CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 136 The Company has reviewed its securities portfolio for other-than-temporary impairments.
The following table presents the net securities impairment losses recognized in earnings:
## Table 0 ##
The following tables present securities whose fair values are below carrying values, segregated by those that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer:
## Table 1 ##
December 31, 2015
## Table 2 ##
For each debt security identified with an unrealized loss, the Company reviews the expected cash flows to determine if the impairment in value is temporary or other-than-temporary.
If the Company has determined that the present value of the debt security’s expected cash flows is less than its amortized cost basis, an other-than-temporary impairment is deemed to have occurred.
The amount of impairment loss that is recognized in current period earnings is dependent on the Company’s intent to sell (or not sell) the debt security
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 160 Advances, lines of credit, and letters of credit from the FHLB are collateralized by pledged mortgages and pledged securities at least sufficient to satisfy the collateral maintenance level established by the FHLB.
The utilized borrowing capacity for FHLB advances and letters of credit was $13.4 billion and $11.3 billion at December 31, 2016 and 2015, respectively.
The Company’s available FHLB borrowing capacity was $2.8 billion and $4.1 billion at December 31, 2016 and 2015, respectively.
The Company can also borrow from the FRB discount window to meet short-term liquidity requirements.
Collateral, such as investment securities and loans, is pledged to provide borrowing capacity at the FRB.
At December 31, 2016, the Company’s unused secured borrowing capacity was approximately $33.6 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
A summary of maturities for the Company’s long-term borrowed funds at December 31, 2016 is presented below:
## Table 3 ##
NOTE 13 - STOCKHOLDERS’ EQUITY Preferred Stock The Company had 100,000,000 shares authorized and 250,000 shares outstanding of $25.00 par value undesignated preferred stock as of December 31, 2016 and 2015.
The Board of Directors or any authorized committee thereof are authorized to provide for the issuance of these shares in one or more series, and by filing a certificate pursuant to applicable law of the State of Delaware, to establish or change from time to time the number of shares of each such series, and to fix the designations, powers, including voting powers, full or limited, or no voting powers, preferences and the relative, participating, optional or other special rights of the shares of each series and any qualifications, limitations and restrictions thereof.
On April 6, 2015, the Company issued $250 million, or 250,000 shares, of 5.500% fixed-to-floating rate non-cumulative perpetual Series A Preferred Stock, par value of $25.00 per share with a liquidation preference $1,000 per share (the “Series A Preferred Stock”) to the initial purchasers in reliance on the exemption from registration provided by Section (4)(a)(2) of the Securities Act of 1933, as amended, for resale pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended.
As a result of this issuance, the Company received net proceeds of $247 million after underwriting discount.
The Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or other obligation of the Company.
Holders of the Series A Preferred Stock will be entitled to receive dividend payments when, and if, declared by the Company’s Board of Directors or a duly authorized committee thereof.
Any such dividends will be payable on a semi-annual basis at an annual rate equal to 5.500%.
On April 6, 2020, the Series A Preferred Stock converts to a quarterly floating-rate basis equal to three-month U. S.  dollar LIBOR on the related dividend determination date plus 3.960%.
Citizens may redeem the Series A Preferred Stock, in whole or in part on any dividend payment date, on or after April 6, 2020 or, in whole but not in part, at any time within 90 days following a regulatory capital treatment event at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
Citizens may not redeem shares of the Series A Preferred Stock without obtaining the prior approval of the FRBG if then required under applicable capital guidelines.
Shares of the Series A Preferred Stock have priority over the Company's common stock with regard to the payment of dividends and, as such, the Company may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the latest completed dividend period for the Series A Preferred Stock have been declared and paid (or declared and sufficient funds have been set aside to make payment).
Except in certain limited circumstances, the Series A Preferred Stock does not have any voting rights.
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 161 Treasury Stock During the year ended December 31, 2016, as part of its 2016 CCAR plan, the Company paid $430 million to repurchase 17,332,684 common shares at an average price of $24.81; $405 million was recorded in treasury stock and $25 million was recorded in additional paid in capital.
The repurchased shares are held in treasury stock.
During the year ended December 31, 2016, the Company recorded no shares of treasury stock associated with share-based compensation plan activity.
During the year ended December 31, 2015, the Company recorded 876,087 shares of treasury stock associated with share-based compensation plan activity for a total cost of $22 million at a weighted-average price per share of $25.50.
On August 3, 2015, the Company used the net proceeds of its public offering of $250 million aggregate principal amount 4.350% Subordinated Notes due 2025 issued on July 31, 2015, to repurchase 9,615,384 shares of its outstanding common stock at a public offering price of $26.00 per share.
The repurchased shares are held in treasury stock.
On April 7, 2015, the Company used the net proceeds of the Series A Preferred Stock offering to repurchase 10,473,397 shares of its common stock at a total cost of approximately $250 million and a price per share of $23.87, which equaled the volumeweighted average price of the Company’s common stock for all traded volume over the five trading days preceding the repurchase agreement date of April 1, 2015.
The repurchased shares are held in treasury stock.
NOTE 14 - EMPLOYEE BENEFITS Pension Plans The Company maintains a non-contributory pension plan (the “Plan” or “qualified plan”) that was closed to new hires and re-hires effective January 1, 2009, and frozen to all participants effective December 31, 2012.
Benefits under the Plan are based on employees’ years of service and highest five-year average of eligible compensation.
The Plan is funded on a current basis, in compliance with the requirements of ERISA.
The Company also provides an unfunded, non-qualified supplemental retirement plan (the “non-qualified plan”), which was closed and frozen effective December 31, 2012.
The qualified plan’s allocation by asset category is presented below:
## Table 4 ##
The written Pension Plan Investment Policy, set forth by the CFG Retirement Committee, formulates investment principles and guidelines that are appropriate for the needs and objectives of the Plan, and defines the management, structure, and monitoring procedures adopted for the ongoing operation of the aggregate funds of the Plan.
Stated goals and objectives are: ?
Total return, consistent with prudent investment management, is the primary goal of the Plan.
The nominal rate of return objective should meet or exceed the actuarial rate return target.
In addition, assets of the Plan shall be invested to ensure that principal is preserved and enhanced over time; ?
The total return for the overall Plan shall meet or exceed the Plan’s Policy Index; ?
Total portfolio risk exposure should generally rank in the mid-range of comparable funds.
Risk-adjusted returns are expected to consistently rank in the top-half of comparable funds; and ?
Investment managers shall exceed the return of the designated benchmark index and rank in the top-half of the appropriate asset class and style universe.
The CFG Retirement Committee reviews, at least annually, the assets and net cash flow of the Plan, discusses the current economic outlook and the Plan’s investment strategy with the investment managers, reviews the current asset mix and its compliance with the Policy, and receives and considers statistics on the investment performance of the Plan.
The equity investment mandates follows a global equity approach.
Investments are made in broadly diversified portfolios that contain investments in U. S.  and non-U.
S.  developed and developing economies.
The fixed income investment mandates are US investment grade mandates and follow a long duration investment approach.
Investment in high-yield bonds are not allowed unless an investment grade bond is downgraded to a non-investment grade category.
The assets of the qualified plan may be invested in any or all of the following asset categories:

<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td>(in millions)</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Other-than-temporary impairment:</td><td></td><td></td><td></td></tr><tr><td>Total other-than-temporary impairment losses</td><td>-$39</td><td>-$43</td><td>-$45</td></tr><tr><td>Portions of loss recognized in other comprehensive income (before taxes)</td><td>27</td><td>36</td><td>35</td></tr><tr><td>Net securities impairment losses recognized in earnings</td><td>-$12</td><td>-$7</td><td>-$10</td></tr></table>
<table><tr><td></td><td colspan="9">December 31, 2016</td></tr><tr><td></td><td colspan="3">Less than 12 Months</td><td colspan="3">12 Months or Longer</td><td colspan="3">Total</td></tr><tr><td>(dollars in millions)</td><td>Number of Issues</td><td>Fair Value</td><td>Gross Unrealized Losses</td><td>Number of Issues</td><td>Fair Value</td><td>Gross Unrealized Losses</td><td>Number of Issues</td><td>Fair Value</td><td>Gross Unrealized Losses</td></tr><tr><td>State and political subdivisions</td><td>1</td><td>$8</td><td>$—</td><td>—</td><td>$—</td><td>$—</td><td>1</td><td>$8</td><td>$—</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal agencies and U.S. government sponsored entities</td><td>323</td><td>15,387</td><td>-292</td><td>25</td><td>461</td><td>-16</td><td>348</td><td>15,848</td><td>-308</td></tr><tr><td>Other/non-agency</td><td>4</td><td>8</td><td>—</td><td>20</td><td>302</td><td>-28</td><td>24</td><td>310</td><td>-28</td></tr><tr><td>Total mortgage-backed securities</td><td>327</td><td>15,395</td><td>-292</td><td>45</td><td>763</td><td>-44</td><td>372</td><td>16,158</td><td>-336</td></tr><tr><td>Total</td><td>328</td><td>$15,403</td><td>-$292</td><td>45</td><td>$763</td><td>-$44</td><td>373</td><td>$16,166</td><td>-$336</td></tr></table>
<table><tr><td></td><td colspan="9">December 31, 2015</td></tr><tr><td></td><td colspan="3">Less than 12 Months</td><td colspan="3">12 Months or Longer</td><td colspan="3">Total</td></tr><tr><td>(dollars in millions)</td><td>Number of Issues</td><td>Fair Value</td><td>Gross Unrealized Losses</td><td>Number of Issues</td><td>Fair Value</td><td>Gross Unrealized Losses</td><td>Number of Issues</td><td>Fair Value</td><td>Gross Unrealized Losses</td></tr><tr><td>State and political subdivisions</td><td>1</td><td>$9</td><td>$—</td><td>—</td><td>$—</td><td>$—</td><td>1</td><td>$9</td><td>$—</td></tr><tr><td>US Treasury and other</td><td>1</td><td>15</td><td>—</td><td>—</td><td>—</td><td>—</td><td>1</td><td>15</td><td>—</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal agencies and U.S. government sponsored entities</td><td>162</td><td>7,423</td><td>-51</td><td>36</td><td>819</td><td>-27</td><td>198</td><td>8,242</td><td>-78</td></tr><tr><td>Other/non-agency</td><td>2</td><td>9</td><td>—</td><td>20</td><td>361</td><td>-37</td><td>22</td><td>370</td><td>-37</td></tr><tr><td>Total mortgage-backed securities</td><td>164</td><td>7,432</td><td>-51</td><td>56</td><td>1,180</td><td>-64</td><td>220</td><td>8,612</td><td>-115</td></tr><tr><td>Total</td><td>166</td><td>$7,456</td><td>-$51</td><td>56</td><td>$1,180</td><td>-$64</td><td>222</td><td>$8,636</td><td>-$115</td></tr></table>
<table><tr><td>(in millions)</td><td>CFG Parent Company</td><td>Banking Subsidiaries</td><td>Consolidated</td></tr><tr><td>Year</td><td></td><td></td><td></td></tr><tr><td>2017 or on demand</td><td>$—</td><td>$—</td><td>$—</td></tr><tr><td>2018</td><td>—</td><td>8,000</td><td>8,000</td></tr><tr><td>2019</td><td>—</td><td>1,489</td><td>1,489</td></tr><tr><td>2020</td><td>—</td><td>2</td><td>2</td></tr><tr><td>2021</td><td>348</td><td>970</td><td>1,318</td></tr><tr><td>2022 and thereafter</td><td>1,970</td><td>11</td><td>1,981</td></tr><tr><td>Total</td><td>$2,318</td><td>$10,472</td><td>$12,790</td></tr></table>
<table><tr><td></td><td rowspan="2">Target Asset Allocation 2016</td><td colspan="2">Actual Asset Allocation</td></tr><tr><td>Asset Category</td><td>2016</td><td>2015</td></tr><tr><td>Equity securities</td><td>45-55%</td><td>49.6%</td><td>47.1%</td></tr><tr><td>Debt securities</td><td>40-50%</td><td>45.2%</td><td>47.3%</td></tr><tr><td>Other</td><td>0-10%</td><td>5.2%</td><td>5.6%</td></tr><tr><td>Total</td><td></td><td>100.0%</td><td>100.0%</td></tr></table>

Question: Which year is Portions of loss recognized in other comprehensive income (before taxes) the highest?
Answer: 2015