Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Company’s consolidated financial statements.
These temporary differences result in taxable or deductible amounts in future years.
The components of deferred income tax assets and liabilities are shown below:
## Table 0 ##
(1) Certain line items on the consolidated statement of financial condition, including deferred tax assets and deferred tax liabilities, have been retrospectively adjusted as of December 31, 2009 to reflect new information obtained about facts that existed as of December 1, 2009, the BGI acquisition date.
Deferred income tax assets and liabilities are recorded net when related to the same tax jurisdiction.
At December 31, 2010, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $10 million and $5,477 million, respectively.
At December 31, 2009, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $21 million and $5,571 million, respectively.
The United Kingdom in the third quarter of 2010 and New York City in the third quarter of 2009 enacted legislation reducing corporate income tax rates, which resulted in a revaluation of certain net deferred income tax liabilities primarily related to acquired intangible assets, which resulted in a $30 million and a $45 million tax benefit, respectively.
The Company had a deferred income tax asset related to unrealized investment losses of approximately $108 million and $155 million as of December 31, 2010 and 2009, respectively, reflecting the Company’s conclusion that based on the weight of available evidence, it is more likely than not that the deferred tax asset will be realized.
During 2008, the Company incurred investment losses of $573 million primarily related to unrealized losses on investments.
Substantially all of the investment losses relate to investments held by subsidiaries in the United States.
After the allocation of net loss attributable to non-controlling interests of $155 million, the net loss on investments was $418 million.
A portion of the net loss is expected to be ordinary if recognized and, as result, will not be subject to any limitations.
Realized capital losses may be carried back three years and carried forward five years and offset against realized capital gains for federal income tax purposes.
The Company expects to be able to carry back a portion of its unrealized capital losses when realized, hold certain fixed income securities over a period sufficient for them to recover their unrealized losses, and to generate future capital gains sufficient to offset the unrealized capital losses.
At December 31, 2010 and 2009, the Company had available state net operating loss carryforwards of $182 million and $568 million, respectively, which will expire on or before 2032.
As of December 31, 2010, the Company had a foreign net operating loss carryforwards of $84 million of which $42 million expires on or before 2017 and the balance will carry forward indefinitely.
In addition, at December 31, 2010 and 2009, the Company had U. S.  capital loss carryforwards of $90 million which were acquired in the BGI Transaction and will expire on or before 2013.
At December 31, 2010 and 2009, the Company had $78 million and $71 million of valuation allowances for deferred income tax assets, respectively, recorded on the consolidated statements of financial condition.
The year over year increase in the valuation allowance primarily related to certain foreign deferred income tax assets.
Goodwill recorded in connection with the Quellos Transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill.
See Note 11, Goodwill, for further discussion.
Current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction.
As of December 31, 2010, the Company had current income taxes receivable and payable of $57 million and $157 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively.
As of December 31, 2009, the Company had current income taxes receivable and payable of $292 million and $86 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively.
The Company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration.
The excess totaled $1,297 million and $778 million as of December 31, 2010 and 2009, respectively.
The determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation.
3.
Investments (continued) December 31, 2012, $88 million of these investments mature in one year or less, $10 million mature after one year through five years, and $14 million mature after 10 years.
Trading Investments A summary of the cost and carrying value of trading investments is as follows:
## Table 1 ##
At December 31, 2012, trading investments included $73 million of equity securities and $50 million of debt securities held by consolidated sponsored investment funds, $53 million of certain deferred compensation plan mutual fund investments and $94 million of equity and debt securities held in separate investment accounts for the purpose of establishing an investment history in various investment strategies before being marketed to investors.
Other Investments A summary of the cost and carrying value of other investments is as follows:
## Table 2 ##
Consolidated sponsored investment funds include thirdparty private equity funds, direct investments in private companies and third-party hedge funds held by BlackRock sponsored investment funds.
Equity method investments primarily include BlackRock’s direct investment in certain BlackRock sponsored investment funds.
Cost method investments include non-marketable securities, including Federal Reserve Bank (“FRB”) stock, which is held for regulatory purposes and is restricted from sale.
At December 31, 2012 and 2011, there were no indicators of impairment on these investments.
The decrease in cost method investments from December 31, 2011 was primarily due to a lower holding requirement of FRB stock held by a wholly owned subsidiary of the Company.
Carried interest represents allocations to BlackRock general partner capital accounts for certain funds.
These balances are subject to change upon cash distributions, additional allocations, or reallocations back to limited partners within the respective funds.
The following discussion summarizes the significant changes in assets and liabilities on a GAAP basis.
Please see the consolidated statements of financial condition as of December 31, 2016 and 2015 contained in Part II, Item 8 of this filing.
The discussion does not include changes related to assets and liabilities that are equal and offsetting and have no impact on BlackRock’s stockholders’ equity.
Assets.
Cash and cash equivalents at December 31, 2016 and 2015 included $53 million and $100 million, respectively, of cash held by consolidated VREs (see Liquidity and Capital Resources for details on the change in cash and cash equivalents during 2016).
Accounts receivable at December 31, 2016 increased $113 million from December 31, 2015 primarily due to higher alternative products and BlackRock Solutions receivables and an increase in unit trust receivables (substantially offset by an increase in unit trust payables recorded within accounts payable and accrued liabilities), partially offset by lower securities lending receivables.
Investments were $1,595 million at December 31, 2016 (for more information see Investments herein).
Goodwill and intangible assets decreased $14 million from December 31, 2015, primarily due to $99 million of amortization of intangible assets, partially offset by intangible assets and goodwill acquired from the BofA Global Capital Management transaction.
Other assets (including property and equipment) increased $188 million from December 31, 2015, primarily related to an increase in earnings from certain strategic investments and current taxes receivable.
Liabilities.
Accrued compensation and benefits at December 31, 2016 decreased $91 million from December 31, 2015, primarily due to lower 2016 incentive compensation accruals.
Accounts payable and accrued liabilities at December 31, 2016 increased $26 million from December 31, 2015 due to higher unit trust payables (substantially offset by an increase in unit trust receivables recorded within accounts receivable).
Net deferred income tax liabilities at December 31, 2016 decreased $11 million, primarily as a result of revaluation of certain deferred income tax liabilities due to the tax legislation enacted in the United Kingdom and the effects of temporary differences associated with stock compensation, and unrealized investment losses.
Investments and Investments of Consolidated VIEs The Company’s investments and investments of consolidated VIEs (collectively, “Total Investments”) were $1,595 million and $1,008 million, respectively, at December 31, 2016.
Total Investments include consolidated investments held by sponsored investment funds accounted for as VREs and VIEs.
Management reviews BlackRock’s Total Investments on an “economic” basis, which eliminates the portion of Total Investments that does not impact BlackRock’s book value or net income attributable to BlackRock.
BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
The Company presents Total Investments, as adjusted, to enable investors to understand the portion of Total Investments that is owned by the Company, net of NCI, as a gauge to measure the impact of changes in net nonoperating income (expense) on investments to net income (loss) attributable to BlackRock.
The Company further presents net “economic” investment exposure, net of deferred compensation investments and hedged investments, to reflect another gauge for investors.
The economic impact of Total Investments held pursuant to deferred compensation arrangements is offset by a change in compensation expense.
The impact of certain investments is substantially mitigated by swap hedges.
Carried interest capital allocations are excluded as there is no impact to BlackRock’s stockholders’ equity until such amounts are realized as performance fees.
Finally, the Company’s regulatory investment in Federal Reserve Bank stock, which is not subject to market or interest rate risk, is excluded from the Company’s net economic investment exposure.
## Table 3 ##
(1) Amount includes $108 million and $81 million of carried interest (VIEs) as of December 31, 2016 and 2015, respectively, which has no impact on the Company’s “economic” investment exposure
There are inherent limitations on the effectiveness of our controls.
We do not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud.
A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met.
The design of a control system must reflect the fact that resource constraints exist, and the benefits of controls must be considered relative to their costs.
Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.
The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
Projections of any evaluation of the effectiveness of controls to future periods are subject to risks.
Over time, controls may become inadequate due to changes in conditions or deterioration in the degree of compliance with policies or procedures.
If our controls become inadequate, we could fail to meet our financial reporting obligations, our reputation may be adversely affected, our business and operating results could be harmed, and the market price of our stock could decline.
ITEM 1B.
UNRESOLVED STAFF COMMENTS Not applicable.
ITEM 2.
PROPERTIES As of December 31, 2016, our major facilities consisted of:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td> <i>(Dollar amounts in millions)</i></td><td>2010</td><td>2009 -1</td></tr><tr><td>Deferred income tax assets:</td><td></td><td></td></tr><tr><td>Compensation and benefits</td><td>$374</td><td>$399</td></tr><tr><td>Unrealized investment losses</td><td>108</td><td>155</td></tr><tr><td>Loss carryforwards</td><td>67</td><td>40</td></tr><tr><td>Other</td><td>186</td><td>134</td></tr><tr><td>Gross deferred tax assets</td><td>735</td><td>728</td></tr><tr><td>Less: deferred tax valuation allowances</td><td>-78</td><td>-71</td></tr><tr><td>Deferred tax assets net of valuation allowances</td><td>657</td><td>657</td></tr><tr><td>Deferred income tax liabilities:</td><td></td><td></td></tr><tr><td>Goodwill and acquired indefinite-lived intangibles</td><td>5,813</td><td>5,829</td></tr><tr><td>Acquired finite-lived intangibles</td><td>271</td><td>325</td></tr><tr><td>Other</td><td>40</td><td>53</td></tr><tr><td>Gross deferred tax liabilities</td><td>6,124</td><td>6,207</td></tr><tr><td>Net deferred tax (liabilities)</td><td>-$5,467</td><td>-$5,550</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2012</td><td colspan="2"> December 31, 2011</td></tr><tr><td> <i>(Dollar amounts in millions)</i></td><td> Cost</td><td> Carrying Value</td><td> Cost</td><td> Carrying Value</td></tr><tr><td>Trading investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deferred compensation plan mutual funds</td><td>$46</td><td>$53</td><td>$45</td><td>$46</td></tr><tr><td>Equity/Multi-asset class mutual funds</td><td>154</td><td>162</td><td>174</td><td>169</td></tr><tr><td>Debt securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporate debt</td><td>44</td><td>44</td><td>39</td><td>40</td></tr><tr><td>U.S. government debt</td><td>11</td><td>11</td><td>—</td><td>—</td></tr><tr><td>Foreign debt</td><td>—</td><td>—</td><td>12</td><td>12</td></tr><tr><td>Total trading investments</td><td>$255</td><td>$270</td><td>$270</td><td>$267</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31, 2012</td><td colspan="2"> December 31, 2011</td></tr><tr><td> <i>(Dollar amounts in millions)</i></td><td> Cost</td><td> Carrying Value</td><td> Cost</td><td> Carrying Value</td></tr><tr><td>Other investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Consolidated sponsored investment funds</td><td>$378</td><td>$401</td><td>$345</td><td>$373</td></tr><tr><td>Equity method</td><td>541</td><td>595</td><td>487</td><td>457</td></tr><tr><td>Deferred compensation plan hedge fund equity method investments</td><td>15</td><td>9</td><td>17</td><td>19</td></tr><tr><td>Cost method investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Reserve Bank stock</td><td>89</td><td>89</td><td>328</td><td>328</td></tr><tr><td>Other</td><td>31</td><td>31</td><td>9</td><td>9</td></tr><tr><td>Total cost method investments</td><td>120</td><td>120</td><td>337</td><td>337</td></tr><tr><td>Carried interest</td><td>—</td><td>85</td><td>—</td><td>21</td></tr><tr><td>Total other investments</td><td>$1,054</td><td>$1,210</td><td>$1,186</td><td>$1,207</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31, 2016</td><td>December 31, 2015</td></tr><tr><td>Investments, GAAP</td><td>$1,595</td><td>$1,578</td></tr><tr><td>Investments held by consolidated VIEs, GAAP</td><td>1,008</td><td>1,030</td></tr><tr><td>Total Investments</td><td>2,603</td><td>2,608</td></tr><tr><td>Investments held by consolidated VREs</td><td>-465</td><td>-700</td></tr><tr><td>Investments held by consolidated VIEs</td><td>-1,008</td><td>-1,030</td></tr><tr><td>Net interest in consolidated VREs</td><td>444</td><td>616</td></tr><tr><td>Net interest in consolidated VIEs<sup>-1</sup></td><td>840</td><td>733</td></tr><tr><td>Total Investments, as adjusted</td><td>2,414</td><td>2,227</td></tr><tr><td>Federal Reserve Bank stock</td><td>-89</td><td>-93</td></tr><tr><td>Deferred compensation investments</td><td>-66</td><td>-79</td></tr><tr><td>Hedged investments</td><td>-614</td><td>-407</td></tr><tr><td>Carried interest (VIEs/VREs)</td><td>-126</td><td>-100</td></tr><tr><td>Total “economic” investment exposure</td><td>$1,519</td><td>$1,548</td></tr></table>

Question: What will Corporate debt be like in 2013 if it continues to grow at the same rate as it did in 2012? (in million)
Answer: 240.833
Reasoning program: subtract(255,270), divide(#0,270), add(1,#1), multiply(#2,255)