PART I ITEM 1.  BUSINESS Our Company Founded in 1886, American Water Works Company, Inc. , (the “Company,” “American Water” or “AWW”) is a Delaware holding company.
American Water is the most geographically diversified, as well as the largest publicly-traded, United States water and wastewater utility company, as measured by both operating revenues and population served.
As a holding company, we conduct substantially all of our business operations through our subsidiaries.
Our approximately 6,400 employees provide an estimated 15 million people with drinking water, wastewater and/or other water-related services in 47 states and one Canadian province.
Operating Segments We report our results of operations in two operating segments: the Regulated Businesses and the MarketBased Operations.
Additional information with respect to our operating segment results is included in the section entitled “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Note 18 of the Consolidated Financial Statements.
Regulated Businesses Our primary business involves the ownership of subsidiaries that provide water and wastewater utility services to residential, commercial, industrial and other customers, including sale for resale and public authority customers.
We report the results of this business in our Regulated Businesses segment.
Our subsidiaries that provide these services are generally subject to economic regulation by certain state commissions or other entities engaged in economic regulation, hereafter referred to as Public Utility Commissions, or “PUCs,” of the states in which we operate.
The federal and state governments also regulate environmental, health and safety, and water quality matters.
Our Regulated Businesses segment operating revenues were $2,674.3 million for 2014, $2,539.9 for 2013, $2,564.4 million for 2012, accounting for 88.8%, 90.1% and 89.9%, respectively, of total operating revenues for the same periods.
The following table sets forth our Regulated Businesses operating revenues, number of customers and an estimate of population served as of December 31, 2014:
## Table 0 ##
(a) Includes Illinois-American Water Company, which we refer to as ILAWC and American Lake Water Company, also a regulated subsidiary in Illinois.
The company’s Condensed Consolidated Statement of Changes in Equity in Part II, Item 8, Financial Statements and Supplementary Data, contains a detailed analysis of the changes in balance sheet equity line items.
The following table presents a comparative analysis of significant detailed balance sheet assets and liabilities:
## Table 1 ##
Cash and cash equivalents Cash and cash equivalents decreased by $13.1 million from $740.5 million at December 31, 2010 to $727.4 million at December 31, 2011.
See “Cash Flows” in the following section within this Management's Discussion and Analysis for additional discussion regarding the movements in cash flows during the periods.
See Item 8, Financial Statements and Supplementary Data - Note 1, “Accounting Policies - Cash and Cash Equivalents,” regarding requirements to mandate the retention of liquid resources in certain jurisdictions.
Unsettled fund receivables and payables Unsettled fund receivables decreased by $69.0 million from $513.4 million at December 31, 2010 to $444.4 million at December 31, 2011, due primarily to lower transaction activity between funds and investors in late December 2011 when compared to late December 2010 in our offshore funds.
In the company's capacity as sponsor of UITs, the company records receivables from brokers, dealers, and clearing organizations for unsettled sell trades of securities and UITs in addition to receivables from customers for unsettled sell trades of UITs.
In our U. K.  and offshore activities, unsettled fund receivables are created by the normal settlement periods on transactions initiated by certain clients.
The presentation of the unsettled fund receivables and substantially offsetting payables ($439.6 million at December 31, 2011 down from $504.8 million at December 31, 2010 ) at trade date reflects the legal relationship between the underlying investor and the company.
Investments (current and non-current) As of December 31, 2011 we had $484.5 million in investments, of which $283.7 million were current investments and $200.8 million were non-current investments.
Included in current investments are $63.5 million of seed money investments in affiliated funds used to seed funds as we launch new products, and $184.4 million of investments related to assets held for deferred compensation plans, which are also held primarily in affiliated funds.
Seed investments decreased by $35.9 million during the year ended December 31, 2011, due primarily to market decreases and net disposals of seed money investments.
Investments held to hedge deferred compensation awards increased by $18.9 million during the year, primarily due to additional investments in affiliated funds to hedge economically new employee plan awards.
Included in non-current investments are $193.1 million in equity method investments in our Chinese joint ventures and in certain of the company’s private equity partnerships, real estate partnerships and other investments (December 31, 2010: $156.9 million).
The increase of $36.2 million in equity method investments includes an increase of $32.1 million in partnership investments due to a $40.2 million co-investment in new European and Asian real estate funds, other capital calls and valuation improvements offset by distributions and capital returns during the period.
The value of the joint venture investments and other non-controlling equity method investments increased by $4.1 million during the year as a result of current year earnings of $17.2 million, foreign exchange rate movements which added $2.8 million to the value and capital injections of $1.6 million, offset by annual dividends paid of $17.5 million to the company.
Provisional Amounts Deferred tax assets and liabilities: The company remeasured certain deferred tax assets and liabilities based on the tax rates at which they are expected to reverse in the future, typically 21% under the 2017 Tax Act.
However, the company is still analyzing certain aspects of the legislation and refining its calculations.
Any updates or changes could affect the measurement of these balances or give rise to new deferred tax amounts.
The provisional income tax beneffit recorded related to the remeasurement of the deferred tax balance was $130.7 million at December 31, 2017.
Foreign tax effects: The one-time transition tax is based on the total post-1986 earnings and profits (E&P) that were previously deferred from U. S.  income taxes.
The company does not anticipate incurring an income tax liability and therefore no provision has been made.
However, the company has not completed its analysis as to the existence of foreign subsidiaries it may be deemed to indirectly own (or partially own) through attribution or by way of its investment in various fund products which in turn may hold ownership in foreign subsidiaries where the transition tax may apply.
Therefore, our determination as to the need for a net transition tax liability may change once this analysis has been completed.
At December 31, 2017 the company had tax loss carryforwards accumulated in certain taxing jurisdictions in the aggregate of $413.3 million (2016: $243.8 million), approximately $35.2 million of which will expire between 2018 and 2020, $15.2 million of which will expire after 2020, with the remaining $362.9 million having an indefinite life.
The increase in tax loss carryforwards from 2016 to 2017 of $169.5 million results from the acquisition of the European ETF business ($160.1 million) and the impact of foreign exchange translation on non-U.
S.  dollar denominated losses ($23.1 million) with the remainder of the movement due to additional losses not recognized ($15.8 million), offset with loss expiration and utilization ($30.0 million).
A valuation allowance has been recorded against the deferred tax assets related to these losses where a history of losses in the respective tax jurisdiction makes it unlikely that the deferred tax asset will be realized.
A reconciliation between the statutory rate and the effective tax rate on income from operations for the years ended December 31, 2017, 2016 and 2015 is as follows:
## Table 2 ##
The company's subsidiaries operate in severalt taxing jurisdictions around the world, each with its own statutory income tax rate.
As a result, the blended average statutory tax rate will vary from year to year depending on the mix of the profits and losses of the company's subsidiaries.
The majority of our profits are earned in the U. S.  and the U. K.  The enacted U. K.  statutory tax rate, for U. S.  GAAP purposes, was 19% as of December 31, 2017.
As of December 31, 2017, the U. S.  federal statutory tax rate was 35%.
The 2017 Tax Act enacted for U. S.  GAAP purposes on December 22, 2017 reduces the U. S.  federal statutory tax rate to 21% from January 1, 2018.
Entergy Corporation and Subsidiaries Management's Financial Discussion and Analysis The Grand Gulf recovery variance is primarily due to increased recovery of higher costs resulting from the Grand Gulf uprate.
The volume/weather variance is primarily due to the effects of more favorable weather on residential sales and an increase in industrial sales primarily due to growth in the refining segment.
The fuel recovery variance is primarily due to: ?
the deferral of increased capacity costs that will be recovered through fuel adjustment clauses; ?
the expiration of the Evangeline gas contract on January 1, 2013; and ?
an adjustment to deferred fuel costs recorded in the third quarter 2012 in accordance with a rate order from the PUCT issued in September 2012.
See Note 2 to the financial statements for further discussion of this PUCT order issued in Entergy Texas's 2011 rate case.
The MISO deferral variance is primarily due to the deferral in April 2013, as approved by the APSC, of costs incurred since March 2010 related to the transition and implementation of joining the MISO RTO.
The decommissioning trusts variance is primarily due to lower regulatory credits resulting from higher realized income on decommissioning trust fund investments.
There is no effect on net income as the credits are offset by interest and investment income.
Entergy Wholesale Commodities Following is an analysis of the change in net revenue comparing 2013 to 2012.
## Table 3 ##
As shown in the table above, net revenue for Entergy Wholesale Commodities decreased by approximately $52 million in 2013 primarily due to: ?
the effect of rising forward power prices on electricity derivative instruments that are not designated as hedges, including additional financial power sales conducted in the fourth quarter 2013 to offset the planned exercise of in-the-money protective call options and to lock in margins.
These additional sales did not qualify for hedge accounting treatment, and increases in forward prices after those sales were made accounted for the majority of the negative mark-to-market variance.
It is expected that the underlying transactions will result in earnings in first quarter 2014 as these positions settle.
See Note 16 to the financial statements for discussion of derivative instruments; ?
the decrease in net revenue compared to prior year resulting from the exercise of resupply options provided for in purchase power agreements where Entergy Wholesale Commodities may elect to supply power from another source when the plant is not running.
Amounts related to the exercise of resupply options are included in the GWh billed in the table below; and
bonds, the actual average life of our investments can not be known at the time of the investment.
We do know that the average life will not be less than the average life to next call and will not exceed the average life to maturity.
Data for both of these average life measures is provided in the above chart.
During 2005-2007, especially during 2005, there have been periods when yields available on acceptable-quality long-term non-callable securities did not meet our objectives.
During such periods, we have invested in shorter-term securities.
Some of these periods were characterized by relatively flat or inverted yield curves.
During such periods, we did not have to give up much yield to invest in shorter-term securities, and we took on less credit risk than had we invested longer-term.
Prior to 2007, we generally did not invest in securities with maturity dates more than 30 years after the acquisition date.
During 2007, we invested some funds in hybrid securities (bonds, trust preferred securities and redeemable preferred stocks) with very long scheduled maturity dates, often exceeding 50 years.
In virtually all cases, such hybrid securities are callable many years prior to the scheduled maturity date.
As shown in the chart above, the effective annual yield and average life to maturity on funds invested during 2005 is significantly lower than that of funds invested during 2006 and 2007.
This difference is reflective of the fact that, consistent with the investment environment and strategy described above, we invested relatively more funds in lower yielding, shorter-term investments in 2005 than we did in 2006- 2007.
Due primarily to our investments in hybrid securities as described above, the average life of funds invested during 2007 (to both next call and maturity) is significantly higher than that of investments during 2005-2006.
Given the long-term fixed-rate characteristics of our policy liabilities, we believe that investments with average lives in excess of 20 years are appropriate.
New cash flow available to us for investment was affected by issuer calls as a result of the lowinterest environment experienced during the past three years.
Issuers are more likely to call bonds when rates are low because they often can refinance them at a lower cost.
Calls increase funds available for investment, but they can negatively affect portfolio yield if they cause us to replace higher-yielding bonds with those available at lower prevailing yields.
Issuer calls were $848 million in 2007, $229 million in 2006, and $226 million in 2005.
As long as we continue our current investment strategy and the average yield on new investments is less than the average yield of the portfolio and of assets disposed of, the average yield on fixed maturity assets in the portfolio should decline.
Because of the significant investable cash flow generated from investments and operations, Torchmark will benefit if yield rates available on new investments increase.
Portfolio Analysis.
Because Torchmark has recently invested almost exclusively in fixed-maturity securities, the relative percentage of our assets invested in various types of investments varies from industry norms.

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OperatingRevenues(In millions)	% of Total	Number ofCustomers	% of Total	EstimatedPopulationServed(In millions)	% of Total
New Jersey	$652.3	24.5%	648,066	20.2%	2.7	22.7%
Pennsylvania	605.4	22.6%	666,415	20.7%	2.2	18.5%
Missouri	270.2	10.1%	464,498	14.4%	1.5	12.7%
Illinois (a)	262.3	9.8%	312,017	9.7%	1.3	10.9%
California	209.8	7.8%	174,198	5.4%	0.6	5.0%
Indiana	200.6	7.5%	293,666	9.1%	1.2	10.1%
West Virginia (b)	127.0	4.7%	170,371	5.3%	0.6	5.0%
Subtotal (Top Seven States)	2,327.6	87.0%	2,729,231	84.8%	10.1	84.9%
Other (c)	346.7	13.0%	489,961	15.2%	1.8	15.1%
Total Regulated Businesses	$2,674.3	100.0%	3,219,192	100.0%	11.9	100.0%

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$ in millions	2011	2010	$ Change	% Change
Cash and cash equivalents	727.4	740.5	-13.1	-1.8%
Unsettled fund receivables	444.4	513.4	-69.0	-13.4%
Current investments	283.7	308.8	-25.1	-8.1%
Assets held for policyholders	1,243.5	1,295.4	-51.9	-4.0%
Non-current investments	200.8	164.4	36.4	22.1%
Investments of consolidated investment products	6,629.0	7,206.0	-577.0	-8.0%
Intangible assets, net	1,322.8	1,337.2	-14.4	-1.1%
Goodwill	6,907.9	6,980.2	-72.3	-1.0%
Unsettled fund payables	439.6	504.8	-65.2	-12.9%
Policyholder payables	1,243.5	1,295.4	-51.9	-4.0%
Current maturities of total debt	215.1	—	215.1	N/A
Long-term debt	1,069.6	1,315.7	-246.1	-18.7%
Long-term debt of consolidated investment products	5,512.9	5,865.4	-352.5	-6.0%

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2017	2016	2015
Statutory Rate	35.0%	35.0%	35.0%
Foreign jurisdiction statutory income tax rates	-9.6%	-8.1%	-9.2%
State taxes, net of federal tax effect	2.2%	1.6%	1.6%
Impact of the 2017 Tax Act	-9.3%	—%	—%
Change in valuation allowance for unrecognized tax losses	0.4%	-0.4%	-0.1%
Share Based Compensation	-0.3%	—%	—%
Other	1.2%	0.3%	1.8%
(Gains)/losses attributable to noncontrolling interests	-0.8%	-0.4%	0.1%
Effective tax rate per Consolidated Statements of Income	18.8%	28.0%	29.2%

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Amount (In Millions)
2012 net revenue	$1,854
Mark-to-market	-58
Nuclear volume	-24
Nuclear fuel expenses	-20
Nuclear realized price changes	58
Other	-8
2013 net revenue	$1,802

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Question: What is the percentage of all Cash and cash equivalents and Unsettled fund receivables that are positive to the total amount, in 2011 ?
Answer: 0.044660000000000005