Note 12 – Arrangements with Off-Balance Sheet Risk We enter into arrangements with off-balance sheet risk in the normal course of business, primarily in the form of guarantees.
The following table provides quantitative data regarding our third party guarantees.
The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay.
Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees.
The carrying amount of liabilities represents the amount included in Accrued liabilities
## Table 0 ##
Contingent Repurchase Commitments The repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified repurchase date.
Estimated proceeds from collateral/recourse in the table above represent the lower of the contracted repurchase price or the expected fair value of each aircraft at the specified repurchase date.
Indemnifications to ULA In 2006, we agreed to indemnify ULA through December 31, 2020 against potential non-recoverability and non-allowability of $1,360 of Boeing Delta launch program inventory included in contributed assets plus $1,860 of inventory subject to an inventory supply agreement which ends on March 31, 2021.
Since inception, ULA has consumed $1,288 of the $1,360 of inventory that was contributed by us and has yet to consume $72.
Under the inventory supply agreement, we have recorded revenues and cost of sales of $1,528 through December 31, 2017.
ULA has made payments of $1,740 to us under the inventory supply agreement and we have made $48 of net indemnification payments to ULA.
We agreed to indemnify ULA against potential losses that ULA may incur in the event ULA is unable to obtain certain additional contract pricing from the USAF for four satellite missions.
In 2009, ULA filed a complaint before the Armed Services Board of Contract Appeals (ASBCA) for a contract adjustment for the price of two of these missions, followed in 2011 by a subsequent notice of appeal with respect to a third mission.
The USAF did not exercise an option for a fourth mission prior to the expiration of the contract.
During the second quarter of 2016, the ASBCA ruled that ULA is entitled to additional contract pricing for each of the three missions and remanded to the parties to negotiate appropriate pricing.
During the fourth quarter of 2016, the USAF appealed the ASBCA’s ruling.
In April 2017, the USAF withdrew its appeal.
If ULAis ultimately unsuccessful in obtaining additional pricing, we may be responsible for an indemnification payment up to $261 and may record up to $277 in pre-tax losses associated with the three missions.
Potential payments for Other Delta contracts include $85 related to deferred support costs and $91 related to deferred production costs.
In June 2011, the Defense Contract Management Agency (DCMA) notified ULA that it had determined that $271 of deferred support costs are not recoverable under government contracts.
In December 2011, the DCMA notified ULA of the potential non-recoverability of an additional $114 of deferred production costs.
ULA and Boeing believe that all costs are recoverable and in November
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 179 The following table presents assets and liabilities measured at fair value including gross derivative assets and liabilities on a recurring basis at December 31, 2016:
## Table 1 ##
There were no Level 3 assets measured at fair value on a recurring basis.
Fair Value Option The Company elected to account for residential mortgage loans held for sale and certain commercial and commercial real estate loans held for sale at fair value.
Applying fair value accounting to the residential mortgage loans held for sale better aligns the reported results of the economic changes in the value of these loans and their related hedge instruments.
Certain commercial and commercial real estate held for sale loans are managed by a commercial secondary loan desk that provides liquidity to banks, finance companies and institutional investors.
Applying fair value accounting to this portfolio is appropriate because the Company holds these loans with the intent to sell within short-term periods.
Residential Mortgage Loans Held for Sale The fair value of residential mortgage loans held for sale is derived from observable mortgage security prices and includes adjustments for loan servicing value, agency guarantee fees, and other loan level attributes which are mostly observable in the marketplace.
Credit risk does not significantly impact the valuation since these loans are sold shortly after origination.
Therefore, the Company classifies the residential mortgage loans held for sale in Level 2 of the fair value hierarchy
The following table presents a rollforward of the severance and other costs for approximately 1,650 employees included in the 2010 restructuring charges:
## Table 2 ##
As of December 31, 2012 , 1,638 employees had left the Company under these programs.
CELLULOSIC BIO-FUEL TAX CREDIT In a memorandum dated June 28, 2010, the IRS concluded that black liquor would qualify for the cellulosic bio-fuel tax credit of $1.01 per gallon produced in 2009.
On October 15, 2010, the IRS ruled that companies may qualify in the same year for the $0.50 per gallon alternative fuel mixture credit and the $1.01 cellulosic bio-fuel tax credit for 2009, but not for the same gallons of fuel produced and consumed.
To the extent a taxpayer changes its position and uses the $1.01 credit, it must re-pay the refunds they received as alternative fuel mixture credits attributable to the gallons converted to the cellulosic bio-fuel credit.
The repayment of this refund must include interest.
One important difference between the two credits is that the $1.01 credit must be credited against a company’s Federal tax liability, and the credit may be carried forward through 2015.
In contrast, the $0.50 credit is refundable in cash.
Also, the cellulosic biofuel credit is required to be included in Federal taxable income.
The Company filed an application with the IRS on November 18, 2010, to receive the required registration code to become a registered cellulosic bio-fuel producer.
The Company received its registration code on February 28, 2011.
The Company has evaluated the optimal use of the two credits with respect to gallons produced in 2009.
Considerations include uncertainty around future Federal taxable income, the taxability of the alternative fuel mixture credit, future liquidity and uses of cash such as, but not limited to, acquisitions, debt repayments and voluntary pension contributions versus repayment of alternative fuel mixture credits with interest.
At the present time, the Company does not intend to convert any gallons under the alternative fuel mixture credit to gallons under the cellulosic bio-fuel credit.
On July 19, 2011 the Company filed an amended 2009 tax return claiming alternative fuel mixture tax credits as non-taxable income.
If that amended position is not upheld, the Company will re-evaluate its position with regard to alternative fuel mixture gallons produced in 2009.
During 2009, the Company produced 64 million gallons of black liquor that were not eligible for the alternative fuel mixture credit.
The Company claimed these gallons for the cellulosic bio-fuel credit by amending the Company’s 2009 tax return.
The impact of this amendment was included in the Company’s 2010 fourth quarter Income tax provision (benefit), resulting in a $40 million net credit to tax expense.
Temple-Inland, Inc.  also recognized an income tax benefit of $83 million in 2010 related to cellulosic bio-fuel credits.
As is the case with other tax credits, taxpayer claims are subject to possible future review by the IRS which has the authority to propose adjustments to the amounts claimed, or credits received.
NOTE 5 ACQUISITIONS AND JOINT VENTURES ACQUISITIONS 2013: On January 3, 2013, International Paper completed the acquisition (effective date of acquisition on January 1, 2013) of the shares of its joint venture partner, Sabanci Holding, in the Turkish corrugated packaging company, Olmuksa International Paper Sabanci Ambalaj Sanayi ve Ticaret A. S.  (Olmuksa), for a purchase price of $56 million.
The acquired shares represent 43.7% of Olmuksa’s shares, and prior to this acquisition, International Paper already held a 43.7% equity interest in Olmuksa.
Thus, International Paper now owns 87.4% of Olmuksa’s outstanding and issued shares.
The Company has not completed the valuation of assets acquired and liabilities assumed; however, the Company anticipates providing a preliminary purchase price allocation in its 2013 first quarter Form 10-Q filing.
Because the transaction resulted in International Paper becoming the majority shareholder, owning 87.4% of Olmuksa’s shares, its completion triggered a mandatory call for tender of the remaining public shares.
Also as a result of International Paper taking majority control of the entity, Olmuksa’s financial results will be consolidated with our Industrial Packaging segment beginning with the effective date International Paper obtained majority control of the entity on January 1, 2013.
Pro forma information related to the acquisition of Olmuksa has not been included as it does not have a material effect on the Company’s consolidated results of operations.2012: On February 13, 2012, International Paper completed the acquisition of Temple-Inland, Inc.  (TempleInland).
International Paper acquired all of the outstanding common stock of Temple-Inland for $32.00 per share in cash, totaling approximately $3.7 billion,
Table of Contents Products We offer a broad range of 3.5-inch form factor rigid disc drive products for the enterprise, desktop and consumer electronics sectors of the rigid disc drive industry.
During fiscal year 2004, we introduced the Momentus family of 2.5-inch rigid disc drives for notebook computers.
Also, during fiscal year 2004, we introduced Savvio, our first 2.5-inch enterprise disc drive.
We offer more than one product within each product family, and differentiate products on the basis of price/performance and form factor, or the dimensions of the rigid disc drive.
Historically, our industry has been characterized by continuous and significant advances in technology, which contributed to rapid product life cycles; however, based upon the recent pace of new product introductions, we believe that our industry is currently in a period in which the rate of increases in areal density, which is the storage capacity per square inch on a disc, is lower than the rate of the last several years, resulting in longer product life cycles.
We list in the table below our main current product offerings.

<table><tr><td></td><td colspan="2">MaximumPotentialPayments</td><td colspan="2">EstimatedProceeds fromCollateral/Recourse</td><td colspan="2">CarryingAmount ofLiabilities</td></tr><tr><td>December 31,</td><td>2017</td><td>2016</td><td>2017</td><td>2016</td><td>2017</td><td>2016</td></tr><tr><td>Contingent repurchase commitments</td><td>$1,605</td><td>$1,306</td><td>$1,605</td><td>$1,306</td><td>$9</td><td>$9</td></tr><tr><td>Indemnifications to ULA:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Contributed Delta program launch inventory</td><td>72</td><td>77</td><td></td><td></td><td></td><td></td></tr><tr><td>Contract pricing</td><td>261</td><td>261</td><td></td><td></td><td>7</td><td>7</td></tr><tr><td>Other Delta contracts</td><td>191</td><td>216</td><td></td><td></td><td></td><td>5</td></tr><tr><td>Credit guarantees</td><td>109</td><td>29</td><td>55</td><td>27</td><td>16</td><td>2</td></tr></table>
<table><tr><td>(in millions)</td><td>Total</td><td>Level 1</td><td>Level 2</td><td>Level 3</td></tr><tr><td>Securities available for sale:</td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed securities</td><td>$19,446</td><td>$—</td><td>$19,446</td><td>$—</td></tr><tr><td>State and political subdivisions</td><td>8</td><td>—</td><td>8</td><td>—</td></tr><tr><td>Equity securities</td><td>17</td><td>—</td><td>17</td><td>—</td></tr><tr><td>U.S. Treasury</td><td>30</td><td>30</td><td>—</td><td>—</td></tr><tr><td>Total securities available for sale</td><td>19,501</td><td>30</td><td>19,471</td><td>—</td></tr><tr><td>Loans held for sale, at fair value:</td><td></td><td></td><td></td><td></td></tr><tr><td>Residential loans held for sale</td><td>504</td><td>—</td><td>504</td><td>—</td></tr><tr><td>Commercial loans held for sale</td><td>79</td><td>—</td><td>79</td><td>—</td></tr><tr><td>Total loans held for sale, at fair value</td><td>583</td><td>—</td><td>583</td><td>—</td></tr><tr><td>Derivative assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate swaps</td><td>609</td><td>—</td><td>609</td><td>—</td></tr><tr><td>Foreign exchange contracts</td><td>134</td><td>—</td><td>134</td><td>—</td></tr><tr><td>Other contracts</td><td>16</td><td>—</td><td>16</td><td>—</td></tr><tr><td>Total derivative assets</td><td>759</td><td>—</td><td>759</td><td>—</td></tr><tr><td>Other investment securities, at fair value:</td><td></td><td></td><td></td><td></td></tr><tr><td>Money market mutual fund</td><td>91</td><td>91</td><td>—</td><td>—</td></tr><tr><td>Other investments</td><td>5</td><td>—</td><td>5</td><td>—</td></tr><tr><td>Total other investment securities, at fair value</td><td>96</td><td>91</td><td>5</td><td>—</td></tr><tr><td>Total assets</td><td>$20,939</td><td>$121</td><td>$20,818</td><td>$—</td></tr><tr><td>Derivative liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate swaps</td><td>$645</td><td>$—</td><td>$645</td><td>$—</td></tr><tr><td>Foreign exchange contracts</td><td>126</td><td>—</td><td>126</td><td>—</td></tr><tr><td>Other contracts</td><td>7</td><td>—</td><td>7</td><td>—</td></tr><tr><td>Total derivative liabilities</td><td>778</td><td>—</td><td>778</td><td>—</td></tr><tr><td>Total liabilities</td><td>$778</td><td>$—</td><td>$778</td><td>$—</td></tr></table>
<table><tr><td>In millions</td><td>Severance and Other</td></tr><tr><td>Opening balance (recorded first quarter 2010)</td><td>$20</td></tr><tr><td>Additions and adjustments</td><td>26</td></tr><tr><td>Cash charges in 2010</td><td>-32</td></tr><tr><td>Cash charges in 2011</td><td>-8</td></tr><tr><td>Cash charges in 2012</td><td>-4</td></tr><tr><td>Balance, December 31, 2012</td><td>$2</td></tr></table>

Question: Which Securities available for sale makes up more than 0.05% of total securities available for sale in Level 2?
Answer: Mortgage-backed securities, Equity securities