CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 131 The following table presents the major components of securities at amortized cost and fair value:
## Table 0 ##
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 174 upon the probability of achievement of performance.
Awards that continue to vest after retirement are expensed over the shorter of the period of time from grant date to the final vesting date or from the grant date to the date when an employee is retirement eligible.
Awards granted to employees who are retirement eligible at the grant date are generally expensed immediately upon grant.
Compensation expense related to the above share plans (including the ESPP) was $39 million, $23 million, and $24 million for the years ended December 31, 2017, 2016, and 2015, respectively.
At December 31, 2017, the total unrecognized compensation expense for nonvested equity awards granted was $47 million.
This expense is expected to be recognized over a weighted-average period of two years.
No share-based compensation costs were capitalized during the years ended December 31, 2017, 2016, and 2015.
The income tax benefit recognized in earnings based on the compensation expense recognized for all sharebased compensation arrangements amounted to $9 million, $8 million and $5 million for the years ended December 31, 2017, 2016, and 2015, respectively.
NOTE 18 - COMMITMENTS AND CONTINGENCIES A summary of outstanding off-balance sheet arrangements is presented below:
## Table 1 ##
Commitments to Extend Credit Commitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance.
Generally, the commitments have fixed expiration dates or termination clauses and may require payment of a fee.
Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.
Letters of Credit Standby letters of credit, both financial and performance, are issued by the Company for its customers.
They are used as conditional guarantees of payment to a third party in the event the customer either fails to make specific payments (financial) or fails to complete a specific project (performance).
Commercial letters of credit are used to facilitate the import of goods.
The commercial letter of credit is used as the method of payment to the Company’s customers’ suppliers.
The Company’s exposure to credit loss in the event of counterparty nonperformance in connection with the above instruments is represented by the contractual amount of those instruments, net of the value of collateral held.
Standby letters of credit and commercial letters of credit are issued for terms of up to ten years and one year, respectively.
Generally, letters of credit are collateralized by cash, accounts receivable, inventory or investment securities.
Credit risk associated with letters of credit is considered in determining the appropriate amounts of reserves for unfunded commitments.
The Company recognizes a liability on the Consolidated Balance Sheets representing its obligation to stand ready to perform over the term of the standby letters of credit in the event that the specified triggering events occur.
The liability for these guarantees was $3 million at December 31, 2017 and 2016.
Marketing Rights During 2003, the Company entered into a 25-year agreement to acquire the naming and marketing rights of a baseball stadium in Pennsylvania.
The Company paid $3 million for the years ended December 31, 2017 and 2016, and is obligated to pay $41 million over the remainder of the contract.
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk (Amounts in millions) In the normal course of business, we are exposed to market risks related to interest rates, foreign currency rates and certain balance sheet items.
From time to time, we use derivative instruments, pursuant to established guidelines and policies, to manage some portion of these risks.
Derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes.
Interest Rates Our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations.
The majority of our debt (approximately 89% and 91% as of December 31, 2015 and 2014, respectively) bears interest at fixed rates.
We do have debt with variable interest rates, but a 10% increase or decrease in interest rates would not be material to our interest expense or cash flows.
The fair market value of our debt is sensitive to changes in interest rates, and the impact of a 10% change in interest rates is summarized below.
## Table 2 ##
We have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates.
We do not have any interest rate swaps outstanding as of December 31, 2015.
We had $1,509.7 of cash, cash equivalents and marketable securities as of December 31, 2015 that we generally invest in conservative, short-term bank deposits or securities.
The interest income generated from these investments is subject to both domestic and foreign interest rate movements.
During 2015 and 2014, we had interest income of $22.8 and $27.4, respectively.
Based on our 2015 results, a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $15.0, assuming that all cash, cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 levels.
Foreign Currency Rates We are subject to translation and transaction risks related to changes in foreign currency exchange rates.
Since we report revenues and expenses in U. S.  Dollars, changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses (as expressed in U. S.  Dollars) from foreign operations.
The primary foreign currencies that impacted our results during 2015 included the Australian Dollar, Brazilian Real, British Pound Sterling and Euro.
Based on 2015 exchange rates and operating results, if the U. S.  Dollar were to strengthen or weaken by 10%, we currently estimate operating income would decrease or increase approximately 4%, assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2015 levels.
The functional currency of our foreign operations is generally their respective local currency.
Assets and liabilities are translated at the exchange rates in effect at the balance sheet date, and revenues and expenses are translated at the average exchange rates during the period presented.
The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, net of tax, in the stockholders’ equity section of our Consolidated Balance Sheets.
Our foreign subsidiaries generally collect revenues and pay expenses in their functional currency, mitigating transaction risk.
However, certain subsidiaries may enter into transactions in currencies other than their functional currency.
Assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement.
Currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses.
We regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures.
We do not enter into foreign exchange contracts or other derivatives for speculative purposes.

<table><tr><td></td><td colspan="4">December 31, 2017</td><td colspan="4">December 31, 2016</td></tr><tr><td>(in millions)</td><td>Amortized Cost</td><td>Gross Unrealized Gains</td><td>Gross Unrealized Losses</td><td>Fair Value</td><td>Amortized Cost</td><td>Gross Unrealized Gains</td><td>Gross Unrealized Losses</td><td>Fair Value</td></tr><tr><td>Securities Available for Sale</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and other</td><td>$12</td><td>$—</td><td>$—</td><td>$12</td><td>$30</td><td>$—</td><td>$—</td><td>$30</td></tr><tr><td>State and political subdivisions</td><td>6</td><td>—</td><td>—</td><td>6</td><td>8</td><td>—</td><td>—</td><td>8</td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal agencies and U.S. government sponsored entities</td><td>20,065</td><td>40</td><td>-277</td><td>19,828</td><td>19,231</td><td>78</td><td>-264</td><td>19,045</td></tr><tr><td>Other/non-agency</td><td>311</td><td>7</td><td>-7</td><td>311</td><td>427</td><td>2</td><td>-28</td><td>401</td></tr><tr><td>Total mortgage-backed securities</td><td>20,376</td><td>47</td><td>-284</td><td>20,139</td><td>19,658</td><td>80</td><td>-292</td><td>19,446</td></tr><tr><td>Total debt securities available for sale</td><td>20,394</td><td>47</td><td>-284</td><td>20,157</td><td>19,696</td><td>80</td><td>-292</td><td>19,484</td></tr><tr><td>Marketable equity securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>5</td><td>—</td><td>—</td><td>5</td></tr><tr><td>Other equity securities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>12</td><td>—</td><td>—</td><td>12</td></tr><tr><td>Total equity securities available for sale</td><td>—</td><td>—</td><td>—</td><td>—</td><td>17</td><td>—</td><td>—</td><td>17</td></tr><tr><td>Total securities available for sale</td><td>$20,394</td><td>$47</td><td>-$284</td><td>$20,157</td><td>$19,713</td><td>$80</td><td>-$292</td><td>$19,501</td></tr><tr><td>Securities Held to Maturity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal agencies and U.S. government sponsored entities</td><td>$3,853</td><td>$7</td><td>-$46</td><td>$3,814</td><td>$4,126</td><td>$12</td><td>-$44</td><td>$4,094</td></tr><tr><td>Other/non-agency</td><td>832</td><td>22</td><td>—</td><td>854</td><td>945</td><td>19</td><td>—</td><td>964</td></tr><tr><td>Total securities held to maturity</td><td>$4,685</td><td>$29</td><td>-$46</td><td>$4,668</td><td>$5,071</td><td>$31</td><td>-$44</td><td>$5,058</td></tr><tr><td>Other Investment Securities, at Fair Value</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money market mutual fund</td><td>$165</td><td>$—</td><td>$—</td><td>$165</td><td>$91</td><td>$—</td><td>$—</td><td>$91</td></tr><tr><td>Other investments</td><td>4</td><td>—</td><td>—</td><td>4</td><td>5</td><td>—</td><td>—</td><td>5</td></tr><tr><td>Total other investment securities, at fair value</td><td>$169</td><td>$—</td><td>$—</td><td>$169</td><td>$96</td><td>$—</td><td>$—</td><td>$96</td></tr><tr><td>Other Investment Securities, at Cost</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Reserve Bank stock</td><td>$463</td><td>$—</td><td>$—</td><td>$463</td><td>$463</td><td>$—</td><td>$—</td><td>$463</td></tr><tr><td>Federal Home Loan Bank stock</td><td>252</td><td>—</td><td>—</td><td>252</td><td>479</td><td>—</td><td>—</td><td>479</td></tr><tr><td>Other equity securities</td><td>7</td><td>—</td><td>—</td><td>7</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total other investment securities, at cost</td><td>$722</td><td>$—</td><td>$—</td><td>$722</td><td>$942</td><td>$—</td><td>$—</td><td>$942</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td>(in millions)</td><td>2017</td><td>2016</td></tr><tr><td>Undrawn commitments to extend credit</td><td>$62,959</td><td>$60,872</td></tr><tr><td>Financial standby letters of credit</td><td>2,036</td><td>1,892</td></tr><tr><td>Performance letters of credit</td><td>47</td><td>40</td></tr><tr><td>Commercial letters of credit</td><td>53</td><td>43</td></tr><tr><td>Marketing rights</td><td>41</td><td>44</td></tr><tr><td>Risk participation agreements</td><td>16</td><td>19</td></tr><tr><td>Residential mortgage loans sold with recourse</td><td>7</td><td>8</td></tr><tr><td>Total</td><td>$65,159</td><td>$62,918</td></tr></table>
<table><tr><td></td><td>Increase/(Decrease)in Fair Market Value</td></tr><tr><td>As of December 31,</td><td>10% Increasein Interest Rates</td><td>10% Decreasein Interest Rates</td></tr><tr><td>2015</td><td>$-33.7</td><td>$34.7</td></tr><tr><td>2014</td><td>-35.5</td><td>36.6</td></tr></table>

Question: In the year with the most Total debt securities available for sale for Fair Value, what is the growth rate of Total securities available for sale for Fair Value?
Answer: 0.03364