ABIOMED, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements—(Continued) Note 8.
Goodwill and In-Process Research and Development (Continued) The Company has no accumulated impairment losses on goodwill.
The Company performed a Step 0 qualitative assessment during the annual impairment review for fiscal 2015 as of October 31, 2014 and concluded that it is not more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount.
Therefore, the two-step goodwill impairment test for the reporting unit was not necessary in fiscal 2015.
As described in Note 3.
“Acquisitions,” in July 2014, the Company acquired ECP and AIS and recorded $18.5 million of IPR&D.
The estimated fair value of the IPR&D was determined using a probability-weighted income approach, which discounts expected future cash flows to present value.
The projected cash flows from the expandable catheter pump technology were based on certain key assumptions, including estimates of future revenue and expenses, taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development.
The Company used a discount rate of 22.5% and cash flows that have been probability adjusted to reflect the risks of product commercialization, which the Company believes are appropriate and representative of market participant assumptions.
The carrying value of the Company’s IPR&D assets and the change in the balance for the year ended March 31, 2015 is as follows:
## Table 0 ##
Note 9.
Stockholders’ Equity Class B Preferred Stock The Company has authorized 1,000,000 shares of Class B Preferred Stock, $.01 par value, of which the Board of Directors can set the designation, rights and privileges.
No shares of Class B Preferred Stock have been issued or are outstanding.
Stock Repurchase Program In November 2012, the Company’s Board of Directors authorized a stock repurchase program for up to $15.0 million of its common stock.
The Company financed the stock repurchase program with its available cash.
During the year ended March 31, 2013, the Company repurchased 1,123,587 shares for $15.0 million in open market purchases at an average cost of $13.39 per share, including commission expense.
The Company completed the purchase of common stock under this stock repurchase program in January 2013.
Note 10.
Stock Award Plans and Stock-Based Compensation Stock Award Plans The Company grants stock options and restricted stock awards to employees and others.
All outstanding stock options of the Company as of March 31, 2015 were granted with an exercise price equal to the fair market value on the date of grant.
Outstanding stock options, if not exercised, expire 10 years from the date of grant.
The Company’s 2008 Stock Incentive Plan (the “Plan”) authorizes the grant of a variety of equity awards to the Company’s officers, directors, employees, consultants and advisers, including awards of unrestricted and restricted stock, restricted stock units, incentive and nonqualified stock options to purchase shares of common stock, performance share awards and stock appreciation rights.
The Plan provides that options may only be granted at the current market value on the date of grant.
Each share of stock issued pursuant to a stock option or stock appreciation right counts as one share against the maximum number of shares issuable under the Plan, while each share of stock issued
Simultaneously, the FASB issued SFAS No.167, Amendments to FASB Interpretation No.46(R) (SFAS 167), which details three key changes to the consolidation model.
First, former QSPEs will now be included in the scope of SFAS 167.
In addition, the FASB has changed the method of analyzing which party to a variable interest entity (VIE) should consolidate the VIE (known as the primary beneficiary) to a qualitative determination of which party to the VIE has “power” combined with potentially significant benefits or losses, instead of the current quantitative risks and rewards model.
The entity that has power has the ability to direct the activities of the VIE that most significantly impact the VIE’s economic performance.
Finally, the new standard requires that the primary beneficiary analysis be re-evaluated whenever circumstances change.
The current rules require reconsideration of the primary beneficiary only when specified reconsideration events occur.
As a result of implementing these new accounting standards, Citigroup will consolidate certain of the VIEs and former QSPEs with which it currently has involvement.
An ongoing evaluation of the application of these new requirements could, with the resolution of certain uncertainties, result in the identification of additional VIEs and former QSPEs, other than those presented below, needing to be consolidated.
It is not currently anticipated, however, that any such newly identified VIEs and former QSPEs would have a significant impact on Citigroup’s Consolidated Financial Statements or capital position.
In accordance with SFAS 167, Citigroup employed three approaches for consolidating all of the VIEs and former QSPEs that it consolidated as of January 1, 2010.
The first approach requires initially measuring the assets, liabilities, and noncontrolling interests of the VIEs and former QSPEs at their carrying values (the amounts at which the assets, liabilities, and noncontrolling interests would have been carried in the Consolidated Financial Statements, if Citigroup had always consolidated these VIEs and former QSPEs).
The second approach is to use the unpaid principal amounts, where using carrying values is not practicable.
The third approach is to elect the fair value option, in which all of the financial assets and liabilities of certain designated VIEs and former QSPEs would be recorded at fair value upon adoption of SFAS 167 and continue to be marked to market thereafter, with changes in fair value reported in earnings.
Citigroup consolidated all required VIEs and former QSPEs as of January 1, 2010 at carrying values or unpaid principal amounts, except for certain private label residential mortgage and mutual fund deferred sales commissions VIEs, for which the fair value option was elected.
The following tables present the pro forma impact of adopting these new accounting standards applying these approaches.
The pro forma impact of these changes on incremental GAAP assets and resulting risk-weighted assets for those VIEs and former QSPEs that were consolidated or deconsolidated for accounting purposes as of January 1, 2010 (based on financial information as of December 31, 2009), reflecting Citigroup’s present understanding of the new accounting requirements and immediate implementation of the recently issued final risk-based capital rules regarding SFAS 166 and SFAS 167, was as follows:
## Table 1 ##
(1) Citigroup undertook certain actions during the first and second quarters of 2009 in support of its off-balance-sheet credit card securitization vehicles.
As a result of these actions, Citigroup included approximately $82 billion of incremental risk-weighted assets in its risk-based capital ratios as of March 31, 2009 and an additional approximate $900 million as of June 30, 2009.
See Note 23 to the Consolidated Financial Statements.
(2) The implementation of SFAS 167 will result in the deconsolidation of certain synthetic and cash collateralized debt obligation (CDO) VIEs that were previously consolidated under the requirements of ASC 810 (FIN 46(R)).
Upon deconsolidation of these synthetic CDOs, Citigroup’s Consolidated Balance Sheet will reflect the recognition of current receivables and payables related to purchased and written credit default swaps entered into with these VIEs, which had previously been eliminated in consolidation.
The deconsolidation of certain cash CDOs will have a minimal impact on GAAP assets, but will cause a sizable increase in risk-weighted assets.
The impact on risk-weighted assets results from replacing, in Citigroup’s trading account, largely investment grade securities owned by these VIEs when consolidated, with Citigroup’s holdings of non-investment grade or unrated securities issued by these VIEs when deconsolidated.
(3) Certain equity-linked note client intermediation transactions that had previously been consolidated under the requirements of ASC 810 (FIN 46 (R)) will be deconsolidated with the implementation of SFAS 167.
Upon deconsolidation, Citigroup’s Consolidated Balance Sheet will reflect both the equitylinked notes issued by the VIEs and held by Citigroup as trading assets, as well as related trading liabilities in the form of prepaid equity derivatives.
These trading assets and trading liabilities were formerly eliminated in consolidation.
19.
GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in Goodwill during 2008 and 2009 were as follows:
## Table 2 ##
The changes in Goodwill by segment during 2008 and 2009 were as follows:
## Table 3 ##
(1) Other changes in Goodwill primarily reflect foreign exchange effects on non-dollar-denominated goodwill, as well as purchase accounting adjustments.
Goodwill impairment testing is performed at a level below the business segments (referred to as a reporting unit).
The changes in the organizational structure in 2009 resulted in the creation of new reporting segments.
As a result, commencing with the second quarter of 2009, the Company has identified new reporting units as required under ASC 350, Intangibles— Goodwill and Other.
Goodwill affected by the reorganization has been reassigned from 10 reporting units to nine, using a fair value approach.
During 2009, goodwill was allocated to disposals and tested for impairment under the new reporting units.
The Company performed goodwill impairment testing for all reporting units as of April 1, 2009 and July 1, 2009.
Additionally, the Company performed an interim goodwill impairment test for the Local Consumer Lending—Cards reporting unit as of November 30, 2009.
No goodwill was written off due to impairment in 2009.
During 2008, the share prices of financial stocks continued to be very volatile and were under considerable pressure in sustained turbulent markets.
In this environment, Citigroup’s market capitalization remained below book value for most of the period and the Company performed goodwill impairment testing for all reporting units as of February 28, 2008, July 1, 2008 and December 31, 2008.
The results of the first step of the impairment test showed no indication of impairment in any of the reporting units at any of the periods except December 31, 2008 and, accordingly, the Company did not perform the second step of the impairment test, except for the test performed as of December 31, 2008.
As of December 31, 2008, there was an indication of impairment in the North America Consumer Banking, Latin America Consumer Banking, and Local Consumer Lending—Other reporting units and, accordingly, the second step of testing was performed on these reporting units.

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March 31, 2015 (in $000’s)
Beginning balance	$—
Additions	18,500
Foreign currency translation impact	-3,789
Ending balance	$14,711

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Incremental
In billions of dollars	GAAP assets	Risk- weighted assets	-1
Impact of consolidation
Credit cards	$86.3	$0.8
Commercial paper conduits	28.3	13.0
Student loans	13.6	3.7
Private label consumer mortgages	4.4	1.3
Municipal tender option bonds	0.6	0.1
Collateralized loan obligations	0.5	0.5
Mutual fund deferred sales commissions	0.5	0.5
Subtotal	$134.2	$19.9
Impact of deconsolidation
Collateralized debt obligations-2	$1.9	$3.6
Equity-linked notes-3	1.2	0.5
Total	$137.3	$24.0

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Balance at December 31, 2007	$41,053
Sale of German retail bank	$-1,047
Sale of CitiCapital	-221
Sale of Citigroup Global Services Limited	-85
Purchase accounting adjustments—BISYS	-184
Purchase of the remaining shares of Nikko Cordial—net of purchase accounting adjustments	287
Acquisition of Legg Mason Private Portfolio Group	98
Foreign exchange translation	-3,116
Impairment of goodwill	-9,568
Smaller acquisitions, purchase accounting adjustments and other	-85
Balance at December 31, 2008	$27,132
Sale of Smith Barney	$-1,146
Sale of Nikko Cordial Securities	-558
Sale of Nikko Asset Management	-433
Foreign exchange translation	547
Smaller acquisitions/divestitures, purchase accounting adjustments and other	-150
Balance at December 31, 2009	$25,392

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In millions of dollars	Regional Consumer Banking	Institutional Clients Group	Citi Holdings	Corporate/ Other	Total
Balance at December 31, 2007-1	$19,751	$9,288	$12,014	$—	$41,053
Goodwill acquired during 2008	$88	$108	$1,492	$—	$1,688
Goodwill disposed of during 2008	—	—	-1,378	—	-1,378
Goodwill impaired during 2008	-6,547	—	-3,021	—	-9,568
Other-1	-4,006	775	-1,432	—	-4,663
Balance at December 31, 2008-1	$9,286	$10,171	$7,675	$—	$27,132
Goodwill acquired during 2009	$—	$—	$—	$—	$—
Goodwill disposed of during 2009	—	-39	-2,248	—	-2,287
Other-1	307	225	15	—	547
Balance at December 31, 2009	$9,593	$10,357	$5,442	$—	$25,392

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Question: What is the growing rate of Balance on December 31 in the year where Foreign exchange translation is the most?
Answer: -0.06413