Supplemental Financial Data We view net interest income and related ratios and analyses on a FTE basis, which are non-GAAP financial measures.
We believe managing the business with net interest income on a FTE basis provides a more accurate picture of the interest margin for comparative purposes.
To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent beforetax basis with a corresponding increase in income tax expense.
For purposes of this calculation, we use the federal statutory tax rate of 35 percent.
This measure ensures comparability of net interest income arising from taxable and tax-exempt sources.
As mentioned above, certain performance measures including the efficiency ratio and net interest yield utilize net interest income (and thus total revenue) on a FTE basis.
The efficiency ratio measures the costs expended to generate a dollar of revenue, and net interest yield measures the bps we earn over the cost of funds.
We also evaluate our business based on certain ratios that utilize tangible equity, a non-GAAP financial measure.
Tangible equity represents an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
These measures are used to evaluate our use of equity.
In addition, profitability, relationship and investment models all use Return on average tangible shareholders’ equity (ROTE) as key measures to support our overall growth goals.
Return on average tangible common shareholders’ equity measures our earnings contribution as a percentage of adjusted common shareholders’ equity plus any Common Equivalent Securities (CES).
The tangible common equity ratio represents adjusted common shareholders’ equity plus any CES divided by total assets less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
ROTE measures our earnings contribution as a percentage of adjusted average shareholders’ equity.
The tangible equity ratio represents adjusted total shareholders’ equity divided by total assets less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding.
In addition, we evaluate our business segment results based on measures that utilize return on average economic capital, a non-GAAP financial measure, including the following: Return on average economic capital for the segments is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average economic capital.
Economic capital represents allocated equity less goodwill and a percentage of intangible assets (excluding MSRs).
The aforementioned supplemental data and performance measures are presented in Tables 7 and 8 and Statistical Tables XII and XIV.
In addition, in Table 8 and Statistical Table XIV, we have excluded the impact of goodwill impairment charges of $3.2 billion and $12.4 billion recorded in 2011 and 2010 when presenting certain of these metrics.
Accordingly, these are non-GAAP financial measures.
Statistical Tables XV, XVI and XVII provide reconciliations of these non-GAAP financial measures with financial measures defined by GAAP.
We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation and our segments.
Other companies may define or calculate these measures and ratios differently.
## Table 0 ##
(1) Performance ratios are calculated excluding the impact of goodwill impairment charges of $3.2 billion and $12.4 billion recorded during 2011 and 2010.
Entergy Louisiana, LLC Management's Financial Discussion and Analysis 297 Net Revenue 2008 Compared to 2007 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges.
Following is an analysis of the change in net revenue comparing 2008 to 2007.
## Table 1 ##
The retail electric price variance is primarily due to the cessation of the interim storm recovery through the formula rate plan upon the Act 55 financing of storm costs and a credit passed on to customers as a result of the Act 55 storm cost financing, partially offset by increases in the formula rate plan effective October 2007.
Refer to "Hurricane Rita and Hurricane Katrina" and "State and Local Rate Regulation" below for a discussion of the interim recovery of storm costs, the Act 55 storm cost financing, and the formula rate plan filing.
The purchased power capacity variance is due to the amortization of deferred capacity costs effective September 2007 as a result of the formula rate plan filing in May 2007.
Purchased power capacity costs are offset in base revenues due to a base rate increase implemented to recover incremental deferred and ongoing purchased power capacity charges.
See "State and Local Rate Regulation" below for a discussion of the formula rate plan filing.
The net wholesale revenue variance is primarily due to provisions recorded for potential rate refunds related to the treatment of interruptible load in pricing Entergy System affiliate sales.
Gross operating revenue and, fuel and purchased power expenses Gross operating revenues increased primarily due to an increase of $364.7 million in fuel cost recovery revenues due to higher fuel rates offset by decreased usage.
The increase was partially offset by a decrease of $56.8 million in gross wholesale revenue due to a decrease in System Agreement rough production cost equalization credits.
Fuel and purchased power expenses increased primarily due to increases in the average market prices of natural gas and purchased power, partially offset by a decrease in the recovery from customers of deferred fuel costs.
10.
Debt
## Table 2 ##
During 2019, the Company issued $575,000 aggregate principal amount of 2.70 percent Senior Notes due 2024, $1,000,000 aggregate principal amount of 3.25 percent Senior Notes due 2029, and $800,000 aggregate principal amount of 4.00 percent Senior Notes due 2049 (collectively, the "Senior Notes").
Interest payments are due semi-annually.
The net proceeds received from the issuance of the Senior Notes are intended to finance a portion of the purchase price for the proposed acquisition of Lord.
If either the acquisition of Lord does not occur on or before April 27, 2020, or if the Company notifies the trustee that it will not pursue the acquisition of Lord, the 2024 Senior Notes and the 2049 Senior Notes (collectively, the "SMR Notes") will be subject to a special mandatory redemption.
The special mandatory redemption price will be equal to 101 percent of the aggregate principal amount of the SMR Notes, plus accrued and unpaid interest.
If the acquisition of Lord does not occur, the net proceeds from the 2029 Senior Notes will be used for general corporate purposes.
During 2019, the Company also entered into a delayed-draw term loan with an aggregate principal amount of $800,000.
The draw on the term loan is subject to the closing of the proposed acquisition of Lord, and the related proceeds will be used solely to finance a portion of the purchase price.
The Company anticipates that the term loan will bear an interest rate of LIBOR plus 112.5 bps.
Interest payments are due quarterly.
Debt issuance costs related to both the Senior Notes and delayed-draw term loan were approximately $39,322 and will be amortized over the respective debt terms.
Principal amounts of long-term debt payable in the five years ending June 30, 2020 through 2024 are $228, $32, $11, $300,006 and $575,006, respectively.
The principal amounts of long-term debt payable exclude the impact of the amortization of debt issuance costs.
Lease Commitments - Future minimum rental commitments as of June 30, 2019, under non-cancelable operating leases, which expire at various dates, are as follows: 2020-$45,920; 2021-$31,115; 2022-$21,625; 2023-$13,228; 2024-$7,591 and after 2024-$22,723.
Rental expense in 2019, 2018 and 2017 was $126,752, $126,940 and $118,723, respectively.11.
Retirement Benefits Pensions - The Company has noncontributory defined benefit pension plans covering eligible employees, including certain employees in foreign countries.
Plans for most salaried employees provide pay-related benefits based on years of service.
Plans for hourly employees generally provide benefits based on flat-dollar amounts and years of service.
The Company also has arrangements for certain key employees which provide for supplemental retirement benefits.
In general, the Company's policy is to fund these plans based on legal requirements, tax considerations, local practices and investment opportunities.
The Company also sponsors defined contribution plans and participates in government-sponsored programs in certain foreign countries.

<table><tr><td>Table 8</td><td>Five Year Supplemental Financial Data</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">(Dollars in millions, except per share information)</td><td>2011</td><td>2010</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td colspan="2">Fully taxable-equivalent basis data</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Net interest income</td><td>$45,588</td><td>$52,693</td><td>$48,410</td><td>$46,554</td><td>$36,190</td></tr><tr><td colspan="2">Total revenue, net of interest expense</td><td>94,426</td><td>111,390</td><td>120,944</td><td>73,976</td><td>68,582</td></tr><tr><td colspan="2">Net interest yield</td><td>2.48%</td><td>2.78%</td><td>2.65%</td><td>2.98%</td><td>2.60%</td></tr><tr><td colspan="2">Efficiency ratio</td><td>85.01</td><td>74.61</td><td>55.16</td><td>56.14</td><td>54.71</td></tr><tr><td colspan="2">Performance ratios, excluding goodwill impairment charges<sup>-1</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Per common share information</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">Earnings</td><td>$0.32</td><td>$0.87</td><td></td><td></td><td></td></tr><tr><td colspan="2">Diluted earnings</td><td>0.32</td><td>0.86</td><td></td><td></td><td></td></tr><tr><td colspan="2">Efficiency ratio</td><td>81.64%</td><td>63.48%</td><td></td><td></td><td></td></tr><tr><td colspan="2">Return on average assets</td><td>0.20</td><td>0.42</td><td></td><td></td><td></td></tr><tr><td colspan="2">Return on average common shareholders’ equity</td><td>1.54</td><td>4.14</td><td></td><td></td><td></td></tr><tr><td colspan="2">Return on average tangible common shareholders’ equity</td><td>2.46</td><td>7.03</td><td></td><td></td><td></td></tr><tr><td colspan="2">Return on average tangible shareholders’ equity</td><td>3.08</td><td>7.11</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td>Amount (In Millions)</td></tr><tr><td>2007 net revenue</td><td>$991.1</td></tr><tr><td>Retail electric price</td><td>-17.1</td></tr><tr><td>Purchased power capacity</td><td>-12.0</td></tr><tr><td>Net wholesale revenue</td><td>-7.4</td></tr><tr><td>Other</td><td>4.6</td></tr><tr><td>2008 net revenue</td><td>$959.2</td></tr></table>
<table><tr><td>June 30,</td><td>2019</td><td>2018</td></tr><tr><td>Domestic:</td><td></td><td></td></tr><tr><td>Fixed rate medium-term notes, 3.30% to 6.25%, due 2023 - 2045</td><td>$2,125,000</td><td>$2,225,000</td></tr><tr><td>Senior Notes, 2.70% to 4.10%, due 2024 - 2049</td><td>3,675,000</td><td>1,300,000</td></tr><tr><td>Foreign:</td><td></td><td></td></tr><tr><td>Euro Senior Notes, 1.125%, due 2025</td><td>796,040</td><td>817,810</td></tr><tr><td>Euro Term loan, Libor plus 150 bps, due 2022</td><td>—</td><td>116,830</td></tr><tr><td>Other long-term debt</td><td>340</td><td>762</td></tr><tr><td>Deferred debt issuance costs</td><td>- 75,321</td><td>- 41,432</td></tr><tr><td>Total long-term debt</td><td>6,521,059</td><td>4,418,970</td></tr><tr><td>Less: Long-term debt payable within one year</td><td>228</td><td>100,411</td></tr><tr><td>Long-term debt, net</td><td>$6,520,831</td><td>$4,318,559</td></tr></table>

Question: Which year is Total revenue, net of interest expense the most?
Answer: 2009