(1) Adjusted Other income (expense) excludes Pension settlement charges of $37 million, $128 million, and $220 million, for the years ended 2018, 2017, and 2016, respectively.
(2) Adjusted items are generally taxed at the estimated annual effective tax rate, except for the applicable tax impact associated with estimated Restructuring Plan expenses, legacy litigation, accelerated tradename amortization, impairment charges and non-cash pension settlement charges, which are adjusted at the related jurisdictional rates.
In addition, tax expense excludes the tax impacts from the sale of certain assets and liabilities previously classified as held for sale as well as the tax adjustments recorded to finalize the 2017 accounting for the enactment date impact of the Tax Reforrm Act recorded pursuant to SAB 118.
(3) Adjusted net income from discontinued operations excludes the gain on sale of discontinued operations of $82 million, $779 million, and $0 million for the years ended 2018, 2017, and 2016, respectively.
Adjusted net income from discontinued operations excludes intangible asset amorrtization of $0 million, $11 million, and $120 million for the twelve months ended December 31, 2018, 2017, and 2016, respectively.
The effective tax rate was further adjusted for the applicable tax impact associated with the gain on sale and intangible asset amortization, as applicable.
Free Cash Flow We use free cash flow, defined as cash flow provided by operations minus capital expenditures, as a non-GAAP measure of our core operating performance and cash generating capabilities of our business operations.
This supplemental information related to free cash flow represents a measure not in accordance with U. S.  GAAP and should be viewed in addition to, not instead of, our Financial Statements.
The use of this non-GAAP measure does not imply or represent the residual cash flow for discretionary expenditures.
A reconciliation of this non-GAAP measure to cash flow provided by operations is as follows (in millions):
## Table 0 ##
Impact of Foreign Currency Exchange Rate Fluctuations We conduct business in more than 120 countries and sovereignties and, because of this, foreign currency exchange rate fluctuations have a significant impact on our business.
Foreign currency exchange rate movements may be significant and may distort true period-to-period comparisons of changes in revenue or pretax income.
Therefore, to give financial statement users meaningful information about our operations, we have provided an illustration of the impact of foreign currency exchange rate fluctuations on our financial results.
The methodology used to calculate this impact isolates the impact of the change in currencies between periods by translating the prior year’s revenue, expenses, and net income using the current year’s foreign currency exchange rates.
Translating prior year results at current year foreign currency exchange rates, currency fluctuations had a $0.08 favorable impact on net income per diluted share during the year ended December 31, 2018.
Currency fluctuations had a $0.12 favorable impact on net income per diluted share during the year ended December 31, 2017, when 2016 results were translated at 2017 rates.
Currency fluctuations had no impact on net income per diluted share during the year ended December 31, 2016, when 2015 results were translated at 2016 rates.
Translating prior year results at current year foreign currency exchange rates, currency fluctuations had a $0.09 favorable impact on adjusted net income per diluted share during the year ended December 31, 2018.
Currency fluctuations had a $0.08 favorable impact on adjusted net income per diluted share during the year ended December 31, 2017, when 2016 results were translated at 2017 rates.
Currency fluctuations had a $0.04 unfavorable impact on adjusted net income per diluted share during the year ended December 31, 2016, when 2015 results were translated at 2016 rates.
These translations are performed for comparative purposes only and do not impact the accounting policies or practices for amounts included in the Financial Statements.
Competition and Markets Authority The U. K. ’s competition regulator, the Competition and Markets Authority (the “CMA”), conducted a market investigation into the supply and acquisition of investment consulting and fiduciary management services, including those offered by Aon and its competitors in the U. K. , to assess whether any feature or combination of features in the target market prevents, restricts, or distorts competition.
The CMA issued a final report on December 12, 2018.
The CMA will draft a series of orders that will set out the detailed remedies, expected in first quarter of 2019, when they will be subject to further public consultation.
We do not anticipate the remedies to have a significant impact on the Company’s consolidated financial position or business.
Financial Conduct Authority The FCA is conducting a market study to assess how effectively competition is working in the wholesale insurance broker sector in the U. K.  in which Aon, through its subsidiaries, participates.
The FCA has indicated that the purpose of a market study is to assess the extent to which the market is working well in the interests of customers and to identify features of the market that may impact competition.
Depending on the study’s findings, the FCA may require remedies in order to correct any features found
Altria Group, Inc.  and Subsidiaries Notes to Consolidated Financial Statements Note 10.
Capital Stock Shares of authorized common stock are 12 billion; issued, repurchased and outstanding shares were as follows:
## Table 1 ##
At December 31, 2012, 47,221,911 shares of common stock were reserved for stock-based awards under Altria Group, Inc. 's stock plans, and 10 million shares of Serial Preferred Stock, $1.00 par value, were authorized.
No shares of Serial Preferred Stock have been issued.
Note 11.
Stock Plans Under the Altria Group, Inc.  2010 Performance Incentive Plan (the "2010 Plan"), Altria Group, Inc.  may grant to eligible employees stock options, stock appreciation rights, restricted stock, restricted and deferred stock units, and other stock-based awards, as well as cash-based annual and long-term incentive awards.
Up to 50 million shares of common stock may be issued under the 2010 Plan.
In addition, Altria Group, Inc.  may grant up to one million shares of common stock to members of the Board of Directors who are not employees of Altria Group, Inc.  under the Stock Compensation Plan for Non-Employee Directors (the "Directors Plan").
Shares available to be granted under the 2010 Plan and the Directors Plan at December 31, 2012, were 46,574,327 and 592,681, respectively.
Restricted and Deferred Stock: Altria Group, Inc.  may grant shares of restricted stock and deferred stock to eligible employees.
These shares include nonforfeitable rights to dividends or dividend equivalents during the vesting period, but may not be sold, assigned, pledged or otherwise encumbered.
Such shares are subject to forfeiture if certain employment conditions are not met.
Restricted and deferred stock generally vests on the third anniversary of the grant date.
The fair value of the shares of restricted stock and deferred stock at the date of grant is amortized to expense ratably over the restriction period, which is generally three years.
Altria Group, Inc.  recorded pre-tax compensation expense related to restricted stock and deferred stock granted to employees for the years ended December 31, 2012, 2011 and 2010 of $46 million, $47 million and $44 million, respectively.
The deferred tax benefit recorded related to this compensation expense was $18 million, $18 million and $16 million for the years ended December 31, 2012, 2011 and 2010, respectively.
The unamortized compensation expense related to Altria Group, Inc.  restricted stock and deferred stock was $63 million at December 31, 2012 and is expected to be recognized over a weighted-average period of approximately two years.
Altria Group, Inc. 's restricted stock and deferred stock activity was as follows for the year ended December 31, 2012:
## Table 2 ##
The weighted-average grant date fair value of Altria Group, Inc.  restricted stock and deferred stock granted during the years ended December 31, 2012, 2011 and 2010 was $53 million, $54 million and $53 million, respectively, or $28.77, $24.34 and $19.90 per restricted or deferred share, respectively.
The total fair value of Altria Group, Inc.  restricted stock and deferred stock vested during the years ended December 31, 2012, 2011 and 2010 was $81 million, $56 million and $33 million, respectively.
Stock Options: Altria Group, Inc.  has not granted stock options to employees since 2002.
Altria Group, Inc.  stock option activity was as follows for the year ended December 31, 2012:
## Table 3 ##
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements The following tables show the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity securities and equity securities have been in a continuous unrealized loss position, at December 31 for the years indicated:
## Table 4 ##
(1) Includes $12 million of fair value and less than $1 million of gross unrealized losses at December 31, 2016, on securities classified as held-to-maturity, which is not reflected in AOCI.
## Table 5 ##
The gross unrealized losses on fixed maturity securities at December 31, 2016 and 2015, were composed of $4,233 million and $3,750 million, respectively, related to high or highest quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $392 million and $583 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating.
At December 31, 2016, the $1,420 million of gross unrealized losses of twelve months or more were concentrated in the energy, utility and capital goods sectors of the Company’s corporate securities.
At December 31, 2015, the $1,802 million of gross unrealized losses of twelve months or more were concentrated in the energy, consumer non-cyclical and basic industry sectors of the Company’s corporate securities.
In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these securities was not warranted at either December 31, 2016 or 2015.
These conclusions are based on a detailed analysis of the underlying credit and cash flows on each security.
The gross unrealized losses are primarily attributable to general credit spread widening and foreign currency exchange rate movements.
At December 31, 2016, the Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

<table><tr><td>Years Ended December 31</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Cash Provided by Continuing Operating Activities</td><td>$1,686</td><td>$669</td><td>$1,829</td></tr><tr><td>Capital Expenditures Used for Continuing Operations</td><td>-240</td><td>-183</td><td>-156</td></tr><tr><td>Free Cash Flow Provided By Continuing Operations</td><td>$1,446</td><td>$486</td><td>$1,673</td></tr></table>
<table><tr><td></td><td>Shares Issued</td><td>Shares Repurchased</td><td>Shares Outstanding</td></tr><tr><td>Balances, December 31, 2009</td><td>2,805,961,317</td><td>-729,932,673</td><td>2,076,028,644</td></tr><tr><td>Exercise of stockoptions and issuance of other stock-based awards</td><td>—</td><td>12,711,022</td><td>12,711,022</td></tr><tr><td>Balances, December 31, 2010</td><td>2,805,961,317</td><td>-717,221,651</td><td>2,088,739,666</td></tr><tr><td>Exercise of stockoptions and issuance of other stock-based awards</td><td>—</td><td>5,004,502</td><td>5,004,502</td></tr><tr><td>Repurchases ofcommon stock</td><td>—</td><td>-49,324,883</td><td>-49,324,883</td></tr><tr><td>Balances, December 31, 2011</td><td>2,805,961,317</td><td>-761,542,032</td><td>2,044,419,285</td></tr><tr><td>Exercise of stockoptions and issuance of other stock-based awards</td><td>—</td><td>181,011</td><td>181,011</td></tr><tr><td>Repurchases ofcommon stock</td><td>—</td><td>-34,860,000</td><td>-34,860,000</td></tr><tr><td>Balances, December 31, 2012</td><td>2,805,961,317</td><td>-796,221,021</td><td>2,009,740,296</td></tr></table>
<table><tr><td></td><td>Number of Shares</td><td>Weighted-AverageGrant Date Fair ValuePer Share</td></tr><tr><td>Balance at December 31, 2011</td><td>8,410,416</td><td>$20.17</td></tr><tr><td>Granted</td><td>1,841,740</td><td>28.77</td></tr><tr><td>Vested</td><td>-2,747,426</td><td>16.97</td></tr><tr><td>Forfeited</td><td>-922,747</td><td>22.73</td></tr><tr><td>Balance at December 31, 2012</td><td>6,581,983</td><td>23.55</td></tr></table>
<table><tr><td></td><td>Shares Subject to Options</td><td>Weighted-AverageExercisePrice</td></tr><tr><td>Balance at December 31, 2011</td><td>4,590</td><td>$12.48</td></tr><tr><td>Options exercised</td><td>-4,590</td><td>12.48</td></tr><tr><td>Balance at December 31, 2012</td><td>—</td><td>—</td></tr></table>
<table><tr><td></td><td colspan="6">2016</td></tr><tr><td></td><td colspan="2">Less than twelve months</td><td colspan="2">Twelve months or more</td><td colspan="2">Total</td></tr><tr><td></td><td>Fair Value</td><td>GrossUnrealizedLosses</td><td>Fair Value</td><td>GrossUnrealizedLosses</td><td>Fair Value</td><td>GrossUnrealizedLosses</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>Fixed maturities-1</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities and obligations of U.S. government authorities and agencies</td><td>$9,345</td><td>$1,001</td><td>$0</td><td>$0</td><td>$9,345</td><td>$1,001</td></tr><tr><td>Obligations of U.S. states and their political subdivisions</td><td>2,677</td><td>79</td><td>19</td><td>5</td><td>2,696</td><td>84</td></tr><tr><td>Foreign government bonds</td><td>6,076</td><td>325</td><td>310</td><td>29</td><td>6,386</td><td>354</td></tr><tr><td>U.S. corporate public securities</td><td>22,803</td><td>905</td><td>2,943</td><td>327</td><td>25,746</td><td>1,232</td></tr><tr><td>U.S. corporate private securities</td><td>7,797</td><td>228</td><td>1,296</td><td>80</td><td>9,093</td><td>308</td></tr><tr><td>Foreign corporate public securities</td><td>5,196</td><td>162</td><td>1,047</td><td>143</td><td>6,243</td><td>305</td></tr><tr><td>Foreign corporate private securities</td><td>6,557</td><td>350</td><td>4,916</td><td>799</td><td>11,473</td><td>1,149</td></tr><tr><td>Asset-backed securities</td><td>2,357</td><td>20</td><td>1,581</td><td>33</td><td>3,938</td><td>53</td></tr><tr><td>Commercial mortgage-backed securities</td><td>4,879</td><td>123</td><td>60</td><td>2</td><td>4,939</td><td>125</td></tr><tr><td>Residential mortgage-backed securities</td><td>926</td><td>12</td><td>78</td><td>2</td><td>1,004</td><td>14</td></tr><tr><td>Total</td><td>$68,613</td><td>$3,205</td><td>$12,250</td><td>$1,420</td><td>$80,863</td><td>$4,625</td></tr><tr><td>Equity securities, available-for-sale</td><td>$637</td><td>$41</td><td>$12</td><td>$1</td><td>$649</td><td>$42</td></tr></table>
<table><tr><td></td><td colspan="6">2015</td></tr><tr><td></td><td colspan="2">Less than twelve months</td><td colspan="2">Twelve months or more</td><td colspan="2">Total</td></tr><tr><td></td><td>Fair Value</td><td>GrossUnrealizedLosses</td><td>Fair Value</td><td>GrossUnrealizedLosses</td><td>Fair Value</td><td>GrossUnrealizedLosses</td></tr><tr><td></td><td colspan="6">(in millions)</td></tr><tr><td>Fixed maturities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. Treasury securities and obligations of U.S. government authorities and agencies</td><td>$3,068</td><td>$19</td><td>$0</td><td>$0</td><td>$3,068</td><td>$19</td></tr><tr><td>Obligations of U.S. states and their political subdivisions</td><td>1,391</td><td>40</td><td>7</td><td>1</td><td>1,398</td><td>41</td></tr><tr><td>Foreign government bonds</td><td>1,925</td><td>82</td><td>411</td><td>65</td><td>2,336</td><td>147</td></tr><tr><td>U.S. corporate public securities</td><td>24,642</td><td>1,396</td><td>3,455</td><td>559</td><td>28,097</td><td>1,955</td></tr><tr><td>U.S. corporate private securities</td><td>6,996</td><td>266</td><td>802</td><td>93</td><td>7,798</td><td>359</td></tr><tr><td>Foreign corporate public securities</td><td>5,985</td><td>288</td><td>1,584</td><td>333</td><td>7,569</td><td>621</td></tr><tr><td>Foreign corporate private securities</td><td>6,199</td><td>340</td><td>3,917</td><td>654</td><td>10,116</td><td>994</td></tr><tr><td>Asset-backed securities</td><td>4,342</td><td>33</td><td>3,138</td><td>88</td><td>7,480</td><td>121</td></tr><tr><td>Commercial mortgage-backed securities</td><td>3,888</td><td>63</td><td>473</td><td>7</td><td>4,361</td><td>70</td></tr><tr><td>Residential mortgage-backed securities</td><td>558</td><td>4</td><td>119</td><td>2</td><td>677</td><td>6</td></tr><tr><td>Total</td><td>$58,994</td><td>$2,531</td><td>$13,906</td><td>$1,802</td><td>$72,900</td><td>$4,333</td></tr><tr><td>Equity securities, available-for-sale</td><td>$1,862</td><td>$142</td><td>$11</td><td>$1</td><td>$1,873</td><td>$143</td></tr></table>

Question: In which section the sum of Foreign corporate private securities for GrossUnrealizedLosses has the highest value?
Answer: Twelve months or more for GrossUnrealizedLosses