A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Changes to our valuation allowance during the year ended December 31, 2017, the 2016 fiscal transition period and the years ended May 31, 2016 and 2015 are summarized below (in thousands):
## Table 0 ##
The increase in the valuation allowance related to net operating loss carryforwards of $10.3 million for the year ended December 31, 2017 relates primarily to carryforward assets recorded as part of the acquisition of ACTIVE Network.
The increase in the valuation allowance related to domestic net operating loss carryforwards of $1.5 million and $4.5 million for the 2016 fiscal transition period and the year ended May 31, 2016, respectively, relates to acquired carryforwards from the merger with Heartland.
Foreign net operating loss carryforwards of $43.2 million and domestic net operating loss carryforwards of $28.9 million at December 31, 2017 will expire between December 31, 2026 and December 31, 2037 if not utilized.
We conduct business globally and file income tax returns in the domestic federal jurisdiction and various state and foreign jurisdictions.
In the normal course of business, we are subject to examination by taxing authorities around the world.
We are no longer subjected to state income tax examinations for years ended on or before May 31, 2008, U. S.  federal income tax examinations for years ended on or before December 31, 2013 and U. K.  federal income tax examinations for years ended on or before May 31, 2014.
cash flow increased to $4,688 million in 2008 from $3,627 million in 2007, primarily reflecting increased earnings.
The Corporation received cash distributions from HOVENSA of $50 million in 2008 and $300 million in 2007.
Investing Activities: The following table summarizes the Corporation’s capital expenditures:
## Table 1 ##
Capital expenditures in 2009 include acquisitions of $188 million for unproved leaseholds and $74 million for a 50% interest in blocks PM301 and PM302 in Malaysia, which are adjacent to Block A-18 of the JDA.
Capital expenditures in 2008 include $600 million for leasehold acquisitions in the United States and $210 million for the acquisition of the remaining 22.5% interest in the Corporation’s Gabonese subsidiary.
In 2008, the Corporation also selectively expanded its energy marketing business by acquiring fuel oil, natural gas, and electricity customer accounts, and a terminal and related assets, for an aggregate of approximately $100 million.
In 2007, capital expenditures include the acquisition of a 28% interest in the Genghis Khan Field in the deepwater Gulf of Mexico for $371 million.
In 2007, the Corporation received proceeds of $93 million for the sale of its interests in the Scott and Telford fields located in the United Kingdom.
Financing Activities: During 2009, net proceeds from borrowings were $447 million.
In February 2009, the Corporation issued $250 million of 5 year senior unsecured notes with a coupon of 7% and $1 billion of 10 year senior unsecured notes with a coupon of 8.125%.
The majority of the proceeds were used to repay debt under the revolving credit facility and outstanding borrowings on other credit facilities.
In December 2009, the Corporation issued $750 million of 30 year bonds with a coupon of 6% and tendered for the $662 million of bonds due in August 2011.
The Corporation completed the repurchase of $546 million of the 2011 bonds in December 2009.
The remaining $116 million of 2011 bonds, classified as Current maturities of long term debt at December 31, 2009, was redeemed in January 2010, resulting in a charge of approximately $11 million ($7 million after income taxes).
During 2008, net repayments of debt were $32 million, compared with net borrowings of $208 million in 2007.
Total common stock dividends paid were $131 million, $130 million and $127 million in 2009, 2008 and 2007, respectively.
The Corporation received net proceeds from the exercise of stock options, including related income tax benefits, of $18 million, $340 million and $111 million in 2009, 2008 and 2007, respectively.
Future Capital Requirements and Resources The Corporation anticipates investing a total of approximately $4.1 billion in capital and exploratory expenditures during 2010, substantially all of which is targeted for E&P operations.
In the Corporation’s M&R operations, refining margins are currently weak, which have adversely affected HOVENSA’s liquidity position.
The Corporation intends to provide its share of any necessary financial support for HOVENSA.
The Corporation expects to fund its 2010 operations, including capital expenditures, dividends, pension contributions and required debt repayments and any necessary financial support for HOVENSA, with existing cash on-hand, cash flow from operations and its available credit facilities.
Crude oil prices, natural gas prices and refining margins are volatile and difficult to predict.
In addition, unplanned increases in the Corporation’s capital expenditure program could occur.
If conditions were to change, such as a significant decrease in commodity prices or an unexpected increase in capital expenditures, the Corporation would take steps to protect its financial flexibility and may pursue other sources of liquidity, including the issuance of debt securities, the issuance of equity securities, and/or asset sales.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Fair Value Hedges The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate investments to floating rate investments; (ii) interest rate swaps to convert fixed rate liabilities to floating rate liabilities; (iii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated investments and liabilities; and (iv) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated fixed rate investments.
The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses).
The following table represents the amount of such net derivative gains (losses)
## Table 2 ##
(1) Fixed rate liabilities.
(2) Fixed rate or floating rate liabilities.
For the Company’s foreign currency forwards, the change in the fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness.
For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
For the year ended December 31, 2011, ($3) million of the change in fair value of derivatives was excluded from the assessment of hedge effectiveness.
For the years ended December 31, 2010 and 2009, no component of the change in fair value of derivatives was excluded from the assessment of hedge effectiveness.
Cash Flow Hedges The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate investments to fixed rate investments; (ii) interest rate swaps to convert floating rate liabilities to fixed rate liabilities; (iii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated investments and liabilities; (iv) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (v) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (vi) interest rate swaps and interest rate forwards to hedge forecasted fixed- rate borrowings.
In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions did not occur on the anticipated date, within two months of that date, or were no longer probable of occurring.
The net amounts reclassified into net derivative gains (losses) for the years ended December 31, 2011, 2010 and 2009 related to such discontinued cash flow hedges were gains (losses) of ($13) million, $9 million and ($7) million, respectively.
At December 31, 2011 and 2010, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed nine years and seven years, respectively.
Noble Energy, Inc.  Notes to Consolidated Financial Statements 117 Note 15.
Stock-Based Compensation We recognized total stock-based compensation expense as follows:
## Table 3 ##
Stock Option and Restricted Stock Plans and Incentive Plan Our stock option and restricted stock plans and incentive plan are described below.1992 Stock Option and Restricted Stock Plan Under the Noble Energy, Inc.  1992 Stock Option and Restricted Stock Plan, as amended (the 1992 Plan), the Compensation, Benefits and Stock Option Committee of the Board of Directors (the Committee) may grant stock options and award restricted stock to our officers or other employees and those of our subsidiaries.
On April 26, 2011, our stockholders approved the amendment and restatement of the 1992 Plan to increase the number of shares of our common stock authorized for issuance under the plan from 24 million to 31 million shares and to modify certain plan provisions.
At December 31, 2011, 16,216,198 shares of our common stock were reserved for issuance, including 9,143,929 shares available for future grants and awards, under the 1992 Plan.
Stock options are issued with an exercise price equal to the market price of our common stock on the date of grant, and are subject to such other terms and conditions as may be determined by the Committee.
Unless granted by the Committee for a shorter term, the options expire ten years from the grant date.
Option grants generally vest ratably over a three-year period.
Restricted stock awards made under the 1992 Plan are subject to such restrictions, terms and conditions, including forfeitures, if any, as may be determined by the Committee.
During the Restricted Period, unless specifically provided otherwise in accordance with the terms of the 1992 Plan, the recipient of Restricted Stock would be the record owner of the shares and have all the rights of a stockholder with respect to the shares, including the right to vote and the right to receive dividends or other distributions made or paid with respect to the shares.
Restricted stock awards generally vest over three years.
Shares of restricted stock time-vest 20% after year one, an additional 30% after year two and the remaining 50% after year three.2004 Long-Term Incentive Plan Under the Noble Energy, Inc.  2004 Long-Term Incentive Plan (the 2004 LTIP), the Committee may make incentive awards to our key employees and those of our subsidiaries.
Incentive compensation is based upon the attainment of specific market and performance goals established by the Committee.
Awards may be in the form of stock options or restricted stock or in the form of performance units or other incentive measurements providing for the payment of bonuses in cash, or in any combination thereof, as determined by the Committee in its discretion.
Stock options granted and restricted stock awarded under the 2004 LTIP are granted and awarded pursuant to the terms of the 1992 Plan.2005 Stock Plan for Non-Employee Directors The 2005 Stock Plan for Non-Employee Directors of Noble Energy, Inc.  (the 2005 Plan) provides for grants of stock options and awards of restricted stock to our non-employee directors.
The 2005 Plan superseded and replaced the 1988 Nonqualified Stock Option Plan for Non-Employee Directors.
The total number of shares of our common stock that may be issued under the 2005 Plan is 800,000.
At December 31, 2011, 705,778 shares of our common stock were reserved for issuance, including 504,841 shares available for future grants and awards under the 2005 Plan.
The 2005 Plan provides for the granting to a non-employee director of up to a maximum of 11,200 stock options on the date of election to the Board of Directors, annual grants of 2,800 options per non-employee director on February 1 of each year, and discretionary grants by the Board of Directors (with the February 1 annual and the discretionary grants made to a non-employee director during any calendar year being limited to a combined maximum of 11,200 options).
Options are issued with an exercise price equal to the market price of our common stock on the date of grant and may be exercised one year after the date of grant.
The options expire ten years from the date of grant.
The 2005 Plan also provides for the awarding to a non-employee director of up to a maximum of 4,800 shares of restricted stock on the date of election to the Board of Directors, annual awards of 1,200 shares of restricted stock per non-employee director on February 1 of each year, and discretionary awards by the Board of Directors (with the February 1 annual and the discretionary awards made to a non-employee director during any calendar year being limited to a combined maximum of 4,800 shares of restricted stock).
Restricted stock is restricted for a period of at least one year from the date of award.
Sales Volumes, Price and Cost Data Sales volumes, price and cost data are as follows:
## Table 4 ##
(1) Average production cost includes oil and gas operating costs and workover and repair expense and excludes production and ad valorem taxes and transportation expenses.
(2) Natural gas is under contract for $0.25 per MMBtu to a methanol plant, an LPG plant and an LNG plant.
Sales to these plants are based on a BTU equivalent and then converted to a dry-gas equivalent volume.
The methanol and LPG plants are owned by affiliated entities accounted for under the equity method of accounting.
The volumes produced by the LPG plant are included in the crude oil information.
Average crude oil sales prices reflect a reduction of $5.57 per Bbl (2009) from hedging activities.
This price reduction resulted from hedge losses that were previously deferred in accumulated other comprehensive loss (AOCL).
All hedge losses relating to Equatorial Guinea production had been reclassified to revenues by December 31, 2009.
(3) Volumes represent sales of condensate and LPG from the LPG plant in Equatorial Guinea.
A productive well is an exploratory, development or extension well that is not a dry well.
A dry well (hole) is an exploratory, development, or extension well that proves to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well.
As defined in the rules and regulations of the SEC, an exploratory well is a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir.
A development well is part of a development project, which is defined as the means by which petroleum resources are brought to the status of economically producible.
The number of wells drilled refers to the number of wells completed at any time during the respective year, regardless of when drilling was initiated.
Completion refers to the installation of permanent equipment for production of oil or gas, or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Balance at May 31, 2014</td><td>$-7,199</td></tr><tr><td>Utilization of foreign net operating loss carryforwards</td><td>3,387</td></tr><tr><td>Other</td><td>-11</td></tr><tr><td>Balance at May 31, 2015</td><td>-3,823</td></tr><tr><td>Allowance for foreign income tax credit carryforward</td><td>-7,140</td></tr><tr><td>Allowance for domestic net operating loss carryforwards</td><td>-4,474</td></tr><tr><td>Allowance for domestic net unrealized capital loss</td><td>-1,526</td></tr><tr><td>Release of allowance of domestic capital loss carryforward</td><td>1,746</td></tr><tr><td>Other</td><td>98</td></tr><tr><td>Balance at May 31, 2016</td><td>-15,119</td></tr><tr><td>Allowance for domestic net operating loss carryforwards</td><td>-1,504</td></tr><tr><td>Release of allowance of domestic net unrealized capital loss</td><td>12</td></tr><tr><td>Balance at December 31, 2016</td><td>-16,611</td></tr><tr><td>Allowance for foreign net operating loss carryforwards</td><td>-6,469</td></tr><tr><td>Allowance for domestic net operating loss carryforwards</td><td>-3,793</td></tr><tr><td>Allowance for state credit carryforwards</td><td>-685</td></tr><tr><td>Rate change on domestic net operating loss and capital loss carryforwards</td><td>3,868</td></tr><tr><td>Utilization of foreign income tax credit carryforward</td><td>7,140</td></tr><tr><td>Balance at December 31, 2017</td><td>$-16,550</td></tr></table>
<table><tr><td></td><td> 2009</td><td> 2008</td><td> 2007</td></tr><tr><td></td><td colspan="3"> (Millions of dollars)</td></tr><tr><td>Exploration and Production</td><td></td><td></td><td></td></tr><tr><td>Exploration</td><td>$611</td><td>$744</td><td>$371</td></tr><tr><td>Production and development</td><td>1,927</td><td>2,523</td><td>2,605</td></tr><tr><td>Acquisitions (including leaseholds)</td><td>262</td><td>984</td><td>462</td></tr><tr><td></td><td>2,800</td><td>4,251</td><td>3,438</td></tr><tr><td>Marketing, Refining and Corporate</td><td>118</td><td>187</td><td>140</td></tr><tr><td>Total</td><td>$2,918</td><td>$4,438</td><td>$3,578</td></tr></table>
<table><tr><td> Derivatives in Fair Value Hedging Relationships</td><td> Hedged Items in Fair Value Hedging Relationships</td><td>Net Derivative Gains (Losses) Recognized for Derivatives</td><td>Net Derivative Gains (Losses) Recognized for Hedged Items</td><td>Ineffectiveness Recognized in Net Derivative Gains (Losses)</td></tr><tr><td></td><td></td><td colspan="3">(In millions)</td></tr><tr><td colspan="2"> For the Year Ended December 31, 2011:</td><td></td><td></td><td></td></tr><tr><td>Interest rate swaps:</td><td>Fixed maturity securities</td><td>$-25</td><td>$22</td><td>$-3</td></tr><tr><td></td><td>PABs -1</td><td>1,054</td><td>-1,030</td><td>24</td></tr><tr><td>Foreign currency swaps:</td><td>Foreign-denominated fixed maturity securities</td><td>1</td><td>3</td><td>4</td></tr><tr><td></td><td>Foreign-denominated PABs -2</td><td>-24</td><td>-25</td><td>-49</td></tr><tr><td>Foreign currencyforwards:</td><td>Foreign-denominated fixed maturity securities</td><td>-25</td><td>25</td><td>—</td></tr><tr><td colspan="2">Total</td><td>$981</td><td>$-1,005</td><td>$-24</td></tr><tr><td colspan="2"> For the Year Ended December 31, 2010:</td><td></td><td></td><td></td></tr><tr><td>Interest rate swaps:</td><td>Fixed maturity securities</td><td>$-14</td><td>$16</td><td>$2</td></tr><tr><td></td><td>PABs -1</td><td>140</td><td>-142</td><td>-2</td></tr><tr><td>Foreign currency swaps:</td><td>Foreign-denominated fixed maturity securities</td><td>14</td><td>-14</td><td>—</td></tr><tr><td></td><td>Foreign-denominated PABs -2</td><td>9</td><td>-20</td><td>-11</td></tr><tr><td>Foreign currencyforwards:</td><td>Foreign-denominated fixed maturity securities</td><td>—</td><td>—</td><td>—</td></tr><tr><td colspan="2">Total</td><td>$149</td><td>$-160</td><td>$-11</td></tr><tr><td colspan="2"> For the Year Ended December 31, 2009:</td><td></td><td></td><td></td></tr><tr><td>Interest rate swaps:</td><td>Fixed maturity securities</td><td>$49</td><td>$-42</td><td>$7</td></tr><tr><td></td><td>PABs -1</td><td>-963</td><td>951</td><td>-12</td></tr><tr><td>Foreign currency swaps:</td><td>Foreign-denominated fixed maturity securities</td><td>-13</td><td>10</td><td>-3</td></tr><tr><td></td><td>Foreign-denominated PABs -2</td><td>462</td><td>-449</td><td>13</td></tr><tr><td>Foreign currencyforwards:</td><td>Foreign-denominated fixed maturity securities</td><td>—</td><td>—</td><td>—</td></tr><tr><td colspan="2">Total</td><td>$-465</td><td>$470</td><td>$5</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>(millions)</td><td></td><td></td><td></td></tr><tr><td>Stock-Based Compensation Expense Included in</td><td></td><td></td><td></td></tr><tr><td>General and Administrative Expense</td><td>$42</td><td>$39</td><td>$36</td></tr><tr><td>Exploration Expense and Other</td><td>16</td><td>15</td><td>13</td></tr><tr><td>Total Stock-Based Compensation Expense</td><td>$58</td><td>$54</td><td>$49</td></tr><tr><td>Tax Benefit Recognized</td><td>$-20</td><td>$-19</td><td>$-17</td></tr></table>
<table><tr><td></td><td colspan="3">Sales Volumes</td><td colspan="3">Average Sales Price</td><td rowspan="2">ProductionCost-1 Per BOE</td></tr><tr><td></td><td>Crude Oil &CondensateMBbl/d</td><td>Natural GasMMcf/d</td><td>NGLsMBbl/d</td><td>Crude Oil &CondensatePer Bbl</td><td>Natural GasPer Mcf</td><td>NGLs PerBbl</td></tr><tr><td>Year Ended December 31, 2011</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wattenberg</td><td>23</td><td>166</td><td>11</td><td>$90.05</td><td>$3.95</td><td>$49.45</td><td>$4.58</td></tr><tr><td>Other US</td><td>15</td><td>222</td><td>4</td><td>103.30</td><td>3.87</td><td>45.40</td><td>7.45</td></tr><tr><td>Total US</td><td>38</td><td>388</td><td>15</td><td>95.19</td><td>3.90</td><td>48.35</td><td>6.24</td></tr><tr><td>Equatorial Guinea</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Alba Field-2</td><td>12</td><td>245</td><td>-</td><td>107.70</td><td>0.27</td><td>-</td><td>2.35</td></tr><tr><td>Other</td><td>2</td><td>-</td><td>-</td><td>106.87</td><td>-</td><td>-</td><td>9.08</td></tr><tr><td>Mari-B Field (Israel)</td><td>-</td><td>173</td><td>-</td><td>-</td><td>4.86</td><td>-</td><td>1.16</td></tr><tr><td>North Sea</td><td>8</td><td>5</td><td>-</td><td>112.97</td><td>8.11</td><td>-</td><td>14.95</td></tr><tr><td>China</td><td>4</td><td>-</td><td>-</td><td>106.19</td><td>-</td><td>-</td><td>9.61</td></tr><tr><td>Total Consolidated Operations</td><td>64</td><td>811</td><td>15</td><td>100.93</td><td>3.04</td><td>48.35</td><td>5.07</td></tr><tr><td>Equity Investee-3</td><td>2</td><td>-</td><td>5</td><td>108.76</td><td>-</td><td>72.71</td><td></td></tr><tr><td>Total</td><td>66</td><td>811</td><td>20</td><td>$101.13</td><td>$3.04</td><td>$54.84</td><td></td></tr><tr><td>Year Ended December 31, 2010</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wattenberg</td><td>19</td><td>151</td><td>10</td><td>$75.11</td><td>$3.95</td><td>$43.15</td><td>$3.62</td></tr><tr><td>Other US</td><td>20</td><td>249</td><td>4</td><td>74.95</td><td>4.31</td><td>36.23</td><td>7.91</td></tr><tr><td>Total US-4</td><td>39</td><td>400</td><td>14</td><td>75.03</td><td>4.17</td><td>41.21</td><td>5.95</td></tr><tr><td>Alba Field (Equatorial Guinea)(2)</td><td>11</td><td>226</td><td>-</td><td>78.44</td><td>0.27</td><td>-</td><td>2.38</td></tr><tr><td>Mari-B Field (Israel)</td><td>-</td><td>130</td><td>-</td><td>-</td><td>4.03</td><td>-</td><td>1.15</td></tr><tr><td>North Sea</td><td>10</td><td>6</td><td>-</td><td>80.24</td><td>5.35</td><td>-</td><td>11.53</td></tr><tr><td>Ecuador-5</td><td>-</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>China</td><td>4</td><td>-</td><td>-</td><td>75.15</td><td>-</td><td>-</td><td>7.49</td></tr><tr><td>Total Consolidated Operations</td><td>64</td><td>787</td><td>14</td><td>76.46</td><td>3.00</td><td>41.21</td><td>4.93</td></tr><tr><td>Equity Investee-3</td><td>2</td><td>-</td><td>5</td><td>77.98</td><td>-</td><td>53.68</td><td></td></tr><tr><td>Total</td><td>66</td><td>787</td><td>19</td><td>$76.50</td><td>$3.00</td><td>$44.90</td><td></td></tr><tr><td>Year Ended December 31, 2009</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wattenberg</td><td>15</td><td>150</td><td>6</td><td>$55.57</td><td>$3.59</td><td>$29.10</td><td>$3.01</td></tr><tr><td>Other US</td><td>22</td><td>247</td><td>4</td><td>54.92</td><td>3.62</td><td>26.37</td><td>8.50</td></tr><tr><td>Total US-4</td><td>37</td><td>397</td><td>10</td><td>55.19</td><td>3.61</td><td>27.96</td><td>6.26</td></tr><tr><td>Alba Field (Equatorial Guinea)(2)</td><td>14</td><td>239</td><td>-</td><td>55.94</td><td>0.27</td><td>-</td><td>2.30</td></tr><tr><td>Mari-B Field (Israel)</td><td>-</td><td>114</td><td>-</td><td>-</td><td>3.47</td><td>-</td><td>1.36</td></tr><tr><td>North Sea</td><td>7</td><td>5</td><td>-</td><td>59.51</td><td>5.75</td><td>-</td><td>15.81</td></tr><tr><td>Ecuador</td><td>-</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>China</td><td>4</td><td>-</td><td>-</td><td>54.40</td><td>-</td><td>-</td><td>6.75</td></tr><tr><td>Total Consolidated Operations</td><td>62</td><td>781</td><td>10</td><td>55.76</td><td>2.54</td><td>27.96</td><td>5.05</td></tr><tr><td>Equity Investee-3</td><td>2</td><td>-</td><td>6</td><td>59.51</td><td>-</td><td>36.03</td><td></td></tr><tr><td>Total</td><td>64</td><td>781</td><td>16</td><td>$55.87</td><td>$2.54</td><td>$31.20</td><td></td></tr></table>

Question: In the year with largest amount of Foreign-denominated PABs -2, what's the increasing rate of Fixed maturity securities?
Answer: -0.71429
Reasoning program: add(-14,16), add(#0,2), subtract(49,42), add(#2,const_7), subtract(#1,#3), subtract(49,42), add(#5,const_7), divide(#4,#6)