The above contracts are subject to enforceable master netting arrangements that provide rights of offset with each counterparty when amounts are payable on the same date in the same currency or in the case of certain specified defaults.
Management has made an accounting policy election to not offset the fair value of recognized derivative assets and derivative liabilities in the consolidated balance sheet.
The amounts owed to the counterparties and owed to the Company are considered immaterial with respect to each counterparty and in the aggregate with all counterparties.
Credit-Risk-Related Contingent Features International Paper evaluates credit risk by monitoring its exposure with each counterparty to ensure that exposure stays within acceptable policy limits.
Credit risk is also mitigated by contractual provisions with the majority of our banks.
Certain of the contracts include a credit support annex that requires the posting of collateral by the counterparty or International Paper based on each party’s rating and level of exposure.
Based on the Company’s current credit rating, the collateral threshold is generally $15 million.
If the lower of the Company’s credit rating by Moody’s or S&P were to drop below investment grade, the Company would be required to post collateral for all of its derivatives in a net liability position, although no derivatives would terminate.
As of December 31, 2018 and 2017, there were no derivative instruments containing credit-risk-related contingent features in a net liability position.
The Company was not required to post any collateral as of December 31, 2018 or 2017.
NOTE 17 CAPITAL STOCK The authorized capital stock at both December 31, 2018 and 2017, consisted of 990,850,000 shares of common stock, $1 par value; 400,000 shares of cumulative $4 preferred stock, without par value (stated value $100 per share); and 8,750,000 shares of serial preferred stock, $1 par value.
The serial preferred stock is issuable in one or more series by the Board of Directors without further shareholder action.
The following is a rollforward of shares of common stock for the three years ended December 31, 2018, 2017 and 2016:
## Table 0 ##
NOTE 18 RETIREMENT PLANS International Paper sponsors and maintains the Retirement Plan of International Paper Company (the Pension Plan), a tax-qualified defined benefit pension plan that provides retirement benefits to substantially all U. S.  salaried employees and hourly employees (receiving salaried benefits) hired prior to July 1, 2004, and substantially all other U. S.  hourly and union employees who work at a participating business unit regardless of hire date.
These employees generally are eligible to participate in the Pension Plan upon attaining 21 years of age and completing one year of eligibility service.
U. S.  salaried employees and hourly employees (receiving salaried benefits) hired after June 30, 2004 are not eligible to participate in the Pension Plan, but receive a company contribution to their individual savings plan accounts (see Other U. S.  Plans); however, salaried employees hired by Temple Inland prior to March 1, 2007 or Weyerhaeuser Company's Cellulose Fibers division prior to December 1, 2011 also participate in the Pension Plan.
The Pension Plan provides defined pension benefits based on years of credited service and either final average earnings (salaried employees and hourly employees receiving salaried benefits), hourly job rates or specified benefit rates (hourly and union employees).
liabilities and related insurance receivables where applicable, or make such estimates for matters previously not susceptible of reasonable estimates, such as a significant judicial ruling or judgment, significant settlement, significant regulatory development or changes in applicable law.
A future adverse ruling, settlement or unfavorable development could result in future charges that could have a material adverse effect on the Company’s results of operations or cash flows in any particular period.
A specific factor that could increase the Company’s estimate of its future asbestos-related liabilities is the pending Congressional consideration of legislation to reform asbestosrelated litigation and pertinent information derived from that process.
For a more detailed discussion of the legal proceedings involving the Company and associated accounting estimates, see the discussion in Note 11 to the Consolidated Financial Statements of this Annual Report on Form 10-K.
Item 1B.
Unresolved Staff Comments.
None.
Item 2.
Properties.3M’s general offices, corporate research laboratories, and certain division laboratories are located in St.  Paul, Minnesota.
In the United States, 3M has 15 sales offices in 12 states and operates 59 manufacturing facilities in 23 states.
Internationally, 3M has 173 sales offices.
The Company operates 80 manufacturing and converting facilities in 29 countries outside the United States.3M owns substantially all of its physical properties.3M’s physical facilities are highly suitable for the purposes for which they were designed.
Because 3M is a global enterprise characterized by substantial intersegment cooperation, properties are often used by multiple business segments.
Item 3.
Legal Proceedings.
Discussion of legal matters is incorporated by reference from Part II, Item 8, Note 11, “Commitments and Contingencies”, of this document, and should be considered an integral part of Part I, Item 3, “Legal Proceedings”.
Item 4.
Submission of Matters to a Vote of Security Holders.
None in the quarter ended December 31, 2005.
PART II Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Equity compensation plans’ information is incorporated by reference from Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management, of this document, and should be considered an integral part of Item 5.
At January 31, 2006, there were approximately 125,823 shareholders of record.3M’s stock is listed on the New York Stock Exchange, Inc.  (NYSE), Pacific Exchange, Inc. , Chicago Stock Exchange, Inc. , and the SWX Swiss Exchange.
Cash dividends declared and paid totaled $.42 per share for each quarter of 2005, and $.36 per share for each quarter of 2004.
Stock price comparisons follow:
## Table 1 ##
Index to Financial Statements Net Income Attributable to Company Per Share The following table sets forth the computation of weighted average basic and diluted shares outstanding (in millions, except per share data):
## Table 2 ##
ASC Topic 260, ?Earnings Per Share?
(?ASC Topic 260?)
requires companies with unvested participating securities to utilize a two-class method for the computation of net income attributable to Company per share.
The two-class method requires a portion of net income attributable to Company to be allocated to participating securities, which are unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, if declared.
Net income attributable to Company allocated to these participating securities was immaterial for the years ended December 31, 2011, 2010 and 2009 and therefore not excluded from Net income attributable to Company per share calculation.
The Company had stock options outstanding that were anti-dilutive totaling 3 million, 8 million, and 4 million at December 31, 2011, 2010 and 2009, respectively.
Recently Issued Accounting Standards In May 2011, the Financial Accounting Standards Board (?FASB?)
issued Accounting Standards Update (?ASU?)
No.2011-04, ?Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U. S.  GAAP and IFRSs?
(?ASU No.2011-04?
), which provides guidance about how fair value should be applied where it is already required or permitted under U. S.  GAAP.
The ASU does not extend the use of fair value or require additional fair value measurements, but rather provides explanations about how to measure fair value.
ASU No.2011-04 requires prospective application and will be effective for interim and annual reporting periods beginning after December 15, 2011.
The Company is currently assessing the impact ASU No.2011-04 will have on its financial statements, but does not expect a significant impact from adoption of the pronouncement.
In June 2011, the FASB issued ASU No.2011-05 ?Presentation of Comprehensive Income?
(?ASU No.2011-05?
), which eliminates the option to present components of other comprehensive income as part of the statement of changes in equity and requires that all nonowner changes in equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements.
ASU No.2011-05 requires retrospective application.
The Company early adopted ASU No.2011-05 and added the Consolidated Statements of Comprehensive Income retrospectively for all reporting periods presented.
In September 2011, the FASB issued ASU No.2011-8 ?Intangibles?Goodwill and Other?
(?ASU No.2011-08?
), which amends its guidance on the testing of goodwill for impairment allowing entities to perform a qualitative assessment on goodwill impairment to determine whether it is more likely than not (defined as having a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test.
This guidance is effective for goodwill impairment tests performed in interim and annual periods for fiscal years beginning after December 15, 2011, with early adoption permitted.
The Company is currently assessing the impact ASU No.2011-08 will have on its financial statements, but does not expect a significant impact from adoption of the pronouncement.
In December 2011, the FASB issued ASU No.2011-11 ?Balance Sheet?Disclosures about Offsetting Assets and Liabilities?
(ASU No.2011-11?
), which requires an entity to disclose both gross and net information about financial instruments, such as sales and repurchase agreements and reverse sale and repurchase agreements and securities borrowing/lending arrangements, and derivative instruments that are eligible for offset in the statement of financial position and/or subject to a master netting arrangement or similar agreement.
ASU No.2011-11 is effective for annual and interim periods beginning on January 1, 2013.
The Company is currently assessing the impact ASU No.2011-11 will have on its financial statements, but does not expect a significant impact from adoption of the pronouncement.
The following discusses the underwriting results for each of our segments for the periods indicated.
U. S.  Reinsurance.
The following table presents the underwriting results and ratios for the U. S.  Reinsurance segment for the periods indicated.
## Table 3 ##
Premiums.
Gross written premiums increased by 12.7% to $2,039.6 million in 2014 from $1,809.7 million in 2013, primarily due to new business opportunities, particularly for contracts with catastrophe exposed risks.
Net written premiums increased by 9.8% to $1,983.8 million in 2014 compared to $1,807.1 million in 2013, which is in line with the increase in gross written premiums combined with a higher use of reinsurance for catastrophe exposures.
Premiums earned increased 18.9% to $1,986.8 million in 2014 compared to $1,671.5 million in 2013.
The change in premiums earned relative to net written premiums is primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are recorded at the initiation of the coverage period.
Gross written premiums increased by 38.1% to $1,809.7 million in 2013 from $1,310.7 million in 2012, primarily due to the impact of a large Florida quota share reinsurance contract, new business opportunities, particularly for contracts with catastrophe exposed risks and higher subject premium on casualty quota share business as rates began to rise in these markets.
Excluding the impact of the Florida quota share reinsurance contract, gross written premiums increased 17.8%.
Net written premiums increased by 38.3% to $1,807.1 million in 2013 compared to $1,306.5 million in 2012, which is in line with the increase in gross written premiums.
Premiums earned increased 18.0% to $1,671.5 million in 2013 compared to $1,416.4 million in 2012.
Premiums earned were only minimally impacted by the Florida quota share reinsurance contract that affected written premiums.
The change in premiums earned was relatively comparable to net written premiums, excluding the Florida quota share reinsurance contract.

<table><tr><td></td><td colspan="2">Common Stock</td></tr><tr><td>In thousands</td><td>Issued</td><td>Treasury</td></tr><tr><td>Balance at January 1, 2016</td><td>448,916</td><td>36,776</td></tr><tr><td>Issuance of stock for various plans, net</td><td>—</td><td>-2,745</td></tr><tr><td>Repurchase of stock</td><td>—</td><td>3,640</td></tr><tr><td>Balance at December 31, 2016</td><td>448,916</td><td>37,671</td></tr><tr><td>Issuance of stock for various plans, net</td><td>—</td><td>-2,577</td></tr><tr><td>Repurchase of stock</td><td>—</td><td>881</td></tr><tr><td>Balance at December 31, 2017</td><td>448,916</td><td>35,975</td></tr><tr><td>Issuance of stock for various plans, net</td><td>—</td><td>-1,721</td></tr><tr><td>Repurchase of stock</td><td>—</td><td>14,056</td></tr><tr><td>Balance at December 31, 2018</td><td>448,916</td><td>48,310</td></tr></table>
<table><tr><td>(Per share amounts)</td><td>First Quarter</td><td>Second Quarter</td><td>Third Quarter</td><td>Fourth Quarter</td><td>Year</td></tr><tr><td>2005 High</td><td>$87.45</td><td>$86.21</td><td>$76.74</td><td>$79.84</td><td>$87.45</td></tr><tr><td>2005 Low</td><td>80.73</td><td>$72.25</td><td>70.41</td><td>69.71</td><td>69.71</td></tr><tr><td>2004 High</td><td>$86.20</td><td>$90.29</td><td>$90.11</td><td>$83.03</td><td>$90.29</td></tr><tr><td>2004 Low</td><td>74.35</td><td>80.90</td><td>77.20</td><td>73.31</td><td>73.31</td></tr></table>
<table><tr><td></td><td colspan="3"> Years Ended December 31,</td></tr><tr><td></td><td> 2011</td><td> 2010</td><td> 2009</td></tr><tr><td>Numerator:</td><td></td><td></td><td></td></tr><tr><td>Net income attributable to Company</td><td>$1,994</td><td>$1,667</td><td>$1,469</td></tr><tr><td>Denominator:</td><td></td><td></td><td></td></tr><tr><td>Basic—weighted average common shares outstanding</td><td>422</td><td>417</td><td>416</td></tr><tr><td>Dilutive effect of employee stock options and other unvested stock awards</td><td>2</td><td>2</td><td>1</td></tr><tr><td>Diluted outstanding shares</td><td>424</td><td>419</td><td>417</td></tr><tr><td>Basic earnings attributable to Company per share</td><td>$4.73</td><td>$3.99</td><td>$3.53</td></tr><tr><td>Diluted earnings attributable to Company per share</td><td>$4.70</td><td>$3.98</td><td>$3.52</td></tr><tr><td>Cash dividends per share</td><td>$0.45</td><td>$0.41</td><td>$1.10</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td><td colspan="2">2014/2013</td><td colspan="2">2013/2012</td></tr><tr><td>(Dollars in millions)</td><td>2014</td><td>2013</td><td>2012</td><td>Variance</td><td>% Change</td><td>Variance</td><td>% Change</td></tr><tr><td>Gross written premiums</td><td>$2,039.6</td><td>$1,809.7</td><td>$1,310.7</td><td>$229.9</td><td>12.7%</td><td>$499.0</td><td>38.1%</td></tr><tr><td>Net written premiums</td><td>1,983.8</td><td>1,807.1</td><td>1,306.5</td><td>176.7</td><td>9.8%</td><td>500.6</td><td>38.3%</td></tr><tr><td>Premiums earned</td><td>$1,986.8</td><td>$1,671.5</td><td>$1,416.4</td><td>$315.3</td><td>18.9%</td><td>$255.1</td><td>18.0%</td></tr><tr><td>Incurred losses and LAE</td><td>954.5</td><td>814.7</td><td>1,050.4</td><td>139.9</td><td>17.2%</td><td>-235.7</td><td>-22.4%</td></tr><tr><td>Commission and brokerage</td><td>466.3</td><td>366.9</td><td>350.6</td><td>99.4</td><td>27.1%</td><td>16.3</td><td>4.6%</td></tr><tr><td>Other underwriting expenses</td><td>45.6</td><td>47.2</td><td>44.8</td><td>-1.6</td><td>-3.4%</td><td>2.4</td><td>5.4%</td></tr><tr><td>Underwriting gain (loss)</td><td>$520.4</td><td>$442.8</td><td>$-29.4</td><td>$77.6</td><td>17.5%</td><td>$472.2</td><td>NM</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Point Chg</td><td></td><td>Point Chg</td></tr><tr><td>Loss ratio</td><td>48.0%</td><td>48.7%</td><td>74.2%</td><td></td><td>-0.7</td><td></td><td>-25.5</td></tr><tr><td>Commission and brokerage ratio</td><td>23.5%</td><td>21.9%</td><td>24.8%</td><td></td><td>1.6</td><td></td><td>-2.9</td></tr><tr><td>Other underwriting expense ratio</td><td>2.3%</td><td>2.9%</td><td>3.1%</td><td></td><td>-0.6</td><td></td><td>-0.2</td></tr><tr><td>Combined ratio</td><td>73.8%</td><td>73.5%</td><td>102.1%</td><td></td><td>0.3</td><td></td><td>-28.6</td></tr><tr><td>(NM, not meaningful)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="2">(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Question: What will Underwriting gain (loss) reach in 2015 if it continues to grow at its current rate? (in million)