Notes to Consolidated Financial Statements Sumitomo Mitsui Financial Group, Inc.  (SMFG) provides the firm with credit loss protection on certain approved loan commitments (primarily investment-grade commercial lending commitments).
The notional amount of such loan commitments was $32.41 billion and $31.94 billion as of December 2012 and December 2011, respectively.
The credit loss protection on loan commitments provided by SMFG is generally limited to 95% of the first loss the firm realizes on such commitments, up to a maximum of approximately $950 million.
In addition, subject to the satisfaction of certain conditions, upon the firm’s request, SMFG will provide protection for 70% of additional losses on such commitments, up to a maximum of $1.13 billion, of which $300 million of protection had been provided as of both December 2012 and December 2011.
The firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by SMFG.
These instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity or credit default swaps that reference a market index.
Warehouse Financing.
The firm provides financing to clients who warehouse financial assets.
These arrangements are secured by the warehoused assets, primarily consisting of commercial mortgage loans.
Contingent and Forward Starting Resale and Securities Borrowing Agreements/Forward Starting Repurchase and Secured Lending Agreements The firm enters into resale and securities borrowing agreements and repurchase and secured lending agreements that settle at a future date.
The firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements.
The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused.
Investment Commitments The firm’s investment commitments consist of commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages.
These commitments include $872 million and $1.62 billion as of December 2012 and December 2011, respectively, related to real estate private investments and $6.47 billion and $7.50 billion as of December 2012 and December 2011, respectively, related to corporate and other private investments.
Of these amounts, $6.21 billion and $8.38 billion as of December 2012 and December 2011, respectively, relate to commitments to invest in funds managed by the firm, which will be funded at market value on the date of investment.
Leases The firm has contractual obligations under long-term noncancelable lease agreements, principally for office space, expiring on various dates through 2069.
Certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges.
The table below presents future minimum rental payments, net of minimum sublease rentals.
## Table 0 ##
Rent charged to operating expense for the years ended December 2012, December 2011 and December 2010 was $374 million, $475 million and $508 million, respectively.
Operating leases include office space held in excess of current requirements.
Rent expense relating to space held for growth is included in “Occupancy.
” The firm records a liability, based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals, for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits.
Costs to terminate a lease before the end of its term are recognized and measured at fair value on termination.
15.
Common Stock Repurchases The Company has repurchased 3.3 million shares of common stock totaling $59.7 million during 2002, in conjunction with the $100.0 million share repurchase program authorized by the Board of Directors on September 16, 2002.
Additionally, during 2002, the Company repurchased 2.3 million shares of common stock totaling $50.2 million in conjunction with the $50.0 million shares repurchase program authorized by the Board of Directors on March 21, 2002.
In November 2002, the Company entered into an accelerated stock repurchase (ASR) agreement to facilitate the repurchase of our shares of common stock.
Pursuant to the agreement, the Company purchased approximately 2.25 million shares from the counterparty for approximately $40 million.
The agreement has a five-year term.
During the term of the agreement, the Company has an obligation to sell shares to the counterparty equal to the number of shares the Company purchased from them at the outset of the agreement.
The Company may fulfill this obligation either by buying shares in the open market and selling those shares to the counterparty at forward prices specified in the agreement or by issuing new shares and remitting them to the counterparty in exchange for the forward price.
The forward price is based on a formula that begins with the price of the initial purchase and is adjusted for fees and commissions and the length of time from the initial purchase to when shares are sold or delivered to the counterparty.
The Company has complete discretion as to the timing and number of shares that the Company sells to the counterparty subject to a cumulative minimum of 20% by the end of each year of the agreement.
Thus, the Company is required to sell to the counterparty 20% of the shares in the ASR by the first anniversary date, 40% by the second anniversary date, and so on.
The Company accounted for the initial payment under the ASR as a purchase of treasury stock, and the Company subsequently retired those shares.
The obligation under the forward contract is not recorded in the Company's financial statements, but, rather, treated as a contingent obligation.
Under the agreement, the number of shares to be issued by the Company, if the Company were required to pay the counterparty and elected to net settle in shares, is capped at 6.7 million.
As of the end of 2002, the Company had purchased in the open market and sold to the counterparty approximately 1.56 million shares leaving less than 700,000 shares remaining under the forward contract obligation.
Based on the Company's stock price at the end of the fourth quarter of 2002, it would pay approximately $356,000 in cash to the counterparty to settle the contract.
However, for every one dollar of change in the average price of the Company's common stock during the valuation period, the settlement amount would change by approximately $700,000.
Subsequent to the end of the year, but prior to filing its Report on Form 10-K, the Company completed all obligations under the ASR.
The Company repurchased approximately 4,462,000 shares of common stock totaling $99.9 million during 2001, in conjunction with the 5,000,000 share repurchase program authorized by the Board of Directors on April 5, 2001.16.
Income Taxes The components of the Company's provision for income taxes consist of the following:
## Table 1 ##
Reconciliation between the federal statutory income tax rate and the Company's effective income tax rate is shown below.
Table of Contents Foreign Exchange Forward and Foreign Currency Option Contracts We enter into foreign exchange forward contracts and foreign currency option contracts with clients involved in foreign activities, either as the purchaser or seller, depending upon the clients’ need.
For each forward or option contract entered into with our clients, we enter into an opposite way forward or option contract with a correspondent bank, which mitigates the risk of fluctuations in currency rates.
We also enter into forward contracts with correspondent banks to economically reduce our foreign exchange exposure related to certain foreign currency denominated instruments.
Revaluations of foreign currency denominated instruments are recorded on the line item “Other” as part of noninterest income, a component of consolidated net income.
We have not experienced nonperformance by any counterparty to such forward or option contracts and therefore have not incurred any related losses.
Further, we anticipate performance by all counterparties.
Our net exposure for foreign exchange forward and foreign currency option contracts at December 31, 2014 and 2013 amounted to $1.1 million and $2.9 million , respectively.
For additional information on our foreign exchange forward contracts and foreign currency option contracts, see Note 13–“Derivative Financial Instruments” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 in this report.
Interest Rate Derivatives For information on our interest rate derivatives, please refer to Note 13–“Derivative Financial Instruments” of the “Notes to Consolidated Financial Statements” under Part II, Item 8 in this report.
Deposits The following table presents the composition of our deposits as of December 31, 2014 , 2013 , and 2012 :
## Table 2 ##
The increase in deposits of $11.9 billion in 2014 was primarily driven by increases in our noninterest-bearing demand, money market deposits, and sweep deposits in foreign offices of $8.7 billion , $1.8 billion, and $1.3 billion, respectively, reflective of growth from new domestic and foreign clients and strong IPO and M&A activity during the year resulting in increased balances from existing clients.
No material portion of our deposits has been obtained from a single depositor and the loss of any one depositor would not materially affect our business.
The increase in deposits of $3.3 billion in 2013 was primarily driven by increases in our noninterest-bearing demand and money market deposits of $2.0 billion and $1.4 billion, respectively, reflective of growth from new clients and strong IPO and M&A activity during the year resulting in increased balances from existing clients.
At December 31, 2014 , 28.4 percent of our total deposits were interest-bearing deposits, compared to 29.3 percent at December 31, 2013 and 27.6 percent at December 31, 2012 .
At December 31, 2014 , the aggregate balance of time deposit accounts individually equal to or greater than $100,000 totaled $116 million , compared to $197 million at December 31, 2013 and $133 million at December 31, 2012 .
At December 31, 2014 , all time deposit accounts individually equal to or greater than $100,000 were scheduled to mature within one year.
The maturity profile of our time deposits as of December 31, 2014 is as follows:
## Table 3 ##
NM—Not meaningful (1) The non-GAAP operating efficiency ratio is calculated by dividing non-GAAP noninterest expense, net of noncontrolling interests by non-GAAP total taxable equivalent revenue, net of noncontrolling interests.
Compensation and Benefits Expense The following table provides a summary of our compensation and benefits expense:
## Table 4 ##
(1) Other employee compensation and benefits includes employer payroll taxes, group health and life insurance, share-based compensation, 401(k), warrant incentive and retention program plans, agency fees and other employee related expenses.
Compensation and benefits expense was $606.4 million in 2017 , compared to $514.3 million in 2016 and $473.8 million in 2015 .
The key factors driving the increase in compensation and benefits expense in 2017 were as follows: ?
An increase of $32.9 million in other employee compensation and benefits, related to various expenses, particularly personnel contracting expenses, to support our growth both domestically and globally, as well as group health and life insurance and employer payroll taxes reflective of our increased headcount since 2016.
The increase in other

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>in millions</i></td><td>As of December 2012</td></tr><tr><td>2013</td><td>$ 439</td></tr><tr><td>2014</td><td>407</td></tr><tr><td>2015</td><td>345</td></tr><tr><td>2016</td><td>317</td></tr><tr><td>2017</td><td>306</td></tr><tr><td>2018 - thereafter</td><td>1,375</td></tr><tr><td>Total</td><td>$3,189</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2002</td><td>2001</td><td>2000</td></tr><tr><td></td><td colspan="3">(Dollars in thousands)</td></tr><tr><td>Current provision:</td><td></td><td></td><td></td></tr><tr><td>Federal</td><td>$17,746</td><td>$40,615</td><td>$89,415</td></tr><tr><td>State</td><td>7,286</td><td>14,341</td><td>23,619</td></tr><tr><td>Deferred expense (benefit):</td><td></td><td></td><td></td></tr><tr><td>Federal</td><td>4,407</td><td>-112</td><td>-6,205</td></tr><tr><td>State</td><td>-2,720</td><td>-1,846</td><td>1,078</td></tr><tr><td>Income tax expense</td><td>$26,719</td><td>$52,998</td><td>$107,907</td></tr></table>
<table><tr><td></td><td colspan="3">December 31,</td></tr><tr><td>(Dollars in thousands)</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Noninterest-bearing demand</td><td>$24,583,682</td><td>$15,894,360</td><td>$13,875,275</td></tr><tr><td>Negotiable order of withdrawal (NOW)</td><td>254,462</td><td>151,746</td><td>133,260</td></tr><tr><td>Money market</td><td>6,186,044</td><td>4,373,974</td><td>2,969,769</td></tr><tr><td>Money market deposits in foreign offices</td><td>242,526</td><td>181,299</td><td>110,915</td></tr><tr><td>Sweep deposits in foreign offices</td><td>2,948,658</td><td>1,657,740</td><td>1,932,045</td></tr><tr><td>Time</td><td>128,127</td><td>213,860</td><td>155,188</td></tr><tr><td>Total deposits</td><td>$34,343,499</td><td>$22,472,979</td><td>$19,176,452</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31,</td></tr><tr><td>Non-GAAP operating efficiency ratio, net of noncontrolling interests (Dollars in thousands, except ratios)</td><td>2017</td><td>2016</td><td>% Change 2017/2016</td><td>2015</td><td>% Change 2016/2015</td></tr><tr><td>GAAP noninterest expense</td><td>$1,010,655</td><td>$859,797</td><td>17.5%</td><td>$779,962</td><td>10.2%</td></tr><tr><td>Less: expense attributable to noncontrolling interests</td><td>813</td><td>524</td><td>55.2</td><td>828</td><td>-36.7</td></tr><tr><td>Non-GAAP noninterest expense, net of noncontrolling interests</td><td>$1,009,842</td><td>$859,273</td><td>17.5</td><td>$779,134</td><td>10.3</td></tr><tr><td>GAAP net interest income</td><td>$1,420,369</td><td>$1,150,523</td><td>23.5</td><td>$1,006,425</td><td>14.3</td></tr><tr><td>Adjustments for taxable equivalent basis</td><td>3,076</td><td>1,203</td><td>155.7</td><td>1,564</td><td>-23.1</td></tr><tr><td>Non-GAAP taxable equivalent net interest income</td><td>$1,423,445</td><td>$1,151,726</td><td>23.6</td><td>$1,007,989</td><td>14.3</td></tr><tr><td>Less: income attributable to noncontrolling interests</td><td>33</td><td>66</td><td>-50.0</td><td>8</td><td>NM</td></tr><tr><td>Non-GAAP taxable equivalent net interest income, net of noncontrolling interests</td><td>$1,423,412</td><td>$1,151,660</td><td>23.6</td><td>$1,007,981</td><td>14.3</td></tr><tr><td>GAAP noninterest income</td><td>$557,231</td><td>$456,552</td><td>22.1</td><td>$472,794</td><td>-3.4</td></tr><tr><td>Less: income attributable to noncontrolling interests</td><td>29,452</td><td>8,039</td><td>NM</td><td>31,736</td><td>-74.7</td></tr><tr><td>Non-GAAP noninterest income, net of noncontrolling interests</td><td>$527,779</td><td>$448,513</td><td>17.7</td><td>$441,058</td><td>1.7</td></tr><tr><td>GAAP total revenue</td><td>$1,977,600</td><td>$1,607,075</td><td>23.1</td><td>$1,479,219</td><td>8.6</td></tr><tr><td>Non-GAAP taxable equivalent revenue, net of noncontrolling interests</td><td>$1,951,191</td><td>$1,600,173</td><td>21.9</td><td>$1,449,039</td><td>10.4</td></tr><tr><td>GAAP operating efficiency ratio</td><td>51.11%</td><td>53.50%</td><td>-4.5</td><td>52.73%</td><td>1.5</td></tr><tr><td>Non-GAAP operating efficiency ratio -1</td><td>51.76</td><td>53.70</td><td>-3.6</td><td>53.77</td><td>-0.1</td></tr></table>
<table><tr><td></td><td colspan="5">Year ended December 31,</td></tr><tr><td>(Dollars in thousands, except employees)</td><td>2017</td><td>2016</td><td>% Change 2017/2016</td><td>2015</td><td>% Change 2016/2015</td></tr><tr><td>Compensation and benefits:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Salaries and wages</td><td>$277,148</td><td>$244,470</td><td>13.4%</td><td>$214,310</td><td>14.1%</td></tr><tr><td>Incentive compensation</td><td>144,626</td><td>119,589</td><td>20.9</td><td>121,948</td><td>-1.9</td></tr><tr><td>ESOP</td><td>4,720</td><td>3,159</td><td>49.4</td><td>8,585</td><td>-63.2</td></tr><tr><td>Other employee compensation and benefits -1</td><td>179,908</td><td>147,052</td><td>22.3</td><td>128,998</td><td>14.0</td></tr><tr><td>Total compensation and benefits</td><td>$606,402</td><td>$514,270</td><td>17.9</td><td>$473,841</td><td>8.5</td></tr><tr><td>Period-end full-time equivalent employees</td><td>2,438</td><td>2,311</td><td>5.5</td><td>2,089</td><td>10.6</td></tr><tr><td>Average full-time equivalent employees</td><td>2,396</td><td>2,225</td><td>7.7</td><td>2,004</td><td>11.0</td></tr></table>

Question: What is the growing rate of GAAP noninterest income in the year with the most Non-GAAP taxable equivalent net interest income? (in %)
Answer: 0.18068
Reasoning program: subtract(557231,456552), divide(#0,557231)