credit facility, which was amended in 2013 and 2012.
In March 2014, the Company’s credit facility was further amended to extend the maturity date to March 2019.
The amount of the aggregate commitment is $3.990 billion (the “2014 credit facility”).
The 2014 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $4.990 billion.
Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread.
The 2014 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2014.
The 2014 credit facility provides back-up liquidity, funds ongoing working capital for general corporate purposes and funds various investment opportunities.
At December 31, 2014, the Company had no amount outstanding under the 2014 credit facility.
Commercial Paper Program.
On October 14, 2009, BlackRock established a commercial paper program (the “CP Program”) under which the Company could issue unsecured commercial paper notes (the “CP Notes”) on a private placement basis up to a maximum aggregate amount outstanding at any time of $3.0 billion.
BlackRock increased the maximum aggregate amount that could be borrowed under the CP Program to $3.5 billion in 2011 and to $3.785 billion in 2012.
In April 2013, BlackRock increased the maximum aggregate amount for which the Company could issue unsecured CP Notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $3.990 billion.
The CP Program is currently supported by the 2014 credit facility.
At December 31, 2014, BlackRock had no CP Notes outstanding.
Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices at December 31, 2014 included the following
## Table 0 ##
Long-term borrowings at December 31, 2013 had a carrying value of $4.939 billion and a fair value of $5.284 billion determined using market prices at the end of December 2013.2024 Notes.
In March 2014, the Company issued $1.0 billion in aggregate principal amount of 3.50% senior unsecured and unsubordinated notes maturing on March 18, 2024 (the “2024 Notes”).
The net proceeds of the 2024 Notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014.
Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.
The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The 2024 Notes were issued at a discount of $3 million that is being amortized over the term of the notes.
The Company incurred approximately $6 million of debt issuance costs, which are being amortized over the term of the 2024 Notes.
At December 31, 2014, $6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition.2015 and 2022 Notes.
In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 1.375% notes maturing in June 2015 (the “2015 Notes”) and $750 million of 3.375% notes maturing in June 2022 (the “2022 Notes”).
Net proceeds were used to fund the repurchase of BlackRock’s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes.
Interest on the 2015 Notes and the 2022 Notes of approximately $10 million and $25 million per year, respectively, is payable semi-annually on June 1 and December 1 of each year, which commenced December 1, 2012.
The 2015 Notes and 2022 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The “make-whole” redemption price represents a price, subject to the specific terms of the 2015 and 2022 Notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a comparable Treasury security.
The 2015 Notes and 2022 Notes were issued at a discount of $5 million that is being amortized over the term of the notes.
The Company incurred approximately $7 million of debt issuance costs, which are being amortized over the respective terms of the 2015 Notes and 2022 Notes.
At December 31, 2014, $4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition.2021 Notes.
In May 2011, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 4.25% notes maturing in May 2021 and $750 million of floating rate notes (“2013 Floating Rate Notes”), which were repaid in May 2013 at maturity.
Net proceeds of this offering were used to fund the repurchase of BlackRock’s Series B Preferred from affiliates of Merrill Lynch & Co. , Inc.  (“Merrill Lynch”).
Interest
Institutional active AUM ended 2014 at $959.2 billion, up $26.8 billion, or 3%, since year-end 2013.
Institutional active represented 22% of long-term AUM and 20% of long-term base fees.
Growth in AUM reflected continued strength in multi-asset class products with net inflows of $15.8 billion largely from defined contribution plans into target date offerings.
Multi-asset class net inflows were offset by equity net outflows of $18.6 billion, with 63% of outflows coming from fundamental strategies.
Fixed income net outflows of $6.9 billion were primarily due to several large client-specific asset allocation decisions and corporate actions such as client acquisitions.
These events offset positive momentum in credit mandates.
Alternatives net outflows of $0.7 billion included $3.1 billion of return of capital; excluding return of capital, alternatives net inflows of $2.4 billion were led by inflows into hedge fund and private equity solutions.
Institutional index AUM totaled $1.816 trillion at December 31, 2014, reflecting net inflows of $36.1 billion.
Flows were led by fixed income with net inflows of $26.3 billion, primarily into local currency, U. S.  targeted duration and global bond mandates, reflecting solutionsbased LDI activity and portfolio rebalancing.
Equities saw net inflows of $9.9 billion, primarily into global mandates, as clients increasingly looked to use passive vehicles for broad macro exposure.
Institutional index represented 42% of long-term AUM at December 31, 2014 and accounted for 10% of long-term base fees for 2014.
The Company’s institutional clients consist of the following: ?
Pensions, Foundations and Endowments.
BlackRock is among the largest managers of pension plan assets in the world with $1.877 trillion, or 68%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2014.
The market landscape is shifting from defined benefit to defined contribution, driving strong flows in our defined contribution channel, which had $29.3 billion of longterm net inflows for the year, or 6% organic growth, driven by continued demand for our LifePath?
targetdate suite.
We ended 2014 with $599.2 billion in defined contribution AUM, and remain well positioned to capitalize on the on-going evolution of the defined contribution market and demand for outcome-oriented investments.
An additional $55.6 billion, or 2% of longterm institutional AUM, was managed for other taxexempt investors, including charities, foundations and endowments.  ?
Official Institutions.
We also managed $228.8 billion, or 8%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2014.
These clients often require specialized investment advice, the use of customized benchmarks and training support.  ?
Financial and Other Institutions.
BlackRock is a top independent manager of assets for insurance companies, which accounted for $233.7 billion, or 8%, of institutional long-term AUM at year-end 2014.
Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which we provide sub-advisory services, totaled $379.9 billion, or 14%, of long-term institutional AUM at year-end.
PRODUCT TYPE Component changes in AUM by product type and investment style for 2014 are presented below.
## Table 1 ##
Contribution incurred in 2013 and foreign currency remeasurement, partially offset by the $50 million reduction of an indemnification asset.
As Adjusted.
Expense, as adjusted, increased $362 million, or 6%, to $6,518 million in 2014 from $6,156 million in 2013.
The increase in total expense, as adjusted, is primarily attributable to higher employee compensation and benefits and direct fund expense.
Amounts related to the reduction of the indemnification asset and the Charitable Contribution have been excluded from as adjusted results.2013 Compared with 2012 GAAP.
Expense increased $510 million, or 9%, from 2012, primarily reflecting higher revenue-related expense and the $124 million expense related to the Charitable Contribution.
Employee compensation and benefits expense increased $273 million, or 8%, to $3,560 million in 2013 from $3,287 million in 2012, reflecting higher headcount and higher incentive compensation driven by higher operating income, including higher performance fees.
Employees at December 31, 2013 totaled approximately 11,400 compared with approximately 10,500 at December 31, 2012.
Distribution and servicing costs totaled $353 million in 2013 compared with $364 million in 2012.
These costs included payments to Bank of America/Merrill Lynch under a global distribution agreement and payments to PNC, as well as other third parties, primarily associated with the distribution and servicing of client investments in certain BlackRock products.
Distribution and servicing costs for 2013 and 2012 included $184 million and $195 million, respectively, attributable to Bank of America/Merrill Lynch.
Direct fund expense increased $66 million, reflecting higher average AUM, primarily related to iShares, where BlackRock pays certain nonadvisory expense of the funds.
General and administration expense increased $181 million, largely driven by the $124 million expense related to the Charitable Contribution, higher marketing and promotional costs and various lease exit costs.
The full year 2012 included a one-time $30 million contribution to STIFs.
As Adjusted.
Expense, as adjusted, increased $393 million, or 7%, to $6,156 million in 2013 from $5,763 million in 2012.
The increase in total expense, as adjusted, is primarily attributable to higher employee compensation and benefits, direct fund expense and general and administration expense.
NONOPERATING RESULTS Nonoperating income (expense), less net income (loss) attributable to NCI for 2014, 2013 and 2012 was as follows:
## Table 2 ##
(1) Amounts included losses of $41 million and $38 million attributable to consolidated variable interest entities (“VIEs”) for 2014 and 2012, respectively.
During 2013, the Company did not record any nonoperating income (loss) or net income (loss) attributable to VIEs on the consolidated statements of income.
(2) Net of net income (loss) attributable to NCI.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources – CNA Financial – (Continued) CNA has an effective Registration Statement on Form S-3 registering the future sale of an unlimited amount of its debt and equity securities.
Dividends Dividends of $3.00 per share of CNA’s common stock, including a special dividend of $2.00 per share, were declared and paid in 2015.
On February 5, 2016, CNA’s Board of Directors declared a quarterly dividend of $0.25 per share and a special dividend of $2.00 per share, payable March 9, 2016 to shareholders of record on February 22, 2016.
The declaration and payment of future dividends is at the discretion of CNA’s Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs, and regulatory constraints.
Ratings Ratings are an important factor in establishing the competitive position of insurance companies.
CNA’s insurance company subsidiaries are rated by major rating agencies and these ratings reflect the rating agency’s opinion of the insurance company’s financial strength, operating performance, strategic position and ability to meet its obligations to policyholders.
Agency ratings are not a recommendation to buy, sell or hold any security and may be revised or withdrawn at any time by the issuing organization.
Each agency’s rating should be evaluated independently of any other agency’s rating.
One or more of these agencies could take action in the future to change the ratings of CNA’s insurance subsidiaries.
The table below reflects the various group ratings issued by A. M.  Best Company (“A.
M.  Best”), Moody’s Investors Service, Inc.  (“Moody’s”) and Standard & Poor’s (“S&P”).
The table also includes the ratings for CNA senior debt.

<table><tr><td><i>(in millions)</i></td><td>Maturity Amount</td><td>Unamortized Discount</td><td>Carrying Value</td><td>Fair Value</td></tr><tr><td>1.375% Notes due 2015</td><td>$750</td><td>$—</td><td>$750</td><td>$753</td></tr><tr><td>6.25% Notes due 2017</td><td>700</td><td>-1</td><td>699</td><td>785</td></tr><tr><td>5.00% Notes due 2019</td><td>1,000</td><td>-2</td><td>998</td><td>1,134</td></tr><tr><td>4.25% Notes due 2021</td><td>750</td><td>-3</td><td>747</td><td>825</td></tr><tr><td>3.375% Notes due 2022</td><td>750</td><td>-3</td><td>747</td><td>783</td></tr><tr><td>3.50% Notes due 2024</td><td>1,000</td><td>-3</td><td>997</td><td>1,029</td></tr><tr><td>Total Long-term Borrowings</td><td>$4,950</td><td>$-12</td><td>$4,938</td><td>$5,309</td></tr></table>
<table><tr><td> <i>(in millions)</i> </td><td> December 31, 2013</td><td>Net Inflows (Outflows)</td><td>Market Change</td><td>FX Impact</td><td> December 31, 2014</td></tr><tr><td>Equity:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>$317,262</td><td>$-24,882</td><td>$9,867</td><td>$-9,445</td><td>$292,802</td></tr><tr><td><i>iShares</i></td><td>718,135</td><td>59,626</td><td>26,517</td><td>-14,211</td><td>790,067</td></tr><tr><td>Non-ETF index</td><td>1,282,298</td><td>17,676</td><td>104,448</td><td>-36,180</td><td>1,368,242</td></tr><tr><td> Equity subtotal</td><td>2,317,695</td><td>52,420</td><td>140,832</td><td>-59,836</td><td>2,451,111</td></tr><tr><td>Fixed income:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>652,209</td><td>27,694</td><td>36,942</td><td>-15,521</td><td>701,324</td></tr><tr><td><i>iShares</i></td><td>178,835</td><td>40,007</td><td>4,905</td><td>-6,076</td><td>217,671</td></tr><tr><td>Non-ETF index</td><td>411,142</td><td>28,705</td><td>56,904</td><td>-22,093</td><td>474,658</td></tr><tr><td> Fixed income subtotal</td><td>1,242,186</td><td>96,406</td><td>98,751</td><td>-43,690</td><td>1,393,653</td></tr><tr><td>Multi-asset class</td><td>341,214</td><td>28,905</td><td>21,044</td><td>-13,326</td><td>377,837</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>85,026</td><td>3,061</td><td>1,808</td><td>-1,889</td><td>88,006</td></tr><tr><td>Currency and commodities</td><td>26,088</td><td>461</td><td>-2,577</td><td>-738</td><td>23,234</td></tr><tr><td> Alternatives subtotal</td><td>111,114</td><td>3,522</td><td>-769</td><td>-2,627</td><td>111,240</td></tr><tr><td> Long-term</td><td>4,012,209</td><td>181,253</td><td>259,858</td><td>-119,479</td><td>4,333,841</td></tr><tr><td>Cash management</td><td>275,554</td><td>25,696</td><td>715</td><td>-5,612</td><td>296,353</td></tr><tr><td>Advisory</td><td>36,325</td><td>-13,173</td><td>1,109</td><td>-2,560</td><td>21,701</td></tr><tr><td> Total AUM</td><td>$4,324,088</td><td>$193,776</td><td>$261,682</td><td>$-127,651</td><td>$4,651,895</td></tr></table>
<table><tr><td><i>(in millions)</i></td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Nonoperating income (expense), GAAP basis</td><td>$-79</td><td>$116</td><td>$-54</td></tr><tr><td>Less: Net income (loss) attributableto NCI<sup>(1)</sup></td><td>-30</td><td>19</td><td>-18</td></tr><tr><td>Nonoperating income (expense)<sup>(2)</sup></td><td>-49</td><td>97</td><td>-36</td></tr><tr><td>Gain related to the Charitable Contribution</td><td>—</td><td>-80</td><td>—</td></tr><tr><td>Compensation expense related to (appreciation) depreciation on deferred compensation plans</td><td>-7</td><td>-10</td><td>-6</td></tr><tr><td>Nonoperating income (expense), asadjusted<sup>(2)</sup></td><td>$-56</td><td>$7</td><td>$-42</td></tr></table>

Question: In what year is equity subtotal greater than 2450000?
Answer: 2014