credit and therefore was not the primary beneficiary at december 31 , 2014 . the company 2019s maximum exposure to loss at december 31 , 2014 equaled the principal amount of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure was remote . during the third quarter of 2015 , we initiated a series of actions in order to extend the 2006 monetization structure and maintain the long-term nature of the $ 1.4 billion deferred tax liability . first , international paper acquired the class a interests in the investor entities from a third party for $ 198 million in cash . as a result , international paper became the owner of all of the class a and class b interests in the entities and became the primary beneficiary of the entities . the assets and liabilities of the entities , primarily consisting of the timber notes and third party bank loans , were recorded at fair value as of the acquisition date of the class a interests . subsequent to purchasing the class a interests in the investor entities , international paper restructured the entities , which resulted in the formation of wholly- owned , bankruptcy-remote special purpose entities ( the 2015 financing entities ) . as part of the restructuring , the timber notes held by the borrower entities , subject to the third party bank loans , were contributed to the 2015 financing entities along with approximately $ 150 million in international paper debt obligations , approximately $ 600 million in cash and approximately $ 130 million in demand loans from international paper , and certain entities were liquidated . as a result of these transactions , international paper began consolidating the 2015 financing entities during the third quarter of 2015 . also , during the third quarter of 2015 , the 2015 financing entities used $ 630 million in cash to pay down a portion of the third party bank loans and refinanced approximately $ 4.2 billion of those loans on nonrecourse terms ( the 2015 refinance loans ) . during the fourth quarter of 2015 , international paper extended the maturity date on the timber notes for an additional five years . the timber notes are shown in financial assets of special purpose entities on the accompanying consolidated balance sheet and mature in august 2021 unless extended for an additional five years . these notes are supported by approximately $ 4.8 billion of irrevocable letters of credit . in addition , the company extinguished the 2015 refinance loans scheduled to mature in may 2016 and entered into new nonrecourse third party bank loans totaling approximately $ 4.2 billion ( the extension loans ) . provisions of loan agreements related to approximately $ 1.1 billion of the extension loans require the bank issuing letters of credit supporting the timber notes pledged as collateral to maintain a credit rating at or above a specified threshold . in the event the credit rating of the letter of credit bank is downgraded below the specified threshold , the letters of credit must be replaced within 60 days with letters of credit from a qualifying financial institution . the extension loans are shown in nonrecourse financial liabilities of special purpose entities on the accompanying consolidated balance sheet and mature in the fourth quarter of 2020 . the extinguishment of the 2015 refinance loans of approximately $ 4.2 billion and the issuance of the extension loans of approximately $ 4.2 billion are shown as part of reductions of debt and issuances of debt , respectively , in the financing activities of the consolidated statement of cash flows . the extension loans are nonrecourse to the company , and are secured by approximately $ 4.8 billion of timber notes , the irrevocable letters of credit supporting the timber notes and approximately $ 150 million of international paper debt obligations . the $ 150 million of international paper debt obligations are eliminated in the consolidation of the 2015 financing entities and are not reflected in the company 2019s consolidated balance sheet . the purchase of the class a interests and subsequent restructuring described above facilitated the refinancing and extensions of the third party bank loans on nonrecourse terms . the transactions described in these paragraphs result in continued long-term classification of the $ 1.4 billion deferred tax liability recognized in connection with the 2006 forestlands as of december 31 , 2015 , the fair value of the timber notes and extension loans is $ 4.68 billion and $ 4.28 billion , respectively . the timber notes and extension loans are classified as level 2 within the fair value hierarchy , which is further defined in note 14 . activity between the company and the 2015 financing entities ( the entities prior to the purchase of the class a interest discussed above ) was as follows: .

Table:
in millions | 2015 | 2014 | 2013
revenue ( a ) | $ 43 | $ 38 | $ 45
expense ( a ) | 81 | 72 | 79
cash receipts ( b ) | 21 | 22 | 33
cash payments ( c ) | 71 | 73 | 84
( a ) the net expense related to the company 2019s interest in the entities is included in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above .
after formation of the 2015 financing entities , the revenue and expense are included in interest expense , net in the accompanying consolidated statement of operations .
( b ) the cash receipts are equity distributions from the entities to international paper prior to the formation of the 2015 financing entities .
after formation of the 2015 financing entities , cash receipts are interest received on the financial assets of special purpose entities. .

Question: based on the review of the activity between the company and the 2015 financing entities what was the ratio of the cash payments to cash receipts in 2013
Answer: 2.55
Calculation: divide(84, 33)