Table of Contents MetLife, Inc.  13 Below is a summary of the rates we used for the Low Interest Rate Scenario versus our business plan through 2018.
These rates represent the most relevant short-term and long-term rates for our business plan.
## Table 0 ##
The Low Interest Rate Scenario assumes three-month LIBOR to be 0.24% and the 10-year U. S.  Treasury rate to be 1.50% at December 31, 2015 and remain constant at those levels until December 31, 2018.
We make similar assumptions for interest rates at other maturities, and hold this interest rate curve constant through December 31, 2018.
In addition, in the Interest Rate Scenario, we assume credit spreads remain constant from December 2015 through the end of 2018 as compared to our business plan which assumes rising credit spreads through 2016 and thereafter remaining constant through the end of 2018.
Further, we also include the impact of low interest rates on our pension and postretirement plan expenses.
We allocate this impact across our segments and it is included in the segment discussion below.
The discount rate used to value these plans is tied to high quality corporate bond yields.
Accordingly, an extended low interest rate environment will result in increased pension and other postretirement benefit liabilities.
However, these liabilities are offset by corresponding returns on the fixed income portfolio of pension and other postretirement benefit plan assets resulting in an overall decrease in expense.
Hypothetical Impact to Operating Earnings Based on the above assumptions, we estimate an unfavorable combined long-term and short-term interest rate impact on our consolidated operating earnings from the Low Interest Rate Scenario of approximately $65 million in 2016, $210 million 2017 and $375 million in 2018.
Under the Low Interest Rate Scenario, our long-term businesses are negatively impacted by the larger gap between new money yields and the yield on assets rolling off the portfolio.
However, there are positive offsets under the Low Interest Rate Scenario as short-term rates are much lower than the business plan rates and the yield curve is steeper than that of the business plan.
For example, our securities lending business performs better than our business plan because it is driven by the slope of the yield curve rather than by the level of interest rates.
In addition, derivative income is higher primarily due to our receiver swaps where we receive a fixed rate and pay a floating rate.
In addition to its impact on operating earnings, we estimated the effect of the Low Interest Rate Scenario on the mark-to-market of our derivative positions that do not qualify as accounting hedges.
We applied the Low Interest Rate Scenario to these derivatives and compared the impact to that from interest rates in our business plan.
We hold a significant position in long duration receive-fixed interest rate swaps to hedge reinvestment risk.
These swaps are most sensitive to the 30-year and 10-year swap rates and we recognize gains as rates drop and recognize losses as rates rise.
This estimated impact on the derivative mark-to-market does not include that of our VA program derivatives as the impact of low interest rates in the freestanding derivatives would be largely offset by the mark-to-market in net derivative gains (losses) for the related embedded derivative.
Hypothetical Impact to Our Mark-to-Market Derivative Positions Based on these additional assumptions, we estimate the combined long-term and short-term interest rate impact of the Low Interest Rate Scenario on the mark-to-market of our derivative positions that do not qualify as accounting hedges to be an increase in net income of $530 million and $40 million in 2016 and 2017, respectively, and a decrease in net income of $90 million in 2018.
See “— Results of Operations — Consolidated Results” for information regarding our actual gains and losses on the Company’s non-VA program derivatives due to interest rate changes (U. S.  dollar and non-U.
S.  dollar denominated instruments) which are included in net income.
Segments and Corporate & Other The following discussion summarizes the impact of the above Low Interest Rate Scenario on the operating earnings of our segments, as well as Corporate & Other.
See also “— Policyholder Liabilities — Policyholder Account Balances” for information regarding the account values subject to minimum guaranteed crediting rates.
Retail Life & Other – Our interest rate sensitive products include traditional life, universal life, and retained asset accounts.
Because the majority of our traditional life insurance business is participating, we can largely offset lower investment returns on assets backing our traditional life products through adjustments to the applicable dividend scale.
In our universal life products, we manage interest rate risk through a combination of product design features and ALM strategies, including the use of hedges such as interest rate swaps and floors.
While we have the ability to lower crediting rates on certain in-force universal life policies to mitigate margin compression, such actions would be partially offset by increases in our liabilities related to policies with secondary guarantees.
Our retained asset accounts have minimum interest crediting rate guarantees which range from 0.5% to 4.0%, all of which are currently at their respective minimum interest crediting rates.
While we expect to experience margin compression as we reinvest at lower rates, the interest rate derivatives held in this portfolio will partially mitigate this risk.
Annuities – The impact on operating earnings from margin compression is concentrated in our deferred annuities where there are minimum interest rate guarantees.
Under the Low Interest Rate Scenario, we assume that a larger percentage of customers will maintain their funds with us to take advantage of the attractive minimum guaranteed crediting rates and we expect to experience margin compression as we reinvest cash flows at lower interest rates.
Partially offsetting this margin compression, we assume we will lower crediting rates on contractual reset dates for the portion of business that is not currently at minimum crediting rates.
Additionally, we have various derivative positions, primarily interest rate floors, to partially mitigate this risk.
Table of Contents MetLife, Inc.  Notes to the Consolidated Financial Statements — (continued) 15.
Common Equity Units (continued) 184 MetLife, Inc.  a variable number of shares of MetLife, Inc.  common stock, par value $0.01 per share, for a purchase price of $25 ($75 in the aggregate); and (ii) a 1/40 undivided beneficial ownership interest in each of three series of Debt Securities issued by MetLife, Inc. , each series of Debt Securities having an aggregate principal amount of $1.0 billion.
On March 8, 2011, AM Holdings sold, in a public offering, all the common equity units it received as consideration from MetLife in connection with the acquisition of ALICO.
As discussed in Note 12, in October 2014, September 2013 and October 2012, MetLife, Inc.  closed the successful remarketings of senior debt securities underlying the common equity units.
Most holders of the common equity units used the remarketing proceeds to settle their payment obligations under the applicable Purchase Contracts.
The subsequent settlement of the Purchase Contracts provided proceeds to MetLife, Inc.  of $1.0 billion in each of October 2014, September 2013 and October 2012 in exchange for shares of MetLife, Inc. ’s common stock.
See Note 16.16.
Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows at:
## Table 1 ##
(1) As discussed below, MetLife, Inc.  repurchased or redeemed and canceled the 6.50% Non-Cumulative Preferred Stock, Series B (the “Series B preferred stock”) in 2015.
On November 3, 2015, MetLife, Inc.  filed a Certificate of Elimination (the “Certificate of Elimination”) of 6.50% NonCumulative Preferred Stock, Series B with the Secretary of State of the State of Delaware to eliminate all references to the Series B preferred stock in MetLife, Inc. ’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), including the related Certificate of Designations.
As a result of the filing of the Certificate of Elimination, MetLife, Inc. ’s Certificate of Incorporation was amended to eliminate all references therein to the Series B preferred stock, and the shares that were designated to such series were returned to the status of authorized but unissued shares of preferred stock, par value $0.01 per share, of MetLife, Inc. , without designation as to series.
In June 2015, MetLife, Inc.  issued 1,500,000 shares of 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (the "Series C preferred stock"), with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate proceeds of $1.5 billion.
In connection with the offering of the Series C preferred stock, MetLife, Inc.  incurred $17 million of issuance costs which have been recorded as a reduction of additional paid-in capital.
In June 2015, MetLife, Inc.  conducted a tender offer for up to 59,850,000 of its 60,000,000 shares of Series B preferred stock, liquidation preference $25 per share, at a purchase price of $25 per share, plus an amount equal to accrued, unpaid and undeclared dividends from, and including, June 15, 2015 to, but excluding, June 29, 2015, the settlement date of the tender offer.
In June 2015, MetLife, Inc.  also delivered a notice of redemption to the holders of the Series B preferred stock, pursuant to which it would redeem any shares of Series B preferred stock not purchased by it in the tender offer at a redemption price of $25 per share, without any payment for accrued, unpaid and undeclared dividends on the Series B preferred stock from, and including, June 15, 2015 to, but excluding, July 1, 2015, the redemption date.
On June 29, 2015, MetLife, Inc.  repurchased and canceled 37,192,413 shares of Series B preferred stock in the tender offer for $932 million in cash.
On July 1, 2015, MetLife, Inc.  redeemed and canceled the remaining 22,807,587 shares of Series B preferred stock not tendered in the tender offer for an aggregate redemption price of $570 million in cash.
In connection with the tender offer and redemption, MetLife, Inc.  recognized a preferred stock repurchase premium of $42 million (calculated as the difference between the carrying value of the Series B preferred stock and the total amount paid by MetLife, Inc.  to the holders of the Series B preferred stock in connection with the tender offer and redemption), which was reflected as a reduction to retained earnings on the consolidated balance sheet.
The outstanding preferred stock ranks senior to MetLife, Inc. ’s common stock with respect to the payment of dividends and distributions upon liquidation, dissolution or winding-up.
Holders of the outstanding preferred stock are entitled to receive dividend payments only when, as and if declared by MetLife, Inc. ’s Board of Directors or a duly authorized committee of the Board.
Dividends on the preferred stock are not cumulative or mandatory.
Accordingly, if dividends are not declared on the preferred stock of the applicable series for any dividend period, then any accrued dividends for that dividend period will cease to accrue and be payable.
If a dividend is not declared before the dividend payment date for any such dividend period, MetLife, Inc.  will have no obligation to pay dividends accrued for such dividend period whether or not dividends are declared for any future period.
No dividends may be paid or declared on MetLife, Inc. ’s common stock (or any other securities ranking junior to the preferred stock) and MetLife, Inc.  may not purchase, redeem, or otherwise acquire its common stock (or other such junior stock) unless the full dividends for the latest completed dividend period on all outstanding shares of preferred stock, and any parity stock, have been declared and paid or provided for.
If dividends are declared on MetLife, Inc. ’s Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred stock”), they will be payable quarterly, in arrears, at an annual rate of the greater of: (i) 1.00% above three-month LIBOR on the related LIBOR determination date; or (ii) 4.00%.
If dividends
Reconciliation of GAAP revenues to operating revenues and GAAP expenses to operating expenses Year Ended December 31, 2015
## Table 2 ##
Year Ended December 31,
## Table 3 ##
Year Ended December 31, 2013
## Table 4 ##
(1)  See definitions of operating revenues and operating expenses under “— Non-GAAP and Other Financial Disclosures” for the components of such adjustments
verdicts have been appealed, there remains a risk that such relief may not be obtainable in all cases.
This risk has been substantially reduced given that 47 states and Puerto Rico limit the dollar amount of bonds or require no bond at all.
As discussed below, however, tobacco litigation plaintiffs have challenged the constitutionality of Florida’s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well.
Such challenges may include the applicability of state bond caps in federal court.
States, including Florida, may also seek to repeal or alter bond cap statutes through legislation.
Although Altria Group, Inc.  cannot predict the outcome of such challenges, it is possible that the consolidated results of operations, cash flows or financial position of Altria Group, Inc. , or one or more of its subsidiaries, could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges.
Altria Group, Inc.  and its subsidiaries record provisions in the consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated.
At the present time, while it is reasonably possible that an unfavorable outcome in a case may occur, except to the extent discussed elsewhere in this Note 18.
Contingencies: (i) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases; (ii) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending tobacco-related cases; and (iii) accordingly, management has not provided any amounts in the consolidated financial statements for unfavorable outcomes, if any.
Litigation defense costs are expensed as incurred.
Altria Group, Inc.  and its subsidiaries have achieved substantial success in managing litigation.
Nevertheless, litigation is subject to uncertainty and significant challenges remain.
It is possible that the consolidated results of operations, cash flows or financial position of Altria Group, Inc. , or one or more of its subsidiaries, could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation.
Altria Group, Inc.  and each of its subsidiaries named as a defendant believe, and each has been so advised by counsel handling the respective cases, that it has valid defenses to the litigation pending against it, as well as valid bases for appeal of adverse verdicts.
Each of the companies has defended, and will continue to defend, vigorously against litigation challenges.
However, Altria Group, Inc.  and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of Altria Group, Inc.  to do so.
Overview of Altria Group, Inc.  and/or PM USA TobaccoRelated Litigation Types and Number of Cases: Claims related to tobacco products generally fall within the following categories: (i) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs; (ii) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs, including cases in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding; (iii) health care cost recovery cases brought by governmental (both domestic and foreign) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits; (iv) class action suits alleging that the uses of the terms “Lights” and “Ultra Lights” constitute deceptive and unfair trade practices, common law or statutory fraud, unjust enrichment, breach of warranty or violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”); and (v) other tobacco-related litigation described below.
Plaintiffs’ theories of recovery and the defenses raised in pending smoking and health, health care cost recovery and “Lights/Ultra Lights” cases are discussed below.
The table below lists the number of certain tobacco-related cases pending in the United States against PM USA and, in some instances, Altria Group, Inc.  as of December 31, 2017, 2016 and 2015:

<table><tr><td></td><td colspan="8">Years Ended December 31,</td></tr><tr><td></td><td colspan="2">2015</td><td colspan="2">2016</td><td colspan="2">2017</td><td colspan="2">2018</td></tr><tr><td></td><td>Low Interest Rate Scenario</td><td>Business Plan</td><td>Low Interest Rate Scenario</td><td>Business Plan</td><td>Low Interest Rate Scenario</td><td>Business Plan</td><td>Low Interest Rate Scenario</td><td>Business Plan</td></tr><tr><td>Three-month LIBOR</td><td>0.24%</td><td>0.61%</td><td>0.24%</td><td>1.32%</td><td>0.24%</td><td>1.81%</td><td>0.24%</td><td>1.76%</td></tr><tr><td>10-year U.S. Treasury</td><td>1.50%</td><td>2.27%</td><td>1.50%</td><td>2.78%</td><td>1.50%</td><td>3.07%</td><td>1.50%</td><td>3.21%</td></tr></table>
<table><tr><td></td><td colspan="3">December 31, 2015</td><td colspan="3">December 31, 2014</td></tr><tr><td>Series</td><td>SharesAuthorized</td><td>SharesIssued</td><td>SharesOutstanding</td><td>SharesAuthorized</td><td>SharesIssued</td><td>SharesOutstanding</td></tr><tr><td>Floating Rate Non-Cumulative Preferred Stock, Series A</td><td>27,600,000</td><td>24,000,000</td><td>24,000,000</td><td>27,600,000</td><td>24,000,000</td><td>24,000,000</td></tr><tr><td>6.50% Non-Cumulative Preferred Stock, Series B -1</td><td>—</td><td>—</td><td>—</td><td>69,000,000</td><td>60,000,000</td><td>60,000,000</td></tr><tr><td>5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C</td><td>1,500,000</td><td>1,500,000</td><td>1,500,000</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Series A Junior Participating Preferred Stock</td><td>10,000,000</td><td>—</td><td>—</td><td>10,000,000</td><td>—</td><td>—</td></tr><tr><td>Not designated -1</td><td>160,900,000</td><td>—</td><td>—</td><td>93,400,000</td><td>—</td><td>—</td></tr><tr><td>Total</td><td>200,000,000</td><td>25,500,000</td><td>25,500,000</td><td>200,000,000</td><td>84,000,000</td><td>84,000,000</td></tr></table>
<table><tr><td></td><td>Retail</td><td>Group,Voluntary& WorksiteBenefits</td><td>CorporateBenefitFunding</td><td>LatinAmerica</td><td>Asia</td><td>EMEA</td><td>Corporate& Other</td><td>Total</td></tr><tr><td></td><td colspan="8">(In millions)</td></tr><tr><td>Total revenues</td><td>$20,765</td><td>$19,420</td><td>$9,501</td><td>$5,055</td><td>$11,986</td><td>$2,930</td><td>$294</td><td>$69,951</td></tr><tr><td>Less: Net investment gains (losses)</td><td>35</td><td>-33</td><td>315</td><td>82</td><td>501</td><td>27</td><td>-330</td><td>597</td></tr><tr><td>Less: Net derivative gains (losses)</td><td>-159</td><td>177</td><td>17</td><td>-135</td><td>67</td><td>40</td><td>31</td><td>38</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>-2</td><td>—</td><td>—</td><td>—</td><td>12</td><td>-5</td><td>—</td><td>5</td></tr><tr><td>Less: Other adjustments to revenues -1</td><td>-73</td><td>-171</td><td>-105</td><td>12</td><td>147</td><td>21</td><td>10</td><td>-159</td></tr><tr><td>Total operating revenues</td><td>$20,964</td><td>$19,447</td><td>$9,274</td><td>$5,096</td><td>$11,259</td><td>$2,847</td><td>$583</td><td>$69,470</td></tr><tr><td>Total expenses</td><td>$18,094</td><td>$18,037</td><td>$7,134</td><td>$4,600</td><td>$9,701</td><td>$2,599</td><td>$2,316</td><td>$62,481</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>11</td><td>—</td><td>—</td><td>—</td><td>9</td><td>-5</td><td>—</td><td>15</td></tr><tr><td>Less: Other adjustments to expenses -1</td><td>523</td><td>—</td><td>-14</td><td>84</td><td>270</td><td>18</td><td>41</td><td>922</td></tr><tr><td>Total operating expenses</td><td>$17,560</td><td>$18,037</td><td>$7,148</td><td>$4,516</td><td>$9,422</td><td>$2,586</td><td>$2,275</td><td>$61,544</td></tr></table>
<table><tr><td></td><td>Retail</td><td>Group,Voluntary& WorksiteBenefits</td><td>CorporateBenefitFunding</td><td>LatinAmerica</td><td>Asia</td><td>EMEA</td><td>Corporate & Other</td><td>Total</td></tr><tr><td></td><td colspan="8">(In millions)</td></tr><tr><td>Total revenues</td><td>$21,777</td><td>$19,295</td><td>$8,901</td><td>$5,554</td><td>$12,613</td><td>$4,227</td><td>$949</td><td>$73,316</td></tr><tr><td>Less: Net investment gains (losses)</td><td>-7</td><td>-39</td><td>-432</td><td>30</td><td>512</td><td>-17</td><td>-244</td><td>-197</td></tr><tr><td>Less: Net derivative gains (losses)</td><td>564</td><td>525</td><td>352</td><td>-60</td><td>-532</td><td>114</td><td>354</td><td>1,317</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>-1</td><td>—</td><td>—</td><td>—</td><td>11</td><td>10</td><td>—</td><td>20</td></tr><tr><td>Less: Other adjustments to revenues -1</td><td>-79</td><td>-167</td><td>17</td><td>42</td><td>371</td><td>857</td><td>55</td><td>1,096</td></tr><tr><td>Total operating revenues</td><td>$21,300</td><td>$18,976</td><td>$8,964</td><td>$5,542</td><td>$12,251</td><td>$3,263</td><td>$784</td><td>$71,080</td></tr><tr><td>Total expenses</td><td>$17,945</td><td>$17,631</td><td>$6,864</td><td>$5,162</td><td>$10,866</td><td>$3,780</td><td>$2,264</td><td>$64,512</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>26</td><td>—</td><td>—</td><td>—</td><td>-3</td><td>12</td><td>—</td><td>35</td></tr><tr><td>Less: Other adjustments to expenses -1</td><td>565</td><td>—</td><td>129</td><td>284</td><td>507</td><td>819</td><td>153</td><td>2,457</td></tr><tr><td>Total operating expenses</td><td>$17,354</td><td>$17,631</td><td>$6,735</td><td>$4,878</td><td>$10,362</td><td>$2,949</td><td>$2,111</td><td>$62,020</td></tr></table>
<table><tr><td></td><td>Retail</td><td>Group,Voluntary& WorksiteBenefits</td><td>CorporateBenefitFunding</td><td>LatinAmerica</td><td>Asia</td><td>EMEA</td><td>Corporate& Other</td><td>Total</td></tr><tr><td></td><td colspan="8">(In millions)</td></tr><tr><td>Total revenues</td><td>$19,472</td><td>$17,320</td><td>$8,852</td><td>$5,110</td><td>$13,232</td><td>$3,864</td><td>$349</td><td>$68,199</td></tr><tr><td>Less: Net investment gains (losses)</td><td>70</td><td>-21</td><td>-8</td><td>21</td><td>343</td><td>-16</td><td>-228</td><td>161</td></tr><tr><td>Less: Net derivative gains (losses)</td><td>-724</td><td>-676</td><td>-235</td><td>-24</td><td>-1,057</td><td>-6</td><td>-517</td><td>-3,239</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>-9</td><td>—</td><td>—</td><td>—</td><td>2</td><td>14</td><td>—</td><td>7</td></tr><tr><td>Less: Other adjustments to revenues -1</td><td>-119</td><td>-172</td><td>297</td><td>84</td><td>1,386</td><td>667</td><td>111</td><td>2,254</td></tr><tr><td>Total operating revenues</td><td>$20,254</td><td>$18,189</td><td>$8,798</td><td>$5,029</td><td>$12,558</td><td>$3,205</td><td>$983</td><td>$69,016</td></tr><tr><td>Total expenses</td><td>$17,333</td><td>$16,761</td><td>$7,109</td><td>$4,401</td><td>$12,557</td><td>$3,479</td><td>$2,507</td><td>$64,147</td></tr><tr><td>Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)</td><td>-197</td><td>—</td><td>—</td><td>—</td><td>-15</td><td>16</td><td>—</td><td>-196</td></tr><tr><td>Less: Other adjustments to expenses -1</td><td>995</td><td>—</td><td>210</td><td>-82</td><td>1,838</td><td>590</td><td>503</td><td>4,054</td></tr><tr><td>Total operating expenses</td><td>$16,535</td><td>$16,761</td><td>$6,899</td><td>$4,483</td><td>$10,734</td><td>$2,873</td><td>$2,004</td><td>$60,289</td></tr></table>

Question: How many expenses exceed the average of Total revenues ? (in million)
Answer: 2