AIG 2011 Annual Report Download - page 379

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, 2009
Revenues:
Equity in earnings of consolidated subsidiaries(a) $ (1,477) $ (303) $ - $ 1,780 $ -
Change in fair value of ML III (1,401) - 1,820 - 419
Other income(b) 4,166 199 74,100 (3,437) 75,028
Total revenues 1,288 (104) 75,920 (1,657) 75,447
Expenses:
Interest expense on FRBNY Credit Facility 10,381 - - (89) 10,292
Other interest expense(c) 2,496 355 4,652 (3,437) 4,066
Other expenses 1,637 - 73,759 - 75,396
Total expenses 14,514 355 78,411 (3,526) 89,754
Income (loss) from continuing operations before income tax
expense (benefit) (13,226) (459) (2,491) 1,869 (14,307)
Income tax expense (benefit)(d) (2,277) 15 773 - (1,489)
Income (loss) from continuing operations (10,949) (474) (3,264) 1,869 (12,818)
Income (loss) from discontinued operations - - 594 (89) 505
Net income (loss) (10,949) (474) (2,670) 1,780 (12,313)
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests:
Nonvoting, callable, junior and senior preferred interests - - 96 44 140
Other - - (1,576) - (1,576)
Total income (loss) from continuing operations attributable to
noncontrolling interests - - (1,480) 44 (1,436)
Income from discontinued operations attributable to
noncontrolling interests - - 72 - 72
Total net income (loss) attributable to noncontrolling interests - - (1,408) 44 (1,364)
Net income (loss) attributable to AIG $ (10,949) $ (474) $ (1,262) $ 1,736 $ (10,949)
(a) Eliminated in consolidation.
(b) Includes intercompany income of $489 million, $2.6 billion, and $3.4 billion for 2011, 2010, and 2009, respectively, for American International
Group, Inc. (As Guarantor).
(c) Includes intercompany interest expense of $700 million, $28 million, and $27 million for 2011, 2010, and 2009, respectively, for American International
Group, Inc. (As Guarantor).
(d) For 2010 and 2009, income taxes recorded by American International Group, Inc. (As Guarantor) include deferred tax expense attributable to foreign
businesses sold and a valuation allowance to reduce the consolidated deferred tax asset to the amount more likely than not to be realized. For 2011, the
income tax benefit includes the effect of releasing a significant portion of the deferred tax asset valuation allowance. See Note 22 herein for additional
information.
AIG 2011 Form 10-K 365
CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) (Continued)