NOTES TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS 92 6.
EQUITY INVESTMENTS Eastman has a 50 percent interest in and serves as the operating partner in Primester, a joint venture which manufactures cellulose acetate at Eastman's Kingsport, Tennessee plant.
This investment is accounted for under the equity method.
Eastman's net investment in the joint venture at December 31, 2007 and 2006 was approximately $43 million and $47 million, respectively, which was comprised of the recognized portion of the venture's accumulated deficits, long-term amounts owed to Primester, and a line of credit from Eastman to Primester.
Such amounts are included in other noncurrent assets.
Eastman owns a 50 percent interest in Nanjing Yangzi Eastman Chemical Ltd.  (“Nanjing”), a company which manufactures EastotacTM hydrocarbon tackifying resins for the adhesives market.
This joint venture is accounted for under the equity method and is included in other noncurrent assets.
At December 31, 2007 and 2006, the Company’s investment in Nanjing was approximately $7 million and $5 million, respectively.
In October 2007, the Company entered into an agreement with Green Rock Energy, L. L. C.  ("Green Rock"), a company formed by the D.  E.  Shaw Group and Goldman, Sachs & Co. , to jointly develop the industrial gasification facility in Beaumont, Texas through TX Energy, LLC ("TX Energy").
Eastman owns a 50 percent interest in TX Energy, which is expected to be operational in 2011 and will produce intermediate chemicals, such as hydrogen, methanol, and ammonia from petroleum coke.
This joint venture in the development stage is accounted for under the equity method, and is included in other noncurrent assets.
At December 31, 2007, the Company’s investment in TX Energy was approximately $26 million.
Eastman also plans to participate in a project sponsored by Faustina Hydrogen Products, L. L. C.  which will use petroleum coke as the primary feedstock to make anhydrous ammonia and methanol.
Faustina Hydrogen Products is primarily owned by Green Rock.
The Company intends to take a 25 percent or greater equity position in the project, provide operations, maintenance, and other site management services, and purchase methanol under a long-term contract.
Capital costs for the facility are estimated to be approximately $1.6 billion.
Project financing is expected to be obtained by the end of 2008.
The facility will be built in St.  James Parish, Louisiana and is expected to be complete by 2011.
On April 21, 2005, the Company completed the sale of its equity investment in Genencor International, Inc.  ("Genencor") for cash proceeds of approximately $417 million, net of $2 million in fees.
The book value of the investment prior to sale was $246 million, and the Company recorded a pre-tax gain on the sale of $171 million.7.
PAYABLES AND OTHER CURRENT LIABILITIES
## Table 0 ##
The current portion of post-employment obligations is an estimate of current year payments in excess of plan assets.
PART I Key Customers The majority of our revenues are generated in the United States.
Our total revenues are largely attributable to prime contracts or to subcontracts with other contractors engaged in work for the U. S.  Government, with the remaining attributable to international customers, including the U. K.  MoD, and customers across a variety of commercial markets.
Within the U. S.  Government, our revenues are diversified across many agencies, including various intelligence agencies, the U. S.  Army, Navy and Air Force, DHS, FAA, the Transportation Security Agency, the Defense Health Agency, the National Aeronautics and Space Administration ("NASA") and research agencies like the Defense Advanced Research Projects Agency ("DARPA").
The percentage of total revenues for the U. S.  Government, its agencies and other customers comprising more than 10% of total revenues in any of the years for fiscal 2016, the 11-month period ended January 1, 2016, and fiscal 2015, were as follows:
## Table 1 ##
These customers have a number of subsidiary agencies that have separate budgets and procurement functions.
Our contracts may be with the highest level of these agencies or with the subsidiary agencies of these customers.
Employees As part of our acquisition of the IS&GS Business, we gained approximately 15,000 additional employees.
As of December 30, 2016, we employed approximately 32,000 full and part-time employees in 26 countries worldwide.
The experience and expertise of our employees makes Leidos capable of solving our customers' most challenging technical problems.
Approximately 42% of our employees have degrees in Science, Technology, Engineering or Mathematics fields, over 1,000 employees have doctoral degrees, nearly 40% of our employees possess security clearances and approximately 20% of our employees are military veterans.
Research and Development We conduct research and development activities under customer-funded contracts and with company-funded internal research and development ("IR&D") funds.
IR&D efforts consist of projects involving basic research, applied research, development and systems and other concept formulation studies.
IR&D expenses are included in selling, general and administrative expenses and are generally allocated to U. S.  Government contracts.
For fiscal 2016, the 11-month period ended January 1, 2016, and fiscal 2015, our company-funded IR&D expense was $44 million, $29 million and $37 million, respectively, which as a percentage of sales was 0.6%, 0.6% and 0.7%, respectively.
We charge expenses for research and development activities performed under customer contracts directly to cost of revenues for those contracts.
Intellectual Property Rights Our technical services and products are not generally dependent upon patent protection, although we do selectively seek patent protection.
We claim a proprietary interest in certain of our products, software programs, methodologies and know-how.
This proprietary information is protected in confidence as trade secrets, using non-disclosure agreements, contracts and other definitive agreements.
We selectively pursue opportunities to license or transfer our technologies to third parties.
In connection with the performance of services and solutions, the U. S.  Government has certain rights to inventions, data, software codes and related material that we develop under U. S.  Government-funded contracts and subcontracts.
Generally, the U. S.  Government may disclose or license such information to third parties, including, in some instances, our competitors.
In the case of some subcontracts that we perform, the prime contractor generally obtains rights to use the programs and products that we deliver under the subcontract to perform its prime contract obligations.
purchases, individually negotiated transactions or otherwise.
Any such repurchases will depend on prevailing market conditions, our liquidity position and other factors.
The following table sets forth total consolidated borrowings of the Company as of the dates indicated.
## Table 2 ##
(1) Prior period has been revised to conform to current period presentation due to the adoption of ASU 2015-03 regarding the classification of debt issuance costs.
For more information, see Note 2 to the Consolidated Financial Statements.
(2) Amounts are net of assets under set-off arrangements of $5,859 million and $4,889 million, as of December 31, 2016 and 2015, respectively.
(3) Limited and non-recourse borrowing represents mortgage debt of our subsidiaries that has recourse only to real estate investment property.
As of December 31, 2016 and 2015, we were in compliance with all debt covenants related to the borrowings in the table above.
For further information on our short-and long-term debt obligations, see Note 14 to our Consolidated Financial Statements.
Based on the use of proceeds, we classify our borrowings as capital debt, investment-related debt, and debt related to specified businesses.
Capital debt, which is debt utilized to meet the capital requirements of our businesses, was $11.6 billion and $11.9 billion as of December 31, 2016 and 2015, respectively.
Investment-related debt of $5.4 billion and $7.0 billion as of December 31, 2016 and 2015, respectively, consists of debt issued to finance specific investment assets or portfolios of investment assets, the proceeds from which will service the debt.
Specifically, this includes institutional spread lending investment portfolios, assets supporting reserve requirements under Regulation XXX and Guideline AXXX as described below, as well as funding for institutional and insurance company portfolio cash flow timing differences.
Our remaining borrowings are utilized for business funding to meet specific purposes, including funding new business acquisition costs associated with our individual annuities business, operating needs associated with hedging our individual annuities products as discussed above and activities associated with our asset management business.
Prudential Financial Borrowings Long-term borrowings are conducted primarily by Prudential Financial.
It borrows these funds to meet its capital and other funding needs, as well as the capital and funding needs of its subsidiaries.
Prudential Financial maintains a shelf registration statement with the SEC that permits the issuance of public debt, equity and hybrid securities.
As a “Well-Known Seasoned Issuer” under SEC rules, Prudential Financial’s shelf registration statement provides for automatic effectiveness upon filing and has no stated issuance capacity.
Prudential Financial’s borrowings decreased $1,261 million from December 31, 2015, driven primarily by maturities of $750 million of senior debt and our repurchase of $500 million of senior debt through a tender offer.
For more information on long-term debt, see Note 14 to the Consolidated Financial Statements.
Subsidiary Borrowings Subsidiary borrowings principally consist of surplus note issuances by our insurance and captive reinsurance subsidiaries, commercial paper borrowings by Prudential Funding, asset-based financing and real estate investment financing.
Borrowings of our subsidiaries decreased $375 million from December 31, 2015, primarily driven by prepayments of $600 million of senior debt, offset by a $141 million increase in commercial paper outstanding and the issuance of $113 million of mortgage debt.
Term and Universal Life reserve financing Regulation XXX and Guideline AXXX require domestic life insurers to establish statutory reserves for term and universal life insurance policies with long-term premium guarantees that are consistent with the statutory reserves required for other individual life policies with similar guarantees.
Many market participants believe that these levels of reserves are excessive relative to the levels reasonably required to maintain solvency for moderately adverse experience.
The difference between the statutory reserve and the amount necessary to maintain solvency for moderately adverse experience is considered to be the non-economic portion of the statutory reserve.

Tables referenced above, in order (Table 0 first):
<table><tr><td>(Dollars in millions)</td><td>December 31, 2007</td><td>2006</td></tr><tr><td>Trade creditors</td><td>$578</td><td>$581</td></tr><tr><td>Accrued payrolls, vacation, and variable-incentive compensation</td><td>138</td><td>126</td></tr><tr><td>Accrued taxes</td><td>36</td><td>59</td></tr><tr><td>Post-employment obligations</td><td>60</td><td>63</td></tr><tr><td>Interest payable</td><td>31</td><td>31</td></tr><tr><td>Bank overdrafts</td><td>6</td><td>11</td></tr><tr><td>Other</td><td>164</td><td>185</td></tr><tr><td>Total payables and other current liabilities</td><td>$1,013</td><td>$1,056</td></tr></table>
<table><tr><td></td><td>12 Months Ended December 30,2016</td><td>11 Months Ended January 1,2016</td><td>12 Months Ended January 30,2015</td></tr><tr><td>U.S. Government</td><td>81%</td><td>76%</td><td>79%</td></tr><tr><td>U.S. DoD</td><td>56%</td><td>64%</td><td>67%</td></tr><tr><td>U.S. Army</td><td>14%</td><td>14%</td><td>16%</td></tr><tr><td>Maryland Procurement Office</td><td>7%</td><td>10%</td><td>10%</td></tr></table>
<table><tr><td></td><td colspan="3">December 31, 2016</td><td colspan="3">December 31, 2015-1</td></tr><tr><td></td><td>PrudentialFinancial</td><td>Subsidiaries</td><td>Consolidated</td><td>PrudentialFinancial</td><td>Subsidiaries</td><td>Consolidated</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>General obligation short-term debt:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial paper</td><td>$65</td><td>$525</td><td>$590</td><td>$80</td><td>$384</td><td>$464</td></tr><tr><td>Current portion of long-term debt</td><td>470</td><td>0</td><td>470</td><td>751</td><td>1</td><td>752</td></tr><tr><td>Subtotal</td><td>535</td><td>525</td><td>1,060</td><td>831</td><td>385</td><td>1,216</td></tr><tr><td>General obligation long-term debt:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior debt</td><td>9,572</td><td>727</td><td>10,299</td><td>10,543</td><td>1,323</td><td>11,866</td></tr><tr><td>Junior subordinated debt</td><td>5,817</td><td>0</td><td>5,817</td><td>5,811</td><td>0</td><td>5,811</td></tr><tr><td>Surplus notes -2</td><td>0</td><td>1,339</td><td>1,339</td><td>0</td><td>1,352</td><td>1,352</td></tr><tr><td>Subtotal</td><td>15,389</td><td>2,066</td><td>17,455</td><td>16,354</td><td>2,675</td><td>19,029</td></tr><tr><td>Total general obligations</td><td>15,924</td><td>2,591</td><td>18,515</td><td>17,185</td><td>3,060</td><td>20,245</td></tr><tr><td>Limited and non-recourse borrowings -3</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current portion of long-term debt</td><td>0</td><td>73</td><td>73</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Long-term debt</td><td>0</td><td>586</td><td>586</td><td>0</td><td>565</td><td>565</td></tr><tr><td>Subtotal</td><td>0</td><td>659</td><td>659</td><td>0</td><td>565</td><td>565</td></tr><tr><td>Total borrowings</td><td>$15,924</td><td>$3,250</td><td>$19,174</td><td>$17,185</td><td>$3,625</td><td>$20,810</td></tr></table>

Question: what was the ratio of the investment prior to sale to the pre-tax gain on the sale
Answer: 1.4386
Reasoning program: divide(246,171)