outstanding under the commercial paper program.
The maximum combined borrowing at any time under both the 2017 Credit Agreement and the commercial paper program is $3 billion.
If market conditions were to change and our revenue was reduced significantly or operating costs were to increase, our cash flows and liquidity could be reduced.
Additionally, it could cause the rating agencies to lower our credit rating.
There are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility.
However, a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit or preclude our ability to issue commercial paper.
Should this occur, we could seek alternative sources of funding, including borrowing under the credit facility.
During the year ended December 31, 2018, we used cash to fund a variety of activities including certain working capital needs and restructuring costs, capital expenditures, the repayment of debt, payment of dividends, distributions to GE and share repurchases.
We believe that cash on hand, cash flows generated from operations and the available credit facility will provide sufficient liquidity to manage our global cash needs.
Cash Flows Cash flows provided by (used in) each type of activity were as follows for the years ended December 31:
## Table 0 ##
Operating Activities Our largest source of operating cash is payments from customers, of which the largest component is collecting cash related to product or services sales including advance payments or progress collections for work to be performed.
The primary use of operating cash is to pay our suppliers, employees, tax authorities and others for a wide range of material and services.
Cash flows from operating activities generated cash of $1,762 million and used cash of $799 million for the years ended December 31, 2018 and 2017, respectively.
Cash flows from operating activities increased $2,561 million in 2018 primarily driven by better operating performance.
These cash inflows were supported by strong working capital cash flows, especially in the fourth quarter of 2018, including approximately $300 million for a progress collection payment from a customer.
Included in our cash flows from operating activities for 2018 and 2017 are payments of $473 million and $612 million, respectively, made primarily for employee severance as a result of our restructuring activities and merger and related costs.
Cash flows from operating activities used $799 million and generated $262 million for the years ended December 31, 2017 and 2016, respectively.
Cash flows from operating activities decreased $1,061 million in 2017 primarily driven by a $1,201 million negative impact from ending our receivables monetization program in the fourth quarter, and restructuring related payments throughout the year.
These cash outflows were partially offset by strong working capital cash flows, especially in the fourth quarter of 2017.
Included in our cash flows from operating activities for 2017 and 2016 are payments of $612 million and $177 million, respectively, made for employee severance as a result of our restructuring activities and merger and related costs.
Investing Activities Cash flows from investing activities used cash of $578 million, $4,123 million and $472 million for the years ended December 31, 2018, 2017 and 2016, respectively.
Our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations.
Expenditures for capital assets totaled $995 million, $665 million and $424 million for 2018, 2017 and 2016, respectively, partially offset by cash flows from the sale of property, plant and equipment of $458 million, $172 million and $20 million in 2018, 2017 and 2016, respectively.
Proceeds from the disposal of assets related primarily
Retirement Operating Results The following table sets forth the Retirement segment’s operating results for the periods indicated.
## Table 1 ##
(1) Revenues exclude Realized investment gains (losses), net, and related adjustments.
See “—Realized Investment Gains and Losses and General Account Investments—Realized Investment Gains and Losses.
” (2) Benefits and expenses exclude related charges which represent the unfavorable (favorable) impact of Realized investment gains (losses), net, on change in reserves and the amortization of deferred policy acquisition costs.
(3) Revenues exclude net investment gains and losses on trading account assets supporting insurance liabilities.
See “—Investment Gains and Losses on Trading Account Assets Supporting Insurance Liabilities and Changes in Experience-Rated Contractholder Liabilities Due to Asset Value Changes.
” (4) Benefits and expenses exclude changes in contractholder liabilities due to asset value changes in the pool of investments supporting these experiencerated contracts.
See “—Investment Gains and Losses on Trading Account Assets Supporting Insurance Liabilities and Changes in Experience-Rated Contractholder Liabilities Due to Asset Value Changes.
” On December 31, 2007 we acquired a portion of Union Bank of California, N. A.
’s, or UBOC’s, retirement business, including $7.3 billion in full service retirement account values, for $103 million of cash consideration.
The retirement account values related to this acquisition primarily consist of mutual funds and other client assets we administer, and are not reported on our balance sheet.
The integration of this business was completed in the second quarter of 2008.
On October 10, 2008, we acquired MullinTBG Insurance Agency Services, LLC and related entities, or MullinTBG, a provider of executive benefit solutions and financing strategies, including nonqualified executive deferred compensation plans.
The acquisition included $8.9 billion of nonqualified full service retirement account values that we administer, which are not reported on our balance sheet.
Adjusted Operating Income 2009 to 2008 Annual Comparison.
Adjusted operating income decreased $21 million, from $531 million in 2008 to $510 million in 2009.
Results for both periods include the impact of an annual review of the assumptions used in our estimate of total gross profits used as a basis for amortizing deferred policy acquisition costs and valuation of business acquired, as well as the impact of our quarterly adjustments to total gross profits for current period experience.
Adjusted operating income for 2009 included a $3 million charge from the annual review, compared to a $21 million charge in 2008.
The charge in 2008 primarily reflected a decrease in our estimate of future gross profits, including a decline in our asset-based profit assumptions and an increase in our expense assumptions.
The quarterly updates for actual experience resulted in $5 million of charges in 2009 and $23 million of benefits in 2008, reflecting the cumulative impact on amortization of differences between actual gross profits for the period and the previously estimated expected gross profits for the period.
In addition, 2008 included a $29 million benefit from a reduction in the amortization of valuation of business acquired due to a cumulative adjustment relating to the calculation of actual and expected gross profits.
Together, these items resulted in a net charge of $8 million in 2009 and a net benefit of $31 million in 2008.
Excluding the items discussed above, adjusted operating income increased $18 million compared to 2008, reflecting higher results in our full service business, partially offset by a decrease in adjusted operating income for our institutional investment products business.
The increase in our full service business was primarily related to improved investment results, driven by higher net yields due to the impact of lower crediting rates on general account liabilities, resulting from rate resets, as well as higher average invested assets in our general account reflecting full service participant transfers from our equity based separate account and mutual fund products to our general account stable value products.
Our ability to maintain current net yields, which are impacted by the levels of interest rates, the pace and extent of changes in interest rates and the minimum guaranteed crediting rates on our general account stable value products, may affect investment results in future periods.
Also contributing to the increase in the full service business was a $29 million favorable variance in the mark-to-market of embedded derivatives and related hedge positions associated with guaranteed minimum withdrawal benefits associated with certain defined contribution accounts, reflecting a benefit of $12 million in 2009 and a charge of $17 million in 2008.
The benefit in 2009 was driven by the impact of a reduction in equity market volatility on these benefit features.
The charge in 2008 was driven by the impact of changes in equity market prices and volatility on these benefit features, prior to the implementation of our hedging of equity market price risk during the fourth quarter of 2008.
Serving as a partial offset to these increases was lower asset based fees, due to a decrease in average full service fee-based retirement account values, primarily resulting from equity market depreciation and full service participant transfers from our equity based separate account and mutual fund products to our general account stable value products, as well
Investment Margins and Other Profitability Factors Many of our insurance products sold in international markets provide for the buildup of cash values for the policyholder at mandated guaranteed interest rates.
Authorities in some jurisdictions regulate interest rates guaranteed in our insurance contracts.
The regulated guaranteed interest rates do not necessarily match the actual returns on the underlying investments.
The spread between the actual investment returns and these guaranteed rates of return to the policyholder is an element of the profit or loss that we will experience on these products.
With regulatory approval, guaranteed rates may be changed on new business.
While these actions enhance our ability to set rates commensurate with available investment returns, the major sources of profitability on our products sold in Japan, other than those sold by Gibraltar Life, are margins on mortality, morbidity and expense charges rather than investment spreads.
We base premiums and cash values in most countries in which we operate on mandated mortality and morbidity tables.
Our mortality and morbidity experience in the International Insurance segment on an overall basis in the years ended December 31, 2009, 2008, and 2007 was well within our pricing assumptions and below the guaranteed levels reflected in the premiums we charge.
International Investments Operating Results The following table sets forth the International Investments segment’s operating results for the periods indicated.
## Table 2 ##
(1) Revenues exclude Realized investment gains (losses), net, and related adjustments.
See “—Realized Investment Gains and Losses and General Account Investments—Realized Investment Gains and Losses.
” (2) Equity in earnings of operating joint ventures are included in adjusted operating income but excluded from income from continuing operations before income taxes and equity in earnings of operating joint ventures as they are reflected on a U. S.  GAAP basis on an after-tax basis as a separate line in our Consolidated Statements of Operations.
Earnings attributable to noncontrolling interests are excluded from adjusted operating income but included in income from continuing operations before income taxes and equity in earnings of operating joint ventures as they are reflected on a U. S.  GAAP basis as a separate line in our Consolidated Statements of Operations.
Earnings attributable to noncontrolling interests represents the portion of earnings from consolidated entities that relates to the equity interests of minority investors.
In February 2010, we signed a definitive agreement to sell Prudential Investment & Securities Co. , Ltd.  and Prudential Asset Management Co. , Ltd, which together comprise our Korean asset management operations.
The net proceeds from this agreement are expected to be approximately equal to our book value.
As a result of the agreement, which is subject to local regulatory approval, results of our Korean asset management operations will, commencing with first quarter of 2010 reporting, be excluded from adjusted operating income for all periods reported.
Results of the International Investments segment include earnings of $17 million, $28 million and $114 million for the years ended December 31, 2009, 2008, and 2007, respectively, related to the Korean asset management operations.
On July 12, 2007, we sold our 50 percent interest in our operating joint ventures Oppenheim Pramerica Fonds Trust GmbH and Oppenheim Pramerica Asset Management S. a. r. l. , which we accounted for under the equity method, to our partner Oppenheim S. C. A.  for $121 million.
These businesses establish, package and distribute mutual fund products to German and other European retail investors.
We recorded a pre-tax gain on the sale of $37 million, which is reflected in the adjusted operating income of our International Investments segment in 2007.
In addition to the gain on sale, these businesses contributed $3 million of adjusted operating income to the results of the International Investments segment for the year ended December 31, 2007.
On January 18, 2008, we made an additional investment of $154 million in our UBI Pramerica operating joint venture in Italy, which we account for under the equity method.
This additional investment was necessary to maintain our ownership interest at 35 percent and was a result of the merger of our joint venture partner with another Italian bank, and their subsequent consolidation of their asset management companies into the UBI Pramerica joint venture.
On July 1, 2008, we acquired a 40 percent interest in GAP Asset Management of Brazil, which we account for under the equity method as an operating joint venture.
On May 25, 2009, we entered into an agreement with Mexican financial services group Grupo Actinver SA to sell our mutual fund and banking operations in Mexico.
As a result, these operations are reflected as discontinued operations for all periods presented.
This transaction closed on October 6, 2009.
We recorded a pre-tax gain on the sale of $8 million, which is also reflected in discontinued operations.
This transaction does not include our insurance business, our pension fund business or our real estate investments that are
Results of Operations of Closed Block Business We established the Closed Block Business effective as of the date of demutualization.
The Closed Block Business includes our in force traditional domestic participating life insurance and annuity products and assets that are used for the payment of benefits and policyholder dividends on these policies, as well as other assets and equity and related liabilities that support these policies.
We no longer offer these traditional domestic participating policies.
See “—Overview—Closed Block Business” for additional details.
Each year, the Board of Directors of Prudential Insurance determines the dividends payable on participating policies for the following year based on the experience of the Closed Block, including investment income, net realized and unrealized investment gains, mortality experience and other factors.
Although Closed Block experience for dividend action decisions is based upon statutory results, at the time the Closed Block was established, we developed, as required by U. S.  GAAP, an actuarial calculation of the timing of the maximum future earnings from the policies included in the Closed Block.
If actual cumulative earnings in any given period are greater than the cumulative earnings we expected, we will record this excess as a policyholder dividend obligation.
We will subsequently pay this excess to Closed Block policyholders as an additional dividend unless it is otherwise offset by future Closed Block performance that is less favorable than we originally expected.
The policyholder dividends we charge to expense within the Closed Block Business will include any change in our policyholder dividend obligation that we recognize for the excess of actual cumulative earnings in any given period over the cumulative earnings we expected in addition to the actual policyholder dividends declared by the Board of Directors of Prudential Insurance.
As of January 1, 2009, the Company recognized an adjusted cumulative earnings policyholder dividend obligation of $851 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings, which reflects a cumulative adjustment of $418 million related to the Company’s adoption of the revised authoritative guidance for the recognition and presentation of other-than-temporary impairments, effective January 1, 2009.
As of December 31, 2009, actual cumulative earnings are below the expected cumulative earnings by $601 million, thereby eliminating the cumulative earnings policyholder dividend obligation.
Actual cumulative earnings, as required by U. S.  GAAP, reflect the recognition of realized investment gains and losses in the current period, as well as changes in assets and related liabilities that support the Closed Block policies.
Furthermore, the accumulation of net unrealized investment gains that have arisen subsequent to the establishment of the Closed Block, are not sufficient to overcome the cumulative earnings shortfall and therefore, the policyholder dividend obligation balance as of December 31, 2009 remains at zero.
Operating Results Management does not consider adjusted operating income to assess the operating performance of the Closed Block Business.
Consequently, results of the Closed Block Business for all periods are presented only in accordance with U. S.  GAAP.
The following table sets forth the Closed Block Business U. S.  GAAP results for the periods indicated.
## Table 3 ##
Income (Loss) from Continuing Operations Before Income Taxes and Equity in Earnings of Operating Joint Ventures 2009 to 2008 Annual Comparison.
Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures decreased $496 million, from income of $16 million in 2008 to a loss of $480 million in 2009.
Results for 2009 include a decrease of $1.300 billion in net realized investment gains (losses), from gains of $15 million in 2008 to losses of $1.285 billion in 2009, primarily due to a net decrease in the market value of derivatives used in duration management programs.
For a discussion of Closed Block Business realized investment gains (losses), net, see “—Realized Investment Gains and Losses and General Account Investments— Realized Investment Gains and Losses.
” Net investment income, net of interest expense, decreased $199 million, primarily related to lower portfolio yields, including lower interest rates on floating rate investments due to rate resets and reinvestments at lower yields, as well as a decrease in income on joint ventures and limited partnership investments accounted for under the equity method.
These decreases to income were partially offset by a decrease of $348 million in dividends paid and accrued to policyholders, primarily due to a decrease in the dividend scales for 2009 and 2010.
In addition, amortization of deferred policy acquisition costs decreased $46 million reflecting the impact of investment losses on actual gross margins for the period compared to the previously estimated expected gross margins for the period.
During 2009, the cumulative earnings policyholder dividend obligation was reduced from $851 million to zero, and was a partial offset to the decline in earnings as discussed above.
In 2008, the change in the cumulative earnings policyholder dividend obligation of $299 million was an offset to the decline in earnings in the period.
As noted above, as of December 31, 2009 actual cumulative earnings are below the expected cumulative earnings by $601 million.
There will be no cumulative earnings policyholder dividend obligation until this amount is recovered.
Without the benefit of the cumulative earnings policyholder dividend obligation, Closed Block Business earnings could continue to be volatile primarily due to changes in investment results.2008 to 2007 Annual Comparison.
Income from continuing operations before income taxes and equity in earnings of operating joint ventures decreased $274 million, from $290 million in 2007 to $16 million in 2008.
Results for 2008 include a decrease of $574 million in net realized investment gains, from $589 million in 2007 to $15 million in 2008.
For a discussion of Closed Block Business realized investment gains (losses), net, see “—Realized Investment Gains and Losses and General Account Investments—Realized Investment Gains and Losses.
” Net investment income, net of interest expense, decreased $301 million, primarily related to lower yields and a decrease
Credit Derivative Exposure to Public Fixed Maturities In addition to the credit exposure from public fixed maturities noted above, we sell credit derivatives to enhance the return on our investment portfolio by creating credit exposure similar to an investment in public fixed maturity cash instruments.
In a credit derivative we sell credit protection on an identified name, or a basket of names in a first to default structure, and in return receive a quarterly premium.
With single name credit default derivatives, this premium or credit spread generally corresponds to the difference between the yield on the referenced name’s public fixed maturity cash instruments and swap rates, at the time the agreement is executed.
With first-to-default baskets, because of the additional credit risk inherent in a basket of named credits, the premium generally corresponds to a high proportion of the sum of the credit spreads of the names in the basket.
If there is an event of default by the referenced name or one of the referenced names in a basket, as defined by the agreement, then we are obligated to pay the counterparty the referenced amount of the contract and receive in return the referenced defaulted security or similar security.
Subsequent defaults on the remaining names within such instruments require no further payment to counterparties.
The majority of referenced names in the credit derivatives where we have sold credit protection, as well as all the counterparties to these agreements, are investment grade credit quality and our credit derivatives generally have maturities of five years or less.
Credit derivative contracts are recorded at fair value with changes in fair value, including the premium received, recorded in “Realized investment gains (losses), net.
” The premium received for the credit derivatives we sell attributable to the Financial Services Businesses was $10 million and $12 million for the years ended December 31, 2009 and 2008, respectively, and is included in adjusted operating income as an adjustment to “Realized investment gains (losses), net.
” The following tables set forth our exposure where we have sold credit protection through credit derivatives in the Financial Services Businesses by NAIC designation of the underlying credits as of the dates indicated.
Credit Derivatives, Sold Protection—Financial Services Businesses
## Table 4 ##
Credit Derivatives, Sold Protection—Financial Services Businesses
## Table 5 ##
(1) First-to-default credit swap baskets, which may include credits of varying qualities, are grouped above based on the lowest credit in the basket.
However, such basket swaps may entail greater credit risk than the rating level of the lowest credit.
(2) Excludes a credit derivative related to surplus notes issued by a subsidiary of Prudential Insurance and embedded derivatives contained in certain externally-managed investments in the European market.
See Note 21 to the Consolidated Financial Statements for additional information regarding these derivatives.

Tables referenced above, in order (Table 0 first):
<table><tr><td>(In millions)</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Operating activities</td><td>$1,762</td><td>$-799</td><td>$262</td></tr><tr><td>Investing activities</td><td>-578</td><td>-4,123</td><td>-472</td></tr><tr><td>Financing activities</td><td>-4,363</td><td>10,919</td><td>-102</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="3">Year ended December 31,</td></tr><tr><td>2009</td><td>2008</td><td>2007</td></tr><tr><td colspan="3">(in millions)</td></tr><tr><td> Operating results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$4,676</td><td>$4,844</td><td>$4,708</td></tr><tr><td>Benefits and expenses</td><td>4,166</td><td>4,313</td><td>4,226</td></tr><tr><td>Adjusted operating income</td><td>510</td><td>531</td><td>482</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments(1)</td><td>-842</td><td>-1,076</td><td>-128</td></tr><tr><td>Related charges-2</td><td>6</td><td>7</td><td>-1</td></tr><tr><td>Investment gains (losses) on trading account assets supporting insurance liabilities, net(3)</td><td>1,533</td><td>-1,364</td><td>97</td></tr><tr><td>Change in experience-rated contractholder liabilities due to asset value changes-4</td><td>-831</td><td>793</td><td>-86</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$376</td><td>$-1,109</td><td>$364</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td> Operating results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$422</td><td>$262</td><td>$745</td></tr><tr><td>Expenses</td><td>379</td><td>594</td><td>489</td></tr><tr><td>Adjusted operating income</td><td>43</td><td>-332</td><td>256</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments(1)</td><td>-2</td><td>2</td><td>1</td></tr><tr><td>Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests -2</td><td>-41</td><td>290</td><td>-10</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$—</td><td>$-40</td><td>$247</td></tr></table>
<table><tr><td rowspan="3"></td><td colspan="3"> Year ended December 31,</td></tr><tr><td>2009</td><td> 2008</td><td> 2007</td></tr><tr><td colspan="3"> (in millions)</td></tr><tr><td> U.S. GAAP results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$5,245</td><td>$7,059</td><td>$7,981</td></tr><tr><td>Benefits and expenses</td><td>5,725</td><td>7,043</td><td>7,691</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$-480</td><td>$16</td><td>$290</td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2009</td></tr><tr><td></td><td colspan="2"> Single Name</td><td colspan="2">First to Default Basket-1</td><td colspan="2">Total</td></tr><tr><td> NAIC Designation</td><td> Notional</td><td> Fair Value</td><td> Notional</td><td>Fair Value</td><td> Notional</td><td>Fair Value</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>1</td><td>$295</td><td>$3</td><td>$140</td><td>$—</td><td>$435</td><td>$3</td></tr><tr><td>2</td><td>28</td><td>—</td><td>303</td><td>-3</td><td>331</td><td>-3</td></tr><tr><td>Subtotal</td><td>323</td><td>3</td><td>443</td><td>-3</td><td>766</td><td>-0</td></tr><tr><td>3</td><td>—</td><td>—</td><td>132</td><td>-2</td><td>132</td><td>-2</td></tr><tr><td>4</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>5</td><td>—</td><td>—</td><td>50</td><td>-1</td><td>50</td><td>-1</td></tr><tr><td>6</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Subtotal</td><td>—</td><td>—</td><td>182</td><td>-3</td><td>182</td><td>-3</td></tr><tr><td>Total-2</td><td>$323</td><td>$3</td><td>$625</td><td>$-6</td><td>$948</td><td>$-3</td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2008</td></tr><tr><td></td><td colspan="2">Single Name</td><td colspan="2">First to Default Basket-1</td><td colspan="2">Total</td></tr><tr><td> NAIC Designation</td><td> Notional</td><td>Fair Value</td><td> Notional</td><td>Fair Value</td><td> Notional</td><td>Fair Value</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>1</td><td>$320</td><td>$-9</td><td>$207</td><td>$-19</td><td>$527</td><td>$-28</td></tr><tr><td>2</td><td>—</td><td>—</td><td>517</td><td>-84</td><td>517</td><td>-84</td></tr><tr><td>Subtotal</td><td>320</td><td>-9</td><td>724</td><td>-103</td><td>1,044</td><td>-112</td></tr><tr><td>3</td><td>—</td><td>—</td><td>15</td><td>-2</td><td>15</td><td>-2</td></tr><tr><td>4</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>5</td><td>—</td><td>—</td><td>102</td><td>-32</td><td>102</td><td>-32</td></tr><tr><td>6</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Subtotal</td><td>—</td><td>—</td><td>117</td><td>-34</td><td>117</td><td>-34</td></tr><tr><td>Total-2</td><td>$320</td><td>$-9</td><td>$841</td><td>$-137</td><td>$1,161</td><td>$-146</td></tr></table>

Question: what is the net change in cash during 2018?
Answer: -3179
Reasoning program: add(1762,-578), add(#0,-4363)