Series L Preferred Stock does not have early redemption/call rights.
Each share of the Series L Preferred Stock may be converted at any time, at the option of the holder, into 20 shares of the Corporation’s common stock plus cash in lieu of fractional shares.
On or after January 30, 2013, the Corporation may cause some or all of the Series L Preferred Stock, at its option, at any time or from time to time, to be converted into shares of common stock at the then-applicable conversion rate if, for 20 trading days during any period of 30 consecutive trading days, the closing price of common stock exceeds 130 percent of the then-applicable conversion price of the Series L Preferred Stock.
If the Corporation exercises its rights to cause the automatic conversion of Series L Preferred Stock on January 30, 2013, it will still pay any accrued dividends payable on January 30, 2013 to the applicable holders of record.
All series of preferred stock on the previous page have a par value of $0.01 per share, are not subject to the operation of a sinking fund, have no participation rights, and with the exception of the Series L Preferred Stock, are not convertible.
The holders of the Series B Preferred Stock and Series 1-8 Preferred Stock have general voting rights, and the holders of the other series included on the previous page have no general voting rights.
All preferred stock of the Corporation outstanding has preference over the Corporation’s common stock with respect to the payment of dividends and distribution of the Corporation’s assets in the event of a liquidation or dissolution.
If any dividend payable on these series is in arrears for three or more semi-annual or six or more quarterly dividend periods, as applicable (whether consecutive or not), the holders of these series and any other class or series of preferred stock ranking equally as to payment of dividends and upon which equivalent voting rights have been conferred and are exercisable (voting as a single class) will be entitled to vote for the election of two additional directors.
These voting rights terminate when the Corporation has paid in full dividends on these series for at least two semi-annual or four quarterly dividend periods, as applicable, following the dividend arrearage.
NOTE 16 Accumulated Other Comprehensive Income The table below presents the changes in accumulated OCI in 2008, 2009 and 2010, net-of-tax.
## Table 0 ##
(1) Net change in fair value represents after-tax adjustments based on the final year-end actuarial valuations.
(2) Net change in fair value represents only the impact of changes in spot foreign exchange rates on the Corporation’s net investment in non-U.
S.  operations and related hedges.
(3) For more information on employee benefit plans, see Note 19 – Employee Benefit Plans.
(4) Effective January 1, 2009, the Corporation adopted new accounting guidance on the recognition of OTTI losses on debt securities.
For additional information on the adoption of this accounting guidance, see Note 1 – Summary of Significant Accounting Principles and Note 5 – Securities.
In conjunction with the expansion, we signed a 10-year, 20,000 BPD crude oil supply agreement with Newfield Exploration Company.
This agreement, which commences upon completion of the expansion, will supply black and yellow wax crude oil produced in the nearby Uinta Basin to the Woods Cross Refinery.
Upon completion of this expansion, the Woods Cross Refinery's capacity to process waxy crude is expected to double to approximately 24,000 BPD.
Markets and Competition The Cheyenne Refinery primarily markets its products in eastern Colorado, including metropolitan Denver, eastern Wyoming and western Nebraska.
Because of the location of the Cheyenne Refinery, we are able to sell a significant portion of its diesel from the truck rack at the refinery, thus eliminating transportation costs.
Pipeline shipments from the Cheyenne Refinery are on the Magellan pipeline serving Denver and Colorado Springs, Colorado.
Denver Market The most competitive market for the Cheyenne Refinery is the Denver metropolitan area.
Three other refineries supply the Denver market, Wyoming refineries near Rawlins and in Casper owned by Sinclair and a refinery in Denver owned by Suncor.
Five product pipelines also supply Denver, including three from outside the region.
Utah Market The Woods Cross Refinery's primary market is Utah, which is currently supplied by a number of local refiners and the Pioneer Pipeline.
In addition to our Woods Cross Refinery, local area refiners include Chevron, Tesoro, Big West and Silver Eagle.
Other refiners that ship into the Woods Cross market via the Pioneer Pipeline include Sinclair, ExxonMobil, CHS and Phillips 66.
We estimate the four local refineries that compete with our Woods Cross Refinery have a combined capacity to process approximately 150,000 BPD of crude oil.
The five Utah refineries collectively supply an estimated 70% of the gasoline and distillate products consumed in the states of Utah and Idaho, with the remainder imported from refineries in Wyoming and Montana via the Pioneer Pipeline owned jointly by Sinclair and Phillips 66.
Approximately 40% - 45% of the gasoline and diesel fuel produced by our Woods Cross Refinery is sold through a network of Phillips 66 branded marketers under a long-term supply agreement.
Idaho, Wyoming, Eastern Washington and Nevada Markets We supply a small percentage of the refined products consumed in the combined Idaho, Wyoming, eastern Washington and Nevada markets.
Our Woods Cross Refinery ships refined products over a common carrier pipeline system owned by Tesoro Logistics Northwest Pipelines LLC (“Tesoro Logistics”) to numerous terminals, including HEP's terminal at Spokane, Washington and to terminals at Pocatello and Boise, Idaho and Pasco, Washington that are owned by Tesoro Logistics.
We sell to branded and unbranded customers in these markets.
In 2012, we began shipping refined products to Cedar City, Utah and Las Vegas, Nevada via the UNEV Pipeline.
The majority of the Las Vegas, Nevada market for refined products is supplied by various West Coast refiners and suppliers via Kinder Morgan's CalNev common carrier pipeline system.
Principal Products Set forth below is information regarding the principal products produced at our Cheyenne and Woods Cross Refineries:
## Table 1 ##
Crude Oil and Feedstock Supplies Crude oil is transported to the Cheyenne Refinery from suppliers in Canada, Colorado, Nebraska, North Dakota and Montana via common carrier pipelines owned by Kinder Morgan, Plains All American Pipeline and Suncor Energy, as well as by truck.
The Woods Cross Refinery currently obtains crude oil from suppliers in Canada, Wyoming, Utah and Colorado as delivered via common carrier pipelines that originate in Canada, Wyoming and Colorado.
We also receive crude oil via the SLC Pipeline, a joint venture common carrier pipeline in which HEP owns a 25% interest.
Supplies of black wax crude oil are shipped via truck.
(c) Description of Business Products and Distribution The Company’s products primarily consist of meat and other food products.
The meat products are sold fresh, frozen, cooked, and canned.
The percentages of total revenues contributed by classes of similar products for the last three fiscal years are as follows:
## Table 2 ##
Reporting of revenues from external customers is based on similarity of products, as the same or similar products are sold across multiple distribution channels such as retail, foodservice, or international.
Revenues reported are based on financial information used to produce the Company’s general-purpose financial statements.
The Perishable category includes fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon (excluding Jennie-O Turkey Store) products.
Shelf-stable includes canned luncheon meats, peanut butter, chilies, shelfstable microwaveable meals, hash, stews, flour and corn tortillas, salsas, tortilla chips, and other items that do not require refrigeration.
The Poultry category is composed primarily of JOTS products.
The Miscellaneous category primarily consists of nutritional food products and supplements, dessert and drink mixes, and industrial gelatin products.
Domestically, the Company sells its products in all 50 states.
The Company’s products are sold through its sales personnel, operating in assigned territories or as dedicated teams serving major customers, coordinated from sales offices located in most of the larger U. S.  cities.
The Company also utilizes independent brokers and distributors.
As of October 28, 2018, the Company had approximately 1,030 sales personnel engaged in selling its products.
Distribution of products to customers is primarily by common carrier.
Through HFIC, the Company markets its products in various locations throughout the world.
Some of the larger markets include Australia, Brazil, Canada, China, England, Japan, Mexico, Micronesia, the Philippines, Singapore, and South Korea.
The distribution of export sales to customers is by common carrier, while the China and Brazil operations own and operate their own delivery system.
The Company, through HFIC, has licensed companies to manufacture various Company products internationally on a royalty basis, with the primary licensees being Tulip International of Denmark and CJ CheilJedang Corporation of South Korea.
Raw Materials The Company has, for the past several years, been concentrating on branded products for consumers with year-round demand to minimize the seasonal variation experienced with commodity-type products.
Pork continues to be the primary raw material for Company products.
The Company’s expanding line of branded products has reduced, but not eliminated, the sensitivity of Company results to raw material supply and price fluctuations.
The majority of the hogs harvested by the Company are purchased under supply contracts from producers located principally in Minnesota, Iowa, Nebraska, and Kansas.
The cost of hogs and the utilization of the Company’s facilities are affected by both the level and the methods of pork production in the United States.
The Company uses supply contracts to ensure a stable supply of raw materials.
The Company’s contracts are based on market-based formulas and/or markets of certain swine production inputs, to better balance input costs with customer pricing, and all contract costs are fully reflected in the Company’s reported financial statements.
In fiscal 2018, the Company purchased 96 percent of its hogs under supply contracts.
The Company also procures a portion of its hogs through farms it either owns or operates in Colorado.
In fiscal 2018, JOTS raised turkeys representing approximately 76 percent of the volume needed to meet its raw material requirements for branded turkey products and whole birds.
Turkeys not sourced within the Company are contracted with independent turkey growers.
JOTS’ turkey-raising farms are located throughout Minnesota and Wisconsin.
Production costs in raising hogs and turkeys are subject primarily to fluctuations in feed grain prices and fuel costs.
To manage this risk, the Company hedges a portion of its anticipated purchases of grain using futures contracts.
Additionally, the cost and supply of avocados, peanuts, whey, and natural and organic protein are impacted by the changing market forces of supply and demand, which can impact the cost of the Company’s products.
The Company uses long-term supply contracts and forward buying in an attempt to manage these risks.
Unallocated Corporate Expense Unallocated corporate expense includes centrally-managed (a) corporate functional costs relating to legal, treasury, finance and human resources, (b) expenses associated with the oversight and administration of our global operations, including warehousing, distribution and manufacturing, information systems and global shared services, (c) non-cash stock-based compensation expense and (d) other gains or losses that are not integral to segment performance.
Unallocated corporate expense totaled $486.8 million in 2018 as compared to $499.2 million in 2017 primarily driven by savings from our productivity and cost savings initiatives, partially offset by spending on the multi-year implementation of our enterprise resource planning system.
In 2017, unallocated corporate expense increased $10.9 million from $488.3 million in 2016.
While we realized savings in 2017 from our productivity and cost savings initiatives, these savings were more than offset by higher costs related to the multi-year implementation of our enterprise resource planning system, as well as higher due diligence costs related to merger and acquisition activity.
FINANCIAL CONDITION We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities.
Significant factors affecting liquidity include cash flows generated from operating activities, capital expenditures, acquisitions, dividends, repurchases of outstanding shares, the adequacy of available commercial paper and bank lines of credit, and the ability to attract long-term capital with satisfactory terms.
We generate substantial cash from operations and remain in a strong financial position, with sufficient liquidity available for capital reinvestment, strategic acquisitions and the payment of dividends.
Cash Flow Summary The following table is derived from our Consolidated Statement of Cash Flows:

Tables referenced above, in order (Table 0 first):
<table><tr><td>(Dollars in millions)</td><td>Available-for- Sale Debt Securities</td><td>Available-for- Sale Marketable Equity Securities</td><td>Derivatives</td><td>Employee Benefit Plans -1</td><td>Foreign Currency -2</td><td>Total</td></tr><tr><td> Balance, December 31, 2007</td><td>$-1,880</td><td>$8,416</td><td>$-4,402</td><td>$-1,301</td><td>$296</td><td>$1,129</td></tr><tr><td>Net change in fair value recorded in accumulated OCI<sup>-3</sup></td><td>-5,496</td><td>-4,858</td><td>147</td><td>-3,387</td><td>-1,000</td><td>-14,594</td></tr><tr><td>Net realized losses reclassified into earnings</td><td>1,420</td><td>377</td><td>797</td><td>46</td><td>–</td><td>2,640</td></tr><tr><td> Balance, December 31, 2008</td><td>$-5,956</td><td>$3,935</td><td>$-3,458</td><td>$-4,642</td><td>$-704</td><td>$-10,825</td></tr><tr><td>Cumulative adjustment for accounting change – OTTI<sup>-4</sup></td><td>-71</td><td>–</td><td>–</td><td>–</td><td>–</td><td>-71</td></tr><tr><td>Net change in fair value recorded in accumulated OCI</td><td>6,364</td><td>2,651</td><td>153</td><td>318</td><td>211</td><td>9,697</td></tr><tr><td>Net realized (gains) losses reclassified into earnings</td><td>-965</td><td>-4,457</td><td>770</td><td>232</td><td>–</td><td>-4,420</td></tr><tr><td> Balance, December 31, 2009</td><td>$-628</td><td>$2,129</td><td>$-2,535</td><td>$-4,092</td><td>$-493</td><td>$-5,619</td></tr><tr><td>Cumulative adjustments for accounting changes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Consolidation of certain variable interest entities</td><td>-116</td><td>–</td><td>–</td><td>–</td><td>–</td><td>-116</td></tr><tr><td>Credit-related notes</td><td>229</td><td>–</td><td>–</td><td>–</td><td>–</td><td>229</td></tr><tr><td>Net change in fair value recorded in accumulated OCI</td><td>2,210</td><td>5,657</td><td>-1,108</td><td>-104</td><td>-44</td><td>6,611</td></tr><tr><td>Net realized (gains) losses reclassified into earnings</td><td>-981</td><td>-1,127</td><td>407</td><td>249</td><td>281</td><td>-1,171</td></tr><tr><td> Balance, December 31, 2010</td><td>$714</td><td>$6,659</td><td>$-3,236</td><td>$-3,947</td><td>$-256</td><td>$-66</td></tr></table>
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Rocky Mountain Region (Cheyenne and Woods Cross Refineries)</td><td></td><td></td><td></td></tr><tr><td>Sales of produced refined products:</td><td></td><td></td><td></td></tr><tr><td>Gasolines</td><td>56%</td><td>55%</td><td>56%</td></tr><tr><td>Diesel fuels</td><td>30%</td><td>32%</td><td>31%</td></tr><tr><td>Jet fuels</td><td>1%</td><td>—%</td><td>1%</td></tr><tr><td>Fuel oil</td><td>1%</td><td>2%</td><td>1%</td></tr><tr><td>Asphalt</td><td>5%</td><td>5%</td><td>6%</td></tr><tr><td>LPG and other</td><td>7%</td><td>6%</td><td>5%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="3">Fiscal Year Ended</td></tr><tr><td></td><td>October 28, 2018</td><td>October 29, 2017</td><td>October 30, 2016</td></tr><tr><td>Perishable</td><td>55.9%</td><td>53.7%</td><td>53.1%</td></tr><tr><td>Poultry</td><td>19.3%</td><td>19.1%</td><td>20.5%</td></tr><tr><td>Shelf-stable</td><td>18.5%</td><td>20.2%</td><td>18.2%</td></tr><tr><td>Miscellaneous</td><td>6.3%</td><td>7.0%</td><td>8.2%</td></tr><tr><td>Total</td><td>100.0%</td><td>100.0%</td><td>100.0%</td></tr></table>

Question: In which year is Available-for- Sale Marketable Equity Securities greater than 8000?
Answer: Balance, December 31, 2007