Tables of Contents The Tax Cuts and Jobs Act significantly changes existing U. S.  tax law and includes numerous provisions that affect our business.
See Note 10 to the financial statements in Item 8 of this Annual Report for more information.
RESULTS OF OPERATIONS Financial Overview
## Table 0 ##
Fiscal 2018 Compared with Fiscal 2017 Total net revenue increased $787 million or 15% in fiscal 2018 compared with fiscal 2017.
Our Small Business & Self-Employed segment revenue increased 18% due to growth in the Online Ecosystem driven by customer acquisition.
Our Consumer segment revenue increased 14% due to a higher average revenue per customer, growth in TurboTax federal units, and a shift in mix to our higher end product offerings.
See “Segment Results” later in this Item 7 for more information.
Operating income from continuing operations increased 7% in fiscal 2018 compared with fiscal 2017.
The increase was due to the higher revenue described above partially offset by higher costs for staffing, advertising and other marketing programs, outside services, and share-based compensation.
We also recorded a $79 million loss related to the sale of our data center in Quincy, Washington in the 2018 period.
Net income from continuing operations increased 25% in fiscal 2018 compared with fiscal 2017 due to the increase in operating income described above and a lower effective tax rate in fiscal 2018 as a result of the Tax Cuts and Jobs Act (2017 Tax Act).
The net income for fiscal 2018 includes tax benefits related to share-based compensation and the reorganization of a subsidiary during the year which were partially offset by a charge related to the re-measurement of our deferred tax asset balances as a result of the enactment of the 2017 Tax Act.
See Note 10 to the financial statements in Item 8 of this Annual Report for more information.
Diluted net income per share increased 25% to $4.64, in line with the increase in net income.
Fiscal 2017 Compared with Fiscal 2016 Total net revenue increased $483 million or 10% in fiscal 2017 compared with fiscal 2016.
Revenue in our Small Business & Self-Employed segment increased 13% due to growth in Online Ecosystem revenue and the impact of the changes to our QuickBooks Desktop software products.
Starting with the release of QuickBooks 2015 in the first quarter of fiscal 2015, and for all subsequent versions, we began delivering ongoing enhancements and certain connected services for our QuickBooks Desktop software products.
We plan to continue to provide ongoing enhancements and certain connected services for all future versions of these offerings.
As a result of these changes, we recognize revenue for these QuickBooks Desktop software products as services are provided over approximately three years.
Revenue in our Consumer segment increased 9% due to growth in TurboTax federal units and a shift in mix to the higher end of our product lineup.
Revenue in our Strategic Partner segment increased 2% to $437 million in fiscal 2017.
See “Segment Results” later in this Item 7 for more information.
Operating income from continuing operations increased 12% in fiscal 2017 compared with fiscal 2016 due to the increase in revenue described above.
Higher revenue was partially offset by higher costs and expenses for staffing, advertising and other marketing programs, and share-based compensation.
See “Operating Expenses” later in this Item 7 for more information.
Net income from continuing operations increased 20% in fiscal 2017 compared with fiscal 2016 due to the increase in operating income and a lower effective tax rate in the fiscal 2017 period.
See “Non-Operating Income and Expenses - Income Taxes” later in this Item 7 for more information.
Diluted net income per share from continuing operations for fiscal 2017 increased 22% to $3.72 as a result of the increase in net income and the decline in weighted average diluted common shares compared with fiscal 2016.
Tables of Contents Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above.
## Table 1 ##
The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates shown:
## Table 2 ##
We value our Level 1 assets, consisting primarily of money market funds and savings deposit accounts, using quoted prices in active markets for identical instruments.
Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of municipal bonds, corporate notes and U. S.  agency securities.
We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments.
Our fair value processes include controls that are designed to ensure that we record appropriate fair values for our Level 2 investments.
These controls include comparison to pricing provided by a secondary pricing service or investment manager, validation of pricing sources and models, review of key model inputs, analysis of period-over-period price fluctuations, and independent recalculation of prices where appropriate.
Financial assets whose fair values we measure using significant unobservable (Level 3) inputs consist of municipal auction rate securities that are no longer liquid.
During the fourth quarter of fiscal 2018, all of our municipal auction rate securities were redeemed by the issuer at par.
For the fiscal years ended July 31, 2017 and 2016, we estimated the fair values of the auction rate securities using a discounted cash flow model.
Using our discounted cash flow model, we determined that the fair values of the municipal auction rate securities we held at July 31, 2017 and 2016 were approximately equal to their par values and as a result we recorded no decrease in their fair values during the twelve months then ended.
There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the twelve months ended July 31, 2018, 2017 or 2016.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets measured at fair value on a non-recurring basis include reporting units measured at fair value in a goodwill impairment test.
Estimates of fair value for reporting units fall under Level 3 of the fair value hierarchy.
Stock Performance Graph The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except to the extent that Sysco specifically incorporates such information by reference into such filing.
The following stock performance graph compares the performance of Sysco’s Common Stock to the S&P 500 Index and to the S&P 500 Food/ Staple Retail Index for Sysco’s last five fiscal years.
The graph assumes that the value of the investment in our Common Stock, the S&P 500 Index, and the S&P 500 Food/Staple Index was $100 on the last trading day of fiscal 2006, and that all dividends were reinvested.
Performance data for Sysco, the S&P 500 Index and the S&P 500 Food/ Staple Retail Index is provided as of the last trading day of each of our last five fiscal years.

<table><tr><td>(Dollars in millions, except per share amounts)</td><td>Fiscal2018</td><td>Fiscal2017</td><td>Fiscal2016</td><td>2018-2017% Change</td><td>2017-2016% Change</td></tr><tr><td>Total net revenue</td><td>$5,964</td><td>$5,177</td><td>$4,694</td><td>15%</td><td>10%</td></tr><tr><td>Operating income from continuing operations</td><td>1,497</td><td>1,395</td><td>1,242</td><td>7%</td><td>12%</td></tr><tr><td>Net income from continuing operations</td><td>1,211</td><td>971</td><td>806</td><td>25%</td><td>20%</td></tr><tr><td>Diluted net income per share from continuing operations</td><td>$4.64</td><td>$3.72</td><td>$3.04</td><td>25%</td><td>22%</td></tr></table>
<table><tr><td></td><td colspan="4">At July 31, 2018</td><td colspan="4">At July 31, 2017</td></tr><tr><td>(In millions)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash equivalents, primarily money market funds and savings deposit accounts</td><td>$1,143</td><td>$—</td><td>$—</td><td>$1,143</td><td>$181</td><td>$—</td><td>$—</td><td>$181</td></tr><tr><td>Available-for-sale debt securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Municipal bonds</td><td>—</td><td>31</td><td>—</td><td>31</td><td>—</td><td>63</td><td>—</td><td>63</td></tr><tr><td>Municipal auction rate securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>15</td><td>15</td></tr><tr><td>Corporate notes</td><td>—</td><td>412</td><td>—</td><td>412</td><td>—</td><td>382</td><td>—</td><td>382</td></tr><tr><td>U.S. agency securities</td><td>—</td><td>9</td><td>—</td><td>9</td><td>—</td><td>3</td><td>—</td><td>3</td></tr><tr><td>Total available-for-sale securities</td><td>—</td><td>452</td><td>—</td><td>452</td><td>—</td><td>448</td><td>15</td><td>463</td></tr><tr><td>Total assets measured at fair value on a recurring basis</td><td>$1,143</td><td>$452</td><td>$—</td><td>$1,595</td><td>$181</td><td>$448</td><td>$15</td><td>$644</td></tr></table>
<table><tr><td></td><td colspan="4">At July 31, 2018</td><td colspan="4">At July 31, 2017</td></tr><tr><td>(In millions)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td></tr><tr><td>Cash equivalents:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In cash and cash equivalents</td><td>$1,143</td><td>$—</td><td>$—</td><td>$1,143</td><td>$181</td><td>$—</td><td>$—</td><td>$181</td></tr><tr><td>Available-for-sale debt securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In investments</td><td>$—</td><td>$252</td><td>$—</td><td>$252</td><td>$—</td><td>$248</td><td>$—</td><td>$248</td></tr><tr><td>In funds held for customers</td><td>—</td><td>200</td><td>—</td><td>200</td><td>—</td><td>200</td><td>—</td><td>200</td></tr><tr><td>In long-term investments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>15</td><td>15</td></tr><tr><td>Total available-for-sale debt securities</td><td>$—</td><td>$452</td><td>$—</td><td>$452</td><td>$—</td><td>$448</td><td>$15</td><td>$463</td></tr></table>

Question: What will Total Fair Value of Total available-for-sale securities on July 31 reach in 2019 if it continues to develop at the same growth rate in 2018? (in million)