Cash Flows Discussion The ability to consistently generate cash from operations in excess of capital expenditures and dividend payments is one of our company's fundamental financial strengths.
Operations continue to be financed from current earnings and borrowings.
Our principal uses of cash, other than for operating expenses, include dividend payments, capital expenditures, acquisitions, purchase of our shares in the open market and investments in certain new investment products.
Cash flows of consolidated investment products (discussed in Item 8, Financial Statements and Supplementary Data - Note 20, “Consolidated Investment Products”) are reflected in Invesco's cash provided by operating activities, provided by or used in investing activities and used in financing activities.
Cash held by consolidated investment products is not available for general use by Invesco, nor is Invesco cash available for general use by its consolidated investment products.
Accordingly, the table below presents the cash flows of the company separately and before consolidation of investment products, as the cash flows of consolidated investment products do not form part of the company's cash flow management processes, nor do they form part of the company's significant liquidity evaluations and decisions for the reasons noted.
The discussion that follows the table will focus on the company's cash flows as presented in the “Before Consolidation” column of the table.
Condensed Consolidating Statements of Cash Flows Cash flows for the years ended December 31, 2011, 2010 and 2009 are summarized as follows:
## Table 0 ##
2.
FAIR VALUE OF ASSETS AND LIABILITIES The carrying value and fair value of financial instruments is presented in the below summary table.
The fair value of financial instruments held by CIP are presented inn Note 19, "Consolidated Investment Products".
## Table 1 ##
* These financial instruments are not measured at fair value on a recurring basis.
See the indicated footnotes for additional information about the carrying and fair values of these financial instruments.
Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities.
A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.
The three levels are defined as follows: ?
Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.  ?
Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.  ?
Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.
An asset or liability's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
There are three types of valuation approaches: a market approach, which uses observable prices and other relevant information that t is generated by market transactions involving identical or comparable assets or liabilities; an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount; and a cost approach, which is based on the amount that currently would be required to replace the service capacity of an asset.
The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy.
Cash equivalents Cash investments in affiliated money market funds are valued underr the market approach through the use of quoted market prices in an active market, which is the net asset value of the underlying funds, and are classified within level 1 of the valuation hierarchy.
Available--for-sale investments Seed money is valued under the market approach through the use of quoted market prices available in an active market and is classified within level 1 of the valuation hierarchy; there is no modeling or additional information needed to arrive at the fair values of these investments.
At December 31, 2017 and December 31, 2016, investments in CLOs were valued using pricing information obtained by an independent third-party pricing source.
Other debt securities are valued using a cost valuation technique due to the lack of available cash flow and market data and are accordingly also classified within level 3 of the valuation hierarchy.
CONTRACTUAL CASH FLOWS Following is a summary of our contractual payment obligations related to our consolidated debt, contingent consideration, operating leases, other commitments and long-term liabilities at September 30, 2011 (see Notes 9 and 13 to the Consolidated Financial Statements contained this Annual Report), (in thousands):
## Table 2 ##
(1) Cash premiums related to the “if converted” value of the 2007 Convertible Notes that exceed aggregate principal balance using the closing stock price of $17.96 on September 30, 2011.
The actual amount of the cash premium will be calculated based on the 20 day average stock price prior to maturity.
A $1.00 change in our stock price would change the “if converted” value of the cash premium of the total aggregate principle amount of the remaining convertible notes by approximately $2.8 million.
(2) Other commitments consist of contractual license and royalty payments, and other purchase obligations.
(3) Contingent consideration related to business combinations is recorded at fair value and actual results could differ.
(4) Other long-term liabilities includes our gross unrecognized tax benefits, as well as executive deferred compensation which are both classified as beyond five years due to the uncertain nature of the commitment.
(5) Amounts do not include potential cash payments for the pending acquisition of AATI.
CRITICAL ACCOUNTING ESTIMATES The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP.
The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
The SEC has defined critical accounting policies as those that are both most important to the portrayal of our financial condition and results and which require our most difficult, complex or subjective judgments or estimates.
Based on this definition, we believe our critical accounting policies include the policies of revenue recognition, allowance for doubtful accounts, inventory valuation, business combinations, valuation of long-lived assets, share-based compensation, income taxes, goodwill and intangibles, and loss contingencies.
On an ongoing basis, we evaluate the judgments and estimates underlying all of our accounting policies.
These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures, and reported amounts of revenues and expenses.
These estimates and assumptions are based on our best judgments.
We evaluate our estimates and assumptions using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances.
We adjust such estimates and assumptions when facts and circumstances dictate.
As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

<table><tr><td>$ in millions</td><td>Before Consolidation</td><td>Consolidated Investment Products</td><td>Adjustments</td><td>Total</td></tr><tr><td>For the year ended December 31, 2011</td><td></td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>709.4</td><td>-107.5</td><td>20.1</td><td>622.0</td></tr><tr><td>Net purchases of trading investments</td><td>-11.0</td><td>—</td><td>—</td><td>-11.0</td></tr><tr><td>Other adjustments to reconcile net income to net cash provided by operating activities</td><td>231.4</td><td>159.2</td><td>-20.1</td><td>370.5</td></tr><tr><td>Changes in cash held by consolidated investment products</td><td>—</td><td>264.2</td><td>—</td><td>264.2</td></tr><tr><td>Other changes in operating assets and liabilities</td><td>-127.0</td><td>-153.9</td><td>—</td><td>-280.9</td></tr><tr><td>Net cash provided by operating activities</td><td>802.8</td><td>162.0</td><td>—</td><td>964.8</td></tr><tr><td>Net proceeds of investments by consolidated investment products</td><td>—</td><td>487.6</td><td>—</td><td>487.6</td></tr><tr><td>Purchases of available for sale and other investments</td><td>-181.8</td><td>—</td><td>7.0</td><td>-174.8</td></tr><tr><td>Proceeds from sales and returns of capital of available for sale and other investments</td><td>169.5</td><td>—</td><td>-8.1</td><td>161.4</td></tr><tr><td>Other investing activities</td><td>-126.1</td><td>—</td><td>—</td><td>-126.1</td></tr><tr><td>Net cash (used in)/provided by investing activities</td><td>-138.4</td><td>487.6</td><td>-1.1</td><td>348.1</td></tr><tr><td>Net capital distributed by consolidated investment products</td><td>—</td><td>-649.6</td><td>1.1</td><td>-648.5</td></tr><tr><td>Other financing activities</td><td>-673.6</td><td>—</td><td>—</td><td>-673.6</td></tr><tr><td>Net cash provided by/(used in) financing activities</td><td>-673.6</td><td>-649.6</td><td>1.1</td><td>-1,322.1</td></tr><tr><td>Decrease in cash and cash equivalents</td><td>-9.2</td><td>—</td><td>—</td><td>-9.2</td></tr><tr><td>Foreign exchange movement on cash and cash equivalents</td><td>-3.9</td><td>—</td><td>—</td><td>-3.9</td></tr><tr><td>Cash and cash equivalents, beginning of period</td><td>740.5</td><td>—</td><td>—</td><td>740.5</td></tr><tr><td>Cash and cash equivalents, end of period</td><td>727.4</td><td>—</td><td>—</td><td>727.4</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2017</td><td colspan="2">December 31, 2016</td></tr><tr><td>$ in millions</td><td>Carrying Value</td><td>Fair Value</td><td>Carrying Value</td><td>Fair Value</td></tr><tr><td>Cash and cash equivalents</td><td>2,006.4</td><td>2,006.4</td><td>1,328.0</td><td>1,328.0</td></tr><tr><td>Available-for-sale investments</td><td>85.2</td><td>85.2</td><td>154.0</td><td>154.0</td></tr><tr><td>Trading investments</td><td>277.3</td><td>277.3</td><td>329.6</td><td>329.6</td></tr><tr><td>Foreign time deposits*</td><td>28.6</td><td>28.6</td><td>26.9</td><td>26.9</td></tr><tr><td>Assets held for policyholders</td><td>12,444.5</td><td>12,444.5</td><td>8,224.2</td><td>8,224.2</td></tr><tr><td>Policyholder payables *</td><td>-12,444.5</td><td>-12,444.5</td><td>-8,224.2</td><td>-8,224.2</td></tr><tr><td>Put option contracts</td><td>0.8</td><td>0.8</td><td>21.8</td><td>21.8</td></tr><tr><td>UIT-related financial instruments sold, not yet purchased</td><td>-1.4</td><td>-1.4</td><td>-6.0</td><td>-6.0</td></tr><tr><td>Contingent consideration liability</td><td>-57.4</td><td>-57.4</td><td>-78.2</td><td>-78.2</td></tr><tr><td>Long-term debt*</td><td>-2,075.8</td><td>-2,258.1</td><td>-2,102.4</td><td>-2,206.5</td></tr></table>
<table><tr><td></td><td>Payments Due By Period</td></tr><tr><td>Obligation</td><td>Total</td><td>Less Than 1Year</td><td>1-3 years</td><td>3-5 Years</td><td>Thereafter</td></tr><tr><td>Short-term debt obligations</td><td>$26,677</td><td>$26,677</td><td>$—</td><td>$—</td><td>$—</td></tr><tr><td>Cash premium on convertible notes due March 2012 -1</td><td>23,558</td><td>23,558</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other commitments -2</td><td>5,170</td><td>3,398</td><td>1,772</td><td>—</td><td>—</td></tr><tr><td>Operating lease obligations</td><td>37,788</td><td>8,247</td><td>13,819</td><td>9,780</td><td>5,942</td></tr><tr><td>Contingent consideration for business combinations -3</td><td>59,400</td><td>58,400</td><td>1,000</td><td>—</td><td>—</td></tr><tr><td>Other long-term liabilities -4</td><td>34,199</td><td>2,683</td><td>769</td><td>146</td><td>30,601</td></tr><tr><td>Total -5</td><td>$186,792</td><td>$122,963</td><td>$17,360</td><td>$9,926</td><td>$36,543</td></tr></table>

Question: What is the column number of the section for which Net cash provided by operating activities is smaller than 100 million?
Answer: 3