Notes to the Financial Statements — Continued Net Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for 2014, 2013 and 2012 were as follows:
## Table 0 ##
* Relates to an increase in CECONY’s pension obligation of $45 million from a 1999 special retirement program.
Funded Status The funded status at December 31, 2014, 2013 and 2012 was as follows:
## Table 1 ##
The increase in the pension plan’s projected benefit obligation (due primarily to decreased discount rates and, as discussed below, the release of new mortality tables by the Society of Actuaries reflecting longer life expectancies) were the primary causes of the increased pension liability at Con Edison and CECONY of $2,144 million and $2,008 million, respectively, compared with December 31, 2013.
For Con Edison, this increase in pension liability resulted in an increase to regulatory assets of $2,101 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, and a charge to OCI of $17 million (net of taxes) for the unrecognized net losses, and an immaterial change to OCI (net of taxes) for the unrecognized prior service costs associated with the competitive energy businesses and O&R’s New Jersey and Pennsylvania utility subsidiaries.
Notes to the Financial Statements — Continued application of this legislation decreased Con Edison’s accumulated deferred tax liabilities by $74 million ($69 million for CECONY), decreased Con Edison’s regulatory asset for future income tax by $11 million ($10 million for CECONY) and increased Con Edison’s regulatory liability by $62 million ($59 million for CECONY).
The impact of this tax legislation on Con Edison’s effective tax rate was not material, and there was no impact on CECONY’s effective tax rate for the year ended December 31, 2014.
Under the Taxpayer Relief Act of 2012, 50 percent bonus depreciation expired on December 31, 2013.
On December 19, 2014, President Obama signed into law the Tax Increase Prevention Act of 2014, which extended bonus depreciation for another year through December 31, 2014.
As a result of the extension of bonus depreciation to 2014, Con Edison filed a refund request with the IRS in January 2015 to recover $224 million ($128 million attributable to CECONY) in estimated federal tax payments.
Uncertain Tax Positions Under the accounting rules for income taxes, the Companies are not permitted to recognize the tax benefit attributable to a tax position unless such position is more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals and litigation processes, based solely on the technical merits of the position.
In 2014 following the conclusion of its IRS audit, Con Edison filed amended state tax returns (primarily New York) for tax years 1998 through 2011.
As a result of positions taken on the amended state tax returns, Con Edison increased its estimated liabilities for uncertain tax positions by $27 million ($2 million attributable to CECONY).
The amended returns contain uncertain tax positions unique to the states, and the returns remain open for examination.
The federal tax returns for 2011 through 2013 remain open for examination.
These changes to the Companies’ estimated liabilities for uncertain tax positions had an immaterial impact on income tax expense for the year ended December 31, 2014.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits for Con Edison and CECONY follows:
## Table 2 ##
As of December 31, 2014, Con Edison reasonably expects to resolve approximately $26 million ($17 million, net of federal taxes) of its uncertainties related to certain tax matters within the next twelve months.
Favorable resolution would reduce Con Edison’s effective tax rate.
The amount related to CECONY is approximately $2 million ($1 million, net of federal taxes), of which the entire amount, if recognized, would reduce CECONY’s effective tax rate.
The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements.
In 2014 and 2012, the Companies recognized an immaterial amount of interest and no penalties for uncertain tax positions in their consolidated income statements.
In 2013, Con Edison recognized $121 million of interest expense ($131 million related to the LILO transactions (see “Lease In/Lease Out Transactions” in Note J), less a reduction of $10 million in accrued interest expense primarily associated with repair allowance deductions and reversing other uncertain tax positions in 2013).
At December 31, 2014 and 2013, the Companies recognized an immaterial amount of interest and no penalties in their consolidated balance sheets.
At December 31, 2014, the total amount of unrecognized tax benefits that, if recognized, would reduce the Companies’ effective tax rate is $34 million ($22 million, net of federal taxes) with $2 million ($1 million, net of federal taxes) attributable to CECONY.
Note M – Stock-Based Compensation The Companies may compensate employees and directors with, among other things, stock options, stock units, restricted stock units and contributions to the stock purchase plan.
The
Notes to the Financial Statements — Continued The income tax benefit Con Edison realized from stock options exercised in the years ended December 31, 2014, 2013 and 2012 was $1 million, $10 million and an immaterial amount, respectively.
Restricted Stock and Stock Units Restricted stock and stock unit awards under the LTIP have been made as follows: (i) awards that provide for adjustment of the number of units (performance-restricted stock units or Performance RSUs) to certain officers and employees; (ii) timebased awards to certain employees; and (iii) awards to nonemployee directors.
Restricted stock and stock units awarded represents the right to receive, upon vesting, shares of Con Edison common stock, or, except for units awarded under the directors’ plan, the cash value of shares or a combination thereof.
The number of units in each annual Performance RSU award is subject to adjustment as follows: (i) 50 percent of the units awarded will be multiplied by a factor that may range from 0 to 200 percent, based on Con Edison’s total shareholder return relative to a specified peer group during a specified performance period (the TSR portion); and (ii) 50 percent of the units awarded will be multiplied by a factor that may range from 0 to 120 percent for management employees and from 0 to 200 percent, based on determinations made in connection with the Companies’ annual incentive plans or, for certain executive officers, actual performance as compared to certain performance measures during a specified performance period (the non-TSR portion).
Performance RSU awards generally vest upon completion of the performance period.
Performance against the established targets is recomputed each reporting period as of the earlier of the reporting date and the vesting date.
The TSR portion applies a Monte Carlo simulation model, and the non-TSR portion is the product of the market price at the end of the period multiplied by the average non-TSR determination over the vesting period.
Performance RSUs are “liability awards” because each Performance RSU represents the right to receive, upon vesting, one share of Con Edison common stock, the cash value of a share or a combination thereof.
As such, changes in the fair value of the Performance RSUs are reflected in net income.
The following table illustrates the assumptions used to calculate the fair value of the awards:
## Table 3 ##
(a) The risk-free rate is based on the U. S.  Treasury zero-coupon yield curve on the date of grant.
(b) The expected term of the Performance RSUs equals the vesting period.
The Companies do not expect significant forfeitures to occur.
(c) The expected volatility is calculated using daily closing stock prices over a period of three years, which approximates the expected term of the awards.
A summary of changes in the status of the Performance RSUs’ TSR and non-TSR portions during the year ended December 31, 2014 is as follows:
## Table 4 ##
(a) The TSR and non-TSR Portions each account for 50 percent of the awards’ value.
(b) Fair value is determined using the Monte Carlo simulation described above.
Weighted average grant date fair value does not reflect any accrual or payment of dividends prior to vesting.
(c) Fair value is determined using the market price of one share of Con Edison common stock on the grant date.
The market price has not been discounted to reflect that dividends do not accrue and are not payable on Performance RSUs until vesting.
The total expense to be recognized by Con Edison in future periods for unvested Performance RSUs outstanding as of December 31, 2014 is $25 million, including $19 million for CECONY and is expected to be recognized over a weighted average period of one year for both Con Edison and CECONY.
In accordance with the accounting rules for stock compensation, for time-based awards, the Companies have accrued a liability based on the market value of a common share on the grant date and are recognizing compensation expense over the vesting period.
The vesting period for awards is three years and is based on the employee’s continuous service to Con Edison.
Prior to vesting, the awards are subject to forfeiture in whole or in part under certain circumstances.
The awards are “liability awards” because each restricted stock unit represents the right to receive, upon vesting, one share of Con Edison common stock, the cash value of a share or a combination thereof.
As such, prior to vesting, changes in the fair value of the units are reflected
requirements apply both to regulated utilities such as CECONY and O&R for the customers they supply under regulated tariffs and to companies such as Con Edison Solutions that supply customers on market terms.
To address the possibility of a disruption due to the unavailability of gas, generating units located in New York City that are capable of using either gas or oil as fuel may be required to use oil as fuel for certain periods and new generating units are required to have dual fuel capability.
RECO, O&R’s New Jersey subsidiary, provides electric service in an area that has a different independent system operator – PJM Interconnection LLC (PJM).
See “CECONY – Electric Operations – Electric Supply” and “O&R – Electric Operations – Electric Supply,” below.
New York Energy Highway In October 2012, the Energy Highway Task Force appointed by the Governor of New York issued its Blueprint containing recommendations to modernize New York’s energy systems.
The recommended actions included electric transmission construction and upgrades to electric and natural gas infrastructure.
In November 2012, the NYSPSC established a proceeding to review specific proposals from utilities and private developers for new electric transmission lines and upgrades to existing facilities that will address transmission congestion between upstate and downstate.
See “Con Edison Transmission,” below.
Competition Distributed generation, such as solar energy production facilities, fuel cells and micro-turbines, provide alternative sources of energy for the Utilities’ electric delivery customers, as does oil for the Utilities’ gas delivery customers.
Other distributed energy resources, such as demand reduction and energy efficiency programs, also provide alternatives for the Utilities’ delivery customers.
In its ongoing REV proceeding, the NYSPSC is considering the extent to which New York electric distribution utilities and their affiliates will be permitted to compete with other providers of distributed energy resources.
See “Reforming the Energy Vision Proceeding” above.
At December 31, 2014, there were 4,200 and 1,953 distributed generation projects interconnected with CECONY and O&R, respectively, with aggregate capacities as shown on the following table:
## Table 5 ##
The Utilities do not consider it reasonably likely that another company would be authorized to provide utility delivery service of electricity, natural gas or steam where the company already provides service.
Any such other company would need to obtain NYSPSC consent, satisfy applicable local requirements, install facilities to provide the service, meet applicable services standards, and charge customers comparable taxes and other fees and costs imposed on the service.
A new delivery company would also be subject to extensive ongoing regulation by the NYSPSC.
See “Utility Regulation – State Utility Regulation – Regulators”.
The competitive energy businesses participate in competitive energy supply and services businesses and renewable and energy infrastructure projects that are subject to different risks than those found in the businesses of the Utilities.
The Utilities CECONY CECONY, incorporated in New York State in 1884, is a subsidiary of Con Edison and has no significant subsidiaries of its own.
Its principal business segments are its regulated electric, gas and steam businesses.
For a discussion of the company’s operating revenues and operating income for each segment, see “Results of Operations” in Item 7.
For additional information about the segments, see Note N to the financial statements in Item 8.
Electric Operations Electric Facilities CECONY’s capitalized costs for utility plant, net of accumulated depreciation, for distribution facilities were $15,531 million and $14,496 million at December 31, 2014 and 2013, respectively.
For its transmission facilities, the costs for utility plant, net of accumulated depreciation, were $2,744 million and $2,597 million at December 31, 2014 and 2013, respectively, and for its portion of the steam-electric generation facilities, the costs for utility plant, net of accumulated depreciation, were $451 million and $452 million, at December 31, 2014 and 2013, respectively
2016 Non-qualified Deferred Compensation As of December 31, 2016, Mr.  May had a deferred account balance under a frozen Defined Contribution Restoration Plan.
The amount is deemed invested, as chosen by the participant, in certain T.  Rowe Price investment funds that are also available to the participant under the Savings Plan.
Mr.  May has elected to receive the deferred account balance after he retires.
The Defined Contribution Restoration Plan, until it was frozen in 2005, credited eligible employees’ deferral accounts with employer contributions to the extent contributions under the qualified savings plan in which the employee participated were subject to limitations imposed by the Code.
Defined Contribution Restoration Plan
## Table 6 ##
(1) Amounts in this column are not included in the Summary Compensation Table.2016 Potential Payments Upon Termination or Change in Control Entergy Corporation has plans and other arrangements that provide compensation to a Named Executive Officer if his or her employment terminates under specified conditions, including following a change in control of Entergy Corporation.
In addition, in 2006 Entergy Corporation entered into a retention agreement with Mr.  Denault that provides possibility of additional service credit under the System Executive Retirement Plan upon certain terminations of employment.
There are no plans or agreements that would provide for payments to any of the Named Executive Officers solely upon a change in control.
The tables below reflect the amount of compensation each of the Named Executive Officers would have received if his or her employment with their Entergy employer had been terminated under various scenarios as of December 31, 2016.
For purposes of these tables, a stock price of $73.47 was used, which was the closing market price on December 30, 2016, the last trading day of the year.

<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td> (Millions of Dollars)</td><td>2014</td><td>2013</td><td>2012</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Service cost – including administrative expenses</td><td>$227</td><td>$267</td><td>$237</td><td>$211</td><td>$249</td><td>$220</td></tr><tr><td>Interest cost on projected benefit obligation</td><td>572</td><td>537</td><td>547</td><td>536</td><td>503</td><td>513</td></tr><tr><td>Expected return on plan assets</td><td>-832</td><td>-750</td><td>-705</td><td>-789</td><td>-713</td><td>-670</td></tr><tr><td>Recognition of net actuarial loss</td><td>618</td><td>832</td><td>709</td><td>586</td><td>788</td><td>670</td></tr><tr><td>Recognition of prior service costs</td><td>4</td><td>5</td><td>8</td><td>2</td><td>4</td><td>6</td></tr><tr><td>NET PERIODIC BENEFIT COST</td><td>$589</td><td>$891</td><td>$796</td><td>$546</td><td>$831</td><td>$739</td></tr><tr><td>Amortization of regulatory asset*</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>TOTAL PERIODIC BENEFIT COST</td><td>$591</td><td>$893</td><td>$798</td><td>$548</td><td>$833</td><td>$741</td></tr><tr><td>Cost capitalized</td><td>-225</td><td>-348</td><td>-277</td><td>-212</td><td>-327</td><td>-260</td></tr><tr><td>Reconciliation to rate level</td><td>118</td><td>-84</td><td>-8</td><td>108</td><td>-87</td><td>-12</td></tr><tr><td>Cost charged to operating expenses</td><td>$484</td><td>$461</td><td>$513</td><td>$444</td><td>$419</td><td>$469</td></tr></table>
<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td> (Millions of Dollars)</td><td>2014</td><td>2013</td><td>2012</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>CHANGE IN PROJECTED BENEFIT OBLIGATION</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Projected benefit obligation at beginning of year</td><td>$12,197</td><td>$13,406</td><td>$11,825</td><td>$11,429</td><td>$12,572</td><td>$11,072</td></tr><tr><td>Service cost – excluding administrative expenses</td><td>221</td><td>259</td><td>224</td><td>206</td><td>241</td><td>209</td></tr><tr><td>Interest cost on projected benefit obligation</td><td>572</td><td>537</td><td>547</td><td>536</td><td>503</td><td>513</td></tr><tr><td>Net actuarial (gain)/loss</td><td>2,641</td><td>-1,469</td><td>1,323</td><td>2,484</td><td>-1,388</td><td>1,255</td></tr><tr><td>Plan amendments</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Benefits paid</td><td>-556</td><td>-536</td><td>-513</td><td>-518</td><td>-499</td><td>-477</td></tr><tr><td>PROJECTED BENEFIT OBLIGATION AT END OF YEAR</td><td>$15,081</td><td>$12,197</td><td>$13,406</td><td>$14,137</td><td>$11,429</td><td>$12,572</td></tr><tr><td>CHANGE IN PLAN ASSETS</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value of plan assets at beginning of year</td><td>$10,755</td><td>$9,135</td><td>$7,800</td><td>$10,197</td><td>$8,668</td><td>$7,406</td></tr><tr><td>Actual return on plan assets</td><td>752</td><td>1,310</td><td>1,094</td><td>715</td><td>1,241</td><td>1,040</td></tr><tr><td>Employer contributions</td><td>578</td><td>879</td><td>785</td><td>535</td><td>819</td><td>729</td></tr><tr><td>Benefits paid</td><td>-556</td><td>-536</td><td>-513</td><td>-518</td><td>-499</td><td>-477</td></tr><tr><td>Administrative expenses</td><td>-34</td><td>-33</td><td>-31</td><td>-32</td><td>-32</td><td>-30</td></tr><tr><td>FAIR VALUE OF PLAN ASSETS AT END OF YEAR</td><td>$11,495</td><td>$10,755</td><td>$9,135</td><td>$10,897</td><td>$10,197</td><td>$8,668</td></tr><tr><td>FUNDED STATUS</td><td>$-3,586</td><td>$-1,442</td><td>$-4,271</td><td>$-3,240</td><td>$-1,232</td><td>$-3,904</td></tr><tr><td>Unrecognized net loss</td><td>$4,888</td><td>$2,759</td><td>$5,594</td><td>$4,616</td><td>$2,617</td><td>$5,297</td></tr><tr><td>Unrecognized prior service costs</td><td>20</td><td>17</td><td>23</td><td>4</td><td>6</td><td>10</td></tr><tr><td>Accumulated benefit obligation</td><td>13,454</td><td>11,004</td><td>11,911</td><td>12,553</td><td>10,268</td><td>11,116</td></tr></table>
<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td> (Millions of Dollars)</td><td>2014</td><td>2013</td><td>2012</td><td> 2014</td><td>2013</td><td>2012</td></tr><tr><td>Balance at January 1,</td><td>$9</td><td>$86</td><td>$130</td><td>$-</td><td>$74</td><td>$114</td></tr><tr><td>Additions based on tax positions related to the current year</td><td>-</td><td>5</td><td>12</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Additions based on tax positions of prior years</td><td>27</td><td>253</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Reductions for tax positions of prior years</td><td>-2</td><td>-86</td><td>-57</td><td>-</td><td>-74</td><td>-52</td></tr><tr><td>Settlements</td><td>-</td><td>-249</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Balance at December 31,</td><td>$34</td><td>$9</td><td>$86</td><td>$2</td><td>$-</td><td>$74</td></tr></table>
<table><tr><td></td><td> 2014</td><td> 2013</td><td> 2012</td></tr><tr><td>Risk-free interest rate(a)</td><td>0.23% - 3.07%</td><td>0.13% - 5.17%</td><td>0.15% - 3.39%</td></tr><tr><td>Expected term(b)</td><td>3 years</td><td>3 years</td><td>3 years</td></tr><tr><td>Expected share price volatility(c)</td><td>13.14%</td><td>13.52%</td><td>15.27%</td></tr></table>
<table><tr><td></td><td colspan="3"> Con Edison</td><td colspan="3"> CECONY</td></tr><tr><td></td><td>Units</td><td colspan="2"> Weighted Average Grant Date Fair Value(a)</td><td>Units</td><td colspan="2"> Weighted Average Grant Date Fair Value(a)</td></tr><tr><td></td><td></td><td> TSR Portion(b)</td><td> Non-TSR Portion(c)</td><td></td><td> TSR Portion(b)</td><td> Non-TSR Portion(c)</td></tr><tr><td>Non-vested at 12/31/13</td><td>1,121,598</td><td>$49.32</td><td>$55.31</td><td>897,052</td><td>$49.38</td><td>$55.42</td></tr><tr><td>Granted</td><td>428,310</td><td>25.34</td><td>53.65</td><td>342,001</td><td>25.86</td><td>53.71</td></tr><tr><td>Vested</td><td>-411,704</td><td>43.84</td><td>50.05</td><td>-323,483</td><td>43.93</td><td>50.08</td></tr><tr><td>Forfeited</td><td>-37,597</td><td>40.90</td><td>55.97</td><td>-35,047</td><td>40.84</td><td>55.95</td></tr><tr><td>Non-vested at 12/31/14</td><td>1,100,607</td><td>$42.33</td><td>$56.61</td><td>880,523</td><td>$42.58</td><td>$56.70</td></tr></table>
<table><tr><td></td><td colspan="2">CECONY</td><td colspan="2"> O&R</td></tr><tr><td> Technology</td><td> Total MW</td><td>%</td><td> Total MW</td><td> %</td></tr><tr><td>Internal-combustion engines</td><td>101</td><td>46</td><td>25</td><td>46</td></tr><tr><td>Photovoltaic solar</td><td>58</td><td>26</td><td>28</td><td>52</td></tr><tr><td>Gas turbines</td><td>40</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Micro turbines</td><td>9</td><td>5</td><td>1</td><td>2</td></tr><tr><td>Fuel cells</td><td>8</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Steam turbines</td><td>3</td><td>1</td><td>-</td><td>-</td></tr><tr><td> Total Distribution-level distributed generation</td><td>219</td><td>100%</td><td>54</td><td>100%</td></tr></table>
<table><tr><td>Name</td><td>Executive Contributions in 2016 (b)</td><td>Registrant Contributions in 2016 (c)</td><td>Aggregate Earnings in 2016<sup>-1</sup> (d)</td><td>Aggregate Withdrawals/Distributions (e)</td><td>Aggregate Balance at December 31, 2016(a) (f)</td></tr><tr><td>Phillip R. May, Jr.</td><td>$—</td><td>$—</td><td>$177</td><td>$—</td><td>$1,751</td></tr></table>

Question: what is the percentage change in the aggregate balance from 2015 to 2016 for phillip r . may jr.?
Answer: 0.11245