FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2013

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

Fair Value Measurements on a Recurring Basis

We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. You should read the following in conjunction with Note 6 to the Consolidated Financial Statements in the 2012 Annual Report for a complete discussion of our accounting policies and procedures regarding fair value measurements.

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are classified in accordance with a fair value hierarchy consisting of three "levels" based on the observability of inputs available in the marketplace used to measure the fair values as discussed below:

•

Level 1:  Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•

Level 2:  Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•

Level 3:  Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions as to the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In those cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

September 30, 2013 (in millions)	Level 1		Level 2		Level 3		Counterparty Netting(a)			Cash Collateral(b)			Total
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	100	$	3,335	$	–	$	–		$	–		$	3,435
Obligations of states, municipalities and political subdivisions		–		29,827		1,054		–			–			30,881
Non-U.S. governments		424		22,589		21		–			–			23,034
Corporate debt		–		142,726		1,442		–			–			144,168
RMBS		–		22,390		14,086		–			–			36,476
CMBS		–		5,896		5,616		–			–			11,512
CDO/ABS		–		3,744		6,651		–			–			10,395
Total bonds available for sale		524		230,507		28,870		–			–			259,901
Bond trading securities:
U.S. government and government sponsored entities		83		5,784		–		–			–			5,867
Obligations of states, municipalities and political subdivisions		–		181		–		–			–			181
Non-U.S. governments		–		2		–		–			–			2
Corporate debt		–		1,147		–		–			–			1,147
RMBS		–		1,363		815		–			–			2,178
CMBS		–		623		831		–			–			1,454
CDO/ABS		–		3,174		8,881		–			–			12,055
Total bond trading securities		83		12,274		10,527		–			–			22,884
Equity securities available for sale:
Common stock		2,991		–		27		–			–			3,018
Preferred stock		–		29		48		–			–			77
Mutual funds		276		7		–		–			–			283
Total equity securities available for sale		3,267		36		75		–			–			3,378
Equity securities trading		721		86		–		–			–			807
Mortgage and other loans receivable		–		–		–		–			–			–
Other invested assets		5		2,318		5,748		–			–			8,071
Derivative assets:
Interest rate contracts		5		3,970		38		–			–			4,013
Foreign exchange contracts		–		41		–		–			–			41
Equity contracts		113		57		83		–			–			253
Commodity contracts		–		–		1		–			–			1
Credit contracts		–		1		55		–			–			56
Other contracts		–		–		33		–			–			33
Counterparty netting and cash collateral		–		–		–		(1,863	)		(811	)		(2,674	)
Total derivative assets		118		4,069		210		(1,863	)		(811	)		1,723
Short-term investments		339		5,034		–		–			–			5,373
Separate account assets		62,944		3,015		–		–			–			65,959
Other assets		–		486		–		–			–			486
Total	$	68,001	$	257,825	$	45,430	$	(1,863	)	$	(811	)	$	368,582
Liabilities:
Policyholder contract deposits	$	–	$	–	$	387	$	–		$	–		$	387
Derivative liabilities:
Interest rate contracts		–		3,960		165		–			–			4,125
Foreign exchange contracts		–		275		–		–			–			275
Equity contracts		–		94		1		–			–			95
Commodity contracts		–		4		–		–			–			4
Credit contracts		–		–		1,561		–			–			1,561
Other contracts		–		25		164		–			–			189
Counterparty netting and cash collateral		–		–		–		(1,863	)		(1,664	)		(3,527	)
Total derivative liabilities		–		4,358		1,891		(1,863	)		(1,664	)		2,722
Long-term debt		–		6,538		443		–			–			6,981
Other liabilities		73		693		–		–			–			766
Total	$	73	$	11,589	$	2,721	$	(1,863	)	$	(1,664	)	$	10,856

December 31, 2012 (in millions)	Level 1		Level 2		Level 3		Counterparty Netting(a)			Cash Collateral(b)			Total
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	–	$	3,483	$	–	$	–		$	–		$	3,483
Obligations of states, municipalities and political subdivisions		–		34,681		1,024		–			–			35,705
Non-U.S. governments		1,004		25,782		14		–			–			26,800
Corporate debt		–		149,625		1,487		–			–			151,112
RMBS		–		22,730		11,662		–			–			34,392
CMBS		–		5,010		4,905		–			–			9,915
CDO/ABS		–		3,492		5,060		–			–			8,552
Total bonds available for sale		1,004		244,803		24,152		–			–			269,959
Bond trading securities:
U.S. government and government sponsored entities		266		6,528		–		–			–			6,794
Non-U.S. governments		–		2		–		–			–			2
Corporate debt		–		1,320		–		–			–			1,320
RMBS		–		1,331		396		–			–			1,727
CMBS		–		1,424		803		–			–			2,227
CDO/ABS		–		3,969		8,545		–			–			12,514
Total bond trading securities		266		14,574		9,744		–			–			24,584
Equity securities available for sale:
Common stock		3,002		3		24		–			–			3,029
Preferred stock		–		34		44		–			–			78
Mutual funds		83		22		–		–			–			105
Total equity securities available for sale		3,085		59		68		–			–			3,212
Equity securities trading		578		84		–		–			–			662
Mortgage and other loans receivable		–		134		–		–			–			134
Other invested assets		125		1,542		5,389		–			–			7,056
Derivative assets:
Interest rate contracts		2		5,521		956		–			–			6,479
Foreign exchange contracts		–		104		–		–			–			104
Equity contracts		104		63		54		–			–			221
Commodity contracts		–		144		1		–			–			145
Credit contracts		–		–		60		–			–			60
Other contracts		–		–		38		–			–			38
Counterparty netting and cash collateral		–		–		–		(2,467	)		(909	)		(3,376	)
Total derivative assets		106		5,832		1,109		(2,467	)		(909	)		3,671
Short-term investments		285		7,771		–		–			–			8,056
Separate account assets		54,430		2,907		–		–			–			57,337
Other assets		–		696		–		–			–			696
Total	$	59,879	$	278,402	$	40,462	$	(2,467	)	$	(909	)	$	375,367
Liabilities:
Policyholder contract deposits	$	–	$	–	$	1,257	$	–		$	–		$	1,257
Derivative liabilities:
Interest rate contracts		–		5,582		224		–			–			5,806
Foreign exchange contracts		–		174		–		–			–			174
Equity contracts		–		114		7		–			–			121
Commodity contracts		–		146		–		–			–			146
Credit contracts		–		–		2,051		–			–			2,051
Other contracts		–		6		200		–			–			206
Counterparty netting and cash collateral		–		–		–		(2,467	)		(1,976	)		(4,443	)
Total derivative liabilities		–		6,022		2,482		(2,467	)		(1,976	)		4,061
Long-term debt		–		7,711		344		–			–			8,055
Other liabilities		30		1,050		–		–			–			1,080
Total	$	30	$	14,783	$	4,083	$	(2,467	)	$	(1,976	)	$	14,453

(a)  Represents netting of derivative exposures covered by a qualifying master netting agreement.

(b)  Represents cash collateral posted and received. Securities collateral posted for derivative transactions that is reflected in Fixed maturity securities in the Condensed Consolidated Balance Sheets, and collateral received, not reflected in the Condensed Consolidated Balance Sheets, was $1.4 billion and $160 million, respectively, at September 30, 2013 and $1.9 billion and $299 million, respectively, at December 31, 2012.

Transfers of Level 1 and Level 2 Assets and Liabilities

Our policy is to record transfers of assets and liabilities between Level 1 and Level 2 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. Assets are transferred out of Level 1 when they are no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to Level 1 when transaction volume and frequency are indicative of an active market. During the three- and nine-month periods ended September 30, 2013, we transferred $174 million and $731 million of securities issued by Non-U.S. government entities from Level 1 to Level 2, respectively, as they are no longer considered actively traded. For similar reasons, during the three- and nine-month periods ended September 30, 2013, we transferred $263 million and $356 million, respectively, of securities issued by the U.S. government and U.S. government-sponsored entities from Level 1 to Level 2. We had no material transfers from Level 2 to Level 1 during the three- and nine-month periods ended September 30, 2013.

During the three- and nine-month periods ended September 30, 2012, we transferred $148 million and $284 million of investments in securities issued by Non-U.S. governments from Level 1 to Level 2, respectively, as they were no longer considered actively traded. We had no material transfers from Level 2 to Level 1 during the three- and nine-month periods ended September 30, 2012.

Changes in Level 3 Recurring Fair Value Measurements

The following tables present changes during the three- and nine-month periods ended September 30, 2013 and 2012 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2013 and 2012:

(in millions)	Fair Value Beginning of Period(a)			Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)			Purchases, Sales, Issues and Settlements, Net			Gross Transfers in			Gross Transfers out			Fair Value End of Period			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Three Months Ended September 30, 2013
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	945		$	4		$	(28	)	$	160		$	–		$	(27	)	$	1,054		$	–
Non-U.S. governments		20			–			–			1			–			–			21			–
Corporate debt		1,634			(3	)		5			–			39			(233	)		1,442			–
RMBS		13,694			216			(60	)		127			167			(58	)		14,086			–
CMBS		5,455			4			55			102			–			–			5,616			–
CDO/ABS		6,142			37			(47	)		363			289			(133	)		6,651			–
Total bonds available for sale		27,890			258			(75	)		753			495			(451	)		28,870			–
Bond trading securities:
RMBS		782			14			–			(8	)		27			–			815			13
CMBS		820			33			–			(53	)		31			–			831			29
CDO/ABS		8,972			243			–			(557	)		223			–			8,881			217
Total bond trading securities		10,574			290			–			(618	)		281			–			10,527			259
Equity securities available for sale:
Common stock		76			–			(1	)		(48	)		–			–			27			–
Preferred stock		48			–			–			–			–			–			48			–
Total equity securities available for sale		124			–			(1	)		(48	)		–			–			75			–
Other invested assets		5,639			(25	)		78			55			1			–			5,748			–
Total	$	44,227		$	523		$	2		$	142		$	777		$	(451	)	$	45,220		$	259
Liabilities:
Policyholder contract deposits	$	(586	)	$	250		$	–		$	(51	)	$	–		$	–		$	(387	)	$	218
Derivative liabilities, net:
Interest rate contracts		779			6			–			(912	)		–			–			(127	)		3
Equity contracts		70			12			–			(1	)		1			–			82			10
Commodity contracts		1			–			–			–			–			–			1			–
Credit contracts		(1,594	)		52			–			36			–			–			(1,506	)		91
Other contracts		(105	)		16			(25	)		(16	)		(1	)		–			(131	)		8
Total derivative liabilities, net		(849	)		86			(25	)		(893	)		–			–			(1,681	)		112
Long-term debt(b)		(419	)		(25	)		–			1			–			–			(443	)		(19	)
Total	$	(1,854	)	$	311		$	(25	)	$	(943	)	$	–		$	–		$	(2,511	)	$	311

(in millions)	Fair Value Beginning of Period(a)			Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)			Purchases, Sales, Issues and Settlements, Net			Gross Transfers in			Gross Transfers out			Fair Value End of Period			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Nine Months Ended September 30, 2013
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,024		$	29		$	(178	)	$	365		$	–		$	(186	)	$	1,054		$	–
Non-U.S. governments		14			–			–			7			1			(1	)		21			–
Corporate debt		1,487			(7	)		(9	)		30			371			(430	)		1,442			–
RMBS		11,662			624			279			1,393			186			(58	)		14,086			–
CMBS		5,124			15			75			290			161			(49	)		5,616			–
CDO/ABS		4,841			134			(47	)		1,383			668			(328	)		6,651			–
Total bonds available for sale		24,152			795			120			3,468			1,387			(1,052	)		28,870			–
Bond trading securities:
RMBS		396			24			–			130			265			–			815			(27	)
CMBS		812			44			–			(193	)		282			(114	)		831			(13	)
CDO/ABS		8,536			1,096			–			(1,566	)		843			(28	)		8,881			434
Total bond trading securities		9,744			1,164			–			(1,629	)		1,390			(142	)		10,527			394
Equity securities available for sale:
Common stock		24			–			4			(1	)		–			–			27			–
Preferred stock		44			–			4			–			–			–			48			–
Total equity securities available for sale		68			–			8			(1	)		–			–			75			–
Other invested assets		5,389			144			88			95			345			(313	)		5,748			–
Total	$	39,353		$	2,103		$	216		$	1,933		$	3,122		$	(1,507	)	$	45,220		$	394
Liabilities:
Policyholder contract deposits	$	(1,257	)	$	865		$	–		$	5		$	–		$	–		$	(387	)	$	825
Derivative liabilities, net:
Interest rate contracts		732			20			–			(879	)		–			–			(127	)		33
Equity contracts		47			49			–			(14	)		–			–			82			40
Commodity contracts		1			–			–			(1	)		–			1			1			(1	)
Credit contracts		(1,991	)		365			–			120			–			–			(1,506	)		486
Other contracts		(162	)		35			(16	)		13			(1	)		–			(131	)		8
Total derivative liabilities, net		(1,373	)		469			(16	)		(761	)		(1	)		1			(1,681	)		566
Long-term debt(b)		(344	)		(120	)		–			23			(2	)		–			(443	)		(41	)
Total	$	(2,974	)	$	1,214		$	(16	)	$	(733	)	$	(3	)	$	1		$	(2,511	)	$	1,350

(in millions)	Fair value Beginning of Period(a)			Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)			Purchases, Sales, Issues and Settlements, Net			Gross Transfers In			Gross Transfers Out			Fair value End of Period			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Three Months Ended September 30, 2012
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	1,013		$	16		$	–		$	102		$	25		$	(52	)	$	1,104		$	–
Non-U.S. governments		13			1			(1	)		2			–			(1	)		14			–
Corporate debt		1,306			10			35			94			233			(66	)		1,612			–
RMBS		10,488			197			1,029			(678	)		566			(114	)		11,488			–
CMBS		4,643			(17	)		271			115			1			–			5,013			–
CDO/ABS		5,074			87			82			(129	)		63			(528	)		4,649			–
Total bonds available for sale		22,537			294			1,416			(494	)		888			(761	)		23,880			–
Bond trading securities:
Corporate debt		3			–			–			(1	)		–			–			2			–
RMBS		290			40			–			(56	)		97			(1	)		370			12
CMBS		457			(3	)		–			1			157			–			612			(19	)
CDO/ABS		14,647			581			–			(6,780	)		57			–			8,505			427
Total bond trading securities		15,397			618			–			(6,836	)		311			(1	)		9,489			420
Equity securities available for sale:
Common stock		41			–			(1	)		–			–			–			40			–
Preferred stock		139			15			(12	)		(104	)		8			(1	)		45			–
Total equity securities available for sale		180			15			(13	)		(104	)		8			(1	)		85			–
Mortgage and other loans receivable		1			–			–			–			–			–			1			–
Other invested assets		7,049			22			8			(90	)		126			(45	)		7,070			–
Total	$	45,164		$	949		$	1,411		$	(7,524	)	$	1,333		$	(808	)	$	40,525		$	420
Liabilities:
Policyholder contract deposits	$	(1,188	)	$	(45	)	$	(72	)	$	(3	)	$	–		$	–		$	(1,308	)	$	(100	)
Derivative liabilities, net:
Interest rate contracts		761			(55	)		–			47			–			–			753			(7	)
Equity contracts		28			18			–			(4	)		1			–			43			–
Commodity contracts		2			4			–			(3	)		–			(2	)		1			–
Credit contracts		(2,587	)		208			–			89			–			–			(2,290	)		238
Other contracts		(154	)		(122	)		(6	)		73			16			–			(193	)		(17	)
Total derivatives liabilities, net		(1,950	)		53			(6	)		202			17			(2	)		(1,686	)		214
Long-term debt(b)		(407	)		(27	)		–			61			(34	)		–			(407	)		(25	)
Total	$	(3,545	)	$	(19	)	$	(78	)	$	260		$	(17	)	$	(2	)	$	(3,401	)	$	89

(in millions)	Fair value Beginning of Period(a)			Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)			Purchases, Sales, Issues and Settlements, Net			Gross Transfers In			Gross Transfers Out			Fair value End of Period			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period
Nine Months Ended September 30, 2012
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	960		$	48		$	11		$	139		$	70		$	(124	)	$	1,104		$	–
Non-U.S. governments		9			1			–			–			5			(1	)		14			–
Corporate debt		1,935			(7	)		104			96			579			(1,095	)		1,612			–
RMBS		10,877			322			1,832			32			921			(2,496	)		11,488			–
CMBS		3,955			(84	)		572			618			44			(92	)		5,013			–
CDO/ABS		4,220			127			348			(150	)		669			(565	)		4,649			–
Total bonds available for sale		21,956			407			2,867			735			2,288			(4,373	)		23,880			–
Bond trading securities:
Corporate debt		7			–			–			(5	)		–			–			2			–
RMBS		303			68			–			(94	)		97			(4	)		370			18
CMBS		554			46			–			(121	)		193			(60	)		612			45
CDO/ABS		8,432			3,646			–			(3,630	)		57			–			8,505			2,635
Total bond trading securities		9,296			3,760			–			(3,850	)		347			(64	)		9,489			2,698
Equity securities available for sale:
Common stock		57			23			(13	)		(33	)		6			–			40			–
Preferred stock		99			17			(35	)		(35	)		11			(12	)		45			–
Total equity securities available for sale		156			40			(48	)		(68	)		17			(12	)		85			–
Mortgage and other loans receivable		1			–			–			–			–			–			1			–
Other invested assets		6,618			(157	)		284			(57	)		886			(504	)		7,070			–
Total	$	38,027		$	4,050		$	3,103		$	(3,240	)	$	3,538		$	(4,953	)	$	40,525		$	2,698
Liabilities:
Policyholder contract deposits	$	(918	)	$	(314	)	$	(72	)	$	(4	)	$	–		$	–		$	(1,308	)	$	(325	)
Derivative liabilities, net:
Interest rate contracts		785			(9	)		–			(23	)		–			–			753			12
Foreign exchange contracts		2			–			–			(2	)		–			–			–			–
Equity contracts		28			7			–			9			(1	)		–			43			–
Commodity contracts		2			4			–			(5	)		–			–			1			–
Credit contracts		(3,273	)		409			–			574			–			–			(2,290	)		876
Other contracts		33			(110	)		(4	)		(5	)		(107	)		–			(193	)		(29	)
Total derivatives liabilities, net		(2,423	)		301			(4	)		548			(108	)		–			(1,686	)		859
Long-term debt(b)		(508	)		(405	)		(77	)		197			(34	)		420			(407	)		(223	)
Total	$	(3,849	)	$	(418	)	$	(153	)	$	741		$	(142	)	$	420		$	(3,401	)	$	311

(a)  Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(b)  Includes guaranteed investment agreements (GIAs), notes, bonds, loans and mortgages payable.

Net realized and unrealized gains and losses related to Level 3 items shown above are reported in the Condensed Consolidated Statements of Income as follows:

(in millions)	Net Investment Income			Net Realized Capital Gains (Losses)			Other Income			Total
Three Months Ended September 30, 2013
Bonds available for sale	$	264		$	(21	)	$	15		$	258
Bond trading securities		86			7			197			290
Equity securities available for sale		–			–			–			–
Other invested assets		(12	)		(5	)		(8	)		(25	)
Policyholder contract deposits		–			250			–			250
Derivative liabilities, net		11			8			67			86
Long-term debt		–			–			(25	)		(25	)
Three Months Ended September 30, 2012
Bonds available for sale	$	218		$	51		$	25		$	294
Bond trading securities		491			–			127			618
Equity securities available for sale		–			15			–			15
Other invested assets		6			(16	)		32			22
Policyholder contract deposits		–			(45	)		–			(45	)
Derivative liabilities, net		–			(39	)		92			53
Long-term debt		–			–			(27	)		(27	)
Nine Months Ended September 30, 2013
Bonds available for sale	$	713		$	(8	)	$	90		$	795
Bond trading securities		114			8			1,042			1,164
Equity securities available for sale		–			–			–			–
Other invested assets		142			(34	)		36			144
Policyholder contract deposits		–			865			–			865
Derivative liabilities, net		26			25			418			469
Long-term debt		–			–			(120	)		(120	)
Nine Months Ended September 30, 2012
Bonds available for sale	$	683		$	(333	)	$	57		$	407
Bond trading securities		3,330			–			430			3,760
Equity securities available for sale		–			40			–			40
Other invested assets		(3	)		(189	)		35			(157	)
Policyholder contract deposits		–			(314	)		–			(314	)
Derivative liabilities, net		(1	)		22			280			301
Long-term debt		–			–			(405	)		(405	)

The following tables present the gross components of purchases, sales, issues and settlements, net, shown above:

(in millions)	Purchases		Sales			Settlements			Purchases, Sales, Issues and Settlements, Net(a)
Three Months Ended September 30, 2013
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	194	$	(34	)	$	–		$	160
Non-U.S. governments		1		–			–			1
Corporate debt		146		–			(146	)		–
RMBS		750		–			(623	)		127
CMBS		179		(3	)		(74	)		102
CDO/ABS		628		–			(265	)		363
Total bonds available for sale		1,898		(37	)		(1,108	)		753
Bond trading securities:
RMBS		31		(12	)		(27	)		(8	)
CMBS		–		(9	)		(44	)		(53	)
CDO/ABS		–		(66	)		(491	)		(557	)
Total bond trading securities		31		(87	)		(562	)		(618	)
Equity securities available for sale		–		–			(48	)		(48	)
Other invested assets		249		(3	)		(191	)		55
Total assets	$	2,178	$	(127	)	$	(1,909	)	$	142
Liabilities:
Policyholder contract deposits	$	–	$	(4	)	$	(47	)	$	(51	)
Derivative liabilities, net		4		–			(897	)		(893	)
Long-term debt(b)		–		–			1			1
Total liabilities	$	4	$	(4	)	$	(943	)	$	(943	)
Three Months Ended September 30, 2012
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	189	$	(53	)	$	(34	)	$	102
Non-U.S. governments		3		–			(1	)		2
Corporate debt		139		(6	)		(39	)		94
RMBS		198		(360	)		(516	)		(678	)
CMBS		299		(127	)		(57	)		115
CDO/ABS		210		–			(339	)		(129	)
Total bonds available for sale		1,038		(546	)		(986	)		(494	)
Bond trading securities:
Corporate debt		–		–			(1	)		(1	)
RMBS		–		(45	)		(11	)		(56	)
CMBS		11		–			(10	)		1
CDO/ABS		2,191		(6	)		(8,965	)		(6,780	)
Total bond trading securities		2,202		(51	)		(8,987	)		(6,836	)
Equity securities available for sale		–		(22	)		(82	)		(104	)
Other invested assets		129		(30	)		(189	)		(90	)
Total assets	$	3,369	$	(649	)	$	(10,244	)	$	(7,524	)
Liabilities:
Policyholder contract deposits	$	–	$	(6	)	$	3		$	(3	)
Derivative liabilities, net		6		–			196			202
Long-term debt(b)		–		–			61			61
Total liabilities	$	6	$	(6	)	$	260		$	260

(in millions)	Purchases		Sales			Settlements			Purchases, Sales, Issues and Settlements, Net(a)
Nine Months Ended September 30, 2013
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	502	$	(137	)	$	–		$	365
Non-U.S. governments		9		–			(2	)		7
Corporate debt		454		(114	)		(310	)		30
RMBS		3,462		(231	)		(1,838	)		1,393
CMBS		872		(167	)		(415	)		290
CDO/ABS		2,099		(159	)		(557	)		1,383
Total bonds available for sale		7,398		(808	)		(3,122	)		3,468
Bond trading securities:
RMBS		244		(12	)		(102	)		130
CMBS		19		(67	)		(145	)		(193	)
CDO/ABS		318		(66	)		(1,818	)		(1,566	)
Total bond trading securities		581		(145	)		(2,065	)		(1,629	)
Equity securities available for sale		58		(11	)		(48	)		(1	)
Other invested assets		697		(49	)		(553	)		95
Total assets	$	8,734	$	(1,013	)	$	(5,788	)	$	1,933
Liabilities:
Policyholder contract deposits	$	–	$	(16	)	$	21		$	5
Derivative liabilities, net		9		(1	)		(769	)		(761	)
Long-term debt(b)		–		–			23			23
Total liabilities	$	9	$	(17	)	$	(725	)	$	(733	)
Nine Months Ended September 30, 2012
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	394	$	(219	)	$	(36	)	$	139
Non-U.S. governments		4		(3	)		(1	)		–
Corporate debt		280		(59	)		(125	)		96
RMBS		2,308		(722	)		(1,554	)		32
CMBS		1,021		(260	)		(143	)		618
CDO/ABS		730		(4	)		(876	)		(150	)
Total bonds available for sale		4,737		(1,267	)		(2,735	)		735
Bond trading securities:
Corporate debt		–		–			(5	)		(5	)
RMBS		–		(45	)		(49	)		(94	)
CMBS		194		(106	)		(209	)		(121	)
CDO/ABS		7,216		(6	)		(10,840	)		(3,630	)
Total bond trading securities		7,410		(157	)		(11,103	)		(3,850	)
Equity securities available for sale		67		(55	)		(80	)		(68	)
Other invested assets		529		(63	)		(523	)		(57	)
Total assets	$	12,743	$	(1,542	)	$	(14,441	)	$	(3,240	)
Liabilities:
Policyholder contract deposits	$	–	$	(20	)	$	16		$	(4	)
Derivative liabilities, net		8		–			540			548
Long-term debt(b)		–		–			197			197
Total liabilities	$	8	$	(20	)	$	753		$	741

(a)  There were no issuances during the three- and nine-month periods ended September 30, 2013 and 2012.

(b)  Includes GIAs, notes, bonds, loans and mortgages payable.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2013 and 2012 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. As a result, the Net realized and unrealized gains (losses) included in income or other comprehensive income as shown in the table above excludes $43 million of net gains and $12 million of net losses related to assets and liabilities transferred into Level 3 during the three- and nine-month periods ended September 30, 2013, respectively, and includes $18 million and $30 million of net gains related to assets and liabilities transferred out of Level 3 during the three- and nine-month periods ended September 30, 2013, respectively.

Transfers of Level 3 Assets

During the three- and nine-month periods ended September 30, 2013, transfers into Level 3 assets included certain investments in private placement corporate debt, residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO)/asset-backed securities (ABS), and investments in hedge funds and private equity funds.

•

The transfers of investments in RMBS, CMBS and CDO and certain ABS into Level 3 assets were due to decreases in market transparency and liquidity for individual security types.

•

Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity.

•

Certain investments in hedge funds were transferred into Level 3 as a result of limited market activity due to fund-imposed redemption restrictions.

•

Certain private equity fund investments were transferred into Level 3 due to these investments being carried at fair value and no longer being accounted for using the equity method of accounting, consistent with the changes in our ownership and the lack of ability to exercise more than minor influence over the respective investments.

Assets are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data. This may be due to a significant increase in market activity for the asset, a specific event, one or more significant input(s) becoming observable or a long-term interest rate significant to a valuation becoming short-term and thus observable. In addition, transfers out of Level 3 assets also occur when investments are no longer carried at fair value as the result of a change in the applicable accounting methodology, given changes in the nature and extent of our ownership interest.

During the three- and nine-month periods ended September 30, 2013, transfers out of Level 3 assets primarily related to certain investments in municipal securities, private placement corporate debt, CMBS, CDO/ABS and investments in hedge funds.

•

Transfers of certain investments in municipal securities, CMBS and CDO/ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments.

•

Transfers of private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

•

The removal or easing of fund-imposed redemption restrictions resulted in the transfer of certain hedge fund investments out of Level 3 assets.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three- and nine-month periods ended September 30, 2013.

We use various hedging techniques to manage risks associated with certain positions, including those classified within Level 3. Such techniques may include the purchase or sale of financial instruments that are classified within Level 1 and/or Level 2. As a result, the realized and unrealized gains (losses) for assets and liabilities classified within Level 3 presented in the table above do not reflect the related realized or unrealized gains (losses) on hedging instruments that are classified within Level 1 and/or Level 2.

Quantitative Information About Level 3 Fair Value Measurements

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from pricing vendors and from internal valuation models. Because input information with respect to certain Level 3 instruments may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)	Fair Value at September 30, 2013		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(a)
Assets:
Corporate debt	$	1,082	Discounted cash flow	Yield(b)	4.20% – 10.58% (7.39%)
RMBS		13,752	Discounted cash flow	Constant prepayment rate(c)	0.00% – 9.94% (4.59%)
				Loss severity(c)	42.05% – 79.27% (60.66%)
				Constant default rate(c)	3.91% – 12.51% (8.21%)
				Yield(c)	2.80% – 7.74% (5.27%)
Certain CDO/ABS		5,421	Discounted cash flow	Constant prepayment rate(c)	5.30% – 13.10% (9.30%)
				Loss severity(c)	43.00% – 64.80% (54.00%)
				Constant default rate(c)	3.40% – 15.70% (8.50%)
				Yield(c)	5.40% – 12.00% (9.80%)
CMBS		6,244	Discounted cash flow	Yield(b)	0.00% – 14.10% (5.63%)
CDO/ABS — Direct			Binomial Expansion	Recovery rate(b)	5.00% – 63.00% (24.00%)
Investment Book		559	Technique (BET)	Diversity score(b)	5 – 36 (13)
				Weighted average life(b)	1.00 – 9.47 years (4.91 years)
Liabilities:
Policyholder contract deposits — GMWB		387	Discounted cash flow	Equity implied volatility(b)	6.00% – 39.00%
				Base lapse rate(b)	1.00% – 40.00%
				Dynamic lapse rate(b)	0.20% – 60.00%
				Mortality rate(b)	0.50% – 40.00%
				Utilization rate(b)	0.50% – 25.00%
Derivative Liabilities — Credit contracts		1,123	BET	Recovery rate(b)	5.00% – 34.00% (17.00%)
				Diversity score(b)	9 – 36 (13)
				Weighted average life(b)	4.68 – 9.47 years (5.76 years)

(in millions)	Fair Value at December 31, 2012		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(a)
Assets:
Corporate debt	$	775	Discounted cash flow	Yield(b)	0.08% – 6.55% (3.31%)
RMBS		10,650	Discounted cash flow	Constant prepayment rate(c)	0.00% – 10.76% (5.03%)
				Loss severity(c)	43.70% – 78.72% (61.21%)
				Constant default rate(c)	4.21% – 13.30% (8.75%)
				Yield(c)	2.23% – 9.42% (5.82%)
Certain CDO/ABS(d)		7,844	Discounted cash flow	Constant prepayment rate(c)	0.00% – 32.25% (11.82%)
				Loss severity(c)	0.00% – 29.38% (6.36%)
				Constant default rate(c)	0.00% – 4.05% (1.18%)
				Yield(c)	5.41% – 10.67% (8.04%)
CMBS		3,251	Discounted cash flow	Yield(b)	0.00% – 19.95% (7.76%)
CDO/ABS — Direct			Binomial Expansion	Recovery rate(b)	3.00% – 63.00% (27.00%)
Investment Book		1,205	Technique (BET)	Diversity score(b)	4 – 44 (13)
				Weighted average life(b)	1.27 – 9.11 years (4.91 years)
Liabilities:
Policyholder contract deposits — GMWB		1,257	Discounted cash flow	Equity implied volatility(b)	6.00% – 39.00%
				Base lapse rate(b)	1.00% – 40.00%
				Dynamic lapse rate(b)	0.20% – 60.00%
				Mortality rate(b)	0.50% – 40.00%
				Utilization rate(b)	0.50% – 25.00%
Derivative Liabilities — Credit contracts		1,436	BET	Recovery rate(b)	3.00% – 37.00% (17.00%)
				Diversity score(b)	9 – 38 (14)
				Weighted average life(b)	5.10 – 8.45 years (5.75 years)

(a)  The unobservable inputs and ranges for the constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us because there are other factors relevant to the specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b)  Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)  Information received from independent third-party valuation service providers.

(d)  Yield was the only input available for $6.6 billion of total fair value at December 31, 2012.

The ranges of reported inputs for Corporate debt, RMBS, CDO/ABS, and CMBS valued using a discounted cash flow technique consist of plus/minus one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these investments.

Sensitivity to Changes in Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following is a general description of sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently of changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Corporate Debt

Corporate debt securities included in Level 3 are primarily private placement issuances that are not traded in active markets or that are subject to transfer restrictions. Fair value measurements consider illiquidity and non-transferability. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of publicly-traded debt of the issuer or other comparable securities, considering illiquidity and structure. The significant unobservable input used in the fair value measurement of corporate debt is the yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. In addition, the migration in credit quality of a given security generally has a corresponding effect on the fair value measurement of the securities. For example, a downward migration of credit quality would increase spreads. Holding U.S. Treasury rates constant, an increase in corporate credit spreads would decrease the fair value of corporate debt.

RMBS and Certain CDO/ABS

The significant unobservable inputs used in fair value measurements of RMBS and certain CDO/ABS valued by third-party valuation service providers are constant prepayment rates (CPR), loss severity, constant default rates (CDR), and yield. A change in the assumptions used for the probability of default will generally be accompanied by a corresponding change in the assumption used for the loss severity and an inverse change in the assumption used for prepayment rates. In general, increases in CPR, loss severity, CDR, and yield, in isolation, would result in a decrease in the fair value measurement. Changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship between the directional change of each input is not usually linear.

CMBS

The significant unobservable input used in fair value measurements for CMBS is the yield. Prepayment assumptions for each mortgage pool are factored into the yield. CMBS generally feature a lower degree of prepayment risk than RMBS because commercial mortgages generally contain a penalty for prepayment. In general, increases in the yield would decrease the fair value of CMBS.

CDO/ABS — Direct Investment book

The significant unobservable inputs used for certain CDO/ABS securities valued using the BET are recovery rates, diversity score, and the weighted average life of the portfolio. An increase in recovery rates and diversity score will have a directionally similar corresponding impact on the fair value of the portfolio. An increase in the weighted average life will decrease the fair value.

Policyholder contract deposits

The significant unobservable inputs used for embedded derivatives in policyholder contract deposits measured at fair value, mainly guaranteed minimum withdrawal benefits (GMWB) for variable annuity products, are equity implied volatility, base and dynamic lapse rates, mortality rates and utilization rates. Lapse, mortality, and utilization rates may vary significantly depending upon age groups and duration. In general, increases in volatility and utilization rates will increase the fair value of the liability associated with GMWB, while increases in lapse rates and mortality rates will decrease the fair value of the liability.

Derivative liabilities — credit contracts

The significant unobservable inputs used for Derivatives liabilities — credit contracts are recovery rates, diversity scores, and the weighted average life of the portfolio. Our non-performance risk is also considered in the measurement of those liabilities. See Note 6 to the Consolidated Financial Statements in the 2012 Annual Report for a discussion of our accounting policies and procedures regarding incorporation of our credit risk in fair value measurements.

An increase in recovery rates and diversity score will decrease the fair value of the liability. An increase in the weighted average life will increase the fair value measurement of the liability.

Investments in Certain Entities Carried at Fair Value Using Net Asset Value Per Share

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share as a practical expedient to measure fair value.

		September 30, 2013				December 31, 2012
(in millions)	Investment Category Includes	Fair Value Using Net Asset Value Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using Net Asset Value Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	2,654	$	605	$	2,529	$	669
Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		337		74		251		52
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company		141		13		157		16
Distressed	Securities of companies that are already in default, under bankruptcy protection, or troubled		190		39		184		36
Other	Includes multi-strategy and mezzanine strategies		134		229		112		100
Total private equity funds			3,456		960		3,233		873
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		937		2		788		2
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		1,548		–		1,318		–
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		515		–		320		–
Distressed	Securities of companies that are already in default, under bankruptcy protection or troubled		525		18		316		–
Emerging markets	Investments in the financial markets of developing countries		245		–		–		–
Other	Includes multi-strategy and relative value strategies		86		–		66		–
Total hedge funds			3,856		20		2,808		2
Total		$	7,312	$	980	$	6,041	$	875

Private equity fund investments included above are not redeemable, as distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager's discretion, typically in one or two-year increments. At September 30, 2013, assuming average original expected lives of 10 years for the funds, 64 percent of the total fair value using net asset value per share (or its equivalent) presented above would have expected remaining lives of less than three years, 33 percent between three and seven years and 3 percent between seven and 10 years.

Generally, the hedge fund investments included above are redeemable monthly (13 percent), quarterly (44 percent), semi-annually (22 percent) and annually (21 percent), with redemption notices ranging from one day to 180 days. At September 30, 2013, however, investments representing approximately 71 percent of the total fair value of the hedge fund investments cannot be currently redeemed, either in whole or in part, because the investments include various contractual restrictions. The majority of these contractual restrictions, which may have been put in place at a fund's inception or thereafter, have pre-defined end dates and are generally expected to be lifted by the end of 2015. The restrictions that do not have stated end dates were primarily put in place prior to 2009. The fund investments for which redemption is restricted only in part generally relate to certain hedge funds that hold at least one investment that the fund manager deems to be illiquid.

Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

	Gain (Loss) Three Months Ended September 30,						Gain (Loss) Nine Months Ended September 30,
(in millions)	2013			2012			2013			2012
Assets:
Mortgage and other loans receivable	$	1		$	10		$	3		$	41
Bonds and equity securities		331			875			963			1,782
Trading — ML II interest		–			–			–			246
Trading — ML III interest		–			330			–			2,888
Retained interest in AIA		–			527			–			1,829
Alternative Investments(a)		23			11			229			11
Other, including Short-term investments		3			3			8			16
Liabilities:
Long-term debt(b)		(51	)		(86	)		271			(750	)
Other liabilities		(4	)		(9	)		(10	)		(31	)
Total gain (loss)(c)	$	303		$	1,661		$	1,464		$	6,032

(a)  Includes hedge funds, private equity funds, affordable housing partnerships and other investment partnerships.

(b)  Includes GIAs, notes, bonds, loans and mortgages payable.

(c)  Excludes discontinued operations.

See Notes 6 and 7 to the Consolidated Financial Statements in the 2012 Annual Report for additional information about our policies for electing the fair value option and for recognizing, measuring, and disclosing interest and dividend income and interest expense.

We recognized losses of $22 million and $37 million during the three- and nine-month periods ended September 30, 2013, respectively, and losses of $126 million and $621 million during the three- and nine-month periods ended September 30, 2012, respectively, attributable to the observable effect of changes in credit spreads on our own liabilities for which the fair value option was elected. We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted.

The following table presents the difference between fair values and the aggregate contractual principal amounts of mortgage and other loans receivable and long-term debt for which the fair value option was elected:

	September 30, 2013						December 31, 2012
(in millions)	Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Assets:
Mortgage and other loans receivable	$	–	$	–	$	–	$	134	$	141	$	(7	)
Liabilities:
Long-term debt*	$	6,981	$	5,374	$	1,607	$	8,055	$	5,705	$	2,350

*     Includes GIAs, notes, bonds, loans and mortgages payable.

There were no mortgage or other loans receivable for which the fair value option was elected that were 90 days or more past due or in non-accrual status at September 30, 2013 and December 31, 2012.

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:

									Impairment Charges
	Assets at Fair Value
									Three Months Ended September 30,				Nine Months Ended September 30,
	Non-Recurring Basis
(in millions)	Level 1		Level 2		Level 3		Total		2013		2012		2013		2012
September 30, 2013
Alternative investments	$	–	$	–	$	1,798	$	1,798	$	66	$	97	$	225	$	273
Other assets		–		10		31		41		2		–		26		9
Total	$	–	$	10	$	1,829	$	1,839	$	68	$	97	$	251	$	282
December 31, 2012
Alternative investments	$	–	$	–	$	2,062	$	2,062
Other assets		–		3		18		21
Total	$	–	$	3	$	2,080	$	2,083

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying value and estimated fair value of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

	Estimated Fair Value								Carrying
(in millions)	Level 1		Level 2		Level 3		Total		Value
September 30, 2013
Assets:
Mortgage and other loans receivable	$	–	$	618	$	20,170	$	20,788	$	19,707
Other invested assets		–		59		3,912		3,971		4,932
Short-term investments		–		17,084		–		17,084		17,084
Cash		2,058		–		–		2,058		2,058
Liabilities:
Policyholder contract deposits associated with investment-type contracts		–		202		113,828		114,030		104,734
Other liabilities		–		5,080		531		5,611		5,613
Long-term debt		–		36,785		2,104		38,889		35,250
December 31, 2012
Assets:
Mortgage and other loans receivable	$	–	$	823	$	19,396	$	20,219	$	19,348
Other invested assets		–		237		3,521		3,758		4,932
Short-term investments		–		20,752		–		20,752		20,752
Cash		1,151		–				1,151		1,151
Liabilities:
Policyholder contract deposits associated with investment-type contracts		–		245		123,860		124,105		105,979
Other liabilities		–		3,981		818		4,799		4,800
Long-term debt		–		43,966		1,925		45,891		40,445