course of business, we actively manage our exposure to these market risks by entering into various hedging transactions, authorized under established policies that place clear controls on these activities.
The counterparties in these transactions are generally highly rated institutions.
We establish credit limits for each counterparty.
Our hedging transactions include but are not limited to a variety of derivative financial instruments.
For information on interest rate, foreign exchange, commodity price, and equity instrument risk, please see Note 7 to the Consolidated Financial Statements in Item 8 of this report.
VALUE AT RISK The estimates in the table below are intended to measure the maximum potential fair value we could lose in one day from adverse changes in market interest rates, foreign exchange rates, commodity prices, and equity prices under normal market conditions.
A Monte Carlo value-at-risk (VAR) methodology was used to quantify the market risk for our exposures.
The models assumed normal market conditions and used a 95 percent confidence level.
The VAR calculation used historical interest and foreign exchange rates, and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future.
The market data were drawn from the RiskMetrics?
data set.
The calculations are not intended to represent actual losses in fair value that we expect to incur.
Further, since the hedging instrument (the derivative) inversely correlates with the underlying exposure, we would expect that any loss or gain in the fair value of our derivatives would be generally offset by an increase or decrease in the fair value of the underlying exposure.
The positions included in the calculations were: debt; investments; interest rate swaps; foreign exchange forwards; commodity swaps, futures, and options; and equity instruments.
The calculations do not include the underlying foreign exchange and commodities or equity-related positions that are offset by these market-risk-sensitive instruments.
The table below presents the estimated maximum potential VAR arising from a one-day loss in fair value for our interest rate, foreign currency, commodity, and equity market-risk-sensitive instruments outstanding as of May 27, 2018 and May 28, 2017, and the average fair value impact during the year ended May 27, 2018.
## Table 0 ##
Management’s Discussion and Analysis of Financial Condition and Results of Operations – (continued) (Amounts in Millions, Except Per Share Amounts) We may effect such repurchases through open market purchases, trading plans established in accordance with SEC rules, derivative transactions or other means.
We expect to continue to repurchase our common stock in future periods, although the timing and amount of the repurchases will depend on market conditions and other funding requirements.
FINANCING AND SOURCES OF FUNDS Substantially all of our operating cash flow is generated by our agencies.
Our cash balances are held in numerous jurisdictions throughout the world, primarily at the holding company level and at our largest subsidiaries.
Below is a summary of our sources of liquidity.
## Table 1 ##
1 We are required from time to time to post letters of credit, primarily to support obligations of our subsidiaries.
These letters of credit historically have not been drawn upon.
At December 31, 2015, we held $677.5 of cash, cash equivalents and marketable securities in foreign subsidiaries.
We have not provided U. S.  federal income taxes on undistributed foreign earnings of our foreign subsidiaries because we consider such earnings to be permanently reinvested outside the United States.
If in the future we distribute these amounts to the United States, an additional provision for the U. S.  income and foreign withholding taxes, net of foreign tax credits, could be necessary.
Credit Agreements We maintain a committed corporate credit facility to increase our financial flexibility, which has been amended and restated from time to time (the “Credit Agreement”).
The Credit Agreement is a revolving facility, expiring in October 2020, under which amounts borrowed by us or any of our subsidiaries designated under the Credit Agreement may be repaid and reborrowed, subject to an aggregate lending limit of $1,000.0, or the equivalent in other currencies.
The Company has the ability to increase the commitments under the Credit Agreement from time to time by an additional amount of up to $250.0, provided the Company receives commitments for such increases and satisfies certain other conditions.
The aggregate available amount of letters of credit outstanding may decrease or increase, subject to a sublimit on letters of credit of $200.0 or the equivalent in other currencies.
We use our Credit Agreement to provide letters of credit primarily to support obligations of our subsidiaries.
Our obligations under the Credit Agreement are unsecured.
Under the Credit Agreement, we can elect to receive advances bearing interest based on either the base rate or the Eurocurrency rate (each as defined in the Credit Agreement) plus an applicable margin that is determined based on our credit ratings.
As of December 31, 2015, the applicable margin was 0.30% for base rate advances and 1.30% for Eurocurrency rate advances.
Letter of credit fees accrue on the average daily aggregate amount of letters of credit outstanding, at a rate equal to the applicable margin for Eurocurrency rate advances, and fronting fees accrue on the aggregate amount of letters of credit outstanding at an annual rate of 0.25%.
We also pay a facility fee at an annual rate that is determined based on our credit ratings, which as of December 31, 2015, was 0.20% on the aggregate lending commitment under the Credit Agreement.
Management’s Discussion and Analysis of Financial Condition and Results of Operations – (continued) (Amounts in Millions, Except Per Share Amounts) financial performance, macroeconomic conditions and entity-specific factors such as client wins and losses.
Based on this assessment, we have concluded that for each of our reporting units subject to the qualitative assessment, it is not “more likely than not” that its fair value was less than its carrying value; therefore, no additional testing was required.
The 2015 and 2014 fair values of reporting units for which we performed quantitative impairment tests were estimated using a combination of the income approach, which incorporates the use of the discounted cash flow method, and the market approach, which incorporates the use of earnings and revenue multiples based on market data.
We generally applied an equal weighting to the income and market approaches for our analysis.
For the income approach, we used projections, which require the use of significant estimates and assumptions specific to the reporting unit as well as those based on general economic conditions.
Factors specific to each reporting unit include revenue growth, profit margins, terminal value growth rates, capital expenditures projections, assumed tax rates, discount rates and other assumptions deemed reasonable by management.
For the market approach, we used judgment in identifying the relevant comparable-company market multiples.
These estimates and assumptions may vary between each reporting unit depending on the facts and circumstances specific to that unit.
The discount rate for each reporting unit is influenced by general market conditions as well as factors specific to the reporting unit.
For the 2015 test, the discount rate we used for our reporting units tested was 11.0%, and the terminal value growth rate for both reporting units tested was 3.0%.
The terminal value growth rate represents the expected long-term growth rate for the advertising and marketing services industry, incorporating the type of services the reporting unit provides, and the global economy.
For the 2015 test, the revenue growth rates for our reporting units used in our analysis were generally between 4.0% and 6.0%.
Factors influencing the revenue growth rates include the nature of the services the reporting unit provides for its clients, the geographic locations in which the reporting unit conducts business and the maturity of the reporting unit.
We believe that the estimates and assumptions we made are reasonable, but they are susceptible to change from period to period.
Actual results of operations, cash flows and other factors will likely differ from the estimates used in our valuation, and it is possible that differences and changes could be material.
A deterioration in profitability, adverse market conditions, significant client losses, changes in spending levels of our existing clients or a different economic outlook than currently estimated by management could have a significant impact on the estimated fair value of our reporting units and could result in an impairment charge in the future.
We also perform a sensitivity analysis to detail the impact that changes in assumptions may have on the outcome of the first step of the impairment test.
Our sensitivity analysis provides a range of fair value for each reporting unit, where the low end of the range reduces growth rates by 0.25% and increases discount rates by 0.5%, and the high end of the range increases growth rates by 0.25% and decreases discount rates by 0.5%.
We use the average of our fair values for purposes of our comparison between carrying value and fair value for the first step of the quantitative impairment test.
The table below displays the goodwill midpoint of the range for each reporting unit tested in the 2015 and 2014 annual impairment tests.
Our results of the comparison between carrying value and fair value at the average fair value indicated that for the 2015 and 2014 test there were no reporting units whose fair value exceeded its carrying value by less than 20%.
## Table 2 ##
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) long-term AA corporate bonds are not well developed, a portfolio of long-term government bonds is used as a basis to develop hypothetical corporate bond yields, which serve as a basis to derive the discount rate.
Expected Return on Assets – Our expected rate of return is determined at the beginning of each year and considers asset class index returns over various market and economic conditions, current and expected market conditions, risk premiums associated with asset classes and long-term inflation rates.
We determine both a short-term and long-term view and then select a long-term rate of return assumption that matches the duration of our liabilities.
Fair Value of Pension Plan Assets The following table presents the fair value of our domestic and foreign pension plan assets as of December 31, 2015 and 2014, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
See Note 11 for a description of the fair value hierarchy.
## Table 3 ##
Investment funds include mutual funds, common/collective trusts, hedge funds and other commingled assets that are invested primarily in equity and fixed income securities.
Mutual funds, which are publicly traded, are primarily valued using recently reported sales prices.
All other investment funds, which are not publicly traded, are valued based on the net asset value of shares held by the plan at year end, which reflects the fair value of the underlying investments.
Limited partnerships are invested primarily in equity and fixed income securities.
Fixed income securities include government and investment- grade corporate bonds.
Insurance contracts are valued based on the cash surrender value of the contract.
Other investments primarily include cash and cash equivalents, equity securities and derivatives.
The following table presents additional information about our domestic and foreign pension plan assets for which we utilize Level 3 inputs to determine fair valu
## Table 4 ##
Asset Allocation The primary investment goal for our plans’ assets is to maximize total asset returns while ensuring the plans’ assets are available to fund the plans’ liabilities as they become due.
The plans’ assets in aggregate and at the individual portfolio level are invested so that total portfolio risk exposure and risk-adjusted returns best achieve this objective.
The aggregate amount

<table><tr><td></td><td>Fair Value Impact</td></tr><tr><td>In Millions</td><td>May 27, 2018</td><td>Averageduringfiscal 2018</td><td>May 28,2017</td></tr><tr><td>Interest rate instruments</td><td>$33.2</td><td>$27.5</td><td>$25.1</td></tr><tr><td>Foreign currency instruments</td><td>21.3</td><td>23.1</td><td>24.6</td></tr><tr><td>Commodity instruments</td><td>1.9</td><td>2.1</td><td>3.2</td></tr><tr><td>Equity instruments</td><td>2.0</td><td>1.4</td><td>1.3</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2015</td></tr><tr><td></td><td>TotalFacility</td><td>AmountOutstanding</td><td>Lettersof Credit<sup>1</sup></td><td>TotalAvailable</td></tr><tr><td>Cash, cash equivalents and marketable securities</td><td></td><td></td><td></td><td>$1,509.7</td></tr><tr><td>Committed credit agreement</td><td>$1,000.0</td><td>$0.0</td><td>$3.7</td><td>$996.3</td></tr><tr><td>Uncommitted credit arrangements</td><td>$744.5</td><td>$150.1</td><td>$1.1</td><td>$593.3</td></tr></table>
<table><tr><td></td><td colspan="2">2015 Impairment Test</td><td></td><td colspan="2">2014 Impairment Test</td></tr><tr><td>Reporting Unit</td><td>Goodwill</td><td>Fair value exceeds carrying value by:</td><td>Reporting Unit</td><td>Goodwill</td><td>Fair value exceeds carrying value by:</td></tr><tr><td>A</td><td>$25.8</td><td>> 135%</td><td>A</td><td>$548.4</td><td>> 50%</td></tr><tr><td>B</td><td>$4.9</td><td>> 275%</td><td>B</td><td>$66.8</td><td>> 85%</td></tr><tr><td></td><td></td><td></td><td>C</td><td>$25.8</td><td>> 180%</td></tr><tr><td></td><td></td><td></td><td>D</td><td>$150.0</td><td>> 55%</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2015</td><td colspan="4">December 31, 2014</td></tr><tr><td>Asset Class</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td></tr><tr><td>Investment funds</td><td>$16.8</td><td>$335.8</td><td>$57.9</td><td>$410.5</td><td>$18.8</td><td>$372.6</td><td>$40.1</td><td>$431.5</td></tr><tr><td>Limited partnerships</td><td>0.0</td><td>0.0</td><td>31.0</td><td>31.0</td><td>0.0</td><td>0.0</td><td>32.1</td><td>32.1</td></tr><tr><td>Fixed income securities</td><td>22.1</td><td>0.4</td><td>0.0</td><td>22.5</td><td>17.6</td><td>1.4</td><td>0.0</td><td>19.0</td></tr><tr><td>Insurance contracts</td><td>0.0</td><td>13.7</td><td>0.0</td><td>13.7</td><td>0.0</td><td>19.3</td><td>0.0</td><td>19.3</td></tr><tr><td>Other</td><td>23.0</td><td>0.0</td><td>0.0</td><td>23.0</td><td>24.8</td><td>0.0</td><td>0.3</td><td>25.1</td></tr><tr><td>Total</td><td>$61.9</td><td>$349.9</td><td>$88.9</td><td>$500.7</td><td>$61.2</td><td>$393.3</td><td>$72.5</td><td>$527.0</td></tr></table>
<table><tr><td></td><td colspan="4">Year ended December 31, 2015</td><td colspan="4">Year ended December 31, 2014</td></tr><tr><td></td><td>Investment Funds</td><td>Limited Partnerships</td><td>Other</td><td>Total</td><td>Investment Funds</td><td>Limited Partnerships</td><td>Other</td><td>Total</td></tr><tr><td>Balance at beginning of period</td><td>$40.1</td><td>$32.1</td><td>$0.3</td><td>$72.5</td><td>$25.4</td><td>$36.1</td><td>$0.6</td><td>$62.1</td></tr><tr><td>Actual return on assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets sold during the year</td><td>0.0</td><td>0.0</td><td>0.0</td><td>0.0</td><td>0.2</td><td>0.2</td><td>0.0</td><td>0.4</td></tr><tr><td>Assets still held at year end</td><td>-0.7</td><td>-1.1</td><td>0.0</td><td>-1.8</td><td>-0.7</td><td>-0.3</td><td>-0.3</td><td>-1.3</td></tr><tr><td>Net purchases, sales and settlements</td><td>18.5</td><td>0.0</td><td>0.1</td><td>18.6</td><td>15.2</td><td>-3.9</td><td>0.0</td><td>11.3</td></tr><tr><td>Transfers in/out of Level 3</td><td>0.0</td><td>0.0</td><td>-0.4</td><td>-0.4</td><td>0.0</td><td>0.0</td><td>0.0</td><td>0.0</td></tr><tr><td>Balance at end of period</td><td>$57.9</td><td>$31.0</td><td>$0.0</td><td>$88.9</td><td>$40.1</td><td>$32.1</td><td>$0.3</td><td>$72.5</td></tr></table>

Question: What will Fixed income securities be like in 2016 if it develops with the same increasing rate as current?
Answer: 26.64474