12.
Borrowings Short-Term Borrowings 2015 Revolving Credit Facility.
In March 2011, the Company entered into a five-year $3.5 billion unsecured revolving credit facility, which was amended in 2014, 2013 and 2012.
In April 2015, the Company’s credit facility was further amended to extend the maturity date to March 2020 and to increase the amount of the aggregate commitment to $4.0 billion (the “2015 credit facility”).
The 2015 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 2015 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 2015 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2015.
The 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities.
At December 31, 2015, the Company had no amount outstanding under the 2015 credit facility.
Commercial Paper Program.
On October 14, 2009, BlackRock established a commercial paper program (the “CP Program”) under which the Company could issue unsecured commercial paper notes (the “CP Notes”) on a private placement basis up to a maximum aggregate amount outstanding at any time of $4.0 billion as amended in April 2015.
The CP Program is currently supported by the 2015 credit facility.
At December 31, 2015, BlackRock had no CP Notes outstanding Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at December 31, 2015 included the following:
## Table 0 ##
Long-term borrowings at December 31, 2014 had a carrying value of $4.922 billion and a fair value of $5.309 billion determined using market prices at the end of December 2014.12.
Borrowings Short-Term Borrowings 2015 Revolving Credit Facility.
In March 2011, the Company entered into a five-year $3.5 billion unsecured revolving credit facility, which was amended in 2014, 2013 and 2012.
In April 2015, the Company¡¯s credit facility was further amended to extend the maturity date to March 2020 and to increase the amount of the aggregate commitment to $4.0 billion (the ¡°2015 credit facility¡±).
The 2015 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 2015 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 2015 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2015.
The 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities.
At December 31, 2015, the Company had no amount outstanding under the 2015 credit facility.
Commercial Paper Program.
On October 14, 2009, BlackRock established a commercial paper program (the ¡°CP Program¡±) under which the Company could issue unsecured commercial paper notes (the ¡°CP Notes¡±) on a private placement basis up to a maximum aggregate amount outstanding at any time of $4.0 billion as amended in April 2015.
The CP Program is currently supported by the 2015 credit facility.
At December 31, 2015, BlackRock had no CP Notes outstanding Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at December 31, 2015 included the following:
Long-term borrowings at December 31, 2014 had a carrying value of $4.922 billion and a fair value of $5.309 billion determined using market prices at the end of December 2014.2025 Notes.
In May 2015, the Company issued €700 million of 1.25% senior unsecured notes maturing on May 6, 2025 (the ¡°2025 Notes¡±).
The notes are listed on the New York Stock Exchange.
The net proceeds of the 2025 Notes were used for general corporate purposes, including refinancing of outstanding indebtedness.
Interest of approximately $10 million per year based on current exchange rates is payable annually on May 6 of each year.
The 2025 Notes may be redeemed in whole or in part prior to maturity at any time at the option of the Company at a ¡°make-whole¡± redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 Notes.
Upon conversion to U. S.  dollars the Company designated the €700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations.
A gain of $19 million, net of tax, was recognized in other comprehensive income for 2015.
No hedge ineffectiveness was recognized during 2015.2024 Notes.
In March 2014, the Company issued $1.0 billion in aggregate principal amount of 3.50% senior unsecured and unsubordinated notes maturing on March 18, 2024 (the ¡°2024 Notes¡±).
The net proceeds of the 2024 Notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014.
Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.
The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a ¡°make-whole¡± redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 Notes.2022 Notes.
In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 1.375% notes, which were repaid in June 2015 at maturity, and $750 million of 3.375% notes maturing in June 2022 (the ¡°2022 Notes¡±).
Net proceeds were used to fund the repurchase of BlackRock¡¯s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes.
Interest on the 2022 Notes of approximately $25 million per year, respectively, is payable semi-annually on June 1 and December 1 of each year, which commenced December 1, 2012.
The 2022 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a ¡°make-whole¡± redemption price.
The ¡°make-whole¡± redemption price represents a price, subject to the specific terms of the 2022 Notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a
Institutional active AUM ended 2015 at $962.9 billion, reflecting $26.8 billion of net inflows.
Institutional active represented 22% of long-term AUM and 20% of long-term base fees.
Growth in AUM reflected continued strength in multi-asset class products with net inflows of $18.4 billion reflecting ongoing demand for solutions offerings and the LifePath?
target-date suite.
Our top-performing fixed income platform generated net inflows of $5.7 billion, diversified across exposures.
Alternatives net inflows of $3.1 billion were led by inflows into infrastructure and alternatives solutions offerings.
In addition, 2015 was another strong fundraising year for illiquid alternatives, and we raised over $5 billion in new commitments, which will be a source of future net inflows.
Equity net outflows of $0.5 billion reflected fundamental net outflows of $2.2 billion, which were partially offset by scientific net inflows of $1.7 billion.
Institutional index AUM totaled $1.739 trillion at December 31, 2015, reflecting net outflows of $43.1 billion.
Equity net outflows of $33.7 billion were primarily due to low-fee global and regional index equity outflows as clients looked to re-allocate, re-balance or meet their cash needs.
Fixed income net outflows of $10.2 billion were concentrated in local currency mandates, linked to outflows from liability management strategies.
Institutional index represented 40% of long-term AUM at December 31, 2015 and accounted for 10% of long-term base fees for 2015.
The Company’s institutional clients consist of the following: ?
Pensions, Foundations and Endowments.
BlackRock is among the world’s largest managers of pension plan assets with $1.847 trillion, or 68%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2015.
The market landscape is shifting from defined benefit to defined contribution, driving strong flows in our defined contribution channel, which had $36.2 billion of longterm net inflows for the year, or 6% organic growth, driven by continued demand for our LifePath targetdate suite.
Defined contribution represented $630.9 billion of total pension AUM, and we remain well positioned to capitalize on the on-going evolution of the defined contribution market and demand for outcomeoriented investments.
An additional $52.8 billion, or 2% of long-term institutional AUM, was managed for other tax-exempt investors, including charities, foundations and endowments.  ?
Official Institutions.
We also managed $185.0 billion, or 7%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2015.
These clients often require specialized investment advice, the use of customized benchmarks and training support.  ?
Financial and Other Institutions.
BlackRock is a top independent manager of assets for insurance companies, which accounted for $237.7 billion, or 9%, of institutional long-term AUM at year-end 2015.
Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which we provide sub-advisory services, totaled $379.4 billion, or 14%, of long-term institutional AUM at yearend.
PRODUCT TYPE Component changes in AUM by product type and investment style for 2015 are presented below
## Table 1 ##
(1) Amounts represent $1.3 billion of AUM acquired in the BKCA acquisition in March 2015, $560 million of AUM acquired in the Infraestructura Institucional acquisition in October 2015 and $366 million of AUM acquired in the FutureAdvisor acquisition in October 2015.
The FutureAdvisor acquisition amount does not include AUM that was held in iShares holdings.
Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) December 31, 2003, investment securities with a fair value of $119.8 million were on loan.
Investment income earned on security lending transactions was $0.2 million for 2003 and less than $0.1 million for 2002.4.
PROPERTY AND EQUIPMENT, NET Property and equipment was comprised of the following at December 31, 2003 and 2002:
## Table 2 ##
Depreciation expense was $115.2 million in 2003, $105.0 million in 2002, and $92.9 million in 2001.
Depreciation expense in 2003 includes the impact of accelerating depreciation related to abandoned software more fully described at the end of Note 4.
A decision to eliminate the Jacksonville, Florida, San Antonio, Texas and Madison, Wisconsin customer service centers during the fourth quarter of 2002 prompted a review for the possible impairment of long-lived assets associated with these centers.
Assets under operating leases supported the Madison service center and, therefore, were not applicable to our impairment analysis.
Under a transition plan, we continued to use the longlived assets of the Jacksonville and San Antonio customer service centers until mid-2003, the completion date for consolidating these two customer service centers.
The long-lived assets of our customer service centers were supported by the future cash flows expected to result from members serviced by those centers.
Cash flows from members serviced by each service center represented the lowest level of independently identifiable cash flows.
For example, cash flows from members located primarily in the state of Florida and serviced by the Jacksonville service center supported the Jacksonville center’s long-lived assets until those members’ service was transitioned elsewhere.
Our impairment review during the fourth quarter of 2002 indicated that estimated undiscounted cash flows expected to result from the remaining use of the San Antonio, Texas customer service center long-lived assets, primarily buildings, were insufficient to recover their carrying value.
Accordingly, we reduced the carrying value of these long-lived assets to their estimated fair value resulting in non-cash impairment expenses of $2.4 million ($1.5 million after tax) during the fourth quarter of 2002.
Unlike our San Antonio impairment review, a greater number of more profitable members in Florida caused the estimated undiscounted cash flows expected to result from the remaining use of the Jacksonville, Florida customer service center’s long-lived assets, primarily a building, to exceed the carrying value as of the fourth quarter of 2002 impairment review.
However, impairment was triggered during the first quarter of 2003 with the passage of time and the approaching date for closing the center.
As members serviced by the Jacksonville, Florida customer service center were transferred to other service centers during 2003, the undiscounted cash flows expected from the remaining members serviced by the center fell during the first quarter of 2003 to a level

Tables referenced above, in order (Table 0 first):
<table><tr><td>(in millions)</td><td>MaturityAmount</td><td>Unamortized Discount and Debt Issuance Costs</td><td>Carrying Value</td><td>Fair Value</td></tr><tr><td>6.25% Notes due 2017</td><td>$700</td><td>$-1</td><td>$699</td><td>$757</td></tr><tr><td>5.00% Notes due 2019</td><td>1,000</td><td>-3</td><td>997</td><td>1,106</td></tr><tr><td>4.25% Notes due 2021</td><td>750</td><td>-5</td><td>745</td><td>828</td></tr><tr><td>3.375% Notes due 2022</td><td>750</td><td>-6</td><td>744</td><td>773</td></tr><tr><td>3.50% Notes due 2024</td><td>1,000</td><td>-8</td><td>992</td><td>1,030</td></tr><tr><td>1.25% Notes due 2025</td><td>760</td><td>-7</td><td>753</td><td>729</td></tr><tr><td>Total Long-term Borrowings</td><td>$4,960</td><td>$-30</td><td>$4,930</td><td>$5,223</td></tr></table>
<table><tr><td>(in millions)</td><td>December31,2014</td><td>Net Inflows (Outflows)</td><td>Acquisitions<sup>-1</sup></td><td>Market Change</td><td>FX Impact</td><td>December 31,2015</td></tr><tr><td>Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>$292,802</td><td>$4,210</td><td>$—</td><td>$-7,738</td><td>$-7,955</td><td>$281,319</td></tr><tr><td>iShares</td><td>790,067</td><td>78,408</td><td>—</td><td>-32,349</td><td>-12,970</td><td>823,156</td></tr><tr><td>Non-ETF index</td><td>1,368,242</td><td>-29,840</td><td>—</td><td>4,815</td><td>-23,920</td><td>1,319,297</td></tr><tr><td>Equity subtotal</td><td>2,451,111</td><td>52,778</td><td>—</td><td>-35,272</td><td>-44,845</td><td>2,423,772</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>701,324</td><td>35,928</td><td>—</td><td>-6,907</td><td>-10,692</td><td>719,653</td></tr><tr><td>iShares</td><td>217,671</td><td>50,309</td><td>—</td><td>-7,508</td><td>-6,282</td><td>254,190</td></tr><tr><td>Non-ETF index</td><td>474,658</td><td>-9,293</td><td>—</td><td>2,313</td><td>-19,153</td><td>448,525</td></tr><tr><td>Fixed income subtotal</td><td>1,393,653</td><td>76,944</td><td>—</td><td>-12,102</td><td>-36,127</td><td>1,422,368</td></tr><tr><td>Multi-asset class</td><td>377,837</td><td>17,167</td><td>366</td><td>-7,413</td><td>-11,621</td><td>376,336</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>88,006</td><td>4,080</td><td>1,853</td><td>-213</td><td>-1,641</td><td>92,085</td></tr><tr><td>Currency and commodities</td><td>23,234</td><td>1,045</td><td>—</td><td>-3,223</td><td>-302</td><td>20,754</td></tr><tr><td>Alternatives subtotal</td><td>111,240</td><td>5,125</td><td>1,853</td><td>-3,436</td><td>-1,943</td><td>112,839</td></tr><tr><td>Long-term</td><td>4,333,841</td><td>152,014</td><td>2,219</td><td>-58,223</td><td>-94,536</td><td>4,335,315</td></tr><tr><td>Cash management</td><td>296,353</td><td>7,510</td><td>—</td><td>267</td><td>-4,246</td><td>299,884</td></tr><tr><td>Advisory</td><td>21,701</td><td>-9,629</td><td>—</td><td>461</td><td>-2,320</td><td>10,213</td></tr><tr><td>Total AUM</td><td>$4,651,895</td><td>$149,895</td><td>$2,219</td><td>$-57,495</td><td>$-101,102</td><td>$4,645,412</td></tr></table>
<table><tr><td></td><td>2003</td><td>2002</td></tr><tr><td></td><td colspan="2">(in thousands)</td></tr><tr><td>Land</td><td>$20,407</td><td>$30,798</td></tr><tr><td>Buildings</td><td>257,728</td><td>309,679</td></tr><tr><td>Equipment and computer software</td><td>717,173</td><td>653,996</td></tr><tr><td>Assets held for sale</td><td>27,517</td><td>5,294</td></tr><tr><td></td><td>1,022,825</td><td>999,767</td></tr><tr><td>Accumulated depreciation</td><td>-606,353</td><td>-539,925</td></tr><tr><td>Property and equipment, net</td><td>$416,472</td><td>$459,842</td></tr></table>

Question: If iShares develops with the same growth rate in 2015, what will it reach in 2016? (in millions)
Answer: 857631
Reasoning program: subtract(823156,790067), divide(#0,790067), add(1,#1), multiply(#2,823156)