Table of Contents The Company may also enter into non-designated foreign currency contracts to partially offset the foreign currency exchange gains and losses generated by the re-measurement of certain assets and liabilities denominated in non-functional currencies.
The Company may enter into interest rate swaps, options, or other instruments to manage interest rate risk.
These instruments may offset a portion of changes in income or expense, or changes in fair value of the Company’s term debt or investments.
The Company designates these instruments as either cash flow or fair value hedges.
The Company’s hedged interest rate transactions as of September 26, 2015 are expected to be recognized within 10 years.
Cash Flow Hedges The effective portions of cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings.
Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of net sales in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of inventory purchases are recognized as a component of cost of sales in the same period as the related costs are recognized.
Deferred gains and losses associated with cash flow hedges of interest income or expense are recognized in other income/(expense), net in the same period as the related income or expense is recognized.
The ineffective portions and amounts excluded from the effectiveness testing of cash flow hedges are recognized in other income/(expense), net.
Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period.
Deferred gains and losses in AOCI associated with such derivative instruments are reclassified immediately into other income/(expense), net.
Any subsequent changes in fair value of such derivative instruments are reflected in other income/(expense), net unless they are re-designated as hedges of other transactions.
Net Investment Hedges The effective portions of net investment hedges are recorded in other comprehensive income (“OCI”) as a part of the cumulative translation adjustment.
The ineffective portions and amounts excluded from the effectiveness testing of net investment hedges are recognized in other income/(expense), net.
Fair Value Hedges Gains and losses related to changes in fair value hedges are recognized in earnings along with a corresponding loss or gain related to the change in value of the underlying hedged item.
Non-Designated Derivatives Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.
The Company records all derivatives in the Consolidated Balance Sheets at fair value.
The Company’s accounting treatment for these derivative instruments is based on its hedge designation.
The following tables show the Company’s derivative instruments at gross fair value as of September 26, 2015 and September 27, 2014 (in millions):
## Table 0 ##
Table of Contents ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Investment Portfolio There has been significant deterioration and instability in the financial markets during fiscal 2009.
This period of extraordinary disruption and readjustment in the financial markets exposes us to additional investment risk.
The value and liquidity of the securities in which we invest could deteriorate rapidly and the issuers of these securities could be subject to credit rating downgrades.
In light of the current market conditions and these additional risks, we actively monitor market conditions and developments specific to the securities in which we invest.
We believe that we take a conservative approach to investing our funds in that we invest only in highly-rated securities and diversify our portfolio of investments.
While we believe we take prudent measures to mitigate investment related risks, such risks cannot be fully eliminated because of market circumstances that are outside our control.
Our investments consist of instruments that meet quality standards that are consistent with our investment policy.
This policy specifies that, except for direct obligations of the United States government, securities issued by agencies of the United States government, and money market funds, we diversify our investments by limiting our holdings with any individual issuer.
We do not hold derivative financial instruments in our portfolio of investments.
See Note 10 to the financial statements in Item 8, “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources,” in Item 7; and “Risk Factors” in Item 1A of this Annual Report on Form 10-K for a description of market events that have affected the liquidity of certain municipal auction rate securities that we held at July 31, 2009.
The following table presents our portfolio of cash equivalents and available-for-sale debt securities as of July 31, 2009 by stated maturity.
The table is classified by the original maturity date listed on the security and includes cash equivalents, which consist primarily of money market funds.
At July 31, 2009, the weighted average tax adjusted interest rate earned on our money market accounts was 0.57% and the weighted average tax adjusted interest rate earned on our investments was 1.20%.
## Table 1 ##
Interest Rate Risk Our cash equivalents and investments are subject to market risk due to changes in interest rates.
Interest rate movements affect the interest income we earn on cash equivalents and investments and the value of those investments.
Should the Federal Reserve Target Rate increase by 25 basis points from the level of July 31, 2009, the value of our investments would decrease by approximately $0.9 million.
Should the Federal Reserve Target Rate increase by 100 basis points from the level of July 31, 2009, the value of our investments would decrease by approximately $3.6 million.
We are also exposed to the impact of changes in interest rates as they affect our $500 million revolving credit facility.
Advances under the credit facility accrue interest at rates that are equal to Citibank’s base rate or the London InterBank Offered Rate (LIBOR) plus a margin that ranges from 0.18% to 0.575% based on our senior debt credit ratings.
Consequently, our interest expense would fluctuate with changes in the general level of these interest rates if we were to borrow any amounts under the credit facility.
At July 31, 2009, no amounts were outstanding under the credit facility.
## Table 2 ##
(1) Includes exposure to Alt-a mortgage loans with an amortized cost of $59.6 million, gross unrealized losses of $18.2 million and a carrying amount of $41.4 million.
The Alt-a portfolio has a weighted average rating of BBB and 66% are 2005 and prior vintages.
(2) This exposure is all related to sub-prime mortgage loans.
(3) Includes exposure to sub-prime mortgage loans with an amortized cost of $27.4 million, gross unrealized gains of $0.3 million, gross unrealized losses of $17.9 million and a carrying amount of $9.8 million.
Of the $1,445.5 million in gross unrealized losses as of December 31, 2010, there were $1.8 million in losses attributed to securities scheduled to mature in one year or less, $50.5 million attributed to securities scheduled to mature between one to five years, $86.0 million attributed to securities scheduled to mature between five to ten years, $386.9 million attributed to securities scheduled to mature after ten years and $920.3 million related to mortgage-backed and other ABS that are not classified by maturity year.
As of December 31, 2010, we were in a $695.8 million net unrealized gain position as compared to a $1,458.8 million net unrealized loss position as of December 31, 2009.
Of the $2,154.6 million increase in net unrealized gains for the year ended December 31, 2010, an approximate $1.0 billion net unrealized gain can be attributed to an approximate 57 basis points decrease in interest rates and the remaining net unrealized gains related to other market factors.
Credit Disruption.
The credit disruption in the market that began in the last half of 2007 from concerns in the sub-prime markets, and continued into 2008 and 2009 with concerns in the leveraged finance markets led to reduced liquidity and wider credit spreads.
These credit concerns led to widespread forced selling into a very thinly traded market, which further strained market liquidity.
This market disruption lowered valuations and, as a result, we saw an increase in net unrealized losses in our securities portfolio through the first quarter of 2009.
The losses were more pronounced in the Finance sectors and in structured products such as collateralized debt obligations, ABS and CMBS.
The decline in value in large part reflected the illiquid markets.
We concluded the prices of the securities in our securities portfolio were temporarily depressed due to (1) the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms, (2) the expectation the issuers will continue to satisfy their obligations given the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence and (3) management not having the intent to sell these securities and as it is not more likely than not that we would be required to sell these securities before the

<table><tr><td></td><td colspan="3"> 2015</td></tr><tr><td></td><td> Fair Value of Derivatives Designated as Hedge Instruments</td><td> Fair Value of Derivatives Not Designated as Hedge Instruments</td><td> Total  Fair Value</td></tr><tr><td>Derivative assets<sup>-1</sup>:</td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>$1,442</td><td>$109</td><td>$1,551</td></tr><tr><td>Interest rate contracts</td><td>$394</td><td>$0</td><td>$394</td></tr><tr><td>Derivative liabilities<sup>-2</sup>:</td><td></td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>$905</td><td>$94</td><td>$999</td></tr><tr><td>Interest rate contracts</td><td>$13</td><td>$0</td><td>$13</td></tr></table>
<table><tr><td></td><td colspan="6"> Years Ending July 31,</td><td></td></tr><tr><td><i>(In thousands)</i></td><td> 2010</td><td> 2011</td><td> 2012</td><td> 2013</td><td> 2014</td><td> 2015 and  Thereafter</td><td> Total</td></tr><tr><td>Cash equivalents</td><td>$893,021</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td><td>$893,021</td></tr><tr><td>Investments</td><td>185,367</td><td>160,185</td><td>4,997</td><td>4,242</td><td>16,542</td><td>296,785</td><td>668,118</td></tr><tr><td>Long-term investments</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>93,650</td><td>93,650</td></tr><tr><td>Total</td><td>$1,078,388</td><td>$160,185</td><td>$4,997</td><td>$4,242</td><td>$16,542</td><td>$390,435</td><td>$1,654,789</td></tr></table>
<table><tr><td> </td><td colspan="4"> December 31, 2009</td></tr><tr><td> </td><td> Amortized cost</td><td> Gross unrealized gains</td><td> Gross unrealized losses</td><td> Carrying amount</td></tr><tr><td> </td><td colspan="4"><i>(in millions)</i> </td></tr><tr><td>Finance — Banking</td><td>$4,288.5</td><td>$68.2</td><td>$480.4</td><td>$3,876.3</td></tr><tr><td>Finance — Brokerage</td><td>428.6</td><td>11.0</td><td>6.4</td><td>433.2</td></tr><tr><td>Finance — Finance Companies</td><td>265.2</td><td>9.0</td><td>18.7</td><td>255.5</td></tr><tr><td>Finance — Financial Other</td><td>535.6</td><td>26.0</td><td>8.6</td><td>553.0</td></tr><tr><td>Finance — Insurance</td><td>2,714.9</td><td>36.5</td><td>207.9</td><td>2,543.5</td></tr><tr><td>Finance — REITS</td><td>1,327.1</td><td>14.6</td><td>80.0</td><td>1,261.7</td></tr><tr><td>Industrial — Basic Industry</td><td>1,921.4</td><td>74.9</td><td>19.1</td><td>1,977.2</td></tr><tr><td>Industrial — Capital Goods</td><td>2,364.0</td><td>99.1</td><td>33.0</td><td>2,430.1</td></tr><tr><td>Industrial — Communications</td><td>2,761.6</td><td>174.3</td><td>21.8</td><td>2,914.1</td></tr><tr><td>Industrial — Consumer Cyclical</td><td>1,597.0</td><td>69.4</td><td>32.0</td><td>1,634.4</td></tr><tr><td>Industrial — Consumer Non-Cyclical</td><td>3,149.6</td><td>172.0</td><td>27.4</td><td>3,294.2</td></tr><tr><td>Industrial — Energy</td><td>1,933.3</td><td>108.3</td><td>19.2</td><td>2,022.4</td></tr><tr><td>Industrial — Other</td><td>700.0</td><td>22.8</td><td>20.0</td><td>702.8</td></tr><tr><td>Industrial — Technology</td><td>765.0</td><td>31.6</td><td>11.2</td><td>785.4</td></tr><tr><td>Industrial — Transportation</td><td>934.9</td><td>41.7</td><td>18.4</td><td>958.2</td></tr><tr><td>Utility — Electric</td><td>2,518.6</td><td>115.6</td><td>18.6</td><td>2,615.6</td></tr><tr><td>Utility — Natural Gas</td><td>1,086.2</td><td>66.0</td><td>7.4</td><td>1,144.8</td></tr><tr><td>Utility — Other</td><td>122.8</td><td>3.2</td><td>0.6</td><td>125.4</td></tr><tr><td>FDIC guaranteed</td><td>96.1</td><td>1.4</td><td>—</td><td>97.5</td></tr><tr><td>Government guaranteed</td><td>1,102.8</td><td>76.3</td><td>16.9</td><td>1,162.2</td></tr><tr><td>Total corporate securities</td><td>30,613.2</td><td>1,221.9</td><td>1,047.6</td><td>30,787.5</td></tr><tr><td>Residential pass-through securities</td><td>3,019.1</td><td>86.0</td><td>3.8</td><td>3,101.3</td></tr><tr><td>Commercial mortgage-backed securities</td><td>4,898.0</td><td>20.9</td><td>1,319.2</td><td>3,599.7</td></tr><tr><td>Residential collateralized mortgage obligations -1</td><td>1,198.9</td><td>13.5</td><td>114.9</td><td>1,097.5</td></tr><tr><td>Asset-backed securities — Home equity -2</td><td>487.1</td><td>—</td><td>173.1</td><td>314.0</td></tr><tr><td>Asset-backed securities — All other</td><td>1,308.1</td><td>21.1</td><td>15.5</td><td>1,313.7</td></tr><tr><td>Collateralized debt obligations — Credit</td><td>197.2</td><td>1.5</td><td>67.0</td><td>131.7</td></tr><tr><td>Collateralized debt obligations — CMBS</td><td>257.0</td><td>—</td><td>129.4</td><td>127.6</td></tr><tr><td>Collateralized debt obligations — Loans</td><td>101.4</td><td>—</td><td>21.4</td><td>80.0</td></tr><tr><td>Collateralized debt obligations — ABS -3</td><td>51.9</td><td>0.3</td><td>21.9</td><td>30.3</td></tr><tr><td>Total mortgage-backed and other asset-backed securities</td><td>11,518.7</td><td>143.3</td><td>1,866.2</td><td>9,795.8</td></tr><tr><td>U.S. government and agencies</td><td>550.1</td><td>9.1</td><td>0.5</td><td>558.7</td></tr><tr><td>States and political subdivisions</td><td>2,008.7</td><td>53.4</td><td>13.5</td><td>2,048.6</td></tr><tr><td>Non-U.S. governments</td><td>421.1</td><td>42.4</td><td>1.1</td><td>462.4</td></tr><tr><td>Total fixed maturities, available-for-sale</td><td>$45,111.8</td><td>$1,470.1</td><td>$2,928.9</td><td>$43,653.0</td></tr></table>

Question: In which section the sum of Finance — REITS has the highest value?