Notes to the Financial Statements – Continued The tax effect of temporary differences, which gave rise to deferred tax assets and liabilities, is as follows:
## Table 0 ##
Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes is as follows:
## Table 1 ##
Timing of Deduction of Construction-Related Costs In August 2005, the IRS issued Revenue Ruling 2005-53 with respect to when federal income tax deductions can be taken for certain construction-related costs.
The Companies’ used the “simplified service cost method” (SSCM) to determine the extent to which these costs could be deducted in 2002, 2003 and 2004, and as a result reduced their current tax expense, by $289 million, of which $264 million is attributable to Con Edison of New York.
Under Revenue Ruling 2005-53, the Companies may be required to repay, with interest, a portion of their past SSCM tax benefits and to capitalize and depreciate over a period of years costs they previously deducted under SSCM.
The interest could range from zero to approximately $42 million.
Repayment of the SSCM tax benefits would not otherwise affect the Utilities’ results of operations because deferred taxes have been previously provided for the related temporary differences between the SSCM deductions taken for federal income tax purposes and the corresponding amounts charged to expense for financial reporting purposes.
Note N – Stock-Based Compensation The Companies provide stock-based compensation in the form of stock options, restricted stock units and contributions to a stock purchase plan.
Stock Options The Stock Option Plan (the 1996 Plan) provided for awards of stock options to officers and employees for up to 10 million shares of the common stock.
The Long Term Incentive Plan (LTIP) among other things, provides for awards of restricted stock units to officers, stock options to employees and deferred stock units to Con Edison’s non-officer directors for up to 10 million shares of common stock (of which not more than four million shares may be restricted stock or stock units).
Stock options generally vest over a three-year period and have a term of ten years.
Options are granted at an exercise price equal to the fair market value of a common share when the option was
RALPH LAUREN CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Comprehensive Income (Loss) Comprehensive income (loss), which is reported in the consolidated statements of equity, consists of net income (loss) and other gains and losses affecting equity that, under US GAAP, are excluded from net income (loss).
The components of other comprehensive income (loss) (“OCI”) for the Company primarily consist of foreign currency translation gains and losses; unrealized gains and losses on available-for-sale investments; unrealized gains and losses related to the accounting for defined benefit plans; and unrealized gains and losses on designated hedging instruments, such as forward foreign currency exchange contracts designated as cash flow hedges and foreign currency gains (losses) on the Company’s Euro-denominated debt designated as a hedge of its net investment in certain of its European subsidiaries.
Net Income per Common Share Basic net income per common share is computed by dividing the net income applicable to common shares after preferred dividend requirements, if any, by the weighted-average number of common shares outstanding during the period.
Weighted-average common shares include shares of the Company’s Class A and Class B common stock.
Diluted net income per common share adjusts basic net income per common share for the effects of outstanding stock options, restricted stock, restricted stock units and any other potentially dilutive financial instruments, only in the periods in which such effect is dilutive under the treasury stock method.
The weighted-average number of common shares outstanding used to calculate basic net income per common share is reconciled to those shares used in calculating diluted net income per common share as follows:
## Table 2 ##
Options to purchase shares of common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income per common share.
In addition, the Company has outstanding restricted stock units that are issuable only upon the achievement of certain service and/or performance goals.
Performance-based restricted stock units are included in the computation of diluted shares only to the extent that the underlying performance conditions (a) are satisfied prior to the end of the reporting period or (b) would be satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method.
As of the end of Fiscal 2012, Fiscal 2011 and Fiscal 2010, there was an aggregate of approximately 0.4 million, 0.4 million and 1.2 million, respectively, of additional shares issuable upon the exercise of anti-dilutive options and the contingent vesting of performance-based restricted stock units that were excluded from the diluted share calculations.
Stock-Based Compensation The Company expenses all share-based payments to employees and non-employee directors based on the grant date fair value of the awards over the requisite service period, adjusted for estimated forfeitures.
The Company uses the Black-Scholes valuation method to determine the grant date fair value of its stock option awards.
See Note 20 for further discussion of the Company’s stock-based compensation plans.
## Table 3 ##
[a] None of the credit facility was used as of December 31, 2011.
[b] $100 million of the receivables securitization facility was utilized at December 31, 2011, which is accounted for as debt.
The full program matures in August 2012.
[c] Includes guaranteed obligations related to our headquarters building, equipment financings, and affiliated operations.
[d] None of the letters of credit were drawn upon as of December 31, 2011.
Off-Balance Sheet Arrangements Guarantees – At December 31, 2011, we were contingently liable for $325 million in guarantees.
We have recorded a liability of $3 million for the fair value of these obligations as of December 31, 2011 and 2010.
We entered into these contingent guarantees in the normal course of business, and they include guaranteed obligations related to our headquarters building, equipment financings, and affiliated operations.
The final guarantee expires in 2022.
We are not aware of any existing event of default that would require us to satisfy these guarantees.
We do not expect that these guarantees will have a material adverse effect on our consolidated financial condition, results of operations, or liquidity.
OTHER MATTERS Labor Agreements – In January 2010, the nation’s largest freight railroads began the current round of negotiations with the labor unions.
Generally, contract negotiations with the various unions take place over an extended period of time.
This round of negotiations was no exception.
In September 2011, the rail industry reached agreements with the United Transportation Union.
On November 5, 2011, a Presidential Emergency Board (PEB) appointed by President Obama issued recommendations to resolve the disputes between the U. S.  railroads and 11 unions that had not yet reached agreements.
Since then, ten unions reached agreements with the railroads, all of them generally patterned on the recommendations of the PEB, and the unions subsequently ratified these agreements.
The railroad industry reached a tentative agreement with the Brotherhood of Maintenance of Way Employees (BMWE) on February 2, 2012, eliminating the immediate threat of a national rail strike.
The BMWE now will commence ratification of this tentative agreement by its members.
Inflation – Long periods of inflation significantly increase asset replacement costs for capital-intensive companies.
As a result, assuming that we replace all operating assets at current price levels, depreciation charges (on an inflation-adjusted basis) would be substantially greater than historically reported amounts.
Derivative Financial Instruments – We may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices.
We are not a party to leveraged derivatives and, by policy, do not use derivative financial instruments for speculative purposes.
Derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period.
We formally document the nature and relationships between the hedging instruments and hedged items at inception, as well as our risk-management objectives, strategies for undertaking the various hedge transactions, and method of assessing hedge effectiveness.
Changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings.
We may use swaps, collars, futures, and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices; however, the use of these derivative financial instruments may limit future benefits from favorable price movements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED) 62 Based on our interim quantitative impairment assessment as of June 30, 2018, the carrying value of the EMEA reporting unit exceeded its fair value by $579 million and we recorded a goodwill impairment charge in this amount in 2018.
Future impairments could result if the reporting unit experiences further deterioration in business performance or if there is a significant change in other qualitative or quantitative factors, including an increase in discount rates or a decrease in forecasted EBIT margin.
Annual impairment assessment We completed our annual impairment test for goodwill as of October 1, 2018.
The Company elected to bypass the qualitative assessment and perform a quantitative assessment to evaluate goodwill for all our reporting units.
Based on the quantitative assessment we determined there was no impairment of goodwill.
Other Intangible Assets The following table summarizes other intangible assets for the period presented:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2"> Con Edison</td><td colspan="2"> Con Edison of New York</td></tr><tr><td> (Millions of Dollars)</td><td>2005</td><td> 2004</td><td>2005</td><td> 2004</td></tr><tr><td>Depreciation</td><td>$1,965</td><td>$1,938</td><td>$1,789</td><td>$1,777</td></tr><tr><td>Regulatory asset – future income tax</td><td>952</td><td>762</td><td>902</td><td>715</td></tr><tr><td>State income tax</td><td>305</td><td>299</td><td>253</td><td>251</td></tr><tr><td>Capitalized overheads</td><td>418</td><td>443</td><td>390</td><td>413</td></tr><tr><td>Other</td><td>-87</td><td>106</td><td>-163</td><td>24</td></tr><tr><td> Net Liabilities</td><td>3,553</td><td>3,548</td><td>3,171</td><td>3,180</td></tr><tr><td> Investment Tax Credits</td><td>91</td><td>99</td><td>87</td><td>94</td></tr><tr><td> Deferred Income Taxes and Investment Tax Credits</td><td>$3,644</td><td>$3,647</td><td>$3,258</td><td>$3,274</td></tr><tr><td> Deferred Income Taxes – Recoverable Energy Costs</td><td>90</td><td>79</td><td>78</td><td>72</td></tr><tr><td> Total Deferred Income Taxes and Investment Tax Credits</td><td>$3,734</td><td>$3,726</td><td>$3,336</td><td>$3,346</td></tr></table>
<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">Con Edison of New York</td></tr><tr><td> (% of Pre-tax income)</td><td>2005</td><td>2004</td><td>2003</td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td> Statutory Tax Rate</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal</td><td>35%</td><td>35%</td><td>35%</td><td>35%</td><td>35%</td><td>35%</td></tr><tr><td>Changes in computed taxes resulting from:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>State income tax</td><td>4</td><td>5</td><td>6</td><td>4</td><td>6</td><td>6</td></tr><tr><td>Depreciation related differences</td><td>2</td><td>3</td><td>3</td><td>2</td><td>3</td><td>3</td></tr><tr><td>Cost of removal</td><td>-6</td><td>-6</td><td>-5</td><td>-6</td><td>-6</td><td>-5</td></tr><tr><td>Amortization of taxes associated with divested assets</td><td>-1</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-3</td><td>-4</td><td>-1</td><td>-2</td><td>-4</td><td>-1</td></tr><tr><td>Effective Tax Rate</td><td>31%</td><td>33%</td><td>38%</td><td>32%</td><td>34%</td><td>38%</td></tr></table>
<table><tr><td></td><td colspan="3"> Fiscal Years Ended</td></tr><tr><td></td><td> March 31, 2012</td><td> April 2, 2011</td><td> April 3, 2010</td></tr><tr><td></td><td colspan="3"> (millions)</td></tr><tr><td>Basic</td><td>92.7</td><td>96.0</td><td>98.9</td></tr><tr><td>Dilutive effect of stock options, restricted stock and restricted stock units</td><td>2.8</td><td>2.7</td><td>2.4</td></tr><tr><td>Diluted shares</td><td>95.5</td><td>98.7</td><td>101.3</td></tr></table>
<table><tr><td></td><td></td><td><i>Amount of Commitment Expiration per Period</i></td></tr><tr><td><i>Other Commercial Commitments</i><i>Millions</i></td><td><i>Total</i></td><td><i>2012</i></td><td><i>2013</i></td><td><i>2014</i></td><td><i>2015</i></td><td><i>2016</i></td><td><i>After 2016</i></td></tr><tr><td>Credit facilities [a]</td><td>$1,800</td><td>$-</td><td>$-</td><td>$-</td><td>$1,800</td><td>$-</td><td>$-</td></tr><tr><td>Receivables securitization facility [b]</td><td>600</td><td>600</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guarantees [c]</td><td>325</td><td>18</td><td>8</td><td>214</td><td>12</td><td>13</td><td>60</td></tr><tr><td>Standby letters of credit [d]</td><td>24</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total commercialcommitments</td><td>$2,749</td><td>$642</td><td>$8</td><td>$214</td><td>$1,812</td><td>$13</td><td>$60</td></tr></table>

Question: What is the growing rate of Depreciation of Con Edison in the years with the least Capitalized overheads?
Answer: 0.01393
Reasoning program: subtract(1965,1938), divide(#0,1938)