ANALOG DEVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) stock option gains previously deferred by those participants pursuant to the terms of the Deferred Compensation Plan and earnings on those deferred amounts.
As a result of certain provisions of the American Jobs Creation Act, participants had the opportunity until December 31, 2005 to elect to withdraw amounts previously deferred.11.
Lease Commitments The Company leases certain of its facilities, equipment and software under various operating leases that expire at various dates through 2022.
The lease agreements frequently include renewal and escalation clauses and require the Company to pay taxes, insurance and maintenance costs.
Total rental expense under operating leases was approximately $43 million in fiscal 2007, $45 million in fiscal 2006 and $44 million in fiscal 2005.
The following is a schedule of future minimum rental payments required under long-term operating leases at November 3, 2007:
## Table 0 ##
12.
Commitments and Contingencies Tentative Settlement of the SEC’s Previously Announced Stock Option Investigation In the Company’s 2004 Form 10-K filing, the Company disclosed that the Securities and Exchange Commission (SEC) had initiated an inquiry into its stock option granting practices, focusing on options that were granted shortly before the issuance of favorable financial results.
On November 15, 2005, the Company announced that it had reached a tentative settlement with the SEC.
At all times since receiving notice of this inquiry, the Company has cooperated with the SEC.
In November 2005, the Company and its President and CEO, Mr.  Jerald G.  Fishman, made an offer of settlement to the Staff of the SEC.
The settlement has been submitted to the Commission for approval.
There can be no assurance a final settlement will be so approved.
The SEC’s inquiry focused on two separate issues.
The first issue concerned the Company’s disclosure regarding grants of options to employees and directors prior to the release of favorable financial results.
Specifically, the issue related to options granted to employees (including officers) of the Company on November 30, 1999 and to employees (including officers) and directors of the Company on November 10, 2000.
The second issue concerned the grant dates for options granted to employees (including officers) in 1998 and 1999, and the grant date for options granted to employees (including officers) and directors in 2001.
Specifically, the settlement would conclude that the appropriate grant date for the September 4, 1998 options should have been September 8th (which is one trading day later than the date that was used to price the options); the appropriate grant date for the November 30, 1999 options should have been November 29th (which is one trading day earlier than the date that was used); and the appropriate grant date for the July 18, 2001 options should have been July 26th (which is five trading days after the original date).
(2) Contracts with living benefits that are included in our ALM strategy and that have an automatic rebalancing feature.
(3) Represents contracts subject to reinsurance transaction with external counterparty covering certain new HDI v. 3.0 business for the period April 1, 2015 through December 31, 2016.
These contracts with living benefits also have an automatic rebalancing feature.
(4) Includes contracts that have a GMDB feature and do not have an automatic rebalancing feature.
Individual Life Operating Results The following table sets forth the Individual Life segment’s operating results for the periods indicated.
## Table 1 ##
Adjusted Operating Income 2018 to 2017 Annual Comparison.
Adjusted operating income increased $414 million, primarily reflecting favorable comparative net impacts from our annual reviews and update of assumptions and other refinements.
Results for 2018 included a $65 million net charge from this annual review, mainly driven by unfavorable impacts related to lapse and mortality rate assumptions.
Results for 2017 included a $653 million net charge from this annual review mainly driven by a charge related to modeling refinements as a result of a valuation systems conversion, including a change in the method of accounting for reinsurance associated with certain long-duration insurance contracts, and changes in lapse rate assumptions.
Excluding these impacts, adjusted operating income decreased $174 million, primarily reflecting lower underwriting results, driven by the unfavorable ongoing impact of our annual reviews and updates of assumptions and other refinements, partially offset by less unfavorable mortality experience, net of reinsurance.
The decrease was also driven by a lower contribution from net investment spread results primarily due to lower income on non-coupon investments.2017 to 2016 Annual Comparison.
Adjusted operating income decreased $270 million, primarily reflecting unfavorable comparative net impacts from our annual reviews and update of assumptions and other refinements.
Results for 2017 included a $653 million net charge from this annual review, as discussed above.
Results for 2016 included a $420 million net charge from this annual review, mainly driven by a charge to accrue a liability to offset the present value of losses expected to be recognized in later years and a charge related to an out of period adjustment, partially offset by a net benefit from the impacts of other refinements.
Excluding these impacts, adjusted operating income decreased $37 million, primarily reflecting the unfavorable ongoing impact of our second quarter 2017 annual review and update of assumptions and other refinements, higher general and administrative expenses, including expenses related to business growth initiatives, and an unfavorable impact from mortality experience, net of reinsurance.
These decreases were partially offset by a higher contribution from net investment spread results.
Revenues, Benefits and Expenses 2018 to 2017 Annual Comparison.
Revenues increased $857 million.
Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $80 million.
This increase was primarily driven by an increase in net investment income from higher average invested assets, resulting from continued business growth, and higher investment income from unaffiliated reserve financing activity, which resulted in a corresponding increase in interest expense, as discussed below, partially offset by lower income on non-coupon investments.
Also contributing to this increase was higher premiums driven by continued business growth.
These increases were partially offset by lower revenues reflecting higher ceded net reinsurance premiums, as a result of the unfavorable ongoing impact of the second quarter 2017 change in the method of accounting for reinsurance, which was partially offset by related lower benefits and expenses, as discussed below.
Benefits and expenses increased $443 million.
Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, benefits and expenses increased $254 million.
This increase was primarily related to higher general and administrative expenses, net of capitalization, reflecting increased VOBA amortization and higher operating expenses, higher reserve financing costs, as discussed above, higher policyholders’ benefits and interest credited to account balances attributable to continued business growth, and increased DAC amortization.
These increases were partially offset by the favorable ongoing impact of the second quarter 2017 change in the method of accounting for reinsurance, which was more than offset by the related unfavorable impact in revenues, as discussed above.2017 to 2016 Annual Comparison.
Revenues decreased $381 million.
Excluding the impact of our annual reviews and update of assumptions and other refinements, as discussed above, revenues increased $152 million.
This increase was primarily driven by an increase
Foreign exchange hedging activities We employ various hedging strategies to manage potential exposure to foreign currency exchange rate movements, particularly those associated with the yen.
Our overall yen hedging strategy calibrates the hedge level to preserve the relative contribution of our yen-based business to the Company’s overall return on equity on a leverage neutral basis.
The hedging strategy includes two primary components: Income Hedges—We hedge a portion of our prospective yen-based earnings streams by entering into external forward currency derivative contracts that effectively fix the currency exchange rates for that portion of earnings, thereby reducing volatility from foreign currency exchange rate movements.
As of December 31, 2018, we have hedged 100%, 72% and 28% of expected yen-based earnings for 2019, 2020 and 2021, respectively.
Equity Hedges—We hold both internal and external hedges primarily to hedge our U. S.  dollar-equivalent equity.
These hedges also mitigate volatility in the solvency margins of yen-based subsidiaries resulting from changes in the market value of their U. S.  dollardenominated investments hedging our U. S.  dollar-equivalent equity attributable to changes in the yen-U.
S.  dollar exchange rate.
For additional information on our hedging strategy, see “—Results of Operations—Impact of Foreign Currency Exchange Rates.
” Cash settlements from these hedging activities result in cash flows between subsidiaries of Prudential Financial and either international-based subsidiaries or external parties.
The cash flows are dependent on changes in foreign currency exchange rates and the notional amount of the exposures hedged.
For example, a significant yen depreciation over an extended period of time could result in net cash inflows, while a significant yen appreciation could result in net cash outflows.
The following tables set forth information about net cash settlements and the net asset or liability resulting from these hedging activities related to the yen and other currencies.
## Table 2 ##
Assets (Liabilities):
## Table 3 ##
(1) Includes non-yen related cash settlements of $(11) million, primarily denominated in Korean won and $(14) million, primarily denominated in Brazilian real and Chilean peso, for the year ended December 31, 2018 and 2017, respectively.
(2) Represents internal transactions between international-based and U. S. -based entities.
Amounts noted are from the U. S. -based entities’ perspectives.
(3) Includes non-yen related cash settlements of $2 million, in Korean won for the year ended December 31, 2018.
(4) Includes non-yen related assets of $44 million, primarily denominated in Australian dollar and Brazilian real, and liabilities of $(65) million primarily denominated in Korean won and Australian dollar as of December 31, 2018 and 2017, respectively.
(5) Includes non-yen related liabilities of $(2) million, denominated in Korean won as of December 31, 2018.
(6) As of December 31, 2018, approximately $524 million, $262 million and $(272) million of the net market value is scheduled to settle in 2019, 2020 and thereafter, respectively.
The net market value of the assets (liabilities) will vary with changing market conditions to the extent there are no corresponding offsetting positions.
PGIM operations The principal sources of liquidity for our fee-based PGIM businesses include asset management fees and commercial mortgage origination and servicing fees.
The principal uses of liquidity include general and administrative expenses and distributions of dividends and returns of capital to Prudential Financial.
The primary liquidity risks for our fee-based PGIM businesses relate to their profitability, which is impacted by market conditions and our investment management performance.
We believe the cash flows from our fee-based PGIM businesses are adequate to satisfy the current liquidity requirements of these operations, as well as requirements that could arise under reasonably foreseeable stress scenarios, which are monitored through the use of internal measures.
The principal sources of liquidity for our strategic investments held in our PGIM businesses are cash flows from investments, the ability to liquidate investments, and available borrowing lines from internal sources, including Prudential Financial and Prudential Funding, LLC (“Prudential Funding”), a wholly-owned subsidiary of Prudential Insurance.
The primary liquidity risks include the inability to sell assets in a timely manner, declines in the value of assets and credit defaults.
There were no material changes to the liquidity position of our PGIM operations during 2018.
Alternative Sources of Liquidity In addition to the sources of liquidity discussed above, and asset-based financing as discussed below, Prudential Financial and certain subsidiaries have access to other sources of liquidity, including syndicated, unsecured committed credit facilities, membership in the Federal Home Loan Banks, commercial paper programs, and a put option agreement.
See Note 16 to our Consolidated Financial Statements for more information on these sources of liquidity.
Asset-based Financing We conduct asset-based or secured financing within our insurance and other subsidiaries, including transactions such as securities lending, repurchase agreements and mortgage dollar rolls, to earn spread income, to borrow funds, or to facilitate trading activity.
These programs are primarily driven by portfolio holdings of securities that are lendable based on counterparty demand for these securities in the marketplace.
The collateral received in connection with these programs is primarily used to purchase securities in the short-term spread portfolios of our insurance entities.
Investments held in the short-term spread portfolios include cash and cash equivalents, short-term investments (primarily corporate bonds), mortgage loans and fixed maturities (primarily CLOs and other structured securities), with a weighted average life at time of purchase by the short-term portfolios of four years or less.
Floating rate assets comprise the majority of our short-term spread portfolio.
These short-term portfolios are subject to specific investment policy statements, which among other things, do not allow for significant asset/liability interest rate duration mismatch.
The following table sets forth our liabilities under asset-based or secured financing programs as of the dates indicated.
## Table 4 ##
(1) The daily weighted average outstanding balance for the year ended December 31, 2018 and 2017 was $9,653 million and $8,279 million, respectively, for PFI excluding the Closed Block division, and $4,343 million and $4,894 million, respectively, for the Closed Block division.
(2) Excludes securities that may be returned to the Company overnight.
As of December 31, 2018, our domestic insurance entities had assets eligible for the asset-based or secured financing programs of $111.6 billion, of which $14.5 billion were on loan.
Taking into account market conditions and outstanding loan balances as of December 31, 2018, we believe approximately $14.2 billion of the remaining eligible assets are readily lendable, including approximately $9.9 billion relating to PFI excluding the Closed Block division, of which $2.3 billion relates to certain separate accounts and may only be used for financing activities related to those accounts, and the remaining $4.3 billion relating to the Closed Block division.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Fiscal Years</td><td>Operating   Leases</td></tr><tr><td>2008</td><td>$30,774</td></tr><tr><td>2009</td><td>$25,906</td></tr><tr><td>2010</td><td>$13,267</td></tr><tr><td>2011</td><td>$5,430</td></tr><tr><td>2012</td><td>$3,842</td></tr><tr><td>Later Years</td><td>$12,259</td></tr><tr><td>Total</td><td>$91,478</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Operating results:</td><td></td><td></td><td></td></tr><tr><td>Revenues</td><td>$5,831</td><td>$4,974</td><td>$5,355</td></tr><tr><td>Benefits and expenses</td><td>5,608</td><td>5,165</td><td>5,276</td></tr><tr><td>Adjusted operating income</td><td>223</td><td>-191</td><td>79</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments</td><td>-318</td><td>96</td><td>58</td></tr><tr><td>Related charges</td><td>79</td><td>101</td><td>-223</td></tr><tr><td>Income (loss) before income taxes and equity in earnings of operating joint ventures</td><td>$-16</td><td>$6</td><td>$-86</td></tr></table>
<table><tr><td></td><td colspan="2">Year ended December 31,</td></tr><tr><td>Cash Settlements:</td><td>2018</td><td>2017</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Income Hedges (External)(1)</td><td>$-13</td><td>$-16</td></tr><tr><td>Equity Hedges:</td><td></td><td></td></tr><tr><td>Internal-2</td><td>105</td><td>54</td></tr><tr><td>External-3</td><td>246</td><td>-192</td></tr><tr><td>Total Equity Hedges</td><td>$351</td><td>$-138</td></tr><tr><td>Total Cash Settlements</td><td>$338</td><td>$-154</td></tr></table>
<table><tr><td></td><td colspan="2">As of December 31,</td></tr><tr><td>Assets (Liabilities):</td><td>2018</td><td>2017</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Income Hedges (External)(4)</td><td>$67</td><td>$-42</td></tr><tr><td>Equity Hedges:</td><td></td><td></td></tr><tr><td>Internal-2</td><td>436</td><td>623</td></tr><tr><td>External-5</td><td>78</td><td>303</td></tr><tr><td>Total Equity Hedges-6</td><td>$514</td><td>$926</td></tr><tr><td>Total Assets (Liabilities)</td><td>$581</td><td>$884</td></tr></table>
<table><tr><td></td><td colspan="3">December 31, 2018</td><td colspan="3">December 31, 2017</td></tr><tr><td></td><td>PFIExcludingClosed BlockDivision</td><td>ClosedBlockDivision</td><td>Consolidated</td><td>PFIExcludingClosed BlockDivision</td><td>ClosedBlockDivision</td><td>Consolidated</td></tr><tr><td></td><td colspan="6">($ in millions)</td></tr><tr><td>Securities sold under agreements to repurchase</td><td>$6,982</td><td>$2,968</td><td>$9,950</td><td>$4,960</td><td>$3,440</td><td>$8,400</td></tr><tr><td>Cash collateral for loaned securities</td><td>3,063</td><td>866</td><td>3,929</td><td>3,203</td><td>1,151</td><td>4,354</td></tr><tr><td>Securities sold but not yet purchased</td><td>9</td><td>0</td><td>9</td><td>3</td><td>0</td><td>3</td></tr><tr><td>Total-1</td><td>$10,054</td><td>$3,834</td><td>$13,888</td><td>$8,166</td><td>$4,591</td><td>$12,757</td></tr><tr><td>Portion of above securities that may be returned to the Company overnight requiring immediate return of the cash collateral</td><td>$3,939</td><td>$983</td><td>$4,922</td><td>$3,838</td><td>$1,393</td><td>$5,231</td></tr><tr><td>Weighted average maturity, in days-2</td><td>7</td><td>3</td><td></td><td>12</td><td>3</td><td></td></tr></table>

Question: What is the growing rate of Total-1 in the year with the least Securities sold under agreements to repurchase?
Answer: 0.08866
Reasoning program: add(10054,3834), add(#0,13888), add(8166,4591), add(#2,12757), subtract(#1,#3), add(8166,4591), add(#5,12757), divide(#4,#6)