Management’s Discussion and Analysis We believe our credit ratings are primarily based on the credit rating agencies’ assessment of: ‰ our liquidity, market, credit and operational risk management practices; ‰ the level and variability of our earnings; ‰ our capital base; ‰ our franchise, reputation and management; ‰ our corporate governance; and ‰ the external operating environment, including the assumed level of government support.
Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings.
We assess the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies.
A downgrade by any one rating agency, depending on the agency’s relative ratings of the firm at the time of the downgrade, may have an impact which is comparable to the impact of a downgrade by all rating agencies.
We allocate a portion of our GCE to ensure we would be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings, as well as collateral that has not been called by counterparties, but is available to them.
The table below presents the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in our credit ratings.
## Table 0 ##
Cash Flows As a global financial institution, our cash flows are complex and bear little relation to our net earnings and net assets.
Consequently, we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the excess liquidity and asset-liability management policies described above.
Cash flow analysis may, however, be helpful in highlighting certain macro trends and strategic initiatives in our businesses.
Year Ended December 2013.
Our cash and cash equivalents decreased by $11.54 billion to $61.13 billion at the end of 2013.
We generated $4.54 billion in net cash from operating activities.
We used net cash of $16.08 billion for investing and financing activities, primarily to fund loans held for investment and repurchases of common stock.
Year Ended December 2012.
Our cash and cash equivalents increased by $16.66 billion to $72.67 billion at the end of 2012.
We generated $9.14 billion in net cash from operating and investing activities.
We generated $7.52 billion in net cash from financing activities from an increase in bank deposits, partially offset by net repayments of unsecured and secured long-term borrowings.
Year Ended December 2011.
Our cash and cash equivalents increased by $16.22 billion to $56.01 billion at the end of 2011.
We generated $23.13 billion in net cash from operating and investing activities.
We used net cash of $6.91 billion for financing activities, primarily for repurchases of our Series G Preferred Stock and common stock, partially offset by an increase in bank deposits.
IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2011 (In thousands, except share and per share data) 2.
Summary of Significant Accounting Policies (Continued) operations included $5,532, $2,252 and $919 for the years ended December 31, 2009, 2010 and 2011, respectively, from the benefits of tax deductions in excess of recognized compensation cost.
The tax benefit of any resulting excess tax deduction increases the Additional Paid-in Capital (‘‘APIC’’) pool.
Any resulting tax deficiency is deducted from the APIC pool.
Stock Options Under our various stock option plans, options were granted with exercise prices equal to the market price of the stock on the date of grant.
The majority of our options become exercisable ratably over a period of five years and generally have a contractual life of ten years, unless the holder’s employment is sooner terminated.
Certain of the options we issue become exercisable ratably over a period of ten years and have a contractual life of 12 years, unless the holder’s employment is sooner terminated.
As of December 31, 2011, ten-year vesting options represented 7.3% of total outstanding options.
Beginning in 2011, certain of the options we issue become exercisable ratably over a period of three years and have a contractual life of ten years, unless the holder’s employment is sooner terminated.
As of December 31, 2011, three-year vesting options represented 11.0% of total outstanding options.
Our non-employee directors are considered employees for purposes of our stock option plans and stock option reporting.
Options granted to our non-employee directors generally become exercisable after one year.
In December 2008, we amended each of the Iron Mountain Incorporated 2002 Stock Incentive Plan, the Iron Mountain Incorporated 1997 Stock Option Plan, the LiveVault Corporation 2001 Stock Incentive Plan and the Stratify, Inc.  1999 Stock Plan (each a ‘‘Plan’’ and, collectively, the ‘‘Plans’’) to provide that any unvested options and other awards granted under each respective Plan shall vest immediately should an employee be terminated by the Company, or terminate his or her own employment for good reason (as defined in each Plan), in connection with a vesting change in control (as defined in each Plan).
The Mimosa Systems, Inc.  2009 Equity Incentive Plan and the Mimosa Systems, Inc.  2003 Stock Plan were similarly amended in June 2010.
A total of 37,536,442 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans.
The number of shares available for grant at December 31, 2011 was 7,112,835.
The weighted average fair value of options granted in 2009, 2010 and 2011 was $9.72, $7.71 and $7.42 per share, respectively.
These values were estimated on the date of grant using the Black-Scholes option pricing model.
The following table summarizes the weighted average assumptions used for grants in the year ended December 31:
## Table 1 ##
See Note 11, “Share-Based Compensation,” for a summary of share awards outstanding under the company's share-based payment programs.
These programs could result in the issuance of common shares that would affect the measurement of basic and diluted earnings per share.
There were no time-vested share awards that were excluded from the computation of diluted earnings per share during the years ended December 31, 2015, 2014, and 2013 due to their inclusion being anti-dilutive.
There were 0.4 million contingently issuable shares excluded from the diluted earnings per share computation during year ended December 31, 2015 (December 31, 2014: 0.3 million; December 31, 2013: 0.3 million), because the necessary performance conditions for the shares to be issuable had not yet been satisfied at the end of the respective period.17.
GEOGRAPHIC INFORMATION The company operates under one business segment, investment management.
Geographical information is presented below.
There are no revenues or long-lived assets attributed to the company's country of domicile, Bermuda
## Table 2 ##
Operating revenues reflect the geographical regions from which services are provided.18.
COMMITMENTS AND CONTINGENCIES Commitments and contingencies may arise in the ordinary course of business.
Off Balance Sheet Commitments The company has transactions with various private equity, real estate and other investment entities sponsored by the company for the investment of client assets in the normal course of business.
Certain of the company's investment products are structured as limited partnerships.
The company's investment may take the form of the general partner or a limited partner.
The entities are structured such that each partner makes capital commitments that are to be drawn down over the life of the partnership as investment opportunities are identified.
At December 31, 2015, the company's undrawn capital and purchase commitments were $185.6 million (December 31, 2014: $158.8 million).
The Parent and various company subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other company subsidiaries.
The company would be required to perform under these guarantees in the event of certain defaults.
The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote

<table><tr><td></td><td>As of December</td></tr><tr><td><i>in millions</i></td><td>2013</td><td>2012</td></tr><tr><td>Additional collateral or termination payments for a one-notch downgrade</td><td>$ 911</td><td>$1,534</td></tr><tr><td>Additional collateral or termination payments for a two-notch downgrade</td><td>2,989</td><td>2,500</td></tr></table>
<table><tr><td> Weighted Average Assumptions</td><td> 2009</td><td> 2010</td><td> 2011</td></tr><tr><td>Expected volatility</td><td>32.1%</td><td>32.8%</td><td>33.4%</td></tr><tr><td>Risk-free interest rate</td><td>2.64%</td><td>2.48%</td><td>2.40%</td></tr><tr><td>Expected dividend yield</td><td>None</td><td>1.2%</td><td>3%</td></tr><tr><td>Expected life</td><td>6.4 Years</td><td>6.4 Years</td><td>6.3 Years</td></tr></table>
<table><tr><td>$ in millions</td><td>U.S.</td><td>U.K.</td><td>Continental Europe/Ireland</td><td>Canada</td><td>Asia</td><td>Total</td></tr><tr><td>For the year ended December 31, 2015</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenue from external customers</td><td>2,622.1</td><td>1,153.0</td><td>891.9</td><td>353.9</td><td>102.0</td><td>5,122.9</td></tr><tr><td>Inter-company revenue</td><td>-8.6</td><td>114.4</td><td>-216.7</td><td>-7.0</td><td>117.9</td><td>—</td></tr><tr><td>Total operating revenues</td><td>2,613.5</td><td>1,267.4</td><td>675.2</td><td>346.9</td><td>219.9</td><td>5,122.9</td></tr><tr><td>Long-lived assets</td><td>306.7</td><td>88.3</td><td>6.8</td><td>10.0</td><td>15.1</td><td>426.9</td></tr><tr><td>For the year ended December 31, 2014</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenue from external customers</td><td>2,534.9</td><td>1,286.7</td><td>810.2</td><td>396.6</td><td>118.7</td><td>5,147.1</td></tr><tr><td>Inter-company revenue</td><td>11.5</td><td>87.8</td><td>-205.5</td><td>-8.9</td><td>115.1</td><td>—</td></tr><tr><td>Total operating revenues</td><td>2,546.4</td><td>1,374.5</td><td>604.7</td><td>387.7</td><td>233.8</td><td>5,147.1</td></tr><tr><td>Long-lived assets</td><td>279.2</td><td>91.6</td><td>6.6</td><td>9.9</td><td>15.3</td><td>402.6</td></tr><tr><td>For the year ended December 31, 2013</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenue from external customers</td><td>2,332.2</td><td>1,294.0</td><td>541.9</td><td>374.8</td><td>101.7</td><td>4,644.6</td></tr><tr><td>Inter-company revenue</td><td>-3.6</td><td>48.1</td><td>-130.9</td><td>-9.8</td><td>96.2</td><td>—</td></tr><tr><td>Total operating revenues</td><td>2,328.6</td><td>1,342.1</td><td>411.0</td><td>365.0</td><td>197.9</td><td>4,644.6</td></tr><tr><td>Long-lived assets</td><td>225.8</td><td>91.9</td><td>8.1</td><td>9.5</td><td>15.5</td><td>350.8</td></tr></table>

Question: When does Total operating revenues in terms of U.S. reach the largest value?
Answer: 2015