All highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash equivalents.
Securities with maturities greater than three months are classified as available-for-sale and are considered to be short-term investments.
The carrying value of our interest-bearing instruments approximated fair value as of December 29, 2012.
Interest rates under our revolving credit facility are variable, so interest expense for periods when the credit facility is utilized could be adversely affected by changes in interest rates.
Interest rates under our revolving credit facility can fluctuate based on changes in market interest rates and in an interest rate margin that varies based on our consolidated leverage ratio.
As of December 29, 2012, we had no outstanding balance on the credit facility.
See Note 3 in the notes to consolidated financial statements for an additional description of our credit facility.
Equity Price Risk Convertible Notes Our 2015 Notes and 2013 Notes include conversion and settlement provisions that are based on the price of our common stock at conversion or at maturity of the notes.
In addition, the hedges and warrants associated with these convertible notes also include settlement provisions that are based on the price of our common stock.
The amount of cash we may be required to pay, or the number of shares we may be required to provide to note holders at conversion or maturity of these notes, is determined by the price of our common stock.
The amount of cash or number of shares that we may receive from hedge counterparties in connection with the related hedges and the number of shares that we may be required to provide warrant counterparties in connection with the related warrants are also determined by the price of our common stock.
Upon the expiration of our 2015 Warrants, Cadence will issue shares of common stock to the purchasers of the warrants to the extent our stock price exceeds the warrant strike price of $10.78 at that time.
The following table shows the number of shares that Cadence would issue to 2015 Warrant counterparties at expiration of the warrants, assuming various Cadence closing stock prices on the dates of warrant expiration:
## Table 0 ##
Prior to the expiration of the 2015 Warrants, for purposes of calculating diluted earnings per share, our diluted weighted-average shares outstanding will increase when our average closing stock price for a quarter exceeds $10.78.
For an additional description of our 2015 Notes and 2013 Notes, see Note 3 in the notes to consolidated financial statements and “Liquidity and Capital Resources — Other Factors Affecting Liquidity and Capital Resources,” under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.
”
The group’s U. S.  Navy ship construction programs include Virginiaclass submarines, DDG-1000 and DDG-51 destroyers, and Mobile Landing Platform (MLP) auxiliary support ships.
The increase in Navy ship construction revenues in 2014 is primarily due to higher volume on the Virginia-class program, including long-lead materials for the Block IV contract, which was awarded in the second quarter of 2014.
This increase was partially offset by lower volume on the MLP program, as two of the four ships under contract have been delivered.
Revenues for Navy engineering, repair and other services decreased in 2014 primarily due to lower spending by the Navy on submarine-related overhaul and repair services.
Commercial ship construction revenues increased in 2014 as work ramped up on the group’s construction of Jones Act ships.
All 10 commercial ships under contract are expected to be at various stages of construction by the end of 2015.
Operating margins decreased 30 basis points in 2014 primarily due to a shift in contract mix as work on the Block IV Virginia-class and Jones Act commercial ship contracts ramped up, volume decreased on mature contracts, including MLP and Blocks II and III of the Virginia-class program, and construction progressed on the first of the three DDG-1000 ships and two of the DDG-51 ships in the Navy’s restart of the program.
## Table 1 ##
The Marine Systems group’s revenues increased in 2013 compared with 2012 as lower ship construction revenues were offset by higher revenues from engineering and repair programs for the Navy and commercial ship construction.
The decrease in 2013 construction revenues was due to the completion of the T-AKE combat-logistics ship program in late 2012.
However, this decrease was partially offset by higher revenues on the Virginia-class program, primarily due to longlead materials for the Block IV contract.
Revenues were higher on Navy engineering and repair programs in 2013 due to increased submarine overhaul and repair work.
Commercial ship construction revenues increased as work commenced on contracts for Jones Act ships secured in late 2012 and 2013.
Operating earnings and margins decreased in 2013 due to the completion of the mature, higher-margin T-AKE program in 2012.2015 Outlook We expect the Marine Systems group’s 2015 revenues to increase 2 to 2.5 percent from 2014, primarily due to higher revenues on the Virginiaclass program.
Operating margins are expected to remain in the mid-9 percent range.
CORPORATE Corporate results consist primarily of compensation expense for stock options.
Corporate operating costs totaled $72 in 2014, $96 in 2013 and $69 in 2012.
We expect Corporate operating costs in 2015 of approximately $65 to $70.
OTHER INFORMATION PRODUCT AND SERVICE REVENUES AND OPERATING COSTS Review of 2014 vs.  2013
## Table 2 ##
The increase in product revenues in 2014 consisted of the following:
## Table 3 ##
Aircraft manufacturing and outfitting revenues increased in 2014 due to additional deliveries of large-cabin aircraft.
Ship construction revenues increased due to higher volume on the Virginia-class submarine program and commercial Jones Act ships.
Offsetting these increases, lower U. S.  Army spending negatively impacted revenues from mobile communication products.
Pre-owned aircraft sales were down as there were fewer aircraft trade-ins and resulting sales in 2014.
The following multifamily projects were under development as of December 31, 2017 (dollars in thousands):
## Table 4 ##
Redevelopment We focus on both interior unit upgrades and exterior amenities above and beyond routine capital upkeep on existing apartment communities across our portfolio that we believe have the ability to support additional rent growth.
During the year ended December 31, 2017, we renovated 8,375 units at an average cost of $5,463 per unit, achieving average rental rate increases of 8.8% above the normal market rate for similar but non-renovated units.
Capital Structure We use a combination of debt and equity sources to fund our business objectives.
We maintain a capital structure, focused on maintaining access, flexibility and low costs, that we believe allows us to proactively source potential investment opportunities in the marketplace.
We structure our debt maturities to avoid disproportionate exposure in any given year.
Our primary debt financing strategy is to access the unsecured debt markets to provide our debt capital needs, but we also maintain a limited amount of secured debt and maintain our access to both the secured and unsecured debt markets for maximum flexibility.
We also believe that we have significant access to the equity capital markets.
At December 31, 2017, 27.5% of our total market capitalization consisted of debt borrowings, including 21.5% under unsecured credit facilities and unsecured senior notes and 6.0% under secured borrowings.
We currently intend to target our total debt, net of cash held, to a range of approximately 32% to 38% of the undepreciated book value of our assets.
Our charter and bylaws do not limit our debt levels and our Board of Directors can modify this policy at any time.
We may issue new equity to maintain our debt within the target range.
Covenants for our unsecured senior notes limit our debt to undepreciated book value of our assets to 60%.
As of December 31, 2017, our ratio of total debt to our adjusted total assets (as defined in the covenants for the bonds issued by MAALP) was approximately 33.2%.
We continuously review opportunities for lowering our cost of capital.
We plan to continue using unsecured debt in order to take advantage of the lower cost of capital and flexibility provided by these markets.
We will evaluate opportunities to repurchase shares when we believe that our share price is significantly below our net present value.
We also look for opportunities where we can acquire or develop apartment communities, selectively funded or partially funded by sales of equity securities, when appropriate opportunities arise.
We focus on improving the net present value of our investments by generating cash flows from our portfolio of assets above the estimated total cost of debt and equity capital.
We routinely make new investments when we believe it will be accretive to shareholder value over the life of the investments.
Competition All of our apartment communities are located in areas that include other apartment communities.
Occupancy and rental rates are affected by the number of competitive apartment communities in a particular area.
The owners of competing apartment communities may have greater resources than us, and the managers of these apartment communities may have more experience than our management.
Moreover, single-family rental housing, manufactured housing, condominiums and the new and existing home markets provide housing alternatives to potential residents of apartment communities.
Competition for new residents is generally intense across all of our markets.
Some competing communities offer features that our communities do not have.
Competing communities can use concessions or lower rents to obtain temporary competitive advantages.
Also, some competing communities are larger or newer than our communities.
The competitive position of each community is different depending upon many factors including sub-market supply and demand.
In addition, other real estate investors compete with us to acquire existing properties and to develop new properties.
These competitors include insurance companies, pension and investment funds, public and private real estate companies, investment companies and other public and private apartment REITs, some of which may have greater resources, or lower capital costs, than we do.
The following table presents the notional amounts and current market or fair value of derivative financial instruments held at:
## Table 5 ##
The above table does not include notional values for equity futures, equity financial forwards, and equity options.
At December 31, 2006 and 2005, the Company owned 2,749 and 3,305 equity futures contracts, respectively.
Market values of equity futures are included in financial futures in the preceding table.
At December 31, 2006 and 2005, the Company owned 225,000 and 213,000 equity financial forwards, respectively.
Market values of equity financial forwards are included in financial forwards in the preceding table.
At December 31, 2006 and 2005, the Company owned 74,864,483 and 4,720,254 equity options, respectively.
Market values of equity options are included in options in the preceding table.
Credit Risk.
The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments.
Generally, the current credit exposure of the Company’s derivative contracts is limited to the fair value at the reporting date.
The credit exposure of the Company’s derivative transactions is represented by the fair value of contracts with a net positive fair value at the reporting date.
The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination.
Because exchange traded futures are effected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments.
The Company enters into various collateral arrangements, which require both the pledging and accepting of collateral in connection with its derivative instruments.
As of December 31, 2006 and 2005, the Company was obligated to return cash collateral under its control of $428 million and $195 million, respectively.
This unrestricted cash collateral is included in cash and cash equivalents and the obligation to return it is included in payables for collateral under securities loaned and other transactions in the consolidated balance sheets.
As of December 31, 2006 and 2005, the Company had also accepted collateral consisting of various securities with a fair market value of $453 million and $427 million, respectively, which are held in separate custodial accounts.
The Company is permitted by contract to sell or repledge this collateral, but as of December 31, 2006 and 2005, none of the collateral had been sold or repledged.
As of December 31, 2006 and 2005, the Company provided collateral of $80 million and $4 million, respectively, which is included in fixed maturity securities in the consolidated balance sheets.
In addition, the Company has exchange traded futures, which require the pledging of collateral.
As of December 31, 2006 and 2005, the Company pledged collateral of $105 million and $89 million, respectively, which is included in fixed maturity securities.
The counterparties are permitted by contract to sell or repledge this collateral.
Variable Interest Entities The following table presents the total assets of and maximum exposure to loss relating to VIEs for which the Company has concluded that: (i) it is the primary beneficiary and which are consolidated in the Company’s consolidated financial statements at December 31, 2006; and (ii) it holds significant variable interests but it is not the primary beneficiary and which have not been consolidated:
## Table 6 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>Shares (In millions)</td></tr><tr><td>$11.00</td><td>0.9</td></tr><tr><td>$12.00</td><td>4.7</td></tr><tr><td>$13.00</td><td>7.9</td></tr><tr><td>$14.00</td><td>10.7</td></tr><tr><td>$15.00</td><td>13.0</td></tr><tr><td>$16.00</td><td>15.1</td></tr><tr><td>$17.00</td><td>17.0</td></tr><tr><td>$18.00</td><td>18.6</td></tr><tr><td>$19.00</td><td>20.1</td></tr><tr><td>$20.00</td><td>21.4</td></tr></table>
<table><tr><td>Year Ended December 31</td><td>2013</td><td>2012</td><td colspan="2">Variance</td></tr><tr><td>Revenues</td><td>$6,712</td><td>$6,592</td><td>$120</td><td>1.8%</td></tr><tr><td>Operating earnings</td><td>666</td><td>750</td><td>-84</td><td>-11.2%</td></tr><tr><td>Operating margins</td><td>9.9%</td><td>11.4%</td><td></td><td></td></tr></table>
<table><tr><td>Year Ended December 31</td><td>2014</td><td>2013</td><td colspan="2">Variance</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td></tr><tr><td>Products</td><td>$19,564</td><td>$19,100</td><td>$464</td><td>2.4%</td></tr><tr><td>Services</td><td>11,288</td><td>11,830</td><td>-542</td><td>-4.6%</td></tr><tr><td>Operating Costs:</td><td></td><td></td><td></td><td></td></tr><tr><td>Products</td><td>$15,335</td><td>$15,065</td><td>$270</td><td>1.8%</td></tr><tr><td>Services</td><td>9,644</td><td>10,137</td><td>-493</td><td>-4.9%</td></tr></table>
<table><tr><td>Ship construction</td><td>$626</td></tr><tr><td>Aircraft manufacturing and outfitting</td><td>619</td></tr><tr><td>Mobile communication products</td><td>-536</td></tr><tr><td>Pre-owned aircraft</td><td>-143</td></tr><tr><td>Other, net</td><td>-102</td></tr><tr><td>Total increase</td><td>$464</td></tr></table>
<table><tr><td>Project:</td><td>Market</td><td>Total Units</td><td>Units Completed</td><td>Cost to Date</td><td>Budgeted Cost</td><td>Estimated Cost Per Unit</td><td>Expected Completion</td></tr><tr><td>Post River North</td><td>Denver, CO</td><td>359</td><td>240</td><td>$81,195</td><td>$88,200</td><td>$246</td><td>1st Quarter 2018</td></tr><tr><td>1201 Midtown II</td><td>Charleston, SC</td><td>140</td><td>—</td><td>12,624</td><td>29,500</td><td>211</td><td>4th Quarter 2018</td></tr><tr><td>Post Centennial Park</td><td>Atlanta, GA</td><td>438</td><td>—</td><td>73,837</td><td>96,300</td><td>220</td><td>3rd Quarter 2018</td></tr><tr><td></td><td></td><td>937</td><td>240</td><td>$167,656</td><td>$214,000</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="3"> December 31, 2006</td><td colspan="3"> December 31, 2005</td></tr><tr><td></td><td> Notional </td><td colspan="2"> Current Market   or Fair Value</td><td> Notional </td><td colspan="2"> Current Market   or Fair Value</td></tr><tr><td></td><td> Amount</td><td> Assets</td><td> Liabilities</td><td> Amount</td><td> Assets</td><td> Liabilities</td></tr><tr><td></td><td colspan="6"> (In millions)</td></tr><tr><td>Interest rate swaps</td><td>$27,148</td><td>$639</td><td>$150</td><td>$20,444</td><td>$653</td><td>$69</td></tr><tr><td>Interest rate floors</td><td>37,437</td><td>279</td><td>—</td><td>10,975</td><td>134</td><td>—</td></tr><tr><td>Interest rate caps</td><td>26,468</td><td>125</td><td>—</td><td>27,990</td><td>242</td><td>—</td></tr><tr><td>Financial futures</td><td>8,432</td><td>64</td><td>39</td><td>1,159</td><td>12</td><td>8</td></tr><tr><td>Foreign currency swaps</td><td>19,627</td><td>986</td><td>1,174</td><td>14,274</td><td>527</td><td>991</td></tr><tr><td>Foreign currency forwards</td><td>2,934</td><td>31</td><td>27</td><td>4,622</td><td>64</td><td>92</td></tr><tr><td>Options</td><td>587</td><td>306</td><td>8</td><td>815</td><td>356</td><td>6</td></tr><tr><td>Financial forwards</td><td>3,800</td><td>12</td><td>40</td><td>2,452</td><td>13</td><td>4</td></tr><tr><td>Credit default swaps</td><td>6,357</td><td>5</td><td>21</td><td>5,882</td><td>13</td><td>11</td></tr><tr><td>Synthetic GICs</td><td>3,739</td><td>—</td><td>—</td><td>5,477</td><td>—</td><td>—</td></tr><tr><td>Other</td><td>250</td><td>56</td><td>—</td><td>250</td><td>9</td><td>—</td></tr><tr><td>Total</td><td>$136,779</td><td>$2,503</td><td>$1,459</td><td>$94,340</td><td>$2,023</td><td>$1,181</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2006</td></tr><tr><td></td><td colspan="2"> Primary Beneficiary</td><td colspan="2"> Not Primary Beneficiary</td></tr><tr><td></td><td></td><td> Maximum </td><td></td><td> Maximum </td></tr><tr><td></td><td> Total </td><td> Exposure to </td><td> Total </td><td> Exposure to </td></tr><tr><td></td><td> Assets-1</td><td> Loss-2</td><td> Assets-1</td><td> Loss-2</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Asset-backed securitizations and collateralized debt obligations</td><td>$—</td><td>$—</td><td>$1,909</td><td>$246</td></tr><tr><td>Real estate joint ventures-3</td><td>53</td><td>45</td><td>399</td><td>41</td></tr><tr><td>Other limited partnerships interests-4</td><td>84</td><td>3</td><td>20,770</td><td>1,583</td></tr><tr><td>Other investments-5</td><td>—</td><td>—</td><td>31,170</td><td>2,356</td></tr><tr><td>Total</td><td>$137</td><td>$48</td><td>$54,248</td><td>$4,226</td></tr></table>

Question: Which section is Maximum of Primary Beneficiary the highest?
Answer: Real estate joint ventures