The following table presents a reconciliation of operating income per the consolidated statements of operations to NOI for the 2010 Same Store Properties.
## Table 0 ##
For properties that the Company acquired prior to January 1, 2010 and expects to continue to own through December 31, 2011, the Company anticipates the following same store results for the full year ending December 31, 2011:
## Table 1 ##
The Company anticipates consolidated rental acquisitions of $1.0 billion and consolidated rental dispositions of $1.25 billion and expects that acquisitions will have a 1.25% lower cap rate than dispositions for the full year ending December 31, 2011.
These 2011 assumptions are based on current expectations and are forward-looking.
Non-same store operating results increased approximately $84.6 million and consist primarily of properties acquired in calendar years 2009 and 2010, as well as operations from the Company’s completed development properties and corporate housing business.
While the operations of the non-same store assets have been negatively impacted during the year ended December 31, 2010 similar to the same store assets, the non-same store assets have contributed a greater percentage of total NOI to the Company’s overall operating results primarily due to increasing occupancy for properties in lease-up and a longer ownership period in 2010 than 2009.
This increase primarily resulted from: m Development and other miscellaneous properties in lease-up of $32.4 million; m Newly stabilized development and other miscellaneous properties of $0.2 million; m Properties acquired in 2009 and 2010 of $56.2 million; and m Partially offset by an allocation of property management costs not included in same store results and operating activities from other miscellaneous operations, such as the Company’s corporate housing business.
See also Note 19 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s segment disclosures.
Fee and asset management revenues, net of fee and asset management expenses, increased approximately $1.5 million or 53.4% primarily due to an increase in revenue earned on management of the Company’s military housing ventures at Fort Lewis and McChord Air Force Base, as well as a decrease in asset management expenses, partially offset by the unwinding of the Company’s institutional joint ventures during 2010 (see Note 6 in the Notes to Consolidated Financial Statements for further discussion).
Property management expenses from continuing operations include off-site expenses associated with the selfmanagement of the Company’s properties as well as management fees paid to any third party management companies.
These expenses increased approximately $9.2 million or 12.8%.
This increase is primarily attributable to an increase in payrollrelated costs (due primarily to higher health insurance and bonus costs, acceleration of long-term compensation expense for retirement eligible employees and the creation of the Company’s central business group, which moved administrative functions off-site), legal and professional fees, education/conference expenses, real estate tax consulting fees and travel expenses.
$15 million for fire control programs due to increased deliveries (primarily Apache), partially offset by lower risk retirements (primarily Sniper?).
Adjustments not related to volume, including net profit booking rate adjustments and other matters, were approximately $95 million lower for 2014 compared to 2013.
Backlog Backlog increased in 2015 compared to 2014 primarily due to higher orders on PAC-3, LANTIRN/Sniper and certain tactical missile programs, partially offset by lower orders on THAAD.
Backlog decreased in 2014 compared to 2013 primarily due to lower orders on THAAD and fire control systems programs, partially offset by higher orders on certain tactical missile programs and PAC-3.
Trends We expect MFC’s net sales to be flat or experience a slight decline in 2016 as compared to 2015.
Operating profit is expected to decrease by approximately 20 percent, driven by contract mix and fewer risk retirements in 2016 compared to 2015.
Accordingly, operating profit margin is expected to decline from 2015 levels.
Mission Systems and Training As previously described, on November 6, 2015, we acquired Sikorsky and aligned the Sikorsky business under our MST business segment.
The results of the acquired Sikorsky business have been included in our financial results from the November 6, 2015 acquisition date through December 31, 2015.
As a result, our consolidated operating results and MST business segment operating results for the year ended December 31, 2015 do not reflect a full year of Sikorsky operations.
Our MST business segment provides design, manufacture, service and support for a variety of military and civil helicopters, ship and submarine mission and combat systems; mission systems and sensors for rotary and fixed-wing aircraft; sea and land-based missile defense systems; radar systems; the Littoral Combat Ship (LCS); simulation and training services; and unmanned systems and technologies.
In addition, MST supports the needs of customers in cybersecurity and delivers communication and command and control capabilities through complex mission solutions for defense applications.
MST’s major programs include Black Hawk and Seahawk helicopters, Aegis Combat System (Aegis), LCS, Space Fence, Advanced Hawkeye Radar System, and TPQ-53 Radar System.
MST’s operating results included the following (in millions):
## Table 2 ##
2015 compared to 2014 MST’s net sales in 2015 increased $359 million, or 4%, compared to 2014.
The increase was attributable to net sales of approximately $400 million from Sikorsky, net of adjustments required to account for the acquisition of this business in the fourth quarter of 2015; and approximately $220 million for integrated warfare systems and sensors programs, primarily due to the ramp-up of recently awarded programs (Space Fence).
These increases were partially offset by lower net sales of approximately $150 million for undersea systems programs due to decreased volume as a result of in-theater force reductions (primarily Persistent Threat Detection System); and approximately $105 million for ship and aviation systems programs primarily due to decreased volume (Merlin Capability Sustainment Program).
MST’s operating profit in 2015 decreased $92 million, or 10%, compared to 2014.
Operating profit decreased by approximately $75 million due to performance matters on an international program; approximately $45 million for Sikorsky due primarily to intangible amortization and adjustments required to account for the acquisition of this business in the fourth quarter of 2015; and approximately $15 million for integrated warfare systems and sensors programs, primarily due to investments made in connection with a recently awarded next generation radar technology program, partially offset by higher risk retirements (including Halifax Class Modernization).
These decreases were partially offset by approximately $20 million in increased operating profit for training and logistics services programs, primarily due to reserves recorded on certain programs in 2014 that were not repeated in 2015.
Adjustments not related to volume, including net profit booking rate adjustments and other matters, were approximately $100 million lower in 2015 compared to 2014.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) The amounts in the consolidated balance sheets include the impact of reinsurance.
Information regarding the effect of reinsurance is as follows:
## Table 3 ##
December 31, 2009
## Table 4 ##
Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting.
The deposit assets on ceded reinsurance were $2,530 million and $2,564 million at December 31, 2010 and 2009, respectively.
The deposit liabilities for assumed reinsurance were $47 million and $52 million at December 31, 2010 and 2009, respectively.10.
Closed Block On April 7, 2000 (the “Demutualization Date”), MLIC converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc.
The conversion was pursuant to an order by the New York Superintendent of Insurance (the “Superintendent”) approving MLIC’s plan of reorganization, as amended (the “Plan”).
On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC.
Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes.
At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales.
Dividend scales are adjusted periodically to give effect to changes in experience.
The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block.
To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued.
Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders.
If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block.
The closed block will continue in effect as long as any policy in the closed block remains inforce.
The expected life of the closed block is over 100 years.
In the normal course of business, the Company is involved in various lawsuits and claims.
In addition, the Company is a party to a number of proceedings before federal and state regulatory agencies relating to environmental remediation.
Also, the Company, along with many other companies, has been named as a potentially responsible party (‘‘PRP’’) in a number of administrative proceedings for the remediation of various waste sites, including 15 active Superfund sites.
Current laws potentially impose joint and several liabilities upon each PRP.
In assessing its potential liability at these sites, the Company has considered the following: whether responsibility is being disputed, the terms of existing agreements, experience at similar sites, and the Company’s volumetric contribution at these sites.
The Company’s policy is to accrue environmental investigatory and remediation costs for identified sites when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.
The amount of liability recorded is based on an evaluation of currently available facts with respect to each individual site and includes such factors as existing technology, presently enacted laws and regulations, and prior experience in remediation of contaminated sites.
The liabilities recorded do not take into account any claims for recoveries from insurance or third parties.
As assessments and remediation progress at individual sites, the amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available.
As of December 30, 2006 and December 31, 2005, the Company had reserves of $30.5 million and $21.3 million, respectively, for remediation activities associated with Company-owned properties as well as for Superfund sites, for losses that are probable and estimable.
Of the 2006 amount, $9.2 million is classified as current and $21.3 million as long-term.
The range of environmental remediation costs that is reasonably possible is $24.6 million to $61.2 million which is subject to change in the near term.
The Company may be liable for environmental remediation of sites it no longer owns.
Liabilities have been recorded on those sites in accordance with policy.
The environmental liability for certain sites that have cash payments that are fixed or reliably determinable have been discounted using a rate of 5.0%.
The discounted and undiscounted amount of the liability relative to these sites is $5.1 million and $8.1 million, respectively, as of December 30, 2006 and $5.0 million and $8.1 million, respectively, as of December 31, 2005.
The payments relative to these sites are expected to be $1.0 million in 2007, $1.7 million in 2008, $1.0 million in 2009, $0.3 million in 2010, $0.3 million in 2011 and $3.8 million thereafter.
The amount recorded for identified contingent liabilities is based on estimates.
Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available.
Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures.
Subject to the imprecision in estimating future contingent liability costs, the Company does not expect that any sum it may have to pay in connection with these matters in excess of the amounts recorded will have a materially adverse effect on its financial position, results of operations or liquidity T.  DISCONTINUED OPERATIONS During 2006, the Company disposed of two small businesses, the American appliance hinge and U. K.  decorator tools businesses, for $1.9 million in cash.
The related after-tax loss amounted to $1.1 million.
On December 4, 2004, the Company sold its home décor business for $87 million in a cash sale transaction, resulting in an after-tax gain of $24 million.
On March 2, 2004, the Company sold its residential entry door business for $161 million in cash, and recognized a $95 million after-tax gain thereon.
Also in 2004, the Company sold Friess, its German paint roller business for $6.4 million, and a loss of $3.6 million was recognized thereon.
In accordance with the provisions of SFAS No.144, ‘‘Accounting for the Impairment or Disposal of Long-Lived Assets’’, the results of operations of the appliance hinge, U. K.  decorator tools, home décor, residential entry door, and Friess businesses for the current and prior periods have been reported as discontinued operations.
In addition, the assets and liabilities of the appliance hinge and U. K.  decorator tools businesses were classified as held for sale in the Consolidated Balance Sheet at December 31, 2005.
The divestures of these businesses were made pursuant to the Company’s growth strategy which entails a reduction of risk associated with certain large customer concentrations and better utilization of resources to increase shareowner value.
The American appliance hinge business supplied hardware used to manufacture household appliances.
The U. K.  decorator tools business manufactured brushes, rollers and other paint sundries supplied to various retailers.
The home décor business supplied mirrored closet doors, closet organization products and wall décor products primarily through large retailers in North America and Europe.
The residential entry door business manufactured and distributed steel and fiberglass entry doors and components throughout North America.
The Friess business manufactured paint rollers in Germany and sold them into the private label market in continental Europe.
Operating results of the U. K.  decorator tools, home décor, residential entry door, and Friess businesses, which were formerly included in the Consumer Products segment, and the appliance hinge business, which was formerly included in the Security Solutions segment, are summarized as follows:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">Year Ended December 31,</td></tr><tr><td></td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="2">(Amounts in thousands)</td></tr><tr><td>Operating income</td><td>$442,001</td><td>$496,601</td></tr><tr><td>Adjustments:</td><td></td><td></td></tr><tr><td>Non-same store operating results</td><td>-105,960</td><td>-21,336</td></tr><tr><td>Fee and asset management revenue</td><td>-9,476</td><td>-10,346</td></tr><tr><td>Fee and asset management expense</td><td>5,140</td><td>7,519</td></tr><tr><td>Depreciation</td><td>656,633</td><td>559,271</td></tr><tr><td>General and administrative</td><td>39,887</td><td>38,994</td></tr><tr><td>Impairment</td><td>45,380</td><td>11,124</td></tr><tr><td>Same store NOI</td><td>$1,073,605</td><td>$1,081,827</td></tr></table>
<table><tr><td>Physical occupancy</td><td>95.0%</td></tr><tr><td>Revenue change</td><td>4.0% to 5.0%</td></tr><tr><td>Expense change</td><td>1.0% to 2.0%</td></tr><tr><td>NOI change</td><td>5.0% to 7.5%</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Net sales</td><td>$9,091</td><td>$8,732</td><td>$9,037</td></tr><tr><td>Operating profit</td><td>844</td><td>936</td><td>1,065</td></tr><tr><td>Operating margins</td><td>9.3%</td><td>10.7%</td><td>11.8%</td></tr><tr><td>Backlog at year-end</td><td>$30,100</td><td>$13,300</td><td>$12,600</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2010</td></tr><tr><td></td><td> Total   Balance   Sheet</td><td> Assumed</td><td>Ceded</td><td> Total, Net of   Reinsurance</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td> Assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums, reinsurance and other receivables</td><td>$19,830</td><td>$722</td><td>$13,561</td><td>$5,547</td></tr><tr><td>Deferred policy acquisition costs and value of business acquired</td><td>27,307</td><td>176</td><td>-179</td><td>27,310</td></tr><tr><td>Total assets</td><td>$47,137</td><td>$898</td><td>$13,382</td><td>$32,857</td></tr><tr><td> Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Future policy benefits</td><td>$173,373</td><td>$2,074</td><td>$-65</td><td>$171,364</td></tr><tr><td>Policyholder account balances</td><td>211,020</td><td>2,237</td><td>—</td><td>208,783</td></tr><tr><td>Other policy-related balances</td><td>15,806</td><td>265</td><td>506</td><td>15,035</td></tr><tr><td>Other liabilities</td><td>20,386</td><td>608</td><td>2,703</td><td>17,075</td></tr><tr><td>Total liabilities</td><td>$420,585</td><td>$5,184</td><td>$3,144</td><td>$412,257</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2009</td></tr><tr><td></td><td> Total   Balance   Sheet</td><td> Assumed</td><td>Ceded</td><td> Total, Net of   Reinsurance</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td> Assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums, reinsurance and other receivables</td><td>$16,752</td><td>$550</td><td>$12,274</td><td>$3,928</td></tr><tr><td>Deferred policy acquisition costs and value of business acquired</td><td>19,256</td><td>190</td><td>-206</td><td>19,272</td></tr><tr><td>Total assets</td><td>$36,008</td><td>$740</td><td>$12,068</td><td>$23,200</td></tr><tr><td> Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Future policy benefits</td><td>$135,879</td><td>$2,000</td><td>$-43</td><td>$133,922</td></tr><tr><td>Policyholder account balances</td><td>138,673</td><td>1,321</td><td>—</td><td>137,352</td></tr><tr><td>Other policy-related balances</td><td>8,446</td><td>257</td><td>494</td><td>7,695</td></tr><tr><td>Other liabilities</td><td>15,989</td><td>364</td><td>2,489</td><td>13,136</td></tr><tr><td>Total liabilities</td><td>$298,987</td><td>$3,942</td><td>$2,940</td><td>$292,105</td></tr></table>

Question: Which element makes up more than 20% of the total for Assumed in 2010 ?
Answer: Future policy benefits, Policyholder account balances