impact of wrong-way risk, which is broadly defined as the potential for increased correlation between the Firm’s exposure to a counterparty (AVG) and the counterparty’s credit quality.
Many factors may influence the nature and magnitude of these correlations over time.
To the extent that these correlations are identified, the Firm may adjust the CVA associated with that counterparty’s AVG.
The Firm risk manages exposure to changes in CVA by entering into credit derivative transactions, as well as interest rate, foreign exchange, equity and commodity derivative transactions.
The accompanying graph shows exposure profiles to the Firm’s current derivatives portfolio over the next 10 years as calculated by the Peak, DRE and AVG metrics.
The three measures generally show that exposure will decline after the first year, if no new trades are added to the portfolio.
Exposure profile of derivatives measures December 31, 2017 (in billions)
## Table 0 ##
The following table summarizes the ratings profile by derivative counterparty of the Firm’s derivative receivables, including credit derivatives, net of all collateral, at the dates indicated.
The ratings scale is based on the Firm’s internal ratings, which generally correspond to the ratings as assigned by S&P and Moody’s.
Ratings profile of derivative receivables
As previously noted, the Firm uses collateral agreements to mitigate counterparty credit risk.
The percentage of the Firm’s over-the-counter derivatives transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 90% as of December 31, 2017, largely unchanged compared with December 31, 2016.  Credit derivatives The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user to manage the Firm’s own credit risk associated with various exposures.
For a detailed description of credit derivatives, see Credit derivatives in Note 5.  Credit portfolio management activities Included in the Firm’s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities (loans and unfunded commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses (collectively, “credit portfolio management” activities).
Information on credit portfolio management activities is provided in the table below.
For further information on derivatives used in credit portfolio management activities, see Credit derivatives in Note 5.
The Firm also uses credit derivatives as an end-user to manage other exposures, including credit risk arising from certain securities held in the Firm’s market-making businesses.
These credit derivatives are not included in credit portfolio management activities; for further information on these credit derivatives as well as credit derivatives used in the Firm’s capacity as a market-maker in credit derivatives, see Credit derivatives in Note 5.
Significant accounting policies The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found.
## Table 1 ##
Note 2 – Fair value measurement JPMorgan Chase carries a portion of its assets and liabilities at fair value.
These assets and liabilities are predominantly carried at fair value on a recurring basis (i. e. , assets and liabilities that are measured and reported at fair value on the Firm’s Consolidated balance sheets).
Certain assets (e. g. , held-for-sale loans), liabilities and unfunded lending- related commitments are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment).
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Fair value is based on quoted market prices or inputs, where available.
If prices or quotes are not available, fair value is based on valuation models and other valuation techniques that consider relevant transaction characteristics (such as maturity) and use as inputs observable or unobservable market parameters, including yield curves, interest rates, volatilities, equity or debt prices, foreign exchange rates and credit curves.
Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, as described below.
The level of precision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position.
Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value.
The use of different methodologies or assumptions by other market participants compared with those used by the Firm could result in the Firm deriving a different estimate of fair value at the reporting date.
Valuation process Risk-taking functions are responsible for providing fair value estimates for assets and liabilities carried on the Consolidated balance sheets at fair value.
The Firm’s VCG, which is part of the Firm’s Finance function and independent of the risk-taking functions, is responsible for verifying these estimates and determining any fair value adjustments that may be required to ensure that the Firm’s positions are recorded at fair value.
The VGF is composed of senior finance and risk executives and is responsible for overseeing the management of risks arising from valuation activities conducted across the Firm.
The VGF is chaired by the Firmwide head of the VCG (under the direction of the Firm’s Controller), and includes sub-forums covering the CIB, CCB, CB, AWM and certain corporate functions including Treasury and CIO.
Changes in fair value under the fair value option election The following table presents the changes in fair value included in the Consolidated statements of income for the years ended December 31, 2017, 2016 and 2015, for items for which the fair value option was elected.
The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.
## Table 2 ##
(a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected is recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue.
DVA for 2015 was included in principal transactions revenue, and includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality subsequent to issuance.
See Notes 2 and 23 for further information.
Realized gains/(losses) due to instrument-specific credit risk recorded in principal transaction revenue were not material for the years ended December 31, 2017 and 2016.
(b) Long-term debt measured at fair value predominantly relates to structured notes.
Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c) Reported in mortgage fees and related income.
(d) Reported in other income.
Determination of instrument-specific credit risk for items for which a fair value election was made The following describes how the gains and losses that are attributable to changes in instrument-specific credit risk, were determined.  ?
Loans and lending-related commitments: For floating- rate instruments, all changes in value are attributed to instrument-specific credit risk.
For fixed-rate instruments, an allocation of the changes in value for the period is made between those changes in value that are interest rate-related and changes in value that are credit-related.
Allocations are generally based on an analysis of borrower-specific credit spread and recovery information, where available, or benchmarking to similar entities or industries.  ?
Long-term debt: Changes in value attributable to instrument-specific credit risk were derived principally from observable changes in the Firm’s credit spread.  ?
Resale and repurchase agreements, securities borrowed agreements and securities lending agreements: Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount loaned; as a result, there would be no adjustment or an immaterial adjustment for instrument-specific credit risk related to these agreements.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Rating equivalent</td><td>2017</td><td>2016</td></tr><tr><td>December 31,(in millions, except ratios)</td><td>Exposure net of all collateral</td><td>% of exposure netof all collateral</td><td>Exposure net of all collateral</td><td>% of exposure netof all collateral</td></tr><tr><td>AAA/Aaa to AA-/Aa3</td><td>$11,529</td><td>29%</td><td>$11,449</td><td>28%</td></tr><tr><td>A+/A1 to A-/A3</td><td>6,919</td><td>17</td><td>8,505</td><td>20</td></tr><tr><td>BBB+/Baa1 to BBB-/Baa3</td><td>13,925</td><td>34</td><td>13,127</td><td>32</td></tr><tr><td>BB+/Ba1 to B-/B3</td><td>7,397</td><td>18</td><td>7,308</td><td>18</td></tr><tr><td>CCC+/Caa1 and below</td><td>645</td><td>2</td><td>984</td><td>2</td></tr><tr><td>Total</td><td>$40,415</td><td>100%</td><td>$41,373</td><td>100%</td></tr></table>
<table><tr><td>Fair value measurement</td><td>Note 2</td><td>Page 155</td></tr><tr><td>Fair value option</td><td>Note 3</td><td>Page 174</td></tr><tr><td>Derivative instruments</td><td>Note 5</td><td>Page 179</td></tr><tr><td>Noninterest revenue</td><td>Note 6</td><td>Page 192</td></tr><tr><td>Interest income and interest expense</td><td>Note 7</td><td>Page 195</td></tr><tr><td>Pension and other postretirement employee benefit plans</td><td>Note 8</td><td>Page 195</td></tr><tr><td>Employee share-based incentives</td><td>Note 9</td><td>Page 201</td></tr><tr><td>Securities</td><td>Note 10</td><td>Page 203</td></tr><tr><td>Securities financing activities</td><td>Note 11</td><td>Page 208</td></tr><tr><td>Loans</td><td>Note 12</td><td>Page 211</td></tr><tr><td>Allowance for credit losses</td><td>Note 13</td><td>Page 231</td></tr><tr><td>Variable interest entities</td><td>Note 14</td><td>Page 236</td></tr><tr><td>Goodwill and Mortgage servicing rights</td><td>Note 15</td><td>page 244</td></tr><tr><td>Premises and equipment</td><td>Note 16</td><td>page 248</td></tr><tr><td>Long-term debt</td><td>Note 19</td><td>page 249</td></tr><tr><td>Income taxes</td><td>Note 24</td><td>page 255</td></tr><tr><td>Off–balance sheet lending-related financial instruments, guarantees and other commitments</td><td>Note 27</td><td>page 261</td></tr><tr><td>Litigation</td><td>Note 29</td><td>page 268</td></tr></table>
<table><tr><td></td><td colspan="4">2017</td><td colspan="4">2016</td><td colspan="4">2015</td></tr><tr><td>December 31, (in millions)</td><td>Principal transactions</td><td colspan="2">All other income</td><td>Total changes in fair value recorded</td><td>Principal transactions</td><td colspan="2">All other income</td><td>Total changes in fair value recorded</td><td>Principal transactions</td><td colspan="2">All other income</td><td>Total changes in fair value recorded</td></tr><tr><td>Federal funds sold and securities purchased under resale agreements</td><td>$-97</td><td>$—</td><td></td><td>$-97</td><td>$-76</td><td>$—</td><td></td><td>$-76</td><td>$-38</td><td>$—</td><td></td><td>$-38</td></tr><tr><td>Securities borrowed</td><td>50</td><td>—</td><td></td><td>50</td><td>1</td><td>—</td><td></td><td>1</td><td>-6</td><td>—</td><td></td><td>-6</td></tr><tr><td>Trading assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debt and equity instruments, excluding loans</td><td>1,943</td><td>2</td><td><sup>(c)</sup></td><td>1,945</td><td>120</td><td>-1</td><td><sup>(c)</sup></td><td>119</td><td>756</td><td>-10</td><td><sup>(c)</sup></td><td>746</td></tr><tr><td>Loans reported as tradingassets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Changes in instrument-specific credit risk</td><td>330</td><td>14</td><td><sup>(c)</sup></td><td>344</td><td>461</td><td>43</td><td><sup>(c)</sup></td><td>504</td><td>138</td><td>41</td><td><sup>(c)</sup></td><td>179</td></tr><tr><td>Other changes in fair value</td><td>217</td><td>747</td><td><sup>(c)</sup></td><td>964</td><td>79</td><td>684</td><td><sup>(c)</sup></td><td>763</td><td>232</td><td>818</td><td><sup>(c)</sup></td><td>1,050</td></tr><tr><td>Loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Changes in instrument-specific credit risk</td><td>-1</td><td>—</td><td></td><td>-1</td><td>13</td><td>—</td><td></td><td>13</td><td>35</td><td>—</td><td></td><td>35</td></tr><tr><td>Other changes in fair value</td><td>-12</td><td>3</td><td><sup>(c)</sup></td><td>-9</td><td>-7</td><td>—</td><td></td><td>-7</td><td>4</td><td>—</td><td></td><td>4</td></tr><tr><td>Other assets</td><td>11</td><td>-55</td><td><sup>(d)</sup></td><td>-44</td><td>20</td><td>62</td><td><sup>(d)</sup></td><td>82</td><td>79</td><td>-1</td><td><sup>(d)</sup></td><td>78</td></tr><tr><td>Deposits<sup>(a)</sup></td><td>-533</td><td>—</td><td></td><td>-533</td><td>-134</td><td>—</td><td></td><td>-134</td><td>93</td><td>—</td><td></td><td>93</td></tr><tr><td>Federal funds purchased and securities loaned or sold under repurchase agreements</td><td>11</td><td>—</td><td></td><td>11</td><td>19</td><td>—</td><td></td><td>19</td><td>8</td><td>—</td><td></td><td>8</td></tr><tr><td>Short-term borrowings<sup>(a)</sup></td><td>-747</td><td>—</td><td></td><td>-747</td><td>-236</td><td>—</td><td></td><td>-236</td><td>1,996</td><td>—</td><td></td><td>1,996</td></tr><tr><td>Trading liabilities</td><td>-1</td><td>—</td><td></td><td>-1</td><td>6</td><td>—</td><td></td><td>6</td><td>-20</td><td>—</td><td></td><td>-20</td></tr><tr><td>Beneficial interests issued by consolidated VIEs</td><td>—</td><td>—</td><td></td><td>—</td><td>23</td><td>—</td><td></td><td>23</td><td>49</td><td>—</td><td></td><td>49</td></tr><tr><td>Long-term debt<sup>(a)(b)</sup></td><td>-2,022</td><td>—</td><td></td><td>-2,022</td><td>-773</td><td>—</td><td></td><td>-773</td><td>1,388</td><td>—</td><td></td><td>1,388</td></tr></table>

Question: What was the sum of the Securities borrowed for Principal transactions that is greater than 40 million? (in million)
Answer: 50