ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Annual Report.
Executive Summary Financial Highlights and Trends In 2012, we generated net sales of $7.249 billion, as compared to $7.622 billion in 2011, a decrease of $373 million, or five percent.
Our net sales were unfavorably impacted by $123 million from foreign currency fluctuations in 2012 as compared to 2011 and sales related to our divested Neurovascular business declined $19 million in 2012.
Refer to Note C—Divestitures and Assets Held for Sale included in Item 8 of this Annual Report for additional information on the Neurovascular divestiture.
Excluding the impact of foreign currency and sales from divested businesses, our net sales decreased $232 million, or three percent, as compared to the prior year.
This decrease was due primarily to constant currency declines in net sales from our Interventional Cardiology business of $266 million and Cardiac Rhythm Management (CRM) business of $145 million.
These decreases were partially offset by constant currency increases in net sales from our Endoscopy business of $84 million, from our Peripheral Interventions business of $56 million, and net sales from our Neuromodulation business of $32 million, as compared to the same period in the prior year.1 Refer to the Business and Market Overview section for further discussion of our sales results.
Our reported net loss in 2012 was $4.068 billion, or $2.89 per share.
Our reported results for 2012 included goodwill and intangible asset impairment charges; acquisition- and divestiturerelated net credits, restructuring- and litigation-related charges; discrete tax items and amortization expense (after-tax) of $5.001 billion, or $3.55 per share.
Excluding these items, net income for 2012 was $933 million, or $0.66 per share1.
Our reported net income in 2011 was $441 million, or $0.29 per share.
Our reported results for 2011 included goodwill and intangible asset impairment charges; acquisition-, divestiture-, restructuring- and litigation-related charges and credits; discrete tax items; and amortization expense (after-tax) of $577 million, or $0.38 per share.
Excluding these items, net income for 2011 was $1.018 billion, or $0.67 per share1.
The following is a reconciliation of our results of operations prepared in accordance with U. S.  GAAP to those adjusted results considered by management.
Refer to Results of Operations for a discussion of each reconciling item:
## Table 0 ##
1 Sales growth rates that exclude the impact of changes in foreign currency exchange rates and net income and net income per share excluding certain items required by GAAP are not prepared in accordance with generally accepted accounting principles in the United States (U. S.  GAAP).
Refer to Additional Information in this Item 7 for a discussion of management’s use of these non-GAAP financial measures.
## Table 1 ##
Sales growth rates that exclude the impact of changes in foreign currency exchange rates and net income and net income per share excluding certain items required by GAAP are not prepared in accordance with generally accepted accounting principles in the United States (U. S.  GAAP).
Refer to Additional Information in this Item 7 for a discussion of management’s use of these non-GAAP financial measures.
LIQUIDITY AND CAPITAL RESOURCES Our principal source of liquidity is operating cash flows.
Our net income and, consequently, our cash provided from operations are impacted by: sales volume, seasonal sales patterns, timing of new product introductions, profit margins and price changes.
Sales are typically higher during the third and fourth quarters of the year due to seasonal and holiday-related sales patterns.
Generally, working capital needs peak during the summer months.
We meet these needs primarily by issuing commercial paper.
Cash Flows from Operating Activities Our cash flows provided from (used by) operating activities were as follows:
## Table 2 ##
?
Over the past three years, total cash provided from operating activities was approximately $2.4 billion.  ?
Depreciation and amortization expenses decreased in 2009 principally as the result of lower accelerated depreciation charges related to the 2007 business realignment initiatives compared with accelerated depreciation charges recorded in 2007 and 2008.
Accelerated depreciation recorded in 2009 was approximately $4.2 million compared with approximately $60.6 million recorded in 2008 and $108.6 million recorded in 2007.
Depreciation and amortization expenses represent non-cash items that impacted net income and are reflected in the consolidated statements of cash flows to reconcile cash flows from operating activities.  ?
Cash used by deferred income taxes increased in 2009 compared with 2008 primarily as a result of the tax impact associated with hedging transactions.
Cash used by deferred income taxes in 2008 and 2007, primarily reflected the impact of deferred taxes associated with the 2007 business realignment and impairment charges recorded during 2008 and 2007.  ?
We contributed $103.1 million to our pension plans over the past three years to improve the plans’ funded status and to pay benefits under the non-funded plans.
As of December 31, 2009, our pension benefit obligations exceeded the fair value of our pension plan assets by $15.1 million.  ?
Over the three year period, cash provided from working capital tended to fluctuate due to the timing of sales and cash collections during December of each year and working capital management practices, including initiatives implemented to reduce working capital.  ?
During the three year period, cash provided from or used by changes in other assets and liabilities primarily reflected the effect of hedging transactions and the impact of business realignment initiatives, along with the related tax effects.  ?
The increase in income taxes paid in 2009 compared with 2008 primarily reflected the impact of higher taxable income for 2009.
Incurred Losses and LAE.
The following table presents the incurred losses and LAE for the International segment for the periods indicated.
## Table 3 ##
Incurred losses and LAE decreased by 57.3% to $586.3 million in 2012 compared to $1,372.3 million in 2011, representing 62.0 loss ratio points.
The decrease was principally due to an $828.7 million (66.5 points) decrease in current year catastrophe losses.
The $16.6 million of 2012 current year catastrophes related primarily to Superstorm Sandy ($16.5 millions).
The $845.3 million of 2011 current year catastrophes related primarily to the Japanese earthquake and tsunami ($372.3 million), the 2011 Thailand floods ($180.0 million), the 2011 New Zealand earthquake ($177.0 million) and the 2011 Australian floods ($47.1 million).
Current years’ attritional losses decreased by $51.3 million (3.0 points) due to rate increases in the Asian markets, particularly for catastrophe-exposed risks and a shift in the mix of business towards property catastrophe and excess of loss business, which generally have lower loss ratios.
Incurred losses and LAE increased by 30.7% to $1,372.3 million in 2011 compared to $1,050.1 million in 2010, principally due to a $384.6 million (28.5 points) increase in current year catastrophes.
The $845.3 million of 2011 current year catastrophes related primarily to losses discussed above.
The $460.7 million of 2010 current year catastrophe losses related primarily to the Chile earthquake ($335.4 million), the 2010 Australian hailstorms and floods ($60.3 million) and the 2010 New Zealand earthquake ($50.0 million).
The current year attritional loss ratio, adjusting for prior year attritional reinstatement premiums was down to 52.1% in 2011 from 56.2% in 2010, primarily due to a shift in the mix of business towards property, catastrophe and excess of loss business, which generally carries a lower loss ratio.
Prior years’ attritional losses decreased by $66.3 million (5.1 points) due to favorable development on non-catastrophe property business in Singapore and other international markets.
Segment Expenses.
Commission and brokerage decreased 3.5% to $300.1 million in 2012 compared to $311.0 million in 2011.
This is consistent with the reduction in earned premium and a shift in the mix of business towards property catastrophe and excess of loss business which have lower commission rates.
Segment other underwriting expenses increased to $29.3 million in 2012 compared to $27.3 million for the same period in 2011.
The increase relates to higher personnel benefit costs.

<table><tr><td></td><td colspan="4">Year Ended December 31, 2012</td></tr><tr><td>in millions, except per share data</td><td>Pre-Tax</td><td>Tax Impact</td><td>After-Tax</td><td>Impact per share</td></tr><tr><td>GAAP results</td><td>$-4,107</td><td>$39</td><td>$-4,068</td><td>$-2.89</td></tr><tr><td>Non-GAAP adjustments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Goodwill and other intangible asset impairment charges</td><td>4,492</td><td>-46</td><td>4,446</td><td>3.15</td></tr><tr><td>Acquisition- and divestiture-related net credits</td><td>-50</td><td>14</td><td>-36</td><td>-0.02</td></tr><tr><td>Restructuring-related charges</td><td>160</td><td>-38</td><td>122</td><td>0.09</td></tr><tr><td>Litigation-related charges</td><td>192</td><td>-74</td><td>118</td><td>0.08</td></tr><tr><td>Discrete tax items</td><td></td><td>2</td><td>2</td><td>—</td></tr><tr><td>Amortization expense</td><td>395</td><td>-46</td><td>349</td><td>0.25</td></tr><tr><td>Adjusted results</td><td>$1,082</td><td>$-149</td><td>$933</td><td>$0.66</td></tr></table>
<table><tr><td></td><td colspan="4">Year Ended December 31, 2011</td></tr><tr><td>in millions, except per share data</td><td>Pre-Tax</td><td>Tax Impact</td><td>After-Tax</td><td>Impact per share</td></tr><tr><td>GAAP results</td><td>$642</td><td>$-201</td><td>$441</td><td>$0.29</td></tr><tr><td>Non-GAAP adjustments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Goodwill and other intangible asset impairment charges</td><td>718</td><td>-5</td><td>713</td><td>0.47</td></tr><tr><td>Acquisition- and divestiture-related net credits</td><td>-798</td><td>229</td><td>-569</td><td>-0.37</td></tr><tr><td>Restructuring-related charges</td><td>129</td><td>-39</td><td>90</td><td>0.06</td></tr><tr><td>Litigation-related charges</td><td>48</td><td>-18</td><td>30</td><td>0.02</td></tr><tr><td>Discrete tax items</td><td></td><td>-27</td><td>-27</td><td>-0.02</td></tr><tr><td>Amortization expense</td><td>421</td><td>-81</td><td>340</td><td>0.22</td></tr><tr><td>Adjusted results</td><td>$1,160</td><td>$-142</td><td>$1,018</td><td>$0.67</td></tr></table>
<table><tr><td> For the years ended December 31,</td><td>2009</td><td>2008</td><td>2007</td></tr><tr><td> In thousands of dollars</td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$435,994</td><td>$311,405</td><td>$214,154</td></tr><tr><td>Depreciation and amortization</td><td>182,411</td><td>249,491</td><td>310,925</td></tr><tr><td>Stock-based compensation and excess tax benefits</td><td>30,472</td><td>22,196</td><td>9,526</td></tr><tr><td>Deferred income taxes</td><td>-40,578</td><td>-17,125</td><td>-124,276</td></tr><tr><td>Business realignment and impairment charges, net of tax</td><td>60,823</td><td>119,117</td><td>267,653</td></tr><tr><td>Contributions to pension plans</td><td>-54,457</td><td>-32,759</td><td>-15,836</td></tr><tr><td>Working capital</td><td>157,812</td><td>65,791</td><td>148,019</td></tr><tr><td>Changes in other assets and liabilities</td><td>293,272</td><td>-198,555</td><td>-31,329</td></tr><tr><td>Net cash provided from operating activities</td><td>$1,065,749</td><td>$519,561</td><td>$778,836</td></tr></table>
<table><tr><td></td><td colspan="9">Years Ended December 31,</td></tr><tr><td>(Dollars in millions)</td><td>Current Year</td><td colspan="2">Ratio %/ Pt Change</td><td>Prior Years</td><td colspan="2">Ratio %/ Pt Change</td><td>Total Incurred</td><td colspan="2">Ratio %/ Pt Change</td></tr><tr><td>2012</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$589.0</td><td>48.5%</td><td></td><td>$-12.2</td><td>-1.0%</td><td></td><td>$576.8</td><td>47.5%</td><td></td></tr><tr><td>Catastrophes</td><td>16.6</td><td>1.4%</td><td></td><td>-7.1</td><td>-0.6%</td><td></td><td>9.5</td><td>0.8%</td><td></td></tr><tr><td>Total segment</td><td>$605.6</td><td>49.9%</td><td></td><td>$-19.3</td><td>-1.6%</td><td></td><td>$586.3</td><td>48.3%</td><td></td></tr><tr><td>2011</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$640.3</td><td>51.5%</td><td></td><td>$-108.2</td><td>-8.7%</td><td></td><td>$532.1</td><td>42.8%</td><td></td></tr><tr><td>Catastrophes</td><td>845.3</td><td>67.9%</td><td></td><td>-5.1</td><td>-0.4%</td><td></td><td>840.2</td><td>67.5%</td><td></td></tr><tr><td>Total segment</td><td>$1,485.6</td><td>119.4%</td><td></td><td>$-113.3</td><td>-9.1%</td><td></td><td>$1,372.3</td><td>110.3%</td><td></td></tr><tr><td>2010</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$647.7</td><td>55.5%</td><td></td><td>$-41.9</td><td>-3.6%</td><td></td><td>$605.8</td><td>51.9%</td><td></td></tr><tr><td>Catastrophes</td><td>460.7</td><td>39.4%</td><td></td><td>-16.4</td><td>-1.4%</td><td></td><td>444.3</td><td>38.0%</td><td></td></tr><tr><td>Total segment</td><td>$1,108.4</td><td>94.9%</td><td></td><td>$-58.3</td><td>-5.0%</td><td></td><td>$1,050.1</td><td>89.9%</td><td></td></tr><tr><td>Variance 2012/2011</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$-51.3</td><td>-3.0</td><td>pts</td><td>$96.0</td><td>7.7</td><td>pts</td><td>$44.7</td><td>4.7</td><td>pts</td></tr><tr><td>Catastrophes</td><td>-828.7</td><td>-66.5</td><td>pts</td><td>-2.0</td><td>-0.2</td><td>pts</td><td>-830.7</td><td>-66.7</td><td>pts</td></tr><tr><td>Total segment</td><td>$-880.0</td><td>-69.5</td><td>pts</td><td>$94.0</td><td>7.5</td><td>pts</td><td>$-786.0</td><td>-62.0</td><td>pts</td></tr><tr><td>Variance 2011/2010</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$-7.4</td><td>-4.0</td><td>pts</td><td>$-66.3</td><td>-5.1</td><td>pts</td><td>$-73.7</td><td>-9.1</td><td>pts</td></tr><tr><td>Catastrophes</td><td>384.6</td><td>28.5</td><td>pts</td><td>11.3</td><td>1.0</td><td>pts</td><td>395.9</td><td>29.5</td><td>pts</td></tr><tr><td>Total segment</td><td>$377.2</td><td>24.5</td><td>pts</td><td>$-55.0</td><td>-4.1</td><td>pts</td><td>$322.2</td><td>20.4</td><td>pts</td></tr><tr><td colspan="2">(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

Question: In what year Ended December 31 is the value of the amount Total Incurred for Total segment greater than 1300 million?