Unconditional Purchase Obligations Approximately $390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous HyCO (hydrogen, carbon monoxide, and syngas) facilities.
The price of feedstock supply is principally related to the price of natural gas.
However, long-term take-or-pay sales contracts to HyCO customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply.
Due to the matching of most long-term feedstock supply obligations to customer sales contracts, we do not believe these purchase obligations would have a material effect on our financial condition or results of operations.
Refer to Note 17, Commitments and Contingencies, to the consolidated financial statements for additional information on our unconditional purchase obligations.
The unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations, which are primarily pass-through contracts with our customers.
In addition, purchase commitments to spend approximately $540 for additional plant and equipment are included in the unconditional purchase obligations in 2016.
We also purchase materials, energy, capital equipment, supplies, and services as part of the ordinary course of business under arrangements that are not unconditional purchase obligations.
The majority of such purchases are for raw materials and energy, which are obtained under requirements-type contracts at market prices.
Obligation for Future Contribution to an Equity Affiliate On 19 April 2015, a joint venture between Air Products and ACWA Holding entered into a 20-year oxygen and nitrogen supply agreement to supply Saudi Aramco’s oil refinery and power plant being built in Jazan, Saudi Arabia.
Air Products owns 25% of the joint venture and guarantees the repayment of its share of an equity bridge loan.
In total, we expect to invest approximately $100 in this joint venture.
As of 30 September 2015, we recorded a noncurrent liability of $67.5 for our obligation to make future equity contributions based on advances received by the joint venture under the loan.
Income Tax Liabilities Noncurrent deferred income tax liabilities as of 30 September 2015 were $903.3.
Tax liabilities related to unrecognized tax benefits as of 30 September 2015 were $97.5.
These tax liabilities were excluded from the Contractual Obligations table, as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws, tax rates, and our operating results.
In addition, there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities.
Refer to Note 23, Income Taxes, to the consolidated financial statements for additional information.
PENSION BENEFITS The Company sponsors defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees.
The principal defined benefit pension plans—the U. S.  salaried pension plan and the U. K.  pension plan—were closed to new participants in 2005 and were replaced with defined contribution plans.
Over the long run, the shift to defined contribution plans is expected to reduce volatility of both plan expense and contributions.
The fair market value of plan assets for our defined benefit pension plans as of the 30 September 2015 measurement date decreased to $3,916.4 from $4,114.6 at the end of fiscal year 2014.
The projected benefit obligation for these plans was $4,787.8 and $4,738.6 at the end of the fiscal years 2015 and 2014, respectively.
Refer to Note 16, Retirement Benefits, to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits.
Pension Expense
## Table 0 ##
2010 Annual Report 83 During 2008, $254 million aggregate principal value of debt was repurchased and $241 million notional amount of interest rate swaps related to the debt repurchases was terminated.
The following table summarizes the activity:
## Table 1 ##
For further discussion of interest rate swaps see Note 24 “Financial Instruments.
” Interest payments, net of amounts related to interest rate swaps, were $178 million in 2010, $206 million in 2009 and $303 million in 2008.
The principal value of long-term debt obligations was $4,749 million at December 31, 2010 of which $597 million is due in 2013, and the remaining $4,152 million is due later than 2013.
The fair value of long-term debt was $5,861 million and $6,258 million at December 31, 2010 and 2009, respectively, and was estimated based upon the quoted market prices for the same or similar debt instruments.
The fair value of short-term borrowings approximates the carrying value due to the short maturities of the debt instruments.
A $2.0 billion five year revolving credit facility from a syndicate of lenders maturing in December 2011 is maintained.
The facility is extendable with the consent of the lenders and contains customary terms and conditions, including a financial covenant whereby the ratio of consolidated net debt to consolidated capital cannot exceed 50% at the end of each quarter.
The Company has been in compliance with this covenant since the inception of the facility.
There were no borrowings outstanding under the facility at December 31, 2010 and 2009.
At December 31, 2010, $178 million of financial guarantees were provided in the form of stand-by letters of credit and performance bonds.
The stand-by letters of credit are with insurance companies in support of third-party liability programs.
The performance bonds were issued to support a range of ongoing operating activities, including sale of products to hospitals and foreign ministries of health, bonds for customs, duties and value added tax and guarantees related to miscellaneous legal actions.
A significant majority of the outstanding financial guarantees will expire within the year and are not expected to be funded.
Note 24 FINANCIAL INSTRUMENTS Financial instruments include cash and cash equivalents, marketable securities, receivables, accounts payable, debt instruments and derivatives.
Due to their short term maturity, the carrying amount of receivables and accounts payable approximate fair value.
There is exposure to market risk due to changes in currency exchange rates and interest rates.
As a result, certain derivative financial instruments are used when available on a cost-effective basis to hedge the underlying economic exposure.
These instruments qualify as cash flow, net investment and fair value hedges upon meeting certain criteria, including effectiveness of offsetting hedged exposures.
Changes in fair value of derivatives that do not qualify for hedge accounting are recognized in earnings as they occur.
All financial instruments, including derivatives, are subject to counterparty credit risk which is considered as part of the overall fair value measurement.
Derivative financial instruments are not used for trading purposes.
Foreign currency forward contracts are used to manage cash flow exposures.
The primary net foreign currency exposures hedged are the Euro, Japanese yen, Canadian dollar, British pound, Australian dollar and Mexican peso.
Fixed-to-floating interest rate swaps are used as part of the interest rate risk management strategy.
These swaps qualify for fair-value hedge accounting treatment.
Certain net asset changes due to foreign exchange volatility are hedged through non-U.
S.  dollar borrowings which qualify as a net investment hedge.
Derivative financial instruments present certain market and counterparty risks; however, concentration of counterparty risk is mitigated by limiting amounts with any individual counterparty and using banks worldwide with Standard & Poor's and Moody's long-term debt ratings of A or higher.
In addition, only conventional derivative financial instruments are utilized.
The consolidated financial statements would not be materially impacted if any counterparties failed to perform according to the terms of its agreement.
Currently, collateral or any other form of securitization is not required to be furnished by the counterparties to derivative financial instruments.
2010 Annual Report 27 We continue to maximize our operating cash flows with our working capital initiatives designed to improve working capital items that are most directly affected by changes in sales volume, such as receivables, inventories and accounts payable.
Those improvements are being driven by several actions including non-recourse factoring of non-US trade receivables, revised contractual payment terms with customers and vendors, enhanced collection processes and various supply chain initiatives designed to optimize inventory levels.
Progress in this area is monitored each period and is a component of our annual incentive plan.
The following summarizes certain working capital components expressed as a percentage of trailing twelve months’ net sales.
## Table 2 ##
During 2010, changes in operating assets and liabilities aggregated to a net cash outflow of $166 million including: ?
Cash outflows from receivables ($270 million) which are primarily attributed to increased sales; ?
Cash outflows from other operating assets and liabilities ($248 million) primarily related to pension funding in excess of current year expense ($370 million), partially offset by increased rebate and sales returns ($238 million) primarily due to the increase in Medicaid rebates which was effective January 1, 2010 and agencies’ administrative delays in payments to managed care organizations; ?
Cash inflows from accounts payables ($315 million) which are primarily attributed to the timing of vendor and alliance payments; and ?
Cash inflows from inventories ($156 million) primarily related to the work down of inventory balances.
In 2009, changes in operating assets and liabilities aggregated to a net cash inflow of $42 million including: ?
Cash inflows from accounts payable ($472 million) primarily attributed to the timing of payments to vendors and alliances, as well as the impact of the working capital initiative discussed above; ?
Cash inflows from receivables ($227 million) primarily attributed to additional factoring of non-U.
S.  trade receivables in Japan and Spain; ?
Cash inflows from deferred income ($135 million) mainly due to the milestone payments received from Pfizer ($150 million) and AstraZeneca ($150 million), partially offset by amortization; and ?
Cash outflows from other operating assets and liabilities ($932 million) primarily related to pension funding in excess of current year expense ($532 million), and a payment to Otsuka which is amortized as a reduction of net sales through the extension period ($400 million).
In 2008, changes in operating assets aggregated to a net cash inflow of $117 million including: ?
Cash inflows from income tax payable/receivable ($371 million) which includes the impact of the receipt of a $432 million tax refund, including interest, related to a prior year foreign tax credit carryback claim; ?
Cash inflows from accounts payables ($253 million) which are primarily attributed to the timing of vendor and alliance payments; ?
Cash inflows from inventory ($130 million) which is primarily attributed to the utilization of inventories which were built up in the prior year for new product launches and strategic builds for existing products launches including for new indications of Abilify; ?
Cash inflows from deferred income ($61 million) which are primarily due to receipt of upfront licensing and milestone payments from alliance partners; ?
Cash outflows from accounts receivables ($360 million) which are attributed to increased sales; and ?
Cash outflows from other operating assets and liabilities ($338 million) which are primarily due to net litigation related payments ($190 million) attributed to the settlement of certain pricing and sales litigation accrued in prior periods; pension funding in excess of current year expense ($120 million); and increase in non-current inventory ($112 million).
Investing Activities Net cash used in investing activities was $3.8 billion in 2010 including: ?
Net purchases of marketable securities ($2.6 billion); ?
Purchase of ZymoGenetics, Inc.  ($829 million); and ?
Capital expenditures ($424 million)
Bristol-Myers Squibb 72 In May 2010, the Board of Directors authorized the repurchase of up to $3.0 billion of common stock.
Repurchases may be made either in the open market or through private transactions, including under repurchase plans established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
The stock repurchase program does not have an expiration date but is expected to take place over the next few years.
It may be suspended or discontinued at any time.
During 2010, the Company repurchased 23 million shares at the average price of approximately $25.50 per share for an aggregate cost of $587 million which includes $1 million of transaction fees.
Note 21 PENSION, POSTRETIREMENT AND POSTEMPLOYMENT LIABILITIES The Company and certain of its subsidiaries sponsor defined benefit pension plans, defined contribution plans and termination indemnity plans for regular full-time employees.
The principal defined benefit pension plan is the Bristol-Myers Squibb Retirement Income Plan, which covers most U. S.  employees and which represents approximately 70% of the consolidated pension plan assets and obligations.
The funding policy is to contribute amounts to fund past service liability .
Plan benefits are based primarily on the participant’s years of credited service and final average compensation.
Plan assets consist principally of equity and fixed-income securities.
Comprehensive medical and group life benefits are provided for substantially all U. S.  retirees who elect to participate in comprehensive medical and group life plans.
The medical plan is contributory.
Contributions are adjusted periodically and vary by date of retirement.
The life insurance plan is noncontributory.
Plan assets consist principally of equity and fixed-income securities.
Similar plans exist for employees in certain countries outside of the U. S.  The net periodic benefit cost of defined benefit pension and postretirement benefit plans includes:
## Table 3 ##
The U. S.  Retirement Income Plan and several other plans were amended during June 2009.
The amendments eliminate the crediting of future benefits relating to service effective December 31, 2009.
Salary increases will continue to be considered for an additional five-year period in determining the benefit obligation related to prior service.
The plan amendments were accounted for as a curtailment.
As a result, the applicable plan assets and obligations were remeasured.
The remeasurement resulted in a $455 million reduction to accumulated OCI ($295 million net of taxes) and a corresponding decrease to the unfunded status of the plan due to the curtailment, updated plan asset valuations and a change in the discount rate from 7.0% to 7.5%.
A curtailment charge of $25 million was also recognized in other (income)/expense during the second quarter of 2009 for the remaining amount of unrecognized prior service cost.
In addition, all participants were reclassified as inactive for benefit plan purposes and actuarial gains and losses will be amortized over the expected weighted-average remaining lives of plan participants (32 years).
In connection with the plan amendment, contributions to principal defined contribution plans in the U. S.  and Puerto Rico increased effective January 1, 2010.
The net impact of the above actions is expected to reduce the future retiree benefit costs, although future costs will continue to be subject to market conditions and other factors including actual and expected plan asset performance, interest rate fluctuations and lump-sum benefit payments.
In 2009, certain plan assets and related obligations were transferred from the U. S.  Retirement Income Plan and several other plans to new plans sponsored by Mead Johnson for active Mead Johnson participants resulting in a $170 million reduction to accumulated OCI ($110 million net of taxes) in the first quarter of 2009 and a corresponding decrease to the unfunded status of the plan due to updated plan asset valuations and a change in the discount rate from 6.5% to 7.0%.

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2015	2014	2013
Pension expense	$135.6	$135.9	$169.7
Special terminations, settlements, and curtailments (included above)	35.2	5.8	19.8
Weighted average discount rate	4.0%	4.6%	4.0%
Weighted average expected rate of return on plan assets	7.4%	7.7%	7.7%
Weighted average expected rate of compensation increase	3.5%	3.9%	3.8%

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Dollars in Millions	Principal Value	Repurchase Price	Gain on Repurchase	Swap Termination Proceeds	Other, Including Basis Adjustment for Terminated Swaps	Gain/ (Loss)
5.875% Notes due 2036	$227	$201	$26	$32	$-3	$55
6.88% Debentures due 2097	13	13	—	—	—	—
7.15% Debentures due 2023	11	11	—	2	—	2
5.25% Notes due 2013	3	3	—	—	—	—
Total	$254	$228	$26	$34	$-3	$57

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Dollars in Millions	December 31, 2010	% of Trailing Twelve Month Net Sales	December 31, 2009	% of Trailing Twelve Month Net Sales
Net trade receivables	$1,985	10.2%	$1,897	10.1%
Inventories	1,204	6.2%	1,413	7.5%
Accounts payable	-1,983	-10.2%	-1,711	-9.1%
Total	$1,206	6.2%	$1,599	8.5%

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Pension Benefits	Other Benefits
Dollars in Millions	2010	2009	2008	2010	2009	2008
Service cost — benefits earned during the year	$44	$178	$227	$6	$6	$7
Interest cost on projected benefit obligation	347	381	389	30	37	38
Expected return on plan assets	-453	-453	-469	-24	-19	-28
Amortization of prior service cost/(benefit)	—	4	10	-3	-3	-3
Amortization of net actuarial loss	95	94	98	10	10	5
Net periodic benefit cost	33	204	255	19	31	19
Curtailments	5	24	1	—	—	-2
Settlements	22	29	36	—	—	—
Special termination benefits	1	—	14	—	—	2
Total net periodic benefit cost	$61	$257	$306	$19	$31	$19
Continuing operations	$61	$242	$256	$19	$28	$17
Discontinued operations	—	15	50	—	3	2
Total net periodic benefit cost	$61	$257	$306	$19	$31	$19

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Question: what was the decrease observed in the fair market value of plan assets of the benefit pension plans during 2014 and 2015?
Answer: -0.048170000000000004