Investing Activities For the year ended 30 September 2016, cash used for investing activities was $972.0, driven by capital expenditures for plant and equipment of $1,055.8.
Proceeds from the sale of assets and investments of $85.5 was primarily driven by the receipt of $30.0 for our rights to a corporate aircraft that was under construction, $15.9 for the sale of our 20% equity investment in Daido Air Products Electronics, Inc. , and $14.9 for the sale of a wholly owned subsidiary located in Wuhu, China.
For the year ended 30 September 2015, cash used for investing activities was $1,250.5, primarily capital expenditures for plant and equipment.
On 30 December 2014, we acquired our partner’s equity ownership interest in a liquefied atmospheric industrial gases production joint venture in North America which increased our ownership from 50% to 100%.
Refer to Note 6, Business Combination, to the consolidated financial statements for additional information.
For the year ended 30 September 2014, cash used for investing activities was $1,316.5, primarily capital expenditures for plant and equipment.
Refer to the Capital Expenditures section below for additional detail.
Capital Expenditures Capital expenditures are detailed in the following table:
## Table 0 ##
(A) We utilize a non-GAAP measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests.
Certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases, and such spending is reflected as a use of cash within cash provided by operating activities, if the arrangement qualifies as a capital lease.
Additionally, the purchase of subsidiary shares from noncontrolling interests is accounted for as a financing activity in the statement of cash flows.
The presentation of this non-GAAP measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures.
Capital expenditures on a GAAP basis in 2016 totaled $1,055.8, compared to $1,265.6 in 2015.
The decrease of $209.8 was primarily due to the completion of major projects in 2016 and 2015.
Additions to plant and equipment also included support capital of a routine, ongoing nature, including expenditures for distribution equipment and facility improvements.
Spending in 2016 and 2015 included plant and equipment constructed to provide oxygen for coal gasification in China, hydrogen to the global market, oxygen to the steel industry, nitrogen to the electronic semiconductor industry, and capacity expansion for the Materials Technologies segment.
Capital expenditures on a non-GAAP basis in 2016 totaled $1,083.0 compared to $1,678.4 in 2015.
The decrease of $595.4 was primarily due to the prior year purchase of the 30.5% equity interest in our Indura S. A.  subsidiary from the largest minority shareholder for $277.9.
Refer to Note 21, Noncontrolling Interests, to the consolidated financial statements for additional details.
Additionally, capital lease expenditures of $27.2, decreased by $68.4, reflecting lower project spending.
On 19 April 2015, a joint venture between Air Products and ACWA Holding entered into a 20-year oxygen and nitrogen supply agreement to supply Saudi Aramco’s oil refinery and power plant being built in Jazan, Saudi Arabia.
Air Products owns 25% of the joint venture.
During 2016 and 2015, we recorded noncash transactions which resulted in an increase of $26.9 and $67.5, respectively, to our investment in net assets of and advances to equity affiliates for our obligation to invest in the joint venture.
These noncash transactions have been excluded from the consolidated statements of cash flows.
In total, we expect to invest approximately $100 in this joint venture.
Air Products has also entered into a sale of equipment contract with the joint venture to engineer, procure, and construct the industrial gas facilities that will supply the gases to Saudi Aramco.
Notes to the Financial Statements — Continued Net Periodic Benefit Cost The components of the Companies’ net periodic benefit costs for 2012, 2011, and 2010 were as follows:
## Table 1 ##
* Relates to an increase in CECONY’s pension obligation of $45 million from a 1999 special retirement program.
Funded Status The funded status at December 31, 2012, 2011, and 2010 was as follows:
## Table 2 ##
The increase in the pension plan’s projected benefit obligation was a primary driver in the increased pension liability at Con Edison and CECONY of $246 million and $238 million, respectively, compared with December 31, 2011.
For Con Edison, this increase in pension liability resulted in an increase to regulatory assets of $233 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations and a debit to OCI of $1 million (net of taxes) for the unrecognized net losses and unrecognized prior service costs associated with the competitive energy businesses and O&R’s New Jersey and Pennsylvania utility subsidiaries.
Notes to the Financial Statements — Continued As of December 31, 2012, Con Edison had 1,147 contracts, including 581 CECONY contracts, which were considered to be derivatives under the accounting rules for derivatives and hedging (excluding qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts).
The following table presents the number of contracts by commodity type:
## Table 3 ##
(a) Qualifying derivative contracts, which have been designated as normal purchases or normal sales contracts, are not reported at fair value under the accounting rules for derivatives and hedging and, therefore, are excluded from the table.
(b) Volumes are reported net of long and short positions.
The Companies also enter into electric congestion and gas basis swap contracts to hedge the congestion and transportation charges which are associated with electric and gas contracts and hedged volumes.
The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statement of cash flows.
Most derivative instrument contracts contain provisions that may require the Companies to provide collateral on derivative instruments in net liability positions.
The amount of collateral to be provided will depend on the fair value of the derivative instruments and the Companies’ credit ratings.
The aggregate fair value of all derivative instruments with creditrisk-related contingent features that are in a net liability position and collateral posted at December 31, 2012, and the additional collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade were:
## Table 4 ##
(a) Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, which have been designated as normal purchases or normal sales, are excluded from the table.
These transactions primarily include purchases of electricity from independent system operators.
In the event the Utilities and Con Edison’s competitive energy businesses were no longer extended unsecured credit for such purchases, the Companies would be required to post collateral, which at December 31, 2012, would have amounted to an estimated $24 million for Con Edison, including $10 million for CECONY.
For certain other such non-derivative transactions, the Companies could be required to post collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity.
(b) The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liabilities position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security.
The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right of setoff.
(c) Derivative instruments that are net assets have been excluded from the table.
At December 31, 2012, if Con Edison had been downgraded to below investment grade, it would have been required to post additional collateral for such derivative instruments of $24 million, including $1 million for CECONY.
Interest Rate Swap O&R has an interest rate swap pursuant to which it pays a fixed-rate of 6.09 percent and receives a LIBOR-based variable rate.
The fair value of this interest rate swap at December 31, 2012 was an unrealized loss of $6 million, which has been included in Con Edison’s consolidated balance sheet as a noncurrent liability/fair value of derivative liabilities and a regulatory asset.
The increase in the fair value of the swap for the year ended December 31, 2012 was $2 million.
In the event O&R’s credit rating was downgraded to BBB- or lower by S&P or Baa3 or lower by Moody’s, the swap counterparty could elect to terminate the agreement and, if it did so, the parties would then be required to settle the transaction.
Notes to the Financial Statements — Continued 2012, 2011, and 2010, respectively.
The AFDC rates for O&R were 7.0 percent, 6.6 percent and 5.8 percent for 2012, 2011, and 2010, respectively.
The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors.
The average depreciation rate for CECONY was 3.1 percent for 2012, 2011, and 2010.
The average depreciation rate for O&R was 2.9 percent for 2012 and 2.8 percent for 2011 and 2010.
The estimated lives for utility plant for CECONY range from 5 to 80 years for electric, 5 to 85 years for gas, 5 to 70 years for steam and 5 to 50 years for general plant.
For O&R, the estimated lives for utility plant range from 5 to 75 years for electric, 5 to 75 years for gas and 5 to 50 years for general plant.
At December 31, 2012 and 2011, the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, was as follows:

<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Additions to plant and equipment</td><td>$1,055.8</td><td>$1,265.6</td><td>$1,362.7</td></tr><tr><td>Acquisitions, less cash acquired</td><td>—</td><td>34.5</td><td>—</td></tr><tr><td>Investments in and advances to unconsolidated affiliates</td><td>—</td><td>4.3</td><td>-2.0</td></tr><tr><td>Capital Expenditures on a GAAP Basis</td><td>$1,055.8</td><td>$1,304.4</td><td>$1,360.7</td></tr><tr><td>Capital lease expenditures<sup>(A)</sup></td><td>27.2</td><td>95.6</td><td>202.4</td></tr><tr><td>Purchase of noncontrolling interests in a subsidiary<sup>(A)</sup></td><td>—</td><td>278.4</td><td>.5</td></tr><tr><td>Capital Expenditures on a Non-GAAP Basis</td><td>$1,083.0</td><td>$1,678.4</td><td>$1,563.6</td></tr></table>
<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td> (Millions of Dollars)</td><td>2012</td><td>2011</td><td>2010</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Service cost – including administrative expenses</td><td>$237</td><td>$190</td><td>$168</td><td>$220</td><td>$177</td><td>$157</td></tr><tr><td>Interest cost on projected benefit obligation</td><td>547</td><td>560</td><td>556</td><td>513</td><td>524</td><td>521</td></tr><tr><td>Expected return on plan assets</td><td>-705</td><td>-734</td><td>-704</td><td>-670</td><td>-698</td><td>-670</td></tr><tr><td>Recognition of net actuarial loss</td><td>709</td><td>530</td><td>425</td><td>670</td><td>501</td><td>401</td></tr><tr><td>Recognition of prior service costs</td><td>8</td><td>8</td><td>8</td><td>6</td><td>6</td><td>6</td></tr><tr><td>NET PERIODIC BENEFIT COST</td><td>$796</td><td>$554</td><td>$453</td><td>$739</td><td>$510</td><td>$415</td></tr><tr><td>Amortization of regulatory asset*</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>TOTAL PERIODIC BENEFIT COST</td><td>$798</td><td>$556</td><td>$455</td><td>$741</td><td>$512</td><td>$417</td></tr><tr><td>Cost capitalized</td><td>-277</td><td>-185</td><td>-157</td><td>-260</td><td>-172</td><td>-146</td></tr><tr><td>Reconciliation to rate level</td><td>-8</td><td>-65</td><td>-115</td><td>-12</td><td>-68</td><td>-113</td></tr><tr><td>Cost charged to operating expenses</td><td>$513</td><td>$306</td><td>$183</td><td>$469</td><td>$272</td><td>$158</td></tr></table>
<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td> (Millions of Dollars)</td><td>2012</td><td>2011</td><td>2010</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>CHANGE IN PROJECTED BENEFIT OBLIGATION</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Projected benefit obligation at beginning of year</td><td>$11,825</td><td>$10,307</td><td>$9,408</td><td>$11,072</td><td>$9,653</td><td>$8,803</td></tr><tr><td>Service cost – excluding administrative expenses</td><td>224</td><td>186</td><td>160</td><td>209</td><td>174</td><td>149</td></tr><tr><td>Interest cost on projected benefit obligation</td><td>547</td><td>560</td><td>556</td><td>513</td><td>524</td><td>521</td></tr><tr><td>Plan amendments</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net actuarial loss</td><td>1,323</td><td>1,251</td><td>636</td><td>1,255</td><td>1,166</td><td>607</td></tr><tr><td>Benefits paid</td><td>-513</td><td>-479</td><td>-459</td><td>-477</td><td>-445</td><td>-427</td></tr><tr><td>PROJECTED BENEFIT OBLIGATION AT END OF YEAR</td><td>$13,406</td><td>$11,825</td><td>$10,307</td><td>$12,572</td><td>$11,072</td><td>$9,653</td></tr><tr><td>CHANGE IN PLAN ASSETS</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value of plan assets at beginning of year</td><td>$7,800</td><td>$7,721</td><td>$6,877</td><td>$7,406</td><td>$7,340</td><td>$6,544</td></tr><tr><td>Actual return on plan assets</td><td>1,094</td><td>37</td><td>888</td><td>1,040</td><td>33</td><td>846</td></tr><tr><td>Employer contributions</td><td>785</td><td>542</td><td>443</td><td>729</td><td>498</td><td>404</td></tr><tr><td>Benefits paid</td><td>-513</td><td>-479</td><td>-459</td><td>-477</td><td>-445</td><td>-427</td></tr><tr><td>Administrative expenses</td><td>-31</td><td>-21</td><td>-28</td><td>-30</td><td>-20</td><td>-27</td></tr><tr><td>FAIR VALUE OF PLAN ASSETS AT END OF YEAR</td><td>$9,135</td><td>$7,800</td><td>$7,721</td><td>$8,668</td><td>$7,406</td><td>$7,340</td></tr><tr><td>FUNDED STATUS</td><td>$-4,271</td><td>$-4,025</td><td>$-2,586</td><td>$-3,904</td><td>$-3,666</td><td>$-2,313</td></tr><tr><td>Unrecognized net loss</td><td>$5,594</td><td>$5,351</td><td>$3,915</td><td>$5,297</td><td>$5,063</td><td>$3,716</td></tr><tr><td>Unrecognized prior service costs</td><td>23</td><td>30</td><td>38</td><td>10</td><td>16</td><td>22</td></tr><tr><td>Accumulated benefit obligation</td><td>11,911</td><td>10,595</td><td>9,319</td><td>11,116</td><td>9,876</td><td>8,694</td></tr></table>
<table><tr><td></td><td colspan="3"> Electric Derivatives</td><td></td><td colspan="3"> Gas Derivatives</td></tr><tr><td></td><td> Number of Energy Contracts(a)</td><td> MWHs(b)</td><td> Number of Capacity Contracts(a)</td><td> MWs(b)</td><td> Number of Contracts(a)</td><td> Dths(b)</td><td> Total Number Of Contracts(a)</td></tr><tr><td>Con Edison</td><td>496</td><td>15,761,464</td><td>59</td><td>11,668</td><td>592</td><td>84,706,809</td><td>1,147</td></tr><tr><td>CECONY</td><td>97</td><td>3,565,325</td><td>-</td><td>-</td><td>484</td><td>79,460,000</td><td>581</td></tr></table>
<table><tr><td> (Millions of Dollars)</td><td> Con Edison(a)</td><td> CECONY(a)</td></tr><tr><td>Aggregate fair value – net liabilities</td><td>$52</td><td>$39</td></tr><tr><td>Collateral posted</td><td>$-</td><td>$-</td></tr><tr><td>Additional collateral<sup>(b)</sup>(downgrade one level from current ratings)</td><td>$4</td><td>$4</td></tr><tr><td>Additionalcollateral<sup>(b)</sup>(downgrade to below investmentgrade from current ratings)</td><td>$77(c)</td><td>$43(c)</td></tr></table>

Question: In the year with the most Projected benefit obligation at beginning of year, what is the growth rate of Service cost – excluding administrative expenses for Con Edison?
Answer: 0.16964