Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) 1.
Nature of Operations and Significant Accounting Policies — (continued) If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are not deferred.
All acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred.
In addition, the existing DPAC, sales inducement, or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract.
Long-Term Debt Long-term debt includes notes payable, nonrecourse mortgages and other debt with a maturity date greater than one year at the date of issuance.
Current maturities of long term debt are classified as long-term debt in our statement of financial position.
Reinsurance We enter into reinsurance agreements with other companies in the normal course of business.
We may assume reinsurance from or cede reinsurance to other companies.
Assets and liabilities related to reinsurance ceded are reported on a gross basis.
Premiums and expenses are reported net of reinsurance ceded.
We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed.
At December 31, 2007, 2006 and 2005, respectively, we had reinsured $19.9 billion, $21.7 billion and $21.2 billion of life insurance in force, representing 11%, 13%, and 14%, respectively, of total net life insurance in force through a single third-party reinsurer.
To minimize the possibility of losses, we regularly evaluate the financial condition of our reinsurers and monitor concentrations of credit risk.
The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows:
## Table 0 ##
Separate Accounts The separate account assets presented in the consolidated financial statements represent the fair market value of funds that are separately administered by us for contracts with equity, real estate and fixed income investments.
The separate account contract owner, rather than us, bears the investment risk of these funds.
The separate account assets are legally segregated and are not subject to claims that arise out of any of our other business.
We receive fees for mortality, withdrawal, and expense risks, as well as administrative, maintenance and investment advisory services, that are included in the consolidated statements of operations.
Net deposits, net investment income and realized and unrealized capital gains and losses on the separate accounts are not reflected in the consolidated statements of operations.
At December 31, 2007 and 2006, the separate accounts include a separate account valued at $748.5 million and $768.4 million, respectively, which primarily includes shares of our stock that were allocated and issued to eligible participants of qualified employee benefit plans administered by us as part of the policy credits issued under our 2001 demutualization.
These shares are included in both basic and diluted earnings per share calculations.
The separate account shares are recorded at fair value and are reported as separate account assets in the consolidated statements of financial position.
Separate account liabilities in the consolidated statements of financial position are reported at the fair value of the underlying assets.
Changes in fair value of the separate account shares are reflected in both the separate account assets and separate account liabilities and do not impact our results of operations.
Real Estate Real estate consists primarily of commercial equity real estate.
As of December 31, 2009 and 2008, the carrying amount of our equity real estate investment was $1,022.2 million, or 2%, and $915.2 million, or 1%, of U. S.  invested assets, respectively.
Our commercial equity real estate is held in the form of wholly owned real estate, real estate acquired upon foreclosure of commercial mortgage loans and majority owned interests in real estate joint ventures.
Equity real estate is categorized as either ‘‘real estate held for investment’’ or ‘‘real estate held for sale.
’’ Real estate held for investment totaled $998.4 million and $779.8 million as of December 31, 2009 and 2008, respectively.
The carrying value of real estate held for investment is generally adjusted for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.
Such impairment adjustments are recorded as net realized losses and, accordingly, are reflected in our consolidated results of operations.
For the years ended December 31, 2009 and 2008, there were no such impairment adjustments.
The carrying amount of real estate held for sale as of December 31, 2009, was $23.8 million.
There were no valuation allowances as of December 31, 2009.
The carrying amount of real estate held for sale as of December 31, 2008, was $135.4 million, net of valuation allowance of $3.5 million.
Once we identify a real estate property to be sold and commence a plan for marketing the property, we classify the property as held for sale.
We establish a valuation allowance subject to periodic revisions, if necessary, to adjust the carrying value of the property to reflect the lower of its current carrying value or the fair value, less associated selling costs.
We use research, both internal and external, to recommend appropriate product and geographic allocations and changes to the equity real estate portfolio.
We monitor product, geographic and industry diversification separately and together to determine the most appropriate mix.
Equity real estate is distributed across geographic regions of the country with larger concentrations in the South Atlantic and West South Central regions of the United States as of December 31, 2009.
By property type, there is a concentration in office and industrial site buildings that represented approximately 57% of the equity real estate portfolio as of December 31, 2009.
Other Investments Our other investments totaled $1,480.2 million as of December 31, 2009, compared to $2,162.4 million as of December 31, 2008.
Derivative assets accounted for $1,212.7 million and $1,873.2 million in other investments as of December 31, 2009 and 2008, respectively.
The remaining invested assets include equity method investments, which include properties owned jointly with venture partners and operated by the partners.
International Investment Operations Of our invested assets, $4.4 billion were held by our International Asset Management and Accumulation segment as of December 31, 2009.
Our international investment operations consist of the investments of Principal International.
The assets are managed by either our Global Asset Management segment or by the local Principal International affiliate.
Due to the regulatory constraints in each country, each company maintains its own investment policies.
As shown in the following table, the major categories of international invested assets as of December 31, 2009 and 2008, were fixed maturity securities, other investments and residential mortgage loans.
The following table excludes invested assets of the separate accounts.
## Table 1 ##
Investments in equity method subsidiaries and direct financing leases accounted for $578.7 million and $373.3 million, respectively, of other investments as of December 31, 2009.
Investments in equity method subsidiaries and direct financing leases accounted for $377.2 million and $265.4 million, respectively, of other investments as of December 31, 2008.
The remaining other investments as of both December 31, 2009 and 2008, are primarily related to derivative assets and other short-term investments.
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) December 31, 2012 9.
Debt — (continued) Long-Term Debt The components of long-term debt were as follows:
## Table 2 ##
The amounts included above are net of the discount and premium associated with issuing these notes, which are being amortized to expense over their respective terms using the interest method.
On November 16, 2012, we issued $900.0 million of senior notes.
We issued a $300.0 million series of notes that bear interest at 1.85% and will mature in 2017, a $300.0 million series of notes that bear interest at 3.125% and will mature in 2023 and a $300.0 million series of notes that bear interest at 4.35% and will mature in 2043.
Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2013.
The proceeds will be used to fund our acquisition of AFP Cuprum S. A.
On September 5, 2012, we issued $600.0 million of senior notes.
We issued a $300.0 million series of notes that bear interest at 3.3% and will mature in 2022 and a $300.0 million series of notes that bear interest at 4.625% and will mature in 2042.
Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on March 15, 2013.
The proceeds were used for the repayment of the $400.0 million aggregate principal amount of notes due in 2014 and will be used to partially fund our acquisition of AFP Cuprum S. A.
We incurred a one-time cost to extinguish this debt before the scheduled maturity date.
On November 3, 2010, Principal International de Chile S. A. , a wholly owned indirect subsidiary, entered into a long-term borrowing agreement with Banco de Chile in the amount of US $98.9 million.
This debt is denominated in Unidades de Formento (‘‘UF’’), a Chilean inflation-indexed, peso-denominated monetary unit.
The note bears interest at UF +3.76% and will mature on November 3, 2015.
Interest on the note is payable semi-annually on May 3 and November 3 each year.
This borrowing agreement consolidated and modified the terms of US $93.9 million of notes with two Chilean banks that were scheduled to mature on November 3, 2011.
The debt outstanding and interest expense will vary due to fluctuations in the Chilean peso to US dollar exchange rates and Chilean inflation.
On May 18, 2009, we issued $750.0 million of senior notes.
We issued a $400.0 million series of notes that bear interest at 7.875% and were to mature on May 15, 2014, and a $350.0 million series of notes that bear interest at 8.875% and will mature on May 15, 2019.
Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2009.
The proceeds were primarily used to refinance $440.9 million of notes that matured on August 15, 2009, with the remaining proceeds being used for general corporate purposes.
On October 16 and December 5, 2006, we issued $500.0 million and $100.0 million, respectively, of senior notes.
The notes bear interest at a rate of 6.05% per year.
Interest on the notes is payable semi-annually on April 15 and October 15 each year and began on April 15, 2007.
The notes will mature on October 15, 2036.
A portion of the proceeds were used to fund the 2006 acquisition of WM Advisors, Inc. , with the remaining proceeds being used for general corporate purposes.
On March 10, 1994, Principal Life issued $100.0 million of surplus notes due March 1, 2044, at an 8% annual interest rate.
None of our affiliates hold any portion of the notes.
Each payment of interest and principal on the notes, however, may be made only with the prior approval of the Commissioner of Insurance of the State of Iowa (the ‘‘Commissioner’’) and only to the extent that Principal Life has sufficient surplus earnings to make such payments.
Interest of $8.0 million
Standardized Maintenance Based on an industry trade publication, we operate the eighth largest vocational fleet in the United States.
As of December 31, 2014, our average fleet age in years, by line of business, was as follows:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">For the year ended December 31,</td></tr><tr><td></td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Premiums and other considerations:</td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>$4,751.3</td><td>$4,468.8</td><td>$4,214.6</td></tr><tr><td>Assumed</td><td>160.0</td><td>117.3</td><td>56.6</td></tr><tr><td>Ceded</td><td>-277.2</td><td>-280.8</td><td>-296.2</td></tr><tr><td>Net premiums and other considerations</td><td>$4,634.1</td><td>$4,305.3</td><td>$3,975.0</td></tr><tr><td>Benefits, claims and settlement expenses:</td><td></td><td></td><td></td></tr><tr><td>Direct</td><td>$6,489.7</td><td>$5,871.3</td><td>$5,472.3</td></tr><tr><td>Assumed</td><td>190.4</td><td>141.8</td><td>77.0</td></tr><tr><td>Ceded</td><td>-244.8</td><td>-320.7</td><td>-266.4</td></tr><tr><td>Net benefits, claims and settlement expenses</td><td>$6,435.3</td><td>$5,692.4</td><td>$5,282.9</td></tr></table>
<table><tr><td> </td><td colspan="2">December 31, 2009</td><td colspan="2"> December 31, 2008</td></tr><tr><td> </td><td> Carrying amount</td><td>% of total</td><td> Carrying amount</td><td> % of total</td></tr><tr><td> </td><td colspan="4"><i>($ in millions)</i> </td></tr><tr><td>Fixed maturity securities — Public</td><td>$2,767.1</td><td>62%</td><td>$2,134.2</td><td>64%</td></tr><tr><td>Equity securities</td><td>46.7</td><td>1</td><td>40.8</td><td>1</td></tr><tr><td>Mortgage loans — Residential</td><td>595.1</td><td>14</td><td>479.9</td><td>14</td></tr><tr><td>Real estate</td><td>12.4</td><td>—</td><td>4.2</td><td>—</td></tr><tr><td>Policy loans</td><td>21.2</td><td>1</td><td>15.0</td><td>1</td></tr><tr><td>Other investments</td><td>985.1</td><td>22</td><td>654.2</td><td>20</td></tr><tr><td>Total invested assets</td><td>4,427.6</td><td>100%</td><td>3,328.3</td><td>100%</td></tr><tr><td>Cash and cash equivalents</td><td>48.1</td><td></td><td>71.0</td><td></td></tr><tr><td>Total invested assets and cash</td><td>$4,475.7</td><td></td><td>$3,399.3</td><td></td></tr></table>
<table><tr><td> </td><td colspan="2"> December 31,</td></tr><tr><td> </td><td> 2012</td><td> 2011</td></tr><tr><td> </td><td colspan="2"><i>(in millions)</i> </td></tr><tr><td>7.875% notes payable, due 2014</td><td>$—</td><td>$400.0</td></tr><tr><td>3.76% notes payable, due 2015</td><td>92.7</td><td>89.8</td></tr><tr><td>1.85% notes payable, due 2017</td><td>299.7</td><td>—</td></tr><tr><td>8.875% notes payable, due 2019</td><td>350.0</td><td>350.0</td></tr><tr><td>3.3% notes payable, due 2022</td><td>298.9</td><td>—</td></tr><tr><td>3.125% notes payable, due 2023</td><td>299.6</td><td>—</td></tr><tr><td>6.05% notes payable, due 2036</td><td>601.7</td><td>601.7</td></tr><tr><td>4.625% notes payable, due 2042</td><td>299.5</td><td>—</td></tr><tr><td>4.35% notes payable, due 2043</td><td>299.2</td><td>—</td></tr><tr><td>8.0% surplus notes payable, due 2044</td><td>99.3</td><td>99.3</td></tr><tr><td>Non-recourse mortgages and notes payable</td><td>30.7</td><td>24.0</td></tr><tr><td>Total long-term debt</td><td>$2,671.3</td><td>$1,564.8</td></tr></table>

Question: The total amount of which section ranks first? (in million)
Answer: 4475.7