eBay Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Employee Savings Plans We have a savings plan, which qualifies under Section 401(k) of the Internal Revenue Code.
Participating employees may contribute up to 25% of their annual salary, but not more than statutory limits.
In 2005 and 2006, we contributed one dollar for each dollar a participant contributed, with a maximum contribution of $1,500 per employee.
In 2007, we contributed one dollar for each dollar a participant contributed, with a maximum contribution of $2,000 per employee.
Our non-U.
S.  employees are covered by various other savings plans.
Our expenses for these plans were $8.6 million in 2005, $14.9 million in 2006 and $20.4 million in 2007.
Deferred Stock Unit Plan We have a deferred stock unit plan under which deferred stock units have to date, been granted non-employee directors elected to our Board of Directors after December 31, 2002.
Under this plan, each new director receives a one-time grant of deferred stock units equal to the result of dividing $150,000 by the fair market value of our common stock on the date of grant.
Each deferred stock unit constitutes an unfunded and unsecured promise by us to deliver one share of our common stock (or the equivalent value thereof in cash or property at our election).
Each deferred stock unit award granted to a new non-employee director upon election to the Board vests 25% one year from the date of grant, and at a rate of 2.08% per month thereafter.
If the services of the director are terminated at any time, all rights to the unvested deferred stock units shall also terminate.
In addition, directors may elect to receive, in lieu of annual retainer and committee chair fees and at the time these fees would otherwise be payable (i. e. , on a quarterly basis in arrears for services provided), fully vested deferred stock units with an initial value equal to the amount based on the fair market value of common stock at the date of grant.
Deferred stock units are payable following the termination of a director’s tenure as a director.
All eBay officers, directors and employees are eligible to receive awards under the plan, although, to date, awards have been made only to new non-employee directors.
As of December 31, 2007, 47,481 units have been awarded under this plan.
Valuation Assumptions We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model.
The following weighted-average assumptions were used for each respective period:
## Table 0 ##
Our computation of expected volatility for 2006 and 2007 was based on a combination of historical and market-based implied volatility from traded options on our stock.
Prior to 2006, our computation of expected volatility was based on historical volatility.
Our computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior.
The interest rate for periods within the contractual life of the award is based on the U. S.  Treasury yield curve in effect at the time of grant.
We recognize interest and penalties related to unrecognized tax benefits as part of income tax expense in the Consolidated Statements of Operations, which is consistent with prior reporting periods.
As of December 31, 2011, three tax years were subject to audit by the United States Internal Revenue Service (IRS), covering the years 2009 through 2011.
In 2011, IRS examinations of the 2004 through 2008 tax returns were completed, and a final audit report was issued.
We are now waiting on review and final sign-off by the Joint Committee on Taxation.
Refunds aggregating $15.6 are expected for all years associated with the audit.
In addition, in 2011 we adjusted our reserve for uncertain tax positions with respect to the largest issue in connection with this examination, related to worthless stock deductions, which had a favorable impact on our tax provision of $3.6.
Five tax years were undergoing (or subject to) audit by the Canada Revenue Agency, covering the periods 2005 through 2009.
Examinations are in progress for each of these years and are at various stages of completion, but to date we are not aware of any material adjustments.
Various state and other foreign jurisdiction tax years remain open to examination as well, though we believe assessments (if any) would be immaterial to our consolidated financial statements.
We are not aware of any changes that would materially impact our tax expense for an increase or decrease in the total amount of unrecognized tax benefits within the next 12 months.
Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities.
The major temporary differences and their associated deferred tax assets or liabilities are as follows:
## Table 1 ##
The valuation allowance primarily relates to net operating loss and tax credit carryforwards for which utilization is uncertain.
Cumulative tax losses in certain state and foreign jurisdictions during recent years, limited carryforward periods in certain jurisdictions, future reversals of existing taxable temporary differences, and reasonable tax planning strategies were among the factors considered in determining the valuation allowance.
These loss and credit carryforwards have expiration dates that vary generally over the next 20 years, but no significant amounts expire in any one year.
Deferred income taxes and withholding taxes have been provided on earnings of our foreign subsidiaries to the extent it is anticipated that the earnings will be remitted in the future as dividends.
The tax effect of most distributions would be significantly offset by available foreign tax credits.
PART II Cash from Operations Cash from operations is our primary source of funds.
Earnings and changes in working capital levels are the two broad factors that generally have the greatest impact on our cash from operations.
As shown in the chart below (and discussed in the paragraph that follows), most of the variability in cash from operations in recent years has come from changes in working capital.
## Table 2 ##
In 2011, cash from operations decreased primarily due to lower earnings.
The decrease in 2010 operating cash (versus 2009) was due to the change in working capital levels (as shown in the chart above).
Cash from operations in 2009 benefitted from a $186 million reduction in working capital that occurred as a result of the economy-induced sales contraction.
The following table presents key working capital measures at the end of the past two years.
(1) The accounts receivable ratio represents the days of sales outstanding calculated as: ending net accounts receivable ÷ (net sales ÷ number of days in the year).
(2) The inventory ratio represents days of inventory on hand calculated as: ending net inventory ÷ (cost of goods sold ÷ number of days in the year).
(3) The accounts payable ratio represents the days of payables outstanding calculated as: ending accounts payable ÷ (cost of goods sold ÷ number of days in the year).
Pipeline transportation – We own a system of pipelines through Marathon Pipe Line LLC (“MPL”) and Ohio River Pipe Line LLC (“ORPL”), our wholly-owned subsidiaries.
Our pipeline systems transport crude oil and refined products primarily in the Midwest and Gulf Coast regions to our refineries, our terminals and other pipeline systems.
Our MPL and ORPL wholly-owned and undivided interest common carrier systems consist of 1,737 miles of crude oil lines and 1,825 miles of refined product lines comprising 32 systems located in 11 states.
The MPL common carrier pipeline network is one of the largest petroleum pipeline systems in the United States, based on total barrels delivered.
Our common carrier pipeline systems are subject to state and Federal Energy Regulatory Commission regulations and guidelines, including published tariffs for the transportation of crude oil and refined products.
Third parties generated 13 percent of the crude oil and refined product shipments on our MPL and ORPL common carrier pipelines in 2009.
Our MPL and ORPL common carrier pipelines transported the volumes shown in the following table for each of the last three years.
## Table 3 ##
We also own 196 miles of private crude oil pipelines and 850 miles of private refined products pipelines, and we lease 217 miles of common carrier refined product pipelines.
We have partial ownership interests in several pipeline companies that have approximately 780 miles of crude oil pipelines and 3,600 miles of refined products pipelines, including about 970 miles operated by MPL.
In addition, MPL operates most of our private pipelines and 985 miles of crude oil and 160 miles of natural gas pipelines owned by our E&P segment.
Our major refined product pipelines include the owned and operated Cardinal Products Pipeline and the Wabash Pipeline.
The Cardinal Products Pipeline delivers refined products from Kenova, West Virginia, to Columbus, Ohio.
The Wabash Pipeline system delivers product from Robinson, Illinois, to various terminals in the area of Chicago, Illinois.
Other significant refined product pipelines owned and operated by MPL extend from: Robinson, Illinois, to Louisville, Kentucky; Garyville, Louisiana, to Zachary, Louisiana; and Texas City, Texas, to Pasadena, Texas.
In addition, as of December 31, 2009, we had interests in the following refined product pipelines: ?65 percent undivided ownership interest in the Louisville-Lexington system, a petroleum products pipeline system extending from Louisville to Lexington, Kentucky; ?60 percent interest in Muskegon Pipeline LLC, which owns a refined products pipeline extending from Griffith, Indiana, to North Muskegon, Michigan; ?50 percent interest in Centennial Pipeline LLC, which owns a refined products system connecting the Gulf Coast region with the Midwest market; ?17 percent interest in Explorer Pipeline Company, a refined products pipeline system extending from the Gulf Coast to the Midwest; and ?6 percent interest in Wolverine Pipe Line Company, a refined products pipeline system extending from Chicago, Illinois, to Toledo, Ohio.
Our major owned and operated crude oil lines run from: Patoka, Illinois, to Catlettsburg, Kentucky; Patoka, Illinois, to Robinson, Illinois; Patoka, Illinois, to Lima, Ohio; Lima, Ohio to Canton, Ohio; Samaria, Michigan, to Detroit, Michigan; and St.  James, Louisiana, to Garyville, Louisiana.
As of December 31, 2009, we had interests in the following crude oil pipelines: ?51 percent interest in LOOP LLC, the owner and operator of LOOP, which is the only U. S.  deepwater oil port, located 18 miles off the coast of Louisiana, and a crude oil pipeline connecting the port facility to storage caverns and tanks at Clovelly, Louisiana; ?59 percent interest in LOCAP LLC, which owns a crude oil pipeline connecting LOOP and the Capline system;

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Year Ended December 31,
2005	2006	2007
Risk-free interest rates	3.8%	4.7%	4.5%
Expected life	3 years	3 years	3.5 years
Dividend yield	0%	0%	0%
Expected volatility	36%	36%	37%

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December 31
2011	2010
Assets	Liabilities	Assets	Liabilities
Property, plant and equipment	$12.2	$-65.5	$12.7	$-61.8
Inventories	2.1	-16.0	2.1	-18.7
Accrued expenses	91.8	-.2	91.9	-1.2
Net operating loss and tax credit carryforwards	67.4	—	64.9	—
Pension cost and other post-retirement benefits	24.0	-.8	20.5	-1.4
Intangible assets	3.6	-112.1	4.6	-109.2
Derivative financial instruments	13.3	-1.7	.5	-2.8
Uncertain tax positions	13.4	—	16.9	—
Other	15.1	-12.7	14.4	-12.9
Gross deferred tax assets (liabilities)	242.9	-209.0	228.5	-208.0
Valuation allowance	-69.1	—	-69.0	—
Total deferred taxes	$173.8	$-209.0	$159.5	$-208.0
Net deferred tax (liability)	$-35.2	$-48.5

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Amount (in millions)	# Days Outstanding
2011	2010	Change	2011	2010	Change
Accounts Receivable, net-1	$504	$479	$25	51	52	-1
Inventory, net-2	$441	$435	$ 6	54	59	-5
Accounts Payable-3	$257	$226	$31	32	31	1

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(Thousands of barrels per day)	2009	2008	2007
Crude oil trunk lines	1,279	1,405	1,451
Refined products trunk lines	953	960	1,049
TOTAL	2,232	2,365	2,500

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Question: What do all Liabilities sum up in 2011, excluding Property, plant and equipment and Inventories?
Answer: -127.5