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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2019
Text Block [Abstract] |
Quantitative Information Regarding The Significant Unobservable Inputs For Certain Assets And Liabilities Measured At Fair Value On A Recurring Basis |
|  |  | Fair Value |  |  |  |  |  |
|  |  | as of |  |  |  |  |  | Range
|  |  | March 31, |  |  |  |  |  | (Weighted
In millions |  | 2019 |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 206 |  | Market prices adjusted for financial |  | Impact of financial guarantee(1) |  | -9% - 50% (8%)
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |
| Loan repurchase commitments |  |  | 420 |  | Discounted cash flow |  | Recovery rates(2) |  |
|  |  |  |  |  |  |  | Breach rates(2) |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 397 |  | Market prices of VIE assets adjusted for |  | Impact of financial guarantee |  | 0% - 65% (41%)
|  |  |  |  |  | financial guarantees provided |  |  |  |
Credit derivative liabilities: |  |  |  |  |  |  |  |  |
| CMBS |  |  | 19 |  | Direct Price Model |  | Nonperformance risk |  | 54% - 54% (54%)
Other derivative liabilities |  |  | 7 |  | Discounted cash flow |  | Cash flows |  | $0 - $49 ($25)(3)
____________ |  |  |  |  |
(1) - Negative percentage represents financial guarantee policies in a receivable position.
(2) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty.
(3) - Midpoint of cash flows are used for the weighted average.
|  |  | Fair Value |  |  |  |  |  |
|  |  | as of |  |  |  |  |  | Range
|  |  | December 31, |  |  |  |  |  | (Weighted
In millions |  | 2018 |  | Valuation Techniques |  | Unobservable Input |  | Average)
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Loans receivable at fair value |  | $ | 172 |  | Market prices adjusted for financial |  | Impact of financial guarantee(1) |  | -17% - 75% (7%)
|  |  |  |  |  | guarantees provided to VIE obligations |  |  |  |
| Loan repurchase commitments |  |  | 418 |  | Discounted cash flow |  | Recovery rates(2) |  |
|  |  |  |  |  |  |  | Breach rates(2) |  |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | 366 |  | Market prices of VIE assets |  | Impact of financial guarantee |  | 0% - 63% (39%)
|  |  |  |  |  | adjusted for financial guarantees provided |  |  |  |
Credit derivative liabilities: |  |  |  |  |  |  |  |  |
| CMBS |  |  | 33 |  | Direct Price Model |  | Nonperformance risk |  | 54% - 54% (54%)
Other derivative liabilities |  |  | 7 |  | Discounted cash flow |  | Cash flows |  | $0 - $49 ($25)(3)
| ____________ |  |  |  |
| (1) - Negative percentage represents financial guarantee policies in a receivable position.
| (2) - Recovery rates and breach rates include estimates about potential variations in the outcome of litigation with a counterparty.
| (3) - Midpoint of cash flows are used for the weighted average.
Company's Assets And Liabilities Measured At Fair Value On Recurring Basis |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  | Counterparty |  |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | and Cash |  | Balance as of |
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | Collateral |  | March 31, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2019 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 871 |  | $ | 93 |  | $ | - |  |  | $ | - |  | $ | 964 |
| State and municipal bonds |  |  | - |  |  | 582 |  |  | - |  |  |  | - |  |  | 582 |
| Foreign governments |  |  | - |  |  | 13 |  |  | - |  |  |  | - |  |  | 13 |
| Corporate obligations |  |  | - |  |  | 1,689 |  |  | - |  |  |  | - |  |  | 1,689 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  | 229 |  |  | - |  |  |  | - |  |  | 229 |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 26 |  |  | - |  |  |  | - |  |  | 26 |
|  | Commercial mortgage-backed |  |  | - |  |  | 49 |  |  | 6 |  |  |  | - |  |  | 55 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 113 |  |  | - |  |  |  | - |  |  | 113 |
|  | Other asset-backed |  |  | - |  |  | 197 |  |  | 2 |  |  |  | - |  |  | 199 |
|  |  | Total fixed-maturity investments |  |  | 871 |  |  | 2,991 |  |  | 8 |  |  |  | - |  |  | 3,870 |
Money market securities |  |  | - |  |  | - |  |  | - |  |  |  | - |  |  | 91 | (1)
Perpetual debt and equity securities |  |  | 26 |  |  | 37 |  |  | - |  |  |  | - |  |  | 63 |
Fixed-income fund |  |  | - |  |  | - |  |  | - |  |  |  | - |  |  | 75 | (1)
Cash and cash equivalents |  |  | 132 |  |  | - |  |  | - |  |  |  | - |  |  | 132 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 1 |  |  | - |  |  |  | - |  |  | 1 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  | Counterparty |  |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | and Cash |  | Balance as of |
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | Collateral |  | March 31, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | Netting |  | 2019 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| State and municipal bonds |  |  | - |  |  | 707 |  |  | - |  |  |  | - |  |  | 707 |
| Corporate obligations |  |  | - |  |  | 9 |  |  | 5 |  |  |  | - |  |  | 14 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 89 |  |  | - |  |  |  | - |  |  | 89 |
|  | Commercial mortgage-backed |  |  | - |  |  | 33 |  |  | - |  |  |  | - |  |  | 33 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 6 |  |  | 1 |  |  |  | - |  |  | 7 |
|  | Other asset-backed |  |  | - |  |  | 11 |  |  | - |  |  |  | - |  |  | 11 |
| Cash |  |  | 31 |  |  | - |  |  | - |  |  |  | - |  |  | 31 |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  | - |  |  | 206 |  |  |  | - |  |  | 206 |
| Loan repurchase commitments |  |  | - |  |  | - |  |  | 420 |  |  |  | - |  |  | 420 |
| Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | - |  |  | - |  |  | 14 |  |  |  | - |  |  | 14 |
|  | Other |  |  | - |  |  | - |  |  | 15 |  |  |  | - |  |  | 15 |
Total assets |  | $ | 1,060 |  | $ | 3,884 |  | $ | 669 |  |  | $ | - |  | $ | 5,779 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  | $ | - |  | $ | 106 |  |  | $ | - |  | $ | 106 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | - |  |  | 2 |  |  | 19 |  |  |  | - |  |  | 21 |
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 172 |  |  | - |  |  |  | (1) |  |  | 171 |
|  | Other |  |  | - |  |  | - |  |  | 7 |  |  |  | - |  |  | 7 |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other payable |  |  | - |  |  | - |  |  | 3 |  |  |  | - |  |  | 3 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 928 |  |  | 397 |  |  |  | - |  |  | 1,325 |
Total liabilities |  | $ | - |  | $ | 1,102 |  | $ | 532 |  |  | $ | (1) |  | $ | 1,633 |
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy. |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | Balance as of |
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | December 31, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | 2018 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and government agency |  | $ | 1,028 |  | $ | 90 |  | $ | - |  |  | $ | 1,118 |
| State and municipal bonds |  |  | - |  |  | 728 |  |  | - |  |  |  | 728 |
| Foreign governments |  |  | - |  |  | 9 |  |  | - |  |  |  | 9 |
| Corporate obligations |  |  | - |  |  | 1,410 |  |  | - |  |  |  | 1,410 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed agency |  |  | - |  |  | 219 |  |  | - |  |  |  | 219 |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 28 |  |  | - |  |  |  | 28 |
|  | Commercial mortgage-backed |  |  | - |  |  | 47 |  |  | 7 |  |  |  | 54 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 121 |  |  | - |  |  |  | 121 |
|  | Other asset-backed |  |  | - |  |  | 181 |  |  | 3 |  |  |  | 184 |
|  |  | Total fixed-maturity investments |  |  | 1,028 |  |  | 2,833 |  |  | 10 |  |  |  | 3,871 |
Money market securities |  |  | - |  |  | - |  |  | - |  |  |  | 67 | (1)
Perpetual debt and equity securities |  |  | 23 |  |  | 35 |  |  | - |  |  |  | 58 |
Fixed-income fund |  |  | - |  |  | - |  |  | - |  |  |  | 75 | (1)
Cash and cash equivalents |  |  | 222 |  |  | - |  |  | - |  |  |  | 222 |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Non-insured derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 2 |  |  | - |  |  |  | 2 |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |  |  |
|  |  |  |  |  | Quoted Prices in |  | Significant |  |  |  |  |  |  |  |
|  |  |  |  |  | Active Markets |  | Other |  | Significant |  |  |  |  |
|  |  |  |  |  | for Identical |  | Observable |  | Unobservable |  |  | Balance as of |
|  |  |  |  |  | Assets |  | Inputs |  | Inputs |  |  | December 31, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  | 2018 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate obligations |  |  | - |  |  | 9 |  |  | 5 |  |  |  | 14 |
| Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential mortgage-backed non-agency |  |  | - |  |  | 92 |  |  | - |  |  |  | 92 |
|  | Commercial mortgage-backed |  |  | - |  |  | 34 |  |  | - |  |  |  | 34 |
| Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateralized debt obligations |  |  | - |  |  | 6 |  |  | 1 |  |  |  | 7 |
|  | Other asset-backed |  |  | - |  |  | 10 |  |  | - |  |  |  | 10 |
| Cash |  |  | 58 |  |  | - |  |  | - |  |  |  | 58 |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Residential loans receivable |  |  | - |  |  | - |  |  | 172 |  |  |  | 172 |
| Loan repurchase commitments |  |  | - |  |  | - |  |  | 418 |  |  |  | 418 |
| Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Currency derivatives |  |  | - |  |  | - |  |  | 17 |  |  |  | 17 |
|  | Other |  |  | - |  |  | - |  |  | 14 |  |  |  | 14 |
Total assets |  | $ | 1,331 |  | $ | 3,021 |  | $ | 637 |  |  | $ | 5,131 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | - |  | $ | - |  | $ | 102 |  |  | $ | 102 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Credit derivatives |  |  | - |  |  | 2 |  |  | 33 |  |  |  | 35 |
| Non-insured derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate derivatives |  |  | - |  |  | 157 |  |  | - |  |  |  | 157 |
|  | Other |  |  | - |  |  | - |  |  | 7 |  |  |  | 7 |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other payable |  |  | - |  |  | - |  |  | 5 |  |  |  | 5 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 114 |  |  | 366 |  |  |  | 480 |
Total liabilities |  | $ | - |  | $ | 273 |  | $ | 513 |  |  | $ | 786 |
____________ |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Investment that was measured at fair value by applying the net asset value per share practical expedient, and was required not to be classified in the fair value hierarchy. |
Fair Value Hierarchy Table Presents The Company's Assets And Liabilities Not Recorded At Fair Value On The Company's Consolidated Balance Sheet |
|  |  | Fair Value Measurements at Reporting Date Using |  |  |  |  |  |  |
|  |  | Quoted Prices in |  | Significant |  | Significant |  | Fair Value |  | Carry Value |
|  |  | Active Markets for |  | Other Observable |  | Unobservable |  | Balance as of |  | Balance as of |
|  |  | Identical Assets |  | Inputs |  | Inputs |  | March 31, |  | March 31, |
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2019 |  | 2019 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  | $ | - |  | $ | 1 |  | $ | 1 |  | $ | 1 |
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | - |  |  | - |  |  | 948 |  |  | 948 |  |  | 890 |
Total assets |  | $ | - |  | $ | - |  | $ | 949 |  | $ | 949 |  | $ | 891 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  | $ | 1,165 |  | $ | - |  | $ | 1,165 |  | $ | 2,284 |
| Medium-term notes |  |  | - |  |  | - |  |  | 425 |  |  | 425 |  |  | 615 |
| Investment agreements |  |  | - |  |  | - |  |  | 400 |  |  | 400 |  |  | 313 |
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 352 |  |  | 948 |  |  | 1,300 |  |  | 1,233 |
Total liabilities |  | $ | - |  | $ | 1,517 |  | $ | 1,773 |  | $ | 3,290 |  | $ | 4,445 |
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross liability (recoverable) |  | $ | - |  | $ | - |  | $ | 1,027 |  | $ | 1,027 |  | $ | (233) |
| Ceded |  |  | - |  |  | - |  |  | 69 |  |  | 69 |  |  | 30 |
|  |  | Fair Value Measurements at Reporting Date Using |  |  |  |  |  |
|  |  | Quoted Prices in |  | Significant |  | Significant |  | Fair Value |  | Carry Value
|  |  | Active Markets for |  | Other Observable |  | Unobservable |  | Balance as of |  | Balance as of
|  |  | Identical Assets |  | Inputs |  | Inputs |  | December 31, |  | December 31,
In millions |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | 2018 |  | 2018
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other investments |  | $ | - |  | $ | 1 |  | $ | - |  | $ | 1 |  | $ | 1
Assets of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments held-to-maturity |  |  | - |  |  | - |  |  | 925 |  |  | 925 |  |  | 890
Total assets |  | $ | - |  | $ | 1 |  | $ | 925 |  | $ | 926 |  | $ | 891
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt |  | $ | - |  | $ | 1,101 |  | $ | - |  | $ | 1,101 |  | $ | 2,249
| Medium-term notes |  |  | - |  |  | - |  |  | 422 |  |  | 422 |  |  | 620
| Investment agreements |  |  | - |  |  | - |  |  | 388 |  |  | 388 |  |  | 311
Liabilities of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Variable interest entity notes |  |  | - |  |  | 378 |  |  | 925 |  |  | 1,303 |  |  | 1,264
Total liabilities |  | $ | - |  | $ | 1,479 |  | $ | 1,735 |  | $ | 3,214 |  | $ | 4,444
Financial Guarantees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross liability (recoverable) |  | $ | - |  | $ | - |  | $ | 993 |  | $ | 993 |  | $ | (43)
| Ceded |  |  | - |  |  | - |  |  | 65 |  |  | 65 |  |  | 35
Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2019
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings
|  |  |  |  |  |  |  | Gains / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | for Assets
|  |  |  |  |  |  |  | (Losses) |  | Gains / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | (Losses) |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | Gains / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | March 31,
In millions |  | of Period |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2019
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  | $ | 7 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (1) |  | $ | - |  | $ | - |  | $ | - | $ |  | 6 |  | $ | -
Other asset-backed |  |  | 3 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | -
Loans receivable- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
residential |  |  | 172 |  |  | - |  |  | 42 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (8) |  |  | - |  |  | - |  |  | - |  |  | 206 |  |  | 42
Loan repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
commitments |  |  | 418 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 420 |  |  | 2
Currency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives |  |  | 17 |  |  | - |  |  | (2) |  |  | - |  |  | (1) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 14 |  |  | (3)
Other |  |  | 14 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 15 |  |  | 1
Total assets |  | $ | 637 |  | $ | - |  | $ | 43 |  | $ | - |  | $ | (1) |  | $ | - |  | $ | - |  | $ | (10) |  | $ | - |  | $ | - |  | $ | - |  | $ | 669 |  | $ | 42
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2018
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gains
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Losses) for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | Gains / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assets
|  |  |  |  |  |  |  | (Losses) |  | Gains / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | (Losses) |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | Gains / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | March 31,
In millions |  | of Period |  | (Losses) |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2018
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  | $ | 2 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | (2) |  | $ | - |  | $ | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 7 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | -
Other asset-backed |  |  | 5 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 2 |  |  | - |  |  | (1) |  |  | (2) |  |  | - |  |  | - |  |  | 4 |  |  | -
Assets of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate obligations |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | - |  |  | 3 |  |  | -
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage-backed |  |  | 6 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 6 |  |  | -
Collateralized debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
obligations |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 1 |  |  | -
Loans receivable- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
residential |  |  | 759 |  |  | - |  |  | 20 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (42) |  |  | - |  |  | - |  |  | - |  |  | 737 |  |  | 20
Loans receivable- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
corporate |  |  | 920 |  |  | - |  |  | 11 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (6) |  |  | - |  |  | - |  |  | - |  |  | 925 |  |  | 11
Loan repurchase commitments |  |  | 407 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 407 |  |  | -
Currency derivatives |  |  | 19 |  |  | - |  |  | (3) |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 13 |  |  | (6)
Other |  |  | 14 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 14 |  |  | -
Total assets |  | $ | 2,140 |  | $ | - |  | $ | 28 |  | $ | - |  | $ | (3) |  | $ | 2 |  | $ | - |  | $ | (49) |  | $ | (2) |  | $ | 3 |  | $ | (2) |  | $ | 2,117 |  | $ | 25
Changes In Level 3 Liabilities Measured At Fair Value On A Recurring Basis |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | (Gains) / |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | Losses |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Included in |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Credit Risk |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | March 31,
In millions |  | of Period |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2019
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 102 |  | $ | - |  | $ | 10 |  | $ | (4) |  | $ | (2) |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 106 |  | $ | 7
Credit derivatives |  |  | 33 |  |  | - |  |  | (14) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 19 |  |  | (14)
Other derivatives |  |  | 7 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 7 |  |  | -
Other payable |  |  | 5 |  |  | - |  |  | 1 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (3) |  |  | - |  |  | - |  |  | - |  |  | 3 |  |  | 1
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 366 |  |  | 9 |  |  | 32 |  |  | (7) |  |  | - |  |  | - |  |  | 5 |  |  | (8) |  |  | - |  |  | - |  |  | - |  |  | 397 |  |  | 32
Total liabilities |  | $ | 513 |  | $ | 9 |  | $ | 29 |  | $ | (11) |  | $ | (2) |  | $ | - |  | $ | 5 |  | $ | (11) |  | $ | - |  | $ | - |  | $ | - |  | $ | 532 |  | $ | 26
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Change in
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Unrealized
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (Gains)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Losses for
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | the Period
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Included in
|  |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Earnings for
|  |  |  |  |  |  |  | (Gains) / |  | Unrealized |  | Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Liabilities
|  |  |  |  |  |  |  | Losses |  | (Gains) / |  | Exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | still held
|  | Balance, |  | Realized |  | Included |  | Losses |  | Recognized |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  | Transfers |  |  |  |  | as of
|  | Beginning |  | (Gains) / |  | in |  | Included |  | in OCI or |  |  |  |  |  |  |  |  |  |  |  |  |  | into |  | out of |  | Ending |  | March 31,
In millions |  | of Period |  | Losses |  | Earnings |  | in OCI |  | Earnings |  | Purchases |  | Issuances |  | Settlements |  | Sales |  | Level 3(1) |  | Level 3(1) |  | Balance |  | 2018
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medium-term notes |  | $ | 115 |  | $ | - |  | $ | - |  | $ | 25 |  | $ | 6 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 146 |  | $ | 6
Credit derivatives |  |  | 63 |  |  | 19 |  |  | (14) |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (19) |  |  | - |  |  | - |  |  | - |  |  | 49 |  |  | (14)
Other derivatives |  |  | 4 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 4 |  |  | -
Other payable |  |  | 7 |  |  | - |  |  | 2 |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (4) |  |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 2
Liabilities of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VIE notes |  |  | 406 |  |  | 8 |  |  | (3) |  |  | (8) |  |  | 5 |  |  | - |  |  | 5 |  |  | (13) |  |  | - |  |  | - |  |  | - |  |  | 400 |  |  | 2
Total liabilities |  | $ | 595 |  | $ | 27 |  | $ | (15) |  | $ | 17 |  | $ | 11 |  | $ | - |  | $ | 5 |  | $ | (36) |  | $ | - |  | $ | - |  | $ | - |  | $ | 604 |  | $ | (4)
_______________ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) - Transferred in and out at the end of the period.
Gains And Losses (Realized And Unrealized) Included In Earnings Pertaining To Level 3 Assets And Liabilities |
|  |  | Three Months Ended March 31, 2019 |  | Three Months Ended March 31, 2018
|  |  |  |  |  | Change in |  |  |  |  | Change in
|  |  |  |  |  | Unrealized |  |  |  |  | Unrealized
|  |  |  |  |  | Gains (Losses) |  |  |  |  | Gains (Losses)
|  |  |  |  |  | for the |  |  |  |  | for the
|  |  |  |  |  | Period Included |  |  |  |  | Period Included
|  |  |  |  |  | in Earnings |  |  |  |  | in Earnings
|  |  |  |  |  | for Assets |  |  |  |  | for Assets
|  |  |  |  | and |  |  |  |  | and
|  |  | Total Gains |  | Liabilities still |  | Total Gains |  | Liabilities still
|  |  | (Losses) |  | held as of |  | (Losses) |  | held as of
|  |  | Included |  | March 31, |  | Included |  | March 31,
In millions |  | in Earnings |  | 2019 |  | in Earnings |  | 2018
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) on |  |  |  |  |  |  |  |  |  |  |  |
| insured derivatives |  | $ | 14 |  | $ | 14 |  | $ | 14 |  | $ | 14
| Realized gains (losses) and other |  |  |  |  |  |  |  |  |  |  |  |
| settlements on insured derivatives |  |  | - |  |  | - |  |  | (19) |  |  | -
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | (7) |  |  | (7) |  |  | (6) |  |  | (6)
| Other net realized gains (losses) |  |  | (1) |  |  | (1) |  |  | (2) |  |  | (2)
| Revenues of consolidated VIEs: |  |  |  |  |  |  |  |  |  |  |  |
| Net gains (losses) on financial instruments |  |  |  |  |  |  |  |  |  |  |  |
| at fair value and foreign exchange |  |  | 1 |  |  | 10 |  |  | 15 |  |  | 23
Total |  | $ | 7 |  | $ | 16 |  | $ | 2 |  | $ | 29
Changes In Fair Value Included In The Company's Consolidated Statements Of Operations |
|  |  |  | Three Months Ended March 31, |  |
| In millions |  | 2019 |  |  | 2018 |  |
| Investments carried at fair value(1) |  | $ | 6 |  |  | $ | (2) |  |
| Fixed-maturity securities held at fair value- VIE(2) |  |  | 26 |  |  |  | (6) |  |
| Loans receivable at fair value: |  |  |  |  |  |  |  |  |
|  | Residential mortgage loans(2) |  |  | 34 |  |  |  | (21) |  |
|  | Other loans(2) |  |  | - |  |  |  | 11 |  |
| Loan repurchase commitments(2) |  |  | 2 |  |  |  | - |  |
| Medium-term notes(1) |  |  | (7) |  |  |  | (6) |  |
| Other liabilities(3) |  |  | (1) |  |  |  | (2) |  |
| Variable interest entity notes (2) |  |  | 84 |  |  |  | 27 |  |
| _____________ |  |  |  |  |  |  |  |  |
| (1) - Reported within "Net gains (losses) of financial instruments at fair value and foreign exchange" on MBIA's consolidated statements of operations.
| (2) - Reported within "Net gains (losses) of financial instruments at fair value and foreign exchange-VIE" on MBIA's consolidated statements of operations.
| (3) - Reported within "Other net realized gains (losses)" on MBIA's consolidated statements of operations. |  |  |
Difference Between Aggregate Fair Value And The Aggregate Remaining Contractual Principal Balance Outstanding |
|  |  | As of March 31, 2019 |  |  | As of December 31, 2018
|  |  | Contractual |  |  |  |  |  |  |  | Contractual |  |  |  |  |  |
|  |  | Outstanding |  | Fair |  |  |  |  | Outstanding |  | Fair |  |  |
In millions |  | Principal |  | Value |  | Difference |  | Principal |  | Value |  | Difference
Loans receivable at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage loans |  | $ | 165 |  | $ | 165 |  | $ | - |  | $ | 168 |  | $ | 164 |  | $ | 4
| Residential mortgage loans (90 days or more past due) |  |  | 153 |  |  | 41 |  |  | 112 |  |  | 153 |  |  | 8 |  |  | 145
Total loans receivable and other instruments at fair value |  | $ | 318 |  | $ | 206 |  | $ | 112 |  | $ | 321 |  | $ | 172 |  | $ | 149
Variable interest entity notes |  | $ | 1,292 |  | $ | 1,325 |  | $ | (33) |  | $ | 1,295 |  | $ | 480 |  | $ | 815
Medium-term notes |  | $ | 115 |  | $ | 106 |  | $ | 9 |  | $ | 114 |  | $ | 102 |  | $ | 12

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