outstanding at any point in time under the combination of the commercial paper program and the credit facility cannot exceed the amount that can be borrowed under the credit facility.  ?
A universal shelf registration statement was filed with the Securities and Exchange Commission on April 30, 2012.
We can use this shelf registration to issue an unspecified amount of debt securities, common stock (including 421 million shares of treasury stock as of December 31, 2012), preferred stock, depositary shares, warrants, stock purchase contracts, stock purchase units and securities of trust subsidiaries.
The specific terms of any securities we issue under this registration statement will be provided in the applicable prospectus supplements.
Liquidity exposure Contractholder funds were $39.32 billion as of December 31, 2012.
The following table summarizes contractholder funds by their contractual withdrawal provisions as of December 31, 2012.
## Table 0 ##
(1) Includes $6.81 billion of liabilities with a contractual surrender charge of less than 5% of the account balance.
(2) $4.45 billion of the contracts with market value adjusted surrenders have a 30-45 day period at the end of their initial and subsequent interest rate guarantee periods (which are typically 5 or 6 years) during which there is no surrender charge or market value adjustment.
(3) 76% of these contracts have a minimum interest crediting rate guarantee of 3% or higher.
(4)Includes $1.12 billion of contractholder funds on variable annuities reinsured to The Prudential Insurance Company of America, a subsidiary of Prudential Financial Inc. , in 2006.
While we are able to quantify remaining scheduled maturities for our institutional products, anticipating retail product surrenders is less precise.
Retail life and annuity products may be surrendered by customers for a variety of reasons.
Reasons unique to individual customers include a current or unexpected need for cash or a change in life insurance coverage needs.
Other key factors that may impact the likelihood of customer surrender include the level of the contract surrender charge, the length of time the contract has been in force, distribution channel, market interest rates, equity market conditions and potential tax implications.
In addition, the propensity for retail life insurance policies to lapse is lower than it is for fixed annuities because of the need for the insured to be re-underwritten upon policy replacement.
Surrenders and partial withdrawals for our retail annuities decreased 20.1% in 2012 compared to 2011.
The annualized surrender and partial withdrawal rate on deferred fixed annuities and interest-sensitive life insurance products, based on the beginning of year contractholder funds, was 11.3% and 12.6% in 2012 and 2011, respectively.
Allstate Financial strives to promptly pay customers who request cash surrenders; however, statutory regulations generally provide up to six months in most states to fulfill surrender requests.
Our institutional products are primarily funding agreements sold to unaffiliated trusts used to back medium-term notes.
As of December 31, 2012, total institutional products outstanding were $1.84 billion, with scheduled maturities of $1.75 billion in April of 2013 and $85 million in 2016.
Our asset-liability management practices limit the differences between the cash flows generated by our investment portfolio and the expected cash flow requirements of our life insurance, annuity and institutional product obligations.
Certain remote events and circumstances could constrain our liquidity.
Those events and circumstances include, for example, a catastrophe resulting in extraordinary losses, a downgrade in our senior long-term debt rating of A3, A- and a- (from Moody’s, S&P and A. M.  Best, respectively) to non-investment grade status of below Baa3/BBB-/bb, a downgrade in AIC’s financial strength rating from Aa3, AA- and A+ (from Moody’s, S&P and A. M.  Best, respectively) to below Baa2/BBB/A-, or a downgrade in ALIC’s financial strength ratings from A1, A+ and A+ (from Moody’s, S&P and A. M.  Best, respectively) to below A3/A-/A-.
The rating agencies also consider the interdependence of our individually rated entities; therefore, a rating change in one entity could potentially affect the ratings of other related entities.
Expand Client Relationships - The overall market we serve continues to gravitate beyond single-application purchases to multi-solution partnerships.
As the market dynamics shift, we expect our clients and prospects to rely more on our multidimensional service offerings.
Our leveraged solutions and processing expertise can produce meaningful value and cost savings for our clients through more efficient operating processes, improved service quality and convenience for our clients' customers.  ?
Build Global Diversification - We continue to deploy resources in global markets where we expect to achieve meaningful scale.
Revenues by Segment The table below summarizes our revenues by reporting segment (in millions):
## Table 1 ##
Integrated Financial Solutions ("IFS") The IFS segment is focused primarily on serving North American regional and community bank and savings institutions for transaction and account processing, payment solutions, channel solutions, digital channels, fraud, risk management and compliance solutions, lending and wealth and retirement solutions, and corporate liquidity, capitalizing on the continuing trend to outsource these solutions.
Clients in this segment include regional and community banks, credit unions and commercial lenders, as well as government institutions, merchants and other commercial organizations.
These markets are primarily served through integrated solutions and characterized by multi-year processing contracts that generate highly recurring revenues.
The predictable nature of cash flows generated from this segment provides opportunities for further investments in innovation, integration, information and security, and compliance in a cost-effective manner.
Our solutions in this segment include: ?
Core Processing and Ancillary Applications.
Our core processing software applications are designed to run banking processes for our financial institution clients, including deposit and lending systems, customer management, and other central management systems, serving as the system of record for processed activity.
Our diverse selection of marketfocused core systems enables FIS to compete effectively in a wide range of markets.
We also offer a number of services that are ancillary to the primary applications listed above, including branch automation, back-office support systems and compliance support.  ?
Digital Solutions, Including Internet, Mobile and eBanking.
Our comprehensive suite of retail delivery applications enables financial institutions to integrate and streamline customer-facing operations and back-office processes, thereby improving customer interaction across all channels (e. g. , branch offices, Internet, ATM, Mobile, call centers).
FIS' focus on consumer access has driven significant market innovation in this area, with multi-channel and multi-host solutions and a strategy that provides tight integration of services and a seamless customer experience.
FIS is a leader in mobile banking solutions and electronic banking enabling clients to manage banking and payments through the Internet, mobile devices, accounting software and telephone.
Our corporate electronic banking solutions provide commercial treasury capabilities including cash management services and multi-bank collection and disbursement services that address the specialized needs of corporate clients.
FIS systems provide full accounting and reconciliation for such transactions, serving also as the system of record.
Valuation of Assets and Liabilities Fair Value of Assets and Liabilities The authoritative guidance related to fair value measurement establishes a framework that includes a three-level hierarchy used to classify the inputs used in measuring fair value.
The level in the hierarchy within which the fair value falls is determined based on the lowest level input that is significant to the measurement.
The fair values of assets and liabilities classified as Level 3 include at least one significant unobservable input in the measurement.
See Note 6 to the Consolidated Financial Statements for an additional description of the valuation hierarchy levels as well as for the balances of assets and liabilities measured at fair value on a recurring basis by hierarchy level presented on a consolidated basis.
The table below presents the balances of assets and liabilities measured at fair value on a recurring basis, as of the periods indicated, and the portion of such assets and liabilities that are classified in Level 3 of the valuation hierarchy.
The table also provides details about these assets and liabilities excluding those held in the Closed Block division.
We believe the amounts excluding the Closed Block division are most relevant to an understanding of our operations that are pertinent to investors in Prudential Financial because substantially all Closed Block division assets support obligations and liabilities relating to the Closed Block policies only.
See Note 14 to the Consolidated Financial Statements for further information on the Closed Block.
## Table 2 ##
(1) Level 3 assets expressed as a percentage of total assets measured at fair value on a recurring basis for PFI excluding the Closed Block division and for the Closed Block division totaled 1.1% and 2.1%, respectively, as of December 31, 2018 and 1.9% and 4.9%, respectively, as of December 31, 2017.
(2) “All other” represents cash equivalents and short-term investments.
(3) “Other invested assets” and “Other liabilities” primarily include derivatives.
The amounts include the impact of netting subject to master netting agreements.
The determination of fair value, which for certain assets and liabilities is dependent on the application of estimates and assumptions, can have a significant impact on our results of operations and may require the application of a greater degree of judgment depending on market conditions, as the ability to value assets and liabilities can be significantly impacted by a decrease in market activity or a lack of transactions executed in an orderly manner.
The following sections provide information regarding certain assets and liabilities which are valued using Level 3 inputs and could have a significant impact on our results of operations.
Fixed Maturity and Equity Securities Fixed maturity securities included in Level 3 in our fair value hierarchy are generally priced based on internally-developed valuations or indicative broker quotes.
For certain private fixed maturity and equity securities, the internal valuation models use significant unobservable inputs and, accordingly, such securities are included in Level 3 in our fair value hierarchy.
Level 3 fixed maturity securities for PFI excluding the Closed Block division included approximately $1.9 billion of public fixed maturities as of December 31, 2018 with values primarily based on indicative broker quotes, and approximately $2.5 billion of private fixed maturities, with values primarily based
Notes to Consolidated Financial Statements continued Information about stock options outstanding at September 30, 2004 with exercise prices less than or above $38.25 per share, the closing price at September 30, 2004, follows (number of shares in thousands):

<table><tr><td> ($ in millions) </td><td> </td><td> Percent to total</td></tr><tr><td>Not subject to discretionary withdrawal</td><td>$6,012</td><td>15.3%</td></tr><tr><td>Subject to discretionary withdrawal with adjustments:</td><td></td><td></td></tr><tr><td>Specified surrender charges<sup>-1</sup></td><td>13,170</td><td>33.5</td></tr><tr><td>Market value adjustments<sup>-2</sup></td><td>5,382</td><td>13.7</td></tr><tr><td>Subject to discretionary withdrawal without adjustments<sup>-3</sup></td><td>14,755</td><td>37.5</td></tr><tr><td>Total contractholder funds<sup>-4</sup></td><td>$39,319</td><td>100.0%</td></tr></table>
<table><tr><td></td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>IFS</td><td>$4,630</td><td>$4,525</td><td>$3,809</td></tr><tr><td>GFS</td><td>4,138</td><td>4,250</td><td>2,361</td></tr><tr><td>Corporate and Other</td><td>355</td><td>466</td><td>426</td></tr><tr><td>Total Consolidated Revenues</td><td>$9,123</td><td>$9,241</td><td>$6,596</td></tr></table>
<table><tr><td></td><td colspan="4">As of December 31, 2018</td><td colspan="4">As of December 31, 2017</td></tr><tr><td></td><td colspan="2">PFI excluding Closed Block Division</td><td colspan="2">Closed BlockDivision</td><td colspan="2">PFI excluding Closed Block Division</td><td colspan="2">Closed BlockDivision</td></tr><tr><td></td><td>Total atFair Value</td><td>TotalLevel 3-1</td><td>Total atFair Value</td><td>TotalLevel 3-1</td><td>Total atFair Value</td><td>TotalLevel 3-1</td><td>Total atFair Value</td><td>TotalLevel 3-1</td></tr><tr><td></td><td colspan="8">(in millions)</td></tr><tr><td>Fixed maturities, available-for-sale</td><td>$314,911</td><td>$3,455</td><td>$38,745</td><td>$780</td><td>$305,518</td><td>$7,557</td><td>$41,262</td><td>$2,139</td></tr><tr><td>Assets supporting experience-rated contractholder liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed maturities</td><td>19,579</td><td>818</td><td>0</td><td>0</td><td>20,209</td><td>1,408</td><td>0</td><td>0</td></tr><tr><td>Equity securities</td><td>1,460</td><td>1</td><td>0</td><td>0</td><td>1,643</td><td>4</td><td>0</td><td>0</td></tr><tr><td>All other-2</td><td>215</td><td>0</td><td>0</td><td>0</td><td>137</td><td>7</td><td>0</td><td>0</td></tr><tr><td>Subtotal</td><td>21,254</td><td>819</td><td>0</td><td>0</td><td>21,989</td><td>1,419</td><td>0</td><td>0</td></tr><tr><td>Fixed maturities, trading</td><td>3,048</td><td>204</td><td>195</td><td>2</td><td>3,307</td><td>155</td><td>200</td><td>1</td></tr><tr><td>Equity securities</td><td>4,316</td><td>604</td><td>1,784</td><td>67</td><td>4,855</td><td>712</td><td>2,479</td><td>83</td></tr><tr><td>Commercial mortgage and other loans</td><td>763</td><td>0</td><td>0</td><td>0</td><td>593</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Other invested assets-3</td><td>1,404</td><td>263</td><td>5</td><td>0</td><td>1,330</td><td>137</td><td>2</td><td>0</td></tr><tr><td>Short-term investments</td><td>5,040</td><td>65</td><td>453</td><td>24</td><td>5,351</td><td>8</td><td>436</td><td>0</td></tr><tr><td>Cash equivalents</td><td>9,027</td><td>59</td><td>451</td><td>18</td><td>7,722</td><td>0</td><td>577</td><td>0</td></tr><tr><td>Other assets</td><td>25</td><td>25</td><td>0</td><td>0</td><td>14</td><td>13</td><td>0</td><td>0</td></tr><tr><td>Separate account assets</td><td>254,066</td><td>1,534</td><td>0</td><td>0</td><td>280,393</td><td>2,122</td><td>0</td><td>0</td></tr><tr><td>Total assets</td><td>$613,854</td><td>$7,028</td><td>$41,633</td><td>$891</td><td>$631,072</td><td>$12,123</td><td>$44,956</td><td>$2,223</td></tr><tr><td>Future policy benefits</td><td>$8,926</td><td>$8,926</td><td>$0</td><td>$0</td><td>$8,720</td><td>$8,720</td><td>$0</td><td>$0</td></tr><tr><td>Other liabilities-3</td><td>191</td><td>56</td><td>0</td><td>0</td><td>688</td><td>50</td><td>0</td><td>0</td></tr><tr><td>Notes issued by consolidated variable interest entities (“VIEs”)</td><td>595</td><td>595</td><td>0</td><td>0</td><td>1,196</td><td>1,196</td><td>0</td><td>0</td></tr><tr><td>Total liabilities</td><td>$9,712</td><td>$9,577</td><td>$0</td><td>$0</td><td>$10,604</td><td>$9,966</td><td>$0</td><td>$0</td></tr></table>

Question: What is the value of the Total at Fair Value in terms of Closed Block Division for Total assets as of December 31, 2018? (in million)
Answer: 41633