MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) associated with our client deposit liabilities is assumed to increase at a slower pace than the investment returns derived from our current balance sheet or the associated reinvestment of our interestearning assets, resulting in an overall increase to NIR.
EVE, on the other hand, measures the present value change of both principal and interest cash flows based on the current period-end balance sheet.
As a result, EVE does not contemplate reinvestment of our assets associated with a change in the interest-rate environment.
Although NIR in both NIR-at-risk and EVE sensitivity is higher in response to increased interest rates, the future principal flows from fixed-rate investments are discounted at higher rates for EVE, which results in lower asset values and a corresponding reduction or loss in EVE.
As noted above, NIR-at-risk does not analyze changes in the value of principal cash flows and therefore does not experience the same reduction experienced by EVE sensitivity associated with discounting principal cash flows at higher rates.
Net Interest Revenue at Risk NIR-at-risk is designed to estimate the potential impact of changes in global market interest rates on NIR in the short term.
The impact of changes in market rates on NIR is measured against a baseline NIR which encompasses management's expectations regarding the evolving balance sheet volumes and interest rates in the near-term.
The goal is to achieve an acceptable level of NIR under various interest-rate environments.
Assumptions regarding levels of client deposits and our ability to price these deposits under various rate environments have a significant impact on the results of the NIR simulations.
Similarly, the timing of cash flows from our investment portfolio, especially option-embedded financial instruments like mortgage-backed securities, and our ability to replace these cash flows in line with management's expectations, can affect the results of NIR simulations.
The following table presents the estimated exposure of our NIR for the next twelve months, calculated as of the dates indicated, due to an immediate +/-100-basis-point shift to our internal forecast of global interest rates.
We manage our NIR sensitivity to limit declines to 15% or less from baseline NIR.
Estimated incremental exposures presented below are dependent on management's assumptions, and do not reflect any additional actions management may undertake in order to mitigate some of the adverse effects of changes in interest rates on our financial performance.
TABLE 42: NIR ESTIMATED EXPOSURE
## Table 0 ##
As of December 31, 2014, NIR sensitivity to an upward-100-basis-point shock in global interest rates was higher compared to such sensitivity as of December 31, 2013, due to a higher level of forecast client deposits.
The benefit to NIR of an upward-100- basis-point ramp is less significant than a shock, since interest rates are assumed to increase gradually.
NIR sensitivity to a downward-100-basis-point shock in global interest rates as of December 31, 2014 increased compared to such sensitivity as of December 31, 2013, due to higher levels of forecast client deposits.
Increased levels of forecast client deposits, while beneficial to baseline NIR, do not provide relief in the downward shock scenario, as the deposits have no room to fully re-price from current levels as their pricing basis falls.
A downward-100- basis-point shock in global interest rates places pressure on NIR, as deposit rates reach their implicit floors due to the exceptionally low global interest-rate environment, and provide little funding relief on the liability side, while assets re-price into the lower-rate environment.
The adverse impact on projected NIR due to a downward-100-basis-point ramp is less significant than a shock since interest rates are assumed to decrease gradually, thereby reducing the level of projected spread compression experienced between assets and liabilities over a twelve-month horizon.
Our baseline NIR incorporates an expectation that short-term interest rates will begin to rise in anticipation of central bank tightening of current monetary policies.
While this rise in rates benefits our baseline NIR, it is detrimental to our NIR sensitivity to a downward-100-basis-point shock, as rising short-term interest rates allow asset yields to re-price lower in a downward shock scenario than previously, while deposits are still priced close to natural floors.
Other important factors which affect the levels of NIR are the size and mix of assets carried in our consolidated statement of condition; interest-rate spreads; the slope and interest-rate level of U. S.  and non-U.
S.  dollar yield curves and the relationship between them; the pace of change in global market
## Table 1 ##
State Street Corporation
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
## Table 2 ##
(1) The maturities of mortgage-backed securities, asset-backed securities and collateralized mortgage obligations are based on expected principal payments.
(2) Yields were calculated on a fully taxable-equivalent basis, using applicable federal and state income tax rates.
Impairment Impairment exists when the fair value of an individual security is below its amortized cost basis.
Impairment of a security is further assessed to determine whether such impairment is other-thantemporary.
When the impairment is deemed to be other-than-temporary, we record the loss in our consolidated statement of income.
In addition, for debt securities available for sale and held to maturity, we record impairment in our consolidated statement of income when management intends to sell (or may be required to sell) the securities before they recover in value, or when management expects the present value of cash flows expected to be collected from the securities to be less than the amortized cost of the impaired security (a credit loss).
ADOBE SYSTEMS INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 89 In the first quarter of fiscal 2013, the Executive Compensation Committee certified the actual performance achievement of participants in the 2012 Performance Share Program (the “2012 Program”).
Based upon the achievement of specific and/or marketbased performance goals outlined in the 2012 Program, participants had the ability to receive up to 150% of the target number of shares originally granted.
Actual performance resulted in participants achieving 116% of target or approximately 1.3 million shares for the 2012 Program.
One third of the shares under the 2012 Program vested in the first quarter of fiscal 2013 and the remaining two thirds vest evenly on the following two anniversaries of the grant, contingent upon the recipient's continued service to Adobe.
In the first quarter of fiscal 2012, the Executive Compensation Committee certified the actual performance achievement of participants in the 2011 Performance Share Program (the “2011 Program”).
Based upon the achievement of goals outlined in the 2011 Program, participants had the ability to receive up to 150% of the target number of shares originally granted.
Actual performance resulted in participants achieving 130% of target or approximately 0.5 million shares for the 2011 Program.
One third of the shares under the 2011 Program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on the following two annual anniversary dates of the grant, contingent upon the recipient's continued service to Adobe.
In the first quarter of fiscal 2011, the Executive Compensation Committee certified the actual performance achievement of participants in the 2010 Performance Share Program (the “2010 Program”).
Based upon the achievement of goals outlined in the 2010 Program, participants had the ability to receive up to 150% of the target number of shares originally granted.
Actual performance resulted in participants achieving 135% of target or approximately 0.3 million shares for the 2010 Program.
One third of the shares under the 2011 Program vested in the first quarter of fiscal 2012 and the remaining two thirds vest evenly on the following two annual anniversary dates of the grant, contingent upon the recipient's continued service to Adobe.
The following table sets forth the summary of performance share activity under our 2010, 2011 and 2012 programs, based upon share awards actually achieved, for the fiscal years ended November 29, 2013, November 30, 2012 and December 2, 2011 (in thousands):
## Table 3 ##
The total fair value of performance awards vested during fiscal 2013, 2012 and 2011 was $25.4 million, $14.4 million and $14.8 million, respectively.
Average fixed and variable rates are, respectively, the weighted-average actual and market rates for the interest rate hedges in place.
Market rates are the rates prevailing at December 31, 2015 or 2014, as appropriate.
## Table 4 ##
Expected to mature before December 31,
## Table 5 ##
(i) Represents the net present value of the expected cash flows discounted at current market rates of interest or quoted market rates as appropriate.
(ii) Represents the estimated interest rate payable.
Legacy Willis Liquidity Risk Our objective is to ensure we have the ability to generate sufficient cash either from internal or external sources, in a timely and cost-effective manner, to meet our commitments as they fall due.
Our management of liquidity risk is embedded within our overall risk management framework.
Scenario analysis is continually undertaken to ensure that our resources can meet our liquidity requirements.
These resources are supplemented by access to $1,222 million under four revolving credit facilities, of which $355 million is available (and undrawn) for general corporate purposes.
We undertake short-term foreign exchange swaps for liquidity purposes.
See ‘Liquidity and Capital Resources’ section under Item 7, ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’.
Legacy Willis Credit Risk and Concentrations of Credit Risk Credit risk represents the loss that would be recognized at the reporting date if counterparties failed to perform as contracted and from movements in interest rates and foreign exchange rates.
The Company currently does not anticipate non-performance by its counterparties.
The Company generally does not require collateral or other security to support financial instruments with credit risk.
Concentrations of credit risk that arise from financial instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions.
Financial instruments on the balance sheet that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, fiduciary funds, accounts receivable and derivatives which are recorded at fair value.
Willis Towers Watson plc 110 4.
SHARE-BASED COMPENSATION On December 31, 2015, the Company had a number of open share-based compensation plans, which provide for the grant of time-based options and performance-based options, time-based restricted stock units and performance-based restricted stock units, and various other share-based grants to employees.
All of the Company’s share-based compensation plans under which any options, restricted stock units or other share-based grants are outstanding as at December 31, 2015 are described below.
The compensation cost that has been recognized for those plans for the year ended December 31, 2015 was $64 million (2014: $52 million; 2013: $42 million).
The total income tax benefit recognized in the statement of operations for share-based compensation arrangements for the year ended December 31, 2015 was $15 million (2014: $12 million; 2013: $9 million).2012 Equity Incentive Plan This plan, which was established on April 25, 2012, provides for the granting of incentive stock options, time-based or performancebased non-statutory stock options, share appreciation rights, restricted shares, time-based or performance-based restricted share units (‘RSUs’), performance-based awards and other share-based grants or any combination thereof (collectively referred to as ‘Awards’) to employees, officers, directors and consultants (‘Eligible Individuals’) of the Company.
The Board of Directors also adopted a sub-plan under the 2012 plan to provide an employee sharesave scheme in the United Kingdom.
There were approximately 23 million shares available for grant under this plan.
Options are exercisable on a variety of dates, including from the second, third, fourth or fifth anniversary of grant.
Unless terminated sooner by the Board of Directors, the 2012 Plan will expire 10 years after the date of its adoption.
That termination will not affect the validity of any grants outstanding at that date.2008 Share Purchase and Option Plan This plan, which was established on April 23, 2008, provides for the granting of time and performance-based options, restricted stock units and various other share-based grants at fair market value to employees of the Company.
The 2008 plan was terminated as at April 25, 2012 and no further grants will be made under this plan.
Any shares available for grant under the 2008 plan were included in the 2012 Equity Incentive Plan availability.
Options are exercisable on a variety of dates, including from the third, fourth or fifth anniversary of grant.
Employee Stock Purchase Plans The Company adopted the Willis Group Holdings 2001 North America Employee Share Purchase Plan, which expired on May 31, 2011 and the Willis Group Holdings 2010 North America Employee Stock Purchase Plan, which expires on May 31, 2020.
These plans provide certain eligible employees in the United States and Canada the ability to contribute payroll deductions to the purchase of Willis Group Holdings plc shares at the end of each offering period.
Option Valuation Assumptions The fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table.
Expected volatility is based on historical volatility of the Company’s stock.
The Company uses the simplified method set out in Accounting Standard Codification (‘ASC’) 718-10-S99 to derive the expected term of options granted as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="4">Estimated Exposure toNet Interest Revenue</td></tr><tr><td>(Dollars in millions)</td><td colspan="2">December 31,2014</td><td colspan="2">December 31,2013</td></tr><tr><td>Rate change:</td><td>Exposure</td><td>% of Base NIR</td><td>Exposure</td><td>% of Base NIR</td></tr><tr><td>+100 bps shock</td><td>$384</td><td>16.6%</td><td>$334</td><td>14.0%</td></tr><tr><td>–100 bps shock</td><td>-328</td><td>-14.2</td><td>-261</td><td>-10.9</td></tr><tr><td>+100 bps ramp</td><td>149</td><td>6.5</td><td>126</td><td>5.3</td></tr><tr><td>–100 bps ramp</td><td>-192</td><td>-8.3</td><td>-124</td><td>-5.2</td></tr></table>
<table><tr><td></td><td>2009</td><td>2010</td><td>2011</td><td>2012</td><td>2013</td><td>2014</td></tr><tr><td>State Street Corporation</td><td>$100</td><td>$107</td><td>$114</td><td>$101</td><td>$120</td><td>$190</td></tr><tr><td>S&P 500 Index</td><td>100</td><td>115</td><td>132</td><td>135</td><td>157</td><td>208</td></tr><tr><td>S&P Financial Index</td><td>100</td><td>112</td><td>126</td><td>104</td><td>135</td><td>183</td></tr><tr><td>KBW Bank Index</td><td>100</td><td>123</td><td>152</td><td>117</td><td>153</td><td>211</td></tr></table>
<table><tr><td>As of December 31, 2014</td><td colspan="2">Under 1 Year</td><td colspan="2">1 to 5 Years</td><td colspan="2">6 to 10 Years</td><td colspan="2">Over 10 Years</td></tr><tr><td>(Dollars in millions)</td><td>Amount</td><td>Yield</td><td>Amount</td><td>Yield</td><td>Amount</td><td>Yield</td><td>Amount</td><td>Yield</td></tr><tr><td>Available for sale<sup>-1</sup>:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>$—</td><td>—%</td><td>$6,841</td><td>1.11%</td><td>$3,287</td><td>2.61%</td><td>$527</td><td>2.04%</td></tr><tr><td>Mortgage-backed securities</td><td>107</td><td>2.75</td><td>2,389</td><td>3.20</td><td>4,421</td><td>3.07</td><td>13,797</td><td>3.01</td></tr><tr><td>Asset-backed securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Student loans</td><td>515</td><td>.90</td><td>6,100</td><td>.54</td><td>3,823</td><td>.66</td><td>2,022</td><td>.68</td></tr><tr><td>Credit cards</td><td>381</td><td>.80</td><td>1,562</td><td>.76</td><td>1,110</td><td>1.65</td><td>—</td><td>—</td></tr><tr><td>Sub-prime</td><td>3</td><td>4.86</td><td>13</td><td>1.30</td><td>1</td><td>6.15</td><td>934</td><td>.76</td></tr><tr><td>Other</td><td>244</td><td>.51</td><td>961</td><td>.69</td><td>1,268</td><td>1.21</td><td>1,672</td><td>1.36</td></tr><tr><td>Total asset-backed</td><td>1,143</td><td></td><td>8,636</td><td></td><td>6,202</td><td></td><td>4,628</td><td></td></tr><tr><td>Non-U.S. debt securities:</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>2,315</td><td>1.52</td><td>3,463</td><td>1.54</td><td>576</td><td>1.19</td><td>3,252</td><td>2.93</td></tr><tr><td>Asset-backed securities</td><td>272</td><td>1.01</td><td>2,698</td><td>.87</td><td>166</td><td>2.13</td><td>90</td><td>1.47</td></tr><tr><td>Government securities</td><td>2,321</td><td>.48</td><td>1,588</td><td>1.41</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other</td><td>1,757</td><td>2.81</td><td>2,801</td><td>1.80</td><td>870</td><td>.74</td><td>—</td><td>—</td></tr><tr><td>Total non-U.S. debt securities</td><td>6,665</td><td></td><td>10,550</td><td></td><td>1,612</td><td></td><td>3,342</td><td></td></tr><tr><td>State and political subdivisions<sup>-2</sup></td><td>699</td><td>4.96</td><td>3,003</td><td>4.90</td><td>4,715</td><td>5.98</td><td>2,403</td><td>6.04</td></tr><tr><td>Collateralized mortgage obligations</td><td>227</td><td>4.56</td><td>1,149</td><td>2.98</td><td>1,072</td><td>2.66</td><td>2,891</td><td>2.91</td></tr><tr><td>Other U.S. debt securities</td><td>814</td><td>4.02</td><td>2,967</td><td>3.93</td><td>294</td><td>3.94</td><td>34</td><td>.78</td></tr><tr><td>Total</td><td>$9,655</td><td></td><td>$35,535</td><td></td><td>$21,603</td><td></td><td>$27,622</td><td></td></tr><tr><td>Held to maturity<sup>-1</sup>:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury and federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct Obligations</td><td>$—</td><td>—%</td><td>$—</td><td>—%</td><td>$5,000</td><td>2.09%</td><td>$114</td><td>.59%</td></tr><tr><td>Mortgage-backed securities</td><td>1</td><td>5.00</td><td>11</td><td>5.00</td><td>12</td><td>5.00</td><td>38</td><td>5.35</td></tr><tr><td>Asset-backed securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Student loans</td><td>6</td><td>1.26</td><td>182</td><td>.81</td><td>375</td><td>.98</td><td>1,251</td><td>.73</td></tr><tr><td>Credit cards</td><td>—</td><td>—</td><td>375</td><td>.61</td><td>522</td><td>.57</td><td>—</td><td>—</td></tr><tr><td>Other</td><td>15</td><td>.57</td><td>367</td><td>.47</td><td>191</td><td>.62</td><td>4</td><td>.61</td></tr><tr><td>Total asset-backed</td><td>21</td><td></td><td>924</td><td></td><td>1,088</td><td></td><td>1,255</td><td></td></tr><tr><td>Non-U.S. debt securities:</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>503</td><td>1.30</td><td>1,102</td><td>1.06</td><td>157</td><td>3.74</td><td>2,025</td><td>1.59</td></tr><tr><td>Asset-backed securities</td><td>105</td><td>1.58</td><td>2,567</td><td>.69</td><td>196</td><td>.97</td><td>—</td><td>—</td></tr><tr><td>Government securities</td><td>154</td><td>.64</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other</td><td>—</td><td>—</td><td>72</td><td>.44</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total non-U.S. debt securities</td><td>762</td><td></td><td>3,741</td><td></td><td>353</td><td></td><td>2,025</td><td></td></tr><tr><td>State and political subdivisions<sup>-2</sup></td><td>7</td><td>5.78</td><td>2</td><td>6.38</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Collateralized mortgage obligations</td><td>574</td><td>2.62</td><td>460</td><td>3.72</td><td>498</td><td>1.41</td><td>837</td><td>2.08</td></tr><tr><td>Total</td><td>$1,365</td><td></td><td>$5,138</td><td></td><td>$6,951</td><td></td><td>$4,269</td><td></td></tr></table>
<table><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Beginning outstanding balance</td><td>388</td><td>405</td><td>557</td></tr><tr><td>Achieved</td><td>1,279</td><td>492</td><td>337</td></tr><tr><td>Released</td><td>-665</td><td>-464</td><td>-436</td></tr><tr><td>Forfeited</td><td>-141</td><td>-45</td><td>-53</td></tr><tr><td>Ending outstanding balance</td><td>861</td><td>388</td><td>405</td></tr></table>
<table><tr><td></td><td colspan="5">Expected to mature before December 31,</td><td></td><td></td><td></td></tr><tr><td>December 31, 2015</td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>2020</td><td>Thereafter</td><td>Total</td><td>Fair Value<sup>(i)</sup></td></tr><tr><td></td><td colspan="8">($ millions, except percentages)</td></tr><tr><td>Fixed rate debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal ($)</td><td>300</td><td>394</td><td>—</td><td>187</td><td>—</td><td>1,025</td><td>1,906</td><td>2,012</td></tr><tr><td>Fixed rate payable</td><td>4.125%</td><td>6.200%</td><td>—</td><td>7.000%</td><td>—</td><td>5.576%</td><td>5.616%</td><td></td></tr><tr><td>Floating rate debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal ($)</td><td>694</td><td>22</td><td>664</td><td>—</td><td>—</td><td>—</td><td>1,380</td><td>1,380</td></tr><tr><td>Variable rate payable<sup>(ii)</sup></td><td>1.647%</td><td>2.323%</td><td>2.451%</td><td>—</td><td>—</td><td></td><td>2.045%</td><td></td></tr><tr><td>Derivatives - interest rate swaps</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Notional principal ($)</td><td>—</td><td>—</td><td>300</td><td>—</td><td>—</td><td>—</td><td>300</td><td>—</td></tr><tr><td>Fixed rate receivable</td><td>—</td><td>—</td><td>1.167%</td><td>—</td><td>—</td><td>—</td><td>1.167%</td><td></td></tr><tr><td>Variable rate payable</td><td>—</td><td>—</td><td>0.900%</td><td>—</td><td>—</td><td>—</td><td>0.900%</td><td></td></tr></table>
<table><tr><td></td><td colspan="5">Expected to mature before December 31,</td><td></td><td></td><td></td></tr><tr><td>December 31, 2014</td><td>2015</td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>Thereafter</td><td>Total</td><td>Fair Value<sup>(i)</sup></td></tr><tr><td></td><td colspan="8">($ millions, except percentages)</td></tr><tr><td>Fixed rate debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal ($)</td><td>148</td><td>300</td><td>394</td><td>—</td><td>187</td><td>1,025</td><td>2,054</td><td>2,237</td></tr><tr><td>Fixed rate payable</td><td>5.625%</td><td>4.125%</td><td>6.200%</td><td>—</td><td>7.000%</td><td>5.576%</td><td>5.617%</td><td></td></tr><tr><td>Floating rate debt</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal ($)</td><td>17</td><td>23</td><td>22</td><td>197</td><td>—</td><td>—</td><td>259</td><td>259</td></tr><tr><td>Variable rate payable<sup>(ii)</sup></td><td>2.26%</td><td>3.00%</td><td>3.43%</td><td>3.45%</td><td>—</td><td>—</td><td>3.40%</td><td></td></tr></table>

Question: In the year with the most Principal what is the growth rate of Principal?
Answer: -0.04545
Reasoning program: subtract(22,23), divide(#0,22)