Review of 2008 vs.  2007
## Table 0 ##
The Aerospace group generated significant revenue growth in 2008, attributable primarily to increased aircraft deliveries compared with 2007.
New aircraft revenues were up 12 percent in 2008 as a result of the increased aircraft production.
Aircraft services volume increased 8 percent over 2007.
The acquisition of Jet Aviation in November 2008 contributed approximately one-quarter of the group’s increase in revenues.
The group’s pre-owned aircraft revenues were $18 in 2008, down from $78 in 2007.
The Aerospace group’s operating earnings increased at a significantly higher rate than revenues in 2008.
Approximately $157 of the earnings growth resulted from higher new-aircraft and aircraft-services volume.
Improved pricing, a favorable delivery mix and productivity improvements in the aircraft assembly and outfitting processes increased earnings by approximately $105.
Reduced sales of pre-owned aircraft and write-downs of pre-owned aircraft inventory reduced the group’s earnings growth by $25.
Increased selling expensesfromstrong order activity and higher product- development costs associated with the introduction of two new aircraft models in 2008 also reduced the group’s earnings growth by $26.
Backlog and Estimated Potential Contract Value
The economic turmoil of late 2008 and early 2009 had a significant impact on the business-jet market.
The collapse of the global economy led some customers in the backlog to default on their contracts and caused some prospective customers to delay aircraft orders.
Both the large-cabin and mid-size segments experiencedadecline in orders in late 2008 and early 2009.
However, the mid-size market experienced the greatest impact.
Large-cabin orders improved steadily throughout the year.
Excluding the introduction of the new G650, large-cabin orders in the fourth quarter of 2009 reached their highest level since the second quarter of 2008.
Despite the rebound in order activity resulting in a full-year book-to-bill ratio (orders divided by revenues) greater than one-to-one, the customer defaults led to a 14 percent decline in the group’s backlog from the end of 2008.
The Aerospace group ended 2009 with $19.3 billion of backlog, of which $18.9 billion was funded.
Scheduled large-cabin deliveries are sold out through 2010 and well into 2011.
Conditions in the midsize market remain challenging.
However, these aircraft represent a declining proportion of our portfolio.
We continually assess aircraft production requirements and will modify the group’s production and delivery schedule as necessary based on the state of the backlog and the business-jet market.
Over the past few years, the group’s customer base has become increasingly diverse, both in customer type and geographic region.
The group’s year-end backlog is divided approximately evenly among public companies, private companies and individual buyers.
No one customer represents more than 1 percent of the group’s backlog.
In addition, the backlog has shifted toward the international market, with customers out- side North America comprising almost 60 percent of the backlog.
The Aerospace backlog has also been diversified to include orders for the group’s newest aircraft models – the G650 and the G250.
Both of these aircraft were introduced in 2008 and achieved their scheduled first flight in the fourth quarter of 2009.
Initial green deliveries for each are scheduled to begin in 2011.
The backlog does not include options to purchase new aircraft or long-term agreements with fleet customers.
These arrangements totaled $1.4 billion at the end of 2009 and are included in estimated potential contract value.2010 Outlook We expect a low- to mid-single-digit percentage increase in the Aerospace group’s revenues in 2010 compared with 2009.
We expect to deliver approximately the same number of aircraft, with a further shift toward the large-cabin models.
We also anticipate a modest increase in aircraft services activity in 2010.
Based on the favorable mix of aircraft deliveries and the stabilization of the pre-owned aircraft market, tempered by the pace of ongoing operational improvement efforts at Jet Aviation, we expect the Aerospace group’s margins to improve slightly over 2009 to approximately 14 percent.
These expectations do not assume any recovery in the mid-size market in 2010.
At December 31, 2015 and 2014, options for 5 million and 6 million shares of common stock were exercisable at a weighted-average price of $55.42 and $56.21, respectively.
The total intrinsic value of options exercised was approximately $.1 billion during 2016, 2015 and 2014.
Cash received from option exercises under all Incentive Plans for 2016, 2015 and 2014 was approximately $.1 billion, $.1 billion and $.2 billion, respectively.
The tax benefit realized from option exercises under all Incentive Plans was insignificant for 2016, 2015 and 2014.
Shares of common stock available during the next year for the granting of options and other awards under the Incentive Plans were approximately 39 million shares at December 31, 2016.
Total shares of PNC common stock authorized for future issuance under all equity compensation plans totaled approximately 40 million shares at December 31, 2016.
During 2016, we issued approximately 2 million common shares from treasury stock in connection with stock option exercise activity.
As with past exercise activity, we currently intend to utilize primarily treasury stock for any future stock option exercises.
Incentive/Performance Unit Awards and Restricted Share/Restricted Share Unit Awards The fair value of nonvested incentive/performance unit awards and restricted share/restricted share unit awards is initially determined based on prices not less than the market value of our common stock on the date of grant with a reduction for estimated forfeitures.
The value of certain incentive/ performance unit awards is subsequently remeasured based on the achievement of one or more financial and other performance goals.
Additionally, certain incentive/ performance unit awards require subsequent adjustment to their current market value due to certain discretionary risk review triggers.
The weighted-average grant date fair value of incentive/ performance unit awards and restricted share/restricted share unit awards granted in 2016, 2015 and 2014 was $78.37, $91.57 and $80.79 per share, respectively.
The total intrinsic value of incentive/performance unit and restricted share/ restricted share unit awards vested during 2016, 2015 and 2014 was approximately $.1 billion, $.2 billion and $.1 billion, respectively.
We recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program.
Table 78: Nonvested Incentive/Performance Unit Awards and Restricted Share/Restricted Share Unit Awards – Rollforward (a)
## Table 1 ##
(a) Forfeited awards during 2016 were insignificant.
(b) Includes adjustments for achieving specific performance goals for Incentive/ Performance Unit Share Awards granted in prior periods.
In Table 78, the units and related weighted-average grant date fair value of the incentive/performance unit share awards exclude the effect of dividends on the underlying shares, as those dividends will be paid in cash if and when the underlying shares are issued to the participants.
BlackRock Long-term Incentive Plans (LTIP) BlackRock adopted the 2002 LTIP program to help attract and retain qualified professionals.
At that time, we agreed to transfer up to four million shares of BlackRock common stock to fund a portion of the 2002 LTIP program and future LTIP programs approved by BlackRock’s Board of Directors.
In 2009, our obligation to deliver any remaining BlackRock common shares was replaced with an obligation to deliver shares of BlackRock’s Series C Preferred Stock held by us.
In 2016, we transferred .5 million shares of BlackRock Series C Preferred Stock to BlackRock in connection with our obligation.
At December 31, 2016, we held approximately .8 million shares of BlackRock Series C Preferred Stock which were available to fund our obligations.
See Note 23 Subsequent Events for information on our February 1, 2017 transfer of .5 million shares of the Series C Preferred Stock to BlackRock to satisfy a portion of our LTIP obligation.
We account for our BlackRock Series C Preferred Stock at fair value, which offsets the impact of marking-to-market the obligation to deliver these shares to BlackRock.
See Note 6 Fair Value for additional information regarding the valuation of the BlackRock Series C Preferred Stock.
NOTE 13 FINANCIAL DERIVATIVES We use derivative financial instruments primarily to help manage exposure to interest rate, market and credit risk and reduce the effects that changes in interest rates may have on net income, the fair value of assets and liabilities, and cash flows.
We also enter into derivatives with customers to facilitate their risk management activities.
Derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract.
Derivative transactions are often measured in terms of notional amount, but this amount is generally not exchanged and it is not recorded on the balance sheet.
The notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract.
The underlying is a referenced interest rate (commonly LIBOR), security price, credit spread or other index.
Residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments.
The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by us: Table 79: Total Gross Derivatives
## Table 2 ##
(a) Included in Other assets on our Consolidated Balance Sheet.
(b) Included in Other liabilities on our Consolidated Balance Sheet.
(c) Represents primarily swaps.
(d) Includes both residential and commercial mortgage banking activities.
(e) Futures contracts settle in cash daily and, therefore, no derivative asset or derivative liability is recognized on our Consolidated Balance Sheet.
(f) Includes our obligation to fund a portion of certain BlackRock LTIP programs and the swaps entered into in connection with sales of a portion of Visa Class B common shares.

<table><tr><td> Year Ended December 31</td><td>2008</td><td>2007</td><td colspan="2"> Variance</td></tr><tr><td>Revenues</td><td>$5,512</td><td>$4,828</td><td>$684</td><td>14.2%</td></tr><tr><td>Operating earnings</td><td>1,021</td><td>810</td><td>211</td><td>26.0%</td></tr><tr><td>Operating margin</td><td>18.5%</td><td>16.8%</td><td></td><td></td></tr><tr><td>Gulfstream aircraft deliveries (in units):</td><td></td><td></td><td></td><td></td></tr><tr><td>Green</td><td>156</td><td>138</td><td>18</td><td>13.0%</td></tr><tr><td>Completion</td><td>152</td><td>138</td><td>14</td><td>10.1%</td></tr></table>
<table><tr><td>Shares in millions</td><td>Nonvested Incentive/ Performance Units Shares</td><td>Weighted- Average Grant Date Fair Value</td><td>Nonvested Restricted Share/ Restricted Share Units</td><td>Weighted- Average Grant Date Fair Value</td></tr><tr><td>December 31, 2015</td><td>2</td><td>$79.27</td><td>3</td><td>$79.26</td></tr><tr><td>Granted (b)</td><td>1</td><td>$77.77</td><td>1</td><td>$78.71</td></tr><tr><td>Vested/Released (b)</td><td>-1</td><td>$71.59</td><td>-1</td><td>$65.53</td></tr><tr><td>December 31, 2016</td><td>2</td><td>$81.42</td><td>3</td><td>$83.27</td></tr></table>
<table><tr><td></td><td colspan="3">December 31, 2016</td><td colspan="3">December 31, 2015</td></tr><tr><td>In millions</td><td>Notional / Contract Amount</td><td>Asset Fair Value (a)</td><td>Liability Fair Value (b)</td><td>Notional / Contract Amount</td><td>Asset Fair Value (a)</td><td>Liability Fair Value (b)</td></tr><tr><td>Derivatives used for hedging under GAAP</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts (c):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value hedges</td><td>$34,010</td><td>$551</td><td>$214</td><td>$31,690</td><td>$712</td><td>$171</td></tr><tr><td>Cash flow hedges</td><td>20,831</td><td>313</td><td>71</td><td>19,279</td><td>416</td><td>3</td></tr><tr><td>Foreign exchange contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net investment hedges</td><td>945</td><td>25</td><td></td><td>1,105</td><td>31</td><td></td></tr><tr><td> Total derivatives designated for hedging</td><td>$55,786</td><td>$889</td><td>$285</td><td>$52,074</td><td>$1,159</td><td>$174</td></tr><tr><td>Derivatives not used for hedging under GAAP</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Derivatives used for mortgage banking activities (d):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Swaps</td><td>$49,071</td><td>$783</td><td>$505</td><td>$41,527</td><td>$835</td><td>$462</td></tr><tr><td>Futures (e)</td><td>36,264</td><td></td><td></td><td>36,127</td><td></td><td></td></tr><tr><td>Mortgage-backed commitments</td><td>13,317</td><td>96</td><td>56</td><td>13,039</td><td>47</td><td>22</td></tr><tr><td>Other</td><td>31,907</td><td>28</td><td>4</td><td>7,289</td><td>29</td><td>15</td></tr><tr><td>Subtotal</td><td>130,559</td><td>907</td><td>565</td><td>97,982</td><td>911</td><td>499</td></tr><tr><td>Derivatives used for customer-related activities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Swaps</td><td>173,777</td><td>2,373</td><td>2,214</td><td>157,041</td><td>2,507</td><td>2,433</td></tr><tr><td>Futures (e)</td><td>4,053</td><td></td><td></td><td>1,673</td><td></td><td></td></tr><tr><td>Mortgage-backed commitments</td><td>2,955</td><td>10</td><td>8</td><td>1,910</td><td>5</td><td>2</td></tr><tr><td>Other</td><td>16,203</td><td>55</td><td>53</td><td>16,083</td><td>104</td><td>24</td></tr><tr><td>Subtotal</td><td>196,988</td><td>2,438</td><td>2,275</td><td>176,707</td><td>2,616</td><td>2,459</td></tr><tr><td>Foreign exchange contracts and other</td><td>21,889</td><td>342</td><td>309</td><td>15,914</td><td>196</td><td>202</td></tr><tr><td>Subtotal</td><td>218,877</td><td>2,780</td><td>2,584</td><td>192,621</td><td>2,812</td><td>2,661</td></tr><tr><td>Derivatives used for other risk management activities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts and other (f)</td><td>5,581</td><td>40</td><td>405</td><td>5,299</td><td>59</td><td>468</td></tr><tr><td> Total derivatives not designated for hedging</td><td>$355,017</td><td>$3,727</td><td>$3,554</td><td>$295,902</td><td>$3,782</td><td>$3,628</td></tr><tr><td> Total gross derivatives</td><td>$410,803</td><td>$4,616</td><td>$3,839</td><td>$347,976</td><td>$4,941</td><td>$3,802</td></tr><tr><td>Less: Impact of legally enforceable master netting agreements</td><td></td><td>-2,460</td><td>-2,460</td><td></td><td>-2,554</td><td>-2,554</td></tr><tr><td>Less: Cash collateral received/paid</td><td></td><td>-657</td><td>-484</td><td></td><td>-551</td><td>-608</td></tr><tr><td> Total derivatives</td><td></td><td>$1,499</td><td>$895</td><td></td><td>$1,836</td><td>$640</td></tr></table>

Question: How many elements show negative value in 2016 for Notional / Contract Amount?
Answer: 0