Table of Contents 1.
Organization and Significant Accounting Policies (continued) The majority of the amounts in accumulated other comprehensive earnings (loss) for cash flow hedges is expected to be reclassified into earnings within one year.
The following table summarizes, by currency, the contractual amounts of the company’s foreign currency forward contracts.
## Table 0 ##
The forward contracts in place at December 31, 2004 and 2003, amounted to approximately 89 percent and 92 percent, respectively, of the company’s anticipated subsequent year exposure for those currencies hedged.
Revenue recognition.
The company recognizes revenue upon transfer of title, which generally occurs upon shipment of the product to the customer.
Contracts and customer purchase orders are generally used to determine the existence of an arrangement.
Shipping documents are used to verify delivery.
The company assesses whether the selling price is fixed or determinable based upon the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.
The company assesses collectibility based primarily on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history.
Accruals for customer returns for defective product are based on historical experience with similar types of sales.
Accruals for rebates and incentives are based on pricing agreements and are generally tied to sales volume.
Changes in such accruals may be required if future returns differ from historical experience or if actual sales volume differs from estimated sales volume.
Rebates and incentives are recognized as a reduction of sales.
Shipping and handling costs billed to customers are included in net sales and the related costs are included in cost of products sold.
Advertising.
Advertising costs are charged to operations as incurred and amounted to $23.7, $18.4 and $16.2 million during 2004, 2003 and 2002, respectively.
Research and development.
Research and development costs are charged to operations as incurred and amounted to $35.9, $34.6 and $30.4 million during 2004, 2003 and 2002, respectively.
Product warranty.
The company’s products carry warranties that generally range from one to six years and are based on terms that are generally accepted in the market.
The company records a liability for the expected cost of warranty-related claims at the time of sale.
The allocation of our warranty liability between current and long-term is based on expected warranty claims to be paid in the next year as determined by historical product failure rates.
The following table presents the company’s product warranty liability activity in 2004 and 2003:
## Table 1 ##
Environmental costs.
The company accrues for losses associated with environmental obligations when such losses are probable and reasonably estimable.
Costs of estimated future expenditures are not discounted to their present value.
Recoveries of environmental costs from other parties are recorded as assets when their receipt is considered probable.
The accruals are adjusted as facts and circumstances change.
For reporting purposes, we allocate the allowance for credit losses across products.
However, the allowance is available to absorb any credit losses without restriction.
Table 42 presents our allocation by product type.
## Table 2 ##
(1) Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding excluding loans accounted for under the fair value option for each loan and lease category.
Loans accounted for under the fair value option include commercial – domestic loans of $3.0 billion and $3.5 billion, commercial – foreign loans of $1.9 billion and $1.7 billion, and commercial real estate loans of $90 million and $203 million at December 31, 2009 and 2008.
(2) Includes allowance for small business commercial – domestic loans of $2.4 billion at both December 31, 2009 and 2008.
(3) Includes allowance for loan and lease losses for impaired commercial loans of $1.2 billion and $691 million at December 31, 2009 and 2008.
(4) The majority of the increase from December 31, 2008 relates to the fair value of the acquired Merrill Lynch unfunded lending commitments, excluding commitments accounted for under the fair value option.
(5) Includes $3.9 billion and $750 million related to purchased impaired loans at December 31, 2009 and 2008.
Market Risk Management Market risk is the risk that values of assets and liabilities or revenues will be adversely affected by changes in market conditions such as market movements.
This risk is inherent in the financial instruments associated with our operations and/or activities including loans, deposits, securities, short-term borrowings, long-term debt, trading account assets and liabilities, and derivatives.
Market-sensitive assets and liabilities are generated through loans and deposits associated with our traditional banking business, customer and other trading operations, ALM process, credit risk mitigation activities and mortgage banking activities.
In the event of market volatility, factors such as underlying market movements and liquidity have an impact on the results of the Corporation.
Our traditional banking loan and deposit products are nontrading positions and are generally reported at amortized cost for assets or the amount owed for liabilities (historical cost).
However, these positions are still subject to changes in economic value based on varying market conditions, primarily changes in the levels of interest rates.
The risk of adverse changes in the economic value of our nontrading positions is managed through our ALM activities.
We have elected to account for certain assets and liabilities under the fair value option.
For further information on the fair value of certain financial assets and liabilities, see Note 20 – Fair Value Measurements to the Consolidated Financial Statements.
Our trading positions are reported at fair value with changes currently reflected in income.
Trading positions are subject to various risk factors, which include exposures to interest rates and foreign exchange rates, as well as mortgage, equity, commodity, issuer and market liquidity risk factors.
We seek to mitigate these risk exposures by using techniques that encompass a variety of financial instruments in both the cash and derivatives markets.
The following discusses the key risk components along with respective risk mitigation techniques.
Interest Rate Risk Interest rate risk represents exposures to instruments whose values vary with the level or volatility of interest rates.
These instruments include, but are not limited to, loans, debt securities, certain trading-related assets and liabilities, deposits, borrowings and derivative instruments.
Hedging instruments used to mitigate these risks include related derivatives such as options, futures, forwards and swaps.
Foreign Exchange Risk Foreign exchange risk represents exposures to changes in the values of current holdings and future cash flows denominated in other currencies.
The types of instruments exposed to this risk include investments in foreign subsidiaries, foreign currency-denominated loans and securities, future cash flows in foreign currencies arising from foreign exchange transactions, foreign currency-denominated debt and various foreign exchange derivative instruments whose values fluctuate with changes in the level or volatility of currency exchange rates or foreign interest rates.
Hedging instruments used to mitigate this risk include foreign exchange options, currency swaps, futures, forwards, foreign currency- denominated debt and deposits.
VORNADO REALTY TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 147 10.
Redeemable Noncontrolling Interests - continued Redeemable noncontrolling interests on our consolidated balance sheets are recorded at the greater of their carrying amount or redemption value at the end of each reporting period.
Changes in the value from period to period are charged to “additional capital” in our consolidated statements of changes in equity.
Below is a table summarizing the activity of redeemable noncontrolling interests.

Tables referenced above, in order (Table 0 first):
<table><tr><td> December 31 (dollars in millions)</td><td colspan="2"> 2004</td><td colspan="2"> 2003</td></tr><tr><td></td><td> Buy </td><td> Sell </td><td> Buy </td><td> Sell </td></tr><tr><td>Euro</td><td>$2.6</td><td>$6.5</td><td>$—</td><td>$—</td></tr><tr><td>Canadian dollar</td><td>—</td><td>4.3</td><td>—</td><td>8.2</td></tr><tr><td>British pound</td><td>—</td><td>—</td><td>2.8</td><td>2.2</td></tr><tr><td>Hungarian forint</td><td>1.3</td><td>—</td><td>0.8</td><td>—</td></tr><tr><td>Mexican peso</td><td>109.7</td><td>—</td><td>122.8</td><td>—</td></tr><tr><td>Total</td><td>$113.6</td><td>$10.8</td><td>$126.4</td><td>$10.4</td></tr></table>
<table><tr><td> Years ended December 31 (dollars in millions)</td><td>2004</td><td>2003</td></tr><tr><td>Balance at beginning of year</td><td>$62.1</td><td>$63.2</td></tr><tr><td>Expense</td><td>30.9</td><td>29.1</td></tr><tr><td>Claims settled</td><td>-33.2</td><td>-30.2</td></tr><tr><td>Balance at end of year</td><td>$59.8</td><td>$62.1</td></tr></table>
<table><tr><td></td><td colspan="6"> December 31</td></tr><tr><td></td><td colspan="3">2009</td><td colspan="3">2008</td></tr><tr><td>(Dollars in millions)</td><td> Amount</td><td>Percent of Total</td><td>Percent of Loans and Leases Outstanding -1</td><td>Amount</td><td>Percent of Total</td><td>Percent of Loans and Leases Outstanding<sup>-1</sup></td></tr><tr><td> Allowance for loan and lease losses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential mortgage</td><td>$4,607</td><td>12.38%</td><td>1.90%</td><td>$1,382</td><td>5.99%</td><td>0.56%</td></tr><tr><td>Home equity</td><td>10,160</td><td>27.31</td><td>6.81</td><td>5,385</td><td>23.34</td><td>3.53</td></tr><tr><td>Discontinued real estate</td><td>989</td><td>2.66</td><td>6.66</td><td>658</td><td>2.85</td><td>3.29</td></tr><tr><td>Credit card – domestic</td><td>6,017</td><td>16.18</td><td>12.17</td><td>3,947</td><td>17.11</td><td>6.16</td></tr><tr><td>Credit card – foreign</td><td>1,581</td><td>4.25</td><td>7.30</td><td>742</td><td>3.22</td><td>4.33</td></tr><tr><td>Direct/Indirect consumer</td><td>4,227</td><td>11.36</td><td>4.35</td><td>4,341</td><td>18.81</td><td>5.20</td></tr><tr><td>Other consumer</td><td>204</td><td>0.55</td><td>6.53</td><td>203</td><td>0.88</td><td>5.87</td></tr><tr><td>Total consumer</td><td>27,785</td><td>74.69</td><td>4.81</td><td>16,658</td><td>72.20</td><td>2.83</td></tr><tr><td>Commercial – domestic<sup>-2</sup></td><td>5,152</td><td>13.85</td><td>2.59</td><td>4,339</td><td>18.81</td><td>1.98</td></tr><tr><td>Commercial real estate</td><td>3,567</td><td>9.59</td><td>5.14</td><td>1,465</td><td>6.35</td><td>2.26</td></tr><tr><td>Commercial lease financing</td><td>291</td><td>0.78</td><td>1.31</td><td>223</td><td>0.97</td><td>1.00</td></tr><tr><td>Commercial – foreign</td><td>405</td><td>1.09</td><td>1.50</td><td>386</td><td>1.67</td><td>1.25</td></tr><tr><td>Total commercial<sup>-3</sup></td><td>9,415</td><td>25.31</td><td>2.96</td><td>6,413</td><td>27.80</td><td>1.90</td></tr><tr><td> Allowance for loan and lease losses</td><td>37,200</td><td>100.00%</td><td>4.16%</td><td>23,071</td><td>100.00%</td><td>2.49%</td></tr><tr><td> Reserve for unfunded lending commitments<sup>-4</sup></td><td>1,487</td><td></td><td></td><td>421</td><td></td><td></td></tr><tr><td> Allowance for credit losses<sup>-5</sup></td><td>$38,687</td><td></td><td></td><td>$23,492</td><td></td><td></td></tr></table>

Question: In which year is Home equity for Amount positive?
Answer: 2008 2009