Equity Method Investment Earnings We include our share of the earnings of certain affiliates based on our economic ownership interest in the affiliates.
Significant affiliates include the Ardent Mills joint venture and affiliates that produce and market potato products for retail and foodservice customers.
Our share of earnings from our equity method investments was $122.1 million ($119.1 million in the Commercial Foods segment and $3.0 million in the Consumer Foods segment) and $32.5 million ($29.7 million in the Commercial Foods segment and $2.8 million in the Consumer Foods segment) in fiscal 2015 and 2014, respectively.
The increase in fiscal 2015 compared to fiscal 2014 reflects the earnings from the Ardent Mills joint venture as well as higher profits for an international potato joint venture.
The earnings from the Ardent Mills joint venture reflect results for 11 months of operations, as we recognize earnings on a one-month lag, due to differences in fiscal year periods.
In fiscal 2014, earnings also reflected a $3.4 million charge reflecting the year-end write-off of actuarial losses in excess of 10% of the pension liability for an international potato venture.
Results of Discontinued Operations Our discontinued operations generated after-tax income of $366.6 million and $141.4 million in fiscal 2015 and 2014, respectively.
The results of discontinued operations for fiscal 2015 include a pre-tax gain of $625.6 million ($379.6 million after-tax) recognized on the formation of the Ardent Mills joint venture.
The results for fiscal 2014 reflect a pre-tax gain of $90.0 million ($55.7 million after-tax) related to the disposition of three flour milling facilities as part of the Ardent Mills formation.
In fiscal 2014, we also completed the sale of a small snack business, Medallion Foods, for $32.0 million in cash.
We recognized an after-tax loss of $3.5 million on the sale of this business in fiscal 2014.
In fiscal 2014, we recognized an impairment charge related to allocated amounts of goodwill and intangible assets, totaling $15.2 million after-tax, in anticipation of this divestiture.
We also completed the sale of the assets of the Lightlife?
business for $54.7 million in cash.
We recognized an after-tax gain of $19.8 million on the sale of this business in fiscal 2014.
Earnings (Loss) Per Share Diluted loss per share in fiscal 2015 was $0.60, including a loss of $1.46 per diluted share from continuing operations and earnings of $0.86 per diluted share from discontinued operations.
Diluted earnings per share in fiscal 2014 were $0.70, including $0.37 per diluted share from continuing operations and $0.33 per diluted share from discontinued operations.
See “Items Impacting Comparability” above as several significant items affected the comparability of year-over-year results of operations.
Fiscal 2014 compared to Fiscal 2013 Net Sales
## Table 0 ##
Overall, our net sales increased $2.37 billion to $15.84 billion in fiscal 2014 compared to fiscal 2013, primarily related to the acquisition of Ralcorp.
Consumer Foods net sales for fiscal 2014 were $7.32 billion, a decrease of $235.7 million, or 3%, compared to fiscal 2013.
Results reflected a 3% decrease in volume performance and a 1% decrease due to the impact of foreign exchange rates, partially offset by a 1% increase in price/mix.
Volume performance from our base businesses for fiscal 2014 was impacted negatively by competitor promotional activity.
Significant slotting and promotion investments related to new product launches, particularly in the first quarter, also weighed heavily on net sales in fiscal 2014.
In addition, certain shipments planned for the fourth quarter of fiscal 2014 were shifted to the first quarter of fiscal 2015 as a result of change in timing of retailer promotions and this negatively impacted volume performance.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements
## Table 1 ##
(1) Carrying values presented herein differ from those in the Company’s Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
Financial statement captions excluded from the above table are not considered financial instruments.
The fair values presented above have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.
Fixed Maturities, Held-to-Maturity The fair values of public fixed maturity securities are generally based on prices from third-party pricing services, which are reviewed for reasonableness; however, for certain public fixed maturity securities and investments in private placement fixed maturity securities, this information is either not available or not reliable.
For these public fixed maturity securities, the fair value is based on indicative broker quotes, if available, or determined using a discounted cash flow model or other internally-developed models.
For private fixed maturities, fair value is determined using a discounted cash flow model.
In determining the fair value of certain fixed maturity securities, the discounted cash flow model may also use unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security.
Commercial Mortgage and Other Loans The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U. S.  Treasury rate or foreign government bond rate (for non-U.
S.  dollar-denominated loans) plus an appropriate credit spread for similar quality loans.
The quality ratings for these loans, a primary determinant of the credit spreads and a significant component of the pricing process, are based on an internally-developed methodology.
Certain commercial mortgage loans are valued incorporating other factors, including the terms of the loans, the principal exit strategies for the loans, prevailing interest rates and credit risk.
Other loan valuations are primarily based upon the present value of the expected future cash flows discounted at the appropriate local government bond rate and local market swap rates or credit default swap spreads, plus an appropriate credit spread and liquidity premium.
The credit spread and liquidity premium are a significant component of the pricing inputs, and are based upon an internally-developed methodology, which takes into account, among other factors, the credit quality of the loans, the property type of the collateral, the weighted average coupon and the weighted average life of the loans.
Policy Loans The Company’s valuation technique for policy loans is to discount cash flows at the current policy loan coupon rate.
Policy loans are fully collateralized by the cash surrender value of underlying insurance policies.
As a result, the carrying value of the policy loans approximates the fair value.
Other subsidiaries.
The ability of our investment management subsidiaries and the majority of our other operating subsidiaries to pay dividends is largely unrestricted from a regulatory standpoint.
Liquidity of Insurance Subsidiaries We manage the liquidity of our insurance operations to ensure stable, reliable and cost-effective sources of cash flows to meet all of our obligations.
Liquidity within each of our insurance subsidiaries is provided by a variety of sources, including portfolios of liquid assets.
The investment portfolios of our subsidiaries are integral to the overall liquidity of our insurance operations.
We segment our investment portfolios and employ an asset/liability management approach specific to the requirements of each of our product lines.
This enhances the discipline applied in managing the liquidity, as well as the interest rate and credit risk profiles, of each portfolio in a manner consistent with the unique characteristics of the product liabilities.
Liquidity is measured against internally-developed benchmarks that take into account the characteristics of both the asset portfolio and the liabilities that they support.
We consider attributes of the various categories of liquid assets (for example, type of asset and credit quality) in calculating internal liquidity measures to evaluate our insurance operations’ liquidity under various stress scenarios, including company-specific and market-wide events.
We continue to believe that cash generated by ongoing operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios for each of our insurance subsidiaries.
Cash Flow The principal sources of liquidity for our insurance subsidiaries are premiums, investment and fee income, and investment maturities and sales associated with our insurance and annuity operations, as well as internal and external borrowings.
The principal uses of that liquidity include benefits, claims and dividends paid to policyholders, and payments to policyholders and contractholders in connection with surrenders, withdrawals and net policy loan activity.
Other uses of liquidity may include commissions, general and administrative expenses, purchases of investments, the payment of dividends to the parent holding company, hedging and reinsurance activity and payments in connection with financing activities.
In each of our major insurance subsidiaries, we believe that the cash flows from operations are adequate to satisfy current liquidity requirements.
The continued adequacy of this liquidity will depend upon factors such as future securities market conditions, changes in interest rate levels, policyholder perceptions of our financial strength, policyholder behavior, catastrophic events and the relative safety and attractiveness of competing products, each of which could lead to reduced cash inflows or increased cash outflows.
Our insurance operations’ cash flows from investment activities result from repayments of principal, proceeds from maturities and sales of invested assets and investment income, net of amounts reinvested.
The primary liquidity risks with respect to these cash flows are the risk of default by debtors or bond insurers, our counterparties’ willingness to extend repurchase and/or securities lending arrangements, commitments to invest and market volatility.
We closely manage these risks through our credit risk management process and regular monitoring of our liquidity position.
Domestic insurance operations.
In managing the liquidity of our domestic insurance operations, we consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions when selecting assets to support these contractual obligations.
We use surrender charges and other contract provisions to mitigate the extent, timing and profitability impact of withdrawals of funds by customers.
The following table sets forth the liabilities for future policy benefits and policyholders’ account balances of certain of our domestic insurance subsidiaries as of the dates indicated.
## Table 2 ##
(1) Includes the impact of intercompany eliminations.
(2) Amounts are reflected gross of affiliated reinsurance recoverables.
The liabilities presented above are primarily supported by invested assets in our general account.
As noted above, when selecting assets to support these contractual obligations, we consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions.
As a result, assets will include both liquid assets, as discussed below, and other assets that we believe adequately support our liabilities.
For Prudential Insurance and other subsidiaries, the liabilities presented above primarily include annuity reserves and deposit liabilities and individual life insurance policy reserves.
Individual life insurance policies may impose surrender charges and policyholders may be subject to a new underwriting process in order to obtain a new insurance policy.
Prudential Insurance’s reserves for group annuity
We manage equity risk against benchmarks in respective markets.
We benchmark our return on equity holdings against a blend of market indices, mainly the S&P 500 and Russell 2000 for U. S.  equities.
We benchmark foreign equities against the Tokyo Price Index, and the MSCI EAFE, a market index of European, Australian, and Far Eastern equities.
We target price sensitivities that approximate those of the benchmark indices.
We estimate our equity risk from a hypothetical 10% decline in equity benchmark market levels.
The following table sets forth the net estimated potential loss in fair value from such a decline as of December 31, 2018 and 2017.
While these scenarios are for illustrative purposes only and do not reflect our expectations regarding future performance of equity markets or of our equity portfolio, they represent near-term reasonably possible hypothetical changes that illustrate the potential impact of such events.
These scenarios consider only the direct impact on fair value of declines in equity benchmark market levels and not changes in asset-based fees recognized as revenue, changes in our estimates of total gross profits used as a basis for amortizing deferred policy acquisition and other costs, or changes in any other assumptions such as market volatility or mortality, utilization or persistency rates in our variable annuity contracts that could also impact the fair value of our living benefit features.
In addition, these scenarios do not reflect the impact of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the market indices we use as a basis for developing our hedging strategy.
The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the related living benefit features in comparison to these scenarios.
In calculating these amounts, we exclude separate account equity securities.

Tables referenced above, in order (Table 0 first):
<table><tr><td>($ in millions)Reporting Segment</td><td>Fiscal 2014 Net Sales</td><td>Fiscal 2013 Net Sales</td><td>% Inc(Dec)</td></tr><tr><td>Consumer Foods</td><td>7,315.7</td><td>7,551.4</td><td>-3%</td></tr><tr><td>Commercial Foods</td><td>4,332.2</td><td>4,109.7</td><td>5%</td></tr><tr><td>Private Brands</td><td>4,195.7</td><td>1,808.2</td><td>132%</td></tr><tr><td>Total</td><td>$15,843.6</td><td>$13,469.3</td><td>18%</td></tr></table>
<table><tr><td></td><td colspan="5">December 31, 2014</td></tr><tr><td></td><td colspan="4">Fair Value</td><td>CarryingAmount-1</td></tr><tr><td></td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td><td>Total</td></tr><tr><td></td><td colspan="5">(in millions)</td></tr><tr><td>Assets:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities, held-to-maturity</td><td>$0</td><td>$1,703</td><td>$1,199</td><td>$2,902</td><td>$2,575</td></tr><tr><td>Commercial mortgage and other loans</td><td>0</td><td>559</td><td>48,158</td><td>48,717</td><td>46,052</td></tr><tr><td>Policy loans</td><td>0</td><td>0</td><td>11,712</td><td>11,712</td><td>11,712</td></tr><tr><td>Other long-term investments</td><td>0</td><td>0</td><td>1,917</td><td>1,917</td><td>1,712</td></tr><tr><td>Short-term investments</td><td>0</td><td>523</td><td>0</td><td>523</td><td>523</td></tr><tr><td>Cash and cash equivalents</td><td>2,230</td><td>843</td><td>0</td><td>3,073</td><td>3,073</td></tr><tr><td>Accrued investment income</td><td>0</td><td>3,130</td><td>0</td><td>3,130</td><td>3,130</td></tr><tr><td>Other assets</td><td>143</td><td>2,106</td><td>109</td><td>2,358</td><td>2,358</td></tr><tr><td>Total assets</td><td>$2,373</td><td>$8,864</td><td>$63,095</td><td>$74,332</td><td>$71,135</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Policyholders’ account balances—investment contracts</td><td>$0</td><td>$40,264</td><td>$56,111</td><td>$96,375</td><td>$95,069</td></tr><tr><td>Securities sold under agreements to repurchase</td><td>0</td><td>9,407</td><td>0</td><td>9,407</td><td>9,407</td></tr><tr><td>Cash collateral for loaned securities</td><td>0</td><td>4,241</td><td>0</td><td>4,241</td><td>4,241</td></tr><tr><td>Short-term debt</td><td>0</td><td>3,784</td><td>104</td><td>3,888</td><td>3,839</td></tr><tr><td>Long-term debt</td><td>1,285</td><td>16,718</td><td>4,083</td><td>22,086</td><td>19,831</td></tr><tr><td>Notes issued by consolidated VIEs</td><td>0</td><td>0</td><td>18</td><td>18</td><td>25</td></tr><tr><td>Other liabilities</td><td>0</td><td>6,254</td><td>120</td><td>6,374</td><td>6,374</td></tr><tr><td>Separate account liabilities—investment contracts</td><td>0</td><td>82,801</td><td>24,175</td><td>106,976</td><td>106,976</td></tr><tr><td>Total liabilities</td><td>$1,285</td><td>$163,469</td><td>$84,611</td><td>$249,365</td><td>$245,762</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2018</td><td>2017</td></tr><tr><td></td><td colspan="2">(in billions)</td></tr><tr><td>Prudential Insurance</td><td>$207.0</td><td>$197.9</td></tr><tr><td>PLIC</td><td>52.6</td><td>53.2</td></tr><tr><td>Pruco Life</td><td>41.5</td><td>38.7</td></tr><tr><td>PRIAC</td><td>25.8</td><td>26.4</td></tr><tr><td>PALAC</td><td>14.7</td><td>14.0</td></tr><tr><td>Other-1</td><td>-91.0</td><td>-87.3</td></tr><tr><td>Total future policy benefits and policyholders’ account balances-2</td><td>$250.6</td><td>$242.9</td></tr></table>

Question: Which Level is Fair Value for Total assets at December 31, 2014 the highest?
Answer: 3