which the adjustment amounts are determined.
The acquirer is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date.
The amendments require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date.
The Update is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years.
The amendments in this Update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this Update with earlier application permitted.
Management will continue to monitor the applicability of this amendment to Huntington’s Consolidated Financial Statements.
ASU 2016-01 — Recognition and Measurement of Financial Assets and Financial Liabilities.
The amendments in this Update make targeted improvements to GAAP including, but not limited to, requiring an entity to measure its equity investments (i. e. , investment that are not accounted for using equity method of accounting or are consolidated) with changes in the fair value recognized in the income statement, requiring an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments (i. e. , FVO liability), requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and eliminating some of the disclosures required by the existing GAAP while requiring entities to present and disclose some additional information.
The new guidance is effective for the fiscal period beginning after December 15, 2017, including interim periods within those fiscal years.
An entity may, however, choose to adopt the requirement to present separately the credit mark on FVO liability earlier at the beginning of any fiscal year if the financial statements for the fiscal year or interim periods have not been issued.
An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption.
The amendment is not expected to have a material impact on Huntington's Consolidated Financial Statements.3.
LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES Except for loans which are accounted for at fair value, loans are carried at the principal amount outstanding, net of unamortized premiums and discounts and deferred loan fees and costs, which resulted in a net premium of $262 million and $230 million, at December 31, 2015 and 2014, respectively.
Loan and Lease Portfolio Composition The table below summarizes the Company’s primary portfolios.
For ACL purposes, these portfolios are further disaggregated into classes which are also summarized in the table below.
## Table 0 ##
(1) Not applicable.
The automobile loan portfolio is not further segregated into classes.
Table 15 - Summary of Allowance for Credit Losses (dollar amounts in thousands)
## Table 1 ##
The table below reflects the allocation of our ACL among our various loan categories during each of the past five years
PERFORMANCE GRAPH The following chart presents a comparison for the five-year period ended June 30, 2015, of the market performance of the Company’s common stock with the S&P 500 Index and an index of peer companies selected by the Company: COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN Among Jack Henry & Associates, Inc. , the S&P 500 Index, and a Peer Group
## Table 2 ##
The following information depicts a line graph with the following values:
This comparison assumes $100 was invested on June 30, 2010, and assumes reinvestments of dividends.
Total returns are calculated according to market capitalization of peer group members at the beginning of each period.
Peer companies selected are in the business of providing specialized computer software, hardware and related services to financial institutions and other businesses.
Companies in the Peer Group are ACI Worldwide, Inc. , Bottomline Technology, Inc. , Broadridge Financial Solutions, Cardtronics, Inc. , Convergys Corp. , Corelogic, Inc. , DST Systems, Inc. , Euronet Worldwide, Inc. , Fair Isaac Corp. , Fidelity National Information Services, Inc. , Fiserv, Inc. , Global Payments, Inc. , Heartland Payment Systems, Inc. , Moneygram International, Inc. , SS&C Technologies Holdings, Inc. , Total Systems Services, Inc. , Tyler Technologies, Inc. , Verifone Systems, Inc. , and WEX, Inc. .  Micros Systems, Inc.  was removed from the peer group as it was acquired in September 2014.
new capitalization method as if applied in years prior to 2003 is included in earnings during the year ended December 31, 2003.
The pro forma amounts shown on the consolidated statement of earnings have been adjusted for the effect of the retroactive application on depreciation and related income taxes.5.
INVENTORIES Inventories at December 31,2004 and 2003, consist of the following(in millions):
## Table 3 ##
Reserves for obsolete and slow-moving inventory were $124.1million and $129.1 million at December 31,2004 and 2003, respectively.
Inventory step-up includes $3.3 million from the Implex acquisition at December 31,2004 and $52.6 million from the Centerpulse acquisition at December 31,2003.
Both the Centerpulse step-up and Implex step-up values were based upon estimated sales prices less distribution costs and a profit allowance.6.
PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment at December 31,2004 and 2003, was as follows(in millions):
## Table 4 ##
Depreciation expense was $142.2 million,$92.4 million and $25.3 million for the years ended December 31,2004, 2003 and 2002, respectively.7.

<table><tr><td>Portfolio</td><td>Class</td></tr><tr><td>Commercial and industrial</td><td>Owner occupied</td></tr><tr><td></td><td>Purchased credit-impaired</td></tr><tr><td></td><td>Other commercial and industrial</td></tr><tr><td>Commercial real estate</td><td>Retail properties</td></tr><tr><td></td><td>Multi family</td></tr><tr><td></td><td>Office</td></tr><tr><td></td><td>Industrial and warehouse</td></tr><tr><td></td><td>Purchased credit-impaired</td></tr><tr><td></td><td>Other commercial real estate</td></tr><tr><td>Automobile</td><td>NA -1</td></tr><tr><td>Home equity</td><td>Secured by first-lien</td></tr><tr><td></td><td>Secured by junior-lien</td></tr><tr><td>Residential mortgage</td><td>Residential mortgage</td></tr><tr><td></td><td>Purchased credit-impaired</td></tr><tr><td>Other consumer</td><td>Other consumer</td></tr><tr><td></td><td>Purchased credit-impaired</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Allowance for loan and lease losses, beginning of year</td><td>$605,196</td><td>$647,870</td><td>$769,075</td><td>$964,828</td><td>$1,249,008</td></tr><tr><td>Loan and lease charge-offs</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial and industrial</td><td>-79,724</td><td>-76,654</td><td>-45,904</td><td>-101,475</td><td>-134,385</td></tr><tr><td>Commercial real estate:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Construction</td><td>-1,843</td><td>-5,626</td><td>-9,585</td><td>-12,131</td><td>-42,012</td></tr><tr><td>Commercial</td><td>-16,233</td><td>-19,078</td><td>-59,927</td><td>-105,920</td><td>-140,747</td></tr><tr><td>Commercial real estate</td><td>-18,076</td><td>-24,704</td><td>-69,512</td><td>-118,051</td><td>-182,759</td></tr><tr><td>Total commercial</td><td>-97,800</td><td>-101,358</td><td>-115,416</td><td>-219,526</td><td>-317,144</td></tr><tr><td>Consumer:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Automobile</td><td>-36,489</td><td>-31,330</td><td>-23,912</td><td>-26,070</td><td>-33,593</td></tr><tr><td>Home equity</td><td>-36,481</td><td>-54,473</td><td>-98,184</td><td>-124,286</td><td>-109,427</td></tr><tr><td>Residential mortgage</td><td>-15,696</td><td>-25,946</td><td>-34,236</td><td>-52,228</td><td>-65,069</td></tr><tr><td>Other consumer</td><td>-31,415</td><td>-33,494</td><td>-34,568</td><td>-33,090</td><td>-32,520</td></tr><tr><td>Total consumer</td><td>-120,081</td><td>-145,243</td><td>-190,900</td><td>-235,674</td><td>-240,609</td></tr><tr><td>Total charge-offs</td><td>-217,881</td><td>-246,601</td><td>-306,316</td><td>-455,200</td><td>-557,753</td></tr><tr><td>Recoveries of loan and lease charge-offs</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial and industrial</td><td>51,800</td><td>44,531</td><td>29,514</td><td>37,227</td><td>44,686</td></tr><tr><td>Commercial real estate:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Construction</td><td>2,667</td><td>4,455</td><td>3,227</td><td>4,090</td><td>10,488</td></tr><tr><td>Commercial</td><td>31,952</td><td>29,616</td><td>41,431</td><td>35,532</td><td>24,170</td></tr><tr><td>Total commercial real estate</td><td>34,619</td><td>34,071</td><td>44,658</td><td>39,622</td><td>34,658</td></tr><tr><td>Total commercial</td><td>86,419</td><td>78,602</td><td>74,172</td><td>76,849</td><td>79,344</td></tr><tr><td>Consumer:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Automobile</td><td>16,198</td><td>13,762</td><td>13,375</td><td>16,628</td><td>18,526</td></tr><tr><td>Home equity</td><td>16,631</td><td>17,526</td><td>15,921</td><td>7,907</td><td>7,630</td></tr><tr><td>Residential mortgage</td><td>5,570</td><td>6,194</td><td>7,074</td><td>4,305</td><td>8,388</td></tr><tr><td>Other consumer</td><td>5,270</td><td>5,890</td><td>7,108</td><td>7,049</td><td>6,776</td></tr><tr><td>Total consumer</td><td>43,669</td><td>43,372</td><td>43,478</td><td>35,889</td><td>41,320</td></tr><tr><td>Total recoveries</td><td>130,088</td><td>121,974</td><td>117,650</td><td>112,738</td><td>120,664</td></tr><tr><td>Net loan and lease charge-offs</td><td>-87,793</td><td>-124,627</td><td>-188,666</td><td>-342,462</td><td>-437,089</td></tr><tr><td>Provision for loan and lease losses</td><td>88,679</td><td>83,082</td><td>67,797</td><td>155,193</td><td>167,730</td></tr><tr><td>Allowance for assets sold and securitized or transferred to loans held for sale</td><td>-8,239</td><td>-1,129</td><td>-336</td><td>-8,484</td><td>-14,821</td></tr><tr><td>Allowance for loan and lease losses, end of year</td><td>597,843</td><td>605,196</td><td>647,870</td><td>769,075</td><td>964,828</td></tr><tr><td>Allowance for unfunded loan commitments, beginning of year</td><td>60,806</td><td>62,899</td><td>40,651</td><td>48,456</td><td>42,127</td></tr><tr><td>(Reduction in) Provision for unfunded loan commitments and letters of credit losses</td><td>11,275</td><td>-2,093</td><td>22,248</td><td>-7,805</td><td>6,329</td></tr><tr><td>Allowance for unfunded loan commitments, end of year</td><td>72,081</td><td>60,806</td><td>62,899</td><td>40,651</td><td>48,456</td></tr><tr><td>Allowance for credit losses, end of year</td><td>$669,924</td><td>$666,002</td><td>$710,769</td><td>$809,726</td><td>$1,013,284</td></tr></table>
<table><tr><td></td><td>2010</td><td>2011</td><td>2012</td><td>2013</td><td>2014</td><td>2015</td></tr><tr><td>JKHY</td><td>100.00</td><td>127.44</td><td>148.62</td><td>205.60</td><td>263.21</td><td>290.88</td></tr><tr><td>Peer Group</td><td>100.00</td><td>136.78</td><td>148.10</td><td>174.79</td><td>239.10</td><td>301.34</td></tr><tr><td>S&P 500</td><td>100.00</td><td>130.69</td><td>137.81</td><td>166.20</td><td>207.10</td><td>222.47</td></tr></table>
<table><tr><td></td><td>Core Technology</td><td>Developed Technology</td><td>Trademarks and Trade Names</td><td>Customer Relationships</td><td>Other</td><td>Total</td></tr><tr><td>As of December 31, 2004:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Intangible assets subject to amortization:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross carrying amount</td><td>$117.9</td><td>$417.3</td><td>$31.7</td><td>$34.4</td><td>$34.1</td><td>$635.4</td></tr><tr><td>Accumulated amortization</td><td>-8.0</td><td>-31.9</td><td>-3.8</td><td>-1.3</td><td>-13.7</td><td>-58.7</td></tr><tr><td>Intangible assets not subject to amortization:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross carrying amount</td><td>–</td><td>–</td><td>218.1</td><td>–</td><td>–</td><td>218.1</td></tr><tr><td>Total identifiable intangible assets</td><td>$109.9</td><td>$385.4</td><td>$246.0</td><td>$33.1</td><td>$20.4</td><td>$794.8</td></tr><tr><td>As of December 31, 2003:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Intangible assets subject to amortization:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross carrying amount</td><td>$118.9</td><td>$318.8</td><td>$33.1</td><td>$34.4</td><td>$23.6</td><td>$528.8</td></tr><tr><td>Accumulated amortization</td><td>-1.6</td><td>-5.5</td><td>-0.8</td><td>-0.3</td><td>-11.4</td><td>-19.6</td></tr><tr><td>Intangible assets not subject to amortization:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gross carrying amount</td><td>–</td><td>–</td><td>251.3</td><td>–</td><td>–</td><td>251.3</td></tr><tr><td>Total identifiable intangible assets</td><td>$117.3</td><td>$313.3</td><td>$283.6</td><td>$34.1</td><td>$12.2</td><td>$760.5</td></tr></table>
<table><tr><td></td><td>2004</td><td>2003</td></tr><tr><td>Finished goods</td><td>$420.5</td><td>$384.3</td></tr><tr><td>Raw materials and work in progress</td><td>112.2</td><td>90.8</td></tr><tr><td>Inventory step-up (primarily finished goods)</td><td>3.3</td><td>52.6</td></tr><tr><td>Inventories, net</td><td>$536.0</td><td>$527.7</td></tr></table>

Question: What is the growing rate of Provision for loan and lease losses in the year with the least Total recoveries?