REPUBLIC SERVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) We determine the discount rate used in the measurement of our obligations based on a model that matches the timing and amount of expected benefit payments to maturities of high quality bonds priced as of the Plan measurement date.
When that timing does not correspond to a published high-quality bond rate, our model uses an expected yield curve to determine an appropriate current discount rate.
The yields on the bonds are used to derive a discount rate for the liability.
The term of our obligation, based on the expected retirement dates of our workforce, is approximately eight years.
In developing our expected rate of return assumption, we have evaluated the actual historical performance and long-term return projections of the Plan assets, which give consideration to the asset mix and the anticipated timing of the Plan outflows.
We employ a total return investment approach whereby a mix of equity and fixed income investments are used to maximize the long-term return of Plan assets for what we consider a prudent level of risk.
The intent of this strategy is to minimize Plan expenses by outperforming Plan liabilities over the long run.
Risk tolerance is established through careful consideration of Plan liabilities, Plan funded status and our financial condition.
The investment portfolio contains a diversified blend of equity and fixed income investments.
Furthermore, equity investments are diversified across U. S.  and non-U.
S.  stocks as well as growth, value, and small and large capitalizations.
Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments.
Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset and liability studies, and quarterly investment portfolio reviews.
The following table summarizes our target asset allocation for 2015 and actual asset allocation as of December 31, 2015 and 2014 for our Plan:
## Table 0 ##
For 2016, the investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to achieve our target of an average long-term rate of return of 5.64%.
While we believe we can achieve a longterm average return of 5.64%, we cannot be certain that the portfolio will perform to our expectations.
Assets are strategically allocated among debt and equity portfolios to achieve a diversification level that reduces fluctuations in investment returns.
Asset allocation target ranges and strategies are reviewed periodically with the assistance of an independent external consulting firm.
expenses.
Acquisition and integration expenses for the years ended December 31,2004 and 2003, included(in millions):
## Table 1 ##
Cash and Equicalents -The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
The carrying amountsreported in the balance sheet for cash and equivalents are valued at cost, which approximates their fair value.
The Company has restricted cash primarily composed of cash held in escrow related to certain insurance coverage.
Inxentories-Inventories, net of allowances for obsolete and slow-moving goods, are stated at the lower of cost or market, with cost determined on a first-in first-out basis.
Property, Plant and Equipment-Property, plant and equipment is carried at cost less accumulated depreciation.
Depreciation is computed on a straight-line method based on the estimated useful lives of ten to forty years for buildings and improvements, three to eight years for machinery and equipment and generally five years for instruments.
Maintenance and repairs are expensed as incurred.
In accordance with Statement of Financial Accounting Standards (CSFAS") No.144,"Accounting for the Impairment or Disposal of Long-Lived Assets,"the Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.
An impairment loss would be recagnized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount.
An impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value.
Goodwill-The Company accounts for goodwill in accordance with SFAS No.142,"Goodwill and Other Intangible Assets".
Under SFAS 142, goodwill is not amortizedbut is subject to annual impairment tests.
Goodwill has been assigned to reporting units, which are consistent with the Company's reportable operating segments.
The Company performs annual impairment tests in accordance with SFAS No.142 by comparing each reporting umit's fair value to its carrying amount to determine if there is potential impairment.
If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded to theextent that the implied fair value of the reporting unit goodwill is less than the carrying value of the reporting unit goodwill.
The fair value of the reporting unit and the implied fair value of goodwill are determined based upon discounted cash flows, market multiples or appraised values as appropriate.
Intangille Assets -The Company accounts for intangble assets in accordance with SFAS No.142.
Intangible assets with an indeflnite life, including certain trademarks and trade names, are not amortized.
The useful lives of indefinite life intangible assets are assessed annually to determine whether events and circumstances continue to support an indefinite life.
Intangible assets with a finite life, including core and developed technology, certain trademarks and trade names, customer related intangibles and patents and licenses are amortized over their estimated useful life, ranging from sevento thirty years.
Intangible assets with an indefinite life are tested for impaiment annually, or whenever events or circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized if the carrying amount exceeds the estimated fair value of the asset.
The amount of the impairment loss to be recorded would be determined based upon the excess of the asset's canying value over its fair value.
Intangible assets with a finite life are tested for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable.
Research and Development-The Company expenses all research and development costs as incurred.
Research and development costs include salaries, prototypes, depreciation of equipment used in research and development, consultant fees and amounts paid to collaborative partners.
Income Taxes -The Company accounts for income taxes in accordance with SFAS No.109,"Accounting for Income Taxes.
"Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates in effect for the years in which the differences are expected to reverse.
Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the U. S.  Deriwative Financial Imstruments-The Company accounts for all derivative financial instruments in accordance with SFAS No.133,"Accounting for Derivative Instruments and Hedging Activities,"as amended by SFAS No.138, "Accounting for Certain Derivative Instruments and Certain Hedging Activities (an amendment of FASB Statement No.133)"and SFAS No.149,"Amendment of Statement 133 on Derivative Instruments and Hedging Activities".
SFAS No.133 requires that all derivative instruments be reported as assets or liabilities on the balance sheet and measured at fair value.
The Company maintains written policies and procedures that permit, under appropriate circumstances and subject to proper authorization, the use of derivative financial instruments solely for hedging purposes.
The use of derivative financial instruments for trading or speculative purposes is prohibited.
The Company is exposed to market risk due to changes in currency exchange rates.
As a result, the Company utilizes foreign exchange forward contracts to offset the effect of exchange rate fluctuations on anticipated foreign currency transactions, generally intercompany sales
Notes to Consolidated Financial Statements (Continued) The following table summarizes information about stock options outstanding at December 31, 2004:
## Table 2 ##
Options exercisable at December 31, 2004, 2003 and and Africa; and Asia Pacific, which is comprised primarily of 2002, were 4.8 million, 4.9 million and 4.7 million, Japan and includes other Asian and Pacific markets.
This respectively, with average exercise prices of $29.30, $25.97 structure is the basis for the Company’s reportable segment and $22.81, respectively.
information discussed below.
Company management evaluates See Note 2 for the effect on net earnings and earnings operating segment performance based upon segment per share if the Company had applied the fair value operating profit exclusive of operating expenses pertaining to recognition provisions of SFAS No.123 to stock based global operations and corporate expenses, acquisition and employee compensation.
integration expenses, inventory step-up, in-process research and development write-offs and intangible asset amortization 14.
SEGMENT DATA expense.
Global operations include research, development engineering, medical education, brand management, The Company designs, develops, manufactures and corporate legal, finance, human resource functions, and markets reconstructive orthopaedic implants, including joint U. S.  and Puerto Rico based operations and logistics.
and dental, spinal implants, and trauma products and Intercompany transactions have been eliminated from orthopaedic surgical products which include surgical supplies segment operating profit.
Company management reviews and instruments designed to aid in orthopaedic surgical accounts receivable, inventory, property, plant and procedures.
Operations are managed through three major equipment, goodwill and intangible assets by reportable geographic segments – the Americas, which is comprised segment exclusive of U. S.  and Puerto Rico based operations principally of the United States and includes other North, and logistics and corporate assets.
Central and South American markets; Europe, which is comprised principally of Europe and includes the Middle East Net sales, segment operating profit and year-end assets are as follows (in millions):
## Table 3 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>TargetAssetAllocation</td><td>2015ActualAssetAllocation</td><td>2014ActualAssetAllocation</td></tr><tr><td>Debt securities</td><td>72%</td><td>72%</td><td>70%</td></tr><tr><td>Equity securities</td><td>28</td><td>28</td><td>30</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>
<table><tr><td>For the Years Ended December 31,</td><td>2004</td><td>2003</td></tr><tr><td>Sales agent and lease contract terminations</td><td>$24.4</td><td>$36.1</td></tr><tr><td>Integration consulting</td><td>24.2</td><td>15.4</td></tr><tr><td>Employee severance and retention</td><td>9.4</td><td>10.2</td></tr><tr><td>Professional fees</td><td>7.8</td><td>6.4</td></tr><tr><td>Integration personnel</td><td>5.2</td><td>2.0</td></tr><tr><td>Information technology integration</td><td>4.3</td><td>–</td></tr><tr><td>Other</td><td>5.8</td><td>9.5</td></tr><tr><td></td><td>$81.1</td><td>$79.6</td></tr></table>
<table><tr><td></td><td colspan="3">Outstanding</td><td colspan="2">Exercisable</td></tr><tr><td></td><td></td><td>Weighted</td><td></td><td colspan="2"></td></tr><tr><td></td><td></td><td>Average</td><td>Weighted</td><td></td><td>Weighted</td></tr><tr><td></td><td>Options</td><td>Remaining</td><td>Average</td><td>Options</td><td>Average</td></tr><tr><td>Range of Exercise Prices</td><td>(in thousands)</td><td>Contractual Life</td><td>Exercise Price</td><td>(in thousands)</td><td>Exercise Price</td></tr><tr><td>$6.25 – $17.00</td><td>259</td><td>1.22</td><td>$11.86</td><td>259</td><td>$11.86</td></tr><tr><td>$19.50 – $27.50</td><td>1,583</td><td>4.95</td><td>24.80</td><td>1,373</td><td>24.50</td></tr><tr><td>$27.51 – $37.50</td><td>4,012</td><td>6.22</td><td>30.70</td><td>2,667</td><td>30.90</td></tr><tr><td>$39.50 – $51.00</td><td>2,082</td><td>8.22</td><td>43.10</td><td>478</td><td>42.70</td></tr><tr><td>$69.00 – $87.50</td><td>3,355</td><td>9.22</td><td>70.50</td><td>3</td><td>78.30</td></tr><tr><td></td><td>11,291</td><td>7.19</td><td>$43.60</td><td>4,780</td><td>$29.30</td></tr></table>
<table><tr><td></td><td colspan="3">Net Sales</td><td colspan="3">Operating Profit</td><td colspan="2">Year-End Assets</td></tr><tr><td></td><td>2004</td><td>2003</td><td>2002</td><td>2004</td><td>2003</td><td>2002</td><td>2004</td><td>2003</td></tr><tr><td>Americas</td><td>$1,741.3</td><td>$1,208.3</td><td>$932.9</td><td>$893.1</td><td>$619.2</td><td>$450.2</td><td>$2,430.9</td><td>$2,181.1</td></tr><tr><td>Europe</td><td>808.3</td><td>366.0</td><td>169.9</td><td>279.4</td><td>96.4</td><td>41.4</td><td>1,824.4</td><td>1,731.7</td></tr><tr><td>Asia Pacific</td><td>431.3</td><td>326.7</td><td>269.6</td><td>182.3</td><td>148.1</td><td>124.3</td><td>310.6</td><td>300.4</td></tr><tr><td>Net sales</td><td>$2,980.9</td><td>$1,901.0</td><td>$1,372.4</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inventory step-up</td><td></td><td></td><td></td><td>-59.4</td><td>-42.7</td><td>–</td><td></td><td></td></tr><tr><td>Acquisition and integration</td><td></td><td></td><td></td><td>-81.1</td><td>-79.6</td><td>–</td><td></td><td></td></tr><tr><td>In-process research and development</td><td></td><td></td><td></td><td>–</td><td>-11.2</td><td>–</td><td></td><td></td></tr><tr><td>Global operations and corporate functions</td><td></td><td></td><td></td><td>-451.1</td><td>-279.5</td><td>-215.0</td><td>1,129.6</td><td>942.8</td></tr><tr><td>Operating profit</td><td></td><td></td><td></td><td>$763.2</td><td>$450.7</td><td>$400.9</td><td></td><td></td></tr><tr><td>Total assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$5,695.5</td><td>$5,156.0</td></tr></table>

Question: Which year is Europe of operating profit the most?
Answer: 2004