Our AUM by Investment Objective We offer a broad product mix under our equity, multi-asset/balanced, fixed income and cash management investment objectives and solutions to meet a variety of investment goals.
Our fees for providing investment management services are generally based on a percentage of AUM in the accounts that we advise, the investment objectives of the accounts, and the types of services that we provide for the accounts.
As of September 30, 2019, AUM by investment objective on a worldwide basis was as follows:
## Table 0 ##
Broadly speaking, the change in the net assets of our products depends primarily upon two factors: (i) the increase or decrease in the market value of the securities and instruments held in the portfolio of investments, and (ii) the level of sales as compared to the level of redemptions.
We are subject to the risk of asset volatility resulting from changes in the global capital markets.
In addition, changing market conditions and the evolving needs of our clients may cause a shift in our asset mix, potentially resulting in an increase or decrease in our revenues and income depending upon the nature of our AUM and the level of management fees we earn based on our AUM.
Despite such market risks, we believe that we have a competitive advantage as a result of the economic and geographic diversity of our products available to our clients.
Our Services and Capabilities 1.
Investment Management Services We are committed to providing active investment management and strategic advice for our clients.
Our subsidiaries offer our equity, fixed income and alternative strategies through various investment products, which include our registered open-end and closed-end funds, unregistered funds and separate accounts.
We provide our investment management services pursuant to agreements in effect with each of our investment products and the products for which we provide sub-advisory services.
Investment management fees are generally determined pursuant to such contractual arrangements, as a percentage of AUM.
Our investment management services include services to accounts for which we have full investment discretion and to accounts for which we have no investment discretion.
Accounts for which we have no investment discretion may or may not include the authority to trade for the account.
Our services include fundamental investment research and valuation analyses, including original economic, political, industry and company research, and analyses of suppliers, customers and competitors.
Our company research utilizes such sources as company public records and other publicly available information, management interviews, company prepared information, and company visits and inspections.
Research services provided by brokerage firms are also used to support our findings.
Our management fee on an account varies with the types of services that we provide for the account, among other things.
Our subsidiaries that provide discretionary investment management services for our products and sub-advised products either perform or obtain investment research, and determine which securities the products will purchase, hold or sell under the supervision and oversight of the funds’ boards of directors or trustees, as applicable.
In addition, these subsidiaries may take all appropriate steps to implement such decisions, including arranging for the selection of broker-dealers and the execution and settlement of trades in accordance with applicable criteria set forth in the management agreements, internal policies, and applicable law and practice.
Our subsidiaries that provide non-discretionary investment management services perform investment research for our clients and make recommendations as to which securities the clients purchase, hold or sell, and may or may not perform trading activities for the products.
SVB FINANCIAL GROUP AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) (5) Includes $5.3 million and $2.4 million related to Gold Hill Venture Lending Partners 03, LLC, the general partner of Gold Hill Venture Lending 03, LP, as of December 31, 2005 and 2004, respectively.
We have a majority interest of 90.7% in Gold Hill Venture Lending Partner 03, LLC.
Gold Hill Venture Lending Partners 03, LLC has ownership interest of 5.0% in the fund.
It also included $5.4 million and $2.3 million related to Gold Hill Venture Lending Partners 03, LP, as of December 31, 2005 and December 31, 2004, respectively.
We have a direct ownership interest of 4.8% in the fund.
The following table breaks out our unrealized losses on our available-for-sale investment securities portfolio into categories of less than 12 months or 12 months or longer as of December 31, 2005:
## Table 1 ##
(1) As of December 31, 2005, we identified investments totaling $629.8 million with unrealized losses of $19.9 million whose fair value has been less than their adjusted cost for a period of time greater than twelve months.
We had one U. S.  Treasury security totaling $9.9 million with an unrealized loss of $0.1 million which was purchased in October 2003.
We had 34 securities classified as collateralized mortgage obligations totaling $299.8 million with unrealized losses of $9.8 million which were originally purchased between May 2002 and November 2004.
We had 9 securities classified as mortgage-backed securities totaling $96.7 million with unrealized losses of $4.2 million which were originally purchased between June 2003 and February 2004.
We had 13 securities classified as discount notes and bonds totaling $145.6 million with unrealized losses of $4.5 million which were originally purchased between February 2003 and August 2004.
We had 14 securities classified as asset-backed securities totaling $77.8 million with unrealized losses of $1.2 million which were originally purchased between October 2002 and November 2004.
All investments with unrealized losses for a period of time greater than twelve months are either rated AAA by Moody’s and/or S&P or are issued by the US Treasury government or a government-sponsored enterprise.
Because these securities are of superior credit quality, the unrealized losses are due solely to increases in market interest rates and we expect to recover the impairment prior to or at maturity, thus the Company deems these impairments to be temporary.
We have the intent and ability to hold the securities until the market value recovers.
Market valuations and impairment analysis on assets in the investment portfolio are reviewed and monitored on an ongoing basis.
14.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statement of Financial Position as of December 31, 2009 and 2008 included $2,754 million, net of $927 million of accumulated depreciation, and $2,024 million, net of $869 million of accumulated depreciation, respectively, for properties held under capital leases.
A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income.
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2009 were as follows:
## Table 2 ##
The majority of capital lease payments relate to locomotives.
Rent expense for operating leases with terms exceeding one month was $686 million in 2009, $747 million in 2008, and $810 million in 2007.
When cash rental payments are not made on a straight-line basis, we recognize variable rental expense on a straight-line basis over the lease term.
Contingent rentals and sub-rentals are not significant.15.
Commitments and Contingencies Asserted and Unasserted Claims – Various claims and lawsuits are pending against us and certain of our subsidiaries.
We cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations, financial condition, or liquidity; however, to the extent possible, where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated, we have recorded a liability.
We do not expect that any known lawsuits, claims, environmental costs, commitments, contingent liabilities, or guarantees will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters.
Personal Injury – The cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year.
We use third-party actuaries to assist us in measuring the expense and liability, including unasserted claims.
The Federal Employers’ Liability Act (FELA) governs compensation for work-related accidents.
Under FELA, damages are assessed based on a finding of fault through litigation or out-of-court settlements.
We offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS The following table summarizes our significant contractual obligations and commitments as of December 31, 2002:
## Table 3 ##
We believe that future cash flows provided by our operating activities, together with current cash and cash equivalent balances, will be sufficient to meet our projected cash requirements for the next 12 months, and the foreseeable future thereafter, although any projections of future cash needs and cash flows are subject to substantial uncertainty.
For instance, Computer Sciences Corporation has an option, exercisable at any time prior to 2013, to sell its credit reporting business to us.
The option exercise price will be determined by a third-party appraisal process and would be due in cash within 180 days after the exercise of the option.
We estimate that if CSC were to exercise the option today, the option price would be approximately $650.0 to $700.0 million.
This estimate is based solely on our internal analysis of the value of the business, current market conditions, and other factors, all of which are subject to constant change.
If CSC were to exercise its option, we would have to obtain additional sources of funding.
We believe that this funding would be available from sources such as additional bank lines of credit and the issuance of public debt and/or equity.
However, the availability and terms of any such financing would be subject to a number of factors, including credit market conditions, the state of the equity markets, general economic conditions, and our financial performance and condition.
Because we do not control the timing of CSC’s exercise of its option, we could be required to seek such financing and increase our indebtedness at a time when market or other conditions are unfavorable.
See “Forward-Looking Statements,” below.
We continually evaluate opportunities to sell additional equity or debt securities, obtain credit facilities from lenders, and restructure our long-term debt for strategic reasons, or to further strengthen our financial position.
The sale of additional equity or convertible debt securities could result in additional dilution to our shareholders.
In addition, we will, from time to time, consider the acquisition of, or investment in, complementary businesses, products, services and technologies, and the repurchase and retirement of debt, which might affect our liquidity requirements or cause us to issue additional equity or debt securities.
There can be no assurance that financing will be available in amounts or on terms acceptable to us, if at all.
OFF-BALANCE SHEET TRANSACTIONS Other than facility leasing arrangements, we do not engage in off-balance sheet financing activities.
We have entered into a synthetic lease on our Atlanta corporate headquarters building in order to provide us with favorable financing terms with regard to this facility.
This $29.0 million lease was entered into in 1998 and expires in 2010.
Total lease payments for the remaining term total $13.5 million.
Under this synthetic lease arrangement, we have also guaranteed the residual value of the leased property to a lessor.
In the event that the property were to be sold by the lessor at the end of the lease term, we would be responsible for any shortfall of the sales proceeds, up to a maximum amount of $23.2 million, which equals 80 percent of the value of the property at the beginning of the lease term.
We believe that the fair market value of this property exceeds the amount of the guarantee.
LETTERS OF CREDIT AND GUARANTEES We will, from time to time, issue standby letters of credit, performance bonds or other guarantees in the normal course of our business.
The aggregate notional amount of all performance bonds and standby letters of credit is less than $15.0 million and they all have a maturity of one year or less.
We provide these guarantees from time to time to support the needs of our operating units.
Except for our guarantee of the synthetic lease referred to above, our only outstanding guarantee that is not reflected as a liability on our balance sheet was extended in connection with the sale of our risk management collections business to RMA Holdings, LLC, or RMA, in October 2000, at which time we guaranteed the operating lease payments of a partnership affiliated with RMA to a lender of the partnership pursuant to a term loan.
The term loan, which had $7.9 million outstanding as of December 31, 2002, expires December 1, 2011.
Our obligations under the RMA guarantee are not secured.
International Operating Margin. ?
?Operating margin decreased to 11.2% in 2018 as compared to 18.2% in 2017.
The reducedmargin is due to an increase in incrementaltechnology and data security, people, and production costs aswell as depreciation and amortization.
These increased costs were positively impacted by foreign currency fluctuations during the year.
Operating margin increased to 18.2% in 2017 as compared to 13.9% in 2016.
The increase primarily resulted from a decrease in integration costs related to the Veda acquisition, lower growth in people costs, a gain on the sale of an asset, and a slight decrease in purchased intangibles amortization.
Workforce Solutions
## Table 4 ##
Workforce Solutions revenue increased by 8% in 2018 compared to 2017 due to strong growth in Verification Services, partially offset by decreased revenue in unemployment claims.
Workforce Solutions revenue increased by 9% in 2017 compared to 2016 due to strong growth in the government, mortgage, financial and pre-employment screening verticals, partially offset by the impact of the 2017 cybersecurity incident.
Verification Services. ?
?Revenue increased 13% in 2018 compared to 2017, due to strong growth in government, mortgage, talent solutions, and healthcare verticals, and continued addition of new records to The Work Number database.
Revenue increased 15% in 2017 compared to 2016, due to strong growth in government, mortgage, financial, preemployment screening and telecommunications verticals, and continued addition of new records to The Work Number database.
Employer Services. ?
?Revenue decreased 1% in 2018 compared to 2017 due to declines in our unemployment claims services, workforce analytics and our other employer services.
These declines were partially offset by growth from our 2018 acquisitions.
Revenue decreased 1% in 2017 compared to 2016 due to a decline in our employment based tax credit services and workforce analytics offset by an increase in our on-boarding and unemployment claims services.
Workforce Solutions Operating Margin. ?
?Operating margin decreased 320 basis points to 40.2% in 2018 compared to 43.4% in 2017 due to increases in people, incremental technology and data security, and royalty costs.
These increases were partially offset by the additional margin generated from increased revenue.
Operating margin increased 130 basis points to 43.4% in 2017 compared to 42.1% in 2016 due to revenue growth and product mix, offset by increased people costs.
Notes to the Consolidated Financial Statements Other Acquisitions In 2018, 2017, and 2016, the Company completed several smaller business acquisitions.
The total consideration paid for these acquisitions, net of cash acquired, debt assumed and other post closing adjustments, was $108 million, $74 million and $43 million, respectively.
In January 2018, PPG acquired ProCoatings, a leading architectural paint and coatings wholesaler located in The Netherlands.
ProCoatings, established in 2001, distributes a large portfolio of well-known professional paint brands through its network of 23 multi-brand stores.
The company employs nearly 100 people.
The results of this business since the date of acquisition have been reported within the architectural coatings Americas and Asia Pacific business within the Performance Coatings reportable segment.
In January 2017, PPG acquired certain assets of automotive refinish coatings company Futian Xinshi (“Futian”), based in the Guangdong province of China.
Futian distributes its products in China through a network of more than 200 distributors.
In January 2017, PPG completed the acquisition of DEUTEK S. A. , a leading Romanian paint and architectural coatings manufacturer, from the Emerging Europe Accession Fund.
DEUTEK, established in 1993, manufactures and markets a large portfolio of well-known professional and consumer paint brands, including OSKAR and Danke!.
The company’s products are sold in more than 120 do-it-yourself stores and 3,500 independent retail outlets in Romania.
Divestitures Glass Segment In 2017, PPG completed a multi-year strategic shift in the Company's business portfolio, resulting in the exit of all glass operations which consisted of the global fiber glass business, PPG's ownership interest in two Asian fiber glass joint ventures and the flat glass business.
Accordingly, the results of operations, including the gains on the divestitures, and cash flows have been recast as discontinued operations for all periods presented.
PPG now has two reportable business segments.

<table><tr><td>Investment Objective</td><td>Value inBillions</td><td>Percentageof TotalAUM</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Growth potential, income potential, value or various combinations thereof</td><td>$270.5</td><td>39%</td></tr><tr><td>Multi-Asset/Balanced</td><td></td><td></td></tr><tr><td>Asset allocation, balanced, flexible, alternative and income-mixed funds</td><td>134.3</td><td>20%</td></tr><tr><td>Fixed Income</td><td></td><td></td></tr><tr><td>Global/international, U.S. tax-free and U.S. taxable</td><td>278.3</td><td>40%</td></tr><tr><td>Cash Management</td><td></td><td></td></tr><tr><td>Short-term liquid assets</td><td>9.5</td><td>1%</td></tr><tr><td>Total</td><td>$692.6</td><td>100%</td></tr></table>
<table><tr><td> </td><td colspan="6"> December 31, 2005</td></tr><tr><td> </td><td colspan="2"> Less than twelve months</td><td colspan="2"> Twelve months or longer</td><td colspan="2"> Total</td></tr><tr><td> </td><td> Fair Value of Investments</td><td> Unrealized Losses Investments</td><td> Fair Value of Investments-1</td><td> Unrealized Losses-1</td><td> Fair Value of Investments</td><td> Unrealized Losses</td></tr><tr><td> </td><td colspan="6"> (Dollars in thousands)</td></tr><tr><td>U.S. Treasury securities</td><td>$19,822</td><td>$-113</td><td>$9,878</td><td>$-131</td><td>$29,700</td><td>$-244</td></tr><tr><td>U.S. agencies and corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Collateralized mortgage obligations</td><td>499,550</td><td>-6,740</td><td>299,827</td><td>-9,807</td><td>799,377</td><td>-16,547</td></tr><tr><td>Mortgage-backed securities</td><td>376,146</td><td>-7,245</td><td>96,718</td><td>-4,195</td><td>472,864</td><td>-11,440</td></tr><tr><td>Discount notes and bonds</td><td>93,311</td><td>-1,594</td><td>145,583</td><td>-4,523</td><td>238,894</td><td>-6,117</td></tr><tr><td>Asset-backed securities</td><td>19,699</td><td>-302</td><td>77,782</td><td>-1,199</td><td>97,481</td><td>-1,501</td></tr><tr><td>Commercial mortgage-backed securities</td><td>69,426</td><td>-1,748</td><td>—</td><td>—</td><td>69,426</td><td>-1,748</td></tr><tr><td>Total temporarily impaired securities</td><td>$1,077,954</td><td>$-17,742</td><td>$629,788</td><td>$-19,855</td><td>$1,707,742</td><td>$-37,597</td></tr></table>
<table><tr><td><i>Millions of Dollars</i></td><td><i>OperatingLeases</i></td><td>Capital Leases</td></tr><tr><td>2010</td><td>$576</td><td>$290</td></tr><tr><td>2011</td><td>570</td><td>292</td></tr><tr><td>2012</td><td>488</td><td>247</td></tr><tr><td>2013</td><td>425</td><td>256</td></tr><tr><td>2014</td><td>352</td><td>267</td></tr><tr><td>Later years</td><td>2,901</td><td>1,623</td></tr><tr><td>Total minimum lease payments</td><td>$5,312</td><td>$2,975</td></tr><tr><td>Amount representing interest</td><td>N/A</td><td>-914</td></tr><tr><td>Present value of minimum lease payments</td><td>N/A</td><td>$2,061</td></tr></table>
<table><tr><td></td><td colspan="5"> Payments due by</td></tr><tr><td>(in millions)</td><td> Total</td><td> Less than  1 Year</td><td> 1 to 3  Years</td><td> 4 to 5  Years</td><td> Thereafter</td></tr><tr><td>Long-term debt (Note 6)</td><td>$891.9</td><td>$201.3</td><td>$273.4</td><td>$249.8</td><td>$167.4</td></tr><tr><td>Operating leases (Note 10)</td><td>156.0</td><td>23.3</td><td>34.4</td><td>24.3</td><td>74.0</td></tr><tr><td>Data Processing Agreement</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Obligations (Note 10)</td><td>486.0</td><td>97.4</td><td>181.1</td><td>174.8</td><td>32.7</td></tr><tr><td>Outsourcing Agreements (Note 10)</td><td>92.5</td><td>17.5</td><td>25.3</td><td>24.0</td><td>25.7</td></tr><tr><td></td><td>$1,626.4</td><td>$339.5</td><td>$514.2</td><td>$472.9</td><td>$299.8</td></tr></table>
<table><tr><td></td><td colspan="3">Twelve Months Ended December 31,</td><td colspan="4">Change</td></tr><tr><td></td><td></td><td></td><td></td><td colspan="2">2018 vs. 2017</td><td colspan="2">2017 vs. 2016</td></tr><tr><td>Workforce Solutions</td><td>2018</td><td>2017</td><td>2016</td><td>$</td><td>%</td><td>$</td><td>%</td></tr><tr><td></td><td colspan="7">(In millions)</td></tr><tr><td>Operating Revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Verification Services</td><td>$567.0</td><td>$501.5</td><td>$437.3</td><td>$65.5</td><td>13%</td><td>$64.2</td><td>15%</td></tr><tr><td>Employer Services</td><td>259.8</td><td>262.7</td><td>264.9</td><td>-2.9</td><td>-1%</td><td>-2.2</td><td>-1%</td></tr><tr><td>Total operating revenue</td><td>$826.8</td><td>$764.2</td><td>$702.2</td><td>$62.6</td><td>8%</td><td>$62.0</td><td>9%</td></tr><tr><td>% of consolidated revenue</td><td>24%</td><td>23%</td><td>22%</td><td></td><td></td><td></td><td></td></tr><tr><td>Total operating income</td><td>$332.7</td><td>$331.9</td><td>$295.5</td><td>$0.8</td><td>—%</td><td>$36.4</td><td>12%</td></tr><tr><td>Operating margin</td><td>40.2%</td><td>43.4%</td><td>42.1%</td><td></td><td>-3.2pts</td><td></td><td>1.3pts</td></tr></table>

Question: What is the growing rate of Total operating revenue in the year with the most Verification Services?