ADOBE SYSTEMS INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 99 NOTE 15.
COMMITMENTS AND CONTINGENCIES Lease Commitments We lease certain of our facilities and some of our equipment under non-cancellable operating lease arrangements that expire at various dates through 2028.
We also have one land lease that expires in 2091.
Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes, insurance and equipment rental.
Rent expense and sublease income for these leases for fiscal 2014, 2013 and 2012 were as follows (in thousands):
## Table 0 ##
We occupy three office buildings in San Jose, California where our corporate headquarters are located.
We reference these office buildings as the Almaden Tower and the East and West Towers.
In August 2014, we exercised our option to purchase the East and West Towers for a total purchase price of $143.2 million.
Upon purchase, our investment in the lease receivable of $126.8 million was credited against the total purchase price and we were no longer required to maintain a standby letter of credit as stipulated in the East and West Towers lease agreement.
We capitalized the East and West Towers as property and equipment on our Consolidated Balance Sheets at $144.1 million, the lesser of cost or fair value, which represented the total purchase price plus other direct costs associated with the purchase.
See Note 6 for discussion of our East and West Towers purchase.
The lease agreement for the Almaden Tower is effective through March 2017.
We are the investors in the lease receivable related to the Almaden Tower lease in the amount of $80.4 million, which is recorded as investment in lease receivable on our Consolidated Balance Sheets.
As of November 28, 2014, the carrying value of the lease receivable related to the Almaden Tower approximated fair value.
Under the agreement for the Almaden Tower, we have the option to purchase the building at any time during the lease term for $103.6 million.
If we purchase the building, the investment in the lease receivable may be credited against the purchase price.
The residual value guarantee under the Almaden Tower obligation is $89.4 million.
The Almaden Tower lease is subject to standard covenants including certain financial ratios that are reported to the lessor quarterly.
As of November 28, 2014, we were in compliance with all of the covenants.
In the case of a default, the lessor may demand we purchase the building for an amount equal to the lease balance, or require that we remarket or relinquish the building.
If we choose to remarket or are required to do so upon relinquishing the building, we are bound to arrange the sale of the building to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance, up to the residual value guarantee amount less our investment in lease receivable.
The Almaden Tower lease qualifies for operating lease accounting treatment and, as such, the building and the related obligation are not included in our Consolidated Balance Sheets.
See Note 16 for discussion of our capital lease obligation.
Unconditional Purchase Obligations Our purchase obligations consist of agreements to purchase goods and services entered into in the ordinary course of business.
The following table presents quantitative information about delinquencies and net credit losses for those categories of loans for which securitizations existed at December 31.
The Company only securitizes loans originated or purchased by Zions Bank.
Therefore, only loans and related delinquencies and net credit losses of commonly managed Zions Bank loans are included (in millions):
## Table 1 ##
1 Loans greater than 30 days past due based on end of period total loans.2 Net credit losses are charge-offs net of recoveries and are based on total loans outstanding.3 Represents the principal amount of the loans.
Interest-only strips and other retained interests held for securitized assets are excluded because they are recognized separately.
Zions Bank provides a liquidity facility (“Liquidity Facility”) for a fee to Lockhart Funding, LLC (“Lockhart”), a qualifying special-purpose entity (“QSPE”) securities conduit.
Lockhart purchases floating rate U. S.  Government and AAA-rated securities with funds from the issuance of commercial paper.
Zions Bank also provides interest rate hedging support and administrative and investment advisory services for a fee.
Pursuant to the Liquidity Facility contract, Zions Bank is required to purchase securities from Lockhart to provide funds for Lockhart to repay maturing commercial paper upon Lockhart’s inability to access the commercial paper market, or upon a commercial paper market disruption as specified in governing documents for Lockhart.
Pursuant to the governing documents, including the liquidity agreement, if any security in Lockhart is downgraded below AA-, Zions Bank must either 1) place its letter of credit on the security, 2) obtain credit enhancement from a third party, or 3) purchase the security from Lockhart at book value.
At any given time, the maximum commitment of Zions Bank is the book value of Lockhart’s securities portfolio, which is not allowed to exceed the size of the Liquidity Facility commitment.
At December 31, 2006, the book value of Lockhart’s securities portfolio was $4.1 billion, which approximated market value, and the size of the Liquidity Facility commitment was $6.12 billion.
No amounts were outstanding under the Liquidity Facility at December 31, 2006.
In June 2005 under the Liquidity Facility contract, Zions Bank repurchased for the first time a bond security from Lockhart at its book value of $12.4 million because of a rating downgrade.
In 2005, Zions Bank recognized an impairment loss of $1.6 million, and in 2006, recognized a gain of $0.8 million when the security was sold.
The amounts are included in fixed income securities gains in the statement of income for their respective years.
In February 2006, the FASB issued SFAS No.155, Accounting for Certain Hybrid Financial Instruments, an amendment of FASB Statements No.133 and 140.
This Statement amends SFAS 133 to require evaluation of all interests in securitized financial assets under SFAS 133, eliminating a previous exemption under SFAS 133 for such financial instruments.
Entities must now distinguish interests that are freestanding derivatives, hybrid financial instruments containing embedded derivatives requiring bifurcation, or hybrid financial instruments containing embedded derivatives that do not require bifurcation.
In addition, the Statement permits fair value remeasurement for any hybrid instrument (on an instrument-by-instrument basis) that contains an embedded derivative that would otherwise require
Schedule 6 DISTRIBUTION OF ASSETS, LIABILITIES, AND SHAREHOLDERS’ EQUITY AVERAGE BALANCE SHEETS, YIELDS AND RATES
## Table 2 ##
1 Taxable-equivalent rates used where applicable.2 Net of unearned income and fees, net of related costs.
Loans include nonaccrual and restructured loans.
The Company’s efficiency ratio was 56.9% for 2006 compared to 55.7% for 2005 and 57.2% for 2004.
Salary costs for 2006 increased 31.0% over 2005, which were up 8.0% from 2004.
The increases for 2006 and 2005 resulted primarily from the acquisition of Amegy, and from increased incentive plan costs and additional staffing related to the build out of our wealth management business, NetDeposit, and to other business expansion.
The increase for 2006 also included increased share-based compensation expense of approximately $22.6 million, mainly related to the adoption of SFAS 123R.
Employee benefits for 2006 increased 26.8% from 2005 which increased 7.5% from 2004.
The increase for 2006 resulted primarily from the acquisition of Amegy.
The increase in employee benefits for 2005 is mainly the result of increased contributions to our profit sharing plan and increased employee matching contributions to our 401(k) plan.
The profit sharing plan was enhanced as a replacement for a broad-based employee stock option plan that was discontinued in 2005.
Salaries and employee benefits are shown in greater detail in Schedule 11.
Schedule 11 SALARIES AND EMPLOYEE BENEFITS
## Table 3 ##
Legal and professional services increased 15.2% when compared to 2005, which were up 7.4% from 2004.
The increase in 2006 was primarily the result of the acquisition of Amegy and the ongoing consulting and contract IT professional costs related to the planned CB&T systems conversion.
The increases in 2005 were primarily a result of additional consulting services associated with various ongoing projects relating to systems conversions and upgrades.
Merger related expenses for 2006 and 2005 are mainly incremental costs associated with the integration and system conversions of Amegy.
See Note 3 of the Notes to Consolidated Financial Statements for additional information on merger related expenses.
The $26.1 million increase in amortization of core deposit and other intangibles is mainly related to the Amegy acquisition.
Other noninterest expense grew 20.0% over the amount in 2005, which was up 14.5% from 2004.
The increase for 2006 resulted primarily from the acquisition of Amegy.
The increase in 2005 resulted from higher bankcard expenses due to increased activity, increased operational losses which were unusually low for 2004, increased scanner costs for the NetDeposit product, increased data processing costs and travel expense resulting from the Company’s major systems projects, and increased fidelity insurance premiums.
Impairment Losses on Goodwill During the fourth quarter of 2006 and 2005, the Company completed the annual goodwill impairment analysis as required by SFAS 142 and concluded there was no impairment on the goodwill balances.
As previously disclosed, during the third quarter of 2004, the Company made the decision to reorganize the operations at Zions Bank International Ltd.  (formerly Van der Moolen UK Ltd. ) (“ZBI”) as a result of disappointing operating performance.
The decision resulted in terminating the Eurodenominated bond trading operations and downsizing the U. S.  dollar-denominated bond trading operations.
This reorganization also resulted in restructuring charges in 2004 of $1.0 million, an impairment write-down of goodwill of $0.6 million and impairment of other intangibles of $0.2 million.
During the fourth quarter of 2005, the Company closed the London office of ZBI and recognized restructuring charges of $2.4 million and an impairment write-down of goodwill of $0.6 million.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Rent expense</td><td>$111,149</td><td>$118,976</td><td>$105,809</td></tr><tr><td>Less: sublease income</td><td>1,412</td><td>3,057</td><td>2,330</td></tr><tr><td>Net rent expense</td><td>$109,737</td><td>$115,919</td><td>$103,479</td></tr></table>
<table><tr><td></td><td colspan="2"> Principal balance December 31, </td><td colspan="2"> Principal balance of loans past due 30+ days-1 December 31,</td><td colspan="3"> Net credit losses-2 </td></tr><tr><td></td><td> 2006 </td><td> 2005 </td><td> 2006 </td><td> 2005 </td><td> 2006 </td><td> 2005 </td><td> 2004 </td></tr><tr><td>Home equity loans</td><td>$726.0</td><td>663.1</td><td>0.4</td><td>0.9</td><td>0.2</td><td>-0.1</td><td>0.2</td></tr><tr><td>Small business loans</td><td>3,677.0</td><td>3,282.8</td><td>37.8</td><td>27.7</td><td>3.2</td><td>2.3</td><td>-0.4</td></tr><tr><td>Total loans managed or securitized – Zions Bank</td><td>4,403.0</td><td>3,945.9</td><td>38.2</td><td>28.6</td><td>3.4</td><td>2.2</td><td>-0.2</td></tr><tr><td>Less loans securitized – Zions Bank-3</td><td>2,051.0</td><td>2,796.4</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans held in portfolio – Zions Bank</td><td>$2,352.0</td><td>1,149.5</td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3"> 2006 </td><td colspan="3"> 2005 </td></tr><tr><td>(Amounts in millions)</td><td> Average balance </td><td> Amount of interest-1</td><td> Average rate </td><td> Average balance </td><td> Amount of interest-1</td><td> Average rate </td></tr><tr><td> ASSETS:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money market investments</td><td>$479</td><td>24.7</td><td>5.16%</td><td>$988</td><td>31.7</td><td>3.21%</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Held to maturity</td><td>645</td><td>44.1</td><td>6.83</td><td>639</td><td>44.2</td><td>6.93</td></tr><tr><td>Available for sale</td><td>4,992</td><td>285.5</td><td>5.72</td><td>4,021</td><td>207.7</td><td>5.16</td></tr><tr><td>Trading account</td><td>157</td><td>7.7</td><td>4.91</td><td>497</td><td>19.9</td><td>4.00</td></tr><tr><td>Total securities</td><td>5,794</td><td>337.3</td><td>5.82</td><td>5,157</td><td>271.8</td><td>5.27</td></tr><tr><td>Loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans held for sale</td><td>261</td><td>16.5</td><td>6.30</td><td>205</td><td>9.8</td><td>4.80</td></tr><tr><td>Net loans and leases-2</td><td>32,134</td><td>2,463.9</td><td>7.67</td><td>23,804</td><td>1,618.0</td><td>6.80</td></tr><tr><td>Total loans and leases</td><td>32,395</td><td>2,480.4</td><td>7.66</td><td>24,009</td><td>1,627.8</td><td>6.78</td></tr><tr><td>Total interest-earning assets</td><td>38,668</td><td>2,842.4</td><td>7.35</td><td>30,154</td><td>1,931.3</td><td>6.40</td></tr><tr><td>Cash and due from banks</td><td>1,476</td><td></td><td></td><td>1,123</td><td></td><td></td></tr><tr><td>Allowance for loan losses</td><td>-349</td><td></td><td></td><td>-285</td><td></td><td></td></tr><tr><td>Goodwill</td><td>1,887</td><td></td><td></td><td>746</td><td></td><td></td></tr><tr><td>Core deposit and other intangibles</td><td>181</td><td></td><td></td><td>66</td><td></td><td></td></tr><tr><td>Other assets</td><td>2,379</td><td></td><td></td><td>1,799</td><td></td><td></td></tr><tr><td>Total assets</td><td>$44,242</td><td></td><td></td><td>$33,603</td><td></td><td></td></tr><tr><td> LIABILITIES:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing deposits:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Savings and NOW</td><td>$5,129</td><td>75.3</td><td>1.47</td><td>$4,347</td><td>36.7</td><td>0.84</td></tr><tr><td>Money market</td><td>10,721</td><td>330.0</td><td>3.08</td><td>9,131</td><td>183.9</td><td>2.01</td></tr><tr><td>Time under $100,000</td><td>2,065</td><td>77.4</td><td>3.75</td><td>1,523</td><td>41.7</td><td>2.74</td></tr><tr><td>Time $100,000 and over</td><td>3,272</td><td>142.6</td><td>4.36</td><td>1,713</td><td>54.7</td><td>3.19</td></tr><tr><td>Foreign</td><td>2,065</td><td>95.5</td><td>4.62</td><td>737</td><td>23.3</td><td>3.16</td></tr><tr><td>Total interest-bearing deposits</td><td>23,252</td><td>720.8</td><td>3.10</td><td>17,451</td><td>340.3</td><td>1.95</td></tr><tr><td>Borrowed funds:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities sold, not yet purchased</td><td>66</td><td>3.0</td><td>4.57</td><td>475</td><td>17.7</td><td>3.72</td></tr><tr><td>Federal funds purchased and security repurchase agreements</td><td>2,838</td><td>124.7</td><td>4.39</td><td>2,307</td><td>63.6</td><td>2.76</td></tr><tr><td>Commercial paper</td><td>220</td><td>11.4</td><td>5.20</td><td>149</td><td>5.0</td><td>3.36</td></tr><tr><td>FHLB advances and other borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>One year or less</td><td>479</td><td>25.3</td><td>5.27</td><td>204</td><td>5.9</td><td>2.90</td></tr><tr><td>Over one year</td><td>148</td><td>8.6</td><td>5.80</td><td>228</td><td>11.5</td><td>5.05</td></tr><tr><td>Long-term debt</td><td>2,491</td><td>159.6</td><td>6.41</td><td>1,786</td><td>104.9</td><td>5.88</td></tr><tr><td>Total borrowed funds</td><td>6,242</td><td>332.6</td><td>5.33</td><td>5,149</td><td>208.6</td><td>4.05</td></tr><tr><td>Total interest-bearing liabilities</td><td>29,494</td><td>1,053.4</td><td>3.57</td><td>22,600</td><td>548.9</td><td>2.43</td></tr><tr><td>Noninterest-bearing deposits</td><td>9,508</td><td></td><td></td><td>7,417</td><td></td><td></td></tr><tr><td>Other liabilities</td><td>697</td><td></td><td></td><td>533</td><td></td><td></td></tr><tr><td>Total liabilities</td><td>39,699</td><td></td><td></td><td>30,550</td><td></td><td></td></tr><tr><td>Minority interest</td><td>34</td><td></td><td></td><td>26</td><td></td><td></td></tr><tr><td>Shareholders’ equity:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preferred equity</td><td>16</td><td></td><td></td><td>–</td><td></td><td></td></tr><tr><td>Common equity</td><td>4,493</td><td></td><td></td><td>3,027</td><td></td><td></td></tr><tr><td>Total shareholders’ equity</td><td>4,509</td><td></td><td></td><td>3,027</td><td></td><td></td></tr><tr><td>Total liabilities and shareholders’ equity</td><td>$44,242</td><td></td><td></td><td>$33,603</td><td></td><td></td></tr><tr><td>Spread on average interest-bearing funds</td><td></td><td></td><td>3.78%</td><td></td><td></td><td>3.97%</td></tr><tr><td>Taxable-equivalent net interest income and net yield on interest-earning assets</td><td></td><td>1,789.0</td><td>4.63%</td><td></td><td>1,382.4</td><td>4.58%</td></tr></table>
<table><tr><td>(Dollar amounts in millions)</td><td> 2006 </td><td> Percent change </td><td> 2005 </td><td> Percent change </td><td> 2004 </td></tr><tr><td>Salaries and bonuses</td><td>$641.1</td><td>31.7%</td><td>$486.7</td><td>8.1%</td><td>$450.2</td></tr><tr><td>Employee benefits:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee health and insurance</td><td>31.4</td><td>10.2</td><td>28.5</td><td>1.1</td><td>28.2</td></tr><tr><td>Retirement</td><td>37.8</td><td>35.0</td><td>28.0</td><td>23.9</td><td>22.6</td></tr><tr><td>Payroll taxes and other</td><td>41.4</td><td>34.9</td><td>30.7</td><td>1.3</td><td>30.3</td></tr><tr><td>Total benefits</td><td>110.6</td><td>26.8</td><td>87.2</td><td>7.5</td><td>81.1</td></tr><tr><td>Total salaries and employee benefits</td><td>$751.7</td><td>31.0%</td><td>$573.9</td><td>8.0%</td><td>$531.3</td></tr><tr><td>Full-time equivalent employees (“FTEs”) at December 31</td><td>10,618</td><td>5.1%</td><td>10,102</td><td>25.9%</td><td>8,026</td></tr></table>

Question: what is the growth rate in the net rent expense in 2014?
Answer: -0.05333
Reasoning program: subtract(109737,115919), divide(#0,115919)