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INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT
 3 Months Ended
Mar. 31, 2018
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT  
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

15. Information Provided in Connection with Outstanding Debt

The following Condensed Consolidating Financial Statements reflect the results of AIG Life Holdings, Inc. (AIGLH), a holding company and a wholly owned subsidiary of AIG. AIG provides a full and unconditional guarantee of all outstanding debt of AIGLH.

Condensed Consolidating Balance Sheets

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
March 31, 2018
Assets:
Short-term investments(a) $ 6,031 $ - $ 11,764 $ (3,179) $ 14,616
Other investments(b)4,814-302,945-307,759
Total investments10,845-314,709(3,179)322,375
Cash452,094-2,103
Loans to subsidiaries(c)34,747-579(35,326)-
Investment in consolidated subsidiaries(c)37,22428,741-(65,965)-
Other assets, including deferred income taxes(d)15,932166160,755(2,188)174,665
Total assets $ 98,752 $ 28,912 $ 478,137 $ (106,658) $ 499,143
Liabilities:
Insurance liabilities $ - $ - $ 284,657 $ - $ 284,657
Long-term debt23,0386429,939-33,619
Other liabilities, including intercompany balances(b)12,343133110,443(5,409)117,510
Loans from subsidiaries(c)579-34,749(35,328)-
Total liabilities35,960775439,788(40,737)435,786
Total AIG shareholders’ equity62,79228,13737,784(65,921)62,792
Non-redeemable noncontrolling interests--565-565
Total equity62,79228,13738,349(65,921)63,357
Total liabilities and equity $ 98,752 $ 28,912 $ 478,137 $ (106,658) $ 499,143
December 31, 2017
Assets:
Short-term investments(a)$2,541$-$11,559$(3,714)$10,386
Other investments(b)6,004-305,902-311,906
Total investments8,545-317,461(3,714)322,292
Cash3202,339-2,362
Loans to subsidiaries(c)35,004-517(35,521)-
Investment in consolidated subsidiaries(c)40,13530,359-(70,494)-
Other assets, including deferred income taxes(d)16,016170159,594(2,133)173,647
Total assets$99,703$30,549$479,911$(111,862)$498,301
Liabilities:
Insurance liabilities$-$-$282,105$-$282,105
Long-term debt21,5576429,441-31,640
Other liabilities, including intercompany balances(b)12,458143112,275(6,028)118,848
Loans from subsidiaries(c)517-35,004(35,521)-
Total liabilities34,532785438,825(41,549)432,593
Total AIG shareholders’ equity65,17129,76440,549(70,313)65,171
Non-redeemable noncontrolling interests--537-537
Total equity65,17129,76441,086(70,313)65,708
Total liabilities and equity$99,703$30,549$479,911$(111,862)$498,301

(a) At March 31, 2018, includes restricted cash of $15 million and $32 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. At December 31, 2017, includes restricted cash of $4 million and $54 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively.

(b) Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment.

(c) Eliminated in consolidation.

(d) At March 31, 2018, includes restricted cash of $1 million and $220 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. At December 31, 2017, includes restricted cash of $1 million and $316 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively.

Condensed Consolidating Statements of Income

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Three Months Ended March 31, 2018
Revenues:
Equity in earnings of consolidated subsidiaries*$1,033$722$-$(1,755)$-
Other income258-11,512(58)11,712
Total revenues1,29172211,512(1,813)11,712
Expenses:
Interest expense2201248(3)277
Gain on extinguishment of debt--4-4
Other expenses152110,106(55)10,204
Total expenses3721310,158(58)10,485
Income (loss) from continuing operations before income tax
expense (benefit)9197091,354(1,755)1,227
Income tax expense (benefit)(19)3293-277
Income (loss) from continuing operations9387061,061(1,755)950
Loss from discontinued operations, net of income taxes--(1)-(1)
Net income (loss)9387061,060(1,755)949
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests--11-11
Net income (loss) attributable to AIG$938$706$1,049$(1,755)$938
Three Months Ended March 31, 2017
Revenues:
Equity in earnings of consolidated subsidiaries*$1,462$600$-$(2,062)$-
Other income196-12,3825412,632
Total revenues1,65860012,382(2,008)12,632
Expenses:
Interest expense2421246(2)298
Loss on extinguishment of debt--(1)-(1)
Other expenses335110,325(53)10,608
Total expenses5771310,370(55)10,905
Income (loss) from continuing operations before income tax
expense (benefit)1,0815872,012(1,953)1,727
Income tax expense (benefit)(104)(4)624-516
Income (loss) from continuing operations1,1855911,388(1,953)1,211
Net income (loss)1,1855911,388(1,953)1,211
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests--26-26
Net income (loss) attributable to AIG$1,185$591$1,362$(1,953)$1,185

* Eliminated in consolidation.

Condensed Consolidating Statements of Comprehensive Income

American
InternationalReclassifications
Group, Inc.OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Three Months Ended March 31, 2018
Net income (loss)$938$706$1,060$(1,755)$949
Other comprehensive income (loss)(2,669)4,95014,655(19,605)(2,669)
Comprehensive income (loss)(1,731)5,65615,715(21,360)(1,720)
Total comprehensive income attributable to noncontrolling interests--11-11
Comprehensive income (loss) attributable to AIG$(1,731)$5,656$15,704$(21,360)$(1,731)
Three Months Ended March 31, 2017
Net income (loss)$1,185$591$1,388$(1,953)$1,211
Other comprehensive income (loss)5514,66051,030(55,690)551
Comprehensive income (loss)1,7365,25152,418(57,643)1,762
Total comprehensive income attributable to noncontrolling interests--26-26
Comprehensive income (loss) attributable to AIG$1,736$5,251$52,392$(57,643)$1,736

Condensed Consolidating Statements of Cash Flows

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Three Months Ended March 31, 2018
Net cash (used in) provided by operating activities$9$362$(501)$(808)$(938)
Cash flows from investing activities:
Sales of investments1,322-15,830(2,681)14,471
Sales of divested businesses, net--6-6
Purchase of investments(39)-(15,405)2,681(12,763)
Loans to subsidiaries - net422-(60)(362)-
Contributions from (to) subsidiaries - net153--(153)-
Net change in short-term investments(2,460)-(580)-(3,040)
Other, net(79)-(567)-(646)
Net cash (used in) investing activities(681)-(776)(515)(1,972)
Cash flows from financing activities:
Issuance of long-term debt2,472-567-3,039
Repayments of long-term debt(1,107)-(220)-(1,327)
Purchase of common stock(298)---(298)
Intercompany loans - net60-(422)362-
Cash dividends paid (289)(377)(431)808(289)
Other, net(154)-1,3621531,361
Net cash (used in) provided by financing activities684(377)8561,3232,486
Effect of exchange rate changes on cash and restricted cash--58-58
Change in cash and restricted cash12(15)(363)-(366)
Cash and restricted cash at beginning of year8202,709-2,737
Cash and restricted cash at end of period$20$5$2,346$-$2,371
Three Months Ended March 31, 2017
Net cash (used in) provided by operating activities$651$(23)$(10,915)$(49)$(10,336)
Cash flows from investing activities:
Sales of investments2,699-26,482(2,482)26,699
Sales of divested businesses, net--24-24
Purchase of investments(890)-(14,769)2,482(13,177)
Loans to subsidiaries - net(56)-183(127)-
Contributions from (to) subsidiaries - net206--(206)-
Net change in short-term investments1,477-(227)-1,250
Other, net(5)-(292)-(297)
Net cash (used in) provided by investing activities3,431-11,401(333)14,499
Cash flows from financing activities:
Issuance of long-term debt--151-151
Repayments of long-term debt--(602)-(602)
Purchase of common stock(3,585)---(3,585)
Intercompany loans - net(183)-56127-
Cash dividends paid(307)-(49)49(307)
Other, net--89206295
Net cash (used in) provided by financing activities(4,075)-(355)382(4,048)
Effect of exchange rate changes on cash and restricted cash--(82)-(82)
Change in cash and restricted cash7(23)49-33
Cash and restricted cash at beginning of year3342,070-2,107
Change in cash of businesses held for sale--52-52
Cash and restricted cash at end of period$10$11$2,171$-$2,192

Supplementary Disclosure of Condensed Consolidating Cash Flow Information

American
InternationalReclassifications
Group, Inc.OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
March 31, 2018
Cash$4$5$2,094$-$2,103
Restricted cash included in Short-term investments15-32-47
Restricted cash included in Other assets1-220-221
Total cash and restricted cash shown in
the Condensed Consolidating Statements of Cash Flows$20$5$2,346$-$2,371
Cash (paid) received during the 2018 period for:
Interest:
Third party$(260)$-$(97)$-$(357)
Intercompany-----
Taxes:
Income tax authorities$(9)$-$(19)$-$(28)
Intercompany403-(403)--
March 31, 2017
Cash$2$11$1,905$-$1,918
Restricted cash included in Short-term investments7-54-61
Restricted cash included in Other assets1-212-213
Total cash and restricted cash shown in
the Condensed Consolidating Statements of Cash Flows$10$11$2,171$-$2,192
Cash (paid) received during the 2017 period for:
Interest:
Third party$(288)$(23)$(43)$-$(354)
Intercompany-----
Taxes:
Income tax authorities$(14)$-$(54)$-$(68)
Intercompany1,090-(1,090)--

American International Group, Inc. (As Guarantor) Supplementary Disclosure of Non-Cash Activities:

Three Months Ended March 31,
(in millions)20182017
Intercompany non-cash financing and investing activities:
Capital contributions$2,339$198
Dividends received in the form of securities60150
Return of capital2,706-