MetLife 2004 Annual Report Download - page 97

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METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
operations as these transactions will continue after the sale of SSRM. The following tables present the amounts related to operations of SSRM that have
been combined with the discontinued real estate operations in the consolidated income statements:
Years Ended December 31,
2004 2003 2002
(Dollars in millions)
Revenues from discontinued operations************************************************************* $328 $231 $239
Income from discontinued operations before provision for income taxes ********************************** $32 $34 $14
Provision for income taxes ************************************************************************ 13 13 6
Income from discontinued operations, net of income taxes ************************************* $19 $21 $ 8
December 31,
2004 2003
(Dollars in millions)
Equity securities ************************************************************************************* $49 $14
Real estate and real estate joint ventures **************************************************************** 96 3
Short term investments ******************************************************************************* 33 17
Other invested assets ******************************************************************************** 20 8
Cash and cash equivalents**************************************************************************** 55 50
Premiums and other receivables************************************************************************ 38 23
Other assets **************************************************************************************** 88 68
Total assets held-for-sale********************************************************************** $379 $183
Short-term debt ************************************************************************************* $19 $ —
Current income taxes payable ************************************************************************* 11
Deferred income taxes payable ************************************************************************ 12
Other liabilities*************************************************************************************** 219 67
Total liabilities held-for-sale ******************************************************************** $240 $ 70
See Note 17 for further discussion of the disposition of SSRM.
19. Fair Value Information
The estimated fair values of financial instruments have been determined by using available market information and the valuation methodologies
described below. Considerable judgment is often required in interpreting market data to develop estimates of fair value. Accordingly, the estimates
presented herein may not necessarily be indicative of amounts that could be realized in a current market exchange. The use of different assumptions or
valuation methodologies may have a material effect on the estimated fair value amounts.
Amounts related to the Company’s financial instruments were as follows:
Notional Carrying Estimated
December 31, 2004 Amount Value Fair Value
(Dollars in millions)
Assets:
Fixed maturities********************************************************************** $176,763 $176,763
Equity securities ********************************************************************* $ 2,188 $ 2,188
Mortgage and other loans ************************************************************* $ 32,406 $ 33,902
Policy loans************************************************************************* $ 8,899 $ 8,899
Short-term investments *************************************************************** $ 2,663 $ 2,663
Cash and cash equivalents************************************************************ $ 4,051 $ 4,051
Mortgage loan commitments*********************************************************** $1,189 $ — $ 4
Commitments to fund partnership investments ******************************************** $1,324 $ — $ —
Liabilities:
Policyholder account balances ********************************************************* $ 70,777 $ 69,688
Short-term debt ********************************************************************* $ 1,445 $ 1,445
Long-term debt********************************************************************** $ 7,412 $ 7,818
Shares subject to mandatory redemption ************************************************ $ 278 $ 365
Payable under securities loaned transactions ********************************************* $ 28,678 $ 28,678
MetLife, Inc.
F-54