The impairment tests performed for intangible assets as of July 31, 2013, 2012 and 2011 indicated no impairment charges were required.
Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:
## Table 0 ##
Indefinite-Lived Acquired Management Contracts In July 2013, in connection with the Credit Suisse ETF Transaction, the Company acquired $231 million of indefinite-lived management contracts.
In March 2012, in connection with the Claymore Transaction, the Company acquired $163 million of indefinite-lived ETP management contracts.
Finite-Lived Acquired Management Contracts In October 2013, in connection with the MGPA Transaction, the Company acquired $29 million of finite-lived management contracts with a weighted-average estimated useful life of approximately eight years.
In September 2012, in connection with the SRPEP Transaction, the Company acquired $40 million of finitelived management contracts with a weighted-average estimated useful life of approximately 10 years.11.
Other Assets At March 31, 2013, BlackRock held an approximately onethird economic equity interest in Private National Mortgage Acceptance Company, LLC (“PNMAC”), which is accounted for as an equity method investment and is included in other assets on the consolidated statements of financial condition.
On May 8, 2013, PennyMac became the sole managing member of PNMAC in connection with an initial public offering of PennyMac (the “PennyMac IPO”).
As a result of the PennyMac IPO, BlackRock recorded a noncash, nonoperating pre-tax gain of $39 million related to the carrying value of its equity method investment.
Subsequent to the PennyMac IPO, the Company contributed 6.1 million units of its investment to a new donor advised fund (the “Charitable Contribution”).
The fair value of the Charitable Contribution was $124 million and is included in general and administration expenses on the consolidated statements of income.
In connection with the Charitable Contribution, the Company also recorded a noncash, nonoperating pre-tax gain of $80 million related to the contributed investment and a tax benefit of approximately $48 million.
The carrying value and fair value of the Company’s remaining interest (approximately 20% or 16 million shares and units) was approximately $127 million and $273 million, respectively, at December 31, 2013.
The fair value of the Company’s interest reflected the PennyMac stock price at December 31, 2013 (Level 1 input).12.
Borrowings Short-Term Borrowings The carrying value of short-term borrowings at December 31, 2012 included $100 million under the 2012 revolving credit facility.2013 Revolving Credit Facility.
In March 2011, the Company entered into a five-year $3.5 billion unsecured revolving credit facility (the “2011 credit facility”).
In March 2012, the 2011 credit facility was amended to extend the maturity date by one year to March 2017 and in April 2012 the amount of the aggregate commitment was increased to $3.785 billion (the “2012 credit facility”).
In March 2013, the Company’s credit facility was amended to extend the maturity date by one year to March 2018 and the amount of the aggregate commitment was increased to $3.990 billion (the “2013 credit facility”).
The 2013 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2013 credit facility to an aggregate principal amount not to exceed $4.990 billion.
Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread.
The 2013 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2013.
The 2013 credit facility provides backup liquidity, funds ongoing working capital for general corporate purposes and funds various investment opportunities.
At December 31, 2013, the Company had no amount outstanding under the 2013 credit facility.
Commercial Paper Program.
On October 14, 2009, BlackRock established a commercial paper program (the “CP Program”) under which the Company could issue unsecured commercial paper notes (the “CP Notes”) on a private placement basis up to a maximum aggregate amount outstanding at any time of $3.0 billion.
On May 13, 2011, BlackRock increased the maximum aggregate amount that may be borrowed under the CP Program to $3.5 billion.
On May 17, 2012, BlackRock increased the maximum aggregate amount to $3.785 billion.
In April 2013, BlackRock increased the maximum aggregate amount for which the Company could issue unsecured CP Notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $3.990 billion.
The commercial paper program is currently supported by the 2013 credit facility.
At December 31, 2013 and 2012, BlackRock had no CP Notes outstanding
## Table 1 ##
(1) Amounts include $19.6 billion of AUM related to fund ranges reclassed from institutional to retail and $6.0 billion of AUM reclassed from non-ETF index equity and fixed income to multi-asset.
(2) Amounts represent AUM acquired in the MGPA acquisition in October 2013.
BlackRock’s institutional AUM is well diversified by both product and region, and we serve institutional investors on six continents in sub-categories including: pensions, endowments and foundations, official institutions, and financial institutions, as described below.
Institutional active AUM ended the quarter at $932.4 billion, up $47.7 billion, or 5%, since year-end 2012.
Institutional active represented 23% of long-term AUM and 21% of longterm base fees.
Growth in AUM reflected continued strength in multi-asset class products with net inflows of $29.0 billion largely from defined contribution plans into target date offerings.
Multi-asset class net inflows were offset by equity net outflows of $16.5 billion, with 70% of outflows coming from fundamental strategies, and fixed income net outflows of $3.6 billion, largely from U. S.  intermediate duration mandates.
Alternatives net outflows of $9.8 billion were primarily due to active currency redemptions of $6.5 billion and return of capital on opportunistic funds of $2.5 billion.
Institutional non-ETF index AUM totaled $1.678 trillion at December 31, 2013, reflecting net inflows of $15.3 billion.
Flows were led by fixed income with net inflows of $8.3 billion, primarily into local currency, U. S.  targeted duration and global bond mandates as clients rebalanced portfolios and captured gains in equity markets.
Equities saw net inflows of $8.0 billion, primarily into global mandates, as clients increasingly looked to use passive vehicles for broad macro exposure.
Institutional non-ETF index represented 42% of long-term AUM at December 31, 2013 and accounted for 10% of long-term base fees for 2013.
The Company’s institutional clients consist of the following: ?
Pensions, Foundations and Endowments.
BlackRock is among the largest managers of pension plan assets in the world with $1.718 trillion, or 66%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2013.
Retirement is a key theme as longevity, aging populations and changing demographics worldwide are driving investment decisions.
The market landscape is shifting from defined benefit to defined contribution, driving strong flows in our defined contribution channel, which had $30.0 billion of long-term net inflows for the year, or 7% organic growth.
Defined contribution net inflows were led by $20.5 billion into multi-asset class products, with our LifePath?
target-date suite serving as a key component of our retirement solutions.
In 2013, our LifePath franchise raised $23.9 billion in net inflows, a 38% organic growth rate.
We ended 2013 with $526.4 billion in defined contribution AUM, and remain well positioned to capitalize on the on-going evolution of the defined contribution market and demand for outcome-oriented investments.
An additional $59.9 billion, or 3% of long-term institutional AUM, was managed for other tax-exempt investors, including charities, foundations and endowments.  ?
Official Institutions.
We also managed $221.5 billion, or 8%, of long-term institutional AUM, for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2013.
This specialty client group grew with long-term net new business of $22.7 billion for the year, primarily into passive equity mandates.
These clients often require specialized investment policy advice, the use of customized benchmarks and training support.  ?
Financial and Other Institutions.
BlackRock is a top independent manager of assets for insurance companies, which accounted for $237.3 billion, or 9%, of institutional long-term AUM at year-end 2013, and contributed $5.7 billion of long-term net inflows.
Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which we provide sub-advisory services, totaled $373.3 billion, or 14%, of long-term institutional AUM at year-end.
## Table 2 ##
Year Ended December 31,

<table><tr><td>Year</td><td>Amount</td></tr><tr><td>2014</td><td>$ 156</td></tr><tr><td>2015</td><td>126</td></tr><tr><td>2016</td><td>91</td></tr><tr><td>2017</td><td>74</td></tr><tr><td>2018</td><td>24</td></tr></table>
<table><tr><td></td><td colspan="6"> Component Changes in AUM – Institutional</td></tr><tr><td> <i>(in millions)</i> </td><td> 12/31/2012</td><td>Net New Business</td><td>Adjustments -1</td><td> Acquisition<sup>-2</sup></td><td>Market / FX</td><td> 12/31/2013</td></tr><tr><td>Active:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>$129,024</td><td>$-16,504</td><td>$—</td><td>$—</td><td>$26,206</td><td>$138,726</td></tr><tr><td>Fixed income</td><td>518,102</td><td>-3,560</td><td>—</td><td>—</td><td>-9,433</td><td>505,109</td></tr><tr><td>Multi-asset class</td><td>166,708</td><td>28,955</td><td>3,335</td><td>—</td><td>16,278</td><td>215,276</td></tr><tr><td>Alternatives</td><td>70,861</td><td>-9,819</td><td>—</td><td>10,836</td><td>1,421</td><td>73,299</td></tr><tr><td>Active subtotal</td><td>884,695</td><td>-928</td><td>3,335</td><td>10,836</td><td>34,472</td><td>932,410</td></tr><tr><td>Non-ETF Index:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>1,017,081</td><td>8,001</td><td>-18,238</td><td>—</td><td>250,955</td><td>1,257,799</td></tr><tr><td>Fixed income</td><td>409,943</td><td>8,321</td><td>-4,723</td><td>—</td><td>-6,774</td><td>406,767</td></tr><tr><td>Multi-asset class</td><td>9,545</td><td>-1,833</td><td>—</td><td>—</td><td>-138</td><td>7,574</td></tr><tr><td>Alternatives</td><td>4,912</td><td>777</td><td>—</td><td>—</td><td>-179</td><td>5,510</td></tr><tr><td>Non-ETF Index subtotal</td><td>1,441,481</td><td>15,266</td><td>-22,961</td><td>—</td><td>243,864</td><td>1,677,650</td></tr><tr><td> Long-terminstitutional</td><td>$2,326,176</td><td>$14,338</td><td>$-19,626</td><td>$10,836</td><td>$278,336</td><td>$2,610,060</td></tr></table>
<table><tr><td></td><td colspan="5"> As of December 31,</td></tr><tr><td></td><td> 2005</td><td> 2004</td><td> 2003</td><td> 2002</td><td> 2001</td></tr><tr><td></td><td colspan="5"> (In thousands)</td></tr><tr><td> Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents, Short-term investments and Securities-available-for-sale</td><td>$118,145</td><td>$103,449</td><td>$36,182</td><td>$23,806</td><td>$37,200</td></tr><tr><td>Working capital -7</td><td>120,013</td><td>103,996</td><td>31,884</td><td>20,140</td><td>30,588</td></tr><tr><td>Total assets</td><td>190,462</td><td>175,646</td><td>57,183</td><td>39,437</td><td>56,042</td></tr><tr><td>Total redeemable convertible preferred stock</td><td>—</td><td>—</td><td>159,664</td><td>148,209</td><td>128,527</td></tr></table>

Question: What's the average of Active: Equity of Net New Business and Active: Equity of Adjustments -1 and Active: Equity of Acquisition in 2013? (in million)