## Table 0 ##
The table above reflects the pre-tax dollar impact to forecasted core net interest income – managed basis over the next 12 months from December 31, 2008 and 2007, resulting from a 100 bp gradual parallel increase, a 100 bp gradual parallel decrease, a 100 bp gradual curve flattening (increase in short-term rates or decrease in long-term rates) and a 100 bp gradual curve steepening (decrease in short-term rates or increase in long-term rates) from the forward market curve.
For further discussion of core net interest income – managed basis see page 31.
The sensitivity analysis above assumes that we take no action in response to these rate shifts over the indicated years.
The estimated exposure is reported on a managed basis and reflects impacts that may be realized primarily in net interest income and card income on the Consolidated Statement of Income.
This sensitivity analysis excludes any impact that could occur in the valuation of retained interests in the Corporation’s securitizations due to changes in interest rate levels.
For additional information on securitizations, see Note 8 – Securitizations to the Consolidated Financial Statements.
Our core net interest income – managed basis was asset sensitive at December 31, 2008 and liability sensitive at December 31, 2007, with the shift being driven by the lower level of rates.
Over a 12-month horizon, we would benefit from rising rates or a steepening of the yield curve beyond what is already implied in the forward market curve.
As part of our ALM activities, we use securities, residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity.
The acquisition of Merrill Lynch on January 1, 2009 made our core net interest income – managed basis more asset sensitive to a parallel move in interest rates.
In addition, at January 1, 2009 we estimate that we would continue to benefit from rising rates or a steepening of the yield curve over a 12-month horizon, beyond what is already implied in the forward market curve.
Securities The securities portfolio is an integral part of our ALM position and is primarily comprised of debt securities and includes mortgage-backed securities and to a lesser extent corporate, municipal and other investment grade debt securities.
At December 31, 2008, AFS debt securities were $276.9 billion compared to $213.3 billion at December 31, 2007.
This increase was due to the repositioning of our ALM portfolio due to market liquidity and funding conditions as we increased the level of mortgage-backed securities relative to loans and the acquisition of Countrywide.
During 2008 and 2007, we purchased AFS debt securities of $184.2 billion and $28.0 billion, sold $119.8 billion and $27.9 billion, and had maturities and received paydowns of $26.1 billion and $19.2 billion.
We realized $1.1 billion and $180 million in gains on sales of debt securities during 2008 and 2007.
In addition, we securitized $26.1 billion and $5.5 billion of residential mortgage loans into mortgage backed securities which we retained during 2008 and 2007.
We also converted $4.9 billion of automobile loans into ABS which we retained during 2008.
The amount of pre-tax accumulated OCI loss related to AFS debt securities increased by $6.4 billion during 2008 to $9.3 billion, driven by a decrease in value of certain mortgage-backed securities attributable to changes in market yields.
For those securities that are in an unrealized loss position, we have the intent and ability to hold these securities to recovery.
Accumulated OCI includes $2.0 billion in after-tax losses at December 31, 2008, including $5.9 billion of net unrealized losses related to AFS debt securities and $3.9 billion of net unrealized gains related to AFS marketable equity securities.
Total market value of the AFS debt securities was $276.9 billion at December 31, 2008 with a weighted average duration of 2.7 years and primarily relates to our mortgage-backed securities portfolio.
Prospective changes to the accumulated OCI amounts for the AFS securities portfolio will be driven by further interest rate, credit or price fluctuations (including market value fluctuations associated with our CCB and Banco Itaú investments), the collection of cash flows including prepayment and maturity activity, and the passage of time.
A portion of the Corporation’s strategic investment in CCB and all of its investment in Banco Itaú are carried at fair value.
The carrying values of CCB and Banco Itaú were $19.7 billion and $2.5 billion at December 31, 2008.
Unrealized gains (losses) on these investments of $4.8 billion and $(77) million, net-of-tax, are subject to currency and price fluctuations, and are recorded in accumulated OCI.
During 2008, under the terms of our purchase option, we increased our ownership to approximately 19 percent by purchasing approximately $9.2 billion of the common shares of CCB.
These shares are restricted through August 2011 and are carried at cost.
In January 2009, we sold 5.6 billion common shares of our initial investment in CCB for approximately $2.8 billion resulting in a pre-tax gain of approximately $1.9 billion and our ownership was reduced to 16.7 percent.
We recognized $3.5 billion of other-than-temporary impairment losses on AFS debt securities during 2008.
These losses were primarily comprised of $3.2 billion of CDO-related writedowns.
We also recognized $661 million of other-than-temporary impairment losses on AFS marketable equity securities during 2008.
No such losses were recognized on AFS marketable equity securities during 2007.
The impairment of AFS debt and marketable equity securities is based on a variety of factors, including the length of time and extent to which the market value has been less than cost; the financial condition of the issuer of the security and its ability to recover market value; and the Corporation’s intent and ability to hold the security to recovery.
Based on the Corporation’s evaluation of the above and other relevant factors, and after consideration of the losses described in the paragraph above, we do
Other Risk Management Derivatives Other risk management derivatives are used by the Corporation to reduce certain risk exposures.
These derivatives are not qualifying accounting hedges because either they did not qualify for or were not designated as accounting hedges.
The table below presents gains (losses) on these derivatives for 2017, 2016 and 2015.
These gains (losses) are largely offset by the income or expense that is recorded on the hedged item.
## Table 1 ##
(1) Net gains (losses) on these derivatives are recorded in mortgage banking income as they are used to mitigate the interest rate risk related to MSRs, IRLCs and mortgage LHFS, all of which are measured at fair value with changes in fair value recorded in mortgage banking income.
The fair value of IRLCs is derived from the fair value of related mortgage loans which is based on observable market data and includes the expected net future cash flows related to servicing of the loans.
The net gains on IRLCs related to the origination of mortgage loans that are heldfor-sale, which are not included in the table but are considered derivative instruments, were $220 million, $533 million and $714 million for 2017, 2016 and 2015, respectively.
(2) Primarily related to derivatives that are economic hedges of credit risk on loans.
Net gains (losses) on these derivatives are recorded in other income.
(3) Primarily related to hedges of debt securities carried at fair value and hedges of foreign currencydenominated debt.
Gains (losses) on these derivatives and the related hedged items are recorded in other income.
(4) Gains (losses) on these derivatives are recorded in personnel expense.
Transfers of Financial Assets with Risk Retained through Derivatives The Corporation enters into certain transactions involving the transfer of financial assets that are accounted for as sales where substantially all of the economic exposure to the transferred financial assets is retained through derivatives (e. g. , interest rate and/or credit), but the Corporation does not retain control over the assets transferred.
Through December 31, 2017 and 2016, the Corporation transferred $6.0 billion and $6.6 billion of nonU.
S.  government-guaranteed MBS to a third-party trust and retained economic exposure to the transferred assets through derivative contracts.
In connection with these transfers, the Corporation received gross cash proceeds of $6.0 billion and $6.6 billion at the transfer dates.
At December 31, 2017 and 2016, the fair value of the transferred securities was $6.1 billion and $6.3 billion.
Derivative assets of $46 million and $43 million and liabilities of $3 million and $10 million were recorded at December 31, 2017 and 2016, and are included in credit derivatives in the derivative instruments table on page 131.
Sales and Trading Revenue The Corporation enters into trading derivatives to facilitate client transactions and to manage risk exposures arising from trading account assets and liabilities.
It is the Corporation’s policy to include these derivative instruments in its trading activities which include derivatives and non-derivative cash instruments.
The resulting risk from these derivatives is managed on a portfolio basis as part of the Corporation’s Global Markets business segment.
The related sales and trading revenue generated within Global Markets is recorded in various income statement line items including trading account profits and net interest income as well as other revenue categories.
Sales and trading revenue includes changes in the fair value and realized gains and losses on the sales of trading and other assets, net interest income, and fees primarily from commissions on equity securities.
Revenue is generated by the difference in the client price for an instrument and the price at which the trading desk can execute the trade in the dealer market.
For equity securities, commissions related to purchases and sales are recorded in the “Other” column in the Sales and Trading Revenue table.
Changes in the fair value of these securities are included in trading account profits.
For debt securities, revenue, with the exception of interest associated with the debt securities, is typically included in trading account profits.
Unlike commissions for equity securities, the initial revenue related to broker-dealer services for debt securities is typically included in the pricing of the instrument rather than being charged through separate fee arrangements.
Therefore, this revenue is recorded in trading account profits as part of the initial mark to fair value.
For derivatives, the majority of revenue is included in trading account profits.
In transactions where the Corporation acts as agent,which include exchange-traded futures and options, fees are recorded in other income.
including a funded balance of $39 million and $75 million at December 31, 2017 and 2016, which were classified in other debt securities carried at fair value.
Leveraged Lease Trusts The Corporation’s net investment in consolidated leveraged lease trusts totaled $2.0 billion and $2.6 billion at December 31, 2017 and 2016.
The trusts hold long-lived equipment such as rail cars, power generation and distribution equipment, and commercial aircraft.
The Corporation structures the trusts and holds a significant residual interest.
The net investment represents the Corporation’s maximum loss exposure to the trusts in the unlikely event that the leveraged lease investments become worthless.
Debt issued by the leveraged lease trusts is non-recourse to the Corporation.
Tax Credit Vehicles The Corporation holds investments in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, wind and solar projects.
An unrelated third party is typically the general partner or managing member and has control over the significant activities of the vehicle.
The Corporation earns a return primarily through the receipt of tax credits allocated to the projects.
The maximum loss exposure included in the Other VIEs table was $13.8 billion and $12.6 billion at December 31, 2017 and 2016.
The Corporation’s risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to making its investment.
The Corporation’s investments in affordable housing partnerships, which are reported in other assets on the Consolidated Balance Sheet,totaled $8.0 billion and $7.4 billion, including unfunded commitments to provide capital contributions of $3.1 billion and $2.7 billion at December 31, 2017 and 2016.
The unfunded commitments are expected to be paid over the next 5 years.
During 2017,2016 and 2015,the Corporation recognized tax credits and other tax benefits from investments in affordable housing partnerships of $1.0 billion,$1.1 billion and $928 million and reported pre-tax losses in other noninterest income of $766 million, $789 million and $629 million, respectively.
Tax credits are recognized as part of the Corporation’s annual effective tax rate used to determine tax expense in a given quarter.
Accordingly, the portion of a year’s expected tax benefits recognized in any given quarter may differ from 25 percent.
The Corporation may from time to time be asked to invest additional amounts to support a troubled affordable housing project.
Such additional investments have not been and are not expected to be significant.
NOTE 7 Representations and Warranties Obligations and Corporate Guarantees The Corporation securitizes first-lien residential mortgage loans generally in the form of RMBS guaranteed by the GSEs or by GNMA in the case of FHA-insured, VA-guaranteed and Rural Housing Service-guaranteed mortgage loans, and sells pools of first-lien residential mortgage loans in the form of whole loans.
In addition, in prior years, legacy companies and certain subsidiaries sold pools of first-lien residential mortgage loans and home equity loans as private-label securitizations or in the form of whole loans.
In connection with these transactions, the Corporation or certain of its subsidiaries or legacy companies make and have made various representations and warranties.
Breaches of these representations and warranties have resulted in and may continue to result in the requirement to repurchase mortgage loans or to otherwise make whole or provide other remedies to investors, securitization trusts, guarantors, insurers or other parties (collectively, repurchases).
Settlement Actions The Corporation has vigorously contested any request for repurchase where it has concluded that a valid basis for repurchase does not exist and will continue to do so in the future.
However, in an effort to resolve legacy mortgage-related issues, the Corporation has reached bulk settlements, certain of which have been for significant amounts, in lieu of a loan-by-loan review process.
The Corporation’s liability in connection with the transactions and claims not covered by these settlements could be material to the Corporation’s results of operations or liquidity for any particular reporting period.
The Corporation may reach other settlements in the future if opportunities arise on terms it believes to be advantageous.
However, there can be no assurance that the Corporation will reach future settlements or, if it does, that the terms of past settlements can be relied upon to predict the terms of future settlements.
Unresolved Repurchase Claims Unresolved representations and warranties repurchase claims represent the notional amount of repurchase claims made by counterparties, typically the outstanding principal balance or the unpaid principal balance at the time of default.
In the case of firstlien mortgages,the claim amount is often significantly greater than the expected loss amount due to the benefit of collateral and, in some cases, mortgage insurance or mortgage guarantee payments.
Claims received from a counterparty remain outstanding until the underlying loan is repurchased, the claim is rescinded by the counterparty, the Corporation determines that the applicable statute of limitations has expired, or representations and warranties claims with respect to the applicable trust are settled, and fully and finally released.
The Corporation does not include duplicate claims in the amounts disclosed.
The table below presents unresolved repurchase claims at December 31,2017 and 2016.
The unresolved repurchase claims include only claims where the Corporation believes that the counterparty has the contractual right to submit claims.
The unresolved repurchase claims predominantly relate to subprime and pay option first-lien loans and home equity loans originated primarily between 2004 and 2008.
For more information, see Private-label Securitizations and Whole-loan Sales Experience in this Note and Note 12 – Commitments and Contingencies.
Unresolved Repurchase Claims by Counterparty, Net of Duplicate Claims
## Table 2 ##
(1) Includes $11.4 billion and $11.9 billion of claims based on individual file reviews and $4.7 billion and $4.8 billion of claims submitted without individual file reviews at December 31, 2017 and 2016.
During 2017, the Corporation received $151 million in new repurchase claims and $794 million in claims were resolved, including $640 million related to settlements.
Of the remaining unresolved monoline claims, substantially all of the claims pertain to second-lien loans and are currently the subject of litigation with a single monoline insurer.
There may be additional claims or file requests in the future.
Condensed Statement of Cash Flows
## Table 3 ##
NOTE 25 Performance by Geographical Area Since the Corporation’s operations are highly integrated, certain asset, liability, income and expense amounts must be allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income by geographic area.
The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense deployed in the region as applicable.
This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related capital or expense deployed in the region.
## Table 4 ##
(1) Total assets include long-lived assets, which are primarily located in the U. S.  (2) There were no material intercompany revenues between geographic regions for any of the periods presented.
(3) Substantially reflects the U. S.
Stock Performance Graph The following graph provides a comparison of five year cumulative total stockholder returns of Teleflex common stock, the Standard?& Poor’s (S&P) 500 Stock Index and the S&P 500 Healthcare Equipment & Supply Index.
The annual changes for the five-year period shown on the graph are based on the assumption that $100 had been invested in Teleflex common stock and each index on December?31, 2012 and that all dividends were reinvested.
## Table 5 ##
MARKET PERFORMANCE

<table><tr><td>(Dollars in millions)</td><td></td><td></td><td colspan="2">December 31</td></tr><tr><td>Curve Change</td><td>Short Rate (bps)</td><td>Long Rate (bps)</td><td>2008</td><td>2007</td></tr><tr><td>+100 bps Parallel shift</td><td>+100</td><td>+100</td><td>$144</td><td>$-952</td></tr><tr><td>-100 bps Parallel shift</td><td>-100</td><td>-100</td><td>-186</td><td>865</td></tr><tr><td>Flatteners</td><td></td><td></td><td></td><td></td></tr><tr><td>Short end</td><td>+100</td><td>–</td><td>-545</td><td>-1,127</td></tr><tr><td>Long end</td><td>–</td><td>-100</td><td>-638</td><td>-386</td></tr><tr><td>Steepeners</td><td></td><td></td><td></td><td></td></tr><tr><td>Short end</td><td>-100</td><td>–</td><td>453</td><td>1,255</td></tr><tr><td>Long end</td><td>–</td><td>+100</td><td>698</td><td>181</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Interest rate risk on mortgage banking income<sup>-1</sup></td><td>$8</td><td>$461</td><td>$254</td></tr><tr><td>Credit risk on loans<sup>-2</sup></td><td>-6</td><td>-107</td><td>-22</td></tr><tr><td>Interest rate and foreign currency risk on ALM activities<sup>-3</sup></td><td>-36</td><td>-754</td><td>-222</td></tr><tr><td>Price risk on certain restricted stock awards<sup>-4</sup></td><td>301</td><td>9</td><td>-267</td></tr></table>
<table><tr><td></td><td colspan="2">December 31</td></tr><tr><td>(Dollars in millions)</td><td>2017</td><td>2016</td></tr><tr><td>By counterparty</td><td></td><td></td></tr><tr><td>Private-label securitization trustees, whole-loan investors, including third-party securitization sponsors and other<sup>-1</sup></td><td>$16,064</td><td>$16,685</td></tr><tr><td>Monolines</td><td>1,565</td><td>1,583</td></tr><tr><td>GSEs</td><td>5</td><td>9</td></tr><tr><td>Total unresolved repurchase claims by counterparty, net of duplicate claims</td><td>$17,634</td><td>$18,277</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Operating activities</td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$18,232</td><td>$17,822</td><td>$15,910</td></tr><tr><td>Reconciliation of net income to net cash provided by (used in) operating activities:</td><td></td><td></td><td></td></tr><tr><td>Equity in undistributed (earnings) losses of subsidiaries</td><td>-7,237</td><td>-16,969</td><td>-2,872</td></tr><tr><td>Other operating activities, net</td><td>-2,593</td><td>-2,860</td><td>-2,583</td></tr><tr><td>Net cash provided by (used in) operating activities</td><td>8,402</td><td>-2,007</td><td>10,455</td></tr><tr><td>Investing activities</td><td></td><td></td><td></td></tr><tr><td>Net sales of securities</td><td>312</td><td>—</td><td>15</td></tr><tr><td>Net payments to subsidiaries</td><td>-7,087</td><td>-65,481</td><td>-7,944</td></tr><tr><td>Other investing activities, net</td><td>-1</td><td>-308</td><td>70</td></tr><tr><td>Net cash used in investing activities</td><td>-6,776</td><td>-65,789</td><td>-7,859</td></tr><tr><td>Financing activities</td><td></td><td></td><td></td></tr><tr><td>Net decrease in short-term borrowings</td><td>—</td><td>-136</td><td>-221</td></tr><tr><td>Net decrease in other advances</td><td>-6,672</td><td>-44</td><td>-770</td></tr><tr><td>Proceeds from issuance of long-term debt</td><td>37,704</td><td>27,363</td><td>26,492</td></tr><tr><td>Retirement of long-term debt</td><td>-29,645</td><td>-30,804</td><td>-27,393</td></tr><tr><td>Proceeds from issuance of preferred stock</td><td>—</td><td>2,947</td><td>2,964</td></tr><tr><td>Common stock repurchased</td><td>-12,814</td><td>-5,112</td><td>-2,374</td></tr><tr><td>Cash dividends paid</td><td>-5,700</td><td>-4,194</td><td>-3,574</td></tr><tr><td>Net cash used in financing activities</td><td>-17,127</td><td>-9,980</td><td>-4,876</td></tr><tr><td>Net decrease in cash held at bank subsidiaries</td><td>-15,501</td><td>-77,776</td><td>-2,280</td></tr><tr><td>Cash held at bank subsidiaries at January 1</td><td>20,248</td><td>98,024</td><td>100,304</td></tr><tr><td>Cash held at bank subsidiaries at December 31</td><td>$4,747</td><td>$20,248</td><td>$98,024</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td></td><td>Total Assets at Year End<sup>-1</sup></td><td>Total Revenue, Net of Interest Expense<sup>-2</sup></td><td>Income Before Income Taxes</td><td>Net Income</td></tr><tr><td>U.S.<sup>-3</sup></td><td>2017</td><td>$1,965,490</td><td>$74,830</td><td>$25,108</td><td>$15,550</td></tr><tr><td></td><td>2016</td><td>1,901,043</td><td>72,418</td><td>22,282</td><td>16,183</td></tr><tr><td></td><td>2015</td><td></td><td>72,117</td><td>20,181</td><td>14,711</td></tr><tr><td>Asia</td><td>2017</td><td>103,255</td><td>3,405</td><td>676</td><td>464</td></tr><tr><td></td><td>2016</td><td>85,410</td><td>3,365</td><td>674</td><td>488</td></tr><tr><td></td><td>2015</td><td></td><td>3,524</td><td>726</td><td>457</td></tr><tr><td>Europe, Middle East and Africa</td><td>2017</td><td>189,661</td><td>7,907</td><td>2,990</td><td>1,926</td></tr><tr><td></td><td>2016</td><td>174,934</td><td>6,608</td><td>1,705</td><td>925</td></tr><tr><td></td><td>2015</td><td></td><td>6,081</td><td>938</td><td>516</td></tr><tr><td>Latin America and the Caribbean</td><td>2017</td><td>22,828</td><td>1,210</td><td>439</td><td>292</td></tr><tr><td></td><td>2016</td><td>26,680</td><td>1,310</td><td>360</td><td>226</td></tr><tr><td></td><td>2015</td><td></td><td>1,243</td><td>342</td><td>226</td></tr><tr><td>Total Non-U.S.</td><td>2017</td><td>315,744</td><td>12,522</td><td>4,105</td><td>2,682</td></tr><tr><td></td><td>2016</td><td>287,024</td><td>11,283</td><td>2,739</td><td>1,639</td></tr><tr><td></td><td>2015</td><td></td><td>10,848</td><td>2,006</td><td>1,199</td></tr><tr><td>Total Consolidated</td><td>2017</td><td>$2,281,234</td><td>$87,352</td><td>$29,213</td><td>$18,232</td></tr><tr><td></td><td>2016</td><td>2,188,067</td><td>83,701</td><td>25,021</td><td>17,822</td></tr><tr><td></td><td>2015</td><td></td><td>82,965</td><td>22,187</td><td>15,910</td></tr></table>
<table><tr><td>Company / Index</td><td>2012</td><td>2013</td><td>2014</td><td>2015</td><td>2016</td><td>2017</td></tr><tr><td>Teleflex Incorporated</td><td>100</td><td>134</td><td>166</td><td>192</td><td>237</td><td>368</td></tr><tr><td>S&P 500 Index</td><td>100</td><td>132</td><td>151</td><td>153</td><td>171</td><td>208</td></tr><tr><td>S&P 500 Healthcare Equipment & Supply Index</td><td>100</td><td>128</td><td>161</td><td>171</td><td>181</td><td>238</td></tr></table>

Question: What is the sum of Net payments to subsidiaries Investing activities of 2017, Short end Flatteners of December 31 2007, and Proceeds from issuance of preferred stock Financing activities of 2016 ?
Answer: 11161