Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2014(1)
## Table 0 ##
N/A — not applicable (1) Upon adoption of ASU 2015-07, investments measured at NAV are no longer required to be categorized within the fair value hierarchy.
See Note 2, Significant Accounting Policies, for further information.
(2) Amount primarily includes net proceeds from borrowings of consolidated VIEs.
(3) Includes investments previously held at cost.
(4) Earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date.
(5) The net gain (loss) on consolidated VIEs is solely attributable to noncontrolling interests on the consolidated statements of income Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities.
Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) on the consolidated statements of income.
A portion of net income (loss) for consolidated sponsored investment funds are allocated to noncontrolling interests to reflect net income (loss) not attributable to the Company.
Transfers in and/or out of Levels.
Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable, or when the carrying value of certain equity method investments no longer represents fair value as determined under valuation methodologies.
Assets of Consolidated VIEs.
During 2014, there were $280 million of transfers out of Level 3 to Level 2 related to bank loans.
In addition, in 2014, there were $302 million of transfers into Level 3 from Level 2 related to bank loans.
These transfers in and out of levels were primarily due to availability/unavailability of observable market inputs, including inputs from pricing vendors and brokers.
Significant Issuances and Other Settlements.
During 2015, other settlements primarily included the impact of deconsolidating previously consolidated CLOs effective January 1, 2015 as a result of adopting ASU 2015-02.
See Note 2, Significant Accounting Policies, for further information on ASU 2015-02.
In 2014, issuances and other settlements included $1,582 million of borrowings due to the consolidation of CLOs and $485 million of repayments of borrowings of consolidated CLOs.
comparable Treasury security.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 Notes.2021 Notes.
In May 2011, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 4.25% notes maturing in May 2021 and $750 million of floating rate notes (“2013 Floating Rate Notes”), which were repaid in May 2013 at maturity.
Net proceeds of this offering were used to fund the repurchase of BlackRock’s Series B Preferred from affiliates of Merrill Lynch & Co. , Inc.  (“Merrill Lynch”).
Interest on the 4.25% notes due in 2021 (“2021 Notes”) is payable semi-annually on May 24 and November 24 of each year, which commenced November 24, 2011, and is approximately $32 million per year.
The 2021 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 Notes.2019 Notes.
In December 2009, the Company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations.
These notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% notes, which were repaid in December 2012, $1.0 billion of 3.50% notes, which were repaid in December 2014 at maturity, and $1.0 billion of 5.0% notes maturing in December 2019 (the “2019 Notes”).
Net proceeds of this offering were used to repay borrowings under the CP Program, which was used to finance a portion of the acquisition of Barclays Global Investors (“BGI”) from Barclays on December 1, 2009 (the “BGI Transaction”), and for general corporate purposes.
Interest on the 2019 Notes of approximately $50 million per year is payable semiannually in arrears on June 10 and December 10 of each year.
These notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 Notes.2017 Notes.
In September 2007, the Company issued $700 million in aggregate principal amount of 6.25% senior unsecured and unsubordinated notes maturing on September 15, 2017 (the “2017 Notes”).
A portion of the net proceeds of the 2017 Notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of Quellos and the remainder was used for general corporate purposes.
Interest is payable semi-annually in arrears on March 15 and September 15 of each year, or approximately $44 million per year.
The 2017 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2017 Notes.13.
Commitments and Contingencies Operating Lease Commitments The Company leases its primary office spaces under agreements that expire through 2035.
Future minimum commitments under these operating leases are as follows:
## Table 1 ##
Rent expense and certain office equipment expense under lease agreements amounted to $136 million, $132 million and $137 million in 2015, 2014 and 2013, respectively.
Investment Commitments.
At December 31, 2015, the Company had $179 million of various capital commitments to fund sponsored investment funds, including consolidated VIEs.
These funds include private equity funds, real estate funds, infrastructure funds and opportunistic funds.
This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds.
In addition to the capital commitments of $179 million, the Company had approximately $38 million of contingent commitments for certain funds which have investment periods that have expired.
Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment.
These unfunded commitments are not recorded on the consolidated statements of financial condition.
These commitments do not include potential future commitments approved by the Company that are not yet legally binding.
The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.
Contingencies Contingent Payments.
The Company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $17 million between the Company and counterparty.
See Note 7, Derivatives and Hedging, for further discussion.
Contingent Payments Related to Business Acquisitions.
In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to the acquired businesses achieving specified performance targets over a certain period subsequent to the applicable acquisition date.
The fair value of the remaining aggregate contingent payments at December 31, 2015 is not significant to the condensed consolidated statement of financial condition and is included in other liabilities.
The Company provides investment advisory and administration services to its open- and closed-end funds and other commingled or pooled funds and separate accounts in which related parties invest.
In addition, the Company provides investment advisory and administration services to PNC and its affiliates for fees based on AUM.
Further, the Company provides risk management services to PNC.
The Company records its investment advisory and administration fees net of retrocessions.
Aggregate Expenses for Transactions with Related Parties Aggregate expenses included in the consolidated statements of income for transactions with related parties are as follows:
## Table 2 ##
Certain Agreements and Arrangements with PNC PNC.
On February 27, 2009, BlackRock entered into an amended and restated implementation and stockholder agreement with PNC, and a third amendment to the share surrender agreement with PNC.
Receivables and Payables with Related Parties.
Due from related parties, which is included within other assets on the consolidated statements of financial condition was $73 million and $89 million at December 31, 2015 and 2014, respectively, and primarily represented receivables from certain investment products managed by BlackRock.
Accounts receivable at December 31, 2015 and 2014 included $705 million and $747 million, respectively, related to receivables from BlackRock mutual funds, including iShares, for investment advisory and administration services.
Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $18 million and $12 million at December 31, 2015 and 2014, respectively, and primarily represented payables to certain investment products managed by BlackRock.17.
Net Capital Requirements The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions.
As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents.
Additionally, transfers of cash between international jurisdictions, including repatriation to the United States, may have adverse tax consequences that could discourage such transfers.
Banking Regulatory Requirements.
BlackRock Institutional Trust Company, N. A.
(“BTC”), a wholly owned subsidiary of the Company, is chartered as a national bank whose powers are limited to trust activities.
BTC is subject to regulatory capital requirements administered by the Office of the Comptroller of the Currency.
Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements.
Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, BTC must meet specific capital guidelines that invoke quantitative measures of BTC’s assets, liabilities, and certain off-balance sheet items as calculated under the regulatory accounting practices.
BTC’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
Quantitative measures established by regulators to ensure capital adequacy require BTC to maintain a minimum Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios.
Based on BTC’s calculations as of December 31, 2015 and 2014, it exceeded the applicable capital adequacy requirements

<table><tr><td>(in millions)</td><td>December 31, 2013</td><td>Realized and Unrealized Gains (Losses) in Earnings and OCI</td><td>Purchases</td><td>Sales and Maturities</td><td>Issuances and Other Settlements -2</td><td>TransfersintoLevel 3<sup>-3</sup></td><td>Transfers out of Level 3</td><td>December 31, 2014</td><td>Total Net Unrealized Gains (Losses) Included in Earnings (4)</td><td></td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Consolidated sponsoredinvestment funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Hedge funds</td><td>$2</td><td>$—</td><td>$—</td><td>$-1</td><td>$-1</td><td>—</td><td>$—</td><td>$—</td><td>$—</td><td></td></tr><tr><td>Private equity</td><td>28</td><td>-8</td><td>23</td><td>—</td><td>—</td><td>37</td><td>—</td><td>80</td><td>-8</td><td></td></tr><tr><td>Assets of consolidated VIEs:</td><td></td><td></td><td></td><td></td><td>—</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank loans</td><td>129</td><td>-9</td><td>210</td><td>-96</td><td>46</td><td>302</td><td>-280</td><td>302</td><td></td><td></td></tr><tr><td>Bonds</td><td>35</td><td>—</td><td>—</td><td>-17</td><td>—</td><td>—</td><td>—</td><td>18</td><td></td><td></td></tr><tr><td>Total assets ofconsolidated VIEs</td><td>164</td><td>-9</td><td>210</td><td>-113</td><td>46</td><td>302</td><td>-280</td><td>320</td><td>N/A</td><td><sup>-5</sup></td></tr><tr><td>Total assets</td><td>$194</td><td>$-17</td><td>$233</td><td>$-114</td><td>$45</td><td>$339</td><td>$-280</td><td>$400</td><td>$-8</td><td></td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings of consolidated VIEs</td><td>$2,369</td><td>$77</td><td>$—</td><td>$—</td><td>$1,097</td><td>—</td><td>$—</td><td>$3,389</td><td>N/A</td><td><sup>-5</sup></td></tr><tr><td>Other liabilities</td><td>42</td><td>-1</td><td>—</td><td>—</td><td>-4</td><td>—</td><td>—</td><td>39</td><td></td><td><sup></sup></td></tr><tr><td>Total liabilities</td><td>$2,411</td><td>$76</td><td>$—</td><td>$—</td><td>$1,093</td><td>$—</td><td>$—</td><td>$3,428</td><td></td><td></td></tr></table>
<table><tr><td>Year</td><td>Amount</td></tr><tr><td>2016</td><td>$134</td></tr><tr><td>2017</td><td>133</td></tr><tr><td>2018</td><td>131</td></tr><tr><td>2019</td><td>125</td></tr><tr><td>2020</td><td>120</td></tr><tr><td>Thereafter</td><td>560</td></tr><tr><td>Total</td><td>$1,203</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended December 31,</td></tr><tr><td>(in millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Expenses with related parties:</td><td></td><td></td><td></td></tr><tr><td>Distribution and servicing costs</td><td></td><td></td><td></td></tr><tr><td>PNC and affiliates</td><td>$2</td><td>$2</td><td>$2</td></tr><tr><td>Total distribution and servicing costs</td><td>2</td><td>2</td><td>2</td></tr><tr><td>General and administration expenses</td><td></td><td></td><td></td></tr><tr><td>Other registered investment companies</td><td>60</td><td>55</td><td>50</td></tr><tr><td>Other</td><td>18</td><td>5</td><td>—</td></tr><tr><td>Total general and administration expenses</td><td>78</td><td>60</td><td>50</td></tr><tr><td>Total expenses with related parties</td><td>$80</td><td>$62</td><td>$52</td></tr></table>

Question: what is the annual interest expense related to 201c2019 notes 201d , in millions?