Note D – Short-Term Borrowing In December 2016, Con Edison and the Utilities entered into a credit agreement (Credit Agreement), under which banks are committed to provide loans and letters of credit on a revolving credit basis.
The Credit Agreement expires in December 2021.
There is a maximum of $2,250 million of credit available.
The full amount is available to CECONY and $1,000 million (subject to increase up to $1,500 million) is available to Con Edison, including up to $1,200 million of letters of credit.
The Credit Agreement supports the Companies’ commercial paper programs.
The Companies have not borrowed under the Credit Agreement.
At December 31, 2016, Con Edison had $1,054 million of commercial paper outstanding, of which $600 million was outstanding under CECONY’s program.
The weighted average interest rate at December 31, 2016 was 1.0 percent for both Con Edison and CECONY.
At December 31, 2015, Con Edison had $1,529 million of commercial paper outstanding of which $1,033 million was outstanding under CECONY’s program.
The weighted average interest rate at December 31, 2015 was 0.7 percent for both Con Edison and CECONY.
At December 31, 2016 and 2015, no loans were outstanding under the Credit Agreement and $2 million (including $2 million for CECONY) and $15 million of letters of credit were outstanding under the Credit Agreement, respectively.
The banks’ commitments under the Credit Agreement are subject to certain conditions, including that there be no event of default.
The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change.
Upon a change of control of, or upon an event of default by one of the Companies, the banks may terminate their commitments with respect to that company, declare any amounts owed by that company under the Credit Agreement immediately due and payable and require that company to provide cash collateral relating to the letters of credit issued for it under the Credit Agreement.
Events of default include the exceeding at any time of a ratio of consolidated debt to consolidated total capital of 0.65 to 1 (at December 31, 2016 this ratio was 0.51 to 1 for Con Edison and 0.52 to 1 for CECONY); having liens on its assets in an aggregate amount exceeding five percent of its consolidated total capital, subject to certain exceptions; and the failure, following any applicable notice period, to meet certain other customary covenants.
Interest and fees charged for the revolving credit facilities and any loans made or letters of credit issued under the Credit Agreement reflect the Companies’ respective credit ratings.
The Companies were in compliance with their covenants at December 31, 2016.
See Note S for information about short-term borrowing between related parties.
Note E – Pension Benefits Con Edison maintains a tax-qualified, non-contributory pension plan that covers substantially all employees of CECONY and O&R and certain employees of the Clean Energy Businesses.
The plan is designed to comply with the Internal Revenue Code and the Employee Retirement Income Security Act of 1974.
In addition, Con Edison maintains additional non-qualified supplemental pension plans.
Total Periodic Benefit Cost The components of the Companies’ total periodic benefit costs for 2016, 2015 and 2014 were as follows
## Table 0 ##
(a) Relates to an increase in CECONY’s pension obligation of $45 million from a 1999 special retirement program
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Effective March 1, 2003, Global Payments adopted Statements of Financial Accounting Standard No.148, “Accounting for Stock?Based Compensation—Transition and Disclosure” (“SFAS No.148”).
SFAS No.148 addresses alternative methods of transition for a voluntary change to the fair value based method of accounting for stock?based employee compensation.
In addition, SFAS No.148 amends the disclosure requirements of Statements of Financial Accounting Standard No.123, “Accounting for Stock?Based Compensation” (“SFAS No.123”) to require prominent disclosure in both annual and interim financial statements about the method of accounting for stock?based employee compensation and the effect of the method used on reported results.
At May 31, 2003, the Company has three stock?based compensation plans, which are described more fully in Note 10.
The Company accounts for those plans under the recognition and measurement principles of APB Opinion No.25, “Accounting for Stock Issued to Employees”, and related interpretations.
No stock?based employee compensation cost is reflected in net income, as all options granted under those plans had an exercise price equal to the market value of the underlying common stock on the date of grant.
The following table illustrates the effect on net income and earnings per share if the Company had applied the fair value recognition provisions of SFAS No.123, to stock?based employee compensation.
## Table 1 ##
Impact of new accounting pronouncements—In June 2002, the Financial Accounting Standards Board issued Statement No.146, “Accounting for Costs Associated with Exit or Disposal Activities” (“SFAS No.146”).
The standard requires companies to recognize costs associated with exit or disposal activities when they are incurred rather than at the date of a commitment to an exit or disposal plan.
Examples of costs covered by the standard include lease termination costs and certain employee severance costs that are associated with a restructuring, discontinued operation, plant closing, or other exit or disposal activity.
Previous accounting guidance was provided by EITF Issue No.94?3, “Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity (including Certain Costs Incurred in a Restructuring)” (“Issue No.94?3”).
SFAS No.146 replaces Issue No.94?3.
The Company adopted SFAS No.146 effective for applicable activities initiated after December 31, 2002.
See Note 11 in the Notes to Consolidated Financial Statements for additional information.
In November 2002, the Financial Accounting Standards Board issued Interpretation No.45, “Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Other” (“FIN No.45”).
FIN No.45 requires footnote disclosure of the guarantees or indemnification agreements a company issues.
With certain exceptions, these agreements will also require a company to prospectively recognize an initial liability for the fair value, or market value, of the obligations it assumes under the guarantee.
The initial recognition and initial measurement provisions of this Interpretation are applicable on a prospective basis to guarantees issued or modified after December 31, 2002.
The disclosure requirements of the Interpretation are effective for financial statements of the interim or annual periods ending after December 15,
purchased scrap metal from third-parties) that were either divested or permanently closed in December 2014 (see Global Rolled Products below).
Intersegment sales for this segment improved 12% in 2014 compared with 2013, principally due to an increase in average realized price, driven by higher regional premiums, and higher demand from the midstream and downstream businesses.
ATOI for the Primary Metals segment decreased $439 in 2015 compared with 2014, primarily caused by both the previously mentioned lower average realized aluminum price and lower energy sales, higher energy costs (mostly in Spain as the 2014 interruptibility rights were more favorable than the 2015 structure), and an unfavorable impact related to the curtailment of the S?o Luís smelter.
These negative impacts were somewhat offset by net favorable foreign currency movements due to a stronger U. S.  dollar against most major currencies, net productivity improvements, the absence of a write-off of inventory related to the permanent closure of the Portovesme, Point Henry, and Massena East smelters ($44), and a lower equity loss related to the joint venture in Saudi Arabia, including the absence of restart costs for one of the potlines that was previously shut down due to a period of instability.
ATOI for this segment climbed $614 in 2014 compared with 2013, principally related to a higher average realized aluminum price; the previously mentioned energy sales in Brazil; net productivity improvements; net favorable foreign currency movements due to a stronger U. S.  dollar against all major currencies; lower costs for carbon and alumina; and the absence of costs related to a planned maintenance outage in 2013 at a power plant in Australia.
These positive impacts were slightly offset by an unfavorable impact associated with the 2013 and 2014 capacity reductions described above, including a write-off of inventory related to the permanent closure of the Portovesme, Point Henry, and Massena East smelters ($44), and higher energy costs (particularly in Spain), labor, and maintenance.
In 2016, aluminum production will be approximately 450 kmt lower and third-party sales will reflect the absence of approximately $400 both as a result of the 2015 curtailment and closure actions.
Also, energy sales in Brazil will be negatively impacted by a decline in energy prices, while net productivity improvements are anticipated.
Global Rolled Products
## Table 2 ##
Generally, average realized price per metric ton of aluminum includes two elements: a) the price of metal (the underlying base metal component plus a regional premium – see the footnote to the table in Primary Metals above for a description of these two components), and b) the conversion price, which represents the incremental price over the metal price component that is associated with converting primary aluminum into sheet and plate.
In this circumstance, the metal price component is a passthrough to this segment’s customers with limited exception (e. g. , fixed-priced contracts, certain regional premiums).
This segment represents Alcoa’s midstream operations and produces aluminum sheet and plate for a variety of end markets.
Approximately one-half of the third-party shipments in this segment consist of sheet sold directly to customers in the packaging end market for the production of aluminum cans (beverage, food, and pet food).
Seasonal increases in can sheet sales are generally experienced in the second and third quarters of the year.
This segment also includes sheet and plate sold directly to customers and through distributors related to the aerospace, automotive, commercial transportation, building and construction, and industrial products (mainly used in the production of machinery and equipment and consumer durables) end markets.
A small portion of this segment also produces aseptic foil for the packaging end market.
While the customer base for flat-rolled products is large, a significant amount of sales of sheet and plate is to a relatively small number of customers.
In this circumstance, the sales and costs and expenses of this segment are transacted in the local currency of the respective operations, which are mostly the U. S.  dollar, the euro, the Russian ruble, the Brazilian real, and the British pound.
Plan Assets.
Our pension plan assets are held in trust and a fiduciary committee sets the investment policies and strategies.
Longterm strategic investment objectives include achieving reasonable returns while prudently balancing risk and return, and controlling costs.
We target allocating approximately 75% of plan assets to equity and equity-related instruments and approximately 25% to fixed income securities.
Equity securities are currently composed of mutual funds that include highly diversified investments in large-, mid- and small-cap companies located in the United States and internationally.
The fixed income securities are composed of mutual funds that include investments in debt securities, mortgage-backed securities, corporate bonds and other debt obligations primarily in the United States.
We do not expect any plan assets to be returned to us during fiscal 2017.
The fair values of the plan’s assets are provided by the plan’s trustee and the investment managers.
Within the fair value hierarchy (see Note 6), the mutual funds are classified as Level 1 as quoted active market prices for identical assets are used to measure fair value.
The collective funds are public investment vehicles valued using a net asset value (“NAV”).
The collective funds may be liquidated with minimal restrictions and are classified as Level 2.
(B) Retirement Savings 401(k) Plan We sponsor a 401(k) plan for all associates meeting certain eligibility criteria.
In conjunction with the pension plan curtailments, enhancements were made to the 401(k) plan effective January 1, 2009.
The enhancements increased the maximum salary contribution for eligible associates and increased our matching contribution.
Additionally, an annual discretionary companyfunded contribution regardless of associate participation was implemented, as well as an additional discretionary company-funded contribution to those associates meeting certain age and service requirements.
The total cost for company contributions was $29.8 million in fiscal 2016, $27.9 million in fiscal 2015 and $25.0 million in fiscal 2014.
(C) Retirement Restoration Plan Effective January 1, 2009, we replaced the frozen restoration plan with a new non-qualified retirement plan for certain senior executives who are affected by Internal Revenue Code limitations on benefits provided under the Retirement Savings 401(k) Plan.
Under this plan, these associates may continue to defer portions of their compensation for retirement savings.
We match the associates’ contributions at the same rate provided under the 401(k) plan, and also may provide the annual discretionary company-funded contribution made regardless of associate participation, as well as the additional discretionary company-funded contribution to the associates meeting the same age and service requirements.
This plan is unfunded with lump sum payments to be made upon the associate’s retirement.
The total cost for this plan was not significant in fiscal 2016, fiscal 2015 and fiscal 2014.
(D) Executive Deferred Compensation Plan Effective January 1, 2011, we established an unfunded nonqualified deferred compensation plan to permit certain eligible associates to defer receipt of a portion of their compensation to a future date.
This plan also includes a restorative company contribution designed to compensate the plan participants for any loss of company contributions under the Retirement Savings 401(k) Plan and the Retirement Restoration Plan due to a reduction in their eligible compensation resulting from deferrals into the Executive Deferred Compensation Plan.
The total cost for this plan was not significant in fiscal 2016, fiscal 2015 and fiscal 2014.11.
DEBT
## Table 3 ##
Revolving Credit Facility.
We have a $1.20 billion unsecured revolving credit facility (the “credit facility”) with various financial institutions that expires in August 2020.
Borrowings under the credit facility are available for working capital and general corporate purposes.
Borrowings accrue interest at variable rates based on LIBOR, the federal funds rate, or the prime rate, depending on the type of borrowing, and we pay a commitment fee on the unused portions of the available funds.
Borrowings under the credit facility are either due “on demand” or at maturity depending on the type of borrowing.
Borrowings with “on demand” repayment terms are presented as short-term debt while amounts due at maturity are presented as long-term debt with expected repayments within the next twelve months presented as a component of current portion of long-term debt.
Outstanding borrowings of $415.0 million at February 29, 2016 are classified as long-term debt as no repayments are scheduled to be made within the next 12 months.

<table><tr><td></td><td colspan="3">Con Edison</td><td colspan="3">CECONY</td></tr><tr><td>(Millions of Dollars)</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Service cost – including administrative expenses</td><td>$275</td><td>$297</td><td>$227</td><td>$258</td><td>$279</td><td>$211</td></tr><tr><td>Interest cost on projected benefit obligation</td><td>596</td><td>575</td><td>572</td><td>559</td><td>538</td><td>536</td></tr><tr><td>Expected return on plan assets</td><td>-947</td><td>-886</td><td>-832</td><td>-898</td><td>-840</td><td>-789</td></tr><tr><td>Recognition of net actuarial loss</td><td>596</td><td>775</td><td>618</td><td>565</td><td>734</td><td>586</td></tr><tr><td>Recognition of prior service costs</td><td>4</td><td>4</td><td>4</td><td>2</td><td>2</td><td>2</td></tr><tr><td>NET PERIODIC BENEFIT COST</td><td>$524</td><td>$765</td><td>$589</td><td>$486</td><td>$713</td><td>$546</td></tr><tr><td>Amortization of regulatory asset (a)</td><td>—</td><td>1</td><td>2</td><td>—</td><td>1</td><td>2</td></tr><tr><td>TOTAL PERIODIC BENEFIT COST</td><td>$524</td><td>$766</td><td>$591</td><td>$486</td><td>$714</td><td>$548</td></tr><tr><td>Cost capitalized</td><td>-214</td><td>-301</td><td>-225</td><td>-203</td><td>-285</td><td>-212</td></tr><tr><td>Reconciliation to rate level</td><td>54</td><td>-74</td><td>118</td><td>58</td><td>-74</td><td>108</td></tr><tr><td>Cost charged to operating expenses</td><td>$364</td><td>$391</td><td>$484</td><td>$341</td><td>$355</td><td>$444</td></tr></table>
<table><tr><td></td><td>2003</td><td>2002</td><td>2001</td></tr><tr><td></td><td colspan="3">(In thousands, except per share data)</td></tr><tr><td>Net income:</td><td></td><td></td><td></td></tr><tr><td>As reported</td><td>$53,300</td><td>$23,840</td><td>$23,668</td></tr><tr><td>Total stock-based employee compensation expense determined under fair value method for all awards, net of related taxeffects</td><td>-3,480</td><td>-2,987</td><td>-2,973</td></tr><tr><td>Pro forma net income</td><td>$49,820</td><td>$20,853</td><td>$20,695</td></tr><tr><td>Basic earnings per share</td><td></td><td></td><td></td></tr><tr><td>As reported</td><td>$1.44</td><td>$0.65</td><td>$0.83</td></tr><tr><td>Pro forma</td><td>$1.36</td><td>$0.57</td><td>$0.72</td></tr><tr><td>Diluted earnings per share:</td><td></td><td></td><td></td></tr><tr><td>As reported</td><td>$1.41</td><td>$0.63</td><td>$0.82</td></tr><tr><td>Pro forma</td><td>$1.33</td><td>$0.55</td><td>$0.72</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Third-party aluminum shipments (kmt)</td><td>1,775</td><td>1,964</td><td>1,905</td></tr><tr><td>Alcoa’s average realized price per metric ton of aluminum*</td><td>$3,514</td><td>$3,743</td><td>$3,730</td></tr><tr><td>Third-party sales</td><td>$6,238</td><td>$7,351</td><td>$7,106</td></tr><tr><td>Intersegment sales</td><td>125</td><td>185</td><td>178</td></tr><tr><td>Total sales</td><td>$6,363</td><td>$7,536</td><td>$7,284</td></tr><tr><td>ATOI</td><td>$244</td><td>$245</td><td>$292</td></tr></table>
<table><tr><td></td><td colspan="2">As of February 29 or 28</td></tr><tr><td>(In thousands)</td><td>2016</td><td>2015</td></tr><tr><td>Revolving credit facility</td><td>$415,428</td><td>$10,785</td></tr><tr><td>Term loan</td><td>300,000</td><td>300,000</td></tr><tr><td>Finance and capital lease obligations</td><td>414,654</td><td>327,838</td></tr><tr><td>Non-recourse notes payable</td><td>9,527,750</td><td>8,470,629</td></tr><tr><td>Total debt</td><td>10,657,832</td><td>9,109,252</td></tr><tr><td>Less: current portion</td><td>-315,509</td><td>-290,502</td></tr><tr><td>Long-term debt, net of current portion</td><td>$10,342,323</td><td>$8,818,750</td></tr></table>

Question: Does the value of Recognition of net actuarial loss for Con Edison in 2016 greater than that in 2015?
Answer: No