MASCO CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) M.  EMPLOYEE RETIREMENT PLANS – (Continued) of equities and fixed-income investments, and would be less liquid than financial instruments that trade on public markets.
Potential events or circumstances that could have a negative effect on estimated fair value include the risks of inadequate diversification and other operating risks.
To mitigate these risks, investments are diversified across and within asset classes in support of investment objectives.
Policies and practices to address operating risks include ongoing manager oversight, plan and asset class investment guidelines and instructions that are communicated to managers, and periodic compliance and audit reviews to ensure adherence to these policies.
In addition, the Company periodically seeks the input of its independent advisor to ensure the investment policy is appropriate.
Other The Company sponsors certain post-retirement benefit plans that provide medical, dental and life insurance coverage for eligible retirees and dependents in the United States based upon age and length of service.
The aggregate present value of the unfunded accumulated post-retirement benefit obligation was $13 million at both December 31, 2010 and 2009.
Cash Flows At December 31, 2010, the Company expected to contribute approximately $30 million to $35 million to its qualified defined-benefit pension plans to meet ERISA requirements in 2011.
The Company also expected to pay benefits of $3 million and $10 million to participants of its unfunded foreign and non-qualified (domestic) defined-benefit pension plans, respectively, in 2011.
At December 31, 2010, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to the Company’s defined-benefit pension plans, were as follows, in millions:
## Table 0 ##
N.  SHAREHOLDERS’ EQUITY In July 2007, the Company’s Board of Directors authorized the repurchase for retirement of up to 50 million shares of the Company’s common stock in open-market transactions or otherwise.
At December 31, 2010, the Company had remaining authorization to repurchase up to 27 million shares.
During 2010, the Company repurchased and retired three million shares of Company common stock, for cash aggregating $45 million to offset the dilutive impact of the 2010 grant of three million shares of long-term stock awards.
The Company repurchased and retired two million common shares in 2009 and nine million common shares in 2008 for cash aggregating $11 million and $160 million in 2009 and 2008, respectively.
On the basis of amounts paid (declared), cash dividends per common share were $.30 ($.30) in 2010, $.46 ($.30) in 2009 and $.925 ($.93) in 2008, respectively.
In 2009, the Company decreased its quarterly cash dividend to $.075 per common share from $.235 per common share.
Table of Contents certain allocated direct costs.
As part of this review, we allocate certain corporate overhead costs to a corporate account.
We do not allocate income taxes to our segments.
Additionally, our management reporting model is predicated on average asset balances; therefore, period-end asset balances are not presented for segment reporting purposes.
Changes in an individual client’s primary relationship designation have resulted, and in the future may result, in the inclusion of certain clients in different segments in different periods.
Effective January 1, 2011, we have three segments for management reporting purposes: Global Commercial Bank, SVB Private Bank and SVB Capital.
Previously, we reported based on four segments: Global Commercial Bank, Relationship Management, SVB Capital and Other Business Services.
We have reclassified all prior period amounts to conform to the current period’s presentation.
Refer to Note 20—“Segment Reporting” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 of this report for further details.
The following is our segment information for 2011, 2010 and 2009, respectively.
Global Commercial Bank All components of income before income tax expense discussed below are net of noncontrolling interests.
## Table 1 ##
2011 compared to 2010 Net interest income from our Global commercial Bank (“GCB”) increased by $77.5 million in 2011, primarily due to a $57.4 million increase in loan interest income resulting mainly from an increase in average loan balances and a $31.0 million increase in the FTP earned for deposits due to significant deposit growth.
These increases were partially offset by a $28.6 million decrease in the FTP earned for deposits due to decreases in market interest rates.
We had a provision for loan losses for GCB of $13.5 million in 2011, compared to a provision of $42.4 million in 2010.
The provision of $13.5 million in 2011 was primarily due to an increase in the allowance for the increase in period-end loan balances, partially offset by a decrease in the allowance for our performing loans due to the strong overall credit quality of our clients.
Noninterest income increased by $13.6 million in 2011, primarily due to an increase in foreign exchange fees and credit card fees.
The increase in foreign exchange fees was primarily due to improving business conditions for our clients and increased volatility in foreign markets, which has resulted in higher commissioned notional volumes.
Commissioned notional volumes increased to $9.3 billion in 2011, compared to $6.7 billion in 2010.
The increase in credit card fees was primarily due to the addition of new credit card clients, as well as an increase in client activity.
The $23.5 million increase of gains on derivative instruments, net in 2013 compared to 2012 was primarily due to the following: Net gains on equity warrant assets of $46.1 million in 2013 , compared to net gains of $19.4 million in 2012.
The $26.7 million increase was primarily due to net gains from warrant valuations of $37.8 million from both private and public clients, of which $14.2 million in gains resulted from increases in valuations of FireEye and Twitter, compared to $10.9 million in 2012.
Foreign Exchange Fees Foreign exchange fees represent the income differential between purchases and sales of foreign currency on behalf of our clients and offsetting trades with correspondent banks.
Foreign exchange fees were $71.7 million in 2014 , compared to $57.4 million and $52.4 million in 2013 and 2012 , respectively.
The increases were primarily due to increased utilization of foreign currency products by our clients, resulting in an increase in the number of trades and commissioned notional values.
Credit Card Fees Credit card fees were $41.8 million in 2014 , compared to $32.5 million and $24.8 million in 2013 and 2012 , respectively.
The increases reflected increased client awareness of our credit card products and the introduction of custom payment solutions, which has resulted in new credit card clients and an increase in client activity.
Custom payment solutions primarily utilize virtual cards for clients with high volume payment processing needs.
Deposit Service Charges Deposit service charges were $39.9 million in 2014 , compared to $35.9 million and $33.4 million in 2013 and 2012 , respectively.
The increases were reflective of the increase in the number of deposit clients, as well as increases in transaction volumes and size.
Lending Related Fees Lending related fees were $25.7 million in 2014 , compared to $21.0 million and $18.0 million in 2013 and 2012 , respectively.
The increase in 2014 is due to an increase in unused commitment fees.
Unused loan commitments increased to $13.5 billion at December 31, 2014 from $10.5 billion at December 31, 2013.
Client Investment Fees We offer a variety of investment products on which we earn fees.
These products include money market mutual funds, overnight repurchase agreements and sweep money market funds available through the Bank; client-directed accounts offered through SVB Securities, our broker dealer subsidiary, or fixed income management services offered through SVB Asset Management, our investment advisory subsidiary.
Client investment fees were $14.9 million in 2014 , compared to $14.0 million and $14.5 million in 2013 and 2012 , respectively.
The nominal increase from 2013 to 2014 was reflective of an increase in average client investment funds partially offset by lower margins earned on certain products due to low rates in the short-term fixed income markets.
The increase in average client investment funds was driven by our clients’ increased utilization of our off-balance sheet products managed by SVB Asset Management, as well as our cash sweep product.
The following table summarizes average client investment funds for 2014 , 2013 and 2012 :
## Table 2 ##
(1) Comprised of mutual funds and Repurchase Agreement Program assets.
(2) Client investment funds are maintained at third party financial institutions and are not recorded on our balance sheet.

<table><tr><td></td><td>Qualified   Plans</td><td>Non-Qualified   Plans</td></tr><tr><td>2011</td><td>$38</td><td>$10</td></tr><tr><td>2012</td><td>$40</td><td>$11</td></tr><tr><td>2013</td><td>$41</td><td>$11</td></tr><tr><td>2014</td><td>$41</td><td>$12</td></tr><tr><td>2015</td><td>$43</td><td>$12</td></tr><tr><td>2016-2020</td><td>$235</td><td>$59</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31,</td></tr><tr><td> (Dollars in thousands)</td><td>2011</td><td>2010</td><td>% Change 2011/2010</td><td>2009</td><td>% Change 2010/2009</td></tr><tr><td>Net interest income</td><td>$445,466</td><td>$367,927</td><td>21.1%</td><td>$380,668</td><td>-3.3%</td></tr><tr><td>Provision for loan losses</td><td>-13,494</td><td>-42,357</td><td>-68.1</td><td>-79,867</td><td>-47.0</td></tr><tr><td>Noninterest income</td><td>150,116</td><td>136,531</td><td>10.0</td><td>119,834</td><td>13.9</td></tr><tr><td>Noninterest expense</td><td>-358,712</td><td>-307,508</td><td>16.7</td><td>-241,567</td><td>27.3</td></tr><tr><td>Income before income tax expense</td><td>$223,376</td><td>$154,593</td><td>44.5</td><td>$179,068</td><td>-13.7</td></tr><tr><td>Total average loans, net of unearned income</td><td>$5,099,516</td><td>$3,948,872</td><td>29.1</td><td>$4,188,908</td><td>-5.7</td></tr><tr><td>Total average assets</td><td>5,603,935</td><td>4,281,745</td><td>30.9</td><td>4,370,702</td><td>-2.0</td></tr><tr><td>Total average deposits</td><td>15,364,804</td><td>11,911,639</td><td>29.0</td><td>8,679,761</td><td>37.2</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31,</td></tr><tr><td>(Dollars in millions)</td><td>2014</td><td>2013</td><td>% Change 2014/2013</td><td>2012</td><td>% Change 2013/2012</td></tr><tr><td>Client directed investment assets -1</td><td>$7,173</td><td>$7,207</td><td>-0.5%</td><td>$7,335</td><td>-1.7%</td></tr><tr><td>Client investment assets under management</td><td>16,049</td><td>11,775</td><td>36.3</td><td>10,282</td><td>14.5</td></tr><tr><td>Sweep money market funds</td><td>6,814</td><td>5,237</td><td>30.1</td><td>2,596</td><td>101.7</td></tr><tr><td>Total average client investment funds -2</td><td>$30,036</td><td>$24,219</td><td>24.0</td><td>$20,213</td><td>19.8</td></tr></table>

Question: As As the chart 1 shows, for Year ended December 31,which year is the value of the Income before income tax expense the highest?
Answer: 2011