Note 11.
Commitments and Contingencies Commitments Leases The Company?s corporate headquarters is located in Danvers, Massachusetts.
This facility encompasses most of the Company?s U. S.  operations, including research and development, manufacturing, sales and marketing and general and administrative departments.
In October 2017, the acquired its corporate headquarters for approximately $16.5 million and terminated its existing lease arrangement (See Note 6).
Future minimum lease payments under non-cancelable leases as of March 31, 2018 are approximately as follows:
## Table 0 ##
In February 2017, the Company entered into a lease agreement for an additional 21,603 square feet of office space in Danvers, Massachusetts which expires on July 31, 2022.
In December 2017, the Company entered into an amendment to this lease to extend the term through August 31, 2025 and to add an additional 6,607 square feet of space in which rent would begin around June 1, 2018.
The amendment also allows the Company a right of first offer to purchase the property from January 1, 2018 through August 31, 2035, if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer.
In March 2018, the Company entered into an amendment to the lease to add an additional 11,269 square feet of space for which rent will begin on or around June 1, 2018 through August 31, 2025.
The annual rent expense for this lease agreement is estimated to be $0.4 million.
In September 2016, the Company entered into a lease agreement in Berlin, Germany which commenced in May 2017 and expires in May 2024.
The annual rent expense for the lease is estimated to be $0.3 million.
In October 2016, the Company entered into a lease agreement for an office in Tokkyo, Japan and expires in September 2021.
The office houses administrative, regulatory, and training personnel in connection with the Company?s commercial launch in Japan.
The annual rent expense for the lease is estimated to be $0.9 million.
License Agreements In April 2014, the Company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices.
Pursuant to the terms of the license agreement, the Company agreed to make potential payments of $6.0 million.
Through March 31, 2018, the Company has made $3.5 million in milestones payments which included a $1.5 million upfront payment upon the execution of the agreement.
Any potential future milestone payment amounts have not been included in the contractual obligations table above due to the uncertainty related to the successful achievement of these milestones.
Contingencies From time to time, the Company is involved in legal and administrative proceedings and claims of various types.
In some actions, the claimants seek damages, as well as other relief, which, if granted, would require significant expenditures.
The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated.
The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate.
If a matter is both probable to result in liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss.
If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:
## Table 1 ##
(1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.
In the event of a liquidation, dissolution or winding-up of the Company, holders of Common Stock would be entitled to receive a proportionate share of the net assets of the Company that remain after paying all liabilities and the liquidation preferences of any preferred stock.
Common Stock Held in Treasury Common Stock held in treasury is accounted for at average cost.
Gains resulting from the reissuance of “Common Stock held in treasury” are credited to “Additional paid-in capital.
” Losses resulting from the reissuance of “Common Stock held in treasury” are charged first to “Additional paid-in capital” to the extent the Company has previously recorded gains on treasury share transactions, then to “Retained earnings.
” In June 2014, Prudential Financial’s Board of Directors authorized the Company to repurchase at management’s discretion up to $1.0 billion of its outstanding Common Stock from July 1, 2014 through June 30, 2015.
Under this authorization, 11.7 million shares of the Company’s Common Stock were repurchased at a total cost of $1.0 billion, of which 6.0 million shares were repurchased in the first six months of 2015 at a total cost of $500 million.
In June 2015, Prudential Financial’s Board of Directors authorized the Company to repurchase at management’s discretion up to $1.0 billion of its outstanding Common Stock from July 1, 2015 through June 30, 2016.
As of December 31, 2015, 6.1 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $500 million.
In December 2015, Prudential Financial’s Board of Directors authorized the Company to repurchase at management’s discretion up to $1.5 billion of its outstanding Common Stock during the period from January 1, 2016 through December 31, 2016.
Effective January 1, 2016, this authorization superseded the Company’s previous $1.0 billion share repurchase authorization that covered the period from July 1, 2015 through June 30, 2016.
In August 2016, the Board of Directors authorized a $500 million increase to the authorization for calendar year 2016.
As a result, the Company’s aggregate share repurchase authorization for the full year 2016 was $2.0 billion.
As of December 31, 2016, 25.1 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $2.0 billion.
In December 2016, Prudential Financial’s Board of Directors authorized the Company to repurchase at management’s discretion up to $1.25 billion of its outstanding Common Stock from January 1, 2017 through December 31, 2017.
The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and repurchases may be effected in the open market, through derivative, accelerated repurchase and other negotiated transactions and through prearranged trading plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934.
Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions on the segments.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements Fair Value of Financial Instruments The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value.
The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position; however, in some cases, as described below, the carrying amount equals or approximates fair value.
## Table 2 ##
December 31, 2015(1)
## Table 3 ##
(1) Effective January 1, 2016, the Company adopted new accounting guidance (ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share or Its Equivalent (Topic 820)), which removes the requirement to categorize within the fair value hierarchy all investments measured at net asset value per share (or its equivalent) as a practical expedient.
As a result of the adoption of this new guidance, certain other long-term investments are no longer classified in the fair value hierarchy.
The guidance was required to be applied retrospectively, and therefore,
Results from pension and employee benefits decreased $12 million, including higher expenses from our non-qualified pension plan driven by unfavorable census and assumption updates as of December 31, 2014.
This decrease was partially offset by higher income from our qualified pension plan driven by the impact of the decline in interest rates in 2014, partially offset by the negative impact of our mortality assumption update as of December 31, 2014, following the Society of Actuaries’ final issuance in October 2014 of a study of mortality rates and expected future improvement in mortality rates for U. S.  benefit plan participants.
Capital Protection Framework “Realized investment gains (losses), net and related adjustments,” which are excluded from adjusted operating income, included net losses of $1,649 million, $673 million and $3,694 million for the years ended December 31, 2016, 2015 and 2014, respectively, primarily resulting from our utilization of capital management strategies to manage a portion of our interest rate risk, and reflect changes in interest rates with respect to the exposures outstanding during the respective periods.
In implementing our capital management strategies, Corporate and Other may enter into intercompany derivatives with certain business segments.
During 2016, primarily as a result of the change in our Individual Annuities’ risk management strategy, we terminated a significant portion of the existing intercompany derivative transactions related to interest rate risk and expect to manage most of this risk within the business segments in the future.
For more information on our Individual Annuities risk management strategy, see “—Executive Summary—Variable Annuities Recapture and Risk Management Strategy” and “—Individual Annuities.
” For more information on our Capital Protection Framework, see “—Liquidity and Capital Resources—Capital Protection Framework.
” Divested Businesses Divested Businesses Included in Corporate and Other Our income from continuing operations includes results from several businesses that have been or will be sold or exited, including businesses that have been placed in wind down status that do not qualify for “discontinued operations” accounting treatment under U. S.  GAAP.
The results of these divested businesses are reflected in our Corporate and Other operations, but are excluded from adjusted operating income.
A summary of the results of the divested businesses reflected in our Corporate and Other operations is as follows for the periods indicated:
## Table 4 ##
Long-Term Care.
Results for the year ended December 31, 2016 decreased compared to 2015 primarily reflecting an increase in net realized investment losses, driven by the change in market value of derivatives used in duration management.
This decrease was partially offset by favorable policy experience and higher net investment income.
Results for the year ended December 31, 2015 decreased compared to 2014 primarily reflecting a net realized investment loss in 2015 compared to a net realized investment gain in 2014, primarily driven by the change in market value of the derivatives used in duration management.
This decrease also reflected unfavorable policy experience and an unfavorable comparative impact from our annual review and update of assumptions and other refinements.
Closed Block Division The Closed Block division includes certain in force traditional domestic participating life insurance and annuity products and assets that are used for the payment of benefits and policyholder dividends on these policies (collectively the “Closed Block”), as well as certain related assets and liabilities.
We no longer offer these traditional domestic participating policies.
See Note 12 to the Consolidated Financial Statements for additional details.
Each year, the Board of Directors of Prudential Insurance determines the dividends payable on participating policies for the following year based on the experience of the Closed Block, including investment income, net realized and unrealized investment gains, mortality experience and other factors.
Although Closed Block experience for dividend action decisions is based upon statutory results, at the time the Closed Block was established, we developed, as required by U. S.  GAAP, an actuarial calculation of the timing of the maximum future earnings from the policies included in the Closed Block.
If actual cumulative earnings in any given period are greater than the cumulative earnings we expected, we record this excess as a policyholder dividend obligation.
We will subsequently pay this excess to Closed Block policyholders as an additional dividend unless it is otherwise offset by future Closed Block performance that is less favorable than we originally expected.
The policyholder dividends we charge to expense within the Closed Block division will include any change in our policyholder dividend obligation that we recognize for the excess of actual cumulative earnings in any given period over the cumulative earnings we expected in addition to the actual policyholder dividends declared by the Board of Directors of Prudential Insurance.
As of December 31, 2016, the excess of actual cumulative earnings over the expected cumulative earnings was $1,647 million, which was recorded as a policyholder dividend obligation.
Actual cumulative earnings, as required by U. S.  GAAP, reflect the recognition of realized investment gains and losses in the current period, as well as changes in assets and related liabilities that support the Closed Block policies.
Additionally, the accumulation of net unrealized investment gains that have arisen subsequent to the establishment of the Closed Block have been reflected as a policyholder dividend obligation of $3,011 million at December 31, 2016, to be paid to Closed Block policyholders unless offset by future experience, with a corresponding amount reported in AOCI.
Operating Results The following table sets forth the Closed Block division’s results for the periods indicated.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Fiscal Years Ending March 31,</td><td>Operating Leases (in $000s)</td></tr><tr><td>2019</td><td>$2,078</td></tr><tr><td>2020</td><td>1,888</td></tr><tr><td>2021</td><td>1,901</td></tr><tr><td>2022</td><td>1,408</td></tr><tr><td>2023</td><td>891</td></tr><tr><td>Thereafter</td><td>1,923</td></tr><tr><td>Total minimum lease payments</td><td>$10,089</td></tr></table>
<table><tr><td></td><td colspan="3">Common Stock</td></tr><tr><td></td><td>Issued</td><td>Held InTreasury</td><td>Outstanding</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Balance, December 31, 2013</td><td>660.1</td><td>199.0</td><td>461.1</td></tr><tr><td>Common Stock issued</td><td>0.0</td><td>0.0</td><td>0.0</td></tr><tr><td>Common Stock acquired</td><td>0.0</td><td>11.6</td><td>-11.6</td></tr><tr><td>Stock-based compensation programs-1</td><td>0.0</td><td>-5.3</td><td>5.3</td></tr><tr><td>Balance, December 31, 2014</td><td>660.1</td><td>205.3</td><td>454.8</td></tr><tr><td>Common Stock issued</td><td>0.0</td><td>0.0</td><td>0.0</td></tr><tr><td>Common Stock acquired</td><td>0.0</td><td>12.1</td><td>-12.1</td></tr><tr><td>Stock-based compensation programs-1</td><td>0.0</td><td>-4.4</td><td>4.4</td></tr><tr><td>Balance, December 31, 2015</td><td>660.1</td><td>213.0</td><td>447.1</td></tr><tr><td>Common Stock issued</td><td>0.0</td><td>0.0</td><td>0.0</td></tr><tr><td>Common Stock acquired</td><td>0.0</td><td>25.1</td><td>-25.1</td></tr><tr><td>Stock-based compensation programs-1</td><td>0.0</td><td>-7.6</td><td>7.6</td></tr><tr><td>Balance, December 31, 2016</td><td>660.1</td><td>230.5</td><td>429.6</td></tr></table>
<table><tr><td></td><td colspan="5">December 31, 2016-1</td></tr><tr><td></td><td colspan="4">Fair Value</td><td>CarryingAmount-2</td></tr><tr><td></td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td><td>Total</td></tr><tr><td></td><td colspan="5">(in millions)</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, held-to-maturity-3</td><td>$0</td><td>$1,526</td><td>$998</td><td>$2,524</td><td>$2,144</td></tr><tr><td>Trading account assets</td><td>0</td><td>150</td><td>0</td><td>150</td><td>150</td></tr><tr><td>Commercial mortgage and other loans</td><td>0</td><td>139</td><td>53,625</td><td>53,764</td><td>52,260</td></tr><tr><td>Policy loans</td><td>1</td><td>0</td><td>11,754</td><td>11,755</td><td>11,755</td></tr><tr><td>Short-term investments</td><td>0</td><td>326</td><td>0</td><td>326</td><td>326</td></tr><tr><td>Cash and cash equivalents</td><td>4,945</td><td>876</td><td>0</td><td>5,821</td><td>5,821</td></tr><tr><td>Accrued investment income</td><td>0</td><td>3,204</td><td>0</td><td>3,204</td><td>3,204</td></tr><tr><td>Other assets</td><td>54</td><td>1,976</td><td>658</td><td>2,688</td><td>2,688</td></tr><tr><td>Total assets</td><td>$5,000</td><td>$8,197</td><td>$67,035</td><td>$80,232</td><td>$78,348</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholders’ account balances—investment contracts</td><td>$0</td><td>$41,653</td><td>$58,392</td><td>$100,045</td><td>$99,719</td></tr><tr><td>Securities sold under agreements to repurchase</td><td>0</td><td>7,606</td><td>0</td><td>7,606</td><td>7,606</td></tr><tr><td>Cash collateral for loaned securities</td><td>0</td><td>4,333</td><td>0</td><td>4,333</td><td>4,333</td></tr><tr><td>Short-term debt</td><td>0</td><td>1,077</td><td>73</td><td>1,150</td><td>1,133</td></tr><tr><td>Long-term debt-4</td><td>1,267</td><td>15,705</td><td>2,957</td><td>19,929</td><td>18,041</td></tr><tr><td>Other liabilities</td><td>0</td><td>6,540</td><td>696</td><td>7,236</td><td>7,236</td></tr><tr><td>Separate account liabilities—investment contracts</td><td>0</td><td>71,010</td><td>27,578</td><td>98,588</td><td>98,588</td></tr><tr><td>Total liabilities</td><td>$1,267</td><td>$147,924</td><td>$89,696</td><td>$238,887</td><td>$236,656</td></tr></table>
<table><tr><td></td><td colspan="5">December 31, 2015-1</td></tr><tr><td></td><td colspan="4">Fair Value</td><td>CarryingAmount-2</td></tr><tr><td></td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td><td>Total</td></tr><tr><td></td><td colspan="5">(in millions)</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, held-to-maturity-3</td><td>$0</td><td>$1,543</td><td>$1,081</td><td>$2,624</td><td>$2,308</td></tr><tr><td>Commercial mortgage and other loans</td><td>0</td><td>533</td><td>51,046</td><td>51,579</td><td>50,285</td></tr><tr><td>Policy loans</td><td>0</td><td>0</td><td>11,657</td><td>11,657</td><td>11,657</td></tr><tr><td>Short-term investments</td><td>0</td><td>617</td><td>1</td><td>618</td><td>618</td></tr><tr><td>Cash and cash equivalents</td><td>2,832</td><td>572</td><td>0</td><td>3,404</td><td>3,404</td></tr><tr><td>Accrued investment income</td><td>0</td><td>3,110</td><td>0</td><td>3,110</td><td>3,110</td></tr><tr><td>Other assets</td><td>136</td><td>2,334</td><td>652</td><td>3,122</td><td>3,122</td></tr><tr><td>Total assets</td><td>$2,968</td><td>$8,709</td><td>$64,437</td><td>$76,114</td><td>$74,504</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholders’ account balances—investment contracts</td><td>$0</td><td>$39,314</td><td>$54,957</td><td>$94,271</td><td>$93,937</td></tr><tr><td>Securities sold under agreements to repurchase</td><td>0</td><td>7,882</td><td>0</td><td>7,882</td><td>7,882</td></tr><tr><td>Cash collateral for loaned securities</td><td>0</td><td>3,496</td><td>0</td><td>3,496</td><td>3,496</td></tr><tr><td>Short-term debt</td><td>0</td><td>1,221</td><td>0</td><td>1,221</td><td>1,216</td></tr><tr><td>Long-term debt-4(5)</td><td>1,328</td><td>16,540</td><td>3,433</td><td>21,301</td><td>19,594</td></tr><tr><td>Other liabilities</td><td>0</td><td>5,344</td><td>695</td><td>6,039</td><td>6,039</td></tr><tr><td>Separate account liabilities—investment contracts</td><td>0</td><td>69,978</td><td>32,267</td><td>102,245</td><td>102,245</td></tr><tr><td>Total liabilities</td><td>$1,328</td><td>$143,775</td><td>$91,352</td><td>$236,455</td><td>$234,409</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Long-Term Care</td><td>$-74</td><td>$-67</td><td>$171</td></tr><tr><td>Other</td><td>-10</td><td>1</td><td>-4</td></tr><tr><td>Total divested businesses income (loss) excluded from adjusted operating income</td><td>$-84</td><td>$-66</td><td>$167</td></tr></table>

Question: Does the proportion of Policy loans in total larger than that of Cash and cash equivalents in total fair value?
Answer: 0.10843
Reasoning program: divide(11657,76114), divide(3404,76114), subtract(#0,#1)