THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Market-Making.
As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks.
In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains inventory in response to, or in anticipation of, client demand.
Risk Management.
The firm also enters into derivatives to actively manage risk exposures that arise from its marketmaking and investing and lending activities in derivative and cash instruments.
The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or riskspecific basis, as opposed to an instrument-by-instrument basis.
The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues.
In addition, the firm may enter into derivatives designated as hedges under U. S.  GAAP.
These derivatives are used to manage interest rate exposure in certain fixedrate unsecured long-term and short-term borrowings, and deposits, and to manage foreign currency exposure on the net investment in certain non-U.
S.  operations.
The firm enters into various types of derivatives, including: ‰ Futures and Forwards.
Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future.
‰ Swaps.
Contracts that require counterparties to exchange cash flows such as currency or interest payment streams.
The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices.
‰ Options.
Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price.
Derivatives are reported on a net-by-counterparty basis (i. e. , the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement (counterparty netting).
Derivatives are accounted for at fair value, net of cash collateral received or posted under enforceable credit support agreements (cash collateral netting).
Derivative assets and liabilities are included in financial instruments owned and financial instruments sold, but not yet purchased, respectively.
Realized and unrealized gains and losses on derivatives not designated as hedges under ASC 815 are included in market making and other principal transactions in Note 4.
The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated statements of financial condition, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U. S.  GAAP.
## Table 0 ##
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Transfers into level 3 of other financial liabilities during 2016 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings from level 2, principally due to reduced transparency of certain inputs, including correlation and volatility inputs used to value these instruments.
Transfers out of level 3 of other financial liabilities during 2016 primarily reflected transfers of certain hybrid financial instruments included in unsecured short-term and long-term borrowings to level 2, principally due to increased transparency of correlation and volatility inputs used to value these instruments.
Gains and Losses on Financial Assets and Financial Liabilities Accounted for at Fair Value Under the Fair Value Option The table below presents the gains and losses recognized in earnings as a result of the firm electing to apply the fair value option to certain financial assets and financial liabilities.
## Table 1 ##
In the table above: ‰ Gains/(losses) are included in market making and other principal transactions.
‰ Gains/(losses) exclude contractual interest, which is included in interest income and interest expense, for all instruments other than hybrid financial instruments.
See Note 23 for further information about interest income and interest expense.
‰ Gains/(losses) included in unsecured short-term borrowings are substantially all related to the embedded derivative component of hybrid financial instruments for 2017, 2016 and 2015.
Gains/(losses) included in unsecured long-term borrowings are primarily related to the embedded derivative component of hybrid financial instruments for 2017, 2016 and 2015.
These gains and losses would have been recognized under other U. S.  GAAP even if the firm had not elected to account for the entire hybrid financial instrument at fair value.
‰ Other liabilities and accrued expenses includes gains/ (losses) on certain subordinated liabilities of consolidated VIEs.
‰ Other primarily consists of gains/(losses) on receivables from customers and counterparties, deposits and other secured financings.
Excluding the gains and losses on the instruments accounted for under the fair value option described above, market making and other principal transactions primarily represent gains and losses on financial instruments owned and financial instruments sold, but not yet purchased.
Loans and Lending Commitments The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans and long-term receivables for which the fair value option was elected.
## Table 2 ##
In the table above, the aggregate contractual principal amount of loans on nonaccrual status and/or more than 90 days past due (which excludes loans carried at zero fair value and considered uncollectible) exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below the contractual principal amounts.
As of December 2017 and December 2016, the fair value of unfunded lending commitments for which the fair value option was elected was a liability of $31 million and $80 million, respectively, and the related total contractual amount of these lending commitments was $9.94 billion and $7.19 billion, respectively.
See Note 18 for further information about lending commitments.
Long-Term Debt Instruments The difference between the aggregate contractual principal amount and the related fair value of long-term other secured financings for which the fair value option was elected was not material as of December 2017, and the aggregate contractual principal amount exceeded the related fair value by $361 million as of December 2016.
The aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected exceeded the related fair value by $1.69 billion and $1.56 billion as of December 2017 and December 2016, respectively.
The amounts above include both principaland non-principal-protected long-term borrowings.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications.
However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated statements of financial condition as of both December 2017 and December 2016.
Other Representations, Warranties and Indemnifications.
The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties.
The firm may also provide indemnifications protecting against changes in or adverse application of certain U. S.  tax laws in connection with ordinary-course transactions such as securities issuances, borrowings or derivatives.
In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.
S.  tax laws.
These indemnifications generally are standard contractual terms and are entered into in the ordinary course of business.
Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur.
The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications.
However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated statements of financial condition as of both December 2017 and December 2016.
Guarantees of Subsidiaries.
Group Inc.  fully and unconditionally guarantees the securities issued by GS Finance Corp. , a wholly-owned finance subsidiary of the firm.
Group Inc.  has guaranteed the payment obligations of Goldman Sachs & Co.  LLC (GS&Co. )
and GS Bank USA, subject to certain exceptions.
In addition, Group Inc.  guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction basis, as negotiated with counterparties.
Group Inc.  is unable to develop an estimate of the maximum payout under its subsidiary guarantees; however, because these guaranteed obligations are also obligations of consolidated subsidiaries, Group Inc. ’s liabilities as guarantor are not separately disclosed.
Note 19.
Shareholders’ Equity Common Equity As of both December 2017 and December 2016, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share.
Dividends declared per common share were $2.90 in 2017, $2.60 in 2016 and $2.55 in 2015.
On January 16, 2018, the Board of Directors of Group Inc.  (Board) declared a dividend of $0.75 per common share to be paid on March 29, 2018 to common shareholders of record on March 1, 2018.
The firm’s share repurchase program is intended to help maintain the appropriate level of common equity.
The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1), the amounts and timing of which are determined primarily by the firm’s current and projected capital position, but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm’s common stock.
Prior to repurchasing common stock, the firm must receive confirmation that the FRB does not object to such capital action.
The table below presents the amount of common stock repurchased by the firm under the share repurchase program.
## Table 3 ##
Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel RSUs or stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options.
Under these plans, during 2017, 2016 and 2015, 12,165 shares, 49,374 shares and 35,217 shares were remitted with a total value of $3 million, $7 million and $6 million, and the firm cancelled 8.1 million, 6.1 million and 5.7 million of RSUs with a total value of $1.94 billion, $921 million and $1.03 billion, respectively.
Under these plans, the firm also cancelled 4.6 million, 5.5 million and 2.0 million of stock options with a total value of $1.09 billion, $1.11 billion and $406 million during 2017, 2016 and 2015, respectively.

<table><tr><td></td><td colspan="2">As of December 2017</td><td colspan="2">As of December 2016</td></tr><tr><td><i>$ in millions</i></td><td>Derivative Assets</td><td>Derivative Liabilities</td><td>Derivative Assets</td><td>Derivative Liabilities</td></tr><tr><td colspan="3">Not accounted for as hedges</td><td></td><td></td></tr><tr><td>Exchange-traded</td><td>$ 554</td><td>$ 644</td><td>$ 443</td><td>$ 382</td></tr><tr><td>OTC-cleared</td><td>5,392</td><td>2,773</td><td>189,471</td><td>168,946</td></tr><tr><td>Bilateral OTC</td><td>274,986</td><td>249,750</td><td>309,037</td><td>289,491</td></tr><tr><td> Total interest rates</td><td>280,932</td><td>253,167</td><td>498,951</td><td>458,819</td></tr><tr><td>OTC-cleared</td><td>5,727</td><td>5,670</td><td>4,837</td><td>4,811</td></tr><tr><td>Bilateral OTC</td><td>16,966</td><td>15,600</td><td>21,530</td><td>18,770</td></tr><tr><td> Total credit</td><td>22,693</td><td>21,270</td><td>26,367</td><td>23,581</td></tr><tr><td>Exchange-traded</td><td>23</td><td>363</td><td>36</td><td>176</td></tr><tr><td>OTC-cleared</td><td>988</td><td>847</td><td>796</td><td>798</td></tr><tr><td>Bilateral OTC</td><td>94,481</td><td>95,127</td><td>111,032</td><td>106,318</td></tr><tr><td> Total currencies</td><td>95,492</td><td>96,337</td><td>111,864</td><td>107,292</td></tr><tr><td>Exchange-traded</td><td>4,135</td><td>3,854</td><td>3,219</td><td>3,187</td></tr><tr><td>OTC-cleared</td><td>197</td><td>197</td><td>189</td><td>197</td></tr><tr><td>Bilateral OTC</td><td>9,748</td><td>12,097</td><td>8,945</td><td>10,487</td></tr><tr><td> Total commodities</td><td>14,080</td><td>16,148</td><td>12,353</td><td>13,871</td></tr><tr><td>Exchange-traded</td><td>10,552</td><td>10,335</td><td>8,576</td><td>8,064</td></tr><tr><td>Bilateral OTC</td><td>40,735</td><td>45,253</td><td>39,516</td><td>45,826</td></tr><tr><td> Total equities</td><td>51,287</td><td>55,588</td><td>48,092</td><td>53,890</td></tr><tr><td> Subtotal</td><td>464,484</td><td>442,510</td><td>697,627</td><td>657,453</td></tr><tr><td colspan="3">Accounted for as hedges</td><td></td><td></td></tr><tr><td>OTC-cleared</td><td>21</td><td>–</td><td>4,347</td><td>156</td></tr><tr><td>Bilateral OTC</td><td>2,309</td><td>3</td><td>4,180</td><td>10</td></tr><tr><td> Total interest rates</td><td>2,330</td><td>3</td><td>8,527</td><td>166</td></tr><tr><td>OTC-cleared</td><td>15</td><td>30</td><td>30</td><td>40</td></tr><tr><td>Bilateral OTC</td><td>34</td><td>114</td><td>55</td><td>64</td></tr><tr><td> Total currencies</td><td>49</td><td>144</td><td>85</td><td>104</td></tr><tr><td> Subtotal</td><td>2,379</td><td>147</td><td>8,612</td><td>270</td></tr><tr><td> Total gross fair value</td><td>$ 466,863</td><td>$ 442,657</td><td>$ 706,239</td><td>$ 657,723</td></tr><tr><td colspan="5">Offset in consolidated statements of financial condition</td></tr><tr><td>Exchange-traded</td><td>$ -12,963</td><td>$ -12,963</td><td>$ -9,727</td><td>$ -9,727</td></tr><tr><td>OTC-cleared</td><td>-9,267</td><td>-9,267</td><td>-171,864</td><td>-171,864</td></tr><tr><td>Bilateral OTC</td><td>-341,824</td><td>-341,824</td><td>-385,647</td><td>-385,647</td></tr><tr><td> Counterparty netting</td><td>-364,054</td><td>-364,054</td><td>-567,238</td><td>-567,238</td></tr><tr><td>OTC-cleared</td><td>-2,423</td><td>-180</td><td>-27,560</td><td>-2,940</td></tr><tr><td>Bilateral OTC</td><td>-53,049</td><td>-38,792</td><td>-57,769</td><td>-40,046</td></tr><tr><td> Cash collateral netting</td><td>-55,472</td><td>-38,972</td><td>-85,329</td><td>-42,986</td></tr><tr><td> Total amounts offset</td><td>$-419,526</td><td>$-403,026</td><td>$-652,567</td><td>$-610,224</td></tr><tr><td colspan="5">Included in consolidated statements of financial condition</td></tr><tr><td>Exchange-traded</td><td>$ 2,301</td><td>$ 2,233</td><td>$ 2,547</td><td>$ 2,082</td></tr><tr><td>OTC-cleared</td><td>650</td><td>70</td><td>246</td><td>144</td></tr><tr><td>Bilateral OTC</td><td>44,386</td><td>37,328</td><td>50,879</td><td>45,273</td></tr><tr><td> Total</td><td>$ 47,337</td><td>$ 39,631</td><td>$ 53,672</td><td>$ 47,499</td></tr><tr><td colspan="5">Not offset in consolidated statements of financial condition</td></tr><tr><td>Cash collateral</td><td>$ -602</td><td>$ -2,375</td><td>$ -535</td><td>$ -2,085</td></tr><tr><td>Securities collateral</td><td>-13,947</td><td>-8,722</td><td>-15,518</td><td>-10,224</td></tr><tr><td> Total</td><td>$ 32,788</td><td>$ 28,534</td><td>$ 37,619</td><td>$ 35,190</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Unsecured short-term borrowings</td><td>$-2,585</td><td>$-1,028</td><td>$ 346</td></tr><tr><td>Unsecured long-term borrowings</td><td>-1,357</td><td>584</td><td>771</td></tr><tr><td>Other liabilities and accrued expenses</td><td>222</td><td>-55</td><td>-684</td></tr><tr><td>Other</td><td>-620</td><td>-630</td><td>-217</td></tr><tr><td> Total</td><td>$-4,340</td><td>$-1,129</td><td>$ 216</td></tr></table>
<table><tr><td></td><td colspan="2">As of December</td></tr><tr><td><i>$ in millions</i></td><td> 2017</td><td>2016</td></tr><tr><td> Performing loans and long-term receivables</td><td></td><td></td></tr><tr><td>Aggregate contractual principal in excess of fair value</td><td> $ 952</td><td>$ 478</td></tr><tr><td colspan="3"> Loans on nonaccrual status and/or more than 90 days past due</td></tr><tr><td>Aggregate contractual principal in excess of fair value</td><td> $5,266</td><td>$8,101</td></tr><tr><td>Aggregate fair value of loans on nonaccrual status and/or more than90 days past due</td><td> $2,104</td><td>$2,138</td></tr></table>
<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>in millions, except per share amounts</i></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Common share repurchases</td><td>29.0</td><td>36.6</td><td>22.1</td></tr><tr><td>Average cost per share</td><td>$231.87</td><td>$165.88</td><td>$189.41</td></tr><tr><td>Total cost of common share repurchases</td><td>$ 6,721</td><td>$ 6,069</td><td>$ 4,195</td></tr></table>

Question: Which year is the Derivative Assets for Total interest rates in terms of Accounted for as hedges on December greater than 8000 million?
Answer: 2016