Entergy Mississippi, Inc.  Management’s Financial Discussion and Analysis 2016 Compared to 2015 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges (credits).
Following is an analysis of the change in net revenue comparing 2016 to 2015.
## Table 0 ##
The retail electric price variance is primarily due to a $19.4 million net annual increase in revenues, as approved by the MPSC, effective with the first billing cycle of July 2016, and an increase in revenues collected through the storm damage rider. ?
See Note 2 to the financial statements for more discussion of the formula rate plan and the storm damage rider.
The volume/weather variance is primarily due to an increase of 153 GWh, or 1%, in billed electricity usage, including an increase in industrial usage, partially offset by the effect of less favorable weather on residential and commercial sales.
The increase in industrial usage is primarily due to expansion projects in the pulp and paper industry, increased demand for existing customers, primarily in the metals industry, and new customers in the wood products industry.
The net wholesale revenue variance is primarily due to Entergy Mississippi’s exit from the System Agreement in November 2015.
The reserve equalization revenue variance is primarily due to the absence of reserve equalization revenue as compared to the same period in 2015 resulting from Entergy Mississippi’s exit from the System Agreement in November 2015.
Other Income Statement Variances 2017 Compared to 2016 Other operation and maintenance expenses decreased primarily due to: ?
a decrease of $12 million in fossil-fueled generation expenses primarily due to lower long-term service agreement costs and a lower scope of work done during plant outages in 2017 as compared to the same period in 2016; and ?
a decrease of $3.6 million in storm damage provisions.
See Note 2 to the financial statements for a discussion on storm cost recovery.
The decrease was partially offset by an increase of $4.8 million in energy efficiency costs and an increase of $2.7 million in compensation and benefits costs primarily due to higher incentive-based compensation accruals in 2017 as compared to the prior year.
Current estimated loan-to-values of residential real estate loans The current estimated average loan-to-value (“LTV”) ratio for residential real estate loans retained, excluding mortgage loans insured by U. S.  government agencies and PCI loans, was 58% at December 31, 2016 compared with 59% at December 31, 2015.
Although the delinquency rate for loans with high LTV ratios is generally greater than the delinquency rate for loans in which the borrower has greater equity in the collateral, the average LTV ratios have declined consistent with improvements in home prices, reducing the number of loans with a current estimated LTV ratio greater than 100%.
The current estimated average LTV ratio for residential real estate PCI loans, based on the unpaid principal balances, was 64% at December 31, 2016, compared with 69% at December 31, 2015.
Of the total PCI portfolio, 4% of the loans had a current estimated LTV ratio greater than 100%, and 1% had a current LTV ratio greater than 125% at December 31, 2016, compared with 6% and 1%, respectively, at December 31, 2015.
While the current estimated collateral value is greater than the net carrying value of PCI loans, the ultimate performance of this portfolio is highly dependent on borrowers’ behavior and ongoing ability and willingness to continue to make payments on homes with negative equity, as well as on the cost of alternative housing.
For further information on current estimated LTVs of residential real estate loans, see Note 14.
Loan modification activities – residential real estate loans The performance of modified loans generally differs by product type due to differences in both the credit quality and the types of modifications provided.
Performance metrics for modifications to the residential real estate portfolio, excluding PCI loans, that have been seasoned more than six months show weighted-average redefault rates of 21% for home equity and 22% for residential mortgages.
The cumulative performance metrics for modifications to the PCI residential real estate portfolio that have been seasoned more than six months show weighted average redefault rates of 20% for home equity, 19% for prime mortgages, 16% for option ARMs and 32% for subprime mortgages.
The cumulative redefault rates reflect the performance of modifications completed under both the U. S.  Government’s Home Affordable Modification Program (“HAMP”) and the Firm’s proprietary modification programs (primarily the Firm’s modification program that was modeled after HAMP) from October 1, 2009, through December 31, 2016.
Certain loans that were modified under HAMP and the Firm’s proprietary modification programs have interest rate reset provisions (“step-rate modifications”).
Interest rates on these loans generally began to increase commencing in 2014 by 1% per year, and continue to do so, until the rate reaches a specified cap, typically at a prevailing market interest rate for a fixed-rate loan as of the modification date.
At December 31, 2016, the carrying value of non-PCI loans and the unpaid principal balance of PCI loans modified in active step-rate modifications were $3 billion and $9 billion, respectively.
The Firm continues to monitor this risk exposure and the impact of these potential interest rate increases is considered in the Firm’s allowance for loan losses.
The following table presents information as of December 31, 2016 and 2015, relating to modified retained residential real estate loans for which concessions have been granted to borrowers experiencing financial difficulty.
Modifications of PCI loans continue to be accounted for and reported as PCI loans, and the impact of the modification is incorporated into the Firm’s quarterly assessment of estimated future cash flows.
Modifications of consumer loans other than PCI loans are generally accounted for and reported as TDRs.
For further information on modifications for the years ended December 31, 2016 and 2015, see Note 14.
Modified residential real estate loans
## Table 1 ##
(a) Amounts represent the carrying value of modified residential real estate loans.
(b) At December 31, 2016 and 2015, $3.4 billion and $3.8 billion, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i. e. , Federal Housing Administration (“FHA”), U. S.  Department of Veterans Affairs (“VA”), Rural Housing Service of the U. S.  Department of Agriculture (“RHS”)) are not included in the table above.
When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools.
Modified loans that do not re-perform become subject to foreclosure.
For additional information about sales of loans in securitization transactions with Ginnie Mae, see Note 16.
(c) Amounts represent the unpaid principal balance of modified PCI loans.
(d) As of December 31, 2016 and 2015, nonaccrual loans included $2.3 billion and $2.5 billion, respectively, of TDRs for which the borrowers were less than 90 days past due.
For additional information about loans modified in a TDR that are on nonaccrual status, see Note 14.
Gains and losses For the Firm’s defined benefit pension plans, fair value is used to determine the expected return on plan assets.
Amortization of net gains and losses is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the PBO or the fair value of the plan assets.
Any excess is amortized over the average future service period of defined benefit pension plan participants, which for the U. S.  defined benefit pension plan is currently seven years and for the non-U.
S.  defined benefit pension plans is the period appropriate for the affected plan.
In addition, prior service costs are amortized over the average remaining service period of active employees expected to receive benefits under the plan when the prior service cost is first recognized.
The average remaining amortization period for the U. S.  defined benefit pension plan for current prior service costs is three years.
For the Firm’s OPEB plans, a calculated value that recognizes changes in fair value over a five-year period is used to determine the expected return on plan assets.
This value is referred to as the market related value of assets.
Amortization of net gains and losses, adjusted for gains and losses not yet recognized, is included in annual net periodic benefit cost if, as of the beginning of the year, the net gain or loss exceeds 10% of the greater of the accumulated postretirement benefit obligation or the market related value of assets.
Any excess net gain or loss is amortized over the average expected lifetime of retired participants, which is currently twelve years; however, prior service costs resulting from plan changes are amortized over the average years of service remaining to full eligibility age, which is currently two years.
The following table presents pretax pension and OPEB amounts recorded in AOCI
## Table 2 ##
The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income and other comprehensive income for the Firm’s U. S.  and non-U.
S.  defined benefit pension, defined contribution and OPEB plans.
## Table 3 ##
(a) Includes various defined benefit pension plans which are individually immaterial.
Firm-sponsored mortgage and other securitization trusts The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans (including student loans) primarily in its CCB and CIB businesses.
Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/ or retain certain beneficial interests in the securitization trusts.
The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm.
Continuing involvement includes servicing the loans, holding senior interests or subordinated interests, recourse or guarantee arrangements, and derivative transactions.
In certain instances, the Firm’s only continuing involvement is servicing the loans.
See Securitization activity on page 238 of this Note for further information regarding the Firm’s cash flows with and interests retained in nonconsolidated VIEs, and pages 238-239 of this Note for information on the Firm’s loan sales to U. S.  government agencies.
## Table 4 ##
Principal amount outstanding
## Table 5 ##
(a) Excludes U. S.  government agency securitizations and re-securitizations, which are not Firm-sponsored.
See pages 238-239 of this Note for information on the Firm’s loan sales to U. S.  government agencies.
(b) Consists of securities backed by commercial loans (predominantly real estate) and non-mortgage-related consumer receivables purchased from third parties.
(c) Excludes the following: retained servicing (see Note 17 for a discussion of MSRs); securities retained from loan sales to U. S.  government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (See Note 6 for further information on derivatives); senior and subordinated securities of $180 million and $49 million, respectively, at December 31, 2016, and $163 million and $73 million, respectively, at December 31, 2015, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d) Includes interests held in re-securitization transactions.
(e) As of December 31, 2016 and 2015, 61% and 76%, respectively, of the Firm’s retained securitization interests, which are carried at fair value, were riskrated “A” or better, on an S&P-equivalent basis.
The retained interests in prime residential mortgages consisted of $1.5 billion and $1.9 billion of investment-grade and $77 million and $93 million of noninvestment-grade retained interests at December 31, 2016 and 2015, respectively.
The retained interests in commercial and other securitizations trusts consisted of $2.4 billion and $3.7 billion of investment-grade and $210 million and $198 million of noninvestment-grade retained interests at December 31, 2016 and 2015, respectively.
Management’s discussion and analysis 44 JPMorgan Chase & Co. /2016 Annual Report to loan growth in the auto and business banking loan portfolios.
For a more detailed discussion of loans and the allowance for loan losses, refer to Credit Risk Management on pages 86–107, and Notes 3, 4, 14 and 15.
Accrued interest and accounts receivable The increase reflected higher receivables from merchants in CCB and higher client receivables related to client-driven activity in CIB.
Mortgage servicing rights For additional information on MSRs, see Note 17.
Other assets The increase reflected higher auto operating lease assets from growth in business volume in CCB and higher cash collateral pledged in CIB.
Selected Consolidated balance sheets data

<table><tr><td></td><td>Amount (In Millions)</td></tr><tr><td>2015 net revenue</td><td>$696.3</td></tr><tr><td>Retail electric price</td><td>12.9</td></tr><tr><td>Volume/weather</td><td>4.7</td></tr><tr><td>Net wholesale revenue</td><td>-2.4</td></tr><tr><td>Reserve equalization</td><td>-2.8</td></tr><tr><td>Other</td><td>-3.3</td></tr><tr><td>2016 net revenue</td><td>$705.4</td></tr></table>
<table><tr><td></td><td colspan="2">2016</td><td colspan="2">2015</td></tr><tr><td>December 31,(in millions)</td><td>Retained loans</td><td>Nonaccrual retainedloans<sup>(d)</sup></td><td>Retained loans</td><td>Nonaccrual retainedloans<sup>(d)</sup></td></tr><tr><td>Modified residential real estate loans, excluding PCI loans<sup>(a)(b)</sup></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity</td><td>$2,264</td><td>$1,116</td><td>$2,358</td><td>$1,220</td></tr><tr><td>Residential mortgage</td><td>6,032</td><td>1,755</td><td>6,690</td><td>1,957</td></tr><tr><td>Total modified residential real estate loans, excluding PCI loans</td><td>$8,296</td><td>$2,871</td><td>$9,048</td><td>$3,177</td></tr><tr><td>Modified PCI loans<sup>(c)</sup></td><td></td><td></td><td></td><td></td></tr><tr><td>Home equity</td><td>$2,447</td><td>NA</td><td>$2,526</td><td>NA</td></tr><tr><td>Prime mortgage</td><td>5,052</td><td>NA</td><td>5,686</td><td>NA</td></tr><tr><td>Subprime mortgage</td><td>2,951</td><td>NA</td><td>3,242</td><td>NA</td></tr><tr><td>Option ARMs</td><td>9,295</td><td>NA</td><td>10,427</td><td>NA</td></tr><tr><td>Total modified PCI loans</td><td>$19,745</td><td>NA</td><td>$21,881</td><td>NA</td></tr></table>
<table><tr><td></td><td colspan="4">Defined benefit pension plans</td><td colspan="2"></td></tr><tr><td>December 31,</td><td colspan="2">U.S.</td><td colspan="2">Non-U.S.</td><td colspan="2">OPEB plans</td></tr><tr><td>(in millions)</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td><td>2016</td><td>2015</td></tr><tr><td>Net gain/(loss)</td><td>$-3,116</td><td>$-3,096</td><td>$-551</td><td>$-513</td><td>$138</td><td>$109</td></tr><tr><td>Prior service credit/(cost)</td><td>34</td><td>68</td><td>8</td><td>9</td><td>—</td><td>—</td></tr><tr><td>Accumulated other comprehensive income/(loss), pretax, end of year</td><td>$-3,082</td><td>$-3,028</td><td>$-543</td><td>$-504</td><td>$138</td><td>$109</td></tr></table>
<table><tr><td></td><td colspan="8">Pension plans</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td colspan="3">U.S.</td><td colspan="5">Non-U.S.</td><td></td><td colspan="3">OPEB plans</td></tr><tr><td>Year ended December 31, (in millions)</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td></td><td>2015</td><td></td><td>2014</td><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Components of net periodic benefit cost</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Benefits earned during the year</td><td>$296</td><td>$340</td><td>$281</td><td>$36</td><td></td><td>$37</td><td></td><td>$33</td><td></td><td>$—</td><td>$1</td><td>$—</td></tr><tr><td>Interest cost on benefit obligations</td><td>530</td><td>498</td><td>534</td><td>99</td><td></td><td>112</td><td></td><td>137</td><td></td><td>31</td><td>31</td><td>38</td></tr><tr><td>Expected return on plan assets</td><td>-891</td><td>-929</td><td>-985</td><td>-139</td><td></td><td>-150</td><td></td><td>-172</td><td></td><td>-105</td><td>-106</td><td>-101</td></tr><tr><td>Amortization:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net (gain)/loss</td><td>235</td><td>247</td><td>25</td><td>22</td><td></td><td>35</td><td></td><td>47</td><td></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Prior service cost/(credit)</td><td>-34</td><td>-34</td><td>-41</td><td>-2</td><td></td><td>-2</td><td></td><td>-2</td><td></td><td>—</td><td>—</td><td>-1</td></tr><tr><td>Special termination benefits</td><td>—</td><td>—</td><td>—</td><td>—</td><td></td><td>1</td><td></td><td>—</td><td></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Settlement loss</td><td>—</td><td>—</td><td>—</td><td>4</td><td></td><td>—</td><td></td><td>—</td><td></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Net periodic defined benefit cost</td><td>136</td><td>122</td><td>-186</td><td>20</td><td></td><td>33</td><td></td><td>43</td><td></td><td>-74</td><td>-74</td><td>-64</td></tr><tr><td>Other defined benefit pension plans<sup>(a)</sup></td><td>14</td><td>14</td><td>14</td><td>11</td><td></td><td>10</td><td></td><td>6</td><td></td><td>NA</td><td>NA</td><td>NA</td></tr><tr><td>Total defined benefit plans</td><td>150</td><td>136</td><td>-172</td><td>31</td><td></td><td>43</td><td></td><td>49</td><td></td><td>-74</td><td>-74</td><td>-64</td></tr><tr><td>Total defined contribution plans</td><td>473</td><td>449</td><td>438</td><td>316</td><td></td><td>320</td><td></td><td>329</td><td></td><td>NA</td><td>NA</td><td>NA</td></tr><tr><td>Total pension and OPEB cost included in compensation expense</td><td>$623</td><td>$585</td><td>$266</td><td>$347</td><td></td><td>$363</td><td></td><td>$378</td><td></td><td>$-74</td><td>$-74</td><td>$-64</td></tr><tr><td>Changes in plan assets and benefit obligations recognized in other comprehensive income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net (gain)/loss arising during the year</td><td>$255</td><td>$-3</td><td>$1,645</td><td>$140</td><td></td><td>$-47</td><td></td><td>$57</td><td></td><td>$-29</td><td>$21</td><td>$-5</td></tr><tr><td>Prior service credit arising during the year</td><td>—</td><td>—</td><td>53</td><td>—</td><td></td><td>—</td><td></td><td>—</td><td></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Amortization of net loss</td><td>-235</td><td>-247</td><td>-25</td><td>-22</td><td></td><td>-35</td><td></td><td>-47</td><td></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Amortization of prior service (cost)/credit</td><td>34</td><td>34</td><td>41</td><td>2</td><td></td><td>2</td><td></td><td>2</td><td></td><td>—</td><td>—</td><td>1</td></tr><tr><td>Settlement loss</td><td>—</td><td>—</td><td>—</td><td>-4</td><td></td><td>—</td><td></td><td>—</td><td></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Foreign exchange impact and other</td><td>—</td><td>—</td><td>—</td><td>-77</td><td><sup>(a)</sup></td><td>-33</td><td><sup>(a)</sup></td><td>-39</td><td><sup>(a)</sup></td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total recognized in other comprehensive income</td><td>$54</td><td>$-216</td><td>$1,714</td><td>$39</td><td></td><td>$-113</td><td></td><td>$-27</td><td></td><td>$-29</td><td>$21</td><td>$-4</td></tr><tr><td>Total recognized in net periodic benefit cost and other comprehensive income</td><td>$190</td><td>$-94</td><td>$1,528</td><td>$59</td><td></td><td>$-80</td><td></td><td>$16</td><td></td><td>$-103</td><td>$-53</td><td>$-68</td></tr></table>
<table><tr><td></td><td colspan="3">Principal amount outstanding</td><td colspan="3">JPMorgan Chase interest in securitized assets in nonconsolidated VIEs<sup>(c)(d)(e)</sup></td></tr><tr><td>December 31, 2016(in millions)</td><td>Total assets held by securitization VIEs</td><td>Assetsheld in consolidated securitization VIEs</td><td>Assets held in nonconsolidated securitization VIEs with continuing involvement</td><td>Trading assets</td><td>AFS securities</td><td>Total interests held by JPMorgan Chase</td></tr><tr><td>Securitization-related<sup>(a)</sup></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential mortgage:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prime/Alt-A and option ARMs</td><td>$76,789</td><td>$4,209</td><td>$57,543</td><td>$226</td><td>$1,334</td><td>$1,560</td></tr><tr><td>Subprime</td><td>21,542</td><td>—</td><td>19,903</td><td>76</td><td>—</td><td>76</td></tr><tr><td>Commercial and other<sup>(b)</sup></td><td>101,265</td><td>107</td><td>71,464</td><td>509</td><td>2,064</td><td>2,573</td></tr><tr><td>Total</td><td>$199,596</td><td>$4,316</td><td>$148,910</td><td>$811</td><td>$3,398</td><td>$4,209</td></tr></table>
<table><tr><td></td><td colspan="3">Principal amount outstanding</td><td colspan="3">JPMorgan Chase interest in securitized assets in nonconsolidated VIEs<sup>(c)(d)(e)</sup></td></tr><tr><td>December 31, 2015<sup></sup>(in millions)</td><td>Total assets held by securitization VIEs</td><td>Assetsheld in consolidated securitization VIEs</td><td>Assets held in nonconsolidated securitization VIEs with continuing involvement</td><td>Trading assets</td><td>AFS securities</td><td>Total interests held by JPMorgan Chase</td></tr><tr><td>Securitization-related<sup>(a)</sup></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential mortgage:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prime/Alt-A and option ARMs</td><td>$85,687</td><td>$1,400</td><td>$66,708</td><td>$394</td><td>$1,619</td><td>$2,013</td></tr><tr><td>Subprime</td><td>24,389</td><td>64</td><td>22,549</td><td>109</td><td>—</td><td>109</td></tr><tr><td>Commercial and other<sup>(b)</sup></td><td>123,474</td><td>107</td><td>80,319</td><td>447</td><td>3,451</td><td>3,898</td></tr><tr><td>Total</td><td>$233,550</td><td>$1,571</td><td>$169,576</td><td>$950</td><td>$5,070</td><td>$6,020</td></tr></table>

Question: What's the growing rate of Interest cost on benefit obligations for OPEB plans in 2015 ended December 31?
Answer: -0.18421