AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) operations, net, in the accompanying consolidated statements of operations for the year ended December 31, 2003.
(See note 9. )
Other Transactions—In August 2003, the Company consummated the sale of Galaxy Engineering (Galaxy), a radio frequency engineering, network design and tower-related consulting business (previously included in the Company’s network development services segment).
The purchase price of approximately $3.5 million included $2.0 million in cash, which the Company received at closing, and an additional $1.5 million payable on January 15, 2008, or at an earlier date based on the future revenues of Galaxy.
The Company received $0.5 million of this amount in January 2005.
Pursuant to this transaction, the Company recorded a net loss on disposal of approximately $2.4 million in the accompanying consolidated statement of operations for the year ended December 31, 2003.
In May 2003, the Company consummated the sale of an office building in Westwood, Massachusetts (previously held primarily as rental property and included in the Company’s rental and management segment) for a purchase price of approximately $18.5 million, including $2.4 million of cash proceeds and the buyer’s assumption of $16.1 million of related mortgage notes.
Pursuant to this transaction, the Company recorded a net loss on disposal of approximately $3.6 million in the accompanying consolidated statement of operations for the year ended December 31, 2003.
In January 2003, the Company consummated the sale of Flash Technologies, its remaining components business (previously included in the Company’s network development services segment) for approximately $35.5 million in cash and has recorded a net gain on disposal of approximately $0.1 million in the accompanying consolidated statement of operations for the year ended December 31, 2003.
In March 2003, the Company consummated the sale of an office building in Schaumburg, Illinois (previously held primarily as rental property and included in the Company’s rental and management segment) for net proceeds of approximately $10.3 million in cash and recorded a net loss on disposal of $0.1 million in the accompanying consolidated statement of operations for the year ended December 31, 2003.4.
PROPERTY AND EQUIPMENT Property and equipment (including assets held under capital leases) consist of the following as of December 31, (in thousands):
## Table 0 ##
5.
GOODWILL AND OTHER INTANGIBLE ASSETS The Company’s net carrying amount of goodwill was approximately $2.1 billion as of December 31,2005 and $592.7 million as of December 31, 2004, all of which related to its rental and management segment.
The increase in the carrying value was as a result of the goodwill of $1.5 billion acquired in the merger with SpectraSite, Inc.  (See note 2. )
Debt Portfolio Management It is our policy to identify on a continuing basis the need for debt capital and evaluate the financial risks inherent in funding the Company with debt capital.
Reflecting the result of this ongoing review, the debt portfolio and hedging program are managed with the objectives and intent to (1) reduce funding risk with respect to borrowings made by us to preserve our access to debt capital and provide debt capital as required for funding and liquidity purposes, and (2) manage the aggregate interest rate risk and the debt portfolio in accordance with certain debt management parameters.
Interest Rate Management Contracts We enter into interest rate swaps to change the fixed/variable interest rate mix of our debt portfolio in order to maintain the percentage of fixed- and variable-rate debt within the parameters set by management.
In accordance with these parameters, the agreements are used to manage interest rate risks and costs inherent in our debt portfolio.
Our interest rate management portfolio generally consists of fixed-to-floating interest rate swaps (which are designated as fair value hedges), pre-issuance interest rate swaps and treasury locks (which hedge the interest rate risk associated with anticipated fixed-rate debt issuances and are designated as cash flow hedges), and floating-to-fixed interest rate swaps (which are designated as cash flow hedges).
At 30 September 2018, the outstanding interest rate swaps were denominated in U. S.  Dollars.
The notional amount of the interest rate swap agreements is equal to or less than the designated debt being hedged.
When interest rate swaps are used to hedge variable-rate debt, the indices of the swaps and the debt to which they are designated are the same.
It is our policy not to enter into any interest rate management contracts which lever a move in interest rates on a greater than oneto-one basis.
Cross Currency Interest Rate Swap Contracts We enter into cross currency interest rate swap contracts when our risk management function deems necessary.
These contracts may entail both the exchange of fixed- and floating-rate interest payments periodically over the life of the agreement and the exchange of one currency for another currency at inception and at a specified future date.
The contracts are used to hedge either certain net investments in foreign operations or nonfunctional currency cash flows related to intercompany loans.
The current cross currency interest rate swap portfolio consists of fixed-to-fixed swaps primarily between U. S.  Dollars and Chinese Renminbi, U. S.  Dollars and Chilean Pesos, and U. S.  Dollars and Indian Rupee.
The following table summarizes our outstanding interest rate management contracts and cross currency interest rate swaps:
## Table 1 ##
CBRE GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 83 Depreciation and amortization expense associated with property and equipment was $166.0 million, $151.2 million and $137.2 million for the years ended December 31, 2017, 2016 and 2015, respectively.9.
Goodwill and Other Intangible Assets The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 (dollars in thousands):
## Table 2 ##
During 2017, we completed 11 in-fill acquisitions, including two leading Software as a Service (SaaS) platforms – one that produces scalable interactive visualization technologies for commercial real estate and one that provides technology solutions for facilities management operations, a healthcare-focused project manager in Australia, a full-service brokerage and management boutique in South Florida, a technology-enabled national boutique commercial real estate finance and consulting firm in the United States, a retail consultancy in France, a majority interest in a Toronto-based investment management business specializing in private infrastructure and private equity investments, a San Francisco-based technology-focused boutique real estate brokerage firm, a project management and design engineering firm operating across the United States, a Washington, D. C. -based retail brokerage operation and a leading technical engineering services provider in Italy.
During 2016, we acquired our independent affiliate in Norway, a London-based retail property advisor specializing in the luxury goods retail sector and a leading provider of retail project management, shopping center development and tenant coordination services in the U. S.

<table><tr><td></td><td>2005</td><td>2004</td></tr><tr><td>Towers</td><td>$4,134,155</td><td>$2,788,162</td></tr><tr><td>Equipment</td><td>167,504</td><td>115,244</td></tr><tr><td>Buildings and improvements</td><td>184,951</td><td>162,120</td></tr><tr><td>Land and improvements</td><td>215,974</td><td>176,937</td></tr><tr><td>Construction-in-progress</td><td>36,991</td><td>27,866</td></tr><tr><td>Total</td><td>4,739,575</td><td>3,270,329</td></tr><tr><td>Less accumulated depreciation and amortization</td><td>-1,279,049</td><td>-996,973</td></tr><tr><td>Property and equipment, net</td><td>$3,460,526</td><td>$2,273,356</td></tr></table>
<table><tr><td></td><td colspan="4">30 September 2018</td><td colspan="4">30 September 2017</td></tr><tr><td></td><td>US$Notional</td><td>Average Pay %</td><td>Average Receive %</td><td>YearsAverageMaturity</td><td>US$Notional</td><td>Average Pay %</td><td>Average Receive %</td><td>YearsAverageMaturity</td></tr><tr><td>Interest rate swaps (fair value hedge)</td><td>$600.0</td><td>LIBOR</td><td>2.60%</td><td>1.6</td><td>$600.0</td><td>LIBOR</td><td>2.28%</td><td>1.3</td></tr><tr><td>Cross currency interest rate swaps (net investment hedge)</td><td>$201.7</td><td>4.42%</td><td>2.97%</td><td>3.1</td><td>$539.7</td><td>3.27%</td><td>2.59%</td><td>1.9</td></tr><tr><td>Cross currency interest rate swaps (cash flow hedge)</td><td>$1,052.7</td><td>4.99%</td><td>2.89%</td><td>2.3</td><td>$1,095.7</td><td>4.96%</td><td>2.78%</td><td>2.4</td></tr><tr><td>Cross currency interest rate swaps (not designated)</td><td>$80.2</td><td>4.88%</td><td>3.43%</td><td>3.9</td><td>$41.6</td><td>3.28%</td><td>2.32%</td><td>1.7</td></tr></table>
<table><tr><td></td><td>Americas</td><td>EMEA</td><td>Asia Pacific</td><td>Global Investment Management</td><td>Development Services</td><td>Total</td></tr><tr><td>Balance as of December 31,2015</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Goodwill</td><td>$2,260,076</td><td>$1,172,150</td><td>$155,875</td><td>$479,739</td><td>$86,663</td><td>$4,154,503</td></tr><tr><td>Accumulated impairmentlosses</td><td>-798,290</td><td>-138,631</td><td>—</td><td>-44,922</td><td>-86,663</td><td>-1,068,506</td></tr><tr><td></td><td>1,461,786</td><td>1,033,519</td><td>155,875</td><td>434,817</td><td>—</td><td>3,085,997</td></tr><tr><td>Purchase accounting entriesrelated to acquisitions</td><td>42,080</td><td>36,929</td><td>-3,922</td><td>350</td><td>—</td><td>75,437</td></tr><tr><td>Foreign exchange movement</td><td>773</td><td>-161,784</td><td>-1,247</td><td>-17,784</td><td>—</td><td>-180,042</td></tr><tr><td>Balance as of December 31,2016</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Goodwill</td><td>2,302,929</td><td>1,047,295</td><td>150,706</td><td>462,305</td><td>86,663</td><td>4,049,898</td></tr><tr><td>Accumulated impairmentlosses</td><td>-798,290</td><td>-138,631</td><td>—</td><td>-44,922</td><td>-86,663</td><td>-1,068,506</td></tr><tr><td></td><td>1,504,639</td><td>908,664</td><td>150,706</td><td>417,383</td><td>—</td><td>2,981,392</td></tr><tr><td>Purchase accounting entriesrelated to acquisitions</td><td>104,654</td><td>17,402</td><td>4,198</td><td>17,568</td><td>—</td><td>143,822</td></tr><tr><td>Foreign exchange movement</td><td>993</td><td>91,761</td><td>11,204</td><td>25,568</td><td>—</td><td>129,526</td></tr><tr><td>Balance as of December 31,2017</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Goodwill</td><td>2,408,576</td><td>1,156,458</td><td>166,108</td><td>505,441</td><td>86,663</td><td>4,323,246</td></tr><tr><td>Accumulated impairmentlosses</td><td>-798,290</td><td>-138,631</td><td>—</td><td>-44,922</td><td>-86,663</td><td>-1,068,506</td></tr><tr><td></td><td>$1,610,286</td><td>$1,017,827</td><td>$166,108</td><td>$460,519</td><td>$—</td><td>$3,254,740</td></tr></table>

Question: What's the average of Property and equipment, net of 2004, and Foreign exchange movement of EMEA ?
Answer: 1217570