of cash on hand, cash generated by operations, borrowings under our revolving credit facility and future financing transactions.
Under the program, management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements, and subject to stock price, business conditions, market conditions and other factors.
The repurchase program does not have an expiration date.
The above repurchases were funded using cash on hand.
There were no repurchases of our Series A common stock or Series B common stock during the three months ended December 31, 2011.
## Table 0 ##
However, borrowings are scheduled for repayment four years after the borrowing date to the extent that OWN has excess cash to repay the borrowings then due.
OWN will distribute its initial excess cash to the Company to repay funding then due.
Following repayment of funding then due, OWN’s subsequent cash distributions will be shared equally between the Company and Harpo Inc.  (“Harpo”).
Based upon the level of equity investment at risk, OWN is a VIE.
While the investors have an equal share in voting control, power is not shared because certain activities that significantly impact OWN’s economic performance are directed by Harpo (“Harpo”).
Harpo holds operational rights related to programming and marketing, as well as selection and retention of key management personnel.
The Company has determined that it is not the primary beneficiary of OWN, because it does not control these activities that are critical to OWN’s operating performance and success.
Accordingly, the Company accounts for its investment in OWN using the equity method.
Net losses generated by OWN are currently allocated to both investors based on their proportionate ownership interests, which are 50-50.
Prior to the contribution of the Discovery Health network to OWN at its launch, the Company recognized 100% of OWN’s net losses.
If future operating losses at OWN exceed the balance of equity contributions recorded by OWN and the equity balance of OWN is depleted, Discovery will record 100% of any future operating losses in loss from equity investees, net as long as Discovery continues to provide all funding to OWN.
Future net income generated by OWN will initially be allocated 100% to the Company for at least $104 million, the amount of pre-contribution net losses recognized, plus any additional losses absorbed in excess of Discovery’s equity ownership interest.
The carrying value of the Company’s investment in OWN, including its equity method investment and note receivable balance, was $420 million and $52 million as of December 31, 2011 and 2010, respectively.
Pursuant to the venture agreement, Harpo has the right to require the Company to purchase all or part of its interest in OWN at fair market value up to a maximum put amount every two and one half years commencing on January 1, 2016.
The maximum put amount is a range from $100 million on the first put exercise date up to $400 million on the fourth put exercise date.
The Company has recorded no amounts for the put right.
Other VIEs Other VIEs principally include various cable and satellite network ventures in which the Company holds ownership interests from 16% to 50%.
The carrying value of the Company’s investments in other VIEs accounted for using the equity method was $53 million and $57 million as of December 31, 2011 and 2010, respectively.
NOTE 5.
INVESTMENTS The Company’s investments consisted of the following (in millions).
## Table 1 ##
Trading Securities Trading securities include investments in mutual funds held in a separate trust, which are owned as part of the Company’s supplemental retirement plan.
(See discussion in Note 14. )
Equity Method Investments Equity method investments principally include ownership interests in unconsolidated ventures determined to be VIEs.
All equity method investees are privately owned.
The carrying values of the Company’s equity-method investments are consistent with its ownership in the underlying net assets of the investees.
The carrying values of equity method investments increased as a result of additional funding provided and interest earnings recorded on the note receivable from OWN and the $273 million step-up for the disposition of the Discovery Health network and retained equity interest in OWN.
(See Note 4).
These increases were partially offset by losses and dividends from equity method investments.
Consolidated
## Table 2 ##
International Networks
## Table 3 ##
Corporate operations primarily consist of executive management, administrative support services, substantially all of our share-based compensation and transaction and integration costs related to the Scripps Networks acquisition.
Adjusted OIBDA decreased 8% due to increased costs related to personnel, legal and technology for data security.
The impairment of goodwill presented above for corporate and inter-segment eliminations is a portion of the total goodwill impairment recorded for the European reporting unit during 2017.
The remaining portion of the impairment of $489 million is a component of our International Networks segment.
The presentation of goodwill impairment is consistent with the financial reports that are reviewed by the Company's CEO.
Goodwill has been allocated from corporate assets to reporting units within corporate and inter-segment eliminations.
The decrease in mark-to-market share-based compensation expense was primarily attributable to a decrease in Discovery's stock price in 2017 compared to 2016.
Changes in stock price are a key driver of fair value estimates used in the attribution of expense for stock appreciation rights ("SARs") and performance-based restricted stock units ("PRSUs").
By contrast, stock options and service-based restricted stock units ("RSUs") are fair valued at grant date and amortized over their vesting period without mark-to-market adjustments.
The expense associated with stock options and RSUs is included in Adjusted OIBDA as a component of selling, general and administrative expense.
Items Impacting Comparability From time to time certain items may impact the comparability of our consolidated results of operations between two periods.
In comparing the financial results for the years 2017 and 2016, the Company has identified foreign currency as one such item, as noted below.
The Company also has various acquisitions and dispositions that impact the comparability of our results.
To the extent that the transaction materially impacts a particular item or segment, it may be discussed in the relevant section above (see Note 3 to the accompanying consolidating financial statements).
Foreign Currency The impact of exchange rates on our business is an important factor in understanding period to period comparisons of our results.
For example, our international revenues are favorably impacted as the U. S.  dollar weakens relative to other foreign currencies, and unfavorably impacted as the U.
S dollar strengthens relative to other foreign currencies.
We believe the presentation of results on a constant currency basis ("ex-FX"), in addition to results reported in accordance with GAAP, provides useful information about our operating performance because the presentation ex-FX excludes the effects of foreign currency volatility and highlights our core operating results.
The presentation of results on a constant currency basis should be considered in addition to, but not a substitute for, measures of financial performance reported in accordance with GAAP.
The ex-FX change represents the percentage change on a period-over-period basis adjusted for foreign currency impacts.
The ex-FX change is calculated as the difference between the current year amounts translated at a baseline rate, a spot rate for each of our currencies determined early in the fiscal year as part of our forecasting process, (the “2016 Baseline Rate”) and the prior year amounts translated at the same 2016 Baseline Rate.
In addition, consistent with the assumption of a constant currency environment, our ex-FX results exclude the impact of our foreign currency hedging activities as well as realized and unrealized foreign currency transaction gains and losses.
The impact of foreign currency on the comparability of our results is reflected in the tables below (in millions).
Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures used by other companies.
## Table 4 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>December 31, 2008</td><td>December 31, 2009</td><td>December 31, 2010</td><td>December 31, 2011</td></tr><tr><td>DISCA</td><td>$102.53</td><td>$222.09</td><td>$301.96</td><td>$296.67</td></tr><tr><td>DISCB</td><td>$78.53</td><td>$162.82</td><td>$225.95</td><td>$217.56</td></tr><tr><td>DISCK</td><td>$83.69</td><td>$165.75</td><td>$229.31</td><td>$235.63</td></tr><tr><td>S&P 500</td><td>$74.86</td><td>$92.42</td><td>$104.24</td><td>$104.23</td></tr><tr><td>Peer Group</td><td>$68.79</td><td>$100.70</td><td>$121.35</td><td>$138.19</td></tr></table>
<table><tr><td></td><td></td><td colspan="2"> As of December 31,</td></tr><tr><td></td><td> Balance Sheet Location</td><td> 2011</td><td> 2010</td></tr><tr><td>Trading securities:</td><td></td><td></td><td></td></tr><tr><td>Mutual funds</td><td>Prepaid expenses and other current assets</td><td>$76</td><td>$55</td></tr><tr><td>Available-for-sale securities:</td><td></td><td></td><td></td></tr><tr><td>Money market mutual funds</td><td>Cash and cash equivalents</td><td>635</td><td>172</td></tr><tr><td>U.S. Treasury securities</td><td>Cash and cash equivalents</td><td>—</td><td>200</td></tr><tr><td>Other</td><td>Cash and cash equivalents</td><td>—</td><td>3</td></tr><tr><td>Equity method investments</td><td>Equity method investments</td><td>807</td><td>455</td></tr><tr><td>Total investments</td><td></td><td>$1,518</td><td>$885</td></tr></table>
<table><tr><td>Consolidated</td><td colspan="4">Year Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>% Change(Reported)</td><td>% Change(ex-FX)</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution</td><td>$3,068</td><td>$2,842</td><td>8%</td><td>9%</td></tr><tr><td>Advertising</td><td>3,004</td><td>3,089</td><td>-3%</td><td>1%</td></tr><tr><td>Other</td><td>322</td><td>334</td><td>-4%</td><td>-2%</td></tr><tr><td>Total revenues</td><td>6,394</td><td>6,265</td><td>2%</td><td>4%</td></tr><tr><td>Costs of revenue, excluding depreciation and amortization</td><td>2,343</td><td>2,124</td><td>10%</td><td>15%</td></tr><tr><td>Selling, general and administrative expense</td><td>1,669</td><td>1,661</td><td>—%</td><td>3%</td></tr><tr><td>Add: Amortization of deferred launch incentives</td><td>16</td><td>11</td><td>45%</td><td>36%</td></tr><tr><td>Adjusted OIBDA</td><td>$2,398</td><td>$2,491</td><td>-4%</td><td>-4%</td></tr></table>
<table><tr><td>International Networks</td><td colspan="4">Year Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>% Change(Reported)</td><td>% Change(ex-FX)</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution</td><td>$1,637</td><td>$1,553</td><td>5%</td><td>7%</td></tr><tr><td>Advertising</td><td>1,353</td><td>1,483</td><td>-9%</td><td>-2%</td></tr><tr><td>Other</td><td>102</td><td>121</td><td>-16%</td><td>-11%</td></tr><tr><td>Total revenues</td><td>3,092</td><td>3,157</td><td>-2%</td><td>2%</td></tr><tr><td>Costs of revenue, excluding depreciation and amortization</td><td>1,375</td><td>1,250</td><td>10%</td><td>19%</td></tr><tr><td>Selling, general and administrative expenses</td><td>772</td><td>794</td><td>-3%</td><td>2%</td></tr><tr><td>Add: Amortization of deferred launch incentives</td><td>16</td><td>11</td><td>45%</td><td>36%</td></tr><tr><td>Adjusted OIBDA</td><td>$961</td><td>$1,124</td><td>-15%</td><td>-16%</td></tr></table>
<table><tr><td>Consolidated</td><td colspan="4">Year Ended December 31,</td></tr><tr><td></td><td>2017</td><td>2016</td><td>% Change(Reported)</td><td>% Change(ex-FX)</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution</td><td>$3,474</td><td>$3,213</td><td>8%</td><td>7%</td></tr><tr><td>Advertising</td><td>3,073</td><td>2,970</td><td>3%</td><td>3%</td></tr><tr><td>Other</td><td>326</td><td>314</td><td>4%</td><td>6%</td></tr><tr><td>Total revenues</td><td>6,873</td><td>6,497</td><td>6%</td><td>5%</td></tr><tr><td>Costs of revenue, excluding depreciation and amortization</td><td>-2,656</td><td>-2,432</td><td>9%</td><td>8%</td></tr><tr><td>Selling, general and administrative expense</td><td>-1,686</td><td>-1,652</td><td>2%</td><td>2%</td></tr><tr><td>Adjusted OIBDA</td><td>$2,531</td><td>$2,413</td><td>5%</td><td>5%</td></tr></table>

Question: What's the average of Distribution of Year Ended December 31, 2015, and Advertising of Year Ended December 31, 2017 ?
Answer: 2355
Reasoning program: add(1637.0,3073.0), divide(#0,const_2)