AIG 2011 Annual Report Download - page 378

American International Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
American
International Reclassifications
Group, Inc. Other and Consolidated
(in millions) (As Guarantor) SAFG, Inc. Subsidiaries Eliminations AIG
Year Ended December 31, 2011
Revenues:
Equity in earnings of consolidated subsidiaries(a) $ 5,222 $ 122 $ - $ (5,344) $ -
Change in fair value of ML III (723) - 77 - (646)
Other income(b) 1,088 1,616 63,368 (1,189) 64,883
Total revenues 5,587 1,738 63,445 (6,533) 64,237
Expenses:
Interest expense on FRBNY Credit Facility 72 - - (2) 70
Other interest expense(c) 2,845 281 1,864 (1,189) 3,801
Net loss on extinguishment of debt 2,847 - 61 - 2,908
Other expenses 867 - 57,656 - 58,523
Total expenses 6,631 281 59,581 (1,191) 65,302
Income (loss) from continuing operations before income tax
benefit (1,044) 1,457 3,864 (5,342) (1,065)
Income tax benefit(d) (17,909) (116) (11) - (18,036)
Income (loss) from continuing operations 16,865 1,573 3,875 (5,342) 16,971
Income (loss) from discontinued operations 933 - 604 (2) 1,535
Net income (loss) 17,798 1,573 4,479 (5,344) 18,506
Less:
Net income from continuing operations attributable to
noncontrolling interests:
Nonvoting, callable, junior and senior preferred interests - - - 634 634
Other - - 55 - 55
Total income from continuing operations attributable to
noncontrolling interests - - 55 634 689
Income from discontinued operations attributable to
noncontrolling interests - - 19 - 19
Total net income attributable to noncontrolling interests - - 74 634 708
Net income (loss) attributable to AIG $ 17,798 $ 1,573 $ 4,405 $ (5,978) $ 17,798
Year Ended December 31, 2010
Revenues:
Equity in earnings of consolidated subsidiaries(a) $ 18,040 $ 1,683 $ - $ (19,723) $ -
Change in fair value of ML III - - 1,792 - 1,792
Other income(b) 3,046 246 75,100 (2,658) 75,734
Total revenues 21,086 1,929 76,892 (22,381) 77,526
Expenses:
Interest expense on FRBNY Credit Facility 4,107 - - (79) 4,028
Other interest expense(c) 2,279 378 3,950 (2,654) 3,953
Net loss on extinguishment of debt 104 - - - 104
Other expenses 1,664 - 49,841 - 51,505
Total expenses 8,154 378 53,791 (2,733) 59,590
Income (loss) from continuing operations before income tax
expense (benefit) 12,932 1,551 23,101 (19,648) 17,936
Income tax expense (benefit)(d) 5,144 (105) 820 - 5,859
Income (loss) from continuing operations 7,788 1,656 22,281 (19,648) 12,077
Loss from discontinued operations (2) - (1,983) (79) (2,064)
Net income (loss) 7,786 1,656 20,298 (19,727) 10,013
Less:
Net income from continuing operations attributable to
noncontrolling interests:
Nonvoting, callable, junior and senior preferred interests - - - 1,818 1,818
Other - - 355 - 355
Total income from continuing operations attributable to
noncontrolling interests - - 355 1,818 2,173
Income from discontinued operations attributable to
noncontrolling interests - - 54 - 54
Total net income attributable to noncontrolling interests - - 409 1,818 2,227
Net income (loss) attributable to AIG $ 7,786 $ 1,656 $ 19,889 $ (21,545) $ 7,786
364 AIG 2011 Form 10-K
CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS)