in a new business model such as the Retail segment is inherently risky, particularly in light of the significant investment involved, the current economic climate, and the fixed nature of a substantial portion of the Retail segment's operating expenses.
Results for this segment are dependent upon a number of risks and uncertainties, some of which are discussed below under the heading "Factors That May Affect Future Results and Financial Condition. "
Backlog In the Company's experience, the actual amount of product backlog at any particular time is not a meaningful indication of its future business prospects.
In particular, backlog often increases in anticipation of or immediately following new product introductions because of overordering by dealers anticipating shortages.
Backlog often is reduced once dealers and customers believe they can obtain sufficient supply.
Because of the foregoing, backlog cannot be considered a reliable indicator of the Company's ability to achieve any particular level of revenue or financial performance.
Further information regarding the Company's backlog may be found below under the heading "Factors That May Affect Future Results and Financial Condition. "
Gross Margin Gross margin for the three fiscal years ended September 28, 2002 are as follows (in millions, except gross margin percentages):
## Table 0 ##
Gross margin increased to 28% of net sales in 2002 from 23% in 2001.
As discussed below, gross margin in 2001 was unusually low resulting from negative gross margin of 2% experienced in the first quarter of 2001.
As a percentage of net sales, the Company's quarterly gross margins declined during fiscal 2002 from 31% in the first quarter down to 26% in the fourth quarter.
This decline resulted from several factors including a rise in component costs as the year progressed and aggressive pricing by the Company across its products lines instituted as a result of continued pricing pressures in the personal computer industry.
The Company anticipates that its gross margin and the gross margin of the overall personal computer industry will remain under pressure throughout fiscal 2003 in light of weak economic conditions, flat demand for personal computers in general, and the resulting pressure on prices.
The foregoing statements regarding anticipated gross margin in 2003 and the general demand for personal computers during 2003 are forwardlooking.
Gross margin could differ from anticipated levels because of several factors, including certain of those set forth below in the subsection entitled "Factors That May Affect Future Results and Financial Condition. "
There can be no assurance that current gross margins will be maintained, targeted gross margin levels will be achieved, or current margins on existing individual products will be maintained.
In general, gross margins and margins on individual products will remain under significant downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost and availability of raw material and outside manufacturing services, and potential changes to the Company's product mix, including higher unit sales of consumer products with lower average selling prices and lower gross margins.
In response to these downward pressures, the Company expects it will continue to take pricing actions with respect to its products.
Gross margins could also be affected by the Company's ability to effectively manage quality problems and warranty costs and to stimulate demand for certain of its products.
The Company's operating strategy and pricing take into account anticipated changes in foreign currency exchange rates over time; however, the Company's results of operations can be significantly affected in the short-term by fluctuations in exchange rates.
The Company orders components for its products and builds inventory in advance of product shipments.
Because the Company's markets are volatile and subject to rapid technology and price changes, there is a risk the Company will forecast incorrectly and produce or order from third parties excess or insufficient inventories of particular products or components.
The Company's operating results and financial condition have been in the past and may in the future be materially adversely affected by the Company's ability to manage its inventory levels and outstanding purchase commitments and to respond to short-term shifts in customer demand patterns.
Gross margin declined to 23% of net sales in 2001 from 27% in 2000.
This decline resulted primarily from gross margin of negative 2% experienced during the first quarter of 2001 compared to 26% gross margin for the same quarter in 2000.
In addition to lower than normal net
(2) Excludes the net impacts of assumption updates and other refinements, and includes rider fees received attributable to future benefit payments.
The assumption update impact to the change in value of hedge target was approximately $106 million, $(1,263) million and $(1,386) million for 2015, 2014 and 2013, respectively.
The assumption update impact to the change in portions of U. S.  GAAP liability, before NPR, excluded from hedge target, was approximately $(172) million, $(318) million and $(2,542) million for 2015, 2014 and 2013, respectively.
The assumption update impact to the change in the NPR adjustment was approximately $(8) million, $618 million and $1,798 million for 2015, 2014 and 2013, respectively.
The assumption update impact to the related benefit (charge) to amortization of DAC and other costs was approximately $40 million, $332 million and $597 million for 2015, 2014 and 2013, respectively.
(3) Attributed fees received for 2015, 2014 and 2013 were approximately $999 million, $940 million and $862 million, respectively, and were included in “Change in value of hedge target.
” (4) Excludes $(585) million, $(3,036) million and $1,603 million for 2015, 2014 and 2013, respectively, representing the impact of managing interest rate risk through capital management strategies other than hedging of particular exposures.
Because this decision is based on the capital considerations of the Company as a whole, the impact is reported in Corporate and Other operations.
See “—Corporate and Other.
” (5) Represents the impact attributable to the difference between the value of the hedge target and the value of the embedded derivative as defined by U. S.  GAAP, before adjusting for NPR, as discussed above.
The net gain of $894 million for 2015 primarily reflected a $2,243 million net benefit from the change in the NPR adjustment, driven by net increases in the base embedded derivative liability before NPR primarily due to declining interest rates and widening credit spreads.
This impact was partially offset by a $547 million net charge from changes in the value of our hedge target and related hedge positions, primarily driven by fund underperformance relative to indices and unfavorable liability basis.
Each of these items resulted in partial offsets included in the $701 million related charge to the amortization of DAC and other costs.
The net charge from the impact of assumption updates and other refinements of $34 million resulted from our annual review and update of assumptions, primarily driven by modifications to our actuarial assumptions and other refinements.
Results also reflected the changes in the portions of the U. S.  GAAP liability that are excluded from our hedge target, net of related impacts to the amortization of DAC and other costs.
The net gain of $279 million for 2014 primarily reflected a $3,824 million net benefit from the change in the NPR adjustment driven by net increases in the base embedded derivative liability before NPR, primarily due to declining interest rates.
This impact was partially offset by a $421 million net charge from changes in the value of our hedge target and related hedge positions, primarily driven by fund underperformance relative to indices and unfavorable liability basis.
Each of these items resulted in partial offsets included in the $496 million related charge to the amortization of DAC and other costs.
The net charge from the impact of assumption updates and other refinements of $631 million was primarily driven by modifications to our actuarial assumptions, including updates to our lapse assumption, to reflect our review of emerging experience, future expectations and other data, and other refinements.
Results also reflected the changes in the portions of the U. S.  GAAP liability that are excluded from our hedge target, net of related impacts to the amortization of DAC and other costs.
In addition, results included a net charge of $35 million related to prior periods.
See Note 1 to the Consolidated Financial Statements for additional information.
The net loss of $4,034 million for 2013 primarily reflected a $4,333 million net charge from the change in the NPR adjustment driven by net decreases in the base embedded derivative liability before NPR, primarily reflecting the impact of favorable capital markets conditions, as well as tightening of our NPR credit spreads.
In addition, results included a $231 million net charge from changes in the value of our hedge target and related hedge positions, primarily driven by fund underperformance relative to indices and an unfavorable net market impact, partially offset by favorable liability basis.
Each of these items resulted in partial offsets included in the $1,161 million related benefit to the amortization of DAC and other costs.
The net charge from the impact of assumption updates and other refinements of $1,533 million was primarily driven by modifications to our lapse rate assumptions to reflect our review of emerging experience, future expectations and other data, and other refinements.
These updates increased expected claims significantly more than expected fees, which increased our net liability.
Results also reflected the changes in the portions of the U. S.  GAAP liability that are excluded from our hedge target, net of related impacts to the amortization of DAC and other costs.
For information regarding the Capital Protection Framework we use to evaluate and support the risks of our hedging program, see “— Liquidity and Capital Resources—Capital.
” Retirement Operating Results The following table sets forth the Retirement segment’s operating results for the periods indicated.
## Table 1 ##
(1) Amounts are reflected gross of affiliated reinsurance recoverables.2014 has been revised to conform to current period presentation.
(2) As of December 31, 2015 and 2014, $9.1 billion and $8.0 billion, respectively, of the insurance-related liabilities for Prudential of Japan are associated with U. S.  dollar-denominated products that are coinsured to our domestic insurance operations and supported by U. S.  dollar-denominated assets.
(3) Includes The Prudential Gibraltar Financial Life Insurance Co. , Ltd. , a wholly-owned subsidiary of Gibraltar Life.
(4) Represents our international insurance operations, excluding Japan.
The liabilities presented above are primarily supported by invested assets in our general account.
When selecting assets to support these contractual obligations, we consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions.
As a result, assets will include both liquid assets, as discussed below, and other assets that we believe adequately support our liabilities.
We believe most of the longer-term recurring pay individual life insurance policies sold by our Japanese operations do not have significant withdrawal risk because policyholders may incur surrender charges and must undergo a new underwriting process to obtain a new insurance policy.
Gibraltar Life sells fixed annuities, denominated in U. S.  and Australian dollars that may be subject to increased surrenders should the yen depreciate in relation to these currencies and interest rates in Australia and the U. S.  decline relative to Japan.
A significant portion of the liabilities associated with these contracts include a market value adjustment feature, which mitigates the profitability impact from surrenders.
As of December 31, 2015, products with a market value adjustment feature represented $21.0 billion of our Japan operations’ insurance-related liabilities, which included $17.1 billion attributable to non-yen denominated fixed annuities.
In 2013, Gibraltar Life discontinued sales of a yen-denominated single premium reduced death benefit whole life product that had a greater savings component, which made it more susceptible to increased levels of surrenders if interest rates increase in Japan.
As of December 31, 2015, yen-denominated single premium reduced death benefit whole life products represented $7.8 billion of our Japan operations’ insurance-related liabilities.
Liquid Assets Liquid assets include cash and cash equivalents, short-term investments, fixed maturities that are not designated as held-to-maturity and public equity securities.
In addition to access to substantial investment portfolios, our insurance companies’ liquidity is managed through access to a variety of instruments available for funding and/or managing cash flow mismatches, including from time to time those arising from claim levels in excess of projections.
Our ability to utilize assets and liquidity between our subsidiaries is limited by regulatory and other constraints.
We believe that ongoing operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios for each of our insurance subsidiaries.
The following table sets forth the fair value of certain of our domestic insurance operations’ portfolio of liquid assets, including cash and short-term investments, fixed maturity investments other than those designated as held-to-maturity, classified by NAIC or equivalent rating, and public equity securities, as of the dates indicated.
## Table 2 ##
(1) Includes PALAC and Pruco Life.
The following table sets forth the fair value of our international insurance operations’ portfolio of liquid assets, including cash and short-term investments, fixed maturity investments other than those designated as held-to-maturity, classified by NAIC or equivalent rating, and public equity securities, as of the dates indicated.
## Table 3 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td>Net sales</td><td>$5,742</td><td>$5,363</td><td>$7,983</td></tr><tr><td>Cost of sales</td><td>4,139</td><td>4,128</td><td>5,817</td></tr><tr><td>Gross margin</td><td>$1,603</td><td>$1,235</td><td>$2,166</td></tr><tr><td>Gross margin percentage</td><td>28%</td><td>23%</td><td>27%</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</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>$11,821</td><td>$12,077</td><td>$6,028</td></tr><tr><td>Benefits and expenses</td><td>10,890</td><td>10,862</td><td>4,989</td></tr><tr><td>Adjusted operating income</td><td>931</td><td>1,215</td><td>1,039</td></tr><tr><td>Realized investment gains (losses), net, and related adjustments</td><td>255</td><td>591</td><td>-1,489</td></tr><tr><td>Related charges</td><td>-1</td><td>-4</td><td>1</td></tr><tr><td>Investment gains (losses) on trading account assets supporting insurance liabilities, net</td><td>-581</td><td>151</td><td>-718</td></tr><tr><td>Change in experience-rated contractholder liabilities due to asset value changes</td><td>490</td><td>-106</td><td>695</td></tr><tr><td>Income (loss) from continuing operations before income taxes and equity in earnings of operating joint ventures</td><td>$1,094</td><td>$1,847</td><td>$-472</td></tr></table>
<table><tr><td></td><td colspan="5">December 31, 2015</td><td></td></tr><tr><td></td><td>PrudentialInsurance</td><td>PLIC</td><td>PRIAC</td><td>Other-1</td><td>Total</td><td>December 31,2014</td></tr><tr><td></td><td colspan="6">(in billions)</td></tr><tr><td>Cash and short-term investments</td><td>$6.2</td><td>$2.4</td><td>$0.9</td><td>$0.8</td><td>$10.3</td><td>$7.7</td></tr><tr><td>Fixed maturity investments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>High or highest quality</td><td>88.9</td><td>32.1</td><td>17.8</td><td>8.7</td><td>147.5</td><td>157.8</td></tr><tr><td>Other than high or highest quality</td><td>5.9</td><td>3.9</td><td>1.8</td><td>0.7</td><td>12.3</td><td>11.6</td></tr><tr><td>Subtotal</td><td>94.8</td><td>36.0</td><td>19.6</td><td>9.4</td><td>159.8</td><td>169.4</td></tr><tr><td>Public equity securities</td><td>0.3</td><td>2.8</td><td>0.0</td><td>0.1</td><td>3.2</td><td>4.0</td></tr><tr><td>Total</td><td>$101.3</td><td>$41.2</td><td>$20.5</td><td>$10.3</td><td>$173.3</td><td>$181.1</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2015</td><td></td></tr><tr><td></td><td>Prudentialof Japan</td><td>GibraltarLife-1</td><td>AllOther-2</td><td>Total</td><td>December 31,2014</td></tr><tr><td></td><td colspan="5">(in billions)</td></tr><tr><td>Cash and short-term investments</td><td>$0.6</td><td>$1.4</td><td>$1.5</td><td>$3.5</td><td>$2.1</td></tr><tr><td>Fixed maturity investments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>High or highest quality-3</td><td>29.2</td><td>79.0</td><td>15.6</td><td>123.8</td><td>123.9</td></tr><tr><td>Other than high or highest quality</td><td>0.5</td><td>2.5</td><td>0.3</td><td>3.3</td><td>3.0</td></tr><tr><td>Subtotal</td><td>29.7</td><td>81.5</td><td>15.9</td><td>127.1</td><td>126.9</td></tr><tr><td>Public equity securities</td><td>1.7</td><td>2.4</td><td>0.5</td><td>4.6</td><td>4.3</td></tr><tr><td>Total</td><td>$32.0</td><td>$85.3</td><td>$17.9</td><td>$135.2</td><td>$133.3</td></tr></table>

Question: What's the total value of all elements for Total that are smaller than 120 in 2015? (in billion)
Answer: 11.4
Reasoning program: add(3.5,3.3), add(#0,4.6)