GWIM provides a wide offering of customized banking, investment and brokerage services tailored to meet the changing wealth management needs of our individual and institutional customer base.
Our clients have access to a range of services offered through three primary businesses: MLGWM; U. S.  Trust, Bank of America Private Wealth Management (U. S.  Trust); and Columbia.
The results of the Retirement & Philanthropic Services business, the Corporation’s approximate 34 percent economic ownership interest in BlackRock and other miscellaneous items are included in Other within GWIM.
As part of the Merrill Lynch acquisition, we added its financial advisors and an economic ownership interest of approximately 50 percent in BlackRock, a publicly traded investment management company.
During 2009, BlackRock completed its purchase of Barclays Global Investors, an asset management business, from Barclays PLC which had the effect of diluting our ownership interest in BlackRock and, for accounting purposes, was treated as a sale of a portion of our ownership interest.
As a result, upon the closing of this transaction, the Corporation’s economic ownership interest in BlackRock was reduced to approximately 34 percent and we recorded a pre-tax gain of $1.1 billion.
Net income increased $1.1 billion, or 78 percent, to $2.5 billion as higher total revenue was partially offset by increases in noninterest expense and provision for credit losses.
Net interest income increased $767 million, or 16 percent, to $5.6 billion primarily due to the acquisition of Merrill Lynch partially offset by a lower net interest income allocation from ALM activities and the impact of the migration of client balances during 2009 to Deposits and Home Loans & Insurance.
GWIM’s average loan and deposit growth benefited from the acquisition of Merrill Lynch and the shift of client assets from off-balance sheet (e. g. , money market funds) to on-balance sheet products (e. g. , deposits) partially offset by the net migration of customer relationships.
A more detailed discussion regarding migrated customer relationships and related balances is provided in the following MLGWM discussion.
Noninterest income increased $9.5 billion to $12.6 billion primarily due to higher investment and brokerage services income driven by the Merrill Lynch acquisition, the $1.1 billion gain on our investment in BlackRock and the lower level of support provided to certain cash funds partially offset by the impact of lower average equity market levels and net outflows primarily in the cash complex.
Provision for credit losses increased $397 million, or 60 percent, to $1.1 billion, reflecting the weak economy during 2009 which drove higher net charge-offs in the consumer real estate and commercial portfolios including a single large commercial charge-off.
Noninterest expense increased $8.2 billion to $13.1 billion driven by the addition of Merrill Lynch and higher FDIC insurance and special assessment costs partially offset by lower revenue-related expenses.
Client Assets The following table presents client assets which consist of AUM, client brokerage assets, assets in custody and client deposits.
## Table 0 ##
(1) Client brokerage assets include non-discretionary brokerage and fee-based assets.
The increase in net client assets was driven by the acquisition of Merrill Lynch and higher equity market values at December 31, 2009 compared to 2008 partially offset by outflows that primarily occurred in cash and money market assets due to increasing interest rate pressure.
Merrill Lynch Global Wealth Management Effective January 1, 2009, as a result of the Merrill Lynch acquisition, we combined the Merrill Lynch wealth management business and our former Premier Banking & Investments business to form MLGWM.
MLGWM provides a high-touch client experience through a network of approximately 15,000 client-facing financial advisors to our affluent customers with a personal wealth profile of at least $250,000 of investable assets.
The addition of Merrill Lynch created one of the largest financial advisor networks in the world.
Merrill Lynch added $10.3 billion in revenue and $1.6 billion in net income during 2009.
Total client balances in MLGWM, which include deposits, AUM, client brokerage assets and other assets in custody, were $1.4 trillion at December 31, 2009.
MLGWM includes the impact of migrating customers and their related deposit and loan balances to or from Deposits and Home Loans & Insurance.
As of the date of migration, the associated net interest income, noninterest income and noninterest expense are recorded in the segment to which the customers migrated.
During 2009, total deposits of $43.4 billion were migrated to Deposits from MLGWM.
Conversely, during 2008, total deposits of $20.5 billion were migrated from Deposits to MLGWM.
During 2009 and 2008, total loans of $16.6 billion and $1.7 billion were migrated from MLGWM, of which $11.5 billion and $1.6 billion were migrated to Home Loans & Insurance.
These changes in 2009 were mainly due to client segmentation threshold changes resulting from the Merrill Lynch acquisition.
Table 9 presents total long-term debt and other obligations at December 31, 2009.
## Table 1 ##
Debt, lease, equity and other obligations are more fully discussed in Note 13 – Long-term Debt and Note 14 – Commitments and Contingencies to the Consolidated Financial Statements.
The Plans are more fully discussed in Note 17 – Employee Benefit Plans to the Consolidated Financial Statements.
We enter into commitments to extend credit such as loan commitments, standby letters of credit (SBLCs) and commercial letters of credit to meet the financing needs of our customers.
For a summary of the total unfunded, or off-balance sheet, credit extension commitment amounts by expiration date, see the table in Note 14 – Commitments and Contingencies to the Consolidated Financial Statements.
Regulatory Initiatives On November 12, 2009, the Federal Reserve issued the final rule related to changes to Regulation E and on May 22, 2009, the CARD Act was signed into law.
For more information on the impact of these new regulations, see Regulatory Overview on page 29.
In December 2009, the Basel Committee on Banking Supervision released consultative documents on both capital and liquidity.
In addition, we will begin Basel II parallel implementation during the second quarter of 2010.
For more information, see Basel Regulatory Capital Requirements on page 64.
On January 21, 2010, the Federal Reserve, Office of the Comptroller of the Currency, FDIC and Office of Thrift Supervision (collectively, joint agencies) issued a final rule regarding risk-based capital and the impact of adoption of new consolidation rules issued by the FASB.
The final rule eliminates the exclusion of certain asset-backed commercial paper (ABCP) program assets from risk-weighted assets and provides a reservation of authority to permit the joint agencies to require banks to treat structures that are not consolidated under the accounting standards as if they were consolidated for risk-based capital purposes commensurate with the risk relationship of the bank to the structure.
In addition, the final rule allows for an optional delay and phase-in for a maximum of one year for the effect on risk-weighted assets and the regulatory limit on the inclusion of the allowance for loan and lease losses in Tier 2 capital related to the assets that must be consolidated as a result of the accounting change.
The transitional relief does not apply to the leverage ratio or to assets in VIEs to which a bank provides implicit support.
We have elected to forgo the phase-in period, and accordingly, we consolidated the amounts for regulatory capital purposes as of January 1, 2010.
For more information on the impact of this guidance, see Impact of Adopting New Accounting Guidance on Consolidation on page 64.
On December 14, 2009, we announced our intention to increase lending to small- and medium-sized businesses to approximately $21 billion in 2010 compared to approximately $16 billion in 2009.
This announcement is consistent with the U. S.  Treasury’s initiative, announced as part of the Financial Stability Plan on February 2, 2009, to help increase small business owners’ access to credit.
As part of the initiative, the U. S.  Treasury began making direct purchases of up to $15 billion of certain securities backed by Small Business Administration (SBA) loans to improve liquidity in the credit markets and purchasing new securities to ensure that financial institutions feel confident in extending new loans to small businesses.
The program also temporarily raises guarantees to up to 90 percent in the SBA’s loan program and temporarily eliminates certain SBA loan fees.
We continue to lend to creditworthy small business customers through small business credit cards, loans and lines of credit products.
In response to the economic downturn, the FDIC implemented the Temporary Liquidity Guarantee Program (TLGP) to strengthen confidence and encourage liquidity in the banking system by allowing the FDIC to guarantee senior unsecured debt (e. g. , promissory notes, unsubordinated unsecured notes and commercial paper) up to prescribed limits, issued by participating entities beginning on October 14, 2008, and continuing through October 31, 2009.
We participated in this program; however, as announced in September 2009, due to improved market liquidity and our ability to issue debt without the FDIC guarantee, we, with the FDIC’s agreement, exited the program and have stopped issuing FDICguaranteed debt.
At December 31, 2009, we still had FDIC-guaranteed debt outstanding issued under the TLGP of $44.3 billion.
The TLGP also offered the Transaction Account Guarantee Program (TAGP) that guaranteed noninterest-bearing deposit accounts held at participating FDICinsured institutions on balances in excess of $250,000.
We elected to opt out of the six-month extension of the TAGP which extends the program to June 30, 2010.
We exited the TAGP effective December 31, 2009.
On September 21, 2009, the Corporation reached an agreement to terminate its term sheet with the U. S.  government under which the U. S.  government agreed in principle to provide protection against the possibility of unusually large losses on a pool of the Corporation’s financial instruments that were acquired from Merrill Lynch.
In connection with the termination of the term sheet, the Corporation paid a total of $425 million to the U. S.  government to be allocated among the U. S.  Treasury, the Federal Reserve and the FDIC.
In addition to exiting the TARP as discussed on page 30, terminating the U. S.  Government’s asset guarantee term sheet and exiting the TLGP, including the TAGP, we have exited or ceased participation in market disruption liquidity programs created by the U. S.  government in response to the economic downturn of 2008.
We have exited or repaid borrowings under the Term Auction Facility, U. S.  Treasury Temporary Liquidity Guarantee Program for Money Market Funds, ABCP Money Market Fund Liquidity Facility, Commercial Paper Federal Funding Facility, Money Market Investor Funding Facility, Term Securities Lending Facility and Primary Dealer Credit Facility.
On November 17, 2009, the FDIC issued a final rule that required insured institutions to prepay on December 30, 2009 their estimated
Table 29 presents commercial credit exposure by type for utilized, unfunded and total binding committed credit exposure.
Commercial utilized credit exposure includes funded loans, standby letters of credit, financial guarantees, bankers’ acceptances and commercial letters of credit for which the bank is legally bound to advance funds under prescribed conditions, during a specified period.
Although funds have not been advanced, these exposure types are considered utilized for credit risk management purposes.
Total commercial committed credit exposure decreased by $10.1 billion, or one percent, at December 31, 2009 compared to December 31, 2008.
The decrease was largely driven by reductions in loans and leases partially offset by an increase in derivatives due to the acquisition of Merrill Lynch.
Total commercial utilized credit exposure decreased to $494.4 billion at December 31, 2009 compared to $498.7 billion at December 31, 2008.
Funded loans and leases declined due to limited demand for acquisition financing and capital expenditures in the large corporate and middle-market portfolios and as clients utilized the improved capital markets more extensively for their funding needs.
With the economic outlook remaining uncertain, businesses are aggressively managing working capital and production capacity, maintaining low inventories and deferring capital spending.
The increase in derivative assets was driven by the acquisition of Merrill Lynch substantially offset during 2009 by maturing transactions, mark-to-market adjustments from changing interest and foreign exchange rates, as well as narrower credit spreads.
The loans and leases funded utilization rate was 57 percent at December 31, 2009 compared to 58 percent at December 31, 2008.
## Table 2 ##
(1) At December 31, 2009, total commercial utilized, total commercial unfunded and total commercial committed exposure include $88.5 billion, $25.7 billion and $114.2 billion, respectively, related to Merrill Lynch.
(2) Total commercial utilized exposure at December 31, 2009 and 2008 includes loans and issued letters of credit accounted for under the fair value option and is comprised of loans outstanding of $4.9 billion and $5.4 billion, and letters of credit with a notional amount of $1.7 billion and $1.4 billion.
(3) Total commercial unfunded exposure at December 31, 2009 and 2008 includes loan commitments accounted for under the fair value option with a notional amount of $25.3 billion and $15.5 billion.
(4) Excludes unused business card lines which are not legally binding.
(5) Derivative assets are carried at fair value, reflect the effects of legally enforceable master netting agreements, and have been reduced by cash collateral of $58.4 billion and $34.8 billion at December 31, 2009 and 2008.
Not reflected in utilized and committed exposure is additional derivative collateral held of $16.2 billion and $13.4 billion which consists primarily of other marketable securities at December 31, 2009 and 2008.
(6) Total commercial committed assets held-for-sale exposure consists of $9.0 billion and $12.1 billion of commercial LHFS exposure (e. g. , commercial mortgage and leveraged finance) and $5.3 billion and $2.3 billion of assets held-for-sale exposure at December 31, 2009 and 2008.
Table 30 presents commercial utilized reservable criticized exposure by product type.
Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities.
In addition to reservable loans and leases, excluding those accounted for under the fair value option, exposure includes SBLCs, financial guarantees, bankers’ acceptances and commercial letters of credit for which we are legally bound to advance funds under prescribed conditions, during a specified period.
Although funds have not been advanced, these exposure types are considered utilized for credit risk management purposes.
Total commercial utilized reservable criticized exposure rose by $21.7 billion primarily due to increases in commercial real estate and commercial – domestic.
Commercial real estate increased $10.0 billion primarily due to the non-homebuilder portfolio which has been impacted by the weak economy partially offset by a decrease in the homebuilder portfolio.
The $9.3 billion increase in commercial – domestic reflects deterioration across various lines of business and industries, primarily in Global Banking.
At December 31, 2009, approximately 85 percent of the loans within criticized reservable utilized exposure are secured.
## Table 3 ##
(1) Percentages are calculated as commercial utilized reservable criticized exposure divided by total commercial utilized reservable exposure for each exposure category.
(2) Excludes small business commercial – domestic exposure.
The following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs (Level 3) (in millions):
## Table 4 ##
We expect that we will have no legally required minimum funding requirements in 2018 for the qualified U. S.  and Puerto Rico defined benefit retirement plans, nor do we expect to voluntarily contribute to these plans during 2018.
Contributions to foreign defined benefit plans are estimated to be $17.0 million in 2018 .
We do not expect the assets in any of our plans to be returned to us in the next year.
Defined Contribution Plans We also sponsor defined contribution plans for substantially all of the U. S.  and Puerto Rico employees and certain employees in other countries.
The benefits offered under these plans are reflective of local customs and practices in the countries concerned.
We expensed $47.9 million, $42.5 million and $40.2 million related to these plans for the years ended December 31, 2017, 2016 and 2015, respectively.15.
Income Taxes 2017 Tax Act: The President signed U. S.  tax reform legislation (“2017 Tax Act”) on December 22, 2017, which is considered the enactment date.
The 2017 Tax Act includes a broad range of provisions, many of which significantly differ from those contained in previous U. S.  tax law.
Changes in tax law are accounted for in the period of enactment.
As such, our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 Tax Act.
The 2017 Tax Act contains several key provisions including, among other things: ?
a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits (E&P), referred to as the toll charge; ?
a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017; ?
the introduction of a new U. S.  tax on certain off-shore earnings referred to as global intangible low-taxed income (GILTI) at an effective tax rate of 10.5 percent for tax years beginning after December 31, 2017 (increasing to 13.125 percent for tax years beginning after December 31, 2025), with a partial offset by foreign tax credits; and ?
the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries.
During the fourth quarter of 2017, we recorded an income tax benefit of $1,272.4 million, which was comprised of the following: ?
income tax benefit of $715.0 million for the one-time deemed repatriation of foreign earnings.
This is composed of a $1,181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 Tax Act offset by $466.0 million for the toll charge recognized under the 2017 Tax Act.
In accordance with the 2017 Tax Act, we expect to elect to pay the toll charge in installments over eight years.
As of December 31, 2017, we have recorded current and non-current income tax liabilities related to the toll charge of $82.0 million and $384.0 million, respectively.  ?
an income tax benefit of $557.4 million, primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent.
The net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 Tax Act as of the time of filing this Annual Report on Form 10-K.  We further refined our estimates related to the impact of the 2017 Tax Act subsequent to the issuance of our earnings release for the fourth quarter of 2017.
In accordance with authoritative guidance issued by the SEC, the income tax effect for certain aspects of the 2017 Tax Act represent provisional amounts for which our accounting is incomplete, but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017.
The actual effects of the 2017 Tax Act and final amounts recorded may differ materially from our current estimate of provisional amounts due to, among other things, further interpretive guidance that may be issued by U. S.  tax authorities or regulatory bodies, including the SEC and the FASB.
We will continue to analyze the 2017 Tax Act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period, which ends in the fourth quarter of 2018.
We continue to evaluate the impacts of the 2017 Tax Act and consider the amounts recorded to be provisional.
In addition, we are still evaluating the GILTI provisions of the 2017 Tax Act and their impact, if any, on our consolidated financial statements as of December 31, 2017.
The FASB allows companies to adopt an accounting policy to either recognize deferred taxes for GILTI or treat such as a tax cost in the year incurred.
We have not yet determined which accounting policy to adopt because determining the impact of the GILTI provisions requires analysis of our existing legal entity structure, the reversal of our U. S.  GAAP and U. S.  tax basis differences in the assets and liabilities of our foreign subsidiaries, and our ability to offset any tax with foreign tax credits.
As such, we did not record a deferred income tax

['

December 31
(Dollars in millions)	2009	2008
Assets under management	$749,852	$523,159
Client brokerage assets-1	1,270,461	172,106
Assets in custody	274,472	133,726
Client deposits	224,840	176,186
Less: Client brokerage assets and assets incustody included in assets under management	-346,682	-87,519
Total net client assets	$2,172,943	$917,658

', '

December 31, 2009
(Dollars in millions)	Due in 1 Year or Less	Due after 1 Year through 3 Years	Due after 3 Years through 5 Years	Due after 5 Years	Total
Long-term debt and capital leases	$99,144	$124,054	$72,103	$143,220	$438,521
Operating lease obligations	3,143	5,072	3,355	8,143	19,713
Purchase obligations	11,957	3,667	1,627	2,119	19,370
Other long-term liabilities	610	1,097	848	1,464	4,019
Total long-term debt and other obligations	$114,854	$133,890	$77,933	$154,946	$481,623

', '

December 31
Commercial Utilized-1, 2	Commercial Unfunded-1, 3, 4	Total Commercial Committed-1
(Dollars in millions)	2009	2008	2009	2008	2009	2008
Loans and leases	$322,564	$342,767	$293,519	$300,856	$616,083	$643,623
Derivative assets-5	80,689	62,252	–	–	80,689	62,252
Standby letters of credit and financial guarantees	70,238	72,840	6,008	4,740	76,246	77,580
Assets held-for-sale-6	13,473	14,206	781	183	14,254	14,389
Bankers’ acceptances	3,658	3,382	16	13	3,674	3,395
Commercial letters of credit	2,958	2,974	569	791	3,527	3,765
Foreclosed properties and other	797	328	–	–	797	328
Total commercial credit exposure	$494,377	$498,749	$300,893	$306,583	$795,270	$805,332

', '

December 31
2009	2008
(Dollars in millions)	Amount	Percent -1	Amount	Percent-1
Commercial – domestic-2	$28,259	11.66%	$18,963	7.20%
Commercial real estate	23,804	32.13	13,830	19.73
Commercial lease financing	2,229	10.04	1,352	6.03
Commercial – foreign	2,605	7.12	1,459	3.65
56,897	15.17	35,604	8.99
Small business commercial – domestic	1,789	10.18	1,333	6.94
Total commercial utilized reservable criticized exposure	$58,686	14.94	$36,937	8.90

', '

December 31, 2017
Beginning Balance	$78.7
Gains on assets sold	0.3
Change in fair value of assets	3.8
Net purchases and sales	5.2
Translation gain	3.0
Ending Balance	$91.0

']

Question: What is the ratio of Commercial – domestic to the total in 2009?
Answer: 0.48153