Financing activities for 2014 also included an acquisition-related contingent consideration payment of $86 million made to Champion’s former shareholders.
Liquidity and Capital Resources We currently expect to fund all of our cash requirements which are reasonably foreseeable for 2017, including scheduled debt repayments, new investments in the business, share repurchases, dividend payments, possible business acquisitions and pension contributions, with cash from operating activities, and as needed, additional short-term and/or long-term borrowings.
We continue to expect our operating cash flow to remain strong.
As of December 31, 2016, we had $327 million of cash and cash equivalents on hand, of which $184 million was held outside of the U. S.  As of December 31, 2015, we had $26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with the legacy Nalco entities and legacy Champion entities that we intended to repatriate.
These liabilities were recorded as part of the respective purchase price accounting of each transaction.
The remaining foreign earnings were repatriated in 2016, reducing the deferred tax liabilities to zero at December 31, 2016.
We consider the remaining portion of our foreign earnings to be indefinitely reinvested in foreign jurisdictions and we have no intention to repatriate such funds.
We continue to be focused on building our global business and these funds are available for use by our international operations.
To the extent the remaining portion of the foreign earnings would be repatriated, such amounts would be subject to income tax or foreign withholding tax liabilities that may be fully or partially offset by foreign tax credits, both in the U. S.  and in various applicable foreign jurisdictions.
As of December 31, 2016 we had a $2.0 billion multi-year credit facility, which expires in December 2019.
The credit facility has been established with a diverse syndicate of banks.
There were no borrowings under our credit facility as of December 31, 2016 or 2015.
The credit facility supports our $2.0 billion U. S.  commercial paper program and $2.0 billion European commercial paper program.
We increased the European commercial paper program from $200 million during the third quarter of 2016.
Combined borrowing under these two commercial paper programs may not exceed $2.0 billion.
As of December 31, 2016, we had no amount outstanding under either our U. S.  or European commercial paper programs.
Additionally, we have other committed and uncommitted credit lines of $746 million with major international banks and financial institutions to support our general global funding needs, including with respect to bank supported letters of credit, performance bonds and guarantees.
Approximately $554 million of these credit lines were available for use as of year-end 2016.
As of December 31, 2016, our short-term borrowing program was rated A-2 by Standard & Poor’s and P-2 by Moody’s.
As of December 31, 2016, Standard & Poor’s and Moody’s rated our long-term credit at A- (stable outlook) and Baa1 (stable outlook), respectively.
A reduction in our credit ratings could limit or preclude our ability to issue commercial paper under our current programs, or could also adversely affect our ability to renew existing, or negotiate new, credit facilities in the future and could increase the cost of these facilities.
Should this occur, we could seek additional sources of funding, including issuing additional term notes or bonds.
In addition, we have the ability, at our option, to draw upon our $2.0 billion of committed credit facility prior to termination.
We are in compliance with our debt covenants and other requirements of our credit agreements and indentures.
A schedule of our obligations as of December 31, 2016 under various notes payable, long-term debt agreements, operating leases with noncancelable terms in excess of one year and interest obligations are summarized in the following table:
## Table 0 ##
Interest on variable rate debt was calculated using the interest rate at year-end 2016.
As of December 31, 2016, our gross liability for uncertain tax positions was $76 million.
We are not able to reasonably estimate the amount by which the liability will increase or decrease over an extended period of time or whether a cash settlement of the liability will be required.
Therefore, these amounts have been excluded from the schedule of contractual obligations.
Restructuring charges have been included as a component of cost of sales, special (gains) and charges and net income (loss) attributable to noncontrolling interest on the Consolidated Statement of Income.
Amounts included as a component of cost of sales include supply chain related severance and other asset write-downs associated with combining operations.
Restructuring liabilities have been classified as a component of both other current and other noncurrent liabilities on the Consolidated Balance Sheet.
See Note 3 for additional information regarding restructuring.
Revenue Recognition The Company recognizes revenue on product sales at the time evidence of an arrangement exists, title to the product and risk of loss transfers to the customer, the price is fixed and determinable and collection is reasonably assured.
The Company recognizes revenue on services as they are performed.
While the Company employs a sales and service team to ensure customer’s needs are best met in a high quality way, the majority of the Company’s revenue is generated from product sales.
The Company’s service businesses and service offerings are discussed in Note 17.
See the “New Accounting Pronouncements” table within this Note for discussion on future changes to revenue recognition.
The Company’s sales policies do not provide for general rights of return.
Estimates used in recognizing revenue include the delay between the time that products are shipped and when they are received by customers, when title transfers and the amount of credit memos issued in subsequent periods.
The Company records estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives at the time the sale is recorded.
The Company also records estimated reserves for anticipated uncollectible accounts and for product returns and credits at the time of sale.
Depending on market conditions, the Company may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive.
Earnings Per Common Share The difference in the weighted average common shares outstanding for calculating basic and diluted earnings attributable to Ecolab per common share is a result of the dilution associated with the Company’s equity compensation plans.
As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted earnings attributable to Ecolab per common share because they would not have had a dilutive effect.
The computations of the basic and diluted earnings attributable to Ecolab per share amounts were as follows:
## Table 1 ##
Other Significant Accounting Policies The following table includes a reference to additional significant accounting policies that are described in other notes to the financial statements, including the note number:
## Table 2 ##
During 2015, the Company recognized net benefits related to discrete tax items of $63.3 million.
The net benefits were driven primarily by the release of $20.6 million of valuation allowances, based on the realizability of foreign deferred tax assets and the ability to recognize a worthless stock deduction of $39.0 million for the tax basis in a wholly-owned domestic subsidiary.
During 2014, the Company recognized net expenses related to discrete tax items of $13.2 million.
The net expenses were driven primarily by an update to non-current tax liabilities for certain global tax audits, an adjustment related to the re-characterization of intercompany payments between its U. S.  and foreign affiliates, the remeasurement of certain deferred tax assets and liabilities resulting from changes in its deferred state tax rate, recognizing adjustments from filing its 2013 U. S.  federal and state tax returns, net changes of valuation allowances based on the realizability of foreign deferred tax assets and the impact from other foreign country audit settlements.
A reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows:
## Table 3 ##
The total amount of unrecognized tax benefits, if recognized would have affected the effective tax rate by $57.5 million as of December 31, 2016, $59.2 million as of December 31, 2015 and $64.0 million as of December 31, 2014.
The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes.
During 2016 and 2015 the Company released $2.9 million and $1.4 million related to interest and penalties, respectively and during 2014 it accrued $6.6 million related to interest and penalties.
The Company had $10.2 million and $13.1 million of accrued interest, including minor amounts for penalties, at December 31, 2016 and 2015, respectively.13.
RENTALS AND LEASES The Company leases sales and administrative office facilities, distribution centers, research and manufacturing facilities, as well as vehicles and other equipment under operating leases.
Total rental expense under the Company’s operating leases was $221 million in both 2016 and 2015 and $237 million in 2014.
As of December 31, 2016, identifiable future minimum payments with non-cancelable terms in excess of one year were:
## Table 4 ##
The Company enters into operating leases for vehicles whose non-cancelable terms are one year or less in duration with month-to-month renewal options.
These leases have been excluded from the table above.
The Company estimates payments under such leases will approximate $58 million in 2017.
These vehicle leases have guaranteed residual values that have historically been satisfied by the proceeds on the sale of the vehicles.14.
RESEARCH AND DEVELOPMENT EXPENDITURES Research expenditures that relate to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred.
Such costs were $189 million in 2016, $191 million in 2015 and $197 million in 2014.
The Company did not participate in any material customer sponsored research during 2016, 2015 or 2014.
All shares acquired under the ASR agreements were recorded as treasury stock.
During their respective open periods in 2017 and 2016, neither of the ASRs was dilutive to the Company’s earnings per share calculations, nor did they trigger the two-class earnings per share methodology.
Additionally, the unsettled portion of ASRs during their respective open periods met the criteria to be accounted for as a forward contract indexed to the Company’s stock and qualified as equity transactions.
The initial delivery of shares, as well as the additional receipt of shares at settlement resulted in a reduction to the Company’s common stock outstanding used to calculate earnings per share.
Share Repurchases During 2017, the Company reacquired 4,707,629 shares of its common stock, of which 4,414,416 related to share repurchases through open market or private purchases, including the February 2017 ASR discussed above, and 293,213 related to shares withheld for taxes on exercise of stock options and the vesting of stock awards and units.
During 2016, the Company reacquired 6,483,198 shares of its common stock, of which 6,126,033 related to share repurchases through open market or private purchases, including the February 2016 ASR discussed above, and 357,165 related to shares withheld for taxes on exercise of stock options and the vesting of stock awards and units.11.
EQUITY COMPENSATION PLANS The Company measures compensation expense for share-based awards at fair value at the date of grant and recognizes compensation expense over the service period for awards expected to vest.
The majority of grants to retirement eligible recipients (age 55 with required years of service) are attributed to expense using the non-substantive vesting method and are fully expensed over a six month period following the date of grant.
In addition, the Company includes a forfeiture estimate in the amount of compensation expense being recognized based on an estimate of the number of outstanding awards expected to vest.
The Company’s equity compensation plans provide for grants of stock options, performance-based restricted stock units (“PBRSUs”) and non-performance-based restricted stock units (“RSUs”) and restricted stock awards (“RSAs”).
Common shares available for grant as of December 31, 2017, 2016 and 2015 were 11,685,090, 13,649,667 and 15,888,937, respectively.
The Company generally issues authorized but previously unissued shares to satisfy stock option exercises and stock award vestings.
The Company’s annual long-term incentive share-based compensation program is made up of 50% stock options and 50% PBRSUs.
The Company also periodically grants RSUs.
Total compensation expense related to all share-based compensation plans was $90 million ($62 million net of tax benefit), $86 million ($59 million net of tax benefit) and $78 million ($54 million net of tax benefit) for 2017, 2016 and 2015, respectively.
As of December 31, 2017, there was $141 million of total measured but unrecognized compensation expense related to non-vested share-based compensation arrangements granted under all of the Company’s plans.
That cost is expected to be recognized over a weighted-average period of 2.1 years.
Stock Options Stock options are granted to purchase shares of the Company’s stock at the average daily share price on the date of grant.
These options generally expire within ten years from the grant date.
The Company generally recognizes compensation expense for these awards on a straight-line basis over the three year vesting period.
As previously noted, stock option grants to retirement eligible recipients are attributed to expense using the non-substantive vesting method.
A summary of stock option activity and average exercise prices is as follows:
## Table 5 ##
(a) Represents weighted average price per share.
The total aggregate intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2017, 2016 and 2015 was $142 million, $140 million and $160 million, respectively.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td></td><td>Payments Due by Period</td></tr><tr><td>(millions)</td><td>Total</td><td>Less Than 1 Year</td><td>2-3 Years</td><td>4-5 Years</td><td>More Than 5 Years</td></tr><tr><td>Notes payable</td><td>$30</td><td>$30</td><td>$ -</td><td>$ -</td><td>$ -</td></tr><tr><td>Commercial paper</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Long-term debt</td><td>6,652</td><td>510</td><td>967</td><td>1,567</td><td>3,608</td></tr><tr><td>Capital lease obligations</td><td>5</td><td>1</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Operating leases</td><td>431</td><td>102</td><td>153</td><td>105</td><td>71</td></tr><tr><td>Interest*</td><td>2,261</td><td>218</td><td>396</td><td>360</td><td>1,287</td></tr><tr><td>Total</td><td>$9,379</td><td>$861</td><td>$1,517</td><td>$2,033</td><td>$4,968</td></tr></table>
<table><tr><td>(millions, except per share)</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Net income attributable to Ecolab</td><td>$1,229.6</td><td>$1,002.1</td><td>$1,202.8</td></tr><tr><td>Weighted-average common shares outstanding</td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>292.5</td><td>296.4</td><td>300.1</td></tr><tr><td>Effect of dilutive stock options and units</td><td>4.2</td><td>5.0</td><td>5.8</td></tr><tr><td>Diluted</td><td>296.7</td><td>301.4</td><td>305.9</td></tr><tr><td>Basic EPS</td><td>$4.20</td><td>$3.38</td><td>$4.01</td></tr><tr><td>Diluted EPS</td><td>$4.14</td><td>$3.32</td><td>$3.93</td></tr><tr><td>Anti-dilutive securities excluded from the computation of EPS</td><td>3.6</td><td>3.5</td><td>3.4</td></tr></table>
<table><tr><td>Policy</td><td>Note</td></tr><tr><td>Fair value measurements</td><td>7</td></tr><tr><td>Derivatives and hedging transactions</td><td>8</td></tr><tr><td>Share-based compensation</td><td>11</td></tr><tr><td>Research and development expenditures</td><td>14</td></tr><tr><td>Legal contingencies</td><td>15</td></tr><tr><td>Pension and post-retirement benefit plans</td><td>16</td></tr><tr><td>Reportable segments</td><td>17</td></tr></table>
<table><tr><td>(millions)</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Balance at beginning of year</td><td>$74.6</td><td>$78.7</td><td>$98.7</td></tr><tr><td>Additions based on tax positions related to the current year</td><td>8.8</td><td>5.8</td><td>5.3</td></tr><tr><td>Additions for tax positions of prior years</td><td>2.1</td><td>0.9</td><td>5.2</td></tr><tr><td>Reductions for tax positions of prior years</td><td>-1.0</td><td>-8.8</td><td>-17.8</td></tr><tr><td>Reductions for tax positions due to statute of limitations</td><td>-5.5</td><td>-1.6</td><td>-0.2</td></tr><tr><td>Settlements</td><td>-2.0</td><td>-4.2</td><td>-9.0</td></tr><tr><td>Assumed in connection with acquisitions</td><td>-</td><td>8.0</td><td>-</td></tr><tr><td>Foreign currency translation</td><td>-1.1</td><td>-4.2</td><td>-3.5</td></tr><tr><td>Balance at end of year</td><td>$75.9</td><td>$74.6</td><td>$78.7</td></tr></table>
<table><tr><td>2017</td><td>$102</td></tr><tr><td>2018</td><td>83</td></tr><tr><td>2019</td><td>70</td></tr><tr><td>2020</td><td>56</td></tr><tr><td>2021</td><td>49</td></tr><tr><td>Thereafter</td><td>71</td></tr><tr><td>Total</td><td>$431</td></tr></table>
<table><tr><td></td><td colspan="2">2017</td><td colspan="2">2016</td><td colspan="2">2015</td></tr><tr><td></td><td>Number of Options</td><td>Exercise Price (a)</td><td>Number of Options</td><td>Exercise Price (a)</td><td>Number of Options</td><td>Exercise Price (a)</td></tr><tr><td>Outstanding, beginning of year</td><td>11,910,501</td><td>$ 84.22</td><td>12,378,372</td><td>$ 74.23</td><td>13,169,776</td><td>$ 63.88</td></tr><tr><td>Granted</td><td>1,491,893</td><td>136.87</td><td>1,679,941</td><td>117.60</td><td>1,686,816</td><td>118.99</td></tr><tr><td>Exercised</td><td>-1,951,920</td><td>56.00</td><td>-2,061,553</td><td>50.33</td><td>-2,316,025</td><td>46.22</td></tr><tr><td>Canceled</td><td>-70,461</td><td>116.44</td><td>-86,259</td><td>111.08</td><td>-162,195</td><td>99.67</td></tr><tr><td>Outstanding, end of year</td><td>11,380,013</td><td>$ 95.76</td><td>11,910,501</td><td>$ 84.22</td><td>12,378,372</td><td>$ 74.23</td></tr><tr><td>Exercisable, end of year</td><td>8,371,809</td><td>$ 84.40</td><td>8,720,943</td><td>$ 72.35</td><td>9,248,880</td><td>$ 61.18</td></tr><tr><td>Vested and expected to vest, end of year</td><td>11,200,505</td><td>$ 95.25</td><td></td><td></td><td></td><td></td></tr></table>

Question: If Granted for Exercise Price develops with the same increasing rate in 2017, what will it reach in 2018?
Answer: 159.298
Reasoning program: subtract(136.87,117.60), divide(#0,117.60), add(const_1,#1), multiply(136.87,#2)