Deferred sales commissions decreased $38.9 million to $452.3 million as a result of the $163.1 million in amortization  expense offset by the $124.2 million in sales commissions paid. Capital assets decreased $2.7 million during the year as a  result of $8.3 million amortized during the year offset by $5.6 million in capital additions. Total liabilities decreased by $169.2 million during 2012 to $1.296 billion at December 31, 2012. The primary contributors to  this change were a $186.0 million decrease in long-term debt offset by a $17.8 million increase in future income taxes. The  increase in future income taxes relates to the Ontario government’s decision to rescind previously legislated reductions  in corporate tax rates. On December 17, 2012, CI repaid $250 million of debentures that matured. At December 31, 2012, CI had $500 million in  outstanding debentures at an average interest rate of 3.51% with a carrying value of $498.4 million. In addition, CI had  $96.0 million drawn against its credit facility at an average rate of 1.83%. At December 31, 2011, CI had $780.4 million of  debt outstanding at an average rate of 3.19%. Net of cash and marketable securities, debt was $504.1 million at December  31, 2012, down from $615.7 million at December 31, 2011. The average debt level for the year ended December 31, 2012 was  approximately $749 million, compared to $848 million for 2011.  As mentioned earlier, at December 31, 2012 CI had drawn $96.0 million against its $250 million credit facility. Principal  repayments on any drawn amounts are only required should the bank decide not to renew the facility on its anniversary,  in which case 6.25% of the principal would be repaid at each calendar quarter-end, with the balance payable at the end  of the credit facility term (March 14, 2015). These payments would be payable beginning March 31, 2013 should the bank  not renew the facility. CI’s current ratio of debt (net of excess cash) to EBITDA is at 0.7 to 1, well below CI’s long-term target of 1 to 1. CI expects  that, absent acquisitions in which debt is increased, excess cash flow will be used to pay down debt and the ratio of debt  to EBITDA will trend lower. CI is within its financial covenants with respect to its credit facility, which requires that the  debt-to-EBITDA ratio remain below 2.5 to 1, and assets under management not fall below $40 billion, based on a rolling  30-day average. Shareholders’ equity increased by $55.8 million in 2012 to $1.676 billion at December 31, 2012 which approximates net  income less dividends and share repurchases. There is risk inherent in the conduct of a wealth management business. Some factors which introduce or exacerbate risk  are within the control of management and others are by their nature outside of direct control but must still be managed.  Effective risk management is a key component to achieving CI’s business objectives. It requires management to identify  and anticipate risks in order to develop strategies and procedures which minimize or avoid negative consequences.  Management has developed an approach to risk management that involves executives in each core business unit and  operating area of CI. These executives identify and evaluate risks, applying both a quantitative and a qualitative analysis  and then assess the likelihood of occurrence of a particular risk. The final step in the process is to identify mitigating  factors or strategies and a course for implementing mitigation procedures. RISK MANAGEMENT 38