Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices at December 31, 2013 included the following
## Table 0 ##
Long-term borrowings at December 31, 2012 had a carrying value of $5.687 billion and a fair value of $6.275 billion determined using market prices at the end of December 2012.2015 and 2022 Notes.
In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities including $750 million of 1.375% notes maturing in June 2015 (the “2015 Notes”) and $750 million of 3.375% notes maturing in June 2022 (the “2022 Notes”).
Net proceeds were used to fund the repurchase of BlackRock’s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes.
Interest on the 2015 Notes and the 2022 Notes of approximately $10 million and $25 million per year, respectively, is payable semi-annually on June 1 and December 1 of each year, which commenced December 1, 2012.
The 2015 Notes and 2022 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The “make-whole” redemption price represents a price, subject to the specific terms of the 2015 and 2022 Notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a comparable Treasury security.
The 2015 Notes and 2022 Notes were issued at a discount of $5 million that is being amortized over the term of the notes.
The Company incurred approximately $7 million of debt issuance costs, which are being amortized over the respective terms of the 2015 Notes and 2022 Notes.
At December 31, 2013, $5 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition.2013 and 2021 Notes.
In May 2011, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities including $750 million of 4.25% notes maturing in May 2021 and $750 million of floating rate notes (“2013 Floating Rate Notes”), which were repaid in May 2013 at maturity.
Net proceeds of this offering were used to fund the repurchase of BlackRock’s Series B Preferred from affiliates of Merrill Lynch & Co. , Inc.  (“Merrill Lynch”).
Interest on the 4.25% notes due in 2021 (“2021 Notes”) is payable semi-annually on May 24 and November 24 of each year, which commenced November 24, 2011, and is approximately $32 million per year.
The 2021 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The 2021 Notes were issued at a discount of $4 million that is being amortized over the term of the notes.
The Company incurred approximately $7 million of debt issuance costs for the $1.5 billion note issuances, which are being amortized over the respective terms of the notes.
At December 31, 2013, $3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition.
In May 2011, in conjunction with the issuance of the 2013 Floating Rate Notes, the Company entered into a $750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03%.
During the second quarter of 2013, the interest rate swap matured and the 2013 Floating Rate Notes were fully repaid.2012, 2014 and 2019 Notes.
In December 2009, the Company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations.
These notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% notes, which were repaid in December 2012, $1.0 billion of 3.50% notes and $1.0 billion of 5.0% notes maturing in December 2014 and 2019, respectively.
Net proceeds of this offering were used to repay borrowings under the CP Program, which was used to finance a portion of the acquisition of Barclays Global Investors (“BGI”) from Barclays on December 1, 2009 (the “BGI Transaction”), and for general corporate purposes.
Interest on the 2014 Notes and 2019 Notes of approximately $35 million and $50 million per year, respectively, is payable semi-annually in arrears on June 10 and December 10 of each year.
These notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
These notes were issued collectively at a discount of $5 million, which is being amortized over the respective terms of the notes.
The Company incurred approximately $13 million of debt issuance costs, which are being amortized over the respective terms of these notes.
At December 31, 2013, $4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition.2017 Notes.
In September 2007, the Company issued $700 million in aggregate principal amount of 6.25% senior unsecured and unsubordinated notes maturing on September 15, 2017 (the “2017 Notes”).
A portion of the net proceeds of the 2017 Notes was used to fund the initial cash payment for the acquisition of the fund of funds business of Quellos and the remainder was used for general corporate purposes.
Interest is payable semi-annually in arrears on March 15 and September 15 of each year, or approximately $44 million per year.
The 2017 Notes may be redeemed prior
to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.
The 2017 Notes were issued at a discount of $6 million, which is being amortized over their ten-year term.
The Company incurred approximately $4 million of debt issuance costs, which are being amortized over ten years.
At December 31, 2013, $2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition.13.
Commitments and Contingencies Operating Lease Commitments The Company leases its primary office spaces under agreements that expire through 2035.
Future minimum commitments under these operating leases are as follows:
## Table 1 ##
Rent expense and certain office equipment expense under agreements amounted to $137 million, $133 million and $154 million in 2013, 2012 and 2011, respectively.
Investment Commitments.
At December 31, 2013, the Company had $216 million of various capital commitments to fund sponsored investment funds, including funds of private equity funds, real estate funds, infrastructure funds, opportunistic funds and distressed credit funds.
This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds.
Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment.
These unfunded commitments are not recorded on the consolidated statements of financial condition.
These commitments do not include potential future commitments approved by the Company, but which are not yet legally binding.
The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.
Contingencies Contingent Payments.
The Company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $17 million under a credit default swap between the Company and counterparty.
See Note 7, Derivatives and Hedging, for further discussion.
Contingent Payments Related to Business Acquisitions.
In connection with the Credit Suisse ETF Transaction, BlackRock is required to make contingent payments annually to Credit Suisse, subject to achieving specified thresholds during a seven-year period, subsequent to the acquisition date.
In addition, BlackRock is required to make contingent payments related to the MGPA Transaction during a five-year period, subject to achieving specified thresholds, subsequent to the acquisition date.
The fair value of the contingent payments at December 31, 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities.
Legal Proceedings.
From time to time, BlackRock receives subpoenas or other requests for information from various U. S.  federal, state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings.
It is BlackRock’s policy to cooperate fully with such inquiries.
The Company and certain of its subsidiaries have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities.
Additionally, certain BlackRocksponsored investment funds that the Company manages are subject to lawsuits, any of which potentially could harm the investment returns of the applicable fund or result in the Company being liable to the funds for any resulting damages.
Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability, if any, arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows.
However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period.
Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.
Indemnifications.
In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances.
The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote.
Consequently, no liability has been recorded on the consolidated statement of financial condition.
In connection with securities lending transactions, BlackRock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement.
At December 31, 2013, the Company indemnified certain of its clients for their securities lending loan balances of approximately $118.3 billion.
The Company held as agent, cash and securities totaling $124.6 billion as collateral for indemnified securities on loan at December 31, 2013.
The fair value of these indemnifications was not material at December 31, 2013.
PRODUCT TYPE Component changes in AUM by product type and investment style for 2013 are presented below.
## Table 2 ##
(1) Amounts include $6.0 billion of AUM reclassed from non-ETF index equity and fixed income to multi-asset.
(2) Amounts represent $16.0 billion of AUM acquired in the Credit Suisse ETF acquisition in July 2013 and $11.0 billion of AUM acquired in the MGPA acquisition in October 2013.
Long-term product offerings include active and passive strategies.
Our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile.
We offer two types of active strategies: those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction.
In contrast, passive strategies seek to closely track the returns of a corresponding index, generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index.
Passive strategies include both our institutional non-ETF index products and iShares ETFs.
Although many clients use both active and passive strategies, the application of these strategies may differ.
For example, clients may use index products to gain exposure to a market or asset class.
In addition, institutional non-ETF index assignments tend to be very large (multi-billion dollars) and typically reflect low fee rates.
This has the potential to exaggerate the significance of net flows in institutional index products on BlackRock’s revenues and earnings.
Equity Year-end 2013 equity AUM of $2.318 trillion increased by $472.2 billion, or 26%, from the end of 2012, largely due to flows into U. S.  and a range of international equity mandates reflecting investors’ increased risk appetite and the effect of higher market valuations.
Equity AUM growth included $69.3 billion in net new business and $13.0 billion in new assets related to the Credit Suisse ETF acquisition in July 2013.
Net new business of $69.3 billion was driven by net inflows of $74.1 billion and $10.5 billion into iShares and non-ETF index accounts, respectively.
Passive inflows were offset by active net outflows of $15.4 billion, with net outflows of $9.9 billion and $5.5 billion from fundamental and scientific active equity products, respectively.
BlackRock’s effective fee rates fluctuate due to changes in AUM mix.
Approximately half of BlackRock’s equity AUM is tied to international markets, including emerging markets, which tend to have higher fee rates than similar U. S.  equity strategies.
Accordingly, fluctuations in international equity markets, which do not consistently move in tandem with U. S.  markets, may have a greater impact on BlackRock’s effective equity fee rates and revenues.
Fixed Income Fixed income AUM ended 2013 at $1.242 trillion, declining $17.1 billion, or 1%, relative to December 31, 2012.
The decline in AUM reflected $29.1 billion in market and foreign exchange losses, partially offset by $11.5 billion in net new business and $1.3 billion in new assets related to the Credit Suisse ETF acquisition.
In 2013, net new business was led by strong flows into unconstrained fixed income offerings, such as our Strategic Income Opportunities fund, which had net inflows of $6.9 billion during the year, despite overall industry outflows from U. S.  bond funds.
Fixed income net inflows of $14.8 billion and $8.5 billion into fundamental and non-ETF index products, respectively, were partially offset by net outflows of $7.5 billion and $4.3 billion from iShares and model based strategies, respectively
Noble Energy, Inc.  Index to Financial Statements Notes to Consolidated Financial Statements 138 Note 16.
Concentration of Risk Concentration of Market Risk The largest single non-affiliated purchasers of our production were as follows:

<table><tr><td><i>(in millions)</i></td><td>Maturity Amount</td><td>Unamortized Discount</td><td>Carrying Value</td><td>Fair Value</td></tr><tr><td>3.50% Notes due 2014</td><td>$1,000</td><td>$—</td><td>$1,000</td><td>$1,029</td></tr><tr><td>1.375% Notes due 2015</td><td>750</td><td>—</td><td>750</td><td>759</td></tr><tr><td>6.25% Notes due 2017</td><td>700</td><td>-2</td><td>698</td><td>812</td></tr><tr><td>5.00% Notes due 2019</td><td>1,000</td><td>-2</td><td>998</td><td>1,140</td></tr><tr><td>4.25% Notes due 2021</td><td>750</td><td>-3</td><td>747</td><td>799</td></tr><tr><td>3.375% Notes due 2022</td><td>750</td><td>-4</td><td>746</td><td>745</td></tr><tr><td>Total Long-term Borrowings</td><td>$4,950</td><td>$-11</td><td>$4,939</td><td>$5,284</td></tr></table>
<table><tr><td>Year</td><td>Amount</td></tr><tr><td>2014</td><td>$135</td></tr><tr><td>2015</td><td>127</td></tr><tr><td>2016</td><td>110</td></tr><tr><td>2017</td><td>109</td></tr><tr><td>2018</td><td>106</td></tr><tr><td>Thereafter</td><td>699</td></tr><tr><td>Total</td><td>$1,286</td></tr></table>
<table><tr><td> <i>(in millions)</i> </td><td> 12/31/2012</td><td>Net New Business</td><td colspan="2">Adjustments -1</td><td> Acquisitions<sup>-2</sup></td><td>Market / FX</td><td> 12/31/2013</td></tr><tr><td>Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>$287,215</td><td>$-15,377</td><td></td><td>$—</td><td>$—</td><td>$45,424</td><td>$317,262</td></tr><tr><td><i>iShares</i></td><td>534,648</td><td>74,119</td><td></td><td>—</td><td>13,021</td><td>96,347</td><td>718,135</td></tr><tr><td>Fixed income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>656,331</td><td>10,443</td><td></td><td>—</td><td>—</td><td>-14,565</td><td>652,209</td></tr><tr><td><i>iShares</i></td><td>192,852</td><td>-7,450</td><td></td><td>—</td><td>1,294</td><td>-7,861</td><td>178,835</td></tr><tr><td>Multi-asset class</td><td>267,748</td><td>42,298</td><td></td><td>5,998</td><td>—</td><td>25,170</td><td>341,214</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>68,367</td><td>2,703</td><td></td><td>—</td><td>10,972</td><td>2,984</td><td>85,026</td></tr><tr><td>Currency and commodities</td><td>41,428</td><td>-8,653</td><td></td><td>—</td><td>1,645</td><td>-8,332</td><td>26,088</td></tr><tr><td> Subtotal</td><td>2,048,589</td><td>98,083</td><td> </td><td>5,998</td><td>26,932</td><td>139,167</td><td>2,318,769</td></tr><tr><td>Non-ETF Index:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>1,023,638</td><td>10,515</td><td></td><td>-5,172</td><td>—</td><td>253,317</td><td>1,282,298</td></tr><tr><td>Fixed income</td><td>410,139</td><td>8,515</td><td></td><td>-826</td><td>—</td><td>-6,686</td><td>411,142</td></tr><tr><td> Subtotal non-ETF index</td><td>1,433,777</td><td>19,030</td><td> </td><td>-5,998</td><td>—</td><td>246,631</td><td>1,693,440</td></tr><tr><td> Long-term</td><td>3,482,366</td><td>117,113</td><td> </td><td>—</td><td>26,932</td><td>385,798</td><td>4,012,209</td></tr><tr><td>Cash management</td><td>263,743</td><td>10,056</td><td></td><td>—</td><td>—</td><td>1,755</td><td>275,554</td></tr><tr><td>Advisory</td><td>45,479</td><td>-7,442</td><td></td><td>—</td><td>—</td><td>-1,712</td><td>36,325</td></tr><tr><td> Total AUM</td><td>$3,791,588</td><td>$119,727</td><td> $</td><td>—</td><td>$26,932</td><td>$385,841</td><td>$4,324,088</td></tr></table>

Question: how much higher is the fair value than carrying value ? in millions $ .
Answer: 345