(c) Includes the effects of items not considered in the assessment of the operating performance of our business segments which increased Operating profit by $230 million, $150 million after tax ($0.34 per share).
Also includes expenses of $16 million, $11 million after tax ($0.03 per share) for a debt exchange, and a reduction in Income tax expense of $62 million ($0.14 per share) resulting from a tax benefit related to claims we filed for additional extraterritorial income exclusion (ETI) tax benefits.
On a combined basis, these items increased earnings by $201 million after tax ($0.45 per share).
(d) Includes the effects of items not considered in the assessment of the operating performance of our business segments which, on a combined basis, increased Operating profit by $173 million, $113 million after tax ($0.25 per share).
(e) Includes the effects of items not considered in the assessment of the operating performance of our business segments which decreased Operating profit by $61 million, $54 million after tax ($0.12 per share).
Also includes a charge of $154 million, $100 million after tax ($0.22 per share) for the early repayment of debt, and a reduction in Income tax expense resulting from the closure of an Internal Revenue Service examination of $144 million ($0.32 per share).
On a combined basis, these items reduced earnings by $10 million after tax ($0.02 per share).
(f) Includes the effects of items not considered in the assessment of the operating performance of our business segments which, on a combined basis, decreased Operating profit by $7 million, $6 million after tax ($0.01 per share).
Also includes a charge of $146 million, $96 million after tax ($0.21 per share) for the early repayment of debt.
(g) We define return on invested capital (ROIC) as Net earnings plus after-tax interest expense divided by average invested capital (Stockholders’ equity plus debt), after adjusting Stockholders’ equity by adding back adjustments related to postretirement benefit plans.
We believe that reporting ROIC provides investors with greater visibility into how effectively we use the capital invested in our operations.
We use ROIC to evaluate multi-year investment decisions and as a long-term performance measure, and also use it as a factor in evaluating management performance under certain of our incentive compensation plans.
ROIC is not a measure of financial performance under generally accepted accounting principles, and may not be defined and calculated by other companies in the same manner.
ROIC should not be considered in isolation or as an alternative to Net earnings as an indicator of performance.
We calculate ROIC as follows:
## Table 0 ##
1 Represents after-tax interest expense utilizing the federal statutory rate of 35%.2 Debt consists of Long-term debt, including Current maturities of long-term debt, and short-term borrowings (if any).3 Equity includes non-cash adjustments, primarily for unrecognized benefit plan actuarial losses and prior service costs in 2007 and 2006, the adjustment for the adoption of FAS 158 in 2006, and the additional minimum pension liability in years prior to 2007.4 Average benefit plan adjustments reflect the cumulative value of entries identified in our Statement of Stockholders Equity under the captions “Postretirement benefit plans,” “Adjustment for adoption of FAS 158” and “Minimum pension liability.
” The total of annual benefit plan adjustments to equity were: 2007 = $1,706 million; 2006 = ($1,883) million; 2005 = ($105) million; 2004 = ($285) million; 2003 = $331 million; 2002 = ($1,537 million); and 2001 = ($33 million).
As these entries are recorded in the fourth quarter, the value added back to our average equity in a given year is the cumulative impact of all prior year entries plus 20% of the current year entry value.5 Yearly averages are calculated using balances at the start of the year and at the end of each quarter.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 4.
INVESTMENTS (continued) Consolidated Variable Interest Entities In the normal course of its activities, the Company enters into relationships with various special purpose entities and other entities that are deemed to be variable interest entities (“VIEs”), in accordance with FIN No.46(R), “Consolidation of Variable Interest Entities.
” A VIE is an entity that either (1) has equity investors that lack certain essential characteristics of a controlling financial interest (including the ability to control the entity, the obligation to absorb the entity’s expected losses and the right to receive the entity’s expected residual returns) or (2) lacks sufficient equity to finance its own activities without financial support provided by other entities, which in turn would be expected to absorb at least some of the expected losses of the VIE.
If the Company determines that it stands to absorb a majority of the VIE’s expected losses or to receive a majority of the VIE’s expected residual returns, the Company would be deemed to be the VIE’s “primary beneficiary” and would be required to consolidate the VIE.
The Company is the primary beneficiary of certain VIEs in which the Company has invested, as part of its investment activities, but over which the Company does not exercise control.
The table below reflects the carrying amount and balance sheet caption in which the assets of these consolidated VIEs are reported.
The liabilities of consolidated VIEs are included in “Other liabilities” and are also reflected in the table below.
These liabilities primarily comprise obligations under debt instruments issued by the VIEs, which are non-recourse to the Company.
The creditors of each consolidated VIE have recourse only to the assets of that VIE.
## Table 1 ##
In addition, the Company created a trust that is a VIE, to facilitate Prudential Insurance’s Funding Agreement Notes Issuance Program (“FANIP”).
The trust issues medium-term notes secured by funding agreements issued to the trust by Prudential Insurance with the proceeds of such notes.
The Company is the primary beneficiary of the trust, which is therefore consolidated.
The funding agreements represent an intercompany transaction that is eliminated upon consolidation.
However, in recognition of the security interest in such funding agreements, the trust’s medium-term note liability of $4,172 million and $2,756 million at December 31, 2005 and 2004, respectively, is classified on the balance sheet within “Policyholders’ account balances.
” See Note 7 for more information on FANIP.
Significant variable interests in Unconsolidated Variable Interest Entities The Company is the collateral manager for certain asset backed investment vehicles (commonly referred to as collateralized debt obligations, or “CDOs”), for which the Company earns fee income.
Additionally, the Company may invest in debt or equity securities issued by these CDOs.
CDOs raise capital by issuing debt and equity securities, and use the proceeds to purchase investments, typically interest-bearing financial instruments.
The Company has determined that it is not the primary beneficiary of any CDOs.
The Company’s maximum exposure to loss resulting from its relationship with the CDOs it manages is limited to its investment in the CDOs, which was $97 million and $83 million at December 31, 2005 and 2004, respectively, and is reflected in “Fixed maturities, available for sale.
” In addition, in the normal course of its activities, the Company will invest in structured investments, some of which are VIEs.
These structured investments typically invest in fixed income investments and are managed by a third party.
The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment.
Included among these investments, as of December 31, 2005, are $2,342 million of fixed maturity securities issued by certain VIEs
Private Fixed Maturities—Credit Quality The following table sets forth our private fixed maturity portfolios by NAIC rating attributable to the Financial Services Businesses as of the dates indicated.
## Table 2 ##
(1) Reflects equivalent ratings for investments of the international insurance operations that are not rated by U. S.  insurance regulatory authorities.
(2) Includes, as of December 31, 2005 and 2004, respectively, 187 securities with amortized cost of $3,494 million (fair value, $3,542 million) and 196 securities with amortized cost of $2,759 million (fair value, $2,820 million) that have been categorized based on expected NAIC designations pending receipt of SVO ratings.
(3) Includes $1 million of gross unrealized gains and zero million of gross unrealized losses as of December 31, 2005, compared to $1 million of gross unrealized gains and zero million of gross unrealized losses as of December 31, 2004 on securities classified as held to maturity that are not reflected in other comprehensive income.
The following table sets forth our private fixed maturity portfolios by NAIC rating attributable to the Closed Block Business as of the dates indicated.
## Table 3 ##
(1) Includes, as of December 31, 2005 and 2004, respectively, 111 securities with amortized cost of $1,479 million (fair value, $1,543 million) and 150 securities with amortized cost of $1,430 million (fair value, $1,490 million) that have been categorized based on expected NAIC designations pending receipt of SVO ratings.
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 within such instruments require no further payment to counterparties.

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>(In millions)</i></td><td> 2007</td><td>2006</td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Net earnings</td><td>$3,033</td><td>$2,529</td><td>$1,825</td><td>$1,266</td><td>$1,053</td></tr><tr><td>Interest expense (multiplied by 65%)<sup>1</sup></td><td>229</td><td>235</td><td>241</td><td>276</td><td>317</td></tr><tr><td>Return</td><td>$3,262</td><td>$2,764</td><td>$2,066</td><td>$1,542</td><td>$1,370</td></tr><tr><td>Average debt<sup>2, 5</sup></td><td>$4,416</td><td>$4,727</td><td>$5,077</td><td>$5,932</td><td>$6,612</td></tr><tr><td>Average equity<sup>3, 5</sup></td><td>7,661</td><td>7,686</td><td>7,590</td><td>7,015</td><td>6,170</td></tr><tr><td>Average benefit plan adjustments<sup>3, 4, 5</sup></td><td>3,171</td><td>2,006</td><td>1,545</td><td>1,296</td><td>1,504</td></tr><tr><td>Average invested capital</td><td>$15,248</td><td>$14,419</td><td>$14,212</td><td>$14,243</td><td>$14,286</td></tr><tr><td>Return on invested capital</td><td>21.4%</td><td>19.2%</td><td>14.5%</td><td>10.8%</td><td>9.6%</td></tr></table>
<table><tr><td></td><td colspan="2"> At December 31, </td></tr><tr><td></td><td> 2005 </td><td> 2004 </td></tr><tr><td></td><td colspan="2"> (in millions)</td></tr><tr><td>Fixed maturities, available for sale</td><td>$186</td><td>$259</td></tr><tr><td>Fixed maturities, held to maturity</td><td>779</td><td>—</td></tr><tr><td>Commercial loans</td><td>—</td><td>308</td></tr><tr><td>Other long-term investments</td><td>113</td><td>99</td></tr><tr><td>Short-term investments</td><td>8</td><td>—</td></tr><tr><td>Cash and cash equivalents</td><td>3</td><td>4</td></tr><tr><td>Accrued investment income</td><td>4</td><td>3</td></tr><tr><td>Other assets</td><td>33</td><td>33</td></tr><tr><td>Total assets of consolidated VIEs</td><td>$1,126</td><td>$706</td></tr><tr><td>Total liabilities of consolidated VIEs</td><td>$91</td><td>$342</td></tr></table>
<table><tr><td> -1(2)</td><td></td><td colspan="4"> December 31, 2005 </td><td colspan="4"> December 31, 2004 </td></tr><tr><td> NAIC Designation </td><td> Rating Agency Equivalent</td><td> Amortized Cost </td><td> Gross Unrealized Gains-3 </td><td> Gross Unrealized Losses-3 </td><td> Fair Value </td><td> Amortized Cost </td><td> Gross Unrealized Gains-3 </td><td> Gross Unrealized Losses-3 </td><td> Fair Value </td></tr><tr><td></td><td></td><td colspan="8"> (in millions)</td></tr><tr><td>1</td><td>Aaa, Aa, A</td><td>$5,626</td><td>$270</td><td>$27</td><td>$5,869</td><td>$4,917</td><td>$321</td><td>$19</td><td>$5,219</td></tr><tr><td>2</td><td>Baa</td><td>9,436</td><td>522</td><td>62</td><td>9,896</td><td>9,831</td><td>695</td><td>25</td><td>10,501</td></tr><tr><td></td><td>Subtotal Investment Grade</td><td>15,062</td><td>792</td><td>89</td><td>15,765</td><td>14,748</td><td>1,016</td><td>44</td><td>15,720</td></tr><tr><td>3</td><td>Ba</td><td>1,107</td><td>44</td><td>7</td><td>1,144</td><td>1,520</td><td>102</td><td>1</td><td>1,621</td></tr><tr><td>4</td><td>B</td><td>507</td><td>33</td><td>5</td><td>535</td><td>396</td><td>42</td><td>3</td><td>435</td></tr><tr><td>5</td><td>C and lower</td><td>339</td><td>22</td><td>2</td><td>359</td><td>288</td><td>32</td><td>1</td><td>319</td></tr><tr><td>6</td><td>In or near default</td><td>70</td><td>8</td><td>2</td><td>76</td><td>224</td><td>9</td><td>6</td><td>227</td></tr><tr><td></td><td>Subtotal Below Investment Grade</td><td>2,023</td><td>107</td><td>16</td><td>2,114</td><td>2,428</td><td>185</td><td>11</td><td>2,602</td></tr><tr><td></td><td>Total Private Fixed Maturities</td><td>$17,085</td><td>$899</td><td>$105</td><td>$17,879</td><td>$17,176</td><td>$1,201</td><td>$55</td><td>$18,322</td></tr></table>
<table><tr><td> -1</td><td></td><td colspan="4"> December 31, 2005 </td><td colspan="4"> December 31, 2004 </td></tr><tr><td> NAIC Designation </td><td> Rating Agency Equivalent</td><td> Amortized Cost </td><td> Gross Unrealized Gains </td><td> Gross Unrealized Losses </td><td> Fair Value </td><td> Amortized Cost </td><td> Gross Unrealized Gains </td><td> Gross Unrealized Losses </td><td> Fair Value </td></tr><tr><td></td><td></td><td colspan="8"> (in millions)</td></tr><tr><td>1</td><td>Aaa, Aa, A</td><td>$3,079</td><td>$208</td><td>$16</td><td>$3,271</td><td>$3,059</td><td>$338</td><td>$4</td><td>$3,393</td></tr><tr><td>2</td><td>Baa</td><td>7,487</td><td>549</td><td>39</td><td>7,997</td><td>7,817</td><td>813</td><td>11</td><td>8,619</td></tr><tr><td></td><td>Subtotal Investment Grade</td><td>10,566</td><td>757</td><td>55</td><td>11,268</td><td>10,876</td><td>1,151</td><td>15</td><td>12,012</td></tr><tr><td>3</td><td>Ba</td><td>1,195</td><td>69</td><td>8</td><td>1,256</td><td>1,213</td><td>102</td><td>2</td><td>1,313</td></tr><tr><td>4</td><td>B</td><td>570</td><td>15</td><td>2</td><td>583</td><td>448</td><td>26</td><td>1</td><td>473</td></tr><tr><td>5</td><td>C and lower</td><td>157</td><td>17</td><td>1</td><td>173</td><td>234</td><td>18</td><td>—</td><td>252</td></tr><tr><td>6</td><td>In or near default</td><td>60</td><td>21</td><td>—</td><td>81</td><td>72</td><td>9</td><td>1</td><td>80</td></tr><tr><td></td><td>Subtotal Below Investment Grade</td><td>1,982</td><td>122</td><td>11</td><td>2,093</td><td>1,967</td><td>155</td><td>4</td><td>2,118</td></tr><tr><td></td><td>Total Private Fixed Maturities</td><td>$12,548</td><td>$879</td><td>$66</td><td>$13,361</td><td>$12,843</td><td>$1,306</td><td>$19</td><td>$14,130</td></tr></table>

Question: What is the growing rate of B for Gross Unrealized Gains-3 in the years with the least C and lower for Gross Unrealized Gains-3 ?
Answer: -0.27273
Reasoning program: subtract(33,42), divide(#0,33)