PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Year Ended December 31, 2014 Compared to the Year Ended December 31, 2013 Net Loss Segment net loss decreased $25,510 or 25%, to $74,731 for Twelve Months 2014 compared with a net loss of $100,241 for Twelve Months 2013.
The decrease is primarily due to a $20,753 one-time tax benefi t related to the conversion of the Canadian branch operations of certain U. S.  subsidiaries to foreign corporate entities, a $17,068 (after-tax) change in net realized gains on investments, lower employee-related costs and impact of expense reduction initiatives.
These items were partially offset by a $19,400 (after-tax) loss on an asset held for sale.
Total Revenues Total revenues increased $7,189 or 10%, to $79,282 for Twelve Months 2014 compared with $72,093 for Twelve Months 2013.
The increase in revenues is mainly due to an $26,258 increase in net realized gains on investments partially offset by a decrease of $17,816 in amortization of deferred gain on disposal of businesses (“amortization of deferred gain”).
The reduction in the amortization of deferred gain is related to a change in estimate for the recognition of a deferred gain associated with FFG that we previously sold through reinsurance.
Total Benefi ts, Losses and Expenses Total benefi ts, losses and expenses decreased $19,600 or 9%, to $201,473 in Twelve Months 2014 compared with $221,073 in Twelve Months 2013.
Interest expense declined $19,340 primarily due to repayment of the 2004 Senior Notes with an aggregate principal amount of $500,000 on February 18, 2014.
Included in selling, underwriting and general expenses is a $21,526 loss on an asset held for sale.
Excluding this item, Twelve Months 2014 had lower selling, underwriting and general expenses compared with Twelve Months 2013 primarily due to lower employee-related costs and impact of expense reduction initiatives.
Year Ended December 31, 2013 Compared to the Year Ended December 31, 2012 Net Loss Segment net loss increased $45,183 or 82%, to $100,241 for Twelve Months 2013 compared with a net loss of $55,058 for Twelve Months 2012.
The increase is primarily related to a $19,388 (after-tax) decrease in net realized gains on investments, increased employee-related and business acquisition-related expenses and additional expenses in areas targeted for growth.
In addition, interest expense increased $11,329 (after-tax) due to the March 2013 issuance of senior notes with an aggregate principal amount of $700,000.
Total Revenues Total revenues decreased $34,713 or 33%, to $72,093 for Twelve Months 2013 compared with $106,806 for Twelve Months 2012.
The decrease in revenues is mainly due to decreased net realized gains on investments.
Total Benefi ts, Losses and Expenses Total benefi ts, losses and expenses increased $50,405 or 30%, to $221,073 in Twelve Months 2013 compared with $170,668 in Twelve Months 2012.
The increase is primarily due to increased employee-related and business acquisition-related expenses, additional expenses in areas targeted for growth and increased interest expense related to the March 2013 debt issuance mentioned above.
In addition, policyholders benefi ts increased $5,949 attributable to increased claims payable accruals associated with discontinued businesses.
Investments The Company had total investments of $14,131,452 and $14,244,015 as of December 31, 2014 and December 31, 2013, respectively.
For more information on our investments see Note 5 to the Consolidated Financial Statements included elsewhere in this report.
The following table shows the credit quality of our fi xed maturity securities portfolio as of the dates indicated:
## Table 0 ##
Annuities The following table presents the results of operations of our Annuities segment on an operating basis:
## Table 1 ##
NM Not Meaningful.
Our Annuities segment pretax operating income, which excludes net realized gains or losses and the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization), decreased $58 million, or 9%, to $567 million for the year ended December 31, 2012 compared to $625 million for the prior year primarily due to a decline in net investment income and an unfavorable impact from unlocking and model changes, partially offset by the market impact on DAC and DSIC, lower interest credited to fixed accounts and higher fee revenues.
Results for 2011 included $34 million of additional bond discount accretion investment income related to prior periods resulting from revisions to the accounting classification of certain structured securities, net of DAC and DSIC amortization.
The impact of unlocking and model changes was a decrease to pretax operating income of $11 million in 2012 compared to an increase of $1 million in the prior year.
The impact of unlocking and model changes for 2012 included a $43 million benefit, net of DAC and DSIC amortization, from an adjustment to the model which values the reserves related to living benefit guarantees primarily attributable to prior periods.
This revision aligns the model to more accurately reflect best estimate assumptions for living benefit utilization going forward.
The market impact on DAC and DSIC was a benefit of $29 million in 2012 compared to an expense of $10 million in the prior year.
RiverSource variable annuity account balances increased 9% to $68.1 billion at December 31, 2012 compared to the prior year driven by market appreciation.
Variable annuity net outflows of $457 million in 2012 reflected the closed book of annuities previously sold through third parties and $511 million of net inflows in the Ameriprise channel.
RiverSource fixed annuity account balances declined 3% to $13.8 billion due to net outflows given the interest rate environment.
Net Revenues Net revenues, which exclude net realized gains or losses, decreased $106 million, or 4%, to $2.5 billion for the year ended December 31, 2012 compared to $2.6 billion for the prior year primarily due to decreases in net investment income and premiums, partially offset by higher management fees and higher fees from variable annuity guarantees.
Management and financial advice fees increased $26 million, or 4%, to $648 million for the year ended December 31, 2012 compared to $622 million for the prior year due to higher fees on variable annuities driven by higher separate account balances.
Average variable annuities contract accumulation values increased $2.9 billion, or 5%, from the prior year due to market appreciation.
Net investment income, which excludes net realized gains or losses, decreased $147 million, or 11%, to $1.1 billion for the year ended December 31, 2012 compared to $1.3 billion for the prior year due to a decrease in investment income on fixed maturities driven by low interest rates impacting both the variable and fixed businesses and $37 million of additional bond discount accretion investment income recognized in 2011 related to prior periods resulting from revisions to the accounting classification of certain structured securities.
expects to have sufficient liquidity to finance its announced capital growth projects.
ONEOK Partners believes that its available credit and cash and cash equivalents are adequate to meet liquidity requirements associated with commodity price volatility.
See discussion under “Commodity Price Risk” in Part I, Item 7A, Quantitative and Qualitative Disclosures about Market Risk in our Annual Report, for information on ONEOK Partners’ hedging activities.
Pension and Postretirement Benefit Plans - Information about our pension and postretirement benefits plans, including anticipated contributions, is included under Note N of the Notes to Consolidated Financial Statements in this Annual Report.
During 2014, we made no contributions to our defined benefit pension plans, and $2.0 million in contributions to our postretirement benefit plans for both continuing and discontinued operations.
The contributions to our postretirement benefit plans were attributable to the 2014 plan year.
We expect to make $1.5 million in contributions to our defined benefit pension and postretirement plans in 2015.
CASH FLOW ANALYSIS We use the indirect method to prepare our Consolidated Statements of Cash Flows.
Under this method, we reconcile net income to cash flows provided by operating activities by adjusting net income for those items that impact net income but do not result in actual cash receipts or payments during the period and for operating cash items that do not impact net income.
These reconciling items include depreciation and amortization, allowance for equity funds used during construction, gain or loss on sale of assets, equity earnings from investments, distributions received from unconsolidated affiliates, deferred income taxes, share-based compensation expense, other amounts, and changes in our assets and liabilities not classified as investing or financing activities.
The following table sets forth the changes in cash flows by operating, investing and financing activities for the periods indicated:
## Table 2 ##
Operating Cash Flows - Operating cash flows are affected by earnings from our business activities.
Changes in commodity prices and demand for our services or products, whether because of general economic conditions, changes in supply, changes in demand for the end products that are made with our products or increased competition from other service providers, could affect our earnings and operating cash flows.2014 vs.  2013 - Cash flows from operating activities, before changes in operating assets and liabilities, were approximately $1,227.3 million in 2014 compared with $1,302.0 million 2013.
The decrease was due primarily to 2013 operating activities including a full year of operations of our former natural gas distribution business, which was separated from ONEOK on January 31, 2014, as discussed in Note B, offset partially by higher operating income from ONEOK Partners, as discussed in “Financial Results and Operating Information.
” The changes in operating assets and liabilities increased operating cash flows by approximately $58.3 million in 2014, compared with a decrease of $7.2 million in 2013.
The increase was due primarily to the collection and payment of trade receivables and payables, resulting from the timing of cash collections from customers and paid to vendors and suppliers, which vary from period to period.
This change is also due to the change in NGL volumes in storage.
These increases were offset partially by higher settlements of liabilities associated with the wind down of our former energy services business and higher imbalances.
REPUBLIC SERVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Changes in the deferred tax valuation allowance for the years ended December 31, 2012, 2011 and 2010 are as follows:
## Table 3 ##
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized after the initial recognition of the deferred tax asset.
We also provide valuation allowances, as needed, to offset portions of deferred tax assets due to uncertainty surrounding the future realization of such deferred tax assets.
We adjust the valuation allowance in the period management determines it is more likely than not that deferred tax assets will or will not be realized.
We have state net operating loss carryforwards with an estimated tax effect of $130.2 million available at December 31, 2012.
These state net operating loss carryforwards expire at various times between 2013 and 2032.
We believe that it is more likely than not that the benefit from certain state net operating loss carryforwards will not be realized.
In recognition of this risk, at December 31, 2012, we have provided a valuation allowance of $113.5 million for certain state net operating loss carryforwards.
At December 31, 2012, we also have provided a valuation allowance of $11.3 million for certain other deferred tax assets.
Deferred income taxes have not been provided on the undistributed earnings of our Puerto Rican subsidiaries of approximately $40 million and $39 million as of December 31, 2012 and 2011, respectively, as such earnings are considered to be permanently invested in those subsidiaries.
If such earnings were to be remitted to us as dividends, we would incur approximately $14 million of federal income taxes.
We made income tax payments (net of refunds received) of approximately $185 million, $173 million and $418 million for 2012, 2011 and 2010, respectively.
Income taxes paid in 2012 and 2011 reflect the favorable tax depreciation provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) that was signed into law in December 2010.
The Tax Relief Act included 100% bonus depreciation for property placed in service after September 8, 2010 and through December 31, 2011 (and for certain long-term construction projects to be placed in service in 2012) and 50% bonus depreciation for property placed in service in 2012 (and for certain long-term construction projects to be placed in service in 2013).
Income taxes paid in 2010 includes $111 million related to the settlement of certain tax liabilities regarding BFI risk management companies.
We and our subsidiaries are subject to income tax in the U. S.  and Puerto Rico, as well as income tax in multiple state jurisdictions.
Our compliance with income tax rules and regulations is periodically audited by tax authorities.
These authorities may challenge the positions taken in our tax filings.
Thus, to provide for certain potential tax exposures, we maintain liabilities for uncertain tax positions for our estimate of the final outcome of the examinations.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="4"> As of</td></tr><tr><td> Fixed Maturity Securities by Credit Quality (Fair Value)</td><td colspan="2">December 31, 2014</td><td colspan="2"> December 31, 2013</td></tr><tr><td>Aaa / Aa / A</td><td>$7,314,208</td><td>65.0%</td><td>$7,214,256</td><td>63.9%</td></tr><tr><td>Baa</td><td>3,255,505</td><td>28.9%</td><td>3,316,035</td><td>29.4%</td></tr><tr><td>Ba</td><td>432,203</td><td>3.8%</td><td>523,175</td><td>4.6%</td></tr><tr><td>B and lower</td><td>261,258</td><td>2.3%</td><td>238,409</td><td>2.1%</td></tr><tr><td>Total</td><td>$11,263,174</td><td>100.0%</td><td>$11,291,875</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="2">Years Ended December 31,</td><td></td><td></td></tr><tr><td></td><td>2012</td><td>2011</td><td colspan="2">Change</td></tr><tr><td></td><td colspan="3">(in millions)</td><td></td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$648</td><td>$622</td><td>$26</td><td>4%</td></tr><tr><td>Distribution fees</td><td>317</td><td>312</td><td>5</td><td>2</td></tr><tr><td>Net investment income</td><td>1,132</td><td>1,279</td><td>-147</td><td>-11</td></tr><tr><td>Premiums</td><td>118</td><td>161</td><td>-43</td><td>-27</td></tr><tr><td>Other revenues</td><td>309</td><td>256</td><td>53</td><td>21</td></tr><tr><td>Total revenues</td><td>2,524</td><td>2,630</td><td>-106</td><td>-4</td></tr><tr><td>Banking and deposit interest expense</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total net revenues</td><td>2,524</td><td>2,630</td><td>-106</td><td>-4</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>395</td><td>400</td><td>-5</td><td>-1</td></tr><tr><td>Interest credited to fixed accounts</td><td>688</td><td>714</td><td>-26</td><td>-4</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>419</td><td>405</td><td>14</td><td>3</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>229</td><td>264</td><td>-35</td><td>-13</td></tr><tr><td>Interest and debt expense</td><td>2</td><td>1</td><td>1</td><td>NM</td></tr><tr><td>General and administrative expense</td><td>224</td><td>221</td><td>3</td><td>1</td></tr><tr><td>Total expenses</td><td>1,957</td><td>2,005</td><td>-48</td><td>-2</td></tr><tr><td>Operating earnings</td><td>$567</td><td>$625</td><td>$-58</td><td>-9%</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td></td><td colspan="3">(Millions of dollars)</td></tr><tr><td>Total cash provided by (used in):</td><td></td><td></td><td></td></tr><tr><td>Operating activities</td><td>$1,285.6</td><td>$1,294.8</td><td>$984.0</td></tr><tr><td>Investing activities</td><td>-2,566.2</td><td>-2,642.0</td><td>-1,814.2</td></tr><tr><td>Financing activities</td><td>1,304.5</td><td>912.9</td><td>1,339.0</td></tr><tr><td>Change in cash and cash equivalents</td><td>23.9</td><td>-434.3</td><td>508.8</td></tr><tr><td>Change in cash and cash equivalents included in discontinued operations</td><td>3.3</td><td>2.9</td><td>11.5</td></tr><tr><td>Change in cash and cash equivalents from continuing operations</td><td>27.2</td><td>-431.4</td><td>520.3</td></tr><tr><td>Cash and cash equivalents at beginning of period</td><td>145.6</td><td>577.0</td><td>56.7</td></tr><tr><td>Cash and cash equivalents at end of period</td><td>$172.8</td><td>$145.6</td><td>$577.0</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Valuation allowance, beginning of year</td><td>$118.1</td><td>$120.1</td><td>$126.5</td></tr><tr><td>Additions charged to income</td><td>1.9</td><td>2.1</td><td>8.3</td></tr><tr><td>Usage</td><td>-3.2</td><td>-4.3</td><td>-10.4</td></tr><tr><td>Expirations of state net operating losses</td><td>-0.3</td><td>-0.3</td><td>-0.3</td></tr><tr><td>Other, net</td><td>8.3</td><td>0.5</td><td>-4.0</td></tr><tr><td>Valuation allowance, end of year</td><td>$124.8</td><td>$118.1</td><td>$120.1</td></tr></table>

Question: In the year with the most Management and financial advice fees, what is the growth rate of Management and financial advice fees?
Answer: -0.0928
Reasoning program: subtract(567,625), divide(#0,625)