x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
|
Delaware
|
13-2646102
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
Yes
|
X
|
|
No
|
|
Large accelerated
filer
|
X
|
Accelerated
filer
|
Non-accelerated
filer
|
Smaller
reporting company
|
|
Yes
|
|
No
|
X
|
|
Class
|
Outstanding
at October 17, 2008
|
|
Common
stock, $0.01 par value
|
436,091,267
shares
|
Page
|
||
No.
|
||
Part
I. Financial Information
|
||
Item 1. Financial
Statements (unaudited)
|
||
Consolidated Condensed Balance
Sheets
|
||
September 30, 2008 and December
31, 2007
|
3
|
|
Consolidated Condensed
Statements of Operations
|
||
Three and nine months ended
September 30, 2008 and 2007
|
4
|
|
Consolidated Condensed
Statements of Shareholders’ Equity
|
||
September 30, 2008 and
2007
|
6
|
|
Consolidated Condensed
Statements of Cash Flows
|
||
Nine months ended September 30,
2008 and 2007
|
7
|
|
Notes to Consolidated Condensed
Financial Statements
|
9
|
|
Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
45
|
|
Item 3. Quantitative
and Qualitative Disclosures about Market Risk
|
83
|
|
Item 4. Controls and
Procedures
|
86
|
|
Part
II. Other Information
|
||
Item 1. Legal
Proceedings
|
87
|
|
Item 1A. Risk
Factors
|
87
|
|
Item 2. Unregistered Sales of
Equity Securities and Use of Proceeds
|
88
|
|
Item
6. Exhibits
|
88
|
September
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
(In
millions)
|
||||||||
Assets:
|
||||||||
Investments:
|
||||||||
Fixed maturities, amortized
cost of $33,003 and $34,816
|
$ | 29,733 | $ | 34,663 | ||||
Equity securities, cost of
$1,776 and $1,143
|
1,516 | 1,347 | ||||||
Limited partnership
investments
|
2,207 | 2,321 | ||||||
Other
investments
|
149 | 108 | ||||||
Short term
investments
|
8,673 | 8,230 | ||||||
Total
investments
|
42,278 | 46,669 | ||||||
Cash
|
236 | 140 | ||||||
Receivables
|
12,201 | 11,469 | ||||||
Property,
plant and equipment
|
12,809 | 10,218 | ||||||
Deferred
income taxes
|
1,466 | 441 | ||||||
Goodwill
and other intangible assets
|
1,358 | 1,353 | ||||||
Assets
of discontinued operations
|
1 | 2,841 | ||||||
Other
assets
|
1,481 | 1,347 | ||||||
Deferred
acquisition costs of insurance subsidiaries
|
1,157 | 1,161 | ||||||
Separate
account business
|
430 | 476 | ||||||
Total
assets
|
$ | 73,417 | $ | 76,115 | ||||
Liabilities
and Shareholders’ Equity:
|
||||||||
Insurance
reserves:
|
||||||||
Claim and claim adjustment
expense
|
$ | 28,023 | $ | 28,588 | ||||
Future policy
benefits
|
7,442 | 7,106 | ||||||
Unearned
premiums
|
3,549 | 3,597 | ||||||
Policyholders’
funds
|
454 | 930 | ||||||
Total insurance
reserves
|
39,468 | 40,221 | ||||||
Payable
to brokers
|
1,593 | 580 | ||||||
Collateral
on loaned securities
|
6 | 63 | ||||||
Short
term debt
|
273 | 358 | ||||||
Long
term debt
|
7,401 | 6,900 | ||||||
Reinsurance
balances payable
|
367 | 401 | ||||||
Liabilities
of discontinued operations
|
1,637 | |||||||
Other
liabilities
|
3,970 | 3,990 | ||||||
Separate
account business
|
430 | 476 | ||||||
Total
liabilities
|
53,508 | 54,626 | ||||||
Minority
interest
|
4,168 | 3,898 | ||||||
Preferred
stock, $0.10 par value,
|
||||||||
Authorized – 100,000,000
shares
|
||||||||
Common
stock:
|
||||||||
Loews common stock, $0.01 par
value:
|
||||||||
Authorized – 1,800,000,000
shares
|
||||||||
Issued – 436,402,567 and
529,683,628 shares
|
4 | 5 | ||||||
Former Carolina Group
stock
|
1 | |||||||
Additional
paid-in capital
|
3,288 | 3,967 | ||||||
Earnings
retained in the business
|
14,435 | 13,691 | ||||||
Accumulated
other comprehensive income (loss)
|
(1,974 | ) | (65 | ) | ||||
15,753 | 17,599 | |||||||
Less
treasury stock, at cost (314,000 shares of Loews common stock
at
|
||||||||
September 30, 2008 and 340,000
shares of former Carolina Group stock at
|
||||||||
December 31,
2007)
|
12 | 8 | ||||||
Total shareholders’
equity
|
15,741 | 17,591 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 73,417 | $ | 76,115 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions, except per share data)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Insurance
premiums
|
$ | 1,799 | $ | 1,882 | $ | 5,385 | $ | 5,616 | ||||||||
Net investment
income
|
355 | 647 | 1,531 | 2,165 | ||||||||||||
Investment
losses
|
(650 | ) | (54 | ) | (812 | ) | (183 | ) | ||||||||
Gain on issuance of subsidiary
stock
|
2 | 139 | ||||||||||||||
Contract drilling
revenues
|
882 | 628 | 2,589 | 1,854 | ||||||||||||
Other
|
584 | 422 | 1,809 | 1,119 | ||||||||||||
Total
|
2,970 | 3,525 | 10,504 | 10,710 | ||||||||||||
Expenses:
|
||||||||||||||||
Insurance claims and
policyholders’ benefits
|
1,519 | 1,575 | 4,380 | 4,496 | ||||||||||||
Amortization of deferred
acquisition costs
|
355 | 384 | 1,083 | 1,137 | ||||||||||||
Contract drilling
expenses
|
314 | 281 | 872 | 715 | ||||||||||||
Other operating
expenses
|
741 | 566 | 1,982 | 1,584 | ||||||||||||
Interest
|
82 | 81 | 259 | 230 | ||||||||||||
Total
|
3,011 | 2,887 | 8,576 | 8,162 | ||||||||||||
Income
(loss) before income tax and minority interest
|
(41 | ) | 638 | 1,928 | 2,548 | |||||||||||
Income tax expense
(benefit)
|
(56 | ) | 182 | 537 | 774 | |||||||||||
Minority
interest
|
159 | 147 | 615 | 482 | ||||||||||||
Total
|
103 | 329 | 1,152 | 1,256 | ||||||||||||
Income
(loss) from continuing operations
|
(144 | ) | 309 | 776 | 1,292 | |||||||||||
Discontinued
operations, net:
|
||||||||||||||||
Results of
operations
|
7 | 246 | 350 | 685 | ||||||||||||
Gain on
disposal
|
4,362 | |||||||||||||||
Net
income (loss)
|
$ | (137 | ) | $ | 555 | $ | 5,488 | $ | 1,977 | |||||||
Net
income (loss) attributable to:
|
||||||||||||||||
Loews common
stock:
|
||||||||||||||||
Income (loss) from continuing
operations
|
$ | (144 | ) | $ | 309 | $ | 776 | $ | 1,292 | |||||||
Discontinued operations,
net
|
7 | 100 | 4,501 | 280 | ||||||||||||
Loews common
stock
|
(137 | ) | 409 | 5,277 | 1,572 | |||||||||||
Former Carolina Group stock -
discontinued
|
||||||||||||||||
operations, net
|
146 | 211 | 405 | |||||||||||||
Total
|
$ | (137 | ) | $ | 555 | $ | 5,488 | $ | 1,977 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions, except per share data)
|
||||||||||||||||
Basic
net income (loss) per Loews common share:
|
||||||||||||||||
Income (loss) from continuing
operations
|
$ | (0.33 | ) | $ | 0.58 | $ | 1.58 | $ | 2.41 | |||||||
Discontinued operations,
net
|
0.02 | 0.19 | 9.16 | 0.52 | ||||||||||||
Net income
(loss)
|
$ | (0.31 | ) | $ | 0.77 | $ | 10.74 | $ | 2.93 | |||||||
Diluted
net income (loss) per Loews common share:
|
||||||||||||||||
Income (loss) from continuing
operations
|
$ | (0.33 | ) | $ | 0.58 | $ | 1.58 | $ | 2.40 | |||||||
Discontinued operations,
net
|
0.02 | 0.19 | 9.14 | 0.52 | ||||||||||||
Net income
(loss)
|
$ | (0.31 | ) | $ | 0.77 | $ | 10.72 | $ | 2.92 | |||||||
Basic
and Diluted net income per former Carolina Group share:
|
||||||||||||||||
Discontinued operations,
net
|
$ | - | $ | 1.34 | $ | 1.95 | $ | 3.73 | ||||||||
Basic
weighted average number of shares outstanding:
|
||||||||||||||||
Loews common
stock
|
436.32 | 531.86 | 491.19 | 536.53 | ||||||||||||
Former Carolina Group
stock
|
- | 108.44 | 108.47 | 108.42 | ||||||||||||
Diluted
weighted average number of shares
|
||||||||||||||||
outstanding:
|
||||||||||||||||
Loews common
stock
|
436.32 | 533.19 | 492.40 | 537.71 | ||||||||||||
Former Carolina Group
stock
|
- | 108.58 | 108.60 | 108.55 |
Former
|
Earnings
|
Accumulated
|
Common
|
|||||||||||||||||||||||||
Comprehensive
|
Loews
|
Carolina
|
Additional
|
Retained
|
Other
|
Stock
|
||||||||||||||||||||||
Income
|
Common
|
Group
|
Paid-in
|
in
the
|
Comprehensive
|
Held
in
|
||||||||||||||||||||||
(Loss)
|
Stock
|
Stock
|
Capital
|
Business
|
Income
(Loss)
|
Treasury
|
||||||||||||||||||||||
(In
millions, except per share data)
|
||||||||||||||||||||||||||||
Balance,
January 1, 2007
|
$ | 5 | $ | 1 | $ | 4,018 | $ | 12,099 | $ | 387 | $ | (8 | ) | |||||||||||||||
Adjustment
to initially apply:
|
||||||||||||||||||||||||||||
FASB Interpretation No.
48,
|
||||||||||||||||||||||||||||
“Accounting For
Uncertainty in
|
||||||||||||||||||||||||||||
Income Taxes an
interpretation of
|
||||||||||||||||||||||||||||
FASB No. 109,” net of
minority
|
||||||||||||||||||||||||||||
interest
|
(37 | ) | ||||||||||||||||||||||||||
FASB Staff Position
Technical
|
||||||||||||||||||||||||||||
Bulletin No. 85-4-1,
“Accounting
|
||||||||||||||||||||||||||||
For Life Settlement
Contracts by
|
||||||||||||||||||||||||||||
Third-Party
Investors,” net of tax
|
||||||||||||||||||||||||||||
and minority
interest
|
34 | |||||||||||||||||||||||||||
Balance,
January 1, 2007, as adjusted
|
5 | 1 | 4,018 | 12,096 | 387 | (8 | ) | |||||||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net income
|
$ | 1,977 | 1,977 | |||||||||||||||||||||||||
Other comprehensive
loss
|
(327 | ) | (327 | ) | ||||||||||||||||||||||||
Comprehensive
income
|
$ | 1,650 | ||||||||||||||||||||||||||
Dividends
paid:
|
||||||||||||||||||||||||||||
Loews common stock,
$0.19
|
||||||||||||||||||||||||||||
per share
|
(101 | ) | ||||||||||||||||||||||||||
Former Carolina Group stock,
$1.37
|
||||||||||||||||||||||||||||
per share
|
(148 | ) | ||||||||||||||||||||||||||
Purchase
of Loews treasury stock
|
(672 | ) | ||||||||||||||||||||||||||
Issuance
of Loews common stock
|
3 | |||||||||||||||||||||||||||
Issuance
of former Carolina Group
|
||||||||||||||||||||||||||||
stock
|
3 | |||||||||||||||||||||||||||
Stock-based
compensation
|
19 | |||||||||||||||||||||||||||
Other
|
2 | (2 | ) | |||||||||||||||||||||||||
Deferred
tax benefit related to
|
||||||||||||||||||||||||||||
interest expense imputed
on
|
||||||||||||||||||||||||||||
Diamond Offshore’s
1.5%
|
||||||||||||||||||||||||||||
debentures (Note
13)
|
26 | |||||||||||||||||||||||||||
Balance,
September 30, 2007
|
$ | 5 | $ | 1 | $ | 4,071 | $ | 13,822 | $ | 60 | $ | (680 | ) | |||||||||||||||
Balance,
January 1, 2008
|
$ | 5 | $ | 1 | $ | 3,967 | $ | 13,691 | $ | (65 | ) | $ | (8 | ) | ||||||||||||||
Comprehensive
loss:
|
||||||||||||||||||||||||||||
Net income
|
$ | 5,488 | 5,488 | |||||||||||||||||||||||||
Other comprehensive
loss
|
(1,962 | ) | (1,962 | ) | ||||||||||||||||||||||||
Comprehensive
income
|
$ | 3,526 | ||||||||||||||||||||||||||
Dividends
paid:
|
||||||||||||||||||||||||||||
Loews common stock,
$0.19
|
||||||||||||||||||||||||||||
per share
|
(94 | ) | ||||||||||||||||||||||||||
Former Carolina Group stock,
$0.911
|
||||||||||||||||||||||||||||
per share
|
(99 | ) | ||||||||||||||||||||||||||
Purchase
of Loews treasury stock
|
(12 | ) | ||||||||||||||||||||||||||
Issuance
of Loews common stock
|
4 | |||||||||||||||||||||||||||
Redemption
of former Carolina
|
||||||||||||||||||||||||||||
Group stock (Note
2)
|
(1 | ) | (602 | ) | 53 | 8 | ||||||||||||||||||||||
Exchange
of Lorillard common stock
|
||||||||||||||||||||||||||||
for Loews common stock (Note
2)
|
(4,650 | ) | ||||||||||||||||||||||||||
Stock-based
compensation
|
17 | |||||||||||||||||||||||||||
Retirement
of treasury stock
|
(1 | ) | (700 | ) | (3,949 | ) | 4,650 | |||||||||||||||||||||
Balance,
September 30, 2008
|
$ | 4 | $ | - | $ | 3,288 | $ | 14,435 | $ | (1,974 | ) | $ | (12 | ) |
Nine
Months Ended September 30
|
2008
|
2007
|
||||||
(In
millions)
|
||||||||
Operating
Activities:
|
||||||||
Net
income
|
$ | 5,488 | $ | 1,977 | ||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
(used) by operating activities, net
|
(2,741 | ) | (36 | ) | ||||
Changes
in operating assets and liabilities, net:
|
||||||||
Reinsurance
receivables
|
691 | 591 | ||||||
Other
receivables
|
(131 | ) | (71 | ) | ||||
Federal income
tax
|
(360 | ) | (93 | ) | ||||
Prepaid reinsurance
premiums
|
(6 | ) | 22 | |||||
Deferred acquisition
costs
|
4 | 1 | ||||||
Insurance
reserves
|
(238 | ) | (271 | ) | ||||
Reinsurance balances
payable
|
(34 | ) | (56 | ) | ||||
Other
liabilities
|
(172 | ) | 97 | |||||
Trading
securities
|
(1,145 | ) | 1,677 | |||||
Other, net
|
(121 | ) | (183 | ) | ||||
Net
cash flow operating activities - continuing operations
|
1,235 | 3,655 | ||||||
Net
cash flow operating activities - discontinued operations
|
142 | 719 | ||||||
Net
cash flow operating activities - total
|
1,377 | 4,374 | ||||||
Investing
Activities:
|
||||||||
Purchases
of fixed maturities
|
(39,989 | ) | (53,496 | ) | ||||
Proceeds
from sales of fixed maturities
|
36,545 | 53,002 | ||||||
Proceeds
from maturities of fixed maturities
|
3,374 | 3,720 | ||||||
Purchases
of equity securities
|
(170 | ) | (157 | ) | ||||
Proceeds
from sales of equity securities
|
177 | 182 | ||||||
Purchases
of property, plant and equipment
|
(2,937 | ) | (1,352 | ) | ||||
Proceeds
from sales of property, plant and equipment
|
71 | 13 | ||||||
Change
in collateral on loaned securities
|
(57 | ) | (3,518 | ) | ||||
Change
in short term investments
|
1,567 | 196 | ||||||
Change
in other investments
|
(147 | ) | (103 | ) | ||||
Acquisition
of business, net of cash acquired
|
(4,029 | ) | ||||||
Net
cash flow investing activities - continuing operations
|
(1,566 | ) | (5,542 | ) | ||||
Net
cash flow investing activities - discontinued operations,
|
||||||||
including
proceeds from dispositions
|
620 | |||||||
Net
cash flow investing activities - total
|
(946 | ) | (5,542 | ) |
Nine
Months Ended September 30
|
2008
|
2007
|
||||||
(In
millions)
|
||||||||
Financing
Activities:
|
||||||||
Dividends
paid
|
$ | (193 | ) | $ | (249 | ) | ||
Dividends
paid to minority interest
|
(354 | ) | (339 | ) | ||||
Purchases
of treasury shares
|
(12 | ) | (672 | ) | ||||
Purchases
of treasury shares by subsidiary
|
(70 | ) | ||||||
Issuance
of common stock
|
4 | 6 | ||||||
Proceeds
from subsidiaries’ equity issuances
|
246 | 315 | ||||||
Principal
payments on debt
|
(902 | ) | (4 | ) | ||||
Issuance
of debt
|
1,320 | 2,110 | ||||||
Receipts
of investment contract account balances
|
3 | 2 | ||||||
Return
of investment contract account balances
|
(421 | ) | (59 | ) | ||||
Excess
tax benefits from share-based payment arrangements
|
4 | 6 | ||||||
Other
|
26 | 10 | ||||||
Net
cash flow financing activities - continuing
operations
|
(349 | ) | 1,126 | |||||
Net
cash flow financing activities - discontinued
operations
|
2 | |||||||
Net
cash flow financing activities - total
|
(349 | ) | 1,128 | |||||
Effect
of foreign exchange rate on cash - continuing operations
|
(6 | ) | ||||||
Net
change in cash
|
76 | (40 | ) | |||||
Net
cash transactions from:
|
||||||||
Continuing operations to
discontinued operations
|
782 | 760 | ||||||
Discontinued operations to
continuing operations
|
(782 | ) | (760 | ) | ||||
Cash,
beginning of period
|
160 | 174 | ||||||
Cash,
end of period
|
$ | 236 | $ | 134 | ||||
Cash,
end of period:
|
||||||||
Continuing
operations
|
$ | 236 | $ | 116 | ||||
Discontinued
operations
|
18 | |||||||
Total
|
$ | 236 | $ | 134 |
|
·
|
On
June 10, 2008, the Company distributed 108,478,429 shares, or
approximately 62%, of the outstanding common stock of Lorillard in
exchange for and in redemption of all of the 108,478,429 outstanding
shares of the Company’s former Carolina Group stock, in accordance with
the Company’s Restated Certificate of Incorporation (the “Redemption”);
and
|
|
·
|
On
June 16, 2008, the Company distributed the remaining 65,445,000 shares, or
approximately 38%, of the outstanding common stock of Lorillard in
exchange for 93,492,857 shares of Loews common stock, reflecting an
exchange ratio of 0.70 (the “Exchange
Offer”).
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Net
investment income consisted of:
|
||||||||||||||||
Fixed
maturity securities
|
$ | 501 | $ | 501 | $ | 1,495 | $ | 1,523 | ||||||||
Short
term investments
|
36 | 79 | 125 | 243 | ||||||||||||
Limited
partnerships
|
(77 | ) | 19 | (70 | ) | 142 | ||||||||||
Equity
securities
|
18 | 7 | 62 | 18 | ||||||||||||
Trading
portfolio
|
(117 | ) | 33 | (66 | ) | 221 | ||||||||||
Other
|
6 | 19 | 27 | 60 | ||||||||||||
Total
investment income
|
367 | 658 | 1,573 | 2,207 | ||||||||||||
Investment
expense
|
(12 | ) | (11 | ) | (42 | ) | (42 | ) | ||||||||
Net
investment income
|
$ | 355 | $ | 647 | $ | 1,531 | $ | 2,165 |
Investment
gains (losses) are as follows:
|
||||||||||||||||
Fixed
maturities
|
$ | (315 | ) | $ | (39 | ) | $ | (475 | ) | $ | (322 | ) | ||||
Equity
securities, including short positions
|
(376 | ) | 16 | (405 | ) | 30 | ||||||||||
Derivative
instruments
|
35 | (45 | ) | 47 | 94 | |||||||||||
Short
term investments
|
5 | 7 | 12 | 7 | ||||||||||||
Other,
including guaranteed separate account business
|
1 | 7 | 9 | 8 | ||||||||||||
Investment
losses
|
(650 | ) | (54 | ) | (812 | ) | (183 | ) | ||||||||
Gain
on issuance of subsidiary stock (Note 13)
|
2 | 139 | ||||||||||||||
(650 | ) | (54 | ) | (810 | ) | (44 | ) | |||||||||
Income
tax benefit
|
227 | 19 | 284 | 14 | ||||||||||||
Minority
interest
|
44 | 3 | 54 | 15 | ||||||||||||
Investment
losses, net
|
$ | (379 | ) | $ | (32 | ) | $ | (472 | ) | $ | (15 | ) |
Gross
Unrealized Losses
|
||||||||||||||||||||
Amortized
|
Unrealized
|
Less
Than
|
12
Months
|
|||||||||||||||||
September
30, 2008
|
Cost
|
Gains
|
12
Months
|
or
Greater
|
Fair
Value
|
|||||||||||||||
(In
millions)
|
||||||||||||||||||||
Fixed
maturity securities:
|
||||||||||||||||||||
U.S. government and
obligations
|
||||||||||||||||||||
of government
agencies
|
$ | 1,431 | $ | 88 | $ | 1 | $ | 1,518 | ||||||||||||
Asset-backed
securities
|
9,982 | 27 | 484 | $ | 746 | 8,779 | ||||||||||||||
States, municipalities and
political
|
||||||||||||||||||||
subdivisions-tax
exempt
|
7,781 | 21 | 596 | 240 | 6,966 | |||||||||||||||
Corporate
|
9,495 | 73 | 797 | 352 | 8,419 | |||||||||||||||
Other debt
|
3,618 | 59 | 193 | 103 | 3,381 | |||||||||||||||
Redeemable preferred
stocks
|
72 | 3 | 2 | 73 | ||||||||||||||||
Fixed
maturities available-for-sale
|
32,379 | 271 | 2,073 | 1,441 | 29,136 | |||||||||||||||
Fixed
maturities, trading
|
624 | 1 | 11 | 17 | 597 | |||||||||||||||
Total
fixed maturities
|
33,003 | 272 | 2,084 | 1,458 | 29,733 | |||||||||||||||
Equity
securities:
|
||||||||||||||||||||
Equity securities
available-for-sale
|
1,112 | 187 | 166 | 169 | 964 | |||||||||||||||
Equity securities,
trading
|
664 | 53 | 102 | 63 | 552 | |||||||||||||||
Total
equity securities
|
1,776 | 240 | 268 | 232 | 1,516 | |||||||||||||||
Short
term investments:
|
||||||||||||||||||||
Short term investments
available-for-
|
||||||||||||||||||||
sale
|
5,387 | 6 | 1 | 5,392 | ||||||||||||||||
Short term investments,
trading
|
3,281 |