## Table 0 ##
Our computation of expected volatility for 2011 , 2010 and 2009 was based on a combination of historical and market-based implied volatility from traded options on our stock.
Our computation of expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior.
The interest rate for periods within the contractual life of the award was based on the U. S.  Treasury yield curve in effect at the time of grant.
The estimation of awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised.
We consider many factors when estimating forfeitures, including employee class and historical experience.
Recent Accounting Pronouncements See “Note 1 - The Company and Summary of Significant Accounting Policies” to the consolidated financial statements included in this report, regarding the impact of certain recent accounting pronouncements on our consolidated financial statements.
Item 7A: Quantitative and Qualitative Disclosures About Market Risk Foreign Currency Exposure We have significant operations internationally that are denominated in foreign currencies, primarily the Euro, British pound, Korean won, Australian dollar and Canadian dollar, subjecting us to foreign currency risk which may adversely impact our financial results.
We transact business in various foreign currencies and have significant international revenues as well as costs.
In addition, we charge our international subsidiaries for their use of intellectual property and technology and for certain corporate services provided by eBay and by PayPal.
Our cash flow, results of operations and certain of our intercompany balances that are exposed to foreign exchange rate fluctuations may differ materially from expectations and we may record significant gains or losses due to foreign currency fluctuations and related hedging activities.
We have a foreign exchange exposure management program that aims to identify material foreign currency exposures, to manage these exposures, and to minimize the potential effects of currency fluctuations on our reported consolidated cash flows and results of operations through the purchase of foreign currency exchange contracts.
These foreign currency exchange contracts are accounted for as derivative instruments.
For additional details related to our derivative instruments, please see “Note 9 - Derivative Instruments” to the consolidated financial statements included in this report.
Interest Rate Risk The primary objective of our investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk.
To achieve this objective, we maintain our portfolio of cash equivalents and short-term and long-term investments in a variety of available for sale securities, including money market funds and government and corporate securities.
As of December 31, 2011 , approximately 56% of our total cash and investment portfolio was held in bank deposits and money market funds.
As such, changes in interest rates will impact our interest income.
In addition, we regularly issue new commercial paper notes to repay outstanding commercial paper notes as they mature, and those new commercial paper notes bear interest at rates prevailing at the time of issuance.
Accordingly, changes in interest rates will impact interest expense or cost of net revenues.
As of December 31, 2011 , we held no direct investments in auction rate securities, collateralized debt obligations, structured investment vehicles or mortgage-backed securities.
For additional details related to our investment activities, please see "Note 7 - Investments" to the consolidated financial statements included in this report.
Investments in both fixed-rate and floating-rate interest-earning instruments carry varying degrees of interest rate risk.
The fair market value of our fixed-rate securities may be adversely impacted due to a rise in interest rates.
In general, securities with longer maturities are subject to greater interest-rate risk than those with shorter maturities.
While floating rate securities generally are subject to less interest-rate risk than fixedrate securities, floating-rate securities may produce less income than expected if interest rates decrease.
Due in part to these factors, our investment income may fall short of expectations or we may suffer losses in principal if securities are sold that have declined in market value due to changes in interest rates.
As of
## Table 1 ##
The decrease in the other postretirement benefit plan obligation (due primarily to increased discount rates) was the primary cause of the decreased liability for other postretirement benefits at Con Edison and CECONY of $34 million and $30 million, respectively, compared with December 31, 2014.
For Con Edison, this decreased liability corresponds with an increase to regulatory liabilities of $30 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, and an immaterial change to OCI (net of taxes) for the unrecognized net losses and a credit to OCI of $1 million (net of taxes) for the unrecognized prior service costs associated with the competitive energy businesses and O&R’s New Jersey subsidiary.
For CECONY, the decrease in liability corresponds with an increase to regulatory liabilities of $27 million for unrecognized net losses and unrecognized prior service costs associated with the company consistent with the accounting rules for regulated operations, and an immaterial change to OCI (net of taxes) for the unrecognized net losses and unrecognized prior service costs associated with the competitive energy businesses.
A portion of the unrecognized net losses and prior service costs for the other postretirement benefits, equal to $12 million and $(20) million, respectively, will be recognized from accumulated OCI and the regulatory asset into net periodic benefit cost over the next year for Con Edison.
Included in these amounts are $10 million and $(14) million, respectively, for CECONY.
Assumptions The actuarial assumptions were as follows:
FIDELITY NATIONAL INFORMATION SERVICES, INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Future minimum operating lease payments for leases with remaining terms greater than one year for each of the years in the five years ending December 31, 2015, and thereafter in the aggregate, are as follows (in millions):
## Table 2 ##
In addition, the Company has operating lease commitments relating to office equipment and computer hardware with annual lease payments of approximately $16.3 million per year which renew on a short-term basis.
Rent expense incurred under all operating leases during the years ended December 31, 2010, 2009 and 2008 was $116.1 million, $100.2 million and $117.0 million, respectively.
Included in discontinued operations in the Consolidated Statements of Earnings was rent expense of $2.0 million, $1.8 million and $17.0 million for the years ended December 31, 2010, 2009 and 2008, respectively.
Data Processing and Maintenance Services Agreements.
The Company has agreements with various vendors, which expire between 2011 and 2017, for portions of its computer data processing operations and related functions.
The Company’s estimated aggregate contractual obligation remaining under these agreements was approximately $554.3 million as of December 31, 2010.
However, this amount could be more or less depending on various factors such as the inflation rate, foreign exchange rates, the introduction of significant new technologies, or changes in the Company’s data processing needs.
(16) Employee Benefit Plans Stock Purchase Plan FIS employees participate in an Employee Stock Purchase Plan (ESPP).
Eligible employees may voluntarily purchase, at current market prices, shares of FIS’ common stock through payroll deductions.
Pursuant to the ESPP, employees may contribute an amount between 3% and 15% of their base salary and certain commissions.
Shares purchased are allocated to employees based upon their contributions.
The Company contributes varying matching amounts as specified in the ESPP.
The Company recorded an expense of $14.3 million, $12.4 million and $14.3 million, respectively, for the years ended December 31, 2010, 2009 and 2008, relating to the participation of FIS employees in the ESPP.
Included in discontinued operations in the Consolidated Statements of Earnings was expense of $0.1 million and $3.0 million for the years ended December 31, 2009 and 2008, respectively.401(k) Profit Sharing Plan The Company’s employees are covered by a qualified 401(k) plan.
Eligible employees may contribute up to 40% of their pretax annual compensation, up to the amount allowed pursuant to the Internal Revenue Code.
The Company generally matches 50% of each dollar of employee contribution up to 6% of the employee’s total eligible compensation.
The Company recorded expense of $23.1 million, $16.6 million and $18.5 million, respectively, for the years ended December 31, 2010, 2009 and 2008, relating to the participation of FIS employees in the 401(k) plan.
Included in discontinued operations in the Consolidated Statements of Earnings was expense of $0.1 million and $3.9 million for the years ended December 31, 2009 and 2008, respectively
The following table presents a reconciliation of net cash provided by operating activities to free cash flow available to News Corporation:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Risk-free interest rate</td><td>1.2%</td><td>1.4%</td><td>1.7%</td></tr><tr><td>Expected life (in years)</td><td>3.8</td><td>3.4</td><td>3.8</td></tr><tr><td>Dividend yield</td><td>—%</td><td>—%</td><td>—%</td></tr><tr><td>Expected volatility</td><td>38%</td><td>37%</td><td>47%</td></tr></table>
<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td>(Millions of Dollars)</td><td>2015</td><td>2014</td><td>2013</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>CHANGE IN BENEFIT OBLIGATION</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Benefit obligation at beginning of year</td><td>$1,411</td><td>$1,395</td><td>$1,454</td><td>$1,203</td><td>$1,198</td><td>$1,238</td></tr><tr><td>Service cost</td><td>20</td><td>19</td><td>23</td><td>15</td><td>15</td><td>18</td></tr><tr><td>Interest cost on accumulated postretirement benefit obligation</td><td>51</td><td>60</td><td>54</td><td>43</td><td>52</td><td>46</td></tr><tr><td>Amendments</td><td>—</td><td>-12</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Net actuarial loss/(gain)</td><td>-103</td><td>47</td><td>-42</td><td>-85</td><td>28</td><td>-20</td></tr><tr><td>Benefits paid and administrative expenses</td><td>-127</td><td>-134</td><td>-136</td><td>-117</td><td>-125</td><td>-126</td></tr><tr><td>Participant contributions</td><td>35</td><td>36</td><td>38</td><td>34</td><td>35</td><td>38</td></tr><tr><td>Medicare prescription subsidy</td><td>—</td><td>—</td><td>4</td><td>—</td><td>—</td><td>4</td></tr><tr><td>BENEFIT OBLIGATION AT END OF YEAR</td><td>$1,287</td><td>$1,411</td><td>$1,395</td><td>$1,093</td><td>$1,203</td><td>$1,198</td></tr><tr><td>CHANGE IN PLAN ASSETS</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value of plan assets at beginning of year</td><td>$1,084</td><td>$1,113</td><td>$1,047</td><td>$950</td><td>$977</td><td>$922</td></tr><tr><td>Actual return on plan assets</td><td>-6</td><td>59</td><td>153</td><td>-4</td><td>54</td><td>134</td></tr><tr><td>Employer contributions</td><td>6</td><td>7</td><td>9</td><td>6</td><td>7</td><td>9</td></tr><tr><td>EGWP payments</td><td>28</td><td>12</td><td>8</td><td>26</td><td>11</td><td>7</td></tr><tr><td>Participant contributions</td><td>35</td><td>36</td><td>38</td><td>34</td><td>35</td><td>38</td></tr><tr><td>Benefits paid</td><td>-153</td><td>-143</td><td>-142</td><td>-142</td><td>-134</td><td>-133</td></tr><tr><td>FAIR VALUE OF PLAN ASSETS AT END OF YEAR</td><td>$994</td><td>$1,084</td><td>$1,113</td><td>$870</td><td>$950</td><td>$977</td></tr><tr><td>FUNDED STATUS</td><td>$-293</td><td>$-327</td><td>$-282</td><td>$-223</td><td>$-253</td><td>$-221</td></tr><tr><td>Unrecognized net loss</td><td>$28</td><td>$78</td><td>$70</td><td>$4</td><td>$45</td><td>$54</td></tr><tr><td>Unrecognized prior service costs</td><td>-51</td><td>-71</td><td>-78</td><td>-32</td><td>-46</td><td>-61</td></tr></table>
<table><tr><td>2011</td><td>$65.1</td></tr><tr><td>2012</td><td>47.6</td></tr><tr><td>2013</td><td>35.7</td></tr><tr><td>2014</td><td>27.8</td></tr><tr><td>2015</td><td>24.3</td></tr><tr><td>Thereafter</td><td>78.1</td></tr><tr><td>Total</td><td>$278.6</td></tr></table>

Question: When is Benefit obligation at beginning of year for Con Edison the largest?
Answer: 2013