Entergy Louisiana, LLC and Subsidiaries Management’s Financial Discussion and Analysis is expected to begin by late-2018, after the necessary information technology infrastructure is in place.
Entergy Louisiana proposed to recover the cost of AMI through the implementation of a customer charge, net of certain benefits, phased in over the period 2019 through 2022.
The parties reached an uncontested stipulation permitting implementation of Entergy Louisiana’s proposed AMI system, with modifications to the proposed customer charge.
In July 2017 the LPSC approved the stipulation.
Entergy Louisiana expects to recover the undepreciated balance of its existing meters through a regulatory asset at current depreciation rates.
Sources of Capital Entergy Louisiana’s sources to meet its capital requirements include: ?
internally generated funds; ?
cash on hand; ?
debt or preferred membership interest issuances; and ?
bank financing under new or existing facilities.
Entergy Louisiana may refinance, redeem, or otherwise retire debt prior to maturity, to the extent market conditions and interest rates are favorable.
All debt and common and preferred membership interest issuances by Entergy Louisiana require prior regulatory approval.
Preferred membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements.
Entergy Louisiana has sufficient capacity under these tests to meet its foreseeable capital needs.
Entergy Louisiana’s receivables from the money pool were as follows as of December 31 for each of the following years.
## Table 0 ##
See Note 4 to the financial statements for a description of the money pool.
Entergy Louisiana has a credit facility in the amount of $350 million scheduled to expire in August 2022.
The credit facility allows Entergy Louisiana to issue letters of credit against $15 million of the borrowing capacity of the facility.
As of December 31, 2017, there were no cash borrowings and a $9.1 million letter of credit outstanding under the credit facility.
In addition, Entergy Louisiana is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to MISO. ?
As of December 31, 2017, a $29.7 million letter of credit was outstanding under Entergy Louisiana’s uncommitted letter of credit?facility.
See Note 4 to the financial statements for additional discussion of the credit facilities.
The Entergy Louisiana nuclear fuel company variable interest entities have two separate credit facilities, one in the amount of $105 million and one in the amount of $85 million, both scheduled to expire in May 2019.
As of December 31, 2017, $65.7 million of loans were outstanding under the credit facility for the Entergy Louisiana River Bend nuclear fuel company variable interest entity.
As of December 31, 2017, $43.5 million in letters of credit to support a like amount of commercial paper issued and $36.4 million in loans were outstanding under the Entergy Louisiana Waterford nuclear fuel company variable interest entity credit facility.
See Note 4 to the financial statements for additional discussion of the nuclear fuel company variable interest entity credit facilities.
This selected consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements included elsewhere herein.
## Table 1 ##
As of December 31
## Table 2 ##
(1) For purposes of this computation, earnings are defined as income from continuing operations before income taxes, extraordinary gain on acquisition and cumulative effect of accounting change excluding undistributed income from equity method investments, fixed charges and interest capitalized.
Fixed charges are the sum of gross interest expense, interest credited to policyholders’ account balances and an estimated interest component of rent expense.
(2) The Company adopted Statement of Financial Accounting Standards No.158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans” effective December 31, 2006, which resulted in a reduction of stockholders’ equity of $556 million upon adoption.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 21.
COMMITMENTS AND GUARANTEES, CONTINGENT LIABILITIES AND LITIGATION AND REGULATORY MATTERS Commitments and Guarantees The Company occupies leased office space in many locations under various long-term leases and has entered into numerous leases covering the long-term use of computers and other equipment.
Rental expense, net of sub-lease income, incurred for the years ended December 31, 2007, 2006 and 2005 was $179 million, $175 million and $192 million, respectively.
The following table presents, at December 31, 2007, the Company’s contractual maturities on long-term debt, as more fully described in Note 12, and future minimum lease payments under non-cancelable operating leases along with associated sub-lease income:
## Table 3 ##
Occasionally, for business reasons, the Company may exit certain non-cancelable operating leases prior to their expiration.
In these instances, the Company’s policy is to accrue, at the time it ceases to use the property being leased, the future rental expense and any sub-lease income, and to release this reserve over the remaining commitment period.
Of the $754 million in total non-cancelable operating leases and $151 million in total sub-lease income, $152 million and $134 million, respectively, has been accrued at December 31, 2007.
In connection with the Company’s commercial mortgage operations, it originates commercial mortgage loans.
At December 31, 2007, the Company had outstanding commercial mortgage loan commitments with borrowers of $2,937 million.
In certain of these transactions, the Company prearranges that it will sell the loan to an investor after the Company funds the loan.
As of December 31, 2007, $574 million of the Company’s commitments to originate commercial mortgage loans are subject to such arrangements.
The Company also has other commitments, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties.
These other commitments amounted to $10,782 million at December 31, 2007.
Reflected in these other commitments are $10,638 million of commitments to purchase or fund investments, including $7,435 million that the Company anticipates will be funded from the assets of its separate accounts.
In the course of the Company’s business, it provides certain guarantees and indemnities to third parties pursuant to which it may be contingently required to make payments now or in the future.
A number of guarantees provided by the Company relate to real estate investments, in which the investor has borrowed funds, and the Company has guaranteed their obligation to their lender.
In some cases, the investor is an affiliate, and in other cases the unaffiliated investor purchases the real estate investment from the Company.
The Company provides these guarantees to assist the investors in obtaining financing for the transaction on more beneficial terms.
The vast majority of these guarantees relate to real estate investments held by the Company’s separate accounts and the Company’s maximum potential exposure under these guarantees was $2,538 million at December 31, 2007.
Any payments that may become required of the Company under these guarantees would either first be reduced by proceeds received by the creditor on a sale of the underlying collateral, or would provide the Company with rights to obtain the underlying collateral.
These guarantees generally expire at various times over the next ten years.
At December 31, 2007, no amounts were accrued as a result of the Company’s assessment that it is unlikely payments will be required.
As discussed in Note 19, the Company writes credit derivatives under which the Company is obligated to pay the counterparty the referenced amount of the contract and receive in return the defaulted security or similar security.
The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying securities become worthless, is $1,618 million at December 31, 2007.
These credit derivatives generally have maturities of ten years or less.
Certain contracts underwritten by the Retirement segment include guarantees related to financial assets owned by the guaranteed party.
These contracts are accounted for as derivatives, at fair value, in accordance with SFAS No.133.
At December 31, 2007, such contracts in force carried a total guaranteed value of $4,428 million.
Sales Results The following table sets forth individual life insurance business sales, as measured by scheduled premiums from new sales on an annualized basis and first year excess premiums and deposits on a cash-received basis, for the periods indicated.
Sales of the individual life insurance business do not correspond to revenues under U. S.  GAAP.
They are, however, a relevant measure of business activity.
In managing our individual life insurance business, we analyze new sales on this basis because it measures the current sales performance of the business, while revenues primarily reflect the renewal persistency and aging of in force policies written in prior years and net investment income as well as current sales.
## Table 4 ##
(1) Scheduled premiums from new sales on an annualized basis and first year excess premiums and deposits on a cash-received basis.2007 to 2006 Annual Comparison.
Sales of new life insurance, excluding corporate-owned life insurance, measured as described above, increased $64 million, from $430 million in 2006 to $494 million in 2007.
Sales of term life products increased $64 million.
Sales of variable life products increased $16 million, which included the benefit of several large case sales in 2007.
Sales of universal life products decreased $16 million.
The increase in sales of life insurance, excluding corporate-owned life insurance, was driven by a $71 million increase in sales from the third party distribution channel, primarily in term life and variable life products, with universal life sales slightly lower than the prior year due to a higher level of large universal life cases placed in 2006.
Sales by Prudential Agents of $174 million in 2007 were $7 million lower than the prior year, reflecting a large case placed in 2006 and a decline in the number of agents from 2,562 at December 31, 2006 to 2,425 at December 31, 2007.2006 to 2005 Annual Comparison.
Sales of new life insurance, excluding corporate-owned life insurance, measured as described above, increased $11 million, from $419 million in 2005 to $430 million in 2006.
Sales of our term life and variable life products increased $33 million.
This increase was partially offset by decreased sales of our universal life products.
Sales of life insurance, excluding corporate-owned life insurance, from the third party distribution channel increased $42 million, reflecting increased term and variable life sales, with universal life sales remaining unchanged, as both periods benefited from a large level of universal life sales.
Sales of life insurance by Prudential Agents decreased $31 million, reflecting a decline in the number of agents from 2,946 at December 31, 2005 to 2,562 at December 31, 2006, which impacted all life insurance product lines.
In 2006, for the first time, more than half of our individual life insurance sales were generated through third party channels.
Policy Surrender Experience The following table sets forth the individual life insurance business’ policy surrender experience for variable and universal life insurance, measured by cash value of surrenders, for the periods indicated.
These amounts do not correspond to expenses under U. S.  GAAP.
In managing this business, we analyze the cash value of surrenders because it is a measure of the degree to which policyholders are maintaining their in force business with us, a driver of future profitability.
Our term life insurance products do not provide for cash surrender values.
## Table 5 ##
Discontinued Operations Included within net income are the results of businesses which are reflected as discontinued operations under U. S.  GAAP.
A summary of the results of discontinued operations by business is as follows for the periods indicated:

Tables referenced above, in order (Table 0 first):
<table><tr><td>2017</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>(In Thousands)</td></tr><tr><td>$11,173</td><td>$22,503</td><td>$6,154</td><td>$2,815</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td></td><td colspan="5">(in millions, except per share and ratio information)</td></tr><tr><td> Income Statement Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums</td><td>$14,351</td><td>$13,908</td><td>$13,756</td><td>$12,521</td><td>$13,163</td></tr><tr><td>Policy charges and fee income</td><td>3,131</td><td>2,653</td><td>2,520</td><td>2,342</td><td>1,978</td></tr><tr><td>Net investment income</td><td>12,017</td><td>11,320</td><td>10,595</td><td>9,454</td><td>8,651</td></tr><tr><td>Realized investment gains (losses), net</td><td>613</td><td>774</td><td>1,378</td><td>778</td><td>375</td></tr><tr><td>Asset management fees and other income</td><td>4,289</td><td>3,613</td><td>3,098</td><td>2,718</td><td>3,131</td></tr><tr><td>Total revenues</td><td>34,401</td><td>32,268</td><td>31,347</td><td>27,813</td><td>27,298</td></tr><tr><td>Benefits and expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholders’ benefits</td><td>14,749</td><td>14,283</td><td>13,883</td><td>12,863</td><td>13,301</td></tr><tr><td>Interest credited to policyholders’ account balances</td><td>3,222</td><td>2,917</td><td>2,699</td><td>2,359</td><td>1,857</td></tr><tr><td>Dividends to policyholders</td><td>2,903</td><td>2,622</td><td>2,850</td><td>2,481</td><td>2,599</td></tr><tr><td>General and administrative expenses</td><td>8,841</td><td>8,052</td><td>7,641</td><td>6,844</td><td>7,173</td></tr><tr><td>Loss on disposition of property and casualty insurance operations</td><td>—</td><td>—</td><td>—</td><td>—</td><td>491</td></tr><tr><td>Total benefits and expenses</td><td>29,715</td><td>27,874</td><td>27,073</td><td>24,547</td><td>25,421</td></tr><tr><td>Income from continuing operations before income taxes, equity in earnings of operating joint ventures, extraordinary gain on acquisition andcumulative effect of accounting change</td><td>4,686</td><td>4,394</td><td>4,274</td><td>3,266</td><td>1,877</td></tr><tr><td>Income tax expense</td><td>1,245</td><td>1,245</td><td>803</td><td>931</td><td>621</td></tr><tr><td>Income from continuing operations before equity in earnings of operating joint ventures, extraordinary gain on acquisition and cumulativeeffect of accounting change</td><td>3,441</td><td>3,149</td><td>3,471</td><td>2,335</td><td>1,256</td></tr><tr><td>Equity in earnings of operating joint ventures, net of taxes</td><td>246</td><td>208</td><td>142</td><td>55</td><td>45</td></tr><tr><td>Income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change</td><td>3,687</td><td>3,357</td><td>3,613</td><td>2,390</td><td>1,301</td></tr><tr><td>Income (loss) from discontinued operations, net of taxes</td><td>17</td><td>71</td><td>-73</td><td>-76</td><td>-37</td></tr><tr><td>Extraordinary gain on acquisition, net of taxes</td><td>—</td><td>—</td><td>—</td><td>21</td><td>—</td></tr><tr><td>Cumulative effect of accounting change, net of taxes</td><td>—</td><td>—</td><td>—</td><td>-79</td><td>—</td></tr><tr><td>Net income</td><td>$3,704</td><td>$3,428</td><td>$3,540</td><td>$2,256</td><td>$1,264</td></tr><tr><td>Basic income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock</td><td>$7.72</td><td>$6.49</td><td>$6.59</td><td>$3.63</td><td>$2.06</td></tr><tr><td>Diluted income from continuing operations before extraordinary gain on acquisition and cumulative effect of accounting change pershare—Common Stock</td><td>$7.58</td><td>$6.36</td><td>$6.48</td><td>$3.56</td><td>$2.05</td></tr><tr><td>Basic net income per share—Common Stock</td><td>$7.75</td><td>$6.63</td><td>$6.45</td><td>$3.38</td><td>$1.99</td></tr><tr><td>Diluted net income per share—Common Stock</td><td>$7.61</td><td>$6.50</td><td>$6.34</td><td>$3.31</td><td>$1.98</td></tr><tr><td>Basic and diluted income from continuing operations per share—Class B Stock</td><td>$68.50</td><td>$108.00</td><td>$119.50</td><td>$249.00</td><td>$89.50</td></tr><tr><td>Basic and diluted net income per share—Class B Stock</td><td>$69.50</td><td>$108.00</td><td>$119.50</td><td>$249.00</td><td>$89.50</td></tr><tr><td>Dividends declared per share—Common Stock</td><td>$1.15</td><td>$0.95</td><td>$0.78</td><td>$0.625</td><td>$0.50</td></tr><tr><td>Dividends declared per share—Class B Stock</td><td>$9.625</td><td>$9.625</td><td>$9.625</td><td>$9.625</td><td>$9.625</td></tr><tr><td>Ratio of earnings to fixed charges-1</td><td>2.05</td><td>2.12</td><td>2.19</td><td>2.10</td><td>1.78</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td> 2005</td><td> 2004</td><td> 2003</td></tr><tr><td></td><td colspan="5"> (in millions)</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total investments excluding policy loans</td><td>$233,770</td><td>$226,530</td><td>$213,031</td><td>$209,383</td><td>$174,042</td></tr><tr><td>Separate account assets</td><td>195,583</td><td>177,463</td><td>153,159</td><td>115,568</td><td>106,680</td></tr><tr><td>Total assets</td><td>485,814</td><td>454,266</td><td>413,374</td><td>400,828</td><td>321,274</td></tr><tr><td>Future policy benefits and policyholders’ account balances</td><td>195,622</td><td>187,603</td><td>177,531</td><td>179,337</td><td>146,223</td></tr><tr><td>Separate account liabilities</td><td>195,583</td><td>177,463</td><td>153,159</td><td>115,568</td><td>106,680</td></tr><tr><td>Short-term debt</td><td>15,657</td><td>12,536</td><td>11,114</td><td>4,044</td><td>4,739</td></tr><tr><td>Long-term debt</td><td>14,101</td><td>11,423</td><td>8,270</td><td>7,627</td><td>5,610</td></tr><tr><td>Total liabilities</td><td>462,357</td><td>431,374</td><td>390,611</td><td>378,484</td><td>299,982</td></tr><tr><td>Stockholders’ equity-2</td><td>$23,457</td><td>$22,892</td><td>$22,763</td><td>$22,344</td><td>$21,292</td></tr></table>
<table><tr><td></td><td> Long-term Debt</td><td> Operating Leases</td><td>Sub-lease Income</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>2008</td><td>$—</td><td>$164</td><td>$-39</td></tr><tr><td>2009</td><td>467</td><td>140</td><td>-36</td></tr><tr><td>2010</td><td>234</td><td>112</td><td>-24</td></tr><tr><td>2011</td><td>565</td><td>96</td><td>-16</td></tr><tr><td>2012</td><td>371</td><td>74</td><td>-13</td></tr><tr><td>2013 and thereafter</td><td>12,464</td><td>168</td><td>-23</td></tr><tr><td>Total</td><td>$14,101</td><td>$754</td><td>$-151</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td><td> 2005</td></tr><tr><td></td><td colspan="3"> (in millions)</td></tr><tr><td> Life insurance sales-1:</td><td></td><td></td><td></td></tr><tr><td>Excluding corporate-owned life insurance:</td><td></td><td></td><td></td></tr><tr><td>Variable life</td><td>$106</td><td>$90</td><td>$83</td></tr><tr><td>Universal life</td><td>176</td><td>192</td><td>214</td></tr><tr><td>Term life</td><td>212</td><td>148</td><td>122</td></tr><tr><td>Total excluding corporate-owned life insurance</td><td>494</td><td>430</td><td>419</td></tr><tr><td>Corporate-owned life insurance</td><td>11</td><td>12</td><td>7</td></tr><tr><td>Total</td><td>$505</td><td>$442</td><td>$426</td></tr><tr><td> Life insurance sales by distribution channel, excluding corporate-owned life insurance-1:</td><td></td><td></td><td></td></tr><tr><td>Prudential Agents</td><td>$174</td><td>$181</td><td>$212</td></tr><tr><td>Third party</td><td>320</td><td>249</td><td>207</td></tr><tr><td>Total</td><td>$494</td><td>$430</td><td>$419</td></tr></table>
<table><tr><td></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td>2007</td><td>2006</td><td> 2005</td></tr><tr><td></td><td colspan="3"> (in millions)</td></tr><tr><td>Cash value of surrenders</td><td>$752</td><td>$744</td><td>$698</td></tr><tr><td>Cash value of surrenders as a percentage of mean future benefit reserves, policyholders’ account balances, and separate account balances</td><td>3.3%</td><td>3.5%</td><td>3.5%</td></tr></table>

Question: What is the average of Net investment income between 2006 and 2007? (in million)
Answer: 348.5
Reasoning program: subtract(12017,11320), divide(#0,const_2)