Management’s Discussion and Analysis of Financial Condition and Results of Operations – (continued) (Amounts in Millions, Except Per Share Amounts) The effect of foreign exchange rate changes on cash and cash equivalents included in the Consolidated Statements of Cash Flows resulted in a decrease of $156.1 in 2015.
The decrease was primarily a result of the U. S.  Dollar being stronger than several foreign currencies, including the Australian Dollar, Brazilian Real, Canadian Dollar, Euro and South African Rand as of December 31, 2015 compared to December 31, 2014.
## Table 0 ##
LIQUIDITY OUTLOOK We expect our cash flow from operations, cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months.
We also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs.
We continue to maintain a disciplined approach to managing liquidity, with flexibility over significant uses of cash, including our capital expenditures, cash used for new acquisitions, our common stock repurchase program and our common stock dividends.
From time to time, we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile, enhance our financial flexibility and manage market risk.
Our ability to access the capital markets depends on a number of factors, which include those specific to us, such as our credit rating, and those related to the financial markets, such as the amount or terms of available credit.
There can be no guarantee that we would be able to access new sources of liquidity on commercially reasonable terms, or at all.
Funding Requirements Our most significant funding requirements include our operations, non-cancelable operating lease obligations, capital expenditures, acquisitions, common stock dividends, taxes and debt service.
Additionally, we may be required to make payments to minority shareholders in certain subsidiaries if they exercise their options to sell us their equity interests.
Notable funding requirements include: ?
Debt service – Our 2.25% Senior Notes in aggregate principal amount of $300.0 mature on November 15, 2017, and a $22.6 note classified within our Other notes payable is due on June 30, 2017.
We expect to use available cash to fund the retirement of the outstanding notes upon maturity.
The remainder of our debt is primarily long-term, with maturities scheduled through 2024.
See the table below for the maturity schedule of our long-term debt.  ?
Acquisitions – We paid cash of $52.1, net of cash acquired of $13.6, for acquisitions completed in 2016.
We also paid $0.5 in up-front payments and $59.3 in deferred payments for prior-year acquisitions as well as ownership increases in our consolidated subsidiaries.
In addition to potential cash expenditures for new acquisitions, we expect to pay approximately $77.0 in 2017 related to prior-year acquisitions.
We may also be required to pay approximately $31.0 in 2017 related to put options held by minority shareholders if exercised.
We will continue to evaluate strategic opportunities to grow and continue to strengthen our market position, particularly in our digital and marketing services offerings, and to expand our presence in high-growth and key strategic world markets.  ?
Dividends – During 2016, we paid four quarterly cash dividends of $0.15 per share on our common stock, which corresponded to aggregate dividend payments of $238.4.
On February 10, 2017, we announced that our Board of Directors (the “Board”) had declared a common stock cash dividend of $0.18 per share, payable on March 15, 2017 to holders of record as of the close of business on March 1, 2017.
Assuming we pay a quarterly dividend of $0.18 per share and there is no significant change in the number of outstanding shares as of December 31, 2016, we would expect to pay approximately $280.0 over the next twelve months.
In addition to the consolidated operating results shown on the previous page, consolidated results for 2007 and adjusted growth rates for 2008 are presented in the following table excluding the impact of the Latam transaction.
These results include the effect of foreign currency translation further discussed in the section titled Impact of foreign currency translation on reported results.
While the Company has converted certain other markets to a developmental license arrangement, management believes the Latam transaction and the associated charge are not indicative of ongoing operations due to the size and scope of the transaction.
Management believes that the adjusted operating results better reflect the underlying business trends relevant to the periods presented.
## Table 1 ##
nm Not meaningful.
(1) The results for the full year 2007 included impairment and other charges of $1,665 million, partly offset by a benefit of $24 million due to eliminating depreciation on the assets in Latam in mid-April 2007, and a tax benefit of $62 million.
(2) The following items impact the comparison of growth in diluted income per share from continuing operations and diluted net income per share for the year ended December 31, 2009 compared with 2008.
On a net basis, these items positively impact the comparison by 1 percentage point: 2009 ?
$0.08 per share after tax income primarily due to the resolution of certain liabilities retained in connection with the 2007 Latam transaction.  ?
$0.05 per share after tax gain on the sale of the Company’s minority ownership interest in Redbox.2008 ?
$0.09 per share after tax gain on the sale of the Company’s minority ownership interest in Pret A Manger.
(3) The following items impact the comparison of adjusted growth in diluted income per share from continuing operations and diluted net income per share for the year ended December 31, 2008 compared with 2007.
On a net basis, these items negatively impact the comparison by 7 and 6 percentage points, respectively: 2008 ?
$0.09 per share after tax gain on the sale of the Company’s minority ownership interest in Pret A Manger.2007 ?
$0.26 per share of income tax benefit resulting from the completion of an Internal Revenue Service (IRS) examination of the Company’s 2003-2004 U. S.  federal income tax returns; partly offset by ?
$0.02 per share of income tax expense related to the impact of a tax law change in Canada.
NET INCOME AND DILUTED NET INCOME PER COMMON SHARE In 2009, net income and diluted net income per common share were $4.6 billion and $4.11.
Results benefited by after tax income of $87 million or $0.08 per share primarily due to the resolution of certain liabilities retained in connection with the 2007 Latam transaction.
Results also benefited by an after tax gain of $59 million or $0.05 per share due to the sale of the Company’s minority ownership interest in Redbox.
Results were negatively impacted by $0.15 per share due to the effect of foreign currency translation.
In 2008, net income and diluted net income per common share were $4.3 billion and $3.76.
Results benefited by a $109 million or $0.09 per share after tax gain on the sale of the Company’s minority ownership interest in Pret A Manger.
Results also benefited by $0.09 per share due to the effect of foreign currency translation.
In 2007, net income and diluted net income per common share were $2.4 billion and $1.98.
Income from continuing operations was $2.3 billion or $1.93 per share, which included $1.6 billion or $1.30 per share of net expense related to the Latam transaction.
This reflects an impairment charge of $1.32 per share, partly offset by a $0.02 per share benefit due to eliminating depreciation on the assets in Latam in mid-April 2007 in accordance with accounting rules.
In addition, 2007 results included a net tax benefit of $288 million or $0.24 per share resulting from the completion of an IRS examination of the Company’s 2003-2004 U. S.  federal income tax returns, partly offset by the impact of a tax law change in Canada.
Income from discontinued operations was $60 million or $0.05 per share.
The Company repurchased 50.3 million shares of its stock for $2.9 billion in 2009 and 69.7 million shares for $4.0 billion in 2008, driving reductions of over 3% and 4% of total shares outstanding, respectively, net of stock option exercises.
IMPACT OF FOREIGN CURRENCY TRANSLATION ON REPORTED RESULTS While changing foreign currencies affect reported results, McDonald’s mitigates exposures, where practical, by financing in local currencies, hedging certain foreign-denominated cash flows, and purchasing goods and services in local currencies.
In 2009, foreign currency translation had a negative impact on consolidated operating results, primarily driven by the Euro, British Pound, Russian Ruble, Australian Dollar and Canadian Dollar.
In 2008, foreign currency translation had a positive impact on consolidated operating results, driven by the stronger Euro and most other currencies, partly offset by the weaker British Pound.
In 2007, foreign currency translation had a positive impact on consolidated operating results, primarily driven by the Euro, British Pound, Australian Dollar and Canadian Dollar.
When the Company sells an existing business to a developmental licensee, the licensee purchases the business, including the real estate, and uses his/her capital and local knowledge to build the McDonald’s Brand and optimize sales and profitability over the long term.
The sale of the business includes primarily land, buildings and improvements, and equipment, along with the franchising and leasing rights under existing agreements.
Under the related developmental licensing arrangement, the Company collects a royalty based on a percent of sales, as well as initial fees, but does not have either any capital invested in the business or any commitment to invest future capital.
An impairment charge is recognized for the difference between the net book value of the business (including any foreign currency translation adjustments recorded in accumulated other comprehensive income in shareholders’ equity) and the estimated cash sales price, less costs of disposal.
The Company bases its accounting policy on management’s determination that royalties payable under its developmental license arrangements are substantially consistent with market rates for similar license arrangements.
Therefore, the Company believes that the recognition of an impairment charge based on the net cash sales price reflects the substance of the sale transaction.
FAIR VALUE MEASUREMENTS In 2006, the FASB issued guidance in the Fair Value Measurements and Disclosures Topic of the FASB ASC.
This guidance defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements.
This guidance does not require any new fair value measurements; rather, it applies to other accounting pronouncements that require or permit fair value measurements.
The provisions of the guidance, as issued, were effective January 1, 2008.
However, in February 2008, the FASB deferred the effective date for one year for certain non-financial assets and non-financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (i. e. , at least annually).
The Company adopted the required provisions related to debt and derivatives as of January 1, 2008 and adopted the remaining required provisions for non-financial assets and liabilities as of January 1, 2009.
The effect of adoption was not significant in either period.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.
The guidance also establishes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date.
The three levels are defined as follows: ?
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market.  ?
Level 2 – inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability ?
Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability.
Certain of the Company’s derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market parameters, such as interest rate yield curves, option volatilities and currency rates, classified as Level 2 within the valuation hierarchy.
Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by the counterparty or the Company.
The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2009 by the valuation hierarchy as defined in the fair value guidance:
## Table 2 ##
* Includes long-term investments and derivatives that hedge market driven changes in liabilities associated with the Company’s supplemental benefit plans.  ?
Non-financial assets and liabilities measured at fair value on a nonrecurring basis Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e. g. , when there is evidence of impairment).
At December 31, 2009, no material fair value adjustments or fair value measurements were required for non-financial assets or liabilities.  ?
Certain financial assets and liabilities not measured at fair value At December 31, 2009, the fair value of the Company’s debt obligations was estimated at $11.3 billion, compared to a carrying amount of $10.6 billion.
This fair value was estimated using various pricing models or discounted cash flow analyses that incorporated quoted market prices and are similar to Level 2 inputs within the valuation hierarchy.
The Company has no current plans to retire a significant amount of its debt prior to maturity.
The carrying amount for both cash and equivalents and notes receivable approximate fair value.
FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES In March 2008, the FASB issued guidance on disclosures in the Derivatives and Hedging Topic of the FASB ASC.
This guidance amends and expands the previous disclosure requirements surrounding accounting for derivative instruments and hedging activities to provide more qualitative and quantitative information on how and why an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for, and how derivative instruments and related hedged items affect an entity’s financial position, financial performance and

<table><tr><td></td><td>December 31,</td></tr><tr><td>Balance Sheet Data</td><td>2016</td><td>2015</td></tr><tr><td>Cash, cash equivalents and marketable securities</td><td>$1,100.6</td><td>$1,509.7</td></tr><tr><td>Short-term borrowings</td><td>$85.7</td><td>$132.9</td></tr><tr><td>Current portion of long-term debt</td><td>323.9</td><td>1.9</td></tr><tr><td>Long-term debt</td><td>1,280.7</td><td>1,610.3</td></tr><tr><td>Total debt</td><td>$1,690.3</td><td>$1,745.1</td></tr></table>
<table><tr><td><i>Dollars in millions, except per share data</i></td><td> <i>2009</i></td><td><i>2008</i></td><td><i>2007<sup>-1</sup></i></td><td>Latam Transaction -1</td><td><i>2007 Excluding Latam Transaction</i></td><td> <i>2009</i> <i>% Inc</i></td><td><i>2008 Adjusted</i><i>% Inc</i></td></tr><tr><td>Operating income</td><td> $6,841</td><td>$6,443</td><td>$3,879</td><td>$-1,641</td><td>$5,520</td><td> 6</td><td>17</td></tr><tr><td>Income from continuing operations</td><td> 4,551</td><td>4,313</td><td>2,335</td><td>-1,579</td><td>3,914</td><td> 6</td><td>10</td></tr><tr><td>Income from discontinued operations</td><td></td><td></td><td>60</td><td></td><td>60</td><td></td><td></td></tr><tr><td>Net income</td><td> 4,551</td><td>4,313</td><td>2,395</td><td>-1,579</td><td>3,974</td><td> 6</td><td>9</td></tr><tr><td><i>Income per common share – diluted</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuing operations<i><sup>-2,3</sup></i></td><td> 4.11</td><td>3.76</td><td>1.93</td><td>-1.30</td><td>3.23</td><td> 9</td><td>16</td></tr><tr><td>Discontinued operations</td><td></td><td></td><td>0.05</td><td></td><td>0.05</td><td></td><td></td></tr><tr><td>Net income<i><sup>-2,3</sup></i></td><td> 4.11</td><td>3.76</td><td>1.98</td><td>-1.30</td><td>3.28</td><td> 9</td><td>15</td></tr></table>
<table><tr><td><i>In millions</i></td><td><i>Level 1</i></td><td></td><td>Level 2</td><td><i>Level 3</i></td><td>Carrying value</td></tr><tr><td>Cash equivalents</td><td>$455.8</td><td></td><td></td><td></td><td>$455.8</td></tr><tr><td>Investments</td><td>115.7</td><td>*</td><td></td><td></td><td>115.7</td></tr><tr><td>Derivative receivables</td><td>79.6</td><td>*</td><td>$94.5</td><td></td><td>174.1</td></tr><tr><td> Total assets at fair value</td><td> $651.1</td><td> </td><td>$94.5</td><td></td><td>$745.6</td></tr><tr><td>Derivative payables</td><td></td><td></td><td>$ -7.0</td><td></td><td>$ -7.0</td></tr><tr><td> Total liabilities at fair value</td><td></td><td></td><td>$ -7.0</td><td></td><td>$ -7.0</td></tr></table>

Question: What's the average of Operating income of 2007 Excluding Latam Transaction, and Cash, cash equivalents and marketable securities of December 31, 2016 ?
Answer: 3310.3