Item 2: Properties Information concerning Applied’s properties at October 30, 2016 is set forth below:
## Table 0 ##
Because of the interrelation of Applied’s operations, properties within a country may be shared by the segments operating within that country.
The Company’s headquarters offices are in Santa Clara, California.
Products in Semiconductor Systems are manufactured in Austin, Texas; Gloucester, Massachusetts; Kalispell, Montana; Rehovot, Israel; and Singapore.
Remanufactured equipment products in the Applied Global Services segment are produced primarily in Austin, Texas.
Products in the Display and Adjacent Markets segment are manufactured in Alzenau, Germany; Tainan, Taiwan; and Santa Clara, California.
Other products are manufactured in Treviso, Italy.
Applied also owns and leases offices, plants and warehouse locations in many locations throughout the world, including in Europe, Japan, North America (principally the United States), Israel, China, India, Korea, Southeast Asia and Taiwan.
These facilities are principally used for manufacturing; research, development and engineering; and marketing, sales and customer support.
Applied also owns a total of approximately 280 acres of buildable land in Montana, Texas, California, Massachusetts, Israel and Italy that could accommodate additional building space.
Applied considers the properties that it owns or leases as adequate to meet its current and future requirements.
Applied regularly assesses the size, capability and location of its global infrastructure and periodically makes adjustments based on these assessments.
The following are the balances of our derivative assets and liabilities as of December 31, 2015 and December 31, 2014:
## Table 1 ##
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We classify derivative assets and liabilities as current when the remaining term of the derivative contract is one year or less.
Other Fair Value Measurements Recurring Fair Value Measurements On a recurring basis, we measure certain financial assets and financial liabilities at fair value based upon quoted market prices, where available.
Where quoted market prices or other observable inputs are not available, we apply valuation techniques to estimate fair value.
Topic 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements.
The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the measurement of fair value.
The three levels of the hierarchy are defined as follows: ‰ Level 1 – Inputs to the valuation methodology are quoted market prices for identical assets or liabilities.
‰ Level 2 – Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs.
‰ Level 3 – Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk.
Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2015 and December 31, 2014:
## Table 2 ##
Our investments in money market and government funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.
These investments are classified as cash and cash equivalents within our accompanying consolidated balance sheets, in accordance with U. S.  GAAP and our accounting policies.
In addition to $118 million invested in money market and government funds as of December 31, 2015, we had $31 million in short-term time deposits and $170 million in interest bearing and non-interest bearing bank accounts.
In addi
Other, net Our other, net reflected expense of $39 million in 2015, income of $8 million in 2014, and expense of $19 million in 2013.
The following are the components of other, net:
## Table 3 ##
During 2015, we recognized net losses on investments of $9 million due to equity method adjustments on investments and investment impairments.
During 2014, we recognized gains of $19 million associated with the acquisition of IoGyn, Inc.  related to previously held investments and other net gains related to our investment portfolio of $8 million.
During 2013, we recognized losses on investments of $9 million due to equity method adjustments on investments and investment impairments.
The acquisition-related gains from previously held investments are excluded by management for purposes of evaluating operating performance.
Tax Rate The following table provides a summary of our reported tax rate:
## Table 4 ##
*These receipts/charges are taxed at different rates than our effective tax rate.
The change in our reported tax rate for 2015, as compared to 2014 and 2013, relates primarily to the impact of certain receipts and charges that are taxed at different rates than our effective tax rate.
In 2015, these receipts and charges included intangible asset impairment charges, acquisition-related items, litigation- and restructuring-related items, pension termination charges, and debt extinguishment charges.
Our reported tax rate for 2015 was also affected by discrete items primarily related to settlement of various uncertain tax positions and reinstatement of certain tax legislation that has been retroactively applied.
In 2014, these receipts and charges included intangible asset impairment charges, acquisition- and divestiture-related net credits, and litigation- and restructuring-related charges.
Our reported tax rate for 2014 was also affected by discrete tax items primarily related to resolution of various uncertain tax positions resulting from the expiration of the statute of limitations for assessing tax in certain jurisdictions and benefit due to change in uncertain tax positions due to a favorable court ruling, offset by a charge due to translation gain on previously taxed income.
In 2013, these receipts and charges included goodwill and intangible asset impairment charges, acquisition- and divestiturerelated net charges, litigation- and restructuring-related charges, and debt extinguishment charges.
Our reported tax rate for 2013 was also affected by discrete tax items related primarily to the resolution of various uncertain tax positions resulting from the expiration of the statute of limitations for assessing tax in certain jurisdictions and benefit due to reinstatement of certain tax legislation that has been retroactively applied.
Excluding the impact of these receipts and charges in 2015, 2014 and 2013, the change in our reported tax rate between years is primarily the result of shifts in the geographic mix of our business and in 2015, the impact of foreign currency fluctuations.
We have received Notices of Deficiency from the Internal Revenue Service (IRS) reflecting proposed audit adjustments for Guidant Corporation for its 2001 through 2006 tax years and Boston Scientific Corporation for its 2006 and 2007 tax years.
The total incremental tax liability asserted by the IRS for the applicable periods is $1.162 billion plus interest.
The primary issue in dispute for all years is the transfer pricing associated with the technology license agreements between domestic and foreign subsidiaries of Guidant.
In addition, the IRS has proposed adjustments in connection with the financial terms of our Transaction Agreement with Abbott Laboratories pertaining to the sale of Guidant’s vas- cular intervention business to Abbott in April 2006.
In addition to the Notices of Deficiency, during 2014, we received a Revenue Agent Report from the IRS reflecting significant proposed audit adjustments to our 2008, 2009, and 2010 tax years based upon the same transfer pricing methodologies that the IRS applied to our 2001 through 2007 tax years.
We do not agree with the transfer pricing methodologies applied by the IRS or its resulting assessment.
In addition, we believe that the IRS positions with regard to these matters are inconsistent with the applicable tax laws and the existing Treasury regulations.
We believe we have meritorious defenses for our tax filings, and we have filed petitions with the U. S.  Tax Court contesting the Notices of Deficiency for the 2001-2007 tax years in challenge.
We currently expect the trial in this matter to begin in the second half of 2016.
Furthermore, we have submitted a letter
Foreign currency transaction gains and losses are included in other, net in our consolidated statements of operations, net of losses and gains from any related derivative financial instruments.
We recognized net foreign currency transaction losses of $21 million in 2015, $18 million in 2014, and $11 million in 2013.
Financial Instruments We recognize all derivative financial instruments in our consolidated financial statements at fair value in accordance with ASC Topic 815, Derivatives and Hedging, and we present assets and liabilities associated with our derivative financial instruments on a gross basis in our financial statements.
In accordance with Topic 815, for those derivative instruments that are designated and qualify as hedging instruments, the hedging instrument must be designated, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation.
The accounting for changes in the fair value (i. e.  gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship.
Our derivative instruments do not subject our earnings or cash flows to material risk, as gains and losses on these derivatives generally offset losses and gains on the item being hedged.
We do not enter into derivative transactions for speculative purposes and we do not have any non-derivative instruments that are designated as hedging instruments pursuant to Topic 815.
Refer to Note E—Fair Value Measurements for more information on our derivative instruments.
Shipping and Handling Costs We generally do not bill customers for shipping and handling of our products.
Shipping and handling costs of $93 million in 2015, $100 million in 2014, and $97 million in 2013 are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Research and Development We expense research and development costs, including new product development programs, regulatory compliance and clinical research as incurred.
Refer to Indefinite-lived Intangibles, including In-Process Research and Development for our policy regarding in-process research and development acquired in connection with our business combinations and asset purchases.
Employee Retirement Plans Following our 2006 acquisition of Guidant Corporation, we sponsored the Guidant Retirement Plan, a frozen noncontributory defined benefit plan covering a select group of current and former employees.
The plan was partially frozen as of September 25, 1995 and completely frozen as of May 31, 2007, and was terminated effective December 1, 2014.
During 2015, we finalized the termination process and settled the plan’s obligations.
As a result, we recorded pension termination charges of $44 million for the year ended December 31, 2015.
We continue to sponsor the Guidant Supplemental Retirement Plan, a frozen, nonqualified defined benefit plan for certain former officers and employees of Guidant.
The Guidant Supplemental Retirement Plan was partially funded through a Rabbi Trust that contains segregated company assets used to pay the benefit obligations related to the plan.
We also maintain an Executive Retirement Plan, a defined benefit plan covering executive offi- cers and division presidents and certain persons that may have served in these roles.
Participants may retire with unreduced benefits once retirement conditions have been satisfied.
In addi- tion, we maintain retirement plans covering certain international employees.
We use a December 31 measurement date for these plans and record the underfunded portion as a liability, recognizing changes in the funded status through other comprehensive income (OCI).
The outstanding obligation as of December 31, 2015 and 2014 is as follows:
## Table 5 ##
itions, and increases in the research and development costs necessary to obtain regulatory approvals and launch new products; ‰ the level of success in managing the growth of acquired companies, achieving sustained profitability consistent with our expectations, establishing government and third-party payer reimbursement, supplying the market, and increases in the costs and time necessary to integrate acquired businesses into our operations successfully; ‰ changes in our reporting units or in the structure of our business as a result of future reorganizations, acquisitions or divestitures of assets or businesses; and ‰ increases in our market-participant risk-adjusted WACC, increases in our market-participant tax rate, changes in tax laws, changes in foreign currency exchange rates and/or other macroeconomic conditions.
Negative changes in one or more of these factors, among others, could result in impairment charges.2013 Charges Following our reorganization from regions to global business units and our reallocation of goodwill on a relative fair value basis as of January 1, 2013, we conducted the first step of the goodwill impairment test for all global reporting units.
As of January 1, 2013, the fair value of each global reporting unit exceeded its carrying value, with the exception of the global CRM reporting unit.
We tested the global CRM intangible assets in conjunction with the second step of the goodwill test on the global CRM reporting unit, and recorded a non-cash goodwill impairment charge of $423 million to write down the goodwill to its implied fair value as of January 1, 2013 as a result of this analysis.
The primary driver of this impairment charge was our reorganization from geographic regions to global business units as of January 1, 2013, which changed the composition of our reporting units.
As a result of the reorganization, any goodwill allocated to the global CRM reporting unit was no longer supported by the cash flows of other businesses.
Under our former reporting unit structure, the goodwill allocated to our regional reporting units was supported by the cash flows from all businesses in each international region.
The hypothetical tax structure of the global CRM business and the global CRM business discount rate applied were also contributing factors to the goodwill impairment charge The following is a rollforward of accumulated goodwill write-offs by global reportable segment:

<table><tr><td>(Square feet in thousands)</td><td>United States</td><td>Other Countries</td><td>Total</td></tr><tr><td>Owned</td><td>3,745</td><td>1,629</td><td>5,374</td></tr><tr><td>Leased</td><td>564</td><td>1,103</td><td>1,667</td></tr><tr><td>Total</td><td>4,309</td><td>2,732</td><td>7,041</td></tr></table>
<table><tr><td></td><td></td><td colspan="2">As of</td></tr><tr><td>(in millions)</td><td>Location in Balance Sheet -1</td><td>December 31, 2015</td><td>December 31, 2014</td></tr><tr><td>Derivative Assets:</td><td></td><td></td><td></td></tr><tr><td>Designated Hedging Instruments</td><td></td><td></td><td></td></tr><tr><td>Currency hedge contracts</td><td>Other current assets</td><td>$138</td><td>$178</td></tr><tr><td>Currency hedge contracts</td><td>Other long-term assets</td><td>66</td><td>141</td></tr><tr><td>Interest rate contracts</td><td>Other current assets</td><td>—</td><td>3</td></tr><tr><td>Interest rate contracts</td><td>Other long-term assets</td><td>—</td><td>22</td></tr><tr><td></td><td></td><td>204</td><td>344</td></tr><tr><td>Non-Designated Hedging Instruments</td><td></td><td></td><td></td></tr><tr><td>Currency hedge contracts</td><td>Other current assets</td><td>33</td><td>100</td></tr><tr><td>Total Derivative Assets</td><td></td><td>$237</td><td>$444</td></tr><tr><td>Derivative Liabilities:</td><td></td><td></td><td></td></tr><tr><td>Designated Hedging Instruments</td><td></td><td></td><td></td></tr><tr><td>Currency hedge contracts</td><td>Other current liabilities</td><td>$1</td><td>$1</td></tr><tr><td>Non-Designated Hedging Instruments</td><td></td><td></td><td></td></tr><tr><td>Currency hedge contracts</td><td>Other current liabilities</td><td>22</td><td>35</td></tr><tr><td>Total Derivative Liabilities</td><td></td><td>$23</td><td>$36</td></tr></table>
<table><tr><td></td><td colspan="4">As of December 31, 2015</td><td colspan="4">As of December 31, 2014</td></tr><tr><td>(in millions)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</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>Money market and government funds</td><td>$118</td><td>$—</td><td>$—</td><td>$118</td><td>$151</td><td>$—</td><td>$—</td><td>$151</td></tr><tr><td>Currency hedge contracts</td><td>—</td><td>237</td><td>—</td><td>237</td><td>—</td><td>419</td><td>—</td><td>419</td></tr><tr><td>Interest rate contracts</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>25</td><td>—</td><td>25</td></tr><tr><td></td><td>$118</td><td>$237</td><td>$—</td><td>$355</td><td>$151</td><td>$444</td><td>$—</td><td>$595</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Currency hedge contracts</td><td>$—</td><td>$23</td><td>$—</td><td>$23</td><td>$—</td><td>$36</td><td>$—</td><td>$36</td></tr><tr><td>Accrued contingent consideration</td><td>—</td><td>—</td><td>246</td><td>246</td><td>—</td><td>—</td><td>274</td><td>274</td></tr><tr><td></td><td>$—</td><td>$23</td><td>$246</td><td>$269</td><td>$—</td><td>$36</td><td>$274</td><td>$310</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td>(in millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Interest income</td><td>$5</td><td>$5</td><td>$6</td></tr><tr><td>Foreign currency losses</td><td>-21</td><td>-18</td><td>-11</td></tr><tr><td>Net gains (losses) on investments</td><td>-9</td><td>27</td><td>-9</td></tr><tr><td>Other expense, net</td><td>-14</td><td>-6</td><td>-5</td></tr><tr><td></td><td>$-39</td><td>$8</td><td>$-19</td></tr></table>
<table><tr><td></td><td colspan="3">Year EndedDecember 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Reported tax rate</td><td>63.2%</td><td>76.7%</td><td>46.0%</td></tr><tr><td>Impact of certain receipts/charges*</td><td>-53.5%</td><td>-64.5%</td><td>-35.4%</td></tr><tr><td></td><td>9.7%</td><td>12.2%</td><td>10.6%</td></tr></table>
<table><tr><td></td><td colspan="3">As of December 31, 2015</td><td colspan="3">As of December 31, 2014</td></tr><tr><td>(in millions)</td><td>ProjectedBenefitObligation (PBO)</td><td>Fair value of Plan Assets</td><td>UnderfundedPBO Recognized</td><td>ProjectedBenefitObligation (PBO)</td><td>Fair value of Plan Assets</td><td>UnderfundedPBO Recognized</td></tr><tr><td>Executive Retirement Plan</td><td>$14</td><td>$—</td><td>$14</td><td>$13</td><td>$—</td><td>$13</td></tr><tr><td>Guidant Retirement Plan (frozen)</td><td>—</td><td>—</td><td>—</td><td>148</td><td>140</td><td>8</td></tr><tr><td>Guidant Supplemental Retirement Plan (frozen)</td><td>33</td><td>—</td><td>33</td><td>34</td><td>—</td><td>34</td></tr><tr><td>International Retirement Plans</td><td>84</td><td>52</td><td>32</td><td>90</td><td>51</td><td>39</td></tr><tr><td></td><td>$131</td><td>$52</td><td>$79</td><td>$285</td><td>$191</td><td>$94</td></tr></table>

Question: What will Assets in Total reach in 2016 if it continues to grow at its current rate? (in millions)
Answer: 211.80672