THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements OTC Derivatives The table below presents the fair values of OTC derivative assets and liabilities by tenor and major product type.
## Table 0 ##
In the table above: ‰ Tenor is based on expected duration for mortgage-related credit derivatives and generally on remaining contractual maturity for other derivatives.
‰ Counterparty netting within the same product type and tenor category is included within such product type and tenor category.
‰ Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors.
Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting.
Credit Derivatives The firm enters into a broad array of credit derivatives in locations around the world to facilitate client transactions and to manage the credit risk associated with marketmaking and investing and lending activities.
Credit derivatives are actively managed based on the firm’s net risk position.
Credit derivatives are generally individually negotiated contracts and can have various settlement and payment conventions.
Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity.
The firm enters into the following types of credit derivatives: ‰ Credit Default Swaps.
Single-name credit default swaps protect the buyer against the loss of principal on one or more bonds, loans or mortgages (reference obligations) in the event the issuer (reference entity) of the reference obligations suffers a credit event.
The buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract.
If there is no credit event, as defined in the contract, the seller of protection makes no payments to the buyer of protection.
However, if a credit event occurs, the seller of protection is required to make a payment to the buyer of protection, which is calculated in accordance with the terms of the contract.
‰ Credit Options.
In a credit option, the option writer assumes the obligation to purchase or sell a reference obligation at a specified price or credit spread.
The option purchaser buys the right, but does not assume the obligation, to sell the reference obligation to, or purchase it from, the option writer.
The payments on credit options depend either on a particular credit spread or the price of the reference obligation.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements ‰ Miscellaneous receivables and other included investments in qualified affordable housing projects of $679 million and $682 million as of December 2017 and December 2016, respectively.
‰ Miscellaneous receivables and other included equitymethod investments of $275 million and $219 million as of December 2017 and December 2016, respectively.
‰ Miscellaneous receivables and other included assets classified as held for sale of $634 million as of December 2017 related to certain of the firm’s consolidated investments within its Investing & Lending segment, substantially all of which consisted of property and equipment.
Goodwill and Identifiable Intangible Assets Goodwill.
The table below presents the carrying value of goodwill.
## Table 1 ##
Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date.
Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist.
When assessing goodwill for impairment, first, qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.
If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed.
The quantitative goodwill test compares the estimated fair value of each reporting unit with its estimated net book value (including goodwill and identifiable intangible assets).
If the reporting unit’s estimated fair value exceeds its estimated net book value, goodwill is not impaired.
An impairment is recognized if the estimated fair value of a reporting unit is less than its estimated net book value, with the amount of impairment equal to the difference between those values.
To estimate the fair value of each reporting unit, a relative value technique is used because the firm believes market participants would use this technique to value the firm’s reporting units.
The relative value technique applies observable price-to-earnings multiples or price-to-book multiples and projected return on equity of comparable competitors to reporting units’ net earnings or net book value.
The estimated net book value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements.
In the fourth quarter of 2017, the firm assessed goodwill for impairment for each of its reporting units by performing a qualitative assessment.
Multiple factors were assessed with respect to each of the firm’s reporting units to determine whether it was more likely than not that the estimated fair value of any of these reporting units was less than its estimated carrying value.
The qualitative assessment also considered changes since the prior quantitative tests.
The firm considered the following factors in the qualitative assessment performed in the fourth quarter when evaluating whether it was more likely than not that the fair value of a reporting unit was less than its carrying value: ‰ Performance Indicators.
During 2017, the firm’s net revenues and pre-tax margin increased as compared with 2016.
Net earnings, diluted earnings per common share, return on average common shareholders’ equity and book value per common share for 2017 decreased as compared with 2016 due to Tax Legislation.
However, Tax Legislation will result in a lower effective income tax rate in the future.
See Note 24 for further information about Tax Legislation.
In addition, although certain expenses increased, there were no significant negative changes to the firm’s overall cost structure since the prior quantitative goodwill tests were performed.
‰ Firm and Industry Events.
There were no events, entityspecific or otherwise, since the prior quantitative goodwill tests that would have had a significant negative impact on the valuation of the firm’s reporting units.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis In the table above: ‰ Deduction for goodwill and identifiable intangible assets, net of deferred tax liabilities, included goodwill of $3.67 billion as of both December 2017 and December 2016, and identifiable intangible assets of $373 million and $429 million as of December 2017 and December 2016, respectively, net of associated deferred tax liabilities of $704 million and $1.08 billion as of December 2017 and December 2016, respectively.
‰ Deduction for investments in nonconsolidated financial institutions represents the amount by which our investments in the capital of nonconsolidated financial institutions exceed certain prescribed thresholds.
The decrease from December 2016 to December 2017 primarily reflects reductions in our fund investments.
‰ Deduction for investments in covered funds represents our aggregate investments in applicable covered funds, excluding investments that are subject to an extended conformance period.
This deduction was not subject to a transition period.
See “Business — Regulation” in Part I, Item 1 of this Form 10-K for further information about the Volcker Rule.
‰ Other adjustments within CET1 primarily include the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, credit valuation adjustments on derivative liabilities, debt valuation adjustments and other required credit risk-based deductions.
‰ Qualifying subordinated debt is subordinated debt issued by Group Inc.  with an original maturity of five years or greater.
The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years.
See Note 16 to the consolidated financial statements for further information about our subordinated debt.
See Note 20 to the consolidated financial statements for information about our transitional capital ratios, which represent the ratios that are applicable to us as of both December 2017 and December 2016.
Supplementary Leverage Ratio The Capital Framework includes a supplementary leverage ratio requirement for Advanced approach banking organizations.
Under amendments to the Capital Framework, the U. S.  federal bank regulatory agencies approved a final rule that implements the supplementary leverage ratio aligned with the definition of leverage established by the Basel Committee.
The supplementary leverage ratio compares Tier 1 capital to a measure of leverage exposure, which consists of daily average total assets for the quarter and certain off-balance-sheet exposures, less certain balance sheet deductions.
The Capital Framework requires a minimum supplementary leverage ratio of 5.0% (consisting of the minimum requirement of 3.0% and a 2.0% buffer) for U. S.  BHCs deemed to be G-SIBs, effective on January 1, 2018.
The table below presents our supplementary leverage ratio, calculated on a fully phased-in basis.
## Table 2 ##
In the table above, the off-balance-sheet exposures consists of derivatives, securities financing transactions, commitments and guarantees.
Subsidiary Capital Requirements Many of our subsidiaries, including GS Bank USA and our broker-dealer subsidiaries, are subject to separate regulation and capital requirements of the jurisdictions in which they operate.
GS Bank USA.
GS Bank USA is subject to regulatory capital requirements that are calculated in substantially the same manner as those applicable to BHCs and calculates its capital ratios in accordance with the risk-based capital and leverage requirements applicable to state member banks, which are based on the Capital Framework.
See Note 20 to the consolidated financial statements for further information about the Capital Framework as it relates to GS Bank USA, including GS Bank USA’s capital ratios and required minimum ratios.
Free Cash Flow Conversion Rate We believe this measure provides useful information to investors because it is important for assessing our efficiency in converting earnings to cash and returning cash to shareholders.
The calculation of free cash flow conversion rate and net cash provided by operating activities conversion rate, its equivalent GAAP measure, follows:
## Table 3 ##
(a) See Note 14 to the Consolidated Financial Statements in Item 8 of this report.
(b) See Note 7 to the Consolidated Financial Statements in Item 8 of this report.
(c) See Note 3 to the Consolidated Financial Statements in Item 8 of this report.
(d) See Note 4 to the Consolidated Financial Statements in Item 8 of this report.
(e) Impact of hyperinflationary accounting for our Argentina subsidiary, which was sold in the third quarter of fiscal 2019.
(f) Valuation gains on certain corporate investments.
(g) Legal recovery related to our Yoplait SAS subsidiary.
(h) The CPW restructuring charges are related to initiatives designed to improve profitability and growth that were approved in fiscal 2018 and 2019.
See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability.
IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2012 (In thousands, except share and per share data) 5.
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Continued)
## Table 4 ##
Financial Instruments and Debt Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable.
The only significant concentrations of liquid investments as of December 31, 2015 related to cash and cash equivalents held in time deposits with four global banks, all of which we consider to be large, highly-rated investment-grade institutions.
As per our risk management investment policy, we limit exposure to concentration of credit risk by limiting the amount invested in any one mutual fund to a maximum of $50.0 million or in any one financial institution to a maximum of $75.0 million.
As of December 31, 2015, our cash and cash equivalents balance was $128.4 million, which included time deposits amounting to $18.6 million.

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>$ in millions</i></td><td>Less than 1 Year</td><td>1 - 5 Years</td><td>Greater than 5 Years</td><td>Total</td></tr><tr><td> As of December 2017</td><td></td><td></td><td></td><td></td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rates</td><td>$ 3,717</td><td>$15,445</td><td>$57,200</td><td>$ 76,362</td></tr><tr><td>Credit</td><td>760</td><td>4,079</td><td>3,338</td><td>8,177</td></tr><tr><td>Currencies</td><td>12,184</td><td>6,219</td><td>7,245</td><td>25,648</td></tr><tr><td>Commodities</td><td>3,175</td><td>2,526</td><td>181</td><td>5,882</td></tr><tr><td>Equities</td><td>4,969</td><td>5,607</td><td>1,387</td><td>11,963</td></tr><tr><td>Counterparty netting in tenors</td><td>-3,719</td><td>-4,594</td><td>-2,807</td><td>-11,120</td></tr><tr><td>Subtotal</td><td>$21,086</td><td>$29,282</td><td>$66,544</td><td>$116,912</td></tr><tr><td colspan="2">Cross-tenor counterparty netting</td><td></td><td></td><td>-16,404</td></tr><tr><td>Cash collateral netting</td><td></td><td></td><td></td><td>-55,472</td></tr><tr><td> Total</td><td></td><td></td><td></td><td>$ 45,036</td></tr><tr><td> Liabilities</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rates</td><td>$ 4,517</td><td>$ 8,471</td><td>$33,193</td><td>$ 46,181</td></tr><tr><td>Credit</td><td>2,078</td><td>3,588</td><td>1,088</td><td>6,754</td></tr><tr><td>Currencies</td><td>14,326</td><td>7,119</td><td>4,802</td><td>26,247</td></tr><tr><td>Commodities</td><td>3,599</td><td>2,167</td><td>2,465</td><td>8,231</td></tr><tr><td>Equities</td><td>6,453</td><td>6,647</td><td>3,381</td><td>16,481</td></tr><tr><td>Counterparty netting in tenors</td><td>-3,719</td><td>-4,594</td><td>-2,807</td><td>-11,120</td></tr><tr><td>Subtotal</td><td>$27,254</td><td>$23,398</td><td>$42,122</td><td>$ 92,774</td></tr><tr><td colspan="2">Cross-tenor counterparty netting</td><td></td><td></td><td>-16,404</td></tr><tr><td>Cash collateral netting</td><td></td><td></td><td></td><td>-38,972</td></tr><tr><td> Total</td><td></td><td></td><td></td><td>$ 37,398</td></tr><tr><td>As of December 2016</td><td></td><td></td><td></td><td></td></tr><tr><td> Assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rates</td><td>$ 5,845</td><td>$18,376</td><td>$79,507</td><td>$103,728</td></tr><tr><td>Credit</td><td>1,763</td><td>2,695</td><td>4,889</td><td>9,347</td></tr><tr><td>Currencies</td><td>18,344</td><td>8,292</td><td>8,428</td><td>35,064</td></tr><tr><td>Commodities</td><td>3,273</td><td>1,415</td><td>179</td><td>4,867</td></tr><tr><td>Equities</td><td>3,141</td><td>9,249</td><td>1,341</td><td>13,731</td></tr><tr><td>Counterparty netting in tenors</td><td>-3,543</td><td>-5,550</td><td>-3,794</td><td>-12,887</td></tr><tr><td>Subtotal</td><td>$28,823</td><td>$34,477</td><td>$90,550</td><td>$153,850</td></tr><tr><td colspan="2">Cross-tenor counterparty netting</td><td></td><td></td><td>-17,396</td></tr><tr><td>Cash collateral netting</td><td></td><td></td><td></td><td>-85,329</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>$ 51,125</td></tr><tr><td> Liabilities</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rates</td><td>$ 5,679</td><td>$10,814</td><td>$38,812</td><td>$ 55,305</td></tr><tr><td>Credit</td><td>2,060</td><td>3,328</td><td>1,167</td><td>6,555</td></tr><tr><td>Currencies</td><td>14,720</td><td>9,771</td><td>5,879</td><td>30,370</td></tr><tr><td>Commodities</td><td>2,546</td><td>1,555</td><td>2,315</td><td>6,416</td></tr><tr><td>Equities</td><td>7,000</td><td>10,426</td><td>2,614</td><td>20,040</td></tr><tr><td>Counterparty netting in tenors</td><td>-3,543</td><td>-5,550</td><td>-3,794</td><td>-12,887</td></tr><tr><td>Subtotal</td><td>$28,462</td><td>$30,344</td><td>$46,993</td><td>$105,799</td></tr><tr><td colspan="2">Cross-tenor counterparty netting</td><td></td><td></td><td>-17,396</td></tr><tr><td>Cash collateral netting</td><td></td><td></td><td></td><td>-42,986</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>$ 45,417</td></tr></table>
<table><tr><td></td><td colspan="2">As of December</td></tr><tr><td><i>$ in millions</i></td><td> 2017</td><td>2016</td></tr><tr><td>Investment Banking:</td><td></td><td></td></tr><tr><td>Financial Advisory</td><td> $ 98</td><td>$ 98</td></tr><tr><td>Underwriting</td><td> 183</td><td>183</td></tr><tr><td>Institutional Client Services:</td><td></td><td></td></tr><tr><td>FICC Client Execution</td><td> 269</td><td>269</td></tr><tr><td>Equities client execution</td><td> 2,403</td><td>2,403</td></tr><tr><td>Securities services</td><td> 105</td><td>105</td></tr><tr><td>Investing & Lending</td><td> 2</td><td>2</td></tr><tr><td>Investment Management</td><td> 605</td><td>606</td></tr><tr><td> Total</td><td> $3,665</td><td>$3,666</td></tr></table>
<table><tr><td></td><td>For the Three Months Ended or as of December</td></tr><tr><td><i>$ in millions</i></td><td>2017</td><td>2016</td></tr><tr><td>Tier 1 capital</td><td>$ 78,227</td><td>$ 81,808</td></tr><tr><td>Average total assets</td><td>$ 937,424</td><td>$ 883,515</td></tr><tr><td>Deductions from Tier 1 capital</td><td>-4,572</td><td>-4,897</td></tr><tr><td>Average adjusted total assets</td><td>932,852</td><td>878,618</td></tr><tr><td>Off-balance-sheetexposures</td><td>408,164</td><td>391,555</td></tr><tr><td>Total supplementary leverage exposure</td><td>$1,341,016</td><td>$1,270,173</td></tr><tr><td>Supplementary leverage ratio</td><td>5.8%</td><td>6.4%</td></tr></table>
<table><tr><td>In Millions</td><td>Fiscal 2019</td></tr><tr><td>Net earnings, including earnings attributable to redeemable and noncontrolling interests, asreported</td><td>$1,786.2</td></tr><tr><td>Net tax benefit (a)</td><td>$-7.2</td></tr><tr><td>Tax item (a)</td><td>-72.9</td></tr><tr><td>Mark-to-marketeffects, net of tax (b)</td><td>27.7</td></tr><tr><td>Acquisition integration costs, net of tax (c)</td><td>19.7</td></tr><tr><td>Divestitures loss, net of tax (c)</td><td>16.4</td></tr><tr><td>Restructuring charges, net of tax (d)</td><td>63.0</td></tr><tr><td>Project-related costs, net of tax (d)</td><td>1.1</td></tr><tr><td>Asset impairments, net of tax (d)</td><td>159.7</td></tr><tr><td>Hyperinflationary accounting, net of tax (e)</td><td>3.2</td></tr><tr><td>Investment valuation adjustments, net of tax (f)</td><td>-17.6</td></tr><tr><td>Legal recovery, net of tax (g)</td><td>-10.8</td></tr><tr><td>CPW restructuring costs, net of tax (h)</td><td>11.1</td></tr><tr><td>Adjusted net earnings, including earnings attributable to redeemable and noncontrollinginterests</td><td>$1,979.6</td></tr><tr><td>Net cash provided by operating activities</td><td>$2,807.0</td></tr><tr><td>Purchases of land, buildings, and equipment</td><td>-537.6</td></tr><tr><td>Free cash flow</td><td>$2,269.4</td></tr><tr><td>Net cash provided by operating activities conversion rate</td><td>157%</td></tr><tr><td>Free cash flow conversion rate</td><td>115%</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31, 2012</td></tr><tr><td></td><td>Parent</td><td>Guarantors</td><td>Canada Company</td><td>Non- Guarantors</td><td>Eliminations</td><td>Consolidated</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Storage Rental</td><td>$—</td><td>$1,156,681</td><td>$124,370</td><td>$452,087</td><td>$—</td><td>$1,733,138</td></tr><tr><td>Service</td><td>—</td><td>784,068</td><td>115,746</td><td>372,303</td><td>—</td><td>1,272,117</td></tr><tr><td>Total Revenues</td><td>—</td><td>1,940,749</td><td>240,116</td><td>824,390</td><td>—</td><td>3,005,255</td></tr><tr><td>Operating Expenses:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cost of Sales (Excluding Depreciation and Amortization)</td><td>—</td><td>761,092</td><td>97,436</td><td>418,585</td><td>—</td><td>1,277,113</td></tr><tr><td>Selling, General and Administrative</td><td>220</td><td>591,092</td><td>35,554</td><td>223,505</td><td>—</td><td>850,371</td></tr><tr><td>Depreciation and Amortization</td><td>320</td><td>192,304</td><td>18,601</td><td>105,119</td><td>—</td><td>316,344</td></tr><tr><td>(Gain) Loss on Disposal/Write-down of Property, Plant and Equipment, Net</td><td>—</td><td>-966</td><td>-122</td><td>5,488</td><td>—</td><td>4,400</td></tr><tr><td>Total Operating Expenses</td><td>540</td><td>1,543,522</td><td>151,469</td><td>752,697</td><td>—</td><td>2,448,228</td></tr><tr><td>Operating (Loss) Income</td><td>-540</td><td>397,227</td><td>88,647</td><td>71,693</td><td>—</td><td>557,027</td></tr><tr><td>Interest Expense (Income), Net</td><td>196,423</td><td>-17,117</td><td>45,826</td><td>17,467</td><td>—</td><td>242,599</td></tr><tr><td>Other Expense (Income), Net</td><td>32,161</td><td>-3,842</td><td>-53</td><td>-12,204</td><td>—</td><td>16,062</td></tr><tr><td>(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes</td><td>-229,124</td><td>418,186</td><td>42,874</td><td>66,430</td><td>—</td><td>298,366</td></tr><tr><td>Provision (Benefit) for Income Taxes</td><td>—</td><td>86,549</td><td>14,715</td><td>13,609</td><td>—</td><td>114,873</td></tr><tr><td>Equity in the (Earnings) Losses of Subsidiaries, Net of Tax</td><td>-400,832</td><td>-73,625</td><td>-591</td><td>—</td><td>475,048</td><td>—</td></tr><tr><td>Income (Loss) from Continuing Operations</td><td>171,708</td><td>405,262</td><td>28,750</td><td>52,821</td><td>-475,048</td><td>183,493</td></tr><tr><td>Income (Loss) from Discontinued Operations, Net of Tax</td><td>—</td><td>430</td><td>—</td><td>-7,204</td><td>—</td><td>-6,774</td></tr><tr><td>Gain (Loss) on Sale of Discontinued Operations, Net of Tax</td><td>—</td><td>—</td><td>—</td><td>-1,885</td><td>—</td><td>-1,885</td></tr><tr><td>Net Income (Loss)</td><td>171,708</td><td>405,692</td><td>28,750</td><td>43,732</td><td>-475,048</td><td>174,834</td></tr><tr><td>Less: Net Income (Loss) Attributable to Noncontrolling Interests</td><td>—</td><td>—</td><td>—</td><td>3,126</td><td>—</td><td>3,126</td></tr><tr><td>Net Income (Loss) Attributable to Iron Mountain Incorporated</td><td>$171,708</td><td>$405,692</td><td>$28,750</td><td>$40,606</td><td>$-475,048</td><td>$171,708</td></tr><tr><td>Net Income (Loss)</td><td>$171,708</td><td>$405,692</td><td>$28,750</td><td>$43,732</td><td>$-475,048</td><td>$174,834</td></tr><tr><td>Other Comprehensive Income (Loss):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign Currency Translation Adjustments</td><td>-2,668</td><td>-212</td><td>7,578</td><td>18,488</td><td>—</td><td>23,186</td></tr><tr><td>Equity in Other Comprehensive Income (Loss) of Subsidiaries</td><td>25,185</td><td>25,421</td><td>434</td><td>—</td><td>-51,040</td><td>—</td></tr><tr><td>Total Other Comprehensive Income (Loss)</td><td>22,517</td><td>25,209</td><td>8,012</td><td>18,488</td><td>-51,040</td><td>23,186</td></tr><tr><td>Comprehensive Income (Loss)</td><td>194,225</td><td>430,901</td><td>36,762</td><td>62,220</td><td>-526,088</td><td>198,020</td></tr><tr><td>Comprehensive Income (Loss) Attributable to Noncontrolling Interests</td><td>—</td><td>—</td><td>—</td><td>3,795</td><td>—</td><td>3,795</td></tr><tr><td>Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated</td><td>$194,225</td><td>$430,901</td><td>$36,762</td><td>$58,425</td><td>$-526,088</td><td>$194,225</td></tr></table>

Question: for the capital framework , what percent of the minimum supplementary leverage ratio consisted of a buffer?
Answer: 0.4
Reasoning program: divide(const_2,const_5)