AIG 2014 Annual Report Download - page 245

ITEM 8 / NOTE 3. SEGMENT INFORMATION
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228
The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of
accumulated depreciation, by major geographic area:
Real Estate and Other Fixed Assets
,
Total Revenues
*
Net of Accumulated De
p
reciation
(in millions) 2014 2013 2012 2014
2013 2012
U.S.
$
44
,
274
$
46
,
078
$
47
,
406
$
1
,
886
$
1
,
606
$
1
,
391
Asia Pacific 7,523 8,804 9,498 521 448 516
Other Forei
g
n 12,609 13,992 14,310 293 261 306
Consolidated $ 64
,
406
$
68
,
874
$
71
,
214 $ 2
,
700
$
2
,
315
$
2
,
213
* Revenues are generally reported according to the geographic location of the reporting unit.
4. HELD-FOR-SALE CLASSIFICATION, DIVESTED BUSINESSES AND DISCONTINUED
OPERATIONS
Held-For-Sale Classification
We report a business as held for sale when management has approved or received approval to sell the business and is
committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is
anticipated to occur during the next 12 months and certain other specified criteria are met. A business classified as held for
sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the
business exceeds its estimated fair value, a loss is recognized. Depreciation and amortization expense is not recorded on
assets of a business after it is classified as held for sale. Assets and liabilities related to a business classified as held for sale
are segregated in the Consolidated Balance Sheets in the period in which the business is classified as held for sale.
The following table summarizes the components of ILFC assets and liabilities held-for-sale on the Consolidated
Balance Sheets at December 31, 2013:
December 31,
(in millions) 2013
Assets:
Equity securities $3
Mortgage and other loans receivable, net 229
Flight equipment primarily under operating leases, net of accumulated depreciation 35,508
Short-term investments 658
Cash 88
Premiums and other receivables, net of allowance 318
Other assets 2,066
Assets held for sale 38,870
Less: Loss accrual (9,334)
Total assets held for sale $ 29,536
Liabilities:
Other liabilities $ 3,127
Long-term debt 21,421
Total liabilities held for sale $ 24,548
International Lease Finance Corporation
On May 14, 2014, we completed the sale of 100 percent of the common stock of ILFC to AerCap Ireland Limited, a wholly
owned subsidiary of AerCap, in exchange for total consideration of approximately $7.6 billion, including cash and 97.6 million
newly issued AerCap common shares, valued at approximately $4.6 billion based on AerCap’s closing price per share of
$47.01 on May 13, 2014. Net cash proceeds to AIG were $2.4 billion after the settlement of intercompany loans, and AIG
recorded pre-tax and after-tax gains of approximately $2.2 billion and $1.4 billion, respectively, for the year ended December