## Table 0 ##
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs:
## Table 1 ##
* Included in gains/(losses) of CIP, net in the Consolidated Statement of Income for the year ended December 31, 2015 are $79.8 million in net unrealized losses attributable to investments still held at December 31, 2015 by CIP (year ended December 31, 2014: $60.2 million net unrealized gains attributable to investments still held at December 31, 2014).
** During the year ended December 31, 2015, $7.8 million (year ended December 31, 2014: zero) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the existence of legal lock up requirements of securities following the public offering of the underlying companies.
During the year ended December 31, 2015, $0.6 million (year ended December 31, 2014: $0 million) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 1 following the public offering of the underlying companies.
For transfers due to public offerings, the company's policy is to use the fair value of the transferred security at the end of the period.
Unforeseen events might occur that would subsequently change the fair values of the investments (and therefore the debt of CLOs, since it is measured as a calculated value based upon the fair value of the assets of CLOs with effect from January 1, 2015), but the impact of such changes would be limited to the change in the fair values of the company's investments in these products.
The impact of any gains or losses resulting from valuation changes in the investments of non-CLO CIPattributable to the interests of third parties are offset by resulting changes in gains and losses attributable to noncontrolling interests in consolidated entities
of net income attributable to Invesco Ltd. , basic earnings per share, and diluted earnings per share.
Prior period amounts have been reclassified to conform with this presentation.
(2) Net revenues is a non-GAAPfinancial measure.
See Item 7, “Summary Operating Information,” footnote 2, for the definition of this measure and the related reconciliation reference.
(3) Adjusted operating income and adjusted operating margin are non-GAAPfinancial measures.
See Item 7, “Summary Operating Information,” footnote 3, for the definition of these measures and the related reconciliation reference.
(4) Adjusted net income attributable to Invesco Ltd.  and adjusted diluted EPS are non-GAAP financial measures.
See Item 7, “Summary Operating Information,” footnote 4, for the definition of these measures and the related reconciliation reference.
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented.
This overview and the remainder of this management's discussion and analysis supplements and should be read in conjunction with the Consolidated Financial Statements of Invesco Ltd.  and its subsidiaries (collectively, the “company” or “Invesco”) and the notes thereto contained elsewhere in this Annual Report on Form 10-K.
Global financial markets in 2015 were characterized by increased volatility and renewed uncertainty about the pace of growth in key markets across the global economy.
The first quarter of 2015 saw positive returns from global equity markets driven by central bank stimulus measures amid uncertainty around the timing of the U. S.  Federal Reserve’s (Fed) interest rate hike.
The remainder of 2015 saw significant volatility and a broad sell-off of equity and commodity assets triggered by a debt crisis in Greece and continuing with an economic growth slowdown in China and devaluation of the Renminbi.
Financial markets rebounded in the fourth quarter as fears about a further China slowdown tempered and the Fed’s first interest rate hike occurred to finish the year with mixed results.
Ongoing favorable monetary policy by the Japanese government and central bank led to positive returns in Japan with the Nikkei 225 Index returning 9.1%.
A strong finish to 2015 for the U. S.  markets could not fully recover declines from early in the year with the S&Pfinishing 2015 down 0.7%.
Renewed fears of a slowdown in growth in Europe and fears of a growth slowdown in China resulted in declines for the FTSE 100 (which was down 4.9%) and the MSCI Emerging Markets (which declined 17.0%).
Bond markets were likewise volatile during 2015 with the Barclay’s U. S.  Aggregate Bond index increasing 0.6% as market participants favored the relative value of bonds in early 2015 against the backdrop of the Fed’s decision to raise interest rates late in the year.
The table below summarizes the year ended December 31 returns based on price appreciation/(depreciation) of several major market indices for 2015, 2014, and 2013:
## Table 2 ##
The company's 2015 financial results were significantly negatively impacted by the appreciation of the U. S.  Dollar, as discussed in the "Results of Operations for the Years Ended December 31, 2015 compared to December 31, 2014 compared to December 31, 2013" section below.
Throughout 2015, we continued to execute our long-term strategic objectives, which further improved our ability to serve clients, strengthened our investment performance, and helped us deliver competitive levels of operating income and margins, despite volatile financial markets.
We also took advantage of opportunities in the market and invested in our products and capabilities,
million of these trading investments are held to hedge economically certain deferred compensation plans in which the company participates.
The company recognizes as compensation expense the appreciation or depreciation of the compensation liability over the award's vesting period in proportion to the vested amount of the award.
The company immediately recognizes the appreciation or depreciation of these investments, which is included in other gains and losses.
This creates a timing difference between the recognition of the compensation expense and the investment gain or loss impacting net income, which will reverse and will offset to zero over the life of the award at the end of the multi-year vesting period.
c.  These represent Invesco’s direct investments in investment products that are consolidated.
Upon consolidation, these direct investments are eliminated, and the assets and liabilities of the CIP and CSIP are consolidated in the Consolidated Balance Sheet, together with a noncontrolling interest balance representing the portion of the CIPand CSIPowned by third parties.
If a 10% increase or decrease in the fair values of Invesco’s direct investments in CIP and CSIP were to occur, it would result in a corresponding increase or decrease in our net income attributable to Invesco Ltd.  d.  During the first quarter of 2015, the company acquired investment management contracts from Deutsche Bank.
This liability represents the purchase price, which was comprised solely of contingent consideration payable in future periods and is linked to future revenues generated from the contracts.
The contingent consideration liability was recorded at fair value at the acquisition date and subsequent changes in the fair value are recorded in Other gains and losses, net in the Consolidated Statements of Income.
If a 10% increase or decrease in the fair value of the contingent consideration liability were to occur, it would result in a corresponding increase or decrease in our net income attributable to Invesco Ltd.  Cash balances invested in money market funds of $383.3 million have been excluded from the table above.
These are valued under the market approach at the net asset value of the underlying funds, which is maintained at $1.
Assets held for policyholders of $6,051.5 million have also been excluded from the table above.
The entity holds assets that are managed for its clients on its balance sheet with an equal and offsetting liability to the policyholders, which is linked to the value of the investments.
The investments and the policyholder payables held by this business are carried in the Consolidated Balance Sheets as separate account assets and liabilities at fair value in accordance with ASC Topic 944, “Financial Services - Insurance.
” Changes in fair value are recorded and offset to zero in the Consolidated Statements of Income in other operating revenues.
Increases or decreases in the fair value of these investments will therefore have no impact to our pre-tax earnings.
Interest Rate Risk Interest rate risk relates to the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The company is exposed to interest rate risk primarily through its external debt and cash and cash equivalent investments.
On December 31, 2015, the interest rates on 100.0% of the company's borrowings were fixed for a weighted average period of 12.0 years.
Borrowings under the credit facility will have floating interest rates.
The interest rate profile of the financial liabilities of the company on December 31 was:
## Table 3 ##
See Item 8, Financial Statements and Supplementary Data, Note 8, “Debt” for additional disclosures relating to the U. S.  dollar floating and fixed rate obligations.
The company's only fixed interest financial assets at December 31, 2015, are foreign time deposit investments of $24.7 million (2014: $29.6 million).
The weighted average interest rate on these investments is 0.39% (2014: 0.48%) and the weighted average time for which the rate is fixed is 0.2 years (2014: 0.3 years).
PART Ifrom two to 17 nights throughout South America, the Caribbean and Europe.
Additionally, we announced that Majesty of the Seas will be redeployed from Royal Caribbean International to Pullmantur in 2016.
Pullmantur serves the contemporary segment of the Spanish, Portuguese and Latin American cruise markets.
Pullmantur’s strategy is to attract cruise guests from these target markets by providing a variety of cruising options and onboard activities directed at couples and families traveling with children.
Over the last few years, Pullmantur has systematically increased its focus on Latin America and has expanded its presence in that market.
In order to facilitate Pullmantur’s ability to focus on its core cruise business, on March 31, 2014, Pullmantur sold the majority of its interest in its non-core businesses.
These non-core businesses included Pullmantur’s land-based tour operations, travel agency and 49% interest in its air business.
In connection with the sale agreement, we retained a 19% interest in each of the non-core businesses as well as 100% ownership of the aircraft which are being dry leased to Pullmantur Air.
See Note 1.
General and Note 6.
Other Assets to our consolidated financial statements under Item 8.
Financial Statements and Supplementary Data for further details.
CDF Croisières de France We currently operate two ships with an aggregate capacity of approximately 2,800 berths under our CDF Croisières de France brand.
CDF Croisières de France offers seasonal itineraries to the Mediterranean, Europe and Caribbean.
During the winter season, Zenith is deployed to the Pullmantur brand for sailings in South America.
CDF Croisières de France is designed to serve the contemporary segment of the French cruise market by providing a brand tailored for French cruise guests.
TUI Cruises TUI Cruises is a joint venture owned 50% by us and 50% by TUI AG, a German tourism and shipping company, and is designed to serve the contemporary and premium segments of the German cruise market by offering a product tailored for German guests.
All onboard activities, services, shore excursions and menu offerings are designed to suit the preferences of this target market.
TUI Cruises operates three ships, Mein Schiff 1, Mein Schiff 2 and Mein Schiff 3, with an aggregate capacity of approximately 6,300 berths.
In addition, TUI Cruises currently has three newbuild ships on order at the Finnish Meyer Turku yard with an aggregate capacity of approximately 7,500 berths: Mein Schiff 4, scheduled for delivery in the second quarter of 2015, Mein Schiff 5, scheduled for delivery in the third quarter of 2016 and Mein Schiff 6, scheduled for delivery in the second quarter of 2017.
Other In November 2014, we formed a strategic partnership with Ctrip.
com International Ltd.  (“Ctrip”), a Chinese travel service provider, to operate a new cruise brand known as SkySea Cruises.
SkySea Cruises will offer a custom-tailored product for Chinese cruise guests operating the ship purchased from Celebrity Cruises.
The new cruise line will begin service in the second quarter of 2015.
We and Ctrip each own 35% of the new company, Skysea Holding, with the balance being owned by Skysea Holding management and a private equity fund.
INDUSTRY Cruising is considered a well-established vacation sector in the North American market, a growing sector over the long term in the European market and a developing but promising sector in several other emerging markets.
Industry data indicates that market penetration rates are still low and that a significant portion of cruise guests carried are first-time cruisers.
We believe this presents an opportunity for long-term growth and a potential for increased profitability.
The following table details market penetration rates for North America and Europe computed based on the number of annual cruise guests as a percentage of the total population:
## Table 4 ##
(1) Source: Our estimates are based on a combination of data obtained from publicly available sources including the International Monetary Fund and Cruise Lines International Association (“CLIA”).
Rates are based on cruise guests carried for at least two consecutive nights.
Includes the United States of America and Canada.
(2) Source: Our estimates are based on a combination of data obtained from publicly available sources including the International Monetary Fund and CLIA Europe, formerly European Cruise Council.
We estimate that the global cruise fleet was served by approximately 457,000 berths on approximately 283 ships at the end of 2014.
There are approximately 33 ships with an estimated 98,650 berths that are expected to be placed in service in the global cruise market between 2015 and 2019, although it is also possible that ships could be ordered or taken out of service during these periods.
We estimate that the global cruise industry carried 22.0 million cruise guests in 2014 compared to 21.3 million cruise guests carried in 2013 and 20.9 million cruise guests carried in 2012.

<table><tr><td></td><td colspan="4">As of December 31, 2014</td></tr><tr><td>$ in millions</td><td>Fair Value Measurements</td><td>Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td>Significant Other Observable Inputs (Level 2)</td><td>Significant Unobservable Inputs (Level 3)</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>CLO collateral assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bank loans</td><td>4,883.9</td><td>—</td><td>4,883.9</td><td>—</td></tr><tr><td>Bonds</td><td>88.9</td><td>—</td><td>88.9</td><td>—</td></tr><tr><td>Equity securities</td><td>6.4</td><td>—</td><td>6.4</td><td>—</td></tr><tr><td>Private equity fund assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Equity securities</td><td>337.9</td><td>9.7</td><td>—</td><td>328.2</td></tr><tr><td>Debt Securities</td><td>35.7</td><td>—</td><td>—</td><td>35.7</td></tr><tr><td>Investments in other private equity funds</td><td>410.0</td><td>—</td><td>—</td><td>410.0</td></tr><tr><td>Total assets at fair value</td><td>5,762.8</td><td>9.7</td><td>4,979.2</td><td>773.9</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>CLO notes</td><td>-5,149.6</td><td>—</td><td>—</td><td>-5,149.6</td></tr><tr><td>Total liabilities at fair value</td><td>-5,149.6</td><td>—</td><td>—</td><td>-5,149.6</td></tr></table>
<table><tr><td></td><td colspan="2">Year ended December 31, 2015</td><td colspan="2">Year ended December 31, 2014</td></tr><tr><td>$ in millions</td><td>Level 3 Assets</td><td>Level 3 Liabilities</td><td>Level 3 Assets</td><td>Level 3 Liabilities</td></tr><tr><td>Beginning balance</td><td>773.9</td><td>-5,149.6</td><td>500.9</td><td>-4,181.7</td></tr><tr><td>Adjustment for adoption of ASU 2014-13</td><td>—</td><td>5,149.6</td><td>—</td><td>—</td></tr><tr><td>Purchases</td><td>129.6</td><td>—</td><td>302.3</td><td>—</td></tr><tr><td>Sales</td><td>-146.5</td><td>—</td><td>-138.7</td><td>—</td></tr><tr><td>Issuances</td><td>—</td><td>—</td><td>1.8</td><td>-1,995.5</td></tr><tr><td>Settlements</td><td>—</td><td>—</td><td>—</td><td>706.8</td></tr><tr><td>Deconsolidation of CIP</td><td>—</td><td>—</td><td>—</td><td>339.0</td></tr><tr><td>Gains and losses included in the Consolidated Statements of Income*</td><td>8.2</td><td>—</td><td>107.6</td><td>-18.2</td></tr><tr><td>Transfers to Level 1 and 2**</td><td>-8.4</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Ending balance</td><td>756.8</td><td>—</td><td>773.9</td><td>-5,149.6</td></tr></table>
<table><tr><td></td><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td>Equity Index</td><td>Index expressed in currency</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>S&P 500</td><td>U.S. Dollar</td><td>-0.7%</td><td>11.4%</td><td>29.6%</td></tr><tr><td>FTSE 100</td><td>British Pound</td><td>-4.9%</td><td>-2.7%</td><td>14.4%</td></tr><tr><td>FTSE 100</td><td>U.S. Dollar</td><td>-10.1%</td><td>-8.5%</td><td>16.0%</td></tr><tr><td>Nikkei 225</td><td>Japanese Yen</td><td>9.1%</td><td>7.1%</td><td>56.7%</td></tr><tr><td>Nikkei 225</td><td>U.S. Dollar</td><td>8.0%</td><td>-5.8%</td><td>28.4%</td></tr><tr><td>MSCI Emerging Markets</td><td>U.S. Dollar</td><td>-17.0%</td><td>-4.6%</td><td>-5.0%</td></tr><tr><td>Bond Index</td><td></td><td></td><td></td><td></td></tr><tr><td>Barclays U.S. Aggregate Bond</td><td>U.S. Dollar</td><td>0.6%</td><td>6.0%</td><td>-2.0%</td></tr></table>
<table><tr><td>$ in millions</td><td>December 31, 2015</td><td>December 31, 2014</td></tr><tr><td>Long-term debt</td><td></td><td></td></tr><tr><td>Fixed rate</td><td>2,072.8</td><td>1,576.8</td></tr><tr><td>Floating rate</td><td>—</td><td>—</td></tr><tr><td>Total</td><td>2,072.8</td><td>1,576.8</td></tr><tr><td>Weighted average interest rate percentage</td><td>4.0%</td><td>4.0%</td></tr><tr><td>Weighted average period for which rate is fixed in years</td><td>12.0</td><td>13.6</td></tr></table>
<table><tr><td>Year</td><td>North America-1</td><td>Europe-2</td></tr><tr><td>2010</td><td>3.1%</td><td>1.1%</td></tr><tr><td>2011</td><td>3.4%</td><td>1.1%</td></tr><tr><td>2012</td><td>3.3%</td><td>1.2%</td></tr><tr><td>2013</td><td>3.4%</td><td>1.2%</td></tr><tr><td>2014</td><td>3.5%</td><td>1.3%</td></tr></table>

Question: In which year is the ending balance for Level 3 Assets greater than 770 million?