Financing Activities Net cash used in financing activities totaled $100.7 million for the year ended December 31, 2009.
The equity issuance generated cash proceeds of $441.8 million and proceeds from the exercise of options were $80.0 million.
These inflows were offset by the redemption of senior notes of $397.2 million, net repayments of our credit facility of $12.0 million, and the $168.9 million payment of dividends declared in January, April, July and October 2009.  Financing cash flows also include a payment of $8.9 million to purchase the remaining 24.9% of Invesco Real Estate GmbH not already held by the company, the controlling interest having been acquired in December 2003.
The net cash used in financing activities also includes a net $44.9 million of outflows related to consolidated investment products (2008: $125.3 million; 2007: $27.7 million).
Net cash used in financing activities decreased from $740.8 million in 2007 to $666.4 million in 2008, primarily due to lower levels of capital being returned through public stock repurchases of Invesco Ltd.  common stock, in form of treasury shares.
Cash used for treasury share purchases in 2008 totaled $313.4 million compared to $716.0 million in 2007.
Dividends Invesco declares and pays dividends on a quarterly basis in arrears.
The 2009 quarterly dividend was $0.1025 per Invesco Ltd.  common share.
On October 16, 2009, the company declared a third quarter cash dividend, which was paid on December 2, 2009, to shareholders of record as of November 18, 2009.
On January 27, 2010, the company declared a fourth quarter cash dividend, which will be paid on March 10, 2010, to shareholders of record as of February 23, 2010.
The total dividend attributable to the 2009 fiscal year of $0.41 per share represented a 2.5% increase over the total dividend attributable to the 2008 fiscal year of $0.40 per share.
The declaration, payment and amount of any future dividends will be declared by our board of directors and will depend upon, among other factors, our earnings, financial condition and capital requirements at the time such declaration and payment are considered.
The board has a policy of managing dividends in a prudent fashion, with due consideration given to profit levels, overall debt levels, and historical dividend payouts.
The following table sets forth the historical amounts for quarterly and total dividends per Invesco Ltd.  common share attributable to each period indicated.
Actual declaration of these dividends occurred in the following fiscal quarter.
## Table 0 ##
Share Repurchase Plan On April 23, 2008, the board of directors authorized a new share repurchase program of up to $1.5 billion with no stated expiration date.
During the year ended December 31, 2009, there were no purchases under this program (December 31, 2008: 5.5 million common shares purchased under this program at a cost of $139.4 million, and 6.1 million shares purchased under the prior share repurchase plan at a cost of $154.5 million), leaving approximately $1.4 billion authorized at the end of the year.
Separately, an aggregate of 1.6 million shares were withheld on vesting events during the year ended December 31, 2009, to meet employees’ tax obligations (December 31, 2008: 0.3 million).
The value of these shares withheld was $22.9 million (December 31, 2008: $4.6 million).
7.
GOODWILL The table below details changes in the goodwill balance:
## Table 1 ##
The 2010 acquisitions of Morgan Stanley's retail asset management business, including Van Kampen Investments, as well as the acquisitions of Concord Capital and AIG Asia Real Estate collectively added $399.6 million of goodwill to the company's Consolidated Balance Sheet at their respective acquisition dates.
The 2011 earn-out calculations related to the 2006 acquisition of W. L.  Ross & Co.  and Invesco PowerShares resulted in an addition to goodwill of $30.5 million (2010 earn-out goodwill addition: $40.4 million).
The 2011 and 2010 annual impairment reviews determined that no impairment existed at the respective review dates.
No interim impairment tests were deemed necessary during 2010 or 2011.8.
OTHER CURRENT LIABILITIES The table below details the components of other current liabilities:
## Table 2 ##
9.
DEBT The disclosures below include details of the company's debt.
Debt of consolidated investment products is detailed in Note 20, “Consolidated Investment Products.
”
## Table 3 ##
* The company's Senior Note indentures contain certain restrictions on mergers or consolidations.
Beyond these items, there are no other restrictive covenants in the indentures.
The fair market value of the company's Senior Notes was determined by market quotes provided by Bloomberg.
In the absence
CIP Revenue:
## Table 4 ##
(4) Acquisition/disposition related adjustments Acquisition/disposition related adjustments include transaction and integration expenses, costs related to legal settlements of pre-acquisition matters, intangible asset amortization, including amortization related to the write-off of related management contract intangible assets, changes in estimates of contingent earn-out liabilities booked from prior acquisitions, employee severance expenses associated with the cessation of activities related to a previous acquisition, amortization of prepaid compensation related to the 2006 acquisition of W. L.  Ross & Co. , tax cash flow benefits resulting from tax amortization of goodwill and indefinite-lived intangible assets, and all related tax effects.
While finite-lived intangible assets are amortized under U. S.  GAAP, there is no amortization charge on goodwill and indefinite-lived intangibles.
In certain qualifying situations, these can be amortized for tax purposes, generally over a 15- year period, as is the case in the U. S.  These cash flows (in the form of reduced taxes payable) represent tax benefits that are not included in the Consolidated Statements of Income absent an impairment charge or the disposal of the related business.
The company receives these cash flow benefits but does not anticipate a sale or impairment of these assets in the foreseeable future, and therefore the deferred tax liability recognized under U. S.  GAAP is not expected to be used either through a credit in the Consolidated Statements of Income or through settlement of tax obligations.
In addition, the results of the discontinued operations of Atlantic Trust have been excluded in arriving at adjusted net income attributable to Invesco Ltd. , which is the basis of calculating adjusted diluted EPS.
Accordingly, the company's non-GAAP financial measures reflect only the continuing business of Invesco.
Management believes this presentation assists in evaluating the ongoing business performance and aids comparability with peer companies that may not have similar discontinued operations.
Transaction and integration expenses reflect the legal, regulatory, advisory, valuation, integration-related employee incentive awards and other professional or consulting fees, general and administrative costs, including travel costs related to transactions and the costs of temporary staff involved in executing the transaction, and the post-closing costs of integrating the acquired business into the company’s existing operations, including incremental costs associated with achieving synergy savings.
Additionally, transaction and integration expenses include legal costs related to the defense of legal challenges to auction rate preferred securities redemptions with respect to various closed-end funds included in a prior acquisition.
Management believes it is useful to investors and other users of our Consolidated Financial Statements to adjust for the transaction and integration charges, tax cash flow benefits and other acquisition/disposition related adjustments, as noted above, in arriving at adjusted operating income, adjusted operating margin and adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition and disposition related charges.
impairment analysis, the company takes into consideration numerous criteria, including the duration and extent of any decline in fair value, and the intent and ability of the company to holdd the security for a period of time sufficient for a recovery inn value.
If the decline in value is determined to be other-than-temporary, the carrying value of the security is generally written down to fair value through the Consolidated Statement of Income.
If such a 10% decrease in fair values were to occur, it would not result in an other-than-temporary impairment charge that would be material to our pre-tax earnings.
b.
If such a 10% increase or decrease in fair values were to occur, the change attributable to $277.3 million of these trading investments would result in a corresponding increase or decrease in our pre-tax earnings.
At December 31, 2017, $92.3 million of these trading investments are held to hedge economically certain deferred compensation plans in which the company participates.
The company recognizes as compensation expense the appreciation or depreciation of the compensation liability over the award's vesting period in proportion to the vested amount of the award.
The company immediately recognizes the appreciation or depreciation of these investments, which is included in other gains and losses.
This creates a timing difference between the recognition of the compensation expense and the investment gain or loss impacting net income, which will reverse and will offset to zero over the life of the award at the end of the multi-year vesting period.
c.  These represent Invesco’s direct investments in investment products that are consolidated.
Upon consolidation, these direct investments are eliminated, and the assets and liabilities of the CIP are consolidated in the Consolidated Balance Sheet, together t with a noncontrolling interest balance representing the portion of the CIP owned by third parties.
If a 10% increase or decrease in the fair values of Invesco’s direct investments in CIP were to occur, it would result in a corresponding increase or decrease in our net income attributable to Invesco Ltd.  d.  During 2015, the company acquired investment management contracts from Deutsche Bank.
This liability represents the purchase price, which was comprised solely of contingent consideration payable in future periods and is linked to future revenues generated from the contracts.
The contingent consideration liability was recorded at fair value at the acquisition date and subsequent changes in the fair value are recorded in Other gains and losses, net in the Consolidated Statements of Income.
If a 10% increase or decrease in the fair value of the contingent consideration liability were to occur, it would result in a corresponding increase or decrease in our net income attributable to Invesco Ltd.  u Cash balances invested in money market funds of $875.5 million have been excluded from the table above.
These are valued under the market approach at the net asset value of the underlying funds, which is maintained at $1.
Assets held for policyholders of $12,444.5 million have also been excluded from the table above.
The entity holds assets that are managed for its clients on its balance sheet with an equal and offsetting liability to the policyholders, which is linked to the value of the investments.
The investments and the policyholder payables held by this business are carried in the Consolidated Balance Sheets as separate account assets and liabilities at fair value in accordance with ASC Topic 944, “Financial Services - Insurance.
” Changes in fair value are recorded and offset to zero in the Consolidated Statements of Income in other operating revenues.
Increases or decreases in the fair value of these investments will therefore have no impact to our pre-tax earnings.
Interest Rate Risk Interest rate risk relates to the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The company is exposed to interest rate risk primarily through its external debt and cash and cash equivalent investments.
On December 31, 2017, the interest rates on 100.0% of the company's borrowings were fixed for a weighted average period of 9.9 years, and the company had a zero balance on its floating rate credit facility.
The interest rate profile of the financial liabilities of the company on December 31 was:
## Table 5 ##
See Item 8, Financial Statements and Supplementary Data, Note 8, “ Long-Term Debt” for additional disclosures relating to the U. S.  Dollar floating and fixed rate obligations.
Item 1B.
Unresolved Staff Comments None.
Item 2.
Properties We employ a variety of assets in the management and operation of our rail business.
Our rail network covers 23 states in the western two-thirds of the U. S.

<table><tr><td></td><td colspan="5"> U.S. Cents per Common Share</td></tr><tr><td> Years Ended December 31,</td><td> Q1</td><td> Q2</td><td> Q3</td><td> Q4</td><td> Total</td></tr><tr><td>2009</td><td>10.25</td><td>10.25</td><td>10.25</td><td>10.25</td><td>41.0</td></tr><tr><td>2008</td><td>10.0</td><td>10.0</td><td>10.0</td><td>10.0</td><td>40.0</td></tr></table>
<table><tr><td>$ in millions</td><td>Gross Book Value</td><td>Accumulated Impairment</td><td>Net Book Value</td></tr><tr><td>January 1, 2011</td><td>6,996.8</td><td>-16.6</td><td>6,980.2</td></tr><tr><td>Business combinations</td><td>30.5</td><td>—</td><td>30.5</td></tr><tr><td>Foreign exchange and other</td><td>-102.8</td><td>—</td><td>-102.8</td></tr><tr><td>December 31, 2011</td><td>6,924.5</td><td>-16.6</td><td>6,907.9</td></tr><tr><td>January 1, 2010</td><td>6,484.2</td><td>-16.6</td><td>6,467.6</td></tr><tr><td>Business combinations</td><td>440.0</td><td>—</td><td>440.0</td></tr><tr><td>Foreign exchange and other</td><td>72.6</td><td>—</td><td>72.6</td></tr><tr><td>December 31, 2010</td><td>6,996.8</td><td>-16.6</td><td>6,980.2</td></tr></table>
<table><tr><td>$ in millions</td><td>2011</td><td>2010</td></tr><tr><td>Accruals and other liabilities</td><td>168.6</td><td>182.5</td></tr><tr><td>Compensation and benefits</td><td>64.3</td><td>55.4</td></tr><tr><td>Accrued bonus and deferred compensation</td><td>336.0</td><td>365.3</td></tr><tr><td>Accounts payable</td><td>272.6</td><td>302.5</td></tr><tr><td>Other current liabilities</td><td>841.5</td><td>905.7</td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2011</td><td colspan="2">December 31, 2010</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>Unsecured Senior Notes*:</td><td></td><td></td><td></td><td></td></tr><tr><td>5.625% - due April 17, 2012</td><td>215.1</td><td>217.3</td><td>215.1</td><td>223.7</td></tr><tr><td>5.375% - due February 27, 2013</td><td>333.5</td><td>343.8</td><td>333.5</td><td>335.2</td></tr><tr><td>5.375% - due December 15, 2014</td><td>197.1</td><td>207.4</td><td>197.1</td><td>210.4</td></tr><tr><td>Floating rate credit facility expiring June 3, 2016</td><td>539.0</td><td>539.0</td><td>570.0</td><td>570.0</td></tr><tr><td>Total debt</td><td>1,284.7</td><td>1,307.5</td><td>1,315.7</td><td>1,339.3</td></tr><tr><td>Less: current maturities of total debt</td><td>-215.1</td><td>-217.3</td><td>—</td><td>—</td></tr><tr><td>Long-term debt</td><td>1,069.6</td><td>1,090.2</td><td>1,315.7</td><td>1,339.3</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31,</td></tr><tr><td>$ in millions, except per share data</td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Management fees earned from CIP, eliminated upon consolidation</td><td>30.7</td><td>26.7</td><td>27.0</td><td>38.6</td><td>46.8</td></tr><tr><td>Performance fees earned from CIP, eliminated upon consolidation</td><td>8.5</td><td>9.1</td><td>11.3</td><td>2.4</td><td>0.5</td></tr><tr><td>Other revenues recorded by CIP</td><td>—</td><td>-0.6</td><td>-0.4</td><td>—</td><td>—</td></tr><tr><td>CIP related adjustments in arriving at net revenues</td><td>39.2</td><td>35.2</td><td>37.9</td><td>41.0</td><td>47.3</td></tr></table>
<table><tr><td>$ in millions</td><td>December 31, 2017</td><td>December 31, 2016</td></tr><tr><td>Long-term debt</td><td></td><td></td></tr><tr><td>Fixed rate</td><td>2,075.8</td><td>2,073.7</td></tr><tr><td>Floating rate</td><td>—</td><td>28.7</td></tr><tr><td>Total</td><td>2,075.8</td><td>2,102.4</td></tr><tr><td>Weighted average interest rate percentage</td><td>3.9%</td><td>4.0%</td></tr><tr><td>Weighted average period for which rate is fixed in years</td><td>9.9</td><td>11.0</td></tr></table>

Question: Which year is the Gross Book Value in terms of Business combinations less?
Answer: 2011