credits and deductions identified in fiscal 2010 that related to prior periods.
These benefits were offset, in part, by unfavorable tax consequences of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.
The Company expects its effective tax rate in fiscal 2011, exclusive of any unusual transactions or tax events, to be approximately 34%.
Equity Method Investment Earnings We include our share of the earnings of certain affiliates based on our economic ownership interest in the affiliates.
Significant affiliates produce and market potato products for retail and foodservice customers.
Our share of earnings from our equity method investments was $22 million ($2 million in the Consumer Foods segment and $20 million in the Commercial Foods segment) and $24 million ($3 million in the Consumer Foods segment and $21 million in the Commercial Foods segment) in fiscal 2010 and 2009, respectively.
Equity method investment earnings in the Commercial Foods segment reflects continued difficult market conditions for our foreign and domestic potato ventures.
Results of Discontinued Operations Our discontinued operations generated an after-tax loss of $22 million in fiscal 2010 and earnings of $361 million in fiscal 2009.
In fiscal 2010, we decided to divest our dehydrated vegetable operations.
As a result of this decision, we recognized an after-tax impairment charge of $40 million in fiscal 2010, representing a writedown of the carrying value of the related long-lived assets to fair value, based on the anticipated sales proceeds.
In fiscal 2009, we completed the sale of the trading and merchandising operations and recognized an after-tax gain on the disposition of approximately $301 million.
In the fourth quarter of fiscal 2009, we decided to sell certain small foodservice brands.
The sale of these brands was completed in June 2009.
We recognized after-tax impairment charges of $6 million in fiscal 2009, in anticipation of this divestiture.
Earnings Per Share Our diluted earnings per share in fiscal 2010 were $1.62 (including earnings of $1.67 per diluted share from continuing operations and a loss of $0.05 per diluted share from discontinued operations).
Our diluted earnings per share in fiscal 2009 were $2.15 (including earnings of $1.36 per diluted share from continuing operations and $0.79 per diluted share from discontinued operations) See “Items Impacting Comparability” above as several other significant items affected the comparability of year-over-year results of operations.2009 vs.  2008 Net Sales ($ in millions)
## Table 0 ##
Overall, our net sales increased $1.18 billion to $12.43 billion in fiscal 2009, reflecting improved pricing and mix in the Consumer Foods segment and increased pricing in the milling and specialty potato operations of the Commercial Foods segment, as well as an additional week in fiscal 2009.
Consumer Foods net sales for fiscal 2009 were $7.98 billion, an increase of 8% compared to fiscal 2008.
Results reflected an increase of 7% from improved net pricing and product mix and flat volume.
Volume reflected a benefit of approximately 2% in fiscal 2009 due to the inclusion of an additional week of results.
The strengthening of the U. S.  dollar relative to foreign currencies resulted in a reduction of net sales of approximately 1% as compared to fiscal 2008.
A market leader in the business-aviation industry, the Aerospace group remains focused on: ?
continuously investing in innovative first-to-market technologies and products; ?
providing exemplary and timely service support to customers around the world and ?
driving efficiencies into, and taking cost out of, the aircraft production, outfitting and service processes.
Revenues for the Aerospace group were 19 percent of our consolidated revenues in 2008 and 16 percent in both 2009 and 2010.
Revenues by major products and services were as follows:
## Table 1 ##
COMBAT SYSTEMS Our Combat Systems group is a global leader in the design, development, production, support and enhancement of tracked and wheeled military vehicles, weapons systems and munitions for the United States and its allies.
The group’s product lines include: ?
wheeled combat and tactical vehicles, ?
main battle tanks and tracked infantry vehicles, ?
munitions and propellant, ?
rockets and gun systems and ?
drivetrain components and aftermarket parts.
Combat Systems has a strong foundation of programs that deliver core capabilities to customers across the military-vehicle, weaponssystem and munitions markets.
These long-term production programs enable the group to pursue continuous process and productivity improvements, reduce product costs and improve the group’s financial performance.
The group also applies its design and engineering expertise to develop product improvements that advance the utility and performance of these systems and increase warfighter safety and effectiveness, while identifying and positioning itself for new opportunities.
Combat Systems’ primary military-vehicle platforms consist of a variety of wheeled combat vehicles and main battle tanks.
At the heart of these programs are the Stryker wheeled combat vehicle and the Abrams main battle tank – two of the key ground-force assets for our customers.
Both of these vehicles remain elemental to the military’s force structure and offer continuing opportunities for modernization and enhancements to meet the warfighter’s evolving requirements.
The Stryker has proven itself as a versatile combat vehicle, supporting numerous missions with 10 variants: infantry carrier; command and control; medical evacuation; fire support; engineering; anti-tank; mortar carrier; reconnaissance; mobile gun system (MGS); and nuclear, biological and chemical reconnaissance vehicle (NBCRV).
In addition to ongoing production of these vehicles, Combat Systems continues to work with the Army to ensure the Stryker remains relevant, affordable and capable of addressing a dynamic threat environment.
For example, we are in the process of developing, testing and deploying in a period of just 18 months double-V-hulled vehicles that are designed to protect the crew from improvised explosive devices (IEDs).
The group was authorized to begin production of these upgraded vehicles in 2010, with initial deliveries expected in early 2011.
Combat Systems continues to support the Army’s evolving needs for main battle tanks with technology upgrades to the Abrams, such as the System Enhancement Package (SEP).
The SEPconfigured tank is a digital platform with an enhanced commandand-control system, second-generation thermal sights and improved armor.
We are also engaged in ongoing development efforts that can provide additional upgrade work while increasing the efficiency and capability of the tank.
Complementing these combat-vehicle programs are Combat Systems’ weapons-systems and munitions programs.
For ground forces, the group manufactures vehicle armor, M2 heavy machine guns and MK19 and MK47 grenade launchers.
For airborne platforms, Combat Systems produces weapons for most U. S.  fighter aircraft, including all high-speed Gatling guns for fixed-wing aircraft and the Hydra-70 family of rockets.
Combat Systems is also a global manufacturer and supplier of highly engineered axles, suspensions, brakes and aftermarket parts for heavy-payload vehicles for a variety of military and commercial customers.
The group holds leading or sole-source munitions supply positions for products such as: ?
the 120mm mortar and the 155mm and 105mm artillery projectile for the U. S.  government, ?
conventional bomb structures for the U. S.  government, ?
mortar systems and large-caliber ammunition for the Canadian Department of National Defence and ?
military propellant for the North American market.
In addition, Combat Systems is the principal second source for the U. S.  military’s small-caliber ammunition needs.
Beyond these long-term platform and supply programs, Combat Systems provides logistics support in the United States’ ongoing operations in Iraq and Afghanistan.
The group has opportunities associated with the
## Table 2 ##
Acquisition-related transaction costs are included as part of our core business expenses, except for those that are directly related to the announcement, closing, financing or termination of a transaction.
However, the acquisition-related transaction and integration costs relating to NYSE and Interactive Data are included in non-GAAP adjustments given the sizes of these acquisitions.
As of December 31, 2016, the integration of NYSE has been completed and we will no longer include any NYSE integration costs as nonGAAP adjustments in the future.
Amortization of acquisition-related intangibles are included in non-GAAP adjustments as excluding these non-cash expenses provides greater clarity regarding our financial strength and stability of cash operating results.
During the year ended December 31, 2016, we also include as non-GAAP adjustments the Creditex U. K.  voice brokerage severance costs related to its discontinuance and the Creditex customer relationship intangible asset impairment expense, as they are not part of our core business operations.
During the year and/or three months ended December 31, 2015, we also include as nonGAAP adjustments various litigation settlements and accruals and the interest expense on the senior notes and commercial paper we issued for the Interactive Data acquisition (from the issuance date of the new senior notes on November 24, 2015 and on the issuance dates of the commercial paper in early December 2015 to the acquisition date of Interactive Data on December 14, 2015), as they are not part of our core business operations.
During the year and three months ended December 31, 2014, we also include as non-GAAP adjustments the net gain on the sale of our 6% remaining ownership in Euronext and the income recognized on our OCC equity investment, as they are not part of our core business operations.
LENNAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 77 The determination of fair value requires discounting the estimated cash flows at a rate the Company believes a market participant would determine to be commensurate with the inherent risks associated with the assets and related estimated cash flow streams.
The discount rate used in determining each asset’s fair value depends on the community’s projected life and development stage.
The Company generally uses a discount rate of approximately 20%, subject to the perceived risks associated with the community’s cash flow streams relative to its inventory.
The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change.
For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.
As of November 30, 2017, the Company reviewed its communities for potential indicators of impairments and identified ten homebuilding communities with 630 homesites and a carrying value of $100.4 million as having potential indicators of impairment.
For the year ended November 30, 2017, the Company recorded valuation adjustments of $7.9 million on 473 homesites in seven communities with a carrying value of $13.9 million.
As of November 30, 2016, the Company reviewed its communities for potential indicators of impairments and identified 11 homebuilding communities with 663 homesites and a carrying value of $180.9 million as having potential indicators of impairment.
For the year ended November 30, 2016, the Company recorded no valuation adjustments.
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments during the years ended November 30, 2017 and 2016:

<table><tr><td>Reporting Segment</td><td>Fiscal 2009   Net Sales</td><td>Fiscal 2008   Net Sales</td><td>% Increase</td></tr><tr><td>Consumer Foods</td><td>$7,979</td><td>$7,400</td><td>8%</td></tr><tr><td>Commercial Foods</td><td>4,447</td><td>3,848</td><td>16%</td></tr><tr><td>Total</td><td>$12,426</td><td>$11,248</td><td>11%</td></tr></table>
<table><tr><td>Year Ended December 31</td><td>2008</td><td>2009</td><td> 2010</td></tr><tr><td>Aircraft manufacturing and outfitting</td><td>$4,678</td><td>$3,893</td><td>$ 3,869</td></tr><tr><td>Aircraft services</td><td>816</td><td>1,154</td><td>1,323</td></tr><tr><td>Pre-owned aircraft</td><td>18</td><td>124</td><td>107</td></tr><tr><td>Total Aerospace</td><td>$5,512</td><td>$5,171</td><td>$ 5,299</td></tr></table>
<table><tr><td></td><td colspan="3">Trading and Clearing Segment Three Months Ended December 31,</td><td colspan="3">Data and Listings Segment Three Months Ended December 31,</td><td colspan="3">Consolidated Three Months Ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Total revenues, less transaction-based expenses</td><td>$518</td><td>$516</td><td>$516</td><td>$620</td><td>$359</td><td>$284</td><td>$1,138</td><td>$875</td><td>$800</td></tr><tr><td>Operating expenses</td><td>208</td><td>241</td><td>231</td><td>372</td><td>216</td><td>169</td><td>580</td><td>457</td><td>400</td></tr><tr><td>Less: NYSE and Interactive Data transaction and integration costs and acquisition related success fees</td><td>—</td><td>12</td><td>14</td><td>15</td><td>40</td><td>13</td><td>15</td><td>52</td><td>27</td></tr><tr><td>Less: Amortization of acquisition-related intangibles</td><td>14</td><td>20</td><td>18</td><td>58</td><td>21</td><td>15</td><td>72</td><td>41</td><td>33</td></tr><tr><td>Adjusted operating expenses</td><td>$194</td><td>$209</td><td>$199</td><td>$299</td><td>$155</td><td>$141</td><td>$493</td><td>$364</td><td>$340</td></tr><tr><td>Operating income</td><td>$310</td><td>$275</td><td>$285</td><td>$248</td><td>$143</td><td>$115</td><td>$558</td><td>$418</td><td>$400</td></tr><tr><td>Adjusted operating income</td><td>$324</td><td>$307</td><td>$317</td><td>$321</td><td>$204</td><td>$143</td><td>$645</td><td>$511</td><td>$460</td></tr><tr><td>Operating margin</td><td>60%</td><td>53%</td><td>55%</td><td>40%</td><td>40%</td><td>40%</td><td>49%</td><td>48%</td><td>50%</td></tr><tr><td>Adjusted operating margin</td><td>63%</td><td>59%</td><td>61%</td><td>52%</td><td>57%</td><td>50%</td><td>57%</td><td>58%</td><td>58%</td></tr><tr><td>Net income attributable to Intercontinental Exchange, Inc.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$352</td><td>$370</td><td>$288</td></tr><tr><td>Add: NYSE and Interactive Data transaction and integration costs and acquisition related success fees</td><td></td><td></td><td></td><td></td><td></td><td></td><td>15</td><td>52</td><td>27</td></tr><tr><td>Add: Amortization of acquisition-related intangibles</td><td></td><td></td><td></td><td></td><td></td><td></td><td>72</td><td>41</td><td>33</td></tr><tr><td>Add: Pre-acquisition interest expense on debt issued for Interactive Data acquisition</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>5</td><td>—</td></tr><tr><td>Less: Net gain on the sale of 6% remaining ownership in Euronext</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>—</td><td>-4</td></tr><tr><td>Less: Other income from OCC equity investment</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>—</td><td>-26</td></tr><tr><td>Less: Income tax effect related to the items above</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-32</td><td>-31</td><td>-19</td></tr><tr><td>Less: Deferred tax adjustments on acquisition-related intangibles</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-2</td><td>-68</td><td>-8</td></tr><tr><td>Add: Other tax adjustments</td><td></td><td></td><td></td><td></td><td></td><td></td><td>23</td><td>—</td><td>3</td></tr><tr><td>Adjusted net income attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$428</td><td>$369</td><td>$294</td></tr><tr><td>Basic earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$0.59</td><td>$0.66</td><td>$0.51</td></tr><tr><td>Diluted earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$0.59</td><td>$0.66</td><td>$0.51</td></tr><tr><td>Adjusted basic earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$0.72</td><td>$0.66</td><td>$0.52</td></tr><tr><td>Adjusted diluted earnings per share attributable to ICE common shareholders from continuing operations</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$0.71</td><td>$0.65</td><td>$0.52</td></tr><tr><td>Basic weighted average common shares outstanding</td><td></td><td></td><td></td><td></td><td></td><td></td><td>595</td><td>558</td><td>563</td></tr><tr><td>Diluted weighted average common shares outstanding</td><td></td><td></td><td></td><td></td><td></td><td></td><td>600</td><td>562</td><td>566</td></tr></table>

Question: When does Total revenues, less transaction-based expenses for Data and Listings Segment Three Months Ended December 31 reach the largest value?
Answer: 2016