$ 239 million , respectively , at december 31 , 2015 .
the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) .
the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary .
12 .
borrowings short-term borrowings 2016 revolving credit facility .
the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) .
the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .
interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .
the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 .
the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .
at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility .
commercial paper program .
the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion .
the commercial paper program is currently supported by the 2016 credit facility .
at december 31 , 2016 , blackrock had no cp notes outstanding .
long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

(in millions)
MaturityAmount
Unamortized Discount and Debt Issuance Costs
Carrying Value
Fair Value
6.25% Notes due 2017
$700
$—
$700
$724
5.00% Notes due 2019
1,000
(3)
997
1,086
4.25% Notes due 2021
750
(4)
746
808
3.375% Notes due 2022
750
(4)
746
775
3.50% Notes due 2024
1,000
(6)
994
1,030
1.25% Notes due 2025
738
(6)
732
742
Total Long-term Borrowings
$4,938
$(23)
$4,915
$5,165

long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes .
in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .
the notes are listed on the new york stock exchange .
the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .
interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year .
the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .
the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .
upon conversion to u.s .
dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .
gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively .
no hedge ineffectiveness was recognized during 2016 .
2024 notes .
in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .
the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .
interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .
the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes .
2022 notes .
in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .
net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .
interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .
the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

Question: Analyse this data from a financial earnings document. what are the pre tax gains recognized in other comprehensive income in 2016?
Choices:
23
34
16
28
22.0
Correct choice index: 4