(Level 1) and the lowest priority to unobservable inputs (Level 3).
The three levels of the fair value hierarchy are described below: ?
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.  ?
Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e. g. , interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.  ?
Level 3—Inputs that are both significant to the fair value measurement and unobservable.
The carrying values and fair values of Arconic’s financial instruments were as follows:
## Table 0 ##
The following methods were used to estimate the fair values of financial instruments: Cash and cash equivalents, Restricted cash, Short-term borrowings, and Commercial paper.
The carrying amounts approximate fair value because of the short maturity of the instruments.
The fair value amounts for Cash and cash equivalents, Restricted cash, and Commercial paper were classified in Level 1, and Short-term borrowings were classified in Level 2.
Derivatives.
The fair value of derivative contracts classified as Level 1 was based on identical unrestricted assets and liabilities.
The fair value of derivative contracts classified as Level 2 was based on inputs other than quoted prices that are observable for the asset or liability (e. g.  interest rates).
Noncurrent receivables.
The fair value of noncurrent receivables was based on anticipated cash flows, which approximates carrying value, and was classified in Level 2 of the fair value hierarchy.
Available-for-sale securities.
The fair value of such securities was based on quoted market prices.
These financial instruments consist of exchange-traded fixed income and equity securities, which are carried at fair value and were classified in Level 1 of the fair value hierarchy.
Packaging - GRP serves the packaging market in Russia, Asia and Latin America through regional facilities.
For additional discussion of the Global Rolled Products segment’s business, see “Results of Operations—Segment Information” in Part II, Item 7.
(Management’s Discussion and Analysis of Financial Condition and Results of Operations) and Note C to the Consolidated Financial Statements in Part II, Item 8.
(Financial Statements and Supplementary Data).
In July 2018, the Company announced it had signed a new long-term contract with Boeing to supply aluminum sheet and plate for all models produced by Boeing Commercial Airplanes.
The multiyear contract, which extends and adds to the Companies’ 2014 contract, is the largest to date and captures growth in the build rate increases of the Boeing 737 program.
On October 31, 2018, the Company sold its Texarkana, Texas rolling mill and cast house to Ta Chen International, Inc.  for $302 million in cash, subject to post-closing adjustments, plus additional contingent consideration of up to $50 million.
The contingent consideration relates to the achievement of various milestones within 36 months of the transaction closing date associated with operationalizing the rolling mill equipment.
The Texarkana rolling mill facility had previously been idle since late 2009.
In early 2016, the Company restarted the Texarkana cast house to meet demand for aluminum slab.
As part of the agreement, the Company will continue to produce aluminum slab at the facility for a period of 18 months through a lease back of the cast house building and equipment, after which time, Ta Chen will perform toll processing of metal for the Company for a period of six months.
The Company will supply Ta Chen with cold-rolled aluminum coil during this 24-month period.
In February 2019, the Company announced an investment of approximately $100 million to expand its hot mill capability and add downstream equipment capabilities to manufacture industrial and automotive aluminum products in its Tennessee Operations facility near Knoxville, Tennessee.
The project, which is expected to create 70 new jobs, is already underway and is expected to be complete by the fourth quarter of 2020.
Global Rolled Products Principal Facilities
## Table 1 ##
1 Leased property or partially leased property.2 Properties are satellite locations of the Davenport, Iowa facility.3 The aluminum slab that is cast at Texarkana is turned into aluminum sheets at Arconic’s expanded automotive facility in Davenport, Iowa and its rolling mill in Lancaster, Pennsylvania.
See discussion above concerning the sale of this facility.4 Micromill?
production facility produces sheet for automotive and industrial applications using Arconic innovative production process.
Transportation and Construction Solutions Arconic’s Transportation and Construction Solutions segment ("TCS") produces products that are used mostly in the commercial transportation and nonresidential building and construction end markets.
Such products include integrated aluminum structural systems, architectural extrusions and forged aluminum commercial vehicle wheels.
The Transportation and Construction Solutions segment is comprised of two business units: Arconic Wheel and Transportation Products; and Building and Construction Systems.
Arconic Wheel and Transportation Products (AWTP).
AWTP provides forged aluminum wheels and related products for heavy-duty trucks and the commercial transportation markets.
The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was antidilutive (shares in millions).
## Table 2 ##
(1) The average exercise price of options per share was $26.79, $33.32, and $26.93 for 2018, 2017, and 2016, respectively.
In 2017, had Arconic generated sufficient net income, 30 million, 14 million, 5 million, and 1 million potential shares of common stock related to the mandatory convertible preferred stock, convertible notes, stock awards, and stock options, respectively, would have been included in diluted average shares outstanding.
The mandatory convertible preferred stock converted on October 2, 2017 (see Note I).
In 2016, had Arconic generated sufficient net income, 28 million, 10 million, 4 million, and 1 million potential shares of common stock related to the mandatory convertible preferred stock, convertible notes, stock awards, and stock options, respectively, would have been included in diluted average shares outstanding.

<table><tr><td></td><td colspan="2"> 2016</td><td colspan="2"> 2015</td></tr><tr><td> December 31,</td><td> Carrying value</td><td> Fair value</td><td> Carrying value</td><td> Fair value</td></tr><tr><td>Cash and cash equivalents</td><td>$1,863</td><td>$1,863</td><td>$1,362</td><td>$1,362</td></tr><tr><td>Restricted cash</td><td>15</td><td>15</td><td>37</td><td>37</td></tr><tr><td>Derivatives – current asset</td><td>14</td><td>14</td><td>67</td><td>67</td></tr><tr><td>Noncurrent receivables</td><td>21</td><td>21</td><td>17</td><td>17</td></tr><tr><td>Derivatives – noncurrent asset</td><td>10</td><td>10</td><td>31</td><td>31</td></tr><tr><td>Available-for-sale securities</td><td>102</td><td>102</td><td>193</td><td>193</td></tr><tr><td>Investment in common stock of Alcoa Corporation</td><td>1,020</td><td>1,020</td><td>-</td><td>-</td></tr><tr><td>Short-term borrowings</td><td>36</td><td>36</td><td>38</td><td>38</td></tr><tr><td>Derivatives – current liability</td><td>5</td><td>5</td><td>49</td><td>49</td></tr><tr><td>Commercial paper</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Long-term debt due within one year</td><td>4</td><td>4</td><td>3</td><td>3</td></tr><tr><td>Derivatives – noncurrent liability</td><td>3</td><td>3</td><td>19</td><td>19</td></tr><tr><td>Contingent payment related to an acquisition</td><td>78</td><td>78</td><td>130</td><td>130</td></tr><tr><td>Long-term debt, less amount due within one year</td><td>8,044</td><td>8,519</td><td>8,786</td><td>8,714</td></tr></table>
<table><tr><td>Country</td><td>Location</td><td>Products</td></tr><tr><td>Brazil</td><td>Itapissuma</td><td>Specialty Foil</td></tr><tr><td>China</td><td>Kunshan</td><td>Sheet and Plate</td></tr><tr><td></td><td>Qinhuangdao<sup>1</sup></td><td>Sheet and Plate</td></tr><tr><td>Hungary</td><td>Székesfehérvár</td><td>Sheet and Plate/Slabs and Billets</td></tr><tr><td>Russia</td><td>Samara</td><td>Sheet and Plate/Extrusions and Forgings</td></tr><tr><td>United Kingdom</td><td>Birmingham</td><td>Plate</td></tr><tr><td>United States</td><td>Davenport, IA</td><td>Sheet and Plate</td></tr><tr><td></td><td>Danville, IL<sup>2</sup></td><td>Sheet and Plate</td></tr><tr><td></td><td>Hutchinson, KS<sup>2</sup></td><td>Sheet and Plate</td></tr><tr><td></td><td>Lancaster, PA</td><td>Sheet and Plate</td></tr><tr><td></td><td>Alcoa, TN</td><td>Sheet</td></tr><tr><td></td><td>Texarkana, TX<sup>1, 3</sup></td><td>Slabs</td></tr><tr><td></td><td>San Antonio, TX<sup>4</sup></td><td>Micromill™</td></tr></table>
<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Mandatory convertible preferred stock</td><td>n/a</td><td>39</td><td>39</td></tr><tr><td>Convertible notes</td><td>—</td><td>14</td><td>14</td></tr><tr><td>Stock options<sup>-1</sup></td><td>9</td><td>11</td><td>13</td></tr><tr><td>Stock awards</td><td>—</td><td>7</td><td>8</td></tr></table>

Question: considering the average exercise price of options , what is the increase in the total value of stock options observed during 2016 and 2017 , in millions of dollars?
Answer: 16.43