Offsetting of Securities Financing Agreements Substantially all of the Corporation’s repurchase and resale activities are transacted under legally enforceable master repurchase agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty.
The Corporation offsets repurchase and resale transactions with the same counterparty on the Consolidated Balance Sheet where it has such a legally enforceable master netting agreement and the transactions have the same maturity date.
Substantially all securities borrowing and lending activities are transacted under legally enforceable master securities lending agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty.
The Corporation offsets securities borrowing and lending transactions with the same counterparty on the Consolidated Balance Sheet where it has such a legally enforceable master netting agreement and the transactions have the same maturity date.
The Securities Financing Agreements table presents securities financing agreements included on the Consolidated Balance Sheet in federal funds sold and securities borrowed or purchased under agreements to resell, and in federal funds purchased and securities loaned or sold under agreements to repurchase at December 31, 2013 and 2012.
Balances are presented on a gross basis, prior to the application of counterparty netting.
Gross assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements.
For more information on the offsetting of derivatives, see Note 2 – Derivatives.
The “Other” amount in the Securities Financing Agreements table relates to transactions where the Corporation acts as the lender in a securities lending agreement and receives securities that can be pledged or sold as collateral.
In these transactions, the Corporation recognizes an asset at fair value, representing the securities received, and a liability for the same amount, representing the obligation to return those securities.
The “other” amount is included on the Consolidated Balance Sheet in other assets and in accrued expenses and other liabilities.
Gross assets and liabilities include activity where uncertainty exists as to the enforceability of certain master netting agreements under bankruptcy laws in some countries or industries and, accordingly, these are reported on a gross basis.
The column titled “Financial Instruments” in the Securities Financing Agreements table includes securities collateral received or pledged under repurchase or securities lending agreements where there is a legally enforceable master netting agreement.
These amounts are not offset on the Consolidated Balance Sheet, but are shown as a reduction to the net balance sheet amount in the table to derive a net asset or liability.
Securities collateral received or pledged where the legal enforceability of the master netting agreements is not certain is not included.
## Table 0 ##
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) For acquisitions we record deferred payment and redeemable noncontrolling interest amounts on our Consolidated Balance Sheets based on their acquisition-date fair value.
Deferred payments are recorded on a discounted basis and adjusted quarterly, if necessary, through operating income or net interest expense, depending on the nature of the arrangement, for both changes in estimate and accretion between the acquisition date and the final payment date.
See Note 13 for further information on contingent acquisition obligations.
Redeemable noncontrolling interests are adjusted quarterly to their estimated redemption value, but not less than their initial fair value.
Any adjustments to the redemption value impacts retained earnings, except for foreign currency translation adjustments.
The following table presents changes in our redeemable noncontrolling interests.
## Table 1 ##
For all acquisitions, if a portion of the deferred payments and purchases of additional interests after the effective date of purchase are contingent upon employment terms, then that amount is accounted for separately from the business combination and recognized as compensation expense over the required earn-out period.
Payments deemed as compensation are excluded from the fair value purchase price allocation to tangible net assets and intangible assets acquired.
During 2016, we completed ten acquisitions, three of which were included in the Integrated Agency Networks (“IAN”) operating segment, and seven of which were included in the Constituency Management Group (“CMG”) operating segment.
The most significant acquisitions include a product and service design consultancy based in the U. S. , an integrated healthcare marketing communications agency based in the U. S. , a content creation and digital agency with offices in the U. S.  and the U. K. , a mobile consultancy and application development agency based in the U. K. , a full-service public relations and digital agency based in China, a search engine optimization and digital content marketing agency based in the U. K. , and a mobile focused digital agency based in the U. K.  During 2016, we recorded approximately $149.0 of goodwill and intangible assets related to our acquisitions.
During 2015, we completed five acquisitions, four of which were included in the IAN operating segment, and one of which was included in the CMG operating segment.
The most significant acquisitions include a full-service digital agency in the U. K. , a group of creative marketing agencies based in Russia, and a media planning and buying agency with significant digital capabilities in Canada.
During 2015, we recorded approximately $61.0 of goodwill and intangible assets related to these acquisitions.
During 2014, we completed eight acquisitions, six of which were included in the IAN operating segment, and two of which were included in the CMG operating segment.
The most significant acquisitions included a global full-service digital agency, a digital agency in the United States and a search marketing agency in the Netherlands.
During 2014, we recorded approximately $185.0 of goodwill and intangible assets related to these acquisitions.
The results of operations of our acquired companies were included in our consolidated results from the closing date of each acquisition.
We did not make any payments in stock related to our acquisitions in 2016, 2015 or 2014.
particular strength in our materials testing business and fluid handling businesses, offset in part by a negative 2% impact from foreign exchange.
Gross margin was 51.6% for the year ended December 31, 2012 as compared to 49.8% in the year ended December 31, 2011 due to operating leverage on higher sales volume as well as a $5.5 million one-time reduction to cost of goods sold at one of our businesses.
This reduction is due to the cumulative effect of an accounting system error which caused the cost of goods sold to be overstated for several years by quarterly and annually immaterial amounts.
SG&A expenses as a percentage of net sales were 20.8%, as compared to 21.5% in the prior year, due primarily to operating leverage on higher sales volume.
The resulting operating profit margin was 30.8% in the year ended December 31, 2012 as compared to 28.2% in the year ended December 31, 2011.
In our RF Technology segment, net sales for the year ended December 31, 2012 decreased by $3 million over the year ended December 31, 2011.
Organic sales were flat as growth in toll and traffic systems was offset by a large installation project in gas network monitoring during 2011 that has since been completed.
Gross margin was 52.4% in 2012 as compared to 50.6% in the prior year due to product mix.
SG&A expenses as a percentage of sales in the year ended December 31, 2012 were 26.1%, a decrease from 26.8% in the prior year due to lower spending, particularly in selling expense related to toll projects.
Operating profit margin was 26.3% in 2012 as compared to 23.8% in 2011.
Corporate expenses increased by $20.6 million to $77.5 million, or 2.6% of sales, in 2012 as compared to $56.9 million, or 2.0% of sales, in 2011.
The increase was due to $6.5 million of acquisition expense related to the Sunquest acquisition, higher equity compensation (as a result of higher stock prices) and other compensation related costs.
Interest expense increased $3.9 million, or 6.1%, for the year ended December 31, 2012 compared to the year ended December 31, 2011.
The increase is due primarily to higher average debt balances offset in part by lower average interest rates throughout 2012.
Other expense for the year ended December 31, 2012 was $2.3 million, primarily due to foreign exchange losses at our non-U.
S.  based companies.
Other income for the year ended December 31, 2011 was $8.1 million, which was primarily due to a currency remeasurement gain on an intercompany note.
During 2012, our effective income tax rate was 29.6% versus 29.4% in 2011.
This increase was due to a decrease in R&D credits.
At December 31, 2012, the functional currencies of our Canadian and most of our European subsidiaries were stronger against the U. S.  dollar compared to currency exchange rates at December 31, 2011.
The net result of these changes led to a pre-tax increase in the foreign exchange component of comprehensive earnings of $24.5 million in the year ended December 31, 2012.
Approximately $12.7 million of this amount related to goodwill and is not expected to directly affect our projected future cash flows.
For the entire year of 2012, operating profit decreased by 1.3% due to fluctuations in non-U.
S.  currencies.
The following table summarizes our net order information for the years ended December 31, 2012 and 2011 (dollar amounts in thousands).
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## Table 2 ##
The increase in orders was due to internal growth of 2%, as well as orders from acquisitions which added $124 million.
Our Industrial Technology, Energy Systems and Controls and RF Technology segments experienced strong internal growth throughout 2012.
Our Medical and Scientific Imaging segment experienced negative internal growth, offset by bookings from recent acquisitions.
The following table summarizes order backlog information at December 31, 2012 and 2011 (dollar amounts in thousands).
We include in backlog only orders that are expected to be recognized as revenue within twelve months.

<table><tr><td></td><td colspan="5">December 31, 2013</td></tr><tr><td>(Dollars in millions)</td><td>Gross Assets/Liabilities</td><td>Amounts Offset</td><td>Net Balance Sheet Amount</td><td>Financial Instruments</td><td>Net Assets/Liabilities</td></tr><tr><td>Securities borrowed or purchased under agreements to resell</td><td>$272,296</td><td>$-81,968</td><td>$190,328</td><td>$-157,132</td><td>$33,196</td></tr><tr><td>Securities loaned or sold under agreements to repurchase</td><td>$279,888</td><td>$-81,968</td><td>$197,920</td><td>$-160,111</td><td>$37,809</td></tr><tr><td>Other</td><td>10,871</td><td>—</td><td>10,871</td><td>-10,871</td><td>—</td></tr><tr><td>Total</td><td>$290,759</td><td>$-81,968</td><td>$208,791</td><td>$-170,982</td><td>$37,809</td></tr><tr><td></td><td colspan="5">December 31, 2012</td></tr><tr><td>Securities borrowed or purchased under agreements to resell</td><td>$366,238</td><td>$-146,914</td><td>$219,324</td><td>$-173,593</td><td>$45,731</td></tr><tr><td>Securities loaned or sold under agreements to repurchase</td><td>$439,022</td><td>$-146,914</td><td>$292,108</td><td>$-217,817</td><td>$74,291</td></tr><tr><td>Other</td><td>12,306</td><td>—</td><td>12,306</td><td>-12,302</td><td>4</td></tr><tr><td>Total</td><td>$451,328</td><td>$-146,914</td><td>$304,414</td><td>$-230,119</td><td>$74,295</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Balance at beginning of period</td><td>$251.9</td><td>$257.4</td><td>$249.1</td></tr><tr><td>Change in related noncontrolling interest balance</td><td>4.9</td><td>0.8</td><td>3.2</td></tr><tr><td>Changes in redemption value of redeemable noncontrolling interests:</td><td></td><td></td><td></td></tr><tr><td>Additions</td><td>6.8</td><td>16.5</td><td>18.7</td></tr><tr><td>Redemptions and reclassifications</td><td>-14.8</td><td>-25.1</td><td>-7.9</td></tr><tr><td>Redemption value adjustments</td><td>4.0</td><td>2.3</td><td>-5.7</td></tr><tr><td>Balance at end of period</td><td>$252.8</td><td>$251.9</td><td>$257.4</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>change</td></tr><tr><td>Industrial Technology</td><td>$783,362</td><td>$767,020</td><td>2.1%</td></tr><tr><td>Energy Systems and Controls</td><td>634,051</td><td>608,538</td><td>4.2</td></tr><tr><td>Medical and Scientific Imaging</td><td>703,034</td><td>612,787</td><td>14.7</td></tr><tr><td>RF Technology</td><td>871,225</td><td>834,903</td><td>4.4</td></tr><tr><td>Total</td><td>$2,991,672</td><td>$2,823,248</td><td>6.0%</td></tr></table>

Question: In which year is Securities borrowed or purchased under agreements to resell for Gross Assets/Liabilities positive?
Answer: 2013 2012