FINANCIAL CONDITION We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities.
Significant factors affecting liquidity include cash flows generated from operating activities, capital expenditures, acquisitions, dividends, repurchase of outstanding shares, adequacy of available commercial paper and bank lines of credit, and the ability to attract long-term capital with satisfactory terms.
We generate substantial cash from operations and remain in a strong financial position, with sufficient liquidity available for capital reinvestment, payment of dividends and strategic acquisitions.
Cash Flow Summary The following table is derived from our Consolidated Statement of Cash Flows:
## Table 0 ##
Operating activities Our principal source of liquidity is operating cash flows.
Our net income and, consequently, our cash provided by operations are impacted by sales volume, seasonal sales patterns, timing of new product introductions, profit margins and price changes.
Sales are typically higher during the third and fourth quarters of the year due to seasonal and holiday-related sales patterns.
Generally, working capital needs peak during the summer months.
We meet these needs primarily with cash on hand, bank borrowings or the issuance of commercial paper.
Cash provided by operating activities in 2014 decreased $350.2 million relative to 2013.
This decline was driven by the following factors: ?
Working capital (comprised of accounts receivable, inventory and accounts payable) consumed cash of $169 million in 2014 compared to $29 million in 2013.
Higher sales volumes late in the year and slightly higher accounts receivable days sales outstanding drove higher accounts receivable balances, while bulk purchases of certain ingredients at favorable pricing resulted in higher inventory balances.  ?
The impact of our hedging activities unfavorably impacted cash flow by $78 million in 2014 versus a positive $101 million impact in 2013.
This reflects the impact of non-cash gains and losses amortized to income from accumulated other comprehensive income, coupled with the cash flow impact of market gains and losses on our commodity futures.
Our cash outlays typically increase when futures market prices are decreasing.  ?
Lower incentive accruals and advertising and promotion accruals drove additional reductions in 2014 operating cash flow relative to 2013.
Partially offsetting these declines were higher net earnings adjusted for non-cash items (depreciation and amortization, stock-based compensation, deferred income taxes, impairments and loss on disposal of business) resulting from higher sales volumes during the year.
Cash provided by operating activities in 2013 increased $93.6 million as compared to 2012, primarily due to increased net earnings in 2013, partly offset by a $27 million incrementally higher investment in working capital to support the higher sales volumes.
Derivative activities had a similar impact on 2013 and 2012 operating cash flow.
Pension and Post-Retirement Activity.
We recorded net periodic benefit costs of $38.2 million, $55.8 million, and $83.5 million in 2014, 2013, and 2012, respectively, relating to our benefit plans (including our defined benefit and other post retirement plans).
The main drivers of fluctuations in expense from year to year are assumptions in formulating our long-term estimates, including discount rates used to value plan obligations, expected returns on plan assets, the service and interest costs, and the amortization of actuarial gains and losses, as well as a $20 million settlement loss in 2012 relating largely to the Next Century program.
benefits under the plans to the extent that they are not offset by gains and losses in subsequent years.
Net periodic pension plan expenses, calculated for all of International Paper’s plans, were as follows:
## Table 1 ##
The decrease in 2018 pension expense primarily reflects lower interest cost on a lower 2018 projected benefit obligation along with the current year absence of a curtailment loss and special termination benefits associated with the North American Consumer Packaging transaction, partially offset by a higher settlement loss in the current year associated with the October 2018 annuity purchase transaction.
Assuming that discount rates, expected long-term returns on plan assets and rates of future compensation increases remain the same as of December 31, 2018, projected future net periodic pension plan expenses would be as follows:
## Table 2 ##
The Company estimates that it will record net pension expense of approximately $103 million for its U. S.  defined benefit plans in 2019, compared to expense of $632 million in 2018.
The 2018 expense includes $424 million of settlement accounting charges.
Excluding these settlement charges, the estimated decrease in net pension expense in 2019 is primarily due to lower amortization of actuarial losses and lower service cost partially offset by lower asset returns due to the annuity purchase and a decrease in the expected long-term return on asset assumption from 7.50% in 2018 to 7.25% in 2019.
The market value of plan assets for International Paper’s U. S.  qualified pension plan at December 31, 2018 totaled approximately $8.7 billion, consisting of approximately 32% equity securities, 51% debt securities, 11% real estate funds and 6% other assets.
The Company’s funding policy for its qualified pension plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that the Company may determine to be appropriate considering the funded status of the plan, tax deductibility, the cash flows generated by the Company, and other factors.
The Company continually reassesses the amount and timing of any discretionary contributions and could elect to make voluntary contributions in the future.
There are no required contributions to the U. S.  qualified plan in 2019.
The nonqualified defined benefit plans are funded to the extent of benefit payments, which totaled $29 million for the year ended December 31, 2018.
Income Taxes International Paper records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates.
Where the Company believes that a tax position is supportable for income tax purposes, the item is included in its income tax returns.
Where treatment of a position is uncertain, liabilities are recorded based upon the Company’s evaluation of the “more likely than not” outcome considering technical merits of the position based on specific tax regulations and facts of each matter.
Changes to recorded liabilities are only made when an identifiable event occurs that changes the likely outcome, such as settlement with the relevant tax authority, the expiration of statutes of limitation for the subject tax year, change in tax laws, or recent court cases that are relevant to the matter.
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.
Significant judgment is required in evaluating the need for and magnitude of appropriate valuation allowances against deferred tax assets.
The realization of these assets is dependent on generating future taxable income, as well as successful implementation of various tax planning strategies.
While International Paper believes that these judgments and estimates are appropriate and reasonable under the circumstances, actual resolution of these matters may differ from recorded estimated amounts.
RECENT ACCOUNTING DEVELOPMENTS See Note 2 Recent Accounting Developments on pages 47 and 48 of Item 8.
Financial Statements and Supplementary Data for a discussion of new accounting pronouncements.
LEGAL PROCEEDINGS Information concerning the Company’s environmental and legal proceedings is set forth in Note 13 Commitments and Contingent Liabilities on pages 62 through 65 of Item 8.
Financial Statements and Supplementary Data.
EFFECT OF INFLATION While inflationary increases in certain input costs, such as energy, wood fiber and chemical costs, have an impact on the Company’s operating results, changes in general inflation have had minimal impact on our operating results
Lockheed Martin Corporation Lockheed Martin Investment Management Company (LMIMCO), a wholly-owned subsidiary of the Corporation, has the fiduciary responsibility for making investment decisions related to the assets of the Corporation’s defined benefit pension plans and retiree medical and life insurance plans.
LMIMCO’s investment objectives for the assets of the defined benefit pension plans are to minimize the net present value of expected funding contributions and to meet or exceed the rate of return assumed for plan funding purposes over the long term.
The investment objective for the assets of the retiree medical and life insurance plans is to meet or exceed the rate of return assumed for the plans for funding purposes over the long term.
The nature and duration of benefit obligations, along with assumptions concerning asset class returns and return correlations, are considered when determining an appropriate asset allocation to achieve the investment objectives.
Investment policies and strategies governing the assets of the plans are designed to achieve investment objectives within prudent risk parameters.
Risk management practices include the use of external investment managers and the maintenance of a portfolio diversified by asset class, investment approach and security holdings, and the maintenance of sufficient liquidity to meet benefit obligations as they come due.
LMIMCO’s investment policies require that asset allocations of defined benefit pension plans be maintained within the following ranges:
## Table 3 ##
Current policies for the plans target an asset mix of 65% in total equity securities and 35% in debt and other securities.
Investment policies for all plans limit the use of alternative investments and derivatives.
Investments in alternative asset classes or structures (e. g. , real estate, private equity, hedge funds and commodities) are limited to 15% of plan assets.
Investments in derivatives are subject to additional limitations and constraints, including a maximum notional value of futures of no more than 5% of plan assets.
Equity securities purchased by external investment managers and included in the assets of the defined benefit pension plans included issued and outstanding common stock of the Corporation in the amounts of $11 million (less than 0.05% of total plan assets) and $16 million (less than 0.08% of total plan assets) at December 31, 2005 and 2004, respectively.
Equity securities included in the assets of the retiree medical and life insurance plans included less than $1 million (less than 0.07% of total plan assets) of the Corporation’s issued and outstanding common stock at both December 31, 2005 and 2004.
The Corporation generally refers to U. S.  Government Cost Accounting Standards (CAS) and Internal Revenue Code rules in determining funding requirements for its pension plans.
The Corporation made discretionary prepayments totaling $980 million in 2005 to the defined benefit pension plans’ trust which will reduce its cash funding requirements for 2006.
In 2006, the Corporation expects to contribute $100 million— $110 million to its defined benefit pension plans and $230 million—$240 million to its retiree medical and life insurance plans, after giving consideration to the 2005 prepayments.
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
## Table 4 ##
The Corporation sponsors nonqualified defined benefit plans to provide benefits in excess of qualified plan limits.
The aggregate liabilities for these plans at December 31, 2005 were approximately $450 million.
The expense associated with these plans totaled $58 million in 2005, $61 million in 2004 and $60 million in 2003.
The Corporation also sponsors a small number of foreign benefit plans.
The liabilities and expenses associated with these plans are not material to the Corporation’s results of operations, financial position or cash flows.
Impaired Loans Impaired loans include commercial nonperforming loans and consumer and commercial TDRs, regardless of nonperforming status.
TDRs that were previously recorded at amortized cost and are now classified and accounted for as held for sale are also included.
Excluded from impaired loans are nonperforming leases, loans accounted for as held for sale other than the TDRs described in the preceding sentence, loans accounted for under the fair value option, smaller balance homogeneous type loans and purchased impaired loans.
See Note 4 Purchased Loans for additional information.
Nonperforming equipment lease financing loans of $7 million and $2 million at December 31, 2015 and 2014, respectively, are excluded from impaired loans pursuant to authoritative lease accounting guidance.
We did not recognize any interest income on impaired loans that have not returned to performing status, while they were impaired during the years ended December 31, 2015 and 2014.
The following table provides further detail on impaired loans individually evaluated for impairment and the associated ALLL.
Certain commercial and consumer impaired loans do not have a related ALLL as the valuation of these impaired loans exceeded the recorded investment.
Table 64: Impaired Loans
## Table 5 ##
(a) Associated allowance amounts include $.3 billion and $.4 billion for TDRs at December 31, 2015 and December 31, 2014, respectively.
(b) Average recorded investment is for the years ended December 31, 2015 and December 31, 2014, respectively

Tables referenced above, in order (Table 0 first):
<table><tr><td>In millions of dollars</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Net cash provided by (used in):</td><td></td><td></td><td></td></tr><tr><td>Operating activities</td><td>$838.2</td><td>$1,188.4</td><td>$1,094.8</td></tr><tr><td>Investing activities</td><td>-862.6</td><td>-351.6</td><td>-473.4</td></tr><tr><td>Financing activities</td><td>-719.3</td><td>-446.6</td><td>-586.9</td></tr><tr><td>Increase (decrease) in cash and cash equivalents</td><td>-743.7</td><td>390.2</td><td>34.5</td></tr></table>
<table><tr><td>In millions</td><td>2018</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Pension expense</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. plans</td><td>$632</td><td>$717</td><td>$809</td><td>$461</td><td>$387</td></tr><tr><td>Non-U.S. plans</td><td>4</td><td>5</td><td>4</td><td>6</td><td>—</td></tr><tr><td>Net expense</td><td>$636</td><td>$722</td><td>$813</td><td>$467</td><td>$387</td></tr></table>
<table><tr><td>In millions</td><td>2020</td><td>2019</td></tr><tr><td>Pension expense</td><td></td><td></td></tr><tr><td>U.S. plans</td><td>$88</td><td>$103</td></tr><tr><td>Non-U.S. plans</td><td>4</td><td>4</td></tr><tr><td>Net expense</td><td>$92</td><td>$107</td></tr></table>
<table><tr><td> <i>Investment Groups</i></td><td> <i>Asset Allocation Ranges</i></td></tr><tr><td>Equity securities</td><td>35 – 70%</td></tr><tr><td>Non-U.S. equity securities</td><td>0 – 25%</td></tr><tr><td>Debt securities</td><td>10 – 60%</td></tr><tr><td>Cash</td><td>0 – 35%</td></tr><tr><td>Other</td><td>0 – 15%</td></tr></table>
<table><tr><td> <i>(In millions)</i></td><td> <i>Pension</i> <i>Benefits</i></td><td> <i>Other</i> <i>Benefits</i></td></tr><tr><td>2006</td><td>$1,380</td><td>$260</td></tr><tr><td>2007</td><td>1,430</td><td>260</td></tr><tr><td>2008</td><td>1,490</td><td>270</td></tr><tr><td>2009</td><td>1,550</td><td>270</td></tr><tr><td>2010</td><td>1,610</td><td>270</td></tr><tr><td>Years 2011 – 2015</td><td>9,190</td><td>1,340</td></tr></table>
<table><tr><td>In millions</td><td>UnpaidPrincipalBalance</td><td>RecordedInvestment</td><td>AssociatedAllowance (a)</td><td>AverageRecordedInvestment (b)</td></tr><tr><td>December 31, 2015</td><td></td><td></td><td></td><td></td></tr><tr><td>Impaired loans with an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$442</td><td>$337</td><td>$84</td><td>$306</td></tr><tr><td>Commercial real estate</td><td>254</td><td>130</td><td>35</td><td>197</td></tr><tr><td>Home equity</td><td>978</td><td>909</td><td>216</td><td>965</td></tr><tr><td>Residential real estate</td><td>272</td><td>264</td><td>35</td><td>359</td></tr><tr><td>Credit card</td><td>108</td><td>108</td><td>24</td><td>118</td></tr><tr><td>Other consumer</td><td>31</td><td>26</td><td>1</td><td>32</td></tr><tr><td>Total impaired loans with an associated allowance</td><td>$2,085</td><td>$1,774</td><td>$395</td><td>$1,977</td></tr><tr><td>Impaired loans without an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$201</td><td>$118</td><td></td><td>$87</td></tr><tr><td>Commercial real estate</td><td>206</td><td>158</td><td></td><td>168</td></tr><tr><td>Home equity</td><td>464</td><td>206</td><td></td><td>158</td></tr><tr><td>Residential real estate</td><td>512</td><td>396</td><td></td><td>346</td></tr><tr><td>Other consumer</td><td>24</td><td>8</td><td></td><td>8</td></tr><tr><td>Total impaired loans without an associated allowance</td><td>$1,407</td><td>$886</td><td></td><td>$767</td></tr><tr><td>Total impaired loans</td><td>$3,492</td><td>$2,660</td><td>$395</td><td>$2,744</td></tr><tr><td>December 31, 2014</td><td></td><td></td><td></td><td></td></tr><tr><td>Impaired loans with an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$432</td><td>$318</td><td>$74</td><td>$360</td></tr><tr><td>Commercial real estate</td><td>418</td><td>262</td><td>65</td><td>283</td></tr><tr><td>Home equity</td><td>1,021</td><td>984</td><td>215</td><td>986</td></tr><tr><td>Residential real estate</td><td>397</td><td>420</td><td>75</td><td>422</td></tr><tr><td>Credit card</td><td>130</td><td>130</td><td>32</td><td>147</td></tr><tr><td>Other consumer</td><td>64</td><td>47</td><td>2</td><td>51</td></tr><tr><td>Total impaired loans with an associated allowance</td><td>$2,462</td><td>$2,161</td><td>$463</td><td>$2,249</td></tr><tr><td>Impaired loans without an associated allowance</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial</td><td>$106</td><td>$84</td><td></td><td>$133</td></tr><tr><td>Commercial real estate</td><td>249</td><td>187</td><td></td><td>276</td></tr><tr><td>Home equity</td><td>403</td><td>145</td><td></td><td>134</td></tr><tr><td>Residential real estate</td><td>344</td><td>315</td><td></td><td>365</td></tr><tr><td>Total impaired loans without an associated allowance</td><td>$1,102</td><td>$731</td><td></td><td>$908</td></tr><tr><td>Total impaired loans</td><td>$3,564</td><td>$2,892</td><td>$463</td><td>$3,157</td></tr></table>

Question: How many element keeps increasing each year between 2014 and 2015 ?
Answer: 3