(2) Includes stock-based compensation expense and asset acquisition related write-offs as follows:
## Table 0 ##
(3) See Note 7 to the Consolidated Financial Statements.
Seasonality, Cyclicality and Quarterly Revenue Trends Our quarterly results reflect seasonality in the sale of our products, subscriptions and services.
In general, a pattern of increased customer buying at year-end has positively impacted sales activity in the fourth quarter.
In the first quarter we generally experience lower sequential billings and product revenues, which results in lower product revenue.
Our product revenue in the third quarter can be negatively affected by reduced economic activity in Europe during the summer months.
During fiscal 2010, the growth in the Americas during the third quarter more than offset the slight decline in Europe, but this may not always be the case.
Similarly, our gross margins and operating income have been affected by these historical trends because expenses are relatively fixed in the near-term.
Although these seasonal factors are common in the technology sector, historical patterns should not be considered a reliable indicator of our future sales activity or performance.
On a quarterly basis, we have usually generated the majority of our product revenue in the final month of each quarter and a significant amount in the last two weeks of a quarter.
We believe this is due to customer buying patterns typical in this industry.
Our total quarterly revenue over the past twelve quarters has increased sequentially in every quarter except for the first quarters of fiscal 2010 and fiscal 2009.
We believe these declines in the first and third quarters of fiscal 2010 are based on seasonality as discussed above, which particularly impacts our product revenue.
Product revenue in all of the quarters of fiscal 2010 was higher as compared to the same periods in fiscal 2009, which we believe was due in part to the investments made in our sales organization and improvements in overall corporate IT spending.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis The Risk Committee of the Board and the Risk Governance Committee approve liquidity risk limits at the firmwide level, consistent with our risk appetite statement.
Limits are reviewed frequently and amended, with required approvals, on a permanent and temporary basis, as appropriate, to reflect changing market or business conditions.
Our liquidity risk limits are monitored by Treasury and Liquidity Risk Management.
Liquidity Risk Management is responsible for identifying and escalating to senior management and/or the appropriate risk committee, on a timely basis, instances where limits have been exceeded.
GCLA and Unencumbered Metrics GCLA.
Based on the results of our internal liquidity risk models, described above, as well as our consideration of other factors, including, but not limited to, an assessment of our potential intraday liquidity needs and a qualitative assessment of our condition, as well as the financial markets, we believe our liquidity position as of both December 2018 and December 2017 was appropriate.
We strictly limit our GCLA to a narrowly defined list of securities and cash because they are highly liquid, even in a difficult funding environment.
We do not include other potential sources of excess liquidity in our GCLA, such as less liquid unencumbered securities or committed credit facilities.
The table below presents information about our average GCLA
## Table 1 ##
In the table above: ‰ The U. S.  dollar-denominated GCLA consists of (i) unencumbered U. S.  government and agency obligations (including highly liquid U. S.  agency mortgage-backed obligations), all of which are eligible as collateral in Federal Reserve open market operations and (ii) certain overnight U. S.  dollar cash deposits.
‰ The non-U.
S.  dollar-denominated GCLA consists of non-U.
S.  government obligations (only unencumbered German, French, Japanese and U. K.  government obligations) and certain overnight cash deposits in highly liquid currencies.
We maintain our GCLA to enable us to meet current and potential liquidity requirements of our parent company, Group Inc. , and its subsidiaries.
Our Modeled Liquidity Outflow and Intraday Liquidity Model incorporate a consolidated requirement for Group Inc. , as well as a standalone requirement for each of our major broker-dealer and bank subsidiaries.
Funding IHC is required to provide the necessary liquidity to Group Inc.  during the ordinary course of business, and is also obligated to provide capital and liquidity support to major subsidiaries in the event of our material financial distress or failure.
Liquidity held directly in each of our major broker-dealer and bank subsidiaries is intended for use only by that subsidiary to meet its liquidity requirements and is assumed not to be available to Group Inc.  or Funding IHC unless (i) legally provided for and (ii) there are no additional regulatory, tax or other restrictions.
In addition, the Modeled Liquidity Outflow and Intraday Liquidity Model also incorporate a broader assessment of standalone liquidity requirements for other subsidiaries and we hold a portion of our GCLA directly at Group Inc.  or Funding IHC to support such requirements.
Other Unencumbered Assets.
In addition to our GCLA, we have a significant amount of other unencumbered cash and financial instruments, including other government obligations, high-grade money market securities, corporate obligations, marginable equities, loans and cash deposits not included in our GCLA.
The fair value of our unencumbered assets averaged $177.08 billion for 2018 and $158.41 billion for 2017.
We do not consider these assets liquid enough to be eligible for our GCLA.
Liquidity Regulatory Framework As a BHC, we are subject to a minimum Liquidity Coverage Ratio (LCR) under the LCR rule approved by the U. S.  federal bank regulatory agencies.
The LCR rule requires organizations to maintain an adequate ratio of eligible high-quality liquid assets (HQLA) to expected net cash outflows under an acute short-term liquidity stress scenario.
Eligible HQLA excludes HQLA held by subsidiaries that is in excess of their minimum requirement and is subject to transfer restrictions.
We are required to maintain a minimum LCR of 100%.
We expect that fluctuations in client activity, business mix and the market environment will impact our average LCR.
The table below presents information about our average daily LCR.
## Table 2 ##
Liquidity and Capital Resources

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Three Months Ended
Mar 29,2009	Jun 28,2009	Sept 30,2009	Dec 31,2009	Mar 31,2010	Jun 30,2010	Sept 30,2010	Dec 31,2010
($ amounts in 000\'s)
Cost of product revenue	24	27	25	26	24	26	26	25
Cost of services revenue	124	172	169	193	208	234	242	245
Research and development	378	498	516	571	554	587	600	598
Sales and marketing	644	692	767	917	866	897	1,017	1,030
General and administrative	380	404	459	475	496	520	549	571
Total stock-based compensation	1,550	1,793	1,936	2,182	2,148	2,264	2,434	2,469
Asset acquisition related write-offs	—	631	93	1,663	—	—	—	—
Total stock based compensation and asset acquisition related write-offs	1,550	2,424	2,029	3,845	2,148	2,264	2,434	2,469

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Average for the Year Ended December
$ in millions	2018	2017
Denomination
U.S. dollar	$155,348	$155,020
Non-U.S.dollar	77,995	63,528
Total	$233,343	$218,548
Asset Class
Overnight cash deposits	$ 98,811	$ 93,617
U.S. government obligations	79,810	75,108
U.S. agency obligations	12,171	11,813
Non-U.S.governmentobligations	42,551	38,010
Total	$233,343	$218,548
Entity Type
Group Inc. and Funding IHC	$ 40,920	$ 37,507
Major broker-dealer subsidiaries	104,364	98,160
Major bank subsidiaries	88,059	82,881
Total	$233,343	$218,548

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Average for the Three Months Ended
$ in millions	December 2018	September 2018
Total HQLA	$226,473	$233,721
Eligible HQLA	$160,016	$170,621
Net cash outflows	$126,511	$133,126
LCR	127%	128%

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Question: For Three Months Ended Dec 31,which year is Total stock-based compensation greater than 2400 thousand?
Answer: 2010