coatings optical materials glass offset declines commodity chemicals.
 lost sales hurricane rita.
 cost sales increased 63. 5%.
 coatings material energy costs.
 expense declined 17. 4%. $ 56 million 2005.
 advertising optical store expansions architectural coatings.
 interest expense declined $ 9 million debt $ 80 million.
 charges increased $ 284 million pretax charges $ 132 million marvin legal settlement 18 million insurance recoveries 61 million federal glass settlement 34 million costs 27 million asset impairment 19 million debt refinancing $ 12 million environmental remediation.
 net income earnings per share $ 596 million $ 3. 49 683 million. 2004.
income 2005 aftertax $ 117 million 68 cents legal settlements $ 21 million 12 cents costs hurricanes katrina rita $ 17 million 10 cents asset impairment fine chemicals $ 12 million 7 cents debt refinancing.
 settlements $ 80 million marvin settlement $ 37 million federal glass class action settlement.
 2005 2004 aftertax $ 13 million 8 cents $ 19 million 11 cents obligation asbestos claims ppg settlement.
 sales income millions industrial coatings $ 2921 $ 2818 $ 284 $ 338 coatings optical specialty materials.
 coatings 2921 2818 284
 optical specialty materials
 chemicals
 coatings increased $ 103 million 4% 2005.
 higher selling prices foreign currency translation.
flat automotive offset industrial packaging.
 segment income decreased $ 54 million 2005.
 inflation raw materials costs $ 170 million higher selling prices costs.
 coatings sales increased $ 190 million 2005.
 4% higher selling prices increased volumes aerospace coatings 1% foreign currency.
 income increased $ 13 million 2005.
 increased sales volumes higher overhead costs.
 higher selling prices offset inflation $ 75 million.
 optical specialty materials sales increased $ 62 million 8%.
 higher volumes optical products silica lower fine chemicals.
 increased 1% acquisition optical decreased lower pricing.
 income decreased $ 28 million.
 $ 27 million impairment charge fine chemicals.
 offset inflation increased energy costs lower prices overhead costs 2006 annual report


packaging corporation america financial statements december 31 2005.
 commitments agreements buy energy one two years fixed prices.
 purchase commitments two years.
 2006 $ 2408
 2007 1364
 $ 3772
 purchase agreements not marked.
 purchased $ 12. million 31 2005 $ 17. 6 million 2004 $ 19. 3 million 2003.
 14 1999 pca defendant class action complaints violation section sherman act.
.
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.
.
.
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. defendant successor tenneco packaging.
. linerboard corrugated sheet manufacturers.
 complaints defendants 1993 1995 conspired limit supply linerboard increase prices corrugated containers sheets.
 november 3 2003 tenneco pca agreement settle class action lawsuits.
settlement agreement full release claims against pca class action approved april 21 2004.
 160 plaintiffs opted out filed ten direct action complaints federal courts.
 opt-out complaints against including pca similar class.
 settlement agreement cover cases.
 actions consolidated linerboard mdl 1261.
. pretrial.
 pactiv tenneco pca settle opt-out cases.
 agreements full release claims pca.
 pca no payments plaintiffs settlement.
 pending financial position operations cash flows.
 pca party legal actions business.
 claims.


ended december 2015 2014.
 increase cash-inventory financing due new vendor.
 note 6.
 note 8 debt.
 net cash financing decreased $ 56. 3 million 2014.
 driven debt refinancing transactions july 2013 ipo proceeds $ 424. 7 million.
 cash outflows $ 145. 9 million $ 518. 3 million 2014 2013 long-term debt.
 8.
 december 31 2015 total indebtedness $ 3. 3 billion $ 1. 6 billion secured.
 compliance covenants credit agreements indentures.
 cdw 2019s restricted payment capacity senior secured term loan $ 679. 7 million.
 note 8 long-term debt.
 debt august 1 2015 consolidated kelway 2019s term loan revolving credit facility.
 british pounds.
kelway revolving credit facility multi-currency borrow a350. million $ 73. 7 million december 31 2015.
 march 3 issuance $ 525. million 5. senior notes due 2023 mature september 1  2023.
 redeemed remaining $ 503. 9 million. notes due 2019 accrued unpaid interest april 2 2015.
 financial intermediaries purchase inventory.
 payable-inventory financing.
 interest expense paid due.
 note 6 inventory financing agreements.
 future obligations debt interest payments operating leases asset retirement obligations.
 estimated future payments december 31 2015.
 millions payments < 1 year 1-3 years 4-5 years > 5 years
 term loan $ 1703. $.
 kelway term loan. 77.
2022 852. 36. 72.
 2023 735. 26. 52. 52. 603.
 2024 859. 31. 63. 701
 leases 143. 22. 41. 37. 41. 9
 retirement obligations 1. 8. 5 2
 4386. 194. 7 1738. 4 2019.


corporation financial statements june 30 2016 tax net loss carryforwards uncertain tax benefits jurisdictions expiration amount millions.
. federal 2021 to 2036 858
. states 581
 australia
.
 utilization nols taxable income operations jurisdictions.
.
 nols acquired harlequin subject limitations section 382 code.
 limits acquired nols offset.
 taxable income.
 nols review tax authorities jurisdictions.
 recorded deferred tax asset $ 580 million $ 540 million $ 53 million $ 95 million unrecognized tax benefits nols june 30 2016 2015.
 tax assets.
 management assesses evidence future taxable income deferred tax assets expiration period.
valuation allowances $ 97 million $ 304 million deferred tax asset june 30 2016 2015.
 future income negative.
 company $ 1. 6 billion $ 1. 7 billion capital loss carryforwards australia. indefinitely subject tax authority review.
 realization income continuity business requirements.
 recorded deferred tax asset $ 803 million $ 892 million 2016 capital gain.
 valuation allowances $ 803 million $ 892 million deferred tax asset june 30 2016 2015.
 $ 26 million.
 federal tax credit carryforward $ 22 million foreign tax credits $ 4 million research development credits 2025 2036.
 $ 5 million non.
 tax credit carryforwards 2025 $ 8 million state tax credit carryforwards.
 balance carried forward indefinitely.
accounting policy valuation allowance $ 5 million deferred tax asset.
 credit carryforwards june 30 2016.


goldman sachs group.
 subsidiaries investing lending origination loans relationship lending financing.
 longer-term.
 consolidated merchant banking debt securities loans public private equity securities infrastructure real estate.
 funds.
 unsecured secured loans retail clients digital platforms bank.
 operating results investing segment.
 2017 2016 2015
 equity securities $ 4578 $ 2573 $ 3781
 debt securities loans
 net revenues 6581
 operating expenses 2796
 pre-taxearnings $ 3785 1694
.
 higher global equity prices tighter credit spreads equity debt investments.
 net gains sales corporate performance.
 contrasts 2016 difficult.
 improved concerns.
macroeconomic equity markets credit spreads revenues investing.
.
 $ 6. 58 billion 61% higher 2016.
 $ 4. 58 billion $ 3. 82 billion private $ 762 million public.
 78% higher 2016 gains private equities.
 public equities equity prices.
 $ 4. 58 billion 60% driven company.
 debt securities loans $ 2. billion 33% higher 2016 interest income $. billion.
 $ 130 million operating expenses $ 2. 80 billion 17% higher 2016 increased compensation benefits expenses.
 pre-tax earnings $ 3. 79 billion 2017 $ 1. 69 billion 2016.
.
 $ 4. 08 billion 25% lower 2015.
 $ 2. 57 billion $ 2. 17 billion private $ 402 million public equities.
revenues equity securities 32% lower 2015 gains.
 debt securities loans $ 1. 51 billion lower 2015 lending credit.
 losses $ 596 million 2016 $ 329 million 2015.
 offset gains interest income.
 9.
 operating expenses $ 2. 39 billion 2016 unchanged.
 pre-tax earnings $ 1. 69 billion 44% 44 % lower 2015.


advisory revenues decreased $ 3. 6 million to $ 522. 2 million.
 assets $ 142. 1 billion from $ 141. 4 billion 2007.
 changes declining equity market valuations cash flows.
 inflows from institutional investors $ 13. 2 billion 2008 $ 1. 3 billion transferred retirement funds trusts.
 decreases lowered assets $ 55. 3 billion.
 administrative fees increased $ 5. 8 million to $ 353. 9 million.
 offset by operating expenses.
 compensation increased $ 18. 4 million. from 2007.
 $ 37. 2 million salaries.
 employed 5385 associates up 6. from 2007.
 slowed growth associate base.
.
 reduced annual bonuses $ 27. million financial conditions.
 increase higher employee benefits expenses $.stock compensation.
 2009 increase salaries associates.
 higher spending advertising promotion spending down $ 3. 8 million 2007.
 reduce expenditures 2009 first quarter $ 5 million.
 spending market investor demand base.
 occupancy facility costs depreciation expense increased $ 18 million 12% 2007.
 expanding renovating facilities.
 operating expenses up $ 3. 3 million 2007.
 increased spending $ 9. 8 million professional fees third-party services.
 reductions travel charitable contributions offset.
 non-operating net loss $ 52. 3 million 2008 $ 80. 4 million 2007.
 change $ 132. 7 million losses mutual funds declines financial market values.
 capital gain distributions $ 22.
.
 gains funddispositions.
 gain loss fund holdings..
 recognized impairments investments mutual funds declines value cost.
 declines 2008 adverse market conditions page 18.
 page 24 accounting.
 income bond fund holdings $ 19. 3 million lower 2007 lower interest 2008.
 capital appreciation $ 40 million holding.
 treasury notes sold december 2008 $ 2. 6 million gain.


common stock 2009 annual meeting shareholders september 30 2009.
 four compensation plans authorized.
 global payments.
 2000-term incentive plan.
 2005 non director stock option plan employee stock purchase plan approved.
 may 31 2009.
 note 11 financial statements.
 securities options warrants rights issuance compensation plans.
.
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 equity compensation plans approved holders.
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plan category number securities issued outstanding options warrants rights weighted average exercise price number securities remaining future issuance equity compensation plans excluding
 equity compensation plans approved 4292668 $ 28 6570132 -1 1
 plans not approved 2014
 total 4292668 $ 28 6570132 1
 includes shares common stock issuance option warrant right global payments.
 2000 long-term incentive plan.
 2005 incentive plan 2000 non-employee director stock option plan.
 item 13 relationships transactions director independence affiliates independence board directors headings board proxy statement 2009 annual meeting shareholders september 30.
 item 14 2014principal accounting fees services 2009 annual meeting.


obligations payments due 2017 2018 2019 2020 2021
 long-term debt $ 3508789 $ 203244 409257 366456 461309 329339 1739184
 line credit 56127  2650 48177 2014
 unconsolidated joint ventures debt 91235 2444 28466 5737 11598
 ground leases 311120 10745 5721
 development backlog costs 344700  331553 13147 2014
 43357 7502 7342
 contractual obligations $ 4355328 $ 558138 $ 466583 $ 386402 531203 340303 2072699
 long-term debt secured unsecured principal interest.
 rates december 31 2016.
 $ 250.million variable rate term note maturity january 2019 reflected 2020 obligation one-year extension.
 unsecured line of credit maturity january 2019 2020 obligation.
 interest payments calculated recent interest rate. unconsolidated joint venture debt principal interest.
 interest expense variable rate calculated december 31 2016.
 estimated remaining costs owned development third-party construction projects.
 property asset management leasing construction tenant services unconsolidated companies equity interests.
 2016 2015 2014 earned management fees $ 4. leasing fees $ 2. construction development fees $. million.
 recorded fees market rates eliminated ownership percentages financial statements.
 partnership guaranteed repayment $ 32. 9 million economic development bonds.
 payments guarantees incremental taxes debt service.
significant payments guarantees.
 partnership guaranteed repayment unsecured loan.
 december 31 maximum guarantee exposure $ 52. 1 million.
 lease land terms march 2114 future payment obligation $ 311. 1 million.
 payments not material year.
 other operating leases office space total future payment obligation $ 43. 4 million december 31 2016.
 no future payments.
 subject legal proceedings claims.
 ultimate liability affect financial statements results operations.
 own parcels land subject special property tax assessments.


2015.
 2014 effective tax rate 24. 0%. % 27. 1%. 1 % ) 2015 2014.
 higher 2014 due goodwill impairment charge $ 305. not deductible chilean tax reform 2014 increased income tax expense $ 20.
 offset income tax benefit $ 51. losses tax election non.
.
 23.
 non effective tax rate 24. 2%. 2 % ) 24. 1%. 1 % ) 2015 2014.
 discontinued operations 2016 exit energy-from-waste business.
 two projects tees valley discontinued.
 decision exit difficulties additional time resources.
 core industrial gases business.
 discontinued.
 reclassified.
 2016 loss discontinued operations tax $ 884. write down assets liability plant disposition costs.
 income tax benefits qualify local tax deduction.
loss discontinued operations includes land lease commercial administrative project exit activities.
 expect additional costs $ 50 to $ 100 future periods.
 2015 loss $ 6.
 land leases commercial administrative expenses.
 2014 loss $ 2.
 $ 7. land leases administrative expenses.
 offset gain $ 3. sale homecare business settlement contingencies linde group 2012.
 note 4 discontinued operations.
.
 sales $ 3343. $ 3693. 4078.
 income 895. 808 762
 margin 26. 8% 7%
 affiliates 2019 income 52.
 ebitda 1390. 1289. 1237
 margin 41. 6%. 34. 4%


entergy texas .
 financial dividends distributions common stock.
 earnings available for distribution.
 internally generated funds cash debt stock issuances bank financing.
 refinance redeem debt maturity market dividend.
 debt preferred stock issuances require regulatory approval.
 subject to tests charter.
 capacity capital needs.
.
 application authority issue $ 200 million short-term debt $ 300 million tax-exempt bonds $. billion long- term securities.
 november 8 2007 issued orders authority two-year period ending november 8 2009.
 receivables money pool december 31 years.
 2008 2007 2006 2005
 note 4.
 texas credit facility $ 100 million august 2012.
 december 31  2008 $ 100 million outstanding.
february 2009 entergy texas repaid credit facility proceeds bond issuance.
 june 2 december 8 2008 paid maturity $ 148. 8 million $ 160. 3 million first mortgage bonds debt liability.
 december 2008 borrowed $ 160 million corporation $ 300 million revolving credit facility.
 matured december 3 2013.
 maturity $ 350 million first mortgage bonds december 2008.
 january 2009 repaid $ 160 million bond.
 2009 issued $ 500 million 7. 125%. mortgage bonds due february 2019.
 proceeds repay $ 160 million $ 100 million credit facility short-term borrowings money pool.
 remaining proceeds repay $ 70 million obligations corporate purposes.


altria release february 27 2018 10:00pm performance stock units 2017.
 granted 187886 stock units employees.
 payout performance measures predetermined three-year cycle.
. adjusted diluted earnings per share annual growth rate. total shareholder return.
 subject forfeiture conditions.
 december 31 2017.
 170755 units remaining-average fair value $ 70. 39 per unit.
 amortized expense.
.
 pre-tax compensation expense 2017 $ 6 million.
 unamortized compensation expense. $ 7 million.
.
 grant performance stock units 2016 2015.
.
 earnings per share diluted calculated.
 2016 2015
 net earnings altria group. $ 10222 14239 $ 5241
distributed undistributed earnings share awards
 diluted eps 10208 14215 5231
-average shares 1921 1952 1961
 earnings altria group.
 10222 14239 5241 distributed undistributed earnings share awards diluted eps 14215 5231 shares


shareowner return performance graph securities exchange commission future filing securities act 1933 1934.
 five-year comparison shareowners 2019 returns class b common stock s&p 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2002 s&p 500 index dow jones transportation average class b common stock united parcel service.
 return 40. 60. 80. 100. 120. 140. 160. 180. 200. 220.&p 500.
 united parcel service. 100. 119. 139. 124. 127 122.
&p 500 index 100. 128. 142. 149. 173. 182.
 dow jones transportation average 100. 131. 168. 188. 206. 209.
securities authorized equity compensation plans table 31 2007 common stock.
 authorize b common stock.


2018 no remaining authority.
 december 31 2018 authority issue $ 6. billion debt securities registration.
 receivables securitization facility 2013 2017 recorded $ 400 million $ 500 million borrowings receivables facility secured debt.
 securitization facility note 11.
.
 variable interest entities lease transactions.
 created lease transactions equipment facilities no other activities assets liabilities outside lease transactions.
 right purchase assets fixed prices.
 benefits not.
 maintain operate assets contractual obligations.
 no control value leased assets.
 power direct activities control economic performance.
 obligation absorb losses right receive benefits.
 not primary beneficiary consolidate vies fixed-price purchase options significant.
 future minimum lease payments totaled $ 1. 7 billion december 31  2018.
.
locomotives freight cars.
 consolidated statements december 2018 2017 included $ 1454 million $ 912 million depreciation $ 1635 million $ 953 million depreciation capital leases.
 charge income depreciation depreciation expense.
 future lease payments non year capital leases.
 2019 419
 2020
 2021
 2022
 2023
 payments $ 2646 $ 898
 interest
 payments 754
 97% capital lease payments locomotives.
 rent expense leases one month $ 397 million 2018 $ 480 million 2017 $ 535 million 2016.
 variable rental expense term.
 contingent rentals sub-rentals not significant.
.
 lawsuits pending against subsidiaries.
 effect results financial condition liquidity.
extent recorded


valero energy corporation subsidiaries financial statements cash flow hedges price volatility feedstock refined product purchases gas purchases.
 objective lock price purchases prices favorable.
 december 31  2011 outstanding commodity derivative instruments hedge purchases sales crude oil refined products.
 volume contracts type instrument year maturity thousands barrels.
 contract volumes.
 crude oil refined products
 2013 long
 contracts 2013


2014 sales-type leases financing receivables april 2017 new business model.
 dispensing business amended customer leases dispensing equipment.
 dispensing asset base return provision flexible lease term.
 sales-type accounting standards non- cancellable lease term 5 years exceeded 75% equipment useful life minimum lease payments exceeded 90% equipment fair value.
 modification classification leases amended term.
 amended contracts operating leases april 2017.
 change pre-tax charge earnings 2017 $ 748 million.
 revenue modified contracts recognized straight-line remaining lease term depreciation reinstated leased assets.
 financial results 2018 2017 not impacted financing receivables lease modification.
 2014 supplemental financial information.
 losses debt extinguishment
medical-related amounts 288 -3 3 2014
 equity investment income 8
 losses foreign exchange derivatives -14 -3
 royalty income 51 2014
 gains investments
 income $ 318 -57
 losses repurchase extinguishment senior notes.
 2017 divestiture controlling interest respiratory solutions business sale 2018 remaining ownership interest.
 gain sale non-controlling interest transition services agreement income equity investee results.
 2017 equity results income.
 disclosures note 10 financial statements.
 royalty income bard transaction non-cash purchase accounting amortization.
.
 acquisition-date accounting gain-held equity investment.


credit risk financial instruments cash equivalents trade accounts receivable derivative instruments.
 place cash equivalents with high quality financial institutions.
 balances fdic limits.
 monitor credit worthiness.
 credit risk trade accounts receivable limited variety customers markets dispersion operations.
 commercial industrial municipal residential customers in united states puerto rico.
 credit evaluations require collateral.
 establish allowance for doubtful accounts credit risk historical trends economic conditions.
 no 5% receivable balance at december 31.
 collection transfer recycling disposal.
 recorded billed claims settled in cash.
 estimated net realizable value.
 provisions evaluated experience economic conditions.
 review balances.
 reserves for accounts receivable ninety days old.
 past due receivable balances written-off collection.
table reflects activity allowance doubtful accounts 2010 2009 2008.
 balance $ 55. $ 65. $ 14.
 additions expense 23. 6 27. 36. 5
 accounts written-off.
 acquisitions 27.
 balance end year $ 50. $ 55. $ 65.
 2008 provision doubtful accounts $ 14. 2 million allowance accounting policies.
 recorded $ 5. 4 million bankruptcy exposures 2008.
 december 31 2010 $ 172. 8 million.
 funds tax-exempt bonds financing expenditures landfills transfer stations collection recycling facilities.
 deposited trust accounts.
 restricted classified restricted cash consolidated balance sheets.
 financial assurance governmental agencies residential contracts services.


regulatory credit federal corporate income tax rate vidalia power agreement liability $ 30. 5 million louisiana act 55 financing savings obligation liabilities $ 25 million tax cuts jobs act corporate income tax rate 35% to 21% 21 %.
.
 grand gulf recovery operating costs.
 louisiana act 55 financing savings obligation regulatory charge 2016 tax savings.
 savings 2010-2011 audit settlement louisiana act 55 costs hurricane gustav.
.
 volume/weather variance less favorable weather residential commercial sales industrial usage.
 new customers primary metals expansion projects chlor-alkali industry.
 net revenue 2017 2016.
.
 revenue $ 1542
 $ 1469
net revenue entergy wholesale commodities decreased $ 73 million 2017 revenue fitzpatrick plant exelon lower volume more outage days.
 offset increase reimbursement agreement exelon costs refueling operation fitzpatrick decrease nuclear fuel expenses impairments indian point 2 3 palisades plants.
 revenues from exelon offset operation maintenance expenses taxes no effect net income.
 note 14 financial statements sale fitzpatrick reimbursement agreement exelon impairments.


host hotels resorts. subsidiaries financial statements 2014 cash paid income taxes refunds $ 40 million $ 15 million $ 9 million 2017 2016 2015.
 reconciliation unrecognized tax benefits millions.
 balance january 1 $ 11
 december 31
 uncertain tax amounts impact reconciliation income tax provision.
 federal income tax rate 35% 35 % 21% 21 % ) 2018 actual income tax provision.
 2014-2017.
 no material interest penalties december 31 2017 2016 2015.
.
 hotels wholly owned subsidiary federal income tax restrictions.
 december 31 2017 26 hotels leases multiple renewal options operating leases.
 rent increases lease expense term.
 contingent rentals sales stipulated.
 leases facilities former restaurant business.
leases subleases contain renewal options five- ten-year periods.
 restaurant leases operating.
 contingent liability $ 9 million december 31 2017.
 material funding.
 leasing activity includes computer vehicles telephone.
 leases operating capital leases.
 capital furniture equipment depreciated.
 amortization expense depreciation.


remaining $ 135 recognized 2013 valuation allowance foreign tax credits states.
 carried forward 10 years expiration 2016 to 2023.
 management determined alcoa full tax benefit credits.
 due lower foreign income earnings foreign subsidiaries.
 valuation allowance reevaluated december 31 2015 reductions income $ 134 tax charge recognized.
 $ 15 foreign tax credits expired 2015 valuation allowance.
 allowance $ 254.
 need assessed.
 alcoa recognized additional $ 141 tax charge deferred tax assets iceland suriname.
 $ 85 valuation allowance full deferred tax assets suriname employee benefits tax loss.
 expiration 2016 to 2022.
 remaining $ 56 valuation allowance deferred tax assets iceland.
 expiration 2017 to 2023.
weighing evidence management determined alcoa tax benefit deferred tax assets.
 driven by decline primary metals business losses short expiration period.
 need valuation allowance assessed allowance reversed facts circumstances.
 december 2011 alcoa applied tax holiday mining refining.
 application amended re-filed similar application filed.
 deadline july 11  2014.
 tax holiday effect july 12  2014.
 tax rate holiday income subsidiaries decreased 34% to. 25%. future cash tax savings 10-year holiday period january 1 2013.
 net deferred tax asset remeasured new tax rate earnings.
 resulted net deferred tax asset noncash charge earnings $ 52 $ 31.
 table details changes valuation allowance.
 december 31, 2013

 balance $ 1668 $ 1804 1400
 increase allowance 472 471
 -77 -41
 acquisitions divestitures -37
. state tax rate changes -45 -80 -32
 foreign currency translation -59
 end year $ 2037 $ 1668 $ 1804
 alcoa foreign net earnings no deferred taxes $ 4000 december 31 2015.
 commitments obligations.
 plans distribute earnings deferred tax liability.


unit goodwill assets.
 2013 recorded non-cash goodwill impairment charge $ 195 million net state tax benefits.
 201ccritical accounting policies goodwill financial 2013 policies impairment.
 changes.
 tax laws retroactive audits tax expense affect profitability cash flows.
 proposals lower.
 corporate income tax rate reduce net deferred tax assets years.
 financial results differ.
 accounting policies 1 2013 accounting policies consolidated financial statements.
.
.
.
.
 december 31 2013 owned leased building space offices 518 locations.
 manage.
 government-owned facilities.
 operations palmdale california marietta georgia greenville south carolina fort worth san antonio texas montreal canada.
information systems solutions goodyear sunnyvale colorado springs denver gaithersburg rockville valley forge houston.
 missiles fire control camden arkansas orlando lexington kentucky grand prairie.
 mission systems training orlando baltimore maryland moorestown.
 new jersey akron manassas virginia.
 space systems huntsville alabama sunnyvale denver albuquerque mexico newtown pennsylvania.
 corporate activities lakeland florida bethesda maryland.
 vacate leased facilities goodyear arizona akron newtown sunnyvale.
 closures 2. 5 million square feet complete 2015.
 restructuring.
 summary square feet floor space business segment december 31 2013 owned leased.
.
.
.
systems solutions 2. 5 7 8.
 missiles fire control 4. 10.
 mission systems training 5. 8 11.
 systems 8. 7. 9 18.
 activities 3. 9
 29. 21. 23. 74.
 facilities good.
 improve replace reduce.


tower corporation subsidiaries financial statements december 31 2010 2009 had $ 295. 4 million $ 295. 0 million net $ 300. million 7. 25%. 25 % notes.
 carrying value discount $ 4. 6 million $ 5. 0 million.
. convertible notes. matured february 15 2010 interest payable semiannually february 15 august 15.
. notes convertible shares common stock conversion price $ 51. 50 per share.
 december 31 2010 2009 company $ 59. 7 million outstanding 5. 0% 5
. 25% issued maturity december 1 2011 interest payable semi-annually june 1 december 1 each year.
. guaranteed company wholly owned subsidiaries.
 payment indebtedness sister guarantors.
.25 % notes senior indebtedness convertible revolving credit term loan.
 31 2010 issued notice redemption. 25%. notes.
. redeemed equal 100. principal amount accrued unpaid interest excluding september 23 2010 purchase price $ 0. 3 million.
 2009. million.
 capital lease obligations $ 46. 3 million $ 59. million 2010 2009.
 obligations interest rates 2. 5%. to 9. 3%. one year seventy years.
 value long-term debt capital leases five years estimated.
 2011 74896
 2012 625884
 2013
 2014 1750479
 2015 600489
 2541858
 cash obligations 5594224
 unamortized discounts premiums
 balance december 31 2010 $ 5587388


no statutory restrictions payment dividends retained earnings bermuda subsidiaries minimum statutory capital surplus requirements satisfied by share additional paid-in capital.
.
 subsidiaries file financial statements statutory accounting practices insurance.
 differs reinsurance contracts investments subsidiaries acquis expenses fixed assets deferred income taxes items.
 capital surplus.
 2008 2007 2006.
 dividends 2009 $ 835 million.
 combined statutory capital surplus net income bermuda.
 subsidiaries years december 31 2008 2007 2006.
.
 statutory capital surplus $ 7001 $ 8579 $ 7605 $ 5337 5321
 net income $ 684  $ 1535 $ 798 $ 873 $ 724
permitted by restructuring company 2019s.
 subsidiaries discount a&e liabilities increased capital surplus $ 211 million $ 140 million $ 157 million december 31 2008 2007 2006.
 subsidiaries prepare financial statements local laws.
 jurisdictions.
 licenses.
 subject to reserves capital solvency tests.
 fines criminal sanctions for violation.
 personnel expenses $ 1. 4 billion 2008 $ 1. 1 billion 2007 2006.
 amortization expense property $ 90 million $ 77 million $ 64 million.
 fire insurance values property equipment $ 680 million $ 464 million at 2008 2007.
 risk assessment management risks financial internal control over financial reporting.
 reliability reporting financial statements.
board through audit committee not officers employees financial reporting assets against unauthorized acquisition disposition.
 audit committee meets management accountants internal auditor approves audit work fee arrangements reviews audit reports.
 accountants internal auditor meet separately results audits internal control financial reporting safeguarding assets against unauthorized acquisition.
 management operational risks sets policies.
.


hologic  inc.
 financial statements considered eitf issue.
 95-8 contingent consideration shareholders acquired enterprise purchase additional purchase price.
 fourth quarter 2007 paid $ 19000 former suros shareholders first annual earn-out increase goodwill.
 additional consideration second annual earn-out.
 increased goodwill suros acquisition $ 210 29 2007.
 liability $ 550 eitf 95-3 termination employees.
 $ 400 liability paid balance second quarter 2008.
 increase offset decrease goodwill change valuation assets liabilities.
 no other changes purchase price allocations form 10-k year september 30 2006.
 intangible assets acquisition identified valued.
 customer relationship trade name developed technology know how in-process research development identifiable values.
 customer relationship.
 trade name product names.
technology marketable products products.
 estimated $ 4900 purchase price research development projects suros 2019 disposable products.
 projects stages completion include next generation handpiece site marker technologies.
 fiscal 2008.
 deferred income tax liability acquired assets fair value adjustments inventory not deductible offset net operating loss.
 goodwill excess purchase price over assets.
 acquisition aeg  biolucent r2 suros goodwill synergies strength workforce.
 information consolidated results operations suros acquisitions 2006 adjustments amortization intangible assets increase interest expense acquisition financing adjustments tax effects.
 revenue $ 524340
 net income
 per share.
.


company orders components builds inventory shipments.
 markets volatile price changes risk excess inventories.
 operating results financial condition affected inventory purchase commitments demand.
 gross margin declined 2004 to 27. 3%. from. 5%. 2003.
 lower ipod ibook sales pricing actions warranty costs freight duty costs.
 offset direct sales 39% ( increase higher margin software sales.
 operating expenses last three fiscal years.
 research development $ 534  $ 489  $ 471
 net sales 4% ( 4 % 6% ( 6 % 8% ( 8 %
 administrative expenses $ 1859 $ 1421 1212
 13% 13 % 17% 17 % 20% 20
 restructuring costs $ 2014 $ 23 $ 26
investments critical growth products business strategy.
 innovation.
 r&d expense 4% 4 % net sales 2005 6% 8% 2004 2003.
 due increase 68% net sales 2005.
 r&d expense increased $ 45 million 9% ( 9 % from 2004 $ 18 million 4% ( 4 % increase 2004.
 increased headcount new product development employee salary increases.
 software development costs $ 29. 7 million mac os x 2005 $ 4. 5 million $ 2. 3 million filemaker pro 7 2004 $ 14. 7 million mac x panther 2003.
 part ii item 8 form 10-k.
 expenditures increased $ 438 million 31% ( 31 % ) 2005 2004.
 due expansion retail marketing advertising higher selling expenses net sales employee salary


consolidated financial statements amortized cost fair value fixed maturities december 31 2007 amortized cost value.
 one year $ 50
 five 52
 47
 fixed maturities $ 150
 maturities differ borrowers call prepay obligations penalties.
 rating investment grade.
 no fixed maturities unrealized loss.
 fixed-maturity portfolio subject interest rate market credit risks.
 carrying value $ 150 million 96% investment grade.
 non publicly-traded fixed maturity portfolio value $ 9 million.
 reflect fundamental analysis market price.
 portfolio preferred stock not.
 subject interest rate market credit illiquidity concentration operational performance risks.
.
 sold majority portfolio $ 450 million.
common stock peps i owned aon 49% 49 % charitable trust for victims september 11 51% 51 %.
 $ 171 million fixed-maturity securities sold peps.
 paid $ 171 million cash additional $ 279 million.
 securities unfunded commitments.
 funded $ 2 million 2007 2006.
 unfunded commitments $ 44 million.
.
 carrying value peps i preferred stock $ 168 million $ 210 million december 31 2007 2006.
 income distributions limited interest debt.
 redeemed debt income distributions.
 received $ 61 million distributions investment income.


table contents part ii item 5.
 common equity stockholder matters issuer purchases.
 common stock trades nasdaq market.
 closing price february 20 2013 closing price $ 39.
 33.
 quarterly dividend fourth quarter 2009.
 2012 2011 paid dividends $ 0. 11 $. 09 share
 december 27 2012 special dividend $ 1. 30 share.
 january 2013 quarterly cash dividend $ 0. 13 per share february 28 2013.
 future payment dividends board directors.
 business conditions financial results capital requirements regulatory restrictions.
 sales unregistered securities equity compensation plans 201cequity compensation plan item 12.
 january 1 march 31 $ 37.
 april 1 june 30.
 july 1 september 30.
october 1 december 31 35. 29.
 january 1 march 24. 19.
 april june 30 25. 21.
 july 30. 23.
 october 31. 24.


ace limited subsidiaries.
 2019s insurance reinsurance subsidiaries subject insurance laws regulations.
 dividends distributions loans cash advances without approval insurance.
 no restrictions dividends retained earnings bermuda subsidiaries minimum capital surplus requirements satisfied share capital additional paid-in capital.
.
 subsidiaries file financial statements statutory accounting practices insurance regulators.
 accounting differs reinsurance contracts investments subsidiaries acquis expenses fixed assets deferred income taxes.
 statutory capital surplus.
 subsidiaries 2009 2008 2007.
 dividends 2010 without approval $ 733 million.
 combined statutory capital surplus net income bermuda.
 subsidiaries years december 31 2009 2008 2007.
. bermuda subsidiaries 2009 2008
capital surplus $ 9299 $ 6205 $ 8579 $ 5801 $ 5368 $ 5321
 net income $ 2472 $ 2196 $ 1535 $ 870 $ 818 $ 873
 restructuring.
 subsidiaries discount a&e liabilities increased capital surplus $ 215 million $ 211 million $ 140 million december 31 2009 2008 2007.
 subsidiaries prepare financial statements local laws.
.
 licenses.
 reserves capital solvency tests.
 fines criminal sanctions.
.
 financial information december 31 2009 2008 issuer.
 100 percent-owned subsidiary.
 investments subsidiaries accounted guarantor equity method.
 earnings guarantor accounts.
 guarantees debt subsidiary issuer.


contents hologic inc.
 consolidated financial statements september 26 2009 financial assets re-measured fair value $ 313 money market mutual funds cash equivalents.
 no withdrawal restrictions level 1 fair value hierarchy valued quoted market prices.
 holds minority cost-method equity investments non-publicly traded securities $ 7585 $ 9278 september 26 2009 27 2008 long-term assets.
 investments carried cost.
 market data classified level 3 fair value.
 uses financial information.
 fair value not estimated no events adverse.
 fiscal 2009 recorded impairment charges $ 2243 two cost method investments fair value.
.
 defined benefit pension plans subsidiary.
 september 29 2007 adopted.
 defined benefit pension plans amendment statements.
87 88 106 132 asc 715 defined benefit plans.
 adoption impact company compliance debt covenants cash position results.
 table effect standard line items consolidated balance sheet september 29 2007.
.
.
.
 income $ 2014 $ 2212
 stockholders 2019 equity $ 803511
 september 26 2009 27 2008 company pension liability $ 6736 $ 7323  long-term liabilities balance sheets.
 no rules governing investment supervision pension plan.
 no minimum funding requirement.
 pension benefits safeguarded pension guaranty fund insolvency.
 hologic inc november 24 2009 information not not warranted.
 user assumes risks damages losses.
 past financial performance no guarantee future results.


contract start-up costs.
 2018 2017 incurred $ 5. million $ 8. 2 million.
 meet capitalization criteria new revenue recognition standard.
 tax act.
 22 2017.
 reduced.
 federal corporate tax rate 35% to 21% %.
 amounts deferred taxes uncertain tax positions one-time transition tax.
 reduced tax provision $ 463. million.
 adjusted amounts tax.
 increased tax provision $. 3 million.
 insurance recovery.
 collected insurance recovery $ 40. million bridgeton landfill remediation expenses.
 incurred $ 12. million costs insurance recovery.
 revenue growth reducing costs.
 earnings cash flow return invested capital.
 efficient capital structure investment grade credit ratings increasing cash.
 economic conditions changes 2019.
 2019 increase. 25 75%.75 % increase.
 average yield 2. 75%. %
 volume. 25
 energy services
 fuel recovery fees.
 recycling processing commodity sales. 25 5
 acquisitions divestitures.
 change 4. 25 to. 75%. 75 %
 changes price restricted 50% annual service revenue.
 pricing arrangements tied fluctuations consumer.
 varies.
 pricing resets lags 6 to 12 months revised pricing.
 changes not manifest pricing future.


impact service interest cost benefit 1% change health care trend rate.
.
 liability future cost increases pre-65 medical supplement plan limited 5% per annum.
 employer trend rates.
 2007 amendment post-65 retiree coverage.
 three years.
 impact benefit cost recognized service life.
.
 stock compensation plans summarizes stock-based compensation expense millions.
 years 31
 $ 138 $ 124 $
 performance plans
 stock options
 employee stock purchase plans
 compensation expense
 tax benefit
 net tax $ 146 $ 141 $
 2009 converted stock administration system new service provider.
 reconciliation methodologies estimates $ 12 million reduction expense year december 31.
 employees performance-based service-based.
 three ten years grant.
fair value service-based awards based market value common stock grant.
 break employment forfeiture unvested awards.
 compensation expense recognized over service period.
 dividend equivalents paid on service-based rsus initial grant amount.
.
 vesting performance conditions revenue pretax income earnings per share five.
 performance not grant.
 performance-based market price common stock grant.
 compensation expense recognized over performance period additional vesting period.
 adjusted shares paid.
 payout range 0-200% units granted.
 dividend equivalents not paid performance-based rsus.
 granted 1. 6 million shares 2007.
 2009 2008 3. 5 million


non affiliates cpw.
 off-balance sheet arrangements limited future payments non-cancelable operating leases totaled $ 559 million may 27 invested five variable interest entities.
 material results operations financial condition liquidity.
 defined benefit plans subject pension protection act.
 require additional contributions plans.
 2019.
 future estimated cash payments contractual obligations due.
 2020 2022 2024
 long-term debt $ 14354. $ 1599. 3122. 2315. 7316.
 accrued interest 107.
 operating leases 559. 137. 208. 122. 91.
 capital leases.
 purchase obligations 3417. 2646. 728. 39. 1.
 contractual obligations 18438. 4492. 4059. 2478. 7408.
long-term obligations 1199.
 $ 19637. $ 4492. $ 4059. $ 2478. 7408.
 cash payments long-term debt $. 5 million capital leases $ 85. 7 million unamortized debt premiums discounts fair value adjustments.
 minimum rental.
 purchase obligations raw material packaging consumer marketing.
.
 cancelable penalty short notice 30 days.
 accounts payable accrued liabilities excluded.
 fair value foreign exchange equity commodity grain derivative contracts $ 16 million may 27 2018.
.
 long-term obligations accrued compensation benefits underfunded defined benefit pension plans miscellaneous liabilities.
 pay $ 20 million benefits unfunded postemployment benefit plans $ 18 million deferred compensation 2019.
unable estimate payments beyond 2019.
 liability uncertain tax positions accrued interest penalties $ 223. 6 million.
 note 2 financial statements 8.
 estimates


entergy utility companies energy research member electric power institute.
 research electric utility.
 projects.
 domestic utility companies contributed $. million 2003. 2002 4 million 2001.
 non-utility nuclear business contributed $ 3 million 2 million.
.
 2003 14773.
 gulf 1676
 louisiana 918
 mississippi 810
 orleans
 2902
 2755
 nuclear 3357
 subsidiaries 255
 full-time 14564
 part-time
 4900 employees electrical workers union utility workers union teamsters union.


performance graph material with securities exchange commission future filing securities act 1933 exchange act 1934 except sysco.
 compares sysco common stock s&p 500 index 500 food staple retail index last five fiscal years.
 assumes investment $ 100 last day 2006 dividends reinvested.
 performance data last trading day five years.
 5 year return assumes investment $ 100.
 sysco corporation $ 100 110 $ 97  $ 82 $ 105 120
 s&p 500 100 120 105 77 88
 s&p 500 food/staple retail index 107 111 92


downgraded below threshold new bank credit support obligation.
 fees $ 5 million incurred.
 november 29 2011 standard reduced credit rating lloyds tsb bank plc issued $ 1. billion timber notes.
 replaced.
 fees $ 4 million.
 january 23 2012 reduced credit rating issued $ million notes below.
 replaced.
 fees $ 5 million.
 june 21 2012 moody's services reduced credit rating bnp paribas $ 707 million below threshold.
 december 19 2012 company-party agreed continuing replacement waiver terminable 30 days notice.
.
 millions 2013 2012 2011
 revenue 45
 receipts
 payments 87
net expense related to company 2019s interest in entities included in consolidated statement operations international paper right offset.
 cash receipts are equity distributions from entities to international paper.
 semi-annual payments related to debt obligations.
 international paper not primary beneficiary consolidate investments.
 source of variability value timber notes performance.
 supported by irrevocable letters of credit 100% cash collateralized.
 over not primary beneficiary.
 maximum exposure to loss equals value timber notes likelihood exposure remote.
 international paper interests in two financing entities long-term notes 2001 2002.
 transferred cash $ 1. 0 billion to entities for interests.
 entities acquired $ 1. 0 billion of international paper debt obligations for cash.
international paper capital contributions provide financial support december 31 2013 2012 2011.
 2001 monetized notes $ 499 million matured march 16  2011.
 international paper purchased preferred interest 2001 financing entities for $ 21 million.
 owned 100% 2001 financing entities.
 primary beneficiary consolidated entities.
 april 30 2011 liquidated interest 2001 entities.
 activity 2011 immaterial.


network corporation financial statements transaction purchase price accounting.
 allocation purchase table.
.
 cash 107061
 current assets 153258
 property equipment 28663
 acquisition intangibles 17826
 noncurrent assets 12856
 liabilities -86080
 purchase price $ 233584
 revenue earnings blockbuster acquisition.
 insufficient information.
 operations blockbuster changed. bankruptcy proceedings post acquisition earnings cash flows.
 cost goods lower-historical.
 values rental library merchandise inventories reduced estimated fair value purchase accounting.
 impact diminish blockbuster inventory.
.
 terrestar transaction.
 wholly-owned subsidiary 14 2011.
.
 bankruptcy court southern york approved asset purchase agreement paid $ 1. 345 billion cash purchase price.
network party to asset purchase agreement guaranty obligations.
 paid $ 30 million purchase price terrestar transaction closing or conditions met.
 consummation acquisition subject to approval fcc.
 canadian federal department of industry approved transfer spectrum licenses terrestar to us.
 if approvals right require sale terrestar assets entitled to proceeds sale.
 proceeds less than.
 gamma responsible for working capital administrative expenses terrestar subsidiaries after december 31 2011.
 terrestar transaction accounted business purchase price accounting.
 allocate purchase price components fair value.
 spectrum satellites.


tables reconciliation balances measurements inputs 2015 2014.
 january 2015 settlements december 31 2015 settlements.
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 allocation.
 allocations.
.
june 2012 company implemented de-risking strategy medical bargaining trust volatility.
 revised asset allocations matching characteristics.
 initial allocation 60% return-generating 40% liability-driven.
 investment strategies balance.
 minimizing volatility asset matching diversification hedging.
 fixed income target asset allocation matches bond-like long-dated postretirement liabilities.
 assets diversified asset volatility.
 assesses investment strategy allocations target allocations.
 asset classes returns diversification liquidity.
 other trusts invested equities fixed income funds.
 invested differently liabilities.
 obligations dominated medical bargaining trust.
 thirty-nine percent four percent obligations medical-bargaining life insurance trusts.
expected benefit payments future medical-bargaining life insurance trusts 2019 obligations large assets strategy equities long-term return funding ratio.
 engages third party investment managers assets.
 not invest outside asset class.
 equity alternatives strategy.
 investment management agreements performance attribution analysis strategy.
 futures options adjust portfolio investment policy.


operating information years ended 2007 2006 2005
 natural gas gathered 1171 1168 1077
 processed 621 988 1117
 transported 3579 3634 1333
 sales 281 302 334
 liquids gathered 228 206 191
 sales 231 207
 fractionated 356 313 292
 liquids transported 299 200 187
 capital expenditures $ 709858 $ 201746 56255
 spread ethane/propane mixture.
 composite sales prices.
 condensate sales price $ 67. $ 57. $.
 natural gas sales price $ 6. 21. $ 7.
 processing spread $ 5. 21. $ 2.
 consolidating investment oneok partners january 1 2006.
prospective method consolidated financial results information oneok partners operations january 1 2006.
 accounting policies.
 net margin increased $ 52. 3 million 2007 performance gas liquids supply higher product price spreads isomerization price spreads net margin acquisition assets morgan increased storage margins decreased processing transportation margins lower throughput higher fuel costs lower gas volumes terminations.
 operating costs increased $ 11. 6 million 2007 higher employee costs operating expenses litigation costs.
 depreciation amortization decreased $ 8. 3 million goodwill asset impairment charge $ 12. million.
 gain sale assets decreased $ 113. 5 million $ 113. million gain sale 20 percent partnership interest northern border pipeline.
 equity earnings oneok partners interest.
 decrease $.million 2007 oneok partners share northern border pipeline earnings 70 percent 50 percent.
 page 75 20 percent interest.
 equity funds construction increased 2007 oneok capital projects page 31.


.
 realex leading online payment gateway provider.
 acquisition omnichannel solutions.
 transaction business combination.
 recorded assets acquired liabilities noncontrolling interest estimated values.
 paid. 7 million. remaining shares realex 100% outstanding shares.
 values.
 cash $ 4082
-related intangible assets 16079
 acquired technology 39820
 trade name 3453
 intangible assets
 6213
 liabilities
 deferred income tax liabilities
 net assets 59351
 goodwill 66809
 noncontrolling interest
 purchase consideration $ 118880
 goodwill $ 66. million acquisition growth synergies business gateway services payment.
 not deductible income tax.
 intangible assets 16 years.
 acquired technology 10 years.
 trade name 7.
october 10 2014 100% holdings aud302. 6 million cash $ 266. million.
 funded cash borrowings revolving credit.
 leading payments company australia new zealand.
 solutions.
 business combination.
 assets acquired liabilities assumed estimated values.
 global payments.
 2017 10-k annual report


systems incorporated consolidated financial statements.
 november 27 2009 28 2008.
 acquired rights technology 84313 90643
 investments
 security deposits
 prepaid royalties
 deferred compensation plan assets
 restricted cash
 prepaid land lease
 prepaid rent
 assets 191265 216529
 acquired rights 2009 $ 6. million $ 100. 4 million.
 2008 $ 56. 4 million future licensing rights amortized fifteen years.
 remaining 2008 $ 27. 2 million historical licensing rights cost sales $ 16. million general administrative costs.
 acquire additional rights.
 note 17.
 acquired rights amortized lives 3 15 years.
 ventures $ 37. million $ 39. million november 27 2008 consolidated.
partnership controlled by granite ventures independent capital partner of adobe.
 primary beneficiary bear risks rewards.
 investment in on financial position results cash flows.
 equity estimated value gains losses in statements income.
 investments at not publicly traded no established market for.
 fair value use recent financing estimates market value.
 policy fair value.
 cash position financing needs earnings revenue outlook operational performance management ownership changes competition.
 based on information.
 not subject to disclosure regulations.
 to timing accuracy.
 note 4 for.
 direct investments in privately-held companies $ 26. 4 million $ 37. 6 million as of november 27 2009 2008 cost method.
 assess for impairment value circumstances.
.
purchase sale agreement 2008 waltham massachusetts.
 office parking improvements.
 purchase price $ 44. 7 million closed june 16 2009.
 deposit $ 7. million november 2008 balance paid closing.
 escrow purchase price.


united parcel service.
 financial condition liquidity summary cash.
 2012
 net income $ 4372 $ 807 $ 3804
 non-cash activities 3318 7313 4578
 pension postretirement plan contributions -212 -1436
 income tax receivables payables -155 236
 working capital noncurrent assets liabilities -148
 -140 -119 -97
 cash $ 7304 $ 7216 $ 7073
 depreciation amortization losses transactions deferred income taxes uncollectible accounts pension benefit stock compensation charges non-cash.
 2011 2013.
 impacted lower contributions defined benefit pension postretirement plans offset charges income tax receivables payables.
 termination fee million 268.
 cash payments income taxes increased impacted tax deductions.
contributions company-sponsored pension plans varied minimum funding requirements.
 2013 required discretionary contributions pension plans.
 2012 $ 355 million contribution ups ibt pension plan.
 2011 $ 1. 2 billion contribution ups ibt pension plan satisfied 2011 requirements $ 440 million contributions 2011.
 remaining contributions due to international pension plans.
 postretirement medical benefit plans.
 minimum funding requirements ups ibt pension retirement plans.
 december 31  2013 worldwide holdings cash $ 4. 665 billion.
 45%-55% foreign subsidiaries.
.
 fluctuates.
 cash united states primary source domestic operating needs capital expenditures share repurchases dividend payments.
 cash subsidiaries subject to tax if not all international cash balances dividend.
subsidiaries reinvested no accrual.


february 15  2008 138311810 shares common stock 2979 stockholders.
 pay quarterly dividends.
 february 13  2008 declared first quarterly 2008 dividend $ 0. 5125 per share payable march 28 , 2008 march 6 2008.
 expect distribute 100% taxable net income 2008.
 board frequency dividends quarterly.
 policy.
 see 201ccautionary statements 201d risk factors part i item 1a annual report.
 stockholders reinvest cash distribution distribution reinvestment stock purchase plan.
 16 stock financial statements part ii item 8.
 adopted non trading plans rule 10b5-1 exchange act equity-based compensation.
 quarter december 31  2007 repurchased average price per.
 october 1 through october 31  2014
november 30 2014
 december 31 14669.
 repurchases shares taxes restricted stock.


primary source cash operations.
 generated $ 5. 6 billion cash.
 returned shareholders repurchases dividends.
 cash capital expenditures acquisitions.
 cash notes payable long-term debt shares stock acquisitions.
 may 26 2019 $ 399 million cash equivalents foreign jurisdictions.
 undistributed earnings taxed.
 one-time repatriation tax 2018.
-evaluated earnings 2018 reinvested 2018 earnings.
 recorded local withholding taxes.
 repatriate cash equivalents foreign subsidiaries without.
 income tax liability note 14 financial statements.
 cash flows.
 millions fiscal year 2019 2018
 net earnings noncontrollinginterests $ 1786. $ 2163.
 depreciation amortization 620.
 after-taxearnings joint ventures -72. -84
earnings joint ventures 86. 113.
 stock-based compensation 84. 77.
 deferred income taxes 93. -504.
 postretirement benefit plan contributions.
 costs 6. 4.
 30.
 restructuring exit costs 235. 126.
 assets liabilities -7. 5 542.
. 27. 182.
 cash activities 2807. 2841.
 2019 cash 2807 million 2841 million last.
 34 million decrease million net earnings $ 550 million assets liabilities offset million deferred income taxes.
 550 million 413 million timing accounts payable payment terms.
 deferred income taxes $ 638 million revaluing.
 tax liabilities.
 corporate tax rate.
 capital decreased 34 percent sales increase 7 percent.
may 26 capital $ 385 million 34 percent payment lower inventory.
 2018 decreased 27 percent sales 1 percent.


goldman sachs group.
 subsidiaries portfolios positions not var.
.
.
 table risk positions not included category.
 december 2017 2016 2015
 equity $ 2096 $ 2085 $ 2157
 debt 1606
 $ 3702 $ 3787 3636
 market risk potential reduction net revenues 10% 10 % decline value.
 equity positions private public equity securities corporate equities real estate hedge funds.
 debt positions debt commercial real estate corporate loans debt distressed loans.
 equity debt positions consolidated statements financial.
.
 reflect diversification effect asset categories market risk measures.
 credit spread sensitivity derivatives financial liabilities.
 excludes impact credit spreads derivatives financial liabilities value option.
estimated sensitivity one point increase credit spreads on derivatives $ 3 million $ 2 million including hedges december 2017 2016.
 point increase credit spreads financial liabilities fair value option $ 35 million $ 25 million.
 net impact spreads affected by liquidity duration convexity liabilities performance hedges.
 interest rate sensitivity.
 loans receivable december 2017 2016 $ 65. 93 billion $ 49. 67 billion floating interest rates.
 estimated sensitivity to 100 basis point increase interest rates loans $ 527 million $ 405 million additional interest income twelve-month period impact increase costs loans.
 note 9.
 credit loss protection from sumitomo mitsui financial group.
 note 18.
 investments in securities-for-sale.
.
 equity direct investments real estate.
investments estate cost depreciation.
 note 13 financial statements.
 sachs


republic services.
 financial statements 2014.
 repurchases activity 2018 2017.
 shares repurchased 10.
 paid $ 736. $ 610.
 cost per share $ 69. $ 63.
 2018 no repurchased shares settlement.
 2017 added $ 2. billion repurchase authorization 31 2020.
 repurchases open market purchases privately negotiated transactions laws.
 timing prices determined management market conditions.
.
 remaining purchase capacity $ 1. 1 billion.
 quarterly dividend $ 0. 375 per share.
 cash dividends $ 468. 4 million $ 446. 3 million $ 423. 8 million 2018 2017 2016.
 quarterly dividend $ 121. 0 million shareholders january 2 2019.
.
 net income republic services.
 average common shares.
 diluted earnings share combined equivalents employee stock options unvested rsus psus expected attainment levels.
 treasury stock method earnings.


consolidated financial statements 2014 amounts millions share settlement 2008 investigation 2002 financial reporting practices settlement charge $ 12.
 investment impairments 2007 charge $ 5. 8 $ 12. 5 investment auction rate securities total investment.
 information.
 intangible assets goodwill excess purchase price liabilities.
 changes carrying value goodwill segment years december 31 2008 2007.
 balance december 31 2006 $ 2632. 5 $ 435. 3067. 8
 year acquisitions.
 contingent deferred payments acquisitions.
 business dispositions.
 foreign currency.
 balance december 31 2007 2789. 441 3231.
 current year acquisitions.
 contingent deferred payments prior acquisitions.
 business dispositions.
 foreign currency.9 13. -141. 6.
 balance december 31 2008 $ 2790. $ 430. 9 $ 3220.
 fourth quarter 2008 stock price declined market capitalization less than book value december 31.
 decline fair value units below book value interim impairment test goodwill.
 no impairment goodwill.
 monitor stock price market capitalization fair values 2009.
 annual reviews 2006 discounted future cash flow projections implied fair value goodwill less than book value due client losses goodwill impairment charge $ 27. 2 2006.
 intangible assets indefinite lives lives.
 non-compete agreements license costs trade names customer lists.
 lives


five-year performance comparison 2013 graph shareholder returns corporation peer group index trans s&p 500.
 assumes $ 100 invested common stock union pacific corporation december 31 2006 dividends reinvested.
 purchases equity securities 2013 repurchased 15340810 shares common stock average price $ 96. 08.
 table common stock repurchases fourth quarter 2011 shares purchased average price paid share plan maximum.
 oct. 1. 31 379488. 371639 31370427
. 1748964. 1733877 29636550
. 1787343. 1780142 27856408
 3915795. 3885658
 shares purchased quarter 30137 shares employees stock option prices excess tax withholding obligations.
1 2011 board authorized repurchase 40 million shares common stock march 31 2014.
 open market.
 management timing.


2017 form 10-k rig counts summarized averages periods.
 2016 2015
 north america 1082 642 1178
 international 948 956 1168
 worldwide 2030 1598 2346
 rig count 2030 increase 27% north american activity.
 count increased 69%.
 rig count decreased 1% 1 %.
 increase land rig count up 72% offset decrease offshore rig count 16%.
 decreases latin america 7% africa region down 4% 2% offset asia-pacific region up 8%.
 2015 rig count 1598 decrease 32% north american activity.
 decreased 46% 2016.
 decreased 18%.
 44% decline oil-directed rigs.
 natural gas directed rig count declined 50% productivity improved.
rig count decrease driven by latin america down 38% ( 38 % africa down 20% 20 % asia-pacific down 18% 18 % 15% ( 15 % ).
 key performance indicators millions product services backlog consolidated statement income displays sales costs sec regulations "goods "services" sales.
 distinguish between "equipment "product services services sales goods services.
 services.
 backlog unfilled customer orders for products services.
 amount included expected life contract.


contractual obligations components.
 millions ).
 liabilities recorded balance sheet $ 60578
 commitments not recorded 55688
 $ 116266
 off-balance sheet arrangements december 31 2015 effect financial condition results operations liquidity capital expenditures resources.
 note 3 comcast nbcuniversal 2019s consolidated financial statements.
 accounting judgments estimates assets liabilities revenue expenses contingent assets liabilities.
 base judgments historical experience assump tions basis estimates assets liabilities.
 results differ.
 valuation testing cable franchise rights accounting film television costs critical.
 discussed judgments audit committee reviewed disclosures.
 notes 9 6 comcast 2019s financial statements accounting policies.
 valuation impairment testing cable franchise rights results agreements state local govern cable business.
value franchise from economic benefits solicit customers market services advanced video high-speed internet voice.
 cable franchise rights acquisitions.
 significant asset value cable franchise rights.
 include multiple franchise areas.
 serve 6400 franchise areas united states.
 cable franchise rights indefinite life no legal factors cash flows.
 amortize assess carry value annually carrying amount fair value.
 comcast 2015 annual report form 10-k


payment future quarterly dividends discretion board adjusted business market conditions.
 merger agreement agreed aetna coordinate declaration payment dividends stockholders quarterly dividend.
 2015 board declared cash dividend $ 0. 29 per share paid january 29 2016 stockholders december 30 2015 $ 43 million.
 compares standard poor composite 500 index dow jones health care providers index five years december 31 2015.
 investment $ 100 common stock s&p 500 peer group december 31 2010 dividends reinvested paid.
 100 162
 s&p 500
 peer group 100 110 129 226
 stock price performance not indicative future performance.


73 98 financial statements ball corporation subsidiaries 15.
 shareholders december 31 2006 550 million shares common stock 15 million preferred stock.
 120000 unissued shares stock.
 26 2006 purchase right each share.
 entitles purchase share price $ 185 per right.
 acquires 10 percent common stock rights exercisable entitle purchase shares 50 percent discount.
 rights expire 2016 redeemable redemption price $ 0. 001 per right.
 dilution.
 interfere merger business combinations.
 reduced share repurchase program 2006 $ 45. 7 million $ 358. 1 million 2005 $ 50 million 2004.
 contract repurchase 1200000 shares.
 settled january 5 2007 $ 51. 9 million.
 contributes 20 percent $ 500 employee payroll deduction purchase common stock.
contributions $ 3. 2 million 2006 3. 2 million 2005 2. 7 million 2004.
 earnings millions foreign currency translation pension postretirement items financial derivatives.
 foreign currency pension financial derivatives
 2003 80. 7 -93. 1 93. 11. -1 4.
 68. -33 33 4 34.
 2004 148. -126. 3 126. 10. 33.
 -74. 3 74. 6 43. -133 9 133.
 2005 74. -169. 169. -5. 4 7.
 57. 8. 6. 71.
 2006 131. -161. 9 161. 5 29.
 2005 distribution reinvest foreign earnings.
 no taxes foreign currency translation.
 minimum pension tax expense $ 2. 9 million 2006 tax benefits $ 27.. million 2005 2004.
 derivatives tax $. million 2006 $. 7 million 2005. 2 million 2004.


refer note 2 accounting principles practices information.
.
 employee savings.
 expense included compensation benefits consolidated statements income.
 expense plans. millions.
 years december 31 2018 2017 2016
. $ 98 $ 105 $ 121
.
 $ 168 $ 173  $ 191
 postretirement sponsors pension health welfare plans.
 health care plans contributory contributions adjusted annually life insurance pension plans noncontributory.
. plans closed new entrants.


priorities re-evaluated new ceo 2011.
 focused priorities 2022 geographic concentration strategy maximize shareholder value capital allocation platform expansion brazil chile colombia united states turkey poland united kingdom corporate debt reduction return capital shareholders dividend 2012 closing sales businesses exiting non markets optimizing profitability integration dpl management realignment utilities generation cost savings overhead costs business requirements systems automation allocation development spending completion 2400 mw construction program integration new projects businesses.
 december 31 2011 projects commenced operations fuel equity interest.
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 50 %.
 equity interest
 71% 71 51%laurel mountain us-wv wind 98 100%
 bulgaria coal 670
 joaquim brazil hydro 24% 24 %
 394 10% 10 %.
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 10 aes solar energy.
 joint venture riverstone holdings equity.
 kalipetrovo ugento soemina francavilla fontana latina cocomeri francofonte sabaudia siracusa manduria apollo rinaldone.
 joint venture.
.
 equity investment.
 risks.
.
.
 2010 120 mw-river hydroelectric plant panama damage.


lease agreements.
 contingent rent $ 3. 6 million $ 2. 0 million $ 0. 6 million years 2011 2010 2009.
 lease obligations include contingent rent.
 sponsorships marketing commitments brand products.
 sponsorship agreements collegiate professional supplier agreements athletic event sponsorships.
 schedule future minimum payments december 31 2011.
 2012 $ 52855
 2013 46910
 2014 42514
 2015 22689
 2016 3580
 2017
 future minimum sponsorship marketing payments $ 169514
 minimum obligations sponsorship marketing agreements.
 include performance incentives product supply obligations.
 product supply obligations.
 depends playing conditions sporting events decisions.
 costs design develop source purchase products incurred not tracked.
 legal matters.
company believes resolution proceedings financial position results operations cash flows.
 agreed to indemnify counterparties against claims intellectual property.
 indemnification obligations apply misconduct bad faith.
 fair value indemnifications not material to financial position results operations.
.
 stockholders 2019 class a b convertible 100. 0 million 11. 3 million shares par value $ 0. 0003 1/3 per share.
 identical rights liquidation preferences a one vote per share 10 votes per share.
 b held by kevin plank


eog resources.
 undeveloped reserves.
 changes reserves 2018 2017 2016.
 balance january 1 1162635 1053027 1045640
 extensions discoveries 490725 237378 138101
 revisions -8244
 acquisition 2014
 sale reserves -8253 -45917
 conversion reserves -265718 -152644 -149210
 balance december 31 1379709 1162635 1053027
 twelve-month puds increased 217 1380 mmboe.
 added 31 mmboe drilling.
 added 460 mmboe.
 permian basin anadarko basin eagle ford rocky mountain 80% additions crude oil condensate.
 drilled transferred 266 mmboe puds reserves capital cost $ 2745 million.
 scheduled completion within five years.
 twelve-month period 2017 puds increased 110 to 1163.
 eog added 38 drilling expenditures remained completion.
 added 199.
 additions permian basin eagle ford rocky mountain area 74% additions crude oil condensate.
 drilled transferred 153 reserves capital cost $ 1440 million.
 revisions positive 33 due updated curves improved performance crude oil natural gas prices lower costs.
 sold exchanged 8 permian basin.
 twelve-month period 2016 puds increased 7 to 1053.
 added 21 expenditures completion.
 117.
 additions permian basin rocky mountain area 82% additions crude oil condensate.
 drilled transferred 149 reserves capital cost $ 1230 million.
puds 64 mmboe improved well performance delaware basin lower production costs offset crude oil natural gas prices.
 eog sold 46 mmboe haynesville.


performance graph shows return company common stock dividend reinvestment&p 500 index dow jones financials index december 31 2010 2015.
 e*trade financial corporation 100. 49. 55. 122. 151. 185.
 s&p 500 index 100. 102. 118. 156. 178. 180.
 dow jones financials index. 87. 110. 148. 170.


operations facilities from municipalities governments capital risk.
 realize synergies consolidating businesses acquisitions partnerships capital expenditures expenses truck routing personnel fleet maintenance inventories back-office administration.
 consistent high-quality service republic way.
.
.
 standardized processes controls tracking scale operational excellence.
 key best.
 organizational structure high performance culture 360 accountability profit loss responsibility local management functional structure.
 markets market dynamics.
 productivity cost control initiatives service.
 fleet automation 75% residential routes converted to automated single-driver trucks.
 labor costs productivity emissions safer work environment.
 communities automated vehicles higher recycling programs.
 fleet conversion to compressed natural gas 19% fleet operates natural gas.
 continue fleet conversion fleet replacement.
gradual fleet conversion prudent previous investments.
 30% replacement vehicle purchases 2017 cng vehicles.
 competitive advantage clean emission initiatives.
 cng reduces fleet operating costs fuel expenses.
 2017 operated 37 cng fueling stations.
 seventh largest vocational fleet united states.
 average fleet age number average age.
 7200. 5
 small-container 4600.
 large-container.
 15900.


2.
 locations december 31 2007.
 facilities leased except 166000 square feet office alpharetta georgia.
 restructuring.
 alpharetta georgia
 arlington virginia
 jersey city
 charlotte north carolina
 menlo park california
 sandy utah
 toronto canada
 new york
 chicago illinois
 facilities used retail institutional segments.
 lease 27 e financial branches 2500 to 13000 square feet.
 leased facilities less 25000 square feet not listed.
 space adequate needs 2008.
.
 june 2002 acquired marketxt holdings.
 entities tradescape securities momentum securities.
 disputes responsibility liabilities.
 2004 marketxt complaint officers directors contingent payments damages $ 1. 5 billion.
april 9 2004 company filed complaint southern new york against directors officers marketxt seeking relief damages fraud 2002 sale fraudulent financial statements momentum securities.
 marketxt bankruptcy filed adversary proceeding january 2005 seeking relief punitive damages chapter 11 bankruptcy proceedings marketxt holdings. filed adversary proceeding omar amanat chapter 7. october 2005 marketxt answered asserted counterclaims 2006 $ 326. 0 million claim company breached promise purchase acquired entities 1999-2000.
 april 2006 omar amanat asserted counterclaims.
 moved dismiss counterclaims marketxt.
.
 ruling september 29 2006 court granted motion dismiss four bases fraud claims conversion demand punitive damages.
bankruptcy court denied marketxt 2019s claims.
 october 26 2006 dismissed 2019s claim.
 december 18 2007


2016 issued $ 45 million fixed rate notes insurance companies.
 payments 2023 2028 mature 2029 2034.
 interest rates 2. 87 3. 10.
 proceeds borrowings revolving credit facility.
 2015 issued $ 75 million notes insurance company.
 payments 2020 mature 2030.
 interest rate 3. 52 percent.
 proceeds borrowings credit.
 december 31 2016 borrowing capacity $ 310. 8 million.
 operations.
 total debt increased $ 323. 6 million $ 249. million 2015. share repurchase purchase.
 leverage 17. percent 2016 14. percent 2015.
.
 pension plan requirements regulations.
 2016 voluntary $ 30 million contribution premiums.
 2017.
 note 10 financial statements.
 board authorized purchase 3000000 shares common stock.
 repurchased 3273109 shares average $ 41.per share cost $ 135. 2 million.
 4906403 shares remained repurchase authorization december 31 2016.
 stock price working capital expect spend $ 135 million repurchase 2017 10b5-1 repurchase plan.
 may repurchase additional $ 65 million 2017.
 paid dividends 77 years increasing last 25 years.
 $ 0. 48 per share 2016 $ 0. 38 2015.
 increased dividend 17 percent anticipate $ 0. 56 per share 2017.
 contractual obligations december 31 2016.
 obligations less than1 year 1 - 2years 3 - 5years
 long-term debt $ 323.
 rate interest.
 operating leases.
 purchase obligations.
 pension post-retirement obligations.
 $ 616.
december 31 2016 liability uncertain income tax positions $ 4. 2 million.
 uncertainty future cash flows.
 blanket purchase orders requirements suppliers.
 committed weeks production.
 purchase obligation amount value commitments.
 pronouncements note 1 consolidated financial statements.


edwards lifesciences corporation financial statements 13.
 common stock maintains nonemployee directors stock incentive compensation program.
 election receives grant stock options stock units market value $ 0. 2 million 20000 shares.
 grants vest three years service.
 annually director 40000 stock options 16000 restricted stock units common stock total combined annual award exceed $ 0. 2 million.
 grants vest one year.
 2. 8 million shares common stock authorized issuance.
 employee stock purchase plan united states international employees.
 employees purchase common stock 85% fair market value common stock.
 employees authorize withhold 12% compensation common stock purchases limitations.
 available employees outside.
 section 423 internal revenue code.
 authorized 13. 8 million shares.
value option award employee stock purchase subscription estimated date grant black-scholes option valuation model.
 risk-free interest rate estimated.
 treasury yield curve based expected term award.
 volatility historical volatility edwards lifesciences 2019 implied volatility traded options.
 term awards vesting period historical behavior.
 historical data forfeitures annual forfeiture rate 6.
 black-scholes option pricing model weighted-average assumptions options.
 risk-free interest rate. 1%. 4%
 dividend yield
 volatility 33% 33 % 31% 31 %
 life.
 fair value per share $ 31. $.


buy/sell arrangements before april 2006 reported separate.
 adoption eitf issue.
 04-13 change accounting nontraditional derivative instruments effect net income.
 after april 2006 less than previous accounting practices.
.
 revised 2004 fasb issued.
-based payment revision.
 stock-based compensation. requires measure cost employee services equity instruments fair value.
.
 awards liabilities remeasured at fair value each reporting period.
 fair value method.
 grants january 1 2003.
.
 requires calculate excess tax benefits tax deficiencies.
 fasb issued.
 election tax effects share-based payment awards alternative transition election method.
 elected long-form method determine excess tax benefits january 1 2006.
 adopted.
123 r january 1 2006 awards granted modified cancelled adoption unvested january 1 2006.
.
 assumed forfeiture rate unvested awards liabilities measured fair value.
.
 recognized forfeitures intrinsic value method.
 adoption results operations financial position cash flows.
.
 january 1 2006 adopted.
 costs amendment.
. idle facility expense excessive spoilage double freight re-handling costs current-period charge.
 adoption results operations financial position cash flows.
.
 january 1 2006 adopted.
 changes error corrections replacement apb opinion.
 statement.
.
 recognize voluntary changes accounting principle new accounting pronouncement transition provisions prior periods financial statements.
.
 fasb interpretation.
 conditional asset retirement obligations statement.
.interpretation clarifies entity recognize liability legal obligation asset retirement conditional future event if liability fair value estimated.
 entity disclose description obligation liability reasons.
.
 clarifies entity information estimate value retirement obligation.
 adopted.
 december 31 2005.
 charge $ 19 million net taxes $ 12 million.
 cumulative effect change accounting principle 2005.
 assets increased $ 22 million liabilities increased $ 41 million.
 net income per share effect.
 2005 2004 not different.
 summarizes total liability asset retirement obligations.
.
 impact adoption.
 liability measured using information assumptions interest rates.
.
.
 31 2003
.
 adopted.
 nonmonetary assets amendment.
 july 1 2005.
 amendment eliminates apb opinion.
exception value nonmonetary exchanges replaces exception commercial substance.
.
 2013 january 1 adopted.
 suspended well costs amended guidance exploratory well costs.
 accounting reporting oil gas companies.
 costs drilling wells capitalized reserves.


shareholder return compares annual return stock dow jones containers packaging index s&p composite 500 index five-year period december 31 2012.
 $ 100 invested 2007 dividends reinvested.
 dow jones containers packaging index return weighted market capitalization.
 $ 100 investment.
 12/31/2007/31/2008/31/2009/31/2012
 corporation $ 100. 93. 117. 155. 164. 207.
 containers packaging 100. 61. 97. 107.
 500 100. 75. 97
.


commitment expiration commercial commitments millions 2013.
 2013 2014 2015 2016 2017 2017
 credit facilities $ 1800
 receivables securitization facility 600
 guarantees 307 8 214 12 30 10
 standby letters credit 25
 commercialcommitments $ 2732 $ 632 $ 1812
 credit facility used december 31 2012.
 $ 100 million receivables securitization facility utilized debt.
 program matures july 2013.
 guaranteed obligations headquarters building equipment financings operations.
 letters credit drawn december 31 2012.
-balance guarantees liable $ 307 million guarantees.
 liability $ 2 million fair value obligations december 2012 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 86% 45928 full-time employees represented 14 rail unions.
 concluded negotiations 2010 new agreements.
 agreements higher cost sharing health welfare benefits higher wages.
 current agreements until renegotiated labor act.
 next negotiations early 2015.
 inflation increase asset replacement costs.
 depreciation charges inflation-adjusted greater.
 derivative financial instruments use exposure interest rates fuel prices.
 not party to leveraged derivatives use speculative purposes.
 hedge accounting maintain effectiveness.
document relationships hedging instruments items risk-management objectives strategies transactions assessing hedge effectiveness.
 changes value derivative instruments charged earnings.
 use swaps collars futures forward contracts mitigate risk interest rates fuel prices limit benefits price movements.
 risk value hedged item.
 manage credit risk high credit standards counterparties settlements.
 december 31 required collateral received hedging activities.


fluctuation sale investment differ current value.
 fluctuations market price from changes economic characteristics issuer alternative investments market conditions.
 table summarizes equity investments subject price fluctuations at december 31 2012.
 included consolidated balance sheets.
 tax.
&fbovespa. $ 262. $ 690. $ 271.
 valores. 29 29.
.
 hedge against equity price risk.
 investments assessed for temporary impairment quarterly.


long-lived assets assess assets for impairment statement 144 . tested for impairment carrying amount exceed fair value.
 values based undiscounted future cash flows disposition.
 assess goodwill intangible assets impairment annually statement 142. no impairment charges from july 1 2007 events.
 initial assessment fair value operations book value unit.
 fair value less value impairment indicated second test impairment.
 calculate implied fair value value assets value.
 carrying value exceeds fair value record impairment charge.
 december 31 2007 $ 600. 7 million goodwill recorded consolidated balance sheet.
 services
 intangible assets finite useful life amortized over estimated useful life indefinite useful life not amortized.
intangible assets impairment testing.
 oneok partners segment $ 443. million assets balance sheet december 31 2007 $ 287. 5 million amortized 40 years remaining balance indefinite life.
 2006 recorded goodwill asset impairment $ 8. 4 million $ 3. 6 million depreciation amortization.
 reduction net income $ 3. million.
 2005 spring creek power plant generation.
 impaired expense $ 52. 2 million.
 statement 144 impairment analysis net sales proceeds sale.
 completed october 31 2006.
 discontinued operations.
.
 unamortized excess cost value assets $ 185. 6 million december 31 2007 2006.
 equity method goodwill recognized opinion.
. unconsolidated affiliates balance sheets.
 pension benefits.
sponsor welfare plans postretirement medical life insurance employees five years service.
 actuarial consultant calculates expense liability factors future events.
 discount rate return future compensation age employment periods.
 change costs liabilities.
 note j financial form 10-k information.


consolidated financial statements minority partner approves annual budget receives monthly reporting meets quarterly results approves tax return approves leases space rentable consolidate substantive participation rights.
 agreements contain rights partner approval sell finance refinance payment capital operating expenditures outside budget.
 table information joint venture december 31 2009 property partner ownership interest economic interest square feet acquisition price 1221 avenue americas 45. 2550 $ 1000000 1515 broadway 55. 68. 45%. 45 % 05/02 $ 483500.
 ownership economic feet acquisition price
 1221 avenue americas 45.
 1515 broadway 55. 45%. 45 % $ 483500
 100 park avenue 49. 90%. %. 95800
 379 west broadway.45. 12/05 $ 19750
 21 west 34thstreet 50. 07/05 $ 22400
 800 third avenue private investors 42. 95%. 526 12/06 $ 285000
 521 fifth avenue 50. 12/06 $ 240000
 court square morgan 30. 1402 01/07 $ 533500
 1604-1610 broadway 45. 63. 11/05 $ 4400
 1745 broadway witkoff. 32. 26%. %. 26%. % 674 04/07 $ 520000
 jericho plaza onyx 20. 26%. %. 26%. 26 % 04/07 $ 210000
 herald square 55. 354 04/07 $ 225000
 third avenue. 07/07 $ 317000
 court street 35.35. 318 07/07 $ 107500
 meadows 50. 50. 582 09/07 $ 111500
 388 390 greenwich street 50. 60%. %. % 12/07 $ 1575000
 27-29 west 34thstreet 50. 01/06 $ 30000
 1551-1555 broadway 10. 07/05 $ 80100
 717 avenue 32. 75%. 75 %. 09/06 $ 251900
 meadows 50. 09/07 $ 111500 388 390 greenwich street 50. 60%. 12/07 $ 1575000 201329 west 34th street 50. 01/06 $ 30000 1551 20131555 broadway 10. 07/05 $ 80100 717 fifth avenue 32. 75%. 09/06 $ 251900 price purchase price joint venture.
acquired interest from mcgraw-hill companies.
 tenant property 14. 7%. annualized rent 31 2009.
 manage joint venture.
 tax protection agreement 1515 broadway not affect tax positions before december 2011.
 tenant 2015 represents 77. 4%. annualized rent 2009.
 2006 deconsolidated investment.
 primary beneficiary.
 equity.
 invested $ 109. 5 million loan secured 47% interests option to convert loan to equity.
 members re-acquire 4% 4 % ) equity.
 re-acquired december 2008 reduced interest to 42. 95%. april 2007 deconsolidated investment.
 primary beneficiary.
.
 syndicate interest to 14. 79%.
 acquired fee interest in 2 herald square.
 subject to long-term operating lease.
gramercy acquired fee leasehold interest 885 third avenue.
 long-term lease.
 onyx acquired remaining 50% interest september 2009.
 property 13-year triple-net lease single tenant.
 2008 deconsolidated investment.
 recapitalization primary beneficiary.
 partners equity neither joint venture.
 august 2008 deconsolidated.
 sale 80% interest joint venture.
 september 2008 deconsolidated.
 primary beneficiary.


masco corporation financial statements.
 export sales.
 $ 229 million $ 241 million $ 246 million 2012 2011 2010.
 excluded intra-company sales two percent sales.
 customer $ 2143 million $ 1984 million $ 1993 million.
 cabinets plumbing architectural specialty.
 sales operations.
 $ 5793 million $ 5394 million $ 5618 million 2012 2011 2010.
 sales property additions depreciation amortization excluded discontinued operations.
 impairment charge specialty products $ 42 million.
 impairment charges cabinets 44 million plumbing $ 1 million decorative architectural products $ 75 million specialty 374 million.
 2010 impairment plumbing products $ 1 million installation services $ 697 million.
 corporate attributable segments.
charge litigation settlement 2012 relates installation services 2011 cabinets specialty segments.
 long-lived assets.
 $ 2795 million $ 567 million 2964 million 565 3684 million $ 617 million december 31 2012 2011 2010.
 assets excluded discontinued operations.
.
 severance costs review 2012 2011 2010 market conditions.
 recorded charges severance early retirement programs $ 36 million $ 17 million $ 14 million 31 2012 2011 2010.
 charges reflected operations selling administrative expenses paid when incurred.
.
 other income expense.
 cash investments $
 interest income
 financial investments
 items
 $
 foreign currency transaction losses $ 2 million $ 5 million $ 2 million 2012 2011 2010 miscellaneous items.


entergy louisiana.
 rates.
 no change ratemaking.
 approval additional return equity capital expired.
 receivables money pool december 31.
 2004 2003 2002 2001
 40549 41317 $ 18854
 used $ 81. million cash flow 2004 $ 60. 2 million 2003 $ 15. million 2002.
 note 4.
 decrease $ 25. million net cash 2004 decreased spending customer service transmission fossil plant.
 increase $ 56. million 2003 increased spending nuclear.
 decrease $ 404. million net cash 2004 due to issuance $ 98. long-term debt 2004 $ 261. principal payment $ 14. million 2004 $ 35. 2003 decrease $ 29. million common stock dividends.
 decrease $ 105. million net cash 2003 due $.common stock dividends repurchase $ 120 million.
 net cash offset retirement $ 150 million. mortgage bonds $ 134. 6 million 2002 payments $ 35. 4 million 2003 waterford 3 lease obligation $ 15. 9 million 2002.
 note 5 utility-term.
 construction investments debt stock maturities working capital fuel dividend interest payments.


.
 customer tonnage gases filed bankruptcy 2012 mill shutdown august 2012.
 pension settlement loss.
 supplemental pension plan sum benefit retirement six months retirement.
 pension settlements recognized cash payments exceed service interest cost pension cost.
 vested benefit settled cash payment.
 recognized $ 12. 4 settlement charges 2013.
 fourth quarter incurred legal fees $ 10. $ 6. after-tax $. per share acquisition common pershing square capital management.
 fees disclosure advisory services shareholders rights plan proxy solicitation campaign agreement.
 transactions not principal.
 consolidated financial statements.
 2013.
 $. increased $ 23. gains sale small assets investments commercial contract settlement government grants.
 no items significant prior year.
.
2011 income $ 47. increased $ 5. due foreign exchange government grants offset lower gains sale assets.
 no items significant prior year.
.
 incurred $ 167. $ 153. 138
 capitalized interest.
 expense $ 141. $ 123. 115.
.
 2012 increased $ 13.
 higher debt balance offset lower interest rate $ 24.
 decrease project spending lower interest rate.
.
 increased $ 15.
 higher debt balance issuance costs.
 offset stronger dollar foreign currency.
 increase project spending.
 equals income tax divided operations before.
.
.
 rate 22. 8%. 9%. 2012.
 current rate includes income tax benefits $ 73. business restructuring cost reduction plans $ 3. advisory costs.
 prior year tax $ 105.second quarter spanish tax. 7


2008 network operations better customer service.
 fuel prices crude oil prices increased seven months 2008 record high $ 145. barrel july.
 economy worsened fuel prices dropped $ 33. 87 per barrel december five-year low.
 declines 2008 average fuel price increased 39% added $ 1. 1 billion operating expenses 2007.
 fuel surcharge programs prices.
 reduced consumption rate 4% saving 58 million gallons fuel.
 newer fuel efficient locomotives fuel conservation programs improved network operations shift commodity mix bulk shipments.
 free cash flow 2013 record $ 4. 1 billion free cash flow $ 825 million 2008.
 operating investing dividends.
 not financial measure.
 financial performance.
.
 2008 2007 2006.
 $ 4070 3277 2880
investing -2764 2764
 dividends -481 -364
 free cash flow $ 825 $ 487 $ 516
 2009 outlook 2022 safety safe railroad benefits employees customers shareholders public.
 multi-faceted approach safety technology risk assessment quality control training.
 total safety culture.
 safety.
 maintain upgrade close crossings video cameras educate public crossing safety.
 traffic network patterns simplify operations efficiency asset utilization.
 maintain manpower locomotives improve productivity industrial engineering.
 fuel prices decrease 2008.
 economic uncertainty global pressures weather incidents volatile.
 reduce impact fuel price earnings


management financial condition results operations indemnification provisions company may provide indemnifications losses breach warranties commercial intellectual property divestiture agreements.
 significant payments claims.
 increasing risk intellectual property indemnities current legal climate.
 payment conditioned other party claim challenge claims.
 obligations indemnification breach limited duration not 24 months amounts not contract value recourse third parties payments.
 defendant lawsuits claims actions.
 financial position liquidity results operations.
 commentary financial results note 12 segment geographic region consolidated financial statements.
 net sales operating results three segments 2009 2008 2007.
 mobile devices segment designs manufactures sells wireless handsets licenses intellectual property.
 2009 net sales 32% ( 32 % consolidated net sales 40% 40 % 2008 52% % 2007.
millions years 31 2009 2008 2007
 segment net sales $ 7146 $ 12099 $ 18988 41 % 36 %
 operating earnings -1077 51 83%
 segment results 20142009 net sales $ 7. 1 billion decrease 41% 41 % $ 12. 1 billion 2008.
 45% % decrease unit shipments offset 8% increase average selling price.
 sales impacted reduced product offerings segments 3g products limited low-tier products.
 sales decreased gsm cdma 3g offset increase iden.
 sales decreased latin america europe middle east african asia north america.
 operating loss $ 1. 1 billion 2009 improvement 51% $ 2. 2 billion 2008.
decrease operating loss due to selling general administrative expenses lower marketing expenses cost-reduction research development expenditures lower excess inventory charges 2009 2008 $ 370 million software platforms $ 150 million charge 2008 purchase commitment offset decrease gross margin 41% ( % decrease net sales.
 gross margin r&d expenditures increased sg&a expenses decreased.
 segment industry short life cycles new products.
 vital new products.


.
 headquarters danvers massachusetts.
 encompasses.
 operations research development manufacturing sales marketing administrative departments.
 2017 acquired headquarters $ 16. million terminated lease.
 future lease payments march 31 2018 fiscal years leases.
 2020
 2021
 2022 1408
 2023
 february 2017 lease 21603 square feet office space danvers expires july 31 2022.
 december 2017 august 31 2025 6607 square feet rent june 1 2018.
 right offer purchase january 1 2018 august 31 2035.
 march 2018 11269 square feet rent june 1 2018 august 31 2025.
 annual rent expense $ 0. 4 million.
 2016 lease agreement berlin germany 2017 expires may 2024.
annual rent expense estimated $. 3 million.
 october 2016 company lease agreement office tokyokk japan expires september 2021.
 office houses administrative regulatory training personnel commercial launch.
 annual rent expense estimated $ 0. 9 million.
 april 2014 exclusive license agreement optical sensor technologies cardio-circulatory assist devices.
 payments $ 6. million.
 march 31 2018 made $ 3. 5 million milestones payments $ 1. 5 million upfront payment.
 future amounts uncertainty.
 involved legal administrative proceedings claims.
 claimants seek damages relief expenditures.
 records liability financial statements loss.
 reviews estimates adjusts loss.
 discloses loss.
 not not recorded.


non-current liabilities company believes ultimate payment twelve months.
 amounts current income tax.
 includes interest penalties unrecognized tax benefits condensed consolidated statements income no change classification provisions.
 statements 2009 include $ 1. 7 million $ 1. 3 million interest penalties uncertain tax positions.
 complexity period settle liabilities.
 summarizes changes total amounts uncertain tax positions 2008.
 balance november 3 2007 $ 9889
 additions 3861
 november 1 2008
 4411
 october 31 2009 $ 18161
 fiscal year 2004 2005.
 report proposed adjustments.
 recorded taxes penalties adjustments.
 four items additional potential tax liability $ 46 million.
 not likely additional tax.
company recorded additional tax liability appealing adjustments processes.
 meetings appellate division 2009.
 two unresolved matters one-time section 965 internal revenue code tax treatment dividends foreign companies american.
 research development r&d tax credits profits manufacturing outside states.
 could impact taxes 2004 2005.
 2006 2007 field examination years 2006 2007.
 agreed issues agreement 2006 2007 tax.
 no agreement reached tax treatment r&d credit foreign manufacturing issues 2004 2005 pricing intercompany sales deductibility stock option compensation expenses.
 irs issued report 2006 2007 proposed adjustments.
 recorded taxes penalties adjustments.
 four items additional potential tax liability $ 195 million.
 not likely additional tax liability.
 liability appealing adjustments normal processes.
 exception.
 consolidated financial statements 2014


part ii item 7 maturity us dollar debt schlumberger interest 4. 74%.
 proceeds repay borrowings.
 april 20 2006 schlumberger approved share repurchase program 40 million shares common stock before april 2010.
 second quarter 2008.
 april 17 2008 $ 8 billion repurchase program before december 31 2011 $ 1. 43 billion repurchased december 31 2009.
 table summarizes repurchase programs cost average price paid share.
 $.
 2008.
 2007.
 cash flow $ 5. 3 billion 2009 $ 6. 9 billion 2008. billion 2007.
 decline cash flow decrease net income pension plan contributions offset working capital requirements.
 2008 net income increase investments working capital.
reduction cash flows schlumberger customers global economic conditions financial condition.
 delay nonpayment amounts owed to schlumberger.
 experienced delays payments.
 operates in 80 countries.
 three countries 5% receivable balance approved increases quarterly dividend 20% 40%.
 total dividends 2009 2007 were $ 1. billion $ 964 million $ 771 million.
 capital expenditures $ 2. 4 billion 2009 $ 3. 7 billion 2008 $ 2. 9 billion 2007.
 record activity levels.
 decrease 2009 due to activity decline 2009.
 capital expenditures expected approach $ 2. 4 billion 2010. 2008
 expenditures $. 3 billion.


credit commitments lines table summarizes citigroup commitments 2010 2009.
 millions.
 commercial letters credit $ 1544 $ 7430 $ 8974 7211
 one- four-family residential mortgages 2582 398 2980 1070
 revolving open-end loans 17986 2948  20934 23916
 commercial real estate construction land development 1813  594  2407  1704
 credit card lines 573945 124728 785495
 commercial loan commitments 124142 86262 210404 257342
 $ 722012 $ 222360 $ 944372 $ 1076738
 commitments contingent credit standards.
 commitments floating interest rates fixed expiration dates fees.
 deferred amortized loan.
 commercial letters credit citigroup substitutes credit.
 evidence.
 citigroup.
- to four-family residential mortgages confirmation citigroup seller sums purchase.
 revolving open-end loans secured home equity lines of credit.
 secured second home excess fair market value over debt first.
 commercial real estate construction land development commercial multifamily residential properties land development projects.
 secured-by-real-estate unsecured commitments undistributed loan proceeds payments.
 extensions credit funded classified loans.
 credit.
 cancelable issuer.
 commercial consumer loan commitments overdraft liquidity facilities purchase loans third-party receivables note issuance revolving underwriting invest equity.
 $ 79 billion $ 126 billion original maturity less than one year at december 31  2010 2009.
 highly leveraged financing commitments funding borrower higher debt.
financing acquisitions management buy-outs.


five-year performance comparison 2013 graph shareholder returns peer group index dj trans s&p 500.
 assumes $ 100 invested common stock union pacific corporation december 31 2009 dividends reinvested.
 historical not indicative future performance.
 purchases equity securities 2013 repurchased 33035204 shares common stock average $ 100.
 table common stock repurchases fourth quarter 2014 shares price paid maximum.
 oct. 1. 31 3087549 $ 107. 59 3075000 92618000
. 30 1877330. 1875000 90743000
 dec. 1. 31 2787108. 54 2786400 87956600
 7751987 $ 113. 77 7736400
 purchased 15587 shares stock option prices tax withholding obligations.
january 2014 authorized repurchase 120 million shares stock december 31 2017.
 open market.
 management discretion timing.