NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2014, 2013, AND 2012 154 The following table summarizes the Company’s accumulated benefit obligation, both domestic and foreign, as of the periods indicated:
## Table 0 ##
(1) $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil.
The table below summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated:
## Table 1 ##
(1) A U. S.  subsidiary of the Company has a defined benefit obligation of $748 million and $651 million as of December 31, 2014 and 2013, respectively, and uses salary bands to determine future benefit costs rather than rates of compensation increases.
Rates of compensation increases in the table above do not include amounts related to this specific defined benefit plan.
(2) Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation.
The Company establishes its estimated long-term return on plan assets considering various factors, which include the targeted asset allocation percentages, historic returns and expected future returns.
The measurement of pension obligations, costs and liabilities is dependent on a variety of assumptions.
These assumptions include estimates of the present value of projected future pension payments to all plan participants, taking into consideration the likelihood of potential future events such as salary increases and demographic experience.
These assumptions may have an effect on the amount and timing of future contributions.
The assumptions used in developing the required estimates include the following key factors: ?
discount rates; ?
salary growth; ?
retirement rates; ?
inflation; ?
expected return on plan assets; and ?
mortality rates.
The effects of actual results differing from the Company’s assumptions are accumulated and amortized over future periods and, therefore, generally affect the Company’s recognized expense in such future periods.
Sensitivity of the Company’s pension funded status to the indicated increase or decrease in the discount rate and longterm rate of return on plan assets assumptions is shown below.
Note that these sensitivities may be asymmetric and are specific to the base conditions at year-end 2014.
They also may not be additive, so the impact of changing multiple factors simultaneously cannot be calculated by combining the individual sensitivities shown.
The funded status as of December 31, 2014 is affected by the assumptions as of that date.
Pension expense for 2014 is affected by the December 31, 2013
THE AES CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) DECEMBER 31, 2014, 2013, AND 2012 The impact of remeasuring deferred taxes to account for the enacted change in future applicable income tax rates was recognized as discrete tax expense in the third quarter of this year and resulted in consolidated income tax expense of $46 million.
The impacts of the shareholder level taxes and green taxes will be recognized in future periods and could be material.
Deferred Income Taxes—Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating loss and tax credit carryforwards.
These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered.
As of December 31, 2014, the Company had federal net operating loss carryforwards for tax purposes of approximately $3.4 billion expiring in years 2021 to 2034.
Approximately $87 million of the net operating loss carryforward related to stock option deductions will be recognized in additional paid-in capital when realized.
The Company also had federal general business tax credit carryforwards of approximately $18 million expiring primarily from 2021 to 2034, and federal alternative minimum tax credits of approximately $5 million that carry forward without expiration.
The Company had state net operating loss carryforwards as of December 31, 2014 of approximately $7.8 billion expiring in years 2016 to 2034.
As of December 31, 2014, the Company had foreign net operating loss carryforwards of approximately $3.7 billion that expire at various times beginning in 2015 and some of which carry forward without expiration, and tax credits available in foreign jurisdictions of approximately $34 million, $26 million of which expire in 2018 to 2025 and $8 million of which carryforward without expiration.
Valuation allowances decreased $93 million during 2014 to $997 million at December 31, 2014.
This net decrease was primarily the result of valuation allowance activity at certain of our Brazilian subsidiaries and the release of valuation allowance against U. S.  capital loss carryforwards.
Valuation allowances increased $195 million during 2013 to $1.1 billion at December 31, 2013.
This net increase was primarily the result of valuation allowance activity at one of our Brazilian subsidiaries.
The Company believes that it is more likely than not that the net deferred tax assets as shown below will be realized when future taxable income is generated through the reversal of existing taxable temporary differences and income that is expected to be generated by businesses that have long-term contracts or a history of generating taxable income.
The Company continues to monitor the utilization of its deferred tax asset for its U. S.  consolidated net operating loss carryforward.
Although management believes it is more likely than not that this deferred tax asset will be realized through generation of sufficient taxable income prior to expiration of the loss carryforwards, such realization is not assured.
The following table summarizes the deferred tax assets and liabilities, as of December 31, 2014 and 2013:
## Table 2 ##
The Company considers undistributed earnings of certain foreign subsidiaries to be indefinitely reinvested outside of the United States and, accordingly, no U. S.  deferred taxes have been recorded with respect to such earnings in accordance with the relevant accounting guidance for income taxes.
Should the earnings be remitted as dividends, the Company may be subject to additional U. S.  taxes, net of allowable foreign tax credits.
It is not practicable to estimate the amount of any additional taxes which may be payable on the undistributed earnings.
Income from operations in certain countries is subject to reduced tax rates as a result of satisfying specific commitments regarding employment and capital investment.
The Company’s income tax benefits related to the tax status of these operations are estimated to be $38 million, $70 million and $81 million for the years ended December 31, 2014, 2013 and 2012, respectively.
The per share effect of these benefits after noncontrolling interests was $0.04, $0.09 and $0.10 for the years ended
VISA INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) September 30, 2008 (in millions, except as noted) require the Company to redeem all class C (series II) common stock at any time after December 4, 2008.
Therefore, in March 2008, the Company reclassified all class C (series II) common stock at its then fair value of $1.125 billion to temporary equity on the Company’s consolidated balance sheet with a corresponding reduction in additional paid-in-capital of $1.104 billion and accumulated income (deficit) of $21 million.
The Company accreted this stock to its redemption price of $1.146 billion, adjusted for dividends and certain other adjustments, on a straight-line basis, from March 2008 to October 2008 through accumulated income.
See Note 4—Visa Europe for a roll-forward of the balance of class C (series II) common stock.
The following table sets forth the number of shares of common stock issued and outstanding by class at September 30, 2008 and the impact of the October 2008 redemptions and subsequent conversion of the remaining outstanding shares of class C (series III and series IV) to class C (series I) shares and the number of shares of common stock issued and outstanding after the October 2008 redemptions in total and on as converted basis:

<table><tr><td></td><td colspan="5">December 31,</td></tr><tr><td></td><td colspan="2">2014</td><td></td><td colspan="2">2013</td></tr><tr><td></td><td>U.S.</td><td>Foreign</td><td></td><td>U.S.</td><td>Foreign</td></tr><tr><td></td><td colspan="5">(in millions)</td></tr><tr><td>Accumulated Benefit Obligation</td><td>$1,208</td><td>$4,301</td><td></td><td>$1,036</td><td>$4,686</td></tr><tr><td>Information for pension plans with an accumulated benefit obligation in excess of plan assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Projected benefit obligation</td><td>$1,235</td><td>$4,021</td><td></td><td>$1,059</td><td>$4,412</td></tr><tr><td>Accumulated benefit obligation</td><td>1,208</td><td>3,979</td><td></td><td>1,036</td><td>4,366</td></tr><tr><td>Fair value of plan assets</td><td>1,061</td><td>2,885</td><td></td><td>941</td><td>3,246</td></tr><tr><td>Information for pension plans with a projected benefit obligation in excess of plan assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Projected benefit obligation</td><td>$1,235</td><td>$4,038</td><td><sup>-1</sup></td><td>$1,059</td><td>$4,425</td></tr><tr><td>Fair value of plan assets</td><td>1,061</td><td>2,897</td><td><sup>-1</sup></td><td>941</td><td>3,259</td></tr></table>
<table><tr><td></td><td colspan="7">December 31,</td><td></td></tr><tr><td></td><td colspan="3">2014</td><td></td><td colspan="3">2013</td><td></td></tr><tr><td></td><td>U.S.</td><td></td><td>Foreign</td><td></td><td>U.S.</td><td></td><td>Foreign</td><td></td></tr><tr><td>Benefit Obligation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rates</td><td>4.04%</td><td></td><td>10.47%</td><td><sup>-2</sup></td><td>4.89%</td><td></td><td>10.80%</td><td><sup>-2</sup></td></tr><tr><td>Rates of compensation increase</td><td>3.94%</td><td><sup>-1</sup></td><td>6.41%</td><td></td><td>3.94%</td><td><sup>-1</sup></td><td>6.44%</td><td></td></tr><tr><td>Periodic Benefit Cost:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discount rate</td><td>4.89%</td><td></td><td>10.80%</td><td></td><td>3.86%</td><td></td><td>8.28%</td><td></td></tr><tr><td>Expected long-term rate of return on plan assets</td><td>6.92%</td><td></td><td>10.44%</td><td></td><td>7.15%</td><td></td><td>11.16%</td><td></td></tr><tr><td>Rate of compensation increase</td><td>3.94%</td><td><sup>-1</sup></td><td>6.44%</td><td></td><td>3.94%</td><td><sup>-1</sup></td><td>6.47%</td><td></td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Differences between book and tax basis of property</td><td>$-2,364</td><td>$-2,178</td></tr><tr><td>Other taxable temporary differences</td><td>-302</td><td>-337</td></tr><tr><td>Total deferred tax liability</td><td>-2,666</td><td>-2,515</td></tr><tr><td>Operating loss carryforwards</td><td>2,224</td><td>2,108</td></tr><tr><td>Capital loss carryforwards</td><td>137</td><td>103</td></tr><tr><td>Bad debt and other book provisions</td><td>221</td><td>277</td></tr><tr><td>Retirement costs</td><td>275</td><td>291</td></tr><tr><td>Tax credit carryforwards</td><td>58</td><td>38</td></tr><tr><td>Other deductible temporary differences</td><td>363</td><td>420</td></tr><tr><td>Total gross deferred tax asset</td><td>3,278</td><td>3,237</td></tr><tr><td>Less: valuation allowance</td><td>-997</td><td>-1,090</td></tr><tr><td>Total net deferred tax asset</td><td>2,281</td><td>2,147</td></tr><tr><td>Net deferred tax asset (liability)</td><td>$-385</td><td>$-368</td></tr></table>

Question: Which year is U.S. Accumulated Benefit Obligation the highest?
Answer: 2014