hologic inc.
 financial statements supply chain manufacturing margins.
 combination manufacturing efficiencies research new detector products.
 privately held warstein manufacturing united states.
 purchase price $ 31300 24100 cash 110 shares hologic common stock $ 5300 $ 1900 acquisition fees expenses.
 determined fair value shares eitf issue.
 99-12.
 110 shares contingent put options closing price below threshold.
 put options expired may 2 2007.
 acquisition one-year earn out eur 1700 $ 2000 payable cash 2006 earnings.
.
 purchase price.
 assets may 2 2006 $ 24800
 research development 600
 technology how
 customer relationship 800
 trade name
 deferred income taxes
 goodwill
 estimated purchase price $ 31300
company plan aeg 2019s activities.
 recorded liability $ 2100 eitf issue.
 95-3 termination.
 2007 reduced liability $ 241 goodwill.
 amounts paid september 29 2007.
 acquired minority interest equity securities german company.
 estimated value $ 1400.
 sold proceeds $ 2150.
 difference $ 750 reduction goodwill.
 final purchase price allocations completed year adjustments financial position results.
 no changes purchase price allocation form 10-k 30 2006.
 intangible assets identified valued.
 customer relationship trade name developed technology know how in-process research development identifiable values.
 fair value determined income.
 customer relationship dependency accounts.
 markets products distributors customers.
 trade name.
 developed technology know how


liquidity capital resources december 31 2011 sources included cash equivalents receivables securitization facility revolving credit facility commercial paper financing capital markets.
 $ 1. 8 billion credit facility no borrowings.
.
 outstanding interest receivables securitization facility $ 100 million debt due after one year.
 receivables securitization facility investment grade bond rating.
 liquidity.
 access commercial paper capital market financings market conditions.
 deterioration.
 financial stability.
 issuing bonds credit markets.
 december 31 working capital surplus.
 strong cash position enhanced liquidity uncertain economic environment.
 adequate access capital markets cash requirements sufficient financial capacity current liabilities.
 cash flows 2011.
 operating activities $ 5873 $ 4105 $ 3204
 investing activities
financing -2623 -2381 ( 2381 ) -458 ( 458 )
 change cash cashequivalents $ 131 -764 $ 601
 operating activities higher net income lower tax payments 2011 increased cash.
 tax relief unemployment job creation act 2010 100% depreciation 2011 50% 2012.
 company deferred 2011 income tax expense.
 decreased 2011 tax payments positive cash flow.
 additional cash taxes deferred.
 new accounting standard receivables securitization borrowing decreased cash $ 400 million 2010.
 higher net income cash.
 higher capital investments proceeds asset sales 2011.
 lower proceeds.


2.
 offices boston southborough woburn atlanta cary north carolina mexico sao paulo brazil.
 details.
 location function size property interest
 boston corporate american tower international headquarters 19600
 southborough technology data center 13900
 woburn broadcast 57800
 atlanta accounting 21400
 cary carolina engineering 17500
 mexico 11000
 sao paulo brazil 5200
 facility woburn 163000 square feet.
 57100 square feet lease administration office broadcast division lease remaining unaffiliated tenants.
 15 regional offices tower leasing services.
 facilities.
 office delhi india international business development group london england.
interests in communications sites leases easements licenses rights-of-way government entities.
 tower sites subject to mortgages deeds trust.
 typical tower site compound structure equipment shelters transmitting receiving switching equipment.
 three types of towers guyed self- supporting lattice monopole.
 guyed tower cables.
 heights to 2000 feet.
 to 20 acres.
 lattice tower tapers bottom three or four legs.
 to 1000 feet.
 10000 square feet less than 2500.
 monopole tubular structure space constraints aesthetic concerns.
 heights 50 to 200 feet.
 tower site less than 2500 square feet.


mac os x 10. snow leopard excluded r&d expense 2007 excluded $ 75 million software mac os x leopard iphone.
 r&d expense increased 42% 2008 flat net sales 35% increase revenue.
 investments r&d critical growth new products business strategy.
 expects increase spending r&d.
 expenditures r&d increased 10% $ 70 million $ 782 million 2007 2006.
 due headcount offset less week expenses first quarter 2007 software development costs.
 expenditures increased $ million 27% $ 3. 8 billion 2008.
 due higher stock-based compensation expenses variable selling expenses expansion retail segment.
 higher marketing advertising 2008.
 expenditures increased $ 530 million 22% 2007.
 higher selling expenses expansion retail marketing offset less week expenses.
income expense three fiscal years 2008 increased $ 21 million to $ 620 million 2008 $ 599 million $ 365 million 2007 2006.
 cash equivalents short-term investment balances increased 59% ( 59 % 2008 income expense increased 4% ( 4 % decline average interest rate 3. 44%. %.
 increase higher cash short-term investment balances decline interest rates.
 average interest rate 5. 27%. % 4. 58%. % ) 2007 2006.
 no debt interest expense.
 effective tax rates 30% ( % 2008 2007 29% 2006.
 differ from statutory federal income tax rate 35% ( 35 % undistributed foreign earnings.
 deferred tax assets $ 2. 1 billion before against deferred liabilities.
 forecasted income.
interest $ 653 647 394
 -33 -48
 expense $ 620 $ 599 $ 365


.
 brokerage receivables payables citi has for financial instruments from brokers dealers customers.
 to risk loss pay deliver at market prices.
 credit risk broker.
 margin collateral.
 margin levels monitored daily deposit additional collateral.
 citi may liquidate financial instruments.
 credit risk impacted by market volatility.
 credit limits monitored for customers brokers dealers.
 brokerage receivables payables.
 millions december 31 2016 2015
 receivables from customers $ 10374 $ 10435
 brokers dealers 18513 17248
 receivables $ 28887 $ 27683
 payables to customers $ 37237 $ 35653
 brokers dealers 19915 18069
 payables $ 57152 $ 53722
brokers dealers 18069 brokerage payables $ 57152 53722 receivables payables citi broker dealer aicpa accounting guide.


graph shows five-year stockholder return common stock 28 2007 2012.
 compared standard 500 stock index rdg semiconductor composite index.
 assumes $ 100 invested october 28 2007 stock reinvestment dividends.
 amounts rounded nearest dollar.
 represents past future.
 5 year return materials. s&p 500 index semiconductor composite index $ 100 invested 10/28/07 reinvestment dividends.
 month-end.
 mcgraw-hill companies.
.
 10/28/2007/26/2008 10/25/2009/31/2010 10/30/2011 10/28/2012
.
 500.
 semiconductor composite.
 2012 board directors declared three quarterly cash dividends $ 0. 09 per share one dividend $. 08 per share.
2011 board declared three dividends $ 0. 08 one $ 0. 07.
 2010 three $ 0. 07 one $ 0. 06.
 dividends 2012 2011 2010 $ 438 million $ 408 million $ 361 million.
 dividends financial condition capital requirements business conditions stockholders.
 10/28/07 10/26/08 10/25/09 10/31/10 10/30/11 10/28/12.
 s&p 500 rdg semiconductor composite


responsible parties technology laws regulations.
 ultimate liability remediation difficult cost sharing contamination data speculative remediation costs.
 current obligations operations financial condition liquidity.
 incidents.
 third-party actuaries expense liability.
 federal employers 2019 liability act compensation work-related accidents.
 damages assessed fault settlements.
 services rehabilitation programs injured.
 annual expenses personal injury $ 240 million 2006 $ 247 million 2005 $ 288 million 2004.
 accrued liabilities $ 631 million $ 619 million future injury costs $ 233 million $ 274 million current liabilities.
 injury liability discounted value.
 rates.
 87% liability asserted 13% 13 % unasserted claims.
 vary.
 injury claims activity 2006 2005 2004.
claims 4197 4028 4085
 4190 4584 4366
 settled dismissed -4261 4261 -4415 -4423
 december 31 4126 4197 4028
 industry capital intensive.
 properties cost.
 depreciation computed straight-line method estimated service lives property.
 annual percentage rate.
 report three years equipment six years road.
 cost salvage depreciable property retired replaced charged accumulated depreciation no gain loss recognized.
.
 cost software capitalized amortized five-year period.
 capital spending increased value depreciable assets.
 $ 2. billion december 31 2006.
 depreciation expense $ 1. 2 billion.
 estimate lives.
 variances financial statements.
 lives increased annual depreciation expense $ 43.
estimated lives decreased year annual depreciation expense $ 45 million.
 income taxes 2013 statement.
 taxes current deferred tax assets liabilities future tax financial statements.


totaled $ 292. 3 million $ 190. 5 million year-over-year increase driven by earnings growth.
 hedge long-term investment exposures.
 use foreign exchange contracts for speculative trading exchange rates.
 review hedging program assess need financial instruments hedge currency.
 use foreign exchange options forward contracts hedge revenue euros pounds yen.
 reduce risk earnings by exchange rates.
 foreign exchange contracts maturities one twelve months.
 not speculative.
 record changes value cash flow hedges in until forecasted transaction occurs.
 reclassify gain loss to revenue.
 reclassify interest income.
 fiscal year ended november 30 2018 no net gains losses in income hedges of forecasted transactions.
hedging foreign currency assets liabilities contracts reduce risk earnings cash flows exchange rates.
 contracts fair value recorded interest.
 balance sheet risk exchange rate gains losses offset.
 30 hedging derivatives maturities 180 days or less.
.
 interest rate risk short-term investments debt securities short-term investments $ 1. 59 billion.
 changes interest rates affect market value.
 table separates investments maturities exposure interest rates.
 one year 612.
 one two years.
 three years.
 after three years.
 1586.
 sensitivity analysis investment portfolio november 30 2018.
 hypothetical changes market value shift yield curve.


capital resources liquidity generated via earnings businesses.
 augmented through common stock convertible preferred stock subordinated debt equity employee benefit plans.
 capital used assets absorb market credit operational losses.
 uses dividends repurchase common stock restricted during 2008.
 2013 programs equity pages 2 9 44 47 95.
 citigroup capital management framework sufficient capital risk profile regulatory standards guidelines external rating agency considerations.
 overseen by senior management reviewed at consolidated legal entity country level.
 through finance asset liability committee.
 decision-making.
 financial structure asset levels return hurdles funding capital markets plan interest-rate risk corporate bank liquidity impact currency translation.
 earnings capital.
 capital targets for citigroup subsidiaries.
december 31 2008 targets exceeded regulatory standards.
 preferred stock company issued $ 45 billion preferred stock warrants $ 12. 5 billion convertible $ 11. 7 billion non $ 3. 2 billion $ 4. 9 billion common stock.
 january 23 2009 $ 12. 5 billion conversion price reset $ 31. 62 share $ 26. 35 share.
 79 million additional common shares.
 no impact net income equity capital ratios.
 retained earnings additional paid-in capital $ 1. 2 billion.
 risk-based capital ratio guidelines federal board.
 1 total capital.
 1 debt loan loss reserves.
 risk-weighted assets.
 unfunded foreign exchange contracts.
 subject leverage ratio requirement tier 1 capital.
capitalized federal bank tier 1 capital ratio 6% total capital ratio 10% leverage ratio 3% not frb directive capital levels.
 citigroup maintained 201cwell capitalized 201d position 2008 2007.
 capital ratios.
 1 capital 11. 92%. 92 %. 12%. 12 %
 total capital 1 2.
.
. 1 capital.
 events 2008 transactions.
 citigroup capital ratios.
 involvement impact capital ratios.
 future operations affect capital off-balance-sheet assets consolidation sale treatment capital ratios.
 note 23 consolidated financial statements liquidity facilities subordinate interests.


goldman sachs group.
 subsidiaries financial lending.
 commitments extended investment-grade non-investment-grade corporate borrowers.
 operating liquidity corporate purposes.
 extends contingent acquisition financing corporate lending commercial real estate financing.
 short-term.
 sumitomo mitsui financial group.
 provides credit loss protection commitments investment-grade.
 $ 25. 70 billion $ 26. 88 billion december 2017 2016.
 loss protection limited 95% first loss $ 950 million.
 protection 70% additional losses maximum $ 1. 13 billion $ 550 million $ 768 million 2017 2016.
 uses financial instruments mitigate credit risks.
 credit default swaps market index.
 warehouse financing.
 assets.
 secured retail corporate loans.
contingent starting collateralized agreements resale securities borrowing repurchase secured lending three business days.
 contingent financing resale agreements.
 funding depends contractual conditions expire unused.
 banks securities cash collateral margin deposit requirements.
 investment private equity real estate assets funds.
 commitments $ 2. 09 billion $ 2. 10 billion 2017 2016.
 funded market value.
 obligations long-term lease agreements office space expiring through 2069.
 escalation real estate taxes.
 future minimum rental payments sublease rentals.
.
 299 2019 282
 2020 262
 2021 205
 2022 145
 2023 operating expenses $ 273 million 2017 $ 244 million 2016 $ 249 million 2015.


discount brent narrower 2013 2012 2011.
 increase.
 production light sweet crude oil relationship pricing future.
 liquid hydrocarbon sales ngls unconventional liquids-rich plays.
 15 percent north america e&p hydrocarbon sales 2013 10 percent 2012 7 percent 2011.
 production.
 sold bid-week prices.
 prices 31 percent higher 2013.
 oil production sweet sold brent crude benchmark 3 percent lower 2013 2012.
 major-producing regions.
 prices higher.
.
. sales subject term contracts less volatile.
.
 fixed international e&p natural gas prices not track market price movements.
 sands mining crude oil.
 impacted operational problems outages.
 two-thirds output tracked wti one-third canadian heavy crude oil.
 discount to wti increasing.
wcs discount 2013 oil sands mining price realizations increased value synthetic crude oil sales 2012.
 operating cost structure fixed costs operation continue production downtime.
 per-unit costs sensitive production rates.
 variable costs natural gas diesel fuel markets oil prices.
 table benchmark prices revenues variable costs.
 2013 2012
 crude oil bbl $ 98. $ 94. $ 95.
 $ 72.
 natural gas sales index mmbtu $ 3. $. $
. natural gas sales index. monthly pricing differentials.
 index.


26 100 calculation adjusted net earnings.
 millions share 2010 2008
 net earnings ball corporation $ 468. $ 387. $ 319.
 discontinued operations tax.
 business consolidation activities.
 gains equity earnings tax.
 gain dispositions tax.
 debt refinancing costs.
 adjusted net earnings $ 433. $ 372. 337.
 diluted share operations $ 2.
 diluted share.
 debt refinancing december 31 2010 increased $ 216. 1 million $ 2. 8 billion 2. 6 billion 2009.
 replaced credit facilities 2011 2015.
 variable rates $ 200 million loan.
 dollars million british sterling million euros.
 multi-currency long-term revolving $ 850 million french multi $ 150.
 revolving credit facilities expire 2015.
 issued $ 500 million 5. 75 percent notes may 2021.
 proceeds purposes.
 2010 issued $ 500 million 6. 75 percent notes 2020.
 redemption $ 509 million. 875 percent 2012 price. 146 percent principal interest.
 april 21 2010 $ 8. 1 million premium unamortized financing costs.
 earnings.
 $ 976 million-currency revolving credit facilities.
 $ 20 million 52 million.
 372 million short-term uncommitted $ 76. 2 million outstanding due $ 175 million borrowings receivable securitization program.
 renewed receivables sales agreement one year.
 $ 125 million january april $ 175 million.
 december 2015 liquidity strong cash flow debt service.
recent financial conditions concerns credit risk company risk.
 credit ratings suppliers customers lenders.
 compliance loan agreements met debt obligations.
.
 agreements credit industrial bond agreements restrictions dividends investments financial ratios guarantees indebtedness.
 details debt receivables notes 12 6 consolidated financial statements 8.


part iii item 10.
 directors executive officers corporate governance.
 section 406 sarbanes-oxley act 2002 adopted code ethics senior financial officers principal executive officer financial officer accounting officer controller.
 available website. hologic
 disclosure item 5. report form 8-k amendment waiver website.
 additional information proxy statement annual meeting stockholders commission 120 days fiscal year.
 item 11.
 executive compensation.
.
 item 12.
 security ownership management.
 equity compensation plans employees officers directors.
 table fiscal year 27 2008 shares common stock stock option plans equity incentives approved.
 securities exercise price adjusted two-for-one stock splits november 30 2005 april 2 2008.
equity compensation plan securities options warrants rights future approved holders.
.
.
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.
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.
.
.
.
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.
.
. 19977099 equity compensation plans approved security holders
.
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.
 securities issued options warrants rights warrants future compensation plans equity compensation plans approved security holders.
 not approved holders.
 15953695.
 1997 employee equity incentive.
.
1997 employee equity incentive plan adopted board 1997 attract retain employees consultants advisors incentive assist performance goals enable participate long-term growth.


american tower corporation subsidiaries allocation purchase price finalized 31 2012.
 table summarizes purchase consideration assets acquired liabilities assumed estimated fair value date acquisition purchase price allocation.
 non-current assets $ 2
 property equipment 3590
 intangible assets 1062
 non-current liabilities
 net assets acquired $ 4563
 goodwill
 customer-related intangibles $. 4 million network location intangibles $. 7 million.
 amortized 20 years.
 goodwill deductible tax.
 allocated international rental management segment.
 2011 agreement.
.
. 2126 communications sites $ 182. million.
 december 2011 2012 1526 $ 136. million contingent consideration $ 17. 3 million post-closing adjustments.
 millicom international.
201cmillicom non interest atc infraco.
 required additional payments conversion barter cash lease agreements.
 estimates contingent payments $ 32. 8 million estimated $ 17. 3 million december 31 2012.
 recorded reduction fair value $ 1. 2 million included operating expenses consolidated statements.


item 5 2014market 2019s common equity.
 common stock traded new york stock exchange symbol 2018.
 tables high low sale prices common stock.
.
 2001 first quarter high $ 60. low $ 41. 2000 quarter high $ 44. low 34.
 quarter 52. 25 39.
 third quarter 44. 70
 fourth quarter 17. 72. 81
.
 march 2 2002 9967 holders common stock value $ 0. 01 per share.
 dividends.
 corporate revolving loan credit $ 850 million limited cash dividends.
 precluded paying cash dividends common stock guaranty utility net worth liquidity tests.
.
 subsidiaries pay cash dividends limitations project loans governmental provisions agreements.
limitations permit payment cash dividends cash quarterly semiannual after principal interest project loans debt service reserves.


management estimate possible loss unfavorable outcome in tobacco-related cases management provided amounts financial statements for unfavorable outcomes.
 legal defense costs expensed.
 altria group.
 subsidiaries success managing litigation.
 subject to uncertainty challenges remain.
 possible consolidated results operations cash flows financial position. affected by unfavorable outcome litigation.
.
 subsidiaries believe valid defenses bases for appeal adverse verdicts.
 defended against litigation challenges.
 altria group.
 subsidiaries may enter settlement discussions if.
.
.
usa tobacco-related litigation types claims tobacco smoking health cases personal injury plaintiffs personal injury court- supervised programs medical claims health care cost recovery cases governmental plaintiffs reimbursement health care expenditures cigarette smoking disgorgement profits class action suits 201clights deceptive unfair trade practices fraud unjust enrichment breach warranty violations racketeer corrupt organizations act other tobacco litigation.
 theories recovery defenses smoking recovery 201clights lights 201d cases.
 table lists tobacco-related cases united states against pm usa altria group.
 2014 2013 2012.
 smoking health cases 67 77 class actions aggregated litigation 5 6 7 health care cost recovery actions 1.
case 31 2014 2013 31 2012
 smoking health cases 67
 smoking health class actions claims litigation 5 6 7
 health care cost recovery actions
 class actions
 include 2558 cases flight attendants compensatory damages injuries environmental tobacco smoke.
 flight attendants members ets smoking health class action florida settled 1997.
 lawsuits punitive damages.
 include smoking health cases plaintiffs florida state federal courts decertification engle case.
 includes 600 civil actions 346 against pm usa west virginia.
 virginia supreme court appeals constitution preclude trial two phases.
 issues conduct punitive damages first.
 trial began april 2013.
2013 jury design defect negligence failure warn breach warranty concealment declined damages.
 plaintiffs ventilated filter cigarettes instructions 1964 1969.
 second phase trials liability damages.
 2013 trial court denied motions.
 judgment october 2013 november plaintiffs appeal west virginia.
 2014 affirmed judgment.
 rehearing denied january 8 2015.
 health care cost recovery litigation government lawsuit.
 altria group.
 financial statements.


tower corporation subsidiaries financial statements 2014 leases lease agreements vary industry.
 television radio broadcasters prefer long-term leases wireless communications providers five ten years.
 leases renewal options.
 escalation clauses leases straight-lined term.
 future minimum rental receipts lease agreements december 31 2002.
 2003 $
 2004 439959
 2005 409670
 2006 363010
 2007 303085
 1102597
 $ 3077509
 acquisition commitments tower assets $ 74. million.
 acquisitions properties no agreements.
 build-to-suit agreements construction tower sites.
 obligated construct 1000 towers five 650 mexico 350 brazil three years.
 renegotiating agreements reduce commitment no assurance.
 wholly owned subsidiary american radio systems spin-off 1998.
june 4 , 1998 merger american radio cbs corporation consummated.
 outstanding shares common stock american radio distributed stockholders company ceased subsidiary american radio.
 company independent publicly traded company.
 agreed reimburse cbs tax liabilities incurred american radio.
 tax liabilities determined paid company.
 obligated under tax indemnification agreement cbs until june 30 , 2003.
 internal revenue service auditing tax returns cbs.
 additional tax liabilities reimburse cbs.
 anticipate estimate potential additional tax liabilities material financial position.
 not aware material obligations tax indemnity as december 31 , 2002.
 no amounts consolidated financial statements indemnification.


installment notes $ 4. 8 billion $ 400 million paper promissory notes.
 international paper not primary benefi ciary consolidate investments.
 acquired $ 4. 8 bil lion paper debt securities $ 5. 2 billion debt obligations december 31 2006.
 paper offset obligations offset $ 5. billion $ 5. billion debt obligations 2007.
 interests two financing entities 2002 2001.
.
.
 meet capital expenditures service debt working capital dividend requirements cash.
 $ 2. 5 billion bank credit agreements cash flow variability.
 interest rates floating rate index pre margin credit rating.
 $ 1. 5 billion revolving bank credit agreement expires march 2011 facility fee. payable quarterly.
 $ 1.billion commercial financ receivables securitization program expires october 2009 facility fee 0. 10%.
 december 31 2007 no borrowings bank credit agreements securitization program.
 debt capital markets long-term funding.
 guided structure planning objectives.
 maximize financial flexibility preserve liquidity interest expense.
 debt accessed global public capital markets.
 debt covenants.
 minimum net worth $ 9 billion maximum debt to capital ratio 60%.
 investment grade credit rating.
 long credit ratings bbb.
 short-term credit ratings s&p moody a-2 p-3.
 contractual obligations future payments debt lease commitments purchase obligations millions 2008 long-term debt $ 267 $ 1300 $ 1069 $ 396 $ 532 $ 3056 obligations right offset 2013.
millions 2008 2009 2010 2011 2012
 maturities long-term debt $ 267 $ 1300 1069 396 532 3056
 right offset 2013 5000
 lease 136 116 101 84 67
 purchase obligations 1953 294 261 235 212 1480
 $ 2356 $ 1710 $ 1431 $ 715 $ 811 9628
 scheduled principal payments.
 obligations non-consolidated entities paper offset investments.
 paper $ 5. billion interests. obligations.
 $ 2. 1 billion fiber supply agreements transformation plan.
 unrecognized tax benefits $ 280 million.


financial information common stock performance graph compares investment 2019s common stock december 26 2008 through december 31 2013 s&p 500 index financials index.
 $ 100 invested december 26 2008 dividends reinvested without commissions.
 past performance not future performance.
 goldman sachs group.
&p 500 financials shows cumulative returns common stock 500 index five $ 100 invested 26 2008 dividends reinvested without commissions.
 performance past performance future performance.
/31/09/31/11
 goldman sachs group. $ 100. $ 224. 226. 19 123. 176. 42 $ 248. 36
 s&p 500 index 100. 130. 150. 153. 178. 236.
 s&p 500 financials index. 124. 38 139.115. 148.
 sachs 2013


kinder morgan  inc.
 form 10-k registrant filed reports section 13 15 d securities exchange act 1934 preceding 12 months subject filing requirements past 90 days.
 submitted electronically posted corporate website interactive data file rule 405 regulation s-t preceding 12 months.
 disclosure delinquent filers item 405 regulation not contained statements iii form 10-k.
 registrant large accelerated filer non filer smaller reporting company rule 12b-2 securities exchange act 1934.
 company rule 12b-2 securities exchange act 1934.
 june 30 , 2010 registrant privately held company market value common equity nonaffiliates zero.
 february 16  2011 shares common stock outstanding.
 class a 597213410
 class b 100000000
 class c 2462927
p common stock 109786590
 february 2011 public offering kinder morgan. delaware liability company holdco llc unitholders stockholders kinder morgan.
 public offering.
 consolidated financial statements data kinder morgan holdco llc subsidiaries conversion.
 wholly subsidiary. changed name kinder morgan kansas.


consolidated financial statements jpmorgan chase. annual report 168 nonrecurring fair value changes change financial instruments adjustment statements years december 31 2009 2008 2007.
.
 millions
 loans retained $ -3550 -1159 $ -218 (
 loans held-for-sale -389 -502
 loans -3939 -3887 -720 (
 assets -104 -685 -161
 accounts payable liabilities -285
 nonrecurringfairvalue gains losses -4012 -4857 4857 -879
 accounts payable liabilities nonrecurring gains losses write-downs delinquent mortgage home equity loans underlying collateral change fair value leveraged lending loans.
 unfunded lending commitments leveraged lending portfolio.
level 3 assets 6% firm assets 2009 2008.
 $ 130. 4 billion 2009 decrease $ 7. 3 billion 2009 2022 decrease $ 6. 3 billion derivative receivables credit spreads.
 transfers 3 $ 41. 3 billion credit receivables $ 17. 7 billion single-name cds.
 fair value receivables $ 22. 1 billion 2009.
 payables $ 12. 5 billion 2009.
 offset receivables.
 2022 decrease $ 3. 5 billion loans sales leveraged loans transfers level 2 increased price transparency.
 held-for-sale nonre.
 2022 decrease $ 6. 3 billion trading assets 2013 debt equity loans residential sales markdowns transactions hedge funds.
declines offset transfer 3 notes lower liquidity pricing increases fair value.
 increase $ 6. billion msrs fair value market interest rate future pre payments sales loans.
 offset portfolio runoff.
 increase $ 1. 9 billion accrued interest credit card securitization.
 $ 11. 4 billion losses derivatives credit spreads.
 losses trading equity instruments $ 671 million $ 2. 1 billion residential commercial loans gains $ 1. 4 billion value.
. $ 5. billion gains msrs.
 $ 1. 4 billion losses liabilities volatility equity markets.
 losses $ 12. billion mortgage transactions auction-rate securities.
 losses $ 6. billion.
 3. billion leveraged loans.
 gains $.billion derivatives credit rate curves.
 gains. 5 billion fixed income commodities markets.
 private equity losses 638 million.
 note 17 pages 223.


table summarizes weighted-average ordinary shares basic diluted earnings calculations.
 millions 2016 2015 2014
 basic shares 95. 8. 96.
 incentive stock plans.
 diluted shares 96. 97.
 december 31 2016. 6 million stock options excluded diluted shares anti-dilutive.
 involved litigations claims administrative proceedings environmental product warranty matters.
 contingent liabilities estimates reviewed periodically adjusted information.
 uncertainties believes liability financial condition operations liquidity cash flows.
 dedicated program hazardous materials manufacturing remediate environmental concerns.
 site investigations remediation environmental cleanup operations.
 evaluates remediation programs considers alternative methods regulatory changes.
 changes increased expenses environmental reserves.
company party to environmental lawsuits received notices violations.
 environmental protection agency state authorities.
 identified potentially responsible party for cleanup costs off-site waste disposal federal superfund state remediation sites.
 involvement minimal.
 liability bear entire cost remediation.
.
 additional lawsuits claims likely arise.
 incurred $ 23. 3 million $ 4. 4 million $ 2. 9 million expenses 2016 2015 2014 for remediation sites owned leased.
 fourth 2016 launched alternative approach remediate two sites.
 regulatory requirements.
 recorded $ 15 million charge for environmental remediation fourth quarter.
 costs.
 reserves $ 30. 6 million $ 15. 2 million.
 total reserve $ 9. 6 million $ 2. 8 million remediation sites.
reserves accrued expenses expected term.
 reserve 2016 2015 $ 6. 1 million $ 3. 7 million remainder noncurrent.
 evolving environmental laws technology cost future compliance uncertain.
 accruals recorded sale estimated terms experience.
 assesses adjustments information.


2006 entities acquired $ 4. 8 billion international paper debt obligations $ 5. 2 billion 31.
 agreements international paper offset investments.
 offset $ 5. 2 billion interests against $ 5. 3 billion obligations 2014 2013.
.
 borrowings $ 50 million $ 67 million 2013 floating rate notes due 2014 2019.
 additional debt $ 107 million $ 79 million short-term notes.
 facilitated monetization borrowing capacity interest rate offset accounting treatment.
 preserved tax deferral 2006 forestlands sales.
 $ 1. 4 billion deferred tax liability settled maturity third quarter 2016.
 2011 2012 credit ratings banks $ 1. 5 billion downgraded below.
 replaced institutions.
 fees $ 10 million incurred.
2012 additional letter credit bank $ 707 million timber notes downgraded below threshold.
 company third-party member agreed replacement waiver letters credit terminable 30 days notice.
 activity entities.
 millions 2014 2013 2012
 revenue loss $ 38 $ 45 $ 49
 expense 72  79 90
 cash receipts 22 33 36
 cash payments 73 84 87
 net expense company interest entities included.
 cash receipts equity distributions paper.
 semi-annual payments related interest debt obligations.
 international paper not primary beneficiary not consolidate investments.
 source variability value timber notes impacting economic performance.
 credit quality timber notes supported irrevocable letters credit third-party 100% cash collateralized.
 international paper not primary beneficiary.
company exposure loss equals timber notes analysis concluded remote.
 international paper interests financing entities long-term notes 2002.
 transferred cash $ 500 million interests no gain loss.
 entities acquired $ 500 million paper debt obligations cash.
 capital contributions financial support 2014 2013 2012.
 $ 252 million 2002 monetized notes matured.
 cash receipts debt obligations.
 liquidated interest 2002 financing entities.
 two special purpose entities wholly-owned subsidiaries.


debt stock issuances entergy texas require regulatory approval.
 subject to tests bond agreements.
 capacity capital needs.
 receivables money pool december 31.
 2017 2016 2015 2014
 22068 306
 note 4 financial statements.
 entergy texas credit facility $ 150 million august 2022.
 letters credit against $ 30 million borrowing capacity.
 december 31 2017 no cash borrowings $ 25. million letters of credit outstanding.
 party uncommitted letter of credit facility.
 $ 22. 8 million letter of credit outstanding.
 note 4.
 authorizations october 2019 for short-term borrowings $ 200 million long-term borrowings security issuances.
 4-term borrowing limits.
.
subsidiaries management financial discussion analysis rate regulation fuel-cost recovery entergy texas influence financial position results liquidity.
 regulated rates determined regulatory proceedings.
 puct responsible approval rates.
 2011 entergy texas $ 112 million rate increase. 6%. return common equity adjusted june 2011 test year. proposed purchased power recovery rider. 2012 puct baseline. april 2012 staff base rate increase $ 66 million 9. 6%. return common equity. evaluating recovery power defer transition expenses. april 2012 rebuttal testimony request $ 105 million base rate increase. hearing late-april early-may 2012.
 2012 order $ 28 million rate increase july 2012. return common equity 9. 80 percent opportunity return invested capital.order depreciation storm reserve accrual. reduced power costs reduced assets hurricane rita excluded compensation included $ 1. 6 million transition expense reduced fuel reconciliation recovery $ 4


dispositions depreciable real estate assets excluded discontinued operations recorded gain sale $ 190. 0 million 2015 increase $ 147. 3 million from $ 42. 6 million gain 2014.
 increase increased disposition activity.
 increased eight to 21 2015.
 gain real estate joint ventures $ 6. 0 million no gain loss.
 decrease $ 3. 4 million gain disposition ansley village mid-america multifamily fund ii $ 2. 8 million gain promote fee partner.
 performance metrics management.
 no gains 2015.
 discontinued operations gain on sale $ 5. 4 million.
 gain loss sale adoption 2014-08 reporting discontinued operations disposals gain.
 net income attributable noncontrolling interests $ 18. 5 million increase $ 10. 2 million from 2014.
increase consistent with net income items discussed.
 income increased $ 184. million 2015 from 2014.
 comparison segment break down 2014 portfolios.
 2015 portfolio merger.
 property revenues table shows property revenues by segment 2014 2013.
 large market same store $ 252029 $ 241194 $ 10835 4. 5%.
 secondary market same 246800  242464 4336 1. 8%.
 store portfolio 498829  483658 15171 3. 1%.
 non-same store 493349 151185 342164 226. 3%. 3 %
 $ 992178 $ 634843 $ 357335 56. 3%.
 mid-america apartment 10-k revision 1 <12345678 march 20 2016 job number 304352-1.


company believes decrease $ 8 million income tax benefits federal state foreign items 12 months statutes limitations uncertain tax positions settled.
 decrease $ 14 million tax benefits foreign items 12 months.
 difficult estimate timing resolution.
 company conducts business globally files income tax returns united states federal state foreign jurisdictions.
 subject examination taxing authorities.
 table summarizes tax years open jurisdictions.
 united states 2015-2017
 india 2006-2018
 japan 2013-2017
 kingdom
 switzerland
 operates more legal entity different open years examination.
.
 tax years not closed until statute limitations expires.
 statute limitations extend beyond.
 tax audits ongoing.
 income tax liabilities recorded additional taxes audits.
 experience updated changes facts.
uncertain income tax regulations resolution audits liabilities different estimates.
 company record additional income tax expense benefit resolution.


baker hughes financial statements 2017 form 10-k awards lti plan annual meeting 2027.
 53. 7 million shares common stock available december 31 2017.
 acquisition july 3 2017 stock option converted purchase common stock.
 issued 6. 8 million stock options fully vested.
 same terms conditions original per share price reduced $ 17. 50 special dividend.
 1. 7 million restricted stock units converted to bhge rsus fair value $ 40. 18.
 stock-based compensation cost measured value period.
 reduced cost estimated forfeitures historical forfeiture rates.
.
 no stock-based compensation costs capitalized.
 december 31 2017 issued 2. 1 million 1. 6 million stock options plan.
 vest equal three-year vesting period employee employed.
stock compensation expense $ 37 million 2017.
 $ 15 million equity awards baker hughes employees costs statements income.
 bhge llc entity tax benefit recognized partners.
 tax benefit stock expenses.
 value estimated black-scholes option pricing model.
 average assumptions.
 expected life.
 vesting contractual term.
 volatility historical volatility five competitors six year period.
 risk-free interest rate.
 treasury yield curve.
 dividend yield five year history dividend payouts.
 risk-free interest rate 2. 1%.
 volatility. 4%.
 dividend yield. 2%.
 fair value per share grant date $ 12.


.
 cna corporation regulatory limitations emergency economic stabilization act 2008.
 333.
 wabash avenue chicago illinois home office cna insurance subsidiaries.
 owns leases office space cities states countries.
 office buildings location 333.
 wabash avenue 803728 offices chicago illinois 401 penn street reading pennsylvania lucien maitland florida street new york avenue honolulu hawaii.
 avenue sioux falls south dakota.
 street dallas texas avenue brea california.
 road cranbury new jersey 4267 meridian parkway aurora illinois leases office space chicago.
 diamond offshore drilling.
.
offshore drilling rigs offshore oil gas wells.
 owns 47 offshore rigs.
 accounted 25. 9%. 26. consolidated revenue 2009 2008 2007.
 owns operates 32 semisubmersible rigs 13 high specification 19 intermediate.
 rigs upper working living deck vertical columns lower hull.
 operate-submerged position lower 55 feet to 90 feet below water line upper deck protrudes above surface.
 rigs anchored stable wave transparency characteristics.
 held computer controlled thruster system.
 five rigs fleet capability.
 water depths 4000 feet harsh environments advanced features.
 january 25 2010 seven of 13 high specification semisubmersible rigs ocean courage.
 gulf of mexico.
diamond offshore two rigs brazil third.
.
 333. wabash avenue chicago illinois offices
 401 penn street pennsylvania
 2405 lucien way maitland florida
 wall street new york
 1100 ward avenue honolulu hawaii
 101. phillips avenue sioux falls south dakota
 600. pearl street dallas texas
 placentia avenue california
 1249. river road cranbury new jersey
 4267 meridian parkway aurora illinois
.
 emergency economic stabilization act 2008.
 333.
 wabash avenue building chicago illinois home office subsidiaries.
 leases office space states countries.
 office buildings location feet usage.
wabash 803728 chicago illinois 401 penn street 171318 reading pennsylvania 2405 lucien way 121959 maitland florida 40 wall street 107927 new york 1100 ward avenue honolulu hawaii.
 phillips avenue 83616 sioux falls south dakota 600.
 pearl street 70790 dallas texas 675 placentia avenue 63538 brea california 1249.
 river road cranbury new jersey 4267 meridian parkway 46903 aurora illinois leases space chicago illinois pennsylvania.
 offshore drilling.
.
 rigs oil gas.
 owns 47 rigs.
 25. 9%. revenue 2007.
 operates 32 semisubmersible rigs 13 high 19 intermediate.
.
rigs operate-submerged position afloat lower 55 feet to 90 feet below water line upper deck protrudes above surface.
 rigs anchored stable drilling wave transparency.
 held computer controlled thruster-positioning system position.
 five rigs diamond offshore fleet capability.
 water 4000 feet or greater harsh environments advanced features.
 january 25 2010 seven of 13 high specification rigs.
 gulf of mexico.
 two rigs offshore brazil third brazil.


1b.
 unresolved staff comments.
 2.
.
 corporate co-headquarters pittsburgh pennsylvania chicago illinois.
-headquarters executive offices.
 business units administrative finance human resource functions.
 maintain owned leased offices regions.
 manufacture products manufacturing processing facilities.
 december 31 2016 operated 87 manufacturing facilities.
 own 83 lease four.
 facilities.
 leased united states
 canada
 world
 maintain manufacturing processing facilities good condition.
 co-manufacturing arrangements third parties production.
 fourth quarter 2016 reorganized segment structure business.
 reflected change table.
.
 current manufacturing processing facilities closed next year.
 restructuring.
.
.
 involved legal proceedings claims governmental inquiries inspections.
april 1 2015 commodity futures trading commission filed complaint against mondel 0113z international kraft foods. kraft.
 northern district illinois december 2011 wheat futures contracts.
 complaint alleges mondel 0113z international kraft manipulated wheat markets 2011 violated position limit wheat futures non trades both sides wheat contracts.
 activities arose october 1 2012 spin-off kraft business owned mondel 0113z.
 separation distribution agreement kraft september 27 2012 governs allocation liabilities mondel kraft 0113z international costs monetary penalties payments.
 financial condition results operations business.
 costs.
.
 safety disclosures.
 not applicable.


.
 company resolved five eight lawsuits believes adequate insurance remaining.
 settlement financial statements.
 2009 third quarter environmental site remediation action submitted epa feasibility study.
 select remedial action alternative for public comment.
 final remedial action accrued 2009 estimate minimum costs.
 remediation plan costs higher.
 exterior siding roofing litigation established reserves settlement three nationwide class action lawsuits against masonite corp.
 settlements relate to exterior hardboard siding omniwood siding woodruf roofing.
 hardboard required by january 15 2008 omniwood woodruf jan 6  2009.
 table analysis total reserve activity hardboard omniwood woodruf settlements years december 31 2009 2008 2007 millions.
 balance december 31 2006 $ 124
december 31 2007 46
 provision 82
 payments -87
 31 2008 41
 payments -38 (
 december 31 2009 $ 3
 reserve balance december 31 2009 settlement claims.
 involved inquiries litigation contracts sales intellectual property environmental safety tax personal injury labor employment monetary damages.
 outcome financial statements.
 12 variable interest entities 2006 sale 5. 6 million acres forestlands international paper received timber $ 4. 8 billion.
 payments august 2016 supported irrev ocable letters credit buyers.
 2006 contributed timber notes class b interests.
 contributed $ 200 million class a interests $ 400 million promissory notes sold class a interest third party investor.
december 31 2006 international paper held b interests borrower investor entities valued $ 5. 0 billion.
 no obligation further capital contributions provide financial support during 2009 2008 2007.
 analysis paper not primary beneficiary


hologic inc.
 financial statements failure develop new products enhancements harm results financial condition.
 risks business merger factors item 1a form 10-k year september 29 2007.
 preliminary purchase price allocation $ 3895100.
 strategic synergistic benefits combination.
 products technologies leading women healthcare company enhanced presence hospitals private practices healthcare organizations.
 synergies ob/gyn breast surgeon sales channel cross products.
 merger provides broader channel coverage expanded reach increased scale scope operations product development transactions.
 information consolidated results operations acquisitions 2007 adjustments amortization intangible assets interest expense acquisition financing adjustments tax effects.
 thousands
 net revenue $ 1472400
 net income $ 62600
 per share.
.
$ 368200 charge for research development transaction excluded from unaudited pro forma information.
 results not indicative of results acquisitions cytyc.
 board directors hologic cytyc approved modification equity awards for cytyc employees.
 acceleration vesting close merger.
 stock compensation charges.
 october 22 2007 senior secured credit agreement with goldman sachs credit partners.
 other lenders.
 lenders committed provide senior secured financing up to $ 2550000.
 closing merger company borrowed $ 2350000.


issuer purchases equity securities table purchases three months december 31 2013 equity securities registered section 12 exchange act total number shares purchased average price paid per share plans programs dollar value shares.
 price paid share dollar value
 october 2013 781118739
 november 2013 1191867. 664123417
 december 2013 802930. 580555202
 1994797 $ 100.
 2013 april 2013 board replaced share repurchase authorization $ 1 billion authorization $ 1 billion expiring june 30 , 2015.
 shares purchased prices open market block purchases privately-negotiated transactions subject regulatory restrictions.
 february 1  2014 remaining authorized amount approximately $ 580 million.
.1 million shares.


undeveloped reserves 31 2013 627 reported increase 56 2012.
 table shows 2013.
 571
 revisions estimates 4
 improved recovery 7
 purchases 16
 extensions additions 142
 dispositions -4
 transfer -109
 end year
 additions reserves 72 eagle ford 49 bakken drilling.
 transfers 57 eagle ford 18 bakken 7 oklahoma basins.
 costs 2013 2012 2011 $ 2536 million $ 1995 million $ 1107 million.
 59 mmboe booked technology.
 statistical analysis decline curve analysis rate transient analysis reservoir simulation volumetric analysis.
 reservoir continuity certainty criteria booking reserves.
 projects five compression.
 627 reserves 2013 24 percent volume projects more five years.
 majority related compression project.
sanctioned by board 2004.
 timing installation compression driven by reservoir performance maximum production.
 exceeded expectations.
 dry gas increased 10 percent 2004 2010.
 compression project approval.
 government completion mid-2016.
 infill well approved 2013 drilled late 2014.
 north gialo libyan sahara desert booked 2010.
 five years executed by operator continuous drilling program design liquid handling gas recycling facilities.
 execution five years.
 civil unrest 2011 labor strikes 2013 extended duration.
 no reserves five years.
 future development costs 2018 $ 2894 million $ 2567 million $ 2020 million $ 1452 million $ 575 million.
timing future projects costs undeveloped hydrocarbon natural gas synthetic crude oil reserves based assumptions commodity prices data economic recoverability technology drilling success conditions cash flow production experience considerations.
 recoveries timing costs.


capital ratios table estimated ratio cet1 rwas basel iii standardized capital rules.
 december 2014
 shareholders 2019 equity $ 73597 $ 71267
 deductions goodwill assets deferred tax liabilities -3468
 deductions investments nonconsolidated financial institutions -4928
 -1213 -489
 $ 64260 $ 58219
 $ 577869 $ 594662
 11. 1%. 1 % 9. 8%.
 $ 627444 $ 635092
 10. 2%. 2 % 9. 2%. 2 %
 phased-in capital ratios applicable 2019 estimated ratios future regulatory capital requirements.
 ratios non-gaap december 2014 2013 comparable.
 revised capital framework evolve.
 note 20 financial statements transitional capital ratios december.
deduction goodwill assets deferred tax liabilities goodwill $ 3. 65 billion $ 3. 71 billion 2014 2013 intangible assets $ 515 million $ 671 million deferred tax liabilities $ 964 million $ 908 million.
 deduction investments nonconsolidated financial institutions thresholds.
 decrease 2013 2014 reductions fund investments.
 adjustments include overfunded defined benefit pension plan obligation deferred tax liabilities disallowed deferred tax assets credit valuation adjustments liabilities debt valuation adjustments credit risk deductions.
 revised capital framework banking.
.
 bank ratio.
 capital leverage exposure quarterly average assets deductions off-balance-sheet exposures.
 minimum supplementary leverage ratio 5. buffer.
 banks january 1 2018.
disclosures supplementary leverage ratio first quarter 2015.
 2014 estimated. 1 capital $ 73. 17 billion $ 64. 26 billion stock $ 9. 20 billion adjustments $ 290 million leverage $ 1. 45 trillion quarterly assets $ 873 billion adjustments $ 579 billion off-balance-sheet derivatives commitments.
 estimated leverage ratio future capital requirements.
 non-gaap.
.
 bank regulatory 2019 rule evolve.
 sachs 2014 annual report


consolidated financial statements march 2008 fasb issued guidance entities transparency derivative instruments financial position results cash flows.
 effective january 1  2009.
 consolidated financial statements.
 june 2009 fasb issued guidance accounting transfers financial assets.
 amends sale accounting recog nition assets liabilities control assets.
 removes exemption qualifying special purpose entities consolidation guidance.
 effective january 1  2010 early adoption prohibited.
 removal entity exception entities consolidation.
 consolidated financial statement.
 june 2009 fasb amended guidance determin ing variable interest entity qualitative analysis primary beneficiary.
 required consolidate power direct activities economic performance obligation absorb losses right receive benefits.
 effective first annual reporting period after november 15  2009 early adoption prohibited.
evaluating effect guidance financial statements.
 acquisitions 2009 acquired sub-leasehold positions 420 lexington avenue $ 15. million.
 acquired properties 182 broadway 63 nassau street $ 30. million.
 adjacent 180 broadway 2007.
 $ 31. million loan interest 225 basis points 30-day libor.
 three-year term two one-year extensions.
 drew $ 21. mil acquisition costs.
 quarter 2008 acquired interests fee positions 919 third avenue $ 32. million.
 controls fee position.
 acquired reckson $ 6. billion.
 sold $ 2. billion reckson assets venture.
 30 properties. million square feet five. manhattan.
 allocation purchase price assets liabilities reckson.
 land
 building finance investments
-market leases 24661
 30473
 175686
 4924655
 below-market 422177
 minority
 823285
 4101370


agreements air products.
.
 subsidiaries.
 right sell stock subsidiaries pricing terms.
 note 17 contingencies financial statements.
 uncertainty excluded payments from contractual obligations table.
 defined benefit plans worldwide employees.
 plans.
.
 closed 2005 replaced with defined contribution plans.
 shift reduce volatility.
 fair market value pension assets increased to $ 3800. from $ 3239. 2012.
 projected benefit obligation $ 4394. $ 4486. 2013 2012.
 note 16 retirement benefits consolidated financial statements.
.
 expense $ 169. $ 120. 114.
 settlements curtailments.
 discount 4. 0%. 0 %. 0%.
 rate return assets 7. 7%. 7 % 8. 0%. 0 %. 0%. 0 %
compensation increase 3. 8%. 8 %. 9%. 9 %. 0%. 0 %
 2013.
 increase pension expense 100 bp decrease discount rate higher amortization.
 offset higher return 2013.
 $ 19. 12. settlement losses $ 6. special termination benefits 2013 restructuring reduction.
.
 comparable discount rate.
 2014 expense $ 140 to $ 145 decrease $ 5 $ 10 2013 increase discount rates mortality inflation.
 pension settlement losses $ 10 to $ 25 expected.
 $ 118 amortization losses $ 143 2013.
 gains $ 370. 65 bp increase average discount rate returns.
 gains/losses amortized pension expense.
 changes discount rate gains/losses.
 contributions benefit payments unfunded plans.
funded plans policy contributions benefits surpluses.
 legal funding requirements tax deductions.
 analyze liabilities demographics contributions.
 2013 2012 cash contributions benefit payments unfunded $ 300. 8 $ 76. 4.
 2013 voluntary contributions.
 $ 220.


entergy corporation subsidiaries financial 2014 2013.
.
 2013 revenue $ 5524
 retail electric price 135
 asset retirement obligation 56
 volume/weather 36
 miso deferral 16
 wholesale revenue -29 29
 -3 3
 2014 net revenue $ 5735
 retail electric price variance increases energy efficiency rider entergy arkansas 2013 2014.
 offset operation minimal effect income increase january 2014 offset miso rider rate plan increase entergy mississippi storm damage rider.
 offset operation expenses no effect income annual base rate increase entergy texas april 2014 formula rate plan increase entergy louisiana december 2014.
 note 2 financial statements.
 asset retirement obligation affects revenue expenses earnings costs.
variance caused regulatory credits decommissioning earnings depreciation accretion expenses asset retirement.
 volume/weather variance due 3129 gwh 3% billed electricity usage industrial weather residential sales.
 industrial sales due expansions recovery refining outage growth manufacturing.
 miso deferral variance due deferral 2014 non-fuel miso charges offset deferral 2013 costs 2010 2012 transition


alexion pharmaceuticals.
 consolidated financial statements years 2016 2015 2014 millions share net leverage ratio.
 december 31 2016 interest rate loans was 2. 52% (. %.
 obligations guaranteed by alexion subsidiaries secured by liens equity interests.
 credit agreement financial covenants quarterly.
 deliver 50 days quarterly financial statements compliance certificate.
 november 2016 waiver from lenders third quarter 2016 financial statements compliance certificate extended to january 18  2017.
 third quarter report form 10-q january 4 2017 compliance certificate.
 credit agreement includes negative covenants incur indebtedness grant liens investment acquisition disposition transactions.
 contains representations warranties affirmative covenants events default.
 interest rate amounts.
credit agreement paid $ 45 financing costs amortized interest.
 deferred 2016 2015 $ 10 $ 6.
 2014.
 acquisition synageva 2015 borrowed $ 3500 term loan $ 200 revolving facility used cash.
 principal payments $ 375 2016.
 $ 3081 outstanding term loan zero revolving facility.
 open letters credit $ 15  borrowing availability revolving facility $ 485.
 long term debt 2 approximates book value.
 contractual maturities debt obligations 2016.
 2017
 2019
 2020
 included $ 175 current liabilities consolidated balance sheet deferred financing costs.
.
 2012 lease agreement office laboratory space new haven connecticut.
 lease 2015 2030 renewal option 10 years.
 building improvements funded construction.
landlord costs non-cash offset facility lease obligation balance.
 construction new completed service first quarter 2016.
 interest rate lease obligation 2016 11%.
 recognized $ 14 $ 5  interest expense.
 total facility lease obligation $ 136 $ 133  recorded liabilities lease obligation balance.


experienced disputes with customers suppliers lead tensions damaged relationships litigation loss key customer supplier.
 experienced conflicts customers providers.
 relate interpretation terms contracts.
 amicably lead tensions damaged relationships key customers suppliers.
 unable resolve litigate.
 no assurances outcome.
 damaged relationships litigation decreased revenues increased costs.
 operations in australia expose to changes foreign currency exchange rates suffer losses.
 conduct business in.
 australia fluctuations.
 7. 5%. consolidated revenues originated outside. denominated in other.
 principally australian dollars.
 hedging activities non.
 may suffer future losses changes currency exchange rates.
 maintain website at. crowncastle. com.
annual 10-k quarterly 10-q current reports 8-k amendments section 13 15 d securities exchange act 1934 available free investor relations section website http://investor. securities exchange commission.
 corporate governance guidelines business practices ethics policy charters audit committee compensation committee nominating corporate governance committees available investor relations. information available print.
.
 corporate offices houston texas canonsburg pennsylvania sydney australia.
 property interest.
.
.
 canonsburg
 houston
 sydney
. lease maintain five regional offices 201d albany new york alpharetta georgia charlotte north carolina louisville kentucky phoenix arizona.
 responsibilities manage leasing tower space maintain towers service customers.
december 31 2004 8816 sites.
 towers 83%.
 portfolio leased subleased licensed 1796 17% owned fee


jpmorgan chase. annual report interest income excluding reviews lending investing deposit-raising activities.
 fixed income equity markets.
 data non-gaap measures exclusion interest income.
 exclusion provides non markets business trends comparable institutions lending investing deposit-raising.
 year december 31 millions 2016 2015 2014 net interest income 2013 $ 47292 $ less markets excluding $ 40958 $ $ 38587 average interest-earning assets $ 2101604 $ 2088242 $ 2049093 $ 1581297 $ 1577950 1526104 net interest yield assets 2013. 25%. 14%. 18%. 18 % yield cib markets. yield excluding cib markets. 59%. %. 49%. 53%. 53 % hedges.
 taxable-equivalent amounts.
reconciliation net interest income firm.
 results page 48.
 prior period amounts revised align cib 2019s markets businesses.
 page 61.
.
 non financial measures.
 book value per share overhead ratio noninterest expense net revenue return assets average assets return equity stockholders equity return average book value per share net income equity.
 year december 31 2015
 net interest income 2013 basis $ 47292 $ 44620
 cib markets net interest income 6334
 excluding markets $ 40958 $ 39322 38587
 interest-earning assets $ 2101604 2088242 2049093
 markets assets 520307 510292 522989
 assets $ 1581297 $ 1577950 1526104
interest yield assets 2013 2. 25%. 25 %. 14%. 14 %. 18%. 18 %
 cib markets assets 1. 22. 04 15
 excluding cib markets 2. 59% 2. 59 %. 49%. 49 %. 53%. 53 % )
 jpmorgan chase. annual report interest income excluding performance investing deposit-raising.
 fixed income equity markets.
 data non-gaap measures exclusion interest income.
 exclusion provides analyze non markets business trends comparable institutions investing deposit-raising.
december 31 millions rates interest income 2013 $ 47292 $ 44620 less cib markets 6334 5298 6032 excluding markets $ 40958 $ 39322 $ 38587 assets $ 2101604 $ 2088242 $ 2049093 markets 520307 510292 522989 $ 1581297 $ 1577950 $ 1526104 interest yield 2013. 25%. 14%. 18%. 18 % markets. 59%. 59 %. 49%. %. 53%. 53 % hedges.
 taxable-equivalent amounts.
 reconciliation net interest income.
.
 prior period amounts revised align markets businesses.
.
.
 measures.
non-gaap financial measures book value share 201d stockholders equity shares overhead ratio noninterest expense net revenue return assets return common equity 2019 equity return common equity equity book value share 201d equity shares net income


administrative expenses increased $ 286. 7 million to 1158. 3 million 2014 871. 6 million 2013.
 37. 5%. 2014.
 marketing costs increased 86. 5 million 333. million 2014 246. 5 million 2013 sponsorship.
. 8%.
 $ 200. 2 million $ 825. 3 million 2014 625. 1 million 2013.
 higher personnel expansion distribution brand.
 fitness business.
 costs unchanged 26. 8%.
 income operations increased 88. 9 million. 354. million. million 2013.
 11. 5%
 increased 2. 4 million $ 5. 3 million 2014. 9 million 2013.
 due 150. $ 100. million loans borrowed 2014.
 increased 5. 2 million to 6. 4 million 2014.
 higher net losses currency exchange rate changes.
 income taxes increased $ 35.$ 134. 2 million 2014 from 98. 7 million 2013.
 effective tax rate 39. 2%. 37. 8%. 2013.
 higher due increased foreign investments lower taxable income state tax credits 2013.
 revenues income summarized.
 corporate expenses north not allocated international connected fitness costs revenues allocated.
 data recast.
 2015 2014 net revenues segment.
 north america $ 3455737 $ 2796374 659363. 6%.
 international.
 connected fitness.
 $ 3963313 3084370.
 revenues north america increased $ 659. 3 million to $ 3455. 7 million 2015 from $ 2796. 4 million 2014 due.
 revenues international increased $ 185. 4 million to $ 454. 2 million 2015 from.2014 sales emea asia-pacific.
 revenues fitness 34. 2 million 53. 4 million 2015 19. 2 million acquisitions business.


network corporation consolidated financial statements decrease tax benefit net statements operations income loss december 31 2013.
.
 discontinued operations blockbuster ceased operations.
 results discontinued operations financial statements.
 2012 revenue discontinued operations $ 503 million $ 1. 085 billion.
 loss before loss $ 54 million $ 62 million.
 net tax 201d loss $ 47 million $ 37 million.
 net assets discontinued operations.
 current assets 68239
 noncurrent assets 9965
 current liabilities -49471
 long-term liabilities -19804
 net assets $ 8929
 blockbuster domestic evaluated impact factors competitive pressures fewer company-owned domestic retail stores administrative costs financial performance.
 retail stores 2012 2013.
november 6  2013 blockbuster close stores discontinue by-mail dvd service.
 december 31 2013 ceased operations.
 mexico third quarter 2013 operations sale. recorded pre-tax charges $ 19 million exiting recorded loss discontinued operations tax statements income december 31 2013.
 january 14 2014 sale blockbuster mexico.
 january 16 2013 subsidiaries administration proceedings.
 wrote down assets subsidiaries net realizable value balance sheets december 31 2012.
 recorded charges $ 46 million administration loss discontinued operations net tax statements income year 2012.


agency securitizations sale agreements penalties remedies investor indemnification repurchase requests.
 origination sale residential mortgages ongoing business management assesses indemnification repurchase liabilities.
 establish for estimated losses on first second-lien mortgages home equity loans.
 claims future claims.
 loans originated 2006-2008.
 established indemnification liabilities loans sold 2005-2007.
 liabilities recognized when loans sold evaluated by management.
 adjustments recognized in residential mortgage revenue.
 no brokered home equity lending subsequent adjustments recognized home equity loans.
.
 evaluation based trends indemnification repurchase requests loss experience risks loan current economic conditions.
 considers estimated loss projections loan portfolio.
december 31 2011 indemnification repurchase liability $ 130 million $ 294 million included consolidated balance sheet.
 analysis changes liability.
 residential mortgages home equity loans
 january 1 $ 144 $ 150  $ 294  $ 229 $ 41 $ 270
 reserve adjustments 264
 losses 2013 loan repurchases settlements -163 -107 -270 -205 -240
 december 31 $ 83 $ 47 130 144 150 $ 294
 repurchase obligation loan portfolios $ 121. 4 billion $ 139. 8 billion 2010.
 $ 4. 5 billion $ 6. 5 billion.
 brokered home equity lending acquired.
 indemnification repurchase liabilities reflect estimated losses.
management indemnification repurchase liability estimation process uncertain imprecise future losses liability.
 factors estimate include volume claims housing prices economic conditions.
 december 31 2011 additional losses up to $ 85 million.
 based on higher investor demands lower claim rescissions lower home prices.
 two wholly-owned captive insurance subsidiaries provide reinsurance third-party insurers.
 subsidiaries assumes risk loss quota share agreement 100% reinsurance.
 loss percentage.
 share responsibility payment claims.
 subsidiaries provide reinsurance for accidental death dismemberment credit life accident health pnc financial services group.
 2013 form 10-k


table contents.
 financial statements summary company 2019s restricted stock units activity september 26 2009 non-vested shares weighted-average grant-date.
-vested september 27 2008 1461 $ 31.
 granted. 1669 46
 vested.
 forfeited.
 september 26 2009 2770 $ 21.
 restricted stock units withheld employees tax withholding.
 2009 2008 2007 total fair value $ 5014  $ 2009 $ 0 .
 stock purchase 2008 approved.
 criteria non stock-based compensation.
 employees three months two years employment eligible participate.
 semi-annual purchase common stock 95% closing price last day.
 400 shares issued.
 2009 issued 121 shares.
.
 profit sharing 401 k plan profit sharing plan employees.
contributions plan company board directors.
 $ 5725 $ 5305 $ 1572 2009 2008 2007.
.
 executive retirement 2006 adopted non-qualified retirement benefits executive officers senior management compensated employees.
 employees contribute 75% salary 100% bonus contributions vested.
 company discretionary contributions.
 contribution three year vesting schedule third annually.
 contributions recorded expenses consolidated balance sheets.
 enrollment employees investment elections.
 earnings losses contributions recorded compensation expense.
 hologic 2009 information not copied not warranted accurate timely.
 user assumes risks damages losses.
 past financial performance no guarantee future results.


value interest agreements 2007 2006 $ 3 million $ 1 million.
 company exposed credit loss nonperformance.
 minimizes credit risk institutions nonperformance.
 contracts distributed among financial institutions investment grade credit ratings credit risk.
 stockholders 2019 equity derivative instruments activity tax 31 2007 2006.
 2006 2005
 balance at january 1 $ 16  $ 2 $ -272
 fair value -6
 reclassifications earnings -61
 balance december 31 $ $ 16 $ 2
 net investment foreign operations 2006 hedges foreign currency.
 2006 entered zero-cost collar derivative against price fluctuations. 6 million shares sprint.
 second quarter 2006 received 1. 9 million shares embarq corporation.
 prices adjusted.
sprint nextel derivative not hedge.
. recorded net gain $ 99 million year december 31 2006 statements.
 2006 sprint nextel derivative terminated settled cash 37. 6 million shares converted common shares sold.
 received cash proceeds $ 820 million settlement sale. million.
 recognized loss $ 126 million sale remaining shares.
 recorded net gain $ 99 million.
 nextel communications.
 variable share forward purchase agreements hedge common stock.
 hedge shares.
 recorded $ 51 million gains year december 31 2005 change value variable forwards.
 settled fourth quarter 2005.
 cash equivalents sigma fund investments short-term investments long-term receivables accrued liabilities derivatives financing commitments.
 recorded consolidated balance sheets.
financial instruments long-term debt carried cost not 2019.


purpose entity 201cspe 201d ).
 obtained term loan revolving loan from third party lender secured liens assets finance purchase accounts receivable $ 275 million term loan $ 25 million revolving loan.
 increased $ 35 million.
 quintilesims guaranteed obligations future subsidiaries receivable.
 assets spe available satisfy.
 december 31 2016 full $ 25 million revolving loan available.
 used proceeds repay revolving credit facility $ 150 million repay $ 25 million term loan pay fees expenses remainder working capital.
 debt agreements not exceed senior secured net indebtedness to ebitda maintain minimum interest coverage ratio.
 default company financing arrangements creditors actions acceleration amounts due.
 long-term debt arrangements contain restrictive covenants dividends.
information covenants part ii item 5 201cmarket common equity stockholder matters issuer purchases equity securities 2014dividend policy 201d note 11 financial statements annual report form 10-k.
 december 31 2016 company financial covenants financing arrangements.
 2016 2015 2014 cash flow activities.
 net cash activities $ $ 476 $ 433
 increased $ 384 million.
 net income adjusted non-cash items.
 lower payments income taxes $ 15 million lower cash sales accounts payable accrued expenses.
 lower cash two-day increase 2016-day 2015.
 timing cash receipts.


part ii item 5 market registrant's common equity stockholder matters issuer purchases motorola common stock listed new york chicago stock exchanges.
 stockholders january 31 2007 75892.
 reference note 16 financial data financial statements 8 financial statements.
 table acquisitions common stock quarter december 31 2006.
 issuer purchases equity securities maximum number total purchased value average price.
 total number shares purchased average price share maximum number dollar value shares
 10/1/06 to 10/28/06 $ 25. 82 $ 4500000000
 10/29/06 11/25/06 15613158 $ 22. $ 4150401669
 11/26/06 to 12/31/06 16430030 $ 21. 29 $ 3800689819
 32048472 $ 21.32038760
 purchases 2006 stock repurchase program transactions equity compensation plans delivery 8445 shares motorola stock tax withholding obligations vesting restricted stock surrender 1267 shares price.
 average price execution price excluding commissions.
 may 18 2005 authorized repurchase $ 4 billion common stock 36 months may 2008 market conditions.
 july 24 2006 repurchase $ 1. 2 billion.
 accelerated stock buyback agreement 2005 program.
 paid $ 1. 2 billion received 37. million shares july additional 11. million shares august.
 october additional 1. 3 million shares.
 total shares repurchased 50. 5 million.
. million shares delivered july not reflected october purchases.
company announced july 24 2006 authorized repurchase $ 4. 5 billion common stock 36 months june 2009 subject market conditions stock repurchase.
 033000000/28/2007 03:55 valid


2022 unrestricted sell assets merge companies.
 exceptions senior permit incur additional secured.
 senior credit facilities require maintain covenants maximum leverage bank debt leverage interest coverage capital expenditures.
 consolidated net bank debt adjusted ebitda ratio eliminated 2005.
 december 31 2006 financial covenants debt agreements.
 payments debt short term borrowings.
 $ 2 million accounting adjustment assumed debt.
.
 obligations.
 retirement disability surviving pensions.
 benefits vary legal economic conditions.
 commitments defined contribution benefit plans.
 dependent years service compensation.
 supplemental retirement benefits non-qualified.
 tax.
 trusts established non-qualified plans.
 company sponsors defined benefit pension plans north america asia.
 december 31 2006 company.
pension plan 84% 76% celanese assets liabilities.
 trusts administer majority.
 pension costs retirement plans actuarially determined.
 sponsors contribution plans north america asia.
.
 contributions $ 11 million $ 12 million 8 million $ 3 million years 2006 2005 nine months 2004 three months 2004.
 financial statements 2014


grant date value options estimated black-scholes option-pricing model.
 weighted-average assumptions 2017 2016 2015 risk-free interest rate.
 treasury yields. dividend yield. 6. expected volatility 24 27 28 percent.
 life option seven years.
 incentive shares plans performance shares awards common stock management employees conditions.
 distribution primarily shares common stock portion cash.
 compensation expense shares recognized shares.
 accounted liabilities expense adjusted value.
 2016 performance shares awarded 2013 outstanding performance objectives additional service.
 objectives met 86 percent end 2016.
 2549083 shares distributed early 2017 1393715 issued 944002 withheld 211366 paid cash.
 1691986 shares distributed 2017 employees year service 1070264 issued 616734 withheld 4988 paid cash.
11266 shares canceled not distributed.
 rights 2388125 2178388 shares awarded 2017 2016 performance shares program outstanding contingent performance objectives 2019 2018.
 incentive shares plans restricted stock awards management employees service three ten years.
 fair value determined high market prices stock compensation expense recognized.
 2017 130641 shares vested service requirements.
 84398 shares issued 46243 shares withheld taxes.
 september 30 1194500 shares unvested restricted stock.
 total fair value $ 245  $ 11 $ 9 2017 2016 2015 $ 101 $ 4 $ 5 paid cash tax withholding.
. 9 million shares.
 changes shares outstanding grant date value per.
.
 granted. 91
 earned/vested.
 canceled.
.
compensation expense stock options incentive shares $ 115 $ 159 $ 30 2017 2016 2015 $ 5  $ 14 $ 6 discontinued operations.
 decrease 2017 stock price.
 increase 2016.
 income tax benefits $ 33 $ 45 $ 2 .
 unrecognized compensation expense unvested shares $ 149  1. 5 years.
 awarded 17984 shares 2248 units non-management directors.
 174335 shares.


12.
 security ownership owners management matters shares equity securities directors nominees executive officers security ownership proxy statement incorporated.
 table summarizes equity compensation plans union pacific corporation common stock december 31 2008.
 number securities issued options warrants rights weighted-average exercise price securities future issuance excluding securities 13477830 [1] $ 40. 81 [2] 36961123.
 issued weighted-averageexercise price issuance
 compensation plans 13477830 [1] $ 40. 81 [2] 36961123
.
 includes 1494925 retention units exercise price.
 include 1419554 retention shares issued outstanding.
 units shares footnote [1].
 13.
relationships transactions director independence compensation committee interlocks insider participation segments proxy statement incorporated.
 relationship outside third party negotiate terms transaction.
 independence directors director independence segment proxy statement incorporated.
 item 14.
 principal accountant fees services independent public accounting firm two recent fiscal years audit fees audit-related fees tax fees other fees independent accounting firm fees services segment proxy.
 audit committee policies procedures pre-approval audit non-audit services audit committee proxy statement incorporated.


jpmorgan chase. annual report wholesale credit portfolio environment favorable 2013 increase commercial client activity.
 underwriting key market conditions risk management activities.
 wholesale portfolio managed reviews credit quality industry product client concentrations.
 criticized nonperforming assets decreased 2012 reduction nonaccrual loans 39% 39 %.
 december 31 2013 wholesale exposure increased $ 13. 7 billion 2012 $ 11. 4 billion lending commitments $ 8. 4 billion loans client activity.
 offset $ 9. 2 billion decrease derivative receivables.
 interest rate derivatives commodity.
 offset increase equity derivatives markets.
 credit portfolio exposure nonperforming.
 loans retained 308263
 held-for-sale
 fair value
 2013
receivables 65759 74983 415 239
 26744 23648 2014
 wholesale credit-related assets 414067 411814 1459 1956
 lending commitments 446232 434814 355
 credit exposure $ 860299 846628 $ 1665 2311
 derivatives -27996 -27447 27447
 liquid securities cash collateral derivatives -14435
 26744 23648 credit assets 414067 411814 1459 commitments 434814 credit exposure $ 860299 846628 1665 2311 derivatives 27996 27447 liquid securities cash collateral 2013 loans restructurings reclassified nonperforming.
.
 receivables margin loans retail brokerage customers accrued interest balance sheets.
 protection purchased credit derivatives qualify hedge accounting.
.
 credit portfolio.
credit derivatives pages 137 6 220 annual.
 excludes assets loan.


.
 tax liability reduced by foreign income taxes earnings.
 cumulative.
 taxes $ 2. 9 billion.
 unrecognized deferred tax liability $ 0. 8 billion.
.
 net operating loss carryforwards $ 33. million federal $ 77. million state.
 foreign tax credit carryforwards $ 1. million $ 18. million $ 17. 6 million.
 expire 2017 2032.
 carryforwards carried indefinitely.
 subject annual limitation revenue code 382.
 tracking deferred tax attributes $ 45. million not recorded statements.
.
 recorded to equity taxes.
 valuation allowance $ 28. 2 million for deferred tax assets.
 total change valuation allowance $ 23. million $ 2. 1 million recorded tax benefit.
 changes unrecognized tax benefits.

 beginning balance $ 163607 156925
 increases unrecognized tax benefits 2013 1038 11901
 decreases -4154
 increases 23771 32420
 settlements taxing authorities -1754 1754
 lapse statute limitations
 foreign exchange gains losses -807 -559 (
 ending balance $ 160468 $ 163607
 november 30 2012 combined accrued interest penalties approximately $ 12. 5 million.
 income tax returns.
 federal.
.
 continual examination authorities.
 major tax jurisdictions. ireland california.
. earliest fiscal years 2005 2006 2008.
 assess outcomes adjustments.
 no assurance final determination results financial position.
 2011 canadian income tax examination 2005 2008 completed.
accrued tax interest $ 35 million long-term.
 reclassified $ 17 million short-term decreased deferred tax assets $ 18 million.
 timing income tax uncertain tax audit settlement.
 fluctuations balance sheet assets liabilities.
 2013 systems consolidated financial statements


contents financial statements.
 legal proceedings.
.
 safety disclosures.
.
 common stock trades nasdaq market 201cmktx.
 closing price february 16 2012 closing price $ 32.
 41 holders.
 dividend policy quarterly dividend fourth quarter 2009.
 2010 2011 paid dividends $ 0. 07 $. 09 share.
 january 2012 approved quarterly dividend $ 0. 11 per share march 1 2012.
 future payment dividends discretion board directors.
 business conditions financial results capital requirements legal regulatory restrictions.
 recent sales unregistered securities.
 common equity matters issuer purchases equity securities.
 january 1 march 31 $ 24.
 april 1 june 30.
 july 1 september 30.
 october 1 december 31.
2010
 january march 16. 13.
 april june 17.
 july september. 12.
 october december 31 20. 93 16.


$ 19 million expenses 2011 2010 remaining unallocated.
 financed acquisition $ 1. billion $ 1. billion unsecured notes 61 million shares common stock.
 stock options converted. million shares common stock.
 note 8.
 assets liabilities fair values.
 liabilities.
 working capital 348
 property equipment software 297
 intangible assets
 1800
 trademarks 890
 technology
 noncurrent assets 344
 long-term debt 346
 liabilities 360
 deferred tax 1021
 assets acquired 2167
 goodwill 2765
 transferred
 cash equivalents short-term investments receivables assets accounts liabilities.
 deferred contract costs long-term investments.
 unfavorable lease obligations deferred contract revenues.
current assets $ 31 million deferred tax $ 30 million liabilities $ 7 million $ 1. billion.
 customer relationships amortized 12 years.
 technology asset amortized 7 years trademarks indefinite.
 goodwill excess acquisition cost assets synergies benefits combining hewitt aon future benefits.
 goodwill not amortized not deductible tax.
 estimate fair value judgments estimates assumptions.


extend reach 259 stores worldwide major outlet centers.
 2015 added 30 closed six.
 operated stores march 28 2015.
 americas 165
 54
 asia 40
.
.
 australia.
 stores offer apparel accessories fragrances.
 offer home furnishings.
 range 800 to 26700 square feet.
 obtain products from suppliers licensing partners retail stores e-commerce secondary distribution channel for excess out-of-season products.
 concession-based shop-within-shops owned.
 employees.
 march 28 2015 536 concession-based shop-within-shops 236 retail locations asia australia new zealand.
 200 to 6000 square feet.
 share cost building with department partners.
 sells products online 2022 north american e-commerce sites.ralphlauren. clubmonaco. site canada. ralph lauren e-commerce sites europe. united kingdom. belgium france italy netherlands portugal spain. denmark estonia finland latvia slovakia sweden austria germany lauren-commerce sites asia. japan. south korea. hong kong macau malaysia singapore. australia new zealand.
 ralph lauren e-commerce sites. asia access lauren polo denim apparel accessories fragrance home products luxury image.
 investing e-commerce operations omni-channel strategy retail business interdependent physical stores.
 club monaco e-commerce sites.
 canada canadian customers access global monaco apparel accessories online exclusives.


restrictive covenants 2017 credit facility senior unsecured notes include pay dividends investments incur indebtedness liens negative pledge agreements dispose assets compliance financial ratios indebtedness ebitda charges secured indebtedness unsecured indebtedness.
 dividend restriction default distributions common stock equity interests reit federal income tax.
 december 2016 compliance with covenants.
 junior subordinated deferrable interest debentures company issued $ 100. unsecured trust preferred securities.
 securities mature 2035 bear interest floating rate 125 points three-month libor.
 interest payments deferred eight quarters.
 securities redeemable option no prepayment premium.
 consolidate trust.
 debt balance sheets payments classified interest expense.
 risk exposed to changes rates from variable rate debt.
 exposure to interest rate fluctuations managed through derivative instru debt equity investments.
 hypothetical 100 point increase annual interest cost by $ 2. 7 lion joint venture annual interest cost $ 17.
. $ 2. debt equity portfolio indexed to libor.
 derivatives at fair value.
 not adjusted to fair value.
 changes value offset against recog until.
.
 long-term debt of $ 4. 3 bears interest at fixed rates fair value affected by changes market interest rates.
 variable rate debt joint venture debt bore interest libor plus 100 to 415 points.
obligations maturities mortgages loans 2017 credit facility senior unsecured notes trust preferred securities joint venture debt extension put options estimated interest expense obligations capital lease ground leases december 2017.
 2019 2020 2021 2022
 property mortgages loans $ 153593 $ 42289 703018 11656 208003 1656623 2775182
 facilities 90809
 revolving credit facility 40000
 unsecured term loans 1500000
 senior unsecured notes 250000
 trust preferred securities
 capital lease 2387 2411
 ground leases 31049 31436
 estimated interest expense 226815 218019 184376 155398
200250 717682 223330 2119481
 954903 1011467 1645259 1418997 7320946


tax reconciliation uncertain tax positions millions.
 balance january 1 $ 191 $ 164
 additions 31
 additions 53
 reductions -18 -6
 settlements -32
 business combinations
 statute limitations -5
 foreign currency translation -2
 balance december 31 $ 218 $ 191
 liability uncertain tax positions 2013 includes $ 180 million $ 154 million $ 141 million tax rate.
 unrecognized tax benefits change twelve months.
 settlements audits.
.
 recognizes interest penalties uncertain tax positions.
 accrued interest penalties $ 2 million $ 4 million 2 million 2015 2014 2013.
 liability penalties $ 33 million $ 31 million $ 27 million december 31.
 subsidiaries income tax returns jurisdictions.
 concluded.
 federal income tax 2007.
.
 state local examinations concluded 2005.
 company concluded examinations.
 jurisdictions 2005.
.
 shareholders' equity distributable reserves.
.
 law reserves repurchases dividends.
 earnings.
 parent company reduction share capital.
 not linked.
.
 2014 distributable reserves $ 2. billion $ 4. billion.
 2012 authorized repurchase program $ 5. billion.
 2014 $ 5. billion repurchase program.
 open market privately negotiated transactions.
 2015 repurchased 16. million shares average price per share $ 97. total cost $ 1. 6 billion.
 repurchased 25. million shares $ 87. cost $ 2. 3 billion 2012 repurchase plan.
$ 5 billion 2012 exhausted.
 2014 $ 4. 1 billion.
 repurchased 78. 1 million shares $ 5. 9 billion.


humana inc.
 financial statements 2014.
 stockholders 2019 equity dividends table dividend payments excluding rights 2016 2017 2018 quarterly cash dividend policy payment.
 2016 $. $ 172
 2017 $. 216
 2018 $. $ 262
 declared cash dividend $ 0. 50 per share paid january 25 2019 stockholders december 31 $ 68 million.
 future dividends.
 cash dividend $ 0. 55 per share april 26 2019 stockholders 29.
 repurchases authorize purchase common shares.
 purchased prices securities exchange act privately-negotiated transactions repurchase agreements regulatory restrictions.
 authorized repurchase $. billion common shares december 31 2017 employee stock plans.
february 16 2017 accelerated share repurchase agreement goldman sachs.
 $ 1. 5 billion common stock $ 2. 25 billion repurchase february 14 2017.
 february 22 2017 $ 1. 5 billion sachs delivery 5. 83 million shares.
 reduction stockholders 2019 equity $ 1. 2 billion increase treasury stock. $ 300 million decrease capital.
 august 28 2017 additional 0. 84 million shares average daily price $ 224. 81  total shares 6. 67 million.
 reclassified $ 300 million treasury stock.
 repurchased additional 3. 04 million shares open market remaining $ 750 million $ 2. 25 billion authorization.
 december 14 2017 board authorized repurchase $ 3.shares 31 2020 repurchased stock plans.


unrecognized tax benefit permanent differences state tax matters.
 liability uncertain tax positions increase or decrease next twelve months tax 2019 exams expiration statutes limitations.
 liability decrease $ 5 million twelve months.
 consolidated income tax returns pnc financial services group.
 subsidiaries 2003 audited revenue resolved disputed matters.
 examining 2004 2006 returns.
.
 national city corporation agreement resolution disputed matters.
.
 examining 2005 through 2007 returns 2008 return audited.
 new york jersey maryland city subject state local income tax acquisition.
 new york closing 2002 to 2004 audit auditing 2005 2006.
 new york city auditing 2004.
 2002 2003.
 blackrock included in tax filings tax liability.
 years 2004 new jersey 2005 maryland.
national city subject state tax california florida illinois indiana missouri.
 audits california illinois missouri.
 tax.
 authorities.
 interest penalties.
 january 1 2008 accrued $ 91 million interest tax cross-border leasing transactions.
 total accrued interest penalties december 31 2008 $ 164 million.
 leasing interest decreased payment $ 73 million net increase acquisition national city.
 financial information blackrock.
 31
 assets $ 19924 $ 22561
 liabilities $ 7367 $ 10387
 non-controlling interest
 equity 12066
 revenue $ 5064 $ 4845
 expenses 3471
 operating income 1593 1294
 non-operating income
 before taxes non interest
 388
interest -155 155 ) 364
 net income $ 786 $ 995
 23 regulatory matters federal state examinations.
 business initiatives dividends deposit insurance costs regulatory oversight financial institution capital strength.
 minimum regulatory capital ratios 4% 1 risk 8% total risk 4% leverage.
 higher capital.
 capital ratios 6% 1 10% total 5% leverage.
 december 2008 2007 subsidiaries met capital ratio requirements.


entergy texas.
 subsidiaries net income 2016 increased $ 37. million lower operation maintenance expenses asset write-off spindletop gas storage facility higher net revenue.
 decreased $ 5. million write-off higher expenses offset higher net revenue lower tax rate.
 revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 net revenue $ 637.
 reserve equalization.
 purchased power capacity.
 transmission revenue.
 retail electric price.
 wholesale.
.
 2016 net revenue $ 644.
 reserve equalization variance reduction expense entergy system generation mix agreement entergy mississippi exit.
.
 purchased power capacity variance decreased expenses termination power agreements entergy louisiana texas capacity cost changes contracts.
transmission revenue variance due increase attachment rates miso settlement rates.


five-year performance comparison 2013 graph shareholder returns corporation compared peer group index dj trans s&p 500.
 assumes $ 100 invested common stock union pacific corporation december 31 2012 dividends reinvested.
 information historical not indicative future performance.
 purchases equity securities 2013 2017 repurchased 37122405 shares common stock average price $ 110. 50.
 table common stock repurchases fourth quarter 2017 shares purchased average price paid plan maximum.
 oct. 1. 31 3831636 $ 113.
. 3005225.
. 31 2718319.
 9555180 $ 119. 58
 purchased quarter 323670 shares delivered employees pay stock option prices excess tax withholding obligations.
2017 board authorized repurchase 120 million shares common stock december 31 2020.
 open market.
 management discretion timing.


property equipment recorded cost.
 depreciation amortization estimated lives.
 land improvements
 buildings
 furniture fixtures equipment
 improvements leased amortized lease term life.
 impairment long-lived evaluates carrying value operating performance future cash flows values.
 sfas 144 impairment reviews impairment stores two years cash flows negative.
 impairment carrying value exceeds undiscounted future cash flows.
 estimate historical operations future profitability.
 asset impaired impairment difference carrying value asset fair value.
 estimated future cash flows rate market value.
 assets adjusted fair value less cost to sell book.
 impairment charges $ 0. 2 million 2007 $ 9. 4 million 2006 $.million 2005 reduce value stores negative sales cash flows.
 majority 2006 charges strategic initiatives.
 amortizes lives indefinite.
 amortizable assets tested undiscounted cash flows impaired written fair value discounted values.
 indefinite lives tested annually written value.
 no impairment.


.
 management financial condition results operations international paper results 2007 higher paper packaging price.
 sales volumes growth overseas lower volumes north america.
 pulp paper containerboard mills ran well 2007.
 input wood energy transportation above 2006.
 forest products earnings decreased 31% decline harvest income drop forestland real estate sales.
 interest expense decreased 40% 40 % lower debt balances interest rates repayments refinancings.
 demand north american printing papers packaging steady.
 economic downturn sales volumes earnings.
 increases paper packaging price increases.
 first quarter earnings increased maintenance expenses wood energy transportation costs.
.
 2008 first-quarter earnings lower 2007 fourth quarter.
 profits performance.
 costs efficiencies prices volumes.
 profits before taxes.
segment profits defined securities exchange commission non-gaap alternatives net.
 paper industrial packaging consumer distribution forest products specialty.
 net earnings three years 2007 2006 2005.
 profits $ 2423 $ 2074 $ 1622
 corporate items -732 -746 -607
 special items 241 2373 -134
 interest expense -297 -521
 minority interest -5
 income tax benefit -415 -1889
 discontinued operations -232
 net earnings $ 1168 $ 1050 1100
 items restructuring losses gains forestland sales goodwill impairment charges insurance recoveries reversals reserves.
 profits $ 2.349 million higher 2007 price 461 million cost reduction improved products 304 million higher sales volumes 17 million lower special costs 115 million 4 million.
 energy raw material freight costs 205 million mill 48 million lower land sales 101 million pensacola mill 52 million reduced earnings acquisitions divestitures 146 million.
 profit $ 2074 205 48 17 244 461 1000 1500 2000 2500 3000


royal caribbean cruises.
 table details growth global north american cruise markets passengers average berths past five years north american supply globally north america.
 weighted-average north american passengers average
 2004 13757000 265000 9108000 207000
 2005 14818000 282000 9909000 216000
 2006 15309000 299000 10080000 227000
 2007 16586000 323000 10330000 242000
 2008 17184000 345000 10815000 254000
.
 cruise line international association.
 redeployed royal caribbean celebrity cruises brands north american latin america asia.
 growth global cruise brands.
 markets grown weakening united states deteriorated consumer confidence spending.
 drop demand prices.
long-term impact cruise mar economic downturn.
 projected increase capacity new ships pricing pressures.
.
.
 compete with cruise lines principal competitors carnival corporation aida carnival costa cunard holland p&o princess venture orizonia corporation.
 compete with hotels sightseeing destinations.
 influenced by political economic conditions.
 dependent consumer discretionary spending.
 spending downturn cruising good value.
 ships operate worldwide itineraries alaska asia australia bahamas bermuda california canada caribbean galapagos islands hawaii mexico new england zealand panama canal south america.
strategies manage efficiency preserve cash liquidity during economic downturn increase awareness penetration brands expand fleet cruise ships new markets itineraries diversify passenger mix sourcing outside north protect health safety security passengers employees environment utilize revenue management revenue improve technological capabilities maintain relationships travel agencies.
 preserve cash liquidity downturn maximizing efficiency cash liquidity.
 400 positions cost-saving initiatives.
 discontinued quarterly dividend curtailed non-shipbuild capital expenditures plans newbuild orders.
 strategies enhance capital spending improve balance sheet.


contractual obligations.
 table shows.
 millions payments less 1 year 1-3 years 3-5 years 5 years
 8. 75%. senior $ 200.
 5. 40%. 40 % 250.
 subordinated debt 329.
 6. 6%. long term notes 400.
 expense 2243. 77. 145. 119. 1900.
 employee benefit plans 2.
 operating lease agreements 32. 8. 16. 3.
 reserve losses 9040. 2053. 3232. 1077. 2678.
 $ 12497. 2141. 3594. 1200. 5562.
 interest expense 6. 6%. long term notes fixed contractual term.
 loss reserves estimate losses settlement costs.
 variability market conditions cash flows uncertain.
ultimate timing loss payments could differ estimates.
 contractual obligations senior long term junior debt responsibility holdings.
 cash flow liquidity investments access capital markets obligations.
 upon dividends from everest re capital contributions access.
 subsidiaries cash flow liquidity investments settle reserves losses.
 management believes financial resources obligations.
.
 2007 2006 2005 declared paid dividends $ 121. million $ 39. million $ 25. million.
 dependent on dividends subsidiaries.
 dividends everest re subject delaware regulatory bermuda.
 restrictions affect everest re declare pay dividends.
 2005 everest re paid divi $ 245. $ 100. $ 75. million.
 bermuda re paid dividends $. $ 60. $ 45.
item 1 2013 dividends note 16 financial statements.
 new accounting standards.
 november 2005 fasb issued position 115-1 other-than-temporary impairment investments december 15 2005.
 investment impaired measurement loss.
 accounting considerations-than impairment dis closures unrealized losses.
 adopted fas 115-1 january 1 2006.
 unrealized losses temporary.


commitment to fund capital needs until funding equal to transaction.
 created new joint venture global payments brazil.
 deconsolidated global payments brazil equity accounting interest.
 recorded gain $ 2. 1 million included consolidated fiscal year may 31 2014.
 results brazil operation until restructuring 2013 not material results assets liabilities balance.
 2013 acquired merchant portfolio republic american express for $ 1. 9 million.
 acquired assets customer-related contract-based amortization 10 years.
 2014 acquisition 100% stock payment processing.
 for $ 420. million cash plus $ 7. 7 million working capital.
 funded acquisition cash proceeds new term loan.
 paypros provider payment solutions small-to merchants.
 products partners acquired 2012.
 expand distribution enhance integrated solutions.
acquisition purchase price allocated assets liabilities estimated values.
 allocation preliminary valuation deferred income taxes resolution working capital settlement.
 purchase price determined historical financial statements.
 acquisition costs.
 preliminary price allocation.
 271577
 147500
 contract 31000
 technology 10700
 fixed assets 1680
 other 4230
 acquired 466687
 deferred income taxes
 net assets $ 427738
 north america merchant services segment $ 271. million.
 services.
 not deductible tax.
 amortization 13 years.
 technology 7.


consolidated financial statements.
 firm securitizes residential mortgages corporate bonds loans financial assets vehicles. trusts corporate entities companies resecuritization.
 acts underwriter beneficial interests sold investors.
 residential mortgage securitizations government agency securitizations.
 beneficial interests debt equity securities investors rights receive cash inflows senior subordinated interests.
 proceeds from sale pay transferor assets securities collateral.
 accounts securitization as sale control.
 at fair value gains losses.
 net revenues from underwriting recognized sales interests.
 transfers not assets remain fair value collateralized financing interest expense recognized.
 notes 9 23.
 firm receives cash transferred assets ownership interests senior subordinated securities.
 purchase securities vehicles secondary market-making activities.
primary risks involvement performance collateral investment market yield.
 accounted fair value instruments level 2.
 notes 5 8.
 table financial assets securitized cash flows interests entities.
 2013 2012 2011
 residential mortgages $ 29772 $ 33755 $ 40131
 commercial mortgages 6086
 financial assets
 $ 35858 $ 34055 $ 40400
 cash flows retained interests $ 249 $ 389 $ 569
 sachs 2013 annual report