During 2013, the Company retired $1,250 million of debt upon maturity.
The Company also extinguished $2,154 million of long-term debt prior to maturity, incurring associated extinguishment charges of $50 million.
The general terms of the notes that were extinguished were: ?
$225 million total principal amount of notes due August 15, 2013, at a fixed interest rate of 5.0 percent; ?
$675 million total principal amount of notes due March 3, 2014, at a fixed interest rate of 7.375 percent; ?
$900 million total principal amount of notes due March 15, 2014, at a fixed interest rate of 3.625 percent; and ?
$354 million total principal amount of notes due March 1, 2015, at a fixed interest rate of 4.25 percent.
During 2012, the Company retired $1,250 million of long-term notes upon maturity and issued $2,750 million of long-term debt.
The general terms of the notes issued are as follows: ?
$1,000 million total principal amount of notes due March 14, 2014, at a variable interest rate equal to the three-month LIBOR minus 0.05 percent; ?
$1,000 million total principal amount of notes due March 13, 2015, at a fixed interest rate of 0.75 percent; and ?
$750 million total principal amount of notes due March 14, 2018, at a fixed interest rate of 1.65 percent.
The Company’s long-term debt consisted of the following (in millions, except average rate data):
## Table 0 ##
1 These rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross currency swap agreements and fair value adjustments, if applicable.
Refer to Note 5 for a more detailed discussion on interest rate management.2 This amount is shown net of unamortized discounts of $28 million and $33 million as of December 31, 2014 and 2013, respectively.3 This amount includes adjustments recorded due to changes in foreign currency exchange rates.4 As of December 31, 2014, the amount shown includes $199 million of debt instruments that are due through 2031.5 Refer to Note 5 for additional information about our fair value hedging strategy.6 As of December 31, 2014 and 2013, the fair value of our long-term debt, including the current portion, was $23,411 million and $20,352 million, respectively.
The fair value of our long-term debt is estimated based on quoted prices for those or similar instruments.7 The above notes and debentures include various restrictions, none of which is presently significant to our Company.
The carrying value of the Company’s long-term debt included fair value adjustments related to the debt assumed from Coca-Cola Enterprises Inc.  (“CCE”) of $464 million and $514 million as of December 31, 2014 and 2013, respectively.
These fair value adjustments are being amortized over the number of years remaining until the underlying debt matures.
As of December 31, 2014, the weighted-average maturity of the assumed debt to which these fair value adjustments relate was approximately 20 years.
The amortization of these fair value adjustments will be a reduction of interest expense in future periods, which will typically result in our interest expense being less than the actual interest paid to service the debt.
Total interest paid was $498 million, $498 million and $574 million in 2014, 2013 and 2012, respectively.
Our target allocation of 42 percent equity investments is composed of 60 percent global equities, 16 percent emerging market equities and 24 percent domestic small- and mid-cap equities.
Optimal returns through our investments in global equities are achieved through security selection as well as country and sector diversification.
Investments in the common stock of our Company accounted for approximately 5 percent of our global equities allocation and approximately 2 percent of total U. S.  plan assets.
Our investments in global equities are intended to provide diversified exposure to both U. S.  and non-U.
S.  equity markets.
Our investments in both emerging market equities and domestic small- and mid-cap equities are expected to experience larger swings in their market value on a periodic basis.
Our investments in these asset classes are selected based on capital appreciation potential.
Our target allocation of 30 percent fixed-income investments is composed of 33 percent long-duration bonds and 67 percent with multi-strategy alternative credit managers.
Long-duration bonds provide a stable rate of return through investments in high-quality publicly traded debt securities.
Our investments in long-duration bonds are diversified in order to mitigate duration and credit exposure.
Multi-strategy alternative credit managers invest in a combination of high-yield bonds, bank loans, structured credit and emerging market debt.
These investments are in lower-rated and non-rated debt securities, which generally produce higher returns compared to long-duration bonds and also help to diversify our overall fixed-income portfolio.
In addition to equity investments and fixed-income investments, we have a target allocation of 28 percent in alternative investments.
These alternative investments include hedge funds, reinsurance, private equity limited partnerships, leveraged buyout funds, international venture capital partnerships and real estate.
The objective of investing in alternative investments is to provide a higher rate of return than that available from publicly traded equity securities.
These investments are inherently illiquid and require a longterm perspective in evaluating investment performance.
Investment Strategy for Non-U.
S.  Pension Plans As of December 31, 2014, the long-term target allocation for 59 percent of our international subsidiaries’ plan assets, primarily certain of our European and Canadian plans, is 66 percent equity securities; 23 percent fixed-income securities; and 11 percent other investments.
The actual allocation for the remaining 41 percent of the Company’s international subsidiaries’ plan assets consisted of 34 percent mutual, pooled and commingled funds; 10 percent equity securities; 13 percent fixed-income securities; and 43 percent other investments.
The investment strategies of our international subsidiaries differ greatly, and in some instances are influenced by local law.
None of our pension plans outside the United States is individually significant for separate disclosure.
Other Postretirement Benefit Plan Assets Plan assets associated with other postretirement benefits primarily represent funding of one of the U. S.  postretirement benefit plans through a U. S.  Voluntary Employee Beneficiary Association (“VEBA”), a tax-qualified trust.
The VEBA assets remain segregated from the U. S.  pension master trust and are primarily invested in liquid assets due to the level and timing of expected future benefit payments.
The following table presents total assets for our other postretirement benefit plans (in millions):
## Table 1 ##
1 Fair value disclosures related to our other postretirement benefit plan assets are included in Note 16.
Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall; a reconciliation of the beginning and ending balances of Level 3 assets; and information about the valuation techniques and inputs used to measure the fair value of our other postretirement benefit plan assets.
Unit case volume for Bottling Investments decreased 17 percent.
This decrease primarily reflects the sale of a majority ownership interest in our previously consolidated bottling operations in the Philippines to Coca-Cola FEMSA, S. A.
B.  de C. V.  (“Coca-Cola FEMSA”) in January 2013, as well as the deconsolidation of our bottling operations in Brazil during July 2013 as a result of their combination with an independent bottling partner.
The unfavorable impact of these transactions on the group’s unit case volume results was partially offset by growth in other key markets, including China and India, where we own or otherwise consolidate bottling operations.
The Company’s consolidated bottling operations accounted for 35 percent and 65 percent of the unit case volume in China and India, respectively.
Concentrate Sales Volume In 2014, worldwide concentrate sales volume grew 2 percent and unit case volume grew 2 percent compared to 2013.
After considering the impact of structural changes, concentrate sales volume grew 1 percent during the year ended December 31, 2014.
In 2013, concentrate sales volume and unit case volume both grew 2 percent compared to 2012.
The differences between concentrate sales volume and unit case volume growth rates for individual operating segments in 2014 and 2013 were primarily due to the timing of concentrate shipments and the impact of unit case volume from certain joint ventures in which the Company has an equity interest, but to which the Company does not sell concentrates, syrups, beverage bases or powders.
Analysis of Consolidated Statements of Income
## Table 2 ##
* Calculation is not meaningful.1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
Each reporting period we review all of our investments in equity and debt securities, except for those classified as trading, to determine whether a significant event or change in circumstances has occurred that may have an adverse effect on the fair value of each investment.
When such events or changes occur, we evaluate the fair value compared to our cost basis in the investment.
We also perform this evaluation every reporting period for each investment for which our cost basis exceeded the fair value in the prior period.
The fair values of most of our investments in publicly traded companies are often readily available based on quoted market prices.
For investments in nonpublicly traded companies, management’s assessment of fair value is based on valuation methodologies including discounted cash flows, estimates of sales proceeds and appraisals, as appropriate.
We consider the assumptions that we believe hypothetical marketplace participants would use in evaluating estimated future cash flows when employing the discounted cash flow or estimates of sales proceeds valuation methodologies.
In the event the fair value of an investment declines below our cost basis, management determines if the decline in fair value is other than temporary.
If management determines the decline is other than temporary, an impairment charge is recorded.
Management’s assessment as to the nature of a decline in fair value is based on, among other things, the length of time and the extent to which the market value has been less than our cost basis, the financial condition and near-term prospects of the issuer, and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value.
Trade Accounts Receivable We record trade accounts receivable at net realizable value.
This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the trade accounts receivable balances and charged to the provision for doubtful accounts.
We calculate this allowance based on our history of write-offs, the level of past-due accounts based on the contractual terms of the receivables, and our relationships with, and the economic status of, our bottling partners and customers.
We believe our exposure to concentrations of credit risk is limited due to the diverse geographic areas covered by our operations.
Activity in the allowance for doubtful accounts was as follows (in millions):

<table><tr><td></td><td colspan="2">December 31, 2014</td><td colspan="2">December 31, 2013</td></tr><tr><td></td><td>Amount</td><td>Average Rate 1</td><td>Amount</td><td>AverageRate<sup>1</sup></td></tr><tr><td>U.S. dollar notes due 2015–2093</td><td>$17,433</td><td>1.8%</td><td>$17,427</td><td>1.8%</td></tr><tr><td>U.S. dollar debentures due 2017–2098</td><td>2,157</td><td>3.9</td><td>2,191</td><td>3.9</td></tr><tr><td>U.S. dollar zero coupon notes due 2020<sup>2</sup></td><td>143</td><td>8.4</td><td>138</td><td>8.4</td></tr><tr><td>Euro notes due 2022 and 2026<sup>3</sup></td><td>2,468</td><td>3.7</td><td>—</td><td>—</td></tr><tr><td>Other, due through 2098<sup>4</sup></td><td>380</td><td>4.0</td><td>370</td><td>4.0</td></tr><tr><td>Fair value adjustment<sup>5</sup></td><td>34</td><td>N/A</td><td>52</td><td>N/A</td></tr><tr><td>Total<sup>6,7</sup></td><td>$22,615</td><td>2.2%</td><td>$20,178</td><td>2.2%</td></tr><tr><td>Less current portion</td><td>3,552</td><td></td><td>1,024</td><td></td></tr><tr><td>Long-term debt</td><td>$19,063</td><td></td><td>$19,154</td><td></td></tr></table>
<table><tr><td>December 31,</td><td>2014</td><td>2013</td></tr><tr><td>Cash and cash equivalents</td><td>$10</td><td>$10</td></tr><tr><td>Equity securities:</td><td></td><td></td></tr><tr><td>U.S.-based companies</td><td>114</td><td>112</td></tr><tr><td>International-based companies</td><td>7</td><td>8</td></tr><tr><td>Fixed-income securities:</td><td></td><td></td></tr><tr><td>Government bonds</td><td>79</td><td>79</td></tr><tr><td>Corporate bonds and debt securities</td><td>9</td><td>9</td></tr><tr><td>Mutual, pooled and commingled funds</td><td>16</td><td>18</td></tr><tr><td>Hedge funds/limited partnerships</td><td>5</td><td>3</td></tr><tr><td>Real estate</td><td>3</td><td>2</td></tr><tr><td>Other</td><td>3</td><td>2</td></tr><tr><td>Total other postretirement benefit plan assets<sup>1</sup></td><td>$246</td><td>$243</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td colspan="2">Percent Change</td></tr><tr><td>Year Ended December 31,</td><td>2014</td><td>2013</td><td>2012</td><td>2014 vs. 2013</td><td>2013 vs. 2012</td></tr><tr><td>(In millions except percentages and per share data)</td><td></td><td colspan="2"></td><td></td><td></td></tr><tr><td>NET OPERATING REVENUES</td><td>$45,998</td><td>$46,854</td><td>$48,017</td><td>-2%</td><td>-2%</td></tr><tr><td>Cost of goods sold</td><td>17,889</td><td>18,421</td><td>19,053</td><td>-3</td><td>-3</td></tr><tr><td>GROSS PROFIT</td><td>28,109</td><td>28,433</td><td>28,964</td><td>-1</td><td>-2</td></tr><tr><td>GROSS PROFIT MARGIN</td><td>61.1%</td><td>60.7%</td><td>60.3%</td><td></td><td></td></tr><tr><td>Selling, general and administrative expenses</td><td>17,218</td><td>17,310</td><td>17,738</td><td>-1</td><td>-2</td></tr><tr><td>Other operating charges</td><td>1,183</td><td>895</td><td>447</td><td>*</td><td>*</td></tr><tr><td>OPERATING INCOME</td><td>9,708</td><td>10,228</td><td>10,779</td><td>-5</td><td>-5</td></tr><tr><td>OPERATING MARGIN</td><td>21.1%</td><td>21.8%</td><td>22.4%</td><td></td><td></td></tr><tr><td>Interest income</td><td>594</td><td>534</td><td>471</td><td>11</td><td>13</td></tr><tr><td>Interest expense</td><td>483</td><td>463</td><td>397</td><td>4</td><td>17</td></tr><tr><td>Equity income (loss) — net</td><td>769</td><td>602</td><td>819</td><td>28</td><td>-27</td></tr><tr><td>Other income (loss) — net</td><td>-1,263</td><td>576</td><td>137</td><td>*</td><td>*</td></tr><tr><td>INCOME BEFORE INCOME TAXES</td><td>9,325</td><td>11,477</td><td>11,809</td><td>-19</td><td>-3</td></tr><tr><td>Income taxes</td><td>2,201</td><td>2,851</td><td>2,723</td><td>-23</td><td>5</td></tr><tr><td>Effective tax rate</td><td>23.6%</td><td>24.8%</td><td>23.1%</td><td></td><td></td></tr><tr><td>CONSOLIDATED NET INCOME</td><td>7,124</td><td>8,626</td><td>9,086</td><td>-17</td><td>-5</td></tr><tr><td>Less: Net income attributable to noncontrolling interests</td><td>26</td><td>42</td><td>67</td><td>-38</td><td>-38</td></tr><tr><td>NET INCOME ATTRIBUTABLE TO SHAREOWNERS OFTHE COCA-COLA COMPANY</td><td>$7,098</td><td>$8,584</td><td>$9,019</td><td>-17%</td><td>-5%</td></tr><tr><td>BASIC NET INCOME PER SHARE<sup>1</sup></td><td>$1.62</td><td>$1.94</td><td>$2.00</td><td>-16%</td><td>-3%</td></tr><tr><td>DILUTED NET INCOME PER SHARE<sup>1</sup></td><td>$1.60</td><td>$1.90</td><td>$1.97</td><td>-16%</td><td>-4%</td></tr></table>

Question: What is the growing rate of Interest expense in the year with the most Interest income? (in %)
Answer: 0.0432