Supplemental Financial Data We view net interest income and related ratios and analyses (i. e. , efficiency ratio and net interest yield) on a FTE basis.
Although these are non-GAAP measures, we believe managing the business with net interest income on a FTE basis provides a more accurate picture of the interest margin for comparative purposes.
To derive the FTE basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense.
For purposes of this calculation, we use the federal statutory tax rate of 35 percent.
This measure ensures comparability of net interest income arising from taxable and tax-exempt sources.
As mentioned above, certain per formance measures including the efficiency ratio and net interest yield utilize net interest income (and thus total revenue) on a FTE basis.
The efficiency ratio measures the costs expended to generate a dollar of revenue, and net interest yield evaluates how many basis points we are earning over the cost of funds.
During our annual planning process, we set efficiency targets for the Corporation and each line of business.
We believe the use of these non-GAAP measures provides additional clarity in assessing our results.
Targets vary by year and by business and are based on a variety of factors including maturity of the business, competitive environment, market factors and other items including our risk appetite.
We also evaluate our business based on the following ratios that utilize tangible equity, a non-GAAP measure.
Return on average tangible common shareholders’ equity measures our earnings contribution as a percentage of common shareholders’ equity plus any Common Equivalent Securities (CES) less goodwill and intangible assets, (excluding MSRs), net of related deferred tax liabilities.
ROTE measures our earnings contribution as a percentage of average shareholders’ equity less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
The tangible common equity ratio represents common shareholders’ equity plus any CES less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities divided by total assets less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
The tangible equity ratio represents total shareholders’ equity less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities divided by total assets less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities.
Tangible book value per common share represents ending common shareholders’ equity less goodwill and intangible assets (excluding MSRs), net of related deferred tax liabilities divided by ending common shares outstanding plus the number of common shares issued upon conversion of common equivalent shares.
These measures are used to evaluate our use of equity (i. e. , capital).
In addition, profitability, relationship and investment models all use ROTE as key measures to support our overall growth goals.
The aforementioned supplemental data and per formance measures are presented in Tables 6 and 7 and Statistical Tables XII and XIV.
In addition, in Table 7 and Statistical Table XIV, we have excluded the impact of goodwill impairment charges of $12.4 billion recorded in 2010 when presenting earnings and diluted earnings per common share, the efficiency ratio, return on average assets, return on average common shareholders’ equity, return on average tangible common shareholders’ equity and ROTE.
Accordingly, these are non-GAAP measures.
Statistical Tables XIII and XV provide reconciliations of these non-GAAP measures with financial measures defined by GAAP.
We believe the use of these non-GAAP measures provides additional clarity in assessing the results of the Corporation.
Other companies may define or calculate these measures and ratios differently
## Table 0 ##
(1) Calculation includes fees earned on overnight deposits placed with the Federal Reserve of $368 million and $379 million for 2010 and 2009.
The Corporation did not have fees earned on overnight deposits during 2008, 2007 and 2006.
(2) Per formance ratios are calculated excluding the impact of goodwill impairment charges of $12.4 billion recorded during 2010.
Baker Hughes, a GE company Notes to Consolidated and Combined Financial Statements issuance pursuant to awards granted under the LTI Plan over its term which expires on the date of the annual meeting of the Company in 2027.
A total of 53.7 million shares of Class A common stock are available for issuance as of December 31, 2017.
As a result of the acquisition of Baker Hughes, on July 3, 2017, each outstanding Baker Hughes stock option was converted into an option to purchase a share of Class A common stock in the Company.
Consequently, we issued 6.8 million stock options which are fully vested.
Each converted option is subject to the same terms and conditions as applied to the original option, and the per share exercise price of each converted option was reduced by $17.50 to reflect the per share amount of the special dividend pursuant to the agreement associated with the Transactions.
Additionally, as a result of the acquisition of Baker Hughes, there were 1.7 million Baker Hughes restricted stock units (RSUs) that were converted to BHGE RSUs at a fair value of $40.18.
Stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant.
The compensation cost is determined based on awards ultimately expected to vest; therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates.
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures.
There were no stock-based compensation costs capitalized as the amounts were not material.
During the year ended December 31, 2017, we issued 2.1 million RSUs and 1.6 million stock options under the LTI Plan.
These RSUs and stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the Company through such vesting date.
Stock based compensation expense was $37 million in 2017.
Included in this amount is $15 million of expense which relates to the acceleration of equity awards upon termination of employment of Baker Hughes employees with change in control agreements, and are included as part of "Merger and related costs" in the consolidated and combined statements of income (loss).
As BHGE LLC is a pass through entity, any tax benefit would be recognized by its partners.
Due to its cumulative losses, BHGE is unable to recognize a tax benefit on its share of stock related expenses.
Stock Options The fair value of each stock option granted is estimated using the Black-Scholes option pricing model.
The following table presents the weighted average assumptions used in the option pricing model for options granted under the LTI Plan.
The expected life of the options represents the period of time the options are expected to be outstanding.
The expected life is based on a simple average of the vesting term and original contractual term of the awards.
The expected volatility is based on the historical volatility of our five main competitors over a six year period.
The risk-free interest rate is based on the observed U. S.  Treasury yield curve in effect at the time the options were granted.
The dividend yield is based on a five year history of dividend payouts in Baker Hughes.
## Table 1 ##
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Fiscal years ended May 25, 2008, May 27, 2007, and May 28, 2006 Columnar Amounts in Millions Except Per Share Amounts The following table presents estimated future gross benefit payments and Medicare Part D subsidy receipts for the Company’s plans:
## Table 2 ##
Certain employees of the Company are covered under defined contribution plans.
The expense related to these plans was $24.4 million, $22.9 million, and $25.9 million in fiscal 2008, 2007, and 2006, respectively.19.
RELATED PARTY TRANSACTIONS Sales to affiliates (equity method investees) of $4.2 million, $3.8 million, and $2.9 million for fiscal 2008, 2007, and 2006, respectively, are included in net sales.
The Company received management fees from affiliates of $16.3 million, $14.8 million, and $13.5 million in fiscal 2008, 2007, and 2006, respectively.
Accounts receivable from affiliates totaled $3.2 million and $2.5 million at May 25, 2008 and May 27, 2007, respectively, of which $3.0 million and $2.1 million are included in current assets held for sale, respectively.
Accounts payable to affiliates totaled $15.6 million and $13.5 million at May 25, 2008 and May 27, 2007, respectively.
During the first quarter of fiscal 2007, the Company sold an aircraft for proceeds of approximately $8.1 million to a company on whose board of directors one of the Company’s directors sits.
The Company recognized a gain of approximately $3.0 million on the transaction.
The Company leases various buildings that are beneficially owned by Opus Corporation or entities related to Opus Corporation (the “Opus Entities”).
The Opus Entities are affiliates or part of a large, national real estate development company.
A former member of the Company’s Board of Directors, who left the board in the second quarter of fiscal 2008, is a beneficial owner, officer and chairman of Opus Corporation, and a director or officer of the related entities.
The agreements relate to the leasing of land, buildings, and equipment for the Company in Omaha, Nebraska.
The Company occupies the buildings pursuant to long-term leases with Opus Corporation and other investors, and the leases contain various termination rights and purchase options.
The Company made rental payments of $13.5 million, $14.4 million, and $15.8 million in fiscal 2008, 2007, and 2006, respectively, to the Opus Entities.
The Company has also contracted with the Opus Entities for construction and property management services.
The Company made payments of $1.6 million, $2.8 million, and $3.0 million to the Opus Entities for these services in fiscal 2008, 2007, and 2006, respectively.20.  BUSINESS SEGMENTS AND RELATED INFORMATION The Company’s operations are organized into three reporting segments: Consumer Foods, Food and Ingredients, and International Foods.
The Consumer Foods reporting segment includes branded, private label, and customized food products which are sold in various retail and foodservice channels.
The products include a variety of categories (meals, entrees, condiments, sides, snacks, and desserts) across frozen, refrigerated, and
services revenue net of direct expenses reflecting higher financially reportable development revenue; and $65 million of stronger owned, leased, corporate housing and other revenue net of direct expenses.
The fee improvement versus the prior year also reflects the recognition in 2005 of $14 million of incentive fees that were calculated based on prior period results, but not earned and due until 2005.
The increase in owned, leased, corporate housing and other revenue net of direct expenses is primarily attributable to properties acquired in 2005, including the CTF properties, the strong demand environment in 2005, and our receipt in 2005, of a $10 million termination fee associated with one property that left our system.
The favorable items noted above were partially offset by $146 million of increased general and administrative expenses and $46 million of lower synthetic fuel revenue net of synthetic fuel expenses.
Increased general and administrative expenses were associated with our Lodging segments as unallocated general and administrative expenses were down slightly compared to the prior year.
The increase in general, administrative and other expenses reflects a $94 million pre-tax charge impacting our Full-Service Lodging segment, primarily due to the non-cash write-off of deferred contract acquisition costs associated with the termination of management agreements (discussed more fully later in this report in the “CTF Holdings Ltd. ” discussion under the “Investing Activities Cash Flows” caption in the “Liquidity and Capital Resources” section), and $30 million of pre-tax expenses associated with our bedding incentive program, impacting our Full-Service, Select-Service and Extended-Stay Lodging segments.
We implemented the bedding incentive program in 2005 to ensure that guests could enjoy the comfort and luxury of our new bedding by year-end 2005.
General and administrative expenses in 2005 also reflect pre-tax performance termination cure payments of $15 million associated with two properties, a $9 million pre-tax charge associated with three guarantees, increased other net overhead costs of $13 million including costs related to the Company’s unit growth, development and systems, and $2 million of increased foreign exchange losses partially offset by $5 million of lower litigation expenses.
Additionally, in 2004, general and administrative expenses included a $13 million charge associated with the write-off of deferred contract acquisition costs.
Operating income for 2005 includes a synthetic fuel operating loss of $144 million versus $98 million of operating losses in the prior year, reflecting increased costs and the consolidation of our synthetic fuel operations from the start of the 2004 second quarter, which resulted in the recognition of revenue and expenses for all of 2005 versus only three quarters in 2004, as we accounted for the synthetic fuel operations using the equity method of accounting in the 2004 first quarter.
For additional information, see our “Synthetic Fuel” segment discussion later in this report.2004 COMPARED TO 2003 Operating income increased $100 million to $477 million in 2004 from $377 million in 2003.
The increase is primarily due to higher fees, which are related both to stronger RevPAR, driven by increased occupancy and average daily rate, and to the growth in the number of rooms, and strong timeshare results, which are mainly attributable to strong demand and improved margins, partially offset by higher general and administrative expenses.
General, administrative and other expenses increased $84 million in 2004 to $607 million from $523 million in 2003, primarily reflecting higher administrative expenses in our Full-Service, Select-Service, and Extended-Stay segments ($55 million) and Timeshare segment ($24 million), primarily associated with increased overhead costs related to the Company’s unit growth and timeshare development, and a $10 million reduction in foreign exchange gains, offset by $6 million of lower litigation expenses.
Higher general and administrative expenses of $84 million also reflect a $13 million writeoff of deferred contract acquisition costs as further discussed in the “2004 Compared to 2003” caption under the “Select-Service Lodging” heading later in this report.
Gains and Other Income The following table shows our gains and other income for 2005, 2004, and 2003.

Tables referenced above, in order (Table 0 first):
<table><tr><td>(Dollars in millions, except per share information)</td><td>2010</td><td>2009</td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td> Fully taxable-equivalent basis data</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest income</td><td>$52,693</td><td>$48,410</td><td>$46,554</td><td>$36,190</td><td>$35,818</td></tr><tr><td>Total revenue, net of interest expense</td><td>111,390</td><td>120,944</td><td>73,976</td><td>68,582</td><td>74,000</td></tr><tr><td>Net interest yield<sup>-1</sup></td><td>2.78%</td><td>2.65%</td><td>2.98%</td><td>2.60%</td><td>2.82%</td></tr><tr><td>Efficiency ratio</td><td>74.61</td><td>55.16</td><td>56.14</td><td>54.71</td><td>48.37</td></tr><tr><td> Performance ratios, excluding goodwill impairment charges<sup>-2</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Per common share information</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earnings</td><td>$0.87</td><td></td><td></td><td></td><td></td></tr><tr><td>Diluted earnings</td><td>0.86</td><td></td><td></td><td></td><td></td></tr><tr><td>Efficiency ratio</td><td>63.48%</td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average assets</td><td>0.42</td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average common shareholders’ equity</td><td>4.14</td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average tangible common shareholders’ equity</td><td>7.03</td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average tangible shareholders’ equity</td><td>7.11</td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td>2017</td></tr><tr><td>Expected life (years)</td><td>6</td></tr><tr><td>Risk-free interest rate</td><td>2.1%</td></tr><tr><td>Volatility</td><td>36.4%</td></tr><tr><td>Dividend yield</td><td>1.2%</td></tr><tr><td>Weighted average fair value per share at grant date</td><td>$12.32</td></tr></table>
<table><tr><td></td><td></td><td colspan="2">Health Care and Life Insurance</td></tr><tr><td></td><td> Pension  Benefits</td><td> Benefit Payments</td><td>Subsidy Receipts</td></tr><tr><td>2009</td><td>$125.1</td><td>$44.2</td><td>$-4.3</td></tr><tr><td>2010</td><td>129.2</td><td>45.1</td><td>-4.5</td></tr><tr><td>2011</td><td>133.7</td><td>45.4</td><td>-4.4</td></tr><tr><td>2012</td><td>137.7</td><td>45.2</td><td>-4.3</td></tr><tr><td>2013</td><td>143.3</td><td>43.7</td><td>-4.1</td></tr><tr><td>Succeeding 5 years</td><td>805.6</td><td>196.2</td><td>-18.2</td></tr></table>

Question: Which year the Total revenue, net of interest expense is the least?
Answer: 2007