THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2018, 2017, AND 2016 156 The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions):
## Table 0 ##
The Company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years.
The Company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded.
While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe we have appropriately accrued for our uncertain tax benefits.
However, audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty.
It is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material, but cannot be estimated as of December 31, 2018.
Our effective tax rate and net income in any given future period could therefore be materially impacted.22.
DISCONTINUED OPERATIONS Due to a portfolio evaluation in the first half of 2016, management decided to pursue a strategic shift of its distribution companies in Brazil, Sul and Eletropaulo, to reduce the Company's exposure to the Brazilian distribution market.
The disposals of Sul and Eletropaulo were completed in October 2016 and June 2018, respectively.
Eletropaulo — In November 2017, Eletropaulo converted its preferred shares into ordinary shares and transitioned the listing of those shares to the Novo Mercado, which is a listing segment of the Brazilian stock exchange with the highest standards of corporate governance.
Upon conversion of the preferred shares into ordinary shares, AES no longer controlled Eletropaulo, but maintained significant influence over the business.
As a result, the Company deconsolidated Eletropaulo.
After deconsolidation, the Company's 17% ownership interest was reflected as an equity method investment.
The Company recorded an after-tax loss on deconsolidation of $611 million, which primarily consisted of $455 million related to cumulative translation losses and $243 million related to pension losses reclassified from AOCL.
In December 2017, all the remaining criteria were met for Eletropaulo to qualify as a discontinued operation.
Therefore, its results of operations and financial position were reported as such in the consolidated financial statements for all periods presented.
In June 2018, the Company completed the sale of its entire 17% ownership interest in Eletropaulo through a bidding process hosted by the Brazilian securities regulator, CVM.
Gross proceeds of $340 million were received at our subsidiary in Brazil, subject to the payment of taxes.
Upon disposal of Eletropaulo, the Company recorded a pre-tax gain on sale of $243 million (after-tax $199 million).
Excluding the gain on sale, Eletropaulo's pre-tax loss attributable to AES was immaterial for the year ended December 31, 2018.
Eletropaulo's pre-tax loss attributable to AES, including the loss on deconsolidation, for the years ended December 31, 2017 and 2016 was $633 million and $192 million, respectively.
Prior to its classification as discontinued operations, Eletropaulo was reported in the South America SBU reportable segment.
Sul — The Company executed an agreement for the sale of Sul, a wholly-owned subsidiary, in June 2016.
The results of operations and financial position of Sul are reported as discontinued operations in the consolidated financial statements for all periods presented.
Upon meeting the held-for-sale criteria, the Company recognized an after-tax loss of $382 million comprised of a pre-tax impairment charge of $783 million, offset by a tax benefit of $266 million related to the impairment of the Sul long lived assets and a tax benefit of $135 million for deferred taxes related to the investment in Sul.
Prior to the impairment charge, the carrying value of the Sul asset group of $1.6 billion was greater than its approximate fair value less costs to sell.
However, the impairment charge was limited to the carrying value of the long lived assets of the Sul disposal group.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) 10.
Long-term and Short-term Debt Long-term and short-term debt outstanding is as follows:
## Table 1 ##
The aggregate maturities of long-term debt at December 31, 2008 for the next five years are $528 million in 2009, $352 million in 2010, $850 million in 2011, $597 million in 2012, $600 million in 2013 and $6,740 million thereafter.
Repurchase agreements and capital lease obligations are collateralized and rank highest in priority, followed by unsecured senior debt which consists of senior notes, fixed rate notes and other notes with varying interest rates, followed by subordinated debt which consists of junior subordinated debentures.
Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations at the operating company level and senior to obligations at the Holding Company, may be made only with the prior approval of the insurance department of the state of domicile.
Collateral financing arrangements are supported by either surplus notes of subsidiaries or financing arrangements with the Holding Company and accordingly have priority consistent with other such obligations.
Long-term debt, credit facilities and letters of credit of the Holding Company and its subsidiaries contain various covenants.
The Company has certain administrative, reporting, legal and financial covenants, including one requiring the Company to maintain a specified minimum consolidated net worth.
The Company amended certain of its credit facilities, including its $2.85 billion, five-year revolving credit facilities, in December 2008.
The Company was in compliance with all covenants at December 31, 2008 and 2007.
Senior Notes On August 15, 2008, the Holding Company remarketed its existing $1,035 million 4.82% Series A junior subordinated debentures as 6.817% senior debt securities, Series A, due 2018 payable semi-annually.
On February 17, 2009, the Holding Company remarketed its existing $1,035 million 4.91% Series B junior subordinated debentures as 7.717% senior debt securities, Series B, due 2019 payable semi-annually.
The Series A and Series B junior subordinated debentures were originally issued in 2005 in connection with the common equity units.
See Notes 12, 13 and 25.
The Holding Company repaid a $500 million 5.25% senior note which matured in December 2006.
Repurchase Agreements with the Federal Home Loan Bank of New York MetLife Bank, National Association (“MetLife Bank”) is a member of the FHLB of NY and holds $89 million and $64 million of common stock of the FHLB of NY at December 31, 2008 and 2007, respectively, which is included in equity securities.
MetLife Bank has also entered into repurchase agreements with the FHLB of NY whereby MetLife Bank has issued repurchase agreements in exchange for cash and for which the FHLB of NY has been granted a blanket lien on certain of MetLife Bank’s residential mortgages, mortgage loans held-forsale, commercial mortgages and mortgage-backed securities to collateralize MetLife Bank’s obligations under the repurchase agreements.
MetLife Bank maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level.
The repurchase agreements and the related security agreement represented by this blanket lien provide that upon any event of default by MetLife Bank, the FHLB of NY’s recovery is limited to the amount of MetLife Bank’s liability under the outstanding repurchase agreements.
The amount of MetLife Bank’s liability for repurchase agreements with the FHLB of NY was $1.8 billion and $1.2 billion at December 31, 2008 and 2007, respectively, which is included in long-term debt and short-term debt depending upon the original tenor of the advance.
During the years ended December 31, 2008, 2007 and 2006, MetLife Bank received advances related to long-term borrowings totaling $220 million, $390 million and $260 million, respectively, from the FHLB of NY.
MetLife Bank made repayments to the FHLB of NY of $371 million, $175 million and $117 million related to long-term borrowings for the years ended December 31, 2008, 2007 and 2006, respectively.
The advances on these repurchase agreements related to both long-term and short-term debt are collateralized by residential mortgages, mortgage loans held-for-sale, commercial mortgages and mortgage-backed securities with estimated fair values of $3.1 billion and $1.3 billion at December 31, 2008 and 2007, respectively.
Collateralized Borrowing from the Federal Reserve Bank of New York MetLife Bank is a depository institution that is approved to use the Federal Reserve Bank of New York Discount Window borrowing privileges and participate in the Federal Reserve Bank of New York Term Auction Facility (“TAF”).
In order to utilize these facilities, since September 2008 MetLife Bank has pledged qualifying loans and investment securities to the Federal Reserve Bank of New York as collateral.
Starting in October 2008, MetLife Bank has participated in periodic TAF auctions, which have a maximum maturity of 84 days.
At
2008 Acquisitions and Other Investments In 2008, the Company made the following acquisitions and outside investments:
## Table 2 ##
Excluding the Grant Prideco acquisition, the Company paid an aggregate purchase price of $171.7 million, net of cash acquired, ($170.7 million in cash and $ 1.0 million of notes payable) for acquisitions and outside investments in 2008.
For the Grant Prideco acquisition, the Company paid an aggregate of $7,198.6 million consisting of $4,135.3 million in stock (56.9 million shares), $2,837.0 million in cash, net of cash acquired and $55.4 million of stock options assumed.
See Note 3 of the Notes to the Consolidated Financial Statements for information regarding the Grant Prideco acquisition.
Seasonal Nature of the Company’s Business Historically, the level of some of the Company’s businesses has followed seasonal trends to some degree.
In general the Rig Technology group has not experienced significant seasonal fluctuation although orders for new equipment may be modestly affected by holiday schedules.
There can be no guarantee that seasonal effects will not influence future sales in this segment.
In Canada, the Petroleum Services & Supplies segment has typically realized high first quarter activity levels, as operators take advantage of the winter freeze to gain access to remote drilling and production areas.
In past years, certain Canadian businesses within Petroleum Services & Supplies and Distribution Services have declined during the second quarter due to warming weather conditions which resulted in thawing, softer ground, difficulty accessing drill sites, and road bans that curtailed drilling activity (“Canadian Breakup”).
However, these businesses have typically rebounded in the third and fourth quarter.
Petroleum Services & Supplies activity in both the U. S.  and Canada sometimes increases during the third quarter and then peaks in the fourth quarter as operators spend the remaining drilling and/or production capital budgets for that year.
Petroleum Services & Supplies revenues in the Rocky Mountain region sometimes decline in the late fourth quarter or early first quarter due to harsh winter weather.
The segment’s fiberglass and composite tubulars business in China has typically declined in the first quarter due to the impact of weather on manufacturing and installation operations, and due to business slow downs associated with the Chinese New Year.
The Company anticipates that the seasonal trends described above will continue.
However, there can be no guarantee that spending by the Company’s customers will continue to follow patterns seen in the past or that spending by other customers will remain the same as in prior years.

<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Balance at January 1</td><td>$348</td><td>$352</td><td>$364</td></tr><tr><td>Additions for current year tax positions</td><td>2</td><td>—</td><td>2</td></tr><tr><td>Additions for tax positions of prior years</td><td>146</td><td>2</td><td>1</td></tr><tr><td>Reductions for tax positions of prior years</td><td>- 26</td><td>- 5</td><td>- 1</td></tr><tr><td>Settlements</td><td>—</td><td>—</td><td>- 13</td></tr><tr><td>Lapse of statute of limitations</td><td>- 7</td><td>- 1</td><td>- 1</td></tr><tr><td>Balance at December 31</td><td>$463</td><td>$348</td><td>$352</td></tr></table>
<table><tr><td></td><td colspan="2"> Interest Rates</td><td></td><td></td><td></td></tr><tr><td></td><td></td><td> Weighted </td><td></td><td colspan="2"> December 31,</td></tr><tr><td></td><td> Range</td><td> Average</td><td> Maturity</td><td> 2008</td><td> 2007</td></tr><tr><td></td><td></td><td></td><td></td><td colspan="2"> (In millions)</td></tr><tr><td>Senior notes</td><td>5.00%-6.82%</td><td>6.04%</td><td>2011-2035</td><td>$7,660</td><td>$7,017</td></tr><tr><td>Repurchase agreements</td><td>2.54%-5.65%</td><td>3.76%</td><td>2009-2013</td><td>1,062</td><td>1,213</td></tr><tr><td>Surplus notes</td><td>7.63%-7.88%</td><td>7.86%</td><td>2015-2025</td><td>698</td><td>697</td></tr><tr><td>Fixed rate notes</td><td>5.50%-8.02%</td><td>8.02%</td><td>2010</td><td>65</td><td>43</td></tr><tr><td>Other notes with varying interest rates</td><td>3.44%-12.00%</td><td>3.65%</td><td>2009-2016</td><td>134</td><td>75</td></tr><tr><td>Capital lease obligations</td><td></td><td></td><td></td><td>48</td><td>55</td></tr><tr><td>Total long-term debt</td><td></td><td></td><td></td><td>9,667</td><td>9,100</td></tr><tr><td>Total short-term debt</td><td></td><td></td><td></td><td>2,659</td><td>667</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>$12,326</td><td>$9,767</td></tr></table>
<table><tr><td>Acquisition</td><td>Form</td><td>Operating Segment</td><td>Date of Transaction</td></tr><tr><td>Die Company, Inc.</td><td>Asset</td><td>Petroleum Services & Supplies</td><td>February 2008</td></tr><tr><td>Welch Power Source, L.L.C.</td><td>Stock</td><td>Petroleum Services & Supplies</td><td>February 2008</td></tr><tr><td>Hendershot Tool Company</td><td>Stock</td><td>Petroleum Services & Supplies</td><td>March 2008</td></tr><tr><td>Grant Prideco, Inc.</td><td>Stock</td><td>Petroleum Services & Supplies</td><td>April 2008</td></tr><tr><td>NOV Fabtech</td><td>Joint Venture</td><td>Rig Technology</td><td>April 2008</td></tr><tr><td>CKS</td><td>Asset</td><td>Petroleum Services & Supplies</td><td>April 2008</td></tr><tr><td>Bear Pump & Equipment, Ltd.</td><td>Asset</td><td>Petroleum Services & Supplies</td><td>August 2008</td></tr><tr><td>Kem-Tron Technologies, Inc.</td><td>Asset</td><td>Petroleum Services & Supplies</td><td>October 2008</td></tr><tr><td>Sakhalin Outfitters LLC</td><td>Stock</td><td>Distribution Services</td><td>December 2008</td></tr><tr><td>Mid-South Machine, Inc.</td><td>Stock</td><td>Petroleum Services & Supplies</td><td>December 2008</td></tr></table>

Question: What is the increasing rate of Total short-term debt between 2007 and 2008?
Answer: 2.98651