The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
## Table 0 ##
Interest income from syndicated loans, bonds and structured investments is recorded based on contractual rates in net investment income.
Gains and losses related to changes in the fair value of investments and gains and losses on sales of investments are also recorded in net investment income.
Interest expense on debt is recorded in interest and debt expense with gains and losses related to changes in the fair value of debt recorded in net investment income.
Total net gains (losses) recognized in net investment income related to changes in the fair value of financial assets and liabilities for which the fair value option was elected were $28 million, $(85) million and $(122) million for the years ended December 31, 2013, 2012 and 2011, respectively.
The majority of the syndicated loans and debt have floating rates; as such, changes in their fair values are primarily attributable to changes in credit spreads.
Debt of the consolidated investment entities and the stated interest rates were as follows:
## Table 1 ##
The debt of the consolidated CDOs has both fixed and floating interest rates, which range from 0% to 9.2%.
The interest rates on the debt of CDOs are weighted average rates based on the outstanding principal and contractual interest rates.
The carrying value of the debt of the consolidated CDOs represents the fair value of the aggregate debt.
The carrying value of the floating rate revolving credit borrowings represents the outstanding principal amount of debt of certain consolidated pooled investment vehicles managed by Threadneedle.
The fair value of this debt was $932 million and $531 million as of December 31, 2013 and 2012, respectively.
The consolidated pooled investment vehicles have entered into interest rate swaps and collars to manage the interest rate exposure on the floating rate revolving credit borrowings.
The fair value of these derivative instruments is recorded gross and was a liability of $5 million and $17 million at December 31, 2013 and 2012, respectively.
The overall effective interest rate reflecting the impact of the derivative contracts was 4.2% and 4.8% as of December 31, 2013 and 2012, respectively.
Credit Risk Credit risk associated with the Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract.
To mitigate such risk, the Company has established guidelines and oversight of credit risk through a comprehensive enterprise risk management program that includes members of senior management.
Key components of this program are to require preapproval of counterparties and the use of master netting arrangements and collateral arrangements whenever practical.
See Note 15 for additional information on the Company’s credit exposure related to derivative assets.
Certain of the Company’s derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s debt rating (or based on the financial strength of the Company’s life insurance subsidiaries for contracts in which those subsidiaries are the counterparty).
Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company’s debt does not maintain a specific credit rating (generally an investment grade rating) or the Company’s life insurance subsidiary does not maintain a specific financial strength rating.
If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position.
At December 31, 2013 and 2012, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $1.0 billion and $364 million, respectively.
The aggregate fair value of assets posted as collateral for such instruments as of December 31, 2013 and 2012 was $959 million and $360 million, respectively.
If the credit contingent provisions of derivative contracts in a net liability position at December 31, 2013 and 2012 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $56 million and $4 million, respectively.17.
Share-Based Compensation The Company’s share-based compensation plans consist of the Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan (the ‘‘2005 ICP’’), the Ameriprise Financial 2008 Employment Incentive Equity Award Plan (the ‘‘2008 Plan’’), the Ameriprise Financial Franchise Advisor Deferred Compensation Plan (‘‘Franchise Advisor Deferral Plan’’), the Ameriprise Advisor Group Deferred Compensation Plan (‘‘Advisor Group Deferral Plan’’) and the Threadneedle Equity Incentive Plan (‘‘EIP’’).
The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:
## Table 2 ##
(1) Includes $10 million, $11 million and $19 million of expense related to EIP for the years ended December 31, 2013, 2012 and 2011, respectively.
For the years ended December 31, 2013, 2012 and 2011, total income tax benefit recognized by the Company related to share-based compensation expense was $60 million, $51 million and $53 million, respectively.
As of December 31, 2013, there was $84 million of total unrecognized compensation cost related to non-vested awards under the Company’s share-based compensation plans, which is expected to be recognized over a weighted-average period of 2.1 years.
Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan The 2005 ICP, which was amended and approved by shareholders on April 28, 2010, provides for the grant of cash and equity incentive awards to directors, employees and independent contractors, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance shares and similar awards designed to comply with the applicable federal regulations and laws of jurisdiction.
Under the 2005 ICP, a maximum of 37.9 million shares may be issued.
Of this total, no more than 6.0 million shares may be issued after April 28, 2010 for full value awards, which are awards other than stock options and stock appreciation rights.
Shares issued under the 2005 ICP may be authorized and unissued shares or treasury shares.
Full Value Share Award Activity A summary of activity for the Company’s restricted stock awards, restricted stock units granted to employees (including advisors), compensation deferrals into stock and deferred share units for 2013 is presented below (shares in millions):
## Table 3 ##
The deferred shares in the table above primarily relate to franchise advisor voluntary deferrals of their commissions into share-based awards under the Franchise Advisor Deferral Plan that are fully vested at the deferral date.
The fair value of full value share awards vested during the years ended December 31, 2013, 2012 and 2011 was $110 million, $103 million and $116 million, respectively.
The weighted average grant date fair value for restricted shares, restricted stock units and deferred share units during 2013, 2012 and 2011 was $68.90, $54.32 and $59.01, respectively.
The weighted average grant date fair value for franchise advisor and advisor group deferrals during 2013, 2012 and 2011 was $80.77, $54.98 and $52.72, respectively.
Performance Share Units Under the 2005 ICP, the Company’s Executive Leadership Team may be awarded a target number of performance share units (‘‘PSUs’’).
PSUs will be earned only to the extent that the Company attains certain goals relating to the Company’s performance and relative total shareholder returns against peers over a three-year period.
The awards also have a three-year service condition with cliff vesting with an accelerated service condition based on age and length of service.
The actual number of PSUs ultimately earned could vary from zero, if performance goals are not met, to as much as 200% of the target, if performance goals are significantly exceeded.
The value of each target PSU is equal to the value of one share of Ameriprise common stock.
The total amount of target PSUs outstanding at the end of December 31, 2013, 2012, and 2011 was 0.3 million, 0.2 million, 0.1 million, respectively.
The PSUs are liability awards and there were no payments made for these awards for the years ended December 31, 2013, 2012 and 2011.
Threadneedle Equity Incentive Plan Prior to 2012, certain key Threadneedle employees were eligible for awards under the EIP based on a formula tied to Threadneedle’s financial performance.
Awards under the EIP were first made in April 2009; prior awards were made under the equity participation plan (‘‘EPP’’).
In 2011, Threadneedle’s articles of incorporation were amended to create a new class of Threadneedle corporate units to be granted under a modified EIP plan.
Employees who held EIP units granted prior to 2011 were given the choice to exchange their existing units at the exchange date.
EIP awards may be settled in cash or Threadneedle corporate units according to the award’s terms.
For awards granted prior to 2011, the EIP provides for 100% vesting after three years, with a mandatory call after six years.
For converted units and awards granted after February 2011, the EIP provides for 100% vesting after two and a half years, with no mandatory call date.
Converted units and units granted after February 2011 have dividend rights once fully vested.
The EPP provides for 50% vesting after three years and 50% vesting after four years, with required cash-out after five years.
EIP and EPP awards are subject to forfeitures based on future service requirements.
The EIP awards were no longer awarded after 2012 and instead Threadneedle employees received awards under the 2005 ICP.
The value of the EPP and EIP awards is recognized as compensation expense evenly over the vesting periods.
Generally, the expense is based on the grant date fair value of the awards as determined by an annual independent valuation of Threadneedle’s fair market value; however, for awards accounted for as a liability the expense is adjusted to reflect Threadneedle’s current calculated value (the change in the value of the awards is recognized immediately for vested awards and over the remaining vesting period for unvested awards).
During the years ended December 31, 2013, 2012 and 2011, cash settlements of EPP and EIP awards were $23 million, $31 million and $14 million, respectively.
The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking and model changes for the years ended December 31:
## Table 4 ##
(1) Includes $14 million and $4 million of expense related to the market impact on variable annuity guaranteed benefits for the years ended December 31, 2012 and 2011, respectively.
The impact of unlocking and model changes for 2012 included a $41 million benefit, net of DAC and DSIC amortization, from an adjustment to the model which values the reserves related to living benefit guarantees primarily attributable to prior periods.
Net Revenues Net revenues increased $25 million compared to the prior year due to higher management and financial advice fees and distribution fees, partially offset by lower net investment income and other revenues.
Management and financial advice fees increased $155 million, or 3%, compared to the prior year primarily due to higher asset-based fees driven by an increase in average AUM.
Average AUM increased $15.1 billion, or 3%, compared to the prior year primarily due to market appreciation and wrap account net inflows, partially offset by asset management net outflows.
See our discussion on the changes in AUM in our segment results of operations section below.
Distribution fees increased $43 million, or 3%, compared to the prior year due to higher asset-based fees driven by an increase in average AUM.
Net investment income decreased $113 million, or 6%, compared to the prior year reflecting a $149 million decrease in investment income on fixed maturity securities, partially offset by a $19 million increase in net investment income of CIEs.
The decrease in investment income on fixed maturity securities was primarily due to low interest rates and $43 million of additional bond discount accretion investment income in 2011 related to prior periods resulting from revisions to the accounting classification of certain structured securities.
Other revenues decreased $68 million, or 8%, compared to the prior year due to a $41 million unfavorable impact from unlocking in 2012 compared to a $20 million unfavorable impact in 2011 and a $91 million decrease in other revenues of CIEs, partially offset by higher fees from variable annuity guarantees driven by higher volumes, as well as higher fee rates.
In addition, other revenues in 2011 included a $27 million gain on an interest rate hedge put in place in anticipation of issuing debt that was reclassified from accumulated other comprehensive income into earnings.
The primary driver of the unlocking impact to other revenues in both periods was lower projected gains on reinsurance contracts resulting from favorable mortality experience.
Expenses Total expenses increased $234 million, or 3%, compared to the prior year primarily due to an increase in benefits, claims, losses and settlement expenses and distribution expenses, partially offset by a decrease in DAC amortization.
Distribution expenses increased $139 million, or 5%, compared to the prior year driven by growth in assets under management.
See our discussion on the changes in AUM in our segment results of operations section below.
Benefits, claims, losses and settlement expenses increased $293 million, or 18%, to $1.9 billion for the year ended December 31, 2012 compared to $1.6 billion for the prior year primarily reflecting the following items: ?
The year ended December 31, 2012 included a $28 million benefit from unlocking and model changes, which included an $18 million expense related to the market impact on variable annuity guaranteed benefits, and the prior year included a $40 million benefit, which included a $4 million expense related to the market impact on variable annuity guaranteed benefits.
The market impact on variable annuity guaranteed benefits is discussed below.
The impact from unlocking and model changes for the year ended December 31, 2012 reflected a $50 million benefit from an adjustment to the model which values the reserves related to living benefit guarantees primarily attributable to prior periods, partially offset by lower bond fund returns related to the life contingent benefits associated with GMWB.
The impact from unlocking and model changes for the prior year primarily reflected a positive impact from enhancements made to the valuation of variable annuities with living benefits.
Additions to property, plant and equipment are our most significant use of cash and cash equivalents.
The following table shows capital expenditures related to continuing operations by segment and reconciles to additions to property, plant and equipment as presented in the consolidated statements of cash flows for 2014, 2013 and 2012:

<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Syndicated loans</td><td></td><td></td></tr><tr><td>Unpaid principal balance</td><td>$4,628</td><td>$4,023</td></tr><tr><td>Excess unpaid principal over fair value</td><td>-56</td><td>-101</td></tr><tr><td>Fair value</td><td>$4,572</td><td>$3,922</td></tr><tr><td>Fair value of loans more than 90 days past due</td><td>$23</td><td>$34</td></tr><tr><td>Fair value of loans in nonaccrual status</td><td>23</td><td>34</td></tr><tr><td>Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both</td><td>33</td><td>38</td></tr><tr><td>Debt</td><td></td><td></td></tr><tr><td>Unpaid principal balance</td><td>$5,032</td><td>$4,757</td></tr><tr><td>Excess unpaid principal over fair value</td><td>-228</td><td>-307</td></tr><tr><td>Fair value</td><td>$4,804</td><td>$4,450</td></tr></table>
<table><tr><td></td><td colspan="2">Carrying Value December 31,</td><td colspan="2">Weighted Average Interest Rate December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2013</td><td>2012</td></tr><tr><td></td><td colspan="2">(in millions)</td><td></td><td></td></tr><tr><td>Debt of consolidated CDOs due 2016-2025</td><td>$4,804</td><td>$4,450</td><td>1.0%</td><td>0.9%</td></tr><tr><td>Floating rate revolving credit borrowings due 2014</td><td>305</td><td>309</td><td>2.6</td><td>2.6</td></tr><tr><td>Floating rate revolving credit borrowings due 2015</td><td>97</td><td>104</td><td>2.4</td><td>2.4</td></tr><tr><td>Floating rate revolving credit borrowings due 2017</td><td>120</td><td>118</td><td>4.5</td><td>4.5</td></tr><tr><td>Floating rate revolving credit borrowings due 2018</td><td>377</td><td>—</td><td>3.5</td><td>—</td></tr><tr><td>Floating rate revolving credit borrowings due 2019</td><td>33</td><td>—</td><td>3.0</td><td>—</td></tr><tr><td>Total</td><td>$5,736</td><td>$4,981</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3">December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Stock option</td><td>$36</td><td>$40</td><td>$43</td></tr><tr><td>Restricted stock<sup>-1</sup></td><td>46</td><td>40</td><td>50</td></tr><tr><td>Restricted stock units</td><td>61</td><td>54</td><td>52</td></tr><tr><td>Liability awards</td><td>31</td><td>14</td><td>13</td></tr><tr><td>Total</td><td>$174</td><td>$148</td><td>$158</td></tr></table>
<table><tr><td></td><td>Shares</td><td>Weighted Average Grant-date Fair Value</td></tr><tr><td>Non-vested shares at January 1</td><td>3.1</td><td>$38.42</td></tr><tr><td>Granted</td><td>0.9</td><td>69.61</td></tr><tr><td>Deferred</td><td>0.3</td><td>82.51</td></tr><tr><td>Vested</td><td>-1.4</td><td>56.70</td></tr><tr><td>Forfeited</td><td>-0.1</td><td>55.39</td></tr><tr><td>Non-vested shares at December 31</td><td>2.8</td><td>43.87</td></tr></table>
<table><tr><td>Pretax Increase (Decrease)</td><td>2012</td><td>2011</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Other revenues</td><td>$-41</td><td>$-20</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>-28</td><td>-40</td></tr><tr><td>Amortization of DAC</td><td>23</td><td>38</td></tr><tr><td>Interest credited to fixed accounts</td><td>2</td><td>—</td></tr><tr><td>Total expenses</td><td>-3</td><td>-2</td></tr><tr><td>Total<sup>-1</sup></td><td>$-38</td><td>$-18</td></tr></table>

Question: Which year is carrying value of Floating rate revolving credit borrowings due 2014 the lowest?
Answer: 2013