AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Basis step-up from corporate restructuring represents the tax effects of increasing the basis for tax purposes of certain of the Company’s assets in conjunction with its spin-off from American Radio Systems Corporation, its former parent company.
At December 31, 2006, the Company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $2.1 billion and $2.5 billion, respectively.
If not utilized, the Company’s net operating loss carryforwards expire as follows (in thousands):
## Table 0 ##
SFAS No.109, “Accounting for Income Taxes,” requires that companies record a valuation allowance when it is “more likely than not that some portion or all of the deferred tax assets will not be realized.
” At December 31, 2006, the Company has provided a valuation allowance of approximately $308.2 million, including approximately $153.6 million attributable to SpectraSite, primarily related to net operating loss and capital loss carryforwards assumed as of the acquisition date.
The balance of the valuation allowance primarily relates to net state deferred tax assets.
The Company has not provided a valuation allowance for the remaining deferred tax assets, primarily its federal net operating loss carryforwards, as management believes the Company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period.
Valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets’ recoverability.
Approximately $148.3 million of the SpectraSite valuation allowances as of December 31, 2006 will be recorded as a reduction to goodwill if the underlying deferred tax assets are utilized.
The Company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses.
In June 2003 and October 2003, the Company filed federal income tax refund claims with the IRS relating to the carry back of $380.0 million of net operating losses generated prior to 2003, of which the Company initially anticipated receiving approximately $90.0 million.
Based on preliminary discussions with tax authorities, the Company revised its estimate of the net realizable value of the federal income tax refund claims during the year ended December 31, 2005, and anticipates receiving a refund of approximately $65.0 million, plus interest.
The Company expects settlement of this matter in the first half of 2007, however, there can be no assurances with respect to the timing of any refund.
Because of the uncertainty associated with the claim, the Company has not recognized any amounts related to interest.
The recoverability of the Company’s remaining net deferred tax asset has been assessed utilizing stable state (no growth) projections based on its current operations.
The projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period.
Accordingly, the recoverability of the net deferred tax asset is not dependent on material improvements to operations, material asset sales or other non-routine transactions.
Based on its current outlook of future taxable income during the carryforward period, management believes that the net deferred tax asset will be realized.
The realization of the Company’s deferred tax assets as of December 31, 2006 will be dependent upon its ability to generate approximately $1.4 billion in taxable income from January 1, 2007 to December 31, 2026.
If the Company is unable to generate sufficient taxable income in the future, or carry back losses, as described above, it
Gross other postretirement benefit payments for the next ten years, which reflect expected future service where appropriate, and gross subsidies to be received under the Prescription Drug Act are expected to be as follows:
## Table 1 ##
Insolvency Assessments Most of the jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guaranty associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers.
These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged.
Some states permit member insurers to recover assessments paid through full or partial premium tax offsets.
Assets and liabilities held for insolvency assessments are as follows:
## Table 2 ##
(1) The Company holds a receivable from the seller of a prior acquisition in accordance with the purchase agreement.
Assessments levied against the Company were ($1) million, $2 million and $4 million for the years ended December 31, 2007, 2006 and 2005, respectively.
Effects of Inflation The Company does not believe that inflation has had a material effect on its consolidated results of operations, except insofar as inflation may affect interest rates.
Adoption of New Accounting Pronouncements Income Taxes Effective January 1, 2007, the Company adopted FIN 48.
FIN 48 clarifies the accounting for uncertainty in income tax recognized in a company’s financial statements.
FIN 48 requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements.
It also provides guidance on the recognition, measurement, and classification of income tax uncertainties, along with any related interest and penalties.
Previously recorded income tax benefits that no longer meet this standard are required to be charged to earnings in the period that such determination is made.
As a result of the implementation of FIN 48, the Company recognized a $52 million increase in the liability for unrecognized tax benefits, a $4 million decrease in the interest liability for unrecognized tax benefits, and a corresponding reduction to the January 1, 2007 balance of retained earnings of $37 million, net of $11 million of minority interest.
Insurance Contracts Effective January 1, 2007, the Company adopted SOP 05-1, Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts.
SOP 05-1 which provides guidance on accounting by insurance enterprises for DAC on internal replacements of insurance and investment contracts other than those specifically described in SFAS No.97, Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments.
SOP 05-1 defines an internal replacement and is effective for internal replacements occurring in fiscal years beginning after December 15, 2006.
In addition, in February 2007, the American Institute of Certified Public Accountants (“AICPA”) issued related Technical Practice Aids (“TPAs”) to provide further clarification of SOP 05-1.
The TPAs became effective concurrently with the adoption of SOP 05-1.
As a result of the adoption of SOP 05-1 and the related TPAs, if an internal replacement modification substantially changes a contract, then the DAC is written off immediately through income and any new deferrable costs associated with the new replacement are deferred.
If a contract modification does not substantially change the contract, the DAC amortization on the original contract will continue and any acquisition costs associated with the related modification are immediately expensed.
The adoption of SOP 05-1 and the related TPAs resulted in a reduction to DAC and VOBA on January 1, 2007 and an acceleration of the amortization period relating primarily to the Company’s group life and health insurance contracts that contain certain rate reset provisions.
Prior to the adoption of SOP 05-1, DAC on such contracts was amortized over the expected renewable life of the contract.
Upon adoption
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Aging of Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale The following tables present the cost or amortized cost, gross unrealized loss, including the portion of OTTI loss on fixed maturity securities recognized in accumulated other comprehensive loss at December 31, 2009, gross unrealized loss as a percentage of cost or amortized cost and number of securities for fixed maturity and equity securities where the estimated fair value had declined and remained below cost or amortized cost by less than 20%, or 20% or more at:
## Table 3 ##
December 31, 2008
## Table 4 ##
Equity securities with a gross unrealized loss of 20% or more for twelve months or greater increased from none at December 31, 2008 to $138 million at December 31, 2009.
As shown in the section below “Evaluating Temporarily Impaired Available for Sale Securities,” the $138 million of equity securities with a gross unrealized loss of 20% or more for twelve months or greater at December 31, 2009 were investment grade non-redeemable preferred stock, of which $136 million were financial services industry investment grade non-redeemable preferred stock, of which 62% were rated A or better.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) Separate Accounts Separate account assets and liabilities include two categories of account types: pass-through separate accounts totaling $158.8 billion and $149.0 billion at December 31, 2011 and 2010, respectively, for which the policyholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the policyholder which totaled $44.2 billion and $34.1 billion at December 31, 2011 and 2010, respectively.
The latter category consisted primarily of funding agreements and participating close-out contracts.
The average interest rate credited on these contracts was 3.12% and 3.32% at December 31, 2011 and 2010, respectively.
For the years ended December 31, 2011, 2010 and 2009, there were no investment gains (losses) on transfers of assets from the general account to the separate accounts.
Obligations Under Funding Agreements The Company issues fixed and floating rate funding agreements, which are denominated in either U. S.  dollars or foreign currencies, to certain special purpose entities (“SPEs”) that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements.
During the years ended December 31, 2011, 2010 and 2009, the Company issued $39.9 billion, $34.1 billion and $28.6 billion, respectively, and repaid $41.6 billion, $30.9 billion and $32.0 billion, respectively, of such funding agreements.
At December 31, 2011 and 2010, funding agreements outstanding, which are included in PABs, were $25.5 billion and $27.2 billion, respectively.
Certain subsidiaries of MetLife, Inc.  are members of the Federal Home Loan Bank (“FHLB”).
Holdings of FHLB common stock by branch, included in equity securities, were as follows at:
## Table 5 ##
Certain subsidiaries of MetLife, Inc.  have also entered into funding agreements.
The liability for funding agreements is included in PABs.
Information related to the funding agreements was as follows:
## Table 6 ##
(1) Represents funding agreements issued to the FHLB in exchange for cash and for which the FHLB has been granted either a blanket lien or a lien on certain assets, including RMBS, to collateralize obligations under the funding agreements.
The Company maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level.
Upon any event of default by the Company, the FHLB’s recovery on the collateral is limited to the amount of the Company’s liability to the FHLB.
(2) Advances are collateralized by mortgage-backed securities.
The amount of collateral presented is at estimated fair value.
(3) Represents funding agreements issued to certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the United States (“Farmer Mac”).
(4) Secured by a pledge of certain eligible agricultural real estate mortgage loans.
The amount of collateral presented is at carrying value.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (continued) 14.
Junior Subordinated Debt Securities (continued) In connection with each of the securities described above, MetLife,?Inc.
may redeem or may cause the redemption of the securities (i)?in whole or in part, at any time on or after the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption, or (ii)?in certain circumstances, in whole or in part, prior to the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption or, if greater, a make-whole price.
MetLife,?Inc.
also has the right to, and in certain circumstances the requirement to, defer interest payments on the securities for a period up to 10 years.
Interest compounds during such periods of deferral.
If interest is deferred for more than five consecutive years, MetLife,?Inc.
is required to use proceeds from the sale of its common stock or warrants on common stock to satisfy this interest payment obligation.
In connection with each of the securities described above, MetLife,?Inc.
entered into a separate replacement capital covenant?(“RCC”).
As part of each RCC, MetLife,?Inc.
agreed that it will not repay, redeem, or purchase the securities on or before a date 10?years prior to the final maturity date of each issuance, unless, subject to certain limitations, it has received cash proceeds during a specified period from the sale of specified replacement securities.
Each RCC will terminate upon the occurrence of certain events, including an acceleration of the applicable securities due to the occurrence of an event of default.
The RCCs are not intended for the benefit of holders of the securities and may not be enforced by them.
Rather, each RCC is for the benefit of the holders of a designated series of MetLife,?Inc.
’s other indebtedness?
(the “Covered Debt”).
Initially, the Covered Debt for each of the securities described above was MetLife,?Inc.
’s 5.700%?senior notes due 2035?
(the “5.700% Senior Notes”).
As a result of the issuance of MetLife,?Inc.
’s 10.750%?Fixed-to-Floating Rate Junior Subordinated Debentures due 2069?
(the “10.750%?JSDs”), the 10.750%?JSDs became the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to MetLife,?Inc.
’s 6.40%?Fixed-to-Floating Rate Junior Subordinated Debentures due 2066.
The 5.700% Senior Notes continue to be the Covered Debt with respect to, and in accordance with, the terms of the RCCs relating to each of MetLife Capital Trust?IV’s 7.875% Fixedto-Floating Rate Exchangeable Surplus Trust Securities, MetLife, Inc. ’s 9.250% Fixed-to-Floating Rate Junior Subordinated Debentures and the 10.750%?JSDs.
MetLife,?Inc.
also entered into a replacement capital obligation which will commence during the six month period prior to the scheduled redemption date of each of the securities described above and under which MetLife,?Inc.
must use reasonable commercial efforts to raise replacement capital to permit repayment of the securities through the issuance of certain qualifying capital securities.
Interest expense on outstanding junior subordinated debt securities was $258?million for each of the years ended December?31, 2017, 2016 and 2015, which is included in other expenses.
Table of Contents MetLife, Inc.  Notes to the Consolidated Financial Statements — (continued) 14.
Junior Subordinated Debt Securities (continued) 335 15.
Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows at both December?31, 2017 and 2016:

<table><tr><td>Years ended December 31,</td><td>Federal</td><td>State</td></tr><tr><td>2007 to 2011</td><td></td><td>$438,967</td></tr><tr><td>2012 to 2016</td><td></td><td>478,502</td></tr><tr><td>2017 to 2021</td><td>$617,039</td><td>1,001,789</td></tr><tr><td>2022 to 2026</td><td>1,476,644</td><td>629,354</td></tr><tr><td>Total</td><td>$2,093,683</td><td>$2,548,612</td></tr></table>
<table><tr><td></td><td> Gross</td><td> Prescription   Drug Subsidies  (In millions)</td><td> Net</td></tr><tr><td>2008</td><td>$116</td><td>$-14</td><td>$102</td></tr><tr><td>2009</td><td>$120</td><td>$-15</td><td>$105</td></tr><tr><td>2010</td><td>$124</td><td>$-16</td><td>$109</td></tr><tr><td>2011</td><td>$129</td><td>$-16</td><td>$113</td></tr><tr><td>2012</td><td>$132</td><td>$-17</td><td>$115</td></tr><tr><td>2013-2017</td><td>$713</td><td>$-100</td><td>$613</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31,</td></tr><tr><td></td><td> 2007</td><td> 2006</td></tr><tr><td></td><td colspan="2"> ( In millions )</td></tr><tr><td>Other Assets:</td><td></td><td></td></tr><tr><td>Premium tax offset for future undiscounted assessments</td><td>$40</td><td>$45</td></tr><tr><td>Premium tax offsets currently available for paid assessments</td><td>6</td><td>7</td></tr><tr><td>Receivable for reimbursement of paid assessments-1</td><td>7</td><td>10</td></tr><tr><td></td><td>$53</td><td>$62</td></tr><tr><td>Liability:</td><td></td><td></td></tr><tr><td>Insolvency assessments</td><td>$74</td><td>$90</td></tr></table>
<table><tr><td></td><td colspan="6"> December 31, 2009</td></tr><tr><td></td><td colspan="2"> Cost or Amortized Cost</td><td colspan="2">Gross Unrealized Loss</td><td colspan="2"> Number of Securities</td></tr><tr><td></td><td> Less than </td><td> 20% or </td><td>Less than</td><td>20% or</td><td> Less than </td><td> 20% or </td></tr><tr><td></td><td> 20%</td><td> more</td><td>20%</td><td>more</td><td> 20%</td><td> more</td></tr><tr><td></td><td colspan="6"> (In millions, except number of securities)</td></tr><tr><td> Fixed Maturity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$35,163</td><td>$2,658</td><td>$933</td><td>$713</td><td>1,725</td><td>186</td></tr><tr><td>Six months or greater but less than nine months</td><td>4,908</td><td>674</td><td>508</td><td>194</td><td>124</td><td>49</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>1,723</td><td>1,659</td><td>167</td><td>517</td><td>106</td><td>79</td></tr><tr><td>Twelve months or greater</td><td>41,721</td><td>12,067</td><td>3,207</td><td>4,247</td><td>2,369</td><td>724</td></tr><tr><td>Total</td><td>$83,515</td><td>$17,058</td><td>$4,815</td><td>$5,671</td><td></td><td></td></tr><tr><td>Percentage of cost or amortized cost</td><td></td><td></td><td>6%</td><td>33%</td><td></td><td></td></tr><tr><td> Equity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$66</td><td>$63</td><td>$7</td><td>$14</td><td>199</td><td>8</td></tr><tr><td>Six months or greater but less than nine months</td><td>6</td><td>1</td><td>1</td><td>1</td><td>15</td><td>2</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>13</td><td>94</td><td>2</td><td>39</td><td>8</td><td>6</td></tr><tr><td>Twelve months or greater</td><td>610</td><td>488</td><td>73</td><td>138</td><td>50</td><td>24</td></tr><tr><td>Total</td><td>$695</td><td>$646</td><td>$83</td><td>$192</td><td></td><td></td></tr><tr><td>Percentage of cost</td><td></td><td></td><td>12%</td><td>30%</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="6"> December 31, 2008</td></tr><tr><td></td><td colspan="2"> Cost or Amortized Cost</td><td colspan="2">Gross Unrealized Loss</td><td colspan="2"> Number of Securities</td></tr><tr><td></td><td> Less than </td><td> 20% or </td><td>Less than</td><td>20% or</td><td> Less than </td><td> 20% or </td></tr><tr><td></td><td> 20%</td><td> more</td><td>20%</td><td>more</td><td> 20%</td><td> more</td></tr><tr><td></td><td colspan="6"> (In millions, except number of securities)</td></tr><tr><td> Fixed Maturity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$32,658</td><td>$48,114</td><td>$2,358</td><td>$17,191</td><td>4,566</td><td>2,827</td></tr><tr><td>Six months or greater but less than nine months</td><td>14,975</td><td>2,180</td><td>1,313</td><td>1,109</td><td>1,314</td><td>157</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>16,372</td><td>3,700</td><td>1,830</td><td>2,072</td><td>934</td><td>260</td></tr><tr><td>Twelve months or greater</td><td>23,191</td><td>650</td><td>2,533</td><td>415</td><td>1,809</td><td>102</td></tr><tr><td>Total</td><td>$87,196</td><td>$54,644</td><td>$8,034</td><td>$20,787</td><td></td><td></td></tr><tr><td>Percentage of cost or amortized cost</td><td></td><td></td><td>9%</td><td>38%</td><td></td><td></td></tr><tr><td> Equity Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Less than six months</td><td>$386</td><td>$1,190</td><td>$58</td><td>$519</td><td>351</td><td>551</td></tr><tr><td>Six months or greater but less than nine months</td><td>33</td><td>413</td><td>6</td><td>190</td><td>8</td><td>32</td></tr><tr><td>Nine months or greater but less than twelve months</td><td>3</td><td>487</td><td>—</td><td>194</td><td>5</td><td>15</td></tr><tr><td>Twelve months or greater</td><td>171</td><td>—</td><td>11</td><td>—</td><td>20</td><td>—</td></tr><tr><td>Total</td><td>$593</td><td>$2,090</td><td>$75</td><td>$903</td><td></td><td></td></tr><tr><td>Percentage of cost</td><td></td><td></td><td>13%</td><td>43%</td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="2"> December 31,</td></tr><tr><td></td><td> 2011</td><td> 2010</td></tr><tr><td></td><td colspan="2"> (In millions)</td></tr><tr><td>FHLB of New York (“FHLB of NY”)</td><td>$658</td><td>$890</td></tr><tr><td>FHLB of Boston</td><td>$70</td><td>$70</td></tr><tr><td>FHLB of Des Moines</td><td>$51</td><td>$20</td></tr></table>
<table><tr><td></td><td colspan="2"> Liability</td><td colspan="3"> Collateral</td><td></td></tr><tr><td></td><td colspan="5"> December 31,</td><td></td></tr><tr><td></td><td> 2011</td><td> 2010</td><td> 2011</td><td></td><td> 2010</td><td></td></tr><tr><td></td><td colspan="5"> (In millions)</td><td></td></tr><tr><td>FHLB of NY -1</td><td>$11,655</td><td>$12,555</td><td>$13,002</td><td>-2</td><td>$14,204</td><td>-2</td></tr><tr><td>Farmer Mac -3</td><td>$2,750</td><td>$2,750</td><td>$3,157</td><td>-4</td><td>$3,159</td><td>-4</td></tr><tr><td>FHLB of Boston -1</td><td>$450</td><td>$100</td><td>$518</td><td>-2</td><td>$211</td><td>-2</td></tr><tr><td>FHLB of Des Moines -1</td><td>$695</td><td>$—</td><td>$953</td><td>-2</td><td>$—</td><td>-2</td></tr></table>

Question: In which section the sum of Cost or Amortized Cost for Fixed Maturity Securitie has the highest value?
Answer: Twelve months or greater