Pursuant to the adoption of ASC 740-10 related to uncertainty in income taxes, see the following tabular reconciliation which presents the total amounts of gross unrecognized tax benefits:
## Table 0 ##
Included in the balance of unrecognized tax benefits at December 31, 2010, 2009 and 2008, respectively, are $194 million, $184 million and $60 million of tax benefits that, if recognized, would affect the effective tax rate.
The Company recognizes interest and penalties related to income tax matters as a component of income tax expense.
Related to the unrecognized tax benefits noted above, the Company accrued interest and penalties of $8 million during 2010 and in total, as of December 31, 2010, has recognized a liability for interest and penalties of $56 million.
During 2009, the Company accrued interest and penalties of $8 million and in total, as of December 31, 2009, has recognized a liability for interest and penalties of $48 million, of which $28 million was assumed in the BGI Transaction.
During 2008, the Company accrued interest and penalties of $5 million and in total, as of December 31, 2008, had recognized a liability for interest and penalties of $11 million.
Pursuant to the Amended and Restated Stock Purchase Agreement, the Company has been indemnified by Barclays for $69 million of unrecognized tax benefits.
BlackRock is subject to U. S.  federal income tax as well as income tax in multiple jurisdictions.
The tax years after 2005 remain open to U. S.  federal, state and local income tax examination, and the tax years after 2006 remain open to income tax examination in the United Kingdom.
With few exceptions, as of December 31, 2010, the Company is no longer subject to U. S.  federal, state, local or foreign examinations by tax authorities for years before 2006.
The Internal Revenue Service (“IRS”) is currently examining the Company’s 2006 and 2007 tax years and management expects that examination to conclude during 2011.
In February 2011, the Company received a notice of proposed adjustments from the IRS.
Management does not anticipate that its resolution would result in a material change to its consolidated financial statements.
The Company is currently under audit in several state and foreign jurisdictions.
As of December 31, 2010, it is reasonably possible the total amounts of unrecognized tax benefits will increase or decrease within the next twelve months due to completion of tax authorities’ exams or the expiration of statues of limitations.
Management estimates that the existing liability for uncertain tax positions could decrease by approximately $15 million to $25 million within the next twelve months.
The Company does not anticipate that any possible adjustments resulting from these audits would result in a material change to its consolidated financial statements.
Prior to September 29, 2006, BlackRock had filed selected state and municipal income tax returns with one or more PNC subsidiaries on a combined or unitary basis.
When BlackRock was included in a group’s combined or unitary state or municipal income tax filing with PNC subsidiaries, BlackRock’s share of the liability generally was an allocation to BlackRock of a percentage of the total tax liability based upon BlackRock’s level of activity in such state or municipality.
PNC and BlackRock have entered into a tax disaffiliation agreement that sets forth each party’s rights and obligations with respect to income tax payments and refunds and addresses related matters such as the filing of tax returns and the conduct of audits or other proceedings involving claims made by taxing authorities.
As such, the Company may be responsible for its pro rata share of tax positions taken by PNC for unaudited tax years which may be subsequently challenged by taxing authorities.
Management does not anticipate that any such amounts would be material to the Company’s operations, financial position or cash flows.
The following table presents the component changes in BlackRock’s AUM for 2014, 2013 and 2012.
## Table 1 ##
(1) In 2012, amounts include the effect of two single client low-fee institutional index fixed income outflows of $36.0 billion and $74.2 billion.
(2) Advisory AUM represents long-term portfolio liquidation assignments.
Outflows include planned client distributions.
(3) Amounts include AUM acquired from the Company’s acquisition of MGPA in October 2013 of $11.0 billion, the Credit Suisse ETF franchise in July 2013 (the “Credit Suisse ETF Transaction”) of $16.0 billion, the Swiss Re Private Equity Partners acquisition (the “SRPEP Transaction”) in September 2012 of $6.2 billion and the Claymore Investments, Inc.  acquisition (the “Claymore Transaction”) in March 2012 of $7.6 billion.
(4) Foreign exchange reflects the impact of converting non-U.
S.  dollar denominated AUM into U. S.  dollars for reporting purposes.
BlackRock has historically grown aggregate AUM through organic growth and acquisitions.
Management believes that the Company will be able to continue to grow AUM by focusing on strong investment performance, efficient delivery of beta for index products, client service, developing new products and optimizing distribution capabilities.
Component Changes in AUM for 2014 The following table presents the component changes in AUM by client type and product for 2014.
## Table 2 ##
(1) Foreign exchange reflects the impact of converting non-U.
S.  dollar denominated AUM into U. S.  dollars for reporting purposes.
(2) Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
(3) Advisory AUM represents long-term portfolio liquidation assignments.
(e) This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds.
The fair values of the investments in the third-party funds have been estimated using capital accounts representing the Company’s ownership interest in each fund in the portfolio as well as other performance inputs.
These investments are not subject to redemption; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds.
Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds.
It is estimated that the underlying assets of these funds will be liquidated over a weighted-average period of approximately five years at both December 31, 2016 and 2015.
The total remaining unfunded commitments to other third-party funds were $16 million and $19 million at December 31, 2016 and 2015, respectively.
The Company had contractual obligations to the consolidated funds of $24 million and $31 million at December 31, 2016 and 2015, respectively.7.
Derivatives and Hedging The Company maintains a program to enter into swaps to hedge against market price and interest rate exposures with respect to certain seed investments in sponsored investment products.
At December 31, 2016, the Company had outstanding total return swaps and interest rate swaps with aggregate notional values of approximately $572 million and $42 million, respectively.
At December 31, 2015, the Company had outstanding total return swaps and interest rate swaps with aggregate notional values of approximately $360 million and $46 million, respectively.
Gains (losses) on total return swaps are recorded in nonoperating income (expense) and were $(31) million, $11 million and $(26) million for 2016, 2015 and 2014, respectively.
Gains (losses) on the interest rate swaps are recorded in nonoperating income (expense) and were $(21) million for 2014.
Gains (losses) were not material for 2016 and 2015.
The Company has entered into a derivative, providing credit protection to a counterparty of approximately $17 million, representing the Company’s maximum risk of loss with respect to the provision of credit protection.
The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.
The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements.
At December 31, 2016 and 2015, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $107 million and $169 million, respectively.
Gains (losses) on the forward foreign currency exchange contracts are recorded in other general and administration expense and were not material to the consolidated statements of income for 2016, 2015 and 2014.
The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies.
The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for 2016, 2015 and 2014.
The fair value of the outstanding derivatives mentioned above were not material to the consolidated statements of financial condition at December 31, 2016 and 2015.
See Note 12, Borrowings, for more information on the Company’s net investment hedge.8.
Property and Equipment Property and equipment consists of the following:
## Table 3 ##
N/A – Not Applicable Qualifying software costs of approximately $50 million, $48 million and $45 million have been capitalized within equipment and computer software during 2016, 2015 and 2014, respectively, and are being amortized over an estimated useful life of three years.
Depreciation and amortization expense was $124 million, $115 million and $117 million for 2016, 2015 and 2014, respectively.9.
Goodwill Goodwill activity during 2016 and 2015 was as follows:
## Table 4 ##
(1) In 2016, the $14 million increase represents goodwill from the BofA Global Capital Management transaction in April 2016 that transferred investment management responsibilities of approximately $80.6 billion of cash assets under management to the Company.
Total consideration included $75 million of contingent consideration at fair value at time of close.
BlackRock’s platform provides clients with broad access to high quality, global liquidity
?
In 2010, we sold approximately 60 acres of land, in two separate transactions, which resulted in impairment charges of $9.8 million.
These sales were opportunistic in nature and we had not identified or actively marketed this land for disposition, as it was previously intended to be held for development.
General and Administrative Expenses General and administrative expenses increased from $41.3 million in 2010 to $43.1 million in 2011.
The following table sets forth the factors that led to the increase in general and administrative expenses from 2010 to 2011 (in millions):
## Table 5 ##
Interest Expense Interest expense from continuing operations increased from $186.4 million in 2010 to $220.5 million in 2011.
The increase was primarily a result of increased average outstanding debt during 2011 compared to 2010, which was driven by our acquisition activities as well as other uses of capital.
A $7.2 million decrease in the capitalization of interest costs, the result of developed properties no longer meeting the criteria for interest capitalization, also contributed to the increase in interest expense.
Gain (Loss) on Debt Transactions There were no gains or losses on debt transactions during 2011.
During 2010, through a cash tender offer and open market transactions, we repurchased certain of our outstanding series of unsecured notes scheduled to mature in 2011 and 2013.
In total, we paid $292.2 million for unsecured notes that had a face value of $279.9 million.
We recognized a net loss on extinguishment of $16.3 million after considering the write-off of unamortized deferred financing costs, discounts and other accounting adjustments.
Acquisition-Related Activity During 2011, we recognized approximately $2.3 million in acquisition costs, compared to $1.9 million of such costs in 2010.
During 2011, we also recognized a $1.1 million gain related to the acquisition of a building from one of our 50%-owned unconsolidated joint ventures, compared to a $57.7 million gain in 2010 on the acquisition of our joint venture partner’s 50% interest in Dugan.
CRITICAL ACCOUNTING POLICIES The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period.
Our estimates, judgments and assumptions are inherently subjective and based on the existing business and market conditions, and are therefore continually evaluated based upon available information and experience.
Note 2 to the Consolidated Financial Statements includes further discussion of our significant accounting policies.
Our management has assessed the accounting policies used in the preparation of our financial statements and discussed them with our Audit Committee and independent auditors.
The following accounting policies are considered critical based upon materiality to the financial statements, degree of judgment involved in estimating reported amounts and sensitivity to changes in industry and economic conditions:

<table><tr><td></td><td colspan="3">Yearended December 31,</td></tr><tr><td> <i>(Dollar amounts in millions)</i></td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Balance at January 1</td><td>$285</td><td>$114</td><td>$66</td></tr><tr><td>Additions for tax positions of prior years</td><td>10</td><td>11</td><td>12</td></tr><tr><td>Reductions for tax positions of prior years</td><td>-17</td><td>-1</td><td>-2</td></tr><tr><td>Additions based on tax positions related to current year</td><td>35</td><td>63</td><td>42</td></tr><tr><td>Lapse of statute of limitations</td><td>-8</td><td>—</td><td>—</td></tr><tr><td>Settlements</td><td>-2</td><td>-16</td><td>-7</td></tr><tr><td>Foreign exchange translation</td><td>—</td><td>-3</td><td>3</td></tr><tr><td>Positions assumed in BGI Transaction</td><td>4</td><td>117</td><td>—</td></tr><tr><td>Balance at December 31</td><td>$307</td><td>$285</td><td>$114</td></tr></table>
<table><tr><td></td><td colspan="3">December 31,</td></tr><tr><td> <i>(in millions)</i> </td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Beginning assets under management</td><td>$4,324,088</td><td>$3,791,588</td><td>$3,512,681</td></tr><tr><td>Net inflows (outflows)</td><td></td><td></td><td></td></tr><tr><td>Long-term<sup>-1</sup></td><td>181,253</td><td>117,113</td><td>-2,465</td></tr><tr><td>Cash management</td><td>25,696</td><td>10,056</td><td>5,048</td></tr><tr><td>Advisory<sup>-2</sup></td><td>-13,173</td><td>-7,442</td><td>-74,540</td></tr><tr><td>Total net inflows (outflows)</td><td>193,776</td><td>119,727</td><td>-71,957</td></tr><tr><td>Acquisitions<sup>-3</sup></td><td>—</td><td>26,932</td><td>13,742</td></tr><tr><td>Market change</td><td>261,682</td><td>398,707</td><td>321,377</td></tr><tr><td>FX impact<sup>-4</sup></td><td>-127,651</td><td>-12,866</td><td>15,745</td></tr><tr><td>Total change</td><td>327,807</td><td>532,500</td><td>278,907</td></tr><tr><td>Ending assets under management</td><td>$4,651,895</td><td>$4,324,088</td><td>$3,791,588</td></tr></table>
<table><tr><td> <i>(in millions)</i> </td><td> December 31, 2013</td><td>Net inflows (outflows)</td><td>Market change</td><td>FX impact -1</td><td> December 31, 2014</td><td> Full Year Average AUM<sup>-2</sup></td></tr><tr><td>Retail:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>$203,035</td><td>$1,582</td><td>$1,831</td><td>$-6,003</td><td>$200,445</td><td>$207,280</td></tr><tr><td>Fixed income</td><td>151,475</td><td>36,995</td><td>3,698</td><td>-2,348</td><td>189,820</td><td>170,490</td></tr><tr><td>Multi-asset</td><td>117,054</td><td>13,366</td><td>-4,080</td><td>-999</td><td>125,341</td><td>123,619</td></tr><tr><td>Alternatives</td><td>16,213</td><td>3,001</td><td>152</td><td>-643</td><td>18,723</td><td>18,487</td></tr><tr><td>Retail subtotal</td><td>487,777</td><td>54,944</td><td>1,601</td><td>-9,993</td><td>534,329</td><td>519,876</td></tr><tr><td><i>iShares:</i></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>718,135</td><td>59,626</td><td>26,517</td><td>-14,211</td><td>790,067</td><td>751,830</td></tr><tr><td>Fixed income</td><td>178,835</td><td>40,007</td><td>4,905</td><td>-6,076</td><td>217,671</td><td>199,410</td></tr><tr><td>Multi-asset</td><td>1,310</td><td>439</td><td>37</td><td>-13</td><td>1,773</td><td>1,535</td></tr><tr><td>Alternatives</td><td>16,092</td><td>529</td><td>-1,722</td><td>-182</td><td>14,717</td><td>16,453</td></tr><tr><td><i>iShares</i>subtotal</td><td>914,372</td><td>100,601</td><td>29,737</td><td>-20,482</td><td>1,024,228</td><td>969,228</td></tr><tr><td>Institutional:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>138,726</td><td>-18,648</td><td>9,935</td><td>-4,870</td><td>125,143</td><td>131,779</td></tr><tr><td>Fixed income</td><td>505,109</td><td>-6,943</td><td>34,062</td><td>-13,638</td><td>518,590</td><td>515,411</td></tr><tr><td>Multi-asset</td><td>215,276</td><td>15,835</td><td>23,435</td><td>-11,633</td><td>242,913</td><td>233,729</td></tr><tr><td>Alternatives</td><td>73,299</td><td>-664</td><td>1,494</td><td>-1,615</td><td>72,514</td><td>73,075</td></tr><tr><td>Active subtotal</td><td>932,410</td><td>-10,420</td><td>68,926</td><td>-31,756</td><td>959,160</td><td>953,994</td></tr><tr><td>Index:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>1,257,799</td><td>9,860</td><td>102,549</td><td>-34,752</td><td>1,335,456</td><td>1,305,930</td></tr><tr><td>Fixed income</td><td>406,767</td><td>26,347</td><td>56,086</td><td>-21,628</td><td>467,572</td><td>440,047</td></tr><tr><td>Multi-asset</td><td>7,574</td><td>-735</td><td>1,652</td><td>-681</td><td>7,810</td><td>7,001</td></tr><tr><td>Alternatives</td><td>5,510</td><td>656</td><td>-693</td><td>-187</td><td>5,286</td><td>6,061</td></tr><tr><td>Index subtotal</td><td>1,677,650</td><td>36,128</td><td>159,594</td><td>-57,248</td><td>1,816,124</td><td>1,759,039</td></tr><tr><td>Institutional subtotal</td><td>2,610,060</td><td>25,708</td><td>228,520</td><td>-89,004</td><td>2,775,284</td><td>2,713,033</td></tr><tr><td> Long-term</td><td>4,012,209</td><td>181,253</td><td>259,858</td><td>-119,479</td><td>4,333,841</td><td>$ 4,202,137</td></tr><tr><td>Cash management</td><td>275,554</td><td>25,696</td><td>715</td><td>-5,612</td><td>296,353</td><td></td></tr><tr><td>Advisory<sup>-3</sup></td><td>36,325</td><td>-13,173</td><td>1,109</td><td>-2,560</td><td>21,701</td><td></td></tr><tr><td> Total</td><td>$4,324,088</td><td>$193,776</td><td>$261,682</td><td>$-127,651</td><td>$4,651,895</td><td></td></tr></table>
<table><tr><td></td><td rowspan="2">Estimated useful life-in years</td><td colspan="2">December 31,</td></tr><tr><td>(in millions)</td><td>2016</td><td>2015</td></tr><tr><td>Property and equipment:</td><td></td><td></td><td></td></tr><tr><td>Land</td><td>N/A</td><td>$6</td><td>$6</td></tr><tr><td>Building</td><td>39</td><td>33</td><td>17</td></tr><tr><td>Building improvements</td><td>15</td><td>29</td><td>15</td></tr><tr><td>Leasehold improvements</td><td>1-15</td><td>476</td><td>491</td></tr><tr><td>Equipment and computer software</td><td>3</td><td>411</td><td>374</td></tr><tr><td>Other transportation equipment</td><td>10</td><td>135</td><td>135</td></tr><tr><td>Furniture and fixtures</td><td>7</td><td>65</td><td>62</td></tr><tr><td>Construction in progress</td><td>N/A</td><td>5</td><td>51</td></tr><tr><td>Total</td><td></td><td>1,160</td><td>1,151</td></tr><tr><td>Less: accumulated depreciation and amortization</td><td></td><td>601</td><td>570</td></tr><tr><td>Property and equipment, net</td><td></td><td>$559</td><td>$581</td></tr></table>
<table><tr><td>(in millions)</td><td>2016</td><td>2015</td></tr><tr><td>Beginning of year balance</td><td>$13,123</td><td>$12,961</td></tr><tr><td>Acquisitions<sup>-1</sup></td><td>14</td><td>181</td></tr><tr><td>Goodwill adjustments related to Quellos<sup>-2</sup></td><td>-19</td><td>-19</td></tr><tr><td>End of year balance</td><td>$13,118</td><td>$13,123</td></tr></table>
<table><tr><td>General and administrative expenses - 2010</td><td>$41.3</td></tr><tr><td>Increase to overall pool of overhead costs -1</td><td>5.7</td></tr><tr><td>Increased absorption of costs by wholly-owned development and leasing activities -2</td><td>-3.7</td></tr><tr><td>Increased allocation of costs to Service Operations and Rental Operations</td><td>-0.2</td></tr><tr><td>General and administrative expenses - 2011</td><td>$43.1</td></tr></table>

Question: What will Fixed income be like in 2015 if it develops with the same increasing rate as current? (in million)
Answer: 237871.80987