The components of external long-term debt were as follows:
## Table 0 ##
Senior Notes payments during the next five years as of December 31, 2017 are zero in 2018 through 2019, $400 million in 2020 and zero in 2021 through 2022.
In our debt agreements, there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods, such as failure to pay principal or interest when due or a change in control of the Company.
There were no events of default as of December 31, 2017.9.
Financial Instruments We do not enter into financial instruments for trading or speculative purposes.
We principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products.
The principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts.
Derivative financial instruments are recorded at fair value.
The counterparties to derivative contracts are major financial institutions.
We are subject to credit risk on these contracts equal to the fair value of these instruments.
Management currently believes that the risk of incurring material losses is unlikely and that the losses, if any, would be immaterial to the Company.
Raw materials used by the Company are subject to price volatility caused by weather, supply conditions, geopolitical and economic variables, and other unpredictable external factors.
As a result, from time to time, we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations.
We account for these commodity derivatives as economic hedges or cash flow hedges.
Changes in the fair value of economic hedges are recorded directly into current period earnings.
There were no material commodity swap contracts outstanding for the years ended December 31, 2017 and 2016.
We enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies, thereby limiting currency risk that would otherwise result from changes in exchange rates.
The periods of the foreign exchange contracts correspond to the periods of the forecasted transactions, which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date.
For derivative instruments that are designated as fair value hedges, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item, are recognized on the same line of the statement of income.
The effective portions of cash flow hedges are reported in other comprehensive income (“OCI”) and are recognized in the statement of income when the hedged item affects earnings.
The changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity.
The ineffective portion of all hedges is recognized in current period earnings.
In addition, changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings.
Our primary foreign currency hedge contracts pertain to the Canadian dollar, the British pound, and the Mexican peso.
The gross U. S.  dollar equivalent notional amount of all foreign currency derivative hedges outstanding at December 31, 2017 was $282.8 million, representing a net settlement liability of $4.8 million.
Based on foreign exchange rates as of December 31, 2017, we estimate that $3.0 million of net foreign currency
Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities.
These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse.
Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses in various tax jurisdictions.
Tax assets and liabilities are presented as a component of “Other assets” and “Other liabilities and accrued expenses,” respectively.
The table below presents the significant components of deferred tax assets and liabilities, excluding the impact of netting within tax jurisdictions.
## Table 1 ##
The firm has recorded deferred tax assets of $336 million and $232 million as of December 2014 and December 2013, respectively, in connection with U. S.  federal, state and local and foreign net operating loss carryforwards.
The firm also recorded a valuation allowance of $26 million and $45 million as of December 2014 and December 2013, respectively, related to these net operating loss carryforwards.
As of December 2014, the U. S.  federal and foreign net operating loss carryforwards were $108 million and $1.2 billion, respectively.
If not utilized, the U. S.  federal net operating loss carryforward will begin to expire in 2015.
The foreign net operating loss carryforwards can be carried forward indefinitely.
State and local net operating loss carryforwards of $790 million will begin to expire in 2015.
If these carryforwards expire, they will not have a material impact on the firm’s results of operations.
The firm had no foreign tax credit carryforwards and no related net deferred income tax assets as of December 2014 and December 2013.
The firm had no capital loss carryforwards and no related net deferred income tax assets as of December 2014 and December 2013.
The valuation allowance decreased by $119 million during 2014 and increased by $15 million during 2013.
The decrease in 2014 was primarily due to a decrease in deferred tax assets from which the firm does not expect to realize any benefit.
The increase in 2013 was primarily due to an increase in deferred tax assets from which the firm does not expect to realize any benefit.
The firm permanently reinvests eligible earnings of certain foreign subsidiaries and, accordingly, does not accrue any U. S.  income taxes that would arise if such earnings were repatriated.
As of December 2014 and December 2013, this policy resulted in an unrecognized net deferred tax liability of $4.66 billion and $4.06 billion, respectively, attributable to reinvested earnings of $24.88 billion and $22.54 billion, respectively
The segment information presented in the table above is prepared according to the following methodologies: · Revenues and expenses directly associated with each segment are included in determining pre-tax earnings.
· Net revenues in the firm’s segments include allocations of interest income and interest expense to specific securities, commodities and other positions in relation to the cash generated by, or funding requirements of, such underlying positions.
Net interest is included in segment net revenues as it is consistent with the way in which management assesses segment performance.
· Overhead expenses not directly allocable to specific segments are allocated ratably based on direct segment expenses.
The tables below present the amounts of net interest income or interest expense included in net revenues, and the amounts of depreciation and amortization expense included in pre-tax earnings.
## Table 2 ##
1.
Depreciation and amortization related to real estate-related exit costs, previously not allocated to the firm’s segments, have now been allocated.
This allocation reflects the change in the manner in which management views the performance of the firm’s segments.
Reclassifications have been made to previously reported segment amounts to conform to the current presentation.
Geographic Information Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole.
The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients.
Geographic results are generally allocated as follows: · Investment Banking: location of the client and investment banking team.
· Institutional Client Services: Fixed Income, Currency and Commodities Client Execution, and Equities (excluding Securities Services): location of the market-making desk; Securities Services: location of the primary market for the underlying security.
· Investing & Lending: Investing: location of the investment; Lending: location of the client.
· Investment Management: location of the sales team.
The table below presents the total net revenues, pre-tax earnings and net earnings of the firm by geographic region allocated based on the methodology referred to above, as well as the percentage of total net revenues, pre-tax earnings and net earnings (excluding Corporate) for each geographic region.
In the table below, Asia includes Australia and New Zealand.
## Table 3 ##
1.
Includes charitable contributions that have not been allocated to the firm’s geographic regions.
Operating expenses related to real estate-related exit costs, previously not allocated to the firm’s geographic regions, have now been allocated.
This allocation reflects the change in the manner in which management views the performance of the geographic regions.
Reclassifications have been made to previously reported geographic region amounts to conform to the current presentation.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis Recent Accounting Developments See Note 3 to the consolidated financial statements for information about Recent Accounting Developments.
Use of Estimates The use of generally accepted accounting principles requires management to make certain estimates and assumptions.
In addition to the estimates we make in connection with fair value measurements and the accounting for goodwill and identifiable intangible assets, the use of estimates and assumptions is also important in determining provisions for losses that may arise from litigation, regulatory proceedings (including governmental investigations) and tax audits, and the allowance for losses on loans and lending commitments held for investment.
We estimate and provide for potential losses that may arise out of litigation and regulatory proceedings to the extent that such losses are probable and can be reasonably estimated.
In addition, we estimate the upper end of the range of reasonably possible aggregate loss in excess of the related reserves for litigation and regulatory proceedings where we believe the risk of loss is more than slight.
See Notes 18 and 27 to the consolidated financial statements for information about certain judicial, litigation and regulatory proceedings.
Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different.
Our total estimated liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case, proceeding or investigation, our experience and the experience of others in similar cases, proceedings or investigations, and the opinions and views of legal counsel.
In accounting for income taxes, we recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position.
See Note 24 to the consolidated financial statements for further information about accounting for income taxes.
We also estimate and record an allowance for credit losses related to our loans receivable and lending commitments held for investment.
Management’s estimate of loan losses entails judgment about loan collectability at the reporting dates, and there are uncertainties inherent in those judgments.
See Note 9 to the consolidated financial statements for further information about the allowance for losses on loans and lending commitments held for investment.
Results of Operations The composition of our net revenues has varied over time as financial markets and the scope of our operations have changed.
The composition of net revenues can also vary over the shorter term due to fluctuations in U. S.  and global economic and market conditions.
See “Risk Factors” in Part I, Item 1A of this Form 10-K for further information about the impact of economic and market conditions on our results of operations.
Financial Overview The table below presents an overview of our financial results and selected financial ratios.
## Table 4 ##
In the table above: ‰ Net earnings applicable to common shareholders for 2016 includes a benefit of $266 million, reflected in preferred stock dividends, related to the exchange of APEX for shares of Series E and Series F Preferred Stock during 2016.
See Note 19 to the consolidated financial statements for further information.
‰ ROE is calculated by dividing net earnings applicable to common shareholders by average monthly common shareholders’ equity.
The table below presents our average common shareholders’ equity.
## Table 5 ##
‰ Return on average total shareholders’ equity is calculated by dividing net earnings by average monthly total shareholders’ equity.
‰ Dividend payout ratio is calculated by dividing dividends declared per common share by diluted earnings per common share.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements The table below presents the activity related to RSUs.
## Table 6 ##
In the table above: ‰ The weighted average grant-date fair value of RSUs granted during 2017, 2016 and 2015 was $206.88, $135.92 and $160.19, respectively.
The fair value of the RSUs granted during 2017, 2016 and 2015 includes a liquidity discount of 10.7%, 10.5% and 9.2%, respectively, to reflect post-vesting and delivery transfer restrictions, generally of up to 4 years.
‰ The aggregate fair value of awards that vested during 2017, 2016 and 2015 was $2.14 billion, $2.26 billion and $2.40 billion, respectively.
‰ Delivered RSUs include RSUs that were cash settled.
‰ RSUs outstanding include restricted stock subject to future service requirements as of December 2017 and December 2016 of 3,298 and 39,957 shares, respectively.
‰ RSUs outstanding include 62,023 RSUs subject to performance conditions and not subject to future service requirements as of December 2017.
There were no such RSUs outstanding as of December 2016.
In relation to 2017 year-end, during the first quarter of 2018, the firm granted to its employees 5.7 million RSUs (of which 2.9 million require future service as a condition of delivery for the related shares of common stock) and delivered, net of required withholding tax, 1.2 million shares of restricted stock (which do not require future service).
Both RSU and restricted stock awards are subject to additional conditions as outlined in the award agreements, including post-vesting and delivery transfer restrictions through January 2023.
These awards are not included in the table above.
Stock Options Stock options generally vest as outlined in the applicable stock option agreement.
In general, options expire on the tenth anniversary of the grant date, although they may be subject to earlier termination or cancellation under certain circumstances in accordance with the terms of the applicable stock option agreement and the SIP in effect at the time of grant.
As of December 2017 and December 2016, there were 2.10 million and 7.96 million options outstanding, respectively, all of which were exercisable.
The options outstanding as of December 2017, all of which were granted in 2008 with an exercise price of $78.78, had an aggregate intrinsic value of $370 million and a remaining life of 1 year.
The options outstanding as of December 2016 had a weighted average exercise price of $123.36, an aggregate intrinsic value of $924 million and a weighted average remaining life of 1.61 years.
Options outstanding as of December 2016 consisted of 5.13 million options with an exercise price of $78.78 and a remaining life of 2.00 years, and 2.83 million options with an exercise price of $204.16 and a remaining life of 0.92 years.
During 2017, 5.86 million options were exercised with a weighted average exercise price of $139.35.
The total intrinsic value of options exercised during 2017, 2016 and 2015 was $589 million, $436 million and $531 million, respectively.
The table below presents the share-based compensation and the related excess tax benefit.

<table><tr><td><i>(In millions)</i></td><td><i>2017</i></td><td>2016</td></tr><tr><td>$400 million unsecured senior note due June 2020</td><td>$398.3</td><td>$397.6</td></tr><tr><td>$500 million unsecured senior note due June 2025</td><td>494.3</td><td>493.5</td></tr><tr><td>$1,250 million revolving credit agreement due June 2021</td><td>615.0</td><td>540.0</td></tr><tr><td>Total debt</td><td>1,507.6</td><td>1,431.1</td></tr><tr><td>Less: current portion</td><td>—</td><td>—</td></tr><tr><td>Total long-term debt</td><td>$1,507.6</td><td>$1,431.1</td></tr></table>
<table><tr><td></td><td colspan="2">As of December</td></tr><tr><td><i>$ in millions</i></td><td>2014</td><td>2013</td></tr><tr><td> Deferred tax assets</td><td></td><td></td></tr><tr><td>Compensation and benefits</td><td>$3,032</td><td>$2,740</td></tr><tr><td>Unrealized losses</td><td>—</td><td>309</td></tr><tr><td>ASC 740 asset related to unrecognized tax benefits</td><td>172</td><td>475</td></tr><tr><td>Non-U.S. operations</td><td>1,418</td><td>1,318</td></tr><tr><td>Net operating losses</td><td>336</td><td>232</td></tr><tr><td>Occupancy-related</td><td>78</td><td>108</td></tr><tr><td>Other comprehensive income-related</td><td>277</td><td>69</td></tr><tr><td>Other, net</td><td>545</td><td>729</td></tr><tr><td>Subtotal</td><td>5,858</td><td>5,980</td></tr><tr><td>Valuation allowance</td><td>-64</td><td>-183</td></tr><tr><td> Total deferred tax assets</td><td>$5,794</td><td>$5,797</td></tr><tr><td>Depreciation andamortization</td><td>1,176</td><td>1,269</td></tr><tr><td>Unrealized gains</td><td>406</td><td>—</td></tr><tr><td>Other comprehensive income-related</td><td>—</td><td>68</td></tr><tr><td> Total deferred tax liabilities</td><td>$1,582</td><td>$1,337</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td> 2014</td><td>2013</td><td>2012</td></tr><tr><td>Investment Banking</td><td> $ —</td><td>$ —</td><td>$ -15</td></tr><tr><td>Institutional Client Services</td><td> 3,679</td><td>3,250</td><td>3,723</td></tr><tr><td>Investing & Lending</td><td> 237</td><td>25</td><td>26</td></tr><tr><td>Investment Management</td><td> 131</td><td>117</td><td>146</td></tr><tr><td> Total net interest income</td><td> $4,047</td><td>$3,392</td><td>$3,880</td></tr><tr><td></td><td colspan="3">Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td> 2014</td><td>2013</td><td>2012</td></tr><tr><td>Investment Banking</td><td> $ 135</td><td>$ 144</td><td>$ 166</td></tr><tr><td>Institutional Client Services</td><td> 525</td><td>571</td><td>802</td></tr><tr><td>Investing & Lending</td><td> 530</td><td>441</td><td>565</td></tr><tr><td>Investment Management</td><td> 147</td><td>166</td><td>205</td></tr><tr><td> Total depreciation and amortization<sup>1</sup></td><td> $1,337</td><td>$1,322</td><td>$1,738</td></tr></table>
<table><tr><td></td><td colspan="6">Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td colspan="2"> 2014</td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td> Net revenues</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Americas</td><td>$20,062</td><td> 58%</td><td>$19,858</td><td>58%</td><td>$20,159</td><td>59%</td></tr><tr><td>Europe, Middle East and Africa</td><td>9,057</td><td> 26%</td><td>8,828</td><td>26%</td><td>8,612</td><td>25%</td></tr><tr><td>Asia</td><td>5,409</td><td> 16%</td><td>5,520</td><td>16%</td><td>5,392</td><td>16%</td></tr><tr><td> Total net revenues</td><td>$34,528</td><td> 100%</td><td>$34,206</td><td>100%</td><td>$34,163</td><td>100%</td></tr><tr><td> Pre-tax earnings</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Americas</td><td>$ 7,144</td><td> 57%</td><td>$ 6,794</td><td>57%</td><td>$ 6,956</td><td>61%</td></tr><tr><td>Europe, Middle East and Africa</td><td>3,338</td><td> 27%</td><td>3,230</td><td>27%</td><td>2,931</td><td>26%</td></tr><tr><td>Asia</td><td>2,012</td><td> 16%</td><td>1,868</td><td>16%</td><td>1,489</td><td>13%</td></tr><tr><td>Subtotal</td><td>12,494</td><td> 100%</td><td>11,892</td><td>100%</td><td>11,376</td><td>100%</td></tr><tr><td>Corporate<sup>1</sup></td><td>-137</td><td></td><td>-155</td><td></td><td>-169</td><td></td></tr><tr><td> Total pre-tax earnings</td><td>$12,357</td><td></td><td>$11,737</td><td></td><td>$11,207</td><td></td></tr><tr><td> Net earnings</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Americas</td><td>$ 4,558</td><td> 53%</td><td>$ 4,425</td><td>54%</td><td>$ 4,255</td><td>56%</td></tr><tr><td>Europe, Middle East and Africa</td><td>2,576</td><td> 30%</td><td>2,377</td><td>29%</td><td>2,361</td><td>31%</td></tr><tr><td>Asia</td><td>1,434</td><td> 17%</td><td>1,345</td><td>17%</td><td>971</td><td>13%</td></tr><tr><td>Subtotal</td><td>8,568</td><td> 100%</td><td>8,147</td><td>100%</td><td>7,587</td><td>100%</td></tr><tr><td>Corporate</td><td>-91</td><td></td><td>-107</td><td></td><td>-112</td><td></td></tr><tr><td> Total net earnings</td><td>$ 8,477</td><td></td><td>$ 8,040</td><td></td><td>$ 7,475</td><td></td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December</td></tr><tr><td><i>$ in millions, except per share amounts</i></td><td> 2016</td><td>2015</td><td>2014</td></tr><tr><td>Net revenues</td><td> $30,608</td><td>$33,820</td><td>$34,528</td></tr><tr><td>Pre-tax earnings</td><td> 10,304</td><td>8,778</td><td>12,357</td></tr><tr><td>Net earnings</td><td> 7,398</td><td>6,083</td><td>8,477</td></tr><tr><td>Net earnings applicable to common shareholders</td><td> 7,087</td><td>5,568</td><td>8,077</td></tr><tr><td>Diluted earnings per common share</td><td> 16.29</td><td>12.14</td><td>17.07</td></tr><tr><td>Return on average common shareholders’ equity</td><td> 9.4%</td><td>7.4%</td><td>11.2%</td></tr><tr><td>Net earnings to average assets</td><td> 0.8%</td><td>0.7%</td><td>0.9%</td></tr><tr><td>Return on average total shareholders’ equity</td><td> 8.5%</td><td>7.0%</td><td>10.5%</td></tr><tr><td>Total average equity to average assets</td><td> 9.8%</td><td>9.9%</td><td>9.0%</td></tr><tr><td>Dividend payout ratio</td><td> 16.0%</td><td>21.0%</td><td>13.2%</td></tr></table>
<table><tr><td></td><td colspan="3">Average for the Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Total shareholders’ equity</td><td>$ 86,658</td><td>$ 86,314</td><td>$80,839</td></tr><tr><td>Preferred stock</td><td>-11,304</td><td>-10,585</td><td>-8,585</td></tr><tr><td> Common shareholders’ equity</td><td>$ 75,354</td><td>$ 75,729</td><td>$72,254</td></tr></table>
<table><tr><td></td><td colspan="2">Restricted Stock Units Outstanding</td><td colspan="2">WeightedAverage Grant-Date Fair Value of Restricted StockUnits Outstanding</td></tr><tr><td></td><td>Future Service Required</td><td>No Future Service Required</td><td>Future Service Required</td><td>No Future Service Required</td></tr><tr><td>Outstanding, December 2016</td><td>5,623,239</td><td>22,202,431</td><td>$147.25</td><td>$145.97</td></tr><tr><td>Granted</td><td>3,764,395</td><td>5,235,283</td><td> $208.24</td><td> $205.91</td></tr><tr><td>Forfeited</td><td>-466,715</td><td>-260,762</td><td> $167.02</td><td> $164.06</td></tr><tr><td>Delivered</td><td>–</td><td>-17,811,461</td><td> $ –</td><td> $151.72</td></tr><tr><td>Vested</td><td>-4,797,337</td><td>4,797,337</td><td> $162.88</td><td> $162.88</td></tr><tr><td> Outstanding, December 2017</td><td>4,123,582</td><td>14,162,828</td><td> $182.50</td><td> $166.30</td></tr></table>

Question: Which element occupies the greatest proportion in total amount in 2014 forYear Ended December ?
Answer: Total net interest income