Comparison of Cumulative Return Among LKQ Corporation, the NASDAQ Stock Market (U. S. ) Index and the Peer Group
## Table 0 ##
This stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to Rule 14A, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing, except to the extent that it specifically incorporates the information by reference.
Information about our common stock that may be issued under our equity compensation plans as of December 31, 2012 included in Part III, Item 12 of this Annual Report on Form 10-K is incorporated herein by reference.
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) December 31, 2012 5.
Derivative Financial Instruments — (continued) the market value of these instruments, which includes mark-to-market gains and losses as well as periodic and final settlements, primarily flow directly into net realized capital gains (losses) on the consolidated statements of operations.
Gains and losses on certain derivatives used in relation to certain trading portfolios are reported in net investment income on the consolidated statements of operations.
The following table shows the effect of derivatives not designated as hedging instruments, including fair value changes of embedded derivatives that have been bifurcated from the host contract, on the consolidated statements of operations.
## Table 1 ##
6.
Closed Block In connection with the 1998 MIHC formation, Principal Life formed a Closed Block to provide reasonable assurance to policyholders included therein that, after the formation of the MIHC, assets would be available to maintain dividends in aggregate in accordance with the 1997 policy dividend scales, if the experience underlying such scales continued.
Assets of Principal Life were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from policies and contracts included in the Closed Block, were expected to be sufficient to support the Closed Block policies, including, but not limited to, provisions for payment of claims, certain expenses, charges and taxes, and to provide for continuation of policy and contract dividends in aggregate in accordance with the 1997 dividend scales, if the experience underlying such scales continues, and to allow for appropriate adjustments in such scales, if such experience changes.
Due to adjustable life policies being included in the Closed Block, the Closed Block is charged with amounts necessary to properly fund for certain adjustments, such as face amount and premium increases, that are made to these policies after the Closed Block inception date.
These amounts are referred to as Funding Adjustment Charges and are treated as capital transfers from the Closed Block.
Assets allocated to the Closed Block inure solely to the benefit of the holders of policies included in the Closed Block.
Closed Block assets and liabilities are carried on the same basis as other similar assets and liabilities.
Principal Life will continue to pay guaranteed benefits under all policies, including the policies within the Closed Block, in accordance with their terms.
If the assets allocated to the Closed Block, the investment cash flows from those assets and the revenues from the policies included in the Closed Block, including investment income thereon, prove to be insufficient to pay the benefits guaranteed under the policies included in the Closed Block, Principal Life will be required to make such payments from their general funds.
No additional policies were added to the Closed Block, nor was the Closed Block affected in any other way, as a result of the demutualization.
A policyholder dividend obligation (‘‘PDO’’) is required to be established for earnings in the Closed Block that are not available to stockholders.
A model of the Closed Block was established to produce the pattern of expected earnings in the Closed Block, adjusted to eliminate the impact of related amounts in AOCI.
If actual cumulative earnings of the Closed Block are greater than the expected cumulative earnings of the Closed Block, only the expected cumulative earnings will be recognized in income with the excess recorded as a PDO.
This PDO represents undistributed accumulated earnings that will be paid to Closed Block policyholders as additional policyholder dividends unless offset by future performance of the Closed Block that is less favorable than originally expected.
If actual cumulative performance is less favorable than expected, only actual earnings will be recognized in income.
At December 31, 2012 and 2011, cumulative actual earnings have been less than cumulative expected earnings.
However, cumulative net unrealized gains were greater than expected, resulting in the recognition of a PDO of $131.0 million and $3.1 million as of December 31, 2012 and 2011, respectively.
outlook for the performance of loans originated in 2005 and earlier relative to loans originated in 2006 through 2008.
For loans originated prior to 2006, underwriting assumptions were more conservative regarding required debt service coverage and loan-to-value ratios.
For the 2006 through 2008 vintages, real estate values peaked and the underwriting expectations were that values would continue to increase, which makes those loan values more sensitive to market declines.
The 2009 through 2012 vintages represent a return to debt service coverage ratios and loan-to-value ratios that more closely resemble loans originated prior to 2006.
We purchase ABS to diversify the overall credit risks of the fixed maturities portfolio and to provide attractive returns.
The principal risks in holding ABS are structural and credit risks.
Structural risks include the security’s priority in the issuer’s capital structure, the adequacy of and ability to realize proceeds from the collateral and the potential for prepayments.
Credit risks involve issuer/servicer risk where collateral values can become impaired in the event of servicer credit deterioration.
Our ABS portfolio is diversified both by type of asset and by issuer.
We actively monitor holdings of ABS to ensure that the risk profile of each security improves or remains consistent.
Prepayments in the ABS portfolio are, in general, insensitive to changes in interest rates or are insulated from such changes by call protection features.
In the event that we are subject to prepayment risk, we monitor the factors that impact the level of prepayment and prepayment speed for those ABS.
In addition, we diversify the risks of ABS by holding a diverse class of securities, which limits our exposure to any one security.
The international exposure held in our U. S.  operation’s fixed maturities portfolio was 27% of total fixed maturities as of December 31, 2012, and 26% as of December 31, 2011.
It is comprised of corporate and foreign government fixed maturities.
The following table presents the carrying amount of our international exposure for our U. S.  operation’s fixed maturities portfolio for the periods indicated.
## Table 2 ##
(1) Includes exposure from 13 countries as of December 31, 2012 and 14 countries as of December 31, 2011.  International fixed maturities are determined by the country of domicile of the parent entity of an individual asset.
All international fixed maturities held by our U. S.  operations are either denominated in U. S.  dollars or have been swapped into U. S.  dollar equivalents.
Our international investments are analyzed internally by country and industry credit investment professionals.
We control concentrations using issuer and country level exposure benchmarks, which are based on the credit quality of the issuer and the country.
Our investment policy limits total international fixed maturities investments and we are within those internal limits.
Exposure to Canada is not included in our international exposure.
As of December 31, 2012 and December 31, 2011, our investments in Canada totaled $1,819.0 million and $1,749.1 million, respectively.
Economic and fiscal conditions in select European countries, including Greece, Ireland, Italy, Portugal and Spain, continue to cause credit concerns particularly to financial institutions and banks with exposure to the European periphery region.
Our exposure to the region within our U. S.  investment operations fixed maturities portfolio is modest and manageable, representing 2.2% and 2.4% of total fixed maturities as of December 31, 2012 and December 31, 2011, respectively.
Additionally, we did not hold any sovereign debt issuances of the selected countries and had not bought or sold credit protection on sovereign issuances as of December 31, 2012 and December 31, 2011.
The fixed maturities within our U. S.  operations portfolio with exposure to the region are primarily corporate credit issuances of large multinational companies where the majority of revenues are coming from outside the country where the parent company is domiciled.
Our experience indicates multinational companies have demonstrated better market price performance and credit ratings stability.
As of December 31, 2012, 93% of our total portfolio exposure consists of investment grade bonds with an average price of 104 (carrying value/amortized cost) and a weighted average time to maturity of 5 years.
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) December 31, 2012 1.
Nature of Operations and Significant Accounting Policies — (continued) Consolidated Statements of Operations
## Table 3 ##
For the year ended December 31, 2010
## Table 4 ##
(1) In the second quarter of 2011, we made various routine adjustments to our model and assumptions in our individual life insurance business.
When we updated our actuarial models for the Reinsurance Accounting Change, several of the components of our integrated insurance accounting model were impacted, resulting in changes to various balance sheet and income statement line items.
While the same model and assumptions were used to derive both the ‘‘as originally reported’’ and ‘‘as adjusted’’ balances, the financial statement impacts of the model and assumption changes upon adjustment were different than previously reported because of changes to the pattern of EGPs caused by the application of our Reinsurance Accounting Change.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>12/31/2007</td><td>12/31/2008</td><td>12/31/2009</td><td>12/31/2010</td><td>12/31/2011</td><td>12/31/2012</td></tr><tr><td>LKQ Corporation</td><td>$100</td><td>$55</td><td>$93</td><td>$108</td><td>$143</td><td>$201</td></tr><tr><td>NASDAQ Stock Market (U.S.) Index</td><td>$100</td><td>$59</td><td>$86</td><td>$100</td><td>$98</td><td>$114</td></tr><tr><td>Peer Group</td><td>$100</td><td>$83</td><td>$100</td><td>$139</td><td>$187</td><td>$210</td></tr></table>
<table><tr><td> </td><td colspan="3">Amount of gain (loss) recognized in net income on derivatives for the year ended December 31,</td></tr><tr><td> Derivatives not designated as hedging instruments</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td> </td><td colspan="3">(in millions)</td></tr><tr><td>Interest rate contracts</td><td>$-7.9</td><td>$93.3</td><td>$24.8</td></tr><tr><td>Foreign exchange contracts</td><td>63.1</td><td>-34.1</td><td>-73.5</td></tr><tr><td>Equity contracts</td><td>-100.5</td><td>55.2</td><td>-24.0</td></tr><tr><td>Credit contracts</td><td>11.0</td><td>-9.9</td><td>5.1</td></tr><tr><td>Other contracts</td><td>37.3</td><td>-200.4</td><td>-8.8</td></tr><tr><td>Total</td><td>$3.0</td><td>$-95.9</td><td>$-76.4</td></tr></table>
<table><tr><td> </td><td> December 31, 2012</td><td> December 31, 2011</td></tr><tr><td> </td><td colspan="2"><i>(in millions)</i> </td></tr><tr><td>European Union</td><td>$4,415.8</td><td>$4,132.1</td></tr><tr><td>United Kingdom</td><td>2,663.6</td><td>2,329.5</td></tr><tr><td>Australia/New Zealand</td><td>1,383.8</td><td>1,490.1</td></tr><tr><td>Asia-Pacific</td><td>1,369.0</td><td>1,172.3</td></tr><tr><td>Latin America</td><td>844.2</td><td>868.8</td></tr><tr><td>Other countries -1</td><td>2,047.6</td><td>2,139.8</td></tr><tr><td>Total</td><td>$12,724.0</td><td>$12,132.6</td></tr></table>
<table><tr><td> </td><td colspan="5">For the year ended December 31, 2011</td></tr><tr><td> </td><td> </td><td> </td><td></td><td colspan="2">Change attributed to</td></tr><tr><td> </td><td> As adjusted</td><td> As originally reported</td><td>Effect of change</td><td>DPAC Guidance</td><td>Reinsurance Accounting Change -1</td></tr><tr><td> </td><td colspan="5">(in millions, except per share data)</td></tr><tr><td> Revenue</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fees and other revenues</td><td>$2,526.7</td><td>$2,565.1</td><td>$-38.4</td><td>$0.7</td><td>$-39.1</td></tr><tr><td>Net investment income</td><td>3,375.3</td><td>3,375.8</td><td>-0.5</td><td>-0.5</td><td>—</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Benefits, claims and settlement expenses</td><td>4,616.6</td><td>4,454.1</td><td>162.5</td><td>-0.1</td><td>162.6</td></tr><tr><td>Operating expenses</td><td>2,950.8</td><td>3,057.7</td><td>-106.9</td><td>14.8</td><td>-121.7</td></tr><tr><td>Income before income taxes</td><td>893.1</td><td>987.6</td><td>-94.5</td><td>-14.5</td><td>-80.0</td></tr><tr><td>Income taxes</td><td>204.2</td><td>236.4</td><td>-32.2</td><td>-4.2</td><td>-28.0</td></tr><tr><td>Net income</td><td>$688.9</td><td>$751.2</td><td>$-62.3</td><td>$-10.3</td><td>$-52.0</td></tr><tr><td>Net income available to common stockholders</td><td>$619.7</td><td>$682.0</td><td>$-62.3</td><td>$-10.3</td><td>$-52.0</td></tr><tr><td> Earnings per common share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic earnings per common share</td><td>$1.97</td><td>$2.17</td><td>$-0.20</td><td>$-0.03</td><td>$-0.17</td></tr><tr><td>Diluted earnings per common share</td><td>$1.95</td><td>$2.15</td><td>$-0.20</td><td>$-0.03</td><td>$-0.17</td></tr></table>
<table><tr><td> </td><td colspan="5">For the year ended December 31, 2010</td></tr><tr><td> </td><td> </td><td> </td><td></td><td colspan="2">Change attributed to</td></tr><tr><td> </td><td> As adjusted</td><td> As originally reported</td><td>Effect of change</td><td>DPAC Guidance</td><td>Reinsurance Accounting Change</td></tr><tr><td> </td><td colspan="5">(in millions, except per share data)</td></tr><tr><td> Revenue</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fees and other revenues</td><td>$2,337.1</td><td>$2,298.1</td><td>$39.0</td><td>$1.8</td><td>$37.2</td></tr><tr><td>Net investment income</td><td>3,495.8</td><td>3,496.5</td><td>-0.7</td><td>-0.7</td><td>—</td></tr><tr><td>Net realized capital gains, excluding impairment losses on available-for-sale securities</td><td>50.0</td><td>48.7</td><td>1.3</td><td>1.3</td><td>—</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Benefits, claims and settlement expenses</td><td>5,204.3</td><td>5,338.4</td><td>-134.1</td><td>0.1</td><td>-134.2</td></tr><tr><td>Operating expenses</td><td>2,988.3</td><td>2,759.0</td><td>229.3</td><td>118.7</td><td>110.6</td></tr><tr><td>Income before income taxes</td><td>785.7</td><td>841.3</td><td>-55.6</td><td>-116.4</td><td>60.8</td></tr><tr><td>Income taxes</td><td>104.9</td><td>124.1</td><td>-19.2</td><td>-40.5</td><td>21.3</td></tr><tr><td>Net income</td><td>$680.8</td><td>$717.2</td><td>$-36.4</td><td>$-75.9</td><td>$39.5</td></tr><tr><td>Net income available to common stockholders</td><td>$629.9</td><td>$666.3</td><td>$-36.4</td><td>$-75.9</td><td>$39.5</td></tr><tr><td> Earnings per common share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Basic earnings per common share</td><td>$1.97</td><td>$2.08</td><td>$-0.11</td><td>$-0.24</td><td>$0.13</td></tr><tr><td>Diluted earnings per common share</td><td>$1.95</td><td>$2.06</td><td>$-0.11</td><td>$-0.23</td><td>$0.12</td></tr></table>

Question: In the section with largest amount of Fees and other revenues, what's the sum of Expenses? (in million)
Answer: 8192.6
Reasoning program: add(5204.3,2988.3)