DEBT (Tables)
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12 Months Ended |
Dec. 31, 2013
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DEBT |
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Schedule of total debt outstanding |
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At December 31, 2013 (in millions)
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Range of
Interest Rate(s)
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Maturity
Date(s)
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Balance at
December 31,
2013
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Balance at
December 31,
2012
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Debt issued or guaranteed by AIG: |
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AIG General borrowings: |
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Notes and bonds payable |
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1.24% – 8.13% |
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2015 – 2097 |
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$ |
14,062 |
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$ |
14,084 |
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Subordinated debt |
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2.38% |
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2015 |
|
|
250 |
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|
250 |
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Junior subordinated debt |
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4.88% – 8.63% |
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2037 – 2058 |
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5,533 |
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|
9,416 |
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Loans and mortgages payable |
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9.00% |
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2015 |
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1 |
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|
79 |
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AIGLH notes and bonds payable |
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6.63% – 7.50% |
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2025 – 2029 |
|
|
299 |
|
|
298 |
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AIGLH junior subordinated debt(a) |
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7.57% – 8.50% |
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2030 – 2046 |
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1,054 |
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|
1,339 |
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Total AIG general borrowings |
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– |
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– |
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21,199 |
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25,466 |
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AIG/DIB borrowings supported by assets:(b) |
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MIP notes payable |
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2.28% – 8.59% |
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2014 – 2018 |
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7,963 |
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|
9,296 |
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Series AIGFP matched notes and bonds payable |
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0.01% – 8.25% |
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2014 – 2047 |
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3,219 |
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|
3,544 |
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GIAs, at fair value |
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3.00% – 9.80% |
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2014 – 2047 |
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5,530 |
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|
6,501 |
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Notes and bonds payable, at fair value |
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0.18% – 10.00% |
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2014 – 2047 |
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1,217 |
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|
1,554 |
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Total AIG/DIB borrowings supported by assets |
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– |
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– |
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17,929 |
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|
20,895 |
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Total debt issued or guaranteed by AIG |
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– |
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– |
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39,128 |
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|
46,361 |
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Debt not guaranteed by AIG: |
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Other subsidiaries notes, bonds, loans and mortgages payable |
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0.20% – 8.29% |
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2014 – 2060 |
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|
656 |
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|
325 |
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Debt of consolidated investments(c) |
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0.03% – 10.00% |
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2014 – 2052 |
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1,909 |
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|
1,814 |
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Total debt not guaranteed by AIG |
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– |
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– |
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2,565 |
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2,139 |
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Total long term debt(d) |
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– |
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– |
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$ |
41,693 |
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$ |
48,500 |
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(a) On July 11, 2013. AIGLH junior subordinated debentures with the same terms as the trust preferred securities were distributed to holders of the trust preferred securities, and the trust preferred securities were cancelled.
(b) AIG Parent guarantees all DIB debt, except for MIP notes payable and Series AIGFP matched notes and bonds payable, which are direct obligations to AIG Parent.
(c) At December 31, 2013, includes debt of consolidated investments held through AIG Global Real Estate Investment Corp., AIG Credit Corp., AIG Life and Retirement and AIG Property Casualty U.S. of $1.5 billion, $111 million, $201 million and $58 million, respectively. At December 31, 2012, includes debt of consolidated investments held through AIG Global Real Estate Investment Corp., AIG Credit Corp. and AIG Life and Retirement of $1.5 billion, $176 million and $133 million, respectively.
(d) Excludes $21.4 billion and $24.3 billion related to ILFC as it is classified as a held-for-sale business at December 31, 2013 and 2012, respectively. |
Maturities of long-term debt, excluding borrowings of debt of consolidated investments |
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Year Ending |
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December 31, 2013 (in millions)
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Total
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2014
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2015
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2016
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2017
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2018
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Thereafter
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General borrowings: |
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Notes and bonds payable |
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$ |
14,062 |
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$ |
– |
|
$ |
999 |
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$ |
1,781 |
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$ |
1,374 |
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$ |
2,494 |
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$ |
7,414 |
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Subordinated debt |
|
|
250 |
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– |
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|
250 |
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– |
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– |
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– |
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– |
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Junior subordinated debt |
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|
5,533 |
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– |
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– |
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– |
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– |
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– |
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5,533 |
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Loans and mortgages payable |
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|
1 |
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– |
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1 |
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– |
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– |
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– |
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– |
|
AIGLH notes and bonds payable |
|
|
299 |
|
|
– |
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– |
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– |
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– |
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– |
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|
299 |
|
AIGLH junior subordinated debt |
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|
1,054 |
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|
– |
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– |
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– |
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– |
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– |
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1,054 |
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AIG general borrowings |
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$ |
21,199 |
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$ |
– |
|
$ |
1,250 |
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$ |
1,781 |
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$ |
1,374 |
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$ |
2,494 |
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$ |
14,300 |
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AIG/DIB borrowings supported by assets: |
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MIP notes payable |
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7,963 |
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|
1,575 |
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|
900 |
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|
1,215 |
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3,866 |
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|
407 |
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– |
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Series AIGFP matched notes and
bonds payable |
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|
3,219 |
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|
1,000 |
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|
– |
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– |
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|
10 |
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1,983 |
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|
226 |
|
GIAs, at fair value |
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|
5,530 |
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|
632 |
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|
597 |
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|
311 |
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|
249 |
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|
655 |
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|
3,086 |
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Notes and bonds payable, at fair value |
|
|
1,217 |
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|
116 |
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|
223 |
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|
220 |
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|
141 |
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|
164 |
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|
353 |
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AIG/DIB borrowings supported by assets |
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17,929 |
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|
3,323 |
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|
1,720 |
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1,746 |
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|
4,266 |
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|
3,209 |
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3,665 |
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Other subsidiaries notes, bonds, loans and mortgages payable |
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|
656 |
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|
7 |
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|
44 |
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3 |
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5 |
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|
3 |
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|
594 |
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Total |
|
$ |
39,784 |
|
$ |
3,330 |
|
$ |
3,014 |
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$ |
3,530 |
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$ |
5,645 |
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$ |
5,706 |
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$ |
18,559 |
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Schedule of detail for uncollateralized and collateralized notes, bonds, loans and mortgages payable |
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At December 31, 2013 (in millions)
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Uncollateralized
Notes/Bonds/Loans
Payable
|
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Collateralized
Loans and
Mortgages Payable
|
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Total
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AIG general borrowings |
|
$ |
1 |
|
$ |
– |
|
$ |
1 |
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Other subsidiaries notes, bonds, loans and mortgages payable* |
|
|
83 |
|
|
573 |
|
|
656 |
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Total |
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$ |
84 |
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$ |
573 |
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$ |
657 |
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* AIG does not guarantee any of these borrowings.
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Summary of the Four-Year Facility |
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At December 31, 2013 (in millions)
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Size
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Available
Amount
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Expiration
|
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Effective
Date
|
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|
Four-Year Syndicated Credit Facility |
|
$ |
4,000 |
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$ |
3,947 |
|
October 2016 |
|
10/5/2012 |
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