FHLB Advances and Other Borrowings FHLB Advances—The Company had $0.7 billion in floating-rate and $0.2 billion in fixed-rate FHLB advances at both December 31, 2013 and 2012.
The floating-rate advances adjust quarterly based on the LIBOR.
During the year ended December 31, 2012, $650.0 million of fixed-rate FHLB advances were converted to floating-rate for a total cost of approximately $128 million which was capitalized and will be amortized over the remaining maturities using the effective interest method.
In addition, during the year ended December 31, 2012, the Company paid down in advance of maturity $1.0 billion of its FHLB advances and recorded $69.1 million in losses on the early extinguishment.
This loss was recorded in the gains (losses) on early extinguishment of debt line item in the consolidated statement of income (loss).
The Company did not have any similar transactions for the years ended December 31, 2013 and 2011.
As a condition of its membership in the FHLB Atlanta, the Company is required to maintain a FHLB stock investment currently equal to the lesser of: a percentage of 0.12% of total Bank assets; or a dollar cap amount of $20 million.
Additionally, the Bank must maintain an Activity Based Stock investment which is currently equal to 4.5% of the Bank’s outstanding advances at the time of borrowing.
The Company had an investment in FHLB stock of $61.4 million and $67.4 million at December 31, 2013 and 2012, respectively.
The Company must also maintain qualified collateral as a percent of its advances, which varies based on the collateral type, and is further adjusted by the outcome of the most recent annual collateral audit and by FHLB’s internal ranking of the Bank’s creditworthiness.
These advances are secured by a pool of mortgage loans and mortgage-backed securities.
At December 31, 2013 and 2012, the Company pledged loans with a lendable value of $3.9 billion and $4.8 billion, respectively, of the one- to four-family and home equity loans as collateral in support of both its advances and unused borrowing lines.
Other Borrowings—Prior to 2008, ETBH raised capital through the formation of trusts, which sold trust preferred securities in the capital markets.
The capital securities must be redeemed in whole at the due date, which is generally 30 years after issuance.
Each trust issued Floating Rate Cumulative Preferred Securities (“trust preferred securities”), at par with a liquidation amount of $1,000 per capital security.
The trusts used the proceeds from the sale of issuances to purchase Floating Rate Junior Subordinated Debentures (“subordinated debentures”) issued by ETBH, which guarantees the trust obligations and contributed proceeds from the sale of its subordinated debentures to E*TRADE Bank in the form of a capital contribution.
The most recent issuance of trust preferred securities occurred in 2007.
The face values of outstanding trusts at December 31, 2013 are shown below (dollars in thousands):
## Table 0 ##
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) 6.
Derivative Financial Instruments — (continued) The fair value of our derivative instruments classified as assets and liabilities was as follows:
## Table 1 ##
(1) The fair value of derivative assets is reported with other investments on the consolidated statements of financial position.
(2) The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities.
Embedded derivative liabilities with a fair value of $23.6 million and $60.2 million as of December 31, 2009, and December 31, 2008, respectively, are reported with contractholder funds on the consolidated statements of financial position.
Credit Derivatives Sold When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument.
The majority of our credit derivative contracts sold reference a single name or reference security (referred to as ‘‘single name credit default swaps’’).
The remainder of our credit derivatives reference either a basket or index of securities.
These instruments are either referenced in an over-the-counter credit derivative transaction, or embedded within an investment structure that has been fully consolidated into our financial statements.
These credit derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue.
If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction.
As a result, our maximum future payment is equal to the notional amount of the credit derivative.
In certain cases, we also have purchased credit protection with identical underlyings to certain of our sold protection transactions.
The effect of this purchased protection would reduce our total maximum future payments by $47.0 million and $60.8 million as of December 31, 2009, and December 31, 2008, respectively.
These credit derivative transactions had a net fair value of $2.4 million and $21.2 million as of December 31, 2009, and December 31, 2008, respectively.
Our potential loss could also be reduced by any amount recovered in the default proceedings of the underlying credit name.
We purchased certain investment structures with embedded credit features that are fully consolidated into our financial statements.
This consolidation results in recognition of the underlying credit derivatives and collateral within the structure, typically high quality fixed maturity securities that are owned by a special purpose vehicle.
These credit derivatives reference a single name or several names in a basket structure.
In the event of default, the collateral within the structure would typically be liquidated to pay the claims of the credit derivative counterparty.
Qorvo, Inc.  and Subsidiaries Annual Report on Form 10-K 2019 Notes to Consolidated Financial Statements income to substantially offset the losses earned in prior years.
The balance of the cumulative pre-tax book loss was expected to be offset by income in the first half of fiscal 2018 as production at the assembly and test facility continued to increase as the Company reduced its dependence on outside assembly and test subcontractors.
After evaluating the positive and negative evidence, management determined that it was more likely than not that the deferred tax assets of this China manufacturing subsidiary would be realized and a valuation allowance would not be provided as of the end of fiscal 2017.
As of March 30, 2019, the Company had federal loss carryovers of approximately $39.6 million that expire in fiscal years 2020 to 2030 if unused and state losses of approximately $105.2 million that expire in fiscal years 2020 to 2039 if unused.
Federal research credits of $127.6 million, and state credits of $64.9 million may expire in fiscal years 2020 to 2039 and 2020 to 2037, respectively.
Foreign losses in the Netherlands of approximately $5.1 million expire in fiscal years 2020 to 2027.
Included in the amounts above may be certain net operating losses and other tax attribute assets acquired in conjunction with acquisitions in the current and prior years.
The utilization of acquired domestic assets is subject to certain annual limitations as required under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”) and similar state income tax provisions.
The Company has continued to expand its operations and increase its investments in numerous international jurisdictions.
These activities expose the Company to taxation in multiple foreign jurisdictions.
It is management’s opinion that current and future undistributed foreign earnings will be permanently reinvested, except for the earnings of Qorvo International Pte.
Ltd. , our operating subsidiary in Singapore.
No provision for U. S.  federal income, state income or foreign local withholding taxes has been made with respect to the undistributed earnings of any other foreign subsidiary.
It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated.
The Company has foreign subsidiaries with tax holiday agreements in Singapore and Costa Rica.
These tax holiday agreements have varying rates and expire in December 2021 and March 2024, respectively.
Incentives from these countries are subject to the Company meeting certain employment and investment requirements.
The Company does not expect that the Singapore legislation enacted in February 2017, which will exclude from the Company’s existing Development and Expansion Incentive grant the benefit of the reduced tax rate for intellectual property income earned after June 30, 2021, will have an impact on the Company.
Income tax expense decreased by $34.6 million (an impact of approximately $0.28 and $0.27 per basic and diluted share, respectively) in fiscal 2019 and $7.9 million (an impact of approximately $0.06 per basic and diluted share) in fiscal 2018 as a result of these agreements.
The Company’s gross unrecognized tax benefits totaled $103.2 million as of March 30, 2019, $122.8 million as of March 31, 2018, and $90.6 million as of April 1, 2017.
Of these amounts, $99.1 million (net of federal benefit of state taxes), $118.7 million (net of federal benefit of state taxes) and $84.4 million (net of federal benefit of state taxes) as of March 30, 2019, March 31, 2018, and April 1, 2017, respectively, represent the amounts of unrecognized tax benefits that, if recognized, would impact the effective tax rate in each of the fiscal years.
The Company’s gross unrecognized tax benefits decreased from $122.8 million as of March 31, 2018 to $103.2 million as of March 30, 2019, primarily due to lapses of statutes of limitations, the conclusion of examinations by U. S.  and Singapore tax authorities, the finalization of Regulations related to the Transitional Repatriation Tax, and finalization of the provisional estimates related to the impact of the Tax Act.
A reconciliation of fiscal 2017 through fiscal 2019 beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
## Table 2 ##
It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense.
During fiscal years 2019, 2018 and 2017, the Company recognized
IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2008 (In thousands, except share and per share data) 10.
Commitments and Contingencies a.
Leases Most of our leased facilities are leased under various operating leases that typically have initial lease terms of ten to fifteen years.
A majority of these leases have renewal options with one or more five year options to extend and may have fixed or Consumer Price Index escalation clauses.
We also lease equipment under operating leases, primarily computers which have an average lease life of three years.
Vehicles and office equipment are also leased and have remaining lease lives ranging from one to seven years.
Due to the declining economic environment in 2008, the current fair market values of vans, trucks and mobile shredding units within our vehicle fleet portfolio, which we lease, have declined.
As a result, certain vehicle leases that previously met the requirements to be considered operating leases were classified as capital leases upon renewal.
The 2008 impact of this change on our consolidated balance sheet as of December 31, 2008 was an increase in property, plant and equipment and debt of $58,517 and had no impact on 2008 operating results.
Future operating results will have lower vehicle rent expense (a component of transportation costs within cost of sales), offset by an increased amount of combined depreciation and interest expense in future periods.
Total rent expense (including common area maintenance charges) under all of our operating leases was $207,760, $240,833 and $280,360 (including $20,828 associated with vehicle leases which became capital leases in 2008) for the years ended December 31, 2006, 2007 and 2008, respectively.
Included in total rent expense was sublease income of $3,740, $4,973 and $5,341 for the years ended December 31, 2006, 2007 and 2008, respectively.
Estimated minimum future lease payments (excluding common area maintenance charges) include payments for certain renewal periods at our option because failure to renew results in an economic disincentive due to significant capital expenditure costs (e. g. , racking), thereby making it reasonably assured that we will renew the lease.
Such payments in effect at December 31, are as follows:
## Table 3 ##
We have guaranteed the residual value of certain vehicle operating leases to which we are a party.
The maximum net residual value guarantee obligation for these vehicles as of December 31, 2008 was $30,415.
Such amount does not take into consideration the recovery or resale value associated with these vehicles.
We believe that it is not reasonably likely that we will be required to perform under
IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2012 (In thousands, except share and per share data) 5.
Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Continued
## Table 4 ##
IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2014 (In thousands, except share and per share data) 2.
Summary of Significant Accounting Policies (Continued) Stock Options Under our various stock option plans, options are generally granted with exercise prices equal to the market price of the stock on the date of grant; however, in certain limited instances, options are granted at prices greater than the market price of the stock on the date of grant.
The majority of our options become exercisable ratably over a period of five years from the date of grant and generally have a contractual life of ten years from the date of grant, unless the holder’s employment is terminated sooner.
Certain of the options we issue become exercisable ratably over a period of ten years from the date of grant and have a contractual life of 12 years from the date of grant, unless the holder’s employment is terminated sooner.
As of December 31, 2014, ten-year vesting options represented 8.0% of total outstanding options.
Certain of the options we issue become exercisable ratably over a period of three years from the date of grant and have a contractual life of ten years from the date of grant, unless the holder’s employment is terminated sooner.
As of December 31, 2014, three-year vesting options represented 34.3% of total outstanding options.
Our non-employee directors are considered employees for purposes of our stock option plans and stock option reporting.
Options granted to our non-employee directors generally become exercisable one year from the date of grant.
Our equity compensation plans generally provide that any unvested options and other awards granted thereunder shall vest immediately if an employee is terminated by the Company, or terminates his or her own employment for good reason (as defined in each plan), in connection with a vesting change in control (as defined in each plan).
On January 20, 2015, our stockholders approved the adoption of the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (the ‘‘2014 Plan’’).
Under the 2014 Plan, the total amount of shares of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan is 7,750,000.
The 2014 Plan permits the Company to continue to grant awards through January 20, 2025.
A total of 43,253,839 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans, including the 2014 Plan.
The number of shares available for grant under our various stock incentive plans, not including the 2014 Plan, at December 31, 2014 was 4,581,754.
The weighted average fair value of options granted in 2012, 2013 and 2014 was $7.00, $7.69 and $5.70 per share, respectively.
These values were estimated on the date of grant using the Black-Scholes option pricing model.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Trusts</td><td>Face Value</td><td>Maturity  Date</td><td>Annual Interest Rate</td></tr><tr><td>ETBH Capital Trust II</td><td>$5,000</td><td>2031</td><td>10.25%</td></tr><tr><td>ETBH Capital Trust I</td><td>20,000</td><td>2031</td><td>3.75% above 6-month LIBOR</td></tr><tr><td>ETBH Capital Trust V, VI, VIII</td><td>51,000</td><td>2032</td><td>3.25%-3.65% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust VII, IX—XII</td><td>65,000</td><td>2033</td><td>3.00%-3.30% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XIII—XVIII, XX</td><td>77,000</td><td>2034</td><td>2.45%-2.90% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XIX, XXI, XXII</td><td>60,000</td><td>2035</td><td>2.20%-2.40% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XXIII—XXIV</td><td>45,000</td><td>2036</td><td>2.10% above 3-month LIBOR</td></tr><tr><td>ETBH Capital Trust XXV—XXX</td><td>110,000</td><td>2037</td><td>1.90%-2.00% above 3-month LIBOR</td></tr><tr><td>Total</td><td>$433,000</td><td></td><td></td></tr></table>
<table><tr><td> </td><td colspan="2"> Derivative assets -1</td><td colspan="2"> Derivative liabilities -2</td></tr><tr><td> </td><td> December 31, 2009</td><td> December 31, 2008</td><td> December 31, 2009</td><td> December 31, 2008</td></tr><tr><td> </td><td colspan="4"><i>(in millions)</i> </td></tr><tr><td> Derivatives designated as hedging instruments</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts</td><td>$81.5</td><td>$250.8</td><td>$309.1</td><td>$819.2</td></tr><tr><td>Foreign exchange contracts</td><td>444.4</td><td>410.8</td><td>240.6</td><td>300.4</td></tr><tr><td>Total derivatives designated as hedging instruments</td><td>$525.9</td><td>$661.6</td><td>$549.7</td><td>$1,119.6</td></tr><tr><td> Derivatives not designated as hedging instruments</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts</td><td>$433.5</td><td>$802.1</td><td>$336.8</td><td>$621.5</td></tr><tr><td>Foreign exchange contracts</td><td>107.5</td><td>121.3</td><td>75.0</td><td>155.1</td></tr><tr><td>Equity contracts</td><td>149.8</td><td>222.1</td><td>—</td><td>—</td></tr><tr><td>Credit contracts</td><td>15.5</td><td>70.7</td><td>84.0</td><td>227.2</td></tr><tr><td>Other contracts</td><td>—</td><td>—</td><td>128.1</td><td>185.2</td></tr><tr><td>Total derivatives not designated as hedging instruments</td><td>$706.3</td><td>$1,216.2</td><td>$623.9</td><td>$1,189.0</td></tr><tr><td>Total derivative instruments</td><td>$1,232.2</td><td>$1,877.8</td><td>$1,173.6</td><td>$2,308.6</td></tr></table>
<table><tr><td></td><td colspan="3">Fiscal Year</td></tr><tr><td></td><td>2019</td><td>2018</td><td>2017</td></tr><tr><td>Beginning balance</td><td>$122,823</td><td>$90,615</td><td>$69,052</td></tr><tr><td>Additions based on positions related to current year</td><td>7,193</td><td>26,431</td><td>20,036</td></tr><tr><td>Additions for tax positions in prior years</td><td>8,369</td><td>5,844</td><td>1,878</td></tr><tr><td>Reductions for tax positions in prior years</td><td>-24,932</td><td>-67</td><td>-29</td></tr><tr><td>Expiration of statute of limitations</td><td>-6,972</td><td>—</td><td>-322</td></tr><tr><td>Settlements</td><td>-3,303</td><td>—</td><td>—</td></tr><tr><td>Ending balance</td><td>$103,178</td><td>$122,823</td><td>$90,615</td></tr></table>
<table><tr><td> Year</td><td> Operating Lease Payment</td><td> Sublease Income</td><td>Capital Leases</td></tr><tr><td>2009</td><td>$225,290</td><td>$3,341</td><td>$28,608</td></tr><tr><td>2010</td><td>201,315</td><td>1,847</td><td>27,146</td></tr><tr><td>2011</td><td>191,588</td><td>1,223</td><td>19,116</td></tr><tr><td>2012</td><td>186,600</td><td>1,071</td><td>25,489</td></tr><tr><td>2013</td><td>181,080</td><td>988</td><td>9,419</td></tr><tr><td>Thereafter</td><td>2,109,086</td><td>3,539</td><td>95,445</td></tr><tr><td>Total minimum lease payments</td><td>$3,094,959</td><td>$12,009</td><td>$205,223</td></tr><tr><td>Less amounts representing interest</td><td></td><td></td><td>-73,536</td></tr><tr><td>Present value of capital lease obligations</td><td></td><td></td><td>$131,687</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December 31, 2012</td></tr><tr><td></td><td>Parent</td><td>Guarantors</td><td>Canada Company</td><td>Non- Guarantors</td><td>Eliminations</td><td>Consolidated</td></tr><tr><td>Cash Flows from Operating Activities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash Flows from Operating Activities-Continuing Operations</td><td>$-195,478</td><td>$496,542</td><td>$48,037</td><td>$94,551</td><td>$—</td><td>$443,652</td></tr><tr><td>Cash Flows from Operating Activities-Discontinued Operations</td><td>—</td><td>-8,814</td><td>—</td><td>-2,102</td><td>—</td><td>-10,916</td></tr><tr><td>Cash Flows from Operating Activities</td><td>-195,478</td><td>487,728</td><td>48,037</td><td>92,449</td><td>—</td><td>432,736</td></tr><tr><td>Cash Flows from Investing Activities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital expenditures</td><td>—</td><td>-134,852</td><td>-10,829</td><td>-95,002</td><td>—</td><td>-240,683</td></tr><tr><td>Cash paid for acquisitions, net of cash acquired</td><td>—</td><td>-28,126</td><td>—</td><td>-97,008</td><td>—</td><td>-125,134</td></tr><tr><td>Intercompany loans to subsidiaries</td><td>88,376</td><td>-110,142</td><td>—</td><td>—</td><td>21,766</td><td>—</td></tr><tr><td>Investment in subsidiaries</td><td>-37,572</td><td>-37,572</td><td>—</td><td>—</td><td>75,144</td><td>—</td></tr><tr><td>Investment in restricted cash</td><td>1,498</td><td>—</td><td>—</td><td>—</td><td>—</td><td>1,498</td></tr><tr><td>Additions to customer relationship and acquisition costs</td><td>—</td><td>-23,543</td><td>-2,132</td><td>-3,197</td><td>—</td><td>-28,872</td></tr><tr><td>Investment in joint ventures</td><td>-2,330</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-2,330</td></tr><tr><td>Proceeds from sales of property and equipment and other, net</td><td>—</td><td>-1,739</td><td>5</td><td>3,191</td><td>—</td><td>1,457</td></tr><tr><td>Cash Flows from Investing Activities-Continuing Operations</td><td>49,972</td><td>-335,974</td><td>-12,956</td><td>-192,016</td><td>96,910</td><td>-394,064</td></tr><tr><td>Cash Flows from Investing Activities-Discontinued Operations</td><td>—</td><td>-1,982</td><td>—</td><td>-4,154</td><td>—</td><td>-6,136</td></tr><tr><td>Cash Flows from Investing Activities</td><td>49,972</td><td>-337,956</td><td>-12,956</td><td>-196,170</td><td>96,910</td><td>-400,200</td></tr><tr><td>Cash Flows from Financing Activities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of revolving credit and term loan facilities and other debt</td><td>—</td><td>-2,774,070</td><td>-3,069</td><td>-67,554</td><td>—</td><td>-2,844,693</td></tr><tr><td>Proceeds from revolving credit and term loan facilities and other debt</td><td>—</td><td>2,680,107</td><td>—</td><td>51,078</td><td>—</td><td>2,731,185</td></tr><tr><td>Early retirement of senior subordinated notes</td><td>-525,834</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-525,834</td></tr><tr><td>Net proceeds from sales of senior subordinated notes</td><td>985,000</td><td>—</td><td>—</td><td>—</td><td>—</td><td>985,000</td></tr><tr><td>Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net</td><td>—</td><td>—</td><td>—</td><td>480</td><td>—</td><td>480</td></tr><tr><td>Intercompany loans from parent</td><td>—</td><td>-89,878</td><td>714</td><td>110,930</td><td>-21,766</td><td>—</td></tr><tr><td>Equity contribution from parent</td><td>—</td><td>37,572</td><td>—</td><td>37,572</td><td>-75,144</td><td>—</td></tr><tr><td>Stock repurchases</td><td>-38,052</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-38,052</td></tr><tr><td>Parent cash dividends</td><td>-318,845</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-318,845</td></tr><tr><td>Proceeds from exercise of stock options and employee stock purchase plan</td><td>40,244</td><td>—</td><td>—</td><td>—</td><td>—</td><td>40,244</td></tr><tr><td>Excess tax benefits from stock-based compensation</td><td>1,045</td><td>—</td><td>—</td><td>—</td><td>—</td><td>1,045</td></tr><tr><td>Payment of debt finacing costs</td><td>-1,480</td><td>-781</td><td>—</td><td>—</td><td>—</td><td>-2,261</td></tr><tr><td>Cash Flows from Financing Activities-Continuing Operations</td><td>142,078</td><td>-147,050</td><td>-2,355</td><td>132,506</td><td>-96,910</td><td>28,269</td></tr><tr><td>Cash Flows from Financing Activities-Discontinued Operations</td><td>—</td><td>—</td><td>—</td><td>-39</td><td>—</td><td>-39</td></tr><tr><td>Cash Flows from Financing Activities</td><td>142,078</td><td>-147,050</td><td>-2,355</td><td>132,467</td><td>-96,910</td><td>28,230</td></tr><tr><td>Effect of exchange rates on cash and cash equivalents</td><td>—</td><td>—</td><td>1,867</td><td>937</td><td>—</td><td>2,804</td></tr><tr><td>(Decrease) Increase in cash and cash equivalents</td><td>-3,428</td><td>2,722</td><td>34,593</td><td>29,683</td><td>—</td><td>63,570</td></tr><tr><td>Cash and cash equivalents, beginning of period</td><td>3,428</td><td>10,750</td><td>68,907</td><td>96,760</td><td>—</td><td>179,845</td></tr><tr><td>Cash and cash equivalents, end of period</td><td>$—</td><td>$13,472</td><td>$103,500</td><td>$126,443</td><td>$—</td><td>$243,415</td></tr></table>

Question: what was the ratio of the company investment in fhlb stock of for 2013 to 2012
Answer: 0.91098
Reasoning program: divide(61.4,67.4)