TELEFLEX INCORPORATED NOTES?TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) outlays associated with the plan to be in the range of $38 million to $43 million, compared to its prior estimate of $33 million to $38 million.
Additionally, the Company continues to expect that it will incur $24 million to $30 million in aggregate capital expenditures under the plan.
Most of these charges and cash outlays are expected to be incurred prior to 2020, and the Company expects, as a result of the changes described above, the program will now be substantially complete by the end of 2021, compared to its prior estimate of the second half of 2020.
The following table provides a summary of the Company’s cost estimates by major type of expense associated with the 2014 Manufacturing Footprint Realignment Plan, which reflect the revised estimates:
## Table 0 ##
(1) Includes contract termination costs as well as facility closure and other exit costs (employee relocation costs, equipment relocation costs and outplacement).
(2) Consists of accelerated depreciation and other costs directly related to the plan, primarily as a result of the transfer of manufacturing operations to new locations.
As the 2014 Manufacturing Footprint Realignment Plan progresses, management will reevaluate the estimated expenses and charges set forth above, and may revise its estimates, as appropriate, consistent with GAAP.
The following table summarizes the activity related to the 2014 Manufacturing Footprint Realignment Plan restructuring reserve:
## Table 1 ##
?For the years ended December?31, 2017, 2016 and 2015, the Company reported restructuring related costs of $4.0 million, $8.5 million and $9.5 million, respectively, related to this plan within cost of goods sold.
These costs related to accelerated depreciation and certain other costs, primarily for the transfer of manufacturing operations from the existing locations to the new locations in connection with the plan.
As of December?31, 2017, the Company has incurred net aggregate restructuring expenses related to the plan of $11.8 million.
Additionally, as of December?31, 2017, the Company has incurred net aggregate accelerated depreciation and certain other costs in connection with the plan of $26.9 million, which were included in cost of goods sold.2016 Other Restructuring Programs During 2016, the Company commenced restructuring activities involving the consolidation of certain global administrative functions and manufacturing operations (the "Other 2016 Restructuring Programs").
The programs are expected to be substantially complete by the end of the first quarter 2018.
The Company estimates that it will record aggregate pre-tax restructuring expenses of $3.8 million to $4.7 million related to these programs, which constitute termination benefits and contract termination costs that will result in cash outlays.
Additionally, the Company expects to incur approximately $1.5 million of restructuring related costs, including accelerated depreciation and other costs directly related to these programs and anticipates that these costs will be recognized as cost of goods sold; the Company
TELEFLEX INCORPORATED NOTES?TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Note 7?— Goodwill and other intangible assets Changes in the carrying amount of goodwill, by reportable operating segment, for the years ended December?31, 2017 and 2016 are as follows:
## Table 2 ##
Intangible assets at December?31, 2017 and 2016 consisted of the following:
## Table 3 ##
As of December?31, 2017, trade names having a carrying value of $236.1 million are considered indefinite-lived.
Acquired IPR&D is indefinite-lived until the completion of the related development project, at which point amortization of the carrying value of the technology will commence.
See Note 3 for additional details regarding intangible assets acquired during 2017.
During the fourth quarter 2017, the Company reassessed the useful life of one of its trade names as a result of increased competition experienced in the product categories utilizing it.
The trade name, which had a carrying value of $57.1 million as of December 31, 2017, was reclassified from an indefinite lived intangible asset to a finite lived intangible asset and will be amortized on a straight line basis over its estimated useful life of 25 years.
For the year ended December 31, 2016, the Company recognized a $41.0 million pre-tax impairment charge ($26.1 million after tax) resulting from the discontinuation of research and development efforts associated with an IPR&D project.
Financing Arrangements The following table provides our net debt to total capital ratio:
## Table 4 ##
Fixed rate debt comprised 50.7% and 75.1% of total debt at December?31, 2017 and 2016, respectively.
The decrease in fixed rate borrowings as a percentage of total borrowings at December 31, 2017 compared to the fixed rate borrowings as a percentage of total borrowings at December 31, 2016 is primarily due to variable rate borrowings under our amended and restated senior credit facility (described below) offset by the increase in fixed rate borrowings as a result of the issuance of the 2027 Notes.
Amended and restated senior credit facility On January 20, 2017, we amended and restated our then-existing senior credit agreement by entering into an amended and restated credit agreement (the “Credit Agreement”).
As noted above, the Credit Agreement provides for a five-year revolving credit facility of $1.0 billion and a term loan facility of $750.0 million.
The term loan facility and borrowings under the revolving credit facility were used to finance the acquisition of Vascular Solutions.
The obligations under the Credit Agreement are guaranteed (subject to certain exceptions and limitations) by substantially all of our material domestic subsidiaries and are secured by a lien on substantially all of our and each guarantor's owned assets.
The revolving credit facility and the term loan facility will mature on January 20, 2022 and February 17, 2022, respectively.
At December?31, 2017, we had $349.0 million in borrowings outstanding and approximately $3.2 million in outstanding standby letters of credit under our $1.0 billion revolving credit facility.
The Credit Agreement contains customary representations and warranties and covenants that, among other things and subject to certain exceptions, qualifications and thresholds, place limitations on our ability, and the ability of our subsidiaries, to incur additional indebtedness, create additional liens, enter into a merger, consolidation or amalgamation, dispose of certain assets, make certain investments or acquisitions, pay dividends on, repurchase or make distributions in respect of capital stock and enter into swap agreements.
Additionally, the Credit Agreement contains financial covenants that require us to maintain a consolidated total leverage ratio (generally, Consolidated Total Funded Indebtedness, as defined in the Credit Agreement, on the determination date to Consolidated EBITDA, as defined in the Credit Agreement, for the four most recent fiscal quarters ending on or preceding the determination date) of not more than 4.50 to 1, a secured leverage ratio (generally, Consolidated Senior Secured Funded Indebtedness, as defined in the Credit Agreement, on the determination date to Consolidated EBITDA, as defined in the 2017 Credit Agreement, for the four most recent fiscal quarters ending on or preceding the determination date) of not more than 3.50 to 1 and a consolidated interest coverage ratio (generally, Consolidated EBITDA for the four most recent quarters ending on or preceding the determination date to Consolidated Interest Expense, as defined in the Credit Agreement, paid in cash for such period) of not less than 3.50 to 1.
See Note 8 to the consolidated financial statements included in this Annual Report on Form 10-K for additional information regarding the Credit Agreement.
PART?III 63 ITEM?10.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE For the information required by this Item?10 with respect to our Executive Officers, see Part?I, Item 1.  of this report.
For the other information required by this Item?10, see “Election Of Directors,” “Nominees for Election to the Board of Directors,” “Corporate Governance” and “Section?16(a) Beneficial Ownership Reporting Compliance,” in the Proxy Statement for our 2018 Annual Meeting, which information is incorporated herein by reference.
The Proxy Statement for our 2018 Annual Meeting will be filed within 120?days after the end of the fiscal year covered by this Annual Report on Form 10-K.
ITEM?11.
EXECUTIVE COMPENSATION For the information required by this Item?11, see “Compensation Discussion and Analysis,” “Compensation Committee Report,” and “Executive Compensation” in the Proxy Statement for our 2018 Annual Meeting, which information is incorporated herein by reference.
ITEM?12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS For the information required by this Item?12 with respect to beneficial ownership of our common stock, see “Security Ownership of Certain Beneficial Owners and Management” in the Proxy Statement for our 2018 Annual Meeting, which information is incorporated herein by reference.
The following table sets forth certain information as of December?31, 2017 regarding our equity plans :
## Table 5 ##
ITEM?13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE For the information required by this Item?13, see “Certain Transactions” and “Corporate Governance” in the Proxy Statement for our 2018 Annual Meeting, which information is incorporated herein by reference.
ITEM?14.
PRINCIPAL ACCOUNTING FEES AND SERVICES For the information required by this Item?14, see “Audit and Non-Audit Fees” and “Audit Committee Pre-Approval Procedures” in the Proxy Statement for our 2018 Annual Meeting, which information is incorporated herein by reference.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Type of expense</td><td>Total estimated amount expected to be incurred</td></tr><tr><td>Termination benefits</td><td>$11 million to $12 million</td></tr><tr><td>Other exit costs<sub>-1</sub></td><td>$1 million to $2 million</td></tr><tr><td>Restructuring charges</td><td>$12 million to $14 million</td></tr><tr><td>Restructuring related charges<sub>-2</sub></td><td>$34 million to $37 million</td></tr><tr><td></td><td>$46 million to $51 million</td></tr></table>
<table><tr><td></td><td>Termination benefits</td><td>Facility closure and other exit costs</td><td>Total</td></tr><tr><td></td><td colspan="3">(Dollars in thousands)</td></tr><tr><td>Balance at December 31, 2015</td><td>$7,447</td><td>$—</td><td>$7,447</td></tr><tr><td>Subsequent accruals</td><td>81</td><td>38</td><td>119</td></tr><tr><td>Cash payments</td><td>-2,158</td><td>-38</td><td>-2,196</td></tr><tr><td>Balance at December 31, 2016</td><td>5,370</td><td>—</td><td>5,370</td></tr><tr><td>Subsequent accruals</td><td>687</td><td>68</td><td>755</td></tr><tr><td>Cash payments</td><td>-2,131</td><td>-68</td><td>-2,199</td></tr><tr><td>Balance at December 31, 2017</td><td>$3,926</td><td>$—</td><td>$3,926</td></tr></table>
<table><tr><td></td><td>Vascular North America</td><td>Interventional North America</td><td>Anesthesia North America</td><td>Surgical North America</td><td>EMEA</td><td>Asia</td><td>OEM</td><td>All other</td><td>Total</td></tr><tr><td></td><td colspan="9">(Dollars in thousands)</td></tr><tr><td>Balance as of December 31, 2015</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Goodwill</td><td>$485,986</td><td>$84,615</td><td>$225,653</td><td>$250,912</td><td>$306,009</td><td>$141,067</td><td>$1,194</td><td>$132,544</td><td>$1,627,980</td></tr><tr><td>Accumulated impairment losses</td><td>-219,527</td><td>-5,528</td><td>-84,531</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-22,542</td><td>-332,128</td></tr><tr><td></td><td>266,459</td><td>79,087</td><td>141,122</td><td>250,912</td><td>306,009</td><td>141,067</td><td>1,194</td><td>110,002</td><td>1,295,852</td></tr><tr><td>Goodwill related to acquisitions</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>3,689</td><td>—</td><td>3,689</td></tr><tr><td>Translation adjustment</td><td>—</td><td>—</td><td>131</td><td>—</td><td>-15,968</td><td>-2,882</td><td>—</td><td>-4,102</td><td>-22,821</td></tr><tr><td>Balance as of December 31, 2016</td><td>$266,459</td><td>$79,087</td><td>$141,253</td><td>$250,912</td><td>$290,041</td><td>$138,185</td><td>$4,883</td><td>$105,900</td><td>$1,276,720</td></tr><tr><td>Goodwill related to acquisitions</td><td>—</td><td>342,901</td><td>15,599</td><td>—</td><td>161,543</td><td>59,954</td><td>—</td><td>313,714</td><td>893,711</td></tr><tr><td>Translation and other adjustments</td><td>-1,590</td><td>11,061</td><td>437</td><td>—</td><td>42,964</td><td>11,061</td><td>—</td><td>1,228</td><td>65,161</td></tr><tr><td>Balance as of December 31, 2017</td><td>$264,869</td><td>$433,049</td><td>$157,289</td><td>$250,912</td><td>$494,548</td><td>$209,200</td><td>$4,883</td><td>$420,842</td><td>$2,235,592</td></tr></table>
<table><tr><td></td><td colspan="2">Gross Carrying Amount</td><td colspan="2">Accumulated Amortization</td></tr><tr><td></td><td>2017</td><td>2016</td><td>2017</td><td>2016</td></tr><tr><td></td><td colspan="4">(Dollars in thousands)</td></tr><tr><td>Customer relationships</td><td>$1,023,837</td><td>$622,428</td><td>$-281,263</td><td>$-239,055</td></tr><tr><td>In-process research and development</td><td>34,672</td><td>16,532</td><td>—</td><td>—</td></tr><tr><td>Intellectual property</td><td>1,287,487</td><td>519,962</td><td>-258,580</td><td>-203,390</td></tr><tr><td>Distribution rights</td><td>23,697</td><td>23,021</td><td>-16,996</td><td>-15,239</td></tr><tr><td>Trade names</td><td>571,510</td><td>379,724</td><td>-22,069</td><td>-13,974</td></tr><tr><td>Non-compete agreements</td><td>23,429</td><td>2,692</td><td>-1,976</td><td>-1,038</td></tr><tr><td></td><td>$2,964,632</td><td>$1,564,359</td><td>$-580,884</td><td>$-472,696</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td></tr><tr><td></td><td colspan="2">(Dollars in millions)</td></tr><tr><td>Net debt includes:</td><td></td><td></td></tr><tr><td>Current borrowings</td><td>$86.6</td><td>$183.1</td></tr><tr><td>Long-term borrowings</td><td>2,162.9</td><td>850.3</td></tr><tr><td>Unamortized debt discount</td><td>—</td><td>2.7</td></tr><tr><td>Unamortized debt issuance costs</td><td>20.5</td><td>10.0</td></tr><tr><td>Total debt</td><td>2,270.0</td><td>1,046.1</td></tr><tr><td>Less: Cash and cash equivalents</td><td>333.6</td><td>543.8</td></tr><tr><td>Net debt</td><td>1,936.4</td><td>502.3</td></tr><tr><td>Total capital includes:</td><td></td><td></td></tr><tr><td>Net debt</td><td>1,936.4</td><td>502.3</td></tr><tr><td>Shareholders’ equity</td><td>2,430.5</td><td>2,137.5</td></tr><tr><td>Total capital</td><td>$4,366.9</td><td>$2,639.8</td></tr><tr><td>Percent of net debt to total capital</td><td>44.3%</td><td>19.0%</td></tr></table>
<table><tr><td>Plan Category</td><td>Number of Securitiesto be Issued UponExercise ofOutstanding Options, Warrants and Rights (A)(B)</td><td>Weighted-AverageExercise Price ofOutstanding Options, Warrants and Rights</td><td>Number of SecuritiesRemaining Available forFuture Issuance UnderEquity CompensationPlans (ExcludingSecurities Reflected in Column (A)) (C)</td></tr><tr><td>Equity compensation plans approved by security holders</td><td>1,708,928</td><td>$113.49</td><td>3,629,455</td></tr></table>

Question: Which year is the Gross Carrying Amount for Intellectual property the highest?
Answer: 2017