Items Measured at Fair Value on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company鈥檚 assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018 and 2017.
The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 of the fair value hierarchy.
The effects of these hedges are presented gross in the following tables: Fair Value Levels
## Table 0 ##
Table continues on the next page, including footnotes.
Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income.
Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products.
The changes in fair value for the years ended December 31, 2018 and 2017 due to instrument-specific credit risk totaled to a loss of $27 million and a gain of $10 million, respectively.
Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities.
Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument.
Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet.
The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $0.4 billion and $0.9 billion at December 31, 2018 and 2017, respectively.
The amounts are expected to fluctuate based on trading activity in future periods.
As part of its commodity and foreign currency trading activities, Citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties.
When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal.
The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings.
As of December 31, 2018, there were approximately $13.7 billion and $10.3 billion in notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively.
Certain Investments in Private Equity and Real Estate Ventures and Certain Equity Method and Other Investments Citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation.
The Company has elected the fair value option for certain of these ventures, because such investments are considered similar to many private equity or hedge fund activities in Citi’s investment companies, which are reported at fair value.
The fair value option brings consistency in the accounting and evaluation of these investments.
All investments (debt and equity) in such private equity and real estate entities are accounted for at fair value.
These investments are classified as Investments on Citigroup’s Consolidated Balance Sheet.
Changes in the fair values of these investments are classified in Other revenue in the Company’s Consolidated Statement of Income.
Citigroup also elected the fair value option for certain non-marketable equity securities whose risk is managed with derivative instruments that are accounted for at fair value through earnings.
These securities are classified as Trading account assets on Citigroup’s Consolidated Balance Sheet.
Changes in the fair value of these securities and the related derivative instruments are recorded in Principal transactions.
Effective January 1, 2018 under ASU 2016-01 and ASU 2018-03, a fair value option election is no longer required to measure these non-marketable equity securities through earnings.
See Note 1 to the Consolidated Financial Statements for additional details.
Certain Mortgage Loans Held-for-Sale Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS.
These loans are intended for sale or securitization and are hedged with derivative instruments.
The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications.
The following table provides information about certain mortgage loans HFS carried at fair value:
## Table 1 ##
The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income.
There was no net change in fair value during the years ended December 31, 2018 and 2017 due to instrument-specific credit risk.
Related interest income continues to be measured based on the contractual interest rates and reported as Interest revenue in the Consolidated Statement of Income.
then current Treasury rate (as defined) plus 15 basis points for the 2020 senior notes and 20 basis points for the 2040 notes.
Prior to November 2010, the Company was subject to a replacement capital covenant that it had granted to the holders of its 6.75% senior notes due June 20, 2036 (the senior notes).
The replacement capital covenant restricted the Company’s ability to repurchase its $1.00 billion in outstanding 6.25% fixed-to-floating rate junior subordinated debentures due March 15, 2067 (the debentures).
In November 2010, the Company paid approximately $4 million to holders of the senior notes to terminate the replacement capital covenant.
Following the termination, the Company purchased approximately $885 million aggregate principal amount of the debentures.
A $60 million pretax loss was recognized in 2010 related to these transactions.
On September 16, 2010, the Company repaid the remaining $4 million principal balance on its 7.81% private placement senior notes.
On August 23, 2010, the Company’s $21 million, 7.415% medium-term notes matured and were fully paid.
On April 15, 2010, the Company’s $250 million, 8.125% senior notes matured and were fully paid.
All of these debt payments were made from internally-generated funds.
The amount of debt obligations, other than commercial paper, that becomes due in 2013 is $500 million.
In 2014, no debt obligations become due.
In 2015, the amount of debt obligations, other than commercial paper, that comes due is $400 million.
The Company may refinance maturing debt through funds generated internally or, depending on market conditions, through funds generated externally, including as a result of the issuance of debt or other securities.
Dividends.
Dividends paid to shareholders were $694 million, $665 million and $673 million in 2012, 2011 and 2010, respectively.
The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Company’s board of directors and will depend upon many factors, including the Company’s financial position, earnings, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints and other factors as the board of directors deems relevant.
Dividends will be paid by the Company only if declared by its board of directors out of funds legally available, subject to any other restrictions that may be applicable to the Company.
On January 22, 2013, the Company announced that it declared a regular quarterly dividend of $0.46 per share, payable March 29, 2013 to shareholders of record on March 8, 2013.
Share Repurchases.
The Company’s board of directors has approved common share repurchase authorizations under which repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, in private transactions or otherwise.
The authorizations do not have a stated expiration date.
The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, funding of the Company’s qualified pension plan, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions), market conditions and other factors.
The following table summarizes repurchase activity in 2012 and remaining repurchase capacity at December 31, 2012.
## Table 2 ##

<table><tr><td>In millions of dollars at December 31, 2018</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Grossinventory</td><td>Netting<sup>-1</sup></td><td>Netbalance</td></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal funds sold and securities borrowed and purchased under agreements to resell</td><td>$—</td><td>$214,570</td><td>$115</td><td>$214,685</td><td>$-66,984</td><td>$147,701</td></tr><tr><td>Trading non-derivative assets</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trading mortgage-backed securities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government-sponsored agency guaranteed</td><td>—</td><td>24,090</td><td>156</td><td>24,246</td><td>—</td><td>24,246</td></tr><tr><td>Residential</td><td>—</td><td>709</td><td>268</td><td>977</td><td>—</td><td>977</td></tr><tr><td>Commercial</td><td>—</td><td>1,323</td><td>77</td><td>1,400</td><td>—</td><td>1,400</td></tr><tr><td>Total trading mortgage-backed securities</td><td>$—</td><td>$26,122</td><td>$501</td><td>$26,623</td><td>$—</td><td>$26,623</td></tr><tr><td>U.S. Treasury and federal agency securities</td><td>$26,439</td><td>$4,802</td><td>$1</td><td>$31,242</td><td>$—</td><td>$31,242</td></tr><tr><td>State and municipal</td><td>—</td><td>3,782</td><td>200</td><td>3,982</td><td>—</td><td>3,982</td></tr><tr><td>Foreign government</td><td>43,309</td><td>21,179</td><td>31</td><td>64,519</td><td>—</td><td>64,519</td></tr><tr><td>Corporate</td><td>1,026</td><td>14,510</td><td>360</td><td>15,896</td><td>—</td><td>15,896</td></tr><tr><td>Equity securities</td><td>36,342</td><td>7,308</td><td>153</td><td>43,803</td><td>—</td><td>43,803</td></tr><tr><td>Asset-backed securities</td><td>—</td><td>1,429</td><td>1,484</td><td>2,913</td><td>—</td><td>2,913</td></tr><tr><td>Other trading assets<sup>-2</sup></td><td>3</td><td>12,198</td><td>818</td><td>13,019</td><td>—</td><td>13,019</td></tr><tr><td>Total trading non-derivative assets</td><td>$107,119</td><td>$91,330</td><td>$3,548</td><td>$201,997</td><td>$—</td><td>$201,997</td></tr><tr><td>Trading derivatives</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts</td><td>$101</td><td>$169,860</td><td>$1,671</td><td>$171,632</td><td></td><td></td></tr><tr><td>Foreign exchange contracts</td><td>—</td><td>162,108</td><td>346</td><td>162,454</td><td></td><td></td></tr><tr><td>Equity contracts</td><td>647</td><td>28,903</td><td>343</td><td>29,893</td><td></td><td></td></tr><tr><td>Commodity contracts</td><td>—</td><td>16,788</td><td>767</td><td>17,555</td><td></td><td></td></tr><tr><td>Credit derivatives</td><td>—</td><td>9,839</td><td>926</td><td>10,765</td><td></td><td></td></tr><tr><td>Total trading derivatives</td><td>$748</td><td>$387,498</td><td>$4,053</td><td>$392,299</td><td></td><td></td></tr><tr><td>Cash collateral paid<sup>-3</sup></td><td></td><td></td><td></td><td>$11,518</td><td></td><td></td></tr><tr><td>Netting agreements</td><td></td><td></td><td></td><td></td><td>$-311,089</td><td></td></tr><tr><td>Netting of cash collateral received</td><td></td><td></td><td></td><td></td><td>-38,608</td><td></td></tr><tr><td>Total trading derivatives</td><td>$748</td><td>$387,498</td><td>$4,053</td><td>$403,817</td><td>$-349,697</td><td>$54,120</td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage-backed securities</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government-sponsored agency guaranteed</td><td>$—</td><td>$42,988</td><td>$32</td><td>$43,020</td><td>$—</td><td>$43,020</td></tr><tr><td>Residential</td><td>—</td><td>1,313</td><td>—</td><td>1,313</td><td>—</td><td>1,313</td></tr><tr><td>Commercial</td><td>—</td><td>172</td><td>—</td><td>172</td><td>—</td><td>172</td></tr><tr><td>Total investment mortgage-backed securities</td><td>$—</td><td>$44,473</td><td>$32</td><td>$44,505</td><td>$—</td><td>$44,505</td></tr><tr><td>U.S. Treasury and federal agency securities</td><td>$107,577</td><td>$9,645</td><td>$—</td><td>$117,222</td><td>$—</td><td>$117,222</td></tr><tr><td>State and municipal</td><td>—</td><td>8,498</td><td>708</td><td>9,206</td><td>—</td><td>9,206</td></tr><tr><td>Foreign government</td><td>58,252</td><td>42,371</td><td>68</td><td>100,691</td><td>—</td><td>100,691</td></tr><tr><td>Corporate</td><td>4,410</td><td>7,033</td><td>156</td><td>11,599</td><td>—</td><td>11,599</td></tr><tr><td>Marketable equity securities</td><td>206</td><td>14</td><td>—</td><td>220</td><td>—</td><td>220</td></tr><tr><td>Asset-backed securities</td><td>—</td><td>656</td><td>187</td><td>843</td><td>—</td><td>843</td></tr><tr><td>Other debt securities</td><td>—</td><td>3,972</td><td>—</td><td>3,972</td><td>—</td><td>3,972</td></tr><tr><td>Non-marketable equity securities<sup>-4</sup></td><td>—</td><td>96</td><td>586</td><td>682</td><td>—</td><td>682</td></tr><tr><td>Total investments</td><td>$170,445</td><td>$116,758</td><td>$1,737</td><td>$288,940</td><td>$—</td><td>$288,940</td></tr></table>
<table><tr><td>In millions of dollars</td><td>December 31,2018</td><td>December 31, 2017</td></tr><tr><td>Carrying amount reported on the Consolidated Balance Sheet</td><td>$556</td><td>$426</td></tr><tr><td>Aggregate fair value in excess of (less than) unpaid principal balance</td><td>21</td><td>14</td></tr><tr><td>Balance of non-accrual loans or loans more than 90 days past due</td><td>—</td><td>—</td></tr><tr><td>Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due</td><td>—</td><td>—</td></tr></table>
<table><tr><td> Quarterly Period Ending (in millions, except per share amounts)</td><td> Number of shares purchased</td><td> Cost of shares repurchased</td><td> Average price paid per share</td><td> Remaining capacity under share repurchase authorization</td></tr><tr><td>March 31, 2012</td><td>6.0</td><td>$350</td><td>$58.73</td><td>$3,259</td></tr><tr><td>June 30, 2012</td><td>5.6</td><td>350</td><td>$62.40</td><td>$2,909</td></tr><tr><td>September 30, 2012</td><td>5.4</td><td>350</td><td>$65.00</td><td>$2,559</td></tr><tr><td>December 31, 2012</td><td>5.4</td><td>400</td><td>$73.00</td><td>$2,159</td></tr><tr><td>Total</td><td>22.4</td><td>$1,450</td><td>$64.64</td><td>$2,159</td></tr></table>

Question: What's the average of March 31, 2012 of Remaining capacity under share repurchase authorization, and Cash collateral paid Trading derivatives of Grossinventory ?