MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) Leveraged Leases Other Invested Assets Other invested assets is comprised primarily of freestanding derivatives with positive estimated fair values (see Note 9), tax credit partnerships, and leveraged leases. Investment in leveraged leases, included in other invested assets, consisted of the following: Rental receivables are generally due in periodic installments. The payment periods range from one to 15 years but, in certain circumstances can be over 30 years. For rental receivables, the primary credit quality indicator is whether the rental receivable is performing or non-performing, which is assessed monthly. The Company generally defines non-performing rental receivables as those that are 90 days or more past due. At December 31, 2012 and 2011, all rental receivables were performing. The deferred income tax liability related to leveraged leases was $1.6 billion and $1.5 billion at December 31, 2012 and 2011, respectively. The components of income from investment in leveraged leases, excluding net investment gains (losses) were as follows: The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $6.1 billion and $5.0 billion at December 31, 2012 and 2011, respectively. The components of net unrealized investment gains (losses), included in AOCI, were as follows: 123 MetLife, Inc. Cash Equivalents Net Unrealized Investment Gains (Losses) December 31, 2012 2011 (In millions) Rental receivables, net .................................................................................... $1,564 $ 1,859 Estimated residual values .................................................................................. 1,474 1,657 Subtotal .............................................................................................. 3,038 3,516 Unearned income ........................................................................................ (1,040) (1,268) Investment in leveraged leases .............................................................................. $1,998 $ 2,248 Years Ended December 31, 2012 2011 2010 (In millions) Income from investment in leveraged leases ............................................................... $57 $125 $123 Less: Income tax expense on leveraged leases ............................................................ (20) (44) (43) Investment income after income tax from investment in leveraged leases ......................................... $37 $ 81 $ 80 Years Ended December 31, 2012 2011 2010 (In millions) Fixed maturity securities ......................................................................... $33,641 $21,096 $ 7,817 Fixed maturity securities with noncredit OTTI losses in accumulated other comprehensive income (loss) ........... (361) (724) (601) Total fixed maturity securities ................................................................. 33,280 20,372 7,216 Equity securities ............................................................................... 97 (167) (3) Derivatives ................................................................................... 1,274 1,514 (59) Other ....................................................................................... (30) 72 42 Subtotal .................................................................................. 34,621 21,791 7,196 Amounts allocated from: ......................................................................... Insurance liability loss recognition ................................................................ (6,049) (3,996) (672) DAC and VOBA related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss) .................................................................................... 19 47 38 DAC and VOBA ............................................................................. (2,485) (1,800) (1,003) Policyholder dividend obligation ................................................................. (3,828) (2,919) (876) Subtotal .................................................................................. (12,343) (8,668) (2,513) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss) ................................................................... 119 236 197 Deferred income tax benefit (expense) .............................................................. (7,973) (4,694) (1,762) Net unrealized investment gains (losses) ............................................................ 14,424 8,665 3,118 Net unrealized investment gains (losses) attributable to noncontrolling interests .............................. (5) 9 4 Net unrealized investment gains (losses) attributable to MetLife, Inc. ....................................... $14,419 $ 8,674 $ 3,122