Entergy Corporation and Subsidiaries Notes to Financial Statements this difference as a regulatory asset or liability on an ongoing basis, resulting in a zero net balance for the regulatory asset at the end of the lease term.
The amount was a net regulatory liability of $61.6 million and $27.8 million as of December 31, 2013 and 2012, respectively.
As of December 31, 2013, System Energy had future minimum lease payments (reflecting an implicit rate of 5.13%), which are recorded as long-term debt, as follows:
## Table 0 ##
Sources of Revenue Our revenues are primarily derived from the planning and execution of multi-channel advertising, marketing and communications programs around the world.
Our revenues are directly dependent upon the advertising, marketing and corporate communications requirements of our existing clients and our ability to win new clients.
Most of our client contracts are individually negotiated, and, accordingly, the terms of client engagements and the bases on which we earn commissions and fees vary significantly.
As is customary in the industry, our contracts generally provide for termination by either party on relatively short notice, usually 90 days.
Revenues for the creation, planning and placement of advertising are determined primarily on a negotiated fee basis and, to a lesser extent, on a commission basis.
Fees are usually calculated to reflect hourly rates plus proportional overhead and a mark-up.
Many clients include an incentive compensation component in their total compensation package.
This provides added revenue based on achieving mutually agreed-upon qualitative or quantitative metrics within specified time periods.
Commissions are earned based on services provided and are usually derived from a percentage or fee over the total cost to complete the assignment.
Commissions can also be derived when clients pay us the gross rate billed by media and we pay for media at a lower net rate; the difference is the commission that we earn, which we either retain in full or share with the client depending on the nature of the applicable services agreement.
We also generate revenue in negotiated fees from our public relations, sales promotion, event marketing, sports and entertainment marketing, and corporate and brand identity services.
In most of our businesses, our agencies enter into commitments to pay production and media costs on behalf of clients, as is customary in the advertising and marketing industries.
To the extent possible, we pay production and media charges after we have received funds from our clients, and in some instances we agree with the provider that we will only be liable to pay the production and media costs after the client has paid us for the charges .
Generally, we act as the client’s agent rather than the primary obligor.
Our revenue is typically lowest in the first quarter and highest in the fourth quarter.
This reflects the seasonal spending of our clients, incentives earned at year end on various contracts and project work that is typically completed during the fourth quarter.
Fee revenue recognized on a completed-contract basis also contributes to the higher seasonal revenues experienced in the fourth quarter because the majority of our contracts end at December 31.
## Table 1 ##
See Note 1 to the Consolidated Financial Statements for further information on our revenue recognition accounting policies.
Clients Our large and diverse client base includes many of the most recognizable companies and brands throughout the world.
Our holding company structure allows us to maintain a diversified client base across and within a full range of industry sectors.
In the aggregate, our top ten clients based on revenue accounted for approximately 19% and 20% of revenue in 2015 and 2014, respectively.
Our largest client accounted for approximately 4% and 5% of revenue for 2015 and 2014, respectively.
Based on revenue for the year ended December 31, 2015, our largest client sectors (in alphabetical order) were auto and transportation, healthcare and tech and telecom.
We represent several different clients, brands or divisions within each of these sectors in a number of geographic markets, as well as provide services across multiple advertising and
Management’s Discussion and Analysis of Financial Condition and Results of Operations – (continued) (Amounts in Millions, Except Per Share Amounts) Additionally, we performed a sensitivity analysis and reviewed the carrying values compared to the high end and low end of the valuation range.
The table below displays the range of the sensitivity analysis for each reporting unit tested in the 2015 and 2014 annual impairment tests.
For both the 2015 and 2014 tests, using the low end of the valuation range, there were no reporting units whose fair value exceeded its carrying value by less than 20%.
## Table 2 ##
Based on the analysis described above, for the reporting units for which we performed the first step of the quantitative impairment test, we concluded that our goodwill was not impaired as of October 1, 2015, because these reporting units passed the first step of the test as the fair values of each of the reporting units were substantially in excess of their respective net book values.
We review intangible assets with definite lives subject to amortization whenever events or circumstances indicate that a carrying amount of an asset may not be recoverable.
Recoverability of these assets is determined by comparing the carrying value of these assets to the estimated undiscounted future cash flows expected to be generated by these assets.
These assets are impaired when their carrying value exceeds their fair value.
Impaired intangible assets with definite lives subject to amortization are written down to their fair value with a charge to expense in the period the impairment is identified.
Intangible assets with definite lives are amortized on a straight-line basis with estimated useful lives generally between 7 and 15 years.
Events or circumstances that might require impairment testing include the loss of a significant client, the identification of other impaired assets within a reporting unit, loss of key personnel, the disposition of a significant portion of a reporting unit, significant decline in stock price or a significant adverse change in business climate or regulations.
Pension and Postretirement Benefit Plans We use various actuarial assumptions in determining our net pension and postretirement benefit costs and obligations.
Management is required to make significant judgments about a number of actuarial assumptions, including discount rates and expected returns on plan assets, which are updated annually or more frequently with the occurrence of significant events.
The discount rate is a significant assumption that impacts our net pension and postretirement benefit costs and obligations.
We determine our discount rates for our domestic pension and postretirement benefit plans and significant foreign pension plans based on either a bond selection/settlement approach or bond yield curve approach.
Using the bond selection/settlement approach, we determine the discount rate by selecting a portfolio of corporate bonds appropriate to provide for the projected benefit payments.
Using the bond yield curve approach, we determine the discount rate by matching the plans’ cash flows to spot rates developed from a yield curve.
Both approaches utilize high-quality AA-rated corporate bonds and the plans’ projected cash flows to develop a discounted value of the benefit payments, which is then used to develop a single discount rate.
In countries where markets for high-quality long-term AA corporate bonds are not well developed, a portfolio of long-term government bonds is used as a basis to develop hypothetical corporate bond yields, which serve as a basis to derive the discount rate.
The discount rate used to calculate net pension and postretirement benefit costs is determined at the beginning of each year.
For the year ended December 31, 2015, discount rates of 4.15% for the domestic pension plan and 4.00% for the postretirement benefit plan and a weighted-average discount rate of 3.41% for the significant foreign pension plans were used to calculate 2015 net pension and postretirement benefit costs.
A 25 basis point increase or decrease in the discount rate would have decreased or increased the 2015 net pension and postretirement benefit cost by approximately $1.0.
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) of previously unrecognized tax benefits as a result of the reversal of valuation allowances in Continental Europe and the settlement of the 2010 U. S.  federal income tax audit.
In 2014, our effective income tax rate of 30.0% was positively impacted from changes to our valuation allowances of $66.0.
The primary drivers of the net change were associated with a valuation allowance reversal of $124.8 in one jurisdiction partially offset by the establishment of a valuation allowance of $57.2 in another jurisdiction, both in Continental Europe.
In addition, our effective income tax rate was negatively impacted by losses in certain foreign jurisdictions where we receive no tax benefit due to 100% valuation allowances.
In 2013, our effective income tax rate of 38.7% was positively impacted by the recognition of previously unrecognized tax benefits as a result of the recognition of losses attributable to worthless securities in a consolidated subsidiary and the settlement of the 2002-2006 New York State audit cycle.
Our effective income tax rate was negatively impacted primarily by losses in certain foreign jurisdictions where we receive no tax benefit due to 100% valuation allowances.
The components of deferred tax assets and liabilities are listed below.
## Table 3 ##
In November 2015, the FASB issued amended guidance which requires all deferred income tax assets and liabilities to be presented as noncurrent on the balance sheet.
This amended guidance is effective beginning January 1, 2017, and may be applied retrospectively or prospectively, with early adoption permitted.
We have early adopted this amended guidance and applied the presentation prospectively as of December 31, 2015.
For the year ended December 31, 2014, there were $107.1 of current deferred tax assets included within Other current assets and $5.4 of current deferred tax liabilities included within Accrued liabilities, which would be classified as noncurrent under the amended guidance.
We evaluate the realizability of our deferred tax assets on a quarterly basis.
The realization of our deferred tax assets is primarily dependent on future earnings.
The amount of the deferred tax assets considered realizable could be reduced or increased in the near future if estimates of future taxable income are lower or greater than anticipated.
A valuation allowance is established when it is “more likely than not” that all or a portion of deferred tax assets will not be realized.
In circumstances where there is negative evidence, establishment of a valuation allowance is considered.
The factors used in assessing valuation allowances include all available evidence, such as past operating results, estimates of future taxable income and the feasibility of tax planning strategies.
We believe that cumulative losses in the most recent three-year period represent significant negative evidence, and as a result, we determined that certain of our deferred tax assets required the
Notes to Consolidated Financial Statements – (continued) (Amounts in Millions, Except Per Share Amounts) Stock-based compensation awards expected to be settled in cash have been classified as liabilities in our Consolidated Balance Sheets as of December 31, 2015 and 2014
## Table 4 ##
In conjunction with common stock dividends declared in 2015 and 2014, we accrued dividends of $0.9 and $0.8, respectively, on non-vested stock-settled awards and paid dividends of $0.6 and $0.5 for stock-settled awards that vested during 2015 and 2014, respectively.
A summary of the activity of our non-vested stock-settled awards, cash-settled awards and performance-based awards during 2015 is presented below (performance-based awards are shown at 100% of the shares originally granted)
## Table 5 ##
During 2015, 2014 and 2013, additional performance cash awards with a total target value of $1.2, $2.9 and $35.6, respectively, were awarded under the 2014 PIP and 2009 PIP and will be settled in shares upon vesting, which is three years from the grant date.
The total fair value of the vested awards distributed during the years ended December 31, 2015 and 2014 was $16.6 and $19.8, respectively.
As of December 31, 2015, there was $1.6 of total unrecognized compensation expense related to these awards, which is expected to be recognized over a remaining weighted-average period of 0.2 years.
In conjunction with our annual grant of long-term incentive compensation awards, we reviewed our estimates and assumptions in 2015, which resulted in a forfeiture rate consistent with prior years.2009 Restricted Cash Plan In March 2009, the Compensation Committee approved the Interpublic Restricted Cash Plan (the “Cash Plan”).
Under the Cash Plan, the Board, the Compensation Committee or the Plan Administrator may grant cash awards to certain

<table><tr><td></td><td>Amount (In Thousands)</td></tr><tr><td>2014</td><td>$51,637</td></tr><tr><td>2015</td><td>52,253</td></tr><tr><td>2016</td><td>13,750</td></tr><tr><td>2017</td><td>13,750</td></tr><tr><td>2018</td><td>13,750</td></tr><tr><td>Years thereafter</td><td>247,500</td></tr><tr><td>Total</td><td>392,640</td></tr><tr><td>Less: Amount representing interest</td><td>295,226</td></tr><tr><td>Present value of net minimum lease payments</td><td>$97,414</td></tr></table>
<table><tr><td></td><td colspan="6">Consolidated Revenues for the Three Months Ended</td></tr><tr><td></td><td colspan="2">2015</td><td colspan="2">2014</td><td colspan="2">2013</td></tr><tr><td>(Amounts in Millions)</td><td></td><td>% of Total</td><td></td><td>% of Total</td><td></td><td>% of Total</td></tr><tr><td>March 31</td><td>$1,676.0</td><td>22.0%</td><td>$1,637.5</td><td>21.7%</td><td>$1,543.0</td><td>21.7%</td></tr><tr><td>June 30</td><td>1,876.1</td><td>24.7%</td><td>1,851.4</td><td>24.6%</td><td>1,756.2</td><td>24.7%</td></tr><tr><td>September 30</td><td>1,865.5</td><td>24.5%</td><td>1,841.1</td><td>24.4%</td><td>1,700.4</td><td>23.9%</td></tr><tr><td>December 31</td><td>2,196.2</td><td>28.8%</td><td>2,207.1</td><td>29.3%</td><td>2,122.7</td><td>29.7%</td></tr><tr><td></td><td>$7,613.8</td><td></td><td>$7,537.1</td><td></td><td>$7,122.3</td><td></td></tr></table>
<table><tr><td></td><td colspan="3">2015 Impairment Test</td><td></td><td colspan="3">2014 Impairment Test</td></tr><tr><td>Reporting Unit</td><td>Goodwill</td><td colspan="2">Fair value exceeds carrying value by:</td><td>Reporting Unit</td><td>Goodwill</td><td colspan="2">Fair value exceeds carrying value by:</td></tr><tr><td></td><td></td><td>Low</td><td>High</td><td></td><td></td><td>Low</td><td>High</td></tr><tr><td>A</td><td>$25.8</td><td>> 125%</td><td>> 140%</td><td>A</td><td>$548.4</td><td>> 45%</td><td>> 55%</td></tr><tr><td>B</td><td>$4.9</td><td>> 265%</td><td>> 285%</td><td>B</td><td>$66.8</td><td>> 80%</td><td>> 95%</td></tr><tr><td></td><td></td><td></td><td></td><td>C</td><td>$25.8</td><td>> 170%</td><td>> 190%</td></tr><tr><td></td><td></td><td></td><td></td><td>D</td><td>$150.0</td><td>> 45%</td><td>> 60%</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td></tr><tr><td>Postretirement/post-employment benefits</td><td>$25.3</td><td>$27.4</td></tr><tr><td>Deferred compensation</td><td>193.4</td><td>191.2</td></tr><tr><td>Pension costs</td><td>25.8</td><td>41.4</td></tr><tr><td>Basis differences in fixed assets</td><td>-67.5</td><td>-38.5</td></tr><tr><td>Rent</td><td>41.1</td><td>45.8</td></tr><tr><td>Interest</td><td>60.9</td><td>60.9</td></tr><tr><td>Accruals and reserves</td><td>29.4</td><td>34.8</td></tr><tr><td>Allowance for doubtful accounts</td><td>10.8</td><td>10.8</td></tr><tr><td>Basis differences in intangible assets</td><td>-408.2</td><td>-412.3</td></tr><tr><td>Investments in equity securities</td><td>-8.3</td><td>-2.6</td></tr><tr><td>Tax loss/tax credit carry forwards</td><td>354.5</td><td>404.4</td></tr><tr><td>Restructuring and other reorganization-related costs</td><td>0.4</td><td>-0.3</td></tr><tr><td>Prepaid expenses</td><td>-2.3</td><td>0.0</td></tr><tr><td>Other</td><td>59.9</td><td>59.2</td></tr><tr><td>Total deferred tax assets, net</td><td>315.2</td><td>422.2</td></tr><tr><td>Valuation allowance</td><td>-275.1</td><td>-332.2</td></tr><tr><td>Net deferred tax assets</td><td>$40.1</td><td>$90.0</td></tr></table>
<table><tr><td></td><td colspan="3">Years ended December 31,</td></tr><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Stock-Settled Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>0.8</td><td>1.2</td><td>1.1</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$22.07</td><td>$17.77</td><td>$13.51</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$18.8</td><td>$12.6</td><td>$35.4</td></tr><tr><td>Cash-Settled Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>0.1</td><td>0.1</td><td>0.1</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$20.46</td><td>$18.20</td><td>$16.35</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$0.2</td><td>$0.6</td><td>$5.4</td></tr><tr><td>Performance-Based Awards:</td><td></td><td></td><td></td></tr><tr><td>Awards granted</td><td>2.9</td><td>3.5</td><td>1.5</td></tr><tr><td>Weighted-average grant-date fair value (per award)</td><td>$20.88</td><td>$16.56</td><td>$11.97</td></tr><tr><td>Total fair value of vested awards distributed</td><td>$18.7</td><td>$15.3</td><td>$0.2</td></tr></table>
<table><tr><td></td><td colspan="2">Stock-Settled Awards</td><td colspan="2">Cash-Settled Awards</td><td colspan="2">Performance-Based Awards</td></tr><tr><td></td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td><td>Awards</td><td>Weighted-AverageGrant-DateFair Value(per award)</td></tr><tr><td>Non-vested as of January 1, 2015</td><td>2.2</td><td>$15.47</td><td>0.1</td><td>$16.99</td><td>5.8</td><td>$14.39</td></tr><tr><td>Granted</td><td>0.8</td><td>22.07</td><td>0.1</td><td>20.46</td><td>2.9</td><td>20.88</td></tr><tr><td>Vested</td><td>-0.9</td><td>14.10</td><td>-0.1</td><td>11.99</td><td>-0.8</td><td>11.09</td></tr><tr><td>Forfeited</td><td>-0.1</td><td>17.92</td><td>0.0</td><td>0.00</td><td>-0.8</td><td>13.36</td></tr><tr><td>Non-vested as of December 31, 2015</td><td>2.0</td><td>$18.53</td><td>0.1</td><td>$18.75</td><td>7.1</td><td>$17.50</td></tr><tr><td>Total unrecognized compensation expense remaining</td><td>$16.2</td><td></td><td>$1.8</td><td></td><td>$87.1</td><td></td></tr><tr><td>Weighted-average years expected to be recognized over</td><td>1.3</td><td></td><td>1.7</td><td></td><td>1.8</td><td></td></tr></table>

Question: What will the Total fair value of vested awards distributed for Stock-Settled Awards reach in 2016 if it continues to grow at its current rate?
Answer: 28.05079