of operations for each of them in our consolidated results of operations from their respective dates of acquisition.
In fiscal 2014 we completed the sales of our Intuit Financial Services and Intuit Health businesses.
In fiscal 2016 we completed the sales of our Demandforce, QuickBase, and Quicken businesses.
We accounted for all of these businesses as discontinued operations and have therefore reclassified our statements of operations for all periods presented below to reflect them as such.
We have also reclassified our balance sheets for all periods presented below to reflect Intuit Financial Services, Demandforce, QuickBase, and Quicken as discontinued operations.
The net assets of Intuit Health were not significant, so we have not reclassified our balance sheets for any period presented below to reflect them as discontinued operations.
To better understand the information in these tables, investors should read “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of this Annual Report, and the financial statements and related notes in Item 8 of this Annual Report, especially Note 7, “Discontinued Operations.
”
## Table 2 ##
Tables of Contents As of July 31, 2018, we have not completed our accounting for the tax effects of enactment of the 2017 Tax Act; however, we have made a reasonable estimate of the effects on our existing deferred tax balances.
We recorded a provisional charge of $43 million for fiscal year 2018, including a provisional charge reduction of $1 million during the fourth quarter related to the re-measurement of certain deferred tax balances.
Additionally, we have made provisional estimates of the impact of the 2017 Tax Act’s changes to our fiscal 2018 annual effective tax rate for items such as meals and entertainment and executive deferred compensation deductions.
We do not expect to have any material tax impact from the foreign tax provisions of the 2017 Tax Act.
On December 22, 2017 the SEC issued Staff Accounting Bulletin No.118 (SAB 118), which provides guidance for companies that are not able to complete their accounting for the income tax effects of the Act in the period of enactment.
The guidance allows us to record provisional amounts to the extent a reasonable estimate can be made and provides us with up to one year from enactment date to finalize accounting for the impacts of the 2017 Tax Act.
Since the 2017 Tax Act was passed in Intuit’s second quarter, the deferred tax re-measurements and other items are considered provisional due to the forthcoming guidance and ongoing analysis of the final year-end data and tax positions.
The analysis is expected to be completed within the 12-month measurement period in accordance with SAB 118.
During fiscal year 2018, we completed a reorganization which resulted in a taxable liquidation of a subsidiary.
The transaction gave rise to a capital loss which is available for carryback to prior years to offset capital gain income previously recognized.
As a result, we recognized a tax benefit of $35 million during the fourth quarter of fiscal 2018.
The state income tax line in the table above includes excess tax benefits related to share-based compensation of $6 million and $3 million for the twelve months ended July 31, 2018 and 2017, respectively.
In December 2015 the Consolidated Appropriations Act, 2016 was signed into law, and includes a permanent reinstatement of the federal research and experimentation credit that was retroactive to January 1, 2015.
We recorded a discrete tax benefit of approximately $12 million for the retroactive effect during the twelve months ended July 31 2016.
The U. S.  deferred income taxes as of July 31, 2018 reflect the reduction in the U. S.  statutory tax rate from 35% to 21% resulting from the 2017 Tax Act.
Significant deferred tax assets and liabilities were as follows at the dates indicated:
## Table 3 ##
The components of total net deferred tax assets, net of valuation allowances, as shown on our balance sheets were as follows at the dates indicated:

<table><tr><td>Interest Rate CAPS</td><td>2005</td><td>2006</td></tr><tr><td>Notional Amount(d)</td><td>$350,000</td><td>$350,000</td></tr><tr><td>Cap Rate(e)</td><td>6.00%</td><td>6.00%</td></tr></table>
<table><tr><td>(Dollars in millions, except per share amounts)</td><td>Fiscal2012</td><td>Fiscal2011</td><td>Fiscal2010</td><td>2012-2011% Change</td><td>2011-2010% Change</td></tr><tr><td>Total net revenue</td><td>$4,151</td><td>$3,772</td><td>$3,403</td><td>10%</td><td>11%</td></tr><tr><td>Operating income from continuing operations</td><td>1,177</td><td>1,037</td><td>904</td><td>14%</td><td>15%</td></tr><tr><td>Net income from continuing operations</td><td>767</td><td>652</td><td>564</td><td>18%</td><td>16%</td></tr><tr><td>Diluted net income per share from continuing operations</td><td>$2.52</td><td>$2.06</td><td>$1.74</td><td>22%</td><td>18%</td></tr></table>
<table><tr><td>Consolidated Statement of Operations Data</td><td colspan="5">Fiscal</td></tr><tr><td>(In millions, except per share amounts)</td><td>2018</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Total net revenue</td><td>$5,964</td><td>$5,177</td><td>$4,694</td><td>$4,192</td><td>$4,243</td></tr><tr><td>Total costs and expenses</td><td>4,467</td><td>3,782</td><td>3,452</td><td>3,454</td><td>2,943</td></tr><tr><td>Operating income from continuing operations</td><td>1,497</td><td>1,395</td><td>1,242</td><td>738</td><td>1,300</td></tr><tr><td>Total share-based compensation expense included in total costs and expenses</td><td>382</td><td>326</td><td>278</td><td>242</td><td>186</td></tr><tr><td>Net income from continuing operations</td><td>1,211</td><td>971</td><td>806</td><td>413</td><td>853</td></tr><tr><td>Net income (loss) from discontinued operations</td><td>—</td><td>—</td><td>173</td><td>-48</td><td>54</td></tr><tr><td>Net income</td><td>1,211</td><td>971</td><td>979</td><td>365</td><td>907</td></tr><tr><td>Net income per common share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic net income per share from continuing operations</td><td>$4.72</td><td>$3.78</td><td>$3.08</td><td>$1.47</td><td>$2.99</td></tr><tr><td>Basic net income (loss) per share from discontinued operations</td><td>—</td><td>—</td><td>0.65</td><td>-0.17</td><td>0.19</td></tr><tr><td>Basic net income per share</td><td>$4.72</td><td>$3.78</td><td>$3.73</td><td>$1.30</td><td>$3.18</td></tr><tr><td>Diluted net income per share from continuing operations</td><td>$4.64</td><td>$3.72</td><td>$3.04</td><td>$1.45</td><td>$2.94</td></tr><tr><td>Diluted net income (loss) per share from discontinued operations</td><td>—</td><td>—</td><td>0.65</td><td>-0.17</td><td>0.18</td></tr><tr><td>Diluted net income per share</td><td>$4.64</td><td>$3.72</td><td>$3.69</td><td>$1.28</td><td>$3.12</td></tr><tr><td>Dividends declared per common share</td><td>$1.56</td><td>$1.36</td><td>$1.20</td><td>$1.00</td><td>$0.76</td></tr></table>
<table><tr><td></td><td colspan="2">July 31,</td></tr><tr><td>(In millions)</td><td>2018</td><td>2017</td></tr><tr><td>Deferred tax assets:</td><td></td><td></td></tr><tr><td>Accruals and reserves not currently deductible</td><td>$12</td><td>$35</td></tr><tr><td>Deferred revenue</td><td>46</td><td>74</td></tr><tr><td>Deferred rent</td><td>8</td><td>13</td></tr><tr><td>Accrued and deferred compensation</td><td>41</td><td>62</td></tr><tr><td>Loss and tax credit carryforwards</td><td>97</td><td>71</td></tr><tr><td>Share-based compensation</td><td>49</td><td>70</td></tr><tr><td>Other, net</td><td>4</td><td>14</td></tr><tr><td>Total gross deferred tax assets</td><td>257</td><td>339</td></tr><tr><td>Valuation allowance</td><td>- 93</td><td>- 64</td></tr><tr><td>Total deferred tax assets</td><td>164</td><td>275</td></tr><tr><td>Deferred tax liabilities:</td><td></td><td></td></tr><tr><td>Intangible assets</td><td>65</td><td>93</td></tr><tr><td>Property and equipment</td><td>19</td><td>57</td></tr><tr><td>Total deferred tax liabilities</td><td>84</td><td>150</td></tr><tr><td>Net deferred tax assets</td><td>$80</td><td>$125</td></tr></table>

Question: what was the ratio of the re-measurement gain from 2005 to 2004
Answer: 2.71233