flows of the Company’s subsidiaries, the receipt of dividends and repayments of indebtedness from the Company’s subsidiaries, compliance with Delaware corporate and other laws, compliance with the contractual provisions of debt and other agreements, and other factors.
The Company’s dividend rate on its common stock is determined by the Board of Directors on a quarterly basis and takes into consideration, among other factors, current and possible future developments that may affect the Company’s income and cash flows.
When dividends on common stock are declared, they are typically paid in March, June, September and December.
Historically, dividends have been paid quarterly to holders of record less than 30 days prior to the distribution date.
Since the dividends on the Company’s common stock are not cumulative, only declared dividends are paid.
During 2018, 2017 and 2016, the Company paid $319 million, $289 million and $261 million in cash dividends, respectively.
The following table provides the per share cash dividends paid for the years ended December 31:
## Table 0 ##
On December 7, 2018, the Company’s Board of Directors declared a quarterly cash dividend payment of $0.455 per share payable on March 1, 2019, to shareholders of record as of February 7, 2019.
Equity Forward Transaction See Note 4—Acquisitions and Divestitures for information regarding the forward sale agreements entered into by the Company on April 11, 2018, and the subsequent settlement of these agreements on June 7, 2018.
Regulatory Restrictions The issuance of long-term debt or equity securities by the Company or American Water Capital Corp.  (“AWCC”), the Company’s wholly owned financing subsidiary, does not require authorization of any state PUC if no guarantee or pledge of the regulated subsidiaries is utilized.
However, state PUC authorization is required to issue long-term debt at most of the Company’s regulated subsidiaries.
The Company’s regulated subsidiaries normally obtain the required approvals on a periodic basis to cover their anticipated financing needs for a period of time or in connection with a specific financing.
Under applicable law, the Company’s subsidiaries can pay dividends only from retained, undistributed or current earnings.
A significant loss recorded at a subsidiary may limit the dividends that the subsidiary can distribute to American Water.
Furthermore, the ability of the Company’s subsidiaries to pay upstream dividends or repay indebtedness to American Water is subject to compliance with applicable regulatory restrictions and financial obligations, including, for example, debt service and preferred and preference stock dividends, as well as applicable corporate, tax and other laws and regulations, and other agreements or covenants made or entered into by the Company and its subsidiaries.
Note 10: Stock Based Compensation The Company has granted stock options, stock units and dividend equivalents to non-employee directors, officers and other key employees of the Company pursuant to the terms of its 2007 Omnibus Equity Compensation Plan (the “2007 Plan”).
Stock units under the 2007 Plan generally vest based on (i) continued employment with the Company (“RSUs”), or (ii) continued employment with the Company where distribution of the shares is subject to the satisfaction in whole or in part of stated performance-based goals (“PSUs”).
The total aggregate number of shares of common stock that may be issued under the 2007 Plan is 15.5 million.
As of
HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued) Investing Activities Net cash used in investing activities increased by $1.6 billion in fiscal 2019 as compared to fiscal 2018.
The increase was due primarily to an increase of $1.3 billion of cash used for payments made in connection with business acquisitions, an increase of $0.4 billion of cash used for investments in property, plant and equipment, net of proceeds from sales, partially offset by an increase of $0.2 billion of cash received from net financial collateral activities in the current period.
Net cash used in investing activities decreased by $3.5 billion in fiscal 2018 as compared to fiscal 2017 due primarily to lower payments by $2.0 billion for business acquisitions, in addition to an increase in cash of $0.8 billion from net financial collateral activities and a decrease of $0.6 billion of cash used for investments in property, plant and equipment, net of proceeds from sales.
Financing Activities Net cash used in financing activities decreased by $4.0 billion in fiscal 2019 as compared to fiscal 2018.
The decrease was due primarily to the impact of a higher debt redemption by $1.9 billion in the prior period, an increase in cash proceeds from the issuance of debt of $1.1 billion and a lower utilization of cash for share repurchase activity by $1.3 billion in the current period.
These amounts were partially offset by a net transfer of cash from Seattle of $0.2 billion in the prior period.
Net cash used in financing activities increased by $5.8 billion in fiscal 2018 as compared to fiscal 2017 due primarily to cash dividends of $3.0 billion and $2.5 billion from Everett and Seattle, respectively, in fiscal 2017, higher cash used for share repurchase activity by $1.0 billion and higher debt redemption by $0.4 billion in fiscal 2018, partially offset by $1.1 billion of net transfers of cash and cash equivalents to Everett and Seattle.
Capital Resources Debt Levels
## Table 1 ##
expectations, cash requirements for operations, investment plans (including acquisitions), share repurchase activities, our cost of capital, and targeted capital structure.
On October 4, 2019 we redeemed $1.1 billion of Senior Notes at 2.10% on their maturity date.
On September 20, 2019, we issued $763 million of asset-backed debt securities in six tranches at a discount to par, at a weighted average price of 99.99% and a weighted average interest rate of 2.31%, payable monthly from November 2019.
On September 13, 2019, we completed our offering of $1.0 billion aggregate principal amount of 2.25% notes due in 2023 and $0.5 billion floating rate note at three month USD LIBOR plus 0.68% due in 2021.
The net proceeds from this offering were used to fund the repayment of the $1.1 billion outstanding principal amount of the 2.10% registered Notes due in October 2019 and fund the acquisition of Cray Inc.  During fiscal 2019, we issued $0.9 billion and repaid $0.6 billion of commercial paper.
For more information on our borrowings, see Note 15, ‘‘Borrowings’’, to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
14.
Stock-based Compensation As of November 30, 2016, we have two stock-based compensation plans from which equity awards may be issued: the 2014 Equity Incentive Award Plan (2014 Equity Plan), which is a legacy Markit plan, and the Amended and Restated IHS Inc.  2004 Long-Term Incentive Plan (LTIP), the legacy IHS plan.
Both plans provide for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares, cash-based awards, other stock based awards, and covered employee annual incentive awards.
Upon vesting of an award, we may either issue new shares or reissue treasury shares, but only to the extent that the reissued shares were previously withheld for taxes.
As of November 30, 2016, we have an authorized maximum of 22.4 million shares under the 2014 Equity Plan, and that amount will be increased by (a) the number of shares made and outstanding under the 2013 Share Option Plan and the 2014 Share Option Plan as of June 24, 2014 that terminate by expiration, forfeiture, cancellation or otherwise without the issuance of our common shares, and (b) on January 1 of each year through January 1, 2024, in an amount equal to the lesser of: (x) 2.5 percent of the total number of IHS Markit’s common shares issued and outstanding on a fully diluted basis as of December 31 of the immediately preceding calendar year and (y) such number of common shares determined by our Board of Directors.
We have 14.8 million shares authorized for issuance under the LTIP.
As of November 30, 2016, 15.6 million shares were available for future grant under the 2014 Equity Plan, and 5.2 million shares were available for future grant under the LTIP.
Total unrecognized compensation expense related to all nonvested awards was $264.4 million as of November 30, 2016, with a weighted-average recognition period of approximately 2.3 years.
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs).
RSUs and RSAs typically vest from one to three years, and are generally subject to either cliff vesting or graded vesting.
RSUs and RSAs do not have nonforfeitable rights to dividends or dividend equivalents.
The fair value of RSUs and RSAs is based on the fair value of our common shares on the date of grant.
We amortize the value of these awards to expense over the vesting period on a straight-line basis.
For performance-based RSUs, an evaluation is made each quarter about the likelihood that the performance criteria will be met.
As the number of performance-based RSUs expected to vest increases or decreases, compensation expense is also adjusted up or down to reflect the number expected to vest and the cumulative vesting period met to date.
For all RSUs and RSAs, we estimate forfeitures at the grant date and recognize compensation cost based on the number of awards expected to vest.
There may be adjustments in future periods if the likelihood of meeting performance criteria changes or if actual forfeitures differ from our estimates.
Our forfeiture rate is based upon historical experience as well as anticipated employee turnover considering certain qualitative factors.
The following table summarizes RSU/RSA activity for the year ended November 30, 2016, including shares assumed in conjunction with the Merger.
Share amounts and weighted-average grant date fair values have been retroactively adjusted for the Merger conversion ratio.
## Table 2 ##
Incurred Losses and LAE.
The following table presents the incurred losses and LAE for the Bermuda segment for the periods indicated.
## Table 3 ##
Incurred losses and LAE increased by 59.2% to $735.3 million in 2017 compared to $461.9 million in 2016, primarily due to an increase of $150.0 million in current year attritional losses related primarily to the impact of the increase in premiums earned and an increase of $134.4 million in current year catastrophe losses.
The $159.9 million of current year catastrophe losses in 2017 primarily related to Hurricane Maria ($53.4 million), Hurricane Irma ($43.6 million), Hurricane Harvey ($40.7 million), the Northern California wildfires ($14.0 million), the Mexico City earthquake ($4.9 million) and Cyclone Debbie in Australia ($3.3 million).
The $25.5 million of current year catastrophe losses in 2016 were due to Hurricane Matthew ($10.3 million), the Fort McMurray Canada wildfire ($10.0 million) and the 2016 New Zealand earthquake ($5.0 million).
Incurred losses and LAE increased by 1.2% to $461.9 million in 2016 compared to $456.4 million in 2015, primarily due to an increase of $25.5 million in current year catastrophe losses, partially offset by a decrease of $24.3 million in current year attritional losses mainly related to changes in the mix of business and the higher losses in 2015 due to the explosion at the Chinese port of Tianjin.
The $25.5 million of current year catastrophe losses in 2016 are outlined above.
There were no current year catastrophe losses in 2015.
Segment Expenses.
Commission and brokerage increased by 29.8% to $303.7 million in 2017 compared to $234.0 million in 2016.
The increase was mainly due to the impact of the increase in premiums earned and higher contingent commissions.
Segment other underwriting expenses increased slightly to $38.0 million in 2017 compared to $36.3 million in 2016.
Commission and brokerage increased by 8.3% to $234.0 million in 2016 compared to $216.0 million in 2015.
The increase was mainly due to the impact of the increase in premiums earned and changes in the mix of business.
Segment other underwriting expenses increased slightly to $36.3 million in 2016 compared to $36.0 million in 2015.

<table><tr><td></td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>December</td><td>$0.455</td><td>$0.415</td><td>$0.375</td></tr><tr><td>September</td><td>$0.455</td><td>$0.415</td><td>$0.375</td></tr><tr><td>June</td><td>$0.455</td><td>$0.415</td><td>$0.375</td></tr><tr><td>March</td><td>$0.415</td><td>$0.375</td><td>$0.34</td></tr></table>
<table><tr><td></td><td colspan="3">As of October 31,</td></tr><tr><td></td><td>2019</td><td>2018</td><td>2017</td></tr><tr><td></td><td colspan="3">Dollars in millions</td></tr><tr><td>Short-term debt</td><td>$4,425</td><td>$2,005</td><td>$3,850</td></tr><tr><td>Long-term debt</td><td>$9,395</td><td>$10,136</td><td>$10,182</td></tr><tr><td>Weighted-average interest rate</td><td>4.1%</td><td>4.5%</td><td>3.8%</td></tr></table>
<table><tr><td></td><td>Shares (in millions)</td><td>Weighted-Average GrantDate Fair Value</td></tr><tr><td>Balance at November 30, 2015</td><td>8.7</td><td>$30.57</td></tr><tr><td>RSAs/RSUs assumed</td><td>3.2</td><td>$32.84</td></tr><tr><td>Granted</td><td>4.9</td><td>$31.72</td></tr><tr><td>Vested</td><td>-4.4</td><td>$30.33</td></tr><tr><td>Forfeited</td><td>-0.7</td><td>$32.16</td></tr><tr><td>Balance at November 30, 2016</td><td>11.7</td><td>$31.67</td></tr></table>
<table><tr><td></td><td colspan="9">Years Ended December 31,</td></tr><tr><td>(Dollars in millions)</td><td>Current Year</td><td colspan="2">Ratio %/ Pt Change</td><td>Prior Years</td><td colspan="2">Ratio %/ Pt Change</td><td>Total Incurred</td><td colspan="2">Ratio %/ Pt Change</td></tr><tr><td>2017</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$625.1</td><td>57.2%</td><td></td><td>$-41.8</td><td>-3.8%</td><td></td><td>$583.3</td><td>53.4%</td><td></td></tr><tr><td>Catastrophes</td><td>159.9</td><td>14.6%</td><td></td><td>-7.9</td><td>-0.7%</td><td></td><td>152.0</td><td>13.9%</td><td></td></tr><tr><td>Total segment</td><td>$785.0</td><td>71.8%</td><td></td><td>$-49.7</td><td>-4.5%</td><td></td><td>$735.3</td><td>67.3%</td><td></td></tr><tr><td>2016</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$475.1</td><td>56.7%</td><td></td><td>$-31.2</td><td>-3.7%</td><td></td><td>$443.8</td><td>53.0%</td><td></td></tr><tr><td>Catastrophes</td><td>25.5</td><td>3.0%</td><td></td><td>-7.5</td><td>-0.9%</td><td></td><td>18.1</td><td>2.1%</td><td></td></tr><tr><td>Total segment</td><td>$500.6</td><td>59.7%</td><td></td><td>$-38.7</td><td>-4.6%</td><td></td><td>$461.9</td><td>55.1%</td><td></td></tr><tr><td>2015</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$499.4</td><td>60.7%</td><td></td><td>$-29.2</td><td>-3.6%</td><td></td><td>$470.2</td><td>57.1%</td><td></td></tr><tr><td>Catastrophes</td><td>-</td><td>0.0%</td><td></td><td>-13.8</td><td>-1.7%</td><td></td><td>-13.8</td><td>-1.7%</td><td></td></tr><tr><td>Total segment</td><td>$499.4</td><td>60.7%</td><td></td><td>$-43.0</td><td>-5.3%</td><td></td><td>$456.4</td><td>55.4%</td><td></td></tr><tr><td>Variance 2017/2016</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$150.0</td><td>0.5</td><td>pts</td><td>$-10.6</td><td>-0.1</td><td>pts</td><td>$139.5</td><td>0.4</td><td>pts</td></tr><tr><td>Catastrophes</td><td>134.4</td><td>11.6</td><td>pts</td><td>-0.4</td><td>0.2</td><td>pts</td><td>133.9</td><td>11.8</td><td>pts</td></tr><tr><td>Total segment</td><td>$284.4</td><td>12.1</td><td>pts</td><td>$-11.0</td><td>0.1</td><td>pts</td><td>$273.4</td><td>12.2</td><td>pts</td></tr><tr><td>Variance 2016/2015</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$-24.3</td><td>-4.0</td><td>pts</td><td>$-2.0</td><td>-0.1</td><td>pts</td><td>$-26.4</td><td>-4.1</td><td>pts</td></tr><tr><td>Catastrophes</td><td>25.5</td><td>3.0</td><td>pts</td><td>6.3</td><td>0.8</td><td>pts</td><td>31.9</td><td>3.8</td><td>pts</td></tr><tr><td>Total segment</td><td>$1.2</td><td>-1.0</td><td>pts</td><td>$4.3</td><td>0.7</td><td>pts</td><td>$5.5</td><td>-0.3</td><td>pts</td></tr><tr><td colspan="2">(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Question: When is Attritional the largest for Current Year ?
Answer: 2017