security.
In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date.
These borrowings are reflected in the table as maturing at their contractual maturity date.
During 2015, the Corporation had total long-term debt maturities and redemptions in the aggregate of $40.4 billion consisting of $25.3 billion for Bank of America Corporation, $6.6 billion for Bank of America, N. A.  and $8.5 billion of other debt.
During 2014, the Corporation had total long-term debt maturities and redemptions in the aggregate of $53.7 billion consisting of $33.9 billion for Bank of America Corporation, $8.9 billion for Bank of America, N. A.  and $10.9 billion of other debt.
## Table 0 ##
(1) Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet.
Trust Preferred and Hybrid Securities Trust preferred securities (Trust Securities) are primarily issued by trust companies (the Trusts) that are not consolidated.
These Trust Securities are mandatorily redeemable preferred security obligations of the Trusts.
The sole assets of the Trusts generally are junior subordinated deferrable interest notes of the Corporation or its subsidiaries (the Notes).
The Trusts generally are 100 percent-owned finance subsidiaries of the Corporation.
Obligations associated with the Notes are included in the longterm debt table on page 193.
Certain of the Trust Securities were issued at a discount and may be redeemed prior to maturity at the option of the Corporation.
The Trusts generally have invested the proceeds of such Trust Securities in the Notes.
Each issue of the Notes has an interest rate equal to the corresponding Trust Securities distribution rate.
The Corporation has the right to defer payment of interest on the Notes at any time or from time to time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the relevant Notes.
During any such extension period, distributions on the Trust Securities will also be deferred and the Corporation’s ability to pay dividends on its common and preferred stock will be restricted.
The Trust Securities generally are subject to mandatory redemption upon repayment of the related Notes at their stated maturity dates or their earlier redemption at a redemption price equal to their liquidation amount plus accrued distributions to the date fixed for redemption and the premium, if any, paid by the Corporation upon concurrent repayment of the related Notes.
Periodic cash payments and payments upon liquidation or redemption with respect to Trust Securities are guaranteed by the Corporation or its subsidiaries to the extent of funds held by the Trusts (the Preferred Securities Guarantee).
The Preferred Securities Guarantee, when taken together with the Corporation’s other obligations including its obligations under the Notes, generally will constitute a full and unconditional guarantee, on a subordinated basis, by the Corporation of payments due on the Trust Securities.
On December 29, 2015, the Corporation provided notice of the redemption, which settled on January 29, 2016, of all trust preferred securities of Merrill Lynch Preferred Capital Trust III, Merrill Lynch Preferred Capital Trust IV and Merrill Lynch Preferred Capital Trust V with a total carrying value in the aggregate of $2.0 billion.
In connection with the Corporation’s acquisition of Merrill Lynch & Co. , Inc.  (Merrill Lynch) in 2009, the Corporation recorded a discount to par value as purchase accounting adjustments associated with these Trust Preferred Securities.
The Corporation recorded a charge to net interest income of $612 million in 2015 related to the discount on the securities.
MANAGEMENT’S DISCUSSION AND ANALYSIS of financial condition and results of operations Gross Profit The following table provides a summary of our gross profit:
## Table 1 ##
In 2004, our gross profit, as a percentage of net sales, increased by 4.6 percentage points as compared to 2003.
Shifts in our product sales mix toward higher margin products, primarily drug-eluting coronary stent systems in the U. S. , increased our gross profit as a percentage of net sales by 6.5 percentage points.
This improvement in our gross profit as a percentage of net sales was partially reduced by 1.0 percentage point related to $57 million in inventory write-downs, with $43 million of that amount attributable to our recalls of certain coronary stent systems and $14 million attributable to the write-down of TAXUS stent inventory due to shelf-life dating.
In addition, other expenses primarily associated with increased investments in our manufacturing capabilities reduced gross profit as a percentage of net sales during 2004 by approximately 1.0 percentage point.
We anticipate that our gross profit will continue to increase during 2005 due to expected sales growth of higher margin products, including our TAXUS stent system.
In 2003, our gross profit, as a percentage of net sales, increased by 2.2 percentage points as compared to 2002.
Cost reductions resulting from prior year initiatives that related to plant network optimization, manufacturing process control and supply chain optimization increased gross profit as a percentage of net sales by 3.0 percentage points.
In addition, shifts in our product sales mix toward higher margin products, primarily coronary stents, increased gross profit as a percentage of net sales by 1.3 percentage points.
These improvements in gross profit were partially reduced by increased period expenses, including start-up costs associated with TAXUS stent system production, which decreased gross profit as a percentage of our net sales by 1.0 percentage point.
Operating Expenses The following table provides a summary of certain of our operating expenses:
## Table 2 ##
Selling, General and Administrative (SG&A) Expenses In 2004, our SG&A expenses increased by $571 million, or 49 percent, as compared to 2003.
The increase related primarily to approximately $200 million in additional marketing programs, increased headcount and higher sales force commission expenses, mainly attributable to our TAXUS stent program, and, to a lesser degree, to support our other product franchises; and $40 million due to the impact of foreign currency fluctuations.
In addition, our SG&A expenses in 2004 included charges of $110 million attributable to an enhancement to our 401(k) Plan and $90 million resulting from certain modifications to our stock option plans.
Further, our SG&A expenses included $40 million in operating expenses associated with our acquisition of Advanced Bionics.
As a percentage of our net sales, SG&A expenses decreased to 31.0 percent in 2004 from 33.7 percent in 2003 primarily due to the significant increase in our net sales in 2004.
We anticipate that SG&A expenses will continue to increase, but decrease as a percentage of net sales, excluding the impact of any future acquisitions, due to expected revenue growth and our plan to continue to grow SG&A spending at a slower rate than revenue.
In 2003, our SG&A expenses increased by $169 million, or 17 percent, as compared to 2002.
The increase related primarily to approximately $95 million in additional marketing programs, increased headcount and higher employee compensation, mainly attributable to our TAXUS stent program, and, to a lesser degree, to support our other product franchises; and $45 million due to the impact of foreign currency fluctuations.
As a percentage of our net sales, SG&A expenses decreased to 33.7 percent in 2003 from 34.3 percent in 2002 primarily due to our efforts to control general and administrative expenses.
reduced administrative expense.
In connection with this project, we eliminated 749 positions.
We incurred $54.7 million of net expenses, most of which was cash.
We recorded $0.4 million of restructuring charges relating to this action in fiscal 2018, restructuring charges were reduced by $0.4 million in fiscal 2017, and we incurred $54.7 million of restructuring charges in fiscal 2016.
This action was completed in fiscal 2018.
In fiscal 2015, we announced Project Century (Century) which initially involved a review of our North American manufacturing and distribution network to streamline operations and identify potential capacity reductions.
In fiscal 2016, we broadened the scope of Century to identify opportunities to streamline our supply chain outside of North America.
As part of Century, in the second quarter of fiscal 2016, we approved a restructuring plan to close manufacturing facilities in our Europe & Australia segment supply chain located in Berwick, United Kingdom and East Tamaki, New Zealand.
These actions affected 287 positions and we incurred $31.8 million of net expenses related to these actions, of which $12 million was cash.
We recorded $1.8 million of restructuring charges relating to these actions in fiscal 2017 and $30.0 million in fiscal 2016.
These actions were completed in fiscal 2017.
As part of Century, in the first quarter of fiscal 2016, we approved a restructuring plan to close our West Chicago, Illinois cereal and dry dinner manufacturing plant in our North America Retail segment supply chain.
This action affected 484 positions, and we incurred $109.3 million of net expenses relating to this action, of which $21 million was cash.
We recorded $6.9 million of restructuring charges relating to this action in fiscal 2018, $23.2 million in fiscal 2017 and $79.2 million in fiscal 2016.
This action was completed in fiscal 2018.
As part of Century, in the first quarter of fiscal 2016, we approved a restructuring plan to close our Joplin, Missouri snacks plant in our North America Retail segment supply chain.
This action affected 125 positions, and we incurred $8.0 million of net expenses relating to this action, of which less than $1 million was cash.
We recorded $1.4 million of restructuring charges relating to this action in fiscal 2018, $0.3 million in fiscal 2017, and $6.3 million in fiscal 2016.
This action was completed in fiscal 2018.
We paid cash related to restructuring initiatives of $53.6 million in fiscal 2018, $107.8 million in fiscal 2017, and $122.6 million in fiscal 2016.
In addition to restructuring charges, we expect to incur approximately $130 million of project-related costs, which will be recorded in cost of sales, all of which will be cash.
We recorded project-related costs in cost of sales of $11.3 million in fiscal 2018, $43.9 million in fiscal 2017, and $57.5 million in fiscal 2016.
We paid cash for project-related costs of $10.9 million in fiscal 2018, $46.9 million in fiscal 2017, and $54.5 million in fiscal 2016.
We expect these activities to be completed in fiscal 2019.
Restructuring charges and project-related costs are classified in our Consolidated Statements of Earnings as follows:

<table><tr><td>(Dollars in millions)</td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>2020</td><td>Thereafter</td><td>Total</td></tr><tr><td>Bank of America Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>$16,777</td><td>$18,303</td><td>$20,211</td><td>$16,820</td><td>$11,351</td><td>$40,299</td><td>$123,761</td></tr><tr><td>Senior structured notes</td><td>4,230</td><td>2,352</td><td>1,942</td><td>1,374</td><td>955</td><td>6,695</td><td>17,548</td></tr><tr><td>Subordinated notes</td><td>4,861</td><td>4,885</td><td>2,677</td><td>1,479</td><td>3</td><td>18,340</td><td>32,245</td></tr><tr><td>Junior subordinated notes</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>5,848</td><td>5,848</td></tr><tr><td>Total Bank of America Corporation</td><td>25,868</td><td>25,540</td><td>24,830</td><td>19,673</td><td>12,309</td><td>71,182</td><td>179,402</td></tr><tr><td>Bank of America, N.A.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>3,048</td><td>3,648</td><td>5,709</td><td>—</td><td>—</td><td>20</td><td>12,425</td></tr><tr><td>Subordinated notes</td><td>1,056</td><td>3,447</td><td>—</td><td>1</td><td>—</td><td>1,712</td><td>6,216</td></tr><tr><td>Advances from Federal Home Loan Banks</td><td>6,003</td><td>10</td><td>10</td><td>15</td><td>12</td><td>122</td><td>6,172</td></tr><tr><td>Securitizations and other Bank VIEs<sup>-1</sup></td><td>1,290</td><td>3,550</td><td>2,300</td><td>2,450</td><td>—</td><td>166</td><td>9,756</td></tr><tr><td>Other</td><td>53</td><td>2,713</td><td>76</td><td>85</td><td>30</td><td>28</td><td>2,985</td></tr><tr><td>Total Bank of America, N.A.</td><td>11,450</td><td>13,368</td><td>8,095</td><td>2,551</td><td>42</td><td>2,048</td><td>37,554</td></tr><tr><td>Other debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Senior notes</td><td>—</td><td>1</td><td>—</td><td>—</td><td>—</td><td>29</td><td>30</td></tr><tr><td>Structured liabilities</td><td>3,110</td><td>2,029</td><td>1,175</td><td>882</td><td>1,034</td><td>6,744</td><td>14,974</td></tr><tr><td>Nonbank VIEs<sup>-1</sup></td><td>2,506</td><td>240</td><td>42</td><td>22</td><td>—</td><td>1,507</td><td>4,317</td></tr><tr><td>Other</td><td>400</td><td>57</td><td>—</td><td>—</td><td>—</td><td>30</td><td>487</td></tr><tr><td>Total other debt</td><td>6,016</td><td>2,327</td><td>1,217</td><td>904</td><td>1,034</td><td>8,310</td><td>19,808</td></tr><tr><td>Total long-term debt</td><td>$43,334</td><td>$41,235</td><td>$34,142</td><td>$23,128</td><td>$13,385</td><td>$81,540</td><td>$236,764</td></tr></table>
<table><tr><td></td><td colspan="2"> 2004</td><td colspan="2"> 2003</td><td colspan="2"> 2002</td></tr><tr><td>(in millions)</td><td> $</td><td> % of Net  Sales</td><td> $</td><td> % of Net  Sales</td><td> $</td><td> % of Net  Sales</td></tr><tr><td>Gross profit</td><td>4,332</td><td>77.0</td><td>2,515</td><td>72.4</td><td>2,049</td><td>70.2</td></tr></table>
<table><tr><td></td><td colspan="2"> 2004</td><td colspan="2"> 2003</td><td colspan="2"> 2002</td></tr><tr><td>(in millions)</td><td> $</td><td> % of Net  Sales</td><td> $</td><td> % of Net  Sales</td><td> $</td><td> % of Net  Sales</td></tr><tr><td>Selling, general andadministrative expenses</td><td>1,742</td><td>31.0</td><td>1,171</td><td>33.7</td><td>1,002</td><td>34.3</td></tr><tr><td>Research and development expenses</td><td>569</td><td>10.1</td><td>452</td><td>13.0</td><td>343</td><td>11.8</td></tr><tr><td>Royalty expense</td><td>195</td><td>3.5</td><td>54</td><td>1.6</td><td>36</td><td>1.2</td></tr><tr><td>Amortization expense</td><td>112</td><td>2.0</td><td>89</td><td>2.6</td><td>72</td><td>2.5</td></tr></table>

Question: Which year is Subordinated notes of Bank of America Corporation the most?
Answer: 2017