jpmorgan chase & co .
/ 2007 annual report 117 nonrecurring fair value changes the following table presents the total change in value of financial instruments for which a fair value adjustment has been included in the consolidated statement of income for the year ended december 31 , 2007 , related to financial instruments held at december 31 , 2007 .
year ended december 31 , 2007 ( in millions ) 2007 .

Year ended December 31, 2007(in millions)
2007
Loans
$(720)
Other assets
(161)
Accounts payable, accrued expense and other liabilities
2
Total nonrecurring fair value gains (losses)
$(879)

in the above table , loans principally include changes in fair value for loans carried on the balance sheet at the lower of cost or fair value ; and accounts payable , accrued expense and other liabilities principally includes the change in fair value for unfunded lending-related commitments within the leveraged lending portfolio .
level 3 assets analysis level 3 assets ( including assets measured at the lower of cost or fair value ) were 5% ( 5 % ) of total firm assets at december 31 , 2007 .
these assets increased during 2007 principally during the second half of the year , when liquidity in mortgages and other credit products fell dra- matically .
the increase was primarily due to an increase in leveraged loan balances within level 3 as the ability of the firm to syndicate this risk to third parties became limited by the credit environment .
in addi- tion , there were transfers from level 2 to level 3 during 2007 .
these transfers were principally for instruments within the mortgage market where inputs which are significant to their valuation became unob- servable during the year .
subprime and alt-a whole loans , subprime home equity securities , commercial mortgage-backed mezzanine loans and credit default swaps referenced to asset-backed securities consti- tuted the majority of the affected instruments , reflecting a significant decline in liquidity in these instruments in the third and fourth quarters of 2007 , as new issue activity was nonexistent and independent pric- ing information was no longer available for these assets .
transition in connection with the initial adoption of sfas 157 , the firm recorded the following on january 1 , 2007 : 2022 a cumulative effect increase to retained earnings of $ 287 million , primarily related to the release of profit previously deferred in accordance with eitf 02-3 ; 2022 an increase to pretax income of $ 166 million ( $ 103 million after-tax ) related to the incorporation of the firm 2019s creditworthiness in the valuation of liabilities recorded at fair value ; and 2022 an increase to pretax income of $ 464 million ( $ 288 million after-tax ) related to valuations of nonpublic private equity investments .
prior to the adoption of sfas 157 , the firm applied the provisions of eitf 02-3 to its derivative portfolio .
eitf 02-3 precluded the recogni- tion of initial trading profit in the absence of : ( a ) quoted market prices , ( b ) observable prices of other current market transactions or ( c ) other observable data supporting a valuation technique .
in accor- dance with eitf 02-3 , the firm recognized the deferred profit in principal transactions revenue on a systematic basis ( typically straight- line amortization over the life of the instruments ) and when observ- able market data became available .
prior to the adoption of sfas 157 the firm did not incorporate an adjustment into the valuation of liabilities carried at fair value on the consolidated balance sheet .
commencing january 1 , 2007 , in accor- dance with the requirements of sfas 157 , an adjustment was made to the valuation of liabilities measured at fair value to reflect the credit quality of the firm .
prior to the adoption of sfas 157 , privately held investments were initially valued based upon cost .
the carrying values of privately held investments were adjusted from cost to reflect both positive and neg- ative changes evidenced by financing events with third-party capital providers .
the investments were also subject to ongoing impairment reviews by private equity senior investment professionals .
the increase in pretax income related to nonpublic private equity investments in connection with the adoption of sfas 157 was due to there being sufficient market evidence to support an increase in fair values using the sfas 157 methodology , although there had not been an actual third-party market transaction related to such investments .
financial disclosures required by sfas 107 sfas 107 requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair values .
many but not all of the financial instruments held by the firm are recorded at fair value on the consolidated balance sheets .
financial instruments within the scope of sfas 107 that are not carried at fair value on the consolidated balance sheets are discussed below .
additionally , certain financial instruments and all nonfinancial instruments are excluded from the scope of sfas 107 .
accordingly , the fair value disclosures required by sfas 107 provide only a partial estimate of the fair value of jpmorgan chase .
for example , the firm has developed long-term relationships with its customers through its deposit base and credit card accounts , commonly referred to as core deposit intangibles and credit card relationships .
in the opinion of management , these items , in the aggregate , add significant value to jpmorgan chase , but their fair value is not disclosed in this note .
financial instruments for which fair value approximates carrying value certain financial instruments that are not carried at fair value on the consolidated balance sheets are carried at amounts that approxi- mate fair value due to their short-term nature and generally negligi- ble credit risk .
these instruments include cash and due from banks , deposits with banks , federal funds sold , securities purchased under resale agreements with short-dated maturities , securities borrowed , short-term receivables and accrued interest receivable , commercial paper , federal funds purchased , securities sold under repurchase agreements with short-dated maturities , other borrowed funds , accounts payable and accrued liabilities .
in addition , sfas 107 requires that the fair value for deposit liabilities with no stated matu- rity ( i.e. , demand , savings and certain money market deposits ) be equal to their carrying value .
sfas 107 does not allow for the recog- nition of the inherent funding value of these instruments. .

Question: Analyse this data from a financial earnings document. for 2007 , what was the net income effect ( in millions ) of the sfas 157 transition adjustments?
Choices:
630
787
630.0
621
332
Correct choice index: 2