restructuring actions long-term take-or-pay.
 offset $ 69. 7 increase accrued liabilities.
 2012 cash $ 1765.
 $ 999. non-cash gain equity interest nanomaterials $ 85. write down assets customer bankruptcy $ 80. non-cash tax benefit $ 58.
 working capital accounts cash $ 100.
 cost reduction restructuring plans accrued liabilities $ 223. offset cash $ 32.
 2011 cash $ 1710.
 $ 1134. non-cash net loss $ 48. airgas transaction.
 cash payments $ 156.
 working capital cash $ 114. $ 107. increase inventory growth performance materials.
 2013 $ 1697. capital expenditures acquisitions.
 2012 $ 2435. unconsolidated affiliates.
.
 2011 cash $ 1169.driven capital expenditures plant equipment.
 received proceeds $ 94. sale. 5 million shares airgas stock.
 note 6 airgas transaction consolidated financial statements.
 expenditures.
 additions plant equipment $ 1524. $ 1521. 1309.
 acquisitions cash 224. 863.
 investments unconsolidated affiliates. 175.
 expenditures $ 1747. $ 2559. 1365.
 lease expenditures 234. 212. 173.
 noncurrent liability purchase shares noncontrolling interests 14.
 expenditures non-gaap $ 1996. $ 2778. 1539.
 measure capital leases purchases noncontrolling interests.
 contracts.
 purchase noncontrolling interests subsidiary equity transaction financing activity cash flows.
non-gaap measure.
 capital expenditures 2013 totaled $ 1747. compared $ 2559. 2012 decrease $ 812. due acquisition indura s.
.
 additions plant equipment merchant gases tonnage gases businesses.
 distribution equipment facility improvements.
 spending 2013 oxygen coal gasification hydrogen renewable energy.
 three acquisitions $ 224.
 acquired air separation unit gases liquefier.
 acquired epco.
 producer liquid carbon dioxide.
 acquired controlling stake indura.
 $ 690.
. 50% interest venture $ 147.
 purchased 25% equity abdullah hashim industrial gases equipment.
.
 $ 155.


corporate special items pre-tax $ 30 million $ 0 million $ 8 million recorded 2018 2017 2016.
.
 2017
 smurfit-kappa acquisition costs $
 environmental remediation reserve adjustment
 legal settlement
 write-off regulatory pre-engineering costs
 $ 30
 goodwill recorded 2018 2017 2016.
 net losses sales pre-tax loss $ 122 million 2018 brazil packaging business pre-tax loss $ 9 million 2017 write down long-lived assets foodservice pre loss $ 70 million packaging business 2016.
 note 8 divestitures impairments pages 54 55.
.
 structure.
 common product customer basis.
 largest manufacturer containerboard.
.
 production capacity 13 million tons annually.
 products include linerboard recycled.
80% production converted into corrugated boxes packaging 179 north american container plants.
 recycle one million tons paper 18 recycling plants.
 supported regional design centers packaging solutions.
 morocco spain 26 plants france italy turkey.
 brazil three mills four box plants.
 produces quality coated paperboard packaging 428000 tons annual capacity poland russia.
 fluff market specialty pulps.
 largest producer fluff pulp.
 market pulp tissue paper products.
 uses specialty pulps.
 products made in united states canada france poland russia sold.
 annual dried pulp capacity 4 million metric tons.
.
 primary uncoated papers.
 copiers desktop laser printers digital imaging.
 advertising materials.
grades converted into envelopes tablets forms folders.
 sold names springhill williamsburg postmark accent chamex svetocopy.
 mills united states france poland russia brazil india.
 4 million tons annually.
 operations paper 329000 acres forestlands.


item entergy corporation utility companies system energy asbestos litigation arkansas gulf states louisiana mississippi new orleans lawsuits filed federal state courts texas louisiana contractor employees 1940-1980s against other utility companies damages exposure asbestos.
 defendants.
 approximately 500 lawsuits 5000 claimants.
 management provisions cover exposure.
 negotiations continue insurers recover reimbursements.
 loss exposure resolution not material financial position results utility companies.
 employment labor proceedings subsidiaries responding lawsuits state federal courts labor-related proceedings current former employees.
 damages not specified.
actions include wrongful employment wage disputes fair labor standards act race gender disability discrimination collective bargaining agreements unfair labor practice national labor relations board retaliation benefits entergy plans.
 subsidiaries deny liability.
.
 december 31 2011 subsidiaries employed 14682.
.
 1357
 937
 mississippi
 orleans
 texas 674
 2867
 3138
 nuclear 3709
 5300 employees represented electrical workers utility workers union teamsters united government security officers security police fire professionals.


unit awards 2010 2009 hartford issued 2005 stock plan.
 settled shares cash units.
 economic value identical. settlement cash equal hartford 2019s share price multiplied units awarded.
 cash remeasured period until settlement.
 awards 2009 vested three year period.
 graded cliff vesting units.
 graded vesting attribution method expense period.
 three-year grant annual vesting three sub-grants third.
 first three.
 no restricted units awarded 2013 2012.
 december 31 2013 2012 27 thousand 832 thousand units outstanding.
 deferred stock unit plan july 31 2009 authorized hartford deferred stock unit plan october 22 2009 amended.
 rights cash payments value shares stock.
deferred stock unit plan two award types deferred restricted units.
 units earned over year pay periods.
 credited participant account quarterly market price company common stock fully vested.
 deferred units credited prior january 2010 paid after two years grant date.
 units after paid three installments after first second third anniversaries grant.
 restricted units incentive compensation vest over three years subject to forfeiture.
 plan emergency economic stabilization act 2008 compensation corporate governance rule.
 treasury 2009.
 no deferred stock units awarded in 2013 or 2012.
 summary status non-vested awards december 31 2013 non-vested restricted units weighted-average grant-date fair value.
.
.
forfeited.
 non-vested end year 2014
 stock 2013 hartford compensation 2010 awards non-public subsidiary stock.
 recognized $ 1 31.
 employee vesting noncontrolling equity interest.
 selling stock discretion repurchase.
 stock classified equity not mandatorily redeemable.
 hartford financial services group.
 financial statements.
 stock compensation plans


table summarizes changes company valuation allowance.
 balance january 1 2011 $ 23788
 increases 1525
 decreases -3734
 balance december 31 2011 $ 21579
 increases
 decreases
 balance december 31 2012 $ 19520
 increases
 decreases -5965
 balance december 31 2013 $ 13555
 discrete tax benefit $ 2979 entity re-organization net operating loss carryforwards valuation allowance.
 maintains noncontributory defined benefit pension plans.
 based years service.
 plans closed.
 2006.
 2001 accrued benefit frozen receive sum termination retirement.
 non-union. 25%. base pay contribution plan.
 multiemployer plan.
 minimum employee retirement income security act 1974.
 additional contributions avoid restrictions pension protection act 2006.
company increased contributions financial requirements 2019.
 pension plan assets invested investments equity bond funds fixed income securities interest contracts insurance real estate trusts.
 pension expense deferred subsidiaries recovery.
 unfunded pension plans retirement benefits.
 maintains postretirement benefit plans medical life insurance.
 closed union employees 2006.
 non-union 2002.
 postretirement benefit costs.
 assets invested equity bond fixed income securities.


table share repurchases dividends 2015 2014 2013.
 billions obligations.
 december 31 2015 millions 1 years 2-3 4-5 5
 debtobligations $ 52727 $ 3597 6842 8482 33806
 capital lease 156
 operating lease obligations 3459  452  782  608 1617
 purchaseobligations 53644 10848 10080 8537 24179
 long-term liabilities 6280 1245 2390 2055
 $ 116266 $ 15517 $ 18996 $ 20056 $ 61697
 obligations 53644 10848 10080 8537 24179 liabilities 18996 10 17 statements.
 interest payments.
 purchase obligations binding quantities price provisions.
purchase obligations cable communications include contracts networks stations equipment manufacturers communications vendors video providers other contracts.
 contracts include total fees subscribers.
 purchase obligations film television programming.
 olympic games 2032 sunday night football 2022-23 super bowl 2018 nhl games 2020-21 spanish-language.
 rights fifa world cup 2022. english premier league soccer 2021-22 pga golf events 2030 nascar events 2024 creative talent employment agreements producers.
 include contracts immaterial future commitments.
 long-term liabilities subsidiary preferred shares deferred compensation pension postretirement postemployment benefit obligations.
 contractual obligation $ 1. billion not uncertain.
 interest third party revenue theme parks.
arrangement provides counterparty right pay ments revenue option require nbcuniversal purchase interest cash higher current carrying value.
 note 11 comcast financial statements.
 reserves uncertain tax positions $ 1. 1 billion not included uncertain payable.
 payments $ 2. 1 billion residuals.
 contractual obligations commitment invest $ 4 billion estimate timing.
 future expenditures construction universal studios theme park beijing.
 comcast 2015 annual report form 10-k


19 94 responded request information section 104.
 estimated cleanup costs $ 4 million $ 5 million.
 matter liquidity operations financial condition.
 2003 german government passed legislation mandatory deposit 25 eurocents one-way packages beverages except milk wine fruit juices alcoholic beverages.
 packaging contested mandatory deposit non-returnable containers federal state.
 proceedings terminated minimal court fees ancillary legal fees.
 germany-wide return system one-way beverage containers operational since may 1 2006.
.
 no matters fourth quarter 2007.
.
 common stock traded new york stock chicago stock exchange.
 5424 shareholders february 3 2008.
 stock repurchases table summarizes repurchases common stock quarter december 31 2007.
 shares average price paid per share plans.
total shares purchased average per share plans maximum
 october 1 to 28 2007 705292 $ 53.
 october 29 to november 25 2007 431170 $ 48.
 november 26 to december 31 2007 $ 44.
 1144772 $ 51. 42
 open market purchases settle employee tax liabilities.
 ongoing repurchase program board.
 12 million shares common stock.
 replaces previous authorizations.
 include 675000 shares repurchase agreement 2007 january 7 2008 $ 31 million.
 shares acquired 2008 accelerated share repurchase program.


holding companies banks basel i capital ratios 6% 1 risk 10% total risk 5% leverage.
 basel ii framework adopted 2004 risk-sensitive regulatory capital calculations enhanced risk management banking organizations.
.
 banking agencies adopted rules capital 2004.
 july 2013.
 rules approaches basel ii framework january 1 2014.
 supervision risk factors.
 pnc bank.
 complete run qualification phase.
.
 january 1 2013.
 four consecutive quarters.
 multi-year parallel run.
.
 adopted rules modify definition deductions regulatory capital iii revise framework risk-weighting assets.
 iii rule effective pnc january 1  2014 phased-in rules effective january 1 , 2019.
 standardized approach rule effective january 1 , 2015.
1 common capital basel iii rule differs i.
 common stock investments financial institutions mortgage rights deferred tax assets deducted capital 10% 15% tier 1 capital.
 i excludes income securities pension postretirement plans iii capital.
 rule eliminates 1 treatment trust preferred securities bank companies $ 15 billion assets.
 third quarter 2013 concluded redemptions discounted trust preferred securities acquisitions.
.
 pnc 2019s basel iii tier 1 capital ratio basel i tier 1 ratios.
 exits basel iii capital ratios lower.
 estimated basel iii tier 1 common capital ratio.
 2013 2012
 basel i tier 1 common capital $ 28484 $ 24951
 regulatory capital adjustments
 basel iii limits -1386
income 196 276
 adjustments 162 -396
 phased-in basel iii 1 capital $ 27456 $ 22501
 basel iii approaches risk-weighted assets 290080 301006
 phased-in basel iii 1 9. 5%.
 basel iii risk-weighted assets 291977
 basel iii 9. 4%. 4 %
 basel iii capital $ 27456 22501 basel iii risk-weighted assets 301006 iii. 5%. %. 5%. basel iii risk-weighted 291977. 4%. adjustments income securities pension postretirement benefit plans.
 basel iii estimated. credit market operational risk.
 iii.
 staggered dates.
rules july 2013 pnc parallel qualification regulatory risk capital ratios 2014 definitions deductions basel iii risk weighted assets adjustments.
 capital ratios iii transitional basel iii ratios.
 iii transitional capital ratio december 31 2013 data iii phase-in schedule 2014.
 pnc financial services group.
 2013 form 10-k


network corporation financial statements.
 acquisitions dbsd america terrestar transactions march 2 2012 fcc approved transfer 40 mhz aws-4 wireless spectrum licenses.
 march 9 2012 completed dbsd terrestar acquired satellite assets wireless spectrum licenses dbsd.
 fourth quarter 2011 mutual release settlement agreement issues resolved costs.
 $ 2. 860 billion.
 $ 1. 364 billion dbsd $ 1. 382 billion terrestar net payment $ 114 million sprint.
.
 recognized acquired assets liabilities fair $ 102 million uncertain tax position deferred revenue balance.
 third quarter 2013 uncertain tax position resolved $ 102 million reversed decrease tax benefit statements operations income year december 31 2013.
.
operations december 31 2013 blockbuster ceased operations.
 consolidated balance sheets cash blockbuster discontinued operations amounts continuing operations.
 2013 2012 2011 revenue discontinued operations $ 503 million $ 1. 085 billion $ 974 million.
 operations before $ 54 million $ 62 million $ 3 million.
 tax loss $ 47 million $ 37 million $ 7 million.
 december 31 2013 net assets discontinued operations.
 current assets $ 68239
 noncurrent assets 9965
 liabilities -49471
 long-term liabilities -19804
 net assets $ 8929


.
 company accounts interest in pennymac equity investment.
 carrying fair interest 20% 16 million shares non-public units $ 342 million $ 348 million december 2017 $ 301 million $ 259 million 2016.
 fair value interest pennymac stock price 2017 2016.
 interest non-public units stock price 2016.
.
 2017 credit facility.
 commitment $ 4. 0 billion maturity 2022.
 additional $ 1. 0 billion borrowing capacity principal not $ 5. 0 billion.
 interest on borrowings london interbank rate spread.
 not exceed maximum leverage ratio debt 3 to 1 less than 1 to december 31  2017.
 provides liquidity working capital investment opportunities.
 december 31 2017 no amount outstanding under credit facility.
.
company can issue unsecured commercial paper notes maximum $ 4. billion.
 program supported by 2017 credit facility.
 december 31 blackrock no cp notes outstanding.
 long-term borrowings carrying fair value estimated using market prices foreign exchange rates maturity amount unamortized discount debt issuance costs carrying value fair value.
 5. 00%. 2019
 4. 25%. 2021
. 375%. % 2022
. 50%. 2024
. 25%. 2025
 3. 20%. 2027
 long-term borrowings
 borrowings december 31 2016 carrying value $ 4. 9 billion fair value $ 5. 2 billion market prices december 2027.
 2017 company issued $ 700 million 3. 20%.20 % senior unsecured notes maturing march 2027.
 interest payable-annually march september 15 $ 22 million per year.
 2027 notes redeemed redemption price.
 unamortized discount debt costs amortized remaining term.
 proceeds $ 700 million principal 6. 25%. notes.
.
 issued 20ac700 million. unsecured notes maturing may 6 2025.
 listed new york stock exchange.
 net proceeds corporate purposes refinancing indebtedness.
 interest $ 9 million per year payable annually may 6.
 redeemed redemption price.
 unamortized discount debt costs amortized remaining term.
.
 20ac700 million debt net investment hedge currency exposure.
 loss $ 64 million 38 million gain $ 14 million $ 19 million 2017 2016 2015.
hedge recognized 2017 2016 2015.
 2024.
 issued $ 1. billion. unsecured notes march 18 2024.
 net proceeds


expenses 2016 transaction costs norcraft acquisition $ 15. 1 million 2015.
 offset higher employee costs lower defined benefit plan income.
.
 general administrative expense $ -80. $ -70.
 defined benefit plan income 2. 6.
 losses -1. -2.
 norcraft transaction costs -15. 1 15.
 corporate expenses $ -79. 9 ( 79. $ -81. 6 ( 81.
 costs acquisition norcraft banking legal accounting services.
 gains losses remeasurement liabilities defined benefit plans.
 fourth quarter year.
 amendments settlements.
 income.
 working capital capital expenditures indebtedness finance acquisitions repurchase pay dividends.
 principal sources liquidity cash flows credit facility debt issuances capital markets.
operating income generated by subsidiaries.
 no restrictions pay dividends to fortune brands.
 december 2017 board increased quarterly cash dividend 11% to $ 0. 20 per share common stock.
 dividend payment opportunities.
 no assurance future dividends on financial condition cash flows capital requirements factors.
 review portfolio transactions value.
 predict acquisitions joint ventures dispositions purchases dividends impact cash flows financial condition.
 cash flows borrowing availability liquidity subject risks.
. 2016 amended credit agreement new $ 1. 25 billion credit facility.
 non-cash transaction.
 terms conditions same 2011.
 facility june 2021 borrowings for general corporate purposes.
 31 2017 2016 outstanding borrowings were $ 615. million $ 540. 0 million.
2017 2016 long- term debt zero.
 interest rates variable libor


five-year stock performance graph illustrates shareholder return snap-on common stock since december 31 2007 dividends reinvested.
 compares snap-on performance standard poor 500 stock index peer group.
 snap-on shareholder return fiscal year&p 500.
 2007 100.
.
 2009.
 128.
 2011. 109.
 2012 187. 129.
 $ 100 invested december 31 2007 dividends reinvested.
 fiscal year ends saturday december 31 31.
 peer group stanley black & decker. danaher emerson electric. genuine parts newell rubbermaid. pentair. spx.
.
 cooper industries former member acquired larger company 2012.
 snap-on incorporated peer group s&p 500 2007 2008 2012


table includes citigroup 2019s obligations short long-term liquidity capital needs.
 payments obligations.
 maturity profile long-term debt leases liabilities.
 obligations include purchase obligations enforceable legally binding.
 termination date.
 agreements cancel impact not included unless.
 liabilities include goods services received uncertain tax positions long-term liabilities incurred paid in cash.
 excluded obligations short-term deposit liabilities securities sold agreements repurchase.
 excludes insurance investment contracts mortality morbidity risks without defined maturities.
 liabilities included insurance policy claims reserves contractholder funds accounts.
 funding policy for pension plans minimum amounts required.
 december 31 2009 no minimum required contributions planned for.
 pension plans.
 amounts future contributions.
 plans.
.
pension plans contributions 2010 anticipated $ 160 million.
 cash contributions.
 postretirement benefit plans $ 72 million.
 purchase obligations.
 pension contributions change market performance regulatory legal requirements funding policy.
 retirement benefit obligations note 9 consolidated financial statements.
 obligations 2010 2011 2012 2013 2014
 long-term debt obligations $ 47162 $ 59656 69344 28132 34895
 lease obligations
 purchase obligations
 long-term liabilities citi consolidated balance sheet
 $ 83659 $ 61368 70718 29334 36040 131392
 long-term debt note 20 financial statements.
 accounts payable accrued expenses citi 2019s balance sheet.


fair value grants receivable determined discounted cash flow model flows yield curve.
 classified long-term assets.
 long-term debt senior notes convertible debentures.
 fair value senior notes determined active market prices classified level 1.
 convertible debt discounted cash flow models interest rate securities subordination discount credit-rating changes classified level 2.
 nvidia corporation cross-license agreement liability incurred long-term patent cross-license agreement 2011.
 payments six years.
 liability classified accrued long-term liabilities.
 fair value determined discounted cash flow model future cash flows incremental borrowing rates.
 cash investments period.
 available-for-sale investments 18086
 equity investments
 receivable
 non-marketable cost investments
repurchase agreements 800 2850
 trading assets 8441 5685
 cash investments $ 31561 $ 26302
 third quarter 2013 sold shares clearwire corporation clearwire communications equity.
 received proceeds $ 470 million gain $ 439 million gains equity investments.
 proceeds gains-sale method investments sections.
 statements


republic services.
 financial statements 2014.
 fuel hedges swap agreements cash flow hedges mitigate exposure diesel fuel prices.
 swaps hedges diesel fuel.
 table fuel hedges december 31 2013 average contract price per gallon.
 2014 27000000.
 2015 18000000.
 2016 12000000.
.
 average price diesel fuel exceeds contract price receive difference counterparty.
 less pay difference counterparty.
 fair values fuel hedges determined standard option valuation models commodity prices.
 fair values 2013 2012 assets $ 6. million $ 3. 1 million liabilities $. 1 million $. 4 million recorded liabilities balance sheets.
 ineffective changes fair values less than $. 1 million years 2013 2012 2011 recorded income consolidated statements.
gain loss fuel hedges $ 2. 4 million $ 3. 4 million $ 1. 7 million  years 2013 2012 2011.
 recycling commodity hedges revenue old corrugated cardboard old newspaper.
 swaps costless collars cash flow hedges exposure prices.
 agreements forecasted occ onp sales.
 effective hedges commodity sales.
 costless collar agreements.
 put option call option cap strike price.
 calls same settlement dates settled cash terms expiration.
 no net premium costless collars.
 no payments settlement price between floor cap price above cap pay counterparty excess settlement price over monthly volumes.


corporation america financial statements december 31 2006.
 stock-based compensation $ 1988000 lower compensation.
.
 basic diluted earnings per share year december 31 2006 $ 0. 02 lower.
.
 adoption.
 presented tax benefits deductions share-based payment operating cash flows.
.
 compensation cost financing cash flows.
 excess tax benefit $ 2885000 financing cash inflow 2006 operating.
.
 unearned compensation equity reclassified additional paid capital january 1, 2006.
 stock-based compensation expense not recognized december 31 2005 post 2005 grants stock options amortization restricted stock recorded additional paid in capital.
 expense stock options restricted stock year ended december 31 2006 2005 2004 ended 2006 2005 2004.
 options
stock -2789 -1677 1677 -663
 taxes -6062 -1677 -663
 tax benefit 2382 661 260
 net income -3680 -403


interest expense decreased $ 129 million. 2014 $ 63 million decrease special charges refinancing $ 65 million less interest expense.
 $ 29 million non-cash interest bankruptcy settlement obligations.
 $ 48 million post-petition interest unsecured obligations.
 $ 44 million debt extinguishment costs indebtedness non-cash write offs unamortized debt.
 2013 refinancing early extinguishment. $ 65 million less interest expense.
 $ 153 million foreign currency losses $ 92 million early debt extinguishment charges $ 48 million.
 foreign currency losses $ 55 million early debt extinguishment charges $ 29 million.
 increased $ 69 million. due special charges early debt extinguishment foreign currency losses strengthening.
 american.
recorded $ 43 million charge venezuelan foreign currency losses 2014.
 part ii item 7a.
 risk venezuelan bolivars.
 american 2019s nonoperating items $ 48 million 2014 extinguishment. senior secured notes indebtedness.
 revenues expenses fees gains losses provisions chapter 11.
 table summarizes reorganization items statement 31 2013.
 labor-related claim $ 1733
 aircraft facility financing renegotiations rejections 320
 fair value conversion discount
 professional fees
 reorganization items $ 2640
 employees contributions reorganization reductions pay benefits employee deemed claim equity reorganized entity.
 cost savings.
 total value $ 1. 7 billion.
amounts include allowed estimated rejection modification financings aircraft entry orders unsecured facility agreements special facility revenue bonds.
 debtors recorded estimated claim rejection modification motion filed


consolidated financial statements 2014shareholders 2019 equity table summarizes derivatives taxes millions.
 2006 2005 2004
 changes fair value derivatives $ 11 $ 7
 adjustment net losses
 unrealized gain/loss derivative instruments $ -1 $ 8
 tax effect $ 8 million $ 3 million $ 10 million 2006 2005 2004.
 derivative gains/losses net income $ 8 million $ 2 million $ 13 million 2004.
 benefit 2003 stock plan grants employees executive officers.
 expire 7 10 years grant exercisable 4 years quarterly.
 incentive stock options nonstatutory stock options restricted stock units appreciation rights purchase rights.
 1997 stock option plan non-shareholder options employees officers.
options 1997 plan expire 7 to 10 years after grant exercisable 4 years employment.
 october 2003 company terminated 1997 stock option plan cancelled unissued shares 28590702.
 no new options.
 march 20 2003 voluntary program employees exchange options $ 12. 50 per share new stock options fair market value common stock six months after.
 april 17 2003 cancelled options 33138386 shares common stock.
 october 22 2003 new stock options 13394736 shares issued $ 11. 38 per share equivalent closing price stock.
 no impact financial position cash flows.


conduit assets origin.
 billions 2008 percent total assets
 united states $ 11. 46% 46 % 12. 14 42% 42 %
 australia. 30.
 britain. 97. 93
 spain. 71.
 italy. 66. 86
 portugal. 62. 70
 germany. 57.
 netherlands. 40. 55
 belgium. 29.
.
. 26
 conduit assets $ 23. 89 100% 100 % $ 28. 76
 conduits meet definition.
 not primary beneficiary record financial statements.
 no ownership provide subordinated financial support contractual arrangements.
 absorb credit losses $ 1. billion $ 1. 04 billion december 31 2008 2007.
asset purchase agreements provide conduits commercial paper maturing commercial paper disruption market.
 commitment $ 23. 59 billion $ 28. 37 billion at december 2008 2007.
 losses.
 first quarter 2008 $ 850 million conduit assets.
 illiquidity paper.
 securities purchased at prices exceeded fair value.
 securities written down to fair value $ 12 million reduction processing fees carried at fair value.
 liquidity asset purchase agreements drawn upon 2008 no draw-downs on standby letters of credit.
 conduits sell commercial paper investors.
 sometimes purchase.
 held $ 230 million commercial paper issued conduits $ 2 million at december 31 2007.
 $ 5. 70 billion.
 conduit-issued commercial paper sold to cpff.
 october 31  2009.
maturity conduits 2019 paper 25 days 2008 20 2007.
 issued first-loss notes third parties losses credit.
 first-loss notes $ 67 million $ 32 million 2007.
 credit losses


advisory revenues decreased $ 44 million. $ 477. 8 million.
 assets $ 129. 5 billion down $ 12. 6 billion 2008.
 assets increased $ 46. 7 billion $ 36. 5 billion market gains $ 10. 2 billion net inflows institutional investors.
 $ 1. 3 billion.
 administrative fees decreased $ 35 million $ 319 million.
 $ 4 million 12b-1 fees $ 31 million reduction servicing revenue cost reduction.
 offset operating expenses.
 compensation decreased $ 42 million $ 773 million.
 $ 19 million reduction bonus program.
 lowered costs $ 14 million workforce reduction benefits.
 headcount. 4%. attrition retirements.
 advertising promotion expenditures $ 31 million.
 depreciation expense occupancy costs increased $ 4 million. 5%2008 capital spending facility growth plans.
 operating expenses decreased $ 33 million 18% 18 % decline $ 4 million distribution service expenses assets mutual fund.
 cost control efforts expense reductions lower professional fees travel costs.
 non-operating investment activity net losses $ 12. million 2009 $ 52. 3 million 2008.
 improvement $ 40 million reduction impairments sponsored mutual funds.
 mutual fund investment gains losses.
 impairments -91.
 capital gain.
 net gain fund dispositions.
 loss holdings.
 lower income $ 16 million money market holdings lower interest rate improvement fund investments.
 2009 income taxes pretax income 37. 1%. 4% 2008.
 reductions tax provisions benefits lowered 2009 tax rate.
.
 stockholders equity increased $ 2. billion $ 3. billion.
 repurchased 5. million shares $ 240. million.
 value $ 2. 6 billion december 31 cash mutual fund holdings $ 1. 5 billion.
 liquidity.
.


state street corporation financial statements 5. 25%. bank notes 2018 semi annual interest payments april october 15 qualify 2 regulatory capital federal.
 5. 30%. notes 2016 floating-rate 2015 semi-annual interest payments. january july 15 quarterly march june september december 8.
 2 regulatory capital.
.
 unfunded-balance commitments $ 21. 30 billion $ 17. 86 billion december 31 2013 2012.
 losses equal contractual amounts collateral.
 75% unfunded commitments expire year.
 represent future cash requirements.
 guarantees indemnified securities financing stable value protection unfunded commitments purchase assets standby letters credit.
 losses equal contractual amounts collateral.
 amounts off-balance sheet guarantees december 31 2013 2012.
 participations third parties.
millions 2013 2012
 indemnified securities financing $ 320078 $ 302341
 stable value protection 24906 33512
 asset purchase agreements 4685 5063
 standby letters credit 4612 4552
 indemnified securities financing securities brokers institutions.
 indemnify fair market value failure return.
 require maintain collateral equal 100% fair market value.
 collateral revalued daily.
 collateral held not recorded consolidated statement condition.
 invested.
 third-party repurchase agreements indemnify loss principal invested.
 require counterparty provide collateral equal 100%.
 collateral not recorded consolidated statement.


republic services.
 financial statements 2014 discount rate obligations model benefit payments high quality bonds.
 uses yield curve discount rate.
 yields discount.
 term obligation retirement dates eight years.
 evaluated historical performance long-term return projections assets asset mix timing.
 total return investment approach equity fixed income investments long-term return prudent.
 minimize plan expenses outperforming liabilities.
 risk tolerance plan liabilities funded status financial condition.
 investment portfolio diversified equity fixed income investments.
.
.
 stocks capitalizations.
 derivatives market exposure leverage portfolio beyond market value.
 risk monitored annual liability measurements asset liability studies quarterly portfolio reviews.
 table summarizes target asset allocation 2015 actual allocation december 31 2014.
targetassetallocation
 debt securities 72% ( 72 % ) 70% 70 % )
 equity securities 28 30
 100% ( 100 % )
 2016 investment strategy pension plan diversified portfolio average long-term return 5. 64%.
. portfolio.
 assets allocated debt equity portfolios fluctuations.
 asset allocation target ranges strategies reviewed independent consulting firm.


2018 annual report 21 item 3 legal proceedings snap-on involved legal matters.
 financial position operations cash flows.
 item 4 mine safety disclosures.
 part ii item 5 market registrant 2019s common equity stockholder matters issuer purchases snap-on 55610781 shares common stock 2018 end.
 listed new york stock exchange ticker. february 8 2019 4704 registered holders.
 issuer purchases chart shares common stock repurchased fourth quarter fiscal 2018 board authorizations.
 stock repurchases offset dilution employee franchisee stock purchase plans corporate purposes conditions.
 repurchase discretion subject financial market conditions.
 shares purchased average price per share announced plans programs value.

 09/30/18 to 10/27/18 90000 $ 149. 28 $ 292. 4 million
 10/28/18 to 11/24/18 335000 $ 159. 35 $ 239. 1 million
 11/25/18 to 12/29/18 205000 $ 160. 20 $ 215. 7 million
 630000 $ 158. 19
 subject adjustment 1996 december 29 2018 approximate value shares $ 215. 7 million.
 board authorized repurchase shares common stock open market privately negotiated transactions 1996 authorization.
 allows repurchase shares issued.
.
 authorization terminated.
 assumed price $ 148. 71 $ 161. 00 $ 144. 25 per share common stock fiscal 2018 october 27  november 24 december 29  2018.
2017 board authorized repurchase $ 500 million common stock.
 repurchase price limit met unless terminated.


westrock financial statements years 2018 2017 share-based compensation expense $ 64. 2 million $ 66. 8 million $ 60. 9 million $ 2. million gain sale hh&b 2017.
 compensation expense reduced $ 5. 4 million rescission shares limits 2014 2015.
 total income tax benefit $ 16. 3 million $ 19. 4 million $ 22. 5 million.
 cash share-based payment arrangements $ 61. 5 million $ 44. 4 million $ 59. 2 million.
 replaced stock westrock stock options.
.
 identical terms. conversion factor.
 acquisition $ 70. 8 million kapstone equity awards balance expensed remaining period.
 issued 2665462 options $ 20. 99 per share black-scholes option pricing model.
 assumptions.
.
volatility 27. 7%. 7 %
 risk-free interest rate 3. 0%. %
 dividend yield 4. 1%. 1 % )
 acquisition replaced westrock.
 no additional shares.
 identical 0. 33 conversion factor.
 granted 119373 awards valued $ 54. 24 per share.
 acquisition $ 1. 9 million equity awards balance expensed remaining service period.
 stock options appreciation rights price equal closing market price vest three years-third increments 10-year contractual terms.
 subject expense retirement eligibility rules.
 change control termination employment vesting.
 fair value options black-scholes option pricing model.
 historical data terminations.
 volatility historical volatility.
 risk-free interest rate.
 treasury securities.
 dividend yield estimated historic annual dividend payments expectations.
replacement acquisitions stock options 2019 2018 2017.


77 100 corporation subsidiaries consolidated financial statements.
 financial instruments risk management table effects derivative instruments consolidated earnings earnings loss year december 31.
 millions 2010 cash flow hedge 2013 derivatives
 commodity contracts $ -6. 4 6. -0. 3. -96. 4. -5. 1 5.
 interest rate contracts -4. 9. -8. 1.
 inflation option contracts. 9. 1
 foreign exchange contracts -2. 3 2. 6.
 equity contracts.
 -13. 6 13. -0. 5. -103. 8 103. 4.
 gains losses commodity contracts recorded sales cost earnings.
 expenses passed customers no significant impact earnings.
 losses interest contracts recorded interest expense earnings.
gains losses inflation options recorded cost sales.
 gains losses foreign currency contracts recorded cost sales.
 selling administrative expenses.
 gains losses equity put option contracts recorded selling expenses.


-party sales increased 4% 2014 higher volumes acquisition firth rixson.
 aerospace transportation lower volumes industrial gas turbine.
 engineered products solutions segment increased $ 16 2015 net productivity inorganic growth higher volumes.
 offset unfavorable price/product mix higher costs foreign currency weaker euro.
 climbed $ 10 2014 productivity higher volumes costs demand commercial aerospace strong order backlog.
-party sales positive impact acquisitions rti tital.
 net productivity improvements pricing pressure.
 transportation construction solutions.
 third-party sales $ 1882 $ 2021 $
 alcoa downstream operations nonresidential building construction commercial transportation markets.
 integrated aluminum structural systems architectural extrusions forged aluminum commercial vehicle wheels.
 part industrial.
sales costs expenses transacted local currency.
 dollar euro brazilian real.
 third-party sales transportation construction solutions decreased 7% 2015 foreign currency movements weaker euro real lower volume building higher commercial transportation.
 third-party sales increased 4% 2014 2013 higher volume lower industrial.
 transportation construction solutions declined $ 14 2015 higher costs foreign currency movements weaker euro real unfavorable price/product mix.
 offset productivity improvements.
 improved $ 13 2014 higher volumes unfavorable product mix higher costs.
 non building construction market north america offset weakness.


price range common stock commenced trading nasdaq market symbol 201cmktx 201d november 5 , 2004.
 no public market.
 high low bid information march 8 , 2006 last closing price $ 12. 59.
 approximately 114 holders.
 not declared paid cash dividends since.
 intend retain future earnings expansion anticipate cash dividends.
 dividends discretion board directors.
 business conditions financial results capital requirements regulatory restrictions.
 november 4 , 2004 registration statement initial public offering.
 333-112718 ) declared effective.
 received net proceeds sale $ 53. 9 million  price $ 11. 00 per share deducting discounts commissions offering expenses.
 proceeds paid directors officers associates persons owning ten percent stock affiliates.
invested proceeds cash equivalents securities.
.
 equity issuer purchases.
 november 2004 december 31 $ 24. 12.
 january march 31 15. 9
 april june 30 13.
 july september 30 14.
 october december 31 13.


entergy arkansas.
 operating revenues fuel power expenses increased $ 114 million wholesale revenue average price energy resale affiliated customers $ 106. 1 million production cost allocation rider revenues july 2007.
 deferred fuel expense no effect net income.
 payments seven-month collections twelve-month.
 increase $ 58. 9 million fuel cost recovery revenues changes rider decreased usage.
.
 offset decrease $ 14. 6 million volume.
 fuel purchased power expenses increased increase $ 106. 1 million deferred system agreement payments average market price purchased power.
 revenue fuel expenses gas resale power expenses regulatory credits.
 analysis change net revenue 2007 to 2006.
.
 revenue.
 wholesale revenue.
 transmission revenue.
 deferred fuel costs revisions.
.
 2007 net revenue $ 1110.
 wholesale lower revenues third quarter 2006 order coal plant co-owner contract dispute re-pricing revisions 2003 $ 5. 9 million power agreements.
 transmission revenue higher rates new customers 2006.
 deferred fuel cost revisions 2006 energy cost recovery increased net revenue $ 6. million.
 $ 173. 1 million fuel cost recovery.
.
 offset production cost allocation revenues $ 124. 1 million july 2007.


emerson.
 sales $ 5. 9 billion $ 302 million hvac refrigeration.
.
 sales increased 5 percent 297 million 6 percent volume 1 percent lower price.
 currency deducted 20 million acquisitions 25 million.
 climate technologies sales $ 4. 2 billion 268 million 7 percent.
 air conditioning.
.
 refrigeration energy.
 sensors temperature controls.
 tools home products $ 1. 6 billion 34 million.
.
 wet vacuums.
.
 food waste disposers storage declined.
 sales increased 3 percent. 4 percent 17 percent asia.
 3 percent latin america 4 percent canada decreased 5 percent middle east/africa.
 earnings $ 1. 4 billion $ 72 million climate technologies.
 volume costs 16 million offset higher materials costs price product mix.
 company cash acquisitions capital structure short long-term.
 cash flow millions 2016 2017 2018.
 operating cash flow $ 2499 2690 2892
 sales 17. 2%. 2 6%
 capital expenditures $ 447 617
 sales 3. 1%. 1 5%. 5 %
 cash flow $ 2052 2214 2275
 sales 14. 1%. % 5%. 1%. 1 %
 working capital $ 755 1007
 sales 5. 2%. 2 %. 6%. 7%. 7
 cash flow 2018 $ 2. 9 billion $ 202 million 8 percent increase 2017 higher earnings working capital.
 cash flow $ 2. 7 billion 2017 increased 8 percent. 2016 higher earnings.
 sales 5. 7 percent. 2 percent 2016.
increase 2017 capital valves controls.
 $ 617 million dividends $ 1. billion common stock purchases $ 1. billion.
 repatriated $. 4 billion.
 subsidiaries.
 borrowings $ 2. 2 billion.
 contributions pension $ 61 million 2018 $ 45 million 2017 $ 66 million 2016.
 capital expenditures $ 617 million 476 million $ 447 million.
 free cash flow $ 2. 3 billion 2018 up 3 percent.
 2. billion
 capital spending $ 650 million 2019.
 net cash acquisitions 2. 2 billion 3. 132 million.
 divestitures $ 201 million $ 39 million.
 dividends 1. billion.
 quarterly cash dividend 1 percent $. per share.
 purchases common stock. 400 million 601 million 2016 $.
board 70 million shares 2015 41. million.
 purchased 15. million 2018 6. 2017 12. 5 million 2016 2013.


.
 2012 results lower $ 53. 1 million premium-services margins marketing margins $ 96. million seasonal price differentials marketing optimization $ 87. 7 million storage demand costs.
 loss storage hedges $ 1. million $ 8. 5 million 2011.
 premium services impacted lower natural gas prices volatility.
 reduced storage margins.
 marketing margins.
 loss transportation margins $ 42. 4 million $ 18. 8 million 2011 $ 29. 5 million decrease transportation hedges.
 impacted narrow price location differentials inability.
 supply natural location seasonal price differentials narrowed.
 transportation contracts unprofitable.
 operating costs employee expenses.
 expense $ 10. 3 million impairment goodwill.
 impairment reduced goodwill balance.
.
energy services 2019 net margin 2022 decrease $ 65. 3 million transportation margins narrower location price differentials lower hedge settlements 2022 decrease $ 34. 3 million storage marketing margins 2013 storage price differentials unrealized value changes hedges 2022 decrease $ 7. 3 million premium-services margins low commodity prices reduced natural gas price volatility 2022 decrease $ 4. 3 million financial trading margins low gas prices trading.
 2011 net margin $ 91. 1 million adjustments natural gas inventory cost value.
 reclassified $. million deferred gains cash flow hedges earnings.
 operating costs ad valorem taxes.
 energy services segment.
 2012 2011 2010
 natural gas
 gross margin.
 settled volumes 1433
natural gas decreased 2012 marketing lower volumes reduced capacity.
 decrease 2011 lower reduced capacity.
 location price differentials increased supply natural gas shale increased pipeline capacity new construction.


morgan stanley financial statements 2014 senior debt securities denominated non.
 dollar currencies return equity credit commodity.
 debt callable extendible option holders.
 extend $ 2902 million december 31 2015 $ 2175 million 31 2014.
 purchasers repurchase.
 aggregated value $ 650 million december 31 2015 $ 551 million 2014.
 subordinated debt junior debentures issued capital requirements.
 dollar denominated.
 2015 morgan stanley capital trusts vii redeemed 6. 60%. capital securities redeemed junior subordinated debentures.
.
 index-linked equity credit-linked borrowings instruments payments redemption linked performance index. equity.
 swap contracts options borrowing costs floating rates libor.
 carries structured borrowings fair value.
swaps purchased options hedge derivatives carried fair value.
 changes reported trading revenues.
 note 3 structured borrowings.
 subordinated debt junior debentures.
 long-term borrowings notes $ 10404 million coupon 4. 45%. 45 % december 2015 $ 8339 million 4. 57%. 57 % ) 2014.
 junior debentures $ 2870 million 2015 coupon 6. 22%. 22 % $ 4868 million 2014 6. 37%. 37 % ).
 maturities 2022 to 2067 2052.
.
 assets financed deposits short-term funding floating rate debt.
.
 interest rate swaps match borrowings duration characteristics manage risk.
 convert fixed rate borrowings floating rate obligations.
 non.
 currency borrowings currency swaps.
 obligations.
swaps borrowing rate.
.
 average long-term borrowings-end. 0%. 0 %. 2%. 2 %. 4%. 4 %
 borrowing rate borrowings swaps. 1%. 1 %. 3%. 3 %. 2%. 2 %


obligations june 30 2011 1-3 3-5 5 years.
 june 30 2011 1-3 3-5 years years
 operating lease obligations $ 7185 $ 10511 1487 26187
 capital lease obligations 3016
 notes payable interest 23087 45431 82508
 purchase obligations 10700
 $ 43988 $ 55942 $ 89512 $ 1487 190929
 2009 fasb issued accounting standards update.
 multiple-deliverable revenue arrangements june 15 2010.
 eliminates residual relative selling price method.
 revenue recognition arrangements accounting standards.
 scope.
 october 2009 fasb issued.
 2009-14 arrangements june 15 2010.
 revision drops products software non-software components.
majority company software arrangements not tangible products update impact company.
 fasb issued.
 2011-04 fair value measurement may 2011 effective beginning july 1 2012 prospectively.
 updated guidance fair value adopted not impact fair value calculations.
 no additional fair value measurements required.
 fasb issued.
 2011-05  comprehensive income june 2011 effective january 1 2012 applied retrospectively.
 updated guidance requires non-owner changes stockholders 2019 equity reported single or two separate statements.
 no changes disclosure required.
 consolidated financial statements accounting principles united states.
.
 note 1 consolidated financial statements.
.
 estimates judgments assets liabilities revenue expenses.
 base estimates historical experience factors.
 changes estimates financial statements.
 identified critical accounting estimates.
.


.
 authorized issue 250 million shares none issued outstanding december 31 2009.
 numerator basic diluted earnings net earnings.
 weighted average shares.
 diluted dilutive stock options equity awards.
 reconciliation weighted shares basic diluted computations years december 31.
 shares net earnings.
 dilutive stock options awards.
 diluted earnings.
 earnings. dilutive stock options. diluted earnings. 31 2009 14. million options purchase stock not included diluted earnings prices greater average market price.
 years 2008 2007 11. 2 million 3. 1 million options not included.
 2009 repurchased 19. 8 million shares common stock average $ 46. 56 per share total cash outlay $ 923. 7 million commissions.
2008 board authorized $ 1. 25 billion share repurchase program december 31 2009.
 extended december 31 2010.
 $ 211. 1 million future repurchases.
.
 design develop manufacture market orthopaedic reconstructive implants dental spinal implants trauma.
 healthcare services.
 revenue less than 1 percent net sales.
 operations segments pacific.
 basis reportable segment information.
 evaluates performance profit operations corporate expenses share-based compensation settlement acquisition curtailment inventory-up research development write-offs intangible asset amortization.
 operations research development engineering medical education brand management legal finance human resource.
 manufacturing.
 intercompany transactions eliminated.
 reviews accounts receivable inventory property plant equipment goodwill intangible assets.
puerto rico-based manufacturing operations logistics corporate assets.
.
 2 0 0 9 notes consolidated financial statements job c55340 pcn|00007|02/24/2010 01:32 valid no color|


part ii item 5.
 market 2019s equity matters issuer purchases.
 2019s common stock listed new york stock exchange.
 separation alcoa traded symbol 201caa. 201d november 1 2016 changed stock symbol. october 5 2016 shareholders approved 1-for-3 reverse stock split.
 three shares combined one value share.
 reduced 1. 3 billion to 0. 4 billion authorized shares 1. billion to 0. 6 billion.
 began trading reverse stock split-adjusted october 6  2016.
 two companies alcoa corporation.
 pro rata distribution 80. 1%. outstanding shares alcoa corporation shareholders.
 shareholders received one share alcoa stock three shares.
 retained 19. 9%. outstanding common stock alcoa separation.
disposition retained shares note c consolidated financial statements part ii item 8 form 10-k.
 table high low sales prices quarterly dividend amounts share common stock new york stock exchange adjusted reverse stock split october 6 2016.
 prices prior november 1 2016 reflect trading prices alcoa.
 separation november 1 2016 not comparable post-separation prices.
 30. 69 18. 64.
 28. 21 26.
 26. 27
 separation november 1 2016 27. 22. 74.
 30. 69 18. 34. 16 75.
 number holders common stock 12271 february 16 2018.


stock performance graph 18 securities exchange act 1934 incorporated tractor supply company securities act 1933.
 compares stockholder return common stock december 28 2013 29 2018 returns s&p 500 s&p retail index.
 assumes $ 100 invested 28 2013 common stock reinvestment dividends.
 historical stock price performance not indicative future performance.
 12/28/2013/27/2014/26/2015/31/2016 12/30/2017/29/2018
 tractor supply company $ 100. 104. 115. 117.
. 115. 116. 129. 157. $ 149.
&p retail index. 111. 140. 148. 193. $ 217.


.
 performance units convert unrestricted shares after three compensation committee.
 share-based compensation expense grant-date fair value stock monte carlo model.
 may 31 2015 granted. market condition stock price growth.
 minimum threshold performance no payout.
 maximum award opportunity fixed dollar number shares.
 three-year 2017 one-third units converted unrestricted common stock.
 two-thirds restricted stock installments anniversaries.
 share-based compensation expense grant date value monte carlo model.
 table summarizes changes unvested restricted stock performance awards december 31 2018 2017 2016 transition period may 31 2016-average grant-date fair value.
 unvested may 31 2015 1848 28.
 granted 461.
 vested -633.
 forfeited.69
 31 2016 1606 37. 25
 348 74. 26
 -639 31.
 52 45. 27
 31 2016 1263 49. 55
 899 79.
 -858 39. 26
 -78 59. 56
 2017 1226. 29
 109. 85
 -722 60.
 91. 47
 2018 1084 108.
 restricted stock $ 43. 4 million 33. 7 million 2018 2017 20. 2016 17. 4 million.
 compensation $ 53. 2 million 35. 2 million 2018 2017 17. million 28. 8 million.
 62. 7 million unrecognized compensation expense 2.
 accelerated vesting.
 2013 payments.
 2018


compensation expense long-term incentive plans share distributions blackrock stock merrill lynch & co.
 cash compensation contribution excluded impact blackrock 2019s book value.
 merrill lynch compensation ceased third quarter 2011.
 first quarter 2012 lynch contributions received.
 compensation expense appreciation investments blackrock deferred compensation plans excluded returns reported non-operating income.
 operating income useful blackrock 2019s performance.
 operating margin equal closed-end fund launch costs commissions.
 exclusion impact results future periods.
 operating margin performance adjusting items non-operating.
 adjustments transaction integration costs.
 lease exit costs contribution stifs restructuring charges closed-end fund launch costs commissions fluctuations expense-to-market movements investments.
company uses operating margin corporate performance companies.
 management uses gaap non- gaap financial measures performance blackrock.
 non-gaap measure include all revenues expenses.
 operating margin excludes distribution servicing costs.
 believes exclusion creates consistency treatment contracts similar services investment advisory administration fees securities lending revenue.
 amortization deferred sales commissions excluded from costs offset distribution fee revenue.
 excludes costs offsetting revenues.
 non-operating income less net income loss attributable non interests.
 compensation expense offset recorded in operating income.
 included returns on investments set plans.
 2011 2010.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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 54 114 23 net income loss.
.
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 18 2 13 non-operating income.
.
.
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.
 36 116 compensation deferred compensation plans.
.
.
.
 6 3 11 non income income loss.
.
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.
 42 113 ) $ 25 1 income loss.
 non-operating income.
 expense investments deferred compensation plans offsets gain loss investments.
 non-operating income -54 54 114 net income lossnon-operating income expense 1 -36 -116 ( )
 compensation expense deferred compensation plans -6 ( 6 ) ( 11 )
 non-operating income less net income loss nci $ -42 ( ) $ -113 ( 113 ) $
 compensation expense long-term incentive plans share distributions blackrock stock merrill lynch.
 cash compensation contribution excluded impact blackrock book value.
 ceased third quarter 2011.
 first quarter 2012 contributions received.
 compensation expense appreciation blackrock deferred compensation plans excluded returns offset expense non-operating income.
 operating income blackrock performance.
 operating margin equal excluding closed-end fund launch costs commissions.
 impact results future.
operating margin allows performance adjusting items non-operating income.
 adjustments include transaction integration costs.
 lease exit costs contribution stifs restructuring charges closed-end fund launch costs commissions fluctuations compensation expense movements investments.
 company uses margin corporate performance efficiency companies.
 management uses gaap non- gaap financial measures performance.
 non-gaap measure include all revenues expenses.
 excludes distribution servicing costs.
 exclusion creates consistency treatment contracts similar services accounted under lending.
 amortization deferred sales commissions excluded from revenue margin costs offset distribution fee revenue.
 excludes costs related offsetting revenues.
 non-operating income less net income loss non-controlling interests.
 compensation expense offset recorded in operating income.
compensation expense non income returns investments non-operating income.
 non-operating income.
.
.
.
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 54 23 income attributable.
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 13 non income.
.
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.
 compensation expense.
.
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.
 11 non income attributable.
.
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 25 income attributable.
 non income.
compensation expense investments deferred compensation plans included operating income offsets gain investments


eog utilized prices estimated cash flows fair value unproved properties non-cash exchanges.
.
.
 december 31 2017 $ 6040 million $ 6390 million senior notes estimated values $ 6027 million $ 6602 million.
 market prices interest rates.
.
 oil gas properties future cash flows depreciation depletion amortization unamortized capitalized cost.
 adjusted fair value approach.
 accepted offers third-party purchasers fair value.
 2018 properties $ 139 million written down fair value $ 18 million pretax impairment $ 121 million.
 2017 $ 370 million $ 146 million impairment $ 224 million.
 2018 2017 2016.
 costs $ 173 million $ 211 million $ 291 million.
.
retirement obligations short long obligations property plant equipment 31 2018 2017.
 $ 946848 $ 912926
 liabilities incurred
 settled -70829 -61871
 revisions -38932 -9818
 currency translations
 end period $ 954377 $ 946848
 current $ 26214 $ 19259
 noncurrent $ 928163 $ 927589
 settlements asset sales.
 noncurrent retirement obligations consolidated balance sheets.


results operations financial condition liquidity unasserted claims estimated recorded liability.
 lawsuits claims environmental costs commitments contingent liabilities guarantees effect financial condition liquidity liabilities.
 cost charged cost incidents.
 third-party actuaries expense liability.
 compensation work-related accidents governed federal employers 2019 liability act.
 damages assessed fault out-of-court settlements.
 personal injury liability activity millions 2006 2005 2004.
 beginning balance $ 619 $ 639
 accruals
 payments
 balance $ 631 619
 $ 233 274
 injury liability discounted present value.
 treasury rates.
 87% liability asserted 13% unasserted claims.
 accruals higher 2004 1998 crossing accident verdict derailment.
2013 defendant lawsuits employees allege exposure asbestos.
 received claims asbestos not litigated.
 allege occupational illness exposure asbestos products.
 claimants medical evidence physical impairment.
 claims specify damages.
 2004 engaged third party estimating resolution costs asbestos claims through 2034.
 increased liability 2004 asbestos claims.
 assumptions future claims consistent historical averages.
 claims filed decline.
 average settlement values equivalent historical averages.
 percentage claims dismissed equivalent historical averages.


transportation own marathon pipe line ohio river pipe line subsidiaries.
 transport crude oil refined products midwest gulf coast refineries terminals.
 mpl orpl systems 1737 miles crude oil 1825 miles refined product lines 32 systems 11 states.
 mpl largest petroleum.
 subject state federal energy regulations tariffs oil.
 parties generated 13 percent crude oil shipments pipelines 2009.
 transported volumes three years.
.
 refined products
 own 196 miles crude oil pipelines 850 miles refined products lease 217 miles product pipelines.
 partial ownership pipeline companies 780 miles crude oil 3600 miles refined products 970 miles operated mpl.
mpl operates private pipelines 985 miles crude oil 160 miles natural gas e&p.
 major pipelines include cardinal wabash pipeline.
 cardinal kenova columbus ohio.
 wabash robinson terminals chicago illinois.
 pipelines extend robinson louisville garyville zachary texas city pasadena texas.
 december 31 2009 pipelines 65 percent louisville-lexington system 60 percent interest muskegon pipeline griffith north muskegon 50 percent interest centennial pipeline gulf coast midwest 17 percent interest explorer pipeline 6 percent interest wolverine pipe line chicago toledo ohio.
crude oil lines patoka catlettsburg robinson lima canton samaria detroit st.
 james garyville.
 december 31 2009 interests oil pipelines 51 percent interest loop llc.
 deepwater oil port 18 miles off louisiana pipeline port storage caverns tanks clovelly 59 percent interest locap llc oil pipeline loop


.
 commitments rental expense office warehouse real estate $ 608 $ 324 $ 281 years 25 2004 2003 28 2002.
 future minimum lease payments expects costs $ 900 facility expansion olathe kansas.
 cash balances collateral bank united kingdom value-added tax requirements.
 amounted $ 1457 $ 1602 25 2004 27 2003 restricted cash.
 company subsidiaries parties legal claims actions complaints patent infringement intellectual property claims risks.
 predict.
 management legal proceedings operations financial position cash flows.
.
 benefit sponsors retirement plan employees contribute 50% annual compensation revenue limitations percentage compensation.
 gel contribution plan employees contribute 5% annual compensation.
 contribute annually board.
years 25 2004 2002 expense $ 5183 4197 $ 2728  charged operations.
 foreign subsidiaries participate local defined benefit pension plans.
 contributions calculated final pensionable salaries.
 obligations contributions significant.
 512
 493
 474
 2009


table discloses purchases valero 2019s common stock fourth quarter purchased average price paid share plans dollar value.
 october 2014 3180678 $ 46. 27 302005 2878673 $ 1. 8 billion
 november 2014 2001273 $ 50. 32 119047 1882226 $ 1. 7 billion
 december 2014 5120398 $ 48. 56 5117774 $ 1. 5 billion
 10302349 $ 48. 20 423676 9878673 $ 1. 5 billion
 shares represent purchases fourth quarter 2014 open-market transactions-based compensation plans employees directors stock options restricted stock compensation transactions.
 february 28 2008 board approved $ 3 billion common stock purchase program.
3 billion.


prior service cost net actuarial gains losses non-operating income.
 adopted requirements.
 2017-07 january 1 2018 retrospective transition method.
 adoption.
 2017-07 increase consolidated operating profit $ 471 million $ 846 million 2016 2017 decrease non-operating income.
 impact business segment profit net earnings cash flows adopting.
 2017-07.
 intangibles-goodwill 2017 issued.
 2017-04 eliminates requirement implied fair value reporting unit goodwill carrying amount.
 new standard change goodwill impairment.
 impairment test fair value goodwill impairment charge calculated subtracting fair value carrying amount.
 prior standard assets liabilities.
 new standard effective interim annual reporting periods after december 15 2019 early adoption date adoption.
new standard goodwill impairment tests third quarter 2017 simplifies evaluation.
 impact outcomes tests.
 hedging 2017.
 eliminates requirement measure report hedge ineffectiveness.
 effective fiscal years december 15 2018 early adoption.
 significant impact consolidated assets liabilities net earnings cash flows.
 plan january 1  2019.
 2016.
 requires recognition lease assets liabilities disclosure information leasing arrangements lessees.
 standard effective january 1 2019 public companies early.
 requires modified retrospective approach financial statements.
 impact consolidated financial statements.
 plan adopt standard january 1  2019.
 2013 earnings per share average shares.
 shares computations 287. 299
 dilutive effect equity awards.
 290. 303..
 compute diluted earnings share net earnings average shares.
 includes effects vesting restricted stock units performance stock units stock options.
 no anti-dilutive equity awards years december 31 2017 2016 2015.
 acquisitions sikorsky aircraft november 2015 united technologies subsidiaries.
 purchase price $ 9. billion cash.


debt issuance $ 4 million loss retirement.
 decreased $ 522 million $ 273 million 2001 795 million 2000.
 supply utility contract generation growth distribution.
 lower market prices decline brazilian real foreign currency losses $ 210 million.
 severance costs ipalco loss discontinued operations $ 194 million.
 10 contributors income lal shady point thames somerset edc eletropaulo ipalco cemig.
 increased $ 3. 4 billion 83% $ 7. 5 billion. billion 1999.
 acquisition new businesses.
 increased 6% 6 % $ 3. 6 billion.
 contract generation. 31%
 competitive supply. billion 175%
 large utilities. 112%
 growth distribution.
 contract increased $ 400 million 31% $ 1. 7 billion 2000. billion.
 contract generation revenues increased 4% $ 1. 3 billion.
 south north caribbean asia decline europe/africa.
 increased $ 245 million acquisition tiete.
 north increased $ 76 million warrior run.
 caribbean increased $ 92 million merida iii.
 increased $ 41 million ecogen peaking plant.
/africa decreases tisza acquisition controlling interest kilroot.
 revenues increased $ 1. 5 billion $ 2. 4 billion 2000 $ 873 million 1999.
 revenues increased 25% $ 477 million.
 increases north america/africa.
 south america caribbean.
.
 increased $ 610 million new york plants new energy


board approved $ 3. 5 billion 2015 capital expenditures $ 3. 4 billion.
 uncertainty commodity pricing optionality stronger e&p company.
 exploration spending reduced 50 percent three.
 resource plays.
 prepared flexibility spend.
 budget segment.
.
 america e&p 82%
 international e&p
 oil sands mining
 98%
 2% 2
 capital investment exploration 100%
 net budget reimbursements federal provincial government.
 $ 2. 4 billion three core.
 resource plays.
 $ 1. 4 billion eagle ford rig count 18 2014 to 10 quarter 2015.
 $ 1 billion drilling completions.
 $ 760 million north dakota.
 two rigs first quarter 2015 seven 2014.
 $ 550 million drilling completions.
$ 226 million oklahoma basins two rigs quarter 2015.
 $ 200 million drilling completions.
 $ 429 million international assets.
 kurdistan.
 $ 232 million exploration program north america international.
 gulf mexico well non well shenandoah seismic surveys gabon ethiopia.
 $ 95 million capital projects osm.
 20 percent interest athabasca oil sands project.
 remainder budget corporate $ 79 million $ 40 million capitalized interest construction.
.
.
 2015 production north america 370 to 390 net mboed 35 to 45 net mbbld synthetic crude oil.
.
 production growth 20 percent 2015 2014.
 total production growth 5 to 7 percent year-over-year.
.
 portfolio.
 non-cash impairments.
2015 reduction workforce 350-400 employees.
.
 payroll-field support services analyze staffing levels locations.
 employees severance benefits.


repurchase programs.
 utilized cash $ 57. million employee stock compensation plans borrowings repurchases.
 borrowed $ 330. million stock repurchases acquisition abbott.
 excess cash repurchase common stock $ 1. 25 billion program expires december 31 2009.
 five year $ 1350 million multi currency senior credit facility november 30 2012.
 $ 460. million december 31 2008 $ 889. million.
 increase line $ 1750 million maturity two periods.
 foreign subsidiaries borrowers.
 corporate purposes libor- based rate margin rating.
 covenants default limitations consolidations mergers sales.
 maximum leverage ratio 3. to. minimum interest coverage ratio 3. to.
 investment grade credit rating restrictions.
 compliance covenants december 31 2008.
commitments senior credit facility subject to fees facility utilization fee.
 rated a- by standard poor ratings not by moody 2019s investors.
 interruptions credit access to facility not impaired.
 2008 funded acquisition spine with $ 110 million new borrowings.
 lenders funded new borrowings.
 uncommitted credit facilities $ 71. 4 million.
 cash flows borrowings meet working capital capital expenditure debt service needs.
 earnings cash flows obtain additional capital.
 obligations third parties future payments.
 table contractual obligations millions 2009.
 long-term debt $ 460.
 operating leases 149. 38.
 purchase obligations 56. 47.
 long-term income taxes 116. 69. 24
 other long-term liabilities 237.15. 191.
 contractual obligations $ 1020. $ 85. $ 158. $ 531. $ 243.
 long-term income taxes 116. 69. 24. 22. long-term liabilities 237. 191. obligations $ 1020. $ 85. $ 158. $ 531. $ 243. accounting estimates results accounting policies.
 management judgment.
 excess inventory instruments determine inventory unsaleable.
 instruments.
 reserves adjust inventory instruments value.
 evaluate stock levels patterns demand products systems.
 work-in-progress inventory recorded.
 discontinued.
 evaluates changes valuation reserves market conditions competitive offerings.
 estimate income tax expense liabilities assets taxable jurisdiction.
 deferred tax assets future taxable income.
 evaluate deferred tax assets provide valuation allowances benefit.
federal income taxes provided income foreign subsidiaries remitted u. s.
 operate taxing jurisdictions.
 subject regulatory h o d g s.
 job c48761 pcn 031000000|02/24/2009 06:10 valid color


table contents 1b.
 unresolved staff comments no.
.
 december 31 2015 owned leased 126 manufacturing sites 14 technical centers.
 plants wholly partially owned leased.
 smaller manufacturing sites sales offices warehouses engineering centers joint ventures investments.
 presence 44 countries.
 regional distribution manufacturing sites north america europe middle east africa asia pacific south america.
 electrical architecture
 powertrain systems
 electronics safety
 14 technical centers four north middle east africa asia pacific one south america.
 77 primarily owned 63 primarily leased.
 review real estate portfolio strategies 2019 global plans operating expenses.
 evolving portfolio current future needs.
.
subject to actions claims suits investigations proceedings business including defects breach contracts competition antitrust product warranties intellectual property personal injury employment.
 financial position results operations cash flows.
 warranty matters future costs reserves cover warranty settlements.
 final amounts could differ from estimates.
 ignition switch recall 2014 customer initiated recall.
 received cooperated government agencies.
 delphi co-defendant gm in class action product liability lawsuits.
 december 2015 not named defendant in class action complaints.
 no assurances loss probable no reserve december 31 2015.
 unsecured creditors litigation partnership agreement delphi automotive llp entered july 12 2011 initial public offering.
fourth llp agreement distributions delphi automotive exceed $ 7. 2 billion pay claims dphh $ 32. 50 $ 67. 50 $ 7. 2 billion $ 300 million.
 december 2014 complaint filed bankruptcy redemption interests gm pbgc repurchase shares dividends $ 7. 2 billion.


systems incorporated financial statements first quarter fiscal 2013 executive compensation committee certified performance 2012 share program.
 150% ( 150 % ) target shares granted.
 116% ( 116 % ) target 1. 3 million shares.
 one third shares vested first quarter 2013 two thirds evenly following anniversaries recipient service.
 certified 2011 share program.
 150% ( 150 % ) target shares.
 130% ( 130 % ) target 0. 5 million shares.
 one third shares vested first quarter 2012 two thirds vest evenly following two service adobe.
 first 2011 certified 2010 share program.
 150% ( 150 % ) target shares.
 135% ( 135 % ) target 0. 3 million shares 2010.
third shares 2011 program vested quarter 2012 two thirds contingent recipient service.
 table share activity 2010 2011 2012 programs awards november 29 2.
 balance 388 405 557
 achieved 1279 492 337
 released -665 -464 -436
 forfeited -141 -45 -53
 861 388 405
 value awards 2013 2012 2011 $ 25. 4 million $ 14. 4 million. 8 million.


.
 cna financial corporation 2013 unpredictability law insurance underwriting difficult commercial professional liability specialty coverages.
 dodd-frank wall street reform consumer protection act expands federal insurance oversight regulatory requirements cna.
 state regulation reinsurance nonadmitted insurance.
 establishes federal insurance office.
 treasury powers insurance health long term care crop monitor insurance industry identify issues coordinate policy insurance preempt state insurance measures.
 act calls studies regulation.
 patient protection affordable care act health care education reconciliation act increase operating costs underwriting losses.
 legislation changes health care operating costs compensation long term care.
 increased use health care services complexities bills.
 new participants health care malpractice claims underwriting risk management professional liability insurance health care.
 attorneys accountants risk complexity.
chicago ccc subsidiary cna offices.
 leases states countries.
 locations 333.
 wabash avenue 763322 chicago illinois 401 penn street 190677 pennsylvania 2405 lucien 116948 maitland florida 40 wall street new 1100 ward avenue honolulu hawaii.
 phillips avenue 83616 sioux falls dakota 600.
 pearl street 65752 dallas texas 1249.
 river road 50366 cranbury new jersey 4267 parkway 46903 aurora illinois 675 placentia avenue 46571 brea california leases space chicago.
 333. wabash avenuechicago illinois 763322
 401 penn 190677
 2405 florida 116948
 york 114096
1100 ward avenuehonolulu hawaii 104478
 101. phillips avenuesioux falls south dakota 83616
 600. pearl streetdallas texas 65752
 1249. river roadcranbury new jersey 50366
 4267 meridian parkwayaurora illinois 46903
 675 placentia avenuebrea california 46571
.
 2013 unpredictability insurance underwriting difficult commercial liability.
 dodd-frank wall street reform consumer protection act federal insurance oversight regulatory requirements.
 regulation reinsurance nonadmitted insurance.
 establishes federal insurance office.
 treasury powers monitor industry identify coordinate preempt state insurance measures.
 studies regulation.
 patient protection affordable care act increase operating costs underwriting losses.
 legislation changes health care operating costs compensation long term care.
costs arise increased health care services complexities bills.
 new participants health care malpractice claims cna underwriting risk management professional liability insurance health care industry.
 attorneys accountants health care reform complexity legislation.
 chicago location subsidiary houses offices.
 owns leases office space united states other countries.
 office locations square feet 333.
 wabash avenue 763322 chicago illinois 401 penn street reading pennsylvania lucien way maitland florida wall street new york 1100 ward avenue honolulu hawaii.
 sioux falls south dakota.
 street dallas texas.
 river road cranbury new jersey 4267 meridian parkway aurora illinois 675 placentia avenue brea california leases office space chicago illinois.


adjusted diluted earnings per share withdrawal costs pension funds restructuring charges loss extinguishment debt business dispositions impairments provides understanding operational activities before financial effect.
 performance.
 incurred comparable charges costs adjustments expected future.
.
 2017 anticipate receiving $ 975 million.
 trucks equipment 350
 landfill 330
 containers 160
 facilities 150
 property equipment 990
 proceeds
 $ 975
 solid waste collection operations.
 remaining revenue other services transfer station landfill disposal recycling energy services.
 residential commercial collection operations based long-term contracts municipalities.
 price escalation clauses.
 provide small-container commercial large-container industrial collection services three years.
 transfer stations landfills recycling facilities generate revenue from disposal fees.
integrate recycling collection obtain revenue from sale recycled commodities.
 revenue energy services fees treatment liquid waste production oil gas.
 revenue national accounts contracts local.
 offset subcontract costs recorded in cost operations.


wood products sales states 2005 $ 1. 6 billion up 3% $. 2004 18%. 2003.
 lumber up 6% 21% 2005.
 lumber sales volumes up 5% 10% 2003.
 plywood down 4% 4 15% higher 2003.
 plywood sales volumes higher 2004.
 operating profits 18% 18 % lower 2004 three times higher 2003.
 lower plywood prices higher raw material costs.
 log costs up 9% 9 % 2004 profits.
 higher glue natural gas costs strong housing market low inventory lumber plywood demand.
 softening housing higher interest rates pricing.
 specialty arizona chemical euro pean distribution mississippi cellulose pulp.
.
 2005 net sales declined 18% 18 26% 26 % 2004 2003.
 operating profits down 2004 2003.
decline sales reflects businesses sold closed.
 profits affected higher energy raw material costs chemical.
.
 sales $ 915 $ 1120 $ 1235
 operating profit $ $
 chemicals sales $ 692 million 2005 $ 672 million 2004 $ 625 million 2003.
 demand strong chemical profits 2005 84% lower 2004 2003 higher energy costs. availability crude oil.
 energy costs increased 41% prices supply interruption.
 cto prices increased 26%.
 european cto receipts decreased 30% lower yields storm.
 businesses sold european distribution oil gas mineral royalty decorative products retail packaging cellulose pulp mill.
 sales $ 223 million 2005 $ 448 million 2004 $ 610 million 2003.
liquidity capital resources major factor planning cash flow sensitive to pricing demand products.
 costs cost controls improved cash flow generation.
 positioned for improvements.
 focused capital spending platform businesses north america growth opportunities.
 spending levels below depreciation amortization charges last three years anticipate 2006.
 low interest rate financing focused repay higher coupon debt net reduction debt $ 1. 7 billion 2005.
 plan continue program reductions transformation plan 2006.
 liquidity position strong $ 3. 2 billion committed liquidity short cash flow requirements.


market risk management equity losses private public equity markets.
 extending credit deposits securities underwriting trading instruments investments management buyouts recapitalizations growth financings industries.
 affiliated funds private equity debt hedge funds.
 economic value affected market factors.
 primary risk measurement economic capital.
.
 potential value depreciation solvency institution.
 illiquid investments determine fair values.
 note 7 fair value financial statements.
 business units manage equity investment activities.
 decisions policy limits guidelines.
 summary equity investments 54 millions.
 blackrock $ 6265 $ 5940
 tax credit investments 2616
 private equity
 visa
 $ 10728 $ 10560
 first quarter 2014 2014-01 investments low income housing tax credits.
blackrock pnc owned 35 million shares equity december 31 2014 equity method.
 risk economic capital.
 business.
 investments direct consolidated partnerships totaled $ 2. 6 billion december 2014 2013.
 unfunded commitments $ 717 million $ 802 million.
 liabilities balance.
 loan sale investments.
 illiquid industry.
 totaled $ 1. 6 billion 2014 $ 1. 7 billion 2013.
 $ 1. 1 billion directly $. 5 billion indirectly private equity funds.
 direct investments private equity funds.
 noncontrolling interests totaled $ 212 million 31 2014.
 interests indirect private equity funds not redeemable receive distributions liquidation.
 item 2013 supervision regulation risk factors impacts volcker rule funds.
unfunded commitments private equity 140 million 2014 164 million 2013.
.


ii item 5.
 2019s common equity stockholder issuer purchases equity securities.
 company common stock new york stock exchange trades symbol.
 quarterly high low trading stock prices dividends share 2015 2014.
 2015
 17. 12. 9. 82.
 14. 11 12 34
. 17 14. 56.
 11. 7. 17. 75 13. 71.
. 7. 75 9. 82.
 number holders common stock 10101 february 11 2016.


table company 2019s non-vested performance share unit awards changes period average grant date.
 31 2015
 outstanding january 1
 granted.
 forfeited
 december 31,.
.
.
 reinsurance operation writes property casualty reinsurance marine aviation surety accident health brokers ceding companies.
 international operation writes.
 casualty reinsurance branches canada singapore offices brazil miami new jersey.
 bermuda operation provides reinsurance insurance worldwide property casualty markets united kingdom european markets.
 writes property casualty insurance agents brokers.
.
.
 segment represents segregated accounts.
 formed july 1 2013.
.
 diversified catastrophe exposures risk regions.
 exception.
logan re managed independently conform corporate guidelines pricing risk management control catastrophe exposures capital investments operations.
 management monitors evaluates financial performance underwriting results.
.
 logan segment managed independently diverse portfolio catastrophe risks risk return criteria.
 underwriting results include earned premium losses adjustment expenses commission brokerage expenses.
 measure premiums earned.
.
 business sourced subsidiaries activity reflected.
 segment.
 business reported segment.
.
 separate balance sheet data segments.
 review evaluate financial results.


trade receivables update.
 2016-13 impairment model held-to-maturity-for-sale debt securities guarantees.
 guidance effective january 1  2020.
 early adoption january 1 2019.
 evaluating effect 2016-13 financial statements.
 2014 acquisitions business combinations record assets acquired liabilities assumed fair value acquisition date.
 october 17 2018 acquired sicom systems.
 $ 409. 2 million funded cash revolving credit facility.
 provider end-to-end cloud-based software solutions restaurants.
 technologies complementary solutions acquisition software-driven payments strategy restaurant market.
 sicom owned private equity investment firm.
 interest $ 1. million.
 audit committee acquisition.
 provisional estimated acquisition-date fair values assets acquired liabilities assumed december 31  2018.
 cash equivalents $ 7540

 property equipment 5943
 intangible assets 188294
 assets 22278
 deferred income taxes
 liabilities
 assets 144357
 goodwill 264844
 purchase consideration 409201
 31 balances provisional determining final purchase assets liabilities.
 acquisition $. million north america growth workforce synergies businesses.
 $ 50 million deductible income tax.
 payments.
 2018 10-k annual report


realty trust financial statements.
 revolving credit facility senior unsecured notes covenants minimum interest coverage limit debt market capitalization ratios.
 complied financial covenants december 31 2007.
 executed supplemental indentures senior unsecured notes 2007 2009 2010 consent solicitation april 18 2006.
. 7%. principal amount.
 supplemental indentures covenants terms 2011.
 new covenant increase interest rate decreases ratings.
 paid fee $ 2241000 note holders amortized remaining term.
 incurred advisory professional fees $ 1415000 expensed 2006.
 net properties $ 10. 920 billion december 31 2007.
 principal repayments next five years.
 526768
 2009 478269
 2010 778320
 2011 1071195
 2012


compares state street common stock s&p 500 s&p financial index five-year.
 $ 100 state street stock index 2007 reinvestment dividends.
 s&p index 80 companies 26 financial services 22 insurance 17 real estate 15 banking.
 five-year return.
 2007 2012
 state street corporation $ 100 $ 49 55 58 52 61
 s&p 500 index 63 80 92 94
 s&p financial index 45 52 59


20 commitments outstanding not consolidated balance sheet.
 table presents commitments credit december 31 2016 2015.
 98 commitments credit millions.
 commitments extend credit
 commercial lending $ 108256 $ 101252
 home equity lines credit 17438 17268
 credit card 22095 19937
 4192
 commitments extend credit 151981 142489
 letters 8324 8765
 reinsurance agreements 1835
 bond purchase agreements 790
 other commitments 967
 commitments $ 163897 $ 155141
 commitments lend funds liquidity.
 fixed expiration dates fee termination clauses credit quality.
 share risk support obligations parties insurance requirements capital markets.
 94% standby letters rated pass december 31 2016 2015 remainder rated below pass.
internal credit rating pass risk loss low below pass higher risk.
 customer fails financial obligation remarketing program beneficiary payment.
 standby letters credit december 31  2016 less 1 to 8 years.
 assets $ 1. 0 billion secured letters credit.
 remaining secured collateral guarantees obligations.
 liability $. 2 billion december 31 2016 included consolidated balance sheet.
 pnc financial services group.
 2013 form 10-k 161


republic services.
 financial statements 2014 2008 board directors amended.
 2006 incentive stock plan allied waste industries.
.
 stockholders approved may 2006.
 amended restated december 2008 republic services.
 new sponsor references. awards acquisition.
 non-qualified stock options incentive stock options restricted stock phantom stock bonuses appreciation rights performance awards dividend equivalents cash awards awards.
 granted 2008 fully vested nonforfeitable acquisition.
 after employees consultants allied waste industries.
 subsidiaries not employed.
.
 december 31  2012 15. 5 million shares common stock reserved future grants.
 binomial option-pricing model.
 compensation expense service period retirement date.
 volatility based average recent year historical rolling average option.
 risk-free interest rate federal reserve rates bonds.
 historical data future option exercises. expected life.
 valuation.
 weighted-average values stock options 2012 2011 2010 $ 4. 77 5. 35 $ 5. 28 per option assumptions.
 volatility 27. 8%. 8 %. 3% 3 %. 6%. 6 %
 risk-free interest rate. 8%. 8 %. 7% 7 %. 4%. 4 %
 dividend yield. 2%. 2 %. 7% 7 %. 9% 9 %
 life.
 life.


intangible assets patents customer-related finite lives amortized estimated economic lives.
-average.
 customer relationships
 trademarks
 technology/patents
 recoverability assets assessed property plant equipment.
 income taxes financial statements spin-off income tax expense recorded.
 applies.
 cash tax payments current deferred taxes not tax balances spin-off.
 refunds twelve months december 31 2016 2015 $ 10. 4 million $ 80. 6 million.
 2016 refund $ 46. 2 million canadian tax authorities.
 tax accounts consolidated balance sheet include taxes payable deferred taxes spin-off.
 calculation income taxes involves judgment estimates allocations.
 deferred tax assets liabilities determined temporary differences financial reporting tax bases tax rates.
company recognizes future tax benefits net operating losses tax credits.
 reviews recoverability deferred tax assets profitability future taxable income tax planning strategies.
 records valuation allowance future tax benefit.
 product warranties accruals recorded sale estimated terms experience.
 assesses liabilities adjustments claims information.
 revenue recognition recognized when criteria satisfied evidence sales arrangement price fixed determinable collectability assured delivery occurred service rendered.
 delivery title risks ownership transferred to customer.
 price criteria satisfied binding sales agreement contract conditions.
 variability revenue not recognized until price fixed determinable.
 validates enforceable claim assesses collectability.
 revenue recognition deferred until collectability probable cash received.
 delivery not until customer title assumed risks rewards.
 service installation revenue recognized when earned.
customer acceptance provisions in sales arrangements delivered product criteria.
 revenue recognition deferred until acceptance terms fulfilled.
 uncertainty acceptance revenue not recognized until acceptance.
 company offers sales incentive programs to customers dealers distributors.
 preclude revenue recognition require accrual for activity.
 incentives include discounts.
 coupons rebates.
 sales returns customer disputes quantity price accounted for


american tower corporation subsidiaries consolidated financial statements include impairment assets asset retirement obligations revenue recognition rent expense stock-based compensation income taxes accounting business combinations.
 considers events after balance sheet date before additional evidence estimates disclosure.
 subject cash equivalents notes receivable accounts receivable deferred rent asset derivative financial instruments.
 mitigates deposits contracts institutions credit ratings.
 derives revenues accounts receivable rent from small tenants 56% current year revenues from four tenants.
 credit risk geographic areas.
 mitigates credit worthiness borrowers tenants.
 collectibility amounts billed recognized.
 tenant credit risk business industry conditions.
 recognition deferred until collectibility.
amounts recognized uncollectible charged bad debt expense selling administrative development expense statements.
 receivable net allowances doubtful accounts losses inability collectibility.
 allowances estimated based payment patterns collection history incorporate changes economic conditions bankruptcy liquidation.
 receivables written-off against allowances uncollectible.
 determination includes analysis conditions.
 changes allowances years december 31.
 balance january 1 $ 19895 $ 20406 $ 24412
 year increases
 write-offs net recoveries
 balance december 31 $ 17306 $ 19895 $ 20406
 subsidiaries local except costa rica.
.
 foreign currency assets liabilities translated into.
 dollars


consolidated financial statements derivatives credit features firm 2019s derivatives transacted bilateral agreements counterparties post collateral terminate credit ratings.
 assesses impact collateral termination payments downgrade.
 ratings.
 table presents fair value net derivative liabilities agreements excluding collateral assets posted collateral additional collateral termination payments downgrade 2019s credit ratings.
 millions december 2012 2011
 net derivative liabilities bilateral agreements $ 27885 $ 35066
 collateral posted 24296 29002
 additional collateral termination payments one-notch downgrade 1534 1303
 payments two-notch downgrade
 enters transactions manage credit risk investing lending.
 derivatives managed firm 2019s net risk position.
 individually negotiated contracts settlement payment conventions.
events include failure to pay bankruptcy indebtedness restructuring repudiation dissolution entity.
.
 protect buyer against loss principal on bonds loans mortgages issuer suffers credit event.
 buyer pays premium receives protection contract.
 no credit event seller no payments.
 if credit event occurs payment calculated contract.
 credit indices.
 derivatives swaps.
 credit event occurs protection seller pays buyer.
 payment pro-rata portion transaction amount defaulted obligation.
 credit risk separated into portions subordination.
 junior tranches cover defaults excess loss covered by senior tranche.
 total return swaps.
 risks from protection buyer to protection seller.
 receives floating interest protection against reduction fair value receives cash flows increase fair value.
.
credit option writer assumes obligation purchase or sell obligation price or credit spread.
 purchaser buys obligation sell.
 payments depend credit spread or price obligation.
 firm hedges identical.
 transactions with financial institutions subject stringent collateral thresholds.
 trigger event firm possession obligations underlying recover amounts default.
 goldman sachs 2012 annual report


company expects annual amortization expense intangible assets.
 $ 1343
.
 foreign subsidiaries received grants agencies.
 grants include capital employment research development grants.
 capital acquisition property netted against capital expenditures amortized credit depreciation expense.
 employment recognized earnings.
.
 translation foreign currencies sales local currency.
 gains losses translation currencies.
 dollars recorded income.
 gains foreign currency assets liabilities operations.
 dollar.
 foreign currency gains losses not material 2010 2009 2008.
.
 exchange foreign currency exchange contracts offset operational balance sheet exposures foreign currency exchange rates.
 exposures.
 euro philippine peso british pound.
 foreign currency exchange contracts support transactions normal business not speculative.
 periods one year or less.
hedges related to transactions documented cash flow hedges evaluated monthly.
 foreign currency exposures.
 terms contract transaction contract effectiveness calculated fair value contract to value transaction gain loss reported income in equity reclassified into earnings transaction.
 residual change fair value recognized in expense.
 company enters foreign currency contracts gains losses assets liabilities non-functional currency.
 changes in fair value hedges recognized in expense.
 total amount hedges $ 42. 1 million and $ 38 million.
 fair value in balance sheets.
 interest rate exposure 2009 entered interest rate swap transactions 5% senior unsecured notes swapped $ 375 million fixed rate debt at. into floating interest rate debt through july 1  2014.
 $ 375 million amount 5. 0%.% annual interest analog.
 statements 2014


humana inc.
 financial statements 2014.
 2019 equity dividends table dividend payments 2015 2016 2017 quarterly cash dividend policy payment.
 2015 $. $ 170
 2016. 172
 2017. $ 216
 2017 declared cash dividend $ 0. 40 per share paid january 26 2018 december 29 $ 55 million.
 future quarterly dividends board adjusted business market conditions.
 2014 replaced repurchase authorization $ 1 billion 816 million $ 2 billion expired december 31 2016.
 shares purchased prices market securities exchange act 1934 privately-negotiated transactions share repurchase agreements regulatory restrictions volume timing.
merger agreement 2015 prohibited repurchasing securities without consent aetna stock options restricted stock awards.
 suspended share repurchase program.
 february 14 2017 merger agreement.
 board approved new authorization repurchases $ 2. 25 billion expiring december 31 2017.
 february 16 2017 accelerated share repurchase agreement with goldman sachs co.
 repurchase $ 1. 5 billion common stock $ 2. 25 billion repurchase program.
 february 22 2017 $ 1. 5 billion goldman sachs delivery 5. 83 million shares common stock.
 reduction to stockholders 2019 equity $ 1. 2 billion increase treasury stock. $ 300 million decrease capital settlement.
 additional.84 million shares daily volume $ 224. 81 total 6. 67 million.
 $ 300 million goldman sachs treasury stock.
 repurchased 3. 04 million shares $ 750 million $ 2. 25 billion authorization.


forward-looking statements factors 201crisk factors 201d.
 read 201crisk factors 201d. american water works company.
 largest investor-owned united states water wastewater utility company revenues population.
 6400 employees provide drinking water wastewater services 15 million people 47 states one canadian province.
 primary business ownership water wastewater utilities residential commercial industrial.
 regulated businesses subject state regulatory agencies.
 environmental health safety water quality.
 16 states serve 3. 2 million customers.
 results.
 services.
.
 2014 strategic goals.
 growth investment infrastructure expansion customer base market-based operations operational excellence efficiency performance increased value.
 focused on growth addressed regulatory lag efficient use capital improved operation maintenance efficiency ratio.
2014 financial results december 31 net income capital infrastructure operational efficiency improvements rates.
 2013 2012.
 income continuing operations $ 2. 39 $. 07.
 discontinued operations tax.
 diluted earnings per share $ 2. 35.
 operations 4 cents diluted share freedom industries chemical spill west virginia 2014 14 cents share 2013.
 increased 10% 22 cents per share results regulated businesses higher revenues lower operating expenses depreciation expenses.
 lower interest expense 2014 2013.


vertex pharmaceuticals incorporated financial statements.
 commitments december 31 2006 future minimum commitments facility leases non-cancelable year including square lease rental expense 2006 $ 26. 7 million $ 9. 5 million facility.
 expense 2005 $ 20. 4 million $ 4. 7 million.
 2004 rental expense $ 16. 3 million.
 future commitments research development programs.
 2007 2008 contracts $ 1. 1 million $. 6 million.
.
 2004 issued $ 153. 1 million. convertible notes 2011 equal 5% convertible notes september 2007.
 17 2004 issued $ 79. 3 million 5. convertible notes february 2011 equal principal amount 2007.
 identical.
 convertible into common stock $ 14. 94 per share subject to adjustment.
 notes bear interest 5.75%. 75 % per annum company semi-annual interest payments 2011 notes february august 15.
 redeem 2011 notes redemption price principal plus accrued unpaid interest.
 deferred issuance costs long-term $ 3. 0 million february $ 1. 9 million september 2011.
 2007 notes convertible common stock $ 92. 26 per share subject adjustment.
 2007 notes bear interest 5% % per annum semi-annual interest payments 2007 notes march 19 september 19 year.
 redeemable redemption prices closing price square sublease income leases $ 22718 8156 17290 31852 23621 lease payments $ 288823 $ 38837 $ 58510 $ 308496.
 kendall square
 22718 17290
2009 23683 -8156 12345 27872
 2010 23748 -8156 11307 26899
 2011 23816 -4466 684 20034
 171237 -1747 169736
 lease payments $ 288823 -38837 38837 58510 308496
 vertex pharmaceuticals financial statements.
 december 31 2006 future commitments leases non-cancelable year lease rental expense 2006 $ 26. 7 million $ 9. 5 million.
 2005 $ 20. 4 million 4. 7 million.
 2004 $ 16. 3 million.
 future commitments research development programs.
 2007 2008 $ 1. 1 million $. 6 million.
.
 2004 issued $ 153. 1 million. notes 2011 5% convertible notes 2007.
 issued $ 79. 3 million.75 % convertible notes february 2011 equal 2007 notes.
 2011 identical february 2011.
 convertible common stock $ 14. 94 per share adjustment.
 bear interest 5. 75%. per annum semi-annual interest payments february 15 august 15.
 redeem redemption price equal principal amount accrued unpaid interest.
 deferred issuance costs $ 3. 0 million february 2011 $ 1. 9 million september 2011.
 2007 notes convertible common stock $ 92. 26 per share adjustment.
 2007 notes interest 5% per annum semi-annual interest payments 2007 march 19 september 19.
2007 notes redeemable prices kendall square sublease $ 22718 17290 31852 23621 32103 27872 26899 23816 20034 171237 169736 lease payments 288823 38837 58510 308496


consolidated financial statements 2014 years 2007 2006 2005 purchase price cattle feeding business financed company divestiture not recognized assets liabilities results reflected financial statements 2004.
 september 24 2004 agreement swift foods control ownership $ 300 million assets feedlots live cattle.
 sold feedlots smithfield foods $ 70 million.
 gain $ 19 million net taxes $ 11. 6 million.
 retained live cattle inventory liquidated assets.
 assets liabilities results discontinued operations.
 2007 divestiture nutritional supplement business $ 8. 2 million pre-tax gain $ 6. 2 million $ 3. 5 million after tax.
 gain discontinued operations.
.
 comparative financial results.
 2006 2005
 net sales $ 727. 4131.
asset impairment charge. -240. 9. -59. 4.
 discontinued operations before taxes 92. 5 179. 7 157.
 gain disposal 64. 3 115. 5 26.
 135. 54. 124.
 tax -54. 9. -109. 8. -41.
 discontinued operations tax $ 80. 8. 5 55. 82.
 tax rate discontinued operations higher statutory nondeductibility goodwill divested.
 third 2006 dispose refrigerated pizza business revenues less $ 70 million.
 second quarter 2007 disposed $ 22. million no gain loss.
.
 liabilities balance sheets.
 second quarter 2007 disposal oat milling business $ 35. 8 million