the same alleged course of conduct identified in the Shin complaint described above.
On May 4, 2006, the derivative action was reassigned to the judge assigned to the now consolidated securities action.
The Derivative Action Defendants similarly believe that this complaint is without merit and they intend to defend the action vigorously.
The Company previously disclosed that it had received and was cooperating with an informal request for information from the Staff of the Securities and Exchange Commission (the “Staff”) regarding matters raised in the Shin complaint described above.
In June 2006, the Company was advised by the Staff that it does not anticipate seeking further information regarding those matters.
The Company does not anticipate any further developments in the inquiry.
NOTE 15– NET UNREALIZED INVESTMENT GAINS Under SFAS No.115, “Accounting for Certain Investments in Debt and Equity Securities” (“SFAS No.115”), availablefor-sale securities are recorded at market value.
Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are excluded from earnings and are reported as a component of stockholders’ equity until realized.
The Company’s investments subject to the provisions of SFAS No.115 are treated as available-forsale and, accordingly, the applicable investments have been adjusted to market value with a corresponding adjustment, net of tax, to net unrealized investment gains in accumulated other comprehensive income.
Included in accumulated other comprehensive income was an unrealized investment gain (net of deferred taxes) of $0.5 million and $0.4 million at June 30, 2006 and 2005, respectively.
NOTE 16 – STATEMENT OF CASH FLOWS As of June 30, 2006, the Company has separately disclosed the operating and investing portion of cash flows attributable to its discontinued operations, which in prior years were reported on a combined basis as a single amount.
The Company has conformed its statements of cash flows for fiscal 2005 and 2004 to reflect the cash flows used for discontinued operations from a single line below the financing activities category into the appropriate operating activity and investing activity categories.
$1.1 million and $2.5 million were reclassified for the fiscal years ended June 30, 2005 and 2004, respectively.
Certain other prior period cash flows have been revised to conform to the current period presentation.
Supplemental cash flow information of significant non-cash investing and financing transactions for fiscal 2006, 2005 and 2004 is as follows:
## Table 0 ##
NOTE 17 – SEGMENT DATA AND RELATED INFORMATION Reportable operating segments, as defined by SFAS No.131, “Disclosures about Segments of an Enterprise and Related Information,” include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the “Chief Executive”) in deciding how to allocate resources and in assessing performance.
As a result of the similarities in the manufacturing, marketing and distribution processes for all of the Company’s products, much of the information provided in the consolidated financial statements is similar to, or the same as, that reviewed on a regular basis by the Chief Executive.
Although the Company operates in one business segment, beauty products, management also evaluates performance on a product category basis.
While the Company’s results of operations are also reviewed on a consolidated basis, the Chief Executive reviews data segmented on a basis that facilitates comparison to industry statistics.
Accordingly, net sales, depreciation and amortization, and operating income are available with respect to the manufacture and distribution of skin care, makeup, fragrance, hair care and other products.
These product categories meet the FASB’s definition of operating segments and, accordingly, additional financial data are provided below.
The “other” segment includes the sales and related results of ancillary products and services that do not fit the definition of skin care, makeup, fragrance and hair care.
The Company evaluates segment performance based upon operating income, which represents earnings before income taxes, minority interest, net interest expense and discontinued operations.
The accounting policies for each of the reportable segments are the same as those described in the summary of significant accounting policies, except for depreciation and amortization charges, which are allocated, primarily, based upon net sales.
NOTE 16 — COMMON STOCK As of June 30, 2008, the Company’s authorized common stock consists of 650 million shares of Class A Common Stock, par value $.01 per share, and 240 million shares of Class B Common Stock, par value $.01 per share.
Class B Common Stock is convertible into Class A Common Stock, in whole or in part, at any time and from time to time at the option of the holder, on the basis of one share of Class A Common Stock for each share of Class B Common Stock converted.
Holders of the Company’s Class A Common Stock are entitled to one vote per share and holders of the Company’s Class B Common Stock are entitled to ten votes per share.
Information about the Company’s common stock outstanding is as follows:
## Table 1 ##
On September 18, 1998, the Company’s Board of Directors authorized a share repurchase program to repurchase a total of up to 8.0 million shares of Class A Common Stock in the open market or in privately negotiated transactions, depending on market conditions and other factors.
The Board of Directors authorized the repurchase of up to 10.0 million additional shares of Class A Common Stock in both October 2002 and May 2004, and an additional 20.0 million in each of May 2005, February 2007 and November 2007, increasing the total authorization under the share repurchase program to 88.0 million shares.
As of June 30, 2008, approximately 64.1 million shares have been purchased under this program.
Accelerated Share Repurchase Program In March 2007, the Company repurchased approximately 15,960,800 shares of its outstanding Class A Common Stock for $750.0 million through an accelerated share repurchase program with a fi nancial counterparty.
These shares were accounted for as treasury stock, carried at cost, and refl ected as a reduction to stockholders’ equity.
In August 2007, the fi nancial counterparty informed the Company that it had completed its obligations under the agreement.
The per-share price paid by the Company at inception of the program exceeded the fi nal volume weighted average price per share, as defi ned by the contract.
Accordingly, the Company received 97,417 shares of its Class A Common Stock from the fi nancial counterparty as a price adjustment and fi nal settlement, which was recorded as treasury stock and additional paid-in capital in the consolidated balance sheet.
NOTE 17— STOCK PROGRAMS As of June 30, 2008, the Company has three active equity compensation plans which include the Amended and Restated Fiscal 2002 Share Incentive Plan, the Fiscal 1999 Share Incentive Plan and the Non-Employee Director Share Incentive Plan (collectively, the “Plans”).
These Plans currently provide for the issuance of 33,194,400 shares, which consist of shares originally provided for and shares transferred to the Plans from a previous plan and employment agreement, to be granted in the form of stock-based awards to key employees, consultants and non-employee directors of the Company.
As of June 30, 2008, approximately 7,184,400 shares of Class A Common Stock were reserved and available to be granted pursuant to these Plans, subject to the approval by the Stock Plan Subcommittee of the Company’s Board of Directors of expected payouts for performance share units (“PSU”) vested as of June 30, 2008.
The Company may satisfy the obligation of its stock-based compensation awards with either new or treasury shares.
The Company’s stock compensation awards outstanding at June 30, 2008 include stock options, PSUs, restricted stock units (“RSU”) and share units.
Total net stock-based compensation expense is attributable to the granting of, and the remaining requisite service periods of, stock options, PSUs, RSUs and share units.
Compensation expense attributable to net stockbased compensation for fi scal 2008, 2007 and 2006 was $47.2 million ($31.2 million after tax), $43.2 million ($28.3 million after tax) and $35.7 million ($23.4 million after tax), respectively.
As of June 30, 2008, the total unrecognized compensation cost related to nonvested stock-based awards was $27.6 million and the related weighted- average period over which it is expected to be recognized is approximately 1.6 years.
Insurance contracts— The fair values are based on negotiated value and the underlying investments held in separate account portfolios as well as considering the creditworthiness of the issuer.
The underlying investments are primarily government, asset-backed and fixed income securities.
Insurance contracts are generally classified as Level 3 as there are no quoted prices or other observable inputs for pricing.
Interests in limited partnerships and hedge fund investments— The fair values are determined using the NAV provided by the administrator of the partnership/ fund.
Those investments where the Company has the ability to redeem at the measurement date or within the near term without redemption restrictions are classi- fied within Level 2 of the valuation hierarchy.
When the Company is unable to redeem in the near term, these investments are classified within Level 3.
The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2015:
## Table 2 ##
The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2014:
## Table 3 ##
The following table presents the changes in Level 3 plan assets for fiscal 2015:
## Table 4 ##
401(k) Savings Plan (U. S. ) The Company’s 401(k) Savings Plan (“Savings Plan”) is a contributory defined contribution plan covering substantially all regular U. S.  employees who have completed the hours and service requirements, as defined by the plan document.
Regular full-time employees are eligible to participate in the Savings Plan thirty days following their date of hire.
The Savings Plan is subject to the applicable provisions of ERISA.
The Company matches a portion of the participant’s contributions after one year of service under a predetermined formula based on the participant’s contribution level.
The Company’s contributions were $35.1 million, $33.3 million and $25.1 million for fiscal 2015, 2014 and 2013, respectively.
Shares of the Company’s Class A Common Stock are not an investment option in the Savings Plan and the Company does not use such shares to match participants’ contributions.
Deferred Compensation The Company accrues for deferred compensation and interest thereon, and for the change in the value of cash units pursuant to agreements with certain key executives and outside directors.
The amounts included in the accompanying consolidated balance sheets under these plans were $74.7 million and $69.0 million as of June 30, 2015 and 2014, respectively.
The expense for fiscal 2015, 2014 and 2013 was $8.6 million, $10.6 million and $12.2 million, respectively NOTE 14 — COMMITMENTS AND CONTINGENCIES Contractual Obligations The following table summarizes scheduled maturities of the Company’s contractual obligations for which cash flows are fixed and determinable as of June 30, 2015:
## Table 5 ##
(1) Includes long-term and current debt and the related projected interest costs, and to a lesser extent, capital lease commitments.
Interest costs on long-term and current debt are projected to be $74.4 million in fiscal 2016 and fiscal 2017, $57.8 million in each of the years from fiscal 2018 through fiscal 2020 and $1,012.2 million thereafter.
Projected interest costs on variable rate instruments were calculated using market rates at June 30, 2015.
Refer to Note 10 — Debt.
(2) Minimum operating lease commitments only include base rent.
Certain leases provide for contingent rents that are not measurable at inception and primarily include rents based on a percentage of sales in excess of stipulated levels, as well as common area maintenance.
These amounts are excluded from minimum operating lease commitments and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably measurable.
Such amounts have not been material to total rent expense.
Total rental expense included in the accompanying consolidated statements of earnings was $402.2 million, $356.1 million and $332.4 million in fiscal 2015, 2014 and 2013, respectively.
(3) Unconditional purchase obligations primarily include: inventory commitments, additional purchase price payable and contingent consideration which resulted from the fiscal 2015 acquisitions, earn-out payments related to the acquisition of Bobbi Brown, royalty payments pursuant to license agreements, advertising commitments, capital improvement commitments, non-discretionary planned funding of pension and other post-retirement benefit obligations and commitments pursuant to executive compensation arrangements.
Future contingent consideration, earn-out payments and royalty and advertising commitments were estimated based on planned future sales for the term that was in effect at June 30, 2015, without consideration for potential renewal periods.
(4) Refer to Note 8 — Income Taxes for information regarding unrecognized tax benefits.
As of June 30, 2015, the noncurrent portion of the Company’s unrecognized tax benefits, including related accrued interest and penalties was $89.1 million.
At this time, the settlement period for the noncurrent portion of the unrecognized tax benefits, including related accrued interest and penalties, cannot be determined and therefore was not included.  .  401(k) Savings Plan (U. S. ) The Company’s 401(k) Savings Plan (“Savings Plan”) is a contributory defined contribution plan covering substantially all regular U. S.  employees who have completed the hours and service requirements, as defined by the plan document.
Regular full-time employees are eligible to participate in the Savings Plan thirty days following their date of hire.
The Savings Plan is subject to the applicable provisions of ERISA.
The Company matches a portion of the participant’s contributions after one year of service under a predetermined formula based on the participant’s contribution level.
The Company’s contributions were $35.1 million, $33.3 million and $25.1 million for fiscal 2015, 2014 and 2013, respectively.
Shares of the Company’s Class A Common Stock are not an investment option in the Savings Plan and the Company does not use such shares to match participants’ contributions.
Deferred Compensation The Company accrues for deferred compensation and interest thereon, and for the change in the value of cash units pursuant to agreements with certain key executives and outside directors.
The amounts included in the accompanying consolidated balance sheets under these plans were $74.7 million and $69.0 million as of June 30, 2015 and 2014, respectively.
The expense for fiscal 2015, 2014 and 2013 was $8.6 million, $10.6 million and $12.2 million, respectively.
Legal Proceedings The Company is involved, from time to time, in litigation and other legal proceedings incidental to its business.
Management believes that the outcome of current litigation and legal proceedings will not have a material adverse effect upon the Company’s results of operations, financial condition or cash flows.
However, management’s assessment of the Company’s current litigation and other legal proceedings could change in light of the discovery of facts with respect to legal actions or other proceedings pending against the Company, not presently known to the Company or determinations by judges, juries or other finders of fact which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or proceedings.
Reasonably possible losses in addition to the amounts accrued for litigation and other legal proceedings are not material to the Company’s consolidated financial statements.
Management’s Discussion and Analysis Investing & Lending Investing & Lending includes our investing activities and the origination of loans to provide financing to clients.
These investments and loans are typically longer-term in nature.
We make investments, some of which are consolidated, directly and indirectly through funds that we manage, in debt securities and loans, public and private equity securities, and real estate entities.
The table below presents the operating results of our Investing & Lending segment.

<table><tr><td></td><td>2006</td><td> 2005</td><td>2004</td></tr><tr><td> </td><td colspan="3">(In millions)</td></tr><tr><td>Incremental tax benefit from the exercise of stock options</td><td>$6.4</td><td>$19.7</td><td>$19.3</td></tr><tr><td>Change in liability associated with acquisition of business</td><td>$-36.1</td><td>$38.2</td><td>$—</td></tr><tr><td>Capital lease obligations incurred</td><td>$1.5</td><td>$10.9</td><td>$—</td></tr><tr><td>Accrued dividend equivalents</td><td>$0.1</td><td>$—</td><td>$—</td></tr><tr><td>Interest rate swap derivative mark to market</td><td>$-16.5</td><td>$9.6</td><td>$-20.6</td></tr></table>
<table><tr><td> </td><td> Class A</td><td>Class B</td></tr><tr><td> </td><td colspan="2">(Shares in thousands)</td></tr><tr><td> Balance at June 30, 2005</td><td>132,663.4</td><td>87,640.9</td></tr><tr><td>Acquisition of treasury stock</td><td>-11,216.3</td><td>—</td></tr><tr><td>Conversion of Class B to Class A</td><td>2,335.0</td><td>-2,335.0</td></tr><tr><td>Stock-based compensation</td><td>2,673.0</td><td>—</td></tr><tr><td> Balance at June 30, 2006</td><td>126,455.1</td><td>85,305.9</td></tr><tr><td>Acquisition of treasury stock</td><td>-22,477.6</td><td>—</td></tr><tr><td>Conversion of Class B to Class A</td><td>3,501.1</td><td>-3,501.1</td></tr><tr><td>Stock-based compensation</td><td>5,044.8</td><td>—</td></tr><tr><td> Balance at June 30, 2007</td><td>112,523.4</td><td>81,804.8</td></tr><tr><td>Acquisition of treasury stock</td><td>-3,106.3</td><td>—</td></tr><tr><td>Conversion of Class B to Class A</td><td>3,737.5</td><td>-3,737.5</td></tr><tr><td>Stock-based compensation</td><td>3,685.2</td><td>—</td></tr><tr><td> Balance at June 30, 2008</td><td>116,839.8</td><td>78,067.3</td></tr></table>
<table><tr><td> (In millions)</td><td> Level 1</td><td> Level 2</td><td> Level 3</td><td> Total</td></tr><tr><td>Cash and cash equivalents</td><td>$2.8</td><td>$—</td><td>$—</td><td>$2.8</td></tr><tr><td>Short-term investment funds</td><td>—</td><td>53.1</td><td>—</td><td>53.1</td></tr><tr><td>Government and agency securities</td><td>—</td><td>30.5</td><td>—</td><td>30.5</td></tr><tr><td>Equity securities</td><td>22.8</td><td>—</td><td>—</td><td>22.8</td></tr><tr><td>Debt instruments</td><td>—</td><td>168.9</td><td>—</td><td>168.9</td></tr><tr><td>Commingled funds</td><td>247.5</td><td>550.4</td><td>35.0</td><td>832.9</td></tr><tr><td>Insurance contracts</td><td>—</td><td>—</td><td>40.4</td><td>40.4</td></tr><tr><td>Limited partnerships and hedge fund investments</td><td>—</td><td>106.8</td><td>14.0</td><td>120.8</td></tr><tr><td>Total</td><td>$273.1</td><td>$909.7</td><td>$89.4</td><td>$1,272.2</td></tr></table>
<table><tr><td> (In millions)</td><td> Level 1</td><td> Level 2</td><td> Level 3</td><td> Total</td></tr><tr><td>Short-term investment funds</td><td>$22.4</td><td>$28.0</td><td>$—</td><td>$50.4</td></tr><tr><td>Government and agency securities</td><td>—</td><td>39.7</td><td>—</td><td>39.7</td></tr><tr><td>Equity securities</td><td>44.1</td><td>—</td><td>—</td><td>44.1</td></tr><tr><td>Debt instruments</td><td>—</td><td>173.8</td><td>—</td><td>173.8</td></tr><tr><td>Commingled funds</td><td>251.2</td><td>504.4</td><td>34.5</td><td>790.1</td></tr><tr><td>Insurance contracts</td><td>—</td><td>—</td><td>51.2</td><td>51.2</td></tr><tr><td>Limited partnerships and hedge fund investments</td><td>—</td><td>52.2</td><td>67.0</td><td>119.2</td></tr><tr><td>Total</td><td>$317.7</td><td>$798.1</td><td>$152.7</td><td>$1,268.5</td></tr></table>
<table><tr><td> (In millions)</td><td>Commingled Funds</td><td>Insurance Contracts</td><td>Limited Partnerships and Hedge Fund Investments</td><td>Total</td></tr><tr><td>Balance as of June 30, 2014</td><td>$34.5</td><td>$51.2</td><td>$67.0</td><td>$152.7</td></tr><tr><td>Actual return on plan assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Relating to assets still held at the reporting date</td><td>3.1</td><td>2.4</td><td>1.8</td><td>7.3</td></tr><tr><td>Relating to assets sold during the year</td><td>1.1</td><td>—</td><td>0.1</td><td>1.2</td></tr><tr><td>Transfers in (out)</td><td>—</td><td>—</td><td>-54.6</td><td>-54.6</td></tr><tr><td>Purchases, sales, issuances and settlements, net</td><td>-1.0</td><td>-3.7</td><td>-0.3</td><td>-5.0</td></tr><tr><td>Foreign exchange impact</td><td>-2.7</td><td>-9.5</td><td>—</td><td>-12.2</td></tr><tr><td>Balance as of June 30, 2015</td><td>$35.0</td><td>$40.4</td><td>$14.0</td><td>$89.4</td></tr></table>
<table><tr><td> </td><td> </td><td colspan="5"> Payments Due in Fiscal</td><td> </td></tr><tr><td> (In millions)</td><td> Total</td><td> 2016</td><td> 2017</td><td> 2018</td><td> 2019</td><td> 2020</td><td> Thereafter</td></tr><tr><td>Debt service-1</td><td>$2,970.6</td><td>$104.4</td><td>$378.4</td><td>$59.4</td><td>$58.4</td><td>$57.8</td><td>$2,312.2</td></tr><tr><td>Operating lease commitments-2</td><td>1,927.8</td><td>299.8</td><td>279.4</td><td>252.5</td><td>205.7</td><td>168.6</td><td>721.8</td></tr><tr><td>Unconditional purchase obligations-3</td><td>2,871.9</td><td>1,338.9</td><td>358.4</td><td>401.5</td><td>288.5</td><td>389.5</td><td>95.1</td></tr><tr><td>Gross unrecognized tax benefits and interest — current-4</td><td>5.2</td><td>5.2</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total contractual obligations</td><td>$7,775.5</td><td>$1,748.3</td><td>$1,016.2</td><td>$713.4</td><td>$552.6</td><td>$615.9</td><td>$3,129.1</td></tr></table>

Question: In what sections is Commingled funds greater than 500?
Answer: Level 2