The tax rate for fiscal 2019 was below the U. S.  statutory tax rate of 21% partially due to lower statutory tax rates applicable to our operations in the foreign jurisdictions from which we earn income and tax incentives such as the foreign derived intangible income deduction and research and development tax credits.
These items are partially offset by the global intangible low-tax income (GILTI) tax.
The tax rate for f fiscal 2019 includes a $17.2 million tax benefit from a voluntary accounting policy change in the statutory statements of a foreign f subsidiary, an $11.2 million tax benefit from an increase in tax credits upon filing our fiscal 2018 federal income tax return and excess tax benefits from stock-based compensation payments of $28.7 million.
Similarly, our tax rate for fiscal 2018 was below our then blended U. S.  federal statutory tax rate of 23.4%, primarily due to lower statutory tax rates applicable to our operations in the foreign jurisdictions in which we earn income and $25.6 million of tax benefit related to the release of uncertain tax positions due to laapses in statute of limitations.
In addition, our effective tax rate for fiscal f 2018 includes a provisional estimate for f a discrete tax benefit of $637.0 million from remeasuring our U. S.  deferred tax assets and liaabilities at the lower 21.0% U. S.  federal statutory tax rate and a provisional estimate of $691.0 million for the discrete tax charge from the Tax Legislation’s one-time transition tax associated with our undistributed foreign earnings, which is comprised of a $755.0 million transitional tax less a deferred tax liability of $64.0 million that was recorded in prior years and excess tax benefits from stock-based compensation payments of $26.2 million.
Non-U.
S.  jurisdictions accounted for approximately 75.9% of our total revenues for both fiscal 2019 and fiscal 2018.
This revenue generated outside of the U. S.  results in a material portion of our pretax income being taxed outside the U. S.  In fiscal 2019, this was primarily in Ireland and Singapore, at tax rates ranging from 12.5% to 17% and in fiscal 2018, this was primarily in Bermuda, Ireland and Singapore, at tax rates ranging from 0 to 33.3%.
The impact on our provision for income taxes on income earned in fforeign jurisdictions being taxed at rates different than the U. S.  federal statutory rate was a benefit of approximately $242.9 million and a fforeign effective tax rate of approximately 21.1% for fiscal 2019 as compared to a benefit of approximately $420.8 million and a fforeign effective tax rate of approximately 5.2% for fiscal 2018.
Our foreign effective tax rates for both periods are inclusive of certain non-deductible expenses which can result in tax rates higher than the applicable statutory tax rates.
In addition, our effective income tax rate can be impacted each year by amounts for discrete factors or events and acquisition-related accounting adjustments.
See Note 12, Income Taxes, of the Notes to Consolidated Financial Statements contained in Item 8 of this Annual Report on Form 10-K for further discussion.
Net Income
## Table 0 ##
(1) Balances have been restated to reflect the adoption of ASU 2014-09.
See Note 2a, Principles of Consolidation, in the Notes to Consolidated Financial Statements contained in Item 8 of this Annual Report on Form 10-K.
The decrease in net income in fiscal 2019 as compared to fiscal 2018 was a result of a $189.0 million decrease in operating income, partially offset by a $25.6 million decrease in provision for income taxes and a $19.4 million decrease in nonoperating expense.
The increase in net income in fiscal 2018 as compared to fiscal 2017 was a result of a $736.8 million increase in operating income, partially offset by a $19.0 million increase in provision for income taxes and a $16.3 increase in nonoperating expense.
The impact of inflation and foreign currency exchange rate movement on our results of operations during the past three fiscal years has not been significant.
Table XII Selected Quarterly Financial Data
## Table 1 ##
(1) Calculated as total net income for four consecutive quarters divided by annualized average assets for four consecutive quarters.
(2) Tangible equity ratios and tangible book value per share of common stock are non-GAAP financial measures.
For more information on these ratios, see Supplemental Financial Data on page 26, and for corresponding reconciliations to GAAP financial measures, see Statistical Table XVI.
(3) For more information on the impact of the PCI loan portfolio on asset quality, see Consumer Portfolio Credit Risk Management on page 55.
(4) Includes the allowance for loan and lease losses and the reserve for unfunded lending commitments.
(5) Balances and ratios do not include loans accounted for under the fair value option.
For additional exclusions from nonperforming loans, leases and foreclosed properties, see Consumer Portfolio Credit Risk Management – Nonperforming Consumer Loans, Leases and Foreclosed Properties Activity on page 63 and corresponding Table 30, and Commercial Portfolio Credit Risk Management – Nonperforming Commercial Loans, Leases and Foreclosed Properties Activity on page 69 and corresponding Table 37.
(6) Asset quality metrics as of December 31, 2016 include $243 million of non-U.
S.  credit card allowance for loan and lease losses and $9.2 billion of non-U.
S.  credit card loans, which are included in assets of business held for sale on the Consolidated Balance Sheet at December 31, 2016.
(7) Primarily includes amounts allocated to the U. S.  credit card and unsecured consumer lending portfolios in Consumer Banking, PCI loans and the non-U.
S.  credit card portfolio in All Other.
(8) Net charge-offs exclude $70 million, $83 million, $82 million and $105 million of write-offs in the PCI loan portfolio in the fourth, third, second and first quarters of 2016, respectively, and $82 million, $148 million, $290 million and $288 million in the fourth, third, second and first quarters of 2015, respectively.
For more information on PCI write-offs, see Consumer Portfolio Credit Risk Management – Purchased Credit-impaired Loan Portfolio on page 61.
(9) Risk-based capital ratios are reported under Basel 3 Advanced - Transition beginning in the fourth quarter of 2015.
Prior to fourth quarter of 2015, we were required to report risk-based capital ratios under Basel 3 Standardized - Transition only.
For additional information, see Capital Management on page 44.
FUTURE MINIMUM LEASE OBLIGATIONS
## Table 2 ##
(1) Excludes taxes, insurance and other costs payable directly by us.
These costs vary from year to year and are incurred in the ordinary course of business.
We did not enter into any sale-leaseback transactions in fiscal 2010 or fiscal 2008.
We completed sale-leaseback transactions involving two superstores valued at approximately $31.3 million in fiscal 2009.
All sale-leaseback transactions are structured at competitive rates.
Gains or losses on sale-leaseback transactions are recorded as deferred rent and amortized over the lease term.
Other than occupancy, we do not have continuing involvement under the sale-leaseback transactions.
In conjunction with certain sale-leaseback transactions, we must meet financial covenants relating to minimum tangible net worth and minimum coverage of rent expense.
We were in compliance with all such covenants as of February 28, 2010.15.
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (A) Goodwill and Other Intangibles Other assets included goodwill and other intangibles with a carrying value of $10.1 million as of February 28, 2010, and February 28, 2009.
No impairment of goodwill or intangible assets resulted from our annual impairment tests in fiscal 2010, fiscal 2009 or fiscal 2008.
(B) Restricted Investments Restricted investments, included in other assets, consisted of $30.7 million in money market securities as of February 28, 2010, and $28.5 million in money market securities and $2.2 million in other debt securities as of February 28, 2009.
For fiscal 2010, proceeds from the sales of other debt securities totaled $2.2 million.
For fiscal 2009, there were no proceeds from the sales of other debt securities.
Due to the short-term nature and/or variable rates associated with these financial instruments, the carrying value approximates fair value.
(C) Other Accrued Expenses As of February 28, 2010 and 2009, accrued expenses and other current liabilities included accrued compensation and benefits of $62.1 million and $24.3 million, respectively, and loss reserves for general liability and workers’ compensation insurance of $23.9 million and $22.2 million, respectively.
(D) Advertising Expense SG&A expenses included advertising expense of $75.1 million in fiscal 2010, $101.5 million in fiscal 2009 and $108.8 million in fiscal 2008.
Advertising expenses were 1.0% of net sales and operating revenues for fiscal 2010, 1.5% for fiscal 2009 and 1.3% for fiscal year 2008.16.
CONTINGENT LIABILITIES (A) Litigation On April 2, 2008, Mr.  John Fowler filed a putative class action lawsuit against CarMax Auto Superstores California, LLC and CarMax Auto Superstores West Coast, Inc.  in the Superior Court of California, County of Los Angeles.
Subsequently, two other lawsuits, Leena Areso et al.
v.  CarMax Auto Superstores California, LLC and Justin Weaver v.  CarMax Auto Superstores California, LLC, were consolidated as part of the Fowler case.
The allegations
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES Selected cash flows for the years ended December 31, 2014, 2013, and 2012 are as follows (in millions):

<table><tr><td></td><td></td><td></td><td></td><td colspan="4">Change</td><td></td></tr><tr><td></td><td colspan="3">Fiscal Year</td><td></td><td></td><td colspan="2">2019 over 2018</td><td>2018 over 2017</td></tr><tr><td></td><td>2019</td><td>2018 -1</td><td>2017 -1</td><td>$ Change</td><td>% Change</td><td>$ Change</td><td>% Change</td><td></td></tr><tr><td>Net income</td><td>$1,363,011</td><td>$1,506,980</td><td>$805,379</td><td>$-143,969</td><td>-10%</td><td>$701,601</td><td>87%</td><td></td></tr><tr><td>Net income, as a % of revenue</td><td>22.8%</td><td>24.2%</td><td>15.4%</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Diluted EPS</td><td>$3.65</td><td>$4.00</td><td>$2.29</td><td>$-0.35</td><td>-9%</td><td>$1.71</td><td>75%</td><td></td></tr></table>
<table><tr><td></td><td colspan="4">2016 Quarters</td><td colspan="4">2015 Quarters</td></tr><tr><td>(In millions, except per share information)</td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td></tr><tr><td>Income statement</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest income</td><td>$10,292</td><td>$10,201</td><td>$10,118</td><td>$10,485</td><td>$9,686</td><td>$9,900</td><td>$9,517</td><td>$9,855</td></tr><tr><td>Noninterest income</td><td>9,698</td><td>11,434</td><td>11,168</td><td>10,305</td><td>9,896</td><td>11,092</td><td>11,523</td><td>11,496</td></tr><tr><td>Total revenue, net of interest expense</td><td>19,990</td><td>21,635</td><td>21,286</td><td>20,790</td><td>19,582</td><td>20,992</td><td>21,040</td><td>21,351</td></tr><tr><td>Provision for credit losses</td><td>774</td><td>850</td><td>976</td><td>997</td><td>810</td><td>806</td><td>780</td><td>765</td></tr><tr><td>Noninterest expense</td><td>13,161</td><td>13,481</td><td>13,493</td><td>14,816</td><td>14,010</td><td>13,939</td><td>13,959</td><td>15,826</td></tr><tr><td>Income before income taxes</td><td>6,055</td><td>7,304</td><td>6,817</td><td>4,977</td><td>4,762</td><td>6,247</td><td>6,301</td><td>4,760</td></tr><tr><td>Income tax expense</td><td>1,359</td><td>2,349</td><td>2,034</td><td>1,505</td><td>1,478</td><td>1,628</td><td>1,736</td><td>1,392</td></tr><tr><td>Net income</td><td>4,696</td><td>4,955</td><td>4,783</td><td>3,472</td><td>3,284</td><td>4,619</td><td>4,565</td><td>3,368</td></tr><tr><td>Net income applicable to common shareholders</td><td>4,335</td><td>4,452</td><td>4,422</td><td>3,015</td><td>2,954</td><td>4,178</td><td>4,235</td><td>2,986</td></tr><tr><td>Average common shares issued and outstanding</td><td>10,170</td><td>10,250</td><td>10,328</td><td>10,370</td><td>10,399</td><td>10,444</td><td>10,488</td><td>10,519</td></tr><tr><td>Average diluted common shares issued and outstanding</td><td>10,959</td><td>11,000</td><td>11,059</td><td>11,100</td><td>11,153</td><td>11,197</td><td>11,238</td><td>11,267</td></tr><tr><td>Performance ratios</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average assets</td><td>0.85%</td><td>0.90%</td><td>0.88%</td><td>0.64%</td><td>0.60%</td><td>0.84%</td><td>0.85%</td><td>0.64%</td></tr><tr><td>Four quarter trailing return on average assets<sup>-1</sup></td><td>0.82</td><td>0.76</td><td>0.74</td><td>0.73</td><td>0.73</td><td>0.74</td><td>0.52</td><td>0.42</td></tr><tr><td>Return on average common shareholders’ equity</td><td>7.04</td><td>7.27</td><td>7.40</td><td>5.11</td><td>4.99</td><td>7.16</td><td>7.43</td><td>5.37</td></tr><tr><td>Return on average tangible common shareholders’ equity<sup>-2</sup></td><td>9.92</td><td>10.28</td><td>10.54</td><td>7.33</td><td>7.19</td><td>10.40</td><td>10.85</td><td>7.91</td></tr><tr><td>Return on average shareholders' equity</td><td>6.91</td><td>7.33</td><td>7.25</td><td>5.36</td><td>5.07</td><td>7.22</td><td>7.29</td><td>5.55</td></tr><tr><td>Return on average tangible shareholders’ equity<sup>-2</sup></td><td>9.38</td><td>9.98</td><td>9.93</td><td>7.40</td><td>7.04</td><td>10.08</td><td>10.24</td><td>7.87</td></tr><tr><td>Total ending equity to total ending assets</td><td>12.20</td><td>12.30</td><td>12.23</td><td>12.03</td><td>11.95</td><td>11.88</td><td>11.70</td><td>11.68</td></tr><tr><td>Total average equity to total average assets</td><td>12.24</td><td>12.28</td><td>12.13</td><td>11.98</td><td>11.79</td><td>11.70</td><td>11.67</td><td>11.50</td></tr><tr><td>Dividend payout</td><td>17.68</td><td>17.32</td><td>11.73</td><td>17.13</td><td>17.57</td><td>12.48</td><td>12.36</td><td>17.62</td></tr><tr><td>Per common share data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earnings</td><td>$0.43</td><td>$0.43</td><td>$0.43</td><td>$0.29</td><td>$0.28</td><td>$0.40</td><td>$0.40</td><td>$0.28</td></tr><tr><td>Diluted earnings</td><td>0.40</td><td>0.41</td><td>0.41</td><td>0.28</td><td>0.27</td><td>0.38</td><td>0.38</td><td>0.27</td></tr><tr><td>Dividends paid</td><td>0.075</td><td>0.075</td><td>0.05</td><td>0.05</td><td>0.05</td><td>0.05</td><td>0.05</td><td>0.05</td></tr><tr><td>Book value</td><td>24.04</td><td>24.19</td><td>23.71</td><td>23.14</td><td>22.53</td><td>22.40</td><td>21.89</td><td>21.67</td></tr><tr><td>Tangible book value<sup>-2</sup></td><td>16.95</td><td>17.14</td><td>16.71</td><td>16.19</td><td>15.62</td><td>15.50</td><td>15.00</td><td>14.80</td></tr><tr><td>Market price per share of common stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Closing</td><td>$22.10</td><td>$15.65</td><td>$13.27</td><td>$13.52</td><td>$16.83</td><td>$15.58</td><td>$17.02</td><td>$15.39</td></tr><tr><td>High closing</td><td>23.16</td><td>16.19</td><td>15.11</td><td>16.43</td><td>17.95</td><td>18.45</td><td>17.67</td><td>17.90</td></tr><tr><td>Low closing</td><td>15.63</td><td>12.74</td><td>12.18</td><td>11.16</td><td>15.38</td><td>15.26</td><td>15.41</td><td>15.15</td></tr><tr><td>Market capitalization</td><td>$222,163</td><td>$158,438</td><td>$135,577</td><td>$139,427</td><td>$174,700</td><td>$162,457</td><td>$178,231</td><td>$161,909</td></tr></table>
<table><tr><td></td><td colspan="2">As of February 28, 2010</td></tr><tr><td>(In thousands)</td><td>Capital Leases -1</td><td>Operating Lease Commitments-1</td></tr><tr><td>Fiscal 2011</td><td>$3,608</td><td>$82,832</td></tr><tr><td>Fiscal 2012</td><td>3,608</td><td>82,788</td></tr><tr><td>Fiscal 2013</td><td>3,608</td><td>82,688</td></tr><tr><td>Fiscal 2014</td><td>3,643</td><td>83,026</td></tr><tr><td>Fiscal 2015</td><td>3,884</td><td>83,041</td></tr><tr><td>Fiscal 2016 and thereafter</td><td>37,056</td><td>557,452</td></tr><tr><td>Total minimum lease payments</td><td>55,407</td><td>$971,827</td></tr><tr><td>Less amounts representing interest</td><td>-27,319</td><td></td></tr><tr><td>Present value of net minimum capital lease payments</td><td>$28,088</td><td></td></tr></table>

Question: What's the growth rate of Net income of the Fourth Quarter in 2016?
Answer: 0.42996