Advice & Wealth Management Our Advice & Wealth Management segment provides financial planning and advice, as well as full service brokerage and banking services, primarily to retail clients, through our financial advisors.
Our affiliated advisors utilize a diversified selection of both proprietary and non-proprietary products to help clients meet their financial needs.
The following table presents the results of operations of our Advice & Wealth Management segment for the years ended December 31, 2008 and 2007:
## Table 0 ##
Our Advice & Wealth Management segment pretax loss was $149 million in 2008 compared to pretax income of $285 million in 2007.
Net revenues Net revenues were $3.1 billion in 2008 compared to $3.8 billion in 2007, a decrease of $692 million, or 18%, primarily driven by decreases in net investment income from realized investment losses and lower distribution fees.
Management and financial advice fees decreased $11 million, or 1%, to $1.3 billion in 2008.
The decrease was primarily due to a $21.1 billion decline in total wrap account assets as a result of the deterioration in the equity markets, as well as lower net inflows compared to the prior year period, partially offset by a $2.0 billion increase in wrap account assets related to our acquisition of H&R Block Financial Advisors, Inc.  Net inflows in wrap accounts decreased to $3.7 billion in 2008 from net inflows of $11.7 billion in 2007.
Distribution fees decreased $306 million, or 14%, from $2.2 billion in 2007 to $1.9 billion in 2008 primarily due to market depreciation and decreased sales volume due to a shift in client behavior away from traditional investment activity.
Net investment income decreased $431 million from $399 million in 2007 to a loss of $32 million in 2008, primarily due to net realized investment losses of $333 million on Available-for-Sale securities in 2008, primarily from other-than-temporary impairments.
Investment income from fixed maturity securities and other investments decreased $99 million primarily due to lower yields on our investment portfolio as we increased our liquidity position.
Banking and deposit interest expense decreased $52 million, or 23%, to $178 million in 2008 compared to $230 million in 2007.
This decrease is due to lower crediting rates accrued on certificates.
Expenses Total expenses decreased $258 million, or 7%, from $3.5 billion in 2007 to $3.3 billion in 2008 primarily due to a $235 million decrease in distribution expenses resulting from the impact of lower asset levels and cash sales on advisor compensation as reflected by a decrease in net revenues per advisor from $315,000 in 2007 to $267,000 in 2008.
General and administrative expense decreased $23 million, or 2%, from the prior year period primarily due to our expense reduction initiatives in 2008, partially offset by acquisition integration costs.
AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) from December 1 through May 31 of each year.
During the 2008, 2007 and 2006 offering periods employees purchased 55,764, 48,886 and 53,210 shares, respectively, at weighted average prices per share of $30.08, $33.93 and $24.98, respectively.
The fair value of the ESPP offerings is estimated on the offering period commencement date using a Black-Scholes pricing model with the expense recognized over the expected life, which is the six month offering period over which employees accumulate payroll deductions to purchase the Company’s Common Stock.
The weighted average fair value for the ESPP shares purchased during 2008, 2007 and 2006 were $7.89, $9.09 and $6.79, respectively.
At December 31, 2008, 8.8 million shares remain reserved for future issuance under the plan.
Key assumptions used to apply this pricing model for the years ended December 31, are as follows:
## Table 1 ##
13.
STOCKHOLDERS’ EQUITY Warrants—In January 2003, the Company issued warrants to purchase approximately 11.4 million shares of its Common Stock in connection with an offering of 808,000 units, each consisting of $1,000 principal amount at maturity of ATI 12.25% senior subordinated discount notes due 2008 and a warrant to purchase 14.0953 shares of the Company’s Common Stock.
These warrants became exercisable on January 29, 2006 at an exercise price of $0.01 per share.
As these warrants expired on August 1, 2008, none were outstanding as of December 31, 2008.
In August 2005, the Company completed its merger with SpectraSite, Inc.  and assumed outstanding warrants to purchase shares of SpectraSite, Inc.  common stock.
As of the merger completion date, each warrant was exercisable for two shares of SpectraSite, Inc.  common stock at an exercise price of $32 per warrant.
Upon completion of the merger, each warrant to purchase shares of SpectraSite, Inc.  common stock automatically converted into a warrant to purchase shares of the Company’s Common Stock, such that upon exercise of each warrant, the holder has a right to receive 3.575 shares of the Company’s Common Stock in lieu of each share of SpectraSite, Inc.  common stock that would have been receivable under each assumed warrant prior to the merger.
Upon completion of the Company’s merger with SpectraSite, Inc. , these warrants were exercisable for approximately 6.8 million shares of Common Stock.
Of these warrants, warrants to purchase approximately 1.8 million and 2.0 million shares of Common Stock remained outstanding as of December 31, 2008 and 2007, respectively.
These warrants will expire on February 10, 2010.
Stock Repurchase Programs—During the year ended December 31, 2008, the Company repurchased an aggregate of approximately 18.3 million shares of its Common Stock for an aggregate of $697.1 million, including commissions and fees, pursuant to its publicly announced stock repurchase programs, as described below.
Notes to Consolidated Financial Statements Summary of Significant Accounting Policies NATURE OF BUSINESS The Company franchises and operates McDonald’s restaurants in the global restaurant industry.
All restaurants are operated either by the Company or by franchisees, including conventional franchisees under franchise arrangements, and developmental licensees and foreign affiliates under license agreements.
The following table presents restaurant information by ownership type:
## Table 2 ##
The results of operations of restaurant businesses purchased and sold in transactions with franchisees were not material either individually or in the aggregate to the consolidated financial statements for periods prior to purchase and sale.
CONSOLIDATION The consolidated financial statements include the accounts of the Company and its subsidiaries.
Investments in affiliates owned 50% or less (primarily McDonald’s Japan and China) are accounted for by the equity method.
On an ongoing basis, the Company evaluates its business relationships such as those with franchisees, joint venture partners, developmental licensees, suppliers, and advertising cooperatives to identify potential variable interest entities.
Generally, these businesses qualify for a scope exception under the variable interest entity consolidation guidance.
The Company has concluded that consolidation of any such entity is not appropriate for the periods presented.
ESTIMATES IN FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the U. S.  requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
RECENTLY ISSUED ACCOUNTING STANDARDS Measurement Period - Tax Cuts and Jobs Act of 2017 On December 22, 2017, the Securities and Exchange Commission's Office of the Chief Accountant published Staff Accounting Bulletin No.118 (SAB 118), which provides guidance on reporting for accounting impacts of the recently enacted tax reform legislation.
SAB 118 permits the Company to provide reasonable estimates for the income tax effects of the Tax Cuts and Jobs Act of 2017 (“Tax Act”) and to report the effects as provisional amounts in its financial statements during a limited measurement period.
Under SAB 118, the measurement period may not extend beyond one year from the enactment of the Tax Act.
Derivatives and Hedging In August 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No.2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”.
ASU 2017-12 expands components of fair value hedging, specifies the recognition and presentation of the effects of hedging instruments, and eliminates the separate measurement and presentation of hedge ineffectiveness.
The Company anticipates it will early adopt ASU 2017-12 in 2018 utilizing the modified retrospective transition method.
The Company anticipates the adoption of this standard will not have a material impact on its financial statements.
Intangibles In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test.
As a result, an impairment charge will be recorded based on the excess of a reporting unit's carrying amount over its fair value.
ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for annual and interim goodwill impairment testing dates after January 1, 2017.
The Company has not made a determination on if it will early adopt ASU 2017-04, but it does not expect an impact to the consolidated financial statements from the adoption.
Income Taxes In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.
” The goal of this update is to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory.
ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual reporting periods.
ASU 2016-16 will impact the Company’s consolidated balance sheet, resulting in a cumulative catch up adjustment within miscellaneous other assets.
The adjustment is expected to be less than 1% of retained earnings as of December 31, 2017.
The Company expects little to no impact on the consolidated statements of income and cash flows.
Lease Accounting In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.
Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U. S.  GAAP.
ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted.
The Company will adopt the new standard effective January 1, 2019.
At transition, the Company will recognize and measure leases using the required modified retrospective approach.
The Company anticipates ASU 2016-02 will have a material impact to the consolidated balance sheet due to the significance of the Company’s operating lease portfolio as described in Leasing Arrangements.
The Company will elect an optional practical expedient to retain the current classification of leases, and, therefore, anticipates a minimal initial impact on the consolidated statement of income.
The impact of ASU 2016-02 is non-cash in nature; as such, it will not affect the Company’s cash flows.
REVENUE RECOGNITION The Company’s revenues consist of sales by Company-operated restaurants and fees from franchised restaurants operated by conventional franchisees, developmental licensees and foreign affiliates.
Sales by Company-operated restaurants are recognized on a cash basis.
The Company presents sales net of sales tax and other sales-related taxes.
Revenues from conventional franchised restaurants include rent and royalties based on a percent of sales

Tables referenced above, in order (Table 0 first):
<table><tr><td> </td><td colspan="2"> Years Ended December 31,</td><td></td><td></td></tr><tr><td> </td><td>2008</td><td> 2007</td><td colspan="2">Change</td></tr><tr><td> </td><td colspan="4">(in millions, except percentages)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$1,339</td><td>$1,350</td><td>$-11</td><td>-1%</td></tr><tr><td>Distribution fees</td><td>1,912</td><td>2,218</td><td>-306</td><td>-14</td></tr><tr><td>Net investment income</td><td>-32</td><td>399</td><td>-431</td><td>NM</td></tr><tr><td>Other revenues</td><td>80</td><td>76</td><td>4</td><td>5</td></tr><tr><td>Total revenues</td><td>3,299</td><td>4,043</td><td>-744</td><td>-18</td></tr><tr><td>Banking and deposit interest expense</td><td>178</td><td>230</td><td>-52</td><td>-23</td></tr><tr><td>Total net revenues</td><td>3,121</td><td>3,813</td><td>-692</td><td>-18</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>2,114</td><td>2,349</td><td>-235</td><td>-10</td></tr><tr><td>General and administrative expense</td><td>1,156</td><td>1,179</td><td>-23</td><td>-2</td></tr><tr><td>Total expenses</td><td>3,270</td><td>3,528</td><td>-258</td><td>-7</td></tr><tr><td>Pretax income (loss)</td><td>$-149</td><td>$285</td><td>$-434</td><td>NM</td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Range of risk free interest rates</td><td>1.99%—3.28%</td><td>4.98%—5.05%</td><td>5.01%—5.17%</td></tr><tr><td>Weighted average risk-free interest rate</td><td>2.58%</td><td>5.02%</td><td>5.08%</td></tr><tr><td>Expected life of the shares</td><td>6 months</td><td>6 months</td><td>6 months</td></tr><tr><td>Range of expected volatility of underlying stock price</td><td>27.85%—28.51%</td><td>27.53%—28.74%</td><td>29.60%</td></tr><tr><td>Weighted average expected volatility of underlying stock price</td><td>28.51%</td><td>28.22%</td><td>29.60%</td></tr><tr><td>Expected annual dividends</td><td>N/A</td><td>N/A</td><td>N/A</td></tr></table>
<table><tr><td>Restaurants at December 31,</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Conventional franchised</td><td>21,366</td><td>21,559</td><td>21,147</td></tr><tr><td>Developmental licensed</td><td>6,945</td><td>6,300</td><td>5,529</td></tr><tr><td>Foreign affiliated</td><td>5,797</td><td>3,371</td><td>3,405</td></tr><tr><td>Franchised</td><td>34,108</td><td>31,230</td><td>30,081</td></tr><tr><td>Company-operated</td><td>3,133</td><td>5,669</td><td>6,444</td></tr><tr><td>Systemwide restaurants</td><td>37,241</td><td>36,899</td><td>36,525</td></tr></table>

Question: How many distribution fees exceed the average of distribution fees in 2008 and 2007?
Answer: 1