The income approach indicates value for an asset or liability based on the present value of cash flow projected to be generated over the remaining economic life of the asset or liability being measured.
Both the amount and the duration of the cash flows are considered from a market participant perspective.
Our estimates of market participant net cash flows considered historical and projected pricing, remaining developmental effort, operational performance including companyspecific synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors.
Where appropriate, the net cash flows are adjusted to reflect the uncertainties associated with the underlying assumptions, as well as the risk profile of the net cash flows utilized in the valuation.
The adjusted future cash flows are then discounted to present value using an appropriate discount rate.
Projected cash flow is discounted at a required rate of return that reflects the relative risk of achieving the cash flows and the time value of money.
The market approach is a valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities, or a group of assets and liabilities.
Valuation techniques consistent with the market approach often use market multiples derived from a set of comparables.
The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used, as appropriate, for property, plant and equipment.
The cost to replace a given asset reflects the estimated reproduction or replacement cost, less an allowance for loss in value due to depreciation.
The purchase price allocation resulted in the recognition of $2.8 billion of goodwill, all of which is expected to be amortizable for tax purposes.
Substantially all of the goodwill was assigned to our RMS business.
The goodwill recognized is attributable to expected revenue synergies generated by the integration of our products and technologies with those of Sikorsky, costs synergies resulting from the consolidation or elimination of certain functions, and intangible assets that do not qualify for separate recognition, such as the assembled workforce of Sikorsky.
Determining the fair value of assets acquired and liabilities assumed requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates and discount rates.
The cash flows employed in the DCF analyses are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions, customer budgets, existing firm orders, expected future orders, contracts with suppliers, labor agreements, changes in working capital, long term business plans and recent operating performance.
Use of different estimates and judgments could yield different results.
Impact to 2015 Financial Results Sikorsky’s 2015 financial results have been included in our consolidated financial results only for the period from the November 6, 2015 acquisition date through December 31, 2015.
As a result, our consolidated financial results for the year ended December 31, 2015 do not reflect a full year of Sikorsky’s results.
From the November 6, 2015 acquisition date through December 31, 2015, Sikorsky generated net sales of approximately $400 million and operating loss of approximately $45 million, inclusive of intangible amortization and adjustments required to account for the acquisition.
We incurred approximately $38 million of non-recoverable transaction costs associated with the Sikorsky acquisition in 2015 that were expensed as incurred.
These costs are included in other income, net on our consolidated statements of earnings.
We also incurred approximately $48 million in costs associated with issuing the $7.0 billion November 2015 Notes used to repay all outstanding borrowings under the 364-day Facility used to finance the acquisition.
The financing costs were recorded as a reduction of debt and will be amortized to interest expense over the term of the related debt.
Supplemental Pro Forma Financial Information (unaudited) The following table presents summarized unaudited pro forma financial information as if Sikorsky had been included in our financial results for the entire years in 2015 and 2014 (in millions):
## Table 0 ##
The unaudited supplemental pro forma financial data above has been calculated after applying our accounting policies and adjusting the historical results of Sikorsky with pro forma adjustments, net of tax, that assume the acquisition occurred on January 1, 2014.
Significant pro forma adjustments include the recognition of additional amortization expense related to acquired intangible assets and additional interest expense related to the short-term debt used to finance the acquisition.
These
Net interest analysis We have certain assets and liabilities, not only held in our RJ Bank segment but also held in our PCG and Capital Markets segments, which are subject to changes in interest rates; these changes in interest rates have an impact on our overall financial performance.
Given the relationship of our interest sensitive assets to liabilities held in each of these segments, an increase in short-term interest rates would result in an overall increase in our net earnings (we currently have more assets than liabilities with a yield that would be affected by a change in short-term interest rates).
A gradual increase in short-term interest rates would have the most significant favorable impact on our PCG and RJ Bank segments.
The actual amount of any benefit would be dependent upon a variety of factors including, but not limited to, the change in balances, the rapidity and magnitude of the increase in rates, and the interest rates paid on client cash balances.
The following table presents average balance data and interest income and expense data, as well as the related net interest income:
## Table 1 ##
(1) Represents average daily balance, unless otherwise noted.
(2) See Results of Operations – RJ Bank in this MD&A for further information.
(3) Average balance is calculated based on the average of the end of month balances for each month within the period.
Albion in the prior fiscal year.
Revenues resulting from either distributions received or valuation adjustments related to certain private equity investments we acquired as part of the Morgan Keegan acquisition increased $16 million over the prior year.
Interest expense in fiscal year 2013 increased $18 million, or 29% over the prior year.
The increase primarily results from our March 2012 issuances of $350 million 6.9% senior notes and $250 million 5.625% senior notes, as well as interest expense associated with borrowings under certain credit agreements with Regions Bank (as more fully described in Note 15 of the Notes to Consolidated Financial Statements in this Form 10-K).
Both of the March 2012 debt offerings and the borrowings from Regions Bank were part of our acquisition financing activities and other transactions associated with the Morgan Keegan acquisition.
Acquisition related expenses in fiscal year 2013 increased $14 million, or 24%, over the prior year.
These expenses are almost entirely comprised of expenses associated with our acquisition and integration of Morgan Keegan.
These expenses include information systems integration and conversion costs, other integration related costs, occupancy and equipment costs which include costs incurred to abandon certain leased facilities that resulted from our integration activities, and severance related expenses (see Note 3 of the Notes to Consolidated Financial Statements in this Form 10-K for additional information).
Compensation and other expenses in fiscal year 2013 increased $8 million, or 21%, over the prior year primarily as a result of an increase in incentive compensation expense.
The noncontrolling interest line item captures the pre-tax income generated from investments included in this segment of which we do not own 100%.
The income before tax attributable to noncontrolling interests in fiscal year 2013 increased $34 million over the prior year.
This increase primarily resulted from the increase in revenues generated from the Albion investment, which resulted in a $26 million increase over the prior year in the attribution of pre-tax income to others.
The remaining $8 million increase over the prior year resulted from increases in the pre-tax income generated by the other investments we hold in our private equity portfolio of which we do not own 100%.
Certain statistical disclosures by bank holding companies As a financial holding company, we are required to provide certain statistical disclosures by bank holding companies pursuant to the SEC’s Industry Guide 3.
Certain of those disclosures are as follows for the fiscal year indicated:
## Table 2 ##
(1) Computed as net income attributable to RJF, Inc.  for the year indicated, divided by average assets (the sum of total assets at the beginning and end of the year, divided by two).
(2) Computed by utilizing the net income attributable to RJF, Inc.  and the average equity for each respective fiscal year.
Average equity is computed by adding the total equity attributable to RJF, Inc.  as of each quarter-end date during the indicated fiscal year, plus the beginning of the year total, divided by five.
(3) Computed as average equity (the sum of total equity at the beginning and end of the fiscal year, divided by two), divided by average assets (the sum of total assets at the beginning and end of the fiscal year, divided by two).
(4) Computed as dividends declared per common share during the fiscal year as a percentage of diluted earnings per common share.
Refer to the RJ Bank section of this MD&A and the Notes to Consolidated Financial Statements in this Form 10-K for the other required disclosures.
Liquidity and Capital Resources Liquidity is essential to our business.
The primary goal of our liquidity management activities is to ensure adequate funding to conduct our business over a range of market environments.
Senior management establishes our liquidity and capital policies.
These policies include senior management’s review of shortand long-term cash flow forecasts, review of monthly capital expenditures, the monitoring of the availability of alternative sources of financing, and the daily monitoring of liquidity in our significant subsidiaries.
Our decisions on the allocation of capital to our

<table><tr><td></td><td>2015</td><td>2014</td></tr><tr><td>Net sales</td><td>$45,366</td><td>$47,369</td></tr><tr><td>Net earnings</td><td>3,534</td><td>3,475</td></tr><tr><td>Basic earnings per common share</td><td>11.39</td><td>10.97</td></tr><tr><td>Diluted earnings per common share</td><td>11.23</td><td>10.78</td></tr></table>
<table><tr><td></td><td colspan="9">Year ended September 30,</td></tr><tr><td></td><td colspan="3">2012</td><td colspan="3">2011</td><td colspan="3">2010</td></tr><tr><td></td><td>Averagebalance<sup>-1</sup></td><td>Interestinc./exp.</td><td>Averageyield/cost</td><td>Averagebalance<sup>-1</sup></td><td>Interestinc./exp.</td><td>Averageyield/cost</td><td>Averagebalance<sup>-1</sup></td><td>Interestinc./exp.</td><td>Averageyield/cost</td></tr><tr><td></td><td colspan="9">($ in thousands)</td></tr><tr><td>Interest-earning assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Margin balances</td><td>$1,858,481</td><td>$60,104</td><td>3.23%</td><td>$1,495,931</td><td>$52,361</td><td>3.50%</td><td>$1,355,665</td><td>$46,650</td><td>3.44%</td></tr><tr><td>Assets segregated pursuant to regulations and other segregated assets</td><td>2,908,170</td><td>7,900</td><td>0.27%</td><td>2,099,190</td><td>8,424</td><td>0.40%</td><td>1,861,977</td><td>7,685</td><td>0.41%</td></tr><tr><td>Bank loans, net of unearned income<sup>-2</sup></td><td>7,501,832</td><td>319,211</td><td>4.26%</td><td>6,291,748</td><td>270,057</td><td>4.29%</td><td>6,439,827</td><td>257,988</td><td>4.01%</td></tr><tr><td>Available for sale securities</td><td>659,053</td><td>9,076</td><td>1.38%</td><td>402,229</td><td>10,815</td><td>2.69%</td><td>529,056</td><td>17,846</td><td>3.37%</td></tr><tr><td>Trading instruments<sup>-3</sup></td><td>764,365</td><td>20,977</td><td>2.74%</td><td>598,155</td><td>20,549</td><td>3.44%</td><td>553,142</td><td>18,146</td><td>3.28%</td></tr><tr><td>Stock loan</td><td>577,879</td><td>9,110</td><td>1.58%</td><td>649,529</td><td>6,035</td><td>0.93%</td><td>671,692</td><td>8,448</td><td>1.26%</td></tr><tr><td>Other<sup>-3</sup></td><td>2,255,213</td><td>26,880</td><td>1.19%</td><td>2,176,299</td><td>24,077</td><td>1.11%</td><td>1,558,928</td><td>14,129</td><td>0.91%</td></tr><tr><td>Total</td><td>$16,524,993</td><td>$453,258</td><td>2.74%</td><td>$13,713,081</td><td>$392,318</td><td>2.86%</td><td>$12,970,287</td><td>$370,892</td><td>2.86%</td></tr><tr><td>Interest-bearing liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Brokerage client liabilities</td><td>$4,364,095</td><td>2,213</td><td>0.05%</td><td>$3,456,009</td><td>$3,422</td><td>0.10%</td><td>$2,958,026</td><td>$3,688</td><td>0.12%</td></tr><tr><td>Bank deposits<sup>-2</sup></td><td>8,032,768</td><td>9,484</td><td>0.12%</td><td>6,967,727</td><td>12,543</td><td>0.18%</td><td>6,882,537</td><td>16,053</td><td>0.23%</td></tr><tr><td>Trading instruments sold but not yet purchased<sup>-3</sup></td><td>173,458</td><td>2,437</td><td>1.40%</td><td>162,616</td><td>3,621</td><td>2.23%</td><td>111,474</td><td>2,176</td><td>1.95%</td></tr><tr><td>Stock borrow</td><td>163,262</td><td>1,976</td><td>1.21%</td><td>224,306</td><td>1,807</td><td>0.81%</td><td>223,646</td><td>3,530</td><td>1.58%</td></tr><tr><td>Borrowed funds</td><td>314,975</td><td>5,915</td><td>1.88%</td><td>133,216</td><td>3,969</td><td>2.98%</td><td>144,809</td><td>6,099</td><td>4.21%</td></tr><tr><td>Senior notes</td><td>877,066</td><td>58,523</td><td>6.67%</td><td>473,112</td><td>31,320</td><td>6.62%</td><td>299,953</td><td>26,091</td><td>8.70%</td></tr><tr><td>Loans payable of consolidated variable interest entities<sup>-3</sup></td><td>88,762</td><td>5,032</td><td>5.67%</td><td>105,509</td><td>6,049</td><td>5.73%</td><td>81,294</td><td>4,457</td><td>5.48%</td></tr><tr><td>Other<sup>-3</sup></td><td>282,359</td><td>5,789</td><td>2.05%</td><td>61,717</td><td>3,099</td><td>5.02%</td><td>96,344</td><td>757</td><td>0.79%</td></tr><tr><td>Total</td><td>$14,296,745</td><td>$91,369</td><td>0.64%</td><td>$11,584,212</td><td>$65,830</td><td>0.57%</td><td>$10,798,083</td><td>$62,851</td><td>0.58%</td></tr><tr><td>Net interest income</td><td></td><td>$361,889</td><td></td><td></td><td>$326,488</td><td></td><td></td><td>$308,041</td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Year ended September 30,</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>RJF return on average assets<sup>-1</sup></td><td>2.1%</td><td>1.7%</td><td>1.5%</td></tr><tr><td>RJF return on average equity<sup>-2</sup></td><td>12.3%</td><td>10.6%</td><td>9.7%</td></tr><tr><td>Average equity to average assets<sup>-3</sup></td><td>18.1%</td><td>17.3%</td><td>16.8%</td></tr><tr><td>Dividend payout ratio<sup>-4</sup></td><td>19.3%</td><td>21.7%</td><td>23.6%</td></tr></table>

Question: How many elements show private value in 2012 for Averagebalance?
Answer: 17