also during 2006 , the entities acquired approximately $ 4.8 billion of international paper debt obligations for cash , resulting in a total of approximately $ 5.2 billion of international paper debt obligations held by the entities at december 31 , 2006 . the various agreements entered into in connection with these transactions provide that international paper has , and intends to effect , a legal right to offset its obligation under these debt instruments with its investments in the entities . accordingly , for financial reporting purposes , international paper has offset approximately $ 5.2 billion of class b interests in the entities against $ 5.3 billion of international paper debt obligations held by these entities at december 31 , 2014 and 2013 . despite the offset treatment , these remain debt obligations of international paper . remaining borrowings of $ 50 million and $ 67 million at december 31 , 2014 and 2013 , respectively , are included in floating rate notes due 2014 2013 2019 in the summary of long-term debt in note 13 . additional debt related to the above transaction of $ 107 million and $ 79 million is included in short-term notes in the summary of long-term debt in note 13 at december 31 , 2014 and 2013 . the use of the above entities facilitated the monetization of the credit enhanced timber notes in a cost effective manner by increasing the borrowing capacity and lowering the interest rate , while providing for the offset accounting treatment described above . additionally , the monetization structure preserved the tax deferral that resulted from the 2006 forestlands sales . the company recognized a $ 1.4 billion deferred tax liability in connection with the 2006 forestlands sale , which will be settled with the maturity of the timber notes in the third quarter of 2016 ( unless extended ) . during 2011 and 2012 , the credit ratings for two letter of credit banks that support $ 1.5 billion of timber notes were downgraded below the specified threshold . these letters of credit were successfully replaced by other qualifying institutions . fees of $ 10 million were incurred during 2012 in connection with these replacements . during 2012 , an additional letter of credit bank that supports $ 707 million of timber notes was downgraded below the specified threshold . in december 2012 , the company and the third-party managing member agreed to a continuing replacement waiver for these letters of credit , terminable upon 30 days notice . activity between the company and the entities was as follows: .

Table:
in millions | 2014 | 2013 | 2012
revenue ( loss ) ( a ) | $ 38 | $ 45 | $ 49
expense ( a ) | 72 | 79 | 90
cash receipts ( b ) | 22 | 33 | 36
cash payments ( c ) | 73 | 84 | 87
( a ) the net expense related to the company 2019s interest in the entities is included in interest expense , net in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above .
( b ) the cash receipts are equity distributions from the entities to international paper .
( c ) the semi-annual payments are related to interest on the associated debt obligations discussed above .
based on an analysis of the entities discussed above under guidance that considers the potential magnitude of the variability in the structures and which party has a controlling financial interest , international paper determined that it is not the primary beneficiary of the entities , and therefore , should not consolidate its investments in these entities .
it was also determined that the source of variability in the structure is the value of the timber notes , the assets most significantly impacting the structure 2019s economic performance .
the credit quality of the timber notes is supported by irrevocable letters of credit obtained by third-party buyers which are 100% ( 100 % ) cash collateralized .
international paper analyzed which party has control over the economic performance of each entity , and concluded international paper does not have control over significant decisions surrounding the timber notes and letters of credit and therefore is not the primary beneficiary .
the company 2019s maximum exposure to loss equals the value of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure is remote .
international paper also held variable interests in financing entities that were used to monetize long-term notes received from the sale of forestlands in 2002 .
international paper transferred notes ( the monetized notes , with an original maturity of 10 years from inception ) and cash of approximately $ 500 million to these entities in exchange for preferred interests , and accounted for the transfers as a sale of the notes with no associated gain or loss .
in the same period , the entities acquired approximately $ 500 million of international paper debt obligations for cash .
international paper has no obligation to make any further capital contributions to these entities and did not provide any financial support that was not previously contractually required during the years ended december 31 , 2014 , 2013 or 2012 .
during 2012 , $ 252 million of the 2002 monetized notes matured .
cash receipts upon maturity were used to pay the associated debt obligations .
effective june 1 , 2012 , international paper liquidated its interest in the 2002 financing entities .
in connection with the acquisition of temple-inland in february 2012 , two special purpose entities became wholly-owned subsidiaries of international paper. .

Question: in the review of the activity between the company and the entities what was the ratio of the cash payments to the cash receipts
Answer: 3.32
Calculation: divide(73, 22)