environmental regulations, and the continuing advancement of remediation technology.
Taking these factors into account, Eaton has estimated the costs of remediation, which will be incurred over a period of years.
The Company accrues an amount on an undiscounted basis, consistent with the estimates of these costs, when it is probable that a liability has been incurred.
At December 31, 2012 and 2011, $125 and $62 was accrued for these costs.
Based upon Eaton's analysis and subject to the difficulty in estimating these future costs, the Company expects that any sum it may be required to pay in connection with environmental matters is not reasonably possible to exceed the recorded liability by an amount that would have a material effect on its financial position, results of operations or cash flows.
Market Risk Disclosure On a regular basis, Eaton monitors third-party depository institutions that hold its cash and short-term investments, primarily for safety of principal and secondarily for maximizing yield on those funds.
The Company diversifies its cash and shortterm investments among counterparties to minimize exposure to any one of these entities.
Eaton also monitors the creditworthiness of its customers and suppliers to mitigate any adverse impact.
Eaton uses derivative instruments to manage exposure to volatility in raw material costs, currency and interest rates on certain debt instruments.
Derivative financial instruments used by the Company are straightforward and non-leveraged.
The counterparties to these instruments are financial institutions with strong credit ratings.
Eaton maintains control over the size of positions entered into with any one counterparty and regularly monitors the credit rating of these institutions.
See Note 12 to the Consolidated Financial Statements for additional information about hedges and derivative financial instruments.
Eaton’s ability to access the commercial paper market, and the related cost of these borrowings, is based on the strength of its credit rating and overall market conditions.
The Company has not experienced any material limitations in its ability to access these sources of liquidity.
At December 31, 2012, Eaton had $2,000 of longterm revolving credit facilities with banks in support of its commercial paper program.
It has no direct borrowings outstanding under these credit facilities.
Eaton’s non-United States operations also had available short-term lines of credit of approximately $2,099 at December 31, 2012.
Interest rate risk can be measured by calculating the short-term earnings impact that would result from adverse changes in interest rates.
This exposure results from short-term debt, which includes commercial paper at a floating interest rate, longterm debt that has been swapped to floating rates, and money market investments that have not been swapped to fixed rates.
Based upon the balances of investments and floating rate debt at year end 2012, a 100 basis-point increase in short-term interest rates would have increased the Company’s net, pretax interest expense by $15.
Eaton also measures interest rate risk by estimating the net amount by which the fair value of the Company’s financial liabilities would change as a result of movements in interest rates.
Based on Eaton’s best estimate for a hypothetical, 100 basis point decrease in interest rates at December 31, 2012, the market value of the Company’s debt and interest rate swap portfolio, in aggregate, would increase by $779.
Currency risk is the risk of economic losses due to adverse changes in exchange rates.
The Company mitigates currency risk by funding some investments in certain markets through local currency financings.
Non-United States dollar debt was $148 at December 31, 2012.
To augment Eaton’s non-United States dollar debt portfolio, the Company also enters into forward exchange contracts and currency swaps from time to time to mitigate the risk of economic loss in its investments.
At December 31, 2012, the aggregate balance of such contracts was $599.
Eaton also monitors exposure to transactions denominated in currencies other than the functional currency of each country in which the Company operates, and regularly enters into forward contracts to mitigate that exposure.
In the aggregate, Eaton’s portfolio of forward contracts related to such transactions was not material to its Consolidated Financial Statements.
Contractual Obligations A summary of contractual obligations as of December 31, 2012 follows:
## Table 0 ##
(1) Long-term debt excludes deferred gains and losses on derivatives related to debt, adjustments to fair market value, and premiums and discounts on long-term debentures.
Interest expense related to long-term debt is based on the fixed interest rate, or other applicable interest rate, related to the debt instrument.
The reduction of interest expense due to interest rate swap agreements related to long-term debt is based on the difference in the fixed interest rate the Company receives from the swap, compared to the floating interest rate the Company pays on the swap.
Purchase obligations are entered into with various vendors in the normal course of business.
These amounts include commitments for purchases of raw materials, outstanding non-cancelable purchase orders, releases under blanket purchase orders and commitments under ongoing service arrangements.
Other long-term obligations principally include anticipated contributions of $303 to pension plans in 2013 and $101 of deferred compensation earned under various plans for which the participants have elected to receive disbursement at a later date.
The table above does not include future expected pension benefit payments or expected other postretirement benefits payments.
Information related to the amounts of these future payments is described in Note 6 to the Consolidated Financial Statements.
The table above also excludes the liability for unrecognized income tax benefits, since the Company cannot predict with reasonable certainty the timing of cash settlements with the respective taxing authorities.
At December 31, 2012, the gross liability for unrecognized income tax benefits totaled $280 and interest and penalties were $34.
Forward-Looking Statements This Annual Report to Shareholders contains forward-looking statements concerning Eaton's full year 2013 sales, the performance in 2013 of its worldwide end markets, and Eaton's 2013 growth in relation to end markets, among other matters.
These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to Eaton, based on current beliefs of management as well as assumptions made by, and information currently available to, management.
Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project” or other similar words, phrases or expressions.
These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside Eaton’s control.
The following factors could cause actual results to differ materially from those in the forward-looking statements: unanticipated changes in the markets for the Company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; the availability of credit to customers and suppliers; competitive pressures on sales and pricing; increases in the cost of material and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest; the impact of acquisitions and divestitures; unanticipated difficulties integrating acquisitions; new laws and governmental regulations; interest rate changes; tax rate changes or exposure to additional income tax liability; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world.
Eaton does not assume any obligation to update these forward-looking statements.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations – CNA Financial – (Continued) Net income increased $246 million in 2006 as compared with 2005.
This increase was attributable to increases in net operating income and net realized investment gains.
See the Investments section of this MD&A for further discussion of net investment income and net realized investment results.
Net operating income increased $225 million in 2006 as compared with 2005.
This improvement was primarily driven by an increase in net investment income, a decrease in net prior year development as discussed below and reduced catastrophe impacts in 2006.
Catastrophe impacts were $1 million after tax and minority interest for the year ended December 31, 2006, as compared to $15 million after tax and minority interest for the year ended December 31, 2005.
The 2005 results also included a $54 million loss, after taxes and minority interest, in the surety line of business related to a large national contractor.
Further information related to the large national contractor is included in Note 22 of the Notes to Consolidated Financial Statements included under Item 8.
The combined ratio improved 7.9 points in 2006 as compared with 2005.
The loss ratio improved 7.9 points, due to decreased net prior year development as discussed below and improved current accident year impacts.
The 2005 loss ratio was unfavorably impacted by surety losses of $110 million, before taxes and minority interest, related to a national contractor as discussed above.
Partially offsetting this favorable impact was less favorable current accident year loss ratios across several other lines of business in 2006.
Favorable net prior year development of $66 million was recorded in 2006, including $61 million of favorable claim and allocated claim adjustment expense reserve development and $5 million of favorable premium development.
Unfavorable net prior year development of $103 million, including $173 million of unfavorable claim and allocated claim adjustment expense reserve development and $70 million of favorable premium development, was recorded in 2005.
Further information on Specialty Lines Net Prior Year Development for 2006 and 2005 is included in Note 9 of the Notes to Consolidated Financial Statements included under Item 8.
Life & Group Non-Core The following table summarizes the results of operations for Life & Group Non-Core.
## Table 1 ##
2007 Compared with 2006 Net earned premiums for Life & Group Non-Core decreased $23 million in 2007 as compared with 2006.
The 2007 and 2006 net earned premiums relate primarily to the group and individual long term care businesses.
The net loss increased $131 million in 2007 as compared with 2006.
The increase in net loss was primarily due to the after tax and minority interest loss of $96 million related to the settlement of the IGI contingency.
The IGI contingency related to reinsurance arrangements with respect to personal accident insurance coverages between 1997 and 1999 which were the subject of arbitration proceedings.
CNA reached an agreement in 2007 to settle the arbitration matter for a onetime payment of $250 million, which resulted in an incurred loss, net of reinsurance, of $167 million pretax.
The decreased net investment income included a decline of net investment income in the trading portfolio of $82 million, a significant portion of which was offset by a corresponding decrease in the policyholders’ funds reserves supported by the trading portfolio.
The trading portfolio supports our pension deposit business, which experienced a decline in net results of $29 million in 2007 compared to 2006.
See the Investments section of this MD&A for further discussion of net investment income and net realized investment results.
MetLife, Inc.  Notes to the Consolidated Financial Statements — (Continued) 6.
Reinsurance (continued) The amounts in the consolidated balance sheets include the impact of reinsurance.
Information regarding the significant effects of reinsurance was as follows at:
## Table 2 ##
Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting.
The deposit assets on reinsurance were $2.3 billion at both December 31, 2014 and 2013.
The deposit liabilities on reinsurance were $35 million and $37 million at December 31, 2014 and 2013, respectively.7.
Closed Block On April 7, 2000 (the “Demutualization Date”), MLIC converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc.
The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”).
On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC.
Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes.
At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales.
Dividend scales are adjusted periodically to give effect to changes in experience.
The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block.
To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued.
Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders.
If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block.
The closed block will continue in effect as long as any policy in the closed block remains in-force.
The expected life of the closed block is over 100 years.
The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date.
However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below.
The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations attributed to the closed block after income taxes.
Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force.
Management believes that over time the actual cumulative earnings of the closed block will approximately equal the expected cumulative earnings due to the effect of dividend changes.
If, over the period the closed block remains in
Mondavi produces, markets and sells premium, super-premium and fine California wines under the Woodbridge by Robert Mondavi, Robert Mondavi Private Selection and Robert Mondavi Winery brand names.
Woodbridge and Robert Mondavi Private Selection are the leading premium and super-premium wine brands by volume, respectively, in the United States.
The acquisition of Robert Mondavi supports the Company’s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the premium, super-premium and fine wine categories.
The Company believes that the acquired Robert Mondavi brand names have strong brand recognition globally.
The vast majority of Robert Mondavi’s sales are generated in the United States.
The Company intends to leverage the Robert Mondavi brands in the United States through its selling, marketing and distribution infrastructure.
The Company also intends to further expand distribution for the Robert Mondavi brands in Europe through its Constellation Europe infrastructure.
The Company and Robert Mondavi have complementary businesses that share a common growth orientation and operating philosophy.
The Robert Mondavi acquisition provides the Company with a greater presence in the fine wine sector within the United States and the ability to capitalize on the broader geographic distribution in strategic international markets.
The Robert Mondavi acquisition supports the Company’s strategy of growth and breadth across categories and geographies, and strengthens its competitive position in its core markets.
In particular, the Company believes there are growth opportunities for premium, super-premium and fine wines in the United Kingdom, United States and other wine markets.
Total consideration paid in cash to the Robert Mondavi shareholders was $1,030.7 million.
Additionally, the Company expects to incur direct acquisition costs of $11.2 million.
The purchase price was financed with borrowings under the Company’s 2004 Credit Agreement (as defined in Note 9).
In accordance with the purchase method of accounting, the acquired net assets are recorded at fair value at the date of acquisition.
The purchase price was based primarily on the estimated future operating results of Robert Mondavi, including the factors described above, as well as an estimated benefit from operating cost synergies.
The results of operations of the Robert Mondavi business are reported in the Constellation Wines segment and have been included in the Consolidated Statement of Income since the acquisition date.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the Robert Mondavi acquisition at the date of acquisition.
The Company is in the process of obtaining third-party valuations of certain assets and liabilities, and refining its restructuring plan which is under development and will be finalized during the Company’s year ending February 28, 2006 (see Note19).
Accordingly, the allocation of the purchase price is subject to refinement.
Estimated fair values at December 22, 2004, are as follows:

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2013	2014to2015	2016to2017	After2017	Total
Long-term debt-1	$314	$1,576	$1,812	$6,084	$9,786
Interest expense related to long-term debt	371	683	607	2,653	4,314
Reduction of interest expense from interest rate swapagreements related to long-term debt	-34	-54	-35	-69	-192
Operating leases	174	238	132	85	629
Purchase obligations	849	95	78	86	1,108
Other long-term obligations	309	12	13	74	408
Total	$1,983	$2,550	$2,607	$8,913	$16,053

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Year Ended December 31	2007	2006	2005
(In millions)
Net earned premiums	$618	$641	$704
Net investment income	622	698	593
Net operating loss	-141	-13	-46
Net realized investment losses	-33	-30	-18
Net loss	-174	-43	-64

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December 31,
2014	2013
Direct	Assumed	Ceded	TotalBalanceSheet	Direct	Assumed	Ceded	TotalBalanceSheet
(In millions)
Assets
Premiums, reinsurance and other receivables	$6,111	$491	$15,642	$22,244	$6,248	$593	$15,018	$21,859
Deferred policy acquisition costs and value of business acquired	24,807	112	-477	24,442	26,954	104	-352	26,706
Total assets	$30,918	$603	$15,165	$46,686	$33,202	$697	$14,666	$48,565
Liabilities
Future policy benefits	$187,562	$2,024	$—	$189,586	$185,908	$2,034	$—	$187,942
Policyholder account balances	208,307	989	-2	209,294	211,610	1,277	-2	212,885
Other policy-related balances	14,131	285	6	14,422	14,838	353	23	15,214
Other liabilities	20,752	481	3,204	24,437	19,591	533	3,044	23,168
Total liabilities	$430,752	$3,779	$3,208	$437,739	$431,947	$4,197	$3,065	$439,209

']

Question: If Total assets for Assumed develops with the same growth rate in 2014, what will it reach in 2015? (in million)
Answer: 521.67719