recognized total losses and expenses of $28.6 million, including a net loss on write-down to fair value of the assets and certain other transaction fees of $27.1 million within other expenses and $1.5 million of legal and other fees.  ?
Professional fees and outside services expense decreased in 2017 compared to 2016, largely due to higher legal and regulatory fees in 2016 related to our business activities and product offerings as well as higher professional fees related to a greater reliance on consultants for security and systems enhancement work.
The overall decrease in operating expenses in 2017 when compared with 2016 was partially offset by the following increases: ?
Licensing and other fee sharing agreements expense increased due to higher expense resulting from incentive payments made to facilitate the transition of the Russell contract open interest, as well as increased costs of revenue sharing agreements for certain licensed products.
The overall increase in 2017 was partially offset by lower expense related to revenue sharing agreements for certain equity and energy contracts due to lower volume for these products compared to 2016.  ?
Compensation and benefits expense increased as a result of higher average headcount primarily in our international locations as well as normal cost of living adjustments.2016 Compared With 2015 Operating expenses increased by $54.4 million in 2016 when compared with 2015.
The following table shows the estimated impact of key factors resulting in the net decrease in operating expenses.
## Table 0 ##
Overall operating expenses increased in 2016 when compared with 2015 due to the following reasons: ?
In 2016, we recognized total losses and expenses of $28.6 million, including a net loss on write-down to fair value of the assets and certain other transaction fees of $27.1 million within other expenses and $1.5 million of legal and other fees as a result of our sale and leaseback of our datacenter.  ?
Professional fees and outside services expense increased in 2016 largely due to an increase in legal and regulatory efforts related to our business activities and product offerings as well as an increase in professional fees related to a greater reliance on consultants for security and systems enhancement work.  ?
In 2016, we recognized a net loss of $24.5 million due to an unfavorable change in exchange rates on foreign cash balances, compared with a net loss of $11.3 million in 2015.  ?
Licensing and other fee sharing agreements expense increased due to higher expense related to revenue sharing agreements for certain equity and energy contracts due to both higher volume and an increase in license rates for certain equity and energy products.
Notes to consolidated financial statements JPMorgan Chase & Co.  104 JPMorgan Chase & Co. /2005 Annual Report The following table presents the fair value and unrealized losses for AFS securities by aging category at December 31:
## Table 1 ##
Securities with unrealized losses
## Table 2 ##
Impairment is evaluated considering numerous factors, and their relative significance varies case to case.
Factors considered include the length of time and extent to which the market value has been less than cost; the financial condition and near-term prospects of the issuer of the securities; and the Firm’s intent and ability to retain the security in order to allow for an antici- pated recovery in market value.
If, based upon the analysis, it is determined that the impairment is other-than-temporary, the security is written down to fair value, and a loss is recognized through earnings.
Included in the $727 million of gross unrealized losses on AFS securities at December 31, 2005, was $391 million of unrealized losses that have existed for a period greater than 12 months.
These securities are predominately rated AAA and the unrealized losses are due to overall increases in market interest rates and not due to underlying credit concerns of the issuers.
Substantially all of the securities with unrealized losses aged greater than 12 months have a market v In calculating the effective yield for mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMO”), JPMorgan Chase includes the effect of principal prepayments.
Management regularly performs simulation testing to determine the impact that market conditions would have on its MBS and CMO portfolios.
MBSs and CMOs that management believes have prepayment risk are included in the AFS portfolio and are reported at fair valu
Management’s discussion and analysis JPMorgan Chase & Co.  82 JPMorgan Chase & Co.  / 2005 Annual Report factors such as liquidity and concentration concerns and, for the derivatives portfolio, counterparty credit risk (see the discussion of CVA on page 70 of this Annual Report).
For example, there is often limited market data to rely on when estimating the fair value of a large or aged position.
Similarly, judgment must be applied in estimating prices for less readily observable external parameters.
Finally, other factors such as model assumptions, market dislocations and unexpected correlations can affect estimates of fair value.
Imprecision in estimating these factors can impact the amount of revenue or loss recorded for a particular position.
Trading and available-for-sale portfolios Substantially all of the Firm’s securities held for trading and investment purposes (“long” positions) and securities that the Firm has sold to other parties but does not own (“short” positions) are valued based upon quoted market prices.
However, certain securities are less actively traded and, therefore, are not always able to be valued based upon quoted market prices.
The determination of their fair value requires management judgment, as this determination may require benchmarking to similar instruments or analyzing default and recovery rates.
Examples include certain collateralized mortgage and debt obligations and high-yield debt securities.
As few derivative contracts are listed on an exchange, the majority of the Firm’s derivative positions are valued using internally developed models that use as their basis readily observable market parameters – that is, parameters that are actively quoted and can be validated to external sources, including industry-pricing services.
Certain derivatives, however, are valued based upon models with significant unobservable market parameters – that is, parameters that must be estimated and are, therefore, subject to management judgment to substantiate the model valuation.
These instruments are normally either less actively traded or trade activity is one-way.
Examples include long-dated interest rate or currency swaps, where swap rates may be unobservable for longer maturities, and certain credit products, where correlation and recovery rates are unobservable.
Due to the lack of observable market data, the Firm defers the initial trading profit for these financial instruments.
The deferred profit is recognized in Trading revenue on a systematic basis and when observable market data becomes available.
Management’s judgment also includes recording fair value adjustments (i. e. , reductions) to model valuations to account for parameter uncertainty when valuing complex or less actively traded derivative transactions.
The following table summarizes the Firm’s trading and available-for-sale portfolios by valuation methodology at December 31, 2005:

Tables referenced above, in order (Table 0 first):
<table><tr><td>(dollars in millions)</td><td>Year-Over-YearChange</td><td>Change as aPercentage of2015 Expenses</td></tr><tr><td>Loss on datacenter and related legal fees</td><td>$28.6</td><td>2%</td></tr><tr><td>Professional fees and outside services</td><td>24.4</td><td>2</td></tr><tr><td>Foreign currency exchange rate fluctuation</td><td>13.2</td><td>1</td></tr><tr><td>Licensing and other fee agreements</td><td>12.0</td><td>1</td></tr><tr><td>Reorganization, severance and retirement costs</td><td>-8.1</td><td>-1</td></tr><tr><td>Real estate taxes and fees</td><td>-10.0</td><td>-1</td></tr><tr><td>Other expenses, net</td><td>-5.7</td><td>—</td></tr><tr><td>Total</td><td>$54.4</td><td>4%</td></tr></table>
<table><tr><td></td><td colspan="6">Securities with unrealized losses</td></tr><tr><td></td><td colspan="2">Less than 12 months</td><td colspan="2">12 months or more</td><td></td><td>Total</td></tr><tr><td></td><td></td><td>Gross</td><td></td><td>Gross</td><td>Total</td><td>Gross</td></tr><tr><td></td><td>Fair</td><td>unrealized</td><td>Fair</td><td>unrealized</td><td>Fair</td><td>unrealized</td></tr><tr><td>2005 (in millions)</td><td>value</td><td>losses</td><td>value</td><td>losses</td><td>value</td><td>losses</td></tr><tr><td> Available-for-sale securities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government and federal agency obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. treasuries</td><td>$3,789</td><td>$1</td><td>$85</td><td>$1</td><td>$3,874</td><td>$2</td></tr><tr><td>Mortgage-backed securities</td><td>—</td><td>—</td><td>47</td><td>—</td><td>47</td><td>—</td></tr><tr><td>Agency obligations</td><td>7</td><td>—</td><td>13</td><td>—</td><td>20</td><td>—</td></tr><tr><td>Collateralized mortgage obligations</td><td>15</td><td>—</td><td>30</td><td>—</td><td>45</td><td>—</td></tr><tr><td>U.S. government-sponsored enterpriseobligations</td><td>10,607</td><td>242</td><td>11,007</td><td>354</td><td>21,614</td><td>596</td></tr><tr><td>Obligations of state and political subdivisions</td><td>237</td><td>3</td><td>107</td><td>4</td><td>344</td><td>7</td></tr><tr><td>Debt securities issued by non-U.S. governments</td><td>2,380</td><td>17</td><td>71</td><td>1</td><td>2,451</td><td>18</td></tr><tr><td>Corporate debt securities</td><td>3,076</td><td>52</td><td>678</td><td>22</td><td>3,754</td><td>74</td></tr><tr><td>Equity securities</td><td>1,838</td><td>7</td><td>2</td><td>—</td><td>1,840</td><td>7</td></tr><tr><td>Other, primarily asset-backed securities</td><td>778</td><td>14</td><td>370</td><td>9</td><td>1,148</td><td>23</td></tr><tr><td>Total securities with unrealized losses</td><td>$22,727</td><td>$336</td><td>$12,410</td><td>$391</td><td>$35,137</td><td>$727</td></tr></table>
<table><tr><td></td><td colspan="6">Securities with unrealized losses</td></tr><tr><td></td><td colspan="2">Less than 12 months</td><td colspan="2">12 months or more</td><td></td><td>Total</td></tr><tr><td></td><td></td><td>Gross</td><td></td><td>Gross</td><td>Total</td><td>Gross</td></tr><tr><td></td><td>Fair</td><td>unrealized</td><td>Fair</td><td>unrealized</td><td>Fair</td><td>unrealized</td></tr><tr><td>2004 (in millions)</td><td>value</td><td>losses</td><td>value</td><td>losses</td><td>value</td><td>losses</td></tr><tr><td> Available-for-sale securities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government and federal agency obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. treasuries</td><td>$10,186</td><td>$154</td><td>$940</td><td>$68</td><td>$11,126</td><td>$222</td></tr><tr><td>Mortgage-backed securities</td><td>344</td><td>1</td><td>1,359</td><td>16</td><td>1,703</td><td>17</td></tr><tr><td>Agency obligations</td><td>5</td><td>—</td><td>3</td><td>—</td><td>8</td><td>—</td></tr><tr><td>Collateralized mortgage obligations</td><td>278</td><td>4</td><td>2</td><td>—</td><td>280</td><td>4</td></tr><tr><td>U.S. government-sponsored enterpriseobligations</td><td>34,760</td><td>282</td><td>10,525</td><td>311</td><td>45,285</td><td>593</td></tr><tr><td>Obligations of state and politicalsubdivisions</td><td>678</td><td>6</td><td>96</td><td>2</td><td>774</td><td>8</td></tr><tr><td>Debt securities issued by non-U.S.governments</td><td>3,395</td><td>17</td><td>624</td><td>21</td><td>4,019</td><td>38</td></tr><tr><td>Corporate debt securities</td><td>1,103</td><td>13</td><td>125</td><td>5</td><td>1,228</td><td>18</td></tr><tr><td>Equity securities</td><td>1,804</td><td>14</td><td>23</td><td>—</td><td>1,827</td><td>14</td></tr><tr><td>Other, primarily asset-backed securities</td><td>1,896</td><td>41</td><td>321</td><td>34</td><td>2,217</td><td>75</td></tr><tr><td>Total securities with unrealized losses</td><td>$54,449</td><td>$532</td><td>$14,018</td><td>$457</td><td>$68,467</td><td>$989</td></tr></table>

Question: Which element for Fair value of Total exceeds 10 % of total in 2005?
Answer: U.S. treasuries, U.S. government-sponsored enterpriseobligations,Corporate debt securities