Table of Contents incentive payouts and about $33 million in compensation and benefit savings due to lower staffing levels and lower severance related charges in fiscal 2009.
Acquisition-related charges increased in fiscal 2009 compared with fiscal 2008 primarily due to the amortization of Homestead and ECHO purchased intangible assets, which we acquired in fiscal 2008.
Fiscal 2008 Compared with Fiscal 2007.
Total operating expenses as a percentage of total net revenue increased to 59% in fiscal 2008 from 57% in fiscal 2007.
Total operating expenses in dollars increased about $270 million in fiscal 2008, approximately $109 million of which was due to our acquisitions of Digital Insight, Homestead and ECHO and approximately $37 million of which was due to higher share-based compensation expense.
Share-based compensation expense was higher in fiscal 2008 compared with fiscal 2007 due to our broad use of restricted stock units in addition to stock options.
We also recorded a $23 million restructuring charge in the fourth quarter of fiscal 2008 in connection with a reallocation of resources to key growth businesses.
Including Digital Insight, Homestead, ECHO, share-based compensation expense and the restructuring charge, about half of the increase in total operating expenses in dollars for fiscal 2008 was due to higher research and development expenses.
During this period, we continued to invest in research and development for existing offerings as well as for new offerings.
Almost 45% of the fiscal 2008 increase in total operating expenses in dollars was due to higher selling and marketing expenses.
Of the total increase in selling and marketing expenses in dollars for this period about a third was due to our acquisition of Digital Insight, whose selling costs are relatively higher compared with our other businesses because they sell their services to financial institutions through a direct sales force.
About 20% of the fiscal 2008 increase in selling and marketing expenses in dollars was due to higher advertising and other marketing expenses to support our Consumer Tax offerings.
Excluding the impact of the increase in share-based compensation expense, general and administrative expenses declined about $5 million in fiscal 2008 compared with fiscal 2007.
Acquisition-related charges increased in fiscal 2008 compared with fiscal 2007 primarily due to the amortization of Digital Insight purchased intangible assets, which we acquired in February 2007.
Segment Operating Income (Loss) Segment operating income or loss is segment net revenue less segment cost of revenue and operating expenses.
Segment expenses do not include certain costs, such as corporate selling and marketing, product development, and general and administrative expenses and share-based compensation expenses, which are not allocated to specific segments.
These unallocated costs totaled $516.8 million in fiscal 2009, $543.0 million in fiscal 2008 and $486.4 million in fiscal 2007.
Segment expenses also do not include amortization of purchased intangible assets and acquisition-related charges.
See Note 15 to the financial statements in Item 8 for reconciliations of total segment operating income to operating income from continuing operations for each fiscal year presented.
## Table 0 ##
Table of Contents 2009 and 2008, we also held $93.6 million and $285.3 million in municipal auction rate securities that we classified as long-term investments on our balance sheet.
See “Auction Rate Securities” below for more information.
Our primary source of liquidity has been cash from operations, which entails the collection of accounts receivable for products and services.
Our primary uses of cash have been for research and development programs, selling and marketing activities, capital projects, acquisitions of businesses, debt service costs and repurchases of common stock.
In March 2007 we issued five-year and ten-year senior unsecured notes totaling $1 billion in connection with our acquisition of Digital Insight.
We also have a $500 million unsecured revolving line of credit facility that is described later in this Item 7.
To date we have not borrowed under the facility.
The following table summarizes selected measures of our liquidity and capital resources at the dates indicated:
## Table 1 ##
Auction Rate Securities At July 31, 2009, we held a total of $244.5 million in municipal auction rate securities.
Based on the maturities of the underlying securities and the put option described below, we classified $150.9 million of these securities as short-term investments and $93.6 million of these securities as long-term investments on our balance sheet at that date.
All of the municipal auction rate securities we held at July 31, 2009 were rated A or better by the major credit rating agencies and 86% were collateralized by student loans guaranteed by the U. S.  Department of Education.
These securities are long-term debt instruments that are intended to provide liquidity through a Dutch auction process that resets the applicable interest rate at pre-determined intervals, typically every 35 days.
Due to a decrease in liquidity in the global credit markets, in February 2008 auctions began failing for the municipal auction rate securities we held.
Regularly scheduled auctions for these securities have generally continued to fail since that time.
When these auctions initially failed, higher interest rates for many of the securities went into effect in accordance with the terms of the prospectus for each security.
As of July 31, 2009, we had received all interest payments in accordance with the contractual terms of these securities.
During fiscal 2009 issuers redeemed at par value $40.8 million of municipal auction rate securities that we held.
In August 2008 the broker-dealers for our municipal auction rate securities announced settlements under which they may provide liquidity solutions, or purchase, the auction rate securities held by their institutional clients.
On November 4, 2008 we accepted an offer from UBS AG (UBS), one of the broker-dealers for our municipal auction rate securities, that gives us the option to sell UBS a total of $140.9 million in municipal auction rate securities at par value at any time during a two-year period beginning June 30, 2010.
The offer also gives UBS the discretion to buy any or all of these municipal auction rate securities from us at par value at any time.
To date UBS has not purchased any of these securities from us.
We currently intend to exercise our option to sell UBS all of these municipal auction rate securities at par value in accordance with the terms of the offer within the next twelve months.
We continue to have counter-party risk associated with UBS.
Based on our expected operating cash flows and our other sources of cash, we do not believe that the reduction in liquidity of our municipal auction rate securities will have a material impact on our overall ability to meet our liquidity needs.
Table of Contents Share-Based Compensation Expense The following table summarizes the total share-based compensation expense that we recorded for continuing operations for the periods shown.
The share-based compensation expense that we recorded for discontinued operations for these periods was nominal.
## Table 2 ##
Determining Fair Value Valuation and Amortization Method.
We estimate the fair value of stock options granted using a lattice binomial model and a multiple option award approach.
Our stock options have various restrictions, including vesting provisions and restrictions on transfer, and are often exercised prior to their contractual maturity.
We believe that lattice binomial models are more capable of incorporating the features of our stock options than closed-form models such as the Black Scholes model.
The use of a lattice binomial model requires the use of extensive actual employee exercise behavior and a number of complex assumptions including the expected volatility of our stock price over the term of the options, riskfree interest rates and expected dividends.
We amortize the fair value of options on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods.
We value restricted stock units using the intrinsic value method.
We amortize the value of restricted stock units on a straight-line basis over the restriction period.
Expected Term .
The expected term of options granted represents the period of time that they are expected to be outstanding and is a derived output of the lattice binomial model.
The expected term of stock options is impacted by all of the underlying assumptions and calibration of our model.
The lattice binomial model assumes that option exercise behavior is a function of the option’s remaining vested life and the extent to which the market price of our common stock exceeds the option exercise price.
The lattice binomial model estimates the probability of exercise as a function of these two variables based on the history of exercises and cancellations on all past option grants made by us.
Expected Volatility .
We estimate the volatility of our common stock at the date of grant based on the implied volatility of one-year and two-year publicly traded options on our common stock.
Our decision to use implied volatility was based upon the availability of actively traded options on our common stock and our assessment that implied volatility is more representative of future stock price trends than historical volatility.
Risk-Free Interest Rate.
We base the risk-free interest rate that we use in our option valuation model on the implied yield in effect at the time of option grant on constant maturity U. S.  Treasury issues with equivalent remaining terms.
The fair value of acquired Property, plant and equipment, primarily network-related assets, was valued under the replacement cost method, which determines fair value based on the replacement cost of new property with similar capacity, adjusted for physical deterioration over the remaining useful life.
Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from the other assets acquired that could not be individually identified and separately recognized.
Goodwill is not deductible for tax purposes.
Pro Forma Financial Information The following table presents the unaudited pro forma combined results of operations of the Company and GDCL for the years ended December 31, 2016 and December 31, 2015 as if the acquisition of GDCL had occurred on January 1, 2016 and January 1, 2015, respectively, (in millions, except per share amounts):

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>(Dollars in millions)</i></td><td> Fiscal  2009</td><td>% of Related Revenue</td><td> Fiscal  2008</td><td>% of Related Revenue</td><td> Fiscal  2007</td><td> % of  Related  Revenue</td></tr><tr><td>Financial ManagementSolutions (QuickBooks)</td><td>$113.3</td><td>20%</td><td>$169.7</td><td>29%</td><td>$169.1</td><td>31%</td></tr><tr><td>Employee ManagementSolutions (Payroll)</td><td>207.6</td><td>57%</td><td>166.3</td><td>49%</td><td>164.3</td><td>47%</td></tr><tr><td>Payments Solutions</td><td>31.6</td><td>11%</td><td>42.8</td><td>17%</td><td>49.9</td><td>25%</td></tr><tr><td>Consumer Tax</td><td>628.7</td><td>63%</td><td>587.7</td><td>63%</td><td>501.7</td><td>62%</td></tr><tr><td>Accounting Professionals</td><td>186.0</td><td>53%</td><td>162.6</td><td>50%</td><td>154.4</td><td>49%</td></tr><tr><td>Financial Institutions</td><td>69.4</td><td>22%</td><td>57.0</td><td>19%</td><td>38.8</td><td>26%</td></tr><tr><td>Other Businesses</td><td>65.6</td><td>23%</td><td>99.2</td><td>30%</td><td>96.7</td><td>33%</td></tr><tr><td>Total segmentoperating income</td><td>$1,302.2</td><td>41%</td><td>$1,285.3</td><td>42%</td><td>$1,174.9</td><td>44%</td></tr></table>
<table><tr><td><i>(Dollars in millions)</i></td><td> July 31,  2009</td><td></td><td> July 31,  2008</td><td></td><td>Change</td><td>$ %  Change</td></tr><tr><td>Cash, cash equivalents and investments</td><td>$1,347.0</td><td></td><td>$827.8</td><td></td><td>$519.2</td><td>63%</td></tr><tr><td>Long-term investments</td><td>97.1</td><td></td><td>288.3</td><td></td><td>-191.2</td><td>-66%</td></tr><tr><td>Long-term debt</td><td>998.2</td><td></td><td>998.0</td><td></td><td>0.2</td><td>0%</td></tr><tr><td>Working capital</td><td>884.0</td><td></td><td>306.3</td><td></td><td>577.7</td><td>189%</td></tr><tr><td>Ratio of current assets to current liabilities</td><td>1.8</td><td>: 1</td><td>1.2</td><td>: 1</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Twelve Months Ended July 31,</td></tr><tr><td><i>(In thousands, except per share amounts)</i></td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td>Cost of product revenue</td><td>$1,414</td><td>$1,018</td><td>$743</td></tr><tr><td>Cost of service and other revenue</td><td>7,183</td><td>6,211</td><td>3,283</td></tr><tr><td>Selling and marketing</td><td>47,990</td><td>37,948</td><td>23,518</td></tr><tr><td>Research and development</td><td>39,244</td><td>31,841</td><td>21,511</td></tr><tr><td>General and administrative</td><td>36,947</td><td>36,220</td><td>27,258</td></tr><tr><td>Reduction of operating income from continuingoperations and income from continuing operationsbefore income taxes</td><td>132,778</td><td>113,238</td><td>76,313</td></tr><tr><td>Income tax benefit</td><td>-47,393</td><td>-44,873</td><td>-24,237</td></tr><tr><td>Reduction of net income from continuing operations</td><td>$85,385</td><td>$68,365</td><td>$52,076</td></tr><tr><td>Reduction of net income per share fromcontinuing operations:</td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>$0.26</td><td>$0.21</td><td>$0.15</td></tr><tr><td>Diluted</td><td>$0.26</td><td>$0.20</td><td>$0.15</td></tr></table>

Question: What's the average of Cash, cash equivalents and investments of July 31, 2009, and General and administrative of Twelve Months Ended July 31, 2008 ?
Answer: 18783.5
Reasoning program: add(1347.0,36220.0), divide(#0,const_2)