eBay Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) needed in the jurisdictions where these investments are expected, as well as our ability to generate cash in those jurisdictions and our access to capital markets.
This analysis enables us to conclude whether or not we will indefinitely reinvest the current period’s foreign earnings.
We benefit from tax rulings concluded in several different jurisdictions, most significantly Switzerland, Singapore and Luxembourg.
These rulings provide for significantly lower rates of taxation on certain classes of income and require various thresholds of investment and employment in those jurisdictions.
These rulings resulted in a tax savings of $540 million and $439 million in 2013 and 2012 , respectively, which increased earnings per share (diluted) by approximately $0.41 and $0.33 in 2013 and 2012 , respectively.
These tax rulings are currently in effect and expire over periods ranging from 2020 to the duration of business operations in the respective jurisdictions.
We evaluate compliance with our tax ruling agreements annually.
The following table reflects changes in unrecognized tax benefits since January 1, 2011:
## Table 0 ##
During 2013 we increased our reserves by $104 million for various issues that related to tax examination risks assessed during the year.
In addition, we reduced our reserves by $143 million based on audit findings and settlement of multiple uncertain tax positions.
If the remaining balance of unrecognized tax benefits were realized in a future period, it would result in a tax benefit of $256 million .
As of December 31, 2013 , our liabilities for unrecognized tax benefits were included in accrued expenses and other current liabilities and deferred and other tax liabilities, net.
We recognize interest and/or penalties related to uncertain tax positions in income tax expense.
In 2013 , we reduced our accrual for penalties and interest resulting in a tax benefit of $17 million .
The amount of interest and penalties accrued as of December 31, 2013 and 2012 was approximately $77 million and $117 million , respectively.
We are subject to both direct and indirect taxation in the U. S.  and various states and foreign jurisdictions.
We are under examination by certain tax authorities for the 2003 to 2012 tax years.
We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these or other examinations.
The material jurisdictions where we are subject to potential examination by tax authorities for tax years after 2002 include, among others, the U. S.  (Federal and California), France, Germany, Italy, Korea, Israel, Switzerland, Singapore and Canada.
Although the timing of the resolution and/or closure of audits is highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits could significantly change in the next 12 months.
However, given the number of years remaining subject to examination and the number of matters being examined, we are unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits.
Note 17 – Loans and Interest Receivable, Net Loans and interest receivable represent purchased consumer receivables arising from loans made by a partner chartered financial institution to individual consumers in the U. S.  to purchase goods and services through our Bill Me Later merchant network.
Although a chartered financial institution continues to own each respective customer account, we own the related consumer receivable and Bill Me Later is responsible for all servicing functions related to the customer accounts.
Effective August 29, 2013, ownership of most of the existing customer accounts was transitioned to a new chartered financial institution.
As part of the arrangement with the new chartered financial institution, we sell the chartered financial institution a participation interest in the entire pool of consumer receivables outstanding under the customer accounts .
During 2013 and 2012 , we purchased approximately $4.1 billion and $3.2 billion , respectively, in consumer receivables.
As of December 31, 2013 , the total outstanding balance of this pool of consumer receivables is $2.9 billion , of which we sold a participation interest to the new chartered financial institution of $65 million , or 2.25% .
The chartered financial institution has no recourse related to its participation interest for failure of debtors to pay when due.
The participation interest held by the chartered financial institution has the same priority to the interests held by us and is subject to the same credit, prepayment, and interest rate risk associated with this pool of consumer receivables.
respectively.
In addition, the Company held $46 million and $57 million at estimated fair values, respectively, at December 31, 2008 and 2007 of other perpetual hybrid securities, primarily U. S.  financial institutions, included in fixed maturity securities.
(3) At December 31, 2008 and 2007 the Company also held $2,052 million and $3,432 million at estimated fair value, respectively, of redeemable preferred stock which have stated maturity dates which are included within fixed maturity securities.
These securities are primarily issued by U. S.  financial institutions, have cumulative interest deferral features and are commonly referred to as “capital securities” within U. S.  corporate securities.
Concentrations of Credit Risk.
The Company is not exposed to any significant concentrations of credit risk of any single issuer greater than 10% of the Company’s stockholders’ in its equity securities portfolio.
The Company is not exposed to any concentrations of credit risk of any single issuer greater than 10% of the Company’s stockholders’ equity, other than securities of the U. S.  government and certain U. S.  government agencies.
At December 31, 2008 and 2007, the Company’s holdings in U. S.  Treasury and agency fixed maturity securities at estimated fair value were $21.3 billion and $21.2 billion, respectively.
As shown in the sector table above, at December 31, 2008 the Company’s three largest exposures in its fixed maturity security portfolio were U. S.  corporate fixed maturity securities (33.6%), residential mortgage-backed securities (19.2%), and foreign corporate securities (15.8%); and at December 31, 2007 were U. S.  corporate fixed maturity securities (31.8%), residential mortgagebacked securities (23.7%), and foreign corporate securities (16.0%).
Additionally, at December 31, 2008 and 2007, the Company had exposure to fixed maturity securities backed by sub-prime mortgages with estimated fair values of $1.1 billion and $2.0 billion, respectively, and unrealized losses of $730 million and $198 million, respectively.
These securities are classified within asset-backed securities in the immediately preceding table.
See also “— Investments — Fixed Maturity and Equity Securities Available-for-Sale — Corporate Fixed Maturity Securities” and “— Structured Securities” for a description of concentrations of credit risk related to these asset subsectors.
At December 31, 2008, the Company’s direct investments in fixed maturity securities and equity securities in Lehman Brothers Holdings Inc.  (“Lehman”), Washington Mutual, Inc.  (“Washington Mutual”) and American International Group, Inc.  (“AIG”) have an aggregate carrying value (after impairments) of approximately $360 million.
In addition, the Company has made secured loans to affiliates of Lehman which are fully collateralized.
See also “— Investments — Fixed Maturity and Equity Securities Available-for-Sale — Impairments.
” Fair Value Hierarchy.
Fixed maturity securities and equity securities measured at estimated fair value on a recurring basis and their corresponding fair value sources and fair value hierarchy, are summarized as follows:
## Table 1 ##
Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS The following discussionof historical results of operations and financial condition shouldbe read inconjunction with the audited financial statements and the notes thereto which appear elsewhere in this report.
Overview On April 12, 1999, PCA acquired the containerboard and corrugated products business of Pactiv Corporation (the “Group”), formerly known as Tenneco PackagingInc.
, a wholly owned subsidiary of Tenneco, Inc.
The Group operated prior to April 12, 1999 as a division of Pactiv, and not as a separate, stand-alone entity.
From its formationin January 1999and through the closing of the acquisition on April 12, 1999, PCA did not have any significant operations.
The April 12, 1999 acquisitionwas accounted for using historical values for the contributed assets.
Purchase accounting was not applied because, under the applicable accounting guidance, a change of control was deemed not to have occurred as a result of the participating veto rightsheld by Pactiv after the closing of the transactions under the terms of the stockholders agreement entered into in connectionwith the transactions.
Results of Operations YearEnded December31, 2005 Compared to Year Ended December31, 2004The historical results of operations of PCA for the years ended December, 31 2005 and 2004 are set forth the below:
## Table 2 ##
Net Sales Net sales increased by $103.6 million, or 5.5%, for the year ended December 31, 2005 from the year ended December 31, 2004.
Net sales increased primarily due to increased sales prices and volumes of corrugated products compared to 2004.
Total corrugated products volume sold increased 4.2% to 31.2 billion square feet in 2005 compared to 29.9 billion square feet in 2004.
On a comparable shipment-per-workday basis, corrugated products sales volume increased 4.6% in2005from 2004.
Excluding PCA’s acquisition of Midland Container inApril 2005, corrugated products volume was 3.0% higherin2005 than2004 and up 3.4% compared to 2004on a shipment-per-workday basis.
Shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number ofworkdays within the year.
The larger percentage increase was due to the fact that 2005had one less workday (250 days), those days not falling on a weekend or holiday, than2004 (251days).
Containerboard sales volume to external domestic and export customers decreased 12.2% to 417,000 tons for the year ended December 31, 2005 from 475,000 tons in2004.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Gross amounts of unrecognized tax benefits as of the beginning of the period</td><td>$340</td><td>$286</td><td>$428</td></tr><tr><td>Increases related to prior period tax positions</td><td>104</td><td>60</td><td>33</td></tr><tr><td>Decreases related to prior period tax positions</td><td>-143</td><td>-24</td><td>-139</td></tr><tr><td>Increases related to current period tax positions</td><td>37</td><td>19</td><td>41</td></tr><tr><td>Settlements</td><td>-4</td><td>-1</td><td>-77</td></tr><tr><td>Gross amounts of unrecognized tax benefits as of the end of the period</td><td>$334</td><td>$340</td><td>$286</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2008</td></tr><tr><td></td><td colspan="2">Fixed Maturity Securities</td><td colspan="2"> Equity   Securities</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Quoted prices in active markets for identical assets (Level 1)</td><td>$10,414</td><td>5.5%</td><td>$413</td><td>12.9%</td></tr><tr><td>Independent pricing source</td><td>133,620</td><td>71.0</td><td>402</td><td>12.6</td></tr><tr><td>Internal matrix pricing or discounted cash flow techniques</td><td>26,809</td><td>14.2</td><td>1,003</td><td>31.4</td></tr><tr><td>Significant other observable inputs (Level 2)</td><td>160,429</td><td>85.2</td><td>1,405</td><td>44.0</td></tr><tr><td>Independent pricing source</td><td>7,423</td><td>3.9</td><td>779</td><td>24.4</td></tr><tr><td>Internal matrix pricing or discounted cash flow techniques</td><td>7,443</td><td>4.0</td><td>397</td><td>12.4</td></tr><tr><td>Independent broker quotations</td><td>2,542</td><td>1.4</td><td>203</td><td>6.3</td></tr><tr><td>Significant unobservable inputs (Level 3)</td><td>17,408</td><td>9.3</td><td>1,379</td><td>43.1</td></tr><tr><td>Total estimated fair value</td><td>$188,251</td><td>100.0%</td><td>$3,197</td><td>100.0%</td></tr></table>
<table><tr><td></td><td>For the Year Ended December 31,</td><td></td></tr><tr><td><i>(In millions)</i></td><td>2005</td><td>2004</td><td>Change</td></tr><tr><td>Net sales</td><td>$1,993.7</td><td>$1,890.1</td><td>$103.6</td></tr><tr><td>Income before interest and taxes</td><td>$116.1</td><td>$140.5</td><td>$-24.4</td></tr><tr><td>Interest expense, net</td><td>-28.1</td><td>-29.6</td><td>1.5</td></tr><tr><td>Income before taxes</td><td>88.0</td><td>110.9</td><td>-22.9</td></tr><tr><td>Provision for income taxes</td><td>-35.4</td><td>-42.2</td><td>6.8</td></tr><tr><td>Net income</td><td>$52.6</td><td>$68.7</td><td>$-16.1</td></tr></table>

Question: Which Fixed Maturity Securities makes up more than 95% of the total in 2008?
Answer: Internal matrix pricing or discounted cash flow techniques,Significant unobservable inputs (Level 3)