Revenue growth of $235.2 million in 2016 was due to the Veda acquisition.
Europe.
Local currency revenue growth was 12% in 2017 primarily due to growth in U. K.  debt management services and other growth in the U. K.  and Spain.
Local currency fluctuations against the U. S.  dollar negatively impacted revenue by $9.1 million, or 4%, for 2017.
Reported revenue increased 8% in 2017.
Local currency revenue growth was 18% in 2016 primarily due to growth in U. K.  debt management services and analytical services in both the U. K.  and Spain.
Local currency fluctuations against the U. S.  dollar negatively impacted revenue by $25.9 million, or 11%, for 2016.
Reported revenue increased 7% in 2016.
Latin America.
Local currency revenue increased 18% in 2017 driven by growth primarily in Argentina and Chile.
Local currency fluctuations against the U. S.  dollar negatively impacted revenue by $3.9 million, or 2%, in 2017, most notably due to depreciation in the foreign exchange rate of the Argentine peso, partially offset by appreciation of the Chilean peso.
Reported revenue increased 16% in 2017.
Local currency revenue increased 12% in 2016 driven by core organic growth primarily in Argentina, Chile, and Paraguay.
Local currency fluctuations against the U. S.  dollar negatively impacted revenue by $39.5 million, or 20%, in 2016, most notably due to depreciation in the foreign exchange rate of the Argentine peso.
Reported revenue decreased 8% in 2016.
Canada.
Local currency revenue increased 9% in 2017 compared to 2016, primarily due to organic growth.
Local currency fluctuations against the U. S.  dollar negatively impacted revenue by $2.7 million, or 2%, in 2017.
Reported revenue increased 12% in 2017.
Local currency revenue increased 3% in 2016 compared to 2015, primarily due to core organic growth.
Local currency fluctuations against the U. S.  dollar negatively impacted revenue by $4.4 million, or 4%, in 2016.
Reported revenue was flat in 2016.  International Operating Margin.
Operating margin increased to 18.2% in 2017 as compared to 13.9% in 2016.
The increase primarily resulted from a decrease in integration costs related to the Veda acquisition, lower growth in people costs, a gain on the sale of an asset, and a slight decrease in purchased intangibles amortization.
Operating margin decreased to 13.9% in 2016 as compared to 20.0% in 2015.
The decline primarily resulted from increased purchased intangibles amortization, integration costs related to the Veda acquisition and a decline in the margin of Latin America.
The decline was partially offset by increased margins in Europe and Canada.
Workforce Solutions
## Table 0 ##
Workforce Solutions revenue increased by 9% in 2017 compared to 2016 due to strong growth in the government, mortgage, financial and pre-employment screening verticals, partially offset by the impact of the cybersecurity incident.
Workforce Solutions revenue increased by 22%in 2016 compared to 2015 due to strong growth in the healthcare, mortgage, government, and financial verticals.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 71 Deferred revenue consists of amounts billed in excess of revenue recognized on sales of our information services relating generally to the deferral of subscription fees and arrangement consideration from elements not meeting the criteria for having stand-alone value discussed above.
Deferred revenues are subsequently recognized as revenue in accordance with our revenue recognition policies.
Cost of Services.
Cost of services consist primarily of (1) data acquisition and royalty fees; (2) customer service costs, which include: personnel costs to collect, maintain and update our proprietary databases, to develop and maintain software application platforms and to provide consumer and customer call center support; (3) hardware and software expense associated with transaction processing systems; (4) telecommunication and computer network expense; and (5) occupancy costs associated with facilities where these functions are performed by Equifax employees.
Selling, General and Administrative Expenses.
Selling, general and administrative expenses consist primarily of personnel-related costs, restructuring costs, corporate costs, fees for professional and consulting services, advertising costs, and other costs of administration.
Advertising.
Advertising costs, which are expensed as incurred, totaled $54.6 million, $63.6 million and $65.1 million during 2017, 2016 and 2015, respectively.
Stock-Based Compensation.
We recognize the cost of stock-based payment transactions in the financial statements over the period services are rendered according to the fair value of the stock-based awards issued.
All of our stock-based awards, which are stock options and nonvested stock, are classified as equity instruments.
Income Taxes.
We account for income taxes under the liability method.
We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid.
Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities.
We assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred tax assets.
We record a valuation allowance, as necessary, to reduce our deferred tax assets to the amount of future tax benefit that we estimate is more likely than not to be realized.
We record tax benefits for positions that we believe are more likely than not of being sustained under audit examinations.
We assess the potential outcome of such examinations to determine the adequacy of our income tax accruals.
We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes on our Consolidated Statements of Income.
We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates or when statutory terms expire.
Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur.
Earnings Per Share.
Our basic earnings per share, or EPS, is calculated as net income divided by the weightedaverage number of common shares outstanding during the reporting period.
Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding.
The net income amounts used in both our basic and diluted EPS calculations are the same.
A reconciliation of the weighted-average outstanding shares used in the two calculations is as follows:
## Table 1 ##
For the twelve months ended December 31, 2017, 2016 and 2015, 0.3 million, 0.1 million and 0.1 million stock options, respectively, were anti-dilutive and therefore excluded from this calculation.
Accelerated Share Repurchase Program.
On October 24, 2014, we entered into an accelerated share repurchase (“ASR”) program to repurchase shares of our common stock under our approved share repurchase program.
Under the ASR program, the number of shares to be repurchased is based generally on the daily volume weighted average price of our common stock during the term of the ASR program.
On October 24, 2014, we paid $115 million in exchange for an initial delivery of 1.4
expenses decreased to $23 million from $115 million in 2006 and $146 million in 2005, reflecting the reduced level of operations.
Operating profits for the Real Estate division, which principally sells higher-and-better-use properties, were $32 million, $124 million and $198 million in 2007, 2006 and 2005, respectively.
Looking forward to 2008, operating profits are expected to decline significantly, reflecting the reduced level of forestland holdings.
Operating earnings will primarily reflect the periodic sales of remaining acreage, and can be expected to vary from quarter to quarter depending on the timing of sale transactions.
Specialty Businesses and Other The Specialty Businesses and Other segment principally includes the operating results of the Arizona Chemical business as well as certain smaller businesses.
The Arizona Chemical business was sold in February 2007.
Thus, operating results in 2007 reflect only two months of activity.
## Table 2 ##
LIQUIDITY AND CAPITAL RESOURCES Overview A major factor in International Paper’s liquidity and capital resource planning is its generation of operating cash flow, which is highly sensitive to changes in the pricing and demand for our major products.
While changes in key cash operating costs, such as energy, raw material and transportation costs, do have an effect on operating cash generation, we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle.
As part of our continuing focus on improving our return on investment, we have focused our capital spending on improving our key paper and packaging businesses both globally and in North America.
Financing activities in 2007 continued the focus on the Transformation Plan objectives of returning value to shareholders through additional repurchases of common stock and strengthening the balance sheet through further reductions of debt.
Management believes it is important for International Paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms.
At December 31, 2007, the Company held long-term credit ratings of BBB (stable outlook) and Baa3 (stable outlook) by Standard & Poor’s (S&P) and Moody’s Investor Services (Moody’s), respectively.
Cash Provided by Operations Cash provided by continuing operations totaled $1.9 billion, compared with $1.0 billion for 2006 and $1.2 billion for 2005.
The 2006 amount is net of a $1.0 billion voluntary cash pension plan contribution made in the fourth quarter of 2006.
The major components of cash provided by continuing operations are earnings from continuing operations adjusted for non-cash income and expense items and changes in working capital.
Earnings from continuing operations, adjusted for non-cash items and excluding the pension contribution in 2006, increased by $123 million in 2007 versus 2006.
This compared with an increase of $584 million for 2006 over 2005.  International Paper’s investments in accounts receivable and inventory less accounts payable and accrued liabilities, totaled $1.7 billion at December 31, 2007.
Cash used for these working capital components increased by $539 million in 2007, compared with a $354 million increase in 2006 and a $558 million increase in 2005.
Investment Activities Investment activities in 2007 included the receipt of $1.7 billion of additional cash proceeds from divestitures, and the use of $239 million for acquisitions and $578 million for an investment in a 50% equity interest in Ilim Holding S. A.  in Russia.
Capital spending from continuing operations was $1.3 billion in 2007, or 119% of depreciation and amortization, comparable to $1.0 billion, or 87% of depreciation and amortization in 2006, and $992 million, or 78% of depreciation and amortization in 2005.
The increase in 2007 reflects spending for the conversion of the Pensacola paper machine to the production of linerboard, a fluff pulp project at our Riegelwood mill, and a specialty pulp production project at our Svetogorsk mill in Russia, all of which were part of the Company’s Transformation Plan.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Twelve Months Ended December 31,</td><td colspan="5">Change</td></tr><tr><td></td><td></td><td></td><td></td><td colspan="2">2017 vs. 2016</td><td colspan="3">2016 vs. 2015</td></tr><tr><td>Workforce Solutions</td><td>2017</td><td>2016</td><td>2015</td><td>$</td><td>%</td><td>$</td><td colspan="2">%</td></tr><tr><td></td><td colspan="8">(In millions)</td></tr><tr><td>Operating Revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Verification Services</td><td>$501.5</td><td>$437.3</td><td>$364.4</td><td>$64.2</td><td>15%</td><td>$72.9</td><td>20%</td><td></td></tr><tr><td>Employer Services</td><td>262.7</td><td>264.9</td><td>213.3</td><td>-2.2</td><td>-1%</td><td>51.6</td><td>24%</td><td></td></tr><tr><td>Total operating revenue</td><td>$764.2</td><td>$702.2</td><td>$577.7</td><td>$62.0</td><td>9%</td><td>$124.5</td><td>22%</td><td></td></tr><tr><td>% of consolidated revenue</td><td>23%</td><td>22%</td><td>22%</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total operating income</td><td>$331.9</td><td>$295.5</td><td>$218.8</td><td>$36.4</td><td>12%</td><td>$76.7</td><td>35%</td><td></td></tr><tr><td>Operating margin</td><td>43.4%</td><td>42.1%</td><td>37.9%</td><td></td><td>1.3pts</td><td></td><td>4.2</td><td>pts</td></tr></table>
<table><tr><td></td><td colspan="3">Twelve Months Ended December 31,</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td></td><td colspan="3">(In millions)</td></tr><tr><td>Weighted-average shares outstanding (basic)</td><td>120.1</td><td>119.3</td><td>118.7</td></tr><tr><td>Effect of dilutive securities:</td><td></td><td></td><td></td></tr><tr><td>Stock options and restricted stock units</td><td>1.4</td><td>1.8</td><td>2.2</td></tr><tr><td>Weighted-average shares outstanding (diluted)</td><td>121.5</td><td>121.1</td><td>120.9</td></tr></table>
<table><tr><td><i>In millions</i></td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Sales</td><td>$135</td><td>$935</td><td>$915</td></tr><tr><td>Operating Profit</td><td>$6</td><td>$61</td><td>$4</td></tr></table>

Question: Which year/section is Verification Services the most? (in million)
Answer: 2017