Foreign currency exchange rate risk Many of our non-U.
S.  companies maintain both assets and liabilities in local currencies.
Therefore, foreign exchange rate risk is generally limited to net assets denominated in those foreign currencies.
Foreign exchange rate risk is reviewed as part of our risk management process.
Locally required capital levels are invested in home currencies in order to satisfy regulatory requirements and to support local insurance operations regardless of currency fluctuations.
The principal currencies creating foreign exchange risk for us are the British pound sterling, the euro, and the Canadian dollar.
The following table provides more information on our exposure to foreign exchange rate risk at December 31, 2008 and 2007.
## Table 0 ##
Reinsurance of GMDB and GMIB guarantees Our net income is directly impacted by changes in the reserves calculated in connection with the reinsurance of variable annuity guarantees, primarily GMDB and GMIB.
These reserves are calculated in accordance with SOP 03-1 (SOP reserves) and changes in these reserves are reflected as life and annuity benefit expense, which is included in life underwriting income.
In addition, our net income is directly impacted by the change in the fair value of the GMIB liability (FVL), which is classified as a derivative according to FAS 133.
The fair value liability established for a GMIB reinsurance contract represents the difference between the fair value of the contract and the SOP 03-1 reserves.
Changes in the fair value of the GMIB liability, net of associated changes in the calculated SOP 03-1 reserve, are reflected as realized gains or losses.
ACE views our variable annuity reinsurance business as having a similar risk profile to that of catastrophe reinsurance, with the probability of long-term economic loss relatively small at the time of pricing.
Adverse changes in market factors and policyholder behavior will have an impact on both life underwriting income and net income.
When evaluating these risks, we expect to be compensated for taking both the risk of a cumulative long-term economic net loss, as well as the short-term accounting variations caused by these market movements.
Therefore, we evaluate this business in terms of its long-term economic risk and reward.
The ultimate risk to the variable annuity guaranty reinsurance business is a long-term underperformance of investment returns, which can be exacerbated by a long-term reduction in interest rates.
Following a market downturn, continued market underperformance over a period of five to seven years would eventually result in a higher level of paid claims as policyholders accessed their guarantees through death or annuitization.
However, if market conditions improved following a downturn, SOP 03-1 reserves and fair value liability would fall reflecting a decreased likelihood of future claims, which would result in an increase in both life underwriting income and net income.
As of December 31, 2008, management established the SOP 03-1 reserve based on the benefit ratio calculated using actual market values at December 31, 2008.
Management exercises judgment in determining the extent to which short-term market movements impact the SOP 03-1 reserve.
The SOP 03-1 reserve is based on the calculation of a long-term benefit ratio (or loss ratio) for the variable annuity guarantee reinsurance.
Despite the long-term nature of the risk the benefit ratio calculation is impacted by short-term market movements that may be judged by management to be temporary or transient.
Management will, in keeping with the language in SOP 03-1, regularly examine both quantitative and qualitative analysis and management will determine if, in its judgment, the change in the calculated benefit ratio is of sufficient magnitude and has persisted for a sufficient duration to warrant a change in the benefit ratio used to establish the SOP 03-1 reserve.
This has no impact on either premium received or claims paid nor does it impact the long-term profit or loss of the variable annuity guarantee reinsurance.
The SOP 03-1 reserve and fair value liability calculations are directly affected by market factors, including equity levels, interest rate levels, credit risk and implied volatilities, as well as policyholder behaviors, such as annuitization and lapse rates.
The table below shows the sensitivity, as of December 31, 2008, of the SOP 03-1 reserves and fair value liability associated with the variable annuity guarantee reinsurance portfolio.
In addition, the tables below show the sensitivity of the fair value of specific derivative instruments held (hedge value), which includes instruments purchased in January 2009, to partially offset the risk in the variable annuity guarantee reinsurance portfolio.
Although these derivatives do not receive hedge accounting treatment, some portion of the change in value may be used to offset changes in the SOP 03-1 reserve.
The accumulated benefit obligation (ABO) for all qualified defined benefit pension plans was $44.9 billion and $43.5 billion at December 31, 2016 and 2015, of which $44.8 billion and $43.4 billion related to plans where the ABO was in excess of plan assets.
The ABO represents benefits accrued without assuming future compensation increases to plan participants.
Certain key information related to our qualified defined benefit pension plans as of December 31, 2016 and 2015 is as follows (in millions):
## Table 1 ##
(a) Represents accrued pension liabilities, which are included on our consolidated balance sheets.
(b) Represents prepaid pension assets, which are included on our consolidated balance sheets in other noncurrent assets.
We also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits.
The aggregate liabilities for these plans at December 31, 2016 and 2015 were $1.2 billion, which also represent the plans’ unfunded status.
We have set aside certain assets totaling $460 million and $421 million as of December 31, 2016 and 2015 in a separate trust which we expect to be used to pay obligations under our nonqualified defined benefit plans.
In accordance with GAAP, those assets may not be used to offset the amount of the benefit obligation similar to the postretirement benefit plans in the table above.
The unrecognized net actuarial losses at December 31, 2016 and 2015 were $642 million and $632 million.
The unrecognized prior service credit at December 31, 2016 was $74 million and was $95 million at December 31, 2015.
The expense associated with these plans totaled $125 million in 2016, $117 million in 2015 and $115 million in 2014.
We also sponsor a small number of other postemployment plans and foreign benefit plans.
The aggregate liability for the other postemployment plans was $63 million and $70 million as of December 31, 2016 and 2015.
The expense for the other postemployment plans, as well as the liability and expense associated with the foreign benefit plans, was not material to our results of operations, financial position or cash flows.
The actuarial assumptions used to determine the benefit obligations and expense associated with our nonqualified defined benefit plans and postemployment plans are similar to those assumptions used to determine the benefit obligations and expense related to our qualified defined benefit pension plans and retiree medical and life insurance plans as described below.
The following table provides the amounts recognized in other comprehensive income (loss) related to postretirement benefit plans, net of tax, for the years ended December 31, 2016, 2015 and 2014 (in millions):
## Table 2 ##
(a) Reflects the reclassification for discontinued operations presentation of benefits related to former IS&GS salaried employees ($9 million in 2016, $16 million in 2015 and $11 million in 2014).
In addition, we recognized $134 million of prior service credits from the divestiture of our IS&GS business, which were reclassified as discontinued operations.
The majority of our capital expenditures for 2016 and those planned for 2017 are for equipment, facilities infrastructure and information technology.
Expenditures for equipment and facilities infrastructure are generally incurred to support new and existing programs across all of our business segments.
For example, we have projects underway in our Aeronautics business segment for facilities and equipment to support higher production of the F-35 combat aircraft, and we have projects underway to modernize certain of our facilities.
We also incur capital expenditures for information technology to support programs and general enterprise information technology infrastructure, inclusive of costs for the development or purchase of internal-use software.
The following table provides a summary of our cash flow information followed by a discussion of the key elements (in millions):
## Table 3 ##
Operating Activities 2016 compared to 2015 Net cash provided by operating activities increased $88 million in 2016 compared to 2015 primarily due to a reduction in cash paid for income taxes, partially offset by an increase in cash paid for interest expense and an increase in cash used for working capital.
The $196 million increase in cash flows used for working capital (defined as receivables and inventories less accounts payable and customer advances and amounts in excess of costs incurred) was attributable to timing of cash receipts for receivables (primarily F-35 program), partially offset by timing of production and billing cycles affecting customer advances and progress payments applied to inventories (primarily C-130 program).
See “Critical Accounting Policies – Postretirement Benefit Plans” (under the caption “Funding Considerations”) for discussion of future postretirement benefit plan funding.
We made net income tax payments of $1.3 billion and $1.8 billion during the years ended December 31, 2016 and 2015, respectively.
We made interest payments of approximately $600 million and approximately $375 million during the years ended December 31, 2016 and 2015, respectively.
We may determine to fund customer programs ourselves pending government appropriations.
If we incur costs in excess of funds obligated on a contract, we are at risk for reimbursement of the excess costs.
In 2014 and 2015, we received customer authorization and initial funding to begin producing F-35 aircraft to be acquired under LRIP 9 and 10 contracts, respectively.
As a result of recent funding by the U. S.  Government, our potential cash exposure and termination liability were not material at December 31, 2016.
However, it may become material if government appropriations are delayed as was the case in the second and third quarters of 2016.2015 compared to 2014 Net cash provided by operating activities increased $1.2 billion in 2015 compared to 2014 primarily due to lower pension contributions, partially offset by decreases in working capital and higher tax payments.
The $1.8 billion increase in cash flows related to other, net in the table above is primarily because we made no contributions to our heritage qualified defined benefit pension trust in 2015 compared to $2.0 billion in 2014.
We made $5.0 million in contributions to our new Sikorsky bargained qualified defined benefit pension plan in 2015.
The increase in cash flows related to other, net was offset by higher federal and foreign income tax payments, net of refunds received, of approximately $210 million in 2015 compared to 2014 due primarily to the absence of refunds received in 2015 (prior year’s tax refunds were attributable to timing of discretionary pension contributions made during the fourth quarter of the respective previous years).
The $474 million decrease in cash flows related to working capital (defined as receivables and inventories less accounts payable
(e. g. , our vendors) of supplies from in-country vendors.
These agreements also may be satisfied through our use of cash for such activities as purchasing supplies from in-country vendors, providing financial support for in-country projects, establishment of ventures with local companies and building or leasing facilities for in-country operations.
We typically do not commit to offset agreements until orders for our products or services are definitive.
The amounts ultimately applied against our offset agreements are based on negotiations with the customer and typically require cash outlays that represent only a fraction of the original amount in the offset agreement.
Satisfaction of our offset obligations are included in the estimates of our total costs to complete the contract and may impact our sales, profitability and cash flows.
Our ability to recover investments on our consolidated balance sheet that we make to satisfy offset obligations is generally dependent upon the successful operation of ventures that we do not control and may involve products and services that are dissimilar to our business activities.
At December 31, 2016, the notional value of remaining obligations under our outstanding offset agreements totaled approximately $15 billion, which primarily relate to our Aeronautics, MFC and RMS business segments, most of which extend through 2044.
To the extent we have entered into purchase obligations at December 31, 2016 that also satisfy offset agreements, those amounts are included in the preceding table.
Offset programs usually extend over several years and may provide for penalties, estimated at approximately $1.7 billion at December 31, 2016, in the event we fail to perform in accordance with offset requirements.
While historically we have not been required to pay material penalties, resolution of offset requirements are often the result of negotiations and subjective judgments.
In connection with our 50% ownership interest of ULA, we and The Boeing Company (Boeing) are required to provide ULA an additional capital contribution if ULA is unable to make required payments under its inventory supply agreement with Boeing.
As of December 31, 2016, ULA’s total remaining obligation to Boeing under the inventory supply agreement was $120 million.
The parties have agreed to defer the remaining payment obligation as it is more than offset by other commitments to ULA.
Accordingly, we do not expect to be required to make a capital contribution to ULA under this agreement.
In addition, both we and Boeing have cross-indemnified each other for guarantees by us and Boeing of the performance and financial obligations of ULA under certain launch service contracts.
We believe ULA will be able to fully perform its obligations, as it has done through December 31, 2016, and that it will not be necessary to make payments under the cross-indemnities or guarantees.
We have entered into standby letters of credit, surety bonds and third-party guarantees with financial institutions and other third parties primarily relating to advances received from customers and the guarantee of future performance on certain contracts.
Letters of credit and surety bonds generally are available for draw down in the event we do not perform.
In some cases, we may guarantee the contractual performance of third parties such as venture partners.
At December 31, 2016, we had the following outstanding letters of credit, surety bonds and third-party guarantees (in millions):
## Table 4 ##
(a) Approximately $850 million of standby letters of credit in the “Less Than 1 Year” category, $554 million in the “Years 2 and 3” category and $295 million in the “Years 4 and 5” category are expected to renew for additional periods until completion of the contractual obligation.
At December 31, 2016, third-party guarantees totaled $709 million, of which approximately 56% related to guarantees of contractual performance of ventures to which we currently are or previously were a party.
This amount represents our estimate of the maximum amount we would expect to incur upon the contractual non-performance of the venture partners.
In addition, we generally have cross-indemnities in place that may enable us to recover amounts that may be paid on behalf of a venture partner.
We believe our current and former venture partners will be able to perform their obligations, as they have done through December 31, 2016, and that it will not be necessary to make payments under the guarantees.
In determining our exposures, we evaluate the reputation, technical capabilities and credit quality of our current and former venture partners
Beginning on January 1, 2016, the pay-based component of the formula used to determine retirement benefits was frozen so that future pay increases, annual incentive bonuses or other amounts earned for or related to periods after December 31, 2015 are not used to calculate retirement benefits.
On January 1, 2020, the service-based component of the formula used to determine retirement benefits will also be frozen so that participants will no longer earn further credited service for any period after December 31, 2019.
When the freeze is complete, the majority of our salaried employees will have transitioned to an enhanced defined contribution retirement savings plan.
As part of the November 6, 2015 acquisition of Sikorsky, we established a new defined benefit pension plan for Sikorsky’s union workforce that provides benefits for their prospective service with us.
The Sikorsky salaried employees participate in a defined contribution plan.
We did not assume any legacy pension liability from UTC.
We have made contributions to trusts established to pay future benefits to eligible retirees and dependents, including Voluntary Employees’ Beneficiary Association trusts and 401(h) accounts, the assets of which will be used to pay expenses of certain retiree medical plans.
We use December 31 as the measurement date.
Benefit obligations as of the end of each year reflect assumptions in effect as of those dates.
Net periodic benefit cost is based on assumptions in effect at the end of the respective preceding year.
The rules related to accounting for postretirement benefit plans under GAAP require us to recognize on a plan-by-plan basis the funded status of our postretirement benefit plans as either an asset or a liability on our consolidated balance sheets.
There is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits recorded as deferred tax assets, in stockholders’ equity.
The funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan.
The net periodic benefit cost recognized each year included the following (in millions):

<table><tr><td>(in millions of U.S. dollars)</td><td>2008</td><td>2007</td></tr><tr><td>Fair value of net assets denominated in foreign currencies</td><td>$1,127</td><td>$1,651</td></tr><tr><td>Percentage of fair value of total net assets</td><td>7.8%</td><td>9.9%</td></tr><tr><td>Pre-tax impact on equity of hypothetical 10 percent strengthening of the U.S. dollar</td><td>$84</td><td>$150</td></tr></table>
<table><tr><td></td><td> 2016</td><td> 2015</td></tr><tr><td> Plans where ABO was in excess of plan assets</td><td></td><td></td></tr><tr><td>Projected benefit obligation</td><td>$44,946</td><td>$43,575</td></tr><tr><td>Less: fair value of plan assets</td><td>31,091</td><td>31,768</td></tr><tr><td>Unfunded status of plans<sup>(a)</sup></td><td>-13,855</td><td>-11,807</td></tr><tr><td> Plans where ABO was less than plan assets</td><td></td><td></td></tr><tr><td>Projected benefit obligation</td><td>118</td><td>127</td></tr><tr><td>Less: fair value of plan assets</td><td>326</td><td>328</td></tr><tr><td>Funded status of plans<sup>(b)</sup></td><td>$208</td><td>$201</td></tr></table>
<table><tr><td></td><td colspan="3"> Incurred but Not Yet Recognized in Net Periodic Benefit Cost</td><td colspan="3"> Recognition of Previously Deferred Amounts</td></tr><tr><td></td><td> 2016</td><td> 2015</td><td> 2014</td><td> 2016</td><td> 2015</td><td> 2014</td></tr><tr><td></td><td colspan="3"><i>Gains (losses)</i></td><td colspan="3"><i>(Gains) losses</i></td></tr><tr><td> Actuarial gains and losses</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Qualified defined benefit pension plans</td><td>$-1,236</td><td>$-291</td><td>$-5,505</td><td>$879</td><td>$1,034</td><td>$758</td></tr><tr><td>Retiree medical and life insurance plans</td><td>94</td><td>46</td><td>-160</td><td>22</td><td>28</td><td>15</td></tr><tr><td>Other plans</td><td>-62</td><td>21</td><td>-245</td><td>37</td><td>47</td><td>33</td></tr><tr><td></td><td>-1,204</td><td>-224</td><td>-5,910</td><td>938</td><td>1,109</td><td>806</td></tr><tr><td></td><td colspan="3"><i>Credit (cost)</i></td><td colspan="3"><i>(Credit) cost<sup>(a)</sup></i></td></tr><tr><td> Net prior service credit and cost</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Qualified defined benefit pension plans</td><td>-54</td><td>-18</td><td>2,959</td><td>-235</td><td>-235</td><td>-87</td></tr><tr><td>Retiree medical and life insurance plans</td><td>27</td><td>-102</td><td>-3</td><td>14</td><td>2</td><td>3</td></tr><tr><td>Other plans</td><td>-1</td><td>-7</td><td>84</td><td>-9</td><td>-10</td><td>-5</td></tr><tr><td></td><td>-28</td><td>-127</td><td>3,040</td><td>-230</td><td>-243</td><td>-89</td></tr><tr><td></td><td>$-1,232</td><td>$-351</td><td>$-2,870</td><td>$708</td><td>$866</td><td>$717</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td> 2014</td></tr><tr><td>Cash and cash equivalents at beginning of year</td><td>$1,090</td><td>$1,446</td><td>$2,617</td></tr><tr><td>Operating activities</td><td></td><td></td><td></td></tr><tr><td>Net earnings</td><td>5,302</td><td>3,605</td><td>3,614</td></tr><tr><td>Non-cashadjustments</td><td>-35</td><td>821</td><td>876</td></tr><tr><td>Changes in working capital</td><td>-1,042</td><td>-846</td><td>-372</td></tr><tr><td>Other, net</td><td>964</td><td>1,521</td><td>-252</td></tr><tr><td>Net cash provided by operating activities</td><td>5,189</td><td>5,101</td><td>3,866</td></tr><tr><td>Net cash used for investing activities<sup></sup></td><td>-985</td><td>-9,734</td><td>-1,723</td></tr><tr><td>Net cash provided by (used for) financingactivities</td><td>-3,457</td><td>4,277</td><td>-3,314</td></tr><tr><td>Net change in cash and cash equivalents</td><td>747</td><td>-356</td><td>-1,171</td></tr><tr><td>Cash and cash equivalents at end of year</td><td>$1,837</td><td>$1,090</td><td>$1,446</td></tr></table>
<table><tr><td></td><td colspan="5"> Commitment Expiration By Period</td></tr><tr><td></td><td> Total Commitment</td><td> Less Than 1 Year</td><td> Years 2 and 3</td><td> Years 4 and 5</td><td> After 5 Years</td></tr><tr><td>Standby letters of credit<sup>(a)</sup></td><td>$2,661</td><td>$1,232</td><td>$ 893</td><td>$363</td><td>$173</td></tr><tr><td>Surety bonds</td><td>368</td><td>366</td><td>—</td><td>2</td><td>—</td></tr><tr><td>Third-party Guarantees</td><td>709</td><td>14</td><td>276</td><td>20</td><td>399</td></tr><tr><td>Total commitments</td><td>$3,738</td><td>$1,612</td><td>$1,169</td><td>$385</td><td>$572</td></tr></table>

Question: What is the average value of Qualified defined benefit pension plans in 2016,2015 and 2014?
Answer: -1453.66667