of the transmission and distribution systems of Ameren Missouri and Ameren Illinois, as well as to fund various Ameren Missouri energy center upgrades.
The following table presents Ameren’s estimated capital expenditures that will be incurred from 2014 through 2018, including construction expenditures, allowance for funds used during construction for Ameren’s rate-regulated utility businesses, and expenditures for compliance with known and existing environmental regulations.
Ameren expects to allocate more of its discretionary capital expenditures to Ameren Illinois and ATXI based on their regulatory frameworks.
## Table 0 ##
(a) Includes the elimination of intercompany transfers.
Ameren Missouri’s estimated capital expenditures include transmission, distribution, and generation-related investments, as well as expenditures for compliance with environmental regulations.
Ameren Illinois’ estimated capital expenditures are primarily for electric and natural gas transmission and distribution-related investments, and estimated capital expenditures incremental to historical average electric delivery capital expenditures to modernize its distribution system pursuant to the IEIMA.
Estimated capital expenditures for ATXI include the three MISOapproved multi-value transmission projects.
For additional information regarding the IEIMA capital expenditure requirements and ATXI’s transmission projects, see Business under Part I, Item 1, of this report.
We continually review Ameren Missouri’s generation portfolio and expected power needs.
As a result, Ameren Missouri could modify its plan for generation capacity, the type of generation asset technology that will be employed, and whether capacity or power may be purchased, among other things.
Additionally, we continually review the reliability of our transmission and distribution systems, expected capacity needs, and opportunities for transmission investments.
The timing and amount of investments could vary because of changes in expected capacity, the condition of transmission and distribution systems, and our ability and willingness to pursue transmission investments, among other things.
Any changes in future generation, transmission, or distribution needs could result in significant capital expenditures or losses being incurred, which could be material.
Environmental Capital Expenditures Ameren Missouri will incur significant costs in future years to comply with existing and known federal and state regulations including those requiring the reduction of SO2, NOx, and mercury emissions from its coal-fired energy centers.
See Note 15 – Commitments and Contingencies under Part II, Item 8, of this report for a discussion of existing environmental laws and regulations that affect, or may affect, our facilities and capital costs to comply with such laws and regulations.
Cash Flows from Financing Activities 2013 versus 2012 In 2013, we reduced our cost of borrowings through the repayment and redemption of long-term indebtedness, which had higher interest rates than the commercial paper and senior secured debt issued to finance such repayments and redemptions.
During 2013, issuances under the Ameren and Ameren Missouri commercial paper programs were available at a lower interest rate than the interest rate available under the 2012 Credit Agreements.
Ameren’s net cash used in financing activities associated with continuing operations decreased during 2013 compared with 2012.
In 2013, Ameren’s cash flow from operating activities of $1.6 billion exceeded its capital expenditures of $1.4 billion while in 2012 Ameren’s cash flow from operating activities of $1.4 billion exceeded its capital expenditures of $1.1 billion.
During 2013, Ameren used cash flow from operating activities, other available cash on hand, and commercial paper issuances in part, to pay common stock dividends of $388 million, redeem $244 million of long-term Ameren Missouri indebtedness, and fund the $235 million cash requirement at divested New AER upon divestiture on December 2, 2013, pursuant to the transaction agreement with IPH.
In addition, Ameren Illinois issued $280 million in senior secured debt and used the net proceeds of $276 million to repay at maturity $150 million of long-term indebtedness.
In comparison, in 2012, Ameren subsidiaries issued $885 million in senior debt and used the proceeds, together with other available cash, to redeem or repay existing long-term indebtedness of $754 million and pay related premiums.
Additionally, in 2012, Ameren repaid $148 million of its net short-term debt.
During 2013, no financing cash flows were utilized to meet the working capital and investing requirements of our discontinued operations.
Ameren Missouri’s net cash used in financing activities increased during 2013, compared with 2012.
Ameren Missouri used cash on hand, net money pool receipts, and the excess cash from operating activities after capital expenditures, to redeem or repay existing long-term indebtedness of $244 million and pay common stock dividends of $460 million.
In comparison, in 2012, Ameren Missouri issued $485 million of 3.90% senior secured notes and used the proceeds, together with other available cash, to redeem or repay existing long-term indebtedness of $422 million and to pay related premiums.
Ameren Illinois’ financing activities provided net cash of $45 million in 2013 compared with 2012, when financing activities used net cash of $103 million.
During 2013, Ameren Illinois issued $280 million in senior secured debt and used the net proceeds of $276 million to repay at maturity $150 million of long-term indebtedness, and pay
Customer Vehicles Customer vehicles include credit-linked and equity-linked note vehicles, repackaging vehicles and asset acquisition vehicles, which are typically created on behalf of customers who wish to obtain market or credit exposure to a specific company or financial instrument.
The table below summarizes select information related to customer vehicles in which the Corporation held a variable interest at December 31, 2010 and 2009.
## Table 1 ##
Credit-linked and equity-linked note vehicles issue notes which pay a return that is linked to the credit or equity risk of a specified company or debt instrument.
The vehicles purchase high-grade assets as collateral and enter into credit default swaps or equity derivatives to synthetically create the credit or equity risk to pay the specified return on the notes.
The Corporation is typically the counterparty for some or all of the credit and equity derivatives and, to a lesser extent, it may invest in securities issued by the vehicles.
The Corporation may also enter into interest rate or foreign currency derivatives with the vehicles.
The Corporation also had approximately $338 million of other liquidity commitments, including written put options and collateral value guarantees, with unconsolidated credit-linked and equity-linked note vehicles at December 31, 2010.
Repackaging vehicles issue notes that are designed to incorporate risk characteristics desired by customers.
The vehicles hold debt instruments such as corporate bonds, convertible bonds or asset-backed securities with the desired credit risk profile.
The Corporation enters into derivatives with the vehicles to change the interest rate or foreign currency profile of the debt instruments.
If a vehicle holds convertible bonds and the Corporation retains the conversion option, the Corporation is deemed to have controlling financial interest and consolidates the vehicle.
Asset acquisition vehicles acquire financial instruments, typically loans, at the direction of a single customer and obtain funding through the issuance of structured notes to the Corporation.
At the time the vehicle acquires an asset, the Corporation enters into total return swaps with the customer such that the economic returns of the asset are passed through to the customer.
The Corporation is exposed to counterparty credit risk if the asset declines in value and the customer defaults on its obligation to the Corporation under the total return swaps.
The Corporation’s risk may be mitigated by collateral or other arrangements.
The Corporation consolidates these vehicles because it has the power to manage the assets in the vehicles and owns all of the structured notes issued by the vehicles.
The Corporation’s maximum exposure to loss from customer vehicles includes the notional amount of the credit or equity derivatives to which the Corporation is a counterparty, net of losses previously recorded, and the Corporation’s investment, if any, in securities issued by the vehicles.
It has not been reduced to reflect the benefit of offsetting swaps with the customers or collateral arrangements.
OPERATING EXPENSES
## Table 2 ##
SG&A expenses as a percentage of sales declined 20 basis points on a year-over-year basis for 2017 compared with 2016.
The decline was driven by increased leverage of the Company’s general and administrative cost base resulting from higher 2017 sales volumes, continuing productivity improvements taken in 2017 and 2016 as well as the benefit of lower acquisition charges in 2017 compared to 2016, particularly change in control payments and restructuring costs in connection with the acquisition of Cepheid.
The decline in SG&A expenses as a percentage of sales was partially offset by restructuring, impairment and other related charges associated with the Company’s strategic decision to discontinue a product line in its Diagnostics segment, higher relative spending levels at recently acquired companies, primarily Cepheid, and continued investments in sales and marketing growth initiatives.
SG&A expenses as a percentage of sales increased 30 basis points on a year-over-year basis for 2016 compared with 2015.
The increase in SG&A expenses as a percentage of sales from 2015 to 2016 was driven by continued investments in sales and marketing growth initiatives and higher relative spending levels at recently acquired businesses.
Change in control payments and restructuring costs in connection with the acquisition of Cepheid, as well as associated transaction costs, also increased SG&A expenses as a percentage of sales by 35 basis points during 2016.
These increases were partially offset by the benefit of increased leverage of the Company’s general and administrative cost base resulting from higher 2016 sales, lower year-overyear costs associated continuing productivity improvement initiatives and incremental year-over-year cost savings associated with the continuing productivity improvements taken in 2016 and 2015 as well as the benefit of lower Pall acquisition charges (change in control payments to Pall employees in connection with the acquisition of Pall, as well as associated transaction costs and amortization charges associated with acquisition-related intangible assets, net of the positive impact of freezing pension benefits) in 2016 compared to 2015.
R&D expenses (consisting principally of internal and contract engineering personnel costs) as a percentage of sales increased in 2017 as compared with 2016 due primarily to higher R&D expenses as a percentage of sales in the businesses most recently acquired, primarily Cepheid, as well as year-over-year increases in spending in the Company’s new product development initiatives.
R&D expenses as a percentage of sales declined in 2016 as compared to 2015 due primarily to lower R&D expenses as a percentage of sales in the businesses most recently acquired, particularly Pall, as well as year-over-year differences in the timing of investments in the Company’s new product development initiatives.
NONOPERATING INCOME (EXPENSE) The Company received $138 million of cash proceeds and recorded $22 million in short-term other receivables from the sale of certain marketable equity securities during 2017.
The Company recorded a pretax gain related to this sale of $73 million ($46 million after-tax or $0.06 per diluted share).
During 2016, the Company received cash proceeds of $265 million from the sale of certain marketable equity securities and recorded a pretax gain related to this sale of $223 million ($140 million after-tax or $0.20 per diluted share).
During 2016, the Company also paid $188 million of make-whole premiums associated with the early extinguishment of the Redeemed Notes.
The Company recorded a loss on extinguishment of these borrowings, net of certain deferred gains, of $179 million ($112 million after-tax or $0.16 per diluted share).
During 2015, the Company received cash proceeds of $43 million from the sale of certain marketable equity securities and recorded a pretax gain related to these sales of $12 million ($8 million after-tax or $0.01 per diluted share).
INTEREST COSTS Interest expense of $163 million for 2017 was $22 million lower than in 2016, due primarily to the decrease in interest costs as a result of the early extinguishment of certain outstanding borrowings in the third quarter of 2016 using the proceeds from the Fortive Distribution and due to lower commercial paper borrowings in 2017 compared to 2016, partially offset by the cost of
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) In 2011, HOVENSA experienced continued substantial operating losses due to global economic conditions and competitive disadvantages versus other refiners, despite efforts to improve operating performance by reducing refining capacity to 350,000 from 500,000 barrels per day in the first half of the year.
Operating losses were also projected to continue.
In January 2012, HOVENSA announced a decision to shut down its refinery and operate the complex as an oil storage terminal.
As a result of these developments, HOVENSA prepared an impairment analysis as of December 31, 2011, which concluded that undiscounted future cash flows would not recover the carrying value of its long-lived assets, and recorded an impairment charge and other charges related to the decision to shut down the refinery.
For 2011, the Corporation recorded a total of $1,073 million of losses from its equity investment in HOVENSA.
These pre-tax losses included $875 million ($525 million after income taxes) due to the impairment recorded by HOVENSA and other charges associated with its decision to shut down the refinery.
The Corporation’s share of the impairment related losses recorded by HOVENSA represents an amount equivalent to the Corporation’s financial support to HOVENSA at December 31, 2011, its planned future funding commitments for costs related to the refinery shutdown, and a charge of $135 million for the write-off of related assets held by the subsidiary which owns the Corporation’s investment in HOVENSA.
At December 31, 2011, the Corporation has a liability of $487 million for its planned funding commitments, which is expected to be incurred in 2012.
A deferred income tax benefit of $350 million, consisting primarily of U. S.  income taxes, has been recorded on the Corporation’s share of HOVENSA’s impairment and refinery shutdown related charges.
In December 2010, the Corporation recorded an impairment charge of $300 million before income taxes ($289 million after income taxes) to reduce the carrying value of its equity investment in HOVENSA to its fair value, which was recorded in Income (loss) from equity investment in HOVENSA L. L. C.  The investment had been adversely affected by consecutive annual operating losses resulting from continued weak refining margins and refinery utilization and a fourth quarter 2010 debt rating downgrade.
As a result of a strategic assessment in 2010, HOVENSA decided to lower crude oil refining capacity to 350,000 from 500,000 barrels per day in 2011.
The Corporation performed an impairment analysis and concluded that its investment had experienced an other than temporary decline in value.
The fair value was determined based on an income approach using estimated refined petroleum product selling prices and volumes, related costs of product sold, capital and operating expenditures and a market based discount rate (a Level 3 fair value measurement).
In February 2012, HOVENSA completed a tender offer to repurchase its outstanding tax exempt bonds at par.6.
Property, Plant and Equipment Property, plant and equipment at December 31 consist of the following

<table><tr><td></td><td>2014</td><td colspan="3">2015 - 2018</td><td colspan="3">Total</td></tr><tr><td>Ameren Missouri</td><td>$760</td><td>$2,495</td><td>-</td><td>$2,740</td><td>$3,255</td><td>-</td><td>$3,500</td></tr><tr><td>Ameren Illinois</td><td>800</td><td>2,600</td><td>-</td><td>2,860</td><td>3,400</td><td>-</td><td>3,660</td></tr><tr><td>ATXI</td><td>240</td><td>1,110</td><td>-</td><td>1,200</td><td>1,350</td><td>-</td><td>1,440</td></tr><tr><td>Other<sup>(a)</sup></td><td>25</td><td>70</td><td>-</td><td>75</td><td>95</td><td>-</td><td>100</td></tr><tr><td>Ameren</td><td>$1,825</td><td>$6,275</td><td>-</td><td>$6,875</td><td>$8,100</td><td>-</td><td>$8,700</td></tr></table>
<table><tr><td></td><td colspan="6"> December 31</td></tr><tr><td></td><td colspan="3"> 2010</td><td colspan="3">2009</td></tr><tr><td>(Dollars in millions)</td><td> Consolidated</td><td> Unconsolidated</td><td> Total</td><td>Consolidated</td><td>Unconsolidated</td><td>Total</td></tr><tr><td> Maximum loss exposure</td><td>$4,449</td><td>$2,735</td><td>$7,184</td><td>$277</td><td>$10,229</td><td>$10,506</td></tr><tr><td>On-balance sheet assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trading account assets</td><td>$3,458</td><td>$876</td><td>$4,334</td><td>$183</td><td>$1,334</td><td>$1,517</td></tr><tr><td>Derivative assets</td><td>1</td><td>722</td><td>723</td><td>78</td><td>4,815</td><td>4,893</td></tr><tr><td>Loans and leases</td><td>–</td><td>–</td><td>–</td><td>–</td><td>65</td><td>65</td></tr><tr><td>Loansheld-for-sale</td><td>959</td><td>–</td><td>959</td><td>–</td><td>–</td><td>–</td></tr><tr><td>All other assets</td><td>1,429</td><td>–</td><td>1,429</td><td>16</td><td>–</td><td>16</td></tr><tr><td> Total</td><td>$5,847</td><td>$1,598</td><td>$7,445</td><td>$277</td><td>$6,214</td><td>$6,491</td></tr><tr><td>On-balance sheet liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Derivative liabilities</td><td>$1</td><td>$23</td><td>$24</td><td>$–</td><td>$267</td><td>$267</td></tr><tr><td>Commercial paper and other short-term borrowings</td><td>–</td><td>–</td><td>–</td><td>22</td><td>–</td><td>22</td></tr><tr><td>Long-term debt</td><td>3,457</td><td>–</td><td>3,457</td><td>50</td><td>74</td><td>124</td></tr><tr><td>All other liabilities</td><td>–</td><td>140</td><td>140</td><td>–</td><td>1,357</td><td>1,357</td></tr><tr><td> Total</td><td>$3,458</td><td>$163</td><td>$3,621</td><td>$72</td><td>$1,698</td><td>$1,770</td></tr><tr><td>Total assets of VIEs</td><td>$5,847</td><td>$6,090</td><td>$11,937</td><td>$277</td><td>$16,487</td><td>$16,764</td></tr></table>
<table><tr><td></td><td colspan="3">For the Year Ended December 31</td></tr><tr><td>($ in millions)</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Sales</td><td>$18,329.7</td><td>$16,882.4</td><td>$14,433.7</td></tr><tr><td>Selling, general and administrative (“SG&A”) expenses</td><td>-6,042.5</td><td>-5,608.6</td><td>-4,747.5</td></tr><tr><td>Research and development (“R&D”) expenses</td><td>-1,128.8</td><td>-975.1</td><td>-861.4</td></tr><tr><td>SG&A as a % of sales</td><td>33.0%</td><td>33.2%</td><td>32.9%</td></tr><tr><td>R&D as a % of sales</td><td>6.2%</td><td>5.8%</td><td>6.0%</td></tr></table>

Question: What will the total long-term debt be like in 2011 if it develops with the same increasing rate as current? (in dollars in millions)
Answer: 96377.81452