issued 2007 2022 141 combinations 160 reporting noncontrolling interests financial statements amendment arb.
 51 accounting bulletin.
 109 46 fasb interpretation.
 46 investment companies 48-1 settlement fasb interpretation.
 159 issued 2006 effective date 2022 157 emerging issues task force 06-4 deferred compensation postretirement benefit split-dollar life insurance defined benefit pension noncontributory employees.
 cash balance formula compensation levels age length service.
 contributions actuarially determined benefits.
 assets invested equity fixed income instruments.
 fiduciaries investment policy.
 calculate expense pension plan sfas 87 assumptions 87 assets fair market value.
 actuarial assumptions discount rate compensation increase expected return assets.
 pension expense.
 expected long-term return.
expected long-term return on assets pension cost 2008 8. 25%. unchanged from 2007.
 difference accumulated amortized to pension expense future.
 percentage point difference return expense $ 7 million.
 table reflects estimated effects pension expense changes annual assumptions 2009 expense baseline.
.
. decrease discount rate
. decrease long-term return assets
. increase compensation rate
.
 pretax pension expense $ 124 million 2009 $ 32 million 2008.
 defined benefit plan.
 increase pension cost national city acquisition variance between 2008 investment returns-term returns.
 pension plan contribution requirements sensitive actuarial assumptions.
 investment performance contributions.
 current law protection act limits minimum maximum contributions.
 minimum contributions zero 2009.
 defined benefit plans nonqualified supplemental retirement plans.
note 15 employee benefit plans financial statements item 8.
 risk management business design processes.
 risk measurement control strategies monitoring corporate-level risk processes.
 analysis primary areas credit operational liquidity market.
 subdivided interest rate trading equity investment risk areas.
 financial derivatives asset liability risk management addressed.
 historical performance.


shipments increased 49% to 217. million units 2006 146. 2005.
 driven by gsm cdma 3g offset decreased iden.
 shipments increased all regions.
 worldwide handset market grew 20% expanded global handset market share 22% 22 %.
 asp decreased 11% 2005.
 driven by changes geographic product-tier mix.
 decreased 10% 2005 increased 15% 2004.
 impacted by product mix market conditions offerings trends vary.
 customers china mobile verizon sprint nextel cingular t-mobile.
 39% ( 39 % net sales.
 sold third-party distributors retailers 38% ( 38 %.
 largest brightstar corporation.
.
 65% 65 2006 net sales outside.
 international markets china brazil united kingdom mexico.
home networks mobility segment designs manufactures sells installs services digital video internet protocol network interactive set-tops end-to end video solutions broadband infrastructure data voice equipment cable television telecom providers wireless access systems cellular infrastructure wireless broadband systems providers.
 2007 2019s net sales 27% ( 27 % consolidated net sales compared 21% 21 % 2006 26% ( 26 % 2005.
.
 net sales $ 10014 9037 9 % 1% 1 %
 operating earnings
 2019s net sales increased 9% ( 9 % $ 10. 0 billion $ 9. 2 billion 2006.
 27% ( 27 % increase home business offset 1% 1 % decrease wireless networks.
sales digital entertainment devices increased 43% demand offset decline asp.
 shipments increased 51% 51 % 15. 2 million units.
 broadband gateways increased 6% ( 6 % higher sales data modems netopia.
 wireless networks decreased 1% ( 1 % lower sales iden cdma higher gsm.
 9% ( 9 % ) increase sales higher sales regions.
 increase north america higher digital offset lower iden cdma.
 increase asia higher gsm lower.
 increase emea higher gsm offset lower demand iden cdma.
 north america business 52% ( 52 % sales 2007 56% 56 % 2006.
 2019s financial condition


devon energy subsidiaries financial statements debt maturities 31 2014 excluding premiums discounts.
 2015 $ 1432
 2016 350
 2017 875
 2019 1337
 2020 7263
 $ 11257
 $ 3. billion syndicated unsecured revolving line credit.
 maturity $ 30 million october 24 2017.
 $ 164 million october 24 2018.
 remaining $ 2. 8 billion october 24 2019.
 interest fixed rate options twelve months.
.
 borrow prime rate.
 annual fee $ 3. 8 million payable quarterly.
 december 31 2014 no borrowings.
 covenant.
 funded debt capitalization no greater 65 percent.
.
 noncash write-downs.
 debt-to- capitalization ratio 20. 9 percent.
 $ 3. billion short-term credit.
paper debt 1 90 days 365 interest.
 federal funds libor.
 december 2014 devon borrowings $ 932 million borrowing rate 0. 44 percent.
 november 13 2014 redeemed $ 1. 9 billion asset divestitures.
 redemption. 4% $ 500 million 2016. 2%. $ 650 million. $ 750 million 2017.
 redeemed $ 1. 9 billion 100 percent principal make-whole premium $ 40 million.
 unamortized discount $ 2 million debt issuance costs $ 6 million.
 2014 statement earnings.


aes 2019s generating facilities sell electricity to wholesale customers in competitive markets.
 contract generation facilities sell less than 75% output long-term contracts pricing into power pools shorter-term contracts daily spot markets.
 prices for electricity short-term contracts spot markets unpredictable volatile.
 results sensitive to market fluctuations electricity natural gas coal raw materials.
 europe entered administration november 2002 no longer performing under contracts with drax barry.
 failure results.
 two businesses wolf hollow.
 granite ridge have fuel supply agreements with el paso merchant energy.
. financial difficulties.
 financial difficulties.
. performance no assurance deterioration 2019s financial condition.
 obligations.
.
 could lead to default under aes wolf hollow.fuel supply agreement wolf hollow. lenders default.
.
 working avoid default.
 revenues facilities electricity end-use regulation.
 third party approval rate increases.
 large utilities growth distribution.
 revenues contract generation competitive supply not regulated.
 distribution 2002 2001 2000.
 large utilities 36% 36 % 21% 21 % 22% 22 %
 growth distribution 14% 14 %
 contract generation 29% 29 % 32% 32 % 27% 27 %
 competitive supply 21% 21 % 26% 26 % 30% 30 %
 subsidiaries affiliates. greenfield power plants long-term contracts sale electricity.
 completion risks siting financing construction permitting governmental approvals termination contract.
 december 31  2002 costs early $ 15 million construction $ 3. 2 billion.


rm&t segment marathon use derivative instruments price risk crude oil feedstock excess inventories margins sales price spread refined crude oil.
 instruments risk crude oil.
 natural gas options price risk 60% natural gas purchases refinery first 2004 50% second quarter 2004.
 instruments protect excess refined crude oil lpg inventories.
 lock margins future price sales non-retail.
 future crack spreads.
 opportunities commodity markets.
 derivative gains losses rm&t segment income two years summarized 2003.
 mitigate price risk -112 -95
 protect excess inventories
 margin fixed price sales
 crack spread values
 trading
 derivative losses $ $ -124
 losses market prices increase offset gains physical commodity transaction.
 derivative gains occur market prices decrease offset by losses commodity transaction.
 marathon derivative instruments convert long-term gas sales contract to market prices.
 contract annual quantity gas 2008.
 derivative instruments convert shorter contracts to market prices purchased gas resale.
 derivative gains losses $ 19 million $ ( 8 million $ ( 29 ) million 2003 2002 2001.
 gains losses $ ( 7 million $ 4 million $ ( 1 ) million 2003 2001.
 subject to basis risk commodity futures prices cash market price.
 natural gas prices based industry reference prices vary local.
 exchange contracts priced.
 price changes derivative commodity instruments hedge exposure basis risk.
 differences.
 risk.
 subject liquidity risk delays positions.
participants liquidity low exchange-traded transactions.


corporate items 2018 2017 2016.
 net gain-marketvaluation commodity positions $ 14. -69.
 loss commodity positions profit 11. 32. 127.
-to-marketrevaluation grain inventories 6.
 commodity positions $ 32. $ 13. $ 62
. may 27 2018 net value commodity derivatives $ 238. million $ 147. 9 million agricultural inputs $ 90. 9 million energy inputs.
 contracts next 12 months.
 exposed volatility fixed-rate debt floating-rate debt.
 exposures.
 treasury libor euribor commercial paper rates states.
 interest rate swaps forward-starting treasury locks hedge exposure reduce financing costs fixed floating-rate debt.
swaps fixed floating-rate interest.
 swaps cash flow hedges.
 effectiveness assessed derivative method.
 gains losses reclassified earnings.
 ineffective gains losses net interest.
 hedge ineffectiveness $ 2. 6 million loss 2018 less $ 1 million 2017.
 swaps fair value hedges underlying debt derivatives.
 ineffective gains losses net interest.
 hedge ineffectiveness $ 3. million loss 2018 $ 4. million gain 2017 less $ 1 million 2016.
 financing entered $ 3800. million treasury locks due april 19 2018 average fixed rate 2. 9 percent $ 2300. million third quarter $ 1500. fourth quarter.
 cash settled $ 43. million fourth quarter $ 850. $ 800. 7-year.500. 650.
 $ 500. million treasury locks due 2017 average rate 1. 8 percent.
 cash settled $ 3. 7 million second quarter 2018 $ 500. million 5-year.


pre-construction dam safety environmental construction.
 recovered surcharge twenty-year period october 2012.
 unrecovered project costs surcharges $ 85 million $ 89 million december 31 2018 2017.
 surcharges collected $ 8 million $ 7 million.
 twenty-year amortization period january 1 2018 annual revenue requirement $ 8 million recovered base rates.
 debt expense amortized.
 premiums redemption long term debt unamortized debt deferred amortized future service rates.
 purchase premium acquisition premiums asset california 2007.
 amortized depreciation operations through november 2048.
 tank painting costs deferred amortized operations maintenance expense five fifteen years regulatory authorities.
 american water capital. subsidiary. senior notes december 21 2018.62 % series e senior notes march 29 2019 201d. 77%. f december 21 2022 premium $ 10 million paid holders september 11 2018.
 early debt extinguishment costs utility subsidiaries recorded regulatory assets recovery future.
 construction costs property tax stabilization employee costs deferred postretirement benefit business services coastal water rate expenditures environmental remediation costs.
 costs deferred.
 regulatory liabilities.
 records regulatory liabilities.
 regulatory liabilities december 31.
 income taxes recovered rates $ 1279
 removal costs
 postretirement benefit liability
 pension postretirement benefit balancing accounts
 reserve revenue
 regulatory liabilities $


containerboard group division tenneco packaging.
 leases sale 12 1999.
 remaining rental commitments.
 1999 $ 7606
 2000 7583
 2001 4891
 2002 3054
 2003
 $ 25727
.
 1996 joint venture caraustar industries sold recycled paperboard mills fiber recycling brokerage cash 20% 20 % equity interest.
 proceeds $ 115 million $ 50 million pretax gain 30 million.
 june 1998 sold 20% equity cash $ 26000000.
 $ 15 million pretax gain.
 balance accrued interest $ 27122000.
 paid june 1999.
.
 august 25 1999 acquisition postclosing price adjustment $ 20 million interest.
. million impairment charge financial statements.
 remaining 1999.
 purchase agreements 405000 acres timberland.
completed 260000 acres remaining mid-november 1999.


borrowings.
 recapitalization 2005 year interest.
 increase interest expense.
 income tax totaled $ 150. 2 million $ 116. 1 million $ 118. 3 million 2006 2005 2004.
 tax rate 37. 2%.
 net earnings $ 259. 1 million $ 196. $ 189. 4 million 2006 2004 $ 1. 37 $ 1 $ 1. 48 per diluted share.
 processing services.
 processing revenues 2458777 1208430
 profit
 expenses
 income
 processing services enterprise solutions financial solutions international.
 totaled $ 2458. 8 million $ 1208. 4 $ 892. million 2006 2005 2004.
 segment increase $ 1250. 4 million certegy merger contributed $ 1067. 2 million.
2006 growth financial solutions international revenue channels $ 31. 9 million outsourcing brazil.
 segment increase $ 316. acquisitions aurum sanchez kordoba intercept $ 301. million.
 transaction processing services $ 1914. million $ 904. $ 667. 1 million 2006 2005 2004.
 increase $ 1010. million certegy merger contributed $ 848. 2 million.
 gross profit 22.
 decrease profit certegy merger.
 intangible asset amortization.
 depreciation amortization $ 272. million $ 139. $ 94. 6 million 2006 2005 2004.
 expenses $ 171. 1 million $ 94. million $ 99. 6 million.
 increase certegy merger $ 73. 7 million $ 76. 2 million.
 decrease $ 4. 7 million 2005 acquisition costs.
selling depreciation amortization $ 11. million 2006 2005 2004.


2013 earnings per share calculated net earnings allegion plc weighted-average ordinary shares.
 diluted eps calculated adjusting denominator potentially dilutive shares share-based compensation plans.
 table summarizes weighted-average ordinary shares basic diluted earnings.
 millions 2017 2016 2015
-average shares 95.
 shares incentive stock plans.
 diluted shares 96.
 december 31 2017. million stock options excluded diluted shares anti-dilutive.
 19 2013 commitments contingencies involved litigations claims proceedings environmental product warranty matters.
 contingent liabilities estimates reviewed adjusted additional information.
 financial condition operations liquidity cash flows.
 dedicated program hazardous materials remediate environmental concerns.
company engaged in investigations remediation production facilities.
 evaluates remediation programs considers alternative methods.
 may increased expenses environmental reserves.
 party to environmental lawsuits received notices violations.
 environmental protection agency state authorities.
 potentially responsible party for cleanup costs off-site waste disposal at federal superfund state remediation sites.
 involvement minimal.
 not bear entire cost remediation.
.
 additional lawsuits claims likely arise.
 incurred $ 3. 2 million $ 23. 3 million $ 4. 4 million expenses 2017 2016 2015 for environmental remediation at sites owned leased.
 2016 launched alternative approach to two sites states.
 environmental conditions impact regulatory requirements.
 recorded $ 15 million charge for environmental remediation fourth quarter 2016.
remediation costs goods.
 reserves $ 28. 9 million $ 30. 6 million.
 total reserve $ 8. 9 million $ 9. 6 million.
 reserves accrued expenses.
 total reserve $ 12. 6 million $ 6. 1 million remainder noncurrent.
 evolving laws cost future compliance uncertain.


70 million.
 issues customer requirements contract accrued additional reserves.
 scope costs viability program additional funding.
 additional loss reserves operating results.
 total costs uncertainties estimation process.
 consolidated net adjustments profit increased operating profit $ 1. 5 billion $ 1. 7 billion $ 1. 6 billion 2016 2015 2014.
 decrease adjustments 2016 due mfc space systems offset increase rms.
 increase 2015 space systems aeronautics decrease rms mfc.
 adjustments 2016 $ 530 million unfavorable items reserves international program rms.
 2015 $ 550 million unfavorable reserves international program rms commercial satellite programs space systems.
 2014 $ 535 million unfavorable reserves training logistics programs rms warranty reserve adjustments programs mfc.
research design development manufacture military aircraft combat unmanned vehicles.
 programs f-35 lightning c-130 hercules f-16 falcon c-5m galaxy f-22 raptor.
 results.
 net sales $ 17769 $ 15570 $ 14920
 operating profit
 margin. 6%. 8%. 1%.
 backlog $ 34200 $ 31800
 net sales increased $ 2. billion 14% 14 %.
 higher net sales $ 1. 7 billion f-35 program increased $ 290 million c-130 increased deliveries $ 250 million f-16 modernization.
 lower net sales $ 55 million c-5 program decreased sustainment.
 operating profit increased $ 206 million 12%.
 $ 195 million f-35 increased higher risk retirements $ 60 million support maintenance risk.
offset lower profit $ 65 million c-130 mix risk retirements.
 $ 20 million higher 2016.
 sales increased $ 650 million 4%.
 higher sales $ 1. 4 billion f-35 contracts $ 150 million c-5 program increased deliveries


2013 long-term debt millions.
 rates 2. 13%. to 6. 15%. 2016 to 2042 $ 5642 5308
 7.%. to. 75%. 2013 to 2036
 long-term debt 6966
 unamortized discounts -892
 current maturities
 6158
 2012 issued notes $ 1. 3 billion fixed interest rate 4. 07%. 2042 $ 1. 2 billion interest rates 5. 50%. to 8. 50%. 2023 to 2040 old.
 paid premium $ 393 million $ 225 million cash $ 168 million new notes.
 $ 194 million unamortized discounts amortized interest expense new.
 redeem new notes principal make-whole premium accrued unpaid interest.
 payable june 15 december 15 2013.
new notes unsecured senior obligations indebtedness.
 2011 issued $ 2. billion long-term notes $ 500 million 2016 interest 2. 13%. $ 900 million 2021. 35%. $ 600 million 2041. 85%.
 redeem notes principal make-whole premium accrued unpaid interest.
 payable march 15 september 15 2012.
 proceeds redeem $ 500 million long-term notes 2013.
 repurchased $ 84 million.
 paid premiums $ 48 million early extinguishments.
 august 2011 $ 1. 5 billion revolving credit facility banks terminated $ 1. 5 billion 2012.
 expires august 2016 increase $ 500 million.
 no borrowings outstanding december 31 2012.
 borrowings unsecured interest eurodollar base.
obligation loans credit facility compliance representations warranties covenants maximum leverage ratio.
 excludes adjustments postretirement benefit plans.
 covenants credit facility debt agreements.
 agreements commercial paper.
 no borrowings 2012 2011.
 supported credit facility.
 long-term debt maturities $ 150 million 2013 $ 952 million 2016.
 interest payments $ 378 million 2012 $ 326 million 2011 337 million 2010.


celanese corporation subsidiaries financial statements amend agreements indebtedness change business agreements dividends subsidiaries.
 senior credit facilities require covenants maximum leverage bank debt interest coverage capital expenditures.
 net bank debt adjusted ebitda ratio eliminated 2005.
 december 31 2005 financial covenants debt.
 debt short term borrowings.
 2007 2008 2009 2010 $ 2 million adjustment assumed debt.
.
.
 retirement disability surviving pensions.
 benefits vary legal economic conditions.
 commitments defined contribution benefit plans.
 years service compensation.
 supplemental retirement benefits non-qualified.
 tax.
 separate trusts non-qualified plans.
 defined benefit pension plans north america.
 december 31 2005 company.
pension plan 85% 75% celanese assets liabilities.
 administer majority.
 actuarial valuations annually.
 sponsors contribution plans europe north america.
.
 contributions based $ 12 million 2005 $ 8 million months 2004 $ 3 million three months $ 11 million 2003.
 acquisition cag $ 463 million pension obligations.
 months 2004 $ 409 million pre-funded.
 $ 54 million non-qualified pension 2005.
 acquisition vinamul acetex assumed assets obligations.
 liabilities $ 128 million.
 assets $ 85 million.


.
 morgan chase co.
 2003 annual report 2013balance sheet cash obligations special-purpose entities variable-interest entities important financial markets liquidity access portfolios assets risks.
 spes not operating entities single discrete purpose limited life no employees.
 structure company selling assets spe.
 securities.
 creditors spes bankruptcy-remote.
 critical markets mortgage-backed securities asset-backed commercial paper.
 jpmorgan chase involved spes loan securi tizations multi-seller conduits client intermediation.
 capital held against spe-related transactions.
 no commitments issue stock policies require transactions reflect market pric ing.
 no jpmorgan chase employee invest spes rules conduct.
 prohibit self- dealing acting transactions financial interest.
liquidity commitments to spes firm if credit rating jpmorgan chase bank downgraded below p-1 a-1 f1 for moody standard poor fitch.
 liquidity commitments $ 34. 0 billion at december 31 2003.
 firm.
 jpmorgan bank bank facilitate sale refi nancing assets spe liquidity.
 $ 27. 7 billion unfunded commitments.
 consolidation multi-seller conduits $ 6. 3 billion excluded underlying assets spe included consolidated balance sheet.
 table summarizes revenue information vies.
 year ended december 31 2003
 revenue $ 79 $
 includes consolidated nonconsolidated asset-backed commercial paper conduits.
 servicing fee income.
 vie vehicles derivative transactions with vies recorded at fair value balance sheet.mark-to-market gains losses trading revenue.
 not included.
 note 1 pages 86 201387 13 100 14.
 cash obligations future cash payments.
 long debt trust capital securities operating leases contractual purchases capital expenditures liabilities.
 note 18 pages 109 2013111.
 operating leases note 27 page 115.
 table summarizes jpmorgan chase 2013 balance sheet lending instruments cash obligations.
 purchases future cash expenditures services securities commodities.
 capital expenditures future cash payments real estate.
 expenditures minimum obligation contracts.
 excluded obligations settled cash under one year.
 balance deposits federal funds securities repurchase borrowed funds purchases debt equity instruments timeframes.
regular-way derivative payables delivery purchases settlement failures.


variable-rate home equity lines credit seven or ten year draw period 20 year amortization term.
 interest only principal interest.
 balances december 31 2011 table draw.
.
 2012 $ 904 $ 266
 2013 1211
 2014 2043 598
 2015 1988 820
 2016 6961 5601
 $ 13107 $ 7616
 $ 306 million $ 44 million $ 60 million $ 100 million $ 246 million home equity lines balloon payments 2012 2013 2014 2015 2016.
 principal interest less risky than principal interest payments.
 loans december 31  2011. 4. 32%. 32 % 30-89 days past due. 57%. 57 % or 90 days past due.
borrower 60 days past due terminate borrowing privileges not reinstated.
 continue collection/recovery processes loss mitigation loan modification tdr.
 note 5 asset quality loan lease losses unfunded loan commitments letters credit financial statements 8.
 loan modifications debt restructurings modify loans under government pnc programs help avoid foreclosure.
 borrower evaluated for modification government.
 evaluated pnc program.
 temporary permanent modifications reduce interest rate extend term defer principal.
 modifications classified tdrs.
 payment plans trial payment arrangements change classified tdrs.
 detail tdrs note 5.
 temporary modification three 60 months original loan terms reverts original failure.
 to 24 months interest rate reverts original.
 permanent modification greater than 60 months terms original loan changed.
modifications include government home program pnc.
 temporary modification borrower hardship delinquent loan balance.
 delinquency due illness death loss employment.
 permanent modifications borrower income payments payments lower amounts.
 home equity loans modified 60 months three to 24 months.
 monitor success rates delinquency status loan modification programs credit losses.
 tables provide unpaid balance modified real estate loans 60 days past due six nine twelve months after modification.
 pnc financial services group.
 2013 form 10-k


amortization expense selling administrative expenses $ 13. million $ 8. million 2016 2015 2014.
 estimated intangible assets.
 2017 10509
 2018 9346
 2019 9240
 2020 7201
 2021 5318
 2022
 $ 58370
 2016 2015 2014 goodwill assets not impaired.
.
 revolving commitments $ 1. 25 billion borrowings term loan maturing january 2021.
 2016 no outstanding balance $ 186. million term loan borrowings.
 borrowings $ 300. million conditions.
 incremental borrowings uncommitted market conditions.
 maturities less one year.
 $ 50. million issuance letters credit.
 $ 2. million letters outstanding december 31 2016.
credit agreement negative covenants limit company subsidiaries incur indebtedness make restricted payments pledge assets make investments loans advances guarantees acquisitions changes enter transactions.
 required maintain ratio consolidated ebitda to interest expense not less than 3. 50 to 1. 00 indebtedness to ebitda greater than 3. 25 to 1. 00.
 december 31 2016 compliance with ratios.
 agreement contains events default customary cross default provision.
 borrowings bear interest at rate per annum equal to alternate base rate or.
 dollars applicable margin.


yen $ 63 million $ 188 million.
 cash paid $ 63 million quarter march 31 2010 purchase sumitomo 3m shares sei financing activities.
 remainder purchase sei non-cash financing first quarter 2010.
 second quarter 2010 3m financed liability 1. 7 billion yen $ 18 million a-one acquisition non-cash financing.
 off-balance sheet arrangements contractual obligations december 31 2012 not utilized special purpose entities off-balance sheet financing.
 201cwarranties/guarantees 13 product warranty liabilities guarantees.
 3m agreements indemnify customers suppliers risks injury damage negligence patents intellectual property.
 not results financial condition.
 contractual obligations december 31 2012.
 millions 2013 2014 2015 2016 2017 after 2017

 long-term debt $ 5902 $ 986 $ 1481 994 $ 648 $ 1686
 interest 1721  189 152 97 96 1108
 operating leases 735 | 194 158 119 77
 capital leases 96  22 21 8
 unconditional purchase obligations 1489 | 1060  209  111  48 33
 cash obligations $ 9943  $ 2451  $ 2021 $ 442 $ 1222 $ 832 $ 2975
 long-term debt payments 2013 2014 floating rate notes $ 132 million $ 97 million.
 unconditional purchase obligations binding.
 take or pay contracts capital commitments service agreements utilities.
.
 pay contracts.
.
 capital commitments small part capital spending 2013.
purchase obligation amounts represent entire purchases only contractually obligated.
 majority 3m products services purchased needed no unconditional commitment.
 amounts future cash outflows.
 current liability uncertain tax positions 740 expected paid cash next 12 months.
 estimate long-term payments liability long-term net tax liability $ 170 million excluded.
 note 7 details.


jpmorgan chase. 281 pledged assets repur financing derivative transactions borrowings deposits.
 sold repledged financial instruments balance sheets.
 december 31 2010 2009 pledged $ 288. 7 billion $ 344. 6 billion financial instruments sold repledged.
 pledged assets.
 securities $ 112. $ 155.
 loans 214. 285.
 trading assets 123.
 $ 450. $.
. consolidated settle liabilities.
 note 16 pages 244 259.
 december 31 2010 2009 firm accepted assets sell repledge $ 655. billion $ 635. 6 billion.
 obtained resale agreements securities borrowing agreements margin loans derivative agreements.
 $ 521. 3 billion $ 472.7 billion sold repledged collateral repurchase short sales deposits agreements.
 reporting revised 2010 securities sales deposits agreements.
 prior amounts revised current.
 revision impact firm balance sheets results operations.
 2008 resolved issues reporting withholding accounts transferred bank new york mellon sale bnym business.
 firm.


changes regulatory capital basel iii standards.
 2014 securities pension post-retirement plans regulatory capital affect capital ratios.
 supervision regulation section item 1 2013 business capital balance sheet review 7.
 duration investment securities 2. 9 years december 31 2013.
 duration 3. years 50 increase 2. 8 years decrease.
 comparable amounts 2012 2. 3. years.
 quarterly security-level impairment assessment securities.
 unrealized loss.
 securities recognize credit earnings noncredit unrealized gains losses.
 2013 2012 recognized credit losses $ 16 million $ 111 million.
 residential mortgage-backed asset-backed securities collateralized non residential loans.
 housing economic conditions deteriorate market volatility illiquidity interest rates credit spreads widen valuation investment securities portfolio credit losses income.
investment securities note 8 9 consolidated financial statements.
 loans sale table 15 millions.
 commercial mortgages fair value 586 772
 1392
 mortgages cost
 2255 3693
 mortgages stopped originating.
 december 31 2013 balance $ 586 million 772 million 2012.
 mortgages lower cost sold $ 2. 8 billion 2013. 2012.
 government agencies.
 gains $ 79 million recognized 41 million.
 residential mortgage loan origination volume $ 15. 1 billion 2013.
 loans originated federal housing administration standards.
 sold $ 14. 7 billion recognized gains $ million 2013.
 comparable 2012 $ 13. billion $ 747 million.
 interest income loans $ 157 million 2013 $ 168 million 2012.
 consolidated income statement.
loan sale servicing activities 3 variable interest entities 9 financial statements 8.
 assets $ 11. 3 billion 2013 $ 10. 9 billion 2012.
 increase $. 4 billion mortgage loan servicing rights.
 note 10.
 pnc financial services group.
 2013 form 10-k


2015 $ 82 million recapture impaired loans $ 91 million 2014.
 charge-offs commercial loans $ 12 million $ 42 million 2014.
 december impaired loans $. 3 billion $. 9 billion.
 decline derecognition policy.
 increases provision recapture reclassification non accretable yield.
 transactions removal loans cash flow estimation.
 flow re- estimation quarterly.
 accretable yield 2015 2014 table 66 purchased impaired loans 2013 yield.
 millions 2014
 january 1 $ 1558 $ 2055
 cash recoveries -466 -587
 reclassifications accretable non-accretable 226
 disposals -68 -118
 31 $ 1250 $ 1558
 allowances loan lease losses unfunded commitments credit losses.
segments commercial consumer methodologies 1 accounting.
 rollforward loan data.
 pnc financial services group.
 2013 form 10-k


tax returns 2001 open examination.
 unrecognized tax benefits change next 12 months.
.
 management compensation plans april 2009 company approved global incentive plan replaces 2004 stock incentive plan.
 2009 incentive plan enables compensation committee award incentive nonqualified stock options stock appreciation rights shares common stock restricted stock units incentive bonuses paid cash stock performance-based vesting award provisions incentive employees non-management directors service providers.
 2009 gip grant participate dividends equivalents.
 maximum shares issued 2009 5350000 shares plus shares common stock available issuance 2004 stock incentive plan not including outstanding awards awards 2004.
 december 31  2010 total shares available outstanding awards.
 2009 global incentive plan 2322450 2530454
2004 stock incentive plan
 termination participant employment death disability cause equal to value multiplied by fraction x months between grant date termination y term award rounded to nearest whole number reduced by value payable to participant.
 termination employment unvested portion forfeited cancelled without.
 $ 19 million $ 0 million tax benefit from stock option exercises vesting 2010 2009.
 reversed $ 8 million of 19 million tax benefit.
 deferred compensation 2007 participants plan revised program cash awards restricted stock units.
 company expensed $ 9 million $ 10 million $ 8 million payments $ 4 million participants $ 28 million to active employees.
 $ 1 million remains paid 2011 revised program.
 no deferred compensation payable 2004 deferred compensation plan.
company recorded expense participants 2004 deferred d77691 132000000 18:22 valid graphics color


.
 locomotives freight cars.
 december 2009 2008 $ 2754 million $ 927 million depreciation $ 2024 million $ 869 million depreciation capital leases.
 charge income depreciation depreciation expense.
 future lease payments leases 2009 leases capital leases.
 2010 576
 2011
 2012
 2013
 2014
 lease payments $ 5312 $ 2975
 interest
 payments
 majority capital lease payments locomotives.
 rent expense leases one month $ 686 million 2009 $ 747 million 2008 $ 810 million 2007.
 variable rental expense term.
 contingent rentals sub-rentals.
.
 contingencies lawsuits pending against subsidiaries.
determine effect claims on results operations financial liquidity probable estimated recorded liability.
 expect lawsuits claims environmental costs commitments contingent liabilities guarantees results financial liquidity insurance recoveries.
 cost charged expense cost incidents.
 third-party actuaries expense liability.
 federal employers 2019 liability act governs compensation work-related accidents.
 damages assessed fault out-of-court settlements.
 offer services rehabilitation programs for employees injured


cash without financings.
 free cash flow operating activities.
 table reconciles free cash flow non millions 2014 2013 2012.
 operating activities $ 7385 $ 6823 $ 6161
 investing activities -4249 -3405 -3633 ( 3633
 dividends -1632 -1333 -1146 ( 1146
 free cash flow $ 1504 $ 2085 $ 1382
 safety safe railroad benefits employees customers shareholders communities.
 multi-faceted approach safety technology risk assessment quality control training employee engagement capital investments.
 safety culture.
 increase detection defects crossings educate safety.
 add resources growth service replenish surge capability.
 2014 uncertainty projections fuel.
 volatile fuel prices sensitive global.
 demand refining capacity geopolitical events weather conditions.
prices fluctuate earnings fuel surcharge programs trail fluctuations two months.
 lower fuel prices spending demand products.
 lower commodities coal frac sand crude oil shipments.
 capital plan $ 4. 3 billion ptc 218 locomotives.
 revised business conditions laws affect returns.
 liquidity capital resources 2013 plan. financial expectations.
 economy moderate.
 outlook energy markets challenges opportunities.
 positive volume growth 2015.
 margin improvement pricing opportunities productivity initiatives resources fluidity network.


part ii item 5.
 market common equity stockholder matters issuer purchases class a common stock listed new york stock exchange since march 19 2008.
 november 8  2019 348 stockholders.
 beneficial owners greater record holders portion held banks brokers.
 no public trading market b c common stock.
 1397 509 holders november.
 october 22 2019 board declared quarterly cash dividend $ 0. 30 per share payable december 3 2019 holders.
 expect quarterly dividends.
 dividends discretion board directors financial condition operating results cash.
 issuer purchases table purchases common stock quarter september 30  2019.
 shares purchased average price paid share plans programs dollar value shares.
purchased average price share plans shares
 july 1-31 2019 3680103 $ 179. 32 5502430029
 august 1-31 2019 4064795 $ 176.
 september 1-30 2019 4479497 $ 176. 61 $ 3995051745
 12224395 $ 177. 28
 figures reflect transactions dates.
 impact settlement dates.
 board directors authorizes repurchase monetary limit.
 january 2019 repurchase $ 8. 5 billion.
 expiration.
 repurchase programs completed.


entergy new orleans.
 volume/weather variance electricity usage residential commercial sectors 4% 4 % increase residential 3% 3 % commercial offset less favorable weather.
 operating revenues decreased $ 16. 2 million electric fuel cost recovery lower rates $ 15. 4 million gas revenues formula rate plan decreases 2011.
 offset wholesale revenue increased sales favorable/weather.
 net revenue fuel expenses gas power expenses regulatory charges.
 change net revenue 2010 2009.
.
 2009 net revenue $ 243.
.
.
 2009 settlement.
.
 2010 revenue $ 272.
 volume/weather variance increase 348 gwh 7% 7 % retail electricity usage favorable weather.
 net gas revenue variance favorable weather gas regulatory asset electric gas formula rate plans.
note 2 financial statements plan settlement.
 2009 settlement entergy orleans realigning non-fuel costs grand gulf fuel adjustment electric rates june 2009.
 settlement.
 operation maintenance expenses deferral $ 13. 4 million michoud plant maintenance costs entergy orleans $ 8. million fossil expenses higher plant outage costs scope michoud plant.
 2 financial statements 2010 rate plan.


facilities.
 foreign cash equivalents not key liquidity domestic operations.
 30 2019 $ 2. 9 billion credit facilities revolving credit facility majority matures july 1  2022.
 liquidity working capital corporate purposes acquisitions dividends stock repurchases.
 restrictive covenants govern availability.
.
 $ 129. 8 million outstanding credit cash equivalents $ 151. 6 million $ 636. 8 million.
 cash equivalents kapstone acquisition.
 equivalents outside.
 total debt $ 10063. 4 million $ 561. 1 million.
 $ 6415. 2 million $ 740. 7 million.
 increase related kapstone acquisition.
 cash flow.
 year cash operating activities $ 2310. $ 1931.
 investing -4579. -815.
 financing 1780. -755.
cash 2019 increased $ 379. million higher earnings $ 340. 3 million decrease working capital.
 adoption asu 2016-15 2016-18.
 cash reduced $ 489. 7 million investing increased $ 483. 8 million change proceeds securitization.
 investing $ 4579. 6 million $ 3374. 2 million purchase businesses kapstone acquisition $ 1369. 1 million capital expenditures offset $ 119. 1 million sale $ 33. 2 million life insurance $ 25. 5 million.
 $ 815. 1 million 2018 $ 999. 9 million capital expenditures $ 239. 9 million purchase businesses $ 108. million investment grupo gondi.
 offset $ 461. 6 million cash receipts 2016-15 $ 24. million proceeds sale affiliates solid waste management $.proceeds property.
 2019 financing $ 1780. million debt 2314. million kapstone dividends 467. million purchases common stock 88. million.
 2018 financing 755. million dividends. purchases $ 195. million repayments $ 120. million.


indebtedness matured quarter 2014.
 interest payable semi-annually march september 18 $ 35 million per year.
 2024 notes redeemed maturity 201d redemption price.
 unamortized discount debt costs amortized remaining term 2024.
.
 2012 issued $ 1. 5 billion unsecured obligations.
 senior debt securities $ 750 million. notes repaid june 2015 maturity $ 750 million. 2022.
 proceeds repurchase blackrock 2019s common stock.
 interest 2022 notes $ 25 million year payable semi-annually june 1 december 1.
 redeemed maturity 201d redemption price.
 future payments redemption.
 unamortized discount costs amortized remaining term 2022.
.
 2011 issued $ 1. 5 billion unsecured.
issued senior debt securities $ 750 million 4. 25%. 2021 $ 750 million floating rate repaid 2013.
 proceeds repurchase blackrock 2019s series merrill lynch.
 interest 4. 25%. 2021 payable semi-annually may november 24 $ 32 million per year.
 redeemed redemption price.
 unamortized discount costs amortized term 2021.
.
 issued $ 2. 5 billion unsecured unsubordinated obligations.
 three debt securities $. billion 2. 25%. notes repaid 2012 $ 1. billion 3. 50%. repaid 2014 $ 1. billion 5. notes 2019.
 borrowings program acquisition barclays global investors.
 interest 2019 notes $ 50 million payable semi-annually june december 10.
 redeemed redemption price.
unamortized discount debt costs amortized 2019.
.
 leases office spaces 2043.
 future commitments.
 2018
 2019 132
 2020 126
 2021 118
 2022
 2017 agreement 50 hymc lease 847000 feet office space 50 hudson yards new york.
 twenty years payments may 2023 option renew.
 rental payments $ 51 million year first five years increasing five years $ 58 million 66 million $ 74 million per year $. billion rent.
 operating not liability.
 rent office equipment expense $ 132 million $ 134 million $ 136 million 2017 2016 2015.
.
 december 31 $ 298 million capital commitments sponsored investment funds.
 real.
 excludes commitments third.
timing funding unknown callable demand expiration.
 unfunded not recorded statements.
 include future commitments.
 intends additional capital commitments investment products clients.
 acquisitions.
 blackrock required payments performance targets revenue new capital commitments.
 remaining contingent payments december 31  2017 $ 236 million $ 128 million first reserve transaction included other liabilities statements.


first second liens charge-off amounts proportionate.
 ratio second loans consistent roll-rate calculations.
 variable-rate home equity lines credit seven or ten year draw period 20 year amortization term.
 interest only principal interest.
 balances december 31 2012 draw periods.
 home equity lines credit 2013 millions.
 2013 1338
 2014
 2015
 2016
 2017
 2018 5497
 15553 $ 7376
 $ 166 million $ 208 million $ 213 million $ 61 million $ 70 million $ 526 million home equity lines balloon payments draw periods 2013 2014 2015 2016 2017 2018.
 paying principal interest less risky interest only payments.
 impaired loans december 31  2012 equity lines draw.draw period ended borrowing privileges terminated 3. 86%. 30-89 days past due 5. 96%. 90 days past due.
 60 days past due terminate borrowing privileges not reinstated.
 continue collection/recovery processes loss mitigation loan modification tdr.
 note 5 asset quality.
 debt restructurings modify loans government pnc programs help avoid foreclosure.
 borrower evaluated modification government.
 pnc.
 temporary permanent modifications reduce interest rate extend term defer principal.
 modifications classified tdrs.
 payment plans trial payment arrangements change classified tdrs.
 5.
 temporary modification three 60 months loan terms reverts exit rate remaining.
 permanent modification greater 60 months terms original loan.
 modifications include government home affordable modification program pnc-developed.
consumer loan programs residential mortgages home equity temporary modification borrower hardship delinquent loan balance.
 illness death loss employment.
 permanent modifications borrower income payments lower.
 residential home equity loans modified 60 months three 24 months.
 monitor success rates delinquency status loan modification programs credit losses.
 tables unpaid balance modified real estate loans 60 days past due nine twelve fifteen months modification.
 pnc financial services group.
 2013 form 10-k


adobe inc.
 financial statements preliminary purchase price allocation acquired assets marketo estimated values acquisition useful lives.
 values management estimates assumptions preliminary valuation analyses deferred revenue tax liabilities tax.
 useful life.
 customer contracts relationships $ 576900
 purchased technology 444500
 backlog
 non-competition agreements
 trademarks 328500
 identifiable intangible assets 1467800
 net liabilities assumed
 goodwill 3459751
 estimated purchase price $ 4736263
 non-deductible tax.
 relationships contractual loyalty technology partner.
 estimated fair value projected cash flows.
 technology cloud-based engagement marketing software platform.
 future cost savings ownership.
 backlog subscription contracts professional services.
non-compete agreements marketo employees two years from acquisition.
 trademarks include marketo trade name marketing ecosystem.
 amortize fair value intangible assets over lives.
 $ 3. 46 billion allocated digital experience segment.
 excess purchase price over fair value assets.
-specific synergies revenue acquiring talented workforce cost savings.
 liabilities assets october reviewed adjusted fair value.
 $ 100. 1 million accrued expenses $ 74. 8 million deferred revenue $ 182. 6 million deferred tax liabilities offset by $ 54. 9 million cash equivalents $ 72. 4 million trade receivables.
 revenue advance payments contracts.
 estimated obligation cost build-up approach.
 margin.
.
 estimated costs based cost structure.
adjustment deferred revenue $ 74. 8 million estimate contractual obligations preliminary.


stock performance graph compares stockholder return common stock dow jones.
 technology index s&p 500 index five years 28 2013.
 $ 100 invested december 26 2008 year common stock dow jones.
 s&p 500 index dividends reinvested.
 stockholder returns.
 500 based fiscal year.
 five-year cumulative return intel.
 s&p 500.
 2008 2009 2010 2011 2012 2013
 intel corporation $ 100 148
 dow jones. index 170
 s&p 500 index 100 132 151 175 236
 table


hologic.
 financial statements r2 technology.
 13 2006.
 merger april 24 2006.
 financial statements mammography/breast care business.
 develops sells computer-aided detection technology detection breast cancer.
 purchase price $ 220600 8800 shares hologic common stock $ 205500 cash $ 6900 debt $ 5700 $ 2500 acquisition fees expenses.
 fair value shares eitf issue.
 market price securities.
.
 assets july 13 2006 $ 1200
 research development 10200
 technology know-how 39500
 customer relationship 15700
 trade name 3300
 order backlog 800
 deferred income taxes 6700
 goodwill
 final purchase price
 restructure r2 activities.
 liability $.
liabilities purchase business combination termination employees abandonment lease space.
 amounts paid 29 2007.
 reduced goodwill r2 acquisition $ 2300 $ 400 27 2008 29 2007.
 reduction 2007 preliminary valuation assets liabilities.
 2008 income tax liability.
 final purchase price allocations adjustments financial position.
 intangible assets acquisition identified valued.
 customer relationship trade name developed technology know how in-process research development identifiable values.
 customer relationship base market position partnership companies.
 trade name product.
 order backlog.
 developed technology know how products.
 estimated $ 10200 purchase price in-process research development projects digital cad products.
 digital


announced stock repurchase program subsequent could affect price common stock increase volatility diminish cash reserves.
 repurchase program suspended terminated trading price.
 stock repurchase program.
 obligate to repurchase cause market price decline.
 timing number shares repurchased depends on factors price corporate regulatory requirements market conditions.
 effect repurchases open market privately negotiated transactions accelerated repurchase arrangements.
 repurchases could affect stock price increase volatility.
 could cause price higher reduce market liquidity.
 no assurance repurchases enhance stockholder value market price may decline below levels repurchased.
-term price fluctuations could reduce program effectiveness.
 diminish cash reserves impact ability finance future growth opportunities acquisitions.
.
registrant common equity stockholder matters issuer purchases repurchases ii form 10-k.
.
 comments.
 2017 leased switching centers data centers call centers warehouses.
 switching centers
 data centers
 call
 warehouses
 leased 61000 macro sites 18000 antenna small cell sites.
 2200 t-mobile metropcs retail locations stores kiosks 100 square 17000 square feet.
 900000 square feet corporate headquarters bellevue.
 engineering administrative.
. 1700000 square feet.
 february 2018 extended leases corporate headquarters.
.
 legal proceedings 13 commitments contingencies consolidated financial statements part ii 8 form 10-k.


.
 financial statements 2014 2019s restricted stock unit activity october 31 2015 changes stock units outstanding grant date value share.
 november 1 2014 3188 $ 43.
 units granted 818 $ 52.
 lapsed $ 39.
 forfeited -157 $ 45.
 october 31 2015 2698 $ 47.
 $ 108. million unrecognized compensation cost unvested awards stock options stock units.
. 3 years.
 grant-date fair value shares 2015 2014 2013 $ 65. million $ 57. 4 million $ 63. 9 million.
 since august 2004.
 authorized repurchase $ 5. 6 billion common stock.
 open market privately transactions.
 shares.
 october 31 2015 repurchased 140.7 million shares common stock $ 5. 0 billion.
 additional $ 544. 5 million repurchase current program.
 repurchased shares unissued.
 repurchases shares employee tax withholding obligations restricted stock units stock options.
 withholding based statutory withholding requirement.
 future repurchases financial performance liquidity cash.
 471934 authorized shares $ 1. 00 par value preferred stock none issued outstanding.
 board authorized fix designations rights preferences limitations issuance.
.
 operates tracks results one segment six operating segments.
 designs develops manufactures markets integrated circuits.
 chief executive officer decision maker.
 economic characteristics criteria primary revenue sale integrated circuits.
 manufactured similar semiconductor processes-party.
 sells products thousands customers worldwide.
 products.
2022 integrated circuits marketed sold globally direct distributors independent representatives website customers.
 similar financial model economic characteristics.
 causes variation financial performance life cycle price cost fluctuations competitors product


21.
 fourth quarter 2008 support investment accounts ssga purchase asset mortgage-backed securities cash infusion $ 450 million.
 ssga manages investment accounts retirement purchase redeem units constant net asset value volatility.
 arrangements third financial institutions shortfall units redeemed.
 terminate guarantee future investments.
 2008 liquidity pricing issues affected market value securities third-party guarantors guarantees.
 $ 2. 49 billion asset mortgage-backed securities increased risk $ 450 million market value book value.
 no ongoing commitment support.
 securities investment consolidated statement.
 expenses years december 31.
 2008 2007 2006
 customer indemnification obligation $ 200
 securities processing $ 79
 expenses $ 892 $ 478 $ 318
september october 2008 lehman brothers holdings. affiliates filed bankruptcy.
 no indemnified customers repurchase agreements.
 value collateral declined.
 quarter indemnification obligation recorded reserve estimated net exposure.
 $ 200 million cost indemnification obligation collateral purchased fourth quarter 2008.
 commercial real estate loans recorded loans leases consolidated statement condition.


32 nonperforming assets.
 millions 2014
 january 1 $ 3457 3794
 nonperforming assets
 charge-offs valuation adjustments -585
 paydowns payoffs
 asset sales transfers loans -570 -492
 performing status -548 -1170
 31 $ 2880 $ 3457
 nonperforming assets 2013 $ 560 million supervisory guidance.
 valuation adjustments $ 134 million.
 nonperforming activity 2014 2013.
 decreased 577 million $ 3. 5 billion 2013 $ 2. 9 billion improvements consumer commercial lending.
 loans decreased $ 224 million declined 184 million 167 million.
 90% nonperforming loans secured collateral credit losses.
december 31 2014 commercial lending nonperforming loans carried 65% unpaid principal balance due charge-offs.
 note 3 asset quality financial statements 8.
 purchased impaired loans performing past due accrete interest income over life.
 accretable yield represents excess expected cash flows value.
 decreases net cash flows impairment charge provision credit losses.
 increases value recovery allowance loan losses increase accretable yield remaining life.
 total nonperforming loans assets lower accounting treatment.
 lower ratio nonperforming loans to total loans higher ratio alll to nonperforming loans.
 note 4 purchased loans.
 monitor loan portfolio asset quality.
 delinquency status contractual terms.
 loans 30 days or more past due delinquent.
delinquencies exclude impaired include government insured fair value option.
 early stage delinquencies 30 to 89 days decreased $ 1. billion 2013 to $ 0. 8 billion 2014.
 improved credit quality.
 note 1 accounting policies.
 loans past due 90 days or more late stage delinquencies.
 accrue interest secured collateral managed portfolios insured.
 decreased $. 4 billion 26% from $ 1. 5 billion 2013 to $ 1. 1 billion 2014 decline government insured residential real estate loans $. 3 billion majority.
 tables delinquency status 2014 2013.
 note 3 asset quality.
.


table foreign currency translation adjustments 2011 2010 2009 income tax effect undistributed earnings $ 7632 2208 ) $ 10580 $ 10640 4144 17343 stock repurchase program dilution market repurchase agreements third-parties.
 expiration.
 net dilution subject business conditions cash flow requirements board directors.
 2010 amendment repurchase program time-constrained dollar-based.
 repurchase $ 1. 6 billion common stock fiscal 2012.
 $ 250. million stock repurchase agreement.
 no prepayments.
 2011 2009 repurchase agreements financial institutions prepayments $ 695. million $ 850. million $ 350. million.
. $ 250. million stock repurchase program remaining $ 600. million amended $ 1. 6 billion-constrained dollar authority.
enter agreements shares at guaranteed discount to average price common stock.
 enter transactions when discount higher than return cash prepayments.
 no commissions fees on repurchases.
 requirement for to return prepayment.
 deliver shares monthly intervals.
 parameters total amount contract trading days average vwap stock less agreed discount.
 2011 repurchased 21. 8 million shares average price $ 31. 81.
 2010 31. 2 million shares average $ 29. 19.
 15. 2 million shares average price per share $ 27. 89.
 prepayments classified as treasury stock balance shares delivered by december 2 excluded from earnings per share.
 no prepayments remained under agreements.
 november 27 $ 59. 9 million prepayments remained under agreements.
.6 billion stock repurchase program large financial institution prepayment $ 80. million.
 treasury stock balance sheets.
 $ 80. million systems financial statements.
 2010 2009
 beginning balance $ 7632 $ 10640
 foreign currency translation adjustments -4144 17343
 income tax earnings -2208 -6272
 ending balance $ 10580 7632 10640
 foreign currency translation adjustments 2011 2010 2009 tax $ 7632 2208 10580 10640 4144 17343 stock repurchase program return value minimize dilution repurchase shares open market agreements third-parties.
 authorization dilution expiration.
 net dilution subject business conditions cash flow requirements board.
third quarter fiscal 2010 board directors approved amendment stock repurchase program non time-constrained dollar.
 repurchase $ 1. 6 billion common stock fiscal 2012.
 affect $ 250. million stock repurchase agreement 2010.
 december no prepayments.
 2011 2009 repurchase agreements large financial institutions prepayments $ 695. million $ 850. million $ 350. million.
. $ 250. million stock repurchase program remaining $ 600. million amended $ 1. billion dollar authority.
 agreements guaranteed discount average price common stock.
 discount higher return prepayments.
 no commissions fees repurchases.
 no requirement institutions return prepayment.
 shares monthly intervals.
 parameters total amount contract trading days average vwap less discount.
2011 repurchased 21. 8 million shares average price $ 31. 81.
 2010 31. 2 million average $ 29. 19.
 15. 2 million shares average price per share $ 27. 89.
 prepayments classified treasury stock shares delivered december 2 2011 excluded earnings per share.
 no prepayments remained.
 27 2009 $ 59. 9 million prepayments remained.
 $ 1. 6 billion stock repurchase program agreement large financial institution prepayment $ 80. 0 million.
 classified treasury stock balance sheets.
 $ 80. million stock financial statements


exposed to investors.
 facts in note 12 financial statements 10-k.
 contingencies liquidity capital resources results operations.
 incurrence liabilities liquidity cash.
 arrangements future effect contingencies.
 cash operations financing sufficient contingencies without affecting.
-balance operating leases.
 future payment commitments december 31 .
 millions 2019 2020 2021 2022 - 2023
 long-term debt interest $ 508  $ 1287 3257 8167 13219
 operating leases 167 244 159  119  689
 data acquisition  289  467  135  4  895
 purchase obligations 17  22 15  8  62
 commitments unconsolidated affiliates 2014
 benefit obligations 25  27  29  81  162
uncertain income tax positions 17 2014
 $ 1023 $ 2047 $ 3595 $ 8379 $ 15044
 interest payments debt based interest rates december 31 2018.
 purchase obligations agreements enforceable binding terms quantities pricing timing.
 committed invest $ 120 million private equity funds.
 funded $ 78 million $ 42 million remaining unable predict.
 expected future benefit payments pension postretirement benefit plans contributions 2019 pension.
 cash contributions $ 31 million defined benefit plans 2018 estimate $ 25 million 2019.
 interest rates legislation estimate timing contributions beyond 2019.
 december 31 2018 liability uncertain income tax positions $ 106 million 89 million not included unable predict uncertainties settlement.


asset committee monitors commercial nonperforming uncertain repayment terms.
 loans totaled $. 2 billion 2014 2013.
 totaled $ 34. 7 billion 2014 17% ( 17 % ) total loan portfolio.
 $ 20. 4 billion 59% ( 59 % ) variable-rate home equity $ 14. 3 billion 41% 41 % closed-end home equity loans.
 3% ( 3 % ) portfolio nonperforming 2014.
 first lien 51% ( ) portfolio first lien 2% ( 2 % ).
 remaining 47% ( 47 % ) secured by second liens.
 credit performance superior.
 position information based origination.
 not notified senior lien position.
 lien status junior lien less available.
 notified junior lien position added after first.
updated information for junior senior liens from external sources pnc contracted with third-party updated loan lien collateral data from.
 track borrower performance monthly original ltvs fico scores semi-annually credit metrics quarterly including historical performance of mortgage loans.
 information used for internal reporting risk management.
 population into pools based on product type.
 home equity portfolio based delinquency modification status bankruptcy status same borrower.
 non-impaired loans utilize delinquency roll-rate methodology.
 allowance based incurred losses not losses.
 estimates transition loan balances from delinquency.
 based on pnc loss experience for each.
 home equity pools contains first second liens.
ratio first to second lien loans consistent charge-off amounts include losses.
 variable-rate home equity lines of credit seven or ten year draw period 20-year amortization term.
 borrowers pay interest.
 interest less risky principal interest payments.
 risk loan terms.
 balances december 31 2014 table equity lines draw periods.
 home equity lines 2013 draw period millions interest principal interest.
 2015 1597 541
 2016 1366
 2017
 2018
 2019 3880 5391
 $ 10349 $ 7778
 includes home equity lines credit 2015 or.
 $ 154 million $ 48 million $ 57 million $ 42 million $ 564 million home equity lines with balloon payments draw periods 2015 2016 2017 2018 2019.
.
10-k


hotels resorts. financial statements 2014 reconciliation balances unrecognized tax benefits millions.
 balance january 1 $ 11
 december 31
 uncertain tax position amounts impact reconciliation income tax.
 federal income tax rate 21% 21 % 35% 35 % 2017 actual income tax provision.
 decrease balance unrecognized tax benefits 12 months approximately $ 3 million.
 december 31 2018 years 2015-2018.
 no material interest penalties years december 31 2018 2017 2016.
.
 lease hotels wholly owned subsidiary federal income tax restrictions.
 december 31 25 hotels ground leases multiple renewal options operating leases.
 rent increases fixed lease expense.
 contingent rentals sales.
 leases facilities former restaurant business subleased.
leases subleases contain renewal options five- ten-year periods.
 restaurant leases operating.
 contingent liability $ 7 million december 31 2018.
 material funding.
 leasing activity includes computer vehicles telephone.
 leases operating capital leases.
 capital furniture equipment depreciated.
 amortization expense depreciation.


systems incorporated notes financial statements review goodwill impairment annually.
 completed annual impairment test second quarter 2014.
 no impairment goodwill.
 significant risk impairment.
 amortize intangible assets finite over estimated useful lives review impairment.
 monitor events long-lived assets.
 assess recoverability future cash flows.
 less than carrying recognize impairment loss excess carrying amount over fair value.
 intangible asset impairment charges 2014 2013 2012.
 intangible assets amortized over estimated useful lives 1 to 14 years.
 amortization based economic benefits-line.
 weighted average useful lives assets.
 purchased technology
 customer contracts relationships
 trademarks
 acquired rights technology
 localization
 intangibles
development costs capitalization begins technological feasibility completion prototype no critical bugs release candidate.
 amortization begins software ready use economic benefits.
 costs between prototype availability material.
 internal use software capitalize costs customized systems development stage.
 include costs payroll expenses employees.
 capitalization begins preliminary project stage ceases complete ready.
 asset liability method accounting.
 expense recognized taxes payable refundable current year.
 deferred tax assets liabilities recognized future tax consequences differences financial reporting tax operating losses tax credit carryforwards.
 record valuation allowance reduce deferred tax assets.
 taxes statements.
 not reported as revenue.


competition co2 pipelines.
 mcelmo bravo dome unit co2 denver texas market.
 petroleum chemical ethanol liquids coal petroleum coke fertilizer steel ores dry-bulk transload engineering conveying in-plant services.
 terminals.
 canada.
 flexibility attract retain customers opportunities expansion.
 terminal operations handling liquids dry-bulk products.
 jones act product tankers marine transportation crude oil condensate refined products.
 terminals segment assets december 31 2014 capacity.
 liquids terminals 39.
 bulk terminals
 materials services locations
 jones act tankers 7.
 largest independent operators liquids terminals.
 compete oil chemical pipeline companies.
 bulk terminals compete producers distributors bulk commodities companies.
locations competitors smaller lower cost.
 rail operations compete single-site warehouse terminal operators.
 jones tankers vessel fleets.


sysco corporation distribution centers operating companies distribute nationally-branded merchandise products private brands.
 manufactured for sysco quality assurance team.
 manufacturing processing plants enforces quality control standards supply sources.
 prompt delivery competitive pricing close contact full products services foodservice.
 operating companies offer daily delivery special orders short notice.
 12800 sales marketing representatives stay informed needs acquaint new products services.
 provide ancillary services product usage reports menu-planning advice food safety training inventory control third party services.
 customer 10% or more of sysco total sales june 28 2014.
 sales by type customer past three years.
 2013 2012
 restaurants 62% 62 % 61% 61 % 63% 63 %
 healthcare
 education government
 travel leisure retail
100%
 cafeterias restaurants bakeries caterers churches civic fraternal organizations vending distributors international exports.
 exceeded 5% total sales.
 purchase from thousands suppliers domestic international none more than 10% purchases.
 suppliers large corporations label independent regional brand private label processors packers.
 purchasing through centrally direct purchasing programs.
 consolidated product procurement program quality food non-food products.
 covers purchasing sysco brand merchandise national brand suppliers lines.
 purchase from consolidated programs.
 focus on increasing profi tability lowering operating costs aggregate inventory levels facility expansion value.
 construction regional distribution centers supply chain.
 two rdcs virginia florida.
 growth funded through cash operations commercial paper issuances long-term borrowings.
financial condition results operations liquidity capital resources item 7 liquidity fi nancial position sources uses funds.
 credit terms vary cash 30 days credit.
 monitor account suspend shipments.
 majority sales orders within 24 hours.
 maintain inventory demand.
 product shelf-life supplier demand.
 additional volumes supply pricing.
 cash discounts receive payment terms weekly to 30 days.


capital resources past three years sufficient financial resources operating requirements fund capital spending share repurchases pension plans dividends.
 cash operating activities $ 1436 million $ 1310 million $ 1345 million 2011 2009.
 higher earnings increased cash 2011 reduced cash working capital $ 212 million sales growth.
 cash capital greater 2009 decline offset higher 2010 earnings.
 operating working capital total capital represents trade receivables inventories less trade creditors liabilities.
 note 3 201cworking capital detail 201d item 8 form 10-k.
 key.
 december 31 2011 2010 $ 2. 7 billion $ 2. 6 billion.
 percentage sales.
. increase $ 195 million year december 31 2011.
 receivables 2011 sales inventory offset trade creditors liabilities.
receivables fourth quarter sales 2011 17. 9 percent down 18. 1 percent 2010.
 66 2011 2010.
 13. 1 percent.
 inventory turnover 5. 4. 6 times 2010.
 capital spending acquisitions $ 446 million $ 341 million $ 265 million 2011 2009.
 modernization expansion environmental control $ 390 million $ 307 million $ 239 million expected $ 450-$ 550 million 2012.
 spending sales 2. 6%. 3%. 0%. 2011 2009.
 acquisitions $ 56 million $ 34 million $ 26 million.
 cash 2012 mid-sized acquisitions.
 acquisitions colpisa dyrup.
 $ 193 million.
 dividends $ 355 million $ 360 million $ 353 million 2011.
ppg paid dividends since 1899 2011 40th year dividend.
 mandatory contribution.
 pension plans 2011 voluntary contributions $ 50 million.
 2010 2009.
 $ 250 $ 360 million $ 100 million ppg stock.
 expect.
 2012 $ 60 million.
 contributions.
 $ 71 million $ 87 million $ 90 million $ 20 million ppg stock 2011 2010 2009 local funding.
 mandatory contributions non.
 2012 $ 90 million.
 share repurchase activity 2011 2010 2009. million shares $ 858 million. $ 586 million. 5 million $ 59 million.
 repurchases 2012 earnings growth.
 $ 250 million to $ 500 million repurchases 2012.
 repurchase 9 million shares authorization board directors.
 annual report.
 capital sales.
 liquidity capital resources past three years sufficient financial resources operating requirements capital spending share repurchases pension plans dividends.
 cash operating activities $ 1436 million $ 1310 million $ 1345 million 2011 2009.
 higher earnings increased cash reduced cash working capital $ 212 million sales growth.
 cash working capital greater 2009 2010 decline offset higher 2010 earnings.
 operating working capital total represents trade receivables inventories trade creditors liabilities.
 note 3 201cworking capital detail 201d item 8 form 10-k.
.
 december 31 2011 2010 $ 2. 7 billion $ 2. 6 billion.
 percentage sales.
 $ 2739 $ 2595 sales. 5%. 2%. $ 195 million december 31.
 receivables sales inventory offset trade creditors liabilities.
receivables fourth quarter sales 2011 17. 9 percent down 18. 1 percent 2010.
 66 2011 2010.
 13. 1 percent.
 inventory turnover 5. 4. 6 times 2010.
 capital spending acquisitions $ 446 million $ 341 million $ 265 million 2011 2009.
 modernization expansion environmental control $ 390 million $ 307 million $ 239 million expected $ 450-$ 550 million 2012.
 spending sales 2. 6%. 3%. 0%. 2011 2009.
 acquisitions $ 56 million $ 34 million $ 26 million.
 cash 2012 mid-sized acquisitions.
 acquisitions colpisa dyrup.
 $ 193 million.
 dividends $ 355 million $ 360 million $ 353 million 2011.
paid dividends since 1899 2011 40th.
 mandatory contribution.
 pension plans 2011 voluntary contributions $ 50 million.
 2009.
 $ 250 $ 360 million $ 100 million ppg stock.
 expect.
 2012 $ 60 million.
 contributions.
 $ 71 million $ 87 million $ 90 million $ 20 million ppg stock 2011 2009 local funding.
 mandatory contributions.
 2012 $ 90 million.
 share repurchase activity 2011 2010 2009. million $ 858 million. 586 million. 5 $ 59 million.
 repurchases 2012 earnings growth.
 $ 250 million to $ 500 million repurchases 2012.
 repurchase 9 million shares authorization board.


american tower corporation subsidiaries financial statements 2014.
.
.
 company recognizes compensation expense excess quoted stock price grant date employee stock.
 stock option plans note 14.
 december 2004 issued.
 123-based.
 year december 31 2005 reevaluated assumptions value stock options.
 lowered expected volatility assumption options after july 1 2005 30% increased life option grants 6. 25 years simplified method.
.
.
 change plans sell non-core businesses reduce leverage refinance debt merger spectrasite.
. based volatility assumptions historical volatility.
 estimate future volatility information historical volatility options capital structure future business plans.
 10% change volatility assumption stock option expense net loss $. 1 million year ended december 31 2005.
.table illustrates effect net loss share applied fair value provisions.
 stock-based compensation.
 estimated fair value option calculated black-scholes option-pricing model.
 2005 2004 2003
 loss $ -171590 ( -247587 ( -325321 (
 stock-based employee compensation expense tax loss
-based employee compensation expense -22238 -23906 ( -31156
-forma net loss $ -186724 ( (
 loss per share. 57.
.
 modified option awards revise vesting terms terminated employees $ 7. million $ 3. million $ 2. 3 million years 2005 2004 2003.
 stock-based employee compensation amounts 2005 include $ 2. 4 million unearned compensation amortization unvested stock options merger spectrasite.
impairments loss sale assets restructuring merger expense adjustments capital unearned compensation financial statements.
 fasb issued supersedes apb.
 amends sfas.
 cash flows. share payments stock options.


entergy corporation subsidiaries financial sale leaseback transactions waterford 3 lease obligations 1989 three transactions louisiana sold leased interests waterford 3 $ 353. 6 million.
 interests 9. 3%. waterford 3.
 leases expire 2017.
 entergy louisiana repurchase leased interests end.
 repurchase fair market value renew leases fair market value fixed rate.
 issued $ 208. 2 million non-interest first mortgage bonds collateral equity.
 assume outstanding bonds purchase pay withdraw lease.
 default loss adverse events. failure maintain equity capital 30% adjusted capitalization fixed charge coverage ratio 1. 50.
 december 31 2011 louisiana compliance provisions.
 future minimum lease payments 7. 45%.45 % waterford 3 sale leaseback transactions long-term debt thousands.
 2012 39067
 2013 26301
 2014 31036
 2015 28827
 2016 16938
 106335
 248504
 60249
 minimum lease payments $ 188255
 grand gulf lease obligations 1988 system energy sold leased interests $ 500 million.
. 5%. grand gulf.
 leases expire 2015.
 repurchase interests.
 repurchase market renew leases fixed rate.
 sale-leaseback financing transaction financial.
 expenses interest lease obligation plant depreciation.
 operating revenues recovery lease payments sale leaseback.


graph compares 5-year return shareholders cadence design systems. common stock to returns s & p 500 nasdaq composite information technology index.
 assumes investment common stock indexes including reinvestment dividends was $ 100 december 29 2001 30 2006.
 comparison 5 year return cadence design systems. s & p 500 nasdaq composite.
 $ 100 invested 12/29/01 stock 12/31/01 index-incuding reinvestment dividends.
 calculated month-end basis.
 copyright division mcgraw-hill companies.
.
. researchdatagroup.
 2004 2005
 cadence design systems. 54. 81. 61. 75. 79.
. 77 111. 116. 135.
. 71. 107. 117. 120. 137.
s & p information technology 100. 44


goldman sachs group.
 subsidiaries management scenario analyses.
 conduct comprehensive capital analysis review dodd-frank act stress tests resolution recovery planning.
 capital management regulatory capital.
 short long-term macroeconomic firm-specific assumptions.
 longer-term balance sheet management strategy assets funding equity capital.
 maintaining funding liquidity capital stressed environment.
 consolidated statements financial condition.
 assets businesses non-gaap.
 management risks liquidity.
 balance sheet allocation.
 millions december 2016 2015
 global core liquid assets 226066 199120
 cash 9088
 235154 208300
 secured client financing 199387 221325
 inventory 206988
 financing agreements 65606
 receivables 29592
 institutional client services 302186 312307
 public equity 3224
equity 18224 16985
 debt 21675 23216
 loans receivable 49672 45407
 5162 4646
 investing lending 97957 94245
 inventory 400143 406552
 assets 25481 25218
 $ 860165 $ 861395
 description global core liquid assets cash.
 maintain liquidity cash outflows collateral needs.
 201cliquidity risk management.
 unrestricted cash balances specific currencies entities jurisdictions parent company liquidity.
.
 collateralized financing margin loans securities borrowed resale agreements.
 segregate cash securities regulatory.
 inventory collateral.
 short-term daily margin requirements credit risk.
 institutional client services.
 maintain inventory market making fixed income equity currency commodity products.
 resale borrowing arrangements inventory.
receivables securities transactions.
 investing lending.
 originate loans.
 longer- term.
 debt securities loans public equity infrastructure real estate.
 unsecured loans online.
 debt $ 14. 23 billion $ 17. 29 billion 2016 2015 direct loans corporate private wealth management clients fair value.
 amortized cost.
 note 9 consolidated financial statements.


hollyfrontier corporation consolidated financial statements.
 2018 148716
 2019 132547
 2020 119639
 2021 107400
 2022 102884
 857454
 $ 1468640
 transportation storage costs $ 140. 5 million $ 135. 1 million $ 137. 7 million years 2017 2016 2015.
 commitments long-term transportation agreements eliminated.
 crude oil supply contract shortfall fee difference.
 august 31 2017 less reduction cost shortfall fee receivable $ 26. million.
 supplier disputing shortfall fee arbitration.
 offset receivable invoices deliveries crude oil august 31 2017.
 disputes claims merit.
 2006 subsidiary sold assets montana refining.
 reimbursement $ 20. million contractual indemnity environmental.
rejected claims payment scheduled arbitration july 2018.
 accrued costs owed losses beyond not material.
 revised reportable segments changes.
 tulsa refineries lubricants operations combined petro-canada lubricants acquired 2017 lubricants specialty products.
 information adjusted current.
 operations organized three segments refining lubricants specialty products hep.
.
 intersegment transactions eliminated consolidated financial statements.
.
 refining segment el dorado tulsa navajo cheyenne woods cross refineries hfc asphalt.
 activities purchase refining crude oil marketing refined products.
 marketed mid-continent southwest rocky mountain.
 hfc asphalt operates asphalt terminals arizona new mexico.


tower corporation subsidiaries financial statements.
 acquired 548 towers purchase price $ 329. 3 million contingent consideration $ 4. 6 million.
 strategy.
 table preliminary allocation purchase consideration assets acquired liabilities assumed purchase price allocation.
 non-current assets $ 442
 property equipment 64564
 intangible assets 260898
 current liabilities
 long-term liabilities
 net assets $ 317742
 goodwill
 customer relationships $ 205. 4 million network location intangibles $ 55. million.
 amortized 20 years.
 goodwill deductible income tax.
 domestic rental management segment.
 allocation purchase price finalized fair value assets liabilities.
 agreement cell 1400 towers 1800 additional towers purchase price $ 430 million.
company anticipates 1400 towers 2011 conditions.
 september 3 2010 agreement purchase rights towers colombia telecomunicaciones.
.
 until 2023 ownership no cost.
 completed 508 towers price $ 86. 8 million december 31 2010.
 expects complete 180 towers end 2011.
 transaction capital lease purchase price allocated property equipment non-current assets.
 venture mtn group december 6 2010 agreement mtn joint venture ghana.
 owned company owned american tower subsidiary 51% share mtn group subsidiary 49% % share.
 transaction involves sale 1876 mtn ghana sites


sales worldwide full-price stores capitalize image.
 range 800 to 37500 square feet.
 upscale street regional malls urban markets.
 lease stores 5 to 10 years renewal options.
 extend reach 163 ralph lauren factory stores worldwide.
 2009 added 5 stores.
 outlet malls.
 operated stores march 28 2009.
 2022 lauren domestic factory stores menswear womenswear accessories home furnishings fragrances.
 2700 to 20000 square feet 9200 major outlet centers 36 states.
 2022 european factory stores.
 2300 to 10500 square feet 6500 9 countries major outlet centers.
 2022 japanese factory stores.
1500 to 12000 square feet average 7400 square feet stores 3 provinces major outlet centers.
 products suppliers licensing partners retail stores.
 ralphlauren. rugby sells online e websites ralphlauren.
. lauren apparel accessories home products luxury image.
. 2. 9 million visitors month 350000 new customers 1. 7 million customers 2009.
 2008 launched rugby. second e-commerce website.
. clothing accessories style tips videos blog content.
. rugby products lifestyle destination.
 consumer insight design marketing skills partners businesses.
 leaders markets majority product development costs


estimated amortization expense september 26 2015 five fiscal years.
 2016 $ 377.
 2017 $ 365.
 2018 $ 355.
 2019 $ 343.
 2020 $ 332.
 asc 350 tests goodwill for impairment reporting unit level annual fair value unit less carrying value.
 current economic market conditions market capitalization adverse change legal factors business climate operational performance personnel adverse action.
 two-step approach asc 350.
 comparison carrying value unit estimated fair value.
 income approach.
 analysis value after-tax cash flows present value risk-adjusted discount rate.
 judgment discount rates terminal values growth rates future cash flows.
 based budget strategic plan estimates based assumed growth rates measurement date.
 assumptions consistent with plans estimates businesses.
discount rates reflect risks future cash flow projections based on weighted-average cost capital market.
 market approach considers data revenue earnings before interest taxes depreciation amortization corroborative dcf analysis.
 company believes assumptions fair value reasonable.
 different estimates result impairment charge.
 operating results cash flows differ.
 carrying value exceeds estimated fair value second goodwill impairment test impairment loss.
 compares implied fair value.
 fair value derived hypothetical purchase price allocation value assets liabilities.
 residual represents fair value.
 impairment charge recorded.
 company conducted fiscal 2015 impairment test fourth quarter used dcf market approaches fair value units june 28 fair value dcf approach impairment test conclusions.
company believes used estimates future revenue cost cash flows market multiples discount rates.
 units values carrying values step 2 not required.
 fair value lower 10% passed 1.
 2. 81 billion  not risk failing 1.
 conducted fiscal 2014 impairment test fourth quarter used dcf market approaches fair value units used fair value dcf approach test conclusions.
 believes used reasonable estimates future revenue cost projections cash flows market multiples discount rates hologic inc november 19 2015 information not copied not warranted accurate timely.
 user assumes risks damages losses.
 past financial performance no guarantee future results.


united states 1400-person sales force 300000 merchants $ 130 billion payments.
 goodwill $ 3. 2 billion merger north america growth not deductible income tax.
 merger assigning goodwill units.
 incurred transaction costs $ 24. 4 million selling administrative expenses consolidated statements.
 preliminary estimated values intangible assets.
 customer-related intangible assets 977400
 acquired technology 457000
 trademarks trade names 176000
 covenants-not-to-compete 28640
 acquired intangible assets
 income approach projected cash flows discounted present value.
 average cost capital debt.
.
 acquired technology valued replacement cost method deterioration obsolescence.
 trademarks trade names valued relief-from-royalty approach.
method assumes trade marks names value relieved royalties.
 future revenue brands royalty rate-average cost capital.
 discount rate capital.
 amortization acquired intangible assets 11 years.
 customer-related intangible assets 7-20 years.
 acquired technology 5 years.
 trademarks names 7 years.
 covenants-not-to-compete 1-4 years.
 heartland revenues income 4% less than. 5% revenues income 2016.
 unaudited pro forma information results operations merger.
 accounting policies pro forma adjustments financial information.
 amortization depreciation interest expense long-term debt reduction revenues operating expenses fair value adjustments acquisition-method elimination nonrecurring transaction costs merger.
.
 10-k annual report


increase fuel expense flat-over fuel consumption rate.
 free cash flow 2013 $ 5. 9 billion record free cash flow $ 1. 9 billion 2011.
 cash flow operating activities receivables securitization facility less investing dividends.
 not financial measure accounting principles.
.
 important financial performance cash financings.
.
 table reconciles cash free cash flow millions 2011 2010 2009.
 activities $ 5873 $ 4105 $ 3204
 receivables securitization facility
 investing activities -2488
 dividends paid -837 -544
 free cash flow $ 1917 $ 1415 $ 699
 january 1 2010 new accounting standard receivables transferred securitization facility secured borrowings financing activities.
receivables securitization facility cash flow calculation new accounting standard.
 safety safe railroad benefits employees customers shareholders communities.
 multi approach safety technology risk assessment quality control training employee engagement capital investments.
 application tsc.
 best practices employee operational safety.
 derailment prevention reduction grade crossing incidents.
 increase detection crossings video cameras educate crossing safety activities.
 transportation plan 2013 traffic flows network patterns simplify operations variability improve efficiency asset utilization.
 adjust manpower locomotive car fleets needs demand changes.
 industrial engineering improve productivity network fluidity.
 fuel prices 2013 uncertainty fuel.
 volatile fuel prices.
 demand capacity events weather.
 recovery fuel surcharge programs fuel conservation efforts.
 capital plan 2013 capital investments $ 3.6 billion positive train control revised business laws returns.
 item 7 liquidity resources 2013 capital plan.


o r a t i o n 1 6 2 0 0 2 management financial results operations requires financial ratios covenants.
 expects remain.
 january 2003 issuance unsecured debt $ 175 million interest 5. 25%. due 2010.
 sale real estate assets sales liquidity.
 2000 2001 capital-recycling program sales over $ 1 billion real estate.
 2002 program reduced capital needs slower business climate sales proceeds.
 real estate assets-term strategy.
 property investments leasing costs dividends distributions long debt maturities common stock repurchase program.
 principal liquidity development acquisition leasing expendi real estate investments.
 recurring capital expenditures dividends distributions federal income tax distribute 90% taxable income shareholders realty unitholders.
 paid dividends $ 1.$. 76 $. 64 years 2002 2001 2000.
 taxable earnings reit status.
 distributions board directors subject cash financial condition capital requirements.
 debt maturities 2002 $ 2. 1 billion average interest rate 6. 25%. maturing through 2028.
 $ 1. 8 billion unsecured debt $ 299. million secured debt.
 principal amortization $ 10. 9 million.
 summary future amortization maturities indebtedness.
 tenant improvements $ 28011
 leasing costs
 building improvements
 $ 59359


31 98 company receivables sales agreement debt notes 6 12 consolidated financial statements 8.
 liquidity cash payments long-term debt rental payments leases purchase obligations december 31 2006 summarized table.
 payments less 1-3 years 3-5 5
 long-term debt $ 2301. 38. 278. 972. 1011.
 capital lease obligations 7.
 interest payments long-term debt 826. 259. 204 223
 operating leases 185. 45
 purchase obligations 7450. 2682. 3169. 1524.
 payments contractual obligations $ 10772. 2907. 3768. 2741. 1355.
 10772. amounts local currencies translated year-end exchange rates.
 variable rate facilities based interest rates.
company 2019s purchase obligations include aluminum steel plastic resin.
 natural gas electricity aerospace items.
.
 early payments vary.
 pension plans $ 69. 1 million 2007.
.
 payments $ 62. 6 million $ 65. 68. 73. $ 75. 1 million 2007 2011 $ 436. 7 million 2012 2016.
 payments unfunded german plans $ 24. 6 million 25. 26. million 2007 2011 $ 136. 6 million.
 reduced share repurchase program 2006 $ 45. 7 million 358. 2005 2004.
 repurchase 1200000 shares.
 $ 51. 9 million.
 repurchase $ 175 million reduce debt $ 125 million.
 dividends 40 cents 35 2004.
 $ 41 million 2006 $ 42. 5 million 2005 $ 38.million.


consolidated financial statements 2014income taxes reconciliation federal income tax rate 35% 35 % 2005 2004 2003 millions.
 2005 2004
 tax $ 636 $ 134 $ 32
 state taxes federal effect -5 -4
 indefinitely invested earnings foreign subsidiaries -98 -31
 nondeductible executive compensation 11
 research development credit -26 -5 5 -7
 -24
 income taxes $ 480 $ 107  $ 24
 tax rate 26% 26 % 28%
 2005 reversed tax contingency reserves benefit income tax expense tax disputes.
 fourth quarter 2005 benefit deferred tax assets review.
 total benefit $ 67 million.
 $ 14 million credit tax reduction valuation allowance.
internal revenue service completed company 2019s federal income tax returns 2002 proposed adjustments.
 contested.
 audit issues resolved.
 company subject to audits state local foreign tax authorities.
 management believes provisions for adjustments tax examinations.
 outcome tax audits.
 adjust provision income tax.
 equity stock 5 million shares stock none outstanding.
 board directors authorized to determine alter rights preferences privileges restrictions shares.


management financial condition results operations state street corporation 65. 35 billion $ 87. 20 billion december 31 2017 2016.
 29 components average millions.
 excess central bank balances $ 33584 $ 48407
. treasuries 10278
 investment securities
 foreign government
 $ 65348 $ 87204
 liquid short-term investments elevated client deposits cash balances excess federal reserve $ 33. billion.
 $. 40 billion 2016.
 lower levels deposits normal deposit volatility.
 liquid securities pledged advances frbb fhlb.
 central banks.
 state street bank member fhlb.
 advances liquidity high-quality collateral management.
.
 december 31 2017 2016 no outstanding credit borrowings frbb central bank fhlb advances.
liquidity unencumbered investment securities.
 fair value $ 66. 10 billion december 31 2017 $ 54. 40 billion 2016.
 securities sources liquidity not rapidly deployed.
 include lcr nsfr tlac "supervision regulation item 1.
 withdrawals deposits draw downs unfunded commitments securities short-duration advance facilities.
.
 liquidity deployment investment portfolio collateral institutions lending program.
 unfunded commitments extend credit $ 26. 49 billion $ 26. 99 billion december 31 2017 2016.
 reflect collateral.
 72% unfunded commitments expire within one year.
 represent future cash requirements.
 resolution planning "supervision regulation item 1.
.
 custody accounting administration pricing exchange cash management financial asset management securities finance investment advisory.
provider generate client deposits stable low-cost source funds.
 global custodian clients place deposits currencies.
 2017 2016 60% client deposit balances.
 dollars 20% eur 10% 10% other currencies.
 higher deposit inflows end fiscal quarter.
 client deposit balances reflective ongoing funding period-end.


december 31 priceline s&p 500.
 priceline.&p
 2010 100.
 2011 117. 102.
 155. 27 116. 118. 122.
 290. 166. 156. 82 199.
 285. 37 188. 178. 29 195.
 319. 199. 180. 75 267.


november 18 2014 company collateralized reinsurance agreement kilimanjaro catastrophe.
 multi-year covers earthquake events.
 $ 500000 thousand united states puerto rico canada.
 december 1 2015 two collateralized agreements kilimanjaro.
 multi-year cover storm earthquake events.
 first $ 300000 thousand puerto rico.
 second $ 325000 thousand.
 april 13 2017 six collateralized agreements kilimanjaro annual catastrophe reinsurance coverage.
 initial three agreements four year.
 $ 225000 $ 400000 $ 325000.
 subsequent three five year events.
 $ 50000 $ 75000 $ 175000 thousand annual.
 recoveries dependent estimated industry level insured losses geographic location.
estimated insured losses from authority.
 december 31 2017 loss estimates 2017 events exceeded retentions recovery.
 loss estimates not exceeded retentions recovery.
 if increase losses may exceed retentions recovery.
 kilimanjaro financed property catastrophe reinsurance catastrophe bonds investors.
 april 24 2014 issued $ 450000.
 november 18 2014 $ 500000.
 december 1 2015 $ 625000.
 april 13 2017 $ 950000 $ 300000.
 proceeds in reinsurance trust invested in government money market funds rating 201caaam 201d.
.
 operating lease agreements future minimum rental commitments december 31  2017 leases remaining non-cancelable terms.
 2018 16990
 2019 17964
 2020 17115
2021 8035
 7669
 24668
 commitments 92440
.


payments landscape evolves competition from emerging players non-financial networks departed from traditional-centric business model.
 emergence networks online channel focus ecommerce mobile technologies.
 paypal google isis.
 compete with visa partners customers.
 volume visa largest retail electronic payments network.
 chart compares network payment competitors 2011 payments volume volume transactions cards billions.
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 3768 6029.
 paymentsvolume totalvolume. 3768 6029
 mastercard.
 express.
.
.
.
.
form 8-k february 8 may 2 2012.
 visa total payments cash cards visa electron interlink brands.
.
 payments purchases.
 cash.
 data reported subject verification.
.
 mastercard american express jcb diners club data report issue 992 april 2012.
 consumer commercial credit debit prepaid cards.
 prior year figures restated.
 currency.
.
 mastercard maestro cirrus.
 american express third-party issuers.
 jcb issuers products.
 estimates.
 diners club 12 months november 30 2011.
 nilson report 986 2012.
 third-party issuers.
 item 8 2014financial statements supplementary data.
 capital payments settlement.
.
 dollar settlements settled day receivable payable balance settlement currencies.
 remain outstanding one two business days.


equity compensation plan information table presents equity securities as december 31  2013.
 number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding plans approved 2956907 35. 2786760 plans not approved 2014.
 number securities issued weighted-average exercise price number securities remaining future issuance excluding
 plans approved by holders 2956907 35. 2786760
 plans not approved 2014
 2956907 $ 35. 2786760
 includes grants under huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders may 2 2012 huntington ingalls industries.
 2011 stock plan approved stockholder.
shares 818723 stock options 1002217 restricted performance stock rights 602400 63022 2011 plan.
 24428 stock 446117 restricted performance rights 2012 plan target performance achievement.
 weighted average exercise price 818723 stock options.
 no awards plans not approved.
 13.
 relationships transactions director independence proxy statement 2014 annual meeting 120 days fiscal year.
.
 principal accountant fees services 2014 meeting fiscal.


abiomed.
 subsidiaries financial statements 2014.
 stock award plans-based compensation restricted stock units table summarizes activity fiscal year 2012 shares grant date fair value.
 restricted stock units 407 $ 9. 84
 granted 607.
 vested. 88
 forfeited.
 end year 871 $ 15.
 remaining unrecognized compensation expense performance-based awards march 31 2012 $ 7. 1 million weighted-average period 2. years.
 grant-date fair value 2011 2010 $ 18. $ 10. $ 7. 67 per share.
 total fair value 2012 2011 $ 1. 5 million $. million $. 4 million.
 performance-based awards criteria.
june 2010 311000 shares restricted stock performance-based award 45000 shares common stock issued executive officers senior management service milestones performance.
 march 31 2011 met performance targets portion shares vested.
 remaining shares vest service conditions.
 months june 30 2011 graded vesting method compensation.
 additional compensation expense $ 0. 6 million.
 financial statements recorded adjustment quarter june 30  2011.
 three months performance-based awards 284000 shares common stock issued executive officers senior management vest service performance milestones.
 march 31 2012 met targets 184000 shares probable targets remaining 100000 shares compensation expense recognized.
 march 31 2012 recorded $ 3. 3 million stock-based compensation expense equity awards performance milestones achieved probable.
unrecognized compensation equity awards 2012 $ 3. 6 million performance milestones.
 2. years.


analysis depreciation studies.
 changes estimated service lives depreciation rates implemented prospectively.
 group depreciation historical cost depreciable property retired replaced charged to accumulated depreciation no gain or loss recognized.
 historical cost assets estimated using inflation indices labor statistics estimated useful lives studies.
 indices selected correlate major costs asset classes.
 until monitor estimated service lives accumulated depreciation rates.
 determine accumulated depreciation deficient.
 deficiency amortized depreciation expense lives.
 retirements depreciable properties gain or loss recognized if retirement meets conditions unusual material varies significantly from retirement profile.
 gain or loss recognized land assets not railroad operations.
 asset capitalize costs use.
 assets self-constructed.
capital expenditures replacement track assets road properties performed employees track line expansion capacity projects.
 costs attributable capital projects capitalized.
 direct costs material labor work equipment.
 indirect costs capitalized construction.
 general administrative expenditures.
 repairs maintenance grinding useful life safety efficiency.
 allocated statistical bases.
 total expense repairs maintenance $ 2. billion 2012 $. billion 2011 $. billion 2010.
 capital leases recorded lower net present value minimum lease payments.
 amortization expense computed straight-line method estimated useful lives.
.
 accounts payable current liabilities.
.
.
.
 wages
 income taxes
 dividends
 casualty costs
 interest
 equipment rents
 accounts liabilities


devon energy subsidiaries financial statements debt maturities 31 2015 excluding premiums discounts millions.
 2016 $ 976
 2017 2014
 875
 2019 1100
 2020 414
 9763 $ 13128
 $ 3. billion senior credit facility.
 maturity $ 30 million october 24 2017.
 $ 164 million october 24 2018.
 remaining $ 2. 8 billion october 24 2019.
 interest fixed rate options twelve months.
.
 borrow prime rate.
 annual fee $ 3. 8 million payable quarterly.
 december 31 2015 no borrowings.
 covenant.
 funded debt capitalization 65%.
 debt adjustments.
 noncash write-downs.
 debt-to- capitalization ratio 23. 7%.
 credit facility $ 3. billion short-term credit.
paper debt maturity 1 90 days 365 days interest rates agreed.
 based federal funds libor money market rate.
 december 31 2015 devon paper borrowings-average borrowing rate 0. 63%.
 issued $ 750 million. senior notes due 2045 unsecured unsubordinated.
 proceeds floating rate senior notes paper balances.
 issued $ 850 million. 85%. senior notes due 2025 unsecured unsubordinated.
 proceeds cash acquisitions.


off-balance sheet commitments company leases equipment facilities retail space under noncancelable lease arrangements.
 other off-balance sheet financing.
 major facility leases 10 years renewal options five.
 leases retail space five to 20 years majority 10 years multi-year renewal options.
 future minimum lease payments $ 4. billion $ 3. 1 billion leases retail space.
 rent expense $ 488 million $ 338 million $ 271 million in 2012 2011 2010.
 minimum lease payments.
 off-balance sheet third-party manufacturing commitments purchase commitments $ 21. billion.
 obligations $ 988 million acquire capital assets advertising research development internet telecommunications services.
company subject to legal proceedings claims not adjudicated discussed part i item 3 form 10-k 201clegal proceedings 201d item 1a 10-k. material loss excess recorded accrual.
 outcome litigation uncertain.
 likelihood remote legal matters resolved expectations financial statements could affected.
 apple inc.
 vs samsung electronics.
 august 24 2012 jury verdict company $ 1. 05 billion lawsuit against samsung electronics states district court northern.
 award subject appeal not recognized award consolidated financial statements year september 29 2012.


shareowner return performance graph securities exchange commission future filing securities act 1933 1934.
 five-year comparison shareowners 2019 returns class b common stock s&p 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2001 s&p 500 index dow jones transportation average class b common stock united parcel service.
 return $ 40. 60. 80. 100. 120. 140. 160. 180. 200.&p 500.
 united parcel service. 100. 117. 140. 163. 146. 148.
&p 500 index 100. 77. 100 111. 116. 135.
 dow jones transportation average 100. 88. 116. 149. 166. 182.
securities authorized equity compensation plans table 31 2006 common stock.
 authorize b common stock.