h o l.
 2 0 2 contractual obligations company contracts with third parties future payments.
 table illustrates 2019s contractual obligations 1 1 - 3 4 - 5 5.
 less than 1 year 1 - 3 years 4 - 5 years after 5 years
 short-term debt $ 156. $ 2013
 operating leases 36. 8.
 purchase commitments 25. 2013
 contractual obligations $ 218. $ 190. 12. $.
 accounting policies historical patterns use physical assets financial results.
 financial selection accounting policies methods.
 accounting standards 2018.
 impairment disposal of long-lived assets management.
 reviews property plant equipment for revenue recognition revenue product carrying value asset.
.
impairment loss recognized transactions estimated future cash flows asset revenue title passed customers less than carrying amount.
 shipment.
 estimated returns allowances derivative financial instruments reduction sales revenue accounting policy derivative.
 critical inventories determine terms hedging instrument same as balance sheet inventory hedged transaction.
 unsaleable documentation cost.
 reserves.
 adjust inventory to net realizable value.
 derivative instruments hedging activities. reserves evaluates stock levels recognize changes market value demand products.
 instruments earnings.
 algorithms data monitors estimates.
 changes valuation reserves compliance documentation conditions competitive offerings.
.
 information inventory stock compensation applies reserves notes consolidated financial.
 stock statements.
employees accounting stock-based instruments no compensation expense surgical instruments recognized fixed stock option plans orthopaedic procedures products.
 options granted fair market value.
.
 accounting policy stock-based compensation cost instruments expense alternative accounting stock options instruments.
 option pricing model.
 alternative depreciate cost adopted disclosure requirements instruments useful lives.
.
.
 change compensation-transition disclosure. accounting policy compensation expense.
 method consolidated financial statements.
 property plant equipment estimated useful lives


demand.
 555000 tons downtime 2006 150000 tons lack-of-orders.
 printing papers.
 $ 6530 $ 6700 $
 operating profit $ 1101 $
 north american printing papers net sales 2007 $ 3. 5 billion. billion 2006. billion 2005.
 sales volumes decreased reduced production capacity conversion lightweight linerboard.
 sales price increased increases.
 lack-of-order downtime declined 27000 tons 2007 40000 tons 2006.
 earnings $ million 2007 482 million 2006 175.
 improved sales price higher input costs.
 mill operations improvements machine performance energy conservation.
 sales volumes first quarter 2008 increase.
 demand printing papers steady.
 price increases cut-size paper roll stock first.
mill maintenance costs same fourth quarter raw material costs wood energy.
 net sales 2007 $ 850 mil higher 495 million 2006 465 2005.
 improved uncoated freesheet paper.
 sales volumes increased cut size offset paper.
 profits $ 246 mil lion 122 2006 134 2005 input.
 luiz antonio acquisition increased sales $ 350 million earnings $ 80 million.
 sales volumes uncoated freesheet paper pulp lower.
 price realizations flat.
 energy costs hydroelectric power increase rainfall.
 papers net sales $ 1. 5 bil lion. 2006. 2005.
 volumes higher stronger demand improved efficiencies lower western closure marasquel mill.
 sales price.
 profits $ 214 million $ 16 million 2006 $ 88 million 2005.
 $ 128 million impairment charge.
improvement 2007 higher net sales offset costs wood energy freight.
 sales volumes stable western weaker eastern russia.
 price realizations.
 wood costs increase energy costs higher.
 sales $ 20 million 2007 2006 10 2005.
 earnings increased close breakeven.
.
 pulp sales $ 655 mil $ 510 $ 525 million 2006 2005.
 sales volumes up


goldman sachs group.
 subsidiaries maximum payout guarantees indemnifications.
 management believes unlikely payments no liabilities recognized statements financial 2017 2016.
.
 firm provides counterparties commercial transactions indemnifies against losses breach.
 indemnifications against changes.
 tax laws transactions.
 provide indemnifications additional taxes owed payments withheld.
 tax laws.
 indemnifications standard contractual terms business.
 no stated notional amounts contingencies triggering not expected.
 estimate maximum payout guarantees indemnifications.
 management believes unlikely material payments no material liabilities recognized consolidated statements financial december 2017 2016.
 guarantees subsidiaries.
.
 guarantees securities issued gs finance corp. wholly-owned subsidiary.
.
guaranteed payment obligations goldman sachs co.
. bank usa exceptions.
 group.
 guarantees obligations subsidiaries transaction-by-transaction.
.
 maximum payout guarantees obligations. liabilities not disclosed.
.
 2017 2016 4. billion shares common stock 200 million nonvoting common stock par value $ 0. 01 per share.
 dividends common share $ 2. 90 2017 $ 2. 60 2016 $ 2. 55 2015.
.
 declared dividend $ 0. 75 per common share march 29 2018.
 share repurchase program common equity.
 open-market purchases amounts determined capital position market conditions price trading volumes.
 repurchasing confirmation.
 common stock repurchased share repurchase program.
millions share 2017 2016 2015
 share repurchases 29. 36.
 cost share $ 231. $ 165. 189.
 repurchases $ 6721 $ 6069 4195
 share-based compensation plans employees remit shares cancel options tax.
 2017 2016 2015 12165 49374 35217 remitted value $ 3 million 7 million 6 million cancelled. million value $ 1. 94 billion 921 million 1. billion.
 cancelled. options value $ 1. billion. billion 406 million 2017 2016 2015.


business metrics december 31.
 billions 2003
 loan lease receivables $ 43. $ 37. 16% 16
 lease receivables 41.
 automobile origination volume 27.
 market share. 1%. 7%.
 30+ day delinquency rate.
 charge-off ratio.
 overhead ratio
.
 bank new york tri-state top five texas payment liquidity investment insurance credit products affluent.
 serves 326000 small businesses 433000 affluent. 6 million mass-market consumers.
 14% increase core deposits 77% increase cross-sell chase credit products.
 mortgage home equity originations $ 3. 4 billion $. 7 billion.
 credit cards 77000 23% 23 % customers credit cards.
 compensated home finance credit card loans.
growth decreased deposit spreads increased credit costs 80% decline earnings 2002.
 offset 8% increase deposits.
 revenue $ 2. 6 billion decreased.
 net interest income 11% $ 1. 7 billion lower interest rate.
 noninterest revenue decreased 6% 6 $ 927 million lower deposit fees debit card fees one-time gains.
 profits.
 operating expense $ 2. 4 billion increased 7% 7 % 2002.
 investments technology higher compensation expenses severance costs.
 largest.
 originator automobile loans leases. million accounts.
 automobile loan lease originations 10% $ 27. billion.
 loan lease receivables $ 43. billion 16% higher.
 declining sales market share improved. 1%. 2003.
 growth strategy.
2019s car manufacturers 2003 growth increased 12700 2002 to 13700 2003.
 earnings $ 205 million 23% higher 2002.
 revenue growth improved efficiency.
 revenue 23% $ 842 million.
 net interest income 33%.
 loans leases.
 operating expense $ 292 million increased 18%.
 auto finance loans origination volume incentives.
 overhead ratio improved 36% 2002 to 35% 35 % 2003 revenue growth productivity expense management.
 credit costs increased 18% $ 205 million 32% increase loan lease receivables.
 credit quality lower net charge-off ratio 30+ day delinquency rate.
 education finance government loans higher.
.
 origination volume $ 2. 7 billion increase 4%.
.
.
.
.


7a.
 disclosures market risk millions exposed to market risks interest rates foreign currency balance sheet items.
 use derivative instruments manage risks.
 derivative instruments risk management tools not trading speculative.
 exposure risk fair market value cash flows debt obligations.
 majority debt 89% 89 % 93% 93 % ) december 31 2013 2012 bears interest fixed rates.
 debt variable interest rates 10% increase decrease not material interest expense cash flows.
 fair market value debt sensitive changes interest rates impact 10% change interest summarized.
.
 2013.
.
 used interest rate swaps risk management.
 rate swaps outstanding december 31  2013.
 $ 1642. 1 cash equivalents marketable securities 31 conservative short-term bank deposits securities.
interest income investments subject to domestic foreign interest rate movements.
 2013 2012 income $ 24. 7 $ 29. 5.
 100-basis-point increase interest rates income $ 16. cash equivalents securities impacted balances constant.
 translation transaction risks.
.
 changes exchange rates affect revenues expenses.
.
 primary currencies australian dollar brazilian real euro japanese yen south african rand.
.
 dollar 10% operating income 3% 3 4% ( 4 % all currencies international revenue expenses constant 2013.
 operations local currency.
 assets liabilities translated at exchange rates expenses average exchange rates.
 translation adjustments recorded loss.
 foreign subsidiaries collect revenues pay expenses in functional currency.
 subsidiaries transactions.
 assets liabilities susceptible to until final.
currency transaction gains losses included in office expenses.
 not entered foreign currency exchange contracts instruments hedge.


management analysis portfolios positions not var.
.
 10% measures.
 table market risk inventory positions.
 determined reduction net revenues 10% decline asset value.
 equity positions private public equity securities corporate equities real estate hedge funds. debt positions corporate senior debt commercial real estate corporate bank loans distressed loans.
. note 6 financial statements.
 measures reflect diversification benefits asset categories market risk.
 10% % amount millions 2013 2012 equity $ 2256 2471.
 2471
 debt
 $ 4147
.
 $ 208 million investment ordinary shares icbc sold first half 2013.
 credit spread sensitivity derivatives borrowings.
 excludes impact credit spreads derivatives unsecured borrowings fair value option.
 estimated sensitivity one point increase credit spreads derivatives $ 4 million $ 3 million 2013 2012.
 increase credit spreads unsecured borrowings $ 8 million $ 7 million.
 impact spreads affected liquidity duration convexity borrowings performance hedges.
.
 2013 firm $ 14. 90 billion $ 6. 50 billion loans investment accounted amortized cost 201creceivables floating interest rates.
 estimated sensitivity 100 point increase interest rates loans $ 136 million $ 62 million additional interest income 12-month increase costs loans.
 note 8 financial statements loans.
 goldman sachs 2013 annual report


1b.
 staff.
 summary containerboard mills principal products year-end 2011 machines.
.
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-chemical medium mill.
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-chemical medium.
 mills corrugated manufacturing operations.
 warehouse property sales offices.
.
pca leases space four plants 23 sheet plants six design centers distribution centers warehouses facilities.
 equipment owned by pca except forklifts rolling stock leased.
 cutting rights 88000 acres timberland near valdosta mill 77000 counce mill 11000.
 agreements 12 years.
 headquarters lake forest illinois.
 leased ten years two five year lease extensions.
.
 pca eight.
 containerboard producers defendants five class action lawsuits northern illinois violations sherman act.
 lawsuits consolidated complaint kleen products packaging.
.
 defendants limit supply containerboard prices 2005.
.
 seeks damages costs attorney fees.
 motions dismiss denied 2011.
 allegations merit lawsuit.
 early stages predict outcome estimate losses.
pca party to legal actions business.
 cover claims entire business.
 believe not possible resolution adverse effect on financial condition results operations cash flows.


edwards lifesciences corporation financial statements 13.
 common stock maintains nonemployee directors stock incentive compensation program.
 receive annually 20000 stock options or 8000 restricted stock units common combined annual award exceed $ 0. 2 million.
 option 2011 or vests three installments.
 after 2011 one year.
 annual cash retainer stock options shares.
 vests restricted share after one year.
 receives initial grant stock options market value $ 0. 2 million not 10000 shares.
 grants vest over three years.
 1. 4 million shares common stock authorized.
 employee stock purchase plan international employees.
 employees purchase shares common stock 85% fair market value common stock.
 employees withhold 12% compensation for common stock purchases.
espp available employees outside local law.
 qualified under section 423 internal revenue code.
 common stock authorized 6. 9 million shares.
 fair value option award stock purchase estimated date grant black-scholes option valuation model.
 risk-free interest rate.
 treasury yield curve based expected term award.
 volatility estimated historical volatility edwards lifesciences 2019 stock implied volatility traded options.
 term awards vesting period historical behavior.
 data forfeitures annual forfeiture rate 5. 4%.
 black-scholes option pricing model weighted-average assumptions options.
 average risk-free interest rate 1. 5%. 8%. 7%
 dividend yield
 volatility 31% ( 31 %
 life years.
 fair value per share $ 23.


.
 indemnified securities financing unfunded commitments assets standby letters credit.
 potential loss equal total contractual amount collateral.
 table summarizes amounts instruments at december 31.
 third parties.
 indemnified securities financing 365251 324590
 asset purchase agreements
 unfunded commitments extend credit 18078 20981
 standby letters of credit 4784
 excludes agreements commercial paper conduits consolidated may 2009.
 81% unfunded commitments extend credit expire one year.
 represent future cash requirements.
 securities finance securities brokers.
 indemnify fair market value failure.
 collateral funds not recorded consolidated statement.
 borrowers provide collateral equal 100% fair market value.
 securities revalued daily additional collateral.
held cash.
 government securities $ 375. 92 billion $ 333. 07 billion collateral indemnified securities loan 2009 2008.
 collateral invested customers.
 third-party repurchase agreements against loss.
 provide collateral 100%.
 not recorded consolidated statement condition.
 $ 375. 92 billion 2009 $ 333. 07 billion 2008 $ 77. 73 billion $ 68. 37 billion invested indemnified repurchase agreements.
 cash securities value $ 82. 62 billion $ 71. 87 billion collateral investments 2009 2008.
 involved disputes regulatory inquiries.
 result damages fines penalties changes business practices.
 resolution difficult predict.
believe judgment settlement action pending proceeding material consolidated financial condition outcome matters may consolidated results period matter resolved


december 31 2017 future minimum payments lease financing.
 2018 $ 6113
 2019 6293
 2020 6477
 2021 6674
 2022 6871
 5264
 payments 37692
 interest land lease expense -21730
 payments facility financing 15962
 property landlord 23630
 value obligation 39592
 current portion -1919
 obligations $ 37673
 outsource manufacturing supply third-party contract manufacturers.
 orders non-cancellable commitments.
 strategic inventory integrated circuits.
 december 31 2017 non-cancellable purchase commitments $ 195. 1 million $ 147. 9 million contract manufacturers suppliers.
 provided deposits obligations inventory.
 $ 36. million $ 63. 1 million.
 expenses.
 agreements indemnification provisions intellectual property rights.
option repair infringement replace non-infringing refund value.
 guarantees include product service performance standby letters credit leased facilities corporate credit cards.
 recorded liability indemnification financial statements.
 optumsoft.
 april 4 2014 filed lawsuit superior court california santa.
.
 arista networks . asserts ownership eos network operating system 2004 agreement breaches confidentiality use restrictions.
 optumsoft non-exclusive irrevocable royalty-free license software software tool runtime library


five-year return citi 2019s common stock 201cc 201d held 77787 stockholders january 31 2017 s&p 500 index financial index five december 31 2016.
 $ 100 invested december 31 2011 citi 2019s common stock&p 500 index index dividends reinvested.
 five-year return s&p 500 financials.
 100.
 150. 116. 128.
 198. 153. 174.
 206. 174. 201.
 197. 177. 198.
. 198. 243.


green realty corp.
 2011 annual reportnotes granted employees executives vesting annually service period financial performance criteria.
 vesting rates 15% to 35% 35 % criteria reached.
 summary restricted stock 2011 2009 charges.
 balance year 2728290 2330532 1824190
 granted 185333 400925 506342
 cancelled -1167
 end year 2912456 2728290 2330532
 vested 153644 420050
 compensation expense $ 17365401 15327206 23301744
 restricted stock 21768084 28269983 4979218
 2011 2010 2009 $ 4. 3 $ 16. 6 $ 28.
 $ 14. 7 unrecognized compensation cost unvested restricted stock two years.
 approximately $ 3.4 $ 2. $ 1. 7 capitalized assets compensation term compensation plans restricted stock options.
 granted ltip units fair value $ 8. 5 2011 performance stock bonus.
 calculated asc 718.
 third party consultant common stock price.
 uncertainty parity illiquidity transfer restrictions.
 2003 outperformance adopted seven- year compen sation program senior management.
 restricted stock awards return 40% 48-month period.
 compensation committee performance hurdles met maximum performance pool $ 22825000 established.
 166312 shares restricted stock forfeitures allocated 2005 plan.
 40% each award vested march 2007 remainder three years.
 fair value awards grant $ 3. 2.
 expensed over term restricted stock award.
percent value award amortized four years balance five six seven years. 20% 20 % value amortized five years six years. 67%. per 20% seven years. 29%. % per year.
 compensation expense $ 23000 $ 0. 1 a0million december 2010 2009.
 cost 2003 outperformance plan expensed march 2010.
 2005 outperformance compensation program approved incentive compensation program.
 participants earn ltip units return stockholders three- year period 2005 exceeded return 30% earn units earlier maximum performance 30 consecutive days.
 total number units earned value equal 10% outperformance amount 30% benchmark maximum dilution cap 3% outstanding shares units december 2005 $ 50.
june 2006 compensation committee determined outperformance plan performance period accelerated maximum performance pool $ 49250000 earned.
 participants earned additional ltip units equal distributions.
 total units earned june 2006 490475.
 units subject time- based vesting one- third units earned vested november 2008 two anniversaries.
 earned units received quarterly distributions equal dividends per share common stock.
 cost 2005 plan $ 8.  amortized into earnings final vesting.
 recorded $ 1. 6 $ 2. 3 compensation expense december 2010 2009.
 cost fully expensed june 2010.
 2006 compensation program august 2006 committee approved compensation program.
 performance criteria not met no ltip units earned.
2006 plan $ 16. 4 amortized earnings july.
 recorded $ 70000 $. 2 $. 4 compensation expense 2011 2010 2009.


graph shows five-year stockholder return common stock october 26 2008 27 2013.
 compared return standard poor 2019s 500 stock index rdg semiconductor composite index.
 $ 100 invested october 26 2008 stock reinvestment dividends.
 rounded nearest dollar.
 represents past future performance.
 5 year return. s&p 500 index semiconductor composite index $ 100 invested 10/26/08 reinvestment dividends.
.
 trademark standard poor 2019s financial services subsidiary mcgraw-hill companies.
 10/26/2008 10/25/2009/31/2010 10/30/2011/28/2012/27/2013
.
 500.
 semiconductor composite.
 2013 three quarterly cash dividends $ 0. per share one $..
 2012 board directors declared three quarterly dividends $ 0. 09 one $ 0. 08.
 2011 three dividends $ 0. 08 one $ 0. 07.
 2013 2012 2011 totaled $ 469 million $ 438 million $ 408 million.
 cash dividends quarterly discretion financial condition results capital requirements business conditions stockholders.


pnc financial services group.
 2013 form 10-k 155 legal proceedings financial position.
 claims indemnification obligations results future reporting period loss income.
 outstanding not consolidated balance sheet.
 commitments extend credit december 31 2018 2017.
 commitments extend credit millions.
 commitments extend credit
 commercial lending $ 120165 $ 112125
 home equity lines of credit 16944 17852
 credit card 27100 24911
 5069 4753
 commitments extend credit 169278 159641
 standby letters credit 8655
 reinsurance agreements
 bond purchase agreements
 commitments 1130 1732
 commitments $ 181612 $ 172521
 commitments extend credit lend funds provide liquidity conditions.
 fixed expiration dates fee termination clauses credit quality.
standby letters issue share risk financial institutions support obligations customers insurance requirements transactions capital markets.
 91% letters rated pass at december 31  2018 2017 remainder criticized.
 rating pass risk loss low criticized higher risk.
 customer fails financial obligation remarketing program obligated payment.
 standby letters credit december 31  2018 terms less one year to six years.
 assets $ 1. 1 billion secured standby letters credit.
 remaining letters secured by collateral guarantees.
 liability obligations $. 2 billion at december 31 , 2018 included consolidated balance sheet.


determining entergy corporation performance 2006-2008 committee used philadelphia utility index.
 compared entergy shareholder return companies utility index.
 concluded exceeded performance targets 2006-2008 first quartile resulted payment 250% ( 250 % ) target maximum.
 each performance unit converted into cash $ 83. 13 per unit closing price entergy common stock last trading day december 31 2008 plus dividend equivalents accrued three-year cycle.
 2008 option exercises stock vested table amount paid named executive officers 2006-2008.
 stock options personnel committee.
.
.
 chief executive officer supervisor consider factors stock options individual performance market practice targeted long-term value number participants eligible "burn rate". compensation stock option awards.
committee assessment performance officer entergy options awarded.
 table options 2008.
 exercise price each option $ 108. 20 closing market value entergy common stock.
. leonard 175000
. denault
 richard. smith
. conley
. mcdonald
 fisackerly
. domino
 roderick. west
.
 carolyn shanks
 option grants officers.
.
 5000 50000 shares.
.
 lewis stock option awards 2008.
.
 leonard received 175000 stock options committee performance entergy chief executive.


december 31 2017 company state income tax credit carry-forwards $ 20 million 2018 2020.
 deferred tax asset $ 16 million federal benefit valuation allowance $ 7 million.
 net operating loss carry-forward $ 39 million expires 2027.
 deferred tax asset $ 3 million federal benefit full valuation allowance.
 state loss carry-forwards immaterial deferred tax balances expire 2026 2036.
.
-term.
 31 2017 2016
 15 2021.
 2025.
 2027.
 mississippi economic development revenue bonds 2024.
 gulf opportunity zone industrial development revenue bonds 2028. 55%. 55 %
 unamortized debt
 long-term debt
 2017 terminated second agreement new agreement third-party lenders.
credit facility includes revolving $ 1250 million five years november 2017.
 credit subfacility $ 500 million.
 variable interest rate borrowings london interbank spread company credit rating. 125%. 500%.
 commitment fee rate unutilized balance company leverage ratio.
 december 31 2017. 30%.
 contains affirmative negative covenants financial covenant maximum leverage ratio.
 subsidiaries guarantors.
 2015 used cash prior credit facility $ 345 million loans.
 2017 $ 15 million letters of credit issued undrawn remaining $ 1235 million unutilized.
 unamortized debt issuance costs $ 11 million $ 8 million 2016.
 issued $ 600 million unregistered. senior notes due december 2027 repurchase 5. senior notes due 2021 2017 redemption.
2015 issued $ 600 million unregistered 5.%. notes due 2025 proceeds repurchase 7. 125%. notes 2021 2015 tender offer.
 interest payable semi-annually.
. notes limit create liens sell assets consolidations mergers.
 unamortized debt costs $ 15 million $ 19 million december 31 2017 2016.


july 2006 fasb issued fin 48 clarifies accounting income taxes minimum recognition threshold financial statements.
 derecognition measurement classification interest penalties interim transition expanded disclosure uncertainty income taxes.
 adopted provisions fin 48 january 1 2007.
 reconciliation unrecognized tax benefits years december 31.
 balance year $ 23. 2 $ 56. 4
 additions 582.
 additions tax positions 10.
 reductions.
 additions prior.
 reductions.
 reductions statute limitations.
.
 balance end year $ 611. 9 $ 23. 2
 balance december 31 2008 2007 $ 461. million $ 7. million unrecognized tax benefits recognized income tax rate future.
 financial statements years december 15 2008.
sfas 141 ( r changes acquired tax liabilities.
 recognized.
 income.
 december 31 2008 $ 582. 9 million $ 611. 9 million unrecognized tax benefits.
. $ 449. 6 million tax rate.
 interest penalties consolidated statements.
 accrued penalties $. 2 million interest $ 5. 2 million 2008 recognized liability penalties $ 88. 1 million interest $ 180. million.
 2007 accrued interest $. 9 million liability penalties $ 5. million.
 unrecognized tax benefits $ 10. million to $ 20. million.
 increase decrease.
 subject income tax.
 puerto rico state jurisdictions.
 acquired allied open tax periods.
 under state federal taxing authorities.
 tax litigation risk management companies subsidiaries allied.
.
subject federal foreign state local tax rules regulations.
 compliance audited authorities.
 challenge republic services.
 subsidiaries financial statements 123000000 18:23 valid


fiscal year 2005 tax rate includes $ 11. 6 million expense repatriation $ 185. million foreign earnings american jobs creation act 2004.
 reflects benefit higher earnings low-tax jurisdictions.
 2006 accounting change $ 83. 2 million current deferred tax assets increase non-current deferred tax assets.
 changed tax accounting method.
.
 operating loss.
 tax increase prevention reconciliation act 2005 enacted three-year exception.
 foreign income.
 year 2007.
 income tax expense reduced $ 3 million.
 2006 tax relief health care act 2006 enacted extended research development credit.
 increase fiscal 2006 research development credit $ 1. 5 million $ 1. 8 million first quarter 2007.
 financial statements.
 implemented internal control review procedures.
 identified four errors $ 8.million affected income tax 2001 2005.
 errors material statements.
.
 periods reflected year october 31.
 2001 2002 2003 2004 2005
 errors synopsys provided $ 1. 4 million tax benefit write goodwill acquisition 2002 accrue interest penalties foreign tax contingency items $ 3. 2 million computational errors foreign dividends $ 2. 3 million record valuation allowance state tax credits $ 1. 3 million.
 non-current deferred tax assets decreased $ 8. 1 million current taxes payable increased $. million.
 retained earnings decreased $ 8. million additional paid capital decreased $. million.
.
.
.
 november 2005 issued staff position share-based awards.
 alternative method calculating tax effects.
alternative transition method balance paid-in capital pool employee stock compensation impact pool cash flows employee share-based compensation


2007 issued 23182197 shares common stock citadel.
 exempt registration section 4 securities act 1933 purchaser investor securities act 1933 common stock acquired investment.
 general solicitation advertising offered securities public.
.
 2014citadel investment.
 performance graph cumulative return common stock dividend reinvestment standard poor 2019s s&p super cap diversified financials december 31 2002 31 2007.
 e*trade financial corporation. 260. 307. 429.
.
&p super cap diversified financials. 139. 170. 211. 176.
 invested 12/31/02 stock index reinvestment dividends.
 year december 31.
 standard poor 2019s division mcgraw-hill companies.
 rights.
. researchdatagroup.&p.


consolidated financial statements jpmorgan chase. annual report table accretable yield activity consumer loans years 2010.
 balance january 1 $ 25544 $ 32619
 washington mutual acquisition
 accretion interest income -3232 -4363
 interest rates variable rate loans -819 -4849 -5543 5543
 cash flows
 balance december 31 $ 19097 $ 25544 $ 32619
 accretable yield percentage 4. 35%. 35 %. 14%. 81%. 81 %
 cash flows vary cash model.
 december 31 2010 2009 driven prepayment assumptions reclassification nonaccretable.
 insignificant impact accretable yield percentage.
 factors gross cash flows benchmark interest rate indices variable rate products prepayment assump.
decrease accretable yield percentage related to interest rates-rate loans extended loan liquida tion periods.
 affect timing expected cash flows not amount cash.
 reduce accretable yield percentage recognized against higher loan balance.


cash flow conversion rate information converting earnings returning cash shareholders.
.
 2019
 net earnings redeemable noncontrolling interests $ 1786.
 tax benefit -7.
 -72.
 mark-to-marketeffects 27.
 acquisition integration costs 19.
 divestitures loss 16.
 restructuring charges 63.
 project-related costs.
 asset impairments 159.
 hyperinflationary accounting 3.
 investment valuation adjustments.
 legal recovery.
 restructuring costs 11.
 adjusted net earnings redeemable noncontrollinginterests $ 1979.
 net cash operating activities $ 2807.
 purchases land buildings equipment -537.
 free cash flow $ 2269.
 net cash operating activities conversion rate 157% ( 157 %
 cash flow conversion rate 115% ( 115 %
 14.
.
.
note 4 financial statements item 8.
 hyperinflationary accounting argentina subsidiary sold 2019.
 valuation gains corporate investments.
 legal recovery yoplait subsidiary.
 cpw restructuring charges initiatives profitability growth 2018 2019.
 reconciliation.


synopsys.
 financial statements purchase price us$ 417. million.
 october 31 2012 total purchase consideration preliminary allocation.
 cash $ 373519
 shares merger 34054
 equity awards 9383
 purchase $ 416956
 goodwill 247482
 assets acquired 108867
 cash 137222
 liabilities assumed -76615
 purchase allocation 416956
 $ 247. million not deductible sales growth synergies springsoft.
 valued income method amortized three eight years.
 acquisition-related costs $ 6. million 2012.
 employee separation professional services.
 assumed unvested stock options springsoft exchanged cash.
 october 1 2012 fair value awards $ 9. million black-scholes option pricing model.
black-scholes option-pricing model incorporates assumptions expected volatility term risk-free interest rates.
 volatility estimated by stock price volatility.
 non-controlling interest value 8. 4%. springsoft shares not acquired tender offer 2012 option awards assumed exchanged cash merger.
 $ 42. 8 million disclosed separate line october 31 2012 statements.
 interest adjusted by $ 0. 5 million reflect operating loss springsoft.
 not included income statements.


death benefits from insurance company remainder.
 minimal cash payments policies.
 net pension cost split-dollar life insurance $ 5 million 2013 2012 2011.
 liability future death benefits 2019 retirement $ 51 million $ 58 million 2012.
 amended reinstated june 1 2013.
 executives defer salary cash incentive compensation 401 ( k ) plan limitations.
 invest deferred amounts investment alternatives 401.
 company matching contributions first 4% compensation deferred $ 50000 lost matching amounts discretionary amounts approved.
.
. 401 contributory.
 contributions based 2019 contributions.
 expenses contribution plans years december 31 2013 2012 2011 $ 44 million $ 42 million $ 48 million.
 january 1 2012 additional discretionary 401 ( k plan matching contribution employees.
years 31 2012 company no contributions.
.
 share-based compensation incentive stock options appreciation rights employee purchase plan grants options acquire stock employees option holders.
 option right exercise price 100% fair market value common stock.
 awards five fifteen years two four years.
 control exercisable holder terminated quits within 24 months.
 employee stock purchase plan allows payroll deductions 20% compensation.
 purchase more $ 25000 stock.
 price per share 85% fair market value stock purchase.
 two purchase periods october 1 march 31 april 1 september 30.
 years 31 2013 2012 2011 employees purchased 1. 5 million. 4 million 2. 2 million shares prices $ 43. $.
 calculates value employee stock option black-scholes option pricing model.
-average employee stock options 2013 2012 2011 $ 9. 52 9. 60 $ 13. 25 assumptions.
 volatility 22. 1%. 1 % 24. 28. 8%. 8 %
 risk-free interest. 9% 9 % 8% 8 1% 1 %
 dividend yield. 4%. 4 %. 2%. 2 %.
 life 5. 6.
 uses implied volatility options.
 availability


operating expenses 2013 versus 2012 percent net sales.
 cost sales 52. 1%. 1 %. 4%. 4 %. 0%. 0 %. 3. 6
 administrative expenses 20. 7. 4. 8
 research development expenses. 6. 5
 operating income 21. 6%. 6 %. 7%. 7 %. 9%. 9 %. 8%. 8 %
 pension postretirement expense decreased $ 97 million 2013 2012 $ 95 million.
 $ 26 million charge-quarter 2012 voluntary early retirement incentive program.
 postretirement expense cost sales administrative research development.
 10 benefit cost.
 manufacturing engineering freight costs.
 52. 1 percent 2013. 3 points 2012.
 selling price increases raw material cost decreases. raw material cost deflation 2 percent.
lower pension postretirement costs sales organic volume increases cost sales.
 offset by 2012 acquisitions lower factory utilization.
 cost sales 52. 4 percent 2012. from 2011.
 selling price/raw material cost changes. 2 percent.
 offset by higher pension postretirement costs.
 administrative expenses increased $ 282 million 4. 6 percent 2013.
 business transformation increases acquired businesses.
 offset by lower pension postretirement expense.
 increased. points to 20. 7 percent 2013. 2012.
 decreased $ 68 million 1. percent.
 savings from 2012 early retirement incentive program restructuring actions.
 increases acquisitions higher pension postretirement restructuring expenses.
2012 increases businesses not 2011 spending acquisitions winterthur technologie do-it-yourself gpi group acquisitions ceradyne. federal signal technologies coderyte.
 sales 20. 4 percent 2012 decrease. points 2011.
 expenses increased 4. 9 percent 2013. 1 percent growth initiatives r&d.
 increases businesses spending ceradyne.
 federal signal technologies offset lower pension postretirement expense.
 investments growth higher pension postretirement expense


nine-year 2015.
 note 2 financial statements business combination customer.
 volume/weather variance due favorable weather industrial usage offset residential sales.
 industrial usage expansion projects chemicals increased demand new customers.
 louisiana act 55 financing savings regulatory charge tax savings.
 tax savings 2010-2011 audit settlement louisiana act 55 financing storm costs hurricane gustav ike.
 note 3 financial statements settlement benefit sharing.
 provision $ 23 million 2016 waterford 3 generator offset provision $ 32 million 2015 uncertainty. note 2 financial statements.
 net revenue 2016 2015.
.
 net revenue $ 1666
 nuclear price changes
 reimbursement fuel expenses
 2016 net revenue $ 1542
net revenue entergy wholesale commodities decreased $ 124 million 2016 due 2022 lower energy prices capacity prices amortization palisades below- market ppa vermont yankee capacity revenue.
 sale rhode island state energy center 2015.
 lower volume entergy nuclear fleet more refueling outage days 2016 larger resupply options.
 2 outage second quarter entergy corporation


consolidated financial statements 2013 amounts millions share guaranteed obligations subsidiaries leases credit facilities.
 parent company guarantees lease obligations $ 410. 3 $ 385. 1 december 31 2012 2011 credit facilities $ 283. 4 $ 327. 5.
 non-payment subsidiary obligated pay.
 no material assets pledged guarantees.
 estimated future obligations payable cash december 31.
 2015 2016 2017
 deferred acquisition payments $ 26. $ 12. 9. 46. 18. 115.
 redeemable noncontrolling interests options 20. 5 43. 32. 5. 10 115.
 contingent acquisition payments 46. 5 56. 42. 52. 21. 12. 231.
 cash compensation expense. 7.
$ 45. $ 55. $ 41. $ 51. $ 21. $ 12. $ 228.
 entered acquisitions redeemable noncontrolling interests call options similar terms conditions.
 interests exercisable discretion owners as december 31 2012.
 estimated payments $ 16. total payments 2013 2014 exercised expired.
 current exercise price payable cash not redemption value.
 estimated amounts paid earliest date.
 note 6 payment structure.
 payments contingent performance targets conditions subject revisions.
 involved proceedings investigations inspections audits inquiries authorities.
 evaluate cases record liabilities losses legal proceedings outcome unfavorable loss.
 estimate loss litigation early.
outcome litigation governmental proceedings management believes outcome financial condition results operations cash flows.
 15 recent accounting standards impairment indefinite-lived intangible assets july 2012 financial accounting standards board issued amended guidance simplify impairment testing assets goodwill.
 permits entity assess qualitative factors asset impaired.


audited financial statements director stock compensation subplan eastman's 2018 component 2017 omnibus plan until terminated.
 awards restricted shares non-employee members.
 subject terms conditions 2017 omnibus plan.
 separate source equity awards shares part 10 million shares 2017 omnibus plan.
 shares restricted stock granted first day non- employee director's initial term service non-employee director annual meeting.
 practice new shares equity awards plans settlement issuance stock shares income tax obligations.
 unrestricted common stock non-employee directors not eligible withheld.
 senior management employees accepted exercise price stock options.
expense 2018 2017 2016 $ 64 million $ 52 million $ 36 million recognized administrative expense earnings share-based awards $ 9 million $ 8 million $ 7 million related stock options.
 expense recognized vesting period shorter termination employees.
 $ 3 million 2018 $ 2 million 2017 2016 stock option compensation expense recognized termination eligibility.
 option awards granted non-employee directors.
 awards exercise price equal closing price company stock grant.
 term 10 years vesting periods three years.
 vesting.
 option valuation model assumptions option fair value.
 weighted average assumptions stock options 2018 2017 2016.
 volatility rate 19. 03%. % 20. 45%. 23. 71%.
 dividend yield 2. 48%.. 64%. 64 %. 31%. 31 %
 risk-free interest. 61%. 61 %. 91%. 91 %. 23%. 23 %
.
 volatility rate stock price volatility.
 weekly stock price.
 dividend yield average four quarterly dividend yields.
 risk-free interest rate united states treasury daily yield curves.


inc.
 financial statements 2014 changes control issuers repurchase senior notes price equal 101% principal amount plus accrued unpaid interest s&p ratings ba3 bb- conditions repurchase obligation apply.
 2006 53 mortgage loans.
 balances $ 0. 4 million to $ 114. 4 million.
 interest fixed rates 5. 6%. to 8. 5%. per eight loans $ 0. 4 million to $ 114. 4 million variable rates 3. 6%. to 8. 5%.
 fixed rate debt 7. 06%. variable rate 5. 61%.
 loans maturity eight years.
 $ 114. 4 variable mortgage debt repaid january 2007.
 indebtedness maturities.
 2007 130206
 2008 33117
 2009 372725
 2010 265915
 2011 273761
1261265
 maturities 2336989
 less unamortized commission fees discounts -7936
 senior notes debt $ 2329053
 provisions long-term debt incur debt make dividends distributions investments enter transactions merge consolidate transfer assets sell assets.
 maintain unencumbered assets 150% 150 % ) unsecured debt.
 exposed interest rate changes.
 limit risks risk management policies derivatives.
 fix debt manage cost borrowing obligations.
 interest rate swap.
 prohibit derivative instruments trading speculative.
 contracts financial institutions credit ratings factors.
 adverse effect net income financial position derivatives.


staff finance risk human resources legal compliance expense operations technology treasury items.
 december 31 2009 $ 230 billion assets liquidity portfolio $ 110 billion cash equivalents.
 2009 2008 2007
 interest revenue $ -1663 $ -2680
 non-interest revenue -8893 -302
 revenues interest expense $ -10556 -2258 -2310
 operating expenses $ 1420 $ 510 1813
 loan losses benefits claims
 loss operations before taxes $ -11975 -2769 -4120
 taxes -4369 -587 -1446
 loss continuing operations $ -7606 -2674
 discontinued operations taxes -445
 income loss before noncontrolling interests -8051 -1966
 2014
 loss -8051 1820 -1968
2009.
 declined pretax loss debt extinguishment 20 billion loss-sharing.
.
 declined 2008 sale citigroup services.
 pretax gain intersegment eliminations.
 expenses increased eliminations compensation repositioning reserves.
 2008.
 2007 interest expense increased sale assets intersegment eliminations treasury hedging.
 operating expenses declined lower restructuring charges reductions incentive compensation benefits.


item 5.
 common equity issuer purchases common stock nasdaq global market.
 equity compensation plans securities item 12 annual report form 10-k.
 purchases equity table summarizes stock repurchases three months november 2 2019.
 shares purchased average price paid share plans dollar value.
 average price share dollarvalue
 august 4 31 $ 109. 194849 $ 2213017633
 september 1 28 342313 $. 338534 $ 2174639499
 september 29 november 2 1023202 $. $ 2070927831
 1564746 $.
 81832 shares withheld employees tax obligations vesting restricted stock units equity compensation plans.
 average price paid closing stock price vesting date shares withheld.
shares repurchased stock repurchase program august 12 2004.
 21 2018 board approved authorization $ 2. billion $ 8. 2 billion.
 repurchase outstanding shares common stock open market privately negotiated transactions.
 shares.
 holders common stock november 22 2019 2059.
.
 1 2019 last sales price stock nasdaq market $ 109. 37 per share.


properties october 26 2014 clara.
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 plant warehouse headquarters manufacturing distribution support 1358000 164000 austin.
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 warehouse 1676000 145000 rehovot.
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 381000 singapore.
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 408000 11000 gloucester.
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 315000 125000.
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 warehouse support.
 austin texas singapore gloucester.
.
 taiwan clara california.
 germany treviso italy.
 owns leases offices plants warehouse 75 locations 16 europe 20 japan 16 north america 7 china 3 india 3 southeast asia 3 taiwan.
 facilities manufacturing research development engineering marketing sales customer support.
 owns 150 acres buildable land texas california massachusetts israel italy additional building space.
 considers properties adequate current future requirements.
 assesses size capability location infrastructure makes adjustments.
 location squarefootage ownership
 santa clara office plant warehouse manufacturing support 1358000164000
 austin tx 1676000145000
 rehovot 3810005400
 40800011000
 gloucester 315000125000
properties october 26 2014 clara.
.
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 plant warehouse headquarters manufacturing distribution support 1358000 164000 austin.
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 warehouse 1676000 145000 rehovot.
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 381000 singapore.
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 408000 11000 gloucester.
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 315000 125000.
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 warehouse support.
 austin texas singapore gloucester.
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 taiwan clara california.
 germany treviso italy.
 owns leases offices plants 75 locations 16 europe 20 japan north america 7 china india southeast asia taiwan.
 manufacturing research development engineering marketing sales customer support.
 owns 150 acres land texas california massachusetts israel italy building.
 considers properties adequate current requirements.
 assesses size infrastructure.


host hotels & resorts . subsidiaries consolidated financial statements.
 accounting policies.
 self-managed real estate investment trust operations through host hotels & resorts.
. delaware limited partnership umbrella partnership structure. maryland corporation sole general partner.
 financial statements terms 201cwe 201d or 201d hotels resorts.
.
.
 201chost. 201d resorts.
. 201d resorts.
.
.
.
 holds 99% of host. partnership interests.
 consolidated portfolio december 31  2018 hotels countries.
 states
 brazil
 canada
 consolidated financial statements include accounts host.
 subsidiaries controlled affiliates joint ventures partnerships.
 consolidate subsidiaries when control.
majority hotel real estate investments consider control rights approval developments plans financing decisions operating budgets investment strategy decisions.
 evaluate subsidiaries variable interest entities.
 subsidiary vie subject consolidation framework.
 entity activities economic performance consolidates.
 entity vie equity investors controlling financial interest equity support.
 review subsidiaries affiliates annually change consolidation determination changes characteristics.
 three partnerships general partner maintains control decisions.
 first operating partnership host. consolidated by host.
 general partner holds 99% interests.
. asset investment host.
. assets liabilities represent.
. debt.
 settled with assets.
 consolidated partnership houston airport marriott george bush intercontinental general partner hold 85% interests.
 total assets at december 31 2018 $ 48 million cash


2016 non-qualified deferred compensation december 31.
 deferred account balance frozen defined contribution restoration plan.
 amount invested participant.
 investment funds.
.
 elected receive deferred account balance after retires.
 contribution restoration plan frozen 2005 employees 2019 deferral accounts employer contributions savings plan subject limitations code.
 contribution restoration plan executive contributions earnings 2016 withdrawals distributions balance december 31.
 contributions balance december 31
. 2014
 amounts not included summary compensation table.
 2016 payments termination change control entergy corporation compensation executive officer employment terminates change control.
 2006 retention agreement.
 denault additional service credit executive retirement plan terminations employment.
no plans agreements payments executive officers change control.
 tables reflect compensation employment terminated december 31 2016.
 stock price $ 73. 47 closing market price december 30 2016 last.


catlettsburg refinery improvement project 2004.
 $ 440 million improves yields lowers costs gasoline less 30 parts per million sulfur ii gasoline regulations january 1 2004.
 $ 300 million projects 74000 bpd detroit refinery.
 $ 110 million expansion crude oil capacity 35 percent 100000 bpd.
 clean fuels air emissions.
 completion fourth quarter 2005.
 sales 20. 4 billion gallons 1329000 bpd.
 midwest upper plains southeast 70 percent.
 52 percent gasoline 92 percent distillate.
 55 percent propane home heating.
 propylene cumene aromatics aliphatics sulfur.
 lube oils wax.
 16 percent exported canada mexico india south america.
markets asphalt terminals midwest upper plains southeast.
 base 800 asphalt contractors government entities manufacturers.
 refined product sales three 2004 2003.
 gasoline 807
 distillates 373 346
 propane
 feedstocks special products
 heavy fuel oil
 asphalt 79 74
 1400 1357
 sells reformulated gasoline chicago illinois louisville kentucky milwaukee.
 sells low-vapor-pressure gasoline nine states.
 3900 retail outlets michigan ohio indiana kentucky illinois.
 florida georgia wisconsin virginia tennessee minnesota pennsylvania north carolina alabama south carolina.
 gasoline diesel fuel retail outlets.
december 31 2004 ssa 1669 retail outlets nine states petroleum. revenues non-petroleum merchandise $ 2. 3 billion 2004 $ 2. 2 billion 2003.
 less volatile gasoline diesel.
 pilot travel centers corporation largest operator travel centers 250 locations 35 states december 31 2004.


mississippi.
 net wholesale revenue variance lower profit joint sales reduced capacity municipal energy agency.
 operating revenues fuel power expenses regulatory charges increased $. million fuel cost recovery higher rates offset decrease $ 43 million wholesale revenues generation demand less energy resale system agreement remedy receipts.
 fuel power expenses increased market prices natural gas power offset decreased demand deferred fuel costs.
 regulatory charges grand gulf.
 no effect net income adjustments power management recovery rider.
 2007 2006 revenue fuel-related expenses gas resale power expenses regulatory charges.
 change net revenue 2007 2006.
.
 2006 revenue $ 466.
.
.
.
.
.
.
.
 $ 486.
 revenue variance due formula rate plan increase july 2007.
.
volume/weather variance due increased electricity usage residential commercial weather sales.
 usage increased 214 gwh.
 offset decreased industrial.
 transmission revenue variance due higher rates new customers 2006.
 equalization variance revision receipts.
 reserve equalization variance revision payments ruling


change expense driven foreign currency exchange instruments note 7 201citem 8.
 financial statements data.
.
 current expense $ -70 $ 112
 deferred expense
 total expense $ 156
 income tax rate 17% % 2% 2 %
 note 8.
.
 discontinued net earnings increased gain sale ownership interests enlink partner $ 2. 6 billion. after-tax.
 note 19.
.
 2013 2017.
 2016 graph change net earnings 2016 to 2017.
 changes discussed category.
 earnings noncontrolling interests.
 $ 1308 $ 165 1458 1078 upstream operations expenses financing costs earnings asset impairments dispositions restructuring transaction costs expenses.
 graph drivers upstream operations change.
427 1395 395 2176 176 3484 production prices expenses


financial statements 44%.
 purchased gpap philippines $. million.
 presence asia-pacific market.
 not significant financial statements information.
 preliminary purchase price allocation.
 goodwill $ 6286
 customer-related intangible assets 3248
 contract-based intangible assets 952
 trademark 224
 property equipment 300
 assets acquired 11010
 minority interest equity subsidiary -132
 net assets acquired $ 10878
 goodwill non-deductible tax.
 assets 11 years.
 contract 7 years.
 trademark 5 years.
 acquisitions privately company.
 increase market presence dolex-branded money transfer.
 purchase price $ thousand $ 739 thousand goodwill $ 48 thousand intangibles.
 test.
.
 not significant financial statements.
2008 may acquired portfolio merchants rights $ 6. 0 million.
 tranches.
 2009 additional tranches purchased $ 1. 4 million.
 process transactions visa mastercard.
 single point contact visa mastercard processing.
 operating results included consolidated financial statements.
 intangible assets amortization 10 years.
 acquisitions not significant financial statements information.


aeronautics profit 2011 increased $ 132 million 9% 2010.
 $ 115 million higher profit c-130 volume f-16 $ 50 million c-5 $ 20 million $ 70 million risk retirements.
 offset decline profit $ 75 million f-22 f-35 lower volume $ 55 million other programs f-35 lower profit rate adjustments.
 $ 90 million higher.
 decreased 2012 lower orders f-35 c-130 offset higher orders f-16.
 backlog increased 2011 higher orders f-35 higher sales c-130.
 mid digit decline net sales 2013.
 f-16 offset increase sales f-35 lrip contracts.
 operating profit decrease 2012 decline net sales changes aircraft mix slight decline operating margins.
 management services solutions civil defense intelligence government customers.
 smaller contracts.
&gs impacted downturn federal information technology budgets resolution october 1 2012.
 fiscal year.
 2019 operating results.
 2011
 net sales $ 8846 $ 9381 $ 9921
 operating profit
 margins. 1%. 1 %. 3%. 3 2%. 2 %
 backlog year-end
 net sales decreased $ 535 million 6% %.
 lower net sales $ million completion programs 2011.
 $ 255 million lower volume programs.
 higher net sales $ 140 million qtc acquired 2011 $ 65 million increased activity programs federal cyber security.
 operating profit 2012 decreased $ 66 million 8% 8 % 2011.
decrease lower profit $ 50 million odin contract 2011 $ 25 million reserves airborne surveillance $ 20 million lower volume c2bmc win-t.
 risk retirements $ 15 million twic $ 10 million increased activity programs federal cyber security.
 profit jtrs program reserves.
 net profit $ 20 million higher 2012 2011.


stockholder return compares 5-year return common stock nasdaq composite s&p 400 information technology index.
 assumes investment common stock index dividends $ 100 december 29 2007 2012.
 5 year return cadence design systems. nasdaq composite index s&p 400 technology.
$ 100 invested 12/29/07 index dividends.
 month-end.
 division mcgraw-hill companies.
.
 12/29/2007 1/3/2009 1/2/2010 1/1/2011 12/31/2011 12/29/2012
 cadence design systems.
 nasdaq composite.
 s&p 400 technology.
 stock price performance not indicative future price performance


2013 2012 2011 recognized $ 6. million $. million $ 4. 7 million compensation expense.
 $ 20. 3 million unrecognized compensation cost unvested stock options three years.
 1999 deferred compensation plan.
 shares granted vesting annually service period performance criteria.
 rates 15% to 35% performance criteria.
 summary restricted stock 2013 2012 2011 charges.
 2012 2011
 2804901 2912456 2728290
 granted
 cancelled
 end year 2994197 2804901
 vested 21074
 compensation expense $ 6713155 $ 6930381 $ 17365401
 value restricted stock granted $ 17386949 $ 7023942 21768084
value restricted stock $ 17386949 7023942 21768084 2013 2012 2011 $ 1. 6 million $ 22. 4 million $ 4. 3 million.
 2013 $ 17. 8 million unrecognized compensation cost 2. 7 years.
 2011 $ 4. 5 million 4. 1 million $ 3. 4 million capitalized long-term compensation plans stock options.
 granted units fair value $ 27. 1 million $ 8. 5 million 2013 2011.
 value calculated asc 718.
 common stock price.
 uncertainty restrictions.
 december 31 2013 $ 5. million unrecognized compensation expense awards recognized. 5 years.
 $ 27. 3 million $ 12. 6 million $ 8. 5 million.
2010 notional unit long-term compensation plan december 2009 committee approved sl green realty corp.
 2010 long-term compensation program.
 incentive compensation award recipients earn $ 15. 0 million to $ 75. 0 million ltip units operating partnership stock price appreciation three years december 1 2009 maximum performance $ 25. 0 million awards earned second year additional $ 25. 0 million third year.
 maximum performance stock price appreciation equal exceed 50%.
 maximum performance second third years 366815 385583 327416 earned plan december 2010 2011 2012.
 50% units vested december 17 2012 25% december 11 2013 remainder vest january 1 , 2015


6.
 financial data table.
 7 8 annual report form 10-k.
 2017 2016 2015 2014 2013
 sales service revenues $ 7441 $ 7068 6957
 goodwill impairment
 operating income 865  858  769
 net earnings 479  573  404  338  261
 assets 6374  6352 6024 6239 6190
 long-term debt 1279 1562 1665
 long-term obligations 3225  3356 3260 3562 3277
 net cash 814  822 861 755
 free cash flow 453  537  673  590
 dividends per share $ 2. 52.
 earnings loss share 10.
 diluted earnings loss.
 current.
free cash flow non-gaap expenditures grant proceeds.
 liquidity resources 7.


pollution environmental bonds secured collateral mortgage bonds.
 nuclear waste policy act 1982 entergy subsidiaries contracts spent nuclear fuel disposal. contracts one-time fee generation april 7 1983. arkansas power nuclear fuel includes fee accrued interest long-term debt.
 note 10 waterford 3 lease obligation entergy louisiana acquisition equity interest grand gulf lease obligation.
 implicit. 458%.
 fair value excludes lease obligations $ 34 million long-term doe obligations $ 183 million entergy arkansas debt due one year. level 2 hierarchy based benchmark yields trades.
 annual long-term debt maturities december 2017 next five years.
 entergy purchased fitzpatrick indian point 3 power plants.
purchase agreement nypa entergy recorded liability net value fitzpatrick indian point 3 power plants beyond nrc license expiration date.
 october 2015 shutdown fitzpatrick.
 reduced liability $ 26. 4 million.
 august 2016 trust transfer agreement decommissioning funds liabilities indian point 3 fitzpatrick plants.
 original decommissioning agreements amended obligation license extension payments eliminated.
 third quarter 2016 removed note payable $ 35. 1 million balance sheet.
 louisiana mississippi new orleans texas system energy long-term financing ferc october 2019. arkansas 2018.
 new orleans june 2018.
 entergy supply system energy capital equity capital 35% total capitalization


7a.
 disclosures market risk millions exposed to market risks interest rates foreign currency balance sheet items.
 use derivative instruments manage risks.
 derivative instruments risk management tools not trading speculative.
 exposure risk fair market value cash flows debt obligations.
 majority debt 86% 86 % 94% 94 % ) december 31 2018 2017 bears interest fixed rates.
 debt variable interest rates 10% increase decrease not material interest expense cash flows.
 fair market value debt sensitive changes interest rates impact 10% change interest summarized.
.
 -91.
.
 used interest rate swaps risk management exposure.
 swaps outstanding december 31  2018.
 $ 673. 5 cash equivalents marketable securities 31 conservative short-term bank deposits securities.
interest income investments subject to domestic foreign interest rate movements.
 2018 2017 interest income $ 21. 8 $ 19. 4.
 100 basis-point increase interest rates income $ 6. 7 cash equivalents securities impacted balances constant.
 subject to translation transaction risks.
.
 changes exchange rates affect revenues expenses.
 foreign operations.
 euro british pound.
 adversely argentine peso brazilian real.
.
 dollar 10% operating income 4% ( 4 % currencies international revenue expenses constant.
 operations local currency.
 assets liabilities translated at exchange rates revenues expenses average exchange rates.
 translation adjustments recorded loss balance sheets.
 foreign subsidiaries collect revenues pay expenses in functional currency.
 subsidiaries may transactions in currencies other.
assets liabilities in susceptible to movements until settlement.
 transaction gains losses included in office general expenses.
 review foreign exchange exposures use


goldman sachs group.
 subsidiaries net revenues line item.
 2018 2017 2016
 investment banking $ 7862 $ 7371 $ 6273
 investment management 6514 5803 5407
 commissions fees 3199 3051
 market making 9451 7660
 transactions 5823 5913 3382
-interestrevenues 32849 29798 28203
 income 19679 13113 9691
 expense 15912 10181
 income 3767 2932 2587
 revenues $ $ 32730 $ 30790
 investment banking financial advisory underwriting assignments derivative transactions.
.
 management wealth advisory high-net-worth.
.
 commissions fees transactions stock options futures exchanges over-the-counter.
.
 market making interest rate credit mortgages currencies commodities equity.
.
principal transactions investing origination loans.
 consolidated investments.
.
 credit losses separate consolidated statements earnings.
 conformed current.
.
 2018 market- making activities higher volatility improved client activity.
 mergers acquisitions increased underwriting transactions decreased.
 company-specific events sales corporate performance investments public equities reflected losses equity prices decreased.
 investment management assets supervision increased inflows liquidity products fixed income equity assets offset depreciation assets.
 market-making banking activity assets prices net revenues.
 results.
 higher asset prices tighter credit spreads underwriting investment management transactions.
 low volatility equity fixed income currency commodity markets activities.
 2018 versus 2017 net revenues $ 36.billion 2018 12% higher 2017 higher market net interest income higher investment management banking.
.
 banking $ 7. 86 billion 7% higher 2017.
 financial advisory higher mergers acquisitions.
 underwriting higher equity underwriting public offerings lower debt underwriting decline leveraged finance.
 investment management $ 6. 51 billion 12% 12 % higher higher incentive fees.
 higher assets revenue recognition standard offset client assets strategies.
 note 3 financial statements.
 contracts. 2018


purchases short-term securities sales.
 incurred $ 3. 8 million expenditures property equipment computer software manufacturing equipment expansion ireland.
 financing activities 2009 provided cash $ 46. 2 million $ 2. 1 million prior year.
 $ 42. million net proceeds august 2008 public offering $ 5. million stock options employee stock purchase plan.
 capital expenditures 2010 $ 2. 5 to $ 3. million manufacturing capacity increases expansion ireland software development projects.
 liquidity influenced products.
 market selling cycle collect cash.
 funds liquidity requirements.
 existing cash balances flow projected capital expenditures working capital requirements next 12 months.
-term cash needs.
 no debt outstanding.
 contractual obligations commercial commitments obligations march 31 2009 effects liquidity cash flows.
 payments.
obligations payments less than 1 year 1-3 3-5 years 5 years
 operating lease commitments $ 10690 $ 2313 $ 4267 $ 2592 1518
 obligations 9457 4619 4838
 obligations $ 20147 $ 6932 $ 9105 $ 2592 1518
 future cash commitments liabilities.
 no long-term debt capital leases commitments purchase agreements 2009.
 2005 acquired shares impella cardiosystems aachen.
 purchase price $ 45. 1 million $ 42. 2 million common stock $ 1. 6 million cash $ 1. 3 million transaction costs.
 additional contingent payments shareholders up $ 16. 8 million.
 2007 1000 impella units paid $ 5. 6 million common stock.
june 2008 510 clearance impella 2. paid $ 5. 6 million common stock.
 april 2009 501 impella. 5. 6 million payment.
 may 15 2009 paid $ 1. 75 million cash remaining 664612 shares common stock.
 carrying value goodwill.
 june 2008 amended lease danvers massachusetts.
 extended february 28 2010 2016.
.
 rent 64350 july october november june $ 40000 july february 2014 64350 march february 2016 $ 66000.


consolidated net cash flows $ 4. 2 billion 2010 $ 3. 2 billion 2009.
 purchases fixed maturities acquisitions rain hail jerneh insurance.
 cash flows financing $ 732 million 2010 $ 321 million 2009.
 dividends $ 435 million $ 388 million.
 proceeds $ 699 million long-term debt $ 1 billion reverse repurchase agreements $ 300 million credit facility borrowings.
 offset by repayment $ 659 million debt share repurchases million.
 $ 500 million long-term debt repayment debt reverse repurchase agreements $ 466 million.
 financial condition cash flows.
 settle returns inflation economic conditions.
 insured loss.
 reverse repurchase agreements short-term funding.
 cash timing differences.
december 31 2010 $ 1 billion reverse repurchase agreements short-term debt.
 cash agreements bank multi-currency cash pooling programs cash management-term timing mismatches.
 entities deposit accounts currencies credit balances translated.
 dollars.
 bank extends overdraft credit balance zero.
 cash balances not co-mingled.
 entities incur overdraft balances timing mismatches guaranteed $ 150 million.
 revolving credit facility same day drawings net pool overdraft withdraw funds.
 capital business operations.
 table summarizes capital resources december 31 2010 2009.
 millions. dollars
 short-term debt $ 1300 $ 161
 long-term debt 3358
 debt 4658
 preferred securities 309
 shareholders equity 22974 19667
capitalization $ 23295
 debt 16. 7%. 7 % 14. 2%. 2 %
 17. 8%. 8 % 15. 6%. 6 %
 debt increased short-term debt.
 ratios decline six nine months short-term debt.
 financial strength obtain funds debt equity financing.
 markets market conditions financial strength.
 accessed debt equity markets.


inventory future purchase commitments considering demand forecasts product life cycle sales levels pricing strategy cost trends.
 if inventories materials obsolete excess demand inventory cost exceeds realizable value adjustments results operations.
 goodwill non-amortizable assets valuation test for impairment annually.
 company quantitative assessment annual impairment analysis.
 fair value carrying value.
 exceeds impaired.
 discounted cash flow model market approach earnings multiples companies tobacco.
 december 31 2018 carrying value goodwill $ 7. 2 billion related to ten reporting units.
 estimated fair value exceeded carrying value.
 non-amortizable assets discounted cash flow model relief-from-royalty method.
 fair value exceeded carrying value.
discounted cash flow models include assumptions cash flows subject to changes conditions volumes prices costs discount rates capital needs.
 management considers historical experience information values consistent with marketplace participant.
 2008. recorded charge earnings impairment goodwill non intangible assets.
 marketing costs advertising marketing consumer engagement trade promotions.
 expensed.
.
 uncertainties performance compliance.
 volume-based incentives assesses likelihood targets records reduction revenue.
 relies on estimated utilization rates historical experience.
 changes assumptions financial position cash flows.
 employee benefit plans.
 pensions postretirement health care postemployment benefits.
 record annual amounts based calculations.
.
 include actuarial assumptions discount rates return compensation increases mortality turnover rates health care cost trend rates.
review actuarial assumptions rates trends.
.
 amortized future periods.
 assumptions obligations experience.
-average discount rate assumptions pension postretirement obligations december 2017.
 pension. 61%. 51%.
 postretirement plans. 97%. 79%.
 changes increase 2019-tax pension postretirement expense $ 205 million $ 160 million 2018 excluding.
 higher amortization losses $ 14 million lower return assets $ 16 million higher interest service cost 12 million 4 million offset movements $ 1 million.
 return discount assumptions expense benefit.
 fifty-basis-point decrease discount rate 2019 pension postretirement expense $ 50 million increase


table includes citigroup 2019s obligations short long-term liquidity capital needs.
 payments obligations by.
 maturity profile long-term debt operating leases liabilities.
 capital lease obligations purchase obligations.
 enforceable legally binding.
 termination date.
 agreements cancel not included unless.
 liabilities include obligations goods services received settlements uncertain tax positions long-term liabilities incurred paid cash.
 excluded obligations short term deposit liabilities securities sold under agreements repurchase.
 excludes insurance investment contracts mortality morbidity risks without defined maturities.
 liabilities included as policy claims reserves contractholder funds accounts.
 funding policy pension plans minimum amounts required.
 december 31 2008 no minimum required contributions planned for.
 pension plans.
no amounts included future contributions.
 pension plans.
.
 discretionary contributions 2009 $ 167 million included in purchase obligations.
 estimated pension plan contributions subject change market performance regulatory legal requirements funding policy.
 retirement obligations note 9 financial statements page 144.
 2009 2010 2011 2012 2013
 long-term debt obligations $ 88472 $ 41431 $ 42112 27999 25955 133624
 operating lease obligations 1470
 purchase obligations 2214
 liabilities consolidated balance sheet
 $ 130377 $ 44301 $ 43981 $ 29489 $ 27310 $ 141548
-term debt note 20 financial statements page 169.
 accounts payable accrued expenses.
 litigation settlements.


altria release tuesday february 27 2018 10:00pm design llc verdicts appealed risk relief cases.
 reduced 47 states puerto rico limit dollar bonds require no bond.
 tobacco plaintiffs challenged florida bond cap statute challenge state bond cap statutes other jurisdictions.
 applicability state bond caps federal court.
 states repeal alter bond cap statutes legislation.
 altria group.
 outcome results operations cash flows financial position altria group. subsidiaries affected unfavorable outcome.
 altria group.
 subsidiaries record provisions financial statements unfavorable outcome probable loss.
.
 management loss unable estimate loss provided amounts financial statements unfavorable outcomes.
 litigation defense costs expensed.
 group.
 subsidiaries success managing litigation.
subject uncertainty challenges.
 possible consolidated results operations cash flows financial position altria group . subsidiaries affected by unfavorable outcome settlement litigation.
 altria group.
 subsidiaries believe valid defenses bases for appeal adverse verdicts.
 defended against litigation challenges.
 altria group.
 subsidiaries may enter settlement discussions best interests.
.
.
pm usa tobacco litigation types claims tobacco smoking health cases personal injury personal injury court-supervised programs claims health care cost recovery cases governmental plaintiffs reimbursement care expenditures cigarette smoking disgorgement profits class action suits 201clights 201d lights deceptive unfair trade practices fraud unjust enrichment breach warranty violations racketeer organizations act other tobacco-related litigation.
 recovery defenses smoking recovery 201clights lights 201d cases.
 table lists tobacco-related cases states pm usa altria group.
 december 31 2017 2016.
 smoking health cases
 health class actions aggregated claims litigation
 health care cost recovery actions
 201clights/ultra lights 201d class actions
include 2414 cases flight attendants damages injuries tobacco smoke.
 attendants ets smoking health class action florida settled 1997.
 lawsuits prohibited punitive damages.
 smoking health cases florida state federal courts decertification engle case.
 includes 30 civil actions trials west virginia.
 pm usa defendant nine cases.
 parties agreed resolve immaterial amount.
 health care cost recovery litigation.
 pm usa defendant 10 health care cost recovery actions canada altria group.
.
.
 defendants seven smoking health class actions canadian provinces.
 distribution agreement altria group.
 indemnities liabilities tobacco products.


uncapped damage provisions rare contracts represent risk.
 damage claim counterparty expenses revenue counterparty.
 indemnification provisions company may provide indemnifications for losses breach warranties commercial intellectual property divestiture agreements.
 significant payments claims.
 increasing risk intellectual property indemnities current legal climate.
 payment conditioned on other party claim challenge claims.
 obligations for indemnification breach warranties limited duration not 24 months amounts not excess contract value may recourse against third parties for payments.
 legal matters defendant in lawsuits claims actions.
 products contracts securities infringements patents violations licensing arrangements intellectual property matters.
 disposition on financial position liquidity results operations.
 commentary read with financial results segment note 12 financial statements.
sales operating results 2019s segments 2008 2007.
 mobile devices segment designs manufactures sells services wireless handsets software licenses intellectual property.
 2008 net sales 40% % consolidated net sales 52% 2007 66% 2006.
.
 net sales $ 12099 $ 18988 $ 28383 36 ) % 33 %
 operating earnings loss -2199 ( 2199 1201 2690 83% %
.
 results 20142008 2007 net sales $ 12. 1 billion decrease 36% ( 36 % $ 19. 0 billion 2007.
 37% ( 37 % ) decrease unit shipments.
 sales impacted limited product offerings 3g products low-tier products.
 impacted global economic downturn 2008 slowing end user demand.
 sales decreased gsm cdma iden 3g.
net sales decreased north america europe middle east africa asia latin america.
 segment operating loss $ 2. 2 billion 2008 $ 1. 2 billion 2007.
 increase loss due decrease gross margin 36% 36 % decrease net sales excess inventory charges $ 370 million 2008 61management financial condition results


.
 morgan chase.
.
.
 2003 annual report $ 41. billion.
 reduced lower volume commercial loans spreads investment securities.
 trading-related net interest income $ 2. 1 billion up 13% 13 % 2002 growth trading assets.
 interest-earning assets 2003 $ 590 billion up 6% 6 % prior year.
 net interest yield. 10%. 09%. prior year.
 noninterest expense 31.
 compensation expense 11695 6 %
 occupancy expense
 technology communications
 settlement litigation
 merger restructuring costs
 noninterest expense $ 21688 22764
 technology communications expense 2003 11% above prior-year level.
 due shift outsourcing agreement.
 higher costs software amortization.
ibm outsourcing agreement support units page 44.
 other expense 2003 rose higher outside services.
 note 8 page 96.
 settlement litigation reserve added $ 100 million enron-related litigation reserve 2003 $ 900 million reserve 2002.
 enron.
 $ 400 million settlement enron surety litigation.
 merger restructuring costs recorded expense categories.
 $ 1. 2 billion nonoperating expenses. note 8 pages 95 201396 merger restructuring costs summary 2003 2002.
 credit losses 2003 $ 2. 8 billion lower 2002 commercial loan portfolio higher credit card securitizations.
 risk net charge-offs loan portfolios allowance credit losses pages 63 201365.
 income tax expense $ 3. 3 billion 2003 $ 856 million 2002.
effective tax rate 2003 33% compared 34% 34 % 2002.
 income.
 compensation expense 2003 6% higher prior.
 higher performance incentives pension postretirement costs actuarial assumptions.
 6 pages.
 incentives $ 266 million adopting sfas 123 $ 120 million reversal 2002 expenses awards.
 compensation expense declined transfer 2800 employees ibm.
 full-time employees december 31 2003 93453 94335.
 occupancy expense $ 1. 9 billion rose 19% 19 % 2002.
 leased space higher real estate taxes enhanced safety measures.
 unoccupied excess real estate $ 270 million $ 120 million 2002.


.
 2019s common equity stockholder matters issuer purchases listed new york stock exchange. february 19 2019 473 holders.
 beneficial owners.
 five year returns teleflex common stock s&p 500 stock index&p 500 healthcare equipment supply index.
 changes $ 100 invested teleflex stock 2013 dividends reinvested.
 performance.
 2013 2014 2015 2016 2017 2018
 teleflex incorporated 124 143 177 275 288
 s&p 500 index 114 115 129 157
 s&p 500 healthcare equipment supply index 134 142 186


jpmorgan chase. annual report $ 12. billion net capital $ 6. billion exceeding minimum requirement $ 5. billion
 jpmorgan hold tentative net capital $ 1. billion notify less $ 5. billion market credit risk standards appendix net capital rule.
 december 31 capital excess minimum requirements.
.
 securities.
. wholly subsidiary jpmorgan chase.
 principal subsidiary.
 banking investment banking broker-dealer.
.
 regulated.
 financial services authority.
 december 31 2012 total capital $ 20. billion ratio. exceeded 8% well-capitalized standard.
 assesses capital adequacy-assessment.
 measures capital risk factors credit market operational private equity.
 yearly average 2012 2011 2010
 credit.
 market.
 operational.8. 7.
 private equity risk 6.
 economic risk capital 86. 78.
 48. 48.
 50. 46. 34.
 stockholders 2019equity $ 184. $ 173. 161.
 additional capital regulatory debt rating objectives.
 credit risk capital estimated wholesale consumer business.
 wholesale unexpected credit losses defaults declines credit deterioration measured one-year period.
.
 methodology credit risk exposure default likelihood credit spreads loss severity portfolio correlation.
 consumer portfolio product risk segmentation.
 segment-level default severity experience losses.
 decrease credit risk capital 2012 driven consumer portfolio runoff enhancements.
 credit risk management pages 134 2013135 annual report.
firm calculates loss market variables rates spreads liquidity.
 results daily weekly stress tests issuer credit spreads default risk calculations capital levels.
 allocated business segment risk.
 increase 2012 driven synthetic credit portfolio.
 market risk management pages 163 2013169.
 operational risk capital loss inadequate processes factors events.
 adjustments control environment.
 increase 2012 due to model enhancements loss events mortgage litigation costs.
 increases 2012 reflected in risk 2013.
 management pages 175 2013176.
 private equity risk capital allocated privately publicly-held securities third-party fund investments commitments private equity portfolio loss decline equity markets asset devaluations.
 losses magnified liquidity risk.


.
 retain 20% equity interest joint venture.
 december 31 acquired seven properties received net sale proceeds financing distributions $ 251. 6 million.
 january 2008 sold land to joint venture 50% equity interest received distribution $ 38. 3 million.
 november 2008 loan distributed loan proceeds $ 20. 4 million.
 property investment recurring leasing costs dividends distributions long-term debt maturities repurchases debt contractual obligations.
 development acquisition market outlook supply growth potential.
 liquidity.
 limiting new development expenditures.
 liquidity recurring leasing/capital expenditures real estate.
 summary recurring capital expenditures december 31 2008 2007 2006.
 recurring tenant improvements $ 36885 $ 45296 41895
leasing costs 28205 32238 32983
 building improvements 9724 8402 8122
 $ 74814 85936 83000
 dividends distributions federal tax distribute 90% taxable income.
 non-cash cash flow greater operating income.
 paid dividends share $ 1. 93. 91 $. 89 2008 2007 2006.
 earnings.
 distributions board directors subject cash financial condition capital requirements. 2009 annual dividend $ 1. 94 to $ 1. 00 cash.
 $ 145. 2 million per year.
 2008 six preferred shares.
 dividend rates 6. 5%. paid arrears quarterly.


item 11 2014executive compensation incorporate executive director compensation headings board committees 201ccompensation benefits compensation committee proxy statement 2013 annual meeting november 20.
 item 12 2014security ownership owners management stockholder matters incorporate ownership common stock headings management proxy statement 2013 annual meeting november.
 table information may 31 , 2013 shares company common stock issued existing equity compensation plans.
 note 11 consolidated financial statements.
 plan category number securities issued options warrants rights weighted average exercise price securities future issuance plans approved 1765510 $ 34. 92 7927210 not approved 2014.
 plan category number securities issued options warrants rights weighted-average exerciseprice number securitiesremaining issuance
equity compensation plans approved 1765510 $ 34. 92 7927210 1
 not approved 2014
 1765510 $ 34. 92 7927210 1
 shares common stock issuance option warrant right global payments.
 2000 long-term incentive plan.
 2005 incentive plan 2000 non- employee director stock option plan employee stock purchase plan.
 2011 incentive plan.
 item 13 relationships transactions director independence affiliates independence board directors board committees statement 2013 annual meeting november 20.
 14 2014principal accounting fees services reappointment auditors 2013 annual meeting.


2009 397 million credit losses securities below investment grade.
 noncredit losses non-agency residential mortgage-backed securities $ 1. 1 billion fair value $ 2. 6 billion.
 sub-investment grade securities $ 2. 6 billion unrealized net losses $ 658 million.
 recover entire cost basis.
.
 $ 6. 1 billion fixed-rate private-issuer securities non retail office buildings multi-family housing.
 commercial mortgage-backed securities portfolio $ 1. 3 billion.
 senior.
 credit losses $ 6 million.
 remaining fair value zero.
 credit-impaired securities below investment grade.
-backed $ 4. 8 billion fixed-rate private-issuer collateralized consumer credit products residential loans.
securities senior tranches credit protection enhancement over-collateralization excess spread.
 recorded credit losses $ 111 million on asset- backed securities 2009.
 collateralized by second residential mortgage loans rated below investment grade.
 december 31 noncredit losses totaled $ 221 million fair value $ 562 million.
 sub-investment grade securities remaining fair value $ 381 million unrealized net losses $ 110 million.
 recover entire cost basis.
.
 current housing economic conditions market volatility illiquidity interest rates increase valuation could additional credit losses consolidated income statement.
 loans.
.
.
.
 commercial mortgages at fair value 1050 1401
 lower of cost market 747
 residential mortgages value
 lower cost market
 4366
stopped originating mortgage loans first quarter 2008 continue.
 origination offset sales government $ 5. 4 billion.
 recognized gains $ 107 million valuation losses $ 197 million 2008.
 sold $. 3 billion $. 6 billion.
 residential mortgage loans decreased refinancing.
 origination volume $ 19. 1 billion.
.
 sold $ 19. 8 billion recognized gains $ million.
 net interest income $ 332 million.


graph compares five-year return common stock s&p 500 index peer groups.
 old group includes intercontinentalexchange. nyse euronext nasdaq omx group.
 new cboe holdings.
 public offering june 2010.
 investment $ 100 reinvestment dividends common stock s&p 500 index december 31 2005 performance tracked 2010.
 5 year return cme group. s&p 500 index new group.
$ 100 invested 12/31/05 reinvestment dividends.
.
 mcgraw-hill companies.
.
 stock price performance not indicative future price performance.
 cme group. $ 139. $ 188. 96. $ 93.
 s&p 500 115. 122 76. 97
 old 155. 190
 new group 155. 190


altria group  inc.
 subsidiaries financial statements not obtainable all cases.
 risk reduced 47 states puerto rico limit dollar amount bonds require no bond.
 tobacco litigation plaintiffs challenged florida 2019s bond cap statute challenge state bond cap statutes other jurisdictions.
 include applicability state bond caps federal court.
 states including florida repeal alter bond cap statutes legislation.
.
 outcome consolidated results operations cash flows financial position. affected unfavorable outcome.
.
 subsidiaries record provisions statements unfavorable outcome probable loss.
.
 management loss unable estimate possible loss provided amounts financial statements for unfavorable outcomes.
 litigation defense costs expensed.
.
 subsidiaries success managing litigation.
subject uncertainty challenges.
 possible consolidated results operations cash flows financial position altria group . subsidiaries affected by unfavorable outcome settlement litigation.
 altria group.
 subsidiaries believe valid defenses bases for appeal adverse verdicts.
 defended against litigation challenges.
 altria group.
 subsidiaries may enter settlement discussions best interests.
.
.
usa tobacco litigation types claims tobacco smoking health cases personal injury personal injury court-supervised programs health care cost recovery cases governmental plaintiffs reimbursement care expenditures cigarette smoking disgorgement profits class action suits 201clights lights deceptive unfair trade practices fraud unjust enrichment breach warranty violations racketeer corrupt organizations act other tobacco-related litigation.
 recovery defenses smoking recovery 201clights lights cases.
 table tobacco-related cases states against pm usa altria group.
 december 31 2016 2015 2014.
 smoking health cases 65 67
 smoking health class actions aggregated claims litigation
 health care cost recovery actions
 201clights/ultra lights 201d class actions
include 25 cases asbestos docket baltimore city maryland pm usa defendants.
 2485 cases flight attendants damages injuries tobacco smoke.
 attendants ets smoking health class action florida settled 1997.
 lawsuits punitive damages.
 smoking health cases plaintiffs florida federal decertification engle case.
 includes 600 civil actions 344 against pm usa west virginia.
 supreme court appeals ruled constitution preclude trial two phases.
 issues punitive damages first.
 april 2013.
 jury verdict design defect negligence failure warn breach warranty concealment declined punitive damages.
 plaintiffs ventilated filter cigarettes instructions 1964 - 1969.
 second phase trials liability compensatory damages.
 november 2014 supreme court affirmed final judgment.
july 2015 trial court order final judgment 30 plaintiffs second phase.
 claims six trials five plaintiffs.
 first trial may 1 2018.
 five remaining trials.
 health care cost recovery litigation federal government lawsuit.


consolidated financial statements 2014 contingencies leases operations leased facilities equipment.
 renewal purchase options property taxes insurance maintenance.
 rent expense leases 2010 2009 2008 $ 32. 8 million $ 30. 2 million $ 30. 4 million.
 future minimum lease payments noncancelable leases may 31 2010.
 9856
 2012 3803
 2013 2538
 2014 1580
 2015
 lease payments $ 20133
 party claims lawsuits business.
 financial position liquidity results operations.
 operating taxes unrelated income sales property taxes.
 states foreign jurisdictions.
 additional taxes.
 may 31 2010 2009 liability operating tax items.
 liability based management estimate.
 acquisition merchant credit card operations sponsorship depository processing agreements banks.
agreements banks 2019 identification numbers visa mastercard credit card transactions visa mastercard.
 agreements contain financial covenants compliance may 31 2010.
 18 cibc sponsorship visa ten.
 visa sponsorship march 2011.


company capital loss carryforwards federal income tax $ 4357 december 31 2012 2011.
 recognized full valuation allowance.
 files income tax returns states federal foreign jurisdictions.
 subject.
. tax examinations before 2007.
 state income tax examinations progress adjustments.
 patient protection affordable care act march 23 2010 health care education reconciliation act 2010 march 30 2010.
 changes tax treatment federal subsidies retiree health benefit plans medicare.
 payments taxable after december 31 2012 recorded reduction deferred tax assets increase regulatory assets $ 6432.
 changes gross liability unrecognized tax benefits.
 balance january 1 2011 $ 118314
 increases 46961
 decreases
 december 31 2011
 increases 40620
 decreases
december 31 2012 $ 180993
 includes long-term liabilities $ 74360 $ 46961 2011.
 include interest penalties $ 260 $ 214 income tax expense.
 majority increased tax temporary differences.
 change tax accounting method repair utility assets.
 changes unrecognized tax benefits year.
 sustains positions 2012 2011 unrecognized tax benefit $ 7532 $ 6644 tax rate.


stock open market purchases privately transactions prevailing prices permitted securities laws legal requirements subject to stock price business market conditions factors.
 funding stock repurchases cash generated operations.
 fund stock repurchase program revolving credit facility future financing transactions.
 no repurchases series a b common stock three months ended december 31 2013.
 announced stock repurchase program august 3 2010.
 performance cumulative shareholder return series a b c compared 500 stock index peer group cbs network. warner.
 viacom.
 walt disney.
 assumes $ 100 invested december 31 2008 series a c s&p 500 index peer group companies reinvestment dividends years ended december 31 2009 2010 2011 2012 2013.
.
.216. 60 294. 49. 34 448. 31 638.
 100. 207. 32 287. 71 277. 416. 52 602.
 100. 198. 274. 281. 55 436. 89 626. 29
 100. 123. 45 139. 23 139. 157. 90 204. 63
 100. 151. 63 181. 208. 91 286. 74. 87
 compensation 2014 annual meeting.


table increases aap stores past five years.
 2012 2011 2010 2009 2008
 beginning stores 3460  3369  3264  3243  3153
 new stores 1 116  95  110  75  109
 closed 2014  -4 4 -5 5 -54 54 )
 ending stores 3576  3460 3369 3264 3243
 relocations renovations.
.
 systems point of sale electronic parts catalog store-level inventory management system.
 pricing marketing merchandising strategies replenish inventory.
 parts selection ordering year make model engine.
 real-time inventory tracking adjust stock levels process returns defective merchandise cycle counts merchandise transfers.
 part ordered.
parts accessories ordered electronically from store vendor confirmation of price availability estimated delivery time.
 centrally-based epc data management system time exchange data catalog deliver parts information.
 store operations with proprietary systems labor scheduling.
 provide real-time information improved customer service productivity in-stock availability.
 new epc in fiscal 2013 customer experience.
 efficient add-on sales repair.
 store support center merchandising.
 by teams roanoke.
 roanoke for parts minnesota for accessories oil chemicals.
 global sourcing.
 fiscal 2012 purchased from 450 vendors no single vendor for more than 9% purchases.
 purchasing strategy agreements with vendors payment.
 team developed strong vendor relationships category management process product offerings customer demand.
process business plan global sourcing sales gross margin inventory productivity.


consolidated financial statements credit agreement provides loans bear interest rates base rates plus margin formulas.
 commitment fee unused commitment 0. 125%. to. 625%. per annum.
 interest rate commitment fee ratings standard poor 2019s financial services moody 2019s investor service.
 non-credit long- term senior unsecured debt.
 credit agreement contains restrictive covenants limitations create liens sale leaseback transactions consolidations mergers transfers assets.
 indebtedness to capitalization sixty percent or less.
 events default failure payments covenants change control bankruptcy insolvency.
 no amounts outstanding at december 31 november 12 2010 ppg public offering $ 250 million 1.%. notes due 2016 $ 500 million 3.%. notes due 2020 $ 250 million.%.500 % notes due 2040 notes 201d.
 issued indenture march 18  2008 201d bank new york mellon trust company. supplemented first supplemental indenture march 18 2008 second november 12 2010 201d.
 company issue additional debt.
 covenants incur liens indebtedness sale-leaseback transactions consolidations mergers conveyances transfers leases assets.
 require repurchase change control price equal 101% principal amount plus accrued unpaid interest.
 cash proceeds $ 983 million net discount issuance costs.
 costs $ 17 million amortized to interest expense.
.
 uncommitted lines of credit $ 791 million $ 31 million used december 31  2010.
 subject to cancellation not commitment fees.
short-term debt december 31 2010 2009 20ac650 million revolving credit. 8%. 8 %.
 2009 $ 110 average 3. 39%. 39 %.
 2010 2. 2%. 2 % covenants credit agreements loan agreements indentures.
 agreements financial ratio covenant.
 total indebtedness exceed 60% 60 % capitalization excluding.
 31 2010 indebtedness 45% 45 % capitalization.
 debt agreements cross- default provisions.
 default debt payment $ 10 million.
 primary debt obligations secured guaranteed affiliates.
 interest payments 2010 2009 2008 totaled $ 189 million $ 201 million $ 228 million.
.
 20ac650 million revolving credit. 8%. 8 %. 2009
 average 3. 39%. 39 %. 2010 2. 2%. 2 % 2009
$ 24  $ 268
 credit agreement loans bear interest company option base rates plus margin formulas.
 commitment fee unused commitment 0. 125%. to. 625%. per annum.
 interest rate commitment fee vary ratings standard poor 2019s financial services moody 2019s investor service.
 non-credit long- term senior unsecured debt.
 restrictive covenants limitations liens sale leaseback transactions consolidations mergers transfers assets.
 requires ratio total indebtedness to capitalization sixty percent or less.
 events default failure payments covenants change control bankruptcy insolvency.
 no amounts outstanding december 31 november 2010 ppg public offering $ 250 million principal 1.%. notes 2016 $ 500 million principal 3.%.600 % notes due 2020 201c2020 notes 201d $ 250 million principal amount 5. 500%. notes due 2040 notes 201d.
 issued indenture march 18 2008 201d bank new york mellon trust company. first supplemental indenture march 18 2008 second november 12 2010 201d.
 issue additional debt.
 incur liens indebtedness sale-leaseback transactions consolidations mergers conveyances transfers leases assets.
 require repurchase change control price equal 101% principal amount accrued unpaid interest.
 cash proceeds $ 983 million net discount issuance costs.
 costs $ 17 million amortized interest expense.
.
 operations uncommitted lines credit $ 791 million $ 31 million used december 31 , 2010.
uncommitted lines credit subject cancellation not commitment fees.
 short-term debt december 31 2010 2009 2009 20ac650 million revolving credit facility 0. 8%.
 2009 $ 110 average 3. 39%.
 2010 2. 2%. 2009 restrictive covenants credit agreements loan agreements indentures.
 revolving credit agreements financial ratio covenant.
 total indebtedness not exceed 60% capitalization excluding.
 2010 indebtedness 45% 45 % capitalization.
 debt agreements cross- default provisions.
 default payment $ 10 million.
 primary debt obligations secured guaranteed affiliates.
 interest payments 2010 2009 2008 totaled $ 189 million $ 201 million $ 228 million.


jpmorgan chase. annual report credit risk derivative receivables liquidity risk payables december 31.
 derivative receivables payables
 fair value $ 1565518 $ 1519183
 nettingadjustment 2013 receivables/payables
 cash collateral -65468 -39218
 carrying value consolidated balance sheets $ 80210 $ 60125
 december 31 2009 firm liquid collateral $ 15. 5 billion $ 11. 7 billion.
 receives delivers collateral transactions security exposure.
 counterparties collateral non-daily frequency.
 31 received $ 16. 9 billion delivered $ 5. 8 billion additional collateral.
 not netted against receivables payables collateral exceeded fair value exposure.
credit derivatives financial instruments value from credit risk debt third-party issuer reference entity allow transfer risk to protection seller.
 expose purchaser to creditworthiness seller payments when entity experiences credit event bankruptcy failure restructuring.
 seller receives premium risk underlying instrument to credit event.
 firm purchaser and seller of protection uses for purposes.
 risk manages portfolio by selling corporate debt obligations.
 exposure to entity offset with contract protection from.
 uses derivatives to mitigate credit risk receivables lending manage exposure to residential commercial mortgages.
 note 3 pages 156--- 173.
 uses different types of credit derivatives.
.
 credit default swaps reference credit or.
 purchases sells protection on single- name index-reference obligations.
single-name cds index cds contracts otc derivative contracts.
 default risk single reference entity credit risk broader credit markets.
&p 500 cds index portfolio cds entities.
 cds indices every six months credit markets.
 credit removed.
 cds referenced against portfolios customized exposure levels protection against $ 1 million credit losses $ 10 million portfolio.
 tranche cds.
 credit event neither party reference entity.
 protection purchaser seller for difference between face value fair value reference obligation recovery value.
 protection purchaser hold debt instrument entity amounts.
 credit-linked notes funded credit derivative issuer purchases credit protection referenced entity from investor.
 pays issuer par value pays periodic payments based on credit risk entity.
issuer repays investor par value note at maturity unless credit event.
 not obligated pays difference value


commitment expiration commercial commitments millions.
 2012 2013 2014 2015 2016 2016
 credit facilities $ 1800
 receivables securitization facility 600
 guarantees 325 18 8 214 12 13
 standby letters credit
 commercialcommitments $ 2749 $ 642 214
 credit facility used december 31 2011.
 $ 100 million receivables securitization facility utilized 2011 accounted debt.
 program matures august 2012.
 guaranteed obligations headquarters building equipment financings operations.
 letters of credit drawn december 31 2011.
 off-balance sheet guarantees contingently liable $ 325 million guarantees.
 liability $ 3 million fair value obligations 2011.
entered contingent guarantees include obligations headquarters building equipment financings operations.
 final guarantee expires 2022.
 default guarantees.
 expect financial condition results operations liquidity.
 labor agreements january 2010 freight railroads began negotiations labor unions.
.
.
 september 2011 industry reached agreements united transportation union.
 november 5 2011 presidential emergency board recommendations disputes.
 railroads 11 unions.
 ten unions reached agreements ratified.
 railroad industry agreement maintenance employees february 2 2012 national rail strike.
 ratification.
 inflation increase asset replacement costs capital companies.
 depreciation charges inflation-adjusted greater.
 derivative financial instruments use exposure interest rates fuel prices.
 not party to leveraged derivatives use speculative purposes.
 derivative instruments qualifying for hedge accounting maintain effectiveness.
 document relationships risk-management objectives strategies assessing effectiveness.
 changes in value instruments charged to earnings.
 use swaps collars futures forward contracts mitigate risk interest rates fuel prices limit benefits from price movements.