## Table 0 ##
Year Ended December 31, 2009 compared with the Year Ended December 31, 2008 Unless otherwise stated, all amounts are net of income tax.
During the year ended December 31, 2009, MetLife’s income (loss) from continuing operations, net of income tax, decreased $5.8 billion to a loss of $2.3 billion from income of $3.5 billion in the comparable 2008 period.
The year over year change is predominantly due to a $5.2 billion unfavorable change in net investment gains (losses) to losses of $4.6 billion, net of related adjustments, in 2009 from gains of $644 million, net of related adjustments, in 2008.
In addition, operating earnings available to common shareholders decreased by $329 million to $2.4 billion in 2009 from $2.7 billion in 2008.
The unfavorable change in net investment gains (losses) of $5.2 billion, net of related adjustments, was primarily driven by losses on freestanding derivatives, partially offset by gains on embedded derivatives, primarily associated with variable annuity minimum benefit guarantees, and lower losses on fixed maturity securities.
The positive impacts of business growth and favorable mortality in several of our businesses were more than offset by a decline in net investment income, resulting in a decrease in operating earnings of $329 million.
The decrease in net investment income caused significant declines in the operating earnings of many of our businesses, especially the interest spread businesses.
Also contributing to the decline in operating earnings was an increase in net guaranteed annuity benefit costs and a charge related to our closed block of business, a specific group of participating life policies that were segregated in connection with the demutualization of MLIC.
The favorable impact of Operational Excellence, our enterprise-wide cost reduction and revenue enhancement initiative, was more than offset by higher pension and postretirement benefit costs, driving the increase in other expenses.
The declines in operating earnings were partially offset by a change in amortization related to DAC, deferred sales inducement (“DSI”), and unearned revenue.
Year Ended December 31, 2008 compared with the Year Ended December 31, 2007 Unless otherwise stated, all amounts are net of income tax.
During the year ended December 31, 2008, MetLife’s income (loss) from continuing operations, net of income tax, decreased $624 million to $3.5 billion from $4.1 billion in the comparable 2007 period.
The year over year change was predominantly due to a $1.9 billion decrease in operating earnings available to common shareholders.
Partially offsetting this decline was a $1.1 billion favorable change in net investment gains (losses) to gains of $644 million, net of related adjustments, in 2008 from losses of $438 million, net of related adjustments, in 2007.
Beginning in the third quarter of 2008, there was unprecedented disruption and dislocation in the global financial markets that caused extreme volatility in the equity, credit and real estate markets.
This adversely impacted both net investment income as yields decreased and net investment gains (losses) as there was an increase in impairments and credit-related losses.
We responded to the extraordinary market conditions by increasing levels of cash, cash equivalents, short-term investments and high quality, lower yielding fixed maturity securities particularly in two operating segments: Corporate Benefit Funding and Retirement Products, as well as in Banking, Corporate & Other.
We decreased fixed maturity security holdings to increase our liquidity position.
The favorable change of $1.1 billion in net investment gains (losses), net of related adjustments, was driven by increased gains on freestanding derivatives, partially offset by increased losses on embedded derivatives primarily associated with variable annuity minimum benefit guarantees, and increased impairment losses on fixed maturity securities and equity securities.
The unprecedented disruption and dislocation in the global financial markets resulted in decreased yields on our investment portfolio and, in response to the market conditions, we increased our asset allocation to lower yielding, more liquid investments, both of which contributed to a decline in net investment income and, consequently, operating earnings available to common shareholders.
The market environment’s negative impact on investment results was partially offset by growth in average invested assets calculated excluding unrealized gains and losses.
In addition, the volatile market environment also resulted in declines in our separate account balances.
Such declines required us to increase DAC amortization, negatively affecting operating earnings available to common shareholders.
The declines in the separate account balances also resulted in lower policy fees and other revenues.
Operating earnings available to common shareholders for the year ended December 31, 2008 were also lower as a result of higher catastrophe losses and unfavorable mortality in various products.
Higher earnings from our dental business and from our businesses in the Latin America and Asia Pacific regions partially offset the aforementioned items.
Consolidated Company Outlook In 2009, the general economic conditions of the marketplace, particularly in the early part of the year, continued to be volatile and negatively impacted the results of the Company.
In 2010, we expect meaningful earnings recovery for the Company, driven primarily by the following: ?
Continued growth in premiums, fees & other revenues ?
We expect top-line growth in 2010 of approximately 6% over 2009.
We expect this growth will be driven by: ?
Higher fees earned on separate accounts, as the full impact of the recovery in the equity market is felt, thereby increasing the value of those separate accounts; ?
Increased sales in the pension closeout business, both in the United States and the United Kingdom, as the demand for these products rebounds from the lower levels seen in 2009;
of OTTI loss recognized in earnings on fixed maturity securities still held by the Company at December 31, 2009 for which a portion of the OTTI loss was recognized in other comprehensive loss for the year ended December 31, 2009.
Securities Lending The Company participates in a securities lending program whereby blocks of securities, which are included in fixed maturity securities and short-term investments, are loaned to third parties, primarily brokerage firms and commercial banks.
The Company generally obtains collateral in an amount equal to 102% of the estimated fair value of the loaned securities, which is obtained at the inception of a loan and maintained at a level greater than or equal to 100% for the duration of the loan.
In limited instances, during the extraordinary market events beginning in the fourth quarter of 2008 and through part of 2009, we accepted collateral less than 102% at the inception of certain loans, but never less than 100%, of the estimated fair value of such loaned securities.
These loans involved U. S.  Government Treasury Bills which are considered to have limited variation in their estimated fair value during the term of the loan.
Securities loaned under such transactions may be sold or repledged by the transferee.
The Company is liable to return to its counterparties the cash collateral under its control.
Elements of the securities lending program is presented in Note 3 of the Notes to the Consolidated Financial Statements under “— Investments — Securities Lending.
” The estimated fair value of the securities related to the cash collateral on open at December 31, 2009 has been reduced to $3,193 million from $4,986 million at December 31, 2008.
Of the $3,193 million of estimated fair value of the securities related to the cash collateral on open at December 31, 2009, $3,012 million were U. S.  Treasury, agency and government guaranteed securities which, if put to the Company, can be immediately sold to satisfy the cash requirements.
The remainder of the securities on loan, related to the cash collateral aged less than thirty days to ninety days or greater, was primarily U. S.  Treasury, agency, and government guaranteed securities, and very liquid RMBS.
The U. S.  Treasury securities on loan are primarily holdings of on-the-run U. S.  Treasury securities, the most liquid U. S.  Treasury securities available.
If these high quality securities that are on loan are put back to the Company, the proceeds from immediately selling these securities can be used to satisfy the related cash requirements.
The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including RMBS, ABS, U. S.  corporate and foreign corporate securities).
If the on loan securities or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities are put back to the Company.
Security collateral on deposit from counterparties in connection with the securities lending transactions may not be sold or repledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral The invested assets on deposit, invested assets held in trust and invested assets pledged as collateral at December 31, 2009 and 2008 are presented in a table in Note 3 of the Notes to the Consolidated Financial Statements “— Investments — Invested Assets on Deposit, Held in Trust and Pledged as Collateral.
” See also “— Investments — Securities Lending” for the amount of the Company’s cash and invested assets received from and due back to counterparties pursuant to the securities lending program.
Trading Securities The Company has trading securities to support investment strategies that involve the active and frequent purchase and sale of securities, the execution of short sale agreements and asset and liability matching strategies for certain insurance products.
Trading securities which consisted principally of publicly-traded fixed maturity and equity securities, were $2.4 billion and $0.9 billion, or 0.7% and 0.3% of total cash and invested assets at estimated fair value, at December 31, 2009 and 2008, respectively.
See Note 3 of the Notes to the Consolidated Financial Statements “Investments— Trading Securities” for tables which present information about the trading securities, related short sale agreement liabilities, investments pledged to secure short sale agreement liabilities, net investment income and changes in estimated fair value included in net investment income at December 31, 2009 and 2008 and for the years ended December 31, 2009, 2008 and 2007.
The trading securities and trading (short sale agreement) liabilities, measured at estimated fair value on a recurring basis and their corresponding fair value hierarchy, are presented as follows:
## Table 1 ##
A rollforward of the fair value measurements for trading securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs for the year ended December 31, 2009, is as follows:
## Table 2 ##
See “— Summary of Critical Accounting Estimates” for further information on the estimates and assumptions that affect the amounts reported above.
The table below contains the carrying value for guarantees included in policyholder account balances at:
## Table 3 ##
Included in net investment gains (losses) for the year ended December 31, 2009 and 2008 were gains (losses) of $1.8 billion and ($2.7) billion, respectively, in embedded derivatives related to the change in estimated fair value of the above guarantees.
The carrying amount of guarantees accounted for at estimated fair value includes an adjustment for the Company’s own credit.
In connection with this adjustment, gains (losses) of ($1.9) billion and $3.0 billion are included in the gains (losses) of $1.8 billion and ($2.7) billion in net investment gains (losses) for the year ended December 31, 2009 and 2008, respectively.
The estimated fair value of guarantees accounted for as embedded derivatives can change significantly during periods of sizable and sustained shifts in equity market performance, equity volatility, interest rates or foreign exchange rates.
Additionally, because the estimated fair value for guarantees accounted for at estimated fair value includes an adjustment for the Company’s own credit, a decrease in the Company’s credit spreads could cause the value of these liabilities to increase.
Conversely, a widening of the Company’s credit spreads could cause the value of these liabilities to decrease.
The Company uses derivative instruments to mitigate the liability exposure, risk of loss and the volatility of net income associated with these liabilities.
The derivative instruments used are primarily equity and treasury futures, equity options and variance swaps, and interest rate swaps.
The change in valuation arising from the Company’s own credit is not hedged.
The table below presents the estimated fair value of the derivatives hedging guarantees accounted for as embedded derivatives:
## Table 4 ##
Included in net investment gains (losses) for the year ended December 31, 2009 and 2008 were gains (losses) of ($3.7) billion and $3.4 billion related to the change in estimated fair value of the above derivatives.
Guarantees, including portions thereof, have liabilities established that are included in future policy benefits.
Guarantees accounted for in this manner include GMDBs, the life-contingent portion of certain GMWB, and the portion of GMIB that require annuitization.
These liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments based on the level of guaranteed minimum benefits generated using multiple scenarios of separate account returns.
The scenarios use best estimate assumptions consistent with those used to amortize deferred acquisition costs.
When current estimates of future benefits exceed those previously projected or when current estimates of future assessments are lower than those previously projected, liabilities will increase, resulting in a current period charge to net income.
The opposite result occurs when the current estimates of future benefits are lower than that previously projected or when current estimates of future assessments exceed those previously projected.
At each reporting period, the Company updates the actual amount of business remaining in-force, which impacts expected future assessments and the projection of estimated future benefits resulting in a current period charge or increase to earnings.
the analysis of our depreciation studies.
Changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively.
Under group depreciation, the historical cost (net of salvage) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized.
The historical cost of certain track assets is estimated using (i) inflation indices published by the Bureau of Labor Statistics and (ii) the estimated useful lives of the assets as determined by our depreciation studies.
The indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes.
Because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired, we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate.
In addition, we determine if the recorded amount of accumulated depreciation is deficient (or in excess) of the amount indicated by our depreciation studies.
Any deficiency (or excess) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets.
For retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (i) is unusual, (ii) is material in amount, and (iii) varies significantly from the retirement profile identified through our depreciation studies.
A gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations.
When we purchase an asset, we capitalize all costs necessary to make the asset ready for its intended use.
However, many of our assets are self-constructed.
A large portion of our capital expenditures is for replacement of existing track assets and other road properties, which is typically performed by our employees, and for track line expansion and other capacity projects.
Costs that are directly attributable to capital projects (including overhead costs) are capitalized.
Direct costs that are capitalized as part of selfconstructed assets include material, labor, and work equipment.
Indirect costs are capitalized if they clearly relate to the construction of the asset.
General and administrative expenditures are expensed as incurred.
Normal repairs and maintenance, including rail grinding, are also expensed as incurred, while costs incurred that extend the useful life of an asset, improve the safety of our operations or improve operating efficiency are capitalized.
These costs are allocated using appropriate statistical bases.
Total expense for repairs and maintenance incurred was $2.1 billion for 2012, $2.2 billion for 2011, and $2.0 billion for 2010.
Assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease.
Amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease.12.
Accounts Payable and Other Current Liabilities
## Table 5 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Years Ended December 31,</td></tr><tr><td></td><td>2009</td><td>2008 (In millions)</td><td>2007</td></tr><tr><td>Income (loss) from continuing operations, net of income tax</td><td>$-2,318</td><td>$3,481</td><td>$4,105</td></tr><tr><td>Less: Net investment gains (losses)</td><td>-7,772</td><td>1,812</td><td>-578</td></tr><tr><td>Less: Other adjustments to continuing operations</td><td>284</td><td>-662</td><td>-317</td></tr><tr><td>Less: Provision for income tax (expense) benefit</td><td>2,683</td><td>-488</td><td>293</td></tr><tr><td>Operating earnings</td><td>2,487</td><td>2,819</td><td>4,707</td></tr><tr><td>Less: Preferred stock dividends</td><td>122</td><td>125</td><td>137</td></tr><tr><td>Operating earnings available to common shareholders</td><td>$2,365</td><td>$2,694</td><td>$4,570</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31, 2009</td></tr><tr><td></td><td colspan="2">Trading Securities</td><td colspan="2"> Trading Liabilities</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Quoted prices in active markets for identical assets and liabilities (Level 1)</td><td>$1,886</td><td>79%</td><td>$106</td><td>100%</td></tr><tr><td>Significant other observable inputs (Level 2)</td><td>415</td><td>17</td><td>—</td><td>—</td></tr><tr><td>Significant unobservable inputs (Level 3)</td><td>83</td><td>4</td><td>—</td><td>—</td></tr><tr><td>Total estimated fair value</td><td>$2,384</td><td>100%</td><td>$106</td><td>100%</td></tr></table>
<table><tr><td></td><td>Year Ended December 31, 2009 (In millions)</td></tr><tr><td>Balance, beginning of year</td><td>$175</td></tr><tr><td>Total realized/unrealized gains (losses) included in:</td><td></td></tr><tr><td>Earnings</td><td>16</td></tr><tr><td>Purchases, sales, issuances and settlements</td><td>-108</td></tr><tr><td>Transfer in and/or out of Level 3</td><td>—</td></tr><tr><td>Balance, end of year</td><td>$83</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31,</td></tr><tr><td></td><td> 2009</td><td> 2008</td></tr><tr><td></td><td colspan="2"> (In millions)</td></tr><tr><td> U.S. Business:</td><td></td><td></td></tr><tr><td>Guaranteed minimum accumulation benefit</td><td>$60</td><td>$169</td></tr><tr><td>Guaranteed minimum withdrawal benefit</td><td>154</td><td>750</td></tr><tr><td>Guaranteed minimum income benefit</td><td>66</td><td>1,043</td></tr><tr><td> International:</td><td></td><td></td></tr><tr><td>Guaranteed minimum accumulation benefit</td><td>195</td><td>271</td></tr><tr><td>Guaranteed minimum withdrawal benefit</td><td>1,025</td><td>901</td></tr><tr><td>Total</td><td>$1,500</td><td>$3,134</td></tr></table>
<table><tr><td></td><td></td><td colspan="6"> December 31,</td></tr><tr><td></td><td></td><td colspan="3"> 2009</td><td colspan="3"> 2008</td></tr><tr><td> Primary Underlying </td><td></td><td> Notional </td><td colspan="2"> Estimated Fair Value</td><td> Notional </td><td colspan="2"> Estimated Fair Value</td></tr><tr><td> Risk Exposure</td><td> Derivative Type</td><td> Amount</td><td> Assets</td><td> Liabilities</td><td> Amount</td><td> Assets</td><td> Liabilities</td></tr><tr><td></td><td></td><td colspan="6"> (In millions)</td></tr><tr><td>Interest rate</td><td>Interest rate swaps</td><td>$8,847</td><td>$194</td><td>$275</td><td>$5,572</td><td>$632</td><td>$7</td></tr><tr><td></td><td>Interest rate futures</td><td>4,997</td><td>5</td><td>4</td><td>9,264</td><td>36</td><td>56</td></tr><tr><td>Foreign currency</td><td>Foreign currency forwards</td><td>2,016</td><td>4</td><td>30</td><td>1,017</td><td>49</td><td>4</td></tr><tr><td></td><td>Currency options</td><td>327</td><td>14</td><td>—</td><td>582</td><td>68</td><td>—</td></tr><tr><td>Equity market</td><td>Equity futures</td><td>6,033</td><td>31</td><td>20</td><td>4,660</td><td>1</td><td>65</td></tr><tr><td></td><td>Equity options</td><td>26,661</td><td>1,596</td><td>1,018</td><td>4,842</td><td>1,997</td><td>—</td></tr><tr><td></td><td>Variance swaps</td><td>13,267</td><td>174</td><td>58</td><td>8,835</td><td>396</td><td>—</td></tr><tr><td></td><td>Total rate of return swaps</td><td>126</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td></td><td>Total</td><td>$62,274</td><td>$2,018</td><td>$1,405</td><td>$34,772</td><td>$3,179</td><td>$132</td></tr></table>
<table><tr><td><i>Millions</i></td><td><i>Dec. 31,</i> <i>2012</i></td><td><i>Dec. 31,</i><i>2011</i></td></tr><tr><td>Accounts payable</td><td>$825</td><td>$819</td></tr><tr><td>Accrued wages and vacation</td><td>376</td><td>363</td></tr><tr><td>Income and other taxes</td><td>368</td><td>482</td></tr><tr><td>Dividends payable</td><td>318</td><td>284</td></tr><tr><td>Accrued casualty costs</td><td>213</td><td>249</td></tr><tr><td>Interest payable</td><td>172</td><td>197</td></tr><tr><td>Equipment rents payable</td><td>95</td><td>90</td></tr><tr><td>Other</td><td>556</td><td>624</td></tr><tr><td>Total accounts payable and othercurrent liabilities</td><td>$2,923</td><td>$3,108</td></tr></table>

Question: As As the chart 4 shows,which year is Total Assets at Estimated Fair Value on December 31 lower than 3000 million?
Answer: 2009