The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations
## Table 0 ##
At December 31, 2016, 0.6 million stock options were excluded from the computation of weighted average diluted shares outstanding because the effect of including these shares would have been anti-dilutive.
NOTE 21 – COMMITMENTS AND CONTINGENCIES The Company is involved in various litigations, claims and administrative proceedings, including those related to environmental and product warranty matters.
Amounts recorded for identified contingent liabilities are estimates, which are reviewed periodically and adjusted to reflect additional information when it becomes available.
Subject to the uncertainties inherent in estimating future costs for contingent liabilities, except as expressly set forth in this note, management believes that any liability which may result from these legal matters would not have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company.
Environmental Matters The Company is dedicated to an environmental program to reduce the utilization and generation of hazardous materials during the manufacturing process and to remediate identified environmental concerns.
As to the latter, the Company is currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former production facilities.
The Company regularly evaluates its remediation programs and considers alternative remediation methods that are in addition to, or in replacement of, those currently utilized by the Company based upon enhanced technology and regulatory changes.
Changes to the Company's remediation programs may result in increased expenses and increased environmental reserves.
The Company is sometimes a party to environmental lawsuits and claims and has received notices of potential violations of environmental laws and regulations from the U. S.  Environmental Protection Agency and similar state authorities.
It has also been identified as a potentially responsible party ("PRP") for cleanup costs associated with off-site waste disposal at federal Superfund and state remediation sites.
For all such sites, there are other PRPs and, in most instances, the Company’s involvement is minimal.
In estimating its liability, the Company has assumed it will not bear the entire cost of remediation of any site to the exclusion of other PRPs who may be jointly and severally liable.
The ability of other PRPs to participate has been taken into account, based on our understanding of the parties’ financial condition and probable contributions on a per site basis.
Additional lawsuits and claims involving environmental matters are likely to arise from time to time in the future.
The Company incurred $23.3 million, $4.4 million, and $2.9 million of expenses during the years ended December 31, 2016, 2015 and 2014, respectively, for environmental remediation at sites presently or formerly owned or leased by the Company.
In the fourth-quarter of 2016, with the collaboration and approval of state regulators, the Company launched a proactive, alternative approach to remediate two sites in the United States.
This approach will allow the Company to more aggressively address environmental conditions at these sites and reduce the impact of potential changes in regulatory requirements.
As a result, the Company recorded a $15 million charge for environmental remediation in the fourth quarter.
Environmental remediation costs are recorded in Costs of goods sold within the Consolidated Statements of Comprehensive Income.
As of December 31, 2016 and 2015, the Company has recorded reserves for environmental matters of $30.6 million and $15.2 million.
The total reserve at December 31, 2016 and 2015 included $9.6 million and $2.8 million related to remediation of sites previously disposed by the Company.
Environmental reserves are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected term.
The Company's total current environmental reserve at December 31, 2016 and 2015 was $6.1 million and $3.7 million and the remainder is classified as noncurrent.
Given the evolving nature of environmental laws, regulations and technology, the ultimate cost of future compliance is uncertain.
Warranty Liability Standard product warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms and historical experience.
The Company assesses the adequacy of its liabilities and will make adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available.
In January 2008 and 2009, the Company granted 1,212,759 and 1,789,685 RSUs, respectively, to employees as part of annual incentive compensation under the Award Plan that vest ratably over three years from the date of grant.
In January 2010, the Company granted the following awards under the Award Plan: > 846,884 RSUs to employees as part of annual incentive compensation that vest ratably over three years from the date of grant.
> 256,311 RSUs to employees that cliff vest on January 31, 2012, the end of the service condition, as BlackRock had actual GAAP EPS in excess of $6.13 in 2010.
The RSUs may not be sold before the one-year anniversary of the vesting date.
> 1,497,222 RSUs to employees that vest 50% on both January 31, 2013 and 2014, the end of the service condition, as BlackRock had actual GAAP EPS in excess of $6.13 in 2010.
> 124,575 shares of restricted common stock to employees that vest in tranches on January 31, 2010, 2011 and 2012.
The restricted common stock may not be sold before the one-year anniversary of each vesting date.
In May 2010, the Company granted 198,977 RSUs to employees that cliff vest on January 31, 2012, the end of the service condition, as BlackRock had actual GAAP EPS in excess of $6.13 in 2010.
The RSUs may not be sold before the one-year anniversary of the vesting date.
At December 31, 2010, there was $528 million in total unrecognized stock-based compensation expense related to unvested restricted stock and RSUs.
The unrecognized compensation cost is expected to be recognized over the remaining weightedaverage period of 1.4 years.
In January 2011, the Company granted the following awards under the Award Plan: > 1,594,259 RSUs to employees as part of annual incentive compensation that vest ratably over three years from the date of grant.
> 609,733 RSUs to employees that cliff vest 100% on January 31, 2014.
Long-Term Incentive Plans Funded by PNC Under a share surrender agreement, PNC committed to provide up to 4,000,000 shares of BlackRock stock, held by PNC, to fund certain BlackRock long-term incentive plans (“LTIP”).
In February 2009, the share surrender agreement was amended for PNC to provide BlackRock series C non-voting participating preferred stock to fund the remaining committed shares.
The BlackRock, Inc.  2002 Long-Term Retention and Incentive Plan (the “2002 LTIP Awards”) permitted the grant of up to $240 million in deferred compensation awards, of which the Company previously granted approximately $233 million.
Approximately $208 million of the 2002 LTIP Awards were paid in January 2007.
The 2002 LTIP Awards were settled for approximately 16.7% in cash and the remainder in approximately 1 million shares of BlackRock common stock contributed by PNC and distributed to plan participants.
During the year ended December 31, 2010, the remaining $6 million of previously issued 2002 LTIP Awards were settled in cash and BlackRock shares held by PNC at a conversion price approximating the market price on the settlement date.
On the payment date, the Company recorded a capital contribution from PNC for the amount of shares funded by PNC.
During 2007, the Company granted additional long-term incentive awards, out of the Award Plan, of approximately 1.6 million RSUs, that will be settled using BlackRock shares held by PNC in accordance with the share surrender agreement.
The RSU awards will vest on September 29, 2011, the end of the service condition, as BlackRock had actual GAAP EPS in excess of $5.20, the applicable performance hurdle in 2009.
The value of the RSUs was calculated using BlackRock’s closing stock price on the date of grant.
The grant date fair value of the RSUs is being amortized as an expense using the straight-line method over the vesting period, net of expected forfeitures.
The maximum value of awards that may be funded by PNC, prior to the earlier of September 29, 2011 or the date the performance criteria are met, is approximately $271 million, all of which was granted as of December 31, 2009.
Subsequent to September 29, 2011, the remaining shares committed by PNC, of approximately 1.3 million, would be available to fund future long-term incentive awards.
Stock Options Stock option grants were made to certain employees pursuant to the Award Plan in 1999 through 2007.
Options granted have a ten-year life, vest ratably over periods ranging from two to five years and become exercisable upon vesting.
The Company has not granted any stock options subsequent to the January 2007 grant which will vest on September 29, 2011 as the Company had actual GAAP EPS in excess of $5.20, the applicable performance hurdle in 2009.
Stock option activity for the years ended December 31, 2010, 2009 and 2008 is summarized below:
## Table 1 ##
(1) At December 31, 2010, approximately 2.3 million options were vested or are expected to vest.
The aggregate intrinsic value of options exercised during the years ended December 31, 2010, 2009 and 2008 was $46 million, $63 million and $113 million, respectively
A summary of sale activity in available-for-sale securities during 2013, 2012 and 2011 is shown below.
## Table 2 ##
Held-to-Maturity Investments The carrying value of held-to-maturity investments was $83 million and $112 million at December 31, 2013 and 2012, respectively.
Held-to-maturity investments included foreign government debt held for regulatory purposes and the amortized cost (carrying value) of these investments approximated fair value.
At December 31, 2013, $69 million of these investments mature in one year or less and $14 million mature after 10 years.
Trading Investments A summary of the cost and carrying value of trading investments is as follows:
## Table 3 ##
At December 31, 2013, trading investments included $172 million of equity securities and $213 million of debt securities held by consolidated sponsored investment funds, $58 million of certain deferred compensation plan mutual fund investments and $43 million of equity and debt securities.
At December 31, 2012, trading investments included $73 million of equity securities and $50 million of debt securities held by consolidated sponsored investment funds, $53 million of certain deferred compensation plan mutual fund investments and $94 million of equity and debt securities.
Other Investments A summary of the cost and carrying value of other investments is as follows:
## Table 4 ##
Consolidated sponsored investment funds include thirdparty private equity funds, direct investments in private companies and third-party hedge funds held by BlackRock sponsored investment funds.
Equity method investments primarily include BlackRock’s direct investment in certain BlackRock sponsored investment funds.
See Note 11, Other Assets, for information on the Company’s investment in PennyMac Financial Services, Inc.  (“PennyMac”), which is included in other assets on the consolidated statements of financial condition.
Cost method investments include nonmarketable securities, including Federal Reserve Bank (“FRB”) stock, which is held for regulatory purposes and is restricted from sale.
At December 31, 2013 and 2012, there were no indicators of impairment on these investments.
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain funds.
These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
The rabbi trust established for the VDCP, with assets totaling $65 million and $59 million December 31, 2013 and 2012, respectively, is reflected in investments on the consolidated statements of financial condition.
Such investments are classified as trading and other investments.
The corresponding liability balance of $64 million and $60 million at December 31, 2013 and 2012, respectively, is reflected on the consolidated statements of financial condition as accrued compensation and benefits.
Earnings in the rabbi trust, including unrealized appreciation or depreciation, are reflected as nonoperating income (expense) and changes in the corresponding liability are reflected as employee compensation and benefits expense on the consolidated statements of income.
Other Deferred Compensation Plans.
The Company has additional compensation plans for the purpose of providing deferred compensation and retention incentives to certain employees.
For these plans, the final value of the deferred amount to be distributed in cash upon vesting is associated with investment returns of certain investment funds.
The liabilities for these plans were $100 million and $77 million at December 31, 2013 and 2012, respectively, and are reflected in the consolidated statements of financial condition as accrued compensation and benefits.
In January 2014, the Company granted approximately $100 million of additional deferred compensation that will fluctuate with investment returns and will vest ratably over three years from the date of grant.
Defined Contribution Plans BlackRock Retirement Savings Plan.
Certain of the Company’s employees participate in the BlackRock Retirement Savings Plan (“BRSP”).
Employee contributions of up to 8% of eligible compensation, as defined by the plan and subject to Internal Revenue Code (“IRC”) limitations, are matched by the Company at 50%.
In addition, the Company will continue to make an annual retirement contribution to eligible participants equal to 3-5% of eligible compensation.
In 2013, 2012 and 2011, the Company’s expense related to the BRSP was $63 million, $59 million and $43 million, respectively.
BlackRock Group Personal Pension Plan.
BlackRock Investment Management (UK) Limited (“BIM”), a wholly owned subsidiary of the Company, contributes to the BlackRock Group Personal Pension Plan, a defined contribution plan for all employees of BIM.
BIM contributes between 6% and 15% of each employee’s eligible compensation.
In 2013, 2012 and 2011, the Company’s expense related to this plan was $29 million, $27 million and $26 million, respectively.
Defined Benefit Plans.
The Company has several defined benefit pension plans in Japan and Germany.
All accrued benefits under the Germany defined benefit plan are currently frozen and the plan is closed to new participants.
The participant benefits under the Germany plan will not change with salary increases or additional years of service.
At December 31, 2013 and 2012, the plan assets for these plans were approximately $22 million and $21 million, respectively.
The overfunded obligations at December 31, 2013 and the underfunded obligation at December 31, 2012 were not material.
Benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material.
The plan assets for the defined benefit plan in Japan (the “Japan Plan”) are invested using a total return investment approach whereby a mix of equity securities, debt securities and other investments are used to preserve asset values, diversify risk and achieve the target investment return benchmark.
Investment strategies and asset allocations are based on consideration of plan liabilities and the funded status of the plan.
Investment performance and asset allocation are measured and monitored on an ongoing basis.
The current target allocations for the plan assets are 22% for U. S.  and international equity securities, 76% for U. S.  and international fixed income securities and 2% for other.
The table below provides the fair value of the plan assets of the Japan Plan at December 31, 2013 and 2012 by asset category and identifies the level of inputs used to determine the fair value of assets in each category.
## Table 5 ##
Post-retirement Benefit Plans The Company provides post-retirement medical benefits to a closed population of employees in the United Kingdom and the United States.
The accumulated benefit obligation for each of these unfunded plans was immaterial at December 31, 2013 and 2012, and was included in accrued compensation and benefits on the consolidated statements of financial condition.
For 2013, 2012 and 2011, expenses for these benefits were not material.16.
Related Party Transactions Determination of Related Parties PNC.
The Company considers PNC, along with its affiliates, to be related parties based on the level of its ownership of BlackRock capital stock.
At December 31, 2013, PNC owned approximately 20.9% of the Company’s voting common stock and held approximately 21.9% of the total capital stock.
Registered Investment Companies and Equity Method Investments.
The Company considers the registered investment companies that it manages, which include mutual funds and exchanged-traded funds, to be related parties as a result of the Company’s advisory relationship.
In addition, equity method investments are considered related parties in accordance with ASC 850-10, Related Party Disclosures (“ASC 850-10”), due to the Company’s influence over the financial and operating policies of the investee.
Barclays.
The Company considered Barclays, along with its affiliates, to be related parties in accordance with ASC 850- 10, based on its level of capital stock ownership prior to the secondary offering in May 2012 by Barclays of shares of the Company’s stock.
At December 31, 2012, Barclays did not own any of the Company’s capital stock and was no longer considered a related party
December 31, 2014 due to higher unit trust payables (substantially offset by an increase in unit trust receivables recorded within accounts receivable) and increased accruals, partially offset by a decrease in current income taxes payable.
Net deferred income tax liabilities at December 31, 2015 decreased $138 million, primarily due to the effects of temporary differences associated with stock compensation, the BKCA acquisition, realization of loss carryforwards, and goodwill and intangibles.
Other liabilities increased $147 million from December 31, 2014, primarily resulting from an increase in uncertain tax positions and consolidated funds liabilities.
Investments and Investments of Consolidated VIEs The Company’s investments and investments of consolidated VIEs (collectively, “Total Investments”) were $1,578 million and $1,030 million, respectively, at December 31, 2015.
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 its 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 gauge for investors.
The economic impact of Total Investments held pursuant to deferred compensation arrangements is substantially 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 6 ##
(1) Amounts represent investments held in sponsored investment funds that are consolidated in accordance with GAAP as either a VIE or VRE.
See Note 2, Significant Accounting Policies, for further information on the Company’s consolidation policy and the 2015 adoption of ASU 2015-02.
(2) Amount includes $81 million of carried interest (VIEs), which has no impact on the Company’s “economic” investment exposure.
The following table represents the carrying value of the Company’s economic investment exposure, by asset type, at December 31, 2015 and 2014:

<table><tr><td>In millions</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Weighted-average number of basic shares</td><td>95.8</td><td>95.9</td><td>96.1</td></tr><tr><td>Shares issuable under incentive stock plans</td><td>1.1</td><td>1.0</td><td>1.1</td></tr><tr><td>Weighted-average number of diluted shares</td><td>96.9</td><td>96.9</td><td>97.2</td></tr></table>
<table><tr><td> Outstanding at</td><td>Shares under option</td><td> Weighted average exercise price</td></tr><tr><td>December 31, 2007</td><td>4,101,165</td><td>$86.19</td></tr><tr><td>Exercised</td><td>-662,013</td><td>$36.36</td></tr><tr><td>Forfeited</td><td>-298,635</td><td>$167.76</td></tr><tr><td>December 31, 2008</td><td>3,140,517</td><td>$88.82</td></tr><tr><td>Exercised</td><td>-490,617</td><td>$34.92</td></tr><tr><td>Forfeited</td><td>-8,064</td><td>$167.76</td></tr><tr><td>December 31, 2009</td><td>2,641,836</td><td>$98.59</td></tr><tr><td>Exercised</td><td>-288,100</td><td>$39.35</td></tr><tr><td>Forfeited</td><td>-9,002</td><td>$167.76</td></tr><tr><td>December 31, 2010<sup>-1</sup></td><td>2,344,734</td><td>$105.60</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td> <i>(in millions)</i> </td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Sales proceeds</td><td>$139</td><td>$134</td><td>$44</td></tr><tr><td>Net realized gain (loss):</td><td></td><td></td><td></td></tr><tr><td>Gross realized gains</td><td>$20</td><td>$8</td><td>$3</td></tr><tr><td>Gross realized losses</td><td>-1</td><td>-1</td><td>-2</td></tr><tr><td>Net realized gain (loss)</td><td>$19</td><td>$7</td><td>$1</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2013</td><td colspan="2"> December 31, 2012</td></tr><tr><td> <i>(in millions)</i> </td><td> Cost</td><td> Carrying Value</td><td> Cost</td><td> Carrying Value</td></tr><tr><td>Trading investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deferred compensation plan mutual funds</td><td>$49</td><td>$58</td><td>$46</td><td>$53</td></tr><tr><td>Equity/Multi-asset mutual funds</td><td>174</td><td>184</td><td>154</td><td>162</td></tr><tr><td>Debt securities/fixed income mutual funds:</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporate debt</td><td>128</td><td>128</td><td>44</td><td>44</td></tr><tr><td>Government debt</td><td>121</td><td>116</td><td>11</td><td>11</td></tr><tr><td>Total trading investments</td><td>$472</td><td>$486</td><td>$255</td><td>$270</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2013</td><td colspan="2"> December 31, 2012</td></tr><tr><td> <i>(in millions)</i> </td><td> Cost</td><td> Carrying Value</td><td> Cost</td><td> Carrying Value</td></tr><tr><td>Other investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Consolidated sponsored investment funds</td><td>$420</td><td>$441</td><td>$378</td><td>$401</td></tr><tr><td>Equity method</td><td>613</td><td>697</td><td>541</td><td>595</td></tr><tr><td>Deferred compensation plan equity method investments</td><td>37</td><td>39</td><td>15</td><td>9</td></tr><tr><td>Cost method investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Reserve Bank stock</td><td>90</td><td>90</td><td>89</td><td>89</td></tr><tr><td>Other</td><td>17</td><td>29</td><td>31</td><td>31</td></tr><tr><td>Total cost method investments</td><td>107</td><td>119</td><td>120</td><td>120</td></tr><tr><td>Carried interest</td><td>—</td><td>103</td><td>—</td><td>85</td></tr><tr><td>Total other investments</td><td>$1,177</td><td>$1,399</td><td>$1,054</td><td>$1,210</td></tr></table>
<table><tr><td> <i>(in millions)</i> </td><td> Quoted Prices in Active Markets for Identical Assets (Level 1)</td><td> Significant Other Observable Inputs (Level 2)</td><td> Total</td></tr><tr><td> <i>At December 31, 2013</i></td><td></td><td></td><td></td></tr><tr><td>Equity securities</td><td>$6</td><td>—</td><td>$6</td></tr><tr><td>Fixed income securities</td><td>—</td><td>13</td><td>13</td></tr><tr><td>Fair value of plan assets</td><td>$6</td><td>$13</td><td>$19</td></tr><tr><td> <i>At December 31, 2012</i></td><td></td><td></td><td></td></tr><tr><td>Equity securities</td><td>$9</td><td>—</td><td>$9</td></tr><tr><td>Fixed income securities</td><td>—</td><td>9</td><td>9</td></tr><tr><td>Fair value of plan assets</td><td>$9</td><td>$9</td><td>$18</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31, 2015</td><td>December 31, 2014</td></tr><tr><td>Investments, GAAP</td><td>$1,578</td><td>$1,921</td></tr><tr><td>Investments held by consolidated VIEs, GAAP<sup>-1</sup></td><td>1,030</td><td>3,320</td></tr><tr><td>Total Investments</td><td>2,608</td><td>5,241</td></tr><tr><td>Investments held by consolidated VREs</td><td>-700</td><td>-713</td></tr><tr><td>Investments held by consolidated VIEs</td><td>-1,030</td><td>-3,320</td></tr><tr><td>Net interest in consolidated VREs</td><td>616</td><td>696</td></tr><tr><td>Net interest in consolidated VIEs<sup>-2</sup></td><td>733</td><td>—</td></tr><tr><td>Total Investments, as adjusted</td><td>2,227</td><td>1,904</td></tr><tr><td>Federal Reserve Bank stock</td><td>-93</td><td>-92</td></tr><tr><td>Deferred compensation investments</td><td>-79</td><td>-85</td></tr><tr><td>Hedged investments</td><td>-407</td><td>-323</td></tr><tr><td>Carried interest (VIEs/VREs)</td><td>-100</td><td>-85</td></tr><tr><td>Total “economic” investment exposure</td><td>$1,548</td><td>$1,319</td></tr></table>

Question: What's the growth rate of Corporate debt in 2013? (in %)
Answer: 0.65625