THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis Operating Expenses Our operating expenses are primarily influenced by compensation, headcount and levels of business activity.
Compensation and benefits includes salaries, discretionary compensation, amortization of equity awards and other items such as benefits.
Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, overall financial performance, prevailing labor markets, business mix, the structure of our sharebased compensation programs and the external environment.
In addition, see “Use of Estimates” for additional information about expenses that may arise from litigation and regulatory proceedings.
The table below presents our operating expenses and total staff (which includes employees, consultants and temporary staff).
## Table 0 ##
1.
Consists of changes in reserves related to our Americas reinsurance business, including interest credited to policyholder account balances, and expenses related to property catastrophe reinsurance claims.
In April 2013, we completed the sale of a majority stake in our Americas reinsurance business and no longer consolidate this business.2.
Includes provisions of $3.37 billion recorded during 2015 for the agreement in principle with the RMBS Working Group.
See Note 27 to the consolidated financial statements for further information about this agreement in principle.2015 versus 2014.
Operating expenses on the consolidated statements of earnings were $25.04 billion for 2015, 13% higher than 2014.
Compensation and benefits expenses on the consolidated statements of earnings were $12.68 billion for 2015, essentially unchanged compared with 2014.
The ratio of compensation and benefits to net revenues for 2015 was 37.5% compared with 36.8% for 2014.
Total staff increased 8% during 2015, primarily due to activity levels in certain businesses and continued investment in regulatory compliance.
Non-compensation expenses on the consolidated statements of earnings were $12.36 billion for 2015, 30% higher than 2014, due to significantly higher net provisions for mortgage-related litigation and regulatory matters, which are included in other expenses.
This increase was partially offset by lower depreciation and amortization expenses, primarily reflecting lower impairment charges related to consolidated investments, and a reduction in expenses related to the sale of Metro in the fourth quarter of 2014.
Net provisions for litigation and regulatory proceedings for 2015 were $4.01 billion compared with $754 million for 2014 (both primarily comprised of net provisions for mortgage-related matters).2015 included a $148 million charitable contribution to Goldman Sachs Gives, our donor-advised fund.
Compensation was reduced to fund this charitable contribution to Goldman Sachs Gives.
The firm asks its participating managing directors to make recommendations regarding potential charitable recipients for this contribution.2014 versus 2013.
Operating expenses on the consolidated statements of earnings were $22.17 billion for 2014, essentially unchanged compared with 2013.
Compensation and benefits expenses on the consolidated statements of earnings were $12.69 billion for 2014, essentially unchanged compared with 2013.
The ratio of compensation and benefits to net revenues for 2014 was 36.8% compared with 36.9% for 2013.
Total staff increased 3% during 2014.
Non-compensation expenses on the consolidated statements of earnings were $9.48 billion for 2014, 4% lower than 2013.
The decrease compared with 2013 included a decrease in other expenses, due to lower net provisions for litigation and regulatory proceedings and lower operating expenses related to consolidated investments, as well as a decline in insurance reserves, reflecting the sale of our Americas reinsurance business in 2013.
These decreases were partially offset by an increase in brokerage, clearing, exchange and distribution fees.
Net provisions for litigation and regulatory proceedings for 2014 were $754 million compared with $962 million for 2013 (both primarily comprised of net provisions for mortgage-related matters).2014 included a charitable contribution of $137 million to Goldman Sachs Gives, our donor-advised fund.
Compensation was reduced to fund this charitable contribution to Goldman Sachs Gives.
The firm asks its participating managing directors to make recommendations regarding potential charitable recipients for this contribution.
Money Pool — Xcel Energy and its utility subsidiaries have established a utility money pool arrangement that allows for short-term investments in and borrowings from the utility subsidiaries between each other.
The Holding Company may make investments in the utility subsidiaries at market-based interest rates.
However, the money pool arrangement does not allow the utility subsidiaries to make investments in the Holding Company.
At Dec.  31, 2009 and 2008, Xcel Energy and its utility subsidiaries had money pool investments outstanding of $84.0 million and $104.5 million, respectively.
The money pool balances are eliminated upon consolidation.
The weighted average interest rates at Dec.  31, 2009 and 2008 were 0.36 percent and 3.48 percent, respectively.6.
Long-Term Borrowings and Other Financing Instruments Credit Facilities — At Dec.  31, 2009, Xcel Energy and its utility subsidiaries had the following committed credit facilities available:
## Table 1 ##
(a) Includes direct borrowings, outstanding commercial paper and issued and outstanding letters of credit.
(b) NSP-Wisconsin does not have a separate credit facility; however, it has a borrowing agreement with NSP-Minnesota.
The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
Xcel Energy and its utility subsidiaries have the right to request an extension of the final maturity date by one year.
The maturity extension is subject to majority bank group approval.  ?
Each credit facility has one financial covenant requiring that the debt-to-total-capitalization ratio of each entity be less than or equal to 65 percent.
Each entity was in compliance at Dec.  31, 2009 and 2008 as evidenced by the table below:
## Table 2 ##
If Xcel Energy or any of its utility subsidiaries do not comply with the covenant, it is deemed an event of default and any outstanding amounts due under the facility can be declared due by the lender.  ?
Each credit facility has a cross default provision that provides the borrower will be in default on its borrowings under the facility if any of its subsidiaries, comprising more than 15 percent of the consolidated assets, defaults on any of its indebtedness greater than $50 million.  ?
The interest rates under these lines of credit are based on either the agent bank’s prime rate or the applicable LIBOR, plus a borrowing margin based on the applicable debt rating.
Based on our current credit ratings, the borrowing margin is 35 basis points for Xcel Energy, PSCo and SPS, and 25 basis points for NSP-Minnesota.  ?
The commitment fees, also based on applicable debt ratings, are calculated on the unused portion of the lines of credit at 8 basis points per year for Xcel Energy, PSCo and SPS, and at 6 basis points per year for NSP-Minnesota.  ?
At Dec.  31, 2009, the credit facilities were used to provide backup for $459.0 million of commercial paper outstanding and $21.0 million of letters of credit.
At Dec.  31, 2008, Xcel Energy had short-term borrowings of $125.0 million on this line of credit.
In addition, the credit facilities were used to provide backup for $330.3 million of commercial paper outstanding and $23.0 million of letters of credit.
PART IV Item 15 — Exhibits and Financial Statement Schedules 1.
Consolidated Financial Statements: Management Report on Internal Controls — For the year ended Dec.  31, 2009.
Reports of Independent Registered Public Accounting Firm — For the years ended Dec.  31, 2009, 2008 and 2007.
Consolidated Statements of Income — For the three years ended Dec.  31, 2009, 2008 and 2007.
Consolidated Statements of Cash Flows — For the three years ended Dec.  31, 2009, 2008 and 2007.
Consolidated Balance Sheets — As of Dec.  31, 2009 and 2008.2.
Schedule I — Condensed Financial Information of Registrant.
Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec.  31, 2009, 2008 and 2007.3.
Exhibits * Indicates incorporation by reference + Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors
## Table 3 ##
NSP-Minnesota
## Table 4 ##
Commercial Paper — Xcel Energy, NSP-Minnesota, PSCo and SPS each have individual commercial paper programs.
The authorized levels for these commercial paper programs are: ?
$800 million for Xcel Energy; ?
$500 million for NSP-Minnesota; ?
$700 million for PSCo; and ?
$250 million for SPS.
Credit Facilities — As of Feb.  12, 2010 Xcel Energy and its utility subsidiaries had the following committed credit facilities available to meet its liquidity needs:
## Table 5 ##
(a) Includes direct borrowings, outstanding commercial paper and letters of credit.
(b) NSP-Wisconsin does not have a specific credit facility; however, it has a borrowing agreement with NSP-Minnesota.
Listed below is a summary of the banks that make up the credit facilities of Xcel Energy and its subsidiaries as of Feb.  12, 2010.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Compensation and benefits</td><td>$12,678</td><td>$12,691</td><td>$12,613</td></tr><tr><td>Brokerage, clearing, exchange anddistribution fees</td><td>2,576</td><td>2,501</td><td>2,341</td></tr><tr><td>Market development</td><td>557</td><td>549</td><td>541</td></tr><tr><td>Communications and technology</td><td>806</td><td>779</td><td>776</td></tr><tr><td>Depreciation and amortization</td><td>991</td><td>1,337</td><td>1,322</td></tr><tr><td>Occupancy</td><td>772</td><td>827</td><td>839</td></tr><tr><td>Professional fees</td><td>963</td><td>902</td><td>930</td></tr><tr><td>Insurance reserves<sup>1</sup></td><td>—</td><td>—</td><td>176</td></tr><tr><td>Other expenses<sup>2</sup></td><td>5,699</td><td>2,585</td><td>2,931</td></tr><tr><td>Total non-compensation expenses</td><td>12,364</td><td>9,480</td><td>9,856</td></tr><tr><td>Total operating expenses</td><td>$25,042</td><td>$22,171</td><td>$22,469</td></tr><tr><td>Total staff at period-end</td><td>36,800</td><td>34,000</td><td>32,900</td></tr></table>
<table><tr><td> </td><td> Facility</td><td> Drawn<sup>(a)</sup></td><td> Available</td><td> Original Term</td><td> Maturity</td></tr><tr><td> </td><td> </td><td colspan="2"> (Millions of Dollars) </td><td> </td><td> </td></tr><tr><td>NSP-Minnesota</td><td>$482</td><td>$6</td><td>$476</td><td>Five year</td><td>December 2011</td></tr><tr><td>PSCo</td><td>675</td><td>99</td><td>576</td><td>Five year</td><td>December 2011</td></tr><tr><td>SPS</td><td>248</td><td>10</td><td>238</td><td>Five year</td><td>December 2011</td></tr><tr><td>Xcel Energy — Holding Company</td><td>772</td><td>365</td><td>407</td><td>Five year</td><td>December 2011</td></tr><tr><td>NSP-Wisconsin<sup>(b)</sup></td><td>—</td><td>—</td><td>—</td><td></td><td></td></tr><tr><td>Total</td><td>$2,177</td><td>$480</td><td>$1,697</td><td></td><td></td></tr></table>
<table><tr><td> </td><td colspan="2"> Debt-to-total capitalization ratio</td></tr><tr><td> </td><td>2009</td><td> 2008</td></tr><tr><td>NSP-Minnesota</td><td>48%</td><td>50%</td></tr><tr><td>PSCo</td><td>45</td><td>42</td></tr><tr><td>SPS</td><td>49</td><td>52</td></tr><tr><td>Xcel Energy — Holding Company</td><td>15</td><td>16</td></tr></table>
<table><tr><td>1.</td><td>Consolidated Financial Statements:</td></tr><tr><td></td><td>Management Report on Internal Controls — For the year ended Dec. 31, 2009.</td></tr><tr><td></td><td>Reports of Independent Registered Public Accounting Firm — For the years ended Dec. 31, 2009, 2008 and 2007.</td></tr><tr><td></td><td>Consolidated Statements of Income — For the three years ended Dec. 31, 2009, 2008 and 2007.</td></tr><tr><td></td><td>Consolidated Statements of Cash Flows — For the three years ended Dec. 31, 2009, 2008 and 2007.</td></tr><tr><td></td><td>Consolidated Balance Sheets — As of Dec. 31, 2009 and 2008.</td></tr><tr><td>2.</td><td>Schedule I — Condensed Financial Information of Registrant.</td></tr><tr><td></td><td>Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, 2009, 2008 and 2007.</td></tr><tr><td>3.</td><td>Exhibits</td></tr></table>
<table><tr><td> 3.01*</td><td rowspan="2"> Restated Articles of Incorporation of Xcel Energy, as amended on May 21, 2008. (Exhibit 3.01 to Form 10-Q for the quarter ended June 30, 2008 (file no. 001-03034)). Restated By-Laws of Xcel Energy (Exhibit 3.01 to Form 8-K dated Aug. 12, 2008 (file no. 001-03034)).</td></tr><tr><td>3.02*</td></tr><tr><td colspan="2">  Xcel Energy</td></tr><tr><td> 4.01*</td><td> Trust Indenture dated Dec. 1, 2000, between Xcel Energy and Wells Fargo Bank, Minnesota, National Association (NA), as Trustee. (Exhibit 4.01 to Form 8-K (file no. 001-03034) datedDec. 18, 2000).</td></tr><tr><td>4.02*</td><td>Indenture dated Nov. 21, 2002 between Xcel Energy and Wells Fargo Bank, Minnesota, NA, 7.5 percent convertible senior notes due 2007 (Exhibit 4.137 to Form 10-K (file no. 001-03034) dated March 31, 2003).</td></tr><tr><td>4.03*</td><td>Supplemental Trust Indenture No. 2 dated June 15, 2003 between Xcel Energy and Wells Fargo Bank, Minnesota, NA, supplementing trust indenture dated Dec. 1, 2000 (Exhibit 4.01 toForm 10-Q (file no. 001-03034) dated Aug. 15, 2003).</td></tr><tr><td>4.04+*</td><td>Form of Stock Option Agreement Dated Aug. 5, 2005 (Exhibit 4.04 to Form S-8 (file no. 333-127217) dated Aug. 5, 2005).</td></tr><tr><td>4.05+*</td><td>Form of Restricted Stock Agreement Dated Aug. 5, 2005 (Exhibit 4.08 to Form S-8 (file no. 333-127217) dated Aug. 5, 2005).</td></tr><tr><td>4.06*</td><td>Supplemental Trust Indenture dated June 1, 2006 between Xcel Energy and Wells Fargo Bank, Minnesota, NA, as Trustee, creating $300,000,000 principal amount of 6.5 percent Senior Notes, Series due2036 (Exhibit 4.01 to Current Report on Form 8-K (file no. 001-03034) dated June 6, 2006).</td></tr><tr><td>4.07*</td><td>Registration Rights Agreement dated March 30, 2007 between Xcel Energy and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Greenwich Capital Markets, Inc. and Lazard Capital Markets LLC.(Exhibit 10.1 to Form 8-K (file no. 001-03034) dated March 30, 2007).</td></tr><tr><td>4.08*</td><td>Supplemental Indenture dated March 30, 2007 between Xcel Energy and Wells Fargo Bank, Minnesota, NA, as Trustee, creating $253,979,000 aggregate principal amount of 5.613 percent Senior Notes,Series due 2017 (Exhibit 4.1 to Form 8-K (file no. 001-03034) dated March 30, 2007).</td></tr><tr><td>4.09*</td><td>Junior Subordinated Indenture, dated as of Jan. 1, 2008, by and between Xcel Energy and Wells Fargo Bank, Minnesota, NA, as trustee (Exhibit 4.01 to Form 8-K (file no. 001-03034) datedJan. 16, 2008).</td></tr><tr><td>4.10*</td><td>Supplemental Indenture No. 1, dated Jan. 16, 2008, by and between Xcel Energy and Wells Fargo Bank, Minnesota, NA, as trustee (Exhibit 4.02 to Form 8-K (file no. 001-03034) datedJan. 16, 2008).</td></tr><tr><td>4.11*</td><td>Replacement Capital Covenant, dated Jan. 16, 2008 (Exhibit 4.03 to Form 8-K (file no. 001-03034) dated Jan. 16, 2008).</td></tr><tr><td colspan="2">  NSP-Minnesota</td></tr><tr><td> 4.12*</td><td> Supplemental and Restated Trust Indenture, dated May 1, 1988, from NSP-Minnesota to Harris Trust and Savings Bank, as Trustee.(Exhibit 4.02 to Form 10-K of NSP-Minnesota for the year1988, file no. 001-03034). Supplemental Indentures between NSP-Minnesota and said Trustee, dated as follows:</td></tr><tr><td></td><td>Supplemental Indenture dated Oct. 1, 1992 (Exhibit 4.01 to Form 8-K (file no. 001-03034) dated Oct. 13, 1992, Rider A).</td></tr><tr><td></td><td>Supplemental Indenture dated April 1, 1993 (Exhibit 4.01 to Form 8-K (file no. 001-03034) dated March 30, 1993, Rider A).</td></tr><tr><td></td><td>Supplemental Indenture dated Dec. 1, 1993 (Exhibit 4.01 to Form 8-K (file no. 001-03034) dated Dec. 7, 1993, Rider A).</td></tr><tr><td></td><td>Supplemental Indenture dated June 1, 1995 (Exhibit 4.01 to Form 8-K (file no. 001-03034) dated June 28, 1995, Rider A).</td></tr><tr><td></td><td>Supplemental Indenture dated March 1, 1998 (Exhibit 4.01 to Form 8-K (file no. 001-03034) dated March 11, 1998, Rider A).</td></tr><tr><td></td><td>Supplemental Indenture dated May 1, 1999 (Exhibit 4.49 to NSP-Minnesota Form 10-12G (file no. 000-31709) dated Oct. 5, 2000, Rider A).</td></tr><tr><td></td><td>Supplemental Indenture dated June 1, 2000 (Exhibit 4.50 to NSP-Minnesota Form 10-12G (file no. 000-31709) dated Oct. 5, 2000, Rider A).</td></tr><tr><td>4.13*</td><td>Supplemental Indenture Aug. 1, 2000 (Assignment and Assumption of Trust Indenture) (Exhibit 4.51 to NSP-Minnesota Form 10-12G (file no. 000-31709) dated Oct. 5, 2000).</td></tr><tr><td>4.14*</td><td>Trust Indenture, dated July 1, 1999, between NSP-Minnesota and Norwest Bank Minnesota, NA, as Trustee. (Exhibit 4.01 to NSP-Minnesota Form 8-K (file no. 001-03034) dated July 21,1999).</td></tr><tr><td>4.15*</td><td>Supplemental Trust Indenture, dated July 15, 1999, between NSP-Minnesota and Norwest Bank Minnesota, National Association, as Trustee. (Exhibit 4.02 to NSP-Minnesota Form 8-K (fileno. 001-03034) dated July 21, 1999).</td></tr></table>
<table><tr><td> </td><td> Facility</td><td> Drawn<sup>(a)</sup></td><td> Available</td><td> Cash</td><td> Liquidity</td><td> Facility</td></tr><tr><td> </td><td colspan="6"> (Millions of Dollars) </td></tr><tr><td>NSP-Minnesota</td><td>$482.22</td><td>$30.80</td><td>$451.42</td><td>$36.16</td><td>$487.58</td><td>December 2011</td></tr><tr><td>PSCo</td><td>675.11</td><td>74.65</td><td>600.46</td><td>2.76</td><td>603.22</td><td>December 2011</td></tr><tr><td>SPS</td><td>247.86</td><td>10.00</td><td>237.86</td><td>44.53</td><td>282.39</td><td>December 2011</td></tr><tr><td>Xcel Energy — Holding Company</td><td>771.56</td><td>369.60</td><td>401.96</td><td>0.42</td><td>402.38</td><td>December 2011</td></tr><tr><td>NSP-Wisconsin<sup>(b)</sup></td><td>—</td><td></td><td>—</td><td>0.24</td><td>0.24</td><td></td></tr><tr><td>Total</td><td>$2,176.75</td><td>$485.05</td><td>$1,691.70</td><td>$84.11</td><td>$1,775.81</td><td></td></tr></table>

Question: What is the ratio of all elements that are smaller than 100 to the sum of elements, in Drawn?
Answer: 0.23802
Reasoning program: add(30.8,74.65), add(#0,10), divide(#1,485.05)