include as events of default, defaults in payments of other debt obligations in excess of specified levels ($150 million or $100 million for CECONY, depending on the facility).
Note D – Short-Term Borrowing In October 2011, Con Edison and the Utilities entered into a credit agreement (Credit Agreement), under which banks are committed to provide loans and letters of credit on a revolving credit basis.
The Credit Agreement, as amended, expires in October 2017.
There is a maximum of $2.25 billion of credit available through October 2016 and approximately $2.1 billion of credit available from then through October 2017.
The full amount is available to CECONY and $1.5 billion is available to Con Edison, including up to $1.2 billion of letters of credit.
The Credit Agreement supports the Companies’ commercial paper programs.
The Companies have not borrowed under the Credit Agreement.
At December 31, 2015, Con Edison had $1,529 million of commercial paper outstanding of which $1,033 million was outstanding under CECONY’s program.
The weighted average interest rate at December 31, 2015 was 0.7 percent for both Con Edison and CECONY.
At December 31, 2014, Con Edison had $800 million of commercial paper outstanding of which $450 million was outstanding under CECONY’s program.
The weighted average interest rate at December 31, 2014 was 0.4 percent for both Con Edison and CECONY.
At December 31, 2015 and 2014, no loans were outstanding under the Credit Agreement and $15 million and $11 million (including $11 million for CECONY) of letters of credit were outstanding under the Credit Agreement, respectively.
The banks’ commitments under the Credit Agreement are subject to certain conditions, including that there be no event of default.
The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change.
Upon a change of control of, or upon an event of default by one of the Companies, the banks may terminate their commitments with respect to that company, declare any amounts owed by that company under the Credit Agreement immediately due and payable and require that company to provide cash collateral relating to the letters of credit issued for it under the Credit Agreement.
Events of default include the exceeding at any time of a ratio of consolidated debt to consolidated total capital of 0.65 to 1 (at December 31, 2015 this ratio was 0.52 to 1 for Con Edison and CECONY); having liens on its assets in an aggregate amount exceeding five percent of its consolidated total capital, subject to certain exceptions; and the failure, following any applicable notice period, to meet certain other customary covenants.
Interest and fees charged for the revolving credit facilities and any loans made or letters of credit issued under the Credit Agreement reflect the Companies’ respective credit ratings.
The Companies were in compliance with their covenants at December 31, 2015.
See Note S for information about short-term borrowing between related parties.
Note E – Pension Benefits Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of CECONY and O&R and certain employees of Con Edison’s competitive energy businesses.
The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974.
In addition, Con Edison maintains additional non-qualified supplemental pension plans.
Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for 2015, 2014 and 2013 were as follows:
## Table 0 ##
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS change regarding a plant closure and specific employees previously identified for separation who resigned from the Company and did not receive severance or who were redeployed due to circumstances not foreseen when the original plans were approved.
The $4 million of accruals represents severance plans for approximately 200 employees established through purchase accounting for businesses acquired.
During 2007, approximately 5,300 employees, of which 1,700 were direct employees and 3,600 were indirect employees, were separated from the Company.
The $248 million used in 2007 reflects cash payments to these separated employees.
The remaining accrual of $193 million, which is included in Accrued liabilities in the Company’s consolidated balance sheets at December 31, 2007, is expected to be paid to approximately 2,800 employees to be separated in 2008.2006 Charges During 2006, the Company committed to implement various productivity improvement plans aimed principally at: (i) reducing costs in its supply-chain activities, (ii) integration synergies, and (iii) reducing other operating expenses, primarily relating to engineering and development costs.
The Company recorded net reorganization of business charges of $213 million, including $41 million of charges in Costs of sales and $172 million of charges under Other charges in the Company’s consolidated statement of operations.
Included in the aggregate $213 million are charges of $191 million for employee separation costs, $15 million for fixed asset impairment charges and $30 million for exit costs, partially offset by $23 million of reversals for accruals no longer needed.
Total employees impacted by the actions committed to in 2006 were 3,900.
The following table displays the net reorganization of business charges by segment:
## Table 1 ##
The following table displays a rollforward of the reorganization of business accruals established for exit costs and employee separation costs from January 1, 2006 to December 31, 2006:
## Table 2 ##
(1) Includes translation adjustments.
Exit Costs—Lease Terminations At January 1, 2006, the Company had an accrual of $50 million for exit costs attributable to lease terminations.
The 2006 additional charges of $30 million were primarily related to a lease cancellation by the Enterprise Mobility Solutions segment.
The 2006 adjustments of $7 million represent reversals of accruals no longer needed.
The $19 million used in 2006 reflects cash payments to lessors.
The remaining accrual of $54 million, which is included in Accrued liabilities in the Company’s consolidated balance sheets at December 31, 2006, represented future cash payments for lease termination obligations.
Employee Separation Costs At January 1, 2006, the Company had an accrual of $53 million for employee separation costs, representing the severance costs for approximately 1,600 employees, of which 1,100 were direct employees and 500 were indirect employees.
The 2006 additional charges of $191 million represented costs for an additional
results in the dollar duration of equity.
Duration of equity is computed by dividing the dollar duration of equity by the fair value of equity.
Income simulation is an estimate of the net interest income that would be recognized under different rate environments.
Net interest income is measured under several parallel and nonparallel interest rate environments and deposit repricing assumptions, taking into account an estimate of the possible exercise of options within the portfolio.
Both of these measurement methods require that we assess a number of variables and make various assumptions in managing the Company’s exposure to changes in interest rates.
The assessments address loan and security prepayments, early deposit withdrawals, and other embedded options and noncontrollable events.
As a result of uncertainty about the maturity and repricing characteristics of both deposits and loans, the Company estimates ranges of duration and income simulation under a variety of assumptions and scenarios.
The Company’s interest rate risk position changes as the interest rate environment changes and is managed actively to try to maintain a consistent slightly asset-sensitive position.
However, positions at the end of any period may not be reflective of the Company’s position in any subsequent period.
We should note that estimated duration of equity and the income simulation results are highly sensitive to the assumptions used for deposits that do not have specific maturities, such as checking, savings, and money market accounts and also to prepayment assumptions used for loans with prepayment options.
Given the uncertainty of these estimates, we view both the duration of equity and the income simulation results as falling within a range of possibilities.
For income simulation, Company policy requires that interest sensitive income from a static balance sheet is expected to decline by no more than 10% during one year if rates were to immediately rise or fall in parallel by 200 basis points.
As of the dates indicated, Schedule 41 shows the Company’s estimated range of duration of equity and percentage change in interest sensitive income in the first year after the rate change if interest rates were to sustain an immediate parallel change of 200 basis points; the “low” and “high” results differ based on the assumed speed of repricing of administered-rate deposits (money market, interest-on-checking, and savings):

<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td>(Millions of Dollars)</td><td>2015</td><td>2014</td><td>2013</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Service cost – including administrative expenses</td><td>$297</td><td>$227</td><td>$267</td><td>$279</td><td>$211</td><td>$249</td></tr><tr><td>Interest cost on projected benefit obligation</td><td>575</td><td>572</td><td>537</td><td>538</td><td>536</td><td>503</td></tr><tr><td>Expected return on plan assets</td><td>-886</td><td>-832</td><td>-750</td><td>-840</td><td>-789</td><td>-713</td></tr><tr><td>Recognition of net actuarial loss</td><td>775</td><td>618</td><td>832</td><td>734</td><td>586</td><td>788</td></tr><tr><td>Recognition of prior service costs</td><td>4</td><td>4</td><td>5</td><td>2</td><td>2</td><td>4</td></tr><tr><td>NET PERIODIC BENEFIT COST</td><td>$765</td><td>$589</td><td>$891</td><td>$713</td><td>$546</td><td>$831</td></tr><tr><td>Amortization of regulatory asset (a)</td><td>1</td><td>2</td><td>2</td><td>1</td><td>2</td><td>2</td></tr><tr><td>TOTAL PERIODIC BENEFIT COST</td><td>$766</td><td>$591</td><td>$893</td><td>$714</td><td>$548</td><td>$833</td></tr><tr><td>Cost capitalized</td><td>-301</td><td>-225</td><td>-348</td><td>-285</td><td>-212</td><td>-327</td></tr><tr><td>Reconciliation to rate level</td><td>-74</td><td>118</td><td>-84</td><td>-74</td><td>108</td><td>-87</td></tr><tr><td>Cost charged to operating expenses</td><td>$391</td><td>$484</td><td>$461</td><td>$355</td><td>$444</td><td>$419</td></tr></table>
<table><tr><td><i>Year Ended December 31,</i></td><td>2006</td></tr><tr><td>Mobile Devices</td><td>$-1</td></tr><tr><td>Home and Networks Mobility</td><td>124</td></tr><tr><td>Enterprise Mobility Solutions</td><td>83</td></tr><tr><td></td><td>206</td></tr><tr><td>General Corporate</td><td>7</td></tr><tr><td></td><td>$213</td></tr></table>
<table><tr><td></td><td><i>Accruals at</i> <i>January 1,</i> <i>2006</i></td><td><i>2006</i> <i>Additional</i> <i>Charges</i></td><td>2006 -1 Adjustments</td><td>2006 Amount Used</td><td><i>Accruals at</i> <i>December 31,</i> <i>2006</i></td></tr><tr><td>Exit costs—lease terminations</td><td>$50</td><td>$30</td><td>$-7</td><td>$-19</td><td>$54</td></tr><tr><td>Employee separation costs</td><td>53</td><td>191</td><td>-16</td><td>-124</td><td>104</td></tr><tr><td></td><td>$103</td><td>$221</td><td>$-23</td><td>$-143</td><td>$158</td></tr></table>

Question: In the year with the most Recognition of net actuarial loss, what is the growth rate of Recognition of prior service costs for Con Edison?