XML 1071 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
 
Primary Underlying Risk Exposure
 
December 31,
 
2017
 
2016
 
 
 
Estimated Fair Value
 
 
 
Estimated Fair Value
 
Gross
Notional
Amount
 
Assets
 
Liabilities
 
Gross
Notional
Amount
 
Assets
 
Liabilities
 
 
 
(In millions)
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
$
3,843

 
$
2,289

 
$
3

 
$
5,021

 
$
2,221

 
$
6

Foreign currency swaps
Foreign currency exchange rate
 
1,116

 
50

 
18

 
1,221

 
34

 
224

Foreign currency forwards
Foreign currency exchange rate
 
3,253

 
2

 
37

 
1,085

 
—

 
54

Subtotal
 
8,212

 
2,341

 
58

 
7,327

 
2,255

 
284

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
3,584

 
235

 
4

 
2,040

 
325

 
34

Interest rate forwards
Interest rate
 
3,332

 
—

 
128

 
4,032

 
—

 
370

Foreign currency swaps
Foreign currency exchange rate
 
32,152

 
1,142

 
1,665

 
26,680

 
1,877

 
2,054

Subtotal
 
39,068

 
1,377

 
1,797

 
32,752

 
2,202

 
2,458

Foreign operations hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency forwards
Foreign currency exchange rate
 
332

 
2

 
5

 
1,394

 
47

 
5

Currency options
Foreign currency exchange rate
 
9,408

 
44

 
163

 
8,878

 
148

 
45

Subtotal
 
9,740

 
46

 
168

 
10,272

 
195

 
50

Total qualifying hedges
 
57,020

 
3,764

 
2,023

 
50,351

 
4,652

 
2,792

Derivatives Not Designated or Not Qualifying as Hedging Instruments:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
Interest rate
 
60,485

 
2,203

 
576

 
53,349

 
4,089

 
1,641

Interest rate floors
Interest rate
 
7,201

 
92

 
—

 
12,101

 
181

 
7

Interest rate caps
Interest rate
 
53,079

 
78

 
2

 
78,358

 
112

 
2

Interest rate futures
Interest rate
 
4,366

 
2

 
4

 
4,793

 
3

 
12

Interest rate options
Interest rate
 
12,009

 
656

 
11

 
5,334

 
628

 
1

Interest rate forwards
Interest rate
 
217

 
—

 
42

 
613

 
—

 
25

Interest rate total return swaps
Interest rate
 
1,048

 
8

 
2

 
1,549

 
2

 
127

Synthetic GICs
Interest rate
 
11,318

 
—

 
—

 
5,566

 
—

 
—

Foreign currency swaps
Foreign currency exchange rate
 
9,902

 
693

 
506

 
11,651

 
1,445

 
462

Foreign currency forwards
Foreign currency exchange rate
 
12,238

 
79

 
190

 
15,422

 
117

 
977

Currency futures
Foreign currency exchange rate
 
846

 
2

 
—

 
915

 
—

 
—

Currency options
Foreign currency exchange rate
 
3,123

 
55

 
6

 
3,615

 
195

 
17

Credit default swaps — purchased
Credit
 
2,020

 
7

 
43

 
2,001

 
14

 
40

Credit default swaps — written
Credit
 
11,375

 
271

 
—

 
10,732

 
161

 
9

Equity futures
Equity market
 
4,005

 
18

 
4

 
4,457

 
30

 
3

Equity index options
Equity market
 
19,886

 
569

 
690

 
16,527

 
426

 
523

Equity variance swaps
Equity market
 
4,661

 
54

 
199

 
8,263

 
83

 
240

Equity total return swaps
Equity market
 
1,117

 
—

 
41

 
1,046

 
1

 
43

Total non-designated or nonqualifying derivatives
 
218,896

 
4,787

 
2,316

 
236,292

 
7,487

 
4,129

Total
 
$
275,916

 
$
8,551

 
$
4,339

 
$
286,643

 
$
12,139

 
$
6,921
Components of Net Derivatives Gains (Losses)
The components of net derivative gains (losses) were as follows:
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
(In millions)
Freestanding derivatives and hedging gains (losses) (1)
$
(1,389
)
 
$
(509
)
 
$
429

Embedded derivatives gains (losses)
799

 
(181
)
 
200

Total net derivative gains (losses)
$
(590
)
 
$
(690
)
 
$
629

__________________
(1)
Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships, which are not presented elsewhere in this note.
Earned Income On Derivatives And Income Statement Location
The following table presents earned income on derivatives:
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
(In millions)
Qualifying hedges:
 
 
 
 
 
Net investment income
$
299

 
$
267

 
$
206

Interest credited to policyholder account balances
(64
)
 
(1
)
 
27

Other expenses
(10
)
 
(12
)
 
(6
)
Nonqualifying hedges:
 
 
 
 
 
Net investment income
—

 
(1
)
 
(6
)
Net derivative gains (losses)
551

 
705

 
663

Policyholder benefits and claims
9

 
7

 
2

Total
$
785

 
$
965

 
$
886
Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments
The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or not qualifying as hedging instruments:
 
Net
Derivative
Gains (Losses)
 
Net
Investment
Income (1)
 
Policyholder
Benefits and
Claims (2)
 
(In millions)
Year Ended December 31, 2017
 
 
 
 
 
Interest rate derivatives
$
(549
)
 
$
1

 
$
(1
)
Foreign currency exchange rate derivatives
(742
)
 
—

 
5

Credit derivatives — purchased
(24
)
 
—

 
—

Credit derivatives — written
145

 
—

 
—

Equity derivatives
(1,046
)
 
(9
)
 
(252
)
Total
$
(2,216
)
 
$
(8
)
 
$
(248
)
Year Ended December 31, 2016
 
 
 
 
 
Interest rate derivatives
$
(990
)
 
$
—

 
$
46

Foreign currency exchange rate derivatives
882

 
—

 
(18
)
Credit derivatives — purchased
(40
)
 
—

 
—

Credit derivatives — written
71

 
—

 
—

Equity derivatives
(681
)
 
(16
)
 
(138
)
Total
$
(758
)
 
$
(16
)
 
$
(110
)
Year Ended December 31, 2015
 
 
 
 
 
Interest rate derivatives
$
(354
)
 
$
—

 
$
—

Foreign currency exchange rate derivatives
502

 
—

 
—

Credit derivatives — purchased
7

 
(3
)
 
—

Credit derivatives — written
(69
)
 
—

 
—

Equity derivatives
(340
)
 
(10
)
 
—

Total
$
(254
)
 
$
(13
)
 
$
—

__________________
(1)
Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and derivatives held within contractholder-directed unit-linked investments. As of December 31, 2016, the Company no longer maintained a trading portfolio for derivatives.
(2)
Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items
The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses):
Derivatives in Fair Value
Hedging Relationships
 
Hedged Items in Fair Value
Hedging Relationships
 
Net Derivative
Gains (Losses)
Recognized
for Derivatives
 
Net Derivative
Gains (Losses)
Recognized for
Hedged Items
 
Ineffectiveness
Recognized in
Net Derivative
Gains (Losses)
 
 
 
 
(In millions)
Year Ended December 31, 2017
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
4

 
$
(4
)
 
$
—

 
 
Policyholder liabilities (1)
 
(69
)
 
134

 
65

Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
(27
)
 
29

 
2

 
 
Foreign-denominated policyholder account balances (2)
 
65

 
(44
)
 
21

Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
13

 
(11
)
 
2

Total
 
$
(14
)
 
$
104

 
$
90

Year Ended December 31, 2016
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
7

 
$
(9
)
 
$
(2
)
 
 
Policyholder liabilities (1)
 
(108
)
 
90

 
(18
)
Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
13

 
(12
)
 
1

 
 
Foreign-denominated policyholder account balances (2)
 
(95
)
 
92

 
(3
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
127

 
(119
)
 
8

Total
 
$
(56
)
 
$
42

 
$
(14
)
Year Ended December 31, 2015
 
 
 
 
 
 
Interest rate swaps:
 
Fixed maturity securities
 
$
4

 
$
(1
)
 
$
3

 
 
Policyholder liabilities (1)
 
(4
)
 
(6
)
 
(10
)
Foreign currency swaps:
 
Foreign-denominated fixed maturity securities
 
15

 
(7
)
 
8

 
 
Foreign-denominated policyholder account balances (2)
 
(240
)
 
232

 
(8
)
Foreign currency forwards:
 
Foreign-denominated fixed maturity securities
 
(75
)
 
68

 
(7
)
Total
 
$
(300
)
 
$
286

 
$
(14
)
__________________
(1)
Fixed rate liabilities reported in policyholder account balances or future policy benefits.
(2)
Fixed rate or floating rate liabilities.
Derivatives and Non-Derivative Hedging Instruments in Net Investment Hedging Relationships
The following table presents the effects of derivatives in net investment hedging relationships on the consolidated statements of operations and the consolidated statements of equity:
Derivatives in Net Investment Hedging Relationships (1), (2)
 
Amount of Gains (Losses) Deferred in AOCI
 
Years Ended December 31,
 
2017
 
2016
 
2015
 
 
(In millions)
Foreign currency forwards
 
$
(155
)
 
$
(267
)
 
$
255

Currency options
 
(290
)
 
(35
)
 
(138
)
Total
 
$
(445
)
 
$
(302
)
 
$
117

__________________
(1)
During the years ended December 31, 2017, 2016 and 2015, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings.
(2)
There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
 
 
December 31,
 
 
2017
 
2016
Rating Agency Designation of Referenced
Credit Obligations (1)
 
Estimated
Fair Value
of Credit
Default
Swaps
 
Maximum
Amount of
Future
Payments under
Credit Default
Swaps
 
Weighted
Average
Years to
Maturity (2)
 
Estimated
Fair Value
of Credit
Default
Swaps
 
Maximum
Amount of
Future
Payments under
Credit Default
Swaps
 
Weighted
Average
Years to
Maturity (2)
 
 
(Dollars in millions)
Aaa/Aa/A
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
$
7

 
$
375

 
2.6

 
$
6

 
$
449

 
3.1

Credit default swaps referencing indices
 
44

 
2,268

 
2.7

 
34

 
2,335

 
3.6

Subtotal
 
51

 
2,643

 
2.7

 
40

 
2,784

 
3.5

Baa
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
7

 
605

 
1.8

 
5

 
751

 
2.5

Credit default swaps referencing indices
 
183

 
7,662

 
5.0

 
88

 
6,711

 
5.0

Subtotal
 
190

 
8,267

 
4.8

 
93

 
7,462

 
4.8

Ba
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
1

 
115

 
3.4

 
(2
)
 
135

 
4.1

Credit default swaps referencing indices
 
—

 
—

 
—

 
—

 
—

 
—

Subtotal
 
1

 
115

 
3.4

 
(2
)
 
135

 
4.1

B
 
 
 
 
 
 
 
 
 
 
 
 
Single name credit default swaps (3)
 
2

 
20

 
3.5

 
1

 
70

 
1.8

Credit default swaps referencing indices
 
27

 
330

 
5.0

 
20

 
281

 
5.0

Subtotal
 
29

 
350

 
4.9

 
21

 
351

 
4.3

Total
 
$
271

 
$
11,375

 
4.3

 
$
152

 
$
10,732

 
4.4

__________________
(1)
The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
(2)
The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)
Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or state and political subdivisions.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
 
 
December 31,
 
 
2017
 
2016
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement (1)
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
 
(In millions)
Gross estimated fair value of derivatives:
 
 
 
 
 
 
 
 
OTC-bilateral (1)
 
$
7,955

 
$
4,059

 
$
9,976

 
$
5,721

OTC-cleared (1), (6)
 
649

 
223

 
2,275

 
1,142

Exchange-traded
 
22

 
8

 
33

 
15

Total gross estimated fair value of derivatives (1)
 
8,626

 
4,290

 
12,284

 
6,878

Amounts offset on the consolidated balance sheets
 
—

 
—

 
—

 
—

Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6)
 
8,626

 
4,290

 
12,284

 
6,878

Gross amounts not offset on the consolidated balance sheets:
 
 
 
 
 
 
 
 
Gross estimated fair value of derivatives: (2)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(2,528
)
 
(2,528
)
 
(3,787
)
 
(3,787
)
OTC-cleared
 
(35
)
 
(35
)
 
(903
)
 
(903
)
Exchange-traded
 
(1
)
 
(1
)
 
(5
)
 
(5
)
Cash collateral: (3), (4)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(4,169
)
 
—

 
(4,244
)
 
(84
)
OTC-cleared
 
(584
)
 
(179
)
 
(1,335
)
 
(234
)
Exchange-traded
 
—

 
(5
)
 
—

 
(9
)
Securities collateral: (5)
 
 
 
 
 
 
 
 
OTC-bilateral
 
(1,004
)
 
(1,474
)
 
(1,640
)
 
(1,818
)
OTC-cleared
 
—

 
(9
)
 
—

 
—

Exchange-traded
 
—

 
(2
)
 
—

 
—

Net amount after application of master netting agreements and collateral
 
$
305

 
$
57

 
$
370

 
$
38

__________________
(1)
At December 31, 2017 and 2016, derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $75 million and $145 million, respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($49) million and ($43) million, respectively.
(2)
Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)
Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet.
(4)
The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2017 and 2016, the Company received excess cash collateral of $253 million and $164 million, respectively, and provided excess cash collateral of $272 million and $461 million, respectively, which is not included in the table above due to the foregoing limitation.
(5)
Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2017, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At December 31, 2017 and 2016, the Company received excess securities collateral with an estimated fair value of $108 million and $82 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2017 and 2016, the Company provided excess securities collateral with an estimated fair value of $305 million and $189 million, respectively, for its OTC-bilateral derivatives, $522 million and $544 million, respectively, for its OTC-cleared derivatives, and $89 million and $116 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
(6)
Effective January 3, 2017, the CME amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. See Note 1 for further information on the CME amendments.
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of equity. The table excludes the effects of Brighthouse derivatives prior to the Separation.
Derivatives in Cash Flow
Hedging Relationships
 
Amount of Gains
(Losses)Deferred in
AOCI on Derivatives
 
Amount and Location
of Gains (Losses)
Reclassified from
AOCI into Income (Loss)
 
Amount and Location
of Gains (Losses)
Recognized in Income
(Loss) on Derivatives
 
 
(Effective Portion)
 
(Effective Portion)
 
(Ineffective Portion)
 
 
 
 
Net Derivative
Gains (Losses)
 
Net Investment
Income
 
Other
Expenses
 
Net Derivative
Gains (Losses)
 
 
(In millions)
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
78

 
$
24

 
$
16

 
$
—

 
$
18

Interest rate forwards
 
210

 
(11
)
 
2

 
1

 
(2
)
Foreign currency swaps
 
(335
)
 
974

 
—

 
2

 
(4
)
Credit forwards
 
—

 
1

 
—

 
—

 
—

Total
 
$
(47
)
 
$
988

 
$
18

 
$
3

 
$
12

Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
50

 
$
56

 
$
12

 
$
—

 
$
(1
)
Interest rate forwards
 
(366
)
 
(1
)
 
4

 
1

 
—

Foreign currency swaps
 
589

 
(350
)
 
(2
)
 
2

 
1

Credit forwards
 
—

 
3

 
1

 
—

 
—

Total
 
$
273

 
$
(292
)
 
$
15

 
$
3

 
$
—

Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
$
76

 
$
84

 
$
11

 
$
—

 
$
2

Interest rate forwards
 
(3
)
 
4

 
3

 
2

 
—

Foreign currency swaps
 
(194
)
 
(720
)
 
(1
)
 
1

 
9

Credit forwards
 
—

 
1

 
—

 
—

 
—

Total
 
$
(121
)
 
$
(631
)
 
$
13

 
$
3

 
$
11
Schedule of Derivative Instruments
OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table.
 
 
December 31,
 
 
2017
 
2016
 
 
Derivatives Subject to Credit-Contingent Provisions
 
Derivatives Not Subject to Credit-Contingent Provisions
 
Total
 
Derivatives Subject to Credit-Contingent Provisions
 
Derivatives Not Subject to Credit-Contingent Provisions
 
Total
 
 
(In millions)
Estimated Fair Value of Derivatives in a Net Liability Position (1)
 
$
1,508

 
$
24

 
$
1,532

 
$
1,909

 
$
25

 
$
1,934

Estimated Fair Value of Collateral Provided:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturity securities
 
$
1,675

 
$
26

 
$
1,701

 
$
1,965

 
$
31

 
$
1,996

Cash
 
$
—

 
$
—

 
$
—

 
$
91

 
$
—

 
$
91

Estimated Fair Value of Incremental Collateral Provided Upon:
 
 
 
 
 
 
 
 
 
 
 
 
One-notch downgrade in the Company’s credit or financial strength rating, as applicable
 
$
15

 
$
—

 
$
15

 
$
6

 
$
—

 
$
6

Downgrade in the Company’s credit or financial strength rating, as applicable, to a level that triggers full overnight collateralization or termination of the derivative position
 
$
20

 
$
—

 
$
20

 
$
9

 
$
—

 
$
9

__________________
(1)
After taking into consideration the existence of netting agreements.
Embedded Derivative Financial Instruments [Member]  
Derivative Instruments, Gain (Loss) [Line Items]  
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents changes in estimated fair value related to embedded derivatives:
 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
 
 
(In millions)
Net derivative gains (losses) (1)
 
$
799

 
$
(181
)
 
$
200

__________________
(1)
The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($190) million, $156 million and $52 million for the years ended December 31, 2017, 2016 and 2015, respectively.
Schedule of Derivative Instruments
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
 
 
 
 
December 31,
 
 
Balance Sheet Location
 
2017
 
2016
 
 
 
 
(In millions)
Embedded derivatives within asset host contracts:
 
 
 
 
 
 
Ceded guaranteed minimum benefits
 
Premiums, reinsurance and other receivables
 
$
144

 
$
143

Options embedded in debt or equity securities
 
Investments
 
(132
)
 
(88
)
Embedded derivatives within asset host contracts
 
$
12

 
$
55

Embedded derivatives within liability host contracts:
 
 
 
 
Direct guaranteed minimum benefits
 
Policyholder account balances
 
$
32

 
$
361

Assumed guaranteed minimum benefits
 
Policyholder account balances
 
291

 
523

Funds withheld on ceded reinsurance
 
Other liabilities
 
25

 
(30
)
Fixed annuities with equity indexed returns
 
Policyholder account balances
 
70

 
18

Embedded derivatives within liability host contracts
 
$
418

 
$
872