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INVESTMENTS

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Fixed Maturities Available-for-Sale

Accounting for credit impairments of fixed maturities classified as AFS has changed from a direct write-down, or other-than-temporary impairment (“OTTI”) approach, to an allowance for credit loss model starting in 2020 upon adoption of CECL (see Note 2, Significant Accounting Policies — Investments).

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within Other assets. Accrued interest receivable on AFS fixed maturities at September 30, 2020 was $547 million.

There was no accrued interest written off for AFS fixed maturities for the three and nine months ended September 30, 2020.

Comparative tables as of December 31, 2019 include OTTI, reported net of tax in OCI and in AOCI until realized.

The following tables provide information relating to the Company’s fixed maturities classified as AFS.

AFS Fixed Maturities by Classification


	Amortized Cost		Allowance for Credit Losses (4)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
September 30, 2020
Fixed Maturities:
Corporate (1)	$	51,340	$	13	$	4,661	$	176	$	55,812
U.S. Treasury, government and agency	13,160		—		4,308		—		17,468
States and political subdivisions	762		—		116		—		878
Foreign governments	829		—		82		6		905
Residential mortgage-backed (2)	146		—		14		—		160
Asset-backed (3)	2,588		—		26		18		2,596
Commercial mortgage-backed	1,067		—		50		—		1,117
Redeemable preferred stock	415		—		31		3		443
Total at September 30, 2020	$	70,307	$	13	$	9,288	$	203	$	79,379

December 31, 2019 (5)
Fixed Maturities:
Corporate (1)	$	45,900	$	—	$	2,361	$	62	$	48,199
U.S. Treasury, government and agency	14,410		—		1,289		305		15,394
States and political subdivisions	638		—		70		3		705
Foreign governments	462		—		35		5		492
Residential mortgage-backed (2)	178		—		13		—		191
Asset-backed (3)	848		—		4		3		849
Redeemable preferred stock	501		—		17		5		513
Total at December 31, 2019	$	62,937	$	—	$	3,789	$	383	$	66,343

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.

(4)Amounts represent the allowance for credit losses for 2020 (see Note 2 Significant Accounting Policies – Investments).

(5)Excludes amounts reclassified as HFS.

The contractual maturities of AFS fixed maturities at September 30, 2020 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Contractual Maturities of AFS Fixed Maturities


	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
September 30, 2020
Contractual maturities:
Due in one year or less	$	4,326	$	4,362
Due in years two through five	15,844		16,772
Due in years six through ten	18,836		20,887
Due after ten years	27,072		33,042
Subtotal	66,078		75,063
Residential mortgage-backed	146		160
Asset-backed	2,588		2,596
Commercial mortgage-backed	1,067		1,117
Redeemable preferred stock	415		443
Total at September 30, 2020	$	70,294	$	79,379

The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three and nine months ended September 30, 2020 and 2019:

Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Proceeds from sales	$	1,433	$	3,849	$	6,200	$	6,913
Gross gains on sales	$	26	$	205	$	303	$	223
Gross losses on sales	$	(5)	$	(4)	$	(39)	$	(29)

Credit losses (1)	$	—	$	—	$	(13)	$	—

______________

(1) Commencing with the Company’s adoption of ASU 2016-13 on January 1, 2020, credit losses on AFS debt securities were recognized as an allowance for credit losses. Prior to this, credit losses on AFS fixed maturities were recognized as OTTI.

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.

AFS Fixed Maturities - Credit Loss Impairments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Balance, beginning of period	$	32	$	25	$	21	$	58
Previously recognized impairments on securities that matured, paid, prepaid or sold	—		(4)		(2)		(37)
Recognized impairments on securities impaired to fair value this period (1)	—		—		—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	(3)		—		7		—
Additional credit losses this period on securities previously impaired	3		—		6		—
Increases due to passage of time on previously recorded credit losses	—		—		—		—
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	—		—		—		—
Balance at September 30,	$	32	$	21	$	32	$	21

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI, split between amounts related to fixed maturities on which a credit loss has been recognized, and all other.

Net Unrealized Gains (Losses) on AFS Fixed Maturities


	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, July 1, 2020	$	8,728	$	(1,521)	$	(1,034)	$	(1,297)	$	4,876
Net investment gains (losses) arising during the period	362		—		—		—		362
Reclassification adjustment:
Included in Net income (loss)	(21)		—		—		—		(21)
Excluded from Net income (loss)	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		23		(13)		(74)		(64)
Net unrealized investment gains (losses) excluding credit losses	9,069		(1,498)		(1,047)		(1,371)		5,153
Net unrealized investment gains (losses) with credit losses	3		(1)		—		—		2
Balance, September 30, 2020	$	9,072	$	(1,499)	$	(1,047)	$	(1,371)	$	5,155

Balance, July 1, 2019	$	2,929	$	(649)	$	(101)	$	(481)	$	1,698
Net investment gains (losses) arising during the period	1,619		—		—		—		1,619
Reclassification adjustment:
Included in Net income (loss)	(199)		—		—		—		(199)
Excluded from Net income (loss)	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		(374)		(121)		(150)		(645)


	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Net unrealized investment gains (losses) excluding credit losses	4,349		(1,023)		(222)		(631)		2,473
Net unrealized investment gains (losses) with credit losses (1)	—		—		—		—		—
Balance, September 30, 2019	$	4,349	$	(1,023)	$	(222)	$	(631)	$	2,473


	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, January 1, 2020	$	3,453	$	(894)	$	(189)	$	(497)	$	1,873
Net investment gains (losses) arising during the period	5,898		—		—		—		5,898
Reclassification adjustment:
Included in Net income (loss)	(273)		—		—		—		(273)
Excluded from Net income (loss)	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		(606)		(859)		(875)		(2,340)
Net unrealized investment gains (losses) excluding credit losses	9,078		(1,500)		(1,048)		(1,372)		5,158
Net unrealized investment gains (losses) with credit losses	(6)		1		1		1		(3)
Balance, September 30, 2020	$	9,072	$	(1,499)	$	(1,047)	$	(1,371)	$	5,155

Balance, January 1, 2019	$	(522)	$	100	$	(88)	$	104	$	(406)
Net investment gains (losses) arising during the period	5,075		—		—		—		5,075
Reclassification adjustment:
Included in Net income (loss)	(204)		—		—		—		(204)
Excluded from Net income (loss)	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		(1,123)		(134)		(735)		(1,992)
Net unrealized investment gains (losses) excluding credit losses	4,349		(1,023)		(222)		(631)		2,473
Net unrealized investment gains (losses) with credit losses (1)	—		—		—		—		—
Balance, September 30, 2019	$	4,349	$	(1,023)	$	(222)	$	(631)	$	2,473

_____________

(1)Credit losses for 2019 were OTTI losses.

The following tables disclose the fair values and gross unrealized losses of the 729 issues at September 30, 2020 and the 413 issues at December 31, 2019 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated.

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded


	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
September 30, 2020:
Fixed Maturities:
Corporate	$	4,247	$	121	$	369	$	50	$	4,616	$	171


Foreign governments	88		1		31		5		119		6

Asset-backed	1,324		16		74		2		1,398		18

Redeemable preferred stock	59		1		11		2		70		3
Total at September 30, 2020	$	5,718	$	139	$	485	$	59	$	6,203	$	198

December 31, 2019: (1) (2)
Fixed Maturities:
Corporate	$	2,773	$	42	$	373	$	20	$	3,146	$	62
U.S. Treasury, government and agency	4,309		305		2		—		4,311		305
States and political subdivisions	112		3		—		—		112		3
Foreign governments	11		—		47		5		58		5

Asset-backed	319		1		201		2		520		3

Redeemable preferred stock	29		—		49		5		78		5
Total at December 31, 2019	$	7,553	$	351	$	672	$	32	$	8,225	$	383

______________

(1)Amounts represents fixed maturities in an unrealized loss position that are not deemed to be OTTI for 2019.

(2)Excludes amounts reclassified as HFS.

The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.7% of total corporate securities. The largest exposures to a single issuer of corporate securities held at September 30, 2020 and December 31, 2019 were $373 million and $309 million, respectively, representing 2.0% and 2.1% of the consolidated equity of the Company.

Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners (“NAIC”) designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). At September 30, 2020 and December 31, 2019, respectively, approximately $2.0 billion and $1.4 billion, or 2.9% and 2.3%, of the $70.3 billion and $62.9 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $83 million and $21 million at September 30, 2020 and December 31, 2019, respectively.

At September 30, 2020 and December 31, 2019, respectively, the $59 million and $32 million of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities, as applicable. In accordance with the policy described in Note 2, the Company concluded that an adjustment to income for OTTI (prior to January 1, 2020) nor an allowance for credit losses (after January 1, 2020) for these securities was not warranted at either September 30, 2020 or December 31, 2019. At September 30, 2020 and December 31, 2019, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of September 30, 2020, the Company determined that the unrealized loss was primarily due

to increases in credit spreads and changes in credit ratings due to the impact of the COVID-19 pandemic on financial markets and assessments of fundamental risks.

Mortgage Loans on Real Estate

Accrued interest receivable on commercial and agricultural mortgage loans at September 30, 2020 was $29 million and $32 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the three and nine months ended September 30, 2020.

At September 30, 2020, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses.

Allowance for Credit Losses on Mortgage Loans

The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three and nine months ended September 30, 2020 was as follows:


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
	(in millions)
Allowance for credit losses on mortgage loans (1):
Commercial mortgages:
Balance, beginning of period	$	62	$	33
Current-period provision for expected credit losses	4		33
Write-offs charged against the allowance	—		—
Recoveries of amounts previously written off	—		—
Net change in allowance	$	4	$	33
Ending Balance, September 30,	$	66	$	66

Agricultural mortgages:
Balance, beginning of period	$	4	$	3
Current-period provision for expected credit losses	—		1
Write-offs charged against the allowance	—		—
Recoveries of amounts previously written off	—		—
Net change in allowance	$	—	$	1
Ending Balance, September 30,	$	4	$	4

Total allowance for credit losses	$	70	$	70

_______________

(1)See Note 2 for discussion of the allowance of credit losses transition balance, which is included in the Balance, beginning of period.

The change in the allowance for credit losses is attributable to:

•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization;

•changes in credit quality; and

•changes in market assumptions primarily related to COVID-19 driven economic changes.

Credit Quality Information

The following tables summarize the Company’s mortgage loans segregated by risk rating exposure at September 30, 2020.

LTV Ratios (1)


	At September 30, 2020
	Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	324	$	187	$	650	$	1,161
50% - 70%	935		411		885		760		2,432		1,608		7,031
70% - 90%	90		394		368		115		153		574		1,694
90% plus	—		—		12		5		—		216		233
Total commercial	$	1,025	$	805	$	1,265	$	1,204	$	2,772	$	3,048	$	10,119

Agricultural:
0% - 50%	$	181	$	137	$	168	$	161	$	232	$	679	$	1,558
50% - 70%	253		131		172		110		136		372		1,174
70% - 90%	—		—		3		—		—		18		21
90% plus	—		—		—		—		—		—		—
Total agricultural	$	434	$	268	$	343	$	271	$	368	$	1,069	$	2,753

Total mortgage loans:
0% - 50%	$	181	$	137	$	168	$	485	$	419	$	1,329	$	2,719
50% - 70%	1,188		542		1,057		870		2,568		1,980		8,205
70% - 90%	90		394		371		115		153		592		1,715
90% plus	—		—		12		5		—		216		233
Total mortgage loans	$	1,459	$	1,073	$	1,608	$	1,475	$	3,140	$	4,117	$	12,872

Debt Service Coverage Ratios (2)


	At September 30, 2020
	Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	749	$	492	$	772	$	268	$	2,053	$	1,268	$	5,602
1.8x to 2.0x	227		77		118		378		184		524		1,508
1.5x to 1.8x	49		138		186		480		437		569		1,859
1.2x to 1.5x	—		56		154		78		97		533		918
1.0x to 1.2x	—		42		35		—		1		82		160
Less than 1.0x	—		—		—		—		—		72		72
Total commercial	$	1,025	$	805	$	1,265	$	1,204	$	2,772	$	3,048	$	10,119

Agricultural
Greater than 2.0x	$	52	$	27	$	39	$	38	$	73	$	158	$	387
1.8x to 2.0x	33		36		14		15		21		90		209
1.5x to 1.8x	103		38		45		41		52		212		491
1.2x to 1.5x	165		118		146		105		147		327		1,008
1.0x to 1.2x	77		39		91		71		57		265		600
Less than 1.0x	4		10		8		1		18		17		58
Total agricultural	$	434	$	268	$	343	$	271	$	368	$	1,069	$	2,753

Total mortgage loans
Greater than 2.0x	$	801	$	519	$	811	$	306	$	2,126	$	1,426	$	5,989
1.8x to 2.0x	260		113		132		393		205		614		1,717
1.5x to 1.8x	152		176		231		521		489		781		2,350
1.2x to 1.5x	165		174		300		183		244		860		1,926
1.0x to 1.2x	77		81		126		71		58		347		760
Less than 1.0x	4		10		8		1		18		89		130
Total mortgage loans	$	1,459	$	1,073	$	1,608	$	1,475	$	3,140	$	4,117	$	12,872

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

The following tables provide information relating to the LTV and DSC ratios for commercial and agricultural mortgage loans at September 30, 2020 and December 31, 2019. The values used in these ratio calculations were developed as part of the periodic review of the commercial and agricultural mortgage loan portfolio, which includes an evaluation of the underlying collateral value.

Mortgage Loans by LTV and DSC Ratios


	DSC Ratio (2) (3)
LTV Ratio (1) (3):	Greater than 2.0x		1.8x to 2.0x		1.5x to 1.8x		1.2x to 1.5x		1.0x to 1.2x		Less than 1.0x		Total
	(in millions)
September 30, 2020:
Mortgage loans:
Commercial:
0% - 50%	$	952	$	—	$	185	$	24	$	—	$	—	$	1,161
50% - 70%	3,992		1,160		1,342		511		26		—		7,031


	DSC Ratio (2) (3)
LTV Ratio (1) (3):	Greater than 2.0x		1.8x to 2.0x		1.5x to 1.8x		1.2x to 1.5x		1.0x to 1.2x		Less than 1.0x		Total
	(in millions)
70% - 90%	574		348		332		306		134		—		1,694
90% plus	84		—		—		77		—		72		233
Total commercial	$	5,602	$	1,508	$	1,859	$	918	$	160	$	72	$	10,119

Agricultural:
0% - 50%	$	283	$	107	$	271	$	529	$	335	$	33	$	1,558
50% - 70%	104		100		220		460		265		25		1,174
70% - 90%	—		2		—		19		—		—		21
90% plus	—		—		—		—		—		—		—
Total agricultural	$	387	$	209	$	491	$	1,008	$	600	$	58	$	2,753

Total mortgage loans:
0% - 50%	$	1,235	$	107	$	456	$	553	$	335	$	33	$	2,719
50% - 70%	4,096		1,260		1,562		971		291		25		8,205
70% - 90%	574		350		332		325		134		—		1,715
90% plus	84		—		—		77		—		72		233
Total mortgage loans	$	5,989	$	1,717	$	2,350	$	1,926	$	760	$	130	$	12,872

December 31, 2019:
Mortgage loans:
Commercial:
0% - 50%	$	903	$	38	$	214	$	25	$	—	$	—	$	1,180
50% - 70%	4,097		1,195		1,118		795		242		—		7,447
70% - 90%	251		98		214		154		46		—		763
90% plus	—		—		—		—		—		—		—
Total commercial	$	5,251	$	1,331	$	1,546	$	974	$	288	$	—	$	9,390

Agricultural:
0% - 50%	$	322	$	104	$	241	$	545	$	321	$	50	$	1,583
50% - 70%	82		87		236		426		251		33		1,115
70% - 90%	—		—		—		19		—		—		19
90% plus	—		—		—		—		—		—		—
Total agricultural	$	404	$	191	$	477	$	990	$	572	$	83	$	2,717

Total mortgage loans:
0% - 50%	$	1,225	$	142	$	455	$	570	$	321	$	50	$	2,763
50% - 70%	4,179		1,282		1,354		1,221		493		33		8,562
70% - 90%	251		98		214		173		46		—		782
90% plus	—		—		—		—		—		—		—
Total mortgage loans	$	5,655	$	1,522	$	2,023	$	1,964	$	860	$	83	$	12,107

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Amounts presented at amortized cost basis.

Past-Due and Nonaccrual Mortgage Loan Status

The following table provides information relating to the aging analysis of past-due mortgage loans at September 30, 2020 and December 31, 2019, respectively.

Age Analysis of Past Due Mortgage Loans (1)


	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans (2)
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
September 30, 2020:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	10,119	$	10,119	$	—	$	10,119	$	—	$	—
Agricultural	24		6		135		165		2,588		2,753		—		2,753		—		—
Total	$	24	$	6	$	135	$	165	$	12,707	$	12,872	$	—	$	12,872	$	—	$	—

December 31, 2019:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	9,390	$	9,390	$	—	$	9,390	$	—	$	—
Agricultural	57		1		66		124		2,593		2,717		—		2,717		—		—
Total	$	57	$	1	$	66	$	124	$	11,983	$	12,107	$	—	$	12,107	$	—	$	—

_______________

(1) Amounts presented at amortized cost basis.

(2) Amounts for 2020 represent results for both the three and nine months ended September 30, 2020.

At September 30, 2020 and December 31, 2019, the carrying values of problem mortgage loans that had been classified as non-accrual loans were $0 million and $0 million, respectively.

Troubled Debt Restructuring

For the nine months ended September 30, 2020 , the Company had one commercial mortgage loan on real estate accounted for as a TDR with a pre-modification cost basis of $75 million and post-modification carrying value of $75 million. The one commercial mortgage loan TDR is 0.07% of the Company’s total invested assets. For the nine months ended September 30, 2020, the Company had six new privately negotiated fixed maturity TDRs with a pre-modification cost basis of $50 million and post-modification carrying value of $44 million. These TDRs did not have subsequent payment defaults nor additional commitments to lend. The six privately negotiated fixed maturity TDRs are 0.04% of the Company’s total invested assets. There were no mortgage loan on real estate or fixed maturities accounted for as a TDR during 2019.

Trading Securities

At September 30, 2020 and December 31, 2019, respectively, the fair value of the Company’s trading securities was $6.2 billion and $7.0 billion. At September 30, 2020 and December 31, 2019, respectively, trading securities included the General Account’s investment in Separate Accounts which had carrying values of $38 million and $58 million.

The table below shows a breakdown of Net investment income (loss) from trading securities during the three and nine months ended September 30, 2020 and 2019.

Net Investment Income (Loss) from Trading Securities


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(13)	$	15	$	88	$	492
Net investment gains (losses) recognized on securities sold during the period	16		14		45		(7)
Unrealized and realized gains (losses) on trading securities	3		29		133		485
Interest and dividend income from trading securities	60		62		159		227
Net investment income (loss) from trading securities	$	63	$	91	$	292	$	712