million average options for 2014, and 2.0 million average options for 2013).
The computations for basic and diluted earnings per share for the years ended December 31 follow: Earnings Per Share Computations
## Table 0 ##
Stock-based compensation: The Company recognizes compensation expense for its stock-based compensation programs, which include stock options, restricted stock, restricted stock units, performance shares, and the General Employees’ Stock Purchase Plan (GESPP).
Under applicable accounting standards, the fair value of share-based compensation is determined at the grant date and the recognition of the related expense is recorded over the period in which the sharebased compensation vests.
Refer to Note 15 for additional information.
Comprehensive income: Total comprehensive income and the components of accumulated other comprehensive income (loss) are presented in the Consolidated Statement of Comprehensive Income and the Consolidated Statement of Changes in Equity.
Accumulated other comprehensive income (loss) is composed of foreign currency translation effects (including hedges of net investments in international companies), defined benefit pension and postretirement plan adjustments, unrealized gains and losses on available-for-sale debt and equity securities, and unrealized gains and losses on cash flow hedging instruments.
Derivatives and hedging activities: All derivative instruments within the scope of ASC 815, Derivatives and Hedging, are recorded on the balance sheet at fair value.
The Company uses interest rate swaps, currency and commodity price swaps, and foreign currency forward and option contracts to manage risks generally associated with foreign exchange rate, interest rate and commodity market volatility.
All hedging instruments that qualify for hedge accounting are designated and effective as hedges, in accordance with U. S.  generally accepted accounting principles.
If the underlying hedged transaction ceases to exist, all changes in fair value of the related derivatives that have not been settled are recognized in current earnings.
Instruments that do not qualify for hedge accounting are marked to market with changes recognized in current earnings.
Cash flows from derivative instruments are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships.
The Company does not hold or issue derivative financial instruments for trading purposes and is not a party to leveraged derivatives.
Credit risk: The Company is exposed to credit loss in the event of nonperformance by counterparties in interest rate swaps, currency swaps, commodity price swaps, and forward and option contracts.
However, the Company’s risk is limited to the fair value of the instruments.
The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties.3M enters into master netting arrangements with counterparties when possible to mitigate credit risk in derivative transactions.
A master netting arrangement may allow each counterparty to net settle amounts owed between a 3M entity and the counterparty as a result of multiple, separate derivative transactions.
The Company does not anticipate nonperformance by any of these counterparties.3M has elected to present the fair value of derivative assets and
is based on an asset allocation assumption of 25% global equities, 18% private equities, 41% fixed-income securities, and 16% absolute return investments independent of traditional performance benchmarks, along with positive returns from active investment management.
The actual net rate of return on plan assets in 2015 was 0.7%.
In 2014 the plan earned a rate of return of 13.0% and in 2013 earned a return of 6.0%.
The average annual actual return on the plan assets over the past 10 and 25 years has been 7.8% and 10.0%, respectively.
Return on assets assumptions for international pension and other post-retirement benefit plans are calculated on a plan-by-plan basis using plan asset allocations and expected long-term rate of return assumptions.
During 2015, the Company contributed $264 million to its U. S.  and international pension plans and $3 million to its postretirement plans.
During 2014, the Company contributed $210 million to its U. S.  and international pension plans and $5 million to its postretirement plans.
In 2016, the Company expects to contribute an amount in the range of $100 million to $200 million of cash to its U. S.  and international retirement plans.
The Company does not have a required minimum cash pension contribution obligation for its U. S.  plans in 2016.
Future contributions will depend on market conditions, interest rates and other factors.
Future Pension and Postretirement Benefit Payments The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.
## Table 1 ##
Plan Asset Management 3M’s investment strategy for its pension and postretirement plans is to manage the funds on a going-concern basis.
The primary goal of the trust funds is to meet the obligations as required.
The secondary goal is to earn the highest rate of return possible, without jeopardizing its primary goal, and without subjecting the Company to an undue amount of contribution risk.
Fund returns are used to help finance present and future obligations to the extent possible within actuarially determined funding limits and tax-determined asset limits, thus reducing the potential need for additional contributions from 3M.
The investment strategy has used long duration cash bonds and derivative instruments to offset a significant portion of the interest rate sensitivity of U. S.  pension liabilities.
Normally, 3M does not buy or sell any of its own securities as a direct investment for its pension and other postretirement benefit funds.
However, due to external investment management of the funds, the plans may indirectly buy, sell or hold 3M securities.
The aggregate amount of 3M securities are not considered to be material relative to the aggregate fund percentages.
The discussion that follows references the fair value measurements of certain assets in terms of levels 1, 2 and 3.
See Note 13 for descriptions of these levels.
While the company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Absolute return consists primarily of partnership interests in hedge funds, hedge fund of funds or other private fund vehicles.
Corporate debt instruments are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risk ratings.
Other items to reconcile to fair value of plan assets include the net of insurance receivables for WG Trading Company, interest receivables, amounts due for securities sold, amounts payable for securities purchased and interest payable.
The balances of and changes in the fair values of the U. S.  pension plans’ and postretirement plans’ level 3 assets for the periods ended December 31, 2015 and 2014 were not material.
International Pension Plans Assets Outside the U. S. , pension plan assets are typically managed by decentralized fiduciary committees.
The disclosure below of asset categories is presented in aggregate for over 70 defined benefit plans in 27 countries; however, there is significant variation in asset allocation policy from country to country.
Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment allocation process in each country.
The Company provides standard funding and investment guidance to all international plans with more focused guidance to the larger plans.
Each plan has its own strategic asset allocation.
The asset allocations are reviewed periodically and rebalanced when necessary.
The fair values of the assets held by the international pension plans by asset class are as follows:
## Table 2 ##

<table><tr><td>(Amounts in millions, except per share amounts)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Numerator:</td><td></td><td></td><td></td></tr><tr><td>Net income attributable to 3M</td><td>$4,833</td><td>$4,956</td><td>$4,659</td></tr><tr><td>Denominator:</td><td></td><td></td><td></td></tr><tr><td>Denominator for weighted average 3M common shares outstanding — basic</td><td>625.6</td><td>649.2</td><td>681.9</td></tr><tr><td>Dilution associated with the Company’s stock-based compensation plans</td><td>11.6</td><td>12.8</td><td>11.7</td></tr><tr><td>Denominator for weighted average 3M common shares outstanding — diluted</td><td>637.2</td><td>662.0</td><td>693.6</td></tr><tr><td>Earnings per share attributable to 3M common shareholders — basic</td><td>$7.72</td><td>$7.63</td><td>$6.83</td></tr><tr><td>Earnings per share attributable to 3M common shareholders — diluted</td><td>$7.58</td><td>$7.49</td><td>$6.72</td></tr></table>
<table><tr><td></td><td>Qualified and Non-qualified Pension Benefits</td><td>Postretirement</td></tr><tr><td>(Millions)</td><td>United States</td><td>International</td><td>Benefits</td></tr><tr><td>2016 Benefit Payments</td><td>$987</td><td>$205</td><td>$141</td></tr><tr><td>2017 Benefit Payments</td><td>997</td><td>215</td><td>156</td></tr><tr><td>2018 Benefit Payments</td><td>1,008</td><td>228</td><td>172</td></tr><tr><td>2019 Benefit Payments</td><td>1,017</td><td>241</td><td>153</td></tr><tr><td>2020 Benefit Payments</td><td>1,029</td><td>250</td><td>155</td></tr><tr><td>Next five years</td><td>5,187</td><td>1,480</td><td>797</td></tr></table>
<table><tr><td></td><td colspan="6">Fair Value Measurements Using Inputs Considered as</td><td colspan="2" rowspan="2"Fair Value at Dec. 31,></td></tr><tr><td>(Millions)</td><td colspan="2">Level 1</td><td colspan="2">Level 2</td><td colspan="2">Level 3</td></tr><tr><td>Asset Class</td><td>2015</td><td>2014</td><td>2015</td><td>2014</td><td>2015</td><td>2014</td><td>2015</td><td>2014</td></tr><tr><td>Equities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Growth equities</td><td>$718</td><td>$672</td><td>$195</td><td>$176</td><td>$—</td><td>$—</td><td>$913</td><td>$848</td></tr><tr><td>Value equities</td><td>494</td><td>595</td><td>27</td><td>23</td><td>—</td><td>—</td><td>521</td><td>618</td></tr><tr><td>Core equities</td><td>31</td><td>19</td><td>671</td><td>624</td><td>4</td><td>4</td><td>706</td><td>647</td></tr><tr><td>Equities, valued at net asset value*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>17</td><td>18</td></tr><tr><td>Total Equities</td><td>$1,243</td><td>$1,286</td><td>$893</td><td>$823</td><td>$4</td><td>$4</td><td>$2,157</td><td>$2,131</td></tr><tr><td>Fixed Income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Domestic government</td><td>$283</td><td>$87</td><td>$346</td><td>$533</td><td>$4</td><td>$3</td><td>$633</td><td>$623</td></tr><tr><td>Foreign government</td><td>—</td><td>45</td><td>206</td><td>670</td><td>—</td><td>—</td><td>206</td><td>715</td></tr><tr><td>Corporate debt securities</td><td>30</td><td>1</td><td>661</td><td>701</td><td>10</td><td>12</td><td>701</td><td>714</td></tr><tr><td>Fixed income securities, valued at net asset value*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>770</td><td>863</td></tr><tr><td>Total Fixed Income</td><td>$313</td><td>$133</td><td>$1,213</td><td>$1,904</td><td>$14</td><td>$15</td><td>$2,310</td><td>$2,915</td></tr><tr><td>Private Equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate</td><td>$1</td><td>$3</td><td>$5</td><td>$5</td><td>$4</td><td>$4</td><td>$10</td><td>$12</td></tr><tr><td>Real estate, valued at net asset value*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>126</td><td>119</td></tr><tr><td>Partnership investments*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>24</td><td>23</td></tr><tr><td>Total Private Equity</td><td>$1</td><td>$3</td><td>$5</td><td>$5</td><td>$4</td><td>$4</td><td>$160</td><td>$154</td></tr><tr><td>Absolute Return</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Derivatives</td><td>$-2</td><td>$—</td><td>$15</td><td>$-4</td><td>$—</td><td>$—</td><td>$13</td><td>$-4</td></tr><tr><td>Insurance</td><td>—</td><td>—</td><td>—</td><td>—</td><td>456</td><td>476</td><td>456</td><td>476</td></tr><tr><td>Other</td><td>—</td><td>—</td><td>4</td><td>10</td><td>3</td><td>3</td><td>7</td><td>13</td></tr><tr><td>Other, valued at net asset value*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1</td><td>3</td></tr><tr><td>Hedge funds*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>119</td><td>117</td></tr><tr><td>Total Absolute Return</td><td>$-2</td><td>$—</td><td>$19</td><td>$6</td><td>$459</td><td>$479</td><td>$596</td><td>$605</td></tr><tr><td>Cash and Cash Equivalents</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$126</td><td>$161</td><td>$347</td><td>$29</td><td>$—</td><td>$—</td><td>$473</td><td>$190</td></tr><tr><td>Cash and cash equivalents, valued at net asset value*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1</td><td>3</td></tr><tr><td>Total Cash and Cash Equivalents</td><td>$126</td><td>$161</td><td>$347</td><td>$29</td><td>$—</td><td>$—</td><td>$474</td><td>$193</td></tr><tr><td>Total</td><td>$1,681</td><td>$1,583</td><td>$2,477</td><td>$2,767</td><td>$481</td><td>$502</td><td>$5,697</td><td>$5,998</td></tr><tr><td>Other items to reconcile to fair value of plan assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$-28</td><td>$-41</td></tr><tr><td>Fair value of plan assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$5,669</td><td>$5,957</td></tr></table>

Question: Which year is Total Fixed Income of Level 1 larger?
Answer: 2015