The relative percentages of operating companies income attributable to each reportable segment were as follows:
## Table 0 ##
* Our management evaluates segment performance and allocates resources based on operating companies income, which we define as operating income, excluding general corporate expenses and amortization of intangibles, plus equity (income)/loss in unconsolidated subsidiaries, net.
The accounting policies of the segments are the same as those described in Note 2.
Summary of Significant Accounting Policies to the consolidated financial statements in Item 8.
We use the term net revenues to refer to our operating revenues from the sale of our products, net of sales and promotion incentives.
Our net revenues and operating income are affected by various factors, including the volume of products we sell, the price of our products, changes in currency exchange rates and the mix of products we sell.
Mix is a term used to refer to the proportionate value of premiumprice brands to mid-price or low-price brands in any given market (product mix).
Mix can also refer to the proportion of shipment volume in more profitable markets versus shipment volume in less profitable markets (geographic mix).
We often collect excise taxes from our customers and then remit them to local governments, and, in those circumstances, we include excise taxes in our net revenues and excise taxes on products.
Our cost of sales consists principally of tobacco leaf, non-tobacco raw materials, labor and manufacturing costs.
Our marketing, administration and research costs include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (including general corporate expenses), and costs incurred to develop new products.
The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.
(c) Narrative Description of Business Our subsidiaries and affiliates and their licensees are engaged in the manufacture, market and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside the United States of America.
Our total cigarette shipments decreased by 2.8% in 2014 to 856.0 billion units.
We estimate that international cigarette market shipments were approximately 5.5 trillion units in 2014, a 0.9% decrease over 2013.
We estimate that our reported share of the international cigarette market (which is defined as worldwide cigarette volume, excluding the United States of America) was approximately 15.6% in 2014, 15.7% in 2013 and 16.4% in 2012.
Excluding the People’s Republic of China (“PRC”), we estimate that our reported share of the international cigarette market was approximately 28.6%, 28.3%, and 29.0% in 2014, 2013 and 2012, respectively.
Shipments of our principal cigarette brand, Marlboro, decreased by 2.8% in 2014 and represented approximately 9.4% of the international cigarette market, excluding the PRC, in 2014, 9.3% in 2013 and 9.4% in 2012.
We have a cigarette market share of at least 15% and, in a number of instances, substantially more than 15%, in 103 markets, including Algeria, Argentina, Australia, Austria, Belgium, Brazil, Canada, Colombia, the Czech Republic, Egypt, Finland, France, Germany, Greece, Hungary, Indonesia, Italy, Japan, Kazakhstan, Korea, Mexico, the Netherlands, the Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Serbia, Singapore, Spain, Sweden, Switzerland, Thailand, Turkey and Ukraine.
References to total international cigarette market, total cigarette market, total market and market shares in this Form 10-K reflect our best estimates based on a number of internal and external sources.
to which PMI is exposed include the Australian dollar, Euro, Indonesian rupiah, Japanese yen, Mexican peso, Russian ruble, Swiss franc and Turkish lira.
At December 31, 2015 and 2014, PMI had contracts with aggregate notional amounts of $24.9 billion and $21.9 billion, respectively.
Of the $24.9 billion aggregate notional amount at December 31, 2015, $3.2 billion related to cash flow hedges, $6.4 billion related to hedges of net investments in foreign operations and $15.3 billion related to other derivatives that primarily offset currency exposures on intercompany financing.
Of the $21.9 billion aggregate notional amount at December 31, 2014, $2.2 billion related to cash flow hedges, $4.3 billion related to hedges of net investments in foreign operations and $15.4 billion related to other derivatives that primarily offset currency exposures on intercompany financing.
The fair value of PMI’s foreign exchange contracts included in the consolidated balance sheet as of December 31, 2015 and 2014, were as follows:
## Table 1 ##
For the years ended December 31, 2015, 2014 and 2013, PMI's cash flow and net investment hedging instruments impacted the consolidated statements of earnings and comprehensive earnings as follows:
## Table 2 ##
Cash Flow Hedges PMI has entered into foreign exchange contracts to hedge foreign currency exchange risk related to certain forecasted transactions.
The effective portion of gains and losses associated with qualifying cash flow hedge contracts is deferred as a component of accumulated other comprehensive losses until the underlying hedged transactions are reported in PMI’s consolidated statements of earnings.
During the years ended December 31, 2015, 2014 and 2013, ineffectiveness related to cash flow hedges was not material.
As of December 31,
Performance Graph The graph below compares the cumulative total shareholder return on PMI's common stock with the cumulative total return for the same period of PMI's Compensation Survey Group and the S&P 500 Index.
The graph assumes the investment of $100 as of December 31, 2010, in PMI common stock (at prices quoted on the New York Stock Exchange) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis.
## Table 3 ##
(1) The PMI Compensation Survey Group consists of the following companies with substantial global sales that are direct competitors; or have similar market capitalization; or are primarily focused on consumer products (excluding high technology and financial services); and are companies for which comparative executive compensation data are readily available: Bayer AG, British American Tobacco p. l. c. , The Coca-Cola Company, Diageo plc, GlaxoSmithKline, Heineken N. V. , Imperial Brands PLC (formerly, Imperial Tobacco Group PLC), Johnson & Johnson, McDonald's Corp. , International, Inc. , Nestlé S. A. , Novartis AG, PepsiCo, Inc. , Pfizer Inc. , Roche Holding AG, Unilever NV and PLC and Vodafone Group Plc.
(2) On October 1, 2012, International, Inc.  (NASDAQ: MDLZ), formerly Kraft Foods Inc. , announced that it had completed the spin-off of its North American grocery business, Kraft Foods Group, Inc.  (NASDAQ: KRFT).
International, Inc.  was retained in the PMI Compensation Survey Group index because of its global footprint.
The PMI Compensation Survey Group index total cumulative return calculation weights International, Inc. 's total shareholder return at 65% of historical Kraft Foods Inc. 's market capitalization on December 31, 2010, based on International, Inc. 's initial market capitalization relative to the combined market capitalization of International, Inc.  and Kraft Foods Group, Inc.  on October 2, 2012.
Note: Figures are rounded to the nearest $0.10.
The selection and disclosure of our critical accounting estimates have been discussed with our Audit Committee.
The following is a discussion of the more significant assumptions, estimates, accounting policies and methods used in the preparation of our consolidated financial statements:?
Revenue Recognition - We recognize revenue when persuasive evidence of an arrangement exists, delivery of product has occurred, the sales price is fixed or determinable and collectability is reasonably assured.
For our company, this means that revenue is recognized when title and risk of loss is transferred to our customers.
Title transfers to our customers upon shipment or upon receipt at the customer's location as determined by the sales terms for each transaction.
The company estimates the cost of sales returns based on historical experience, and these estimates are normally immaterial.  ?
Goodwill and Non-Amortizable Intangible Assets Valuation - We test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review.
We perform our annual impairment analysis in the first quarter of each year.
While the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists, the company elects to perform the quantitative assessment for our annual impairment analysis.
The impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value.
If the carrying value exceeds the fair value, goodwill or a non-amortizable intangible asset is considered impaired.
To determine the fair value of goodwill, we primarily use a discounted cash flow model, supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry.
At December 31, 2015, the carrying value of our goodwill was $7.4 billion, which is related to ten reporting units, each of which is comprised of a group of markets with similar economic characteristics.
The estimated fair value of our ten reporting units exceeded the carrying value as of December 31, 2015.
To determine the fair value of non-amortizable intangible assets, we primarily use a discounted cash flow model applying the relief-from-royalty method.
We concluded that the fair value of our non-amortizable intangible assets exceeded the carrying value, and any reasonable movement in the assumptions would not result in an impairment.
These discounted cash flow models include management assumptions relevant for forecasting operating cash flows, which are subject to changes in business conditions, such as volumes and prices, costs to produce, discount rates and estimated capital needs.
Management considers historical experience and all available information at the time the fair values are estimated, and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use.
Since the March 28, 2008, spin-off from Altria, we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets. ?
Marketing and Advertising Costs - We incur certain costs to support our products through programs which include advertising, marketing, consumer engagement and trade promotions.
The costs of our advertising and marketing programs are expensed in accordance with U. S.  GAAP.
Recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program.
For volume-based incentives provided to customers, management continually assesses and estimates, by customer, the likelihood of the customer achieving the specified targets and records the reduction of revenue as the sales are made.
For other trade promotions, management relies on estimated utilization rates that have been developed from historical experience.
Changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position, results of operations or operating cash flows.
We have not made any material changes in the accounting methodology used to estimate our marketing programs during the past three years.  ?
Employee Benefit Plans - As discussed in Item 8, Note 13.
Benefit Plans to our consolidated financial statements, we provide a range of benefits to our employees and retired employees, including pensions, postretirement health care and postemployment benefits (primarily severance).
We record annual amounts relating to these plans based on calculations specified by U. S.  GAAP.
These calculations include various actuarial assumptions, such as discount rates, assumed rates of return on plan assets, compensation increases, mortality, turnover rates and health care cost trend rates.
We review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so.
As permitted by U. S.  GAAP, any effect of the modifications is generally amortized over future periods.
We believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries.
Weighted-average discount rate assumptions for pensions and postretirement plans are as follows:
## Table 4 ##
We anticipate that assumption changes, coupled with decreased amortization of deferred losses, will decrease 2016 pre-tax U. S.  and nonU.
S.  pension and postretirement expense to approximately $209 million as compared with approximately $240 million in 2015, excluding
In addition to the committed credit facilities discussed above, certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs.
These credit arrangements, which amounted to approximately $2.9 billion at December 31, 2015, and $3.2 billion at December 31, 2014, are for the sole use of our subsidiaries.
Borrowings under these arrangements amounted to $825 million at December 31, 2015, and $1.2 billion at December 31, 2014.
Commercial Paper Program – We have commercial paper programs in place in the U. S.  and in Europe.
At December 31, 2015 and December 31, 2014, we had no commercial paper outstanding.
Effective April 19, 2013, our commercial paper program in the U. S.  was increased by $2.0 billion.
As a result, our commercial paper programs in place in the U. S.  and in Europe currently have an aggregate issuance capacity of $8.0 billion.
We expect that the existence of the commercial paper program and the committed credit facilities, coupled with our operating cash flows, will enable us to meet our liquidity requirements.
Sale of Accounts Receivable – To mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions.
These arrangements allow us to sell, on an ongoing basis, certain trade receivables without recourse.
The trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets.
We sell trade receivables under two types of arrangements, servicing and non-servicing.
PMI’s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets, which remained outstanding with the unaffiliated financial institutions.
The trade receivables sold that remained outstanding under these arrangements as of December 31, 2015, 2014 and 2013 were $888 million, $120 million and $146 million, respectively.
The net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows.
For further details, see Item 8, Note 23.
Sale of Accounts Receivable to our consolidated financial statements.
Debt – Our total debt was $28.5 billion at December 31, 2015, and $29.5 billion at December 31, 2014.
Our total debt is primarily fixed rate in nature.
For further details, see Item 8, Note 7.
Indebtedness.
The weighted-average all-in financing cost of our total debt was 3.0% in 2015, compared to 3.2% in 2014.
See Item 8, Note 16.
Fair Value Measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt.
The amount of debt that we can issue is subject to approval by our Board of Directors.
On February 21, 2014, we filed a shelf registration statement with the U. S.  Securities and Exchange Commission, under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period.
Our debt issuances in 2015 were as follows:

<table><tr><td></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>European Union</td><td>30.9%</td><td>30.8%</td><td>29.6%</td></tr><tr><td>Eastern Europe, Middle East & Africa</td><td>34.2</td><td>27.4</td><td>26.3</td></tr><tr><td>Asia</td><td>26.4</td><td>33.6</td><td>36.7</td></tr><tr><td>Latin America & Canada</td><td>8.5</td><td>8.2</td><td>7.4</td></tr><tr><td></td><td>100.0%</td><td>100.0%</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="3">Asset Derivatives</td><td colspan="3">Liability Derivatives</td></tr><tr><td></td><td></td><td colspan="2">FairValue</td><td></td><td colspan="2">FairValue</td></tr><tr><td>(in millions)</td><td>Balance Sheet Classification</td><td>2015</td><td>2014</td><td>Balance Sheet Classification</td><td>2015</td><td>2014</td></tr><tr><td>Foreign exchange contracts designated as hedging instruments</td><td>Other currentassets</td><td>$301</td><td>$248</td><td>Other accruedliabilities</td><td>$26</td><td>$—</td></tr><tr><td></td><td>Other assets</td><td>181</td><td>122</td><td>Other liabilities</td><td>117</td><td>25</td></tr><tr><td>Foreign exchange contracts not designated as hedging instruments</td><td>Other currentassets</td><td>7</td><td>34</td><td>Other accruedliabilities</td><td>29</td><td>126</td></tr><tr><td></td><td>Other assets</td><td>85</td><td>2</td><td>Other liabilities</td><td>—</td><td>—</td></tr><tr><td>Total derivatives</td><td></td><td>$574</td><td>$406</td><td></td><td>$172</td><td>$151</td></tr></table>
<table><tr><td>(pre-tax, millions)</td><td colspan="7">For the Year Ended December 31,</td></tr><tr><td></td><td colspan="3">Amount of Gain/(Loss) Recognized in Other Comprehensive Earnings/(Losses) on Derivatives</td><td>Statement of EarningsClassification of Gain/(Loss)Reclassified from OtherComprehensiveEarnings/(Losses) intoEarnings</td><td colspan="3">Amount of Gain/(Loss) Reclassified from Other Comprehensive Earnings/(Losses) into Earnings</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Derivatives in Cash Flow Hedging Relationship</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>$43</td><td>$111</td><td>$236</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>Net revenues</td><td>$149</td><td>$115</td><td>$319</td></tr><tr><td></td><td></td><td></td><td></td><td>Cost of sales</td><td>-3</td><td>—</td><td>6</td></tr><tr><td></td><td></td><td></td><td></td><td>Marketing, administration and research costs</td><td>1</td><td>-28</td><td>—</td></tr><tr><td></td><td></td><td></td><td></td><td>Interest expense, net</td><td>-31</td><td>-39</td><td>-56</td></tr><tr><td>Derivatives in Net Investment Hedging Relationship</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>253</td><td>269</td><td>-79</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>$296</td><td>$380</td><td>$157</td><td></td><td>$116</td><td>$48</td><td>$269</td></tr></table>
<table><tr><td>Date</td><td>PMI</td><td>PMI Compensation Survey Group<sup>-1,2</sup></td><td>S&P 500 Index</td></tr><tr><td>December 31, 2010</td><td>$100.00</td><td>$100.00</td><td>$100.00</td></tr><tr><td>December 31, 2011</td><td>$139.80</td><td>$114.10</td><td>$102.10</td></tr><tr><td>December 31, 2012</td><td>$154.60</td><td>$128.00</td><td>$118.50</td></tr><tr><td>December 31, 2013</td><td>$167.70</td><td>$163.60</td><td>$156.80</td></tr><tr><td>December 31, 2014</td><td>$164.20</td><td>$170.10</td><td>$178.30</td></tr><tr><td>December 31, 2015</td><td>$186.20</td><td>$179.20</td><td>$180.80</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td></tr><tr><td>U.S. pension plans</td><td>4.30%</td><td>3.95%</td></tr><tr><td>Non-U.S. pension plans</td><td>1.68%</td><td>1.92%</td></tr><tr><td>Postretirement plans</td><td>4.45%</td><td>4.20%</td></tr></table>

Question: When does Foreign exchange contracts reach the largest value?
Answer: 2013