These losses started in 2008, during an economic downturn that we haven't fully recovered from. But I would have expected the losses to be much larger (than 3.1

These losses started in 2008, during an economic downturn that we haven't fully recovered from. But I would have expected the losses to be much larger (than 3.1% in North American and 0.85% globally), especially for something that is entertainment / recreation.