CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT’S DISCUSSION AND ANALYSIS 111 and severe shift in interest rates was used in this analysis, we believe that any actual shift in interest rates would likely be more gradual and would therefore have a more modest impact.
The table below presents the sensitivity of net interest income to various parallel yield curve shifts from the market implied forward yield curve:
## Table 0 ##
Asset sensitivity was 5.9% at December 31, 2016, down modestly from 6.1% at December 31, 2015.
The core asset sensitivity is the result of a faster repricing of the loan book relative to the deposits.
The asset sensitive risk position is managed within our risk limits through occasional adjustments to securities investments, interest rate swaps and mix of funding.
We use a valuation measure of exposure to structural interest rate risk, Economic Value of Equity (“EVE”), as a supplement to net interest income simulations.
EVE complements net interest income simulation analysis as it estimates risk exposure over a long-term horizon.
EVE measures the extent to which the economic value of assets, liabilities and off-balance sheet instruments may change in response to fluctuation in interest rates.
This analysis is highly dependent upon assumptions applied to assets and liabilities with non-contractual maturities.
The change in value is expressed as a percentage of regulatory capital.
The current risk limit is set at a decrease of 20% of regulatory capital given an instantaneous +/- 200 basis point change in interest rates.
We are operating within that limit as of December 31, 2016.
We also had market risk associated with the value of the mortgage servicing right assets, which are impacted by the level of interest rates.
As of December 31, 2016 and 2015, our mortgage servicing rights had a book value of $162 million and $164 million, respectively, and were carried at the lower of cost or fair value.
As of December 31, 2016 and 2015, the fair value of the mortgage servicing rights was $182 million and $178 million, respectively.
Given low interest rates over recent years, there is a valuation allowance of $5 million and $9 million on the asset as of December 31, 2016 and 2015, respectively.
Depending on the interest rate environment, hedges may be used to stabilize the market value of the mortgage servicing right asset.
Trading Risk We are exposed to market risk primarily through client facilitation activities including derivatives and foreign exchange products.
Exposure is created as a result of changes in interest rates and related basis spreads and volatility, foreign exchange rates, and credit spreads on a select range of interest rates, foreign exchange and secondary loans instruments.
These trading activities are conducted through our two banking subsidiaries, CBNA and CBPA.
Client facilitation activities consist primarily of interest rate derivatives and foreign exchange contracts where we enter into offsetting trades with a separate counterparty or exchange to manage our market risk exposure.
In addition to the aforementioned activities, we operate a secondary loan trading desk with the objective to meet secondary liquidity needs of our issuing clients’ transactions and investor clients.
We do not engage in any trading activities with the intent to benefit from short term price differences.
We record interest rate derivatives and foreign exchange contracts as derivative assets and liabilities on our Consolidated Balance Sheets.
Trading assets and liabilities are carried at fair value with income earned related to these activities included in net interest income.
Changes in fair value of trading assets and liabilities are reflected in other income, a component of noninterest income on the Consolidated Statements of Operations.
CITIZENS FINANCIAL GROUP, INC.  MANAGEMENT’S DISCUSSION AND ANALYSIS 60 Noninterest Income The following table presents the significant components of our noninterest income:
## Table 1 ##
Noninterest income of $1.5 billion in 2016, increased $75 million, or 5%, compared to 2015, largely driven by a $67 million pre-tax benefit from notable items in other income.
Excluding the impact of these items, adjusted noninterest income* increased $8 million, or 1%, as strength in capital markets fees, service charges and fees and mortgage fees were partially offset by the impact of a reclassification of card reward costs, lower securities gains and trust and investment services fees.
Capital market fees increased $37 million reflecting underlying business momentum and the benefit of enhanced product capabilities.
Service charges increased $24 million, driven by both improved pricing and volume.
Mortgage banking fees increased $11 million from 2015 levels that included higher MSR valuation gains driven by increased secondary origination volume and wider margins.
Card fees decreased $29 million from 2015 results, which were $28 million higher given the reclassification of card reward costs.
Provision for Credit Losses Provision for credit losses of $369 million increased $67 million, or 22%, from $302 million in 2015, largely reflecting the impact of higher commercial net charge-offs, primarily in commodities-related portfolios and commercial real estate driven by the impact of a reduction in recoveries as well as the impact of loan growth.2016 results reflected a $34 million reserve build compared to an $18 million reserve build in 2015, as the impact of loan growth was partially offset by loan mix shifts into higher quality retail products.
The provision for loan and lease losses is the result of a detailed analysis performed to estimate an appropriate and adequate ALLL.
The total provision for credit losses includes the provision for loan and lease losses as well as the provision for unfunded commitments.
Refer to “—Analysis of Financial Condition — Allowance for Credit Losses and Nonperforming Assets” for more information.
Noninterest Expense The following table presents the significant components of our noninterest expense:
## Table 2 ##
Noninterest expense of $3.4 billion in 2016 increased $93 million, or 3%, compared to 2015 as the impact of higher salaries and employee benefits, amortization of software, equipment expense and outside services expense was partially offset by lower occupancy and other operating expense.
Results in 2016 reflected the impact of $36 million of notable items compared with $50 million of restructuring charges and special items in 2015.
Excluding the impact of restructuring charges, special items and
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
## Table 3 ##
As of and for the Year Ended December 31, 2015
## Table 4 ##
Management accounting practices utilized by the Company as the basis of presentation for segment results include the following: FTP adjustments The Company utilizes an FTP system to eliminate the effect of interest rate risk from the segments’ net interest income because such risk is centrally managed within the Treasury function.
The FTP system credits (or charges) the segments with the economic value of the funds created (or used) by the segments.
The FTP system provides a funds credit for sources of funds and a funds charge for the use of funds by each segment.
The sum of the interest income/expense and FTP charges/credits for each segment is its designated net interest income.
The variance between the Company’s cumulative FTP charges and cumulative FTP credits is offset in Other.
Provision for credit losses allocations Provision for credit losses is allocated to each business segment based on actual net charge-offs recognized by the business segment.
The difference between the consolidated provision for credit losses and the business segments’ net charge-offs is reflected in Other.
Income tax allocations Income taxes are assessed to each line of business at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Other.
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 159 sales contracts to protect the value of residential mortgage loans and loan commitments that are being underwritten for future sale to investors in the secondary market.
Citizens also hedges the fair market value movements of certain mortgage servicing rights using various interest rate derivative contracts.
Citizens has certain derivative transactions which are designated as fair value or cash flow hedges, described as follows: Derivatives designated as hedging instruments The Company?s institutional derivatives portfolio qualifies for hedge accounting treatment.
This includes interest rate swaps that are designated as highly effective fair value and cash flow hedging relationships.
Citizens formally documents at inception all hedging relationships, as well as risk management objectives and strategies for undertaking various accounting hedges.
Additionally, Citizens uses dollar offset or regression analysis at the hedge?s inception, and monthly thereafter, to assess whether the derivatives are expected to be, or have been, highly effective in offsetting changes in the hedged item?sexpected cash flows.
The Company discontinues hedge accounting treatment when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge and then reflects changes in fair value in earnings after termination of the hedge relationship.
Fair value hedges If a derivative is designated as a fair value hedge, gains or losses attributable to the change in fair value of the derivative instrument, as well as the gains and losses attributable to the change in fair value of the hedged item, are recognized in other income in the period in which the change in fair value occurs.
Hedge ineffectiveness is recognized as other income to the extent the changes in fair value of the derivative do not offset the changes in fair value of the hedged item.
Changes in the fair value of derivatives that do not qualify as hedges are recognized immediately in other income.
Citizens has entered into interest rate swap agreements to manage the interest rate exposure on its medium term borrowings.
The change in value of fair value hedges, to the extent that the hedging relationship is effective, is recorded through other income and offset against the change in the fair value of the hedged item.
The following table presents the effect on other income of fair value hedges, specifically hedges of interest rate risk on borrowings using interest rate swaps, described above, in millions:
## Table 5 ##
Cash flow hedges Citizens has outstanding interest rate swap agreements designed to hedge a portion of the Company?sfloating rate assets, and financing liabilities (including its borrowed funds).
All of these swaps have been deemed as highly effective cash flow hedges.
The effective portion of the hedging gains and losses associated with these hedges are recorded in OCI; the ineffective portion of the hedging gains and losses is recorded in earnings (other income).
Hedging gains and losses on derivative contracts reclassified from OCI to current period earnings are included in the line item in the accompanying Consolidated Statements of Operations in which the hedged item is recorded and in the same period that the hedged item affects earnings.
During the next 12 months, there are $15 million in pre-tax net losses on derivative instruments included in OCI expected to be reclassified to net interest income in the Consolidated Statements of Operations.
Hedging gains and losses associated with the Company?s cash flow hedges are immediately reclassified from OCI to current period earnings (other income) if it becomes probable that the hedged forecasted transactions will not occur during the originally specified time period.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The Company’s common stock is quoted on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “JKHY”.
The Company established a practice of paying quarterly dividends at the end of fiscal 1990 and has paid dividends with respect to every quarter since that time.
The declaration and payment of any future dividends will continue to be at the discretion of our Board of Directors and will depend upon, among other factors, our earnings, capital requirements, contractual restrictions, and operating and financial condition.
The Company does not currently foresee any changes in its dividend practices.
On August 15, 2019, there were approximately 145,300 holders of the Company’s common stock, including individual participants in security position listings.
On that same date the last sale price of the common shares as reported on NASDAQ was $141.94 per share.
Issuer Purchases of Equity Securities The following shares of the Company were repurchased during the quarter ended June 30, 2019:

<table><tr><td></td><td colspan="2">Estimated % Change inNet Interest Income over 12 Months December 31,</td></tr><tr><td>Basis points</td><td>2016</td><td>2015</td></tr><tr><td>Instantaneous Change in Interest Rates</td><td></td><td></td></tr><tr><td>+200</td><td>11.3%</td><td>10.6%</td></tr><tr><td>+100</td><td>5.6</td><td>5.8</td></tr><tr><td>-100</td><td>-6.9</td><td>-5.8</td></tr><tr><td>-200</td><td>-9.8</td><td>-6.4</td></tr><tr><td>Gradual Change in Interest Rates</td><td></td><td></td></tr><tr><td>+200</td><td>5.9</td><td>6.1</td></tr><tr><td>+100</td><td>3.1</td><td>3.2</td></tr><tr><td>-100</td><td>-3.0</td><td>-3.1</td></tr><tr><td>-200</td><td>-6.2</td><td>-4.6</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>2016</td><td>2015</td><td>Change</td><td>Percent</td></tr><tr><td>Service charges and fees</td><td>$599</td><td>$575</td><td>$24</td><td>4%</td></tr><tr><td>Card fees</td><td>203</td><td>232</td><td>-29</td><td>-13</td></tr><tr><td>Trust and investment services fees</td><td>146</td><td>157</td><td>-11</td><td>-7</td></tr><tr><td>Mortgage banking fees</td><td>112</td><td>101</td><td>11</td><td>11</td></tr><tr><td>Capital markets fees</td><td>125</td><td>88</td><td>37</td><td>42</td></tr><tr><td>Foreign exchange and letter of credit fees</td><td>90</td><td>90</td><td>—</td><td>—</td></tr><tr><td>Bank-owned life insurance income</td><td>54</td><td>56</td><td>-2</td><td>-4</td></tr><tr><td>Securities gains, net</td><td>16</td><td>29</td><td>-13</td><td>-45</td></tr><tr><td>Other income<sup>-1</sup></td><td>152</td><td>94</td><td>58</td><td>62</td></tr><tr><td>Noninterest income</td><td>$1,497</td><td>$1,422</td><td>$75</td><td>5%</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>2016</td><td>2015</td><td>Change</td><td>Percent</td></tr><tr><td>Salaries and employee benefits</td><td>$1,709</td><td>$1,636</td><td>$73</td><td>4%</td></tr><tr><td>Outside services</td><td>377</td><td>371</td><td>6</td><td>2</td></tr><tr><td>Occupancy</td><td>307</td><td>319</td><td>-12</td><td>-4</td></tr><tr><td>Equipment expense</td><td>263</td><td>257</td><td>6</td><td>2</td></tr><tr><td>Amortization of software</td><td>170</td><td>146</td><td>24</td><td>16</td></tr><tr><td>Other operating expense</td><td>526</td><td>530</td><td>-4</td><td>-1</td></tr><tr><td>Noninterest expense</td><td>$3,352</td><td>$3,259</td><td>$93</td><td>3%</td></tr></table>
<table><tr><td></td><td colspan="4">As of and for the Year Ended December 31, 2016</td></tr><tr><td>(in millions)</td><td>Consumer Banking</td><td>Commercial Banking</td><td>Other</td><td>Consolidated</td></tr><tr><td>Net interest income</td><td>$2,443</td><td>$1,288</td><td>$27</td><td>$3,758</td></tr><tr><td>Noninterest income</td><td>883</td><td>466</td><td>148</td><td>1,497</td></tr><tr><td>Total revenue</td><td>3,326</td><td>1,754</td><td>175</td><td>5,255</td></tr><tr><td>Noninterest expense</td><td>2,547</td><td>741</td><td>64</td><td>3,352</td></tr><tr><td>Profit before provision for credit losses</td><td>779</td><td>1,013</td><td>111</td><td>1,903</td></tr><tr><td>Provision for credit losses</td><td>243</td><td>47</td><td>79</td><td>369</td></tr><tr><td>Income before income tax expense (benefit)</td><td>536</td><td>966</td><td>32</td><td>1,534</td></tr><tr><td>Income tax expense (benefit)</td><td>191</td><td>335</td><td>-37</td><td>489</td></tr><tr><td>Net income</td><td>$345</td><td>$631</td><td>$69</td><td>$1,045</td></tr><tr><td>Total average assets</td><td>$56,388</td><td>$47,159</td><td>$39,636</td><td>$143,183</td></tr></table>
<table><tr><td></td><td colspan="4">As of and for the Year Ended December 31, 2015</td></tr><tr><td>(in millions)</td><td>Consumer Banking</td><td>Commercial Banking</td><td>Other</td><td>Consolidated</td></tr><tr><td>Net interest income</td><td>$2,198</td><td>$1,162</td><td>$42</td><td>$3,402</td></tr><tr><td>Noninterest income</td><td>910</td><td>415</td><td>97</td><td>1,422</td></tr><tr><td>Total revenue</td><td>3,108</td><td>1,577</td><td>139</td><td>4,824</td></tr><tr><td>Noninterest expense</td><td>2,456</td><td>709</td><td>94</td><td>3,259</td></tr><tr><td>Profit before provision for credit losses</td><td>652</td><td>868</td><td>45</td><td>1,565</td></tr><tr><td>Provision for credit losses</td><td>252</td><td>-13</td><td>63</td><td>302</td></tr><tr><td>Income (loss) before income tax expense (benefit)</td><td>400</td><td>881</td><td>-18</td><td>1,263</td></tr><tr><td>Income tax expense (benefit)</td><td>138</td><td>302</td><td>-17</td><td>423</td></tr><tr><td>Net income (loss)</td><td>$262</td><td>$579</td><td>-$1</td><td>$840</td></tr><tr><td>Total average assets</td><td>$52,848</td><td>$42,800</td><td>$39,422</td><td>$135,070</td></tr></table>
<table><tr><td colspan="3">2018</td><td colspan="3">2017</td><td colspan="3">2016</td></tr><tr><td>Derivative</td><td>Hedged Item</td><td>Hedge Ineffectiveness</td><td>Derivative</td><td>Hedged Item</td><td>Hedge Ineffectiveness</td><td>Derivative</td><td>Hedged Item</td><td>Hedge Ineffectiveness</td></tr><tr><td>$8</td><td>-$9</td><td>-$1</td><td>-$26</td><td>$27</td><td>$1</td><td>-$6</td><td>$5</td><td>-$1</td></tr></table>

Question: Which element makes up more than 10% of the total in 2016?
Answer: Service charges and fees, Card fees, Other income