Entergy Corporation Notes to Consolidated Financial Statements 74 (d) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on October 1, 2003 and will then be remarketed.
(e) On June 1, 2002, Entergy Louisiana remarketed $55 million St.  Charles Parish Pollution Control Revenue Refunding Bonds due 2030, resetting the interest rate to 4.9% through May 2005.
(f) The bonds are subject to mandatory tender for purchase from the holders at 100% of the principal amount outstanding on June 1, 2005 and will then be remarketed.
(g) The fair value excludes lease obligations, long-term DOE obligations, and other long-term debt and includes debt due within one year.
It is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms.
The annual long-term debt maturities (excluding lease obligations) and annual cash sinking fund requirements for debt outstanding as of December 31, 2002, for the next five years are as follows (in thousands):
## Table 0 ##
Not included are other sinking fund requirements of approximately $30.2 million annually, which may be satisfied by cash or by certification of property additions at the rate of 167% of such requirements.
In December 2002, when the Damhead Creek project was sold, the buyer of the project assumed all obligations under the Damhead Creek credit facilities and the Damhead Creek interest rate swap agreements.
In November 2000, Entergy's Non-Utility Nuclear business purchased the FitzPatrick and Indian Point 3 power plants in a seller-financed transaction.
Entergy issued notes to NYPA with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing.
These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.
In accordance with the purchase agreement with NYPA, the purchase of Indian Point 2 resulted in Entergy's Non-Utility Nuclear business becoming liable to NYPA for an additional $10 million per year for 10 years, beginning in September 2003.
This liability was recorded upon the purchase of Indian Point 2 in September 2001.
Covenants in the Entergy Corporation 7.75% notes require it to maintain a consolidated debt ratio of 65% or less of its total capitalization.
If Entergy's debt ratio exceeds this limit, or if Entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings, an acceleration of the facility's maturity may occur.
In January 2003, Entergy paid in full, at maturity, the outstanding debt relating to the Top of Iowa wind project.
Capital Funds Agreement Pursuant to an agreement with certain creditors, Entergy Corporation has agreed to supply System Energy with sufficient capital to:  maintain System Energy's equity capital at a minimum of 35% of its total capitalization (excluding short-term debt);  permit the continued commercial operation of Grand Gulf 1;  pay in full all System Energy indebtedness for borrowed money when due; and  enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy's rights in the agreement as security for the specific debt.
?
forecast Pound sterling expenses exceed Pound sterling revenues, the Company limits its exposure to this exchange rate risk by the use of forward contracts matched to specific, clearly identified cash outflows arising in the ordinary course of business; ?
the UK operations earn significant revenues in Euros and Japanese yen, the Company limits its exposure to changes in the exchange rate between the US dollar and these currencies by the use of forward contracts matched to a percentage of forecast cash inflows in specific currencies and periods.
In addition, we are also exposed to foreign exchange risk on any net sterling asset or liability position in our London market operations; and ?
Miller Insurance Services LLP, which is a sterling functional entity, earns significant non-functional currency revenues, the Company limits its exposure to exchange rate changes by the use of forward contracts matched to a percentage of forecast cash inflows in specific currencies and periods.
However, where the foreign exchange risk relates to any sterling pension assets benefit or liability for pensions benefit, we do not hedge the risk.
Consequently, if our London market operations have a significant pension asset or liability, we may be exposed to accounting gains and losses if the US dollar and pounds sterling exchange rate changes.
We do, however, hedge the pounds sterling contributions into the pension plan.
Translation risk Outside our US and London market operations, we predominantly earn revenues and incur expenses in the local currency.
When we translate the results and net assets of these operations into US dollars for reporting purposes, movements in exchange rates will affect reported results and net assets.
For example, if the US dollar strengthens against the Euro, the reported results of our Eurozone operations in US dollar terms will be lower.
With the exception of foreign currency hedges for certain intercompany loans that are not designated as hedging instruments, we do not hedge translation risk.
The table below provides information about our foreign currency forward exchange contracts, which are sensitive to exchange rate risk.
The table summarizes the US dollar equivalent amounts of each currency bought and sold forward and the weighted average contractual exchange rates.
All forward exchange contracts mature within three years.
## Table 1 ##
(i) Represents the difference between the contract amount and the cash flow in US dollars which would have been receivable had the foreign currency forward exchange contracts been entered into on December 31, 2015 at the forward exchange rates prevailing at that date
Note 9 — Derivative Financial Instruments We are exposed to certain interest rate and foreign currency risks.
Where possible, we identify exposures in our business that can be offset internally.
Where no natural offset is identified, we may choose to enter into various derivative transactions.
For the years ended December 31, 2016 and 2015, all of our derivative instruments qualifying for hedge accounting are considered cash flow hedges.
These instruments have the effect of reducing our exposure to unfavorable changes in interest and foreign currency rates.
The Company’s Board of Directors reviews and approves policies for managing each of these risks as summarized below.
Interest Rate Risk - Interest Income As a result of the Company’s operating activities, the Company holds fiduciary funds.
The Company earns interest on these funds, which is included in the Company’s consolidated financial statements as interest and other income.
These funds are regulated in terms of access as are the instruments in which they may be invested, most of which are short-term in nature.
During 2015, in order to manage interest rate risk arising from these financial assets, the Company entered into interest rate swaps to receive a fixed rate of interest and pay a variable rate of interest.
These derivatives were designated as hedging instruments at December 31, 2016 and December 31, 2015 and had total notional amounts of $300 million and fair values of nil for each period, respectively.
Foreign Currency Risk Some of our non-U.
S.  subsidiaries receive revenues and incur expenses in currencies other than their functional currency and as a result, the foreign subsidiary’s functional currency revenues will fluctuate as the currency rates change.
Additionally, the forecast Pounds sterling expenses of our London brokerage market operations may exceed their Pounds sterling revenues, and they may also hold a significant net Pounds sterling asset or liability position in the balance sheet.
To reduce the variability, we use foreign exchange forward contracts to hedge this foreign exchange risk.
These derivatives were designated as hedging instruments and as of December 31, 2016 and December 31, 2015 had a total notional amount of $945 million and $1.2 billion, respectively, and net fair value liabilities of $110 million and $28 million, respectively.
At December 31, 2016, the Company estimates, based on current interest and exchange rates, there will be $64 million of net derivative losses on forward exchange rates, interest rate swaps, and treasury locks reclassified from accumulated comprehensive income into earnings within the next 12 months as the forecast transactions affect earnings.
At December 31, 2016, our longest outstanding maturity was 2.5 years.
The material effects of derivative instruments that are designated as hedging instruments on the consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014 are as follows:
## Table 2 ##
We also enter into foreign currency transactions, primarily to hedge certain intercompany loans.
These derivatives are not generally designated as hedging instruments and at December 31, 2016 and December 31, 2015 we had notional amounts of $630 million and $574 million, and net fair value liabilities of $8 million, and $3 million, respectively, for each of the years then ended.
The effects of derivatives that have not been designated as hedging instruments on the consolidated statements of operations for the three years ended December 31, 2016 are immaterial.
The guidelines also indicate which investments and strategies the manager is permitted to use to achieve its performance objectives, and which investments and strategies it is prohibited from using.
Where public market investment strategies may include the use of derivatives and/or currency management, language is incorporated in the managers’ guidelines to define allowable and prohibited transactions and/or strategies.
Derivatives are typically employed by investment managers to modify risk/ return characteristics of their portfolio(s), implement asset allocation changes in a cost-effective manner, or reduce transaction costs.
Under the managers’ investment guidelines, derivatives may not be used solely for speculation or leverage.
Derivatives are used only in circumstances where they offer the most efficient economic means of improving the risk/ reward profile of the portfolio.
BlackRock and the Asset Management Group business segment receive compensation for providing investment management and trustee services for the majority of the Trust portfolio.
Compensation for such services is paid by PNC.
Non-affiliate service providers for the Trust are compensated from plan assets.
FAIR VALUE MEASUREMENTS Effective January 1, 2008, the PNC Pension Plan adopted fair value measurements and disclosures.
As further described in Note 8 Fair Value, GAAP establishes the framework for measuring fair value, including a hierarchy used to classify the inputs used in measuring fair value.
A description of the valuation methodologies used for assets measured at fair value follows.
There have been no changes in the methodologies used at December 31, 2009 compared with those in place at December 31, 2008: ?
Money market, mutual funds and interests in collective funds are valued at the net asset value of the shares held by the pension plan at year-end.  ?
US government securities, other government securities, corporate debt, common stock and preferred stock are valued at the closing price reported on the active market on which the individual securities are traded.  ?
Limited partnerships are valued by investment managers based on recent financial information used to estimate fair value.
Other investments held by the pension plan include derivative financial instruments and real estate, which are recorded at estimated fair value as determined by third-party appraisals and pricing models, and group annuity contracts which are valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer.
These methods may result in fair value calculations that may not be indicative of net realizable values or future fair values.
Furthermore, while the pension plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2009:
## Table 3 ##
(a) The benefit plans own commingled funds that invest in equity and fixed income securities.
The commingled funds that invest in equity securities seek to mirror the performance of the S&P 500 Index, Russell 3000 Index, Morgan Stanley Capital International ACWI X US Index, and the Dow Jones U. S.  Select Real Estate Securities Index.
The commingled fund that holds fixed income securities invests in domestic investment grade securities and seeks to mimic the performance of the Barclays Aggregate Bond Index.
pricing the loans.
When available, valuation assumptions included observable inputs based on whole loan sales.
Adjustments are made to these assumptions to account for situations when uncertainties exist, including market conditions and liquidity.
Credit risk is included as part of our valuation process for these loans by considering expected rates of return for market participants for similar loans in the marketplace.
Based on the significance of unobservable inputs, we classify this portfolio as Level 3.
Equity Investments The valuation of direct and indirect private equity investments requires significant management judgment due to the absence of quoted market prices, inherent lack of liquidity and the long-term nature of such investments.
The carrying values of direct and affiliated partnership interests reflect the expected exit price and are based on various techniques including publicly traded price, multiples of adjusted earnings of the entity, independent appraisals, anticipated financing and sale transactions with third parties, or the pricing used to value the entity in a recent financing transaction.
In September 2009, the FASB issued ASU 2009-12 – Fair Value Measurements and Disclosures (Topic 820) – Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent).
Based on the guidance, we value indirect investments in private equity funds based on net asset value as provided in the financial statements that we receive from their managers.
Due to the time lag in our receipt of the financial information and based on a review of investments and valuation techniques applied, adjustments to the manager-provided value are made when available recent portfolio company information or market information indicates a significant change in value from that provided by the manager of the fund.
These investments are classified as Level 3.
Customer Resale Agreements We account for structured resale agreements, which are economically hedged using free-standing financial derivatives, at fair value.
The fair value for structured resale agreements is determined using a model which includes observable market data such as interest rates as inputs.
Readily observable market inputs to this model can be validated to external sources, including yield curves, implied volatility or other market-related data.
These instruments are classified as Level 2.
BlackRock Series C Preferred Stock Effective February 27, 2009, we elected to account for the approximately 2.9 million shares of the BlackRock Series C Preferred Stock received in a stock exchange with BlackRock at fair value.
The Series C Preferred Stock economically hedges the BlackRock LTIP liability that is accounted for as a derivative.
The fair value of the Series C Preferred Stock is determined using a third-party modeling approach, which includes both observable and unobservable inputs.
This approach considers expectations of a default/liquidation event and the use of liquidity discounts based on our inability to sell the security at a fair, open market price in a timely manner.
Due to the significance of unobservable inputs, this security is classified as Level 3.
Level 3 Assets and Liabilities Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

<table><tr><td>2003</td><td>$1,150,786</td></tr><tr><td>2004</td><td>$925,005</td></tr><tr><td>2005</td><td>$540,372</td></tr><tr><td>2006</td><td>$139,952</td></tr><tr><td>2007</td><td>$475,288</td></tr></table>
<table><tr><td></td><td colspan="6">Settlement date before December 31,</td></tr><tr><td></td><td colspan="2">2016</td><td colspan="2">2017</td><td colspan="2">2018</td></tr><tr><td>December 31, 2015</td><td>Contract amount</td><td>Average contractual exchange rate</td><td>Contract amount</td><td>Average contractual exchange rate</td><td>Contract amount</td><td>Average contractual exchange rate</td></tr><tr><td></td><td>(millions)</td><td></td><td>(millions)</td><td></td><td>(millions)</td><td></td></tr><tr><td>Foreign currency sold</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>US dollars sold for sterling</td><td>$485</td><td>$1.57 = £1</td><td>$363</td><td>$1.54 = £1</td><td>$175</td><td>$1.55 = £1</td></tr><tr><td>Euro sold for US dollars</td><td>87</td><td>€1 = $1.26</td><td>63</td><td>€1 = $1.30</td><td>29</td><td>€1 = $1.15</td></tr><tr><td>Japanese yen sold for US dollars</td><td>26</td><td>¥111.41= $1</td><td>18</td><td>¥113.49 = $1</td><td>7</td><td>¥116.17 = $1</td></tr><tr><td>Euro sold for sterling</td><td>15</td><td>€1 = £1.22</td><td>5</td><td>€1 = £1.24</td><td>3</td><td>€1 = £1.38</td></tr><tr><td>Total</td><td>$613</td><td></td><td>$449</td><td></td><td>$214</td><td></td></tr><tr><td>Fair Value<sup>(i)</sup></td><td>$-13</td><td></td><td>$-11</td><td></td><td>$-7</td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Loss recognized in OCI(effective portion)</td><td>Locationof (loss)/gain reclassifiedfrom OCI into income(effective portion)</td><td colspan="3">(Loss)/gain reclassifiedfrom OCI into income(effective portion)</td><td>Location of (loss)/gain recognized in income(ineffective portion and amountexcluded from effectiveness testing)</td><td colspan="3">(Loss)/gain recognizedin income (ineffectiveportion andamount excluded fromeffectiveness testing)</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td></td><td>2016</td><td>2015</td><td>2014</td><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Foreign exchange forwards</td><td>$-127</td><td>$-38</td><td>$-31</td><td>Other expense/(income), net</td><td>$-42</td><td>$4</td><td>$16</td><td>Interest expense</td><td>$-1</td><td>$1</td><td>$-1</td></tr></table>
<table><tr><td></td><td></td><td colspan="3">Fair Value Measurements Using:</td></tr><tr><td>In millions</td><td> December 31, 2009 Fair Value</td><td>Quoted Prices in ActiveMarketsFor IdenticalAssets(Level 1)</td><td>SignificantOtherObservableInputs(Level 2)</td><td>SignificantUnobservableInputs(Level 3)</td></tr><tr><td>Cash</td><td>$2</td><td>$2</td><td></td><td></td></tr><tr><td>Money market funds</td><td>334</td><td>285</td><td>$49</td><td></td></tr><tr><td>US government securities</td><td>200</td><td>73</td><td>127</td><td></td></tr><tr><td>Corporate debt</td><td>522</td><td>1</td><td>404</td><td>$117</td></tr><tr><td>Common and preferred stocks</td><td>498</td><td>198</td><td>300</td><td></td></tr><tr><td>Mutual funds</td><td>46</td><td>11</td><td>35</td><td></td></tr><tr><td>Interest in Collective Funds (a)</td><td>1,948</td><td></td><td>1,948</td><td></td></tr><tr><td>Limited partnerships</td><td>119</td><td></td><td></td><td>119</td></tr><tr><td>Other</td><td>52</td><td>8</td><td></td><td>44</td></tr><tr><td>Total</td><td>$3,721</td><td>$578</td><td>$2,863</td><td>$280</td></tr></table>

Question: What's the 50 % of the Fair Value for Mutual funds at December 31, 2009? (in million)
Answer: 23