## Table 0 ##
The assets of the VIEs are primarily comprised of cash and cash equivalents and investments and the liabilities are primarily comprised of debt obligations (CDO debt holders) and various accruals of the sponsored investment funds.
At December 31, 2007, BlackRock’s maximum risk of loss associated with these VIE’s primarily relates to: (i) BlackRock’s equity investments, (ii) management fee receivables, (iii) credit protection sold by BlackRock in a synthetic CDO transaction (see Note 7 for further information) and (iv) the impact of the Company’s obligation under the capital support agreements which were established in support of two enhanced cash funds.7.
DERIVATIVES AND HEDGING For the years ended December 31, 2008 and 2007, the Company did not hold any derivatives designated in a formal hedge relationship under SFAS No.133.
By using derivative financial instruments, the Company exposes itself to market risk.
Market risk from forward foreign currency exchange contracts is the effect on the value of a financial instrument that results from a change in currency exchange rates.
The Company manages exposure to market risk associated with foreign currency exchange contracts by establishing and monitoring parameters that limit the types and degrees of market risk that may be undertaken.
For the year ended December 31, 2008, the change in fair value of foreign exchange forward contracts was not material to the Company’s consolidated financial statements.
During 2007, the Company entered into a series of total return swaps to economically hedge market price exposures with respect to seed investments in sponsored investment products.
At December 31, 2008, the outstanding total return swaps had an aggregate notional value of approximately $49 and net realized and unrealized gains of approximately $33 for the year ended December 31, 2008.
The net gains were included in non-operating income (expense) in the Company’s consolidated statements of income.
In December 2007, BlackRock entered into capital support agreements, up to $100, with two enhanced cash funds.
These capital support agreements were backed by letters of credit issued under BlackRock’s revolving credit facility.
In December 2008, the capital support agreements were modified to be up to $45 and were no longer backed by the letters of credit.
See Note 11, Borrowings, for further discussion.
During the twelve months ended December 31, 2008, the Company provided approximately $1 of capital contributions to these two funds under the capital support agreements.
BlackRock determined that the capital support agreements qualified as derivatives under SFAS No.133.
At December 31, 2008 and 2007, the fair value of the derivative liabilities related to the capital support agreements for the two funds totaled approximately $18 and $12, respectively.
The fair value of these liabilities will increase or decrease as BlackRock’s obligations under the capital support agreements fluctuate based on the fair value of the derivatives.
Due to consolidation of these two funds at December 31, 2008, the derivative liability was eliminated against the receivable of the funds on the consolidated statements of financial condition.
The Company acts as the portfolio manager in a series of credit default swap transactions, referred to collectively as the Pillars synthetic CDO transaction (“Pillars”).
The Company has entered into a credit default swap with Citibank, N. A.
(“Citibank”), providing Citibank credit protection of approximately $17, representing the Company’s maximum risk of loss with respect to the provision of credit protection.
The Company’s management has performed an assessment of its variable interest in Pillars (a collateral management agreement and the credit default swap) under FIN 46(R) and has concluded the Company is not Pillars’ primary beneficiary.
Pursuant to SFAS No.133, the Company carries the Pillars credit default swap at fair value based on the expected future cash flows under the arrangement.
For the year ended December 31, 2008, the Company recorded a net loss of $4 in non-operating income (expense) in the consolidated statement of income related to interest accrued offset by the change in the fair value of the credit default swap.
At December 31, 2008, the fair value of the Pillars credit default swap was approximately $0.5 and was included in other liabilities on the consolidated statement of financial condition.
The Company may, at times, consolidate certain sponsored investment funds which utilize derivative instruments as a part of the fund’s investment strategy.
Such derivatives are not material to the Company’s consolidated financial statements.
Non-operating Results Non-operating income (expense), less net income (loss) attributable to NCI for 2012, 2011 and 2010 was as follows:
## Table 1 ##
(1) Amounts included losses of $38 million, $18 million and $35 million attributable to consolidated variable interest entities for 2012, 2011 and 2010, respectively.
(2) Net of net income (loss) attributable to NCI.
The components of non-operating income (expense), less net income (loss) attributable to NCI for 2012, 2011 and 2010 were as follows:
## Table 2 ##
(1) Net of net income (loss) attributable to NCI.
(2) Amount included net gains (losses) related to equity and fixed income investments and BlackRock’s seed capital hedging program.2012 Compared with 2011.
Net gains on investments increased $117 million from 2011 due to higher net positive marks in 2012 compared with 2011.
Net interest expense increased from 2011, primarily due to long-term debt issuances in May 2011 and May 2012.
For further information on the Company’s long-term debt, see Liquidity and Capital Resources herein.2011 Compared with 2010.
Net gains on investments decreased $131 million during 2011 due to lower net positive marks in 2011 compared with 2010.
Net interest expense increased $21 million, or 17%, from 2010 primarily due to long-term debt issuances in May 2011, partially offset by higher interest and dividend income.
As adjusted investment activity for 2015 was as follows: (in millions)
## Table 3 ##
(1) Amounts include distributions representing return of capital and return on investments.
LIQUIDITY AND CAPITAL RESOURCES BlackRock Cash Flows Excluding the Impact of Consolidated Sponsored Investment Funds The consolidated statements of cash flows include the cash flows of the Consolidated Sponsored Investment Funds.
The Company uses an adjusted cash flow statement, which excludes the impact of Consolidated Sponsored Investment Funds, as a supplemental non-GAAP measure to assess liquidity and capital requirements.
The Company believes that its cash flows, excluding the impact of the Consolidated Sponsored Investment Funds, provide investors with useful information on the cash flows of BlackRock relating to its ability to fund additional operating, investing and financing activities.
BlackRock’s management does not advocate that investors consider such non-GAAP measures in isolation from, or as a substitute for, its cash flows presented in accordance with GAAP.
The following table presents a reconciliation of the consolidated statements of cash flows presented on a GAAP basis to the consolidated statements of cash flows, excluding the impact of the cash flows of Consolidated Sponsored Investment Funds:
## Table 4 ##
Sources of BlackRock’s operating cash primarily include investment advisory, administration fees and securities lending revenue, performance fees, revenue from BlackRock Solutions and advisory products and services, other revenue and distribution fees.
BlackRock uses its cash to pay all operating expense, interest and principal on borrowings, income taxes, dividends on BlackRock’s capital stock, repurchases of the Company’s stock, capital expenditures and purchases of co-investments and seed investments.
Cash flows from operating activities, excluding the impact of Consolidated Sponsored Investment Funds, primarily include the receipt of investment advisory and administration fees, securities lending revenue and other revenue offset by the payment of operating expenses incurred in the normal course of business, including yearend incentive compensation accrued for in the prior year.
sh outflows from investing activities, excluding the impact of Consolidated Sponsored Investment Funds, for 2015 were $309 million and primarily reflected $412 million of investment purchases, $221 million of purchases of property and equipment and $273 million related to certain acquisitions, partially offset by $531 million of net proceeds from sales and maturities of certain investments.
Cash outflows from financing activities, excluding the impact of Consolidated Sponsored Investment Funds, for 2015 were $2,548 million, primarily resulting from $1.3 billion of share repurchases, including $1.1 billion in open-market transactions and $231 million of employee tax withholdings related to employee stock transactions and $1.5 billion of cash dividend payments, partially offset by $126 million of proceeds from stock options and $105 million of excess tax benefits from vested stock-based compensation awards.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSFacility include covenants relating to net interest coverage and total debt-to-book capitalization ratios.
TheCompany was in compliance with the terms of the 3-Year Credit Facility at December 31, 2005.
The Company hasnever borrowed under its domestic revolving credit facilities.
Utilization of the non-U.
S.  credit facilities may also bedependent on the Company's ability to meet certain conditions at the time a borrowing is requested.
Contractual Obligations, Guarantees, and Other Purchase CommitmentsContractual ObligationsSummarized in the table below are the Company's obligations and commitments to make future paymentsunder debt obligations (assuming earliest possible exercise of put rights by holders), lease payment obligations, andpurchase obligations as of December 31, 2005.

<table><tr><td></td><td rowspan="2"> VIE Assets That the  Company Does Not Consolidate</td><td rowspan="2"> VIE Liabilities That the  Company Does Not Consolidate</td><td colspan="3">Variable Interests on the Statement of Financial Condition</td><td></td></tr><tr><td></td><td> Investments</td><td> Receivables</td><td>Other Net Assets (Liabilities)</td><td> Maximum Risk of Loss</td></tr><tr><td>CDOs</td><td>$12,891</td><td>$16,516</td><td>$11</td><td>$8</td><td>$5</td><td>$40</td></tr><tr><td>Sponsored cash management funds</td><td>7,365</td><td>—</td><td>88</td><td>—</td><td>—</td><td>188</td></tr><tr><td>Other sponsored investment funds</td><td>7,896</td><td>363</td><td>13</td><td>5</td><td>-4</td><td>18</td></tr><tr><td>Total</td><td>$28,152</td><td>$16,879</td><td>$112</td><td>$13</td><td>$1</td><td>$246</td></tr></table>
<table><tr><td></td><td colspan="3"></td><td colspan="2">Variance</td></tr><tr><td><i>(Dollar amounts in millions)</i></td><td>2012</td><td>2011</td><td>2010</td><td>2012 vs. 2011</td><td>2011 vs. 2010</td></tr><tr><td>Non-operating income (expense), GAAP basis</td><td>$-54</td><td>$-114</td><td>$23</td><td>$60</td><td>$-137</td></tr><tr><td>Less: Net income (loss) attributable to NCI<sup>(1)</sup></td><td>-18</td><td>2</td><td>-13</td><td>-20</td><td>15</td></tr><tr><td>Non-operating income (expense)<sup>(2)</sup></td><td>-36</td><td>-116</td><td>36</td><td>80</td><td>-152</td></tr><tr><td>Compensation expense related to (appreciation) depreciation on deferred compensation plans</td><td>-6</td><td>3</td><td>-11</td><td>-9</td><td>14</td></tr><tr><td>Non-operating income (expense), as adjusted<sup>(2)</sup></td><td>$-42</td><td>$-113</td><td>$25</td><td>$71</td><td>$-138</td></tr></table>
<table><tr><td></td><td colspan="3"></td><td colspan="2">Variance</td></tr><tr><td><i>(Dollar amounts in millions)</i></td><td>2012</td><td>2011</td><td>2010</td><td>2012 vs. 2011</td><td>2011 vs. 2010</td></tr><tr><td>Net gain (loss) on investments<sup>(1)</sup></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Private equity</td><td>$36</td><td>$36</td><td>$31</td><td>$—</td><td>$5</td></tr><tr><td>Real estate</td><td>14</td><td>10</td><td>17</td><td>4</td><td>-7</td></tr><tr><td>Distressed credit/mortgage funds</td><td>69</td><td>-13</td><td>66</td><td>82</td><td>-79</td></tr><tr><td>Hedge funds/funds of hedge funds</td><td>20</td><td>-5</td><td>18</td><td>25</td><td>-23</td></tr><tr><td>Other investments<sup>-2</sup></td><td>-2</td><td>1</td><td>14</td><td>-3</td><td>-13</td></tr><tr><td>Sub-total</td><td>137</td><td>29</td><td>146</td><td>108</td><td>-117</td></tr><tr><td>Investments related to deferred compensation plans</td><td>6</td><td>-3</td><td>11</td><td>9</td><td>-14</td></tr><tr><td>Total net gain (loss) on investments</td><td>143</td><td>26</td><td>157</td><td>117</td><td>-131</td></tr><tr><td>Interest and dividend income</td><td>36</td><td>34</td><td>29</td><td>2</td><td>5</td></tr><tr><td>Interest expense</td><td>-215</td><td>-176</td><td>-150</td><td>-39</td><td>-26</td></tr><tr><td>Net interest expense</td><td>-179</td><td>-142</td><td>-121</td><td>-37</td><td>-21</td></tr><tr><td>Total non-operating income (expense)<sup>(1)</sup></td><td>-36</td><td>-116</td><td>36</td><td>80</td><td>-152</td></tr><tr><td>Compensation expense related to (appreciation) depreciation on deferred compensation plans</td><td>-6</td><td>3</td><td>-11</td><td>-9</td><td>14</td></tr><tr><td>Non-operating income (expense), as adjusted<sup>(1)</sup></td><td>$-42</td><td>$-113</td><td>$25</td><td>$71</td><td>$-138</td></tr></table>
<table><tr><td>Total Investments, as adjusted, December 31, 2014</td><td>$1,904</td></tr><tr><td>Purchases/capital contributions</td><td>1,300</td></tr><tr><td>Sales/maturities</td><td>-847</td></tr><tr><td>Distributions<sup>-1</sup></td><td>-169</td></tr><tr><td>Market appreciation(depreciation)/earnings from equity method investments</td><td>24</td></tr><tr><td>Carried interest capital allocations/distributions received</td><td>15</td></tr><tr><td>Total Investments, as adjusted, December 31, 2015</td><td>$2,227</td></tr></table>
<table><tr><td>(in millions)</td><td>GAAP Basis</td><td>Impact on Cash Flows of Consolidated Sponsored Investment Funds</td><td>Cash Flows Excluding Impact of Consolidated Sponsored Investment Funds</td></tr><tr><td>Cash and cash equivalents, December 31, 2013</td><td>$4,390</td><td>$114</td><td>$4,276</td></tr><tr><td>Cash flows from operating activities</td><td>3,087</td><td>-534</td><td>3,621</td></tr><tr><td>Cash flows from investing activities</td><td>239</td><td>-174</td><td>413</td></tr><tr><td>Cash flows from financing activities</td><td>-1,861</td><td>714</td><td>-2,575</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents</td><td>-132</td><td>—</td><td>-132</td></tr><tr><td>Net change in cash and cash equivalents</td><td>1,333</td><td>6</td><td>1,327</td></tr><tr><td>Cash and cash equivalents, December 31, 2014</td><td>$5,723</td><td>$120</td><td>$5,603</td></tr><tr><td>Cash flows from operating activities</td><td>3,004</td><td>-348</td><td>3,352</td></tr><tr><td>Cash flows from investing activities</td><td>-465</td><td>-156</td><td>-309</td></tr><tr><td>Cash flows from financing activities</td><td>-2,064</td><td>484</td><td>-2,548</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents</td><td>-115</td><td>—</td><td>-115</td></tr><tr><td>Net change in cash and cash equivalents</td><td>360</td><td>-20</td><td>380</td></tr><tr><td>Cash and cash equivalents, December 31, 2015</td><td>$6,083</td><td>$100</td><td>$5,983</td></tr></table>

Question: In which year is Non-operating income (expense), GAAP basis positive?
Answer: 2010 2012 vs. 2011