The following table presents component changes in AUM by investment style and product type for 2016.
## Table 0 ##
The following table presents component changes in AUM by product type for 2016.
## Table 1 ##
(1) Amount represents AUM acquired in the BofA Global Capital Management transaction in April 2016.
(2) Foreign exchange reflects the impact of translating non-U.
S.  dollar denominated AUM into U. S.  dollars for reporting purposes.
(3) Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
(4) Advisory AUM represents long-term portfolio liquidation assignments.
(5) Amounts include commodity iShares ETFs.
AUM increased $502.4 billion to $5.1 trillion at December 31, 2016 from $4.6 trillion at December 31, 2015 driven by net market appreciation, positive net inflows and AUM acquired in the BofA Global Capital Management transaction, partially offset by the impact of foreign exchange movements.
Net market appreciation of $326.4 billion was driven by $219.0 billion from equity products, $82.8 billion from fixed income products and $22.5 billion from multi-asset products across the majority of strategies.
AUM decreased $106.8 billion due to the impact of foreign exchange movements, primarily resulting from the strengthening of the U. S.  dollar, largely against the British pound and the Euro.
The following discussion summarizes the significant changes in assets and liabilities on a GAAP basis.
Please see the consolidated statements of financial condition as of December 31, 2017 and 2016 contained in Part II, Item 8 of this filing.
The discussion does not include changes related to assets and liabilities that are equal and offsetting and have no impact on BlackRock’s stockholders’ equity.
Assets.
Cash and cash equivalents at December 31, 2017 and 2016 included $63 million and $53 million, respectively, of cash held by consolidated VREs (see Liquidity and Capital Resources for details on the change in cash and cash equivalents during 2017).
Accounts receivable at December 31, 2017 increased $584 million from December 31, 2016 primarily due to higher BlackRock mutual funds, iShares ETFs and performance fee receivables.
Investments were $1,981 million at December 31, 2017 (for more information see Investments herein).
Goodwill and intangible assets increased $128 million from December 31, 2016, primarily due to the First Reserve and Cachematrix Transactions, partially offset by $89 million of amortization of intangible assets.
Other assets (including property and equipment) increased $345 million from December 31, 2016, primarily related to an increase in unit trust receivables (substantially offset by an increase in unit trust payables recorded within other liabilities), earnings from certain strategic investments, and other assets, partially offset by a decrease in current taxes receivable.
Liabilities.
Accrued compensation and benefits at December 31, 2017 increased $273 million from December 31, 2016, primarily due to higher 2017 incentive compensation accruals.
Accounts payable and accrued liabilities at December 31, 2017 increased $281 million from December 31, 2016 due to higher current income taxes payables and increased accruals.
Net deferred income tax liabilities at December 31, 2017 decreased $1.3 billion, primarily as a result of revaluation of deferred income tax liabilities due to the 2017 Tax Act.
Other liabilities increased $343 million from December 31, 2016, primarily related to an increase in unit trust payables (substantially offset by an increase in unit trust receivables recorded within other assets) and contingent liabilities related to the First Reserve Transaction and uncertain tax positions, partially offset by a decrease in other operating liabilities.
Investments and Investments of Consolidated VIEs The Company’s investments and investments of consolidated VIEs (collectively, “Total Investments”) were $1,981 million and $1,493 million, respectively, at December 31, 2017.
Total Investments include consolidated investments held by sponsored investment funds accounted for as VREs and VIEs.
Management reviews BlackRock’s Total Investments on an “economic” basis, which eliminates the portion of Total Investments that does not impact BlackRock’s book value or net income attributable to BlackRock.
BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
The Company presents Total Investments, as adjusted, to enable investors to understand the portion of Total Investments that is owned by the Company, net of NCI, as a gauge to measure the impact of changes in net nonoperating income (expense) on investments to net income (loss) attributable to BlackRock.
The Company further presents net “economic” investment exposure, net of deferred compensation investments and hedged investments, to reflect another helpful measure for investors.
The economic impact of Total Investments held pursuant to deferred compensation arrangements is offset by a change in compensation expense.
The impact of certain investments is substantially mitigated by swap hedges.
Carried interest capital allocations are excluded as there is no impact to BlackRock’s stockholders’ equity until such amounts are realized as performance fees.
Finally, the Company’s regulatory investment in Federal Reserve Bank stock, which is not subject to market or interest rate risk, is excluded from the Company’s net economic investment exposure.
## Table 2 ##
(1) Amount includes $266 million and $108 million of carried interest (VIEs) as of December 31, 2017 and 2016, respectively, which has no impact on the Company’s “economic” investment exposure.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) Liquidity and Capital Resources Snap-on’s growth has historically been funded by a combination of cash provided by operating activities and debt financing.
Snap-on believes that its cash from operations and collections of finance receivables, coupled with its sources of borrowings and available cash on hand, are sufficient to fund its currently anticipated requirements for payments of interest and dividends, new loans originated by our financial services businesses, capital expenditures, working capital, restructuring activities, the funding of pension plans, and funding for additional share repurchases and acquisitions, if any.
Due to Snap-on’s credit rating over the years, external funds have been available at an acceptable cost.
As of the close of business on February 8, 2013, Snap-on’s long-term debt and commercial paper were rated, respectively, Baa1 and P-2 by Moody’s Investors Service; A- and A-2 by Standard & Poor’s; and A- and F2 by Fitch Ratings.
Snap-on believes that its current credit arrangements are sound and that the strength of its balance sheet affords the company the financial flexibility to respond to both internal growth opportunities and those available through acquisitions.
However, Snap-on cannot provide any assurances of the availability of future financing or the terms on which it might be available, or that its debt ratings may not decrease.
The following discussion focuses on information included in the accompanying Consolidated Balance Sheets.
As of 2012 year end, working capital (current assets less current liabilities) of $1,079.8 million increased $132.9 million from $946.9 million at 2011 year end.
The following represents the company’s working capital position as of 2012 and 2011 year end:
## Table 3 ##
Cash and cash equivalents of $214.5 million as of 2012 year end compared to cash and cash equivalents of $185.6 million at 2011 year end.
The $28.9 million increase in cash and cash equivalents includes the impacts of (i) $329.3 million of cash generated from operations, net of $73.0 million of cash contributions (including $54.7 million of discretionary contributions) to the company’s domestic pension plans; (ii) $445.5 million of cash from collections of finance receivables; (iii) $46.8 million of proceeds from stock purchase and option plan exercises; and (iv) $27.0 million of cash proceeds from the sale of a non-strategic equity investment at book value.
These increases in cash and cash equivalents were partially offset by (i) the funding of $569.6 million of new finance originations; (ii) dividend payments of $81.5 million; (iii) the funding of $79.4 million of capital expenditures; and (iv) the repurchase of 1,180,000 shares of the company’s common stock for $78.1 million.
Of the $214.5 million of cash and cash equivalents as of 2012 year end, $81.4 million was held outside of the United States.
Snap-on considers these non-U.
S.  funds as permanently invested in its foreign operations to (i) provide adequate working capital; (ii) satisfy various regulatory requirements; and/or (iii) take advantage of business expansion opportunities as they arise; as such, the company does not presently expect to repatriate these funds to fund its U. S.  operations or obligations.
The repatriation of cash from certain foreign subsidiaries could have adverse net tax consequences on the company should Snap-on be required to pay and record U. S.  income taxes and foreign withholding taxes on funds that were previously considered permanently invested.
Alternatively, the repatriation of such cash from certain other foreign subsidiaries could result in favorable net tax consequences for the company.
Snap-on periodically evaluates opportunities to repatriate certain foreign cash amounts to the extent that it does not incur additional unfavorable net tax consequences.

<table><tr><td>(in millions)</td><td>December 31, 2015</td><td>Netinflows (outflows)</td><td>Acquisition<sup>-1</sup></td><td>Market change</td><td>FX impact<sup>-2</sup></td><td>December 31, 2016</td><td>Full yearaverage AUM<sup>-3</sup></td></tr><tr><td>Active:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>$281,319</td><td>$-20,230</td><td>$—</td><td>$21,045</td><td>$-7,101</td><td>$275,033</td><td>$275,656</td></tr><tr><td>Fixed income</td><td>719,653</td><td>16,625</td><td>—</td><td>22,742</td><td>-9,024</td><td>749,996</td><td>756,110</td></tr><tr><td>Multi-asset</td><td>367,349</td><td>3,954</td><td>—</td><td>21,617</td><td>-7,990</td><td>384,930</td><td>377,068</td></tr><tr><td>Alternatives</td><td>94,351</td><td>-1,123</td><td>—</td><td>-217</td><td>-1,918</td><td>91,093</td><td>92,342</td></tr><tr><td>Active subtotal</td><td>1,462,672</td><td>-774</td><td>—</td><td>65,187</td><td>-26,033</td><td>1,501,052</td><td>1,501,176</td></tr><tr><td>Index andiSharesETFs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>iSharesETFs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>823,156</td><td>74,914</td><td>—</td><td>56,469</td><td>-3,287</td><td>951,252</td><td>849,017</td></tr><tr><td>Fixed income</td><td>254,190</td><td>59,913</td><td>—</td><td>3,782</td><td>-3,178</td><td>314,707</td><td>301,061</td></tr><tr><td>Multi-asset</td><td>2,730</td><td>354</td><td>—</td><td>61</td><td>4</td><td>3,149</td><td>2,448</td></tr><tr><td>Alternatives</td><td>12,485</td><td>5,298</td><td>—</td><td>1,055</td><td>-67</td><td>18,771</td><td>18,561</td></tr><tr><td>iSharesETFs subtotal</td><td>1,092,561</td><td>140,479</td><td>—</td><td>61,367</td><td>-6,528</td><td>1,287,879</td><td>1,171,087</td></tr><tr><td>Non-ETF Index</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>1,319,297</td><td>-3,260</td><td>—</td><td>141,520</td><td>-26,666</td><td>1,430,891</td><td>1,344,071</td></tr><tr><td>Fixed income</td><td>448,525</td><td>43,417</td><td>—</td><td>56,295</td><td>-40,575</td><td>507,662</td><td>486,463</td></tr><tr><td>Multi-asset</td><td>6,257</td><td>-81</td><td>—</td><td>842</td><td>-90</td><td>6,928</td><td>7,464</td></tr><tr><td>Alternatives</td><td>6,003</td><td>783</td><td>—</td><td>791</td><td>-503</td><td>7,074</td><td>6,643</td></tr><tr><td>Non-ETF Index subtotal</td><td>1,780,082</td><td>40,859</td><td>—</td><td>199,448</td><td>-67,834</td><td>1,952,555</td><td>1,844,641</td></tr><tr><td>Index &iSharesETFs subtotal</td><td>2,872,643</td><td>181,338</td><td>—</td><td>260,815</td><td>-74,362</td><td>3,240,434</td><td>3,015,728</td></tr><tr><td>Long-term</td><td>4,335,315</td><td>180,564</td><td>—</td><td>326,002</td><td>-100,395</td><td>4,741,486</td><td>4,516,904</td></tr><tr><td>Cash management</td><td>299,884</td><td>29,228</td><td>80,635</td><td>430</td><td>-6,593</td><td>403,584</td><td>358,498</td></tr><tr><td>Advisory<sup>-4</sup></td><td>10,213</td><td>-7,601</td><td>—</td><td>-68</td><td>238</td><td>2,782</td><td>9,687</td></tr><tr><td>Total</td><td>$4,645,412</td><td>$202,191</td><td>$80,635</td><td>$326,364</td><td>$-106,750</td><td>$5,147,852</td><td>$4,885,089</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31, 2015</td><td>Net inflows (outflows)</td><td>Acquisition<sup>-1</sup></td><td>Market change</td><td>FX impact -2</td><td>December 31, 2016</td><td>Full yearaverage AUM<sup>-3</sup></td></tr><tr><td>Equity</td><td>$2,423,772</td><td>$51,424</td><td>$—</td><td>$219,034</td><td>$-37,054</td><td>$2,657,176</td><td>$2,468,744</td></tr><tr><td>Fixed income</td><td>1,422,368</td><td>119,955</td><td>—</td><td>82,819</td><td>-52,777</td><td>1,572,365</td><td>1,543,634</td></tr><tr><td>Multi-asset</td><td>376,336</td><td>4,227</td><td>—</td><td>22,520</td><td>-8,076</td><td>395,007</td><td>386,980</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>92,085</td><td>-1,165</td><td>—</td><td>-291</td><td>-1,999</td><td>88,630</td><td>90,028</td></tr><tr><td>Currency and commodities<sup>-5</sup></td><td>20,754</td><td>6,123</td><td>—</td><td>1,920</td><td>-489</td><td>28,308</td><td>27,518</td></tr><tr><td>Alternatives subtotal</td><td>112,839</td><td>4,958</td><td>—</td><td>1,629</td><td>-2,488</td><td>116,938</td><td>117,546</td></tr><tr><td>Long-term</td><td>4,335,315</td><td>180,564</td><td>—</td><td>326,002</td><td>-100,395</td><td>4,741,486</td><td>4,516,904</td></tr><tr><td>Cash management</td><td>299,884</td><td>29,228</td><td>80,635</td><td>430</td><td>-6,593</td><td>403,584</td><td>358,498</td></tr><tr><td>Advisory<sup>-4</sup></td><td>10,213</td><td>-7,601</td><td>—</td><td>-68</td><td>238</td><td>2,782</td><td>9,687</td></tr><tr><td>Total</td><td>$4,645,412</td><td>$202,191</td><td>$80,635</td><td>$326,364</td><td>$-106,750</td><td>$5,147,852</td><td>$4,885,089</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31, 2017</td><td>December 31, 2016</td></tr><tr><td>Investments, GAAP</td><td>$1,981</td><td>$1,595</td></tr><tr><td>Investments held by consolidated VIEs, GAAP</td><td>1,493</td><td>1,008</td></tr><tr><td>Total Investments</td><td>3,474</td><td>2,603</td></tr><tr><td>Investments held by consolidated VIEs</td><td>-1,493</td><td>-1,008</td></tr><tr><td>Investments held by consolidated VREs</td><td>-512</td><td>-465</td></tr><tr><td>Net interest in consolidated VREs</td><td>460</td><td>444</td></tr><tr><td>Net interest in consolidated VIEs<sup>-1</sup></td><td>1,225</td><td>840</td></tr><tr><td>Total Investments, as adjusted</td><td>3,154</td><td>2,414</td></tr><tr><td>Federal Reserve Bank stock</td><td>-91</td><td>-89</td></tr><tr><td>Deferred compensation investments</td><td>-56</td><td>-66</td></tr><tr><td>Hedged investments</td><td>-587</td><td>-614</td></tr><tr><td>Carried interest (VIEs/VREs)</td><td>-298</td><td>-126</td></tr><tr><td>Total “economic” investment exposure</td><td>$2,122</td><td>$1,519</td></tr></table>
<table><tr><td><i>(Amounts in millions)</i></td><td>2012</td><td>2011</td></tr><tr><td>Cash and cash equivalents</td><td>$214.5</td><td>$185.6</td></tr><tr><td>Trade and other accounts receivable – net</td><td>497.9</td><td>463.5</td></tr><tr><td>Finance receivables – net</td><td>323.1</td><td>277.2</td></tr><tr><td>Contract receivables – net</td><td>62.7</td><td>49.7</td></tr><tr><td>Inventories – net</td><td>404.2</td><td>386.4</td></tr><tr><td>Other current assets</td><td>166.6</td><td>168.3</td></tr><tr><td>Total current assets</td><td>1,669.0</td><td>1,530.7</td></tr><tr><td>Notes payable</td><td>-5.2</td><td>-16.2</td></tr><tr><td>Accounts payable</td><td>-142.5</td><td>-124.6</td></tr><tr><td>Other current liabilities</td><td>-441.5</td><td>-443.0</td></tr><tr><td>Total current liabilities</td><td>-589.2</td><td>-583.8</td></tr><tr><td>Working capital</td><td>$1,079.8</td><td>$946.9</td></tr></table>

Question: what portion of cash and cash equivalents as of 2012 was held outside unites states?
Answer: 0.37949