debt issuances, and proceeds from the disposition of properties, if any.
Redevelopment Pipeline The Company defines redevelopment activities as existing properties owned or recently acquired, which have been targeted for additional investment by the Company with the expectation of increased financial returns through property improvement.
The Company’s redevelopment strategy strives to improve the financial and physical aspects of the Company’s redevelopment apartment communities and to target a 10 percent return on the incremental renovation investment.
Many of the Company’s properties are older and in excellent neighborhoods, providing lower density with large floor plans that represent attractive redevelopment opportunities.
During redevelopment, apartment units may not be available for rent and, as a result, may have less than stabilized operations.
As of December 31, 2007, the Company had thirteen major redevelopment communities aggregating 3,891 apartment units with estimated redevelopment costs of $135.6 million, of which approximately $74.6 million remains to be expended.
These amounts exclude redevelopment projects owned by Fund II.
Alternative Capital Sources Fund II has eight institutional investors, and the Company, with combined partner equity commitments of $265.9 million.
Essex has committed $75.0 million to Fund II, which represents a 28.2% interest as general partner and limited partner.
Fund II utilized debt as leverage equal to approximately 65% of the estimated value of the underlying real estate.
Fund II invested in apartment communities in the Company’s targeted West Coast markets and, as of December 31, 2007, owned eleven apartment communities and three development projects.
Essex records revenue for its asset management, property management, development and redevelopment services when earned, and promote income when realized if Fund II exceeds certain financial return benchmarks.
Contractual Obligations and Commercial Commitments The following table summarizes the maturation or due dates of our contractual obligations and other commitments at December 31, 2007, and the effect such obligations could have on our liquidity and cash flow in future periods:
## Table 0 ##
Variable Interest Entities In accordance with Financial Accounting Standards Board (FASB) Interpretation No.46 Revised (FIN 46R), “Consolidation of Variable Interest Entities, an Interpretation of ARB No.51”, the Company consolidates 19 DownREIT limited partnerships (comprising twelve properties), and an office building that is subject to loans made by the Company.
The Company consolidates these entities because it is deemed the primary beneficiary under FIN 46R.
The total assets and liabilities related to these variable interest entities (VIEs), net of intercompany eliminations, were approximately $222.7 million and $163.9 million as of December 31, 2007 and $178.3 million and $110.9 million as of December 31, 2006, respectively.
Interest holders in VIEs consolidated by the Company are allocated net income equal to the cash payments made to those interest holders for services rendered or distributions from cash flow.
The remaining results of operations are generally allocated to the Company.
As of December 31, 2007 and 2006, the Company was involved with two VIEs, of which it is not deemed to be the primary beneficiary.
Total assets and liabilities of these entities were approximately $71.7 million and $78.5 million and $58.3 million and $58.4 million, as of December 31, 2007 and 2006, respectively.
The Company does not have a significant exposure to loss from its involvement with these unconsolidated VIEs.
Critical Accounting Policies and Estimates The preparation of consolidated financial statements, in accordance with U. S.  generally accepted accounting
METLIFE, INC.  CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004 (In millions)
## Table 1 ##
See accompanying notes to consolidated financial statements.
default for unsecured financing arrangements, including, among other things, limitations on consolidations, mergers and sales of assets.
Financial covenants under the 2018, 2016 and 2014 Credit Agreements include a consolidated indebtedness to consolidated EBITDA ratio of no greater than 5.0 to 1.0 through June 30, 2017, and no greater than 4.5 to 1.0 thereafter.
If our credit rating falls below investment grade, additional restrictions would result, including restrictions on investments and payment of dividends.
We were in compliance with all covenants under the 2018, 2016 and 2014 Credit Agreements as of December 31, 2018.
As of December 31, 2018, there were no borrowings outstanding under the Multicurrency Revolving Facility.
We may, at our option, redeem our senior notes, in whole or in part, at any time upon payment of the principal, any applicable make-whole premium, and accrued and unpaid interest to the date of redemption, except that the Floating Rate Notes due 2021 may not be redeemed until on or after March 20, 2019 and such notes do not have any applicable make-whole premium.
In addition, we may redeem, at our option, the 2.700% Senior Notes due 2020, the 3.375% Senior Notes due 2021, the 3.150% Senior Notes due 2022, the 3.700% Senior Notes due 2023, the 3.550% Senior Notes due 2025, the 4.250% Senior Notes due 2035 and the 4.450% Senior Notes due 2045 without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date.
The estimated fair value of our senior notes as of December 31, 2018, based on quoted prices for the specific securities from transactions in over-the-counter markets (Level 2), was $7,798.9 million.
The estimated fair value of Japan Term Loan A and Japan Term Loan B, in the aggregate, as of December 31, 2018, based upon publicly available market yield curves and the terms of the debt (Level 2), was $294.7 million.
The carrying values of U. S.  Term Loan B and U. S.  Term Loan C approximate fair value as they bear interest at short-term variable market rates.
We entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed-rate obligations on our senior notes due 2019 and 2021.
These fair value hedges were settled in 2016.
In 2016, we entered into various variable-to-fixed interest rate swap agreements that were accounted for as cash flow hedges of U. S.  Term Loan B.
In 2018, we entered into cross-currency interest rate swaps that we designated as net investment hedges.
The excluded component of these net investment hedges is recorded in interest expense, net.
See Note 13 for additional information regarding our interest rate swap agreements.
We also have available uncommitted credit facilities totaling $55.0 million.
At December 31, 2018 and 2017, the weighted average interest rate for our borrowings was 3.1 percent and 2.9 percent, respectively.
We paid $282.8 million, $317.5 million, and $363.1 million in interest during 2018, 2017, and 2016, respectively.12.
Accumulated Other Comprehensive (Loss) Income AOCI refers to certain gains and losses that under GAAP are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity.
Amounts in AOCI may be reclassified to net earnings upon the occurrence of certain events.
Our AOCI is comprised of foreign currency translation adjustments, including unrealized gains and losses on net investment hedges, unrealized gains and losses on cash flow hedges, and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on our defined benefit plans.
Foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity.
Unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings.
Amounts related to defined benefit plans that are in AOCI are reclassified over the service periods of employees in the plan.
See Note 14 for more information on our defined benefit plans.
The following table shows the changes in the components of AOCI, net of tax (in millions):
## Table 2 ##
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (COMBINED FOR CON EDISON AND CON EDISON OF NEW YORK)–CONTINUED Con Edison of New York Electric Con Edison of New York’s electric sales and deliveries, excluding off-system sales, in 2005 compared with 2004 were:
## Table 3 ##
Con Edison of New York’s electric operating revenues were $830 million higher in 2005 than in 2004, due primarily to increased recoverable purchased power and fuel costs ($405 million), warmer summer weather and sales growth ($119 million), the electric rate plan that took effect in April 2005 ($282 million), the charge in 2004 to resolve certain issues relating primarily to the treatment of prior period pension credits ($100 million) and recovery of costs relating to the East River Repowering Project ($54 million), offset in part by lower revenue taxes ($76 million; see “State Income Tax” in Note A to the financial statements), and provision for refund to customers of shared earnings above the target level ($53 million).
Electric sales and delivery volumes in Con Edison of New York’s service area increased 4.7 percent in 2005 compared with 2004, primarily reflecting warmer weather in the 2005 summer period compared with 2004 weather, growth in usage by existing customers and increased new business.
After adjusting for variations, principally weather and billing days in each period, electric sales and delivery volumes in Con Edison of New York’s service area increased 2.4 percent in 2005 compared with 2004.
Con Edison of New York’s electric purchased power costs increased $285 million in 2005 compared with 2004 reflecting an increase in unit costs, partially offset by decreased purchased volumes associated with additional customers obtaining their energy supply through competitive providers.
Electric fuel costs increased $120 million, reflecting higher sendout volumes from the company’s generating facilities and an increase in unit costs.
Con Edison of New York’s electric operating income increased $133 million in 2005 compared with 2004.

<table><tr><td>(In thousands)</td><td>2008</td><td>2009 and 2010</td><td>2011 and 2012</td><td>Thereafter</td><td>Total</td></tr><tr><td>Mortgage notes payable</td><td>$116,357</td><td>$179,502</td><td>$198,728</td><td>$768,286</td><td>$1,262,873</td></tr><tr><td>Exchangeable bonds</td><td>-</td><td>-</td><td>-</td><td>225,000</td><td>225,000</td></tr><tr><td>Lines of credit</td><td>8,818</td><td>161,000</td><td>-</td><td>-</td><td>169,818</td></tr><tr><td>Interest on indebtedness</td><td>87,000</td><td>93,100</td><td>57,900</td><td>204,800</td><td>442,800</td></tr><tr><td>Development commitments</td><td>153,000</td><td>260,600</td><td>89,800</td><td>33,700</td><td>537,100</td></tr><tr><td>Redevelopment commitments</td><td>42,700</td><td>31,900</td><td>-</td><td>-</td><td>74,600</td></tr><tr><td>Essex Apartment Value Fund II, L.P.</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>capital commitment</td><td>13,383</td><td>-</td><td>-</td><td>-</td><td>13,383</td></tr><tr><td></td><td>$421,258</td><td>$726,102</td><td>$346,428</td><td>$1,231,786</td><td>$2,725,574</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="3">Accumulated Other Comprehensive Income</td><td></td></tr><tr><td></td><td> Preferred   Stock</td><td> Common   Stock</td><td>Additional Paid-in Capital</td><td>Retained Earnings</td><td>Treasury Stock at Cost</td><td>Net Unrealized Investment Gains (Losses)</td><td>Foreign Currency Translation Adjustment</td><td>Defined Benefit Plans Adjustment</td><td>Total</td></tr><tr><td>Balance at January 1, 2004</td><td>$—</td><td>$8</td><td>$14,991</td><td>$4,193</td><td>$-835</td><td>$2,972</td><td>$-52</td><td>$-128</td><td>$21,149</td></tr><tr><td>Treasury stock transactions, net</td><td></td><td></td><td>46</td><td></td><td>-950</td><td></td><td></td><td></td><td>-904</td></tr><tr><td>Dividends on common stock</td><td></td><td></td><td></td><td>-343</td><td></td><td></td><td></td><td></td><td>-343</td></tr><tr><td>Comprehensive income (loss):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td></td><td></td><td></td><td>2,758</td><td></td><td></td><td></td><td></td><td>2,758</td></tr><tr><td>Other comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized gains (losses) on derivative instruments, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td>-62</td><td></td><td></td><td>-62</td></tr><tr><td>Unrealized investment gains (losses), net of related offsets and income tax</td><td></td><td></td><td></td><td></td><td></td><td>-6</td><td></td><td></td><td>-6</td></tr><tr><td>Cumulative effect of a change in accounting, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td>90</td><td></td><td></td><td>90</td></tr><tr><td>Foreign currency translation adjustments, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td>144</td><td></td><td>144</td></tr><tr><td>Additional minimum pension liability adjustment, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-2</td><td>-2</td></tr><tr><td>Other comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>164</td></tr><tr><td>Comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2,922</td></tr><tr><td>Balance at December 31, 2004</td><td>—</td><td>8</td><td>15,037</td><td>6,608</td><td>-1,785</td><td>2,994</td><td>92</td><td>-130</td><td>22,824</td></tr><tr><td>Treasury stock transactions, net</td><td></td><td></td><td>58</td><td></td><td>99</td><td></td><td></td><td></td><td>157</td></tr><tr><td>Common stock issued in connection with acquisition</td><td></td><td></td><td>283</td><td></td><td>727</td><td></td><td></td><td></td><td>1,010</td></tr><tr><td>Issuance of preferred stock</td><td>1</td><td></td><td>2,042</td><td></td><td></td><td></td><td></td><td></td><td>2,043</td></tr><tr><td>Issuance of stock purchase contracts related to common equity units</td><td></td><td></td><td>-146</td><td></td><td></td><td></td><td></td><td></td><td>-146</td></tr><tr><td>Dividends on preferred stock</td><td></td><td></td><td></td><td>-63</td><td></td><td></td><td></td><td></td><td>-63</td></tr><tr><td>Dividends on common stock</td><td></td><td></td><td></td><td>-394</td><td></td><td></td><td></td><td></td><td>-394</td></tr><tr><td>Comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td></td><td></td><td></td><td>4,714</td><td></td><td></td><td></td><td></td><td>4,714</td></tr><tr><td>Other comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized gains (losses) on derivative instruments, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td>233</td><td></td><td></td><td>233</td></tr><tr><td>Unrealized investment gains (losses), net of related offsets and income tax</td><td></td><td></td><td></td><td></td><td></td><td>-1,285</td><td></td><td></td><td>-1,285</td></tr><tr><td>Foreign currency translation adjustments, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-81</td><td></td><td>-81</td></tr><tr><td>Additional minimum pension liability adjustment, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>89</td><td>89</td></tr><tr><td>Other comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-1,044</td></tr><tr><td>Comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>3,670</td></tr><tr><td>Balance at December 31, 2005</td><td>1</td><td>8</td><td>17,274</td><td>10,865</td><td>-959</td><td>1,942</td><td>11</td><td>-41</td><td>29,101</td></tr><tr><td>Treasury stock transactions, net</td><td></td><td></td><td>180</td><td></td><td>-398</td><td></td><td></td><td></td><td>-218</td></tr><tr><td>Dividends on preferred stock</td><td></td><td></td><td></td><td>-134</td><td></td><td></td><td></td><td></td><td>-134</td></tr><tr><td>Dividends on common stock</td><td></td><td></td><td></td><td>-450</td><td></td><td></td><td></td><td></td><td>-450</td></tr><tr><td>Comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td></td><td></td><td></td><td>6,293</td><td></td><td></td><td></td><td></td><td>6,293</td></tr><tr><td>Other comprehensive income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unrealized gains (losses) on derivative instruments, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td>-43</td><td></td><td></td><td>-43</td></tr><tr><td>Unrealized investment gains (losses), net of related offsets and income tax</td><td></td><td></td><td></td><td></td><td></td><td>-35</td><td></td><td></td><td>-35</td></tr><tr><td>Foreign currency translation adjustments, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td>46</td><td></td><td>46</td></tr><tr><td>Additional minimum pension liability adjustment, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-18</td><td>-18</td></tr><tr><td>Other comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-50</td></tr><tr><td>Comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>6,243</td></tr><tr><td>Adoption of SFAS 158, net of income tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-744</td><td>-744</td></tr><tr><td>Balance at December 31, 2006</td><td>$1</td><td>$8</td><td>$17,454</td><td>$16,574</td><td>$-1,357</td><td>$1,864</td><td>$57</td><td>$-803</td><td>$33,798</td></tr></table>
<table><tr><td></td><td>Foreign Currency Translation</td><td>Cash Flow Hedges</td><td>Defined Benefit Plan Items</td><td>Total AOCI</td></tr><tr><td>Balance December 31, 2017</td><td>$121.5</td><td>$-66.5</td><td>$-138.2</td><td>$-83.2</td></tr><tr><td>AOCI before reclassifications</td><td>-135.4</td><td>68.2</td><td>-29.7</td><td>-96.9</td></tr><tr><td>Reclassifications to retained earnings (Note 2)</td><td>-17.4</td><td>-4.4</td><td>-21.1</td><td>-42.9</td></tr><tr><td>Reclassifications</td><td>-</td><td>23.6</td><td>12.0</td><td>35.6</td></tr><tr><td>Balance December 31, 2018</td><td>$-31.3</td><td>$20.9</td><td>$-177.0</td><td>$-187.4</td></tr></table>
<table><tr><td></td><td colspan="4">Millions of kWhs Delivered</td><td colspan="4">Revenues in Millions</td></tr><tr><td></td><td colspan="2"> Twelve Months Ended</td><td colspan="2"></td><td colspan="2"> Twelve Months Ended</td><td colspan="2"></td></tr><tr><td> Description</td><td> December 31, 2005</td><td> December 31, 2004</td><td>Variation</td><td>Percent Variation</td><td> December 31, 2005</td><td> December 31, 2004</td><td>Variation</td><td>Percent Variation</td></tr><tr><td>Residential/Religious</td><td>13,690</td><td>12,673</td><td>1,017</td><td>8.0%</td><td>$2,884</td><td>$2,399</td><td>$485</td><td>20.2%</td></tr><tr><td>Commercial/Industrial</td><td>15,402</td><td>16,966</td><td>-1,564</td><td>-9.2</td><td>2,869</td><td>2,722</td><td>147</td><td>5.4</td></tr><tr><td>Retail access customers</td><td>16,848</td><td>14,143</td><td>2,705</td><td>19.1</td><td>679</td><td>699</td><td>-20</td><td>-2.9</td></tr><tr><td>NYPA, Municipal Agency and other sales</td><td>11,396</td><td>10,959</td><td>437</td><td>4.0</td><td>292</td><td>270</td><td>22</td><td>8.2</td></tr><tr><td>Other operating revenues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>224</td><td>28</td><td>196</td><td>Large</td></tr><tr><td> Total</td><td> 57,336</td><td> 54,741</td><td>2,595</td><td>4.7%</td><td>$6,948</td><td>$6,118</td><td>$830</td><td>13.6%</td></tr></table>

Question: What is the sum of the Unrealized gains (losses) on derivative instruments, net of income tax in the years where Net income greater than 4000?
Answer: 128.0