The table below lists the asset type mix of investment advisory, administration fees and securities lending revenue (collectively “base fees”) and mix of average AUM by product type:
## Table 0 ##
(1) Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.2017 Compared with 2016 Revenue increased $1,336 million, or 12%, from 2016, driven by growth in base fees, performance fees, and technology and risk management revenue.
Investment advisory, administration fees and securities lending revenue of $10,893 million in 2017 increased $1,013 million from $9,880 million in 2016 reflecting the impact of higher markets and organic growth on average AUM, and the effect of AUM acquired in the BofA Global Capital Management transaction, partially offset by pricing changes to select investment products.
Securities lending revenue of $597 million in 2017 compared with $579 million in 2016.
Investment advisory performance fees were $594 million in 2017 compared with $295 million in 2016.
The increase primarily reflected improved performance in hedge fund and long-only equity products.
Technology and risk management revenue of $677 million for 2017 increased $82 million from $595 million in 2016 reflecting ongoing demand for Aladdin.
Advisory and other revenue of $303 million decreased $41 million from $344 million in 2016, reflecting lower earnings from a strategic minority investment and lower fees for distributing certain exchange-traded products.2016 Compared with 2015 Revenue decreased $246 million, or 2%, from 2015, driven by lower performance fees, partially offset by higher technology and risk management revenue.
Investment advisory, administration fees and securities lending revenue of $9,880 million for 2016 increased $40 million from $9,840 million in 2015 reflecting the impact of organic growth and higher markets on average AUM, the effect of AUM acquired in the BofA Global Capital Management transaction and lower yield-related fee waivers on certain money market funds, partially offset by the impact of divergent beta and mix shift, and the impact of foreign exchange movements.
Securities lending revenue increased $66 million from 2015 to $579 million in 2016, primarily reflecting an increase in average balances of securities on loan and higher spreads.
Investment advisory performance fees were $295 million in 2016 compared with $621 million in 2015.
The decrease was primarily driven by lower fees from equity and alternative products, including the impact of the strong performance from a single hedge fund with an annual performance measurement period that ended in the third quarter of 2015.
Technology and risk management revenue of $595 million for 2016 increased $67 million from $528 million in 2015 reflecting ongoing demand for Aladdin.
Sources of BlackRock’s operating cash primarily include investment advisory, administration fees and securities lending revenue, performance fees, revenue from technology and risk management services, advisory and other revenue and distribution fees.
BlackRock uses its cash to pay all operating expense, interest and principal on borrowings, income taxes, dividends on BlackRock’s capital stock, repurchases of the Company’s stock, capital expenditures and purchases of co-investments and seed investments.
For details of the Company’s GAAP cash flows from operating, investing and financing activities, see the Consolidated Statements of Cash Flows contained in Part II, Item 8 of this filing.
Cash flows from operating activities, excluding the impact of Consolidated Sponsored Investment Funds, primarily include the receipt of investment advisory and administration fees, securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business, including year-end incentive compensation accrued for in the prior year.
Cash outflows from investing activities, excluding the impact of Consolidated Sponsored Investment Funds, for 2017 were $517 million and primarily reflected $497 million of investment purchases, $155 million of purchases of property and equipment, $73 million related to the First Reserve Transaction and $29 million related to the Cachematrix Transaction, partially offset by $205 million of net proceeds from sales and maturities of certain investments.
Cash outflows from financing activities, excluding the impact of Consolidated Sponsored Investment Funds, for 2017 were $3,094 million, primarily resulting from $1.4 billion of share repurchases, including $1.1 billion in open markettransactions and $321 million of employee tax withholdings related to employee stock transactions, $1.7 billion of cash dividend payments and $700 million of repayments of longterm borrowings, partially offset by $697 million of proceeds from issuance of long-term borrowings.
The Company manages its financial condition and funding to maintain appropriate liquidity for the business.
Liquidity resources at December 31, 2017 and 2016 were as follows:
## Table 1 ##
(1) The percentage of cash and cash equivalents held by the Company’s U. S.  subsidiaries was approximately 40% and 50% at December 31, 2017 and 2016, respectively.
See Net Capital Requirements herein for more information on net capital requirements in certain regulated subsidiaries.
(2) The Company cannot readily access such cash to use in its operating activities.
(3) Amounts do not reflect a reduction for year-end incentive compensation accruals of approximately $1.5 billion and $1.3 billion for 2017 and 2016, respectively, which are paid in the first quarter of the following year.
Total liquidity resources increased $793 million during 2017, primarily reflecting cash flows from operating activities, partially offset by cash payments of 2016 year-end incentive awards, share repurchases of $1.4 billion and cash dividend payments of $1.7 billion.
A significant portion of the Company’s $3,154 million of Total Investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.
Share Repurchases.
The Company repurchased 2.6 million common shares in open market transactions under the share repurchase program for approximately $1.1 billion during 2017.
At December 31, 2017, there were 6.4 million shares still authorized to be repurchased.
Net Capital Requirements.
The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions.
As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents.
Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.
BlackRock Institutional Trust Company, N. A.
(“BTC”) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities.
BTC provides investment management services, including investment advisory and securities lending agency services, to institutional clients.
BTC is subject to regulatory capital and liquid asset requirements administered by the Office of the Comptroller of the Currency.
At December 31, 2017 and 2016, the Company was required to maintain approximately $1.8 billion and $1.4 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom, and the Company’s broker-dealers.
The Company was in compliance with all applicable regulatory net capital requirements.
Undistributed Earnings of Foreign Subsidiaries.
As a result of the 2017 Tax Act and the one-time mandatory deemed repatriation tax on untaxed accumulated foreign earnings, a provisional amount of U. S.  income taxes was provided on the undistributed foreign earnings.
The financial statement basis in excess of tax basis of its foreign subsidiaries remains indefinitely reinvested in foreign operations.
The Company will continue to evaluate its capital management plans throughout 2018.
Short-Term Borrowings 2017 Revolving Credit Facility.
The Company’s credit facility has an aggregate commitment amount of $4.0 billion and was amended in April 2017 to extend the maturity date to April 2022 (the “2017 credit facility”).
The 2017 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2017 credit facility to an aggregate principal amount not to exceed $5.0 billion.
Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread.
The 2017 credit facility requires the Company
2009, we completed a legal entity restructuring.
The tax impact of this transaction is included in our 2009 provision for income taxes.
We expect that the restructuring transaction will result in a cash payment for taxes in the first quarter of 2010 of approximately $207.4 million.
Commitments and Contingencies We have certain fixed contractual obligations and commitments that include future estimated payments for general operating purposes.
Changes in our business needs, contractual cancellation provisions, fluctuating interest rates, and other factors may result in actual payments differing from the estimates.
We cannot provide certainty regarding the timing and amounts of these payments.
We have presented below a summary of the most significant assumptions used in our determination of amounts presented in the tables, in order to assist in the review of this information within the context of our consolidated financial position, results of operations, and cash flows.
The following table summarizes our fixed contractual obligations and commitments (in thousands):
## Table 2 ##
Operating lease amounts include minimum rental payments under our non-cancelable operating leases for office facilities, as well as limited computer and office equipment that we utilize under lease arrangements.
The amounts presented are consistent with contractual terms and are not expected to differ significantly from actual results under our existing leases, unless a substantial change in our headcount needs requires us to expand our occupied space or exit an office facility early.
Purchase obligation amounts include minimum purchase commitments for advertising, capital expenditures (computer equipment, software applications, engineering development services, construction contracts) and other goods and services that were entered into through our ordinary course of business.
For those contractual arrangements in which there are significant performance requirements, we have developed estimates to project expected payment obligations.
These estimates have been developed based upon historical trends, when available, and our anticipated future obligations.
Given the significance of such performance requirements within our advertising and other arrangements, actual payments could differ significantly from these estimates.
As we are unable to reasonably predict the timing of settlement of liabilities related to unrecognized tax benefits, the table does not include $929.1 million of such non-current liabilities recorded on our consolidated balance sheet as of December 31, 2009.
Off-Balance Sheet Arrangements As of December 31, 2009, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures or capital resources.
In Europe, we have a cash pooling arrangement with a financial institution for cash management purposes.
This arrangement allows for cash withdrawals from this financial institution based upon our aggregate operating cash balances held in Europe within the same financial institution (“Aggregate Cash Deposits”).
This arrangement also allows us to withdraw amounts exceeding the Aggregate Cash Deposits up to an agreed-upon limit.
The net balance of the withdrawals and the Aggregate Cash Deposits

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Mix of Base Fees</td><td colspan="3">Mix of Average AUM by Asset Class<sup>-1</sup></td></tr><tr><td></td><td>2017</td><td>2016</td><td>2015</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>15%</td><td>16%</td><td>17%</td><td>5%</td><td>6%</td><td>6%</td></tr><tr><td>iSharesETFs</td><td>30%</td><td>27%</td><td>28%</td><td>20%</td><td>17%</td><td>17%</td></tr><tr><td>Non-ETF index</td><td>6%</td><td>7%</td><td>7%</td><td>28%</td><td>27%</td><td>30%</td></tr><tr><td>Equity subtotal</td><td>51%</td><td>50%</td><td>52%</td><td>53%</td><td>50%</td><td>53%</td></tr><tr><td>Fixed income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>16%</td><td>17%</td><td>15%</td><td>13%</td><td>16%</td><td>16%</td></tr><tr><td>iSharesETFs</td><td>7%</td><td>7%</td><td>6%</td><td>6%</td><td>6%</td><td>5%</td></tr><tr><td>Non-ETF index</td><td>3%</td><td>3%</td><td>3%</td><td>10%</td><td>10%</td><td>10%</td></tr><tr><td>Fixed income subtotal</td><td>26%</td><td>27%</td><td>24%</td><td>29%</td><td>32%</td><td>31%</td></tr><tr><td>Multi-asset</td><td>11%</td><td>11%</td><td>13%</td><td>8%</td><td>8%</td><td>8%</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>6%</td><td>6%</td><td>7%</td><td>2%</td><td>2%</td><td>2%</td></tr><tr><td>Currency and commodities</td><td>1%</td><td>1%</td><td>1%</td><td>1%</td><td>1%</td><td>-%</td></tr><tr><td>Alternatives subtotal</td><td>7%</td><td>7%</td><td>8%</td><td>3%</td><td>3%</td><td>2%</td></tr><tr><td>Long-term</td><td>95%</td><td>95%</td><td>97%</td><td>93%</td><td>93%</td><td>94%</td></tr><tr><td>Cash management</td><td>5%</td><td>5%</td><td>3%</td><td>7%</td><td>7%</td><td>6%</td></tr><tr><td>Total excluding Advisory AUM</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31, 2017</td><td>December 31, 2016</td></tr><tr><td>Cash and cash equivalents<sup>-1</sup></td><td>$6,894</td><td>$6,091</td></tr><tr><td>Cash and cash equivalents held by consolidated VREs<sup>-2</sup></td><td>-63</td><td>-53</td></tr><tr><td>Subtotal</td><td>6,831</td><td>6,038</td></tr><tr><td>Credit facility — undrawn</td><td>4,000</td><td>4,000</td></tr><tr><td>Total liquidity resources<sup>-3</sup></td><td>$10,831</td><td>$10,038</td></tr></table>
<table><tr><td> Payments Due During Year Ending December 31,</td><td> Operating Leases</td><td> Purchase Obligations</td><td> Total</td></tr><tr><td>2010</td><td>$75,340</td><td>$371,384</td><td>$446,724</td></tr><tr><td>2011</td><td>43,073</td><td>138,641</td><td>181,714</td></tr><tr><td>2012</td><td>34,297</td><td>64,555</td><td>98,852</td></tr><tr><td>2013</td><td>13,211</td><td>1,600</td><td>14,811</td></tr><tr><td>2014</td><td>9,037</td><td>—</td><td>9,037</td></tr><tr><td>Thereafter</td><td>5,973</td><td>—</td><td>5,973</td></tr><tr><td></td><td>$180,931</td><td>$576,180</td><td>$757,111</td></tr></table>

Question: what is the growth rate in the balance of total liquidity resources in 2017?
Answer: 0.079
Reasoning program: subtract(10831,10038), divide(#0,10038)