Notes to Consolidated Financial Statements Note 9.
Collateralized Agreements and Financings Collateralized agreements are securities purchased under agreements to resell (resale agreements or reverse repurchase agreements) and securities borrowed.
Collateralized financings are securities sold under agreements to repurchase (repurchase agreements), securities loaned and other secured financings.
The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities.
Collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists.
Interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in “Interest income” and “Interest expense,” respectively.
See Note 23 for further information about interest income and interest expense.
The table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions.
## Table 0 ##
1.
Substantially all resale and repurchase agreements are carried at fair value under the fair value option.
See Note 8 for further information about the valuation techniques and significant inputs used to determine fair value.2.
As of December 2012 and December 2011, $38.40 billion and $47.62 billion of securities borrowed, and $1.56 billion and $107 million of securities loaned were at fair value, respectively.
Resale and Repurchase Agreements A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date.
A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date.
The financial instruments purchased or sold in resale and repurchase agreements typically include U. S.  government and federal agency, and investment-grade sovereign obligations.
The firm receives financial instruments purchased under resale agreements, makes delivery of financial instruments sold under repurchase agreements, monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate.
For resale agreements, the firm typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition.
Even though repurchase and resale agreements involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement.
However, “repos to maturity” are accounted for as sales.
A repo to maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security.
Therefore, the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and, accordingly, accounts for the transaction as a sale.
The firm had no repos to maturity outstanding as of December 2012 or December 2011.
## Table 1 ##
ITEM 7 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) includes the following sections: ?
Executive Overview that discusses at a high level our operating results and some of the trends that affect our business.  ?
Critical Accounting Policies and Estimates that we believe are important to understanding the assumptions and judgments underlying our financial statements.  ?
Results of Operations that includes a more detailed discussion of our revenue and expenses.  ?
Liquidity and Capital Resources which discusses key aspects of our statements of cash flows, changes in our balance sheets and our financial commitments.
You should note that this MD&A discussion contains forward-looking statements that involve risks and uncertainties.
Please see the section entitled “Forward-Looking Statements and Risk Factors” at the beginning of Item 1A for important information to consider when evaluating such statements.
You should read this MD&A in conjunction with the financial statements and related notes in Item 8 of this Annual Report.
In fiscal 2014 we acquired Check Inc.  We have included their results of operations in our consolidated results of operations from the date of acquisition.
In fiscal 2013 we completed the sale of our Intuit Websites business and in fiscal 2014 we completed the sales of our Intuit Financial Services (IFS) and Intuit Health businesses.
In the fourth quarter fiscal 2015 we determined that our Demandforce, QuickBase, and Quicken businesses became long-lived assets held for sale.
We accounted for all of these businesses as discontinued operations and have therefore reclassified our statements of operations and balance sheets for all periods presented to reflect them as such.
Because the cash flows of these discontinued operations were not material for any period presented, we have not segregated the cash flows of those businesses from continuing operations on our statements of cash flows.
See “Results of Operations – Non-Operating Income and Expense – Discontinued Operations” later in this Item 7 for more information.
Unless otherwise noted, the following discussion pertains to our continuing operations.
Executive Overview This overview provides a high level discussion of our operating results and some of the trends that affect our business.
We believe that an understanding of these trends is important in order to understand our financial results for fiscal 2015 as well as our future prospects.
This summary is not intended to be exhaustive, nor is it intended to be a substitute for the detailed discussion and analysis provided elsewhere in this Annual Report on Form 10-K.  Industry Trends and Seasonality Industry Trends The industry in which we operate is dynamic and highly competitive, and we expect it to remain so in the future.
The markets for software and related services, especially highly-available connected services, are characterized by rapid technological change, shifting customer needs, and frequent new product introductions and enhancements.
Competitive interest and expertise
considered the relative risk of achieving the cash flows and the time value of money.
For the market approach, we estimated the fair value of the reporting unit based on market multiples of revenue, operating income, and earnings for comparable publicly traded companies engaged in similar businesses.
We believe that the assumptions used to determine the impairment amount for the goodwill of this reporting unit are reasonable.
During the fourth quarter of fiscal 2015 management approved a plan to sell our Quicken business, which was part of our Consumer Ecosystem reporting unit, and we accounted for it as discontinued operations.
As a result, we reclassified a portion of the goodwill impairment charge that we recorded in the third quarter of fiscal 2015 to discontinued operations based on the relative fair values of Quicken and the remaining components of our Consumer Ecosystem reporting unit.
In March 2013 the largest customer for our Intuit Health business acquired a company that offers similar solutions and competes with us directly in that market space.
As a result, we performed an interim impairment test of goodwill and acquired intangible assets during the third quarter of fiscal 2013.
We concluded that the carrying amounts of goodwill and certain definite-lived acquired intangible assets associated with our Intuit Health business were impaired and recorded an impairment charge of $46 million that reduced the carrying value of those assets to zero.
For goodwill, the amount of the impairment charge was determined by comparing the carrying value of goodwill assigned to the reporting unit with the implied fair value of the goodwill.
We used a weighted combination of a discounted cash flow model (income approach) and comparisons to publicly traded companies engaged in similar businesses (market approach) to estimate the fair value of our Intuit Health reporting unit.
Key assumptions that we used in the income approach included the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a rate of return that considered the relative risk of achieving the cash flows and the time value of money.
For the market approach, we estimated the fair value of the reporting unit based on market multiples of revenue, operating income, and earnings for comparable publicly traded companies engaged in similar businesses.
For those acquired intangible assets where the unamortized balances exceeded the undiscounted future net cash flows, we measured the amount of the impairment by calculating the amount by which the carrying values exceeded the estimated fair values, which were based on projected discounted future net cash flows.
We believe that the assumptions used to determine the impairment amounts for the goodwill and acquired intangible assets for this business unit are reasonable.
In the fourth quarter of fiscal 2013 management approved a plan to sell our Intuit Health business, which was part of our former Other Businesses reportable segment.
On August 19, 2013 we completed the sale for cash consideration that was not significant.3.
Cash and Cash Equivalents, Investments and Funds Held for Customers The following table summarizes our cash and cash equivalents, investments and funds held for customers by balance sheet classification at the dates indicated.
## Table 2 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>As of December</td></tr><tr><td><i>in millions</i></td><td>2012</td><td>2011</td></tr><tr><td>Securities purchased under agreements toresell<sup>1</sup></td><td>$141,334</td><td>$187,789</td></tr><tr><td>Securities borrowed<sup>2</sup></td><td>136,893</td><td>153,341</td></tr><tr><td>Securities sold under agreements torepurchase<sup>1</sup></td><td>171,807</td><td>164,502</td></tr><tr><td>Securitiesloaned<sup>2</sup></td><td>13,765</td><td>7,182</td></tr></table>
<table><tr><td>Consolidated Balance Sheet Data</td><td colspan="5">At July 31,</td></tr><tr><td>(In millions)</td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Cash, cash equivalents and investments</td><td>$1,697</td><td>$1,914</td><td>$1,661</td><td>$744</td><td>$1,421</td></tr><tr><td>Long-term investments</td><td>27</td><td>31</td><td>83</td><td>75</td><td>63</td></tr><tr><td>Working capital</td><td>816</td><td>1,200</td><td>1,116</td><td>258</td><td>449</td></tr><tr><td>Total assets</td><td>4,968</td><td>5,201</td><td>5,486</td><td>4,684</td><td>5,110</td></tr><tr><td>Current portion of long-term debt</td><td>—</td><td>—</td><td>—</td><td>—</td><td>500</td></tr><tr><td>Long-term debt</td><td>500</td><td>499</td><td>499</td><td>499</td><td>499</td></tr><tr><td>Other long-term obligations</td><td>172</td><td>166</td><td>135</td><td>135</td><td>151</td></tr><tr><td>Total stockholders’ equity</td><td>2,332</td><td>3,078</td><td>3,531</td><td>2,744</td><td>2,616</td></tr></table>
<table><tr><td></td><td colspan="2">July 31, 2015</td><td colspan="2">July 31, 2014</td></tr><tr><td>(In millions)</td><td>Amortized Cost</td><td>Fair Value</td><td>Amortized Cost</td><td>Fair Value</td></tr><tr><td>Classification on balance sheets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$808</td><td>$808</td><td>$849</td><td>$849</td></tr><tr><td>Investments</td><td>890</td><td>889</td><td>1,064</td><td>1,065</td></tr><tr><td>Funds held for customers</td><td>337</td><td>337</td><td>289</td><td>289</td></tr><tr><td>Long-term investments</td><td>27</td><td>27</td><td>31</td><td>31</td></tr><tr><td>Total cash and cash equivalents, investments and funds held for customers</td><td>$2,062</td><td>$2,061</td><td>$2,233</td><td>$2,234</td></tr></table>

Question: between december 2012 and december 2011 , what was the change in billions in the amount of securities borrowed?
Answer: -9.22
Reasoning program: subtract(38.40,47.62)