THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Impact of Credit Spreads on Borrowings The table below presents the net gains/(losses) attributable to the impact of changes in the firm’s own credit spreads on borrowings for which the fair value option was elected.
The firm calculates the fair value of borrowings by discounting future cash flows at a rate which incorporates the firm’s credit spreads.
## Table 0 ##
Note 9.
Loans Receivable Loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses.
Interest on loans receivable is recognized over the life of the loan and is recorded on an accrual basis.
The table below presents details about loans receivable.
## Table 1 ##
As of December 2015 and December 2014, the fair value of loans receivable was $45.19 billion and $28.90 billion, respectively.
As of December 2015, had these loans been carried at fair value and included in the fair value hierarchy, $23.91 billion and $21.28 billion would have been classified in level 2 and level 3, respectively.
As of December 2014, had these loans been carried at fair value and included in the fair value hierarchy, $13.75 billion and $15.15 billion would have been classified in level 2 and level 3, respectively.
The firm also extends lending commitments that are held for investment and accounted for on an accrual basis.
As of December 2015 and December 2014, such lending commitments were $93.92 billion and $66.22 billion, respectively, substantially all of which were extended to corporate borrowers.
The carrying value and the estimated fair value of such lending commitments were liabilities of $291 million and $3.32 billion, respectively, as of December 2015, and $199 million and $1.86 billion, respectively, as of December 2014.
Had these commitments been included in the firm’s fair value hierarchy, they would have primarily been classified in level 3 as of both December 2015 and December 2014.
The following is a description of the captions in the table above: ‰ Corporate Loans.
Corporate loans include term loans, revolving lines of credit, letter of credit facilities and bridge loans, and are principally used for operating liquidity and general corporate purposes, or in connection with acquisitions.
Corporate loans may be secured or unsecured, depending on the loan purpose, the risk profile of the borrower and other factors.
‰ Loans to Private Wealth Management Clients.
Loans to the firm’s private wealth management clients include loans used by clients to finance private asset purchases, employ leverage for strategic investments in real or financial assets, bridge cash flow timing gaps or provide liquidity for other needs.
Such loans are primarily secured by securities or other assets.
‰ Loans Backed by Commercial Real Estate.
Loans backed by commercial real estate include loans extended by the firm that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties.
Loans backed by commercial real estate also include loans purchased by the firm.
‰ Loans Backed by Residential Real Estate.
Loans backed by residential real estate include loans extended by the firm to clients who warehouse assets that are directly or indirectly secured by residential real estate.
Loans backed by residential real estate also include loans purchased by the firm.
‰ Other Loans.
Other loans primarily include loans extended to clients who warehouse assets that are directly or indirectly secured by consumer loans, including auto loans, and private student loans and other assets.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Commercial Lending.
The firm’s commercial lending commitments are extended to investment-grade and noninvestment-grade corporate borrowers.
Commitments to investment-grade corporate borrowers are principally used for operating liquidity and general corporate purposes.
The firm also extends lending commitments in connection with contingent acquisition financing and other types of corporate lending as well as commercial real estate financing.
Commitments that are extended for contingent acquisition financing are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources.
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 $27.03 billion and $27.51 billion as of December 2015 and December 2014, 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 $768 million of protection had been provided as of both December 2015 and December 2014.
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 consumer and corporate 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, generally within three business days.
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.
Letters of Credit The firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements.
Investment Commitments The firm’s investment commitments of $6.05 billion and $5.16 billion as of December 2015 and December 2014, respectively, include commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages.
Of these amounts, $2.86 billion and $2.87 billion as of December 2015 and December 2014, respectively, relate to commitments to invest in funds managed by the firm.
If these commitments are called, they would be funded at market value on the date of investment.
Leases The firm has contractual obligations under long-term noncancelable lease agreements 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 2 ##
Rent charged to operating expense was $249 million for 2015, $309 million for 2014 and $324 million for 2013.
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.
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Notes to Consolidated Financial Statements Note 25.  Business Segments The firm reports its activities in the following four business segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management.
Basis of Presentation In reporting segments, certain of the firm’s business lines have been aggregated where they have similar economic characteristics and are similar in each of the following areas: (i) the nature of the services they provide, (ii) their methods of distribution, (iii) the types of clients they serve and (iv) the regulatory environments in which they operate.
The cost drivers of the firm taken as a whole — compensation, headcount and levels of business activity — are broadly similar in each of the firm’s business segments.
Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm as well as the performance of individual businesses.
Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments.
The firm allocates assets (including allocations of global core liquid assets and cash, secured client financing and other assets), revenues and expenses among the four business segments.
Due to the integrated nature of these segments, estimates and judgments are made in allocating certain assets, revenues and expenses.
The allocation process is based on the manner in which management currently views the performance of the segments.
Transactions between segments are based on specific criteria or approximate third-party rates.
Total operating expenses include charitable contributions that have not been allocated to individual business segments.
Management believes that the information in the table below provides a reasonable representation of each segment’s contribution to consolidated pre-tax earnings and total assets.
## Table 3 ##
1.
Net revenues related to the firm’s consolidated investments, previously reported in other net revenues within Investing & Lending, are now reported in equity securities and debt securities and loans, as results from these activities ($391 million for 2015) are no longer significant principally due to the sale of Metro in the fourth quarter of 2014.
Reclassifications have been made to previously reported amounts to conform to the current presentation.2.
Includes net provisions for litigation and regulatory proceedings of $4.01 billion (of which $3.37 billion was related to the agreement in principle with the RMBS Working Group) for 2015, $754 million for 2014 and $962 million for 2013.
See Note 27 for further information about this agreement in principle.3.
Includes charitable contributions that have not been allocated to the firm’s segments of $148 million for 2015, $137 million for 2014 and $155 million for 2013.4.
Includes $37 million of realized gains on available-for-sale securities.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Year Ended December</td></tr><tr><td><i>$ in millions</i></td><td> 2015</td><td>2014</td><td>2013</td></tr><tr><td>Net gains/(losses) including hedges</td><td> $255</td><td>$144</td><td>$-296</td></tr><tr><td>Net gains/(losses) excluding hedges</td><td> 255</td><td>142</td><td>-317</td></tr></table>
<table><tr><td></td><td colspan="2">As of December</td></tr><tr><td><i>$ in millions</i></td><td>2015</td><td>2014</td></tr><tr><td>Corporate loans</td><td>$20,740</td><td>$14,310</td></tr><tr><td>Loans to private wealth management clients</td><td>13,961</td><td>11,289</td></tr><tr><td>Loans backed by commercial real estate</td><td>5,271</td><td>2,425</td></tr><tr><td>Loans backed by residential real estate</td><td>2,316</td><td>321</td></tr><tr><td>Other loans</td><td>3,533</td><td>821</td></tr><tr><td>Total loans receivable, gross</td><td>45,821</td><td>29,166</td></tr><tr><td>Allowance for loan losses</td><td>-414</td><td>-228</td></tr><tr><td> Total loans receivable</td><td>$45,407</td><td>$28,938</td></tr></table>
<table><tr><td><i>$ in millions</i></td><td>As of December 2015</td></tr><tr><td>2016</td><td>$ 317</td></tr><tr><td>2017</td><td>313</td></tr><tr><td>2018</td><td>301</td></tr><tr><td>2019</td><td>258</td></tr><tr><td>2020</td><td>226</td></tr><tr><td>2021 - thereafter</td><td>1,160</td></tr><tr><td>Total</td><td>$2,575</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended or as of December</td><td></td></tr><tr><td><i>$ in millions</i></td><td> 2015</td><td>2014</td><td>2013</td><td></td></tr><tr><td> Investment Banking</td><td></td><td></td><td></td><td></td></tr><tr><td>Financial Advisory</td><td> $ 3,470</td><td>$ 2,474</td><td>$ 1,978</td><td></td></tr><tr><td>Equity underwriting</td><td> 1,546</td><td>1,750</td><td>1,659</td><td></td></tr><tr><td>Debt underwriting</td><td> 2,011</td><td>2,240</td><td>2,367</td><td></td></tr><tr><td>Total Underwriting</td><td> 3,557</td><td>3,990</td><td>4,026</td><td></td></tr><tr><td>Total net revenues</td><td> 7,027</td><td>6,464</td><td>6,004</td><td></td></tr><tr><td>Operating expenses</td><td> 3,713</td><td>3,688</td><td>3,479</td><td></td></tr><tr><td> Pre-tax earnings</td><td> $ 3,314</td><td>$ 2,776</td><td>$ 2,525</td><td></td></tr><tr><td> Segment assets</td><td> $ 2,564</td><td>$ 1,844</td><td>$ 1,900</td><td></td></tr><tr><td> Institutional Client Services</td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed Income, Currency and Commodities Client Execution</td><td> $ 7,322</td><td>$ 8,461</td><td>$ 8,651</td><td></td></tr><tr><td>Equities client execution</td><td> 3,028</td><td>2,079</td><td>2,594</td><td></td></tr><tr><td>Commissions and fees</td><td> 3,156</td><td>3,153</td><td>3,103</td><td></td></tr><tr><td>Securities services</td><td> 1,645</td><td>1,504</td><td>1,373</td><td></td></tr><tr><td>Total Equities</td><td> 7,829</td><td>6,736</td><td>7,070</td><td></td></tr><tr><td>Total net revenues</td><td> 15,151</td><td>15,197</td><td>15,721<sup></sup></td><td><sup>4</sup></td></tr><tr><td>Operating expenses</td><td> 13,938</td><td>10,880</td><td>11,792</td><td></td></tr><tr><td> Pre-tax earnings</td><td> $ 1,213</td><td>$ 4,317</td><td>$ 3,929</td><td></td></tr><tr><td> Segment assets</td><td> $663,394</td><td>$695,674</td><td>$787,896</td><td></td></tr><tr><td> Investing &Lending</td><td></td><td></td><td></td><td></td></tr><tr><td>Equity securities</td><td> $ 3,781</td><td>$ 4,579</td><td>$ 4,974</td><td></td></tr><tr><td>Debt securities and loans</td><td> 1,655</td><td>2,246</td><td>2,044</td><td></td></tr><tr><td>Total net revenues<sup>1</sup></td><td> 5,436</td><td>6,825</td><td>7,018</td><td></td></tr><tr><td>Operating expenses</td><td> 2,402</td><td>2,819</td><td>2,686</td><td></td></tr><tr><td> Pre-tax earnings</td><td> $ 3,034</td><td>$ 4,006</td><td>$ 4,332</td><td></td></tr><tr><td> Segment assets</td><td> $179,428</td><td>$143,790</td><td>$109,250</td><td></td></tr><tr><td> Investment Management</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and other fees</td><td> $ 4,887</td><td>$ 4,800</td><td>$ 4,386</td><td></td></tr><tr><td>Incentive fees</td><td> 780</td><td>776</td><td>662</td><td></td></tr><tr><td>Transaction revenues</td><td> 539</td><td>466</td><td>415</td><td></td></tr><tr><td>Total net revenues</td><td> 6,206</td><td>6,042</td><td>5,463</td><td></td></tr><tr><td>Operating expenses</td><td> 4,841</td><td>4,647</td><td>4,357</td><td></td></tr><tr><td> Pre-tax earnings</td><td> $ 1,365</td><td>$ 1,395</td><td>$ 1,106</td><td></td></tr><tr><td> Segment assets</td><td> $ 16,009</td><td>$ 14,534</td><td>$ 12,078</td><td></td></tr><tr><td> Total net revenues</td><td> $ 33,820</td><td>$ 34,528</td><td>$ 34,206</td><td></td></tr><tr><td> Total operating expenses<sup>2, 3</sup></td><td> 25,042</td><td>22,171</td><td>22,469</td><td></td></tr><tr><td> Total pre-tax earnings</td><td> $ 8,778</td><td>$ 12,357</td><td>$ 11,737</td><td></td></tr><tr><td> Total assets</td><td> $861,395</td><td>$855,842</td><td>$911,124</td><td></td></tr></table>

Question: What is the average value of Segment assets in 2015,2014 and 2013? (in million)
Answer: 715655
Reasoning program: add(663394,695674), add(#0,787896), divide(#1,3)