of accelerated depreciation tax benefits from certain regulated utility capital investments acquired after September 27, 2017, and the continuation of certain rate normalization requirements related to the flow back of excess deferred taxes.
Ameren (parent) is subject to provisions of the TCJA that limit the deductibility of interest expense, but such limitation did not affect Ameren in 2018.
In accordance with GAAP, the tax effects of changes in tax laws must be recognized in the period in which the law is enacted.
GAAP also requires deferred tax assets and liabilities to be measured at the tax rate that is expected to apply when temporary differences are realized or settled.
Thus, in December 2017, the Ameren Companies’ deferred taxes were revalued using the new tax rate.
To the extent deferred tax balances are included in rate base, the revaluation of deferred taxes was deferred as a regulatory asset or liability on the balance sheet and will be collected from, or refunded, to customers.
For deferred tax balances not included in rate base, the revaluation of deferred taxes was recorded as income tax expense.
As of December 31, 2017, the Ameren Companies made reasonable estimates for the measurement and accounting of certain effects of the TCJA, which have been reflected in their financial statements.
We recorded provisional estimates primarily related to depreciation transition rules and 2017 property, plant, and equipment, compensation, and pension-related deductions which would impact our revaluation of deferred taxes at December 31, 2017.
The TCJA had the following provisional effects on the Ameren Companies for the year ended December 31, 2017:
## Table 0 ##
During the year ended December 31, 2018, Ameren, Ameren Missouri, and Ameren Illinois updated their respective provisional estimates in accordance with SEC staff guidance and recorded $13 million, $4 million, and $4 million, respectively, of income tax expense, primarily due to the application of proposed IRS regulations on depreciation transition rules.
The offsetting impact to Ameren’s, Ameren Missouri’s, and Ameren Illinois’ regulatory asset and regulatory liability balances was immaterial.
As of December 31, 2018, Ameren, Ameren Missouri, and Ameren Illinois have completed their accounting for certain effects of the TCJA.
For our regulated operations, reductions in accumulated deferred income tax balances due to the reduction in the federal statutory corporate income tax rate to 21% will result in amounts previously collected from utility customers for these deferred taxes being refundable to those customers, generally through reductions in future rates.
The TCJA includes provisions related to the IRS normalization rules that address the time period in which certain plant-related components of the excess deferred taxes are to be reflected in customer rates.
This time period for the Ameren Companies is approximately 30 to 60 years.
Other components of the excess deferred taxes will be reflected in customer rates as determined by our state and federal regulators, which could be a shorter time period than that applicable to certain plant-related components.
See Note 2 – Rate and Regulatory Matters for information regarding the various proceedings for the TCJA impacts with our regulators.
Missouri Income Tax Rate In 2018, legislation modifying Missouri tax law was enacted to decrease the state’s corporate income tax rate from 6.25% to 4%, effective January 1, 2020.
As a result, in 2018, Ameren’s and Ameren Missouri’s accumulated deferred tax balances were revalued, resulting in a net decrease of $122 million to their accumulated deferred tax liability, which was offset by a regulatory liability.
Additionally, Ameren recorded an immaterial amount to income tax expense.
As a result of its PISA election under Missouri Senate Bill 564, which prohibits a change in electric base rates prior to April 2020, Ameren Missouri anticipates that the effect of this tax decrease will be reflected in customer rates upon completion of its next regulatory rate review.
Ameren (parent) and nonregistrant subsidiaries do not expect this income tax decrease to have a material impact on net income.
Illinois Income Tax Rate In July 2017, Illinois enacted a law that increased the state’s corporate income tax rate from 7.75% to 9.5% as of July 1, 2017.
The law made the increase in the state’s corporate income tax rate permanent.
That rate was previously scheduled to go to 7.3% in 2025.
In 2017, Ameren recorded an expense of $14 million at Ameren (parent) due to the revaluation of accumulated deferred taxes and the estimated state apportionment of such taxes.
Beyond this expense, Ameren and Ameren Illinois do not expect this tax increase to have a material impact on their net income prospectively.
The tax increase is not expected to materially affect the earnings of the Ameren Illinois Electric Distribution, the Ameren Transmission, or the Ameren Illinois Transmission segments, since these businesses operate under formula ratemaking frameworks.
The tax increase
Assets Under Management The following presentation and discussion of AUM includes Passive and Active AUM.
Passive AUM includes ETFs, unit investment trusts (UITs), certain non-fee earning leverage and other passive mandates.
Active AUM is total AUM less Passive AUM.
The AUM tables and the discussion below refer to AUM as long-term.
As of December 31, 2017, the company changed the presentation of long-term inflows, outflows and AUM to exclude UITs and product leverage.
Non-management fee earning AUM now includes Invesco PowerShares QQQ, UITs and product leverage.
In the AUM tables below, all periods have been reclassified to conform to the new presentation.
The net flows in non-management fee earning AUM can be relatively short-term in nature and, due to the relatively low revenue yield, these can have a significanimpact on overall net revenue yield.
All periods have been  t reclassified to conform to the new presentation.
Long-term inflows and the underlying reasons for the movements in this line item include investments from new clients, existing clients adding new accounts/funds or contributions/subscriptions into existing accounts/funds,and new funding commitments into private equity funds.
Beginning with the six months ended December 31, 2017, reinvested dividends and capital gains are included in long-term inflows to be consistent with general industry practice.
For previous periods, reinvested dividends and capital gains were included in market gains and losses.
Long-term outflows reflect client redemptions froaccounts/funds and include the return  m of invested capital on the maturity or liquidation of private equity funds.
We present net flows into institutional money market funds separately because shareholders of those funds typically use them as short-term funding vehicles and because their flows are particularly sensitive to short-term interest rate movements.
Changes in AUM were as follows:
## Table 1 ##
(1) For the six months ended December 31, 2017, reinvested dividends and capital gains of $7.0 billion are included in long-term inflows.
For previous periods, reinvested dividends and capital gains are included in market gains and losses.
(2) Gross revenue yield on AUM is equal to annualized total operating revenues divided by average AUM, excluding joint venture (JV) AUM.
Our share of the average AUM in 2017 for our JVs in China was $8.5 billion (2016: , 2015: ).
It is appr $9.2 billion $6.1 billion opriate to exclude the average AUM of our JVs for purposes of computing gross revenue yield on AUM, because the revenues resulting from these AUM are not presented in our operating revenues.
Under U. S.  GAAP, our share of the net income of the JVs is recorded as equity in earnings of unconsolidated affiliates on our Consolidated Statements of Income.
Additionally, the numerator of the gross revenue yield measure,
The following table summarizes net tangible and intangible assets acquired and the consideration paid for the acquisitions identified above: Years Ended December 31
## Table 2 ##
Symbol Technologies, Inc.
In January 2007, the Company acquired, for $3.5 billion in net cash, the outstanding common stock of Symbol Technologies, Inc.  (‘‘Symbol’’), a leader in designing, developing, manufacturing and servicing products and systems used in end-to-end enterprise mobility solutions featuring rugged mobile computing, advanced data capture, radio frequency identification (‘‘RFID’’), wireless infrastructure and mobility management.
The fair value of acquired in-process research and development was $95 million.
The acquired in-process research and development will have no alternative future uses if the products are not feasible and, as such, costs were expensed at the date of acquisition.
At the date of acquisition, 31 projects were in process and were completed through 2008.
The average risk adjusted rate used to value these projects was 15-16%.
The allocation of value to in-process research and development was determined using expected future cash flows discounted at average risk adjusted rates reflecting both technological and market risk as well as the time value of money.
The fair value of the acquired intangible assets was $1.0 billion at the time of acquisition.
Intangible assets are included in Other assets in the Company’s consolidated balance sheets.
The intangible assets are being amortized over periods ranging from 1 to 8 years on a straight-line basis.
The Company recorded $2.3 billion of goodwill, none of which is expected to be deductible for tax purposes.
The results of the operations of Symbol have been included in the Enterprise Mobility Solutions segment in the Company’s consolidated financial statements subsequent to the date of acquisition.
The pro forma effects of this acquisition on the Company’s consolidated financial statements were not significant.
Good Technology, Inc.
In January 2007, the Company acquired Good Technology, Inc.  (‘‘Good’’), a provider of enterprise mobile computing software and services, for $438 million in net cash.
The Company recorded $296 million in goodwill, none of which was expected to be deductible for tax purposes and $158 million in identifiable intangible assets.
The pro forma effects of this acquisition on the Company’s consolidated financial statements were not significant.
Due to changes in software platform strategy, impairment charges of $123 million were recorded for the year ended December 31, 2008, representing write-downs of: (i) $121 million of intangible assets, primarily relating to completed technology and other intangibles, and (ii) $2 million of property, plant and equipment.
The results of operations of Good had been included in the Enterprise Mobility Solutions segment in the Company’s consolidated financial statements subsequent to the date of acquisition.
During the year ended December 31, 2009, the Company completed the sale of Good Technology.
For the year ending December 31, 2009, the operating results of this business through the date of its disposition are reported as discontinued operations in the consolidated financial statements.
For all other applicable prior periods, the operating results of this business have not been reclassified as discontinued operations, since the results are not material to the Company’s consolidated financial statements.
concession-based shop-within-shops.
In addition, we sell our products online through various third-party digital partner commerce sites.
In Asia, our wholesale business is comprised primarily of sales to department stores, with related products distributed through shop-within-shops.
No operating segments were aggregated to form our reportable segments.
In addition to these reportable segments, we also have other non-reportable segments, representing approximately 7% of our Fiscal 2018 net revenues, which primarily consist of (i) sales of Club Monaco branded products made through our retail businesses in the U. S. , Canada, and Europe, and our licensing alliances in Europe and Asia, (ii) sales of Ralph Lauren branded products made through our wholesale business in Latin America, and (iii) royalty revenues earned through our global licensing alliances, excluding Club Monaco.
This segment structure is consistent with how we establish our overall business strategy, allocate resources, and assess performance of our Company.
Approximately 45% of our Fiscal 2018 net revenues were earned outside of the U. S.  See Note 19 to the accompanying consolidated financial statements for a summary of net revenues and operating income by segment, as well as net revenues and long-lived assets by geographic location.
Our Wholesale Business Our wholesale business sells our products globally to leading upscale and certain mid-tier department stores, specialty stores, and golf and pro shops.
We have continued to focus on elevating our brand by improving in-store product assortment and presentation, as well as full-price sell-throughs to consumers.
As of the end of Fiscal 2018, our wholesale products were sold through over 12,000 doors worldwide, with the majority in specialty stores.
Our products are also increasingly being sold through the digital commerce sites of many of our wholesale customers.
The primary product offerings sold through our wholesale channels of distribution include apparel, accessories, and home furnishings.
Our luxury brands, including Ralph Lauren Collection and Ralph Lauren Purple Label, are distributed worldwide through a limited number of premier fashion retailers.
In North America, our wholesale business is comprised primarily of sales to department stores, and to a lesser extent, specialty stores.
In Europe, our wholesale business is comprised of a varying mix of sales to both department stores and specialty stores, depending on the country.
In Asia, our wholesale business is comprised primarily of sales to department stores, with related products distributed through shop-within-shops.
We also distribute our wholesale products to certain licensed stores operated by our partners in Latin America, Asia, Europe, and the Middle East.
We sell the majority of our excess and out-of-season products through secondary distribution channels worldwide, including our retail factory stores.
Worldwide Wholesale Distribution Channels The following table presents by segment the number of wholesale doors in our primary channels of distribution as of March 31, 2018 and April 1, 2017:

<table><tr><td></td><td>Ameren Missouri</td><td>Ameren Illinois</td><td>Other</td><td>Ameren</td></tr><tr><td>Increase (Decrease)</td><td></td><td></td><td></td><td></td></tr><tr><td>Accumulated deferred income taxes, net</td><td>$-1,419</td><td>$-871</td><td>$37</td><td>$-2,253</td></tr><tr><td>Income tax expense (benefit)</td><td>32</td><td>-5</td><td>127</td><td>154</td></tr><tr><td>Noncurrent regulatory assets</td><td>-89</td><td>-24</td><td>-1</td><td>-114</td></tr><tr><td>Noncurrent regulatory liabilities</td><td>1,362</td><td>842</td><td>89</td><td>2,293</td></tr></table>
<table><tr><td></td><td colspan="3">2017</td><td colspan="3">2016</td><td colspan="3">2015</td></tr><tr><td>$ in billions</td><td>Total AUM</td><td>Active</td><td>Passive</td><td>Total AUM</td><td>Active</td><td>Passive</td><td>Total AUM</td><td>Active</td><td>Passive</td></tr><tr><td>January 1</td><td>812.9</td><td>668.5</td><td>144.4</td><td>775.6</td><td>636.5</td><td>139.1</td><td>792.4</td><td>651.0</td><td>141.4</td></tr><tr><td>Long-term inflows<sup>-1</sup></td><td>190.3</td><td>147.4</td><td>42.9</td><td>177.8</td><td>141.9</td><td>35.9</td><td>178.4</td><td>153.6</td><td>24.8</td></tr><tr><td>Long-term outflows</td><td>-178.8</td><td>-140.6</td><td>-38.2</td><td>-161.3</td><td>-135.0</td><td>-26.3</td><td>-161.8</td><td>-139.5</td><td>-22.3</td></tr><tr><td>Long-term net flows</td><td>11.5</td><td>6.8</td><td>4.7</td><td>16.5</td><td>6.9</td><td>9.6</td><td>16.6</td><td>14.1</td><td>2.5</td></tr><tr><td>Net flows in non-management fee earning AUM</td><td>3.0</td><td>—</td><td>3.0</td><td>-6.4</td><td>—</td><td>-6.4</td><td>-2.2</td><td>—</td><td>-2.2</td></tr><tr><td>Net flows in institutional money market funds</td><td>-3.2</td><td>-3.2</td><td>—</td><td>12.8</td><td>13.1</td><td>-0.3</td><td>-11.9</td><td>-12.3</td><td>0.4</td></tr><tr><td>Total net flows</td><td>11.3</td><td>3.6</td><td>7.7</td><td>22.9</td><td>20.0</td><td>2.9</td><td>2.5</td><td>1.8</td><td>0.7</td></tr><tr><td>Market gains and losses<sup>-1</sup></td><td>66.0</td><td>45.4</td><td>20.6</td><td>37.7</td><td>32.1</td><td>5.6</td><td>-2.6</td><td>-0.3</td><td>-2.3</td></tr><tr><td>Acquisitions/dispositions, net</td><td>26.0</td><td>—</td><td>26.0</td><td>-1.2</td><td>2.0</td><td>-3.2</td><td>-0.7</td><td>—</td><td>-0.7</td></tr><tr><td>Foreign currency translation</td><td>21.4</td><td>21.1</td><td>0.3</td><td>-22.1</td><td>-22.1</td><td>—</td><td>-16.0</td><td>-16.0</td><td>—</td></tr><tr><td>December 31</td><td>937.6</td><td>738.6</td><td>199.0</td><td>812.9</td><td>668.5</td><td>144.4</td><td>775.6</td><td>636.5</td><td>139.1</td></tr><tr><td>Average AUM</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average long-term AUM</td><td>721.5</td><td>632.6</td><td>88.9</td><td>652.1</td><td>586.9</td><td>65.2</td><td>650.2</td><td>587.5</td><td>62.7</td></tr><tr><td>Average AUM</td><td>875.0</td><td>705.3</td><td>169.7</td><td>788.8</td><td>653.4</td><td>135.4</td><td>794.7</td><td>653.6</td><td>141.1</td></tr><tr><td>Revenue yield</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross revenue yield on AUM<sup>-2</sup></td><td>59.6</td><td>70.1</td><td>16.3</td><td>60.7</td><td>70.3</td><td>15.3</td><td>65.0</td><td>75.9</td><td>14.5</td></tr><tr><td>Gross revenue yield on AUM before performance fees<sup>-2</sup></td><td>58.2</td><td>68.5</td><td>16.3</td><td>60.2</td><td>69.6</td><td>15.3</td><td>63.9</td><td>74.6</td><td>14.5</td></tr><tr><td>Net revenue yield on AUM<sup>-3</sup></td><td>42.9</td><td>49.3</td><td>16.3</td><td>43.0</td><td>48.8</td><td>15.3</td><td>45.8</td><td>52.6</td><td>14.5</td></tr><tr><td>Net revenue yield on AUM before performance fees<sup>-3</sup></td><td>41.5</td><td>47.6</td><td>16.3</td><td>42.4</td><td>48.1</td><td>15.3</td><td>44.6</td><td>51.0</td><td>14.5</td></tr></table>
<table><tr><td><i>Years Ended December 31</i></td><td>2007</td></tr><tr><td>Tangible net assets</td><td>$83</td></tr><tr><td>Goodwill</td><td>2,793</td></tr><tr><td>Other intangibles</td><td>1,315</td></tr><tr><td>In-process research and development</td><td>95</td></tr><tr><td></td><td>$4,286</td></tr><tr><td>Consideration, net:</td><td></td></tr><tr><td>Cash</td><td>$4,286</td></tr><tr><td>Stock</td><td>—</td></tr><tr><td></td><td>$4,286</td></tr></table>

Question: What is the proportion of Long-term net flows for Total AUM to the total in 2017?