Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Our Level 3 assets had a fair value of $37 million at December 31, 2013, or less than 0.4% of our total invested assets.
During the years ended December 31, 2013, 2012, and 2011, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:
## Table 0 ##
Financial Liabilities Our long-term debt, recorded at carrying value in our consolidated balance sheets, was $2,600 million at December 31, 2013 and $2,611 million at December 31, 2012.
The fair value of our long-term debt was $2,751 million at December 31, 2013 and $2,923 million at December 31, 2012.
The fair value of our long-term debt is determined based on Level 2 inputs, including quoted market prices for the same or similar debt, or if no quoted market prices are available, on the current prices estimated to be available to us for debt with similar terms and remaining maturities.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis As disclosed in Note 3, we completed our acquisitions of American Eldercare, Metropolitan, SeniorBridge, Arcadian, Anvita, and other companies during 2013, 2012, and 2011.
The values of net tangible assets acquired and the resulting goodwill and other intangible assets were recorded at fair value using Level 3 inputs.
The majority of the related tangible assets acquired and liabilities assumed were recorded at their carrying values as of the respective dates of acquisition, as their carrying values approximated their fair values due to their short-term nature.
The fair values of goodwill and other intangible assets acquired in these acquisitions were internally estimated primarily based on the income approach.
The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future.
We developed internal estimates for the expected cash flows and discount rates in the present value calculations.
Other than assets acquired and liabilities assumed in these acquisitions, there were no assets or liabilities measured at fair value on a nonrecurring basis during 2013, 2012, or 2011.
Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) In addition, we establish reserves for future policy benefits in recognition of the fact that some of the premium received in the earlier years is intended to pay anticipated benefits to be incurred in future years.
At policy issuance, these reserves are recognized on a net level premium method based on interest rates, mortality, morbidity, and maintenance expense assumptions.
The assumptions used to determine the liability for future policy benefits are established and locked in at the time each contract is issued and only change if our expected future experience deteriorates to the point that the level of the liability, together with the present value of future gross premiums, are not adequate to provide for future expected policy benefits and maintenance costs (i. e.  the loss recognition date).
The table below presents deferred acquisition costs and future policy benefits payable associated with our long-duration insurance products for the years ended December 31, 2013 and 2012.
## Table 1 ##
In addition, future policy benefits payable include amounts of $215 million at December 31, 2013 and $220 million at December 31, 2012 which are subject to 100% coinsurance agreements as more fully described in Note 18.
Benefits expense associated with future policy benefits payable was $354 million in 2013, $136 million in 2012, and $114 million in 2011.
Benefits expense for 2013 included net charges of $243 million associated with our closed block of long-term care insurance policies discussed further below.
Amortization of deferred acquisition costs included in operating costs was $55 million in 2013, $44 million in 2012, and $34 million in 2011.
Future policy benefits payable include $1.4 billion at December 31, 2013 and $1.1 billion at December 31, 2012 associated with a non-strategic closed block of long-term care insurance policies acquired in connection with the 2007 acquisition of KMG.
Future policy benefits payable includes amounts charged to accumulated other comprehensive income for an additional liability that would exist on our closed-block of long-term care insurance policies if unrealized gains on the sale of the investments backing such products had been realized and the proceeds reinvested at then current yields.
There was no additional liability at December 31, 2013 and $119 million of additional liability at December 31, 2012.
Amounts charged to accumulated other comprehensive income are net of applicable deferred taxes.
Long-term care insurance policies provide nursing home and home health coverage for which premiums are collected many years in advance of benefits paid, if any.
Therefore, our actual claims experience will emerge many years after assumptions have been established.
The risk of a deviation of the actual interest, morbidity, mortality, and maintenance expense assumptions from those assumed in our reserves are particularly significant to our closed block of long-term care insurance policies.
We monitor the loss experience of these long-term care insurance policies and, when necessary, apply for premium rate increases through a regulatory filing and approval process in the jurisdictions in which such products were sold.
To the extent premium rate increases and/ or loss experience vary from our loss recognition date assumptions, future adjustments to reserves could be required.
Stock Total Return Performance The following graph compares our total return to stockholders with the returns of the Standard & Poor’s Composite 500 Index (“S&P 500”) and the Dow Jones US Select Health Care Providers Index (“Peer Group”) for the five years ended December 31, 2018.
The graph assumes an investment of $100 in each of our common stock, the S&P 500, and the Peer Group on December 31, 2013, and that dividends were reinvested when paid.
## Table 2 ##
The stock price performance included in this graph is not necessarily indicative of future stock price performance

<table><tr><td></td><td colspan="9">For the years ended December 31,</td></tr><tr><td></td><td colspan="3">2013</td><td colspan="3">2012</td><td colspan="3">2011</td></tr><tr><td></td><td>Private Placements</td><td> Auction Rate Securities</td><td>Total</td><td> Private Placements</td><td>Auction Rate Securities</td><td>Total</td><td>Private Placements</td><td>Auction Rate Securities</td><td>Total</td></tr><tr><td></td><td colspan="9">(in millions)</td></tr><tr><td>Beginning balance at January 1</td><td>$25</td><td>$13</td><td>$38</td><td>$25</td><td>$16</td><td>$41</td><td>$14</td><td>$52</td><td>$66</td></tr><tr><td>Total gains or losses:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Realized in earnings</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Unrealized in other comprehensive income</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>1</td><td>1</td></tr><tr><td>Purchases</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>17</td><td>0</td><td>17</td></tr><tr><td>Sales</td><td>0</td><td>0</td><td>0</td><td>0</td><td>-3</td><td>-3</td><td>-7</td><td>-38</td><td>-45</td></tr><tr><td>Settlements</td><td>-1</td><td>0</td><td>-1</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Balance at December 31</td><td>$24</td><td>$13</td><td>$37</td><td>$25</td><td>$13</td><td>$38</td><td>$25</td><td>$16</td><td>$41</td></tr></table>
<table><tr><td></td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td></td><td> Deferred acquisition  costs</td><td>Future policy benefits payable</td><td> Deferred acquisition  costs</td><td>Future policy benefits payable</td></tr><tr><td></td><td colspan="4">(in millions)</td></tr><tr><td>Other long-term assets</td><td>$166</td><td>$0</td><td>$149</td><td>$0</td></tr><tr><td>Trade accounts payable and accrued expenses</td><td>0</td><td>-67</td><td>0</td><td>-63</td></tr><tr><td>Long-term liabilities</td><td>0</td><td>-2,207</td><td>0</td><td>-1,858</td></tr><tr><td>Total asset (liability)</td><td>$166</td><td>$-2,274</td><td>$149</td><td>$-1,921</td></tr></table>
<table><tr><td></td><td>12/31/2013</td><td>12/31/2014</td><td>12/31/2015</td><td>12/31/2016</td><td>12/31/2017</td><td>12/31/2018</td></tr><tr><td>HUM</td><td>$100</td><td>$140</td><td>$176</td><td>$202</td><td>$247</td><td>$287</td></tr><tr><td>S&P 500</td><td>$100</td><td>$114</td><td>$115</td><td>$129</td><td>$157</td><td>$150</td></tr><tr><td>Peer Group</td><td>$100</td><td>$128</td><td>$135</td><td>$137</td><td>$173</td><td>$191</td></tr></table>

Question: In which year is Beginning balance at January 1 of Private Placements smaller than Beginning balance at January 1 of Auction Rate Securities?
Answer: 2011