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INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2012
Securities Available For Sale And Held To Maturity | The amortized cost for our investments in debt and perpetual securities, the cost for equity securities and the fair values of these investments are shown in the following tables.
| March 31, 2012
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale, carried at fair value: |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |
Japan government and agencies | $ | 10,007 |  |  | $ | 604 |  |  | $ | 0 |  |  | $ | 10,611 |
Mortgage- and asset-backed securities | 846 |  |  | 37 |  |  | 1 |  |  | 882 |
Public utilities | 3,933 |  |  | 65 |  |  | 220 |  |  | 3,778 |
Sovereign and supranational | 1,612 |  |  | 69 |  |  | 19 |  |  | 1,662 |
Banks/financial institutions | 4,163 |  |  | 202 |  |  | 287 |  |  | 4,078 |
Other corporate | 5,998 |  |  | 165 |  |  | 359 |  |  | 5,804 |
Total yen-denominated | 26,559 |  |  | 1,142 |  |  | 886 |  |  | 26,815 |
Dollar-denominated: |  |  |  |  |  |  |
U.S. government and agencies | 100 |  |  | 18 |  |  | 0 |  |  | 118 |
Municipalities | 1,061 |  |  | 110 |  |  | 8 |  |  | 1,163 |
Mortgage- and asset-backed securities | 307 |  |  | 75 |  |  | 0 |  |  | 382 |
Public utilities | 3,130 |  |  | 452 |  |  | 25 |  |  | 3,557 |
Sovereign and supranational | 454 |  |  | 93 |  |  | 4 |  |  | 543 |
Banks/financial institutions | 3,410 |  |  | 266 |  |  | 45 |  |  | 3,631 |
Other corporate | 9,116 |  |  | 1,249 |  |  | 52 |  |  | 10,313 |
Total dollar-denominated | 17,578 |  |  | 2,263 |  |  | 134 |  |  | 19,707 |
Total fixed maturities | 44,137 |  |  | 3,405 |  |  | 1,020 |  |  | 46,522 |
Perpetual securities: |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |
Banks/financial institutions | 4,879 |  |  | 110 |  |  | 301 |  |  | 4,688 |
Other corporate | 326 |  |  | 25 |  |  | 0 |  |  | 351 |
Dollar-denominated: |  |  |  |  |  |  |
Banks/financial institutions | 317 |  |  | 13 |  |  | 17 |  |  | 313 |
Total perpetual securities | 5,522 |  |  | 148 |  |  | 318 |  |  | 5,352 |
Equity securities | 21 |  |  | 4 |  |  | 0 |  |  | 25 |
Total securities available for sale | $ | 49,680 |  |  | $ | 3,557 |  |  | $ | 1,338 |  |  | $ | 51,899 |
| March 31, 2012
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities held to maturity, carried at amortized cost: |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |
Japan government and agencies | $ | 22,783 |  |  | $ | 287 |  |  | $ | 3 |  |  | $ | 23,067 |
Municipalities | 522 |  |  | 31 |  |  | 3 |  |  | 550 |
Mortgage- and asset-backed securities | 117 |  |  | 4 |  |  | 0 |  |  | 121 |
Public utilities | 5,189 |  |  | 175 |  |  | 157 |  |  | 5,207 |
Sovereign and supranational | 3,970 |  |  | 149 |  |  | 166 |  |  | 3,953 |
Banks/financial institutions | 11,559 |  |  | 174 |  |  | 855 |  |  | 10,878 |
Other corporate | 4,694 |  |  | 148 |  |  | 174 |  |  | 4,668 |
Total yen-denominated | 48,834 |  |  | 968 |  |  | 1,358 |  |  | 48,444 |
Total securities held to maturity | $ | 48,834 |  |  | $ | 968 |  |  | $ | 1,358 |  |  | $ | 48,444 |
| December 31, 2011
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale, carried at fair value: |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |
Japan government and agencies | $ | 11,108 |  |  | $ | 670 |  |  | $ | 0 |  |  | $ | 11,778 |
Mortgage- and asset-backed securities | 912 |  |  | 43 |  |  | 1 |  |  | 954 |
Public utilities | 3,850 |  |  | 59 |  |  | 226 |  |  | 3,683 |
Sovereign and supranational | 1,704 |  |  | 87 |  |  | 16 |  |  | 1,775 |
Banks/financial institutions | 4,312 |  |  | 74 |  |  | 359 |  |  | 4,027 |
Other corporate | 6,213 |  |  | 120 |  |  | 459 |  |  | 5,874 |
Total yen-denominated | 28,099 |  |  | 1,053 |  |  | 1,061 |  |  | 28,091 |
Dollar-denominated: |  |  |  |  |  |  |
U.S. government and agencies | 31 |  |  | 4 |  |  | 0 |  |  | 35 |
Municipalities | 1,060 |  |  | 107 |  |  | 8 |  |  | 1,159 |
Mortgage- and asset-backed securities | 310 |  |  | 74 |  |  | 0 |  |  | 384 |
Public utilities | 3,052 |  |  | 517 |  |  | 27 |  |  | 3,542 |
Sovereign and supranational | 449 |  |  | 89 |  |  | 5 |  |  | 533 |
Banks/financial institutions | 3,324 |  |  | 223 |  |  | 121 |  |  | 3,426 |
Other corporate | 9,031 |  |  | 1,433 |  |  | 62 |  |  | 10,402 |
Total dollar-denominated | 17,257 |  |  | 2,447 |  |  | 223 |  |  | 19,481 |
Total fixed maturities | 45,356 |  |  | 3,500 |  |  | 1,284 |  |  | 47,572 |
Perpetual securities: |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |
Banks/financial institutions | 6,217 |  |  | 155 |  |  | 604 |  |  | 5,768 |
Other corporate | 344 |  |  | 17 |  |  | 0 |  |  | 361 |
Dollar-denominated: |  |  |  |  |  |  |
Banks/financial institutions | 336 |  |  | 3 |  |  | 29 |  |  | 310 |
Total perpetual securities | 6,897 |  |  | 175 |  |  | 633 |  |  | 6,439 |
Equity securities | 22 |  |  | 4 |  |  | 1 |  |  | 25 |
Total securities available for sale | $ | 52,275 |  |  | $ | 3,679 |  |  | $ | 1,918 |  |  | $ | 54,036 |
| December 31, 2011
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities held to maturity, carried at amortized cost: |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |
Japan government and agencies | $ | 18,775 |  |  | $ | 297 |  |  | $ | 1 |  |  | $ | 19,071 |
Municipalities | 553 |  |  | 35 |  |  | 4 |  |  | 584 |
Mortgage- and asset-backed securities | 129 |  |  | 5 |  |  | 0 |  |  | 134 |
Public utilities | 5,615 |  |  | 188 |  |  | 166 |  |  | 5,637 |
Sovereign and supranational | 4,200 |  |  | 148 |  |  | 183 |  |  | 4,165 |
Banks/financial institutions | 12,389 |  |  | 170 |  |  | 1,079 |  |  | 11,480 |
Other corporate | 5,348 |  |  | 149 |  |  | 185 |  |  | 5,312 |
Total yen-denominated | 47,009 |  |  | 992 |  |  | 1,618 |  |  | 46,383 |
Total securities held to maturity | $ | 47,009 |  |  | $ | 992 |  |  | $ | 1,618 |  |  | $ | 46,383 |
Investments Classified by Contractual Maturity Date | The contractual maturities of our investments in fixed maturities at March 31, 2012, were as follows:
| Aflac Japan |  | Aflac U.S.
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Available for sale: |  |  |  |  |  |  |
Due in one year or less | $ | 2,123 |  |  | $ | 2,168 |  |  | $ | 13 |  |  | $ | 13 |
Due after one year through five years | 2,223 |  |  | 2,330 |  |  | 358 |  |  | 387 |
Due after five years through 10 years | 3,940 |  |  | 4,201 |  |  | 894 |  |  | 1,036 |
Due after 10 years | 25,754 |  |  | 26,463 |  |  | 7,559 |  |  | 8,523 |
Mortgage- and asset-backed securities | 1,108 |  |  | 1,209 |  |  | 45 |  |  | 56 |
Total fixed maturities available for sale | $ | 35,148 |  |  | $ | 36,371 |  |  | $ | 8,869 |  |  | $ | 10,015 |
Held to maturity: |  |  |  |  |  |  |
Due in one year or less | $ | 460 |  |  | $ | 463 |  |  | $ | 0 |  |  | $ | 0 |
Due after one year through five years | 1,085 |  |  | 1,161 |  |  | 0 |  |  | 0 |
Due after five years through 10 years | 3,226 |  |  | 3,544 |  |  | 0 |  |  | 0 |
Due after 10 years | 43,946 |  |  | 43,155 |  |  | 0 |  |  | 0 |
Mortgage- and asset-backed securities | 117 |  |  | 121 |  |  | 0 |  |  | 0 |
Total fixed maturities held to maturity | $ | 48,834 |  |  | $ | 48,444 |  |  | $ | 0 |  |  | $ | 0 |
Economic Maturities of Investments in Perpetual Securities | The economic maturities of our investments in perpetual securities, which were all reported as available for sale at March 31, 2012, were as follows:
| Aflac Japan |  | Aflac U.S.
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due in one year or less | $ | 304 |  |  | $ | 308 |  |  | $ | 0 |  |  | $ | 0 |
Due after one year through five years | 1,167 |  |  | 1,223 |  |  | 5 |  |  | 5 |
Due after five years through 10 years | 521 |  |  | 551 |  |  | 0 |  |  | 0 |
Due after 10 years | 3,353 |  |  | 3,089 |  |  | 172 |  |  | 176 |
Total perpetual securities available for sale | $ | 5,345 |  |  | $ | 5,171 |  |  | $ | 177 |  |  | $ | 181 |
Bank and Financial Institution Investments | Our total investments in the bank and financial institution sector, including those classified as perpetual securities, were as follows:
| March 31, 2012 |  | December 31, 2011
| Total Investments in Banks and Financial Institutions Sector (in millions) |  | Percentage of Total Investment Portfolio |  | Total Investments in Banks and Financial Institutions Sector (in millions) |  | Percentage of Total Investment Portfolio
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 19,132 |  |  |  |  | 19 | % |  |  |  | $ | 20,025 |  |  |  |  | 20 | % |
Fair value |  | 18,587 |  |  |  |  | 19 |  |  |  |  | 18,933 |  |  |  |  | 19 |  |
Perpetual securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upper Tier II: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 3,251 |  |  |  |  | 3 | % |  |  |  | $ | 4,285 |  |  |  |  | 5 | % |
Fair value |  | 3,193 |  |  |  |  | 3 |  |  |  |  | 4,244 |  |  |  |  | 4 |  |
Tier I: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 1,945 |  |  |  |  | 2 |  |  |  |  | 2,268 |  |  |  |  | 2 |  |
Fair value |  | 1,808 |  |  |  |  | 2 |  |  |  |  | 1,834 |  |  |  |  | 2 |  |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 24,328 |  |  |  |  | 24 | % |  |  |  | $ | 26,578 |  |  |  |  | 27 | % |
Fair value |  | 23,588 |  |  |  |  | 24 |  |  |  |  | 25,011 |  |  |  |  | 25 |  |
Gain (Loss) on Investments | Information regarding pretax realized gains and losses from investments is as follows:
| Three Months Ended March 31,
(In millions) | 2012 |  | 2011
Realized investment gains (losses) on securities: |  |  |
Fixed maturities: |  |  |
Available for sale: |  |  |
Gross gains from sales | $ | 14 |  |  | $ | 26 |
Gross losses from sales | (1 | ) |  | (187 | )
Net gains (losses) from redemptions | 0 |  |  | 7 |
Other-than-temporary impairment losses | (63 | ) |  | (404 | )
Total fixed maturities | (50 | ) |  | (558 | )
Perpetual securities: |  |  |
Available for sale: |  |  |
Gross gains from sales | 70 |  |  | 6 |
Gross losses from sales | (65 | ) |  | (2 | )
Net gains (losses) from redemptions | 60 |  |  | 0 |
Other-than-temporary impairment losses | (140 | ) |  | 0 |
Total perpetual securities | (75 | ) |  | 4 |
Equity securities: |  |  |
Other-than-temporary impairment losses | 0 |  |  | (1 | )
Total equity securities | 0 |  |  | (1 | )
Derivatives and other: |  |  |
Derivative gains (losses) | 80 |  |  | (30 | )
Other | 0 |  |  | 6 |
Total derivatives and other | 80 |  |  | (24 | )
Total realized investment gains (losses) | $ | (45 | ) |  | $ | (579 | )
Other Than Temporary Impairment Losses on Investment Securities | The following table details our pretax other-than-temporary impairment losses by investment category that resulted from our impairment evaluation process.
| Three Months Ended March 31, |
(In millions) | 2012 |  | 2011 |
Perpetual securities | $ | 140 |  |  | $ | 0 |  |
Corporate bonds | 63 |  |  | 397 |  |
Mortgage- and asset-backed securities | 0 |  |  | 6 |  |
Municipalities | 0 |  |  | 1 |  |
Equity securities | 0 |  |  | 1 |  |
Total other-than-temporary impairment losses realized | $ | 203 |  | (1) | $ | 405 |  | (2)
(1) Includes $28 for credit-related impairments and $175 from change in intent to sell securities (2) Consisted completely of credit-related impairments
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities | The net effect on shareholders’ equity of unrealized gains and losses from investment securities was as follows:
(In millions) | March 31, 2012 |  | December 31, 2011
Unrealized gains (losses) on securities available for sale | $ | 2,219 |  |  | $ | 1,761 |
Unamortized unrealized gains on securities transferred to held to maturity | 29 |  |  | 34 |
Deferred income taxes | (800 | ) |  | (652 | )
Shareholders’ equity, unrealized gains (losses) on investment securities | $ | 1,448 |  |  | $ | 1,143 |
Investments Gross Unrealized Loss Aging | The following tables show the fair value and gross unrealized losses of our available-for-sale and held-to-maturity investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
| March 31, 2012
| Total |  | Less than 12 months |  | 12 months or longer
(In millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |
Yen-denominated | $ | 3,674 |  |  | $ | 3 |  |  | $ | 3,597 |  |  | $ | 2 |  |  | $ | 77 |  |  | $ | 1 |
Municipalities: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 60 |  |  | 8 |  |  | 29 |  |  | 1 |  |  | 31 |  |  | 7 |
Yen-denominated | 58 |  |  | 3 |  |  | 0 |  |  | 0 |  |  | 58 |  |  | 3 |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |
Yen-denominated | 143 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 143 |  |  | 1 |
Public utilities: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 439 |  |  | 25 |  |  | 284 |  |  | 11 |  |  | 155 |  |  | 14 |
Yen-denominated | 4,779 |  |  | 377 |  |  | 2,094 |  |  | 131 |  |  | 2,685 |  |  | 246 |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 68 |  |  | 4 |  |  | 17 |  |  | 0 |  |  | 51 |  |  | 4 |
Yen-denominated | 2,589 |  |  | 185 |  |  | 592 |  |  | 17 |  |  | 1,997 |  |  | 168 |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 593 |  |  | 45 |  |  | 219 |  |  | 9 |  |  | 374 |  |  | 36 |
Yen-denominated | 9,247 |  |  | 1,142 |  |  | 926 |  |  | 11 |  |  | 8,321 |  |  | 1,131 |
Other corporate: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 1,286 |  |  | 52 |  |  | 1,112 |  |  | 28 |  |  | 174 |  |  | 24 |
Yen-denominated | 5,523 |  |  | 533 |  |  | 1,606 |  |  | 69 |  |  | 3,917 |  |  | 464 |
Total fixed maturities | 28,459 |  |  | 2,378 |  |  | 10,476 |  |  | 279 |  |  | 17,983 |  |  | 2,099 |
Perpetual securities: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 116 |  |  | 17 |  |  | 60 |  |  | 0 |  |  | 56 |  |  | 17 |
Yen-denominated | 2,036 |  |  | 301 |  |  | 619 |  |  | 42 |  |  | 1,417 |  |  | 259 |
Total perpetual securities | 2,152 |  |  | 318 |  |  | 679 |  |  | 42 |  |  | 1,473 |  |  | 276 |
Equity securities | 4 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 2 |  |  | 0 |
Total | $ | 30,615 |  |  | $ | 2,696 |  |  | $ | 11,157 |  |  | $ | 321 |  |  | $ | 19,458 |  |  | $ | 2,375 |
| December 31, 2011
| Total |  | Less than 12 months |  | 12 months or longer
(In millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |
Yen-denominated | $ | 940 |  |  | $ | 1 |  |  | $ | 859 |  |  | $ | 1 |  |  | $ | 81 |  |  | $ | 0 |
Municipalities: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 54 |  |  | 8 |  |  | 22 |  |  | 1 |  |  | 32 |  |  | 7 |
Yen-denominated | 60 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 60 |  |  | 4 |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |
Yen-denominated | 151 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 151 |  |  | 1 |
Public utilities: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 295 |  |  | 27 |  |  | 110 |  |  | 3 |  |  | 185 |  |  | 24 |
Yen-denominated | 4,995 |  |  | 392 |  |  | 2,404 |  |  | 141 |  |  | 2,591 |  |  | 251 |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 66 |  |  | 5 |  |  | 34 |  |  | 2 |  |  | 32 |  |  | 3 |
Yen-denominated | 2,349 |  |  | 199 |  |  | 749 |  |  | 62 |  |  | 1,600 |  |  | 137 |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 770 |  |  | 121 |  |  | 391 |  |  | 56 |  |  | 379 |  |  | 65 |
Yen-denominated | 10,175 |  |  | 1,438 |  |  | 1,639 |  |  | 46 |  |  | 8,536 |  |  | 1,392 |
Other corporate: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 834 |  |  | 62 |  |  | 639 |  |  | 27 |  |  | 195 |  |  | 35 |
Yen-denominated | 6,106 |  |  | 644 |  |  | 2,523 |  |  | 110 |  |  | 3,583 |  |  | 534 |
Total fixed maturities | 26,795 |  |  | 2,902 |  |  | 9,370 |  |  | 449 |  |  | 17,425 |  |  | 2,453 |
Perpetual securities: |  |  |  |  |  |  |  |  |  |  |
Dollar-denominated | 217 |  |  | 29 |  |  | 109 |  |  | 4 |  |  | 108 |  |  | 25 |
Yen-denominated | 2,290 |  |  | 604 |  |  | 630 |  |  | 69 |  |  | 1,660 |  |  | 535 |
Total perpetual securities | 2,507 |  |  | 633 |  |  | 739 |  |  | 73 |  |  | 1,768 |  |  | 560 |
Equity securities | 8 |  |  | 1 |  |  | 6 |  |  | 1 |  |  | 2 |  |  | 0 |
Total | $ | 29,310 |  |  | $ | 3,536 |  |  | $ | 10,115 |  |  | $ | 523 |  |  | $ | 19,195 |  |  | $ | 3,013 |
Bank and Financial Institution Investments in Unrealized Loss Position | The table reflects those securities in that sector that were in an unrealized loss position as a percentage of our total investment portfolio in an unrealized loss position and their respective unrealized losses as a percentage of total unrealized losses.
| March 31, 2012 |  | December 31, 2011
| Percentage of Total Investments in an Unrealized Loss Position |  | Percentage of Total Unrealized Losses |  | Percentage of Total Investments in an Unrealized Loss Position |  | Percentage of Total Unrealized Losses
Fixed maturities |  | 32 | % |  |  |  | 44 | % |  |  |  | 37 | % |  |  |  | 44 | % |
Perpetual securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upper Tier II |  | 4 |  |  |  |  | 5 |  |  |  |  | 4 |  |  |  |  | 6 |  |
Tier I |  | 3 |  |  |  |  | 6 |  |  |  |  | 5 |  |  |  |  | 12 |  |
Total perpetual securities |  | 7 |  |  |  |  | 11 |  |  |  |  | 9 |  |  |  |  | 18 |  |
Total |  | 39 | % |  |  |  | 55 | % |  |  |  | 46 | % |  |  |  | 62 | % |
Investments in Variable Interest Entities | The following table details our investments in VIEs. Investments in Variable Interest Entities
| March 31, 2012 |  | December 31, 2011
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
VIEs: |  |  |  |  |  |  |
VIEs consolidated | $ | 6,545 |  |  | $ | 6,940 |  |  | $ | 6,997 |  |  | $ | 7,206 |
VIEs not consolidated | 12,795 |  |  | 12,832 |  |  | 13,753 |  |  | 13,714 |
Total VIEs | $ | 19,340 |  |  | $ | 19,772 |  |  | $ | 20,750 |  |  | $ | 20,920 |
Securities Lending | The following table presents our security loans outstanding and the corresponding collateral held:
(In millions) | March 31, 2012 |  | December 31, 2011
Security loans outstanding, fair value | $ | 188 |  |  | $ | 812 |
Cash collateral on loaned securities | 193 |  |  | 838 |
Perpetual Securities |
Schedule of Available-for-sale Securities Reconciliation | Details of our holdings of perpetual securities were as follows: Perpetual Securities
|  |  | March 31, 2012 |  | December 31, 2011
(In millions) | Credit Rating |  | Amortized Cost |  | Fair Value |  | Unrealized Gain (Loss) |  | Amortized Cost |  | Fair Value |  | Unrealized Gain (Loss)
Upper Tier II: |  |  |  |  |  |  |  |  |  |  |  |  |
| AA |  | $ | 80 |  |  | $ | 81 |  |  | $ | 1 |  |  | $ | 196 |  |  | $ | 204 |  |  | $ | 8 |
| A |  | 530 |  |  | 544 |  |  | 14 |  |  | 2,108 |  |  | 2,046 |  |  | (62 | )
| BBB |  | 2,641 |  |  | 2,569 |  |  | (72 | ) |  | 1,791 |  |  | 1,804 |  |  | 13 |
| BB or lower |  | 0 |  |  | 0 |  |  | 0 |  |  | 190 |  |  | 190 |  |  | 0 |
Total Upper Tier II |  |  | 3,251 |  |  | 3,194 |  |  | (57 | ) |  | 4,285 |  |  | 4,244 |  |  | (41 | )
Tier I: |  |  |  |  |  |  |  |  |  |  |  |  |
| A |  | 60 |  |  | 60 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
| BBB |  | 1,350 |  |  | 1,238 |  |  | (112 | ) |  | 1,684 |  |  | 1,417 |  |  | (267 | )
| BB or lower |  | 535 |  |  | 509 |  |  | (26 | ) |  | 584 |  |  | 417 |  |  | (167 | )
Total Tier I |  |  | 1,945 |  |  | 1,807 |  |  | (138 | ) |  | 2,268 |  |  | 1,834 |  |  | (434 | )
Other subordinated - non-banks | BBB |  | 326 |  |  | 351 |  |  | 25 |  |  | 344 |  |  | 361 |  |  | 17 |
Total |  |  | $ | 5,522 |  |  | $ | 5,352 |  |  | $ | (170 | ) |  | $ | 6,897 |  |  | $ | 6,439 |  |  | $ | (458 | )

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