AIG 2013 Annual Report Download - page 70

Items Affecting Comparability Between Periods
The following are significant developments that affected multiple periods and financial statement captions. Other
items that affected comparability are included in the footnotes to the table presented immediately above.
AIG concluded that $18.4 billion of the deferred tax asset valuation allowance for the U.S. consolidated income tax
group should be released through the Consolidated Statements of Income in 2011. The valuation allowance resulted
primarily from losses subject to U.S. income taxes recorded from 2008 through 2010. See Note 23 to the
Consolidated Financial Statements for further discussion.
We determined ILFC no longer met the criteria at December 31, 2013 to be presented in discontinued operations.
ILFC operating results, which were previously presented as discontinued operations, have been reclassified as
continuing operations in all periods. ILFC’s results are reflected in Aircraft leasing revenue and Aircraft leasing
expense, and the loss associated with the 2012 classification of ILFC as held for sale is included in Net loss on sale
of properties and divested businesses in the Consolidated Statements of Income. The assets and liabilities of ILFC
are classified as held for sale at December 31, 2013 and 2012. See Notes 1 and 4 to the Consolidated Financial
Statements for a further discussion.
As a result of the closing of the Recapitalization on January 14, 2011, the remaining SPV Preferred Interests held by
the FRBNY of approximately $26.4 billion were purchased by AIG and transferred to the Department of the Treasury.
The SPV Preferred Interests were no longer considered permanent equity on AIG’s Consolidated Balance Sheets,
and were classified as redeemable noncontrolling interests. See Note 17 to the Consolidated Financial Statements
for further discussion.
The following table presents pro forma ratios as if the Recapitalization had been consummated in 2009 and a
reconciliation of book value per share to book value per share, excluding Accumulated other comprehensive
Adjustments to Federal Deferred Tax Valuation Allowance
Aircraft Leasing
Capitalization and Book Value Per Share
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AIG 2013 Form 10-K52
ITEM 6 / SELECTED FINANCIAL DATA
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