We cannot assure you that the Gener restructuring will be completed or that the terms thereof will not be changed materially.
In addition, Gener is in the process of restructuring the debt of its subsidiaries, TermoAndes S. A.
(‘‘TermoAndes’’) and InterAndes, S. A.
(‘‘InterAndes’’), and expects that the maturities of these obligations will be extended.
Under-performing Businesses During 2003 we sold or discontinued under-performing businesses and construction projects that did not meet our investment criteria or did not provide reasonable opportunities to restructure.
It is anticipated that there will be less ongoing activity related to write-offs of development or construction projects and impairment charges in the future.
The businesses, which were affected in 2003, are listed below.
## Table 0 ##
(1) See Note 4—Discontinued Operations.
Improving Credit Quality Our de-leveraging efforts reduced parent level debt by $1.2 billion in 2003 (including the secured equity-linked loan previously issued by AES New York Funding L. L. C. ).
We refinanced and paid down near-term maturities by $3.5 billion and enhanced our year-end liquidity to over $1 billion.
Our average debt maturity was extended from 2009 to 2012.
At the subsidiary level we continue to pursue limited recourse financing to reduce parent credit risk.
These factors resulted in an overall reduced cost of capital, improved credit statistics and expanded access to credit at both AES and our subsidiaries.
Liquidity at the AES parent level is an important factor for the rating agencies in determining whether the Company’s credit quality should improve.
Currency and political risk tend to be biggest variables to sustaining predictable cash flow.
The nature of our large contractual and concession-based cash flow from these businesses serves to mitigate these variables.
In 2003, over 81% of cash distributions to the parent company were from U. S.  large utilities and worldwide contract generation.
On February 4, 2004, we called for redemption of $155,049,000 aggregate principal amount of outstanding 8% Senior Notes due 2008, which represents the entire outstanding principal amount of the 8% Senior Notes due 2008, and $34,174,000 aggregate principal amount of outstanding 10% secured Senior Notes due 2005.
The 8% Senior Notes due 2008 and the 10% secured Senior Notes due 2005 were redeemed on March 8, 2004 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest to the redemption date.
The mandatory redemption of the 10% secured Senior Notes due 2005 was being made with a portion of our ‘‘Adjusted Free Cash Flow’’ (as defined in the indenture pursuant to which the notes were issued) for the fiscal year ended December 31, 2003 as required by the indenture and was made on a pro rata basis.
On February 13, 2004 we issued $500 million of unsecured senior notes.
The unsecured senior notes mature on March 1, 2014 and are callable at our option at any time at a redemption price equal to 100% of the principal amount of the unsecured senior notes plus a make-whole premium.
The unsecured senior notes were issued at a price of 98.288% and pay interest semi-annually at an annual
The following table presents the difference between calculated fair values, based on quoted closing prices of publicly traded shares, and our Company’s cost basis in investments in publicly traded companies accounted for under the equity method (in millions):
## Table 1 ##
1 The carrying value of our investment in Coca-Cola Bottlers Japan Holdings Inc.  (“CCBJHI”) exceeded its fair value as of December 31, 2018.
Based on the length of time and the extent to which the market value has been less than our cost basis and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature.
Therefore, we did not record an impairment charge.2 Formerly known as Coca-Cola Bottling Co.  Consolidated.
Other Assets Our Company invests in infrastructure programs with our bottlers that are directed at strengthening our bottling system and increasing unit case volume.
Additionally, our Company advances payments to certain customers for distribution rights as well as to fund future marketing activities intended to generate profitable volume, and we expense such payments over the periods benefited.
Payments under these programs are generally capitalized and reported in the line item prepaid expenses and other assets or other assets, as appropriate, in our consolidated balance sheet.
When facts and circumstances indicate that the carrying value of these assets or asset groups may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of sales volume and the resulting gross profit and cash flows.
These estimated future cash flows are consistent with those we use in our internal planning.
If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss.
The impairment loss recognized is the amount by which the carrying amount exceeds the fair value.
During the year ended December 31, 2017, the Company recorded an impairment charge of $19 million related to CCR’s other assets.
Refer to Note 17 of Notes to Consolidated Financial Statements.
Property, Plant and Equipment As of December 31, 2018, the carrying value of our property, plant and equipment, net of depreciation, was $8,232 million, or 10 percent of our total assets.
Certain events or changes in circumstances may indicate that the recoverability of the carrying amount or remaining useful life of property, plant and equipment should be assessed, including, among others, the manner or length of time in which the Company intends to use the asset, a significant decrease in market value, a significant change in the business climate in a particular market, or a current period operating or cash flow loss combined with historical losses or projected future losses.
When such events or changes in circumstances are present and an impairment test is performed, we estimate the future cash flows expected to result from the use of the asset or asset group and its eventual disposition.
These estimated future cash flows are consistent with those we use in our internal planning.
If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount, we recognize an impairment loss.
The impairment loss recognized is the amount by which the carrying amount exceeds the fair value.
We use a variety of methodologies to determine the fair value of property, plant and equipment, including appraisals and discounted cash flow models, which are consistent with the assumptions we believe a hypothetical marketplace participant would use.
During the year ended December 31, 2018 and December 31, 2017, the Company recorded impairment charges of $312 million and $310 million, respectively, related to CCR’s property, plant and equipment.
Refer to Note 17 of Notes to Consolidated Financial Statements.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements (4) Represents the amount of OTTI losses in AOCI, which were not included in earnings.
Amount excludes $693 million of net unrealized gains on impaired available-for-sale securities and less than $1 million of net unrealized gains on impaired held-to-maturity securities relating to changes in the value of such securities subsequent to the impairment measurement date.
(5) Excludes notes with amortized cost of $3,850 million (fair value, $4,081 million) which have been offset with the associated payables under a netting agreement.
## Table 2 ##
December 31, 2014(6)
## Table 3 ##
(1) Excludes notes with amortized cost of $385 million (fair value, $385 million) which have been offset with the associated payables under a netting agreement.
(2) Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans, and other asset types.
(3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
(4) Represents the amount of OTTI losses in AOCI, which were not included in earnings.
Amount excludes $954 million of net unrealized gains on impaired available-for-sale securities and $1 million of net unrealized gains on impaired held-to-maturity securities relating to changes in the value of such securities subsequent to the impairment measurement date.
(5) Excludes notes with amortized cost of $3,588 million (fair value, $3,953 million) which have been offset with the associated payables under a netting agreement.
(6) Prior period amounts are presented on a basis consistent with the current period presentation.
The amortized cost and fair value of fixed maturities by contractual maturities at December 31, 2015, are as follows:

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Project Name	Project Type	Date	Location	Impairment (in millions)
Ede Este -1	Operating	December 2003	Dominican Republic	$60
Wolf Hollow	Operating	December 2003	United States	$120
Granite Ridge	Operating	December 2003	United States	$201
Colombia I	Operating	November 2003	Colombia	$19
Zeg	Construction	December 2003	Poland	$23
Bujagali	Construction	August 2003	Uganda	$76
El Faro	Construction	April 2003	Honduras	$20

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December 31, 2018	FairValue	CarryingValue	Difference
Monster Beverage Corporation	$5,026	$3,573	$1,453
Coca-Cola European Partners plc	4,033	3,551	482
Coca-Cola FEMSA, S.A.B. de C.V.	3,401	1,714	1,687
Coca-Cola HBC AG	2,681	1,260	1,421
Coca-Cola Amatil Limited	1,325	656	669
Coca-Cola Bottlers Japan Holdings Inc.1	978	1,142	-164
Embotelladora Andina S.A.	497	263	234
Coca–Cola Consolidated, Inc.2	440	138	302
Coca-Cola İçecek A.Ş.	299	174	125
Total	$18,680	$12,471	$6,209

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December 31, 2014-6
AmortizedCost	GrossUnrealizedGains	GrossUnrealizedLosses	FairValue	OTTIin AOCI-4
(in millions)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$15,807	$4,321	$5	$20,123	$0
Obligations of U.S. states and their political subdivisions	5,720	814	3	6,531	0
Foreign government bonds	69,894	11,164	117	80,941	-1
U.S. corporate public securities	70,960	9,642	536	80,066	-6
U.S. corporate private securities-1	27,767	3,082	89	30,760	0
Foreign corporate public securities	27,515	3,768	214	31,069	0
Foreign corporate private securities	17,389	1,307	215	18,481	0
Asset-backed securities-2	10,966	353	134	11,185	-592
Commercial mortgage-backed securities	13,486	430	39	13,877	-1
Residential mortgage-backed securities-3	5,612	448	3	6,057	-5
Total fixed maturities, available-for-sale-1	$265,116	$35,329	$1,355	$299,090	$-605
Equity securities, available-for-sale	$6,921	$3,023	$83	$9,861

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December 31, 2014-6
AmortizedCost	GrossUnrealizedGains	GrossUnrealizedLosses	FairValue
(in millions)
Fixed maturities, held-to-maturity
Foreign government bonds	$821	$184	$0	$1,005
Foreign corporate public securities	635	64	1	698
Foreign corporate private securities-5	78	4	0	82
Commercial mortgage-backed securities	78	7	0	85
Residential mortgage-backed securities-3	963	69	0	1,032
Total fixed maturities, held-to-maturity-5	$2,575	$328	$1	$2,902

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Question: In which section the sum of Foreign government bonds has the highest value?
Answer: FairValue