loss on the contract may be recorded, if necessary, and any remaining deferred implementation revenues would typically be recognized over the remaining service period through the termination date.
In connection with our long-term outsourcing service agreements, highly customized implementation efforts are often necessary to set up clients and their human resource or benefit programs on our systems and operating processes.
For outsourcing services sold separately or accounted for as a separate unit of accounting, specific, incremental and direct costs of implementation incurred prior to the services commencing are generally deferred and amortized over the period that the related ongoing services revenue is recognized.
Deferred costs are assessed for recoverability on a periodic basis to the extent the deferred cost exceeds related deferred revenue.
Pensions We sponsor defined benefit pension plans throughout the world.
Our most significant plans are located in the U. S. , the U. K. , the Netherlands and Canada.
Our significant U. S. , U. K. , Netherlands and Canadian pension plans are closed to new entrants.
We have ceased crediting future benefits relating to salary and service for our U. S. , U. K. , Netherlands and Canadian plans to the extent statutorily permitted.
In 2016, we estimate pension and post-retirement net periodic benefit cost for major plans to increase by $15 million to a benefit of approximately $54 million.
The increase in the benefit is primarily due to a change in our approach to measuring service and interest cost.
Effective December 31, 2015 and for 2016 expense, we have elected to utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension and post-retirement benefit cost for our major pension and other post-retirement benefit plans by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.
In 2015 and prior years, we estimated these components of net periodic pension and post-retirement benefit cost by applying a single weighted-average discount rate, derived from the yield curve used to measure the benefit obligation at the beginning of the period.
We have made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs.
This change does not affect the measurement of the projected benefit obligation as the change in the service cost and interest cost is completely offset in the actuarial (gain) loss recorded in other comprehensive income.
We accounted for this change as a change in estimate and, accordingly, will account for it prospectively.
Recognition of gains and losses and prior service Certain changes in the value of the obligation and in the value of plan assets, which may occur due to various factors such as changes in the discount rate and actuarial assumptions, actual demographic experience and/or plan asset performance are not immediately recognized in net income.
Such changes are recognized in Other comprehensive income and are amortized into net income as part of the net periodic benefit cost.
Unrecognized gains and losses that have been deferred in Other comprehensive income, as previously described, are amortized into Compensation and benefits expense as a component of periodic pension expense based on the average life expectancy of the U. S. , the Netherlands, Canada, and U. K.  plan members.
We amortize any prior service expense or credits that arise as a result of plan changes over a period consistent with the amortization of gains and losses.
As of December 31, 2015, our pension plans have deferred losses that have not yet been recognized through income in the Consolidated Financial Statements.
We amortize unrecognized actuarial losses outside of a corridor, which is defined as 10% of the greater of market-related value of plan assets or projected benefit obligation.
To the extent not offset by future gains, incremental amortization as calculated above will continue to affect future pension expense similarly until fully amortized.
The following table discloses our unrecognized actuarial gains and losses, the number of years over which we are amortizing the experience loss, and the estimated 2016 amortization of loss by country (amounts in millions):
## Table 0 ##
The unrecognized prior service cost (income) at December 31, 2015 was $9 million, $46 million, and $(7) million in the U. S. , U. K.  and Other plans, respectively.
For the U. S.  pension plans we use a market-related valuation of assets approach to determine the expected return on assets, which is a component of net periodic benefit cost recognized in the Consolidated Statements of Income.
This approach
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) backed by trust preferred securities issued by financial institutions and other entities, and other debt securities having a cost basis of $157 million.
Based on a review of each of the remaining securities in the investment securities portfolio at December 31, 2010, with the exception of the aforementioned securities for which other-than-temporary impairment losses were recognized, the Company concluded that it expected to recover the amortized cost basis of its investment.
As of December 31, 2010, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities.
At December 31, 2010, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $413 million of cost method investment securities.
At December 31, 2010, investment securities with a carrying value of $4,762,579,000, including $3,500,392,000 of investment securities available for sale, were pledged to secure demand notes issued to the U. S.  Treasury, borrowings from various FHLBs, repurchase agreements, governmental deposits, interest rate swap agreements and available lines of credit as described in note 9.
Investment securities pledged by the Company to secure obligations whereby the secured party is permitted by contract or custom to sell or repledge such collateral totaled $1,937,817,000 at December 31, 2010.
The pledged securities included securities of the U. S.  Treasury and federal agencies and mortgagebacked securities.4.
Loans and leases Total loans and leases outstanding were comprised of the following:
## Table 1 ##
One-to-four family residential mortgage loans held for sale were $341 million at December 31, 2010 and $530 million at December 31, 2009.
Commercial mortgage loans held for sale were $204 million at December 31, 2010 and $123 million at December 31, 2009.
As of December 31, 2010, approximately $13 million of one-to-four family residential mortgage loans serviced for others had been sold with credit recourse.
As of December 31, 2010, approximately $1.6 billion of commercial mortgage loan balances serviced for others had been sold with recourse in conjunction with the Company’s participation in the Fannie Mae Delegated Underwriting and Servicing (“DUS”) program.
At December 31, 2010, the Company estimated that the recourse obligations described above were not material to the Company’s consolidated financial position.
There have been no material losses incurred as a result of those credit recourse arrangements.
In addition to recourse obligations, as described in note 21, the Company is contractually obligated to repurchase previously sold residential real estate loans that do not ultimately meet investor sale criteria related to underwriting procedures or loan documentation.
When required to do so, the Company may reimburse loan purchasers for losses incurred or may repurchase certain loans.
Charges
M&T BANK CORPORATION AND SUBSIDIARIES Notes to Financial Statements — (Continued) Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows:
## Table 2 ##
(a) Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.
In response to changes in its interest rate risk profile, during 2008 the Company terminated interest rate swap agreements with a notional amount of $1.5 billion that had originally been entered into as cash flow hedges of variable rate long-term borrowings.
The Company recognized a $37 million loss as a result of the termination.
Amounts pertaining to these interest rate swap agreements that were reclassified from accumulated other comprehensive income to increase interest expense were $11 million and $26 million for 2009 and 2008, respectively.
The notional amount of interest rate swap agreements entered into for risk management purposes that were outstanding at December 31, 2010 mature in 2016 and 2017.
The Company utilizes commitments to sell residential and commercial real estate loans to hedge the exposure to changes in the fair value of real estate loans held for sale.
Such commitments have generally been designated as fair value hedges.
The Company also utilizes commitments to sell real estate loans to offset the exposure to changes in fair value of certain commitments to originate real estate loans for sale.
Derivative financial instruments used for trading purposes included interest rate contracts, foreign exchange and other option contracts, foreign exchange forward and spot contracts, and financial futures.
Interest rate contracts entered into for trading purposes had notional values of $12.8 billion and $13.9 billion at December 31, 2010 and 2009, respectively.
The notional amounts of foreign currency and other option and futures contracts entered into for trading purposes aggregated $769 million and $608 million at December 31, 2010 and 2009, respectively.147

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>U.K.</td><td>U.S.</td><td>Other</td></tr><tr><td>Unrecognized actuarial gains and losses</td><td>$1,511</td><td>$1,732</td><td>$382</td></tr><tr><td>Amortization period (in years)</td><td>10 - 32</td><td>7 - 28</td><td>15 - 41</td></tr><tr><td>Estimated 2016 amortization of loss</td><td>$37</td><td>$52</td><td>$10</td></tr></table>
<table><tr><td></td><td colspan="2">December 31</td></tr><tr><td></td><td>2010</td><td>2009</td></tr><tr><td></td><td colspan="2">(In thousands)</td></tr><tr><td>Loans</td><td></td><td></td></tr><tr><td>Commercial, financial, etc.</td><td>$11,999,065</td><td>$11,913,437</td></tr><tr><td>Real estate:</td><td></td><td></td></tr><tr><td>Residential</td><td>5,876,413</td><td>5,401,932</td></tr><tr><td>Commercial</td><td>16,977,747</td><td>16,345,601</td></tr><tr><td>Construction</td><td>4,332,618</td><td>4,726,570</td></tr><tr><td>Consumer</td><td>11,483,564</td><td>12,041,617</td></tr><tr><td>Total loans</td><td>50,669,407</td><td>50,429,157</td></tr><tr><td>Leases</td><td></td><td></td></tr><tr><td>Commercial</td><td>1,646,535</td><td>1,877,300</td></tr><tr><td>Total loans and leases</td><td>52,315,942</td><td>52,306,457</td></tr><tr><td>Less: unearned discount</td><td>-325,560</td><td>-369,771</td></tr><tr><td>Total loans and leases, net of unearned discount</td><td>$51,990,382</td><td>$51,936,686</td></tr></table>
<table><tr><td></td><td rowspan="2"> Notional   Amount  (In thousands)</td><td rowspan="2"> Average   Maturity  (In years)</td><td colspan="2">Weighted-Average Rate</td><td rowspan="2"> Estimated Fair   Value Gain  (In thousands)</td></tr><tr><td></td><td>Fixed</td><td>Variable</td></tr><tr><td>December 31, 2010</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value hedges:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed rate long-term borrowings(a)</td><td>$900,000</td><td>6.4</td><td>6.07%</td><td>1.84%</td><td>$96,637</td></tr><tr><td>December 31, 2009</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fair value hedges:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed rate time deposits(a)</td><td>$25,000</td><td>3.7</td><td>5.30%</td><td>0.34%</td><td>$503</td></tr><tr><td>Fixed rate long-term borrowings(a)</td><td>1,037,241</td><td>6.5</td><td>6.33</td><td>2.12</td><td>53,983</td></tr><tr><td></td><td>$1,062,241</td><td>6.4</td><td>6.30%</td><td>2.07%</td><td>$54,486</td></tr></table>

Question: Which year is Weighted-Average Rate in terms of Fixed for Fixed rate long-term borrowings lower as of December 31?
Answer: 2010