THE HERSHEY COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 10.
INTEREST EXPENSE Net interest expense consisted of the following:
## Table 0 ##
In December 2010, we paid $63.4 million to repurchase $57.5 million of our 6.95% Notes due in 2012 as part of a cash tender offer.
As a result of the repurchase, we recorded interest expense on long-term debt of $5.9 million, which represented the premium paid for the tender offer.11.
SHORT-TERM DEBT As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of 3 months or less.
In October 2011, we entered into a new five-year agreement establishing an unsecured revolving credit facility to borrow up to $1.1 billion, with an option to increase borrowings by an additional $400 million with the consent of the lenders.
The unsecured committed revolving credit agreement contains a financial covenant whereby the ratio of (a) pre-tax income from operations from the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 at the end of each fiscal quarter.
The credit agreement contains customary representations and warranties and events of default.
Payment of outstanding advances may be accelerated, at the option of the lenders, should we default in our obligation under the credit agreement.
As of December 31, 2012, we complied with all customary affirmative and negative covenants and the financial covenant pertaining to our credit agreement.
There were no significant compensating balance agreements that legally restricted these funds.
In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks.
Our credit limit in various currencies was $176.7 million in 2012 and $76.9 million in 2011.
These lines permit us to borrow at the banks’ prime commercial interest rates, or lower.
We had short-term foreign bank loans against these lines of credit for $118.2 million in 2012 and $42.1 million in 2011.
The maximum amount of our short-term borrowings during 2012 was $168.6 million.
The weighted-average interest rate on short-term borrowings outstanding was 3.5% as of December 31, 2012 and 9.2% as of December 31, 2011.
The lower rate as of December 31, 2012, primarily reflected the rate associated with borrowings of our Canadian business compared with the higher rate as of December 31, 2011, which was primarily associated with short-term borrowings of our international businesses, particularly in India.
We pay commitment fees to maintain our lines of credit.
The average fee during 2012 was less than 0.1% per annum of the commitment.
We maintain a consolidated cash management system that includes overdraft positions in certain accounts at several banks.
We have the contractual right of offset for the accounts with overdrafts.
These offsets reduced cash and cash equivalents by $2.8 million as of December 31, 2012 and $0.6 million as of December 31, 2011.
If the realized gains and losses on commodity derivative instruments, which are included in (gain) loss on commodity derivative instruments in our consolidated statements of operations, had been included in oil and gas revenues, the effect on average realized prices would have been as follows:
## Table 1 ##
Crude Oil and Condensate Sales 2009 Compared with 2008 Crude oil sales decreased by a net $840 million, or 40%, in 2009 as compared with 2008.
The decrease was primarily due to a 32% decline in consolidated average realized prices due to the decreased demand for oil.
In the US, crude oil sales decreased by $359 million primarily due to lower average realized prices.
US crude oil sales were also impacted by a 7% decline in sales volumes due to natural field decline in the deepwater Gulf of Mexico and Gulf Coast area and the shut-in of Ticonderoga in the deepwater Gulf of Mexico until August 2009 after being offline due to Hurricane Ike in 2008.
This decline was offset by increased production from the Wattenberg field in the northern region of our US operations due to ongoing development activity.
Internationally, West Africa crude oil sales decreased by $192 million primarily due to lower average realized prices, plus a 4% decrease in production due to timing of liftings.
In the North Sea, crude oil sales decreased by $247 million.
Although the average realized North Sea oil price was significantly less than in 2008, the decline in sales was primarily driven by a 38% decline in sales volumes due to natural field decline and downtime beginning in mid-August at the Dumbarton field due to FPSO repairs.
Crude oil sales in China decreased $42 million due to lower average realized prices.2008 Compared with 2007 Crude oil sales increased by a net $407 million, or 24%, in 2008 as compared with 2007.
The increase was affected by both volume and price changes.
In the US, crude oil sales increased by $286 million due to higher average realized prices.
Sales volumes declined due to hurricane-related production shut-ins in the deepwater Gulf of Mexico from Hurricanes Gustav and Ike and declining production in the Gulf Coast onshore and Mid-continent areas of our US operations, offset by growth in the Rocky Mountain area of our US operations.
Internationally, West Africa crude oil sales increased by $88 million due to higher average realized prices.
North Sea crude oil sales increased by $39 million due to higher average realized prices, while sales volumes were affected by natural field decline.
Other international crude oil sales decreased by $6 million primarily due to natural field decline in China.
Hedging Gains (Losses) Included in Revenues Crude oil sales include amounts reclassified from AOCL related to commodity derivative instruments which were accounted for as cash flow hedges through December 31, 2007.
Amounts included decreases of $58 million in 2009, $365 million in 2008, and $223 million in 2007.
See Item 8.
Financial Statements and Supplementary Data – Note 6.
Derivative Instruments and Hedging Activities.
Natural Gas Sales 2009 Compared with 2008 Natural gas sales decreased by a net $674 million, or 49%, in 2009 as compared with 2008.
The decrease was primarily due to a 50% decline in consolidated average realized prices due to the decreased demand for natural gas.
In the US, natural gas sales decreased by $653 million due to lower average realized prices.
Overall, sales volumes remained about the same year to year.
Increased production from the Wattenberg, Piceance and Western Oklahoma areas of our US operations were offset by natural field decline in the deepwater Gulf of Mexico, Gulf Coast and Mid-continent areas.
Internationally, West Africa natural gas sales increased $3 million due to an increase in sales volumes.
In Israel, natural gas sales decreased by $13 million.
As a result of the new natural gas sales contract, discussed above, average realized prices in Israel increased.
However, sales volumes declined 18% due to customer power plant downtime, warmer than normal winter weather conditions, and competing natural gas sales from Egypt.
North Sea natural gas revenues decreased by $11 million primarily due to lower average realized prices.2008 Compared with 2007 Natural gas sales increased by a net $103 million, or 8%, in 2008 as compared with 2007.
The increase was affected by both volume and price changes.
In the US, natural gas sales increased by $44 million primarily due to higher commodity prices despite lower sales volumes.
Lower volumes were the result of several factors including hurricane-related production shut-ins in the deepwater Gulf of Mexico from Hurricanes Gustav and Ike, reduction for shrink gas associated with the natural gas liquids being reported separately, and declining production in the Gulf Coast onshore and Mid-continent areas of our US operations.
The volume decline was offset by a successful drilling program in the Piceance basin along with less severe winter weather in the Rocky Mountain area of our US operations.
Internationally, West Africa gas sales increased by $6 million from the previous year.
Natural gas volumes were higher due to increased sales of natural gas from the Alba field in Equatorial Guinea;
WESTROCK COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ?
(Continued) 102 At September 30, 2018 and September 30, 2017, gross net operating losses for foreign reporting purposes of approximately $698.4 million and $ 673.7 million, respectively, were available for carryforward.
A majority of these loss carryforwards generally expire between fiscal 2020 and 2038, while a portion have an indefinite carryforward.
The tax effected values of these net operating losses are $185.8 million and $182.6 million at September 30, 2018 and 2017, respectively, exclusive of valuation allowances of $161.5 million and $149.6 million at September 30, 2018 and 2017, respectively.
At September 30, 2018 and 2017, we had state tax credit carryforwards of $64.8 million and $54.4 million, respectively.
These state tax credit carryforwards generally expire within 5 to 10 years; however, certain state credits can be carried forward indefinitely.
Valuation allowances of $56.1 million and $47.3 million at September 30, 2018 and 2017, respectively, have been provided on these assets.
These valuation allowances have been recorded due to uncertainty regarding our ability to generate sufficient taxable income in the appropriate taxing jurisdiction.
The following table represents a summary of the valuation allowances against deferred tax assets for fiscal 2018, 2017 and 2016 (in millions):
## Table 2 ##
(1) Amounts in fiscal 2018 and 2017 relate to the MPS Acquisition.
Adjustments in fiscal 2016 relate to the Combination and the SP Fiber Acquisition.
Consistent with prior years, we consider a portion of our earnings from certain foreign subsidiaries as subject to repatriation and we provide for taxes accordingly.
However, we consider the unremitted earnings and all other outside basis differences from all other foreign subsidiaries to be indefinitely reinvested.
Accordingly, we have not provided for any taxes that would be due.
As of September 30, 2018, we estimate our outside basis difference in foreign subsidiaries that are considered indefinitely reinvested to be approximately $1.5 billion.
The components of the outside basis difference are comprised of purchase accounting adjustments, undistributed earnings, and equity components.
Except for the portion of our earnings from certain foreign subsidiaries where we provided for taxes, we have not provided for any taxes that would be due upon the reversal of the outside basis differences.
However, in the event of a distribution in the form of dividends or dispositions of the subsidiaries, we may be subject to incremental U. S.  income taxes, subject to an adjustment for foreign tax credits, and withholding taxes or income taxes payable to the foreign jurisdictions.
As of September 30, 2018, the determination of the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the Transition Tax and additional outside basis differences is not practicable.

<table><tr><td>For the years ended December 31,</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>In thousands of dollars</td><td></td><td></td><td></td></tr><tr><td>Long-term debt and lease obligations</td><td>$81,203</td><td>$85,543</td><td>$91,144</td></tr><tr><td>Short-term debt</td><td>23,084</td><td>17,051</td><td>8,676</td></tr><tr><td>Capitalized interest</td><td>-5,778</td><td>-7,814</td><td>-2,116</td></tr><tr><td>Interest expense, gross</td><td>98,509</td><td>94,780</td><td>97,704</td></tr><tr><td>Interest income</td><td>-2,940</td><td>-2,597</td><td>-1,270</td></tr><tr><td>Interest expense, net</td><td>$95,569</td><td>$92,183</td><td>$96,434</td></tr></table>
<table><tr><td></td><td colspan="4">Commodity Price Increase (Decrease)</td></tr><tr><td></td><td>Crude Oil & Condensate</td><td>Natural Gas</td><td>Crude Oil & Condensate</td><td>Natural Gas</td></tr><tr><td></td><td colspan="2">2009</td><td colspan="2">2008</td></tr><tr><td></td><td>(Per Bbl)</td><td>(Per Mcf)</td><td>(Per Bbl)</td><td>(Per Mcf)</td></tr><tr><td>Year Ended December 31,</td><td></td><td></td><td></td><td></td></tr><tr><td>United States</td><td>$12.26</td><td>$1.73</td><td>$-3.85</td><td>$-0.07</td></tr><tr><td>Equatorial Guinea</td><td>15.36</td><td>-</td><td>-2.97</td><td>-</td></tr><tr><td>Total Consolidated Operations</td><td>10.86</td><td>0.91</td><td>-2.85</td><td>-0.04</td></tr><tr><td>Total</td><td>10.55</td><td>0.91</td><td>-2.77</td><td>-0.04</td></tr></table>
<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Balance at beginning of fiscal year</td><td>$219.1</td><td>$177.2</td><td>$100.2</td></tr><tr><td>Increases</td><td>50.8</td><td>54.3</td><td>24.8</td></tr><tr><td>Allowances related to purchase accounting<sup>-1</sup></td><td>0.1</td><td>12.4</td><td>63.0</td></tr><tr><td>Reductions</td><td>-40.6</td><td>-24.8</td><td>-10.8</td></tr><tr><td>Balance at end of fiscal year</td><td>$229.4</td><td>$219.1</td><td>$177.2</td></tr></table>

Question: by what percent did the balance of deferred tax assets increase between 2016 and 2018?
Answer: 0.29458