Notes to Consolidated Financial Statements Net Investment Hedges The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain nonU.
S.  operations through the use of foreign currency forward contracts and foreign currency-denominated debt.
For foreign currency forward contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts (i. e. , based on changes in forward rates).
For foreign currency-denominated debt designated as a hedge, the effectiveness of the hedge is assessed based on changes in spot rates.
For qualifying net investment hedges, the gains or losses on the hedging instruments, to the extent effective, are included in “Currency translation” within the consolidated statements of comprehensive income.
The table below presents the gains/(losses) from net investment hedging.
## Table 0 ##
The gain/(loss) related to ineffectiveness was not material for 2013, 2012 or 2011.
The loss reclassified to earnings from accumulated other comprehensive income was not material for 2013 or 2012, and was $186 million for 2011.
As of December 2013 and December 2012, the firm had designated $1.97 billion and $2.77 billion, respectively, of foreign currency-denominated debt, included in “Unsecured long-term borrowings” and “Unsecured shortterm borrowings,” as hedges of net investments in nonU.
S.  subsidiaries.
Cash Flow Hedges Beginning in the third quarter of 2013, the firm designated certain commodities-related swap and forward contracts as cash flow hedges.
These swap and forward contracts hedge the firm’s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm’s consolidated investments.
The firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness.
A cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%.
For qualifying cash flow hedges, the gains or losses on derivatives, to the extent effective, are included in “Cash flow hedges” within the consolidated statements of comprehensive income.
Gains or losses resulting from hedge ineffectiveness are included in “Other principal transactions” in the consolidated statements of earnings.
The effective portion of the gains, before taxes, recognized on these cash flow hedges was $14 million for 2013.
The gain/(loss) related to hedge ineffectiveness was not material for 2013.
There were no gains/(losses) excluded from the assessment of hedge effectiveness or reclassified to earnings from accumulated other comprehensive income during 2013.
The amounts recorded in “Cash flow hedges” will be reclassified to “Other principal transactions” in the same periods as the corresponding gain or loss on the sale of the hedged energy commodities, which is also recorded in “Other principal transactions.
” The firm expects to reclassify $5 million of gains, net of taxes, related to cash flow hedges from “Cash flow hedges” to earnings within the next twelve months.
The length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately two years.
SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Continued) (Amounts in tables in millions, except share and per share data) Note 12 Derivatives and Hedging Activities (Continued) one-month London Interbank Offered Rate, or LIBOR.
As a result, interest expense was reduced by $1.5 million in the year ended December 31, 2009.
Before April 15, 2008, we had outstanding interest rate swaps with a total notional amount of $300.0 million that qualified and were designated as fair value hedges.
We entered into these interest rate swaps to effectively convert our 5.375% Senior Notes due April 2008 into floating rate debt.
We retired our 5.375% Senior Notes on April 15, 2008, their maturity date.
The related interest rate swaps matured on the same day.
See Note 11, ‘‘Debt and Credit Facilities,’’ for further discussion of the debt retirement.
At December 31, 2008, we had no outstanding interest rate swaps.
At December 31, 2007, we recorded a mark-to-market adjustment to record a decrease of $2.1 million in the fair value of the 5.375% Senior Notes due to changes in interest rates and an offsetting increase to other current liabilities to record the fair value of the related interest rate swaps.
There was no ineffective portion of the hedges recognized in earnings during the period.
In 2008 and 2007, under the terms of the $300.0 million outstanding interest rate swap agreements, we received interest at a fixed rate and paid interest at variable rates that were based on the six-month LIBOR.
As a result, interest expense included $2.1 million in 2008 and $7.7 million in 2007 in connection with these swap agreements.
In 2007, we terminated forward starting interest rate swaps.
As a result, we received cash of $3.7 million and recognized a gain for this amount in other (expense) income, net, on the consolidated statement of operations.
Other Derivative Instruments We may use other derivative instruments from time to time, such as foreign exchange options to manage exposure due to foreign exchange rates and interest rate and currency swaps related to access to international financing transactions.
These instruments can potentially limit foreign exchange exposure by swapping borrowings denominated in one currency for borrowings denominated in another currency.
At December 31, 2009 and 2008, we had no foreign exchange options or interest rate and currency swap agreements outstanding.
See Note 13, ‘‘Fair Value Measurements and Other Financial Instruments,’’ for a discussion of the inputs and valuation techniques used to determine the fair value of our outstanding derivative instruments.
The following table details the fair value of our derivative instruments included on the consolidated balance sheets.
## Table 1 ##
(1) Asset derivatives were included in other current assets for the foreign currency forward contracts and other assets for the interest rate swaps.
Liability derivatives were included in other current liabilities for
Summarized Quarterly Financial Information (Unaudited, in millions, except share data)
## Table 2 ##
## Table 3 ##
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk We are exposed to market risk from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect our consolidated financial position and results of operations.
We seek to minimize these risks through regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments.
We do not purchase, hold or sell derivative financial instruments for trading purposes.
Interest Rates From time to time, we may use interest rate swaps, collars or options to manage our exposure to fluctuations in interest rates.
Our interest rate swaps are described in Note 12, ‘‘Derivatives and Hedging Activities,’’ of Notes to Consolidated Financial Statements, which is contained in Part II, Item 8 of this Annual Report on Form 10-K and in ‘‘Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Derivative Financial Instruments—Interest Rate Swaps’’ contained in Part II, Item 7 of this Annual Report on Form 10-K.
Such information is incorporated herein by reference.
At December 31, 2009, we had outstanding interest rate swaps, but no outstanding collars or options.
At December 31, 2008, we had no outstanding interest rate swaps, collars or options.
The carrying value of our total debt, which includes the impact of outstanding interest rate swaps in 2009, was $1,661.0 million at December 31, 2009 and $1,479.0 million at December 31, 2008.
Our fixed rate debt, including the impact of interest rate swaps in 2009, was $1,568.6 million at December 31, 2009 and $1,430.9 million at December 31, 2008.
The fair value of our fixed rate debt varies with changes in interest rates.
Generally, the fair value of fixed rate debt will increase as interest rates fall and decrease as interest rates rise.
The estimated fair value of our total debt, including the impact of outstanding interest rate swaps in 2009, was $1,774.7 million at December 31, 2009 and $1,204.8 million at December 31, 2008.
A hypothetical 10% decrease in interest rates would result in an increase of $66.9 million in the fair value of the total debt balance at December 31, 2009.
These changes in the fair value of our fixed rate debt do not alter our obligations to repay the outstanding principal amount of such debt.
See Note 13, ‘‘Fair Value Measurements and Other Financial Instruments,’’ of Notes to Consolidated Financial Statements for details of the methodology and inputs used to determine the fair value of our fixed rate debt.
Foreign Currency Exchange Rate Risk As a large, global organization, we face exposure to changes in foreign currency exchange rates.
These exposures may change over time as business practices evolve and could materially impact our consolidated financial position or results of operations in the future.
Restructuring Activities See Note 10, “Restructuring Activities,” of the Notes to Consolidated Financial Statements for additional details regarding each of the Company’s restructuring programs discussed below, restructuring plan’s accrual, spending and other activity for the year ended December 31, 2018.
In the first quarter of 2016, the Board of Directors agreed to consolidate the remaining activities of all restructuring programs to create a single program to be called the “Sealed Air Restructuring Program” or the “Program.
” In December 2018 the Sealed Air Board of Directors approved a three-year restructuring program (“New Program”) to drive total annualized savings by the end of 2021 in the range of $215 to $235 million.
The total cash cost of the New Program is estimated to be in the range of $190 to $220 million, which will be incurred primarily in 2019 and 2020.
Sealed Air will combine the New Program with its existing restructuring program (“Program”) which was largely related to the elimination of stranded costs.
The Program is estimated to generate incremental cost savings of $240 million to $260 million by the end of 2021, compared with the savings run rate achieved by the end of 2018.
For the year ended December 31, 2018, the Program generated incremental cost savings of $44 million, primarily in selling, general and administrative expenses.
The actual timing of future costs and cash payments related to the Program described above are subject to change due to a variety of factors that may cause a portion of the costs, spending and benefits to occur later than expected.
In addition, changes in foreign exchange rates may impact future costs, spending, benefits and cost synergies.
Interest Expense, net Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks.
Interest expense, net for the years ended December 31, was as follows:
## Table 4 ##

<table><tr><td></td><td>Year Ended December</td></tr><tr><td><i>in millions</i></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Currency hedges</td><td>$150</td><td>$-233</td><td>$ 160</td></tr><tr><td>Foreign currency-denominated debt hedges</td><td>470</td><td>347</td><td>-147</td></tr></table>
<table><tr><td> </td><td colspan="2"> Fair Value of Asset Derivatives-1</td><td colspan="2">Fair Value of (Liability) Derivatives(1)</td></tr><tr><td> </td><td> December 31, 2009</td><td> December 31, 2008</td><td>December 31, 2009</td><td>December 31, 2008</td></tr><tr><td> Derivatives designated as hedging instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign currency forward contracts</td><td>$0.1</td><td>$—</td><td>$-0.2</td><td>$-0.1</td></tr><tr><td>Interest rate swaps</td><td>$—</td><td>$—</td><td>$-0.5</td><td>$—</td></tr><tr><td> Derivatives not designated as hedging instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign currency forward contracts</td><td>$0.1</td><td>$14.6</td><td>$-3.6</td><td>$-1.8</td></tr><tr><td> Total</td><td>$0.2</td><td>$14.6</td><td>$-4.3</td><td>$-1.9</td></tr></table>
<table><tr><td> 2009</td><td> First Quarter</td><td> Second Quarter</td><td> Third Quarter</td><td> Fourth Quarter</td></tr><tr><td>Net sales</td><td>$988.5</td><td>$1,028.0</td><td>$1,079.9</td><td>$1,146.4</td></tr><tr><td>Gross profit</td><td>285.7</td><td>288.1</td><td>311.1</td><td>333.6</td></tr><tr><td>Net earnings</td><td>58.1</td><td>60.5</td><td>60.6</td><td>65.1</td></tr><tr><td>Basic net earnings per common share</td><td>$0.37</td><td>$0.38</td><td>$0.38</td><td>$0.41</td></tr><tr><td>Diluted net earnings per common share</td><td>$0.32</td><td>$0.33</td><td>$0.34</td><td>$0.37</td></tr></table>
<table><tr><td> 2008</td><td> First Quarter</td><td> Second Quarter</td><td> Third Quarter</td><td> Fourth Quarter</td></tr><tr><td>Net sales</td><td>$1,177.4</td><td>$1,278.8</td><td>$1,219.0</td><td>$1,168.3</td></tr><tr><td>Gross profit</td><td>305.1</td><td>330.2</td><td>293.7</td><td>307.6</td></tr><tr><td>Net earnings</td><td>60.8</td><td>62.6</td><td>9.2</td><td>47.3</td></tr><tr><td>Basic net earnings per common share</td><td>$0.38</td><td>$0.39</td><td>$0.06</td><td>$0.30</td></tr><tr><td>Diluted net earnings per common share</td><td>$0.33</td><td>$0.34</td><td>$0.05</td><td>$0.26</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td><td rowspan="2">2018 vs. 2017 Change</td><td rowspan="2">2017 vs. 2016 Change</td></tr><tr><td>(In millions)</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Interest expense on our various debt instruments:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Term Loan A due July 2017<sup>-1</sup></td><td>$—</td><td>$3.6</td><td>$5.2</td><td>$-3.6</td><td>$-1.6</td></tr><tr><td>Term Loan A due July 2023<sup>-2</sup></td><td>8.9</td><td>18.6</td><td>19.9</td><td>-9.7</td><td>-1.3</td></tr><tr><td>Revolving credit facility due July 2023<sup>-2</sup></td><td>1.9</td><td>2.4</td><td>2.4</td><td>-0.5</td><td>—</td></tr><tr><td>6.50% Senior Notes due December 2020</td><td>28.1</td><td>28.1</td><td>27.7</td><td>—</td><td>0.4</td></tr><tr><td>4.875% Senior Notes due December 2022</td><td>21.5</td><td>21.5</td><td>21.4</td><td>—</td><td>0.1</td></tr><tr><td>5.25% Senior Notes due April 2023</td><td>23.1</td><td>23.0</td><td>23.0</td><td>0.1</td><td>—</td></tr><tr><td>4.50% Senior Notes due September 2023</td><td>21.8</td><td>21.0</td><td>20.4</td><td>0.8</td><td>0.6</td></tr><tr><td>5.125% Senior Notes due December 2024</td><td>22.4</td><td>22.3</td><td>22.3</td><td>0.1</td><td>—</td></tr><tr><td>5.50% Senior Notes due September 2025</td><td>22.4</td><td>22.3</td><td>22.3</td><td>0.1</td><td>—</td></tr><tr><td>6.875% Senior Notes due July 2033</td><td>31.0</td><td>31.0</td><td>31.0</td><td>—</td><td>—</td></tr><tr><td>Other interest expense</td><td>18.2</td><td>18.3</td><td>14.7</td><td>-0.1</td><td>3.6</td></tr><tr><td>Less: capitalized interest</td><td>-6.3</td><td>-10.3</td><td>-10.9</td><td>4.0</td><td>0.6</td></tr><tr><td>Less: interest income</td><td>-15.1</td><td>-17.6</td><td>-7.5</td><td>2.5</td><td>-10.1</td></tr><tr><td>Total</td><td>$177.9</td><td>$184.2</td><td>$191.9</td><td>$-6.3</td><td>$-7.7</td></tr></table>

Question: Which year Ended December 31 does Other interest expense reach the largest value?
Answer: 2017