Notes to the Financial Statements as a reduction of debt or accrued interest.
New ESOP shares that have been released are considered outstanding in computing earnings per common share.
Unreleased new ESOP shares are not considered to be outstanding.
Pensions and Other Postretirement Benefits In September 2006, the FASB issued SFAS No.158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB Statements No.87, 88, 106, and 132(R).
” Under this new standard, a company must recognize a net liability or asset to report the funded status of its defined benefit pension and other postretirement benefit plans on its balance sheets as well as recognize changes in that funded status, in the year in which the changes occur, through charges or credits to comprehensive income.
SFAS No.158 does not change how pensions and other postretirement benefits are accounted for and reported in the income statement.
PPG adopted the recognition and disclosure provisions of SFAS No.158 as of Dec.  31, 2006.
The following table presents the impact of applying SFAS No.158 on individual line items in the balance sheet as of Dec.  31, 2006:
## Table 0 ##
(1) Represents balances that would have been recorded under accounting standards prior to the adoption of SFAS No.158.
See Note 13, “Pensions and Other Postretirement Benefits,” for additional information.
Derivative financial instruments and hedge activities The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet.
The accounting for changes in the fair value of a derivative depends on the use of the derivative.
To the extent that a derivative is effective as a cash flow hedge of an exposure to future changes in value, the change in fair value of the derivative is deferred in accumulated other comprehensive (loss) income.
Any portion considered to be ineffective is reported in earnings immediately.
To the extent that a derivative is effective as a hedge of an exposure to future changes in fair value, the change in the derivative’s fair value is offset in the statement of income by the change in fair value of the item being hedged.
To the extent that a derivative or a financial instrument is effective as a hedge of a net investment in a foreign operation, the change in the derivative’s fair value is deferred as an unrealized currency translation adjustment in accumulated other comprehensive (loss) income.
Product warranties The Company accrues for product warranties at the time the associated products are sold based on historical claims experience.
As of Dec.  31, 2006 and 2005, the reserve for product warranties was $10 million and $4 million, respectively.
Pretax charges against income for product warranties in 2006, 2005 and 2004 totaled $4 million, $5 million and $4 million, respectively.
Cash outlays related to product warranties were $5 million, $4 million and $4 million in 2006, 2005 and 2004, respectively.
In addition, $7 million of warranty obligations were assumed as part of the Company’s 2006 business acquisitions.
Asset Retirement Obligations An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset.
We recognize asset retirement obligations in the period in which they are incurred, if a reasonable estimate of fair value can be made.
The asset retirement obligation is subsequently adjusted for changes in fair value.
The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life.
PPG’s asset retirement obligations are primarily associated with closure of certain assets used in the chemicals manufacturing process.
As of Dec.  31, 2006 and 2005 the accrued asset retirement obligation was $10 million and as of Dec.  31, 2004 it was $9 million.
In March 2005, the FASB issued FASB Interpretation (“FIN”) No.47, “Accounting for Conditional Asset Retirement Obligations, an interpretation of FASB Statement No.143”.
FIN No.47 clarifies the term conditional asset retirement obligation as used in SFAS No.143, “Accounting for Asset Retirement Obligations”, and provides further guidance as to when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation.
Effective Dec.  31, 2005, PPG adopted the provisions of FIN No.47.
Our only conditional asset retirement obligation relates to the possible future abatement of asbestos contained in certain PPG production facilities.
The asbestos in our production facilities arises from the application of normal and customary building practices in the past when the facilities were constructed.
This asbestos is encapsulated in place and, as a result, there is no current legal requirement to abate it.
Inasmuch as there is no requirement to abate, we do not have any current plans or an intention to abate and therefore the timing, method and cost of future abatement, if any, are not
Notes to the Financial Statements use of natural gas swap contracts.
These instruments mature over the next 37 months.
To the extent that these instruments are effective in hedging PPG’s exposure to price changes, changes in the fair values of the hedge contracts are deferred in accumulated other comprehensive (loss) income and reclassified to cost of sales as the natural gas is purchased.
The amount of ineffectiveness, which is reported in “Cost of sales, exclusive of depreciation and amortization” in the accompanying statement of income for the years ended Dec.  31, 2006, 2005, and 2004, was $0.2 million of income and $0.2 million and $1 million of expense, respectively.
The fair value of these contracts was a liability of $25 million and an asset of $0.3 million as of Dec.  31, 2006 and 2005, respectively.
As of Dec.  31, 2006 an after-tax loss of $2 million was deferred in accumulated other comprehensive (loss) income, which related to natural gas hedge contracts that mature in excess of twelve months.
In November 2002, PPG entered into a one-year renewable equity forward arrangement with a bank in order to partially mitigate the impact of changes in the fair value of PPG stock that is to be contributed to the asbestos settlement trust as discussed in Note 14.
This instrument, which has been renewed, is recorded at fair value as an asset or liability and changes in the fair value of this instrument are reflected in “Asbestos settlement – net” in the accompanying statement of income.
As of Dec.  31, 2006 and 2005, PPG had recorded a current asset of $14 million and $10 million, respectively, and recognized income of $4 million for the year ended Dec.  31, 2006, expense of $9 million for the year ended Dec.  31, 2005 and income of $4 million for the year ended Dec.  31, 2004.
In accordance with the terms of this instrument the bank had purchased 504,900 shares of PPG stock on the open market at a cost of $24 million through Dec.  31, 2002, and during the first quarter of 2003 the bank purchased an additional 400,000 shares at a cost of $19 million, for a total principal amount of $43 million.
PPG will pay to the bank interest based on the principal amount and the bank will pay to PPG an amount equal to the dividends paid on these shares during the period this instrument is outstanding.
The difference between the principal amount, and any amounts related to unpaid interest or dividends, and the current market price for these shares will represent the fair value of the instrument as well as the amount that PPG would pay or receive if the bank chose to net settle the instrument.
Alternatively, the bank may, at its option, require PPG to purchase the shares covered by the arrangement at the market price on the date of settlement.
No derivative instrument initially designated as a hedge instrument was undesignated or discontinued as a hedging instrument during 2006 or 2005.
For the year ended Dec.  31, 2006, other comprehensive (loss) income included a net loss due to derivatives of $13 million, net of tax.
This loss was comprised of realized losses of $22 million and unrealized losses of $35 million.
The realized losses related to the settlement of natural gas contracts and interest rate swaps owned by one of the Company’s investees accounted for under the equity method of accounting.
These losses were offset in part by realized gains related to the settlement of foreign currency contracts.
The unrealized losses related primarily to the change in fair value of the natural gas contracts.
These unrealized losses were partially offset by unrealized gains on foreign currency contracts and on interest rate swaps owned by one of the Company’s investees accounted for under the equity method of accounting.
For the year ended Dec.  31, 2005, other comprehensive (loss) income included a net gain due to derivatives of $3 million, net of tax.
This gain was comprised of realized gains of $1 million and unrealized gains of $4 million.
The realized gains related to the settlement during the period of natural gas contracts offset in part by the settlement of interest rate swaps owned by one of the Company’s investees accounted for under the equity method of accounting and the settlement of foreign currency contracts.
The unrealized gains relate to these same instruments.
The fair values of outstanding derivative instruments, excluding interest rate swaps, were determined using quoted market prices.
The fair value of interest rate swaps was determined using discounted cash flows and current interest rates.11.
Earnings Per Common Share The earnings per common share calculations for the three years ended Dec.  31, 2006 are as follows:
## Table 1 ##
Notes to the Financial Statements does not expect any material adverse impact on earnings to result from the resolution of matters related to open tax years, however, actual settlements may differ from amounts accrued.
As of Dec.  31, 2006 and 2005, the reserve related to exposures for open tax years was $87 million and $88 million, respectively.13.
Pensions and Other Postretirement Benefits Defined Benefit Plans We have defined benefit pension plans that cover certain employees worldwide.
PPG also sponsors welfare benefit plans that provide postretirement medical and life insurance benefits for certain U. S.  and Canadian employees and their dependents.
These programs require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for sharing of future benefit cost increases between PPG and participants based on management discretion.
The Company has the right to modify or terminate certain of these benefit plans in the future.
Salaried and certain hourly employees hired on or after Oct.  1, 2004, are not eligible for postretirement medical benefits.
Salaried employees hired, rehired, or transferred to salaried status on or after Jan.  1, 2006, and certain hourly employees hired in 2006 or thereafter are eligible to participate in a defined contribution retirement plan.
These employees are not eligible for defined benefit pension plan benefits.
The Medicare Act of 2003 introduced a prescription drug benefit under Medicare (“Medicare Part D”) that provides several options for Medicare eligible participants and employers, including a federal subsidy payable to companies that elect to provide a retiree prescription drug benefit which is at least actuarially equivalent to Medicare Part D.  During the third quarter of 2004, PPG concluded its evaluation of the provisions of the Medicare Act and decided to maintain its retiree prescription drug program and to take the subsidy available under the Medicare Act.
The impact of the Medicare Act was accounted for in accordance with FASB Staff Position No.106-2, “Accounting and Disclosure Requirements Related to the Medicare Prescription Drug, Improvement and Modernization Act of 2003” effective Jan.  1, 2004.
In addition, the plan was amended Sept.  1, 2004, to provide that PPG management will determine the extent to which future increases in the cost of its retiree medical and prescription drug programs will be shared by certain retirees.
The federal subsidy related to providing a retiree prescription drug benefit is not subject to U. S.  federal income tax and is recorded as a reduction in our annual net periodic benefit cost of other postretirement benefits.
The following table sets forth the changes in projected benefit obligations (“PBO”) (as calculated by our actuaries as of Dec.  31), plan assets, the funded status and the amounts recognized in our balance sheet for our defined benefit pension and other postretirement benefit plans:
## Table 2 ##
Due to the adoption of SFAS No.158 as of Dec.  31, 2006, the funded status of the plans is equal to the net liability recognized in the Dec.  31, 2006 balance sheet.
See Note 1 for a summary of the amounts recorded.
The PBO is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases.

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>(Millions)</i><i>Balance Sheet Caption:</i></td><td>Before Application of SFAS No. 158 -1</td><td>Adjustments</td><td>After Application of SFAS No. 158</td></tr><tr><td>Other assets</td><td>$494</td><td>$105</td><td>$599</td></tr><tr><td>Deferred income tax liability</td><td>-193</td><td>57</td><td>-136</td></tr><tr><td>Accrued pensions</td><td>-371</td><td>-258</td><td>-629</td></tr><tr><td>Other postretirement benefits</td><td>-619</td><td>-409</td><td>-1,028</td></tr><tr><td>Accumulated other comprehensive loss</td><td>480</td><td>505</td><td>985</td></tr></table>
<table><tr><td><i>(Millions, except per share amounts)</i></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td><i></i> <i>Earnings per common share</i></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$711</td><td>$596</td><td>$683</td></tr><tr><td>Weighted average common shares outstanding</td><td>165.7</td><td>169.6</td><td>171.7</td></tr><tr><td><i></i> <i>Earnings per common share</i></td><td>$4.29</td><td>$3.51</td><td>$3.98</td></tr><tr><td><i></i> <i>Earnings per common share – assuming dilution</i></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$711</td><td>$596</td><td>$683</td></tr><tr><td>Weighted average common shares outstanding</td><td>165.7</td><td>169.6</td><td>171.7</td></tr><tr><td>Effect of dilutive securities</td><td></td><td></td><td></td></tr><tr><td>Stock options</td><td>0.6</td><td>0.6</td><td>0.7</td></tr><tr><td>Other stock compensation plans</td><td>0.2</td><td>0.7</td><td>0.6</td></tr><tr><td>Potentially dilutive common shares</td><td>0.8</td><td>1.3</td><td>1.3</td></tr><tr><td>Adjusted weighted average common shares outstanding</td><td>166.5</td><td>170.9</td><td>173.0</td></tr><tr><td><i></i> <i>Earnings per common share – assuming dilution</i></td><td>$4.27</td><td>$3.49</td><td>$3.95</td></tr></table>
<table><tr><td></td><td colspan="2">Pensions</td><td colspan="2">Other Postretirement Benefits</td></tr><tr><td><i>(Millions)</i></td><td>2006</td><td>2005</td><td>2006</td><td>2005</td></tr><tr><td>Projected benefitobligation, Jan. 1</td><td>$3,636</td><td>$3,318</td><td>$1,119</td><td>$1,073</td></tr><tr><td>Service cost</td><td>74</td><td>64</td><td>27</td><td>24</td></tr><tr><td>Interest cost</td><td>197</td><td>189</td><td>62</td><td>63</td></tr><tr><td>Plan amendments</td><td>3</td><td>-13</td><td>-10</td><td>—</td></tr><tr><td>Actuarial losses (gains)</td><td>10</td><td>330</td><td>-7</td><td>41</td></tr><tr><td>Benefits paid</td><td>-203</td><td>-196</td><td>-84</td><td>-83</td></tr><tr><td>Foreign currency translation adjustments</td><td>75</td><td>-59</td><td>—</td><td>1</td></tr><tr><td>Other</td><td>-1</td><td>3</td><td>—</td><td>—</td></tr><tr><td><i></i> <i>Projectedbenefit</i><i></i> <i>obligation, Dec. 31</i></td><td>$3,791</td><td>$3,636</td><td>$1,107</td><td>$1,119</td></tr><tr><td>Market value of planassets, Jan. 1</td><td>$2,812</td><td>$2,782</td><td></td><td></td></tr><tr><td>Actual return on plan assets</td><td>363</td><td>211</td><td></td><td></td></tr><tr><td>Company contributions</td><td>124</td><td>30</td><td></td><td></td></tr><tr><td>Participant contributions</td><td>3</td><td>3</td><td></td><td></td></tr><tr><td>Benefits paid</td><td>-187</td><td>-174</td><td></td><td></td></tr><tr><td>Plan expenses and other-net</td><td>-6</td><td>-2</td><td></td><td></td></tr><tr><td>Foreign currency translation adjustments</td><td>52</td><td>-38</td><td></td><td></td></tr><tr><td><i></i> <i>Market value of plan</i><i></i> <i>assets, Dec. 31</i></td><td>$3,161</td><td>$2,812</td><td></td><td></td></tr><tr><td>Funded Status</td><td>$-630</td><td>$-824</td><td>$-1,107</td><td>$-1,119</td></tr><tr><td>Accumulated unrecognized:</td><td></td><td></td><td></td><td></td></tr><tr><td>Accumulated actuarial losses</td><td>1,313</td><td>1,512</td><td>460</td><td>505</td></tr><tr><td>Accumulated prior service cost</td><td>37</td><td>50</td><td>-51</td><td>-56</td></tr><tr><td><i>Net amount recognized before adjustment</i></td><td>$720</td><td>$738</td><td>$-698</td><td>$-670</td></tr><tr><td>Adjustment recognized by charge to accumulated other comprehensive loss pre-tax</td><td>-1,350</td><td>-1,227</td><td>-409</td><td>—</td></tr><tr><td><i></i> <i>Amount recognized</i></td><td>$-630</td><td>$-489</td><td>$-1,107</td><td>$-670</td></tr><tr><td colspan="2">Amounts recognized in the Balance Sheet:</td><td></td><td></td><td></td></tr><tr><td>Other assets (long-term)</td><td>6</td><td>75</td><td>—</td><td>—</td></tr><tr><td>Accounts payable and accrued liabilities</td><td>-13</td><td>-8</td><td>-79</td><td>-83</td></tr><tr><td>Accrued pensions</td><td>-623</td><td>-556</td><td>—</td><td>—</td></tr><tr><td>Other postretirement benefits</td><td>—</td><td>—</td><td>-1,028</td><td>-587</td></tr><tr><td><i></i> <i>Amountrecognized</i></td><td>$-630</td><td>$-489</td><td>$-1,107</td><td>$-670</td></tr></table>

Question: What's the average of Projected benefit obligation for pensions in 2006? (in million)
Answer: 473.875
Reasoning program: add(3636,74), add(#0,197), add(#1,3), add(#2,10), subtract(#3,203), add(#4,75), subtract(#5,1), divide(#6,const_8)