In May 2016, the company's shareholders approved the 2016 Global Equity Incentive Plan (2016 GEIP), which authorized the issuance of up to 21.7 million shares under this plan.
The 2011 Global Equity Incentive Plan and the 2008 Global Equity Incentive Plan are predecessor plans to the 2016 GEIP.
Although there are outstanding awards under the 2011 and 2008 plans, no further grants may be made under such plans.
In May 2010, the board approved the 2010 Global Equity Incentive Plan (ST), which authorized the issuance of up to 3 million shares under this plan.
With respect to the 2010 Global Equity Incentive Plan (ST), shares are issued only as employment inducement awards in connection with a strategic transaction and, as a result, do not require shareholder approval under the rules of the New York Stock Exchange or otherwise.
Movements on share awards priced in U. S.  Dollars duuring the years ended December 31, are detailed below:
## Table 0 ##
The total fair value of shares that vested during 2017 was $168.7 million (2016: $128.4 million; 2015: $202.6 million).
The weighted average grant date fair value of the U. S.  dollar share awards that were granted during 2017 was $32.23 (2016: $27.44; f 2015: $39.99).
At December 31, 2017, there was $264.1 million of total unrecognized compensation cost related to non-vested share awards; that cost is expected to be recognized over a weighted average period of 2.43 years.
Employee Stock Purchase Plan (ESPP) The company operates a nonqualified, broad-based ESPP for all eligible employees.
Employees may purchase shares of our common stock generally in annual intervals at 85% of fair market value.
Employee ESPP contributions may not exceed $6,000 per offering period.
Upon the plan vesting date, the company either issues new shares or can utilize shares held in treasury (see Note 9, "Share Capital") to satisfy the exercise.
For the year ended December 31, 2017, the company recognized $0.9 million in compensation expense related to the employee stock purchase plan (December 31, 2016: $0.9 million, December 31, 2015: $0.9 million).12.
RETIREMENT BENEFIT PLANS Defined Contribution Plans The company operates defined contribution retirement benefit plans for all qualifying employees.
The assets of the plans are held separately from those of the company in funds under the control of trustees.
When employees leave the plans prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions.
The total amounts charged to the Consolidated Statements of Income for the year ended December 31, 2017, of $73.1 million (December 31, 2016: $58.6 million, December 31, 2015: $58.4 million) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans.
As of December 31, 2017, accrued contributions of $26.2 million (December 31, 2016: $23.1 million) for the current year will be paid to the plans.
Item 6.
Selected Financial Data The following tables present selected consolidated financial information for the company as of and for each of the five fiscal years in the period ended December 31, 2017.
Except as otherwise noted below, the consolidated financial information has been prepared in accordance with U. S.  generally accepted accounting principles
## Table 1 ##
(1) The company completed the sale of Atlantic Trust on December 31, 2013.
The results of Atlantic Trust have been reflected as discontinued operations.
Amounts presented represent continuing operations and exclude Atlantic Trust, with the exception of net income attributable to Invesco Ltd. , basic earnings per share and diluted earnings per share.
(2) Net revenues is a non-GAAP financial measure.
See Item Summary Op 7, “ erating Information,” footnote , for the definition  1 of this measure and the related reconciliation reference.
(3) Adjusted operating income and ajusted operating margin are non d -GAAP financial measures.
See Item , “Summary Operating  7 Information,” footnote for the definition of these measures and the related reconciliation reference.2, (4) Adjusted net income attributable to Invesco Ltd.  and adjusted diluted EPS are non-GAAP financial measures.
See Item , 7 “Summary Operating Information,” footnote for the definitio 3,  n of these measures and the related reconciliation reference.
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented.
This overview and the remainder of this management's discussion and analysis supplements and should be read in conjunction with the Consolidated Financial Statements oInvesco Ltd.  and its subsidiaries (collectively, the “company f ” or “Invesco”) and the notes thereto contained elsewhere in this Annual Report on Form 10-K.
Global financial markets in 2017 saw strong returns resulting from healthy economic indicators, improving macroeconomic data, and the expectation for benefits from tax reform in the U. S.  Equity markets continued a rally that began the previous year asstrong corporate earnings, low unemployment, and improving inflation measures helped to spur the strengthening outlook.
In the U. S. ,
AUM and net flows (where our proportional share of the ending balances and related activity are reflected) and therefore provides a more meaningful calculation of net revenue yield on AUM.
(2) Third- d party distribution, service and advisory expenses - Third-party distribution, service and advisory expenses include renewal commissions, management fee rebates and distribution costs (12b-1 and marketing support) paid to brokers and independent financial advisors and other service and administrative fees paid to third parties.
See Itemm 8, Financial Statements and Supplementary Data - Note 1, "Accounting Policies- Revenue Recognition" for additional details.
While the terms used for these types of expenses vary by geography, they are all expense items that are closely linked to the value of AUM and the revenue earned by Invesco from AUM; although, from time-to-time, distribution expenses may include commissions paid in connection with the launch of closedend funds for which there is no corresponding revenue in the period.
Since the company has been deemed to be the principal in the third-party arrangements, the company must reflect these expenses gross of operating revenues under U. S.  GAAP.
Management believes that the deduction of third-party distribution, service and advisory expenses from operating revenues appropriately reflects the nature of these expenses as being passed through to external parties who perform functions on behalf of, and distribute, the company’s managed funds.
Further, these expenses vary extensively by geography due to the differences in distribution channels.
The net presentation assists in identifying the revenue contribution generated by the business, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U. S.  peer investment managers and within Invesco’s own investment units.
Additionally, management evaluates net revenue yield on AUM, which is equal to net revenues divided by average AUM during the reporting period.
This financial measure is an indicator of the basis point net revenues we receive for each dollar of AUM we manage and is useful when evaluating the company’s performance relative to industry competitors and within the company for capital allocation purposes.
(3) CIP See Item 8, Financial Statements and Supplementary Data, Note 19 - “Consolidated Investment Products” for a detailed analysis of the impact to the company’s Consolidated Financial Statements from the consolidation of CIP.
The reconciling items add back the management and performance fees earned by Invesco from the consolidated products and remove the revenues and expenses recorded by the consolidated products that have been included in the U. S.  GAAP Consolidated Statements of Income.
Management believes that the consolidation off investment products may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company.
Accordingly, management believes that it is appropriate to adjust operating revenues, operating income and net income for the impact of CIP in calculating the respective net revenues, adjusted operating income and adjusted net income.
CIP Revenue:
## Table 2 ##
(4) Business combination related adjustments Business combination related adjustments are comprised of amounts incurred by the company in connection with business combinations.
Management believes it is useful to investors and other users of our Consolidated Financial Statements to adjust for the transaction and integration charges, the reversal of business combination-related deferred tax liabilities recorded under U. S.  GAAP, currency gains recognized on revaluation of foreign currencies held in anticipation of payment for acquisition and other acquisition/disposition related adjustments 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 income or charges.
Note 6: Inventories We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U. S.  Other inventories are valued by the first-in, first-out (FIFO) method.
FIFO cost approximates current replacement cost.
Inventories measured using LIFO must be valued at the lower of cost or market.
Inventories measured using FIFO must be valued at the lower of cost or net realizable value.
Inventories at December 31 consisted of the following:
## Table 3 ##
Inventories valued under the LIFO method comprised $1.57 billion and $1.56 billion of total inventories at December 31, 2018 and 2017, respectively.
Note 7: Financial Instruments Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interestbearing investments.
Wholesale distributors of life-science products account for a substantial portion of our trade receivables; collateral is generally not required.
We seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance.
A large portion of our cash is held by a few major financial institutions.
We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations.
Major financial institutions represent the largest component of our investments in corporate debt securities.
In accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer.
We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings.
We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents.
The cost of these investments approximates fair value.
Our equity investments are accounted for using three different methods depending on the type of equity investment: ?
Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense.  ?
For equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.
Any change in recorded value is recorded in other-net, (income) expense.  ?
Our public equity investments are measured and carried at fair value.
Any change in fair value is recognized in other-net, (income) expense.
We review equity investments other than public equity investments for indications of impairment on a regular basis.
Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged.
Management reviews the correlation and effectiveness of our derivatives on a quarterly basis.

<table><tr><td></td><td colspan="3">2017</td><td colspan="2">2016</td><td colspan="2">2015</td></tr><tr><td>Millions of shares, except fair values</td><td>Time-Vested</td><td>Performance-Vested</td><td>Weighted Average Grant Date Fair Value ($)</td><td>Time-Vested</td><td>Performance-Vested</td><td>Time-Vested</td><td>Performance-Vested</td></tr><tr><td>Unvested at the beginning of year</td><td>12.1</td><td>0.8</td><td>31.22</td><td>10.4</td><td>0.6</td><td>11.5</td><td>0.5</td></tr><tr><td>Granted during the year</td><td>5.3</td><td>0.3</td><td>32.23</td><td>6.5</td><td>0.4</td><td>4.1</td><td>0.3</td></tr><tr><td>Forfeited during the year</td><td>-0.4</td><td>—</td><td>31.51</td><td>-0.3</td><td>—</td><td>-0.2</td><td>—</td></tr><tr><td>Vested and distributed during the year</td><td>-5.0</td><td>-0.2</td><td>31.53</td><td>-4.5</td><td>-0.2</td><td>-5.0</td><td>-0.2</td></tr><tr><td>Unvested at the end of the year</td><td>12.0</td><td>0.9</td><td>31.52</td><td>12.1</td><td>0.8</td><td>10.4</td><td>0.6</td></tr></table>
<table><tr><td></td><td colspan="5">As of and For The Years Ended December 31,</td></tr><tr><td>$ in millions, except per share and other data</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Operating Data<sup>-1</sup>:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating revenues</td><td>5,160.3</td><td>4,734.4</td><td>5,122.9</td><td>5,147.1</td><td>4,644.6</td></tr><tr><td>Net revenues<sup>-2</sup></td><td>3,754.9</td><td>3,393.2</td><td>3,643.2</td><td>3,608.3</td><td>3,252.0</td></tr><tr><td>Operating income</td><td>1,277.1</td><td>1,176.4</td><td>1,358.4</td><td>1,276.9</td><td>1,120.2</td></tr><tr><td>Adjusted operating income<sup>-3</sup></td><td>1,480.2</td><td>1,312.8</td><td>1,493.7</td><td>1,495.0</td><td>1,292.1</td></tr><tr><td>Operating margin</td><td>24.7%</td><td>24.8%</td><td>26.5%</td><td>24.8%</td><td>24.1%</td></tr><tr><td>Adjusted operating margin<sup>-3</sup></td><td>39.4%</td><td>38.7%</td><td>41.0%</td><td>41.4%</td><td>39.7%</td></tr><tr><td>Net income attributable to Invesco Ltd.</td><td>1,127.3</td><td>854.2</td><td>968.1</td><td>988.1</td><td>940.3</td></tr><tr><td>Adjusted net income attributable to Invesco Ltd.<sup>-4</sup></td><td>1,105.9</td><td>924.1</td><td>1,048.7</td><td>1,094.8</td><td>953.3</td></tr><tr><td>Per Share Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earnings per share:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>-basic</td><td>2.75</td><td>2.06</td><td>2.26</td><td>2.27</td><td>2.10</td></tr><tr><td>-diluted</td><td>2.75</td><td>2.06</td><td>2.26</td><td>2.27</td><td>2.10</td></tr><tr><td>Adjusted diluted EPS<sup>-1,4</sup></td><td>2.70</td><td>2.23</td><td>2.44</td><td>2.51</td><td>2.13</td></tr><tr><td>Dividends declared per share</td><td>1.1500</td><td>1.1100</td><td>1.0600</td><td>0.9750</td><td>0.8475</td></tr><tr><td>Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>31,668.8</td><td>25,734.3</td><td>25,073.2</td><td>20,450.0</td><td>19,256.8</td></tr><tr><td>Long-term debt</td><td>2,075.8</td><td>2,102.4</td><td>2,072.8</td><td>1,576.8</td><td>1,574.9</td></tr><tr><td>Debt of consolidated investment products (CIP)</td><td>4,799.8</td><td>4,403.1</td><td>5,437.0</td><td>5,149.6</td><td>4,181.7</td></tr><tr><td>Total equity attributable to Invesco Ltd.</td><td>8,696.1</td><td>7,503.8</td><td>7,885.3</td><td>8,326.0</td><td>8,392.6</td></tr><tr><td>Total permanent equity</td><td>8,955.6</td><td>7,611.8</td><td>8,695.7</td><td>9,119.8</td><td>8,977.3</td></tr><tr><td>Other Data<sup>-1</sup>:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ending AUM (in billions)</td><td>937.6</td><td>812.9</td><td>775.6</td><td>792.4</td><td>778.7</td></tr><tr><td>Average AUM (in billions)</td><td>875.0</td><td>788.8</td><td>794.7</td><td>790.3</td><td>725.6</td></tr><tr><td>Headcount</td><td>7,030</td><td>6,790</td><td>6,490</td><td>6,264</td><td>5,932</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>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Management fees earned from CIP, eliminated upon consolidation</td><td>25.5</td><td>20.8</td><td>30.7</td><td>26.7</td><td>27.0</td></tr><tr><td>Performance fees earned from CIP, eliminated upon consolidation</td><td>6.9</td><td>1.5</td><td>8.5</td><td>9.1</td><td>11.3</td></tr><tr><td>Other revenues recorded by CIP</td><td>—</td><td>—</td><td>—</td><td>-0.6</td><td>-0.4</td></tr><tr><td>CIP related adjustments in arriving at net revenues</td><td>32.4</td><td>22.3</td><td>39.2</td><td>35.2</td><td>37.9</td></tr></table>
<table><tr><td></td><td>2018</td><td>2017</td></tr><tr><td>Finished products</td><td>$988.1</td><td>$1,211.4</td></tr><tr><td>Work in process</td><td>2,628.2</td><td>2,697.7</td></tr><tr><td>Raw materials and supplies</td><td>506.5</td><td>488.8</td></tr><tr><td>Total (approximates replacement cost)</td><td>4,122.8</td><td>4,397.9</td></tr><tr><td>Increase (reduction) to LIFO cost</td><td>-11.0</td><td>60.4</td></tr><tr><td>Inventories</td><td>$4,111.8</td><td>$4,458.3</td></tr></table>

Question: what was the percentage change in raw materials and supplies between 2017 and 2018?
Answer: 0.03621