?
triggering our obligation to make payments under any financial guarantee, letter of credit or other credit support we have provided to or on behalf of such subsidiary; ?
causing us to record a loss in the event the lender forecloses on the assets; and ?
triggering defaults in our outstanding debt at the Parent Company.
For example, our senior secured credit facility and outstanding debt securities at the Parent Company include events of default for certain bankruptcy related events involving material subsidiaries.
In addition, our revolving credit agreement at the Parent Company includes events of default related to payment defaults and accelerations of outstanding debt of material subsidiaries.
Some of our subsidiaries are currently in default with respect to all or a portion of their outstanding indebtedness.
The total non-recourse debt classified as current in the accompanying Consolidated Balance Sheets amounts to $2.2 billion.
The portion of current debt related to such defaults was $1 billion at December 31, 2017, all of which was non-recourse debt related to three subsidiaries — Alto Maipo, AES Puerto Rico, and AES Ilumina.
See Note 10—Debt in Item 8.
—Financial Statements and Supplementary Data of this Form 10-K for additional detail.
None of the subsidiaries that are currently in default are subsidiaries that met the applicable definition of materiality under AES' corporate debt agreements as of December 31, 2017 in order for such defaults to trigger an event of default or permit acceleration under AES' indebtedness.
However, as a result of additional dispositions of assets, other significant reductions in asset carrying values or other matters in the future that may impact our financial position and results of operations or the financial position of the individual subsidiary, it is possible that one or more of these subsidiaries could fall within the definition of a "material subsidiary" and thereby upon an acceleration trigger an event of default and possible acceleration of the indebtedness under the Parent Company's outstanding debt securities.
A material subsidiary is defined in the Company's senior secured revolving credit facility as any business that contributed 20% or more of the Parent Company's total cash distributions from businesses for the four most recently completed fiscal quarters.
As of December 31, 2017, none of the defaults listed above individually or in the aggregate results in or is at risk of triggering a cross-default under the recourse debt of the Company.
Contractual Obligations and Parent Company Contingent Contractual Obligations A summary of our contractual obligations, commitments and other liabilities as of December 31, 2017 is presented below and excludes any businesses classified as discontinued operations or held-for-sale (in millions):
## Table 0 ##
(1) Includes recourse and non-recourse debt presented on the Consolidated Balance Sheet.
These amounts exclude capital lease obligations which are included in the capital lease category.
(2) Interest payments are estimated based on final maturity dates of debt securities outstanding at December 31, 2017 and do not reflect anticipated future refinancing, early redemptions or new debt issuances.
Variable rate interest obligations are estimated based on rates as of December 31, 2017.
(3) These amounts do not include current liabilities on the Consolidated Balance Sheet except for the current portion of uncertain tax obligations.
Noncurrent uncertain tax obligations are reflected in the "Other" column of the table above as the Company is not able to reasonably estimate the timing of the future payments.
In addition, these amounts do not include: (1) regulatory liabilities (See Note 9—Regulatory Assets and Liabilities), (2) contingencies (See Note 12 —Contingencies), (3) pension and other postretirement employee benefit liabilities (see Note 13—Benefit Plans), (4) derivatives and incentive compensation (See Note 5—Derivative Instruments and Hedging Activities) or (5) any taxes (See Note 20—Income Taxes) except for uncertain tax obligations, as the Company is not able to reasonably estimate the timing of future payments.
See the indicated notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K for additional information on the items excluded.
(4) For further information see the note referenced below in Item 8.
—Financial Statements and Supplementary Data of this Form 10-K.
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-34 Items Measured at Fair Value on a Nonrecurring Basis Assets Held and Used—The Company’s long-lived assets are recorded at amortized cost and, if impaired, are adjusted to fair value using Level 3 inputs.
During the year ended December 31, 2016, certain long-lived assets held and used with a carrying value of $12.7 billion were written down to their net realizable value as a result of an asset impairment charge of $28.5 million.
During the year ended December 31, 2015, certain long-lived assets held and used with a carrying value of $12.6 billion were written down to their net realizable value as a result of an asset impairment charge of $15.1 million.
The asset impairment charges are recorded in Other operating expenses in the accompanying consolidated statements of operations.
These adjustments were determined by comparing the estimated fair value utilizing projected future discounted cash flows to be provided from the long-lived assets to the asset’s carrying value.
There were no other items measured at fair value on a nonrecurring basis during the year ended December 31, 2016.
Fair Value of Financial Instruments—The Company’s financial instruments for which the carrying value reasonably approximates fair value at December 31, 2016 and 2015 include cash and cash equivalents, restricted cash, accounts receivable and accounts payable.
The Company’s estimates of fair value of its long-term obligations, including the current portion, are based primarily upon reported market values.
For long-term debt not actively traded, fair value is estimated using either indicative price quotes or a discounted cash flow analysis using rates for debt with similar terms and maturities.
As of December 31, 2016, the carrying value and fair value of long-term obligations, including the current portion, were $18.5 billion and $18.8 billion, respectively, of which $11.8 billion was measured using Level 1 inputs and $7.0 billion was measured using Level 2 inputs.
As of December 31, 2015, the carrying value and fair value of long-term obligations, including the current portion, were $17.1 billion and $17.4 billion, respectively, of which $8.7 billion was measured using Level 1 inputs and $8.7 billion was measured using Level 2 inputs.12.
INCOME TAXES The Company has filed, for prior taxable years through its taxable year ended December 31, 2011, consolidated U. S.  federal tax returns, which included all of its then wholly owned domestic subsidiaries.
For its taxable year commencing January 1, 2012, the Company filed, and intends to continue to file, as a REIT, and its domestic TRSs filed, and intend to continue to file, separate tax returns as required.
The Company also files tax returns in various states and countries.
The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state and form of organization.
The following information pertains to the Company’s income taxes on a consolidated basis.
The income tax provision from continuing operations consisted of the following for the years ended December 31, (in thousands):
## Table 1 ##
The effective tax rate (“ETR”) on income from continuing operations for the years ended December 31, 2016, 2015 and 2014 differs from the federal statutory rate primarily due to the Company’s qualification for taxation as a REIT, as well as adjustments for foreign items.
As a REIT, the Company may deduct earnings distributed to stockholders against the income generated by its REIT operations.
In addition, the Company is able to offset certain income by utilizing its NOLs, subject to specified limitations.
Table XVII Quarterly Reconciliations to GAAP Financial Measures (1)
## Table 2 ##
(1) Presents reconciliations of non-GAAP financial measures to GAAP financial measures.
We believe the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Corporation.
Other companies may define or calculate these measures differently.
For more information on non-GAAP financial measures and ratios we use in assessing the results of the Corporation, see Supplemental Financial Data on page 29.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Contractual Obligations</td><td>Total</td><td>Less than 1 year</td><td>1-3 years</td><td>3-5 years</td><td>More than 5 years</td><td>Other</td><td>Footnote Reference<sup>-4</sup></td></tr><tr><td>Debt Obligations<sup>-1</sup></td><td>$20,404</td><td>$2,250</td><td>$2,431</td><td>$5,003</td><td>$10,720</td><td>$—</td><td>10</td></tr><tr><td>Interest Payments on Long-Term Debt<sup>-2</sup></td><td>9,103</td><td>1,172</td><td>2,166</td><td>1,719</td><td>4,046</td><td>—</td><td>n/a</td></tr><tr><td>Capital Lease Obligations</td><td>18</td><td>2</td><td>2</td><td>2</td><td>12</td><td>—</td><td>11</td></tr><tr><td>Operating Lease Obligations</td><td>935</td><td>58</td><td>116</td><td>117</td><td>644</td><td>—</td><td>11</td></tr><tr><td>Electricity Obligations</td><td>4,501</td><td>581</td><td>948</td><td>907</td><td>2,065</td><td>—</td><td>11</td></tr><tr><td>Fuel Obligations</td><td>5,859</td><td>1,759</td><td>1,642</td><td>992</td><td>1,466</td><td>—</td><td>11</td></tr><tr><td>Other Purchase Obligations</td><td>4,984</td><td>1,488</td><td>1,401</td><td>781</td><td>1,314</td><td>—</td><td>11</td></tr><tr><td>Other Long-Term Liabilities Reflected on AES' Consolidated Balance Sheet under GAAP<sup>-3</sup></td><td>701</td><td>—</td><td>284</td><td>118</td><td>277</td><td>22</td><td>n/a</td></tr><tr><td>Total</td><td>$46,505</td><td>$7,310</td><td>$8,990</td><td>$9,639</td><td>$20,544</td><td>$22</td><td></td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Current:</td><td></td><td></td><td></td></tr><tr><td>Federal</td><td>$-26,494</td><td>$-73,930</td><td>$-2,390</td></tr><tr><td>State</td><td>-1,976</td><td>-21,216</td><td>-797</td></tr><tr><td>Foreign</td><td>-100,074</td><td>-55,045</td><td>-57,934</td></tr><tr><td>Deferred:</td><td></td><td></td><td></td></tr><tr><td>Federal</td><td>-616</td><td>9,131</td><td>-4,180</td></tr><tr><td>State</td><td>-259</td><td>8</td><td>-973</td></tr><tr><td>Foreign</td><td>-26,082</td><td>-16,903</td><td>3,769</td></tr><tr><td>Income tax provision</td><td>$-155,501</td><td>$-157,955</td><td>$-62,505</td></tr></table>
<table><tr><td></td><td colspan="4">2013 Quarters</td><td colspan="4">2012 Quarters</td></tr><tr><td>(Dollars in millions)</td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td><td>Fourth</td><td>Third</td><td>Second</td><td>First</td></tr><tr><td>Reconciliation of net interest income to net interest income on a fully taxable-equivalent basis</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest income</td><td>$10,786</td><td>$10,266</td><td>$10,549</td><td>$10,664</td><td>$10,324</td><td>$9,938</td><td>$9,548</td><td>$10,846</td></tr><tr><td>Fully taxable-equivalent adjustment</td><td>213</td><td>213</td><td>222</td><td>211</td><td>231</td><td>229</td><td>234</td><td>207</td></tr><tr><td>Net interest income on a fully taxable-equivalent basis</td><td>$10,999</td><td>$10,479</td><td>$10,771</td><td>$10,875</td><td>$10,555</td><td>$10,167</td><td>$9,782</td><td>$11,053</td></tr><tr><td>Reconciliation of total revenue, net of interest expense to total revenue, net of interest expense on a fully taxable-equivalent basis</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total revenue, net of interest expense</td><td>$21,488</td><td>$21,530</td><td>$22,727</td><td>$23,197</td><td>$18,660</td><td>$20,428</td><td>$21,968</td><td>$22,278</td></tr><tr><td>Fully taxable-equivalent adjustment</td><td>213</td><td>213</td><td>222</td><td>211</td><td>231</td><td>229</td><td>234</td><td>207</td></tr><tr><td>Total revenue, net of interest expense on a fully taxable-equivalent basis</td><td>$21,701</td><td>$21,743</td><td>$22,949</td><td>$23,408</td><td>$18,891</td><td>$20,657</td><td>$22,202</td><td>$22,485</td></tr><tr><td>Reconciliation of income tax expense (benefit) to income tax expense (benefit) on a fully taxable-equivalent basis</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax expense (benefit)</td><td>$406</td><td>$2,348</td><td>$1,486</td><td>$501</td><td>$-2,636</td><td>$770</td><td>$684</td><td>$66</td></tr><tr><td>Fully taxable-equivalent adjustment</td><td>213</td><td>213</td><td>222</td><td>211</td><td>231</td><td>229</td><td>234</td><td>207</td></tr><tr><td>Income tax expense (benefit) on a fully taxable-equivalent basis</td><td>$619</td><td>$2,561</td><td>$1,708</td><td>$712</td><td>$-2,405</td><td>$999</td><td>$918</td><td>$273</td></tr><tr><td>Reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common shareholders’ equity</td><td>$220,088</td><td>$216,766</td><td>$218,790</td><td>$218,225</td><td>$219,744</td><td>$217,273</td><td>$216,782</td><td>$214,150</td></tr><tr><td>Goodwill</td><td>-69,864</td><td>-69,903</td><td>-69,930</td><td>-69,945</td><td>-69,976</td><td>-69,976</td><td>-69,976</td><td>-69,967</td></tr><tr><td>Intangible assets (excluding MSRs)</td><td>-5,725</td><td>-5,993</td><td>-6,270</td><td>-6,549</td><td>-6,874</td><td>-7,194</td><td>-7,533</td><td>-7,869</td></tr><tr><td>Related deferred tax liabilities</td><td>2,231</td><td>2,296</td><td>2,360</td><td>2,425</td><td>2,490</td><td>2,556</td><td>2,626</td><td>2,700</td></tr><tr><td>Tangible common shareholders’ equity</td><td>$146,730</td><td>$143,166</td><td>$144,950</td><td>$144,156</td><td>$145,384</td><td>$142,659</td><td>$141,899</td><td>$139,014</td></tr><tr><td>Reconciliation of average shareholders’ equity to average tangible shareholders’ equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Shareholders’ equity</td><td>$233,415</td><td>$230,392</td><td>$235,063</td><td>$236,995</td><td>$238,512</td><td>$236,039</td><td>$235,558</td><td>$232,566</td></tr><tr><td>Goodwill</td><td>-69,864</td><td>-69,903</td><td>-69,930</td><td>-69,945</td><td>-69,976</td><td>-69,976</td><td>-69,976</td><td>-69,967</td></tr><tr><td>Intangible assets (excluding MSRs)</td><td>-5,725</td><td>-5,993</td><td>-6,270</td><td>-6,549</td><td>-6,874</td><td>-7,194</td><td>-7,533</td><td>-7,869</td></tr><tr><td>Related deferred tax liabilities</td><td>2,231</td><td>2,296</td><td>2,360</td><td>2,425</td><td>2,490</td><td>2,556</td><td>2,626</td><td>2,700</td></tr><tr><td>Tangible shareholders’ equity</td><td>$160,057</td><td>$156,792</td><td>$161,223</td><td>$162,926</td><td>$164,152</td><td>$161,425</td><td>$160,675</td><td>$157,430</td></tr><tr><td>Reconciliation of period-end common shareholders’ equity to period-end tangible common shareholders’ equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Common shareholders’ equity</td><td>$219,333</td><td>$218,967</td><td>$216,791</td><td>$218,513</td><td>$218,188</td><td>$219,838</td><td>$217,213</td><td>$213,711</td></tr><tr><td>Goodwill</td><td>-69,844</td><td>-69,891</td><td>-69,930</td><td>-69,930</td><td>-69,976</td><td>-69,976</td><td>-69,976</td><td>-69,976</td></tr><tr><td>Intangible assets (excluding MSRs)</td><td>-5,574</td><td>-5,843</td><td>-6,104</td><td>-6,379</td><td>-6,684</td><td>-7,030</td><td>-7,335</td><td>-7,696</td></tr><tr><td>Related deferred tax liabilities</td><td>2,166</td><td>2,231</td><td>2,297</td><td>2,363</td><td>2,428</td><td>2,494</td><td>2,559</td><td>2,628</td></tr><tr><td>Tangible common shareholders’ equity</td><td>$146,081</td><td>$145,464</td><td>$143,054</td><td>$144,567</td><td>$143,956</td><td>$145,326</td><td>$142,461</td><td>$138,667</td></tr><tr><td>Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Shareholders’ equity</td><td>$232,685</td><td>$232,282</td><td>$231,032</td><td>$237,293</td><td>$236,956</td><td>$238,606</td><td>$235,975</td><td>$232,499</td></tr><tr><td>Goodwill</td><td>-69,844</td><td>-69,891</td><td>-69,930</td><td>-69,930</td><td>-69,976</td><td>-69,976</td><td>-69,976</td><td>-69,976</td></tr><tr><td>Intangible assets (excluding MSRs)</td><td>-5,574</td><td>-5,843</td><td>-6,104</td><td>-6,379</td><td>-6,684</td><td>-7,030</td><td>-7,335</td><td>-7,696</td></tr><tr><td>Related deferred tax liabilities</td><td>2,166</td><td>2,231</td><td>2,297</td><td>2,363</td><td>2,428</td><td>2,494</td><td>2,559</td><td>2,628</td></tr><tr><td>Tangible shareholders’ equity</td><td>$159,433</td><td>$158,779</td><td>$157,295</td><td>$163,347</td><td>$162,724</td><td>$164,094</td><td>$161,223</td><td>$157,455</td></tr><tr><td>Reconciliation of period-end assets to period-end tangible assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets</td><td>$2,102,273</td><td>$2,126,653</td><td>$2,123,320</td><td>$2,174,819</td><td>$2,209,974</td><td>$2,166,162</td><td>$2,160,854</td><td>$2,181,449</td></tr><tr><td>Goodwill</td><td>-69,844</td><td>-69,891</td><td>-69,930</td><td>-69,930</td><td>-69,976</td><td>-69,976</td><td>-69,976</td><td>-69,976</td></tr><tr><td>Intangible assets (excluding MSRs)</td><td>-5,574</td><td>-5,843</td><td>-6,104</td><td>-6,379</td><td>-6,684</td><td>-7,030</td><td>-7,335</td><td>-7,696</td></tr><tr><td>Related deferred tax liabilities</td><td>2,166</td><td>2,231</td><td>2,297</td><td>2,363</td><td>2,428</td><td>2,494</td><td>2,559</td><td>2,628</td></tr><tr><td>Tangible assets</td><td>$2,029,021</td><td>$2,053,150</td><td>$2,049,583</td><td>$2,100,873</td><td>$2,135,742</td><td>$2,091,650</td><td>$2,086,102</td><td>$2,106,405</td></tr></table>

Question: What is the growing rate of Assets in the years with the least Fully taxable-equivalent adjustment ？
Answer: -0.02195
Reasoning program: add(2102273,2126653), add(#0,2123320), add(#1,2174819), add(2209974,2166162), add(#3,2160854), add(#4,2181449), subtract(#2,#5), add(2209974,2166162), add(#7,2160854), add(#8,2181449), divide(#6,#9)