$ 239 million , respectively , at december 31 , 2015 .the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) .the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary .12 .borrowings short-term borrowings 2016 revolving credit facility .the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) .the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 .the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility .commercial paper program .the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion .the commercial paper program is currently supported by the 2016 credit facility .at december 31 , 2016 , blackrock had no cp notes outstanding .long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .
[['( in millions )', 'maturityamount', 'unamortized discount and debt issuance costs', 'carrying value', 'fair value'], ['6.25% ( 6.25 % ) notes due 2017', '$ 700', '$ 2014', '$ 700', '$ 724'], ['5.00% ( 5.00 % ) notes due 2019', '1000', '-3 ( 3 )', '997', '1086'], ['4.25% ( 4.25 % ) notes due 2021', '750', '-4 ( 4 )', '746', '808'], ['3.375% ( 3.375 % ) notes due 2022', '750', '-4 ( 4 )', '746', '775'], ['3.50% ( 3.50 % ) notes due 2024', '1000', '-6 ( 6 )', '994', '1030'], ['1.25% ( 1.25 % ) notes due 2025', '738', '-6 ( 6 )', '732', '742'], ['total long-term borrowings', '$ 4938', '$ -23 ( 23 )', '$ 4915', '$ 5165']]
long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes .in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .the notes are listed on the new york stock exchange .the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year .the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .upon conversion to u.s .dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively .no hedge ineffectiveness was recognized during 2016 .2024 notes .in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes .2022 notes .in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

Question: what are the pre tax gains recognized in other comprehensive income in 2016?
Answer: 22