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Derivative Instruments | 12 Months Ended
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Dec. 31, 2012
Derivative Instruments [Abstract] |
Derivative Instruments | Note 5 DERIVATIVE INSTRUMENTS Derivatives, except embedded derivatives, are carried on the Company's consolidated balance sheets in other invested assets or other liabilities, at fair value. Embedded derivative liabilities on modified coinsurance or funds withheld arrangements are included on the consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. Embedded derivative assets are included on the consolidated balance sheets in reinsurance ceded receivables. The following table presents the notional amounts and fair value of derivative instruments as of December 31, 2012 and 2011 (dollars in thousands):
|  |  |  |  | December 31, 2012 |  |  | December 31, 2011
|  |  |  |  |  | Notional |  | Carrying Value/Fair Value |  |  |  | Notional |  | Carrying Value/Fair Value
|  |  |  |  |  | Amount |  |  | Assets |  |  | Liabilities |  |  |  | Amount |  |  | Assets |  |  | Liabilities
Derivatives not designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest rate swaps | $ | 2,195,059 |  | $ | 123,085 |  | $ | 17,867 |  |  | $ | 2,748,317 |  | $ | 184,842 |  | $ | 18,702
| Financial futures |  | 127,877 |  |  | -- |  |  | -- |  |  |  | 277,814 |  |  | -- |  |  | --
| Foreign currency forwards |  | 74,400 |  |  | 1,017 |  |  | 2,105 |  |  |  | 24,400 |  |  | 4,560 |  |  | --
| Consumer price index swaps |  | 85,135 |  |  | 1,446 |  |  | -- |  |  |  | 101,069 |  |  | 766 |  |  | --
| Credit default swaps |  | 714,000 |  |  | 2,228 |  |  | 5,922 |  |  |  | 649,500 |  |  | 1,313 |  |  | 10,949
| Equity options |  | 696,776 |  |  | 62,514 |  |  | -- |  |  |  | 510,073 |  |  | 90,106 |  |  | --
| Synthetic guaranteed investment contracts |  | 2,018,073 |  |  | -- |  |  | -- |  |  |  | -- |  |  | -- |  |  | --
| Embedded derivatives in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Modified coinsurance or funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | withheld arrangements |  | -- |  |  | -- |  |  | 243,177 |  |  |  | -- |  |  | -- |  |  | 361,456
|  | Indexed annuity products |  | -- |  |  | -- |  |  | 740,256 |  |  |  | -- |  |  | 4,945 |  |  | 751,523
|  | Variable annuity products |  | -- |  |  | -- |  |  | 172,105 |  |  |  | -- |  |  | -- |  |  | 276,718
| Total non-hedging derivatives |  | 5,911,320 |  |  | 190,290 |  |  | 1,181,432 |  |  |  | 4,311,173 |  |  | 286,532 |  |  | 1,419,348
Derivatives designated as |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest rate swaps |  | 57,275 |  |  | 344 |  |  | 786 |  |  |  | 56,250 |  |  | 133 |  |  | 960
| Foreign currency swaps |  | 629,512 |  |  | -- |  |  | 27,398 |  |  |  | 621,578 |  |  | 286 |  |  | 23,996
| Total hedging derivatives |  | 686,787 |  |  | 344 |  |  | 28,184 |  |  |  | 677,828 |  |  | 419 |  |  | 24,956
Total derivatives | $ | 6,598,107 |  | $ | 190,634 |  | $ | 1,209,616 |  |  | $ | 4,989,001 |  | $ | 286,951 |  | $ | 1,444,304
Accounting for Derivative Instruments and Hedging Activities The Company does not enter into derivative instruments for speculative purposes. As discussed below under “Non-qualifying Derivatives and Derivatives f or Purposes Other Than Hedging,” the Company uses various derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. The Company had no fair value hedges of interest rate risk as of December 31, 2012 or 2011. As of December 31, 2012 and 2011, the Company held interest rate swaps that were designated and qualified as cash flow hedges of interest rate risk. As of December 31, 2012 and 2011, the Company held foreign currency swaps that were designated and qualified as hedges of a portion of its net investment in its foreign operations. As of December 31, 2012 and 2011, the Company also had derivative instruments that were not designated as hedging instruments. See Note 2 – “Summary of Significant Accounting Policies” for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. Derivative instruments are carried at fair value and generally require an insignificant amount of cash at inception of the contracts. Fair Value Hedges During the fourth quarter of 2011 the Company removed the fair value hedge designation for certain interest rate swaps. However, prior to the fourth quarter of 2011 the C ompany designated and reported certain interest rate swaps that convert fixed rate investments to floating rate investments as fair value hedges when they me t the requirements of the general accounting principles for Derivatives and Hedging. The gain or loss on the hedged item attributable to the hedged benchmark interest rate and the offsetting gain or loss on the related interest rate swaps for the years ended December 31, 2011 and 2010 were (dollars in thousands):
Type of Fair Value Hedge |  |  | Hedged Item |  |  | Gains (Losses) Recognized for Derivatives |  |  | Gains (Losses) Recognized for Hedged Items |  |  | Ineffectiveness Recognized in Investment Related Gains (Losses)
For the year ended December 31, 2011: |  |  |  |  |  |  |
Interest rate swaps |  |  | Fixed rate fixed maturities |  | $ | (785) |  | $ | 1,402 |  | $ | 617
For the year ended December 31, 2010: |  |  |  |  |  |  |
Interest rate swaps |  |  | Fixed rate fixed maturities |  | $ | (1,041) |  | $ | 1,599 |  | $ | 558
A regression analysis wa s used, both at the inception of the hedge and on an ongoing basis, to determine whether each derivative used in a hedge transaction is highly effective in offsetting changes in the hedged item. All components of each derivative's gain or loss were included in the assessment of hedge effectiveness. Cash Flow Hedges The Company designates and accounts for certain interest rate swaps, in which the cash flows are denominated in different currencies, commonly referred to as cross-currency swaps, as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The following table presents the components of AOCI, before income tax, and the consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the year s ended December 31, 2012 and 2011 (dollars in thousands):
| 2012 |  | 2011
Accumulated other comprehensive income (loss), balance beginning of year | $ | (828) |  | $ | --
Gains (losses) deferred in other comprehensive income (loss) on the effective portion of cash flow hedges |  | 2,613 |  |  | (628)
Amounts reclassified to investment income |  | (1,382) |  |  | (200)
Accumulated other comprehensive income (loss), balance end of period | $ | 403 |  | $ | (828)
As of December 31, 2012, the before-tax deferred net gains on derivative instruments recorded in AOCI that are expected to be reclassified to earnings during the next twelve months are $1.0 million. This expectation is based on the anticipated interest payments on hedged investments in fixed maturity securities that will occur over the next twelve months, at which time the Company will recognize the deferred net gains (losses) as an adjustment to investment income over the term of the investment cash flows. There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments on existing financial instruments, for the year s ended December 31, 2012 and 2011. The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of income and the consolidated statements of stockholders' equity for the year s ended December 31, 2012 and 2011 (dollars in thousands):
Derivatives in Cash Flow Hedging Relationships |  | Amount of Gains (Losses) Deferred in AOCI on Derivatives |  | Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) |  | Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
|  | (Effective Portion) |  | (Effective Portion) |  | (Ineffective Portion and Amounts Excluded from Effectiveness Testing)
|  |  |  |  | Investment Related Gains (Losses) |  | Investment Income |  | Investment Related Gains (Losses) |  | Investment Income
For the year ended December 31, 2012: |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 2,613 |  | $ | -- |  | $ | 1,382 |  | $ | (41) |  | $ | --
For the year ended December 31, 2011: |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | (628) |  | $ | -- |  | $ | 200 |  | $ | -- |  | $ | --
Hedges of Net Investments in Foreign Operations The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company's net investments in foreign operations (“NIFO”) hedges for the years ended December 31, 2012, 2011 and 2010 (dollars in thousands):
|  |  | Derivative Gains (Losses) Deferred in AOCI |  |  |
|  |  | For the year ended |  |  |
Type of NIFO Hedge (1) (2) |  | 2012 |  | 2011 |  | 2010 |  |  |
Foreign currency swaps |  | $ | (20,470) |  | $ | 4,858 |  | $ | (41,302) |  |  |
(1) | There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.
(2) | There was no ineffectiveness recognized for the Company's hedges of net investments in foreign operations.
The cumulative foreign currency translation gain (loss) recorded in AOCI related to these hedges was $(16.4) million and $4.1 mi llion at December 31, 2012 and 2011, respectively. If a foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a foreign operation. Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment, including derivatives used to economically hedge changes in the fair value of liabilities associated with the reinsurance of variable annuities with guaranteed living benefits. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), in the consolidated statements of income, except where otherwise noted. For the years ended December 31, 2012, 2011 and 2010, the Company recognized investment related gains (losses) of $(61.4) million, $188.6 million and $29.9 million, respectively, related to derivatives (not including embedded derivatives) that do not qualify or have not been qualified for hedge accounting. Interest Rate Swaps Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). With an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between two rates, which can be either fixed-rate or floating-rate interest amounts, tied to an agreed-upon notional principal amount. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments at each due date. Financial Futures Exchange-traded equity futures are used primarily to economically hedge liabilities embedded in certain variable annuity products. With exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the relevant stock indices, and to post variation margin on a daily basis in an amount equal to the difference between the daily estimated fair values of those contracts. The Company enters into exchange-traded equity futures with regulated futures commission merchants that are members of the exchange. Equity Options Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products. To hedge against adverse changes in equity indices volatility, the Company buys put options. The contracts are net settled in cash based on differentials in the indices at the time of exercise and the strike price. Consumer Price Index Swaps Consumer price index (“CPI”) swaps are used by the Company primarily to economically hedge liabilities embedded in certain insurance products where value is directly affected by changes in a designated benchmark consumer price index. With a CPI swap transaction, the Company agrees with another party to exchange the actual amount of inflation realized over a specified period of time for a fixed amount of inflation determined at inception. These transactions are executed pursuant to master agreements that provide for a single net payment or individual gross payments to be made by the counterparty at each due date. Most of these swaps will require a single payment to be made by one counterparty at the maturity date of the swap. Foreign Currency Swaps Foreign currency swaps are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the termination of the currency swap by each party. The Company uses foreign currency swaps to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. Foreign Currency Forwards Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. With a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date. Credit Default Swaps The Company sells protection under single name credit default swaps and credit default swap index tranches to diversify its credit risk exposure in certain portfolios and, in combination with purchasing securities, to replicate characteristics of similar investments based on the credit quality and term of the credit default swap. Credit default triggers for indexed reference entities and single name reference entities are defined in the contracts. The Company's maximum exposure to credit loss equals the notional value for credit default swaps. In the event of default of a referencing entity, the Company is typically required to pay the protection holder the full notional value less a recove ry amount determined at auction. The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at December 31, 2012 and 2011 (dollars in thousands):
|  |  | December 31,
|  |  | 2012 |  |  | 2011
Rating Agency Designation of Referenced Credit Obligations(1) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3)
AAA/AA-/A+/A/A- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | $ | (2,077) |  | $ | 124,500 |  | 5.9 |  | $ | (1,774) |  | $ | 85,000 |  | 5.5
Credit default swaps referencing indices |  |  | -- |  |  | -- |  | -- |  |  | -- |  |  | -- |  | --
| Subtotal |  |  | (2,077) |  |  | 124,500 |  | 5.9 |  |  | (1,774) |  |  | 85,000 |  | 5.5
BBB+/BBB/BBB- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  |  | (2,345) |  |  | 135,500 |  | 5.5 |  |  | (4,267) |  |  | 114,000 |  | 5.6
Credit default swaps referencing indices |  |  | 937 |  |  | 430,000 |  | 5.0 |  |  | (3,895) |  |  | 415,000 |  | 5.0
| Subtotal |  |  | (1,408) |  |  | 565,500 |  | 5.1 |  |  | (8,162) |  |  | 529,000 |  | 5.1
BB+ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  |  | (222) |  |  | 6,000 |  | 4.5 |  |  | -- |  |  | -- |  | --
Credit default swaps referencing indices |  |  | -- |  |  | -- |  | -- |  |  | -- |  |  | -- |  | --
| Subtotal |  |  | (222) |  |  | 6,000 |  | 4.5 |  |  | -- |  |  | -- |  | --
Total |  | $ | (3,707) |  | $ | 696,000 |  | 5.2 |  | $ | (9,936) |  | $ | 614,000 |  | 5.2
(1) | The rating agency designations are based on ratings from Standard and Poor's ("S&P").
(2) | Assumes the value of the referenced credit obligations is zero.
(3) | The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
The Company also purchases credit default swaps to reduce its risk against a drop in bond prices due to credit concerns of certain bond issuers. If a credit event, as defined by the contract, occurs, the Company is able to put the bond back to the counterparty at par. Synthetic G uaranteed I nvestment C ontracts The Company sells fee-based synthetic g uaranteed i nvestment c ontract s which include investment-only, stable value contracts, to retirement plans. The assets are owned by the trustees of such plans, who invest the assets under the terms of investment guidelines agreed to with the Company. The contracts contain a guarantee of a minimum rate of return on participant balances supported by the underlying assets, and a guarantee of liquidity to meet certain participant-initiated plan cash flow requirements. These contracts are accounted for as derivatives, recorded at fair value and classified as interest rate derivatives. Embedded Derivatives The Company has certain embedded derivatives which are required to be separated from their host contracts and reported as derivatives. Host contracts include reinsurance treaties structured on a modified coinsurance or funds withheld basis. Changes in fair values of embedded derivatives on modified coinsurance or funds withheld treaties are net of an increase (decrease) in investment related gains (losses), net of $(62.7) mill ion, $23.1 million and $(32.2) million for the years ended December 31, 2012, 2011 and 2010, respectively, associated with the Company's own credit risk. Additionally, the Company reinsures equity-indexed annuity and variable annuity contracts with benefits that are considered embedded derivatives, including guaranteed minimum withdrawal benefits, guaranteed minimum accumulation benefits, and guaranteed minimum income benefits. Changes in fair values of embedded derivatives on variable annuity contracts are net of an increase (decrease) in investment related gains (losses), net of $16.5 million for the year ended December 31, 2012, associated with the Company's own credit risk. Changes in fair values of embedded derivatives on variable annuity contracts associated with the Company's own credit risk for the years ended December 31, 2011 and 2010 were not material. The changes in fair values of embedded derivatives on equity-indexed annuities described below relate to changes in the fair value associated with capital market an d other related assumptions. The related gains (losses) and the effect on net income after amortization of DAC and income taxes for the years ended December 31, 2012, 2011 and 2010 are reflected in the following table (dollars in thousands):
|  | 2012 |  | 2011 |  | 2010
Embedded derivatives in modified coinsurance or funds withheld arrangements included |  |  |  |  |  |  |  |
| in investment related gains | $ | 115,009 |  | $ | (87,236) |  | $ | 160,274
After the associated amortization of DAC and taxes, the related amounts included in net income |  | 25,454 |  |  | (7,599) |  |  | 28,831
Embedded derivatives in variable annuity contracts included in investment related gains |  | 104,613 |  |  | (224,184) |  |  | (28,786)
After the associated amortization of DAC and taxes, the related amounts included in net income |  | 6,367 |  |  | (30,230) |  |  | (5,045)
Amounts related to embedded derivatives in equity-indexed annuities included |  |  |  |  |  |  |  |
| in benefits and expenses |  | (30,434) |  |  | (114,921) |  |  | (44,988)
After the associated amortization of DAC and taxes, the related amounts included in net income |  | 6,110 |  |  | (55,915) |  |  | (26,265)
Non-hedging Derivatives |  |  |  |  |  |  |  |  |  |  |  |
A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s consolidated statements of income for the years ended December 31, 2012, 2011 and 2010 is as follows (dollars in thousands):
|  |  |  |  |  |  | Gain (Loss) for the Years Ended December 31,
Type of Non-hedging Derivative |  | Income Statement Location of Gain (Loss) |  | 2012 |  | 2011 |  | 2010
Interest rate swaps |  | Investment related gains (losses), net |  | $ | 16,028 |  | $ | 178,338 |  | $ | 68,736
Financial futures |  | Investment related gains (losses), net |  |  | (20,245) |  |  | (945) |  |  | (44,959)
Foreign currency forwards |  | Investment related gains (losses), net |  |  | (5,644) |  |  | 1,675 |  |  | 3,387
CPI swaps |  | Investment related gains (losses), net |  |  | (267) |  |  | 1,821 |  |  | 962
Credit default swaps |  | Investment related gains (losses), net |  |  | 18,359 |  |  | (63) |  |  | 4,786
Equity options |  | Investment related gains (losses), net |  |  | (69,677) |  |  | 7,818 |  |  | (3,006)
Embedded derivatives in: |  |  |  |  |  |  |  |  |  |  |  |
| Modified coinsurance or funds |  |  |  |  |  |  |  |  |  |  |  |
|  | withheld arrangements |  | Investment related gains (losses), net |  |  | 115,009 |  |  | (87,236) |  |  | 160,274
| Indexed annuity products |  | Policy acquisition costs and other insurance |  |  |  |  |  |  |  |  |
|  |  |  |  | expenses |  |  | (630) |  |  | (24,551) |  |  | 6,457
| Indexed annuity products |  | Interest credited |  |  | (29,804) |  |  | (90,370) |  |  | (51,445)
| Variable annuity products |  | Investment related gains (losses), net |  |  | 104,613 |  |  | (224,184) |  |  | (28,786)
Total non-hedging derivatives |  |  |  |  | $ | 127,742 |  | $ | (237,697) |  | $ | 116,406
Credit Risk The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. The Company enters into various collateral arrangements, which require both the posting and accepting of collateral in connection with its derivative instruments. Collateral agreements contain attachment thresholds that may vary depending on the posting party's ratings. Additionally, a decline in the Company's or the counterparty's credit ratings to specified levels could result in potential settlement of the derivative positions under the Company's agreements with its counterparties. The Company also has exchange-traded futures, which require the maintenance of a margin account. The Company's credit exposure related to derivative contracts is generally limited to the fair value at the reporting date plus or minus any collateral posted or held by the Company. Information regarding the Company's credit exposure related to its over-the-counter derivative contracts and margin account for exchange-tra ded futures at December 31, 2012 and 201 1 are reflected in the following table (dollars in thousands):
|  |  | December 31, 2012 |  | December 31, 2011 |  |
Estimated fair value of derivatives in net asset position | $ | 136,558 |  | $ | 227,399 |  |
| Cash provided as collateral(1) |  | 27,867 |  |  | -- |  |
| Securities pledged to counterparties as collateral(2) |  | 1,565 |  |  | 27,052 |  |
| Cash pledged from counterparties as collateral(3) |  | (136,414) |  |  | (241,480) |  |
| Securities pledged from counterparties as collateral(4) |  | (22,458) |  |  | (997) |  |
Net credit exposure | $ | 7,118 |  | $ | 11,974 |  |
Margin account related to exchange-traded futures(5) | $ | 5,605 |  | $ | 18,153 |  |
(1) | Consists of receivable from counterparty, included in other assets. |  |  |  |  |
(2) | Included in other invested assets, primarily consists of U.S. Treasury securities. |  |  |  |  |
(3) | Included in cash and cash equivalents, with obligation to return cash collateral recorded in other liabilities. |  |  |  |
(4) | Consists of U.S. Treasury securities. |  |  |  |  |
(5) | Included in cash and cash equivalents. |  |  |  |  |

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Name: | rga_DerivativeInstrumentsAbstract
Namespace Prefix: | rga_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 45 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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