Issuer Purchases of Equity Securities In January 2017, our Board of Directors authorized the repurchase of shares of our common stock with a value of up to $525 million in the aggregate.
As of December 29, 2018, $175 million remained available under this authorization.
In February 2019, our Board of Directors authorized the additional repurchase of shares of our common stock with a value of up to $500.0 million in the aggregate.
The actual timing and amount of repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors.
The following table presents repurchases made under our current authorization and shares surrendered by employees to satisfy income tax withholding obligations during the three months ended December 29, 2018:
## Table 0 ##
(1) Shares purchased that were not part of our publicly announced repurchase programs represent employee surrender of shares of restricted stock to satisfy employee income tax withholding obligations due upon vesting, and do not reduce the dollar value that may yet be purchased under our publicly announced repurchase programs.
(2) The weighted average price paid per share of common stock does not include the cost of commissions.
The following table sets forth our private fixed maturities included in our trading account assets supporting insurance liabilities portfolio by NAIC rating as of the dates indicated.
## Table 1 ##
(1) See “—Fixed Maturity Securities Credit Quality” above for a discussion on NAIC designations.
(2) Reflects equivalent ratings for investments of the international insurance operations that are not rated by U. S.  insurance regulatory authorities.
(3) Amounts are reported in “Asset management fees and other income.
” Commercial Loans Investment Mix We originate domestic commercial mortgages using dedicated investment staff and a network of independent companies through our various regional offices across the country.
All loans are underwritten consistently to our standards using a proprietary quality rating system that has been developed from our experience in real estate and mortgage lending.
Our loan portfolio strategy emphasizes diversification by property type and geographic location.
Consumer loans are loans extended by Gibraltar Life to individuals for financing purchases of consumer goods and services and are guaranteed by third party guarantor companies.
Ongoing surveillance of the portfolio is performed and loans are placed on watch list status based on a predefined set of criteria.
We place loans on early warning status in cases where we detect that the physical condition of the property, the financial situation of the borrower or tenant or other market factors could lead to a loss of principal or interest.
We classify loans as closely monitored when there is a collateral deficiency or other credit events that will lead to a potential loss of principal or interest.
Loans not in good standing are those loans where there is a high probability of loss of principal, such as when the loan is in the process of foreclosure or the borrower is in bankruptcy.
In our domestic operations, our workout and special servicing professionals manage the loans on the watch list.
In our international portfolios, we monitor delinquency in consumer loans on a pool basis and evaluate any servicing relationship and guarantees the same way we do for commercial loans.
As of December 31, 2007 and December 31, 2006 respectively, we held approximately 12% and 11% of our general account investments in commercial loans.
This percentage is net of a $0.1 billion allowance for losses as of both December 31, 2007 and December 31, 2006.
The increase in our general account investments in commercial loans as of December 31, 2007 reflects higher origination activity in 2007.
Unfavorable credit market conditions during the second half of 2007 led to decreased activity by securitization lenders in the commercial loan market, and therefore greater opportunities for increased originations by portfolio lenders such as our general account.
The average loan-to-value ratio on 2007 general account originations was below 65%, and the average debt service coverage ratio on these originations was above 1.8 times, both consistent with originations over the last several years.
As of December 31, 2007, our general account investments in commercial loans had an average debt service coverage ratio of 1.9 times, and an average loan-to-value ratio of 53%, which is lower than our origination loan to value ratio due to principal payments on the loan balances and appreciation of the underlying collateral value.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements The Company’s actual income tax expense on continuing operations before equity in earnings of operating joint ventures for the years ended December 31 differs from the expected amount computed by applying the statutory federal income tax rate of 35% to income from continuing operations before income taxes and equity in earnings of operating joint ventures for the following reasons:
## Table 2 ##
The dividends received deduction (“DRD”) reduces the amount of dividend income subject to U. S.  tax and accounts for most of the non-taxable investment income shown in the table above, and as a result, is a major reason for the difference between the Company’s effective tax rate and the federal statutory tax rate of 35%.
The DRD for the current period was estimated using information from 2014 and current year results, and was adjusted to take into account current year’s equity market performance.
The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.
In August 2007, the IRS released Revenue Ruling 2007-54, which included, among other items, guidance on the methodology to be followed in calculating the DRD related to variable life insurance and annuity contracts.
In September 2007, the IRS released Revenue Ruling 2007-61.
Revenue Ruling 2007-61 suspended Revenue Ruling 2007-54 and informed taxpayers that the U. S.  Treasury Department and the IRS intend to address through new guidance the issues considered in Revenue Ruling 2007-54, including the methodology to be followed in determining the DRD related to variable life insurance and annuity contracts.
In May 2010, the IRS issued an Industry Director Directive (“IDD”) confirming that the methodology for calculating the DRD set forth in Revenue Ruling 2007-54 should not be followed.
The IDD also confirmed that the IRS guidance issued before Revenue Ruling 2007-54, which guidance the Company relied upon in calculating its DRD, should be used to determine the DRD.
In February 2014, the IRS released Revenue Ruling 2014-7, which modified and superseded Revenue Ruling 2007-54, by removing the provisions of Revenue Ruling 2007-54 related to the methodology to be followed in calculating the DRD and making Revenue Ruling 2007-61 obsolete.
These activities had no impact on the Company’s 2013, 2014 or 2015 results.
However, there remains the possibility that the IRS and the U. S.  Treasury will address, through subsequent guidance, the issues related to the calculation of the DRD.
For the last several years, the revenue proposals included in the Obama Administration’s budgets included a proposal that would change the method used to determine the amount of the DRD.
A change in the DRD, including the possible retroactive or prospective elimination of this deduction through guidance or legislation, could increase actual tax expense and reduce the Company’s consolidated net income.
In December 2015, Congress enacted legislation renewing the Active Financing Exception (“AFE”), retroactive for tax years beginning on or after January 1, 2015 and made the provision a permanent part of the U. S.  tax code.
Under the AFE, subject to certain tests, foreign business income derived in the active conduct of an insurance business is not subject to U. S.  tax until distributed to the U. S.  As a result of the change in tax law, the Company recognized a $108 million tax benefit in “Income from continuing operations before equity in earnings of operating joint ventures”.
This amount relates to the reversal of $108 million of tax expense associated with Prudential of Korea’s and Prudential of Taiwan’s unrealized investment gains originally included in AOCI.
This provision will lower the Company’s future U. S.  tax liability on undistributed foreign earnings and increase after-tax results.
The Medicare Part D subsidy provided by the government is not subject to tax.
However, the amount a company can otherwise deduct for retiree health care expenses must be reduced by the amount of the Medicare Part D subsidy received and not taxed in that year, effectively making the subsidy taxable.
During 2013, the Company transferred $340 million of assets within the qualified pension plan under Section 420 of the Internal Revenue Code from assets supporting pension benefits to assets supporting retiree medical and life benefits.
As a result, the Company reduced the projected amount of retiree health care payments that would not be deductible related to future receipts by the Company of the Medicare Part D subsidy and recognized a $43 million tax benefit in “Income from continuing operations before equity in earnings of operating joint ventures.
” Total income tax expense includes additional income tax expense related to the realization of local deferred tax assets recorded in the Company’s Consolidated Statements of Financial Position as of the acquisition date for Prudential Gibraltar Financial Life Insurance Company, Ltd.  (“Prudential Gibraltar”) and AIG Star Life Insurance Co. , Ltd, AIG Edison Life Insurance Company, AIG Financial Assurance Japan K. K.  and AIG Edison Service Co. , Ltd.  (collectively, the “Star and Edison Businesses”).
As of December 31, 2014, the entire amount of additional U. S.  GAAP tax expense of $734 million related to the utilization of opening balance sheet local deferred tax assets has been recognized in the Consolidated Statements of Operations.
Income Taxes Shown below is our income tax provision for the years ended December 31, 2015, 2014 and 2013, separately reflecting the impact of certain significant items.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Period</td><td>Total Numberof SharesPurchased<sup>-1</sup></td><td>AveragePrice PaidPer Share<sup>-2</sup></td><td>Total Number ofShares Purchasedas Part ofPublicly AnnouncedPlan or Program</td><td>Maximum DollarValue of SharesAuthorized for Repurchase UnderPublicly AnnouncedPlan or Program<sup>-1</sup>(In millions)</td></tr><tr><td>September 30, 2018 – November 3, 2018</td><td>543,900</td><td>$42.64</td><td>495,543</td><td>$254</td></tr><tr><td>November 4, 2018 – December 1, 2018</td><td>650,048</td><td>$44.49</td><td>623,692</td><td>$226</td></tr><tr><td>December 2, 2018 – December 29, 2018</td><td>1,327,657</td><td>$42.61</td><td>1,203,690</td><td>$175</td></tr><tr><td>Total</td><td>2,521,605</td><td>$43.10</td><td>2,322,925</td><td></td></tr></table>
<table><tr><td> -1 (2)</td><td></td><td colspan="4"> December 31, 2007</td><td colspan="4"> December 31, 2006</td></tr><tr><td> NAIC Designation</td><td> Rating Agency Equivalent</td><td> Amortized Cost</td><td> Gross Unrealized Gains-3</td><td> Gross Unrealized Losses-3</td><td> Fair Value</td><td> Amortized Cost</td><td> Gross Unrealized Gains-3</td><td> Gross Unrealized Losses-3</td><td> Fair Value</td></tr><tr><td></td><td></td><td colspan="8"> (in millions)</td></tr><tr><td>1</td><td>Aaa, Aa, A</td><td>$887</td><td>$6</td><td>$12</td><td>$881</td><td>$861</td><td>$3</td><td>$27</td><td>$837</td></tr><tr><td>2</td><td>Baa</td><td>2,411</td><td>33</td><td>26</td><td>2,418</td><td>2,242</td><td>13</td><td>62</td><td>2,193</td></tr><tr><td></td><td>Subtotal Investment Grade</td><td>3,298</td><td>39</td><td>38</td><td>3,299</td><td>3,103</td><td>16</td><td>89</td><td>3,030</td></tr><tr><td>3</td><td>Ba</td><td>263</td><td>3</td><td>8</td><td>258</td><td>266</td><td>3</td><td>8</td><td>261</td></tr><tr><td>4</td><td>B</td><td>144</td><td>—</td><td>2</td><td>142</td><td>12</td><td>—</td><td>—</td><td>12</td></tr><tr><td>5</td><td>C and lower</td><td>10</td><td>—</td><td>—</td><td>10</td><td>79</td><td>—</td><td>2</td><td>77</td></tr><tr><td>6</td><td>In or near default</td><td>33</td><td>1</td><td>2</td><td>32</td><td>7</td><td>4</td><td>—</td><td>11</td></tr><tr><td></td><td>Subtotal Below Investment Grade</td><td>450</td><td>4</td><td>12</td><td>442</td><td>364</td><td>7</td><td>10</td><td>361</td></tr><tr><td></td><td>Total Private Trading Account Assets Supporting Insurance Liabilities</td><td>$3,748</td><td>$43</td><td>$50</td><td>$3,741</td><td>$3,467</td><td>$23</td><td>$99</td><td>$3,391</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Expected federal income tax expense (benefit)</td><td>$2,719</td><td>$616</td><td>$-589</td></tr><tr><td>Non-taxable investment income</td><td>-341</td><td>-381</td><td>-319</td></tr><tr><td>Foreign taxes at other than U.S. rate</td><td>-51</td><td>146</td><td>-38</td></tr><tr><td>Low-income housing and other tax credits</td><td>-116</td><td>-127</td><td>-105</td></tr><tr><td>Reversal of acquisition opening balance sheet deferred tax items</td><td>0</td><td>53</td><td>55</td></tr><tr><td>Change in repatriation assertion</td><td>-3</td><td>32</td><td>0</td></tr><tr><td>Minority interest</td><td>-24</td><td>-19</td><td>-37</td></tr><tr><td>Medicare Part D</td><td>-10</td><td>3</td><td>-43</td></tr><tr><td>Change in tax law: active financing exception</td><td>-108</td><td>0</td><td>-2</td></tr><tr><td>Other</td><td>6</td><td>26</td><td>20</td></tr><tr><td>Total income tax expense (benefit) on continuing operations before equity in earnings of operating joint ventures</td><td>$2,072</td><td>$349</td><td>$-1,058</td></tr></table>

Question: Which year is B for Amortized Cost the highest?
Answer: December 31, 2007