CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT'S DISCUSSION AND ANALYSIS 99 Securities Our securities portfolio is managed to seek return while maintaining prudent levels of quality, market risk and liquidity.
The following table presents our available for sale and held to maturity portfolios:
## Table 0 ##
As of December 31, 2014, the fair value of the securities portfolio increased by $3.6 billion, or 18%, to $23.8 billion, compared to $20.3 billion as of December 31, 2013, reflecting our decision to continue to increase interest-earning assets to a level more consistent with our capital levels and the balance sheet profile of regional bank peers.
As of December 31, 2014, the portfolio had a weighted-average expected life of 4.2 years compared with 4.6 years as of December 31, 2013.
The securities portfolio included higher quality, highly liquid investments reflecting our ongoing commitment to maintaining appropriate contingent liquidity and pledging capacity.
U. S.  Government guaranteed notes and government sponsored entity issued mortgage-backed securities represented the majority of the securities portfolio holdings.
The portfolio composition has also been dominated by holdings backed by mortgages so that they can be pledged to the FHLBs.
This has become increasingly important due to the enhanced liquidity requirements of the liquidity coverage ratio.
For further discussion of the liquidity coverage ratios, see “Regulation and Supervision — Liquidity Standards” in Part I, Item 1 — Business, included elsewhere in this report.
Securities portfolio income of $583 million in 2014, increased $137 million, or 31%, from $446 million in 2013, and reflected a yield of 2.49% compared with 2.47% in 2013
THE J.  M.  SMUCKER COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Dollars and shares in millions, unless otherwise noted, except per share data) Note 1: Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any.
Intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates: The preparation of consolidated financial statements in conformity with U. S.  GAAP requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.
Significant estimates in these consolidated financial statements include, among others: estimates of future cash flows associated with assets, potential asset impairments, useful lives and residual values of long-lived assets used in determining depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other assumptions for defined benefit pension and other postretirement benefit expenses.
Actual results could differ from these estimates.
Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Revenue Recognition: Most of our revenue is derived from the sale of food and beverage products to food retailers and foodservice distributors and operators.
We recognize revenue when obligations under the terms of a contract with a customer have been satisfied.
This occurs when control of our products transfers, which typically takes place upon delivery to or pick up by the customer.
Amounts due from our customers are classified as trade receivables in the Consolidated Balance Sheets and require payment on a short-term basis.
Transaction price is based on the list price included in our published price list, which is then reduced by the estimated impact of variable consideration, such as trade marketing and merchandising programs, discounts, unsaleable product allowances, returns, and similar items, in the same period that the revenue is recognized.
To estimate the impact of these costs, we consider customer contract provisions, historical data, and our current expectations.
Our trade marketing and merchandising programs consist of various promotional activities conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities.
We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers.
These estimates are made using various techniques, including historical data on performance of similar promotional programs.
Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period.
During 2019, 2018, and 2017, subsequent period adjustments were less than 2 percent of both consolidated pre-tax income and cash provided by operating activities.
Total promotional expenditures, including amounts classified as a reduction of sales, represented 36 percent, 35 percent, and 33 percent of net sales in 2019, 2018, and 2017, respectively.
The possibility exists that reported results could be different if factors such as the level and success of the promotional programs or other conditions differ from expectations.
For revenue disaggregated by reportable segment, geographical region, and product category, see Note 5: Reportable Segments.
Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products.
Distribution costs are included in selling, distribution, and administrative (“SD&A”) expenses and primarily relate to the warehousing costs incurred to store our products.
Total distribution costs recorded within SD&A were $266.6, $245.4, and $252.9 in 2019, 2018, and 2017, respectively.
Advertising Expense: Advertising costs are expensed as incurred.
Advertising expense was $237.5, $194.2, and $169.8 in 2019, 2018, and 2017, respectively.
Research and Development Costs: Research and development (“R&D”) costs are expensed as incurred and are included in SD&A in the Statements of Consolidated Income.
R&D costs include expenditures for new product and manufacturing process innovation, which are comprised primarily of internal salaries and wages, consulting, and other supplies attributable to time spent on R&D activities.
Other costs include the depreciation and maintenance of research facilities.
Total R&D expense was $56.0, $56.0, and $58.1 in 2019, 2018, and 2017, respectively.
Share-Based Payments: Share-based compensation expense, excluding stock options, is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period.
Compensation expense related to stock options is recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period if it is probable that the performance criteria will be met.
The stock options vest over a period of one to three years, dependent on continued service of the option holder, as well as the achievement of the performance objectives established on the grant date.
The following table summarizes amounts related to share-based payments.
## Table 1 ##
(A) During 2017, we concluded that a portion of the performance objectives were unachievable, and therefore reversed the life-to-date compensation cost recognized.
For additional information, see Note 12: Share-Based Payments.
As of April 30, 2019, total unrecognized share-based compensation cost related to nonvested share-based awards was $45.1.
The weighted-average period over which this amount is expected to be recognized is 3.3 years.
Realized excess tax benefits are presented in the Statements of Consolidated Cash Flows as an operating activity and are recognized within income taxes in the Statements of Consolidated Income.
For 2019, 2018, and 2017, the excess tax benefits realized upon exercise or vesting of share-based compensation were $0.5, $1.5, and $3.3, respectively.
For further discussion on share-based compensation expense, see Note 12: Share-Based Payments.
Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees.
Our contributions under these plans are based on a specified percentage of employee contributions.
Charges to operations for these plans in 2019, 2018, and 2017 were $37.1, $36.3, and $31.9, respectively.
For information on our defined benefit plans, see Note 9: Pensions and Other Postretirement Benefits.
Income Taxes: We account for income taxes using the liability method.
Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted.
A tax benefit is recognized when it is more likely than not to be sustained.
A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized.
We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under FASB ASC 740, Income Taxes.
ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure.
In accordance with the requirements of ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected within one year.
We recognize net interest and penalties related to unrecognized tax benefits in income tax expense.
On December 22, 2017, the U. S.  government enacted the Act, legislating comprehensive tax reform that reduced the U. S.  federal statutory corporate tax rate from 35.0 percent to 21.0 percent effective January 1, 2018, broadened the U. S.  federal income tax base, required companies to pay a one-time transition tax, and created new taxes on certain foreign-sourced earnings as part of a new territorial tax regime.
For additional information, see Note 13: Income Taxes.
Trade Receivables: In the normal course of business, we extend credit to customers.
Trade receivables, less allowances, reflects the net realizable value of receivables and approximates fair value.
We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors.
When aware that a specific customer has been impacted
From time to time, we may elect to use foreign currency forward contracts to reduce the risk from exchange rate fluctuations on intercompany transactions and projected inventory purchases for our European and Canadian subsidiaries.
In addition, we may elect to enter into foreign currency forward contracts to reduce the risk associated with foreign currency exchange rate fluctuations on Pound Sterling denominated balance sheet items.
We do not enter into derivative financial instruments for speculative or trading purposes.
Based on the foreign currency forward contracts outstanding as of December 31, 2011, we receive U. S.  Dollars in exchange for Canadian Dollars at a weighted average contractual forward foreign currency exchange rate of 1.03 CAD per $1.00, U. S.  Dollars in exchange for Euros at a weighted average contractual foreign From time to time, we may elect to use foreign currency forward contracts to reduce the risk from exchange rate fluctuations on intercompany transactions and projected inventory purchases for our European and Canadian subsidiaries.
In addition, we may elect to enter into foreign currency forward contracts to reduce the risk associated with foreign currency exchange rate fluctuations on Pound Sterling denominated balance sheet items.
We do not enter into derivative financial instruments for speculative or trading purposes.
Based on the foreign currency forward contracts outstanding as of December 31, 2011, we receive U. S.  Dollars in exchange for Canadian Dollars at a weighted average contractual forward foreign currency exchange rate of 1.03 CAD per $1.00, U. S.  Dollars in exchange for Euros at a weighted average contractual foreign currency exchange rate of €0.77 per $1.00 and Euros in exchange for Pounds Sterling at a weighted average contractual foreign currency exchange rate of ¡ê0.84 per €1.00.
As of December 31, 2011, the notional value of our outstanding foreign currency forward contracts for our Canadian subsidiary was $51.1 million with contract maturities of 1 month or less, and the notional value of our outstanding foreign currency forward contracts for our European subsidiary was $50.0 million with contract maturities of 1 month.
As of December 31, 2011, the notional value of our outstanding foreign currency forward contract used to mitigate the foreign currency exchange rate fluctuations on Pound Sterling denominated balance sheet items was €10.5 million, or $13.6 million, with a contract maturity of 1 month.
The foreign currency forward contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are recorded in other expense, net on the consolidated statements of income.
The fair values of our foreign currency forward contracts were liabilities of $0.7 million and $0.6 million as of December 31, 2011 and 2010, respectively, and were included in accrued expenses on the consolidated balance sheet.
Refer to Note 10 to the Consolidated Financial Statements for a discussion of the fair value measurements.
Included in other expense, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts:
## Table 2 ##
We enter into foreign currency forward contracts with major financial institutions with investment grade credit ratings and are exposed to credit losses in the event of non-performance by these financial institutions.
This credit risk is generally limited to the unrealized gains in the foreign currency forward contracts.
However, we monitor the credit quality of these financial institutions and consider the risk of counterparty default to be minimal.
Although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows, we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations.
Inflation Inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results.
Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs.

<table><tr><td></td><td colspan="2">December 31, 2014</td><td colspan="2">December 31, 2013</td><td colspan="2"></td></tr><tr><td>(dollars in millions)</td><td>AmortizedCost</td><td>Fair Value</td><td>AmortizedCost</td><td>Fair Value</td><td colspan="2">Change in Fair Value</td></tr><tr><td>Securities Available for Sale:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury</td><td>$15</td><td>$15</td><td>$15</td><td>$15</td><td>$—</td><td>—%</td></tr><tr><td>State and political subdivisions</td><td>10</td><td>10</td><td>11</td><td>10</td><td>—</td><td>—</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal agencies and U.S. government sponsored entities</td><td>17,683</td><td>17,934</td><td>14,970</td><td>14,993</td><td>2,941</td><td>20</td></tr><tr><td>Other/non-agency</td><td>703</td><td>672</td><td>992</td><td>952</td><td>-280</td><td>-29</td></tr><tr><td>Total mortgage-backed securities</td><td>18,386</td><td>18,606</td><td>15,962</td><td>15,945</td><td>2,661</td><td>17</td></tr><tr><td>Total debt securities</td><td>18,411</td><td>18,631</td><td>15,988</td><td>15,970</td><td>2,661</td><td>17</td></tr><tr><td>Marketable equity securities</td><td>10</td><td>13</td><td>10</td><td>13</td><td>—</td><td>—</td></tr><tr><td>Other equity securities</td><td>12</td><td>12</td><td>12</td><td>12</td><td>—</td><td>—</td></tr><tr><td>Total equity securities</td><td>22</td><td>25</td><td>22</td><td>25</td><td>—</td><td>—</td></tr><tr><td>Total securities available for sale</td><td>$18,433</td><td>$18,656</td><td>$16,010</td><td>$15,995</td><td>$2,661</td><td>17</td></tr><tr><td>Securities Held to Maturity:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal agencies and U.S. government sponsored entities</td><td>$3,728</td><td>$3,719</td><td>$2,940</td><td>$2,907</td><td>$812</td><td>28</td></tr><tr><td>Other/non-agency</td><td>1,420</td><td>1,474</td><td>1,375</td><td>1,350</td><td>124</td><td>9</td></tr><tr><td>Total securities held to maturity</td><td>$5,148</td><td>$5,193</td><td>$4,315</td><td>$4,257</td><td>$936</td><td>22</td></tr><tr><td>Total securities available for sale and held to maturity</td><td>$23,581</td><td>$23,849</td><td>$20,325</td><td>$20,252</td><td>$3,597</td><td>18%</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended April 30,</td></tr><tr><td></td><td>2019</td><td>2018</td><td>2017</td></tr><tr><td>Share-based compensation expense included in SD&A</td><td>$20.1</td><td>$13.7</td><td>$22.3</td></tr><tr><td>Share-based compensation expense (benefit) included in other special project costs<sup>(A)</sup></td><td>0.6</td><td>1.7</td><td>-0.3</td></tr><tr><td>Total share-based compensation expense</td><td>$20.7</td><td>$15.4</td><td>$22.0</td></tr><tr><td>Related income tax benefit</td><td>$4.9</td><td>$4.6</td><td>$7.2</td></tr></table>
<table><tr><td>Year Ended December 31,</td><td></td></tr><tr><td><i>(In thousands)</i></td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Unrealized foreign currency exchange rate gains (losses)</td><td>$-4,027</td><td>$-1,280</td><td>$5,222</td></tr><tr><td>Realized foreign currency exchange rate gains (losses)</td><td>298</td><td>-2,638</td><td>-261</td></tr><tr><td>Unrealized derivative losses</td><td>-31</td><td>-809</td><td>-1,060</td></tr><tr><td>Realized derivative gains (losses)</td><td>1,696</td><td>3,549</td><td>-4,412</td></tr></table>

Question: what was the percent of the increase in the fair values of our foreign currency forward contracts liability from 2010 to 2011