Tower Cash Flow, Adjusted Consolidated Cash Flow and Non-Tower Cash Flow are considered non-GAAP financial measures.
We are required to provide these financial metrics by the indentures for our 7.50% Notes and 7.125% Notes, and we have included them below because we consider the indentures for these notes to be material agreements, the covenants related to Tower Cash Flow, Adjusted Consolidated Cash Flow and Non-Tower Cash Flow to be material terms of the indentures, and information about compliance with such covenants to be material to an investor’s understanding of our financial results and the impact of those results on our liquidity.
The following table presents Tower Cash Flow, Adjusted Consolidated Cash Flow and Non-Tower Cash Flow for the Company and its restricted subsidiaries, as defined in the indentures for the applicable notes (in thousands):
## Table 0 ##
HASBRO, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) (Thousands of Dollars and Shares Except Per Share Data) Changes in the components of accumulated other comprehensive earnings (loss), net of tax are as follows:
## Table 1 ##
At December 25, 2016, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $69,301 in AOCE.
These instruments hedge payments related to inventory purchased in the fourth quarter of 2016 or forecasted to be purchased from 2017 through 2021, intercompany expenses expected to be paid or received during 2017, 2018 and 2019 and cash receipts for sales made at the end of 2016 or forecasted to be made in 2017.
These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales, royalties or expenses.
In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the long-term notes due 2021 and 2044.
At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method.
At December 25, 2016, deferred losses, net of tax, of $18,216 related to these instruments remained in AOCE.
For each of the years ended December 25, 2016 and December 27, 2015, losses, net of tax of $1,148 related to these hedging instruments were reclassified from AOCE to net earnings.
Of the net deferred gains included in AOCE at December 25, 2016, the Company expects approximately $24,476 to be reclassified to the consolidated statements of operations within the next 12 months.
However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.
See notes 14 and 16 for additional discussion on reclassifications from AOCE to earnings.
HASBRO, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) (Thousands of Dollars and Shares Except Per Share Data) variability in the anticipated underlying U. S.  Treasury interest rate associated with the expected issuance of the Notes.
At the date of issuance, these contracts were terminated and the Company paid $33,306, the fair value of the contracts on that date, to settle.
Of this amount, $6,373 related to 3.15% Notes Due 2021 and $26,933 related to 5.10% Notes Due 2044, which have been deferred in AOCE and are being amortized to interest expense over the life of the respective Notes using the effective interest rate method.
The proceeds from the Notes have been presented net of the payment for these contracts in the consolidated statements of cash flows.
The fair values of the Company’s long-term debt are considered Level 3 fair values (see note 12 for further discussion of the fair value hierarchy) and are measured using the discounted future cash flows method.
In addition to the debt terms, the valuation methodology includes an assumption of a discount rate that approximates the current yield on a similar debt security.
This assumption is considered an unobservable input in that it reflects the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability.
The Company believes that this is the best information available for use in the fair value measurement.
Interest rates for the 6.30% Notes Due 2017 may be adjusted upward in the event that the Company’s credit rating from Moody’s Investor Services, Inc. , Standard & Poor’s Ratings Services or Fitch Ratings is reduced to Ba1, BB+, or BB+, respectively, or below.
At December 25, 2016, the Company’s ratings from Moody’s Investor Services, Inc. , Standard & Poor’s Rating Services and Fitch Ratings were Baa1, BBB, and BBB+, respectively.
The interest rate adjustment is dependent on the degree of decrease of the Company’s ratings and could range from 0.25% to a maximum of 2.00%.
The Company may redeem these notes at its option at the greater of the principal amount of these notes or the present value of the remaining scheduled payments discounted using the effective interest rate on applicable U. S.  Treasury bills at the time of repurchase.
At December 25, 2016, as detailed above, the Company’s 6.30% Notes mature in 2017 and the 3.15% Notes mature in 2021.
All of the Company’s other long-term borrowings have contractual maturities that occur subsequent to 2021.
The aggregate principal amount of long-term debt maturing in the next five years is $650,000.
(10) Income Taxes Income taxes attributable to earnings before income taxes are:
## Table 2 ##
Certain income tax (benefits) expenses, not reflected in income taxes in the consolidated statements of operations totaled $(35,722) in 2016, $(5,434) in 2015 and $(38,223) in 2014 which relate primarily to stock compensation, pensions, and hedging.
In 2016, 2015 and 2014, the deferred tax portion of the total (benefit) expense was $(15,521), $8,180 and $(27,236), respectively.
HASBRO, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) (Thousands of Dollars and Shares Except Per Share Data) Stock Performance Awards In 2016, 2015 and 2014, as part of its annual equity grant to executive officers and certain other employees, the Company issued contingent stock performance awards (the “Stock Performance Awards”).
These awards provide the recipients with the ability to earn shares of the Company’s common stock based on the Company’s achievement of stated cumulative operating performance targets over the three fiscal years ended December 2018, December 2017, and December 2016 for the 2016, 2015 and 2014 awards, respectively.
Each 2014 Stock Performance Award has a target number of shares of common stock associated with such award which may be earned by the recipient if the Company achieves the stated diluted earnings per share and revenue targets while the 2015 and 2016 Stock Performance Awards include an additional return on invested capital target for certain employees in addition to the diluted earnings per share and revenue targets.
The ultimate amount of the award may vary from 0% to 200% of the target number of shares, depending on actual results.
Information with respect to Stock Performance Awards for 2016, 2015 and 2014 is as follows:

<table><tr><td>Tower Cash Flow, for the three months ended December 31, 2008</td><td>$188,449</td></tr><tr><td>Consolidated Cash Flow, for the twelve months ended December 31, 2008</td><td>726,954</td></tr><tr><td>Less: Tower Cash Flow, for the twelve months ended December 31, 2008</td><td>-741,565</td></tr><tr><td>Plus: four times Tower Cash Flow, for the three months ended December 31, 2008</td><td>753,798</td></tr><tr><td>Adjusted Consolidated Cash Flow, for the twelve months ended December 31, 2008</td><td>739,187</td></tr><tr><td>Non-Tower Cash Flow, for the twelve months ended December 31, 2008</td><td>$-14,611</td></tr></table>
<table><tr><td></td><td>Pension and Postretirement Amounts</td><td>Gains (Losses) on Derivative Instruments</td><td>Unrealized Holding Gains on Available for-Sale Securities</td><td>Foreign Currency Translation Adjustments</td><td>Total Accumulated Other Comprehensive Earnings (Loss)</td></tr><tr><td>2016</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at December 27, 2015</td><td>$-102,931</td><td>79,317</td><td>1,258</td><td>-123,645</td><td>-146,001</td></tr><tr><td>Current period other comprehensive earnings (loss)</td><td>-20,829</td><td>25,748</td><td>166</td><td>-5,033</td><td>52</td></tr><tr><td>Reclassifications from AOCE to earnings</td><td>5,359</td><td>-53,980</td><td>—</td><td>—</td><td>-48,621</td></tr><tr><td>Balance at December 25, 2016</td><td>$-118,401</td><td>51,085</td><td>1,424</td><td>-128,678</td><td>-194,570</td></tr><tr><td>2015</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at December 28, 2014</td><td>$-113,092</td><td>43,689</td><td>1,900</td><td>-27,951</td><td>-95,454</td></tr><tr><td>Current period other comprehensive earnings (loss)</td><td>6,892</td><td>86,155</td><td>-642</td><td>-95,694</td><td>-3,289</td></tr><tr><td>Reclassifications from AOCE to earnings</td><td>3,269</td><td>-50,527</td><td>—</td><td>—</td><td>-47,258</td></tr><tr><td>Balance at December 27, 2015</td><td>$-102,931</td><td>79,317</td><td>1,258</td><td>-123,645</td><td>-146,001</td></tr><tr><td>2014</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at December 29, 2013</td><td>$-64,841</td><td>-7,313</td><td>—</td><td>38,019</td><td>-34,135</td></tr><tr><td>Current period other comprehensive earnings (loss)</td><td>-51,206</td><td>47,600</td><td>1,900</td><td>-65,970</td><td>-67,676</td></tr><tr><td>Reclassifications from AOCE to earnings</td><td>2,955</td><td>3,402</td><td>—</td><td>—</td><td>6,357</td></tr><tr><td>Balance at December 28, 2014</td><td>$-113,092</td><td>43,689</td><td>1,900</td><td>-27,951</td><td>-95,454</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Current</td><td></td><td></td><td></td></tr><tr><td>United States</td><td>$78,958</td><td>101,591</td><td>70,390</td></tr><tr><td>State and local</td><td>3,208</td><td>3,352</td><td>3,134</td></tr><tr><td>International</td><td>77,834</td><td>71,054</td><td>62,909</td></tr><tr><td></td><td>160,000</td><td>175,997</td><td>136,433</td></tr><tr><td>Deferred</td><td></td><td></td><td></td></tr><tr><td>United States</td><td>11,989</td><td>-13,771</td><td>-15,448</td></tr><tr><td>State and local</td><td>411</td><td>-472</td><td>-530</td></tr><tr><td>International</td><td>-13,062</td><td>-4,711</td><td>6,223</td></tr><tr><td></td><td>-662</td><td>-18,954</td><td>-9,755</td></tr><tr><td>Total income taxes</td><td>$159,338</td><td>157,043</td><td>126,678</td></tr></table>

Question: Which year is Current period other comprehensive earnings (loss) in Gains (Losses) on Derivative Instruments the highest?
Answer: 2015