The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area:
## Table 0 ##
* Revenues are generally reported according to the geographic location of the reporting unit.4.
Held-For-Sale Classification HELD-FOR-SALE CLASSIFICATION We report a business as held-for-sale when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met.
A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell.
If the carrying amount of the business exceeds its estimated fair value, a loss is recognized.
Assets and liabilities related to the businesses classified as held-for-sale are separately reported in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale.
At December 31, 2016, the following businesses were reported as held-for-sale: United Guaranty Asia On August 15, 2016, we entered into a definitive agreement to sell our 100 percent interest in UGC and certain related affiliates to Arch.
This transaction closed on December 31, 2016 and we received proceeds of approximately $3.3 billion, consisting of $2.2 billion of cash, and approximately $1.1 billion of newly issued Arch convertible non-voting common-equivalent preferred stock.
We also received $261 million in pre-closing dividends from UGC in the fourth quarter of 2016.
However, due to pending regulatory approvals, United Guaranty Asia was not included in the December 31, 2016 closing and $40 million of cash consideration was retained by Arch.
The closing with respect to United Guaranty Asia is expected to occur during the first quarter of 2017, at which time AIG will receive the remaining consideration.
Sale of Certain Insurance Subsidiary Operations to Fairfax On October 18, 2016, we entered into agreements to sell certain insurance operations to Fairfax Financial Holdings Limited (Fairfax).
The agreements include the sale of our subsidiary operations in Argentina, Chile, Colombia, Uruguay and Venezuela, as well as insurance operations in Turkey.
Fairfax will also acquire renewal rights for the portfolios of local business written by our operations in Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia, and assume certain of our operating assets and employees.
Total cash consideration to us is expected to be approximately $240 million.
The transactions are subject to obtaining the relevant regulatory approvals and other customary closing conditions.
AIG Fuji Life Insurance On November 14, 2016, we entered into an agreement to sell AFLI to FWD Group, the insurance arm of Pacific Century Group.
Consummation of the transaction is subject to customary closing conditions, including regulatory and other approvals.
Total cash consideration to us is expected to be approximately $346 million.
The sale resulted in a pre-tax loss of $467 million.
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE Information regarding the estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts and lease contracts) is discussed below: ?
Mortgage and other loans receivable: Fair values of loans on commercial real estate and other loans receivable are estimated for disclosure purposes using discounted cash flow calculations based on discount rates that we believe market participants would use in determining the price that they would pay for such assets.
For certain loans, our current incremental lending rates for similar types of loans are used as the discount rates, because we believe this rate approximates the rates market participants would use.
Fair values of residential mortgage loans are generally determined based on market prices, using market based adjustments for credit and servicing as appropriate.
The fair values of policy loans are generally estimated based on unpaid principal amount as of each reporting date.
No consideration is given to credit risk because policy loans are effectively collateralized by the cash surrender value of the policies.  ?
Other invested assets: The majority of Other invested assets that are not measured at fair value represent investments in life settlements.
The fair value of investments in life settlements is determined using a discounted cash flow methodology that incorporates the best available market assumptions for longevity as well as market yields based on reported transactions.
Due to the individual life nature of each investment in life settlements and the illiquidity of the existing market, significant inputs to the fair value are unobservable.  ?
Cash and short-term investments: The carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk.  ?
Policyholder contract deposits associated with investment-type contracts: Fair values for policyholder contract deposits associated with investment-type contracts not accounted for at fair value are estimated using discounted cash flow calculations based on interest rates currently being offered for similar contracts with maturities consistent with those of the contracts being valued.
When no similar contracts are being offered, the discount rate is the appropriate swap rate (if available) or current risk-free interest rate consistent with the currency in which the cash flows are denominated.
To determine fair value, other factors include current policyholder account values and related surrender charges and other assumptions include expectations about policyholder behavior and an appropriate risk margin.  ?
Other liabilities: The majority of Other liabilities that are financial instruments not measured at fair value represent secured financing arrangements, including repurchase agreements.
The carrying amounts of these liabilities approximate fair value, because the financing arrangements are short-term and are secured by cash or other liquid collateral.  ?
Long-term debt: Fair values of these obligations were determined by reference to quoted market prices, when available and appropriate, or discounted cash flow calculations based upon our current market-observable implicit-credit-spread rates for similar types of borrowings with maturities consistent with those remaining for the debt being valued.
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
## Table 1 ##
Interest Expense
## Table 2 ##
Interest incurred increased $.5 as interest expense associated with financing the Lu'An joint venture was mostly offset by favorable impacts from currency, a lower average interest rate on the debt portfolio, and a lower average debt balance.
Capitalized interest decreased 31%, or $6.0, due to a decrease in the carrying value of projects under construction, primarily driven by the Lu'An project in Asia.
Other Non-Operating Income (Expense), Net Other non-operating income (expense), net of $66.7 increased $61.6, primarily due to lower pension settlement losses, higher non-service pension income, and higher interest income on cash and cash items.
The prior year included pension settlement losses of $43.7 ($33.2 after-tax, or $.15 per share) primarily in connection with the transfer of certain pension assets and payment obligations to an insurer for our U. S.  salaried and hourly plans.
In fiscal year 2019, we recognized a pension settlement loss of $5.0 ($3.8 after-tax, or $.02 per share) associated with the U. S.  Supplementary Pension Plan during the second quarter.
Net Income and Net Income Margin Net income of $1,809.4 increased 18%, or $276.5, primarily due to impacts from the U. S.  Tax Cuts and Jobs Act, positive pricing, and favorable volumes.
Net income margin of 20.3% increased 310 bp.
Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA of $3,468.0 increased 11%, or $352.5, primarily due to positive pricing and higher volumes, partially offset by unfavorable currency.
Adjusted EBITDA margin of 38.9% increased 400 bp, primarily due to higher volumes, positive pricing, and the India contract modification.
The India contract modification contributed 80 bp.
Effective Tax Rate The effective tax rate equals the income tax provision divided by income from continuing operations before taxes.
The effective tax rate was 21.0% and 26.0% in fiscal years 2019 and 2018, respectively.
The current year rate was lower primarily due to impacts related to the enactment of the U. S.  Tax Cuts and Jobs Act (the “Tax Act") in 2018, which significantly changed existing U. S.  tax laws, including a reduction in the federal corporate income tax rate from 35% to 21%, a deemed repatriation tax on unremitted foreign earnings, as well as other changes.
As a result of the Tax Act, our income tax provision reflects discrete net income tax costs of $43.8 and $180.6 in fiscal years 2019 and 2018, respectively.
The current year included a cost of $56.2 ($.26 per share) for the reversal of a benefit recorded in 2018 related to the U. S.  taxation of deemed foreign dividends.
We recorded this reversal based on regulations issued in 2019.
The 2019 reversal was partially offset by a favorable adjustment of $12.4 ($.06 per share) that was recorded as we completed our estimates of the impacts of the Tax Act.
This adjustment is primarily related to foreign tax items, including the deemed repatriation tax for foreign tax redeterminations.
In addition, the current year rate included a net gain on the exchange of two equity affiliates of $29.1, which was not a taxable transaction.
The higher 2018 expense resulting from the Tax Act was partially offset by a $35.7 tax benefit from the restructuring of foreign subsidiaries, a $9.1 benefit from a foreign audit settlement agreement, and higher excess tax benefits on share-based compensation.
The adjusted effective tax rate was 19.4% and 18.6% in fiscal years 2019 and 2018, respectively.
The lower prior year rate was primarily due to the $9.1 benefit from a foreign audit settlement agreement and higher excess tax benefits on share-based compensation.

<table><tr><td></td><td colspan="3">Total Revenues<sup>*</sup></td><td colspan="3">Real Estate and Other Fixed Assets, Net of Accumulated Depreciation</td></tr><tr><td><i>(in millions)</i></td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>U.S.</td><td>$37,405</td><td>$41,623</td><td>$40,291</td><td>$734</td><td>$912</td><td>$819</td></tr><tr><td>Europe</td><td>4,613</td><td>5,772</td><td>6,140</td><td>145</td><td>171</td><td>154</td></tr><tr><td>Japan</td><td>3,636</td><td>4,293</td><td>3,641</td><td>524</td><td>449</td><td>400</td></tr><tr><td>Other</td><td>6,713</td><td>6,639</td><td>14,334</td><td>1,257</td><td>1,603</td><td>1,327</td></tr><tr><td> Consolidated</td><td>$52,367</td><td>$58,327</td><td>$64,406</td><td>$2,660</td><td>$3,135</td><td>$2,700</td></tr></table>
<table><tr><td></td><td colspan="5">Estimated Fair Value</td><td rowspan="2">Carrying Value</td></tr><tr><td><i>(in millions)</i></td><td></td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td></tr><tr><td> December 31, 2016</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> Assets:</td><td> </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage and other loans receivable</td><td> $</td><td> -</td><td>$161</td><td>$33,575</td><td>$33,736</td><td>$33,229</td></tr><tr><td>Other invested assets</td><td> </td><td> -</td><td>955</td><td>2,053</td><td>3,008</td><td>3,474</td></tr><tr><td>Short-term investments</td><td> </td><td> -</td><td>8,961</td><td>-</td><td>8,961</td><td>8,961</td></tr><tr><td>Cash</td><td> </td><td> 1,868</td><td>-</td><td>-</td><td>1,868</td><td>1,868</td></tr><tr><td> Liabilities:</td><td> </td><td> </td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholder contract deposits associated</td><td> </td><td> </td><td></td><td></td><td></td><td></td></tr><tr><td>with investment-type contracts</td><td> </td><td> -</td><td>382</td><td>121,742</td><td>122,124</td><td>112,705</td></tr><tr><td>Other liabilities</td><td> </td><td> -</td><td>4,196</td><td>-</td><td>4,196</td><td>4,196</td></tr><tr><td>Long-term debt</td><td> </td><td> -</td><td>23,117</td><td>3,333</td><td>26,450</td><td>27,484</td></tr></table>
<table><tr><td></td><td>2019</td><td>2018</td></tr><tr><td>Interest incurred</td><td>$150.5</td><td>$150.0</td></tr><tr><td>Less: Capitalized interest</td><td>13.5</td><td>19.5</td></tr><tr><td>Interest Expense</td><td>$137.0</td><td>$130.5</td></tr></table>

Question: How many elements exceed the average of assets in 2016?