BIOGEN IDEC INC.  AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) F- 24 7.
Intangible Assets and Goodwill Intangible Assets Intangible assets, net of accumulated amortization, impairment charges and adjustments, are summarized as follows:
## Table 0 ##
Amortization of acquired intangible assets totaled $489.8 million, $342.9 million, and $202.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.
The change in amortization of acquired intangible assets for the year ended December 31, 2014 was primarily driven by a $60.2 million increase in amortization of acquired and in-licensed rights and patents as we recognized a full year of expense related to our TYSABRI rights in 2014 versus nine months of expense in 2013, total impairment charges of $50.9 million related to one of our out-licensed patents and one of our IPR&D intangible assets, and lower expected lifetime revenues of AVONEX as discussed further below.
Out-licensed Patents Out-licensed patents to third-parties primarily relate to patents acquired in connection with the merger of Biogen, Inc.  and IDEC Pharmaceuticals Corporation in 2003.
During 2014, we recorded a charge of $34.7 million related to the impairment of one of our out-licensed patents to reflect a change in its estimated fair value, due to a change in the underlying competitive market for that product, which occurred during the first quarter of 2014.
The charge is included in amortization of acquired intangible assets.
The fair value of the intangible asset was based on a discounted cash flow calculated using Level 3 fair value measurements and inputs including estimated revenues.
Developed Technology Developed technology primarily relates to our AVONEX product, which was recorded in connection with the merger of Biogen, Inc.  and IDEC Pharmaceuticals Corporation in 2003.
The net book value of this asset as of December 31, 2014, was $599.3 million.
We amortize this intangible asset using the economic consumption method based on actual and expected revenues generated from the sales of our AVONEX product.
In-process Research and Development (IPR&D) IPR&D represents the fair value assigned to research and development assets that we acquire that have not reached technological feasibility at the date of acquisition.
Upon commercialization, we determine the estimated useful life.
An analysis of anticipated lifetime revenues and anticipated development costs is performed annually during our longrange planning cycle, which was updated in the third quarter of 2014.
This analysis is based upon certain assumptions that we evaluate on a periodic basis, including anticipated future product sales, the expected impact of changes in the amount of development costs and the probabilities of our programs succeeding, the introduction of new products by our competitors and changes in our commercial and pipeline product candidates.
CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT'S DISCUSSION AND ANALYSIS 78 Net interest income of $3.3 billion in 2014 increased $243 million, or 8%, from $3.1 billion in 2013 driven by growth in average interest-earning assets, a reduction in interest rate hedging costs, as well as lower deposit costs.
These benefits were partially offset by the effect of declining loan yields and a continued shift in loan mix to lower yielding loans, increased borrowing costs related to our issuance of subordinated debt and the effect of the Chicago Divestiture.
Average interest-earning assets of $116.2 billion in 2014 increased $9.0 billion from 2013 driven by a $5.3 billion increase in the investment securities portfolio, a $2.2 billion increase in commercial loans, a $1.6 billion increase in residential mortgages, and a $2.2 billion increase in automobile loans, partially offset by a $2.0 billion decrease in home equity outstandings, a $54 million reduction in student loans, and a $267 million decrease in other retail loans.2014 net interest margin of 2.83% remained broadly stable compared to 2.85% in 2013 despite continued pressure from the relatively persistent low interest-rate environment.
Average interest-earning asset yields continued to decline at a pace that exceeded our ability to reduce our cost of interest-bearing deposits.2014 average interest-earning asset yields of 3.14% declined 11 basis points from 3.25% in 2013, largely reflecting a 13 basis point decline in the loan and lease portfolio yield despite a five basis point improvement in the securities portfolio yield.
The decline in loan and lease yields was driven by the effect of a reduction in higher-yielding consumer real estate secured outstandings.
In addition, intense industry-wide competition for commercial loans continued to compress spreads on new originations and resulted in additional downward pressure on overall loan yields.
Investment portfolio income of $619 million for the year ended December 31, 2014 increased $142 million, or 30%, compared to the year ended December 31, 2013.
Total interest-bearing deposit costs of $156 million in 2014 decreased $60 million, or 28%, from $216 million in 2013 and reflected an eight basis point decrease in the rate paid on deposits to 0.24% from 0.32%.
The cost of term deposits decreased to 0.65% in 2014 from 0.91% in 2013, while rates on money market and savings declined to 0.19% in 2014 from 0.25% in 2013.
Due to the historically low interest rate environment, many deposit products have hit pricing floors at or near zero, limiting further rate reduction and thus compressing margins.
The total borrowed funds costs of $203 million in 2014 declined $24 million, or 11%, from $227 million in 2013 driven by the benefit of a $101 million reduction in pay-fixed swap costs which was partially offset by an increase in long-term borrowed funds costs largely related to our issuance of subordinated debt.
Total borrowed funds rates declined to 1.51% in 2014 from 6.53% in 2013.
Within the federal funds purchased and securities sold under agreement category and other short-term borrowed funds categories, pay-fixed swap expense declined to $99 million in 2014 from $200 million in 2013.
Excluding the impact of hedging costs, 2014 borrowed funds costs were 0.78% compared to 1.16% in 2013.
Noninterest Income The following table details the significant components of our noninterest income for the periods indicated:
## Table 1 ##
(1) Includes net impairment losses on securities available for sale recognized in earnings and other income.
Additionally, noninterest income for the year ended December 31, 2014 reflects a $288 million pre-tax gain related to the Chicago Divestiture.
On November 1, 2011, we entered into a committed credit facility agreement with a syndicate of banks which provides for up to $1 billion of borrowings with the option to increase borrowings to $1.5 billion with lender approval.
Following an extension agreement on September 17, 2013 between the Company and the syndicate of banks, the facility matures November 1, 2017, with a one-year extension option exercisable through October 31, 2014.
No amounts were outstanding under this facility as of May 31, 2014 or 2013.
We currently have long-term debt ratings of AA- and A1 from Standard and Poor’s Corporation and Moody’s Investor Services, respectively.
If our longterm debt rating were to decline, the facility fee and interest rate under our committed credit facility would increase.
Conversely, if our long-term debt rating were to improve, the facility fee and interest rate would decrease.
Changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility.
Under this committed revolving credit facility, we have agreed to various covenants.
These covenants include limits on our disposal of fixed assets, the amount of debt secured by liens we may incur, as well as a minimum capitalization ratio.
In the event we were to have any borrowings outstanding under this facility and failed to meet any covenant, and were unable to obtain a waiver from a majority of the banks in the syndicate, any borrowings would become immediately due and payable.
As of May 31, 2014, we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future.
Liquidity is also provided by our $1 billion commercial paper program.
During the year ended May 31, 2014, we did not issue commercial paper, and as of May 31, 2014, there were no outstanding borrowings under this program.
We may continue to issue commercial paper or other debt securities during fiscal 2015 depending on general corporate needs.
We currently have short-term debt ratings of A1+ and P1 from Standard and Poor’s Corporation and Moody’s Investor Services, respectively.
As of May 31, 2014, we had cash, cash equivalents, and short-term investments totaling $5.1 billion, of which $2.5 billion was held by our foreign subsidiaries.
Cash equivalents and short-term investments consist primarily of deposits held at major banks, money market funds, commercial paper, corporate notes, U. S.  Treasury obligations, U. S.  government sponsored enterprise obligations, and other investment grade fixed income securities.
Our fixed income investments are exposed to both credit and interest rate risk.
All of our investments are investment grade to minimize our credit risk.
While individual securities have varying durations, as of May 31, 2014 the average duration of our short-term investments and cash equivalents portfolio was 126 days.
To date we have not experienced difficulty accessing the credit markets or incurred higher interest costs.
Future volatility in the capital markets, however, may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets.
We believe that existing cash, cash equivalents, short-term investments, and cash generated by operations, together with access to external sources of funds as described above, will be sufficient to meet our domestic and foreign capital needs in the foreseeable future.
We utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed.
We routinely repatriate a portion of our foreign earnings for which U. S.  taxes have previously been provided.
We also indefinitely reinvest a significant portion of our foreign earnings, and our current plans do not demonstrate a need to repatriate these earnings.
Should we require additional capital in the United States, we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the United States through debt.
If we were to repatriate indefinitely reinvested foreign funds, we would be required to accrue and pay additional U. S.  taxes less applicable foreign tax credits.
If we elect to raise capital in the United States through debt, we would incur additional interest expense.
Off-Balance Sheet Arrangements In connection with various contracts and agreements, we routinely provide indemnification relating to the enforceability of intellectual property rights, coverage for legal issues that arise and other items where we are acting as the guarantor.
Currently, we have several such agreements in place.
However, based on our historical experience and the estimated probability of future loss, we have determined that the fair value of such indemnification is not material to our financial position or results of operations.
Contractual Obligations Our significant long-term contractual obligations as of May 31, 2014 and significant endorsement contracts entered into through the date of this report are as follows:
## Table 2 ##
(1) The cash payments due for long-term debt include estimated interest payments.
Estimates of interest payments are based on outstanding principal amounts, applicable fixed interest rates or currently effective interest rates as of May 31, 2014 (if variable), timing of scheduled payments, and the term of the debt obligations.
(2) The amounts listed for endorsement contracts represent approximate amounts of base compensation and minimum guaranteed royalty fees we are obligated to pay athlete and sport team endorsers of our products.
Actual payments under some contracts may be higher than the amounts listed as these contracts provide for bonuses to be paid to the endorsers based upon athletic achievements and/or royalties on product sales in future periods.
Actual payments under some contracts may also be lower as these contracts include provisions for reduced payments if athletic performance declines in future periods.
In addition to the cash payments, we are obligated to furnish our endorsers with NIKE product for their use.
It is not possible to determine how much we will spend on this product on an annual basis as the contracts generally do not stipulate a specific amount of cash to be spent on the product.
The amount of product provided to the endorsers will depend on many factors, including general playing conditions, the number of sporting events in which they participate, and our own decisions regarding product and marketing initiatives.
In addition, the costs to design, develop, source, and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers.
(3) We generally order product at least four to five months in advance of sale based primarily on futures orders received from customers.
The amounts listed for product purchase obligations represent agreements (including open purchase orders) to purchase products in the ordinary course of business that are enforceable and legally binding and that specify all significant terms.
In some cases, prices are subject to change throughout the production process.
The reported amounts exclude product purchase liabilities included in Accounts payable on the Consolidated Balance Sheet as of May 31, 2014.
(4) Other amounts primarily include service and marketing commitments made in the ordinary course of business.
The amounts represent the minimum payments required by legally binding contracts and agreements that specify all significant terms, including open purchase orders for non-product purchases.
The reported amounts exclude those liabilities included in Accounts payable or Accrued liabilities on the Consolidated Balance Sheet as of May 31, 2014.
The Company believes that, as of December?31, 2014, the Company and its subsidiary banks would meet all capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis if such requirements were currently effective.
See Schedule 38 regarding the pro forma Basel III ratios at December 31, 2014.89 GAAP to NON-GAAP RECONCILIATIONS 1.
Basel I Tier 1 common capital Traditionally, the Federal Reserve and other banking regulators have assessed a bank’s capital adequacy based on Tier 1 capital, the calculation of which is codified in federal banking regulations.
In 2013, the FRB issued final rules establishing a new comprehensive capital framework for U. S.  banking organizations, including the new CET1 capital measure.
The new capital rules became effective for the Company on January 1, 2015; however, some key regulatory changes to the calculation of this measure are phased in over several years.
The CET1 capital ratio is the core capital component of the Basel III standards, and we believe that it increasingly is becoming a key ratio considered by regulators, investors, and analysts.
There is a difference between this ratio calculated using Basel I definitions of T1C capital and those definitions using Basel III rules.
We present the calculation of key regulatory capital ratios, including T1C capital, using the governing definition at the end of each quarter, taking into account applicable phase-in rules.
T1C capital is often expressed as a percentage of risk-weighted assets.
Under the current risk-based capital framework applicable to the Company, a bank’s balance sheet assets and credit equivalent amounts of off-balance sheet items are assigned to one of four broad “Basel I” risk categories for banks, like our subsidiary banks, that have not adopted the Basel II “Advanced Measurement Approach.
” The aggregated dollar amount in each category is then multiplied by the risk weighting assigned to that category.
The resulting weighted values from each of the four categories are added together and this sum is the risk-weighted assets total that, as adjusted, comprises the denominator of certain risk-based capital ratios.
Tier 1 capital is then divided by this denominator (risk-weighted assets) to determine the Tier 1 capital ratio.
Adjustments are made to Tier 1 capital to arrive at T1C capital.
T1C capital is also divided by the risk-weighted assets to determine the T1C capital ratio.
The amounts disclosed as riskweighted assets are calculated consistent with banking regulatory requirements.
Schedule 37 provides a reconciliation of controlling interest shareholders’ equity (GAAP) to Tier 1 capital (regulatory) and to T1C capital (non-GAAP) using current U. S.  regulatory treatment and not proposed Basel III calculations.
Schedule 37 BASEL I TIER 1 COMMON CAPITAL (NON-GAAP)

<table><tr><td></td><td></td><td colspan="3">As of December 31, 2014</td><td colspan="3">As of December 31, 2013</td></tr><tr><td>(In millions)</td><td>Estimated Life</td><td>Cost</td><td>AccumulatedAmortization</td><td>Net</td><td>Cost</td><td>AccumulatedAmortization</td><td>Net</td></tr><tr><td>Out-licensed patents</td><td>13-23 years</td><td>$543.3</td><td>$-481.7</td><td>$61.6</td><td>$578.0</td><td>$-450.8</td><td>$127.2</td></tr><tr><td>Developed technology</td><td>15-23 years</td><td>3,005.3</td><td>-2,396.8</td><td>608.5</td><td>3,005.3</td><td>-2,165.4</td><td>839.9</td></tr><tr><td>In-process research and development</td><td>Indefinite until commercialization</td><td>314.1</td><td>—</td><td>314.1</td><td>327.4</td><td>—</td><td>327.4</td></tr><tr><td>Trademarks and tradenames</td><td>Indefinite</td><td>64.0</td><td>—</td><td>64.0</td><td>64.0</td><td>—</td><td>64.0</td></tr><tr><td>Acquired and in-licensed rights and patents</td><td>6-17 years</td><td>3,280.4</td><td>-300.1</td><td>2,980.3</td><td>3,240.0</td><td>-123.8</td><td>3,116.2</td></tr><tr><td>Total intangible assets</td><td></td><td>$7,207.1</td><td>$-3,178.6</td><td>$4,028.5</td><td>$7,214.7</td><td>$-2,740.0</td><td>$4,474.7</td></tr></table>
<table><tr><td></td><td colspan="2">Year Ended December 31,</td><td></td><td></td></tr><tr><td>(dollars in millions)</td><td>2014</td><td>2013</td><td>Change</td><td>Percent</td></tr><tr><td>Service charges and fees</td><td>$574</td><td>$640</td><td>-$66</td><td>-10%</td></tr><tr><td>Card fees</td><td>233</td><td>234</td><td>-1</td><td>—</td></tr><tr><td>Mortgage banking fees</td><td>71</td><td>153</td><td>-82</td><td>-54</td></tr><tr><td>Trust and investment services fees</td><td>158</td><td>149</td><td>9</td><td>6</td></tr><tr><td>Foreign exchange and trade finance fees</td><td>95</td><td>97</td><td>-2</td><td>-2</td></tr><tr><td>Capital markets fees</td><td>91</td><td>53</td><td>38</td><td>72</td></tr><tr><td>Bank-owned life insurance income</td><td>49</td><td>50</td><td>-1</td><td>-2</td></tr><tr><td>Securities gains, net</td><td>28</td><td>144</td><td>-116</td><td>-81</td></tr><tr><td>Other income<sup>-1</sup></td><td>379</td><td>112</td><td>267</td><td>238</td></tr><tr><td>Noninterest income</td><td>$1,678</td><td>$1,632</td><td>$46</td><td>3%</td></tr></table>
<table><tr><td>Description of Commitment</td><td>Cash Payments Due During the Year Ending May 31,</td></tr><tr><td>(In millions)</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>Thereafter</td><td>Total</td></tr><tr><td>Operating Leases</td><td>$427</td><td>$399</td><td>$366</td><td>$311</td><td>$251</td><td>$1,050</td><td>$2,804</td></tr><tr><td>Capital Leases</td><td>36</td><td>35</td><td>1</td><td>1</td><td>1</td><td>—</td><td>74</td></tr><tr><td>Long-term Debt<sup>-1</sup></td><td>46</td><td>145</td><td>79</td><td>56</td><td>37</td><td>1,488</td><td>1,851</td></tr><tr><td>Endorsement Contracts<sup>-2</sup></td><td>991</td><td>787</td><td>672</td><td>524</td><td>349</td><td>1,381</td><td>4,704</td></tr><tr><td>Product Purchase Obligations<sup>-3</sup></td><td>3,688</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>3,688</td></tr><tr><td>Other<sup>-4</sup></td><td>309</td><td>108</td><td>78</td><td>7</td><td>3</td><td>12</td><td>517</td></tr><tr><td>TOTAL</td><td>$5,497</td><td>$1,474</td><td>$1,196</td><td>$899</td><td>$641</td><td>$3,931</td><td>$13,638</td></tr></table>

Question: Which year is Trust and investment services fees the highest?