Core Net Interest Income – Managed Basis We manage core net interest income – managed basis, which adjusts reported net interest income on a FTE basis for the impact of marketbased activities and certain securitizations, net of retained securities.
As discussed in the Global Markets business segment section beginning on page 47, we evaluate our market-based results and strategies on a total market-based revenue approach by combining net interest income and noninterest income for Global Markets.
We also adjust for loans that we originated and subsequently sold into credit card securitizations.
Noninterest income, rather than net interest income and provision for credit losses, is recorded for assets that have been securitized as we are compensated for servicing the securitized assets and record servicing income and gains or losses on securitizations, where appropriate.
We believe the use of this non-GAAP presentation provides additional clarity in managing our results.
An analysis of core net interest income – managed basis, core average earning assets – managed basis and core net interest yield on earning assets – managed basis, which adjust for the impact of these two non-core items from reported net interest income on a FTE basis, is shown below.
Core net interest income on a managed basis increased $2.3 billion to $52.8 billion for 2009 compared to 2008.
The increase was driven by the favorable interest rate environment and the acquisitions of Merrill Lynch and Countrywide.
These items were partially offset by the impact of deleveraging the ALM portfolio earlier in 2009, lower consumer loan levels and the adverse impact of our nonperforming loans.
For more information on our nonperforming loans, see Credit Risk Management on page 66.
On a managed basis, core average earning assets increased $130.1 billion to $1.4 trillion for 2009 compared to 2008 primarily due to the acquisitions of Merrill Lynch and Countrywide partially offset by lower loan levels and earlier deleveraging of the AFS debt securities portfolio.
Core net interest yield on a managed basis decreased 19 bps to 3.69 percent for 2009 compared to 2008, primarily due to the addition of lower yielding assets from the Merrill Lynch and Countrywide acquisitions, reduced consumer loan levels and the impact of deleveraging the ALM portfolio earlier in 2009 partially offset by the favorable interest rate environment.
## Table 0 ##
(1) FTE basis (2) Represents the impact of market-based amounts included in Global Markets.
(3) Represents the impact of securitizations utilizing actual bond costs.
This is different from the business segment view which utilizes funds transfer pricing methodologies.
(4) Represents average securitized loans less accrued interest receivable and certain securitized bonds retained.
Business Segment Operations Segment Description and Basis of Presentation We report the results of our operations through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Banking, Global Markets and GWIM, with the remaining operations recorded in All Other.
The Corporation may periodically reclassify business segment results based on modifications to its management reporting methodologies and changes in organizational alignment.
Prior period amounts have been reclassified to conform to current period presentation.
We prepare and evaluate segment results using certain non-GAAP methodologies and performance measures, many of which are discussed in Supplemental Financial Data beginning on page 37.
We begin by evaluating the operating results of the segments which by definition exclude merger and restructuring charges.
The segment results also reflect certain revenue and expense methodologies which are utilized to determine net income.
The net interest income of the business segments includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics.
Equity is allocated to business segments and related businesses using a risk-adjusted methodology incorporating each segment’s standalone credit, market, interest rate and operational risk components.
The nature of these risks is discussed further beginning on page 56.
The Corporation benefits from the diversification of risk across these components which is reflected as a reduction to allocated equity for each segment.
Average equity is allocated to the business segments and is affected by the portion of goodwill that is specifically assigned to them.
For more information on our basis of presentation, selected financial information for the business segments and reconciliations to consolidated total revenue, net income and year-end total assets, see Note 23 – Business Segment Information to the Consolidated Financial Statements.
Direct/Indirect Consumer At December 31, 2009, approximately 45 percent of the direct/indirect portfolio was included in Global Banking (dealer financial services – automotive, marine and recreational vehicle loans), 22 percent was included in Global Card Services (consumer personal loans and other non-real estate secured), 24 percent in GWIM (principally other non-real estate secured and unsecured personal loans and securities-based lending margin loans) and the remainder in Deposits (student loans).
Outstanding loans and leases increased $13.8 billion to $97.2 billion at December 31, 2009 compared to December 31, 2008 primarily due to the acquisition of Merrill Lynch which included both domestic and foreign securities-based lending margin loans, partially offset by lower outstandings in the Global Card Services consumer lending portfolio.
Net charge-offs increased $2.3 billion to $5.5 billion for 2009, or 5.46 per cent of total average direct/indirect loans compared to 3.77 percent for 2008.
The dollar increase was concentrated in the Global Card Services consumer lending portfolio, driven by the effects of a weak economy including higher bankruptcies.
Net charge-off ratios in the consumer lending portfolio have also been impacted by a significant slowdown in new loan production due, in part, to a tightening of underwriting criteria.
Net charge-off ratios in the consumer lending portfolio were 17.75 percent during 2009, compared to 7.98 percent during 2008.
The weak economy resulted in higher charge-offs in the dealer financial services portfolio.
Loans that were past due 30 days or more and still accruing interest declined compared to December 31, 2008 driven by the consumer lending portfolio.
The table below presents asset quality indicators by certain state concentrations for the direct/indirect consumer loan portfolio.
## Table 1 ##
Other Consumer At December 31, 2009, approximately 73 percent of the other consumer portfolio was associated with portfolios from certain consumer finance businesses that we have previously exited and are included in All Other.
The remainder consisted of the foreign consumer loan portfolio which is mostly included in Global Card Services and deposit overdrafts which are recorded in Deposits.
Nonperforming Consumer Loans and Foreclosed Properties Activity Table 26 presents nonperforming consumer loans and foreclosed properties activity during 2009 and 2008.
Nonperforming loans held for sale are excluded from nonperforming loans as they are recorded at either fair value or the lower of cost or fair value.
Nonperforming loans do not include consumer credit card, consumer loans secured by personal property or unsecured consumer loans that are past due as these loans are generally charged off no later than the end of the month in which the account becomes 180 days past due.
Real estate-secured past due loans repurchased pursuant to our servicing agreements with GNMA are not reported as nonperforming as repayments are insured by the FHA.
Additionally, nonperforming loans do not include the Countrywide purchased impaired portfolio.
For further information regarding nonperforming loans, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements.
Total net additions to nonperforming loans in 2009 were $11.0 billion compared to $6.4 billion in 2008.
The net additions to nonperforming loans in 2009 were driven primarily by the residential mortgage and home equity portfolios reflecting weak housing markets and economy, seasoning of vintages originated in periods of higher growth and performing loans that were accelerated into nonperforming loan status upon modification into a TDR.
Nonperforming consumer real estate related TDRs as a percentage of total nonperforming consumer loans and foreclosed properties were 21 percent at December 31, 2009 compared to five percent at December 31, 2008 due primarily to increased modification volume during the year.
The outstanding balance of a real estate secured loan that is in excess of the estimated property value, less costs to sell, is charged off no later than the end of the month in which the account becomes 180 days past due unless repayment of the loan is insured by the FHA.
Property values are refreshed at least quarterly with additional charge-offs taken as needed.
At December 31, 2009, $10.7 billion, or approximately 60 percent, of the nonperforming residential mortgage loans and foreclosed properties, comprised of $9.6 billion of nonperforming loans and $1.1 billion of foreclosed properties, were greater than 180 days past due and had been written down to their fair values and $790 million, or approximately 20 percent, of the nonperforming home equity loans and foreclosed properties, comprised of $721 million of nonperforming loans and $69 million of foreclosed properties, were greater than 180 days past due and had been written down to their fair values.
In 2009, approximately 16 percent and six percent of the net increase in nonperforming loans were from Countrywide purchased non-impaired loans and Merrill Lynch loans that deteriorated subsequent to acquisition.
While we witnessed increased levels of nonperforming loans transferred to foreclosed properties due to the lifting of various foreclosure moratoriums during 2009, the net reductions to foreclosed properties of $78 million were driven by sales of foreclosed properties and write-downs.
Restructured Loans As discussed above, nonperforming loans also include certain loans that have been modified in TDRs where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties.
These concessions typically result from the Corporation’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions.
Certain TDRs are classified as nonperforming at the time of
## Table 2 ##
Interest Expense Interest expense increased in 2015 primarily due to an increase in our debt outstanding and $47 million of additional interest expense associated with the early redemption in June 2015 of our $750 million aggregate principal amount of 5.85% senior notes due November 2015 and our $1.0 billion aggregate principal amount of 5.90% senior notes due March 2016.
Interest expense increased in 2014 primarily due to the effect of our interest rate derivative financial instruments.
Investment Income (Loss), Net The change in investment income (loss), net in 2015 was primarily due to a $154 million gain related to the sale of our shares of Arris Group common stock in 2014.
The change in investment income (loss), net in 2014 was primarily due to a $443 million gain related to the sale of our investment in Clearwire Corporation in 2013.
The components of investment income (loss), net are presented in a table in Note 7 to Comcast’s consolidated financial statements.
Equity in Net Income (Losses) of Investees, Net The change in equity in net income (losses) of investees, net in 2015 was primarily due to TWCC Holding Corp.  (“The Weather Channel”) recording impairment charges related to goodwill.
We recorded expenses of $333 million in 2015 that represent NBCUniversal’s proportionate share of these impairment charges.
The change in 2015 was also due to an increase in our proportionate share of losses in Hulu, LLC (“Hulu”), which were driven by Hulu’s higher programming and marketing costs.
In 2015 and 2014, we recognized our proportionate share of losses of $106 million and $20 million, respectively, related to our investment in Hulu.
The change in equity in net income (losses) of investees, net in 2014 was primarily due to $142 million of total equity losses recorded in 2013 attributable to our investment in Hulu.
In July 2013, we entered into an agreement to provide capital contributions totaling $247 million to Hulu, which we had previously accounted for as a cost method investment.
This represented an agreement to provide our first capital contribution to Hulu since we acquired our interest in it as part of our acquisition of a controlling interest in NBCUniversal in 2011 (the “NBCUniversal transaction”); therefore, we began to apply the equity method of accounting for this investment.
The change in the method of accounting for this investment required us to recognize our proportionate share of Hulu’s accumulated losses from the date of the NBCUniversal transaction through July 2013.
Other Income (Expense), Net Other income (expense), net for 2015 included gains of $335 million on the sales of a business and an investment, $240 million recorded on the settlement of a contingent consideration liability with General Electric Company (“GE”) related to the acquisition of NBCUniversal, and $43 million related to an equity method investment.
These gains were partially offset by $236 million of expenses related to fair value adjustments to a contractual obligation.
See Note 11 to Comcast’s consolidated financial statements for additional information on this contractual obligation.
Other income (expense), net for 2014 included a $27 million favorable settlement of a contingency related to the AT&T Broadband transaction in 2002, which was more than offset by $208 million of expenses related to

<table><tr><td>(Dollars in millions)</td><td>2009</td><td>2008</td></tr><tr><td> Net interest income<sup>-1</sup></td><td></td><td></td></tr><tr><td>As reported</td><td>$48,410</td><td>$46,554</td></tr><tr><td>Impact of market-based net interest income<sup>-2</sup></td><td>-6,119</td><td>-4,939</td></tr><tr><td>Core net interest income</td><td>42,291</td><td>41,615</td></tr><tr><td>Impact of securitizations<sup>-3</sup></td><td>10,524</td><td>8,910</td></tr><tr><td> Core net interest income – managed basis</td><td>$52,815</td><td>$50,525</td></tr><tr><td> Average earning assets</td><td></td><td></td></tr><tr><td>As reported</td><td>$1,830,193</td><td>$1,562,729</td></tr><tr><td>Impact of market-based earning assets<sup>-2</sup></td><td>-481,542</td><td>-360,667</td></tr><tr><td>Core average earning assets</td><td>1,348,651</td><td>1,202,062</td></tr><tr><td>Impact of securitizations<sup>-4</sup></td><td>83,640</td><td>100,145</td></tr><tr><td> Core average earning assets – managed basis</td><td>$1,432,291</td><td>$1,302,207</td></tr><tr><td> Net interest yield contribution<sup>-1</sup></td><td></td><td></td></tr><tr><td>As reported</td><td>2.65%</td><td>2.98%</td></tr><tr><td>Impact of market-based activities<sup>-2</sup></td><td>0.49</td><td>0.48</td></tr><tr><td>Core net interest yield on earning assets</td><td>3.14</td><td>3.46</td></tr><tr><td>Impact of securitizations</td><td>0.55</td><td>0.42</td></tr><tr><td> Core net interest yield on earning assets – managed basis</td><td>3.69%</td><td>3.88%</td></tr></table>
<table><tr><td></td><td colspan="4"> December 31</td><td colspan="2" rowspan="2" Year Ended December 31  Net Charge-offs></td></tr><tr><td></td><td colspan="2"> Outstandings</td><td colspan="2"> Accruing Past Due 90 Days or More</td></tr><tr><td>(Dollars in millions)</td><td> 2009</td><td>2008</td><td> 2009</td><td>2008</td><td> 2009</td><td>2008</td></tr><tr><td>California</td><td>$11,664</td><td>$10,555</td><td>$228</td><td>$247</td><td>$1,055</td><td>$601</td></tr><tr><td>Texas</td><td>8,743</td><td>7,738</td><td>105</td><td>88</td><td>382</td><td>222</td></tr><tr><td>Florida</td><td>7,559</td><td>7,376</td><td>130</td><td>145</td><td>597</td><td>334</td></tr><tr><td>New York</td><td>5,111</td><td>4,938</td><td>73</td><td>69</td><td>272</td><td>162</td></tr><tr><td>Georgia</td><td>3,165</td><td>3,212</td><td>52</td><td>48</td><td>205</td><td>115</td></tr><tr><td>Other U.S./Foreign</td><td>60,994</td><td>49,617</td><td>900</td><td>773</td><td>2,952</td><td>1,680</td></tr><tr><td> Total direct/indirect loans</td><td>$97,236</td><td>$83,436</td><td>$1,488</td><td>$1,370</td><td>$5,463</td><td>$3,114</td></tr></table>
<table><tr><td>Year ended December 31 (in millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Interest expense</td><td>$-2,702</td><td>$-2,617</td><td>$-2,574</td></tr><tr><td>Investment income (loss), net</td><td>81</td><td>296</td><td>576</td></tr><tr><td>Equity in net income (losses) of investees, net</td><td>-325</td><td>97</td><td>-86</td></tr><tr><td>Other income (expense), net</td><td>320</td><td>-215</td><td>-364</td></tr><tr><td>Total</td><td>$-2,626</td><td>$-2,439</td><td>$-2,448</td></tr></table>

Question: what would the investment income ( loss ) have been in 2014 without the gain from the sale of the investment in clearwire corporation in 2013?
Answer: -147