ppg annual report form 10-k acquisitions 2018 2017 2016 smaller acquisitions.
 $ 108 million $ 74 million $ 43 million.
 january 2018 acquired procoatings architectural paint coatings wholesaler netherlands.
 distributes paint brands 23 stores.
 employs 100.
 results architectural coatings performance coatings.
 2017 acquired automotive coatings futian xinshi guangdong.
 200 distributors.
 january 2017 deutek. romanian paint architectural coatings manufacturer.
 manufactures markets paint brands!.
 120 do-it-yourself stores 3500 retail outlets.
 2017 strategic shift exit glass operations global fiber glass asian fiber glass joint ventures flat glass business.
 results gains cash flows discontinued operations.
ppg two reportable business segments.
 net sales income discontinued operations former glass segment 2018 2017 2016.
 net sales 2014 $ 217 $ 908
 income operations $ $ 30 $ 111
 gains divestitures
 tax expense
 discontinued operations tax $ 16 $ $ 330
 2018 released $ 13 million accruals contingencies divestitures.
 final payment $ 20 million.
. transfer pension obligations sale.
 nippon electric glass.
.
.
 proceeds $ 541 million pre-tax gain $ 343 million accruals contingencies.
 operations manufacturing chester lexington administrative research-development operations shelby harmar.
 1000 net sales $ 350 million 2016 transportation energy infrastructure consumer markets.
october 2016 coatings vitro.
.
 received $ 740 million cash pre-tax gain $ 421 million.
 divested operations production sites fresno california salem oregon carlisle falls texas distribution facilities canada research-development center harmar pennsylvania.
 1200 employees.
 manufactures glass commercial residential construction.


stock performance graph 18 securities exchange act 1934 incorporated tractor supply company securities act 1933.
 compares stockholder return common stock december 29 2012 2017 returns s&p 500 s&p retail index.
 assumes $ 100 invested 29 2012 common stock reinvestment dividends.
 historical stock price performance not indicative future performance.
 12/29/2012/28/2013/27/2014/26/2015/31/2016 12/30/2017
 tractor supply company 100. 174. $ 181. 179. 180.
. 134. 155. 156. 173. 211.
&p retail index. 147. 164. 207. 219. $ 286.


unfunded credit commitments.
 december 31 millions
 commercial $ 39171 31009
 consumer 10875
 real estate
 $ 53347 44835
 commitments extend credit funds.
 2007 commercial commitments $ 8. 9 billion financial services companies.
 2006 $ 8. 3 billion.
 fixed expiration dates fee termination clauses credit quality.
 commitments expire unfunded cash requirements less total.
 home equity lines 80% unfunded credit commitments.
 market street $ 8. billion 2007 $ 5. 6 billion 2006 201ccommercial 201d categories.
.
 medical surgical hospitals 5%.
 pledged $ 1. 6 billion federal reserve bank $ 33. 5 billion federal home loan bank.
directors officers pnc affiliated companies loans subsidiary banks.
 same terms interest rates collateral risk collectibility unfavorable features.
 loans $ 13 million 2007 $ 18 million 2006.
 new loans $ 48 million funded repayments $ 53 million.


item 5.
 market common equity issuer purchases table presents quarterly high low share sale prices common stock new york stock exchange 2004 2003.
 march 31 $ 13. 9. 89
 june 30.
 30.
 december 31. 75.
 march 31 $ 5. 94 $ 3. 55
 june 30.
 30. 74 8
 december 31.
 18 2005 closing price common stock $ 18. 79 per share 230604932 outstanding shares 743 registered holders.
 february 2004 shares converted one-for-one event.
 prohibits future issuance.
 february 2004 shares c common stock converted.
 permits issuance future.
 equity compensation plans item 12 annual.
 never paid dividend common stock.
anticipate retain future earnings fund development growth business.
 indentures governing 93 20448% senior notes due 2009 7. 50%. 2012 7. 125%. 2012 prohibit paying dividends unless satisfy financial covenants.
 borrower subsidiaries prohibited direct distribution dividend payment liability partnership capital no default subsidiaries pay cash dividends make distributions specified amounts pay outstanding indebtedness future indebtedness.
 indentures 12. 25%. senior notes 2008 7. 25%. notes 2011 american towers .
 prohibit subsidiaries paying dividends payments distributions unless


entergy corporation subsidiaries financial voluntary severance program.
 200 non-utility 150 utility.
 analysis change net revenue 2008 2007.
.
 2007 net revenue $ 4618
 purchased power capacity -25
 volume/weather
 retail electric price
 2008 net revenue $ 4589
 purchased power capacity variance higher capacity charges.
 amortization deferred capacity costs offset base revenues rate increases.
 volume/weather variance less favorable weather decreased electricity usage.
 hurricane gustav ike $ 46 million decrease electricity usage.
 industrial sales depressed hurricanes decline economy usage mid-sized.
 decreases offset increase residential commercial electricity usage.
 retail electric price variance power plant costs management.
net income return equity offset attala power plant costs operation depreciation taxes storm damage rider 2007 mississippi energy efficiency rider november 2007 arkansas.
 revenue operation maintenance expense no impact net income.
 retail electric price variance offset interim storm recoveries entergy louisiana gulf ceased 2008 credit passed customers 55 storm cost financings.
 hurricane katrina rita note 2 financial statements interim recovery.


fair value funded unfunded credit products classified transactions citi 2019s.
 interest revenue measured rates reported trading assets loan interest.
 changes fair value 2018 2017 credit risk loss $ 27 million gain $ 10 million.
 citigroup invests.
 investment debt host contract commodity forward derivative instrument.
 elects fair value option debt host contract.
 total debt contracts $ 0. 4 billion $ 0. 9 billion at december 31 2018 2017.
 amounts fluctuate trading activity.
 citi trades unallocated precious metals investments executes forward purchase sale contracts.
 receivable.
 accounted derivative.
 december 31 2018 approximately $ 13. 7 billion $ 10. 3 billion forward purchase sale derivative contracts outstanding.
investments private equity real estate citigroup invests returns capital appreciation.
 elected fair value option similar to private equity hedge fund activities reported fair value.
 brings consistency accounting evaluation.
 investments accounted value.
 classified investments balance.
 changes revenue.
 fair value option non equity securities risk managed derivative instruments accounted.
 trading assets.
 changes fair value recorded transactions.
 january 1 2018 fair value option no required securities.
 note 1 financial statements.
 mortgage loans held-for-sale elected fair value option fixed-rate adjustable-rate mortgage loans.
 sale securitization hedged with derivative instruments.
 accounting mismatches operational simplifications.
 mortgage loans carried fair value.
 millions december 312018 2017
consolidated balance sheet $ 556 $ 426
 fair value unpaid principal balance
 non-accrual loans 90 days due 2014
 unpaid balance
 changes values loans statement income.
 no net change fair value december 31 2018 2017 credit risk.
 interest income contractual interest rates revenue.


projected payments liabilities next five years ending december 31 2012 2013 to 2017.
 2008 $ 980
 2009 1185
 2010 978
 2011 1022
 2012 1425
 2013 - 2017 $ 8147
 risk company generates revenue large customers no customers more 10% total revenue years december 31 2007 2006 2005.
 financial instruments credit risk cash equivalents trade receivables.
 cash equivalents high credit quality institutions limits credit exposure.
 risk trade receivables limited geographically diverse customers risk.
 controls credit risk monitoring procedures.
 merger implemented new organizational structure new operating segment structure first quarter 2006 results.
 operating segments tps lps.
.
 tps enterprise.
 lps mortgage information services.
 national information services.
subsidiaries affiliates statements 2014


.
 erp implementation fiscal year 2007 estimated cost $ 1. 5 million spent $ 0. 9 million 2006.
 need additional funds for acquisitions businesses products technologies integration operations.
 raise through sales equity borrowings.
 table summarizes contractual obligations at march 31 2006 effects liquidity cash flows.
 2007 2008 2009
 operating lease obligations $ 4819 $ 1703 $ 1371
 $ 5419
 no long-term debt commitments at march 31 2006.
 may 2005 acquired shares impella cardiosystems.
 purchase price $ 45. 1 million $ 42. 2 million common stock $ 1. 6 million cash former shareholders $ 1. 3 million transaction costs financial advisory legal services.
contingent payments to impella former shareholders future stock price performance milestone payments fda approvals sales.
 payments range zero to $ 28 million cash or stock under circumstances purchase agreement.
 carrying value goodwill.
 november 2002 financial accounting standards board issued interpretation.
 45 accounting disclosure requirements guarantees.
.
.
 expands disclosure requirements requires guarantor recognize liability for fair value obligation.
.
 applies contracts agreements payments changes underlying instrument.
 apply disclosure provisions fin 45 to agreements guarantee indemnification clauses.
.
 guarantees.
.
 product warranties accrue estimated future warranty costs on product sales.
 products subject to regulation quality standards.
 warranty obligations affected by product failure rates.
results product failures warranty.
 patent indemnifications company indemnifies patent infringement.
 contracts


new orleans.
 subsidiaries income increased $ 3. million higher revenue depreciation amortization interest income.
 increased $ 13. million lower operation expenses higher revenue higher income tax rate.
 fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 net revenue $ 293.
 retail electric price.
 gas revenue -2.
.
.
 2016 revenue $ 317.
 retail electric price variance purchased power capacity acquisition cost recovery rider power block 1 union power station.
.
 net gas revenue variance less favorable weather residential commercial sales.
 volume/weather variance decrease 112 gwh 2% electricity usage offset favorable weather commercial sales increase electric customers.


humana.
 financial statements 2014 grant-date fair value estimated option-pricing models.
 tax effects stock option reported financing cash.
 adopted sfas 123r january 1 2006.
 expensing stock options diluted earnings share 2005 2004 2003 disclosed page 69.
 classification cash inflows tax benefit stock options financing impact.
 operating financing cash flows $ 15. 5 million 2005 $ 3. 7 million 2004 $ 15. 2 million 2003.
 stock option expense sfas 123r stock options 2006.
.
 2006 commercial segment $ 60. million excess statutory surplus.
 second quarter 2006.
 december 20 2005 acquired corphealth. cash $ 54. 2 million.
 medical behavior health benefits.
 assets $ 6. million cash equivalents.
purchase price exceeded $ 48. million.
 allocated excess assets $ 8. million deferred tax liabilities $ 3. million non-deductible goodwill $ 42. million.
 customer contracts life 14. years.
 allocation change valuation.
 16 2005 government acquired careplus health plans florida medical centers pharmacy.
 medicare plans benefits miami broward palm beach counties.
 acquisition enhances medicare market position south florida.
 paid $ 444. million cash.
 financed $ 294. million borrowings $ 150. million cash.
 purchase price subject balance sheet settlement nine month-out.
.
 fair value acquired assets.
 cash equivalents
 premiums receivable assets
 property equipment
 medical expenses


entergy corporation subsidiaries revenue 2004 2003 revenues fuel purchased power expenses regulatory credits.
 change net revenue 2004 2003.
 2003 net revenue $ 4214.
 volume/weather 68.
 summer capacity charges.
 base rates.
 deferred fuel cost revisions.
 unbilled sales.
.
 2004 net revenue $ 4244.
 volume/weather variance increased usage milder weather.
 usage increased 2261 gwh industrial commercial sectors.
 summer capacity charges variance amortization entergy gulf states louisiana.
.
 july.
 increased revenue increase new orleans.
 deferred fuel cost revisions variance revision 2003 sales pricing estimate costs.
 revisions decreased net revenue revision.
 unbilled sales variance decrease fuel price 2004 nuclear plant outages 2003.
operating revenues regulatory credits fuel cost recovery $ 475 million $ 18 million electric gas sales fuel rates 2004.
 offset fuel expenses.
 credits cessation grand gulf recovery tariff amortization deferred capacity charges 2001 purchases gulf louisiana deferral 2004 $ 14. 3 million capacity charges deferral louisiana $ 11. 4 million voluntary severance program


equity repurchase obligations pnc include brokered home equity loans sold to private investors national city acquisition.
 pnc no longer brokered home equity lending limited to repurchases loans.
 repurchase activity in non- strategic assets portfolio.
 loan covenants representations warranties established through loan sale agreements investors loans investment quality.
 include compliance with loan criteria underwriting standards loan documents collateral valuation validity lien securing.
 breaches investors may request indemnify against losses repurchase loans.
 investigate claim conditions for indemnification repurchase met.
 indemnifications loss repurchases occur when insufficient evidence breach loan covenant loan.
 respond to equity indemnification repurchase requests within 60 days final resolution may longer.
home equity sale agreements penalties remedies indemnification repurchase requests.
 settled make-whole payments repurchases negotiate pooled settlements.
 repurchase indemnification repurchase.
 table unpaid balance unresolved home equity indemnification repurchase claims december 31 2012 2011.
 home equity unresolved indemnification repurchase claims millions.
 home equity loans
 brokered home equity loans 2005-2007.
 pnc financial services group.
 form 10-k


corporation subsidiaries consolidated financial statements.
 merger subsidiary buck.
 results after 6 2007 effects merger.
 purchase price $ 7. 1 billion costs funded debt financings cash equity contributions kkr gs capital partners fund.
 funds. equity co-investors $ 2. 8 billion. million shares new common stock $ 0. 875 per share $ 8. per
 management employees invested new shares less 1% outstanding shares.
 former holders predecessor common stock. received $ 22. per share $ 6. 9 billion shares acquired merger.
 reverse acquisition.
 assets liabilities accounted estimated fair values.
 aggregate purchase price allocated assets acquired liabilities assumed.
.
 cash equivalents 349615
 short-term investments
inventories 1368130
 taxes 40199
 deferred 57176
 prepaid expenses
 property equipment 1301119
 goodwill 4338589
 intangible assets
 66537
 long-term obligations
 accounts
 expenses
 taxes
-term obligations
 deferred taxes
 liabilities
 purchase price
 4. 34 billion goodwill deductible.
 goodwill balance january 2009 decreased $ 6. 3 million 2008 tax.


jpmorgan chase. five-year stock performance compare five-year return.
 return s&p 500 index kbw bank index s&p financial index.
 s&p 500 equity benchmark united states. leading companies economic sectors.
 kbw bank index performance banks thrifts traded.
 national regional banks thrifts.
 s&p financial index financial companies components s&p 500.
 industry indices.
 investments $ 100 december 31 2013 jpmorgan chase common stock.
 dividends reinvested.
.
 jpmorgan chase 100. 109. 119. 160. 203 189.
 kbw bank index. 109 141. 167 137
 s&p financial index. 115. 113 169 147
 s&p 500 index. 113 115. 129 157. 150.
31 dollars


entergy corporation subsidiaries financial louisiana gulf states business combination 2015 deferred tax asset increase $ million regulatory liability $ 107 million $ 66 million net-of-tax customer credits entergy louisiana settlement.
 2.
 sale 583 mw rhode island state energy center gain $ 154 million $ 100 million net-of-tax $ 77 million $ 47 million net-of-tax write-off regulatory charges waterford 3 replacement steam generator project.
 14.
.
 2014 $ 154 million $ 100 million vermont yankee decommissioning cost study reassessment decommissioning cash flows severance employee retention costs.
 14.
 $ 56. 2 million $ 36. 7 million net-of-tax write-off entergy mississippi regulatory asset new nuclear generation costs stipulation mississippi public utilities recovery costs deferred.
 note 2 financial statements nuclear generation.
 revenue 2015 2014.
.
 2014 net revenue $ 5735
 retail electric price 187
 volume
 waterford steam generator
 credits
 2015 net revenue $ 5829
 retail electric price variance 2022 formula rate plan increases entergy louisiana energy efficiency entergy arkansas louisiana mississippi quarter 2014 annual net rate increase entergy mississippi $ 16 million february 2015 mpsc order june 2014.
 note 2 financial statements rate regulatory proceedings.


jpmorgan chase. annual report revisions capital accord.
.
 revised definition capital increasing requirements exposures.
 higher capital ratio 1 common capital requirement increased to 7% ( 7 % ) minimum 4. 5%. plus 2. 5%. capital conservation buffer.
 required by january 1 systemically important banks maintain 1 common requirements above 7% 1% 1 to 2. 5%
 2012 financial stability board firm three other banks hold additional 2. 5% tier 1 common phased 2016.
 committee gsibs hold additional 1% 1 % ) tier 1 common disincentive importance.
 no gsib required hold additional 1% common.
 act.
 federal banking agencies proposed permanent capital calculations.
 comparison firm tier 1 common estimated rules risk-weighted assets.
1 common basel iii includes adjustments deductions inclusion aoci afs securities defined benefit pension postretirement employee benefit plans.
 firm estimates tier 1 common ratio 8. 7%. december 31 2012.
 ratio non- gaap measures.
 used bank regulators investors analysts capital position compare financial services companies.
.
 1 common $ 140342
 adjustments aoci afs securities defined benefit pension opeb plans
 adjustments
 tier 1 common iii $ 143966
 risk-weighted assets $ 1647903
. 7%.
.differences in risk-weighted assets between basel i iii include iii credit risk risk-sensitive approaches credit models i fixed supervisory risk weightings counterparty asset class iii market risk rwa reflects new capital requirements trading assets securitizations correlation trading re-securitization iii includes operational risk.
 impact capital ratios.
 tier 1 common ratio divided by rwa.
 firm estimate reflects understanding rules.
 excludes impact changes iii rules.
 basel iii capital requirements subject to prolonged transition periods.
 for tier 1 common requirement 2013 full implementation january 1 , 2019.
 2012.
 delay implementation basel iii capital requirements.
 additional capital requirements for phased in january 1 2016 full implementation january 1 , 2019.
objective end 2013 estimated tier common ratio 9. 5%.
 information capital ratios federal regulatory capital standards supervision regulation pages 2012 form 10-k note 28 pages 306 annual report.
.
 subsidiaries.
 morgan securities.
 clearing corp.
.
 subsidiary provides clearing settlement services.
 subject rule 15c3-1 securities exchange act 1934.
 futures commission merchants rule 1. 17 commodity futures trading commission.
 minimum net capital requirements.
 december 31 2012 net capital $ 13. 5 billion exceeding minimum requirement


financial derivatives manage interest rate market credit risk reduce effects income value cash flows.
 enter derivatives risk management.
 derivatives contracts little investment cash asset notional amount underlying.
 notional amount not exchanged not recorded balance sheet.
 payments.
 interest rate security price credit spread.
 residential commercial real estate loan commitments derivative instruments.
 table notional amounts gross fair values derivative assets liabilities gross derivatives.
 millions notional/contractamount assetfairvalue liabilityfairvalue
 derivatives hedging instruments $ 36197  $ 1189  $ 364  $ 29270  $ 1872  $ 152
 derivatives not 345059  3604  3570  337086  6696  6458
derivatives $ 381256 $ 4793 $ 3934 $ $ 8568 $ 6610
 included assets.
 liabilities.
 derivatives fair value.
 balances net master netting agreements cash collateral.
 rights setoff offsetting counterparty credit risk contingent features section.
 risk participations protection credit derivatives section.
 nonperformance risk credit risk estimated net fair value.
 note 1 accounting policies.
 derivatives hedging instruments interest rate risk.
 hedging fair value future cash flows net investment foreign subsidiary.
 accounting hedges allows gains losses recognized income statement hedged items affect earnings.
 pnc financial services group.
 2013 form 10-k 189


foods sales decreased $ 94 million to $ 6. 5 billion.
 declined 1% 2006 brands.
 top thirty brands 83% flat chef callender orville redenbacher reddi-wip vancamp libby lachoy manwich david ro*tel angela mama rosa offset declines hunt snack pack.
 food ingredients sales increased $ 203 million to $ 3. 2 billion price increases costs.
 4% increase potato volume.
 trading merchandising sales decreased $ 38 million to $ 1. 2 billion.
 lower grain edible bean merchandising volume.
 international foods sales increased $ 27 million to $ 603 million.
 strengthening foreign currencies.
 $ 24 million.
volume growth modest 10% top six international brands orville redenbacher snack hunt 55% segment sales offset by declines low margin products.
 2006 2005.
 consumer foods $ 1842  $ 1890  3 %
 food ingredients 538  512 5%
 trading merchandising 278
 international foods 165  150 10%
 total $ 2823 $ 2834
 gross profit 2006 $ 2. 8 billion decrease $ 11 million offset declines foods trading merchandising.
 $ 20 million restructuring plans $ 17 million operational efficiency initiatives 2005.
 consumer foods gross profit 2006 $ 1. 8 billion decrease $ 48 million 2005 2% decline sales volumes.
 2006 $ 20 million restructuring plan 2005 $ 16 million efficiency initiatives.
profit impacted fuel energy transportation warehousing steel packaging materials 2006 2005.
 2006 $ 538 million increase $ 26 million.
 improvement vegetable processing dehydration businesses higher volume sales pricing raw product conversion costs.


management credit ratings based on agencies assessment liquidity market credit operational risk management practices earnings capital base franchise reputation management corporate governance external operating environment government systemic support.
 derivatives transacted under bilateral agreements with counterparties collateral terminate transactions changes credit ratings.
 assess impact collateral termination payments downgrade by agencies.
.
 allocate portion gcla additional collateral payments two-notch reduction long-term credit ratings collateral not available.
 table presents additional collateral termination payments derivative liabilities agreements one two-notch downgrade credit ratings.
 millions december 2014
 additional collateral payments for one-notch downgrade $ 1072 $ 911
 two-notch downgrade 2815 2989
one-notch 1072 911 two-notch complex earnings assets.
 cash flow analysis liquidity.
 trends initiatives.
.
 decreased $ 3. billion $ 57. 60 billion.
 22. billion investing balance sheet loans receivable.
 generated $ 19. billion financing bank deposits unsecured long-term borrowings offset repurchases common stock.
.
 decreased 11. billion $ 61. 13 billion.
 generated $ 4. billion.
 $ 16. billion investing financing loans receivable repurchases common stock.
.
 equivalents increased. billion $ 72. 67 billion.
 generated $ 9. 14 billion investing.
 $ 7. billion bank deposits offset repayments unsecured long-term borrowings.
 2014 annual report


common stock.
 dividend $ 35 million paid february 15 2019 1.
 july 20 2017 authorized repurchase $ 1 billion common.
 2018 $ 1 billion repurchase 11. million shares average price $ 58. per share $ 638 million.
 october 2018 authorized $ 1 billion repurchase program.
 december 31 repurchased 10. 3 million shares average $ 48. 53 per share.
 utilized $. billion 21. 3 million shares average price $ 53.
 repurchases excess repurchase price paid-capital.
 stock activity withheld compensation stock options.
 $ 3 million conversion convertible debentures. shares common stock.
 no conversions 2018.
 loss after-tax changes.
 balance december 31 2017
 loss reclassifications
transfer held-maturity-for-sale 6
 net change
 hedge accounting adoption
 reclassification tax federal reform
 balance december 31 2018 275
 loss available-for-sale securities.
 carrying value $ 4. 7 billion unrealized pre-tax gain $ 7 million $ 6 million tax transferred-sale transition new derivatives hedge accounting guidance.
 note 1 2014.
 unamortized unrealized pre-tax losses $ 22 million 2018 $ 16 million transfer.
 e*trade consolidated financial statements 2018 145


abiomed  inc.
 subsidiaries financial statements 2014.
 stock award plans compensation 2000 stock incentive plan adopted august 2000.
 grants options employees directors advisors consultants incentive nonqualified stock options board directors.
 4900000 shares common stock awarded exercisable times terms.
 options vest 4 years expire ten years.
 nonqualified stock option plan non-employee directors.
 adopted july 1989 grants options common stock non-employee directors.
 400000 shares common stock.
 vesting periods 1 to 5 years expire ten years estimates stock option black-scholes option valuation model.
.
 share-based payment prior period disclosure net loss stock-based compensation value method.
.
 value options granted fiscal years 2005 2006 2007 calculated weighted average assumptions.
risk-free interest rate 3. 87%. 87 % 4. 14%. 14 %. 97%. 97 %
 option life years 7. 5. 3 6. 25
 volatility 84% 84 % 73% 73 % 65% 65 %
-free interest rate united states treasury yield curve stock options.
 volatility assumptions historical volatility adjustments.
 product diversification acquisition.
 average expected life estimated simplified method.
.
 fair value net estimated forfeitures.
 forfeitures.
 expected dividend yield zero option valuation.
 average grant-date fair value options 2005 2006 2007 $ 8. 05 $ 6. 91 $ 8. 75 per share.
.
 expense $ 5. 8 million $ 0. 21 per share 2007 fiscal year 2019 compensation cost.
unrecognized stock-based compensation expense unvested stock option awards at march 31 2007 approximately $ 9. 0 million net forfeitures average time 1. 9 years.
.
 requires tax deductions compensation cost financing cash flow.
 change impact cash flows twelve months march 31 2007.
.
 accounted stock-based compensation.
.
 disclosure-only alternative requirements.
.
 recognize compensation expense for issuance options with fixed exercise prices


issuer purchases equity securities table repurchases common stock three-month period december 31 2012.
 shares purchased average price paid amount future repurchases.
 shares purchased average price paid future repurchases
 october 1 2012 october 28 842445.
 29 november 25 872973.
 26 december 31 1395288.
 3110706.
 repurchased 3. 1 million shares common stock $ 286 million quarter ended december 31 2012 repurchase program announced october 2010.
 board directors approved share repurchase program repurchases $ 6. 5 billion.
 management amount timing law regulation.
 expiration date.
 december 31 2012 repurchased 54. million shares $ 4. 2 billion.


subsidiaries premiums years december 31 2008 millions.
 dollars percentages amount ceded companies assumed amount percentage assumed.
 years december 31 2009 2008 millions. ceded net amount percentage assumed
 2010 $ 15780 $ 5792 $ 3516 $ 13504 26% 26 %
 2009 $ 15415 $ 5943 3768 $ 13240 28% 28 %
 2008 $ 16087 $ 6144 3260 $ 13203 25%


inc.
 financial statements 2014 future minimum lease payments leases.
 fiscal years
 24 2005 4848
 30 2006 4672
 29 2007 3680
 27 2008 3237
 26 2009 3158
 40764
 not reduced sublease rentals $ 165 $ 60359
 subleases bedford facility rental income $ 277 $ 410 $ years 2004 2003 2002 offset rent expense.
 expense sublease $ 4660 $ 4963 $ 2462 2004 2003 2002.
.
 reports information.
.
 evaluation chief operating decision maker.
 decision-maker.
 executive officer.
 four principal operating segments manufacture sale mammography osteoporosis assessment digital detectors.
 software application 2003 assets segments inventories intangible assets property equipment.
 other assets corporate assets.
.
sales transfers.


devices.
 financial statements 2014 schedule future minimum rental payments long-term leases october 31.
 2016 21780
 2017 16305
 2018 8670
 2019 4172
 2020 3298
 5263
 $ 59488
.
 commitments contingencies claims charges contractual patents trademarks personal injury environmental product liability insurance coverage personnel employment disputes.
 no assurance.
 legal matters financial position operations cash flows.
.
 retirement plans subsidiaries savings retirement plans employees.
 defined contribution plan eligible.
 employees.
 contributions 5% compensation.
 contributes pre-tax contribution 3% compensation.
 expense contribution plan.
 $ 26. million 2015 $ 24. million 2014 $ 23. million 2013.
 defined benefit pension retirement plans non.
 employees requirements.
 expense.
excluding settlement charges irish defined benefit plan $ 33. 3 million 2015 $ 29. 8 million 2014 $ 26. 5 million 2013.
.
 converted benefits.
 expenses $ 223. 7 million including settlement charges legal accounting professional fees pension.
 assets plan liquidated annuities retirees distributed.
 assets plan zero end 2015.
 funding policy foreign pension plans consistent local requirements.
 assets.
.
 equity securities bonds property cash.
 obligations assets measured october 31 2015 november 1 2014.
.


volumes 2013 increased fluff pulp improved market demand product mix franklin mill.
 price lower fluff market pulp increased.
 input costs wood fuels chemicals higher.
 operating costs lower start-up mill.
 maintenance downtime costs higher.
 sales volumes lower.
 price realizations improve increases pulp.
 input costs flat.
 maintenance downtime costs $ 11 million higher.
 operating profits impacted severe winter weather.
 packaging demand pricing spending economic activity.
 raw material energy costs freight costs manufacturing efficiency product mix.
 net sales increased 8% decreased 7% 2011.
 operating profits decreased 40%.
.
 shutdown paper machine profits 22% lower 2012 43% lower 2011.
higher sales volumes $ 45 million offset lower price unfavorable mix $ 50 million higher operating costs shutdown paper machine $ 46 million higher input costs $ 6 million.
 profits 2013 restructuring $ 45 million shutdown $ 2 million sale shorewood business.
 2012 gain $ 3 million 2011 $ 129 million asset impairment charge $ 72 million charges.
 consumer.
 sales $ 3435
 sales $ 2. billion 2013 $. 2012. 2011.
 operating profits $ 63 million shutdown 2013 2012 2011.
 coated paperboard sales volumes 2013 higher stronger market demand.
 price realizations lower year-over.
 input costs wood energy offset lower chemicals.
 maintenance downtime costs lower.
 market-related downtime 24000 tons 2013 113000 2012.
shutdown paper machine augusta mill reduced capacity 140000 tons.
 foodservice sales volumes increased.
 margins higher lower costs product mix.
 operating distribution costs higher.
. shorewood sold non.
 paperboard sales volumes weaker.
 sales price higher margins product mix.
 input costs higher energy chemicals wood.
 maintenance downtime costs $ 8 million lower outage mill.
 severe winter weather profits.
 foodservice sales volumes lower.
 margins improve price increases product mix.


kimco realty investment retail leases.
 sublet retailers.
 income 2006 $ 2. 7 million $ 1. 2 million $ 1. 3 million.
 revenues $ 7. 1 million $ 7. 7 million $ 8. 2 million expenses $ 4. 4 million $ 5. 1 million $ 5. 7 million recovery investment.
 future revenues 2009 $ 5. 6 $ 3. 8 2010 $ 5. 4 $ 3. 7 2011 $ 4. 5 $ 3. 1 2012 $ 2. 3 $ 2. 1 2013 $ 1. $ 1. 3 $ 1. 4 $ 0. 5.
 acquired 90% equity 30 properties.
 long-term bond lease 2016 renewal.
 cash equity investment $ 4. 0 million.
 equity investment leveraged lease.
.
 2002 to 2007 18 properties sold proceeds mortgage debt $ 31. 2 million.
 remaining 12 properties encumbered by third-party non debt $ 42. 8 million scheduled amortize term.
 no recourse obligation for principal interest payments debt collateralized by first mortgage lien.
 obligation offset against net rental receivable.
 31 2008 2007 net investment lease.
 remaining net rentals $ 53. $ 55.
 unguaranteed residual value 31. 36.
 non-recourse mortgage debt.
 unearned deferred income.
 net investment leveraged lease $ 4. $.
.
 mortgages financing receivables.
 financial statement schedule iv page 141 annual report form.
loans financing receivables


.
 commodity derivative instruments osm rm&t segments hedge accounting.
 recognize income changes value derivative instruments.
 commodity derivative positions e&p segment held derivative contracts price risk natural gas.
 no significant derivative contracts future sales liquid hydrocarbons natural gas exposed to market prices.
 osm segment holds crude oil options purchased.
 premiums offset call options net premium liability.
 deferred until settlement contracts.
 put call options outstanding.
 contract volumes
 put purchased
 call options sold
 price.
 call.
 first quarter sold derivative instruments average $ 50. offset put options remainder 2009.
 december 31 open derivative contracts rm&t segment lower previous periods.
second quarter 2008 decreased use derivatives crude oil price risk oil refined.
 addressing price risk contractual terms crude oil acquisition practices.
 contracts rm&t segment purchase sale not normal accounted derivative instruments.
 second quarter 2008 contracts normal purchase sale exclusion.


table presents tower adjusted consolidated non-tower company subsidiaries defined.
 tower cash flow months december 31 2007 $ 177724
 consolidated twelve months 2007 $ 668123
 tower -683200
 times tower 710896
 consolidated flow $ 695819
 non-tower cash flow $ -48012


wholesale segment sells products upscale mid-tier department stores specialty stores golf pro shops domestically internationally.
 brand in- store product assortment presentation full-price sell-throughs.
 2014 ralph lauren products sold 11000 doors worldwide invested $ 53 million shop- within-shops.
 sold e- commerce.
 include menswear womenswear childrenswear accessories home furnishings.
 collection brands distributed worldwide premier fashion retailers.
 department stores major north america.
 latin america.
 europe.
 japan top-tier men's women's.
 greater china southeast asia australia mid top-tier department stores.
 licensed stores latin america asia.
 club monaco products distributed department stores specialty stores europe.
sell excess out-of-season products secondary channels worldwide including retail stores.
 table presents doors geographic location ralph lauren-branded products march 29 2014.
 americas 6459
 4864
 asia
 11453
. canada latin america.
 australia japan philippines thailand.
 products sold domestically 2800 doors.
 three key wholesale customers sales volume.
 50% total wholesale revenues macy's.
 25% revenues.
 products sold sales forces.
 wholesale showrooms new york.
 regional showrooms milan paris london munich madrid stockholm panama.
.
 brand recognition merchandising differentiate presentation.
 march 29 2014 22000 shop-within-shops channels ralph lauren.
-within 100 to 9200 square feet.
 fixtures wall cases


entergy texas.
 subsidiaries income decreased $ 31. million lower revenue higher depreciation amortization expenses operation maintenance expenses higher taxes.
 increased $. million lower expenses write-off spindletop gas storage facility higher net revenue.
 fuel expenses gas power expenses regulatory charges.
 change net revenue 2017 2016.
.
 2016 revenue $ 644.
 wholesale revenue.
 purchased power capacity -5.
 transmission revenue.
 reserve equalization.
 retail electric price.
.
 2017 revenue $ 626.
 wholesale revenue variance lower capacity revenues purchased power agreements entergy louisiana texas.
 power capacity increased expenses capacity cost changes.
 transmission revenue.
 equalization expenses entergy texas exit agreement.
 2 statements.


black-scholes option-pricing model state street employee stock options grant date.
 weighted average assumptions 2001 2000 1999 risk-free interest rates 3. 99%. 99 % 5. 75%. 75 %. 90%. 90 % dividend yields 1. 08%. 73%. 92%. volatility factors market price common stock. 30.
 life stock options 4. years.
 unrealized income taxes.
 unrealized gain available-for-sale securities $ 96 $
 foreign currency translation
 shareholders 2019 rights plan 1988 dividend one preferred share purchase right each share common stock.
 1998 rights agreement amended restated 2001 impacted 2-for-1 stock split.
 right purchase share participating preferred stock exercise price $ 132. subject adjustment.
rights exercisable if party acquires 10% or state street 2019s common stock after offer.
 right entitles holder to purchase shares stock state or acquirer market value two times-current exercise price.
 rights expire september 2008 redeemed at $. 00125 per right subject adjustment prior expiration acquisition stock.
 rights redeemed after automatic redemption.
 state street subject to regulatory capital requirements federal banking agencies.
 failure capital actions state street financial condition.
 capital adequacy capital guidelines assets liabilities off-balance sheet items.
 capital amounts classification subject to qualitative judgments regulators.


stock-based compensation expense grant date fair value options forfeitures.
 compensation expense options vesting period.
 december options 10204000 12759000 shares common stock $ 89. 46 $ 90. 86.
 total value options $ 90 million $ 86 million $ 37 million.
 cash $ 215 million $ 208 million $ 118 million.
 tax benefit $ 33 million $ 31 million $ 14 million.
 shares common stock 17997353 december 31 2014.
 future issuance equity compensation plans 19017057 shares.
 issued 2. 4 million shares treasury stock.
 utilize treasury stock future exercises.
 awards non-employee directors 2014 2012 21490 27076 25620 deferred stock units.
 until cash.
 no vesting service requirements compensation expense recognized date grant.
incentive/performance restricted stock fair value determined market value common stock grant.
 remeasured achievement financial performance goals.
 personnel compensation committee approves final award payout.
 three or four-year payable stock or cash.
 restricted vesting periods 3 to 5 years.
 2013 incorporated enhanced risk- performance changes long-term incentive compensation programs.
 final payout amounts if risk performance metrics.
&cc reduction.
 weighted-average grant date fair value 2014 2013 2012 $ 80. 79  $ 64. 77 $ 60. 68 per share.
 total fair value $ 119 million $ 63 million $ 55 million.
 compensation expense over vesting performance periods.
121 nonvested incentive stock 2013.
 december 31 2013 incentive performance shares 1647 $ 63. 49 restricted stock units 3483 $ 62.
 723 79. 90 1276 81.
 -513 63. -962 62.
 forfeited 69. -145.
 december 31 2014 1837 69.
 pnc financial services group.
 2013 10-k


equity securities table repurchases common stock securities exchange act 1934 quarter december 31 2014.
 shares purchased average price paid plans amount future repurchases.
 average price paid future repurchases
 september 29 2014 october 26 399259 $ 176. 96 397911 $ 3825
 october 27 november 30 504300 $ 187. 74 456904 $ 3739
 december 1 31 365683 $ 190. 81 357413 $ 3671
 1269242 $ 185. 23 1212228 $ 3671
. close books records last sunday month processes.
 months differ.
 september 29 2014 october 2014 fiscal month.
 october 2010 board directors approved share repurchase program stock prices not market prices.
 september 25 2014 authorized $ 2.billion increase program.
 management amount timing law.
 purchases rule 10b5-1.
 expiration date.
 quarter december 31 2014 shares purchased 57014 transferred employees minimum tax obligations restricted stock units.
 separate authorization board directors not included program.


company agreements with entities kentucky georgia tennessee tax abatement plans.
 tax abatement plans reduction property taxes transferring title industrial revenue bonds.
 property leased back.
 no cash exchanged.
 lease payments equal to bonds.
 tax abatement period extends lease with maturity date bonds.
 purchase property paying bonds.
 terms amounts revenue bond agreement 2017 amount.
 franklin kentucky center 30 years $ 54. $ 51.
 macon georgia 15 years $ 58. $.
 brentwood tennessee center 10 years $ 78. $ 75.
 recorded bonds lease obligation lease-back.
 original cost property equipment depreciated over estimated useful life.
capitalized software costs company capitalizes costs acquisition development software amortizes estimated useful life three to five years.
 software internal third-party.
 addition upgrade capitalized functionality extends life.
 costs included in software hardware consolidated balance sheets.
 costs not expensed.
 store closing costs evaluates performance stores closes under-performing.
 records liability costs exit disposal.
 significant.
 amortized depreciation policy lease term charge operations included depreciation expense consolidated statements income.
 leases include rent increases lease term.
 recognizes rental expense records difference deferred rent liability.
 receives reimbursements landlords improving store.
 leasehold improvements recorded gross costs.
 deferred amortized reduction rent expense lease.
share-based compensation includes stock option restricted stock unit awards transactions.
 recognized grant value option discount shares employees.
 difference purchase date market value employee purchase price.


note 4 goodwill intangible assets company had $ 93. 2 million $ 94. 4 million december 30 2017 31 2016.
 changes carrying 2017 2016 thousands.
 2016
 balance $ 94417 $ 10258
 acquired acquisition 2014 84159
 working capital settlement
 impairment loss
 balance end year $ 93192 $ 94417
 goodwill allocated reporting unit.
 not amortized evaluated impairment annually.
 impairment evaluation valuation analyses market information.
 fair value.
 impairment charge recorded operations value fair value.
 fourth quarter 2017 annual impairment testing no impairment identified.
 fair value unit excess carrying value.
 market income approach.
 data.
 had $ 31. 3 million at december 30 2017 31 2016.
intangible asset balance estimated fair value petsense tradename not subject amortization indefinite life cash flows beyond.
 evaluate impairment annually.
 recognize impairment loss difference carrying value fair value.
 fourth quarter 2017 annual impairment testing no impairment identified.


impairment tests intangible assets july 31 2013 2012 2011 no charges.
 estimated amortization expense finite-lived assets five years millions.
 2014 156
 2015 126
 2016 91
 2017 74
 2018
 indefinite-lived contracts july 2013 acquired $ 231 million.
 march 2012 $ 163 million.
 october 2013 $ 29 million eight years.
 september 2012 $ 40 million contracts 10 years.
.
 march 31 2013 blackrock one- third equity interest in national mortgage acceptance company equity.
 may 8 2013 sole managing member pnmac public offering.
 blackrock recorded gain $ 39 million.
 contributed. 1 million units to new donor advised fund.
charitable contribution $ 124 million included administration expenses consolidated statements income.
 company recorded noncash pre-tax gain $ 80 million tax benefit $ 48 million.
 carrying 2019s remaining interest 20% 16 million shares $ 127 million $ 273 million december 31  2013.
 reflected pennymac stock price.
.
 $ 100 million.
.
 2011 five-year $ 3. 5 billion unsecured credit facility.
 maturity year march 2017 2012 aggregate commitment increased $ 3. 785 billion.
 2013 year march 2018 commitment increased $ 3. 990 billion.
 additional $ 1. billion borrowing capacity $ 4. 990 billion.
 interest borrowings london interbank rate plus spread.
2013 credit facility requires exceed maximum leverage ratio net debt to earnings cash 3 to 1 satisfied less than 1 to 1 december 31 2013.
 provides liquidity working capital investment opportunities.
 no amount outstanding.
.
 2009 blackrock established unsecured notes maximum $ 3. 0 billion.
 2011 increased to $ 3. 5 billion.
 2012 $ 3. 785 billion.
 2013 increased $ 3. 990 billion.
 program supported by 2013 credit facility.
 december 31 2013 2012 no cp notes outstanding.


non-cash expense $ 164 million $ 189 million $ 167 million unallocated.
 impact $ 107 million $ 122 million $ 108 million.
 december 31 2014 $ 91 million unrecognized compensation cost nonvested awards 1. 6 years.
 received cash stock options $ 308 million $ 827 million $ 440 million 2014 2013 2012.
 income tax liabilities reduced $ 215 million $ 158 million $ 96 million tax benefits stock-based compensation.
 authorized grant stock incentive awards options common stock appreciation rights.
 price less fair market value.
 no vested third anniversary less one year.
 minimum vesting period stock three years.
 shorter vesting periods.
 maximum term 10 years.
 december 31 2014 19 million shares.
december 31 2014. 8 million shares stock compensation plans.
 new shares options restrictions.
 table summarizes activity nonvested rsus 2014 grant-date value share.
 31 2011 4302 $ 78. 25
. 93
. 64
 -168.
 31 2012 4822 $ 79.
.
. 26
 -226.
 31 2013 3859 $ 82. 42
. 85
 87. 66
 -84.
 31 2014 2326 $ 97.
 valued fair value common stock grant.
 employees granted rsus receive shares after vesting period shares not issued sell transfer vesting no voting rights until three years.
 granted dividend cash payments vesting.
rsu awards grant-date value equal closing market common stock less discount delay dividend cash payments.
 grant-date value rsus forfeitures compensation expense service period 2013 shorter vesting period retirement eligible.


investments increased $ 4. 8 billion 2010 due unrealized appreciation cash flows acquisitions.
 tables market value fixed maturities short-term investments december 31 2010 2009.
 first table type second s&p credit rating.
.
 $ 2075 4% 4 % 2068 5% 5 %
 4% 4 2698 6% ( 6 %
 corporate asset-backed securities 15900 33% 33 % 13537 30% 30 %
 mortgage-backed securities 12362 25% 25 % 11311
 2449
. 12199 25%
 short-term investments 1983 4% 4 % 1667
 48983 100% 100 % 44753
 23718 48% 48 % 22884 51% 51 %
 10% % %
 11%
3357 7% 7 % 2866 6
 2393 5% 5 2029
 832 2% 2 % 582 1% 1 %
 48983 44753


entergy arkansas.
 subsidiaries income decreased $ 27. million nuclear refueling depreciation amortization expenses taxes interest income.
 2015 increased $. million higher revenue lower operation maintenance expenses income tax rate depreciation amortization expenses.
 fuel gas power expenses regulatory charges. analysis change net revenue 2017 2016.
.
 2016 net revenue $ 1520.
 electric price.
.
 retirement obligation.
.
.
 2017 net revenue $ 1522.
 retail electric price variance formula rate plan rates billing cycle january 2017 increase base rates february 24 2016.
 base rate increase purchase power block 2 union power station 2016.
 offset energy efficiency rider.
 note 2 statements.
 14 union power station purchase.
opportunity sales variance revenue 2017 2016 orders wholesale.
 note 2 financial statements.


entergy mississippi.
 net wholesale revenue variance due exit 2015.
 reserve equalization revenue variance revenue fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2015 2014.
.
 2014 net revenue $ 701.
 volume/weather.
 retail electric price.
 wholesale revenue.
 transmission equalization.
 reserve equalization.
.
 2015 net revenue $ 696.
 volume/weather variance due increase 86 gwh 1% electricity usage favorable weather residential commercial sales.
 retail electric price variance $ 16 million annual increase revenues 2015 mpsc order june 2014 rate case increase energy efficiency rider decrease storm damage rider.
 realignment costs base rates.
 note 2 financial statements.
net wholesale revenue variance due to customer contract termination october transmission equalization revenue entergy mississippi from companies planning operating bulk transmission facilities.
 equalization variance attributable realignment february 2015.
 revenue 2014 minimal 2015.
 entergy mississippi exited system agreement november 2015.
 note 2 financial statements.
 reserve equalization revenue mississippi from companies maintaining electric generating capacity.
 variance attributable realignment 2015.
 2014 minimal 2015.


financial statements sumitomo mitsui financial group.
 provides credit loss protection on loan commitments investment-grade commercial lending.
 $ 32. 41 billion $ 31. 94 billion december 2012 2011.
 credit loss protection limited to 95% first loss maximum $ 950 million.
 protection 70% additional losses maximum $ 1. 13 billion $ 300 million protection provided 2012 2011.
 firm uses financial instruments mitigate credit risks.
 credit default swaps market index.
 warehouse financing.
 provides financing clients assets.
 secured commercial mortgage loans.
 resale borrowing agreements.
 contingent financing resale agreements.
 funding depends contractual conditions expire unused.
 private equity real estate assets funds.
 commitments include $ 872 million $ 1.62 billion real estate investments $ 6. 47 billion $ 7. 50 billion corporate investments.
 $ 6. 21 billion $ 8. 38 billion commitments funds funded market value.
 obligations long-term lease agreements office space expiring 2069.
 agreements escalation real estate taxes charges.
 future minimum rental payments sublease rentals.
 millions.
 2014 407
 2015 317
 306
 rent 2012 2011 2010 $ 374 million $ 475 million $ 508 million.
 leases include office space.
 rent expense growth. records liability fair value remaining lease rentals reduced sublease rentals leases future benefits.
 costs terminate lease fair value termination.


stanley consolidated financial statements 2014 table reconciliation unrecognized tax benefits 2013 2012 2011 millions.
 balance december 31 2010 $ 3711
 412
 70
 decreases -79
 decreases settlements -56
 statute limitations
 balance december 31 2011 $ 4045
 increase $ 299
 127
 decreases -21
 decreases settlements -260
 decreases lapse statute limitations -125
 balance december 31 2012 $ 4065
 increase $ 51
 267
 decreases -141
 decreases settlements -146
 balance december 31 2013 $ 4096
 continuous examination irs tax authorities japan.
 review irs appeals office tax years 1999 2013 2005.
 levels field examination new york state tax years 2006 2013 2008 2007 2009.
company expects conclusion.
 tax authorities issues 2010.
 believes resolution tax financial condition resolution statements income effective income tax rate.
 established liability unrecognized tax benefits assessments.
 adjusts benefits more information event.
 evaluates likelihood assessments jurisdiction expiration statute limitations information.
 federal state unrecognized tax benefits released remeasured.
 income tax provision tax benefit $ 161 million $ 299 million 2013 2012.
 possible gross balance unrecognized tax benefits $ 4. 1 billion december 31 2013 may decrease 12 months completion


graph compares shareholder return pmi common stock compensation survey group s&p 500 index.
 assumes investment $ 100 december 31 2010 pmi common stock new york stock exchange market reinvestment dividends quarterly.
 500.
 2010 $ 100.
 2011 139. 114. 102.
 2012 $ 154. 128. 118.
 2013 $ 167. 163. $ 156.
 164. 170. $ 178.
 186. 179. $ 180.
 pmi compensation survey group companies global sales competitors similar market capitalization consumer products technology financial compensation data bayer british american tobacco. coca-cola diageo glaxosmithkline heineken. imperial brands johnson mcdonald's. novartis pepsico. pfizer.roche holding unilever vodafone group.
 october 1 2012 international.
 kraft foods. spin-off north american grocery business kraft foods.
.
.
 retained pmi compensation survey global footprint.
. shareholder return 65% kraft foods. capitalization december 31 2010. capitalization.
.
 october 2 2012.
 figures rounded nearest $.


arconic subsidiaries file tax returns.
 federal foreign jurisdictions.
 no subject tax examinations 2006.
.
 years prior 2016 audited.
 tax authorities examining arconic income tax returns 2015.
 reconciliation unrecognized tax benefits excluding.
 2016 2015 2014
 balance beginning year $ 18 $ 7  $ 8
 additions tax current
 prior years
 reductions
 settlements tax authorities
 expiration statute of limitations
 foreign currency translation
 balance end year $ 28 $ 18  $ 7
 portion balance pertains state tax liabilities before federal tax benefits.
 unrecognized tax benefits annual effective tax rate 2016 2015 2014 6% 7% 4% 4 pretax income.
 changes unrecognized tax benefits impact consolidated operations 2017.
arconic policy interest penalties.
 2016 2015 2014 interest penalties.
 expiration statute limitations settlements refunded overpayments recognized interest $ 1 2015 2016 2014.
 accrued interest penalties $ 2 $ 1 .
.
 arrangement three financial institutions sell receivables without recourse.
 bankruptcy special purpose entity subsidiary.
 minimum funding $ 200 $ 400 receivables sold.
 sold $ 304 receivables $ 50 cash $ 254 deferred purchase price.
 received additional net cash funding $ 300 receivables sold $ 1758 $ $ 100 2016.
 no draws repayments 2015.
 deferred purchase price receivable $ 83 $ 249.
 reduced collections revolving program sale new receivables deferred purchase price.
change deferred purchase price receivable reflected receivables.
 operating cash flow receivables insignificant short-term interest rate risk.


ventas inc.
 financial statements 2014 combined nol carryforward $ 66. million december 31 2007 trs entities carryforward reit $ 88. 6 million.
 offset future taxable income.
 reit nols tax credit carryforwards taxable income exceeds deduction dividends.
 carryforwards expire 2024 2018.
 no net deferred tax benefit nol carryforwards december 31 2007 2006.
 challenge.
.
 january 1 2007 adopted fin 48.
 no change liability unrecognized tax benefits no adjustment accumulated earnings.
 recognize interest penalties unrecognized tax benefits.
 activity unrecognized tax benefits.
 balance january 1 2007
 tax positions
 balance december 31 2007
 unrecognized tax benefits $. 4 million. annual effective tax rate.
accrued no penalties interest unrecognized tax benefits 2007 december 31 2007 recorded no liability penalties interest.
 expect unrecognized tax benefits increase $ 2. 7 million 2008.
 sunrise reit acquisition subject liabilities.
 liabilities greater obligations could effect.
 spin off kindred 1998 kindred agreed assume liabilities indemnify defend hold harmless losses claims ownership operation healthcare operations assets transferred kindred third-party leases guarantees.
 fulfill obligations.
 minimum rental payments third-party leases approximately $ 16. 0 million as december 31 2007 no material exposure under third-party guarantees.
 provident 2019s acquisition brookdale alterra-related entities 2005 brookdale alterra agreed


costs board resin operating costs.
 european sales $ 380 million 375 2011.
 operating profits $ 100 million.
 sales volumes decreased european russian.
 price higher lower.
 input costs flat.
 maintenance downtime costs higher.
 quarter 2014 sales volumes flat.
 price higher russia.
 costs increase wood energy pulp.
 no maintenance outages costs rebuild coated board machine.
 packaging sales $ 1. billion 2013 830 million 2012 855 million 2011.
 profits $ 2 million 4 million 35.
 sales volumes increased coated paperboard machine.
 sales price realizations lower competitive pressure.
 freight costs.
 start-up profits.
 first quarter 2014 sales volumes increase.
 flat.
 costs higher pulp energy chemicals.
margin improvement operational excellence distribution north america leading manufacturers facility managers printers solutions efficiency reduce costs results.
 customer demand sensitive economic behavior corporate advertising government manufacturing.
 margins stable.
 best choice value.
 efficient customer service cost-effective logistics working capital management profitability.
.
 sales $ 5650
 profit
 2013 sales decreased 6% % 2012 15% 2011.
 profits $ million million 22 million 2012 34 million sales printing papers graphic arts supplies $ 3. 2 billion 2013. billion 2012 $ 4. billion 2011 declining demand discontinuation agreement manufacturer.
 margins printing papers down 2012 2011.
 revenue packaging flat $ 1. 6 billion decline.
 packaging margins flat 2012 2011.
revenue $ 845 million 2013 944 2012 981 2011.
 goodwill $ 400 million reorganization $ 32 million.
 2012 2011 49 million 52 million.
 2014 profits lower cost reduction initiatives.


hologic  inc.
 financial statements.
 2008 acquisitions third wave technologies.
 july 24 2008.
 agreement june 8 2008.
 business combination no financial information.
 third wave diagnostics segment.
 madison wisconsin develops markets molecular diagnostic reagents dna rna analysis.
 diagnostic offerings cystic fibrosis hepatitis c cardiovascular risk diseases.
.
 administration human papillomavirus tests.
 paid $ 11. 25 per share third wave purchase price $ 591200 $ 575400 cash stock warrants vested stock options employees estimated fair value $ 8100 $ 7700 acquisition fees expenses.
 no contingent consideration arrangements shareholders.
 granted 315 unvested stock options third wave stock options estimated fair value $ 5100 compensation expense.
determined value options acquisition issue.
 measurement date acquirer securities.
 date july 24 2008 shares.
 valued securities average market price two days measurement.
 average stock price $ 23.
 preliminary purchase price.
 cash $ 575400
 value options 8100
 acquisition costs 7700
 estimated purchase price $ 591200


.
 december 2 capital lease $ 1494627 19681 1514308 1505096 1493969 28492 1522461 1513662 issued $ 600. million. 25%. senior notes 2015 $ 900. million. 75%. notes 2020.
 proceeds $ 1. 5 billion net issuance discount $ 6. 6 million.
 unsecured indebtedness.
 incurred issuance costs $ 10. 7 million.
 amortized interest expense.
 3. 45%. 2015 4. 92%. 2020 notes.
 payable semi-annually february 1 august 1.
 2011 interest payments $ 62. 3 million.
 proceeds corporate purposes repayment balance credit facility.
 fair value $ 1. 6 billion december 2  2011.
 redeem subject premium.
 repurchase 101% principal amount plus accrued unpaid interest repurchase.
 notes include covenants liens sale leaseback transactions.
 december 2 2011 compliance with covenants.
 2007 amendment 201camendment 201d increased senior unsecured revolving facility from $ 500. million to $ 1. billion.
 amendment permits one-year extensions closing majority consent.
 option request additional $ 500. million maximum $ 1. 5 billion.
 2008 second amendment extended maturity date one year to february 16 2013.
 no extensions.
 terms conditions same.
 facility covenant not exceed maximum leverage ratio.
 borrowings accrue interest london interbank rate margin grid base rate.
. 20%.
 commitment fees payable. 15%. per year.
 facility available loans corporate purposes.
 february 1  2010 paid outstanding balance $ 1.billion credit line borrowing.
 capital lease obligation 2010 sale-leaseback agreement equipment $ 32. 2 million leaseback 43 months.
 capital lease obligation recorded fair value.
 december 2 2011 capital lease obligations $ 19. 7 million $ 9. 2 million current debt.
 consolidated financial statements.
 1493969
 lease obligations
.
 december 2 2011 2010 1514308 1505096 1493969 february 2010 issued $ 600. million. 25%. notes 2015 $ 900. million. 75%. 2020.
 proceeds $ 1. 5 billion net issuance discount $ 6. million.
 unsecured unsubordinated indebtedness.
 incurred issuance costs $ 10. 7 million.
discount issuance costs amortized to interest expense interest method.
 rate 3. 45%. % 2015. 92%. 2020.
 interest payable semi-annually february 1 august 1.
 2011 interest payments $ 62. 3 million.
 proceeds available for corporate purposes repayment balance credit facility.
 fair value $ 1. 6 billion december 2 2011.
 redeem premium.
 repurchase equal 101% principal amount plus accrued unpaid interest.
 covenants liens sale leaseback transactions.
 compliance covenants.
 agreement amendment increased senior unsecured revolving facility $ 500. million to $ 1. billion.
 one-year extensions.
 option request additional $ 500. million maximum $ 1. 5 billion.
2008 second amendment credit agreement extended maturity 16 2013.
 extensions.
 terms conditions same.
 covenant maximum leverage ratio.
 borrowings accrue interest london interbank rate six months periods margin pricing base rate.
. 20%. 475%.
 commitment fees payable. 05%. 15%. per year.
 loans corporate purposes.
 february 1 2010 paid outstanding balance $ 1. billion credit line available borrowing.
 june 2010 sale-leaseback agreement equipment $ 32. 2 million leaseback 43 months.
 capital lease obligation recorded fair value.
 december 2 2011 capital lease obligations $ 19. 7 million $ 9. 2 million current debt.


annual report 2010 duke realty corporation level 2 inputs other than quoted prices 1 observable for asset liability directly or indirectly.
 include quoted prices in active markets interest rates yield curves intervals.
 level 3 inputs unobservable for based on assumptions little related market activity.
 fair value measurement based on based on lowest level input significant.
 assessment requires judgment factors specific.
 financial statements reported assets liabilities contingent revenues expenses.
 significant estimates critical assumptions testing real estate assets for impairment estimating fair value.
 actual results could differ from estimates.
 acquisitions dispositions 2010 acquisition of interest in dugan realty.
 joint venture partner 50% interest in dugan realty.
real estate joint venture $ 166. 7 million.
 held $ 28. 1 million cash net cash outlay $ 138. 6 million.
 obtained 100% dugan 2019s membership interests.
 owned 106 industrial buildings 20. 8 million square feet 63 acres undeveloped land midwest southeast markets.
 secured loan $ 195. 4 million 2010 repaid $ 87. 6 million october 2012.
 acquisition allocation industrial real estate.
.
 real estate 502418
 intangible 107155
 28658
 acquired assets 638231
 secured debt 285376
 liabilities 20243
 assumed liabilities $ 305619
 332612
 ancillary services no employees


abiomed.
 subsidiaries financial statements 2014.
 income taxes criteria tax position.
.
 change accounting principle $ 0. 3 million retained earnings long-term liabilities april 1 2007.
 adjustment state failure tax returns 2003 2004 2005.
 initiated voluntary disclosure plan.
 interest penalties income tax statements.
 accrued interest not significant $. 3 million adjustment earnings.
 march 31 2008 no penalties accrued discussions voluntary disclosure plan.
 accrues tax positions penalties.
 liability unrecognized tax benefits $ 0. 2 million march 31 2008.
 unrecognized tax benefit increase 12 months change results.
 reconciliation balance unrecognized tax benefits excluding accrued interest march 31 2008.
 balance april 1 2007 $
reductions tax positions closing statute limitations -56
 balance march 31 2008 $ 168
 company subsidiaries subject.
 federal income tax state foreign jurisdictions.
 accumulated losses since 1981.
 tax years examination federal commonwealth massachusetts.
 net operating loss tax credit carry forwards income authorities.
.
 contingencies acquisition impella abiomed additional contingent payments impella shareholders 2022. payment $ 5583333. $ 5583333 average market price share abiomed common stock $ 22 or more no additional contingent consideration.
 average market price between $ 18 $ 22 payment reduced.
 payments cash stock no more $ 9. 4 million stock.
 carrying value goodwill.
 june 2008 510 ( k ) clearance impella. obligation pay $ 5.6 million contingent payments 2005 acquisition impella.
 cash stock $ 1. 8 million remaining $ 11. 2 million cash.
 satisfy impella 2. 5 510 k ) clearance issuance common shares.


rental management operations site revenue growth.
 2014 grew communications real estate acquisition construction 8450 sites.
 international markets increased pass-through revenues ground rent power fuel costs expenses.
 communications real estate internationally risk-adjusted portfolio.
 new sites acquired 2014 2013 2012
 domestic 900 5260
 international 7550 7810 7850
 majority sites acquired constructed 2014 brazil india mexico 2013 colombia costa rica mexico south africa 2012 brazil germany india uganda.
 rental management operations.
 site level ground rent power fuel costs property taxes repairs maintenance.
 exclude selling administrative development expenses.
 increase adding tenants sites modestly year-over-year.
 leasing additional space new tenants provides incremental cash flow.
incur selling administrative development expenses presence portfolio.
 profit margin growth impacted by new tenants diluted by development activities.
 services revenue growth.
 rental management operations services revenue small percentage total revenues.
 non-gaap financial measures earnings before interest taxes depreciation amortization accretion.
 adjusted ebitda net income discontinued operations equity investments tax benefit income retirement long-term obligations interest depreciation amortization accretion stock-based compensation expense.
 income before gains losses sale disposal real estate impairment charges depreciation amortization accretion dividends preferred stock adjustments unconsolidated affiliates noncontrolling interest.


realty investment trust estate depreciation 2010 depreciation amortization.
 balance december 31 2007 $ 756703
 additions 101321
 deductions retirements
 31 2008 846258
 additions 103698
 deductions
 2009 938087
 additions 108261
 deductions retirements
 balance december 31 2010 $ 1035204


entergy corporation subsidiaries purchased power capacity variance due to higher charges.
 portion amortization deferred capacity costs offset base revenues rate increases.
 volume/weather variance due less favorable weather decreased electricity usage unbilled sales period.
 hurricane gustav ike contributed $ 46 million electricity usage.
 industrial sales depressed hurricanes decline economy lower usage.
 decreases offset increase residential commercial usage.
 retail electric price variance due to attala power plant costs recovered entergy.
 net income portion return equity offset costs storm damage rider october 2007 entergy mississippi energy efficiency rider november 2007 entergy arkansas.
 revenue operation maintenance expense no impact net income.
retail electric price variance offset interim storm recoveries entergy louisiana ceased act 55 financing quarter 2008 credit passed customers 55 storm cost financings.
 hurricane katrina rita note 2 financial statements interim recovery 55 financings.
 net revenue 2008 2007.
.
 revenue $ 1839
 price changes 309
 palisades acquisition
 volume variance
 fuel expenses
 2008 net revenue
 net revenue non-utility nuclear increased $ million 27% 2008 higher pricing additional production fewer outage days.


mastercard incorporated notes financial statements 2014 june 24 2008 settlement agreement express settlement american express.
 federal antitrust litigation.
 settlement ended litigation.
 obligated make 12 quarterly payments $ 150000 per quarter third quarter 2008.
 maximum payments total $ 1800000.
 contingent american express.
 services business.
 payments equal 15% express.
 billings $ 150000 per quarter.
 payment less 150000 payment increased difference.
 assumes american express financial hurdles.
 recorded present value $ 1800000. 75%. discount rate $ 1649345 year december 31 2008.
 2003 settlement agreement.
 merchant lawsuit settlement 201d.
.
 disputes.
.
 required pay $ 125000 2003 $ 100000 annually 2004 2012.
2003 lawsuits initiated merchants.
 lawsuit.
 not covered.
 lawsuit settlement individually settled.
 liabilities settlements.
 december 2006.
 balance 31 2006 $ 476915
 litigation settlements 3400
 interest. merchant lawsuit 38046
 payments -113925
 balance december 31 2007 404436
 settlement 862500
 american express settlement 1649345
 settlements 6000
. 32879
 44300
 -300000
 -862500. -100000
 payments -662
 balance december 31 2008 $ 1736298
 note 20 legal regulatory proceedings.


five-year performance comparison 2013 graph cumulative shareholder returns corporation compared peer group index dj trans s&p 500.
 assumes $ 100 invested common stock union pacific corporation index december 31 2008 dividends reinvested.
 information historical not indicative future performance.
 purchases equity securities 2013 repurchased 14996957 shares common stock average price $ 152.
 table common stock repurchases month fourth quarter 2013 number shares purchased average price paid per share plan program maximum number.
 oct. 1. 31 153.
. 1
. 1. 31.
.
 shares purchased quarter 5264 shares delivered employees pay stock option exercise prices excess tax withholding obligations retention.
april 2011 authorized repurchase 40 million shares march 31 2014.
 open market.
 management.
 november 21 2013 renewal repurchase 60 million shares december 31 2017.
 effective january 1 2014 replaces previous expired december 31 2013.


93 liquidity capital resources table presents financial information statistics three fiscal years.
 2003 2002 2001
 cash equivalents short-term investments $ 4566 $ 4337 $ 4336
 receivable net $ 766 $ 565 $ 466
 inventory $ 56 $
 working capital $ 3530 $ 3730 $ 3625
 41
 payables 82 77
 cash flow $ 289  $ 89  $ 185
 receivables quarterly sales.
.
 cost.
 27 2003 cash short-term investments portfolio $. billion increase $ 229 million 2002.
 portfolio.
 treasury securities.
 corporate securities foreign securities.
 commercial certificates deposit deposits.
.
 investments liquid investment grade.
declining yields lower market interest rates 2003 average maturity portfolio liquidity interest.
 increased holdings short-term instruments.
 reduced longer-term.
 securities.
 cash investments increased 2003 working capital 27 2003 decreased $ 200 million due reclassification long-term debt 2004.
 primary sources cash 2003 $ 289 million $ 53 million proceeds issuance common stock offset $ 164 million capital expenditures $ 26 million repurchase common stock.
 existing balances cash-term investments satisfy working capital capital expenditures debt obligations stock repurchase commitments liquidity requirements 12 months.
 debt $ 300 million 6. 5%. unsecured notes issued 1994.
 sold at. yield to maturity 6. 51%.
notes $ 4 million unamortized deferred gains swaps due february 2004 current debt september 27 2003.
 anticipates cash balances settle notes.
 expenditures $ 164 million 2003 $ 92 million retail facilities $ 72 million corporate infrastructure information systems.
 $ 160 million capital expenditures 2004 $ 85 million expansion retail remainder replacement assets information technology.
 repurchase plan 1999 authorized $ 500 million common stock.
 obligate.


.
 feet united states countries
 owned 3964 1652 5616
 leased 845 1153 1998
 4809 2805 7614
 properties shared segments.
 headquarters santa clara california.
 semiconductor manufactured austin texas gloucester kalispell montana rehovot israel singapore.
 services austin texas.
 display alzenau tainan.
 treviso italy.
 owns leases offices plants warehouse europe japan north america israel china india southeast asia taiwan.
 facilities manufacturing research development engineering marketing sales customer support.
 owns 269 acres buildable land montana texas california israel italy building space.
 properties requirements.
 assesses size infrastructure.


united states complete treatment response.
 new treatment options hcv infection needed.
 telaprevir conducting three phase 2b clinical trials.
 1 united states 2 european union treatment-na efve patients.
 3 commenced north america european union sustained viral response previous interferon treatments.
 1 2 enrolled commenced enrollment january 2007.
 evaluate sustained viral response 580 treatment-na efve patients infected genotype 1 hcv telaprevir control arms.
 svr undetectable viral levels 24 weeks after treatment.
 objectives optimal svr rate telaprevir-ifn treatment duration role safety.
 receive telaprevir tablet 750 mg every eight hours 12 weeks.
 double-blinded placebo-controlled 2 partially-blinded placebo-controlled.
december 2006 announced results interim safety antiviral activity analysis independent committee prove 1 clinical trial.
 cut-off date 250 patients enrolled received dose telaprevir or placebo.
 three telaprevir-containing arms 175 patients pooled results compared control arm peg-ifn rbv placebo 75 patients.
 cut-off 100 patients completed 12 weeks 200 completed eight weeks.
 common adverse treatment regimen efve 1 2.
 12-week regimens telaprevir peg-ifn rbv
 12-week regimens telaprevir-ifn
 12-week-ifn rbv 12 weeks therapy peg-ifn rbv
 12-week regimens rbv 36 weeks therapy rbv
 48-weeks therapy peg-ifn rbv


.
 common equity issuer purchases securities graph compares annual return common stock 500 stock index peer group five years december 31 2015.
 value investment common stock s&p 500 index peer group $ 100 december 31 2010 dividends reinvested.
 2011 2012 2013 2014 2015
 loews common stock. 106
 s&p 500 index. 180.
 loews peer group.
 competitors ace.
 berkley chubb energy transfer partners. ensco hartford financial services group. kinder morgan energy partners.
. noble spectra energy transocean.
 travelers companies.
 paid quarterly dividends loews common stock since 1967.
 dividends $ 0. 0625 per share paid 2015 2014.


entergy louisiana subsidiaries management financial debt issuances require regulatory approval.
 subject issuance tests bond.
 capacity capital needs.
 receivables money pool december 31 years.
 2011 2010 2009 2008
 $ 118415 $ 49887 $ 52807 $ 61236
 note 4 financial statements.
 credit facility $ 200 million august 2012.
 december 31 2011 $ 50 million outstanding.
 short-term borrowing authorization through october 2013 $ 250 million.
 note 4 borrowing.
 order ferc long-term securities issuances through july 2013.
 2012 issued $ 250 million. first mortgage bonds due december 2014.
 repay short-term borrowings.
 solid fuel repowering 538 mw unit plant.
march 2009 lpsc voted directing entergy louisiana suspend repowering project economic viability.
 based natural gas prices environmental concerns carbon legislation changes capital/financial markets.
 april 2009 entergy louisiana complied directive recommended three years.
 may 2009 lpsc order decision suspension public interest prudent.
 october 2009 lpsc cancel cost recovery five-year period.
 june 2010 august 2010 lpsc staff intervenors testimony.
 agreed suspension cancellation timing not imprudent $ 0. 8 million compensation-related costs prudent recommended recovery ten years 15 years recovery carrying costs return project costs reduced rate debt no return entergy louisiana securitize costs legally feasible interest.
third quarter 2010 entergy louisiana determined little gypsy project reclassified $ 199. 8 million costs regulatory asset.
 hearing cost allocation november 2010.
 january 2011 parties mediation settlement cost recovery allocation.
 $ 200 million march 31 2011.
 project costs securitization.
 april 2011


useful life asset less than physical life.
 factors affect useful life wear and tear obsolescence technical standards contract life market demand competitive position raw material availability geographic location.
 life monitored changed business circumstances.
 changes technology future demand excessive wear tear shorter life.
 depreciate remaining net book value over life depreciation expense.
 if useful life increased decreases depreciation expense.
 long-term customer supply contracts.
 15 to 20 years.
 performance.
 10 to 15 years.
 equipment energy segment five to 10 years.
 depreciable lives extended to 20 years redeployable assets.
 matched.
 extensions prior expiration.
 depreciable life adjusted new contract term physical life.
 depreciable lives of production facilities merchant gases 15 years.
contracts products facilities shorter term.
 depreciable lives facilities electronics materials range 10 to 15 years.
 determined based on historical experience future.
 management monitors assumptions adjust life circumstances.
 change by one year for annual depreciation expense decrease life 1 increase life 1 year.
 merchant gases $ 32 $ -24
 electronics performance materials $ 12  $ -11
 impairment of assets plant equipment for testing lowest level identifiable cash flows.
 impairment testing occurs carrying recoverable.
 decrease in market value adverse change operating cash flow losses changes in expected useful life.
 estimate of future cash flows compared to carrying value impairment.
 loss measured based on difference between fair value and carrying value.
estimate asset group value discounted cash flows.
 assets lower carrying amount less cost.
 assumptions cash estimates impairment review.
 industry market conditions sales volume costs inflation.
 changes impairment charge.
 reasonable assumptions


2019s jpmorgan chase co. annual report $ 57 million 2009.
 decreases cio mort gage banking driven market volatility position changes.
 reduce risk volatility.
 average ib diversification benefit $ 59 million 37% 37 % 2010 $ 82 million 28% 28 % 2009.
 increase diversification benefit 2010 positions correla tions decreased.
 positions market volatility diversification benefits.
 market risk- related revenue change transactions revenue private equity gains investments trading interest income brokerage commissions underwriting fees syndicated lending facilities mortgage fees.
 market risk revenue excludes gains losses.
 gains losses mortgage.
 gains 248 261 days 12 days exceeding $ 210 million.
 losses 95% confidence-level var actual loss.
2010 losses 13 days none exceeded.
 daily market risk gains losses 95% % confidence december 31 2010 average daily revenue $ 87 million losses table sensitivity one-basis-point increase jpmorgan chase 2019s credit spreads.
 impact-point shift credit curve.
 not actual revenue.
 valuation adjustment 1 point increase december 31 credit spread.
 2010 $ 35
 2009 $ 39


valuation techniques 2013 cash equivalents short-term-market instruments valued at cost fair value.
.
 level 1 traded exchanges valued closing prices last trading day year.
.
 trustee obtains quotes pricing vendor broker investment manager.
 categorized level 2 quotes level 3 quotes.
 equity funds level 1 traded exchanges valued closing prices last trading day year.
 obtains quotes pricing vendor broker investment.
 2.
 investments level 2 valued models market data. interest rates yield curves bids quoted prices.
 level 3.
 trustee obtains pricing indicative quotes bid evaluations vendors brokers investment.
 investments level 3 valued discounted cash flow approach.
 inputs projected annuity payments discount rate.
commingled equity funds valued using nav.
 based on underlying investments redeemable 90 days.
 private equity funds partnership co-investment.
 based on valuation underlying securities unobservable inputs.
 redemption periods eight 12 years.
 real estate funds partnerships closed-end funds nav based on valuation models appraisals.
 redemption periods eight 10 years.
 hedge funds based on underlying investments.
 redemptions based specific terms month to months.
 funding benefit pension plans determined erisa code.
 $ 5. 0 billion 2018.
 2019.
 estimated future benefit payments december 31 2018.
 defined benefit pension plans $ 2350 2390 2470 2610 13670
 retiree medical life insurance plans 170
401 k ) employees.
 match 2019 contributions.
 contributions $ 658 million 2018 $ 613 million 2017 617 million 2016 funded common stock.
 33. 3 million 35. 5 million shares common stock 2017.


company restricted stock plan non directors 300000 shares.
 shares issued 2009.
 directors 2019 deferral plan director compensation deferred.
 shares held trust 4356 represented 2019 compensation 2009.
 unsecured contractual commitment.
 deferred compensation plan-compensated employees defer salary incentive awards equity-based compensation.
 30 2009 shares issuable.
 2014 earnings shares diluted earnings.
 common shares 240479 244323 244929
 equivalents 246798 252681.
.
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2014 segments medical diagnostics biosciences.
 lines needles syringes intravenous catheters medication safety auto-disable devices prefilled syringes insulin prefillable drug delivery devices surgical blades anesthesia critical care monitoring devices ophthalmic surgical instruments sharps disposal containers.
 diagnostics integrated systems specimen collection blood plated media blood culturing molecular testing microorganism identification drug susceptibility cytology cancer rapid diagnostic assays.
 biosciences fluorescence activated cell sorters analyzers cell imaging systems monoclonal antibodies reagent systems life sciences drug discovery cell culture biopharmaceutical manufacturing diagnostic assays.
 operating income.
 revenues reduced costs expenses.
 hedges. products.
 gains losses revenues sales.products.
 becton dickinson statements


graph compares five-year return common stock s&p 500 index peer group.
 cboe holdings. intercontinentalexchange group.
 nasdaq.
 investment $ 100 dividends common stock peer group s&p 500 index december 31 2012 performance tracked december 31 2017.
 5 year return cme group. s&p 500 index peer group.
 $ 100 invested 12/31/12 reinvestment dividends.
 year.
.
.
 stock price performance not indicative future price performance.
 cme group. $ 164. $ 194. 208. 279. 370.
 s&p 500 132. 150.
 176. 187 219 323.
 unregistered sales equity securities three years.


$. billion 2013.
 profits 2015 higher.
 closure 3% 3 % lower 2014 4% 4 % higher 2013.
 lower input costs 18 courtland foreign exchange lower sales price 52 million sales volumes $ 16 million higher operating costs $ 18 million maintenance downtime $ 26 million.
 profits $ 554 million closure courtland.
 accelerated depreciation courtland assets evaluated assets.
 net book value december 31 $ 470 million.
 no alternative uses.
 $ 464 million accelerated depreciation.
 profits $ 32 million foreign tax amnesty program gain $ 20 million legal contingency 2013 $ 118 million closure courtland mill $ 123 million impairment charge goodwill trade name intangible asset.
.
 profit
 printing papers net sales $ 1. billion 2015.billion 2014 2. 6 billion 2013.
 profits 2015 $ 179 million loss $ 398 million gain $ 156 million shutdown 2014 $ 36 million 154 2013.
 sales volumes 2015 decreased closure courtland mill.
 domestic increased export declined.
 sales price decreased.
 input costs lower.
 maintenance downtime costs $ 12 million higher 2015.
 profits impacted shutdown courtland mill.
 2016 sales volumes slightly.
 sales margins flat favorable product mix.
 input costs stable.
 maintenance downtime costs $ 14 million lower outage 2016 georgetown mill eastover riverdale mills.
 united steelworkers finch paper.
.
 anti-dumping petition producers china uncoated paper trade rules.
 countervailing-duties petition.
january 2016 doc announced countervailing duty rates china indonesia.
 australia brazil indonesia portugal.
 february 2016 itc concluded dumping investigations.
 market injured imports.
 five years.
 financial statements.
 brazilian papers net sales 2015 $ 878 million $. 2014. 2013.
 operating profits $ 186 million $ 177 million 2013.
 sales volumes lower weak economic conditions one-time events.
 sales price improved freesheet paper price increases.
 margins affected sales lower-margin export markets.
 raw material costs increased.
 operating costs higher maintenance downtime costs $ 4 million lower.


network corporation financial statements capital lease obligations f3.
 fss satellite launched commercial april 2007.
 capital lease depreciated.
 leased 100% ku-band capacity 15 years.
 ii.
 canadian dbs satellite launched december 2008 commercial february 2009.
 capital depreciated.
 leased 100% capacity 10 year term.
 $ 500 million capitalized satellites acquired capital leases accumulated depreciation $ 279 million $ 236 million.
 $ 43 million depreciation expense satellites capital lease 2014 2013 2012.
 future minimum lease payments lease payments.
 2015 77089
 2016 76809
 2017 76007
 2018 75982
 2019
 468218
lease location executory costs insurance maintenance profit lease payments -220883
 net lease payments 247335
 interest -52421
 lease payments 194914
 current -28378
 long-term capital lease obligations 166536
 future maturities long-term debt december 31 2014 commitments table note 16.
.
 future tax effects differences tax bases assets liabilities balance operating loss tax credit carryforwards.
 deferred tax assets offset valuation allowances.
 valuation allowance.
 historical financial information events taxable income planning opportunities.
 consolidated tax returns.
 taxes foreign subsidiaries.
 financial statements separate.


consumer lending 70% citi holdings includes citigroup north american mortgage business retail partner cards western european cards retail banking citifinancial america finance businesses.
 student loan corporation discontinued second half 2010.
 $ 252 billion assets $ 226 billion north america.
 $ 129 billion.
 mortgages citimortgage citifinancial.
 north american assets residential mortgage loans retail partner card loans personal loans commercial real estate consumer loans.
.
.
.
.
 net interest revenue $ 13831 $ 12995 $ 17136 24
 non-interest revenue
 revenues interest expense $ 15826 $ 17765 $ 23498
 operating expenses $ 8064 $ 9799 $ 14238
 net credit losses $ 17040 $ 19185 $ 13111 46%
credit reserve -1771 5799 8573 -32
 benefits claims 775 1054 1192
 unfunded lending commitments 2014
 credit losses benefits claims $ 16044 $ 26038 $ 22876 38 % 14%
 loss operations before taxes $ -8282 -18072 -13616 54% 33 %
 benefits income taxes -3289 -7656 -5259 -46
 loss operations $ -4993 -10416 -8357 52% 25 ) %
 income noncontrolling interests -76
 loss $ -5001 -10449 -8369 52% 52 % 25
 average assets dollars $ 324 $ 351 $ 420
 net credit losses average loans 6. 20%. 38%. 80%. %
.
 interest expense decreased 11%.
interest revenue increased 6% sfas 166/167 offset lower balances.
 non-interest revenue declined 58% $. billion gain redecard higher mortgage repurchase reserve charge.
 operating expenses decreased 18% divestitures volumes re-engineering.
 government loss-sharing agreement.
 provisions credit losses benefits decreased 38% $ 1. billion credit reserve.
 credit losses offset 166/167.
 losses lower-year.
 portfolios retail.
 assets declined 21% portfolio run-off loan loss balances asset sales divestitures offset $ 41 billion 166/167.
 divestitures student loan corporation auto loans canadian mastercard.
.
.
 expense decreased 24%.
 lower balances de-risking spread compression.
 non-interest revenue decreased $ 1.credit losses securitization 1. billion gain redecard.
 operating expenses declined 31% volumes-engineering goodwill write-offs $ 3. billion costs delinquent loans.
 provisions credit losses increased 14% credit losses $. billion reserve $ 2. billion.
 losses $ 3. 6 billion residential real estate lending $. billion retail cards $. billion international.
 assets decreased 57 billion lower originations asset sales divestitures write offs loan.
 divestitures card finance.


contingent liability balances $ 1926. 8 mil lion at december 31 2007.
 assets escrow economic benefits borrowing arrangements.
 no loans outstanding 2007 balances invested short term investments risk.
 leases property leases.
 agreements escalation clauses purchases renewal options one to five years.
 lease payments 2012.
 2008
 2009
 2010
 2011
 2012
 249038
 lease commitments office equipment computer hardware payments $ 16. 0 million per year short-term.
 rent expense 2007 2006 2005 $ 106. 4 million  $ 81. 5 million $ 61. 1 million.
.
 agreements vendors 2008 2017.
 estimated obligation $ 888. 3 million december 31 2007.
 inflation new technologies data processing needs.
employee benefit stock purchase plan merger employees participated fidelity national financial.
 stock plan.
 company instituted plan terms.
.
 employees purchase shares fnf common stock payroll deductions.
 employees contribute 3% 15% base salary commissions.
 shares allocated contributions.
 company contributes amounts.
 expense $ 15. 2 million $ 13. 1 million $ 11. 1 million years 2007 2006 2005 employees.
 fidelity national information services.
 subsidiaries financial statements 2014


stock performance graph shareholder return $ 100 2011 reinvestment dividends 2019s common stock s&p 500 retail index.
 2011 2012 2013 2014 2015 2016
 2019reilly automotive inc. $ 100 $ 112  $ 161 $ 241 $ 317 $ 348
 s&p 500 retail index 125 180 197  245 257
 100 $ 113 147 164


table illustrates effect 10% unfavorable movement foreign currency exchange rates.
 value forward exchange contracts october 30 2010 31 2009.
 2010 contracts $ 7256 $ 8367
 unfavorable movement 22062 $ 20132
 $ -7396 7396 $ -6781 6781
 unfavorable.
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.
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.
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.
 22062 20132 value contracts 10% 10 % favorable movement currency rates.
.
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.
.
.
.
.
.
 calculation assumes exchange rate direction.
 dollar.
 volume sales foreign currency price.
 sales currency selling prices.


marathon oil corporation financial statements.
 pipeline. oil pipeline interests eugene island pipeline system.
 transaction $ 205 million debt.
 value $ 38 million december 31 2011.
 closed january 3 2012.
 sold 50 percent interest.
 louisiana $ 36 million pretax gain $ 34 million.
 sold equity processing facility pretax gain $ 8 million.
 30 percent interest 180000 acres niobrara shale southeast wyoming northern colorado $ 270 million pretax gain $ 37 million.
.
 20 percent interest block 32.
 net proceeds $ 1. 3 billion pretax gain $ 811 million.
 retained 10 percent interest block 32.
 sale net proceeds $ 85 million.
 $ 64 million pretax loss fourth quarter 2010.
2009 closed sale fields offshore proceeds $ 269 million.
 $ 232 million pretax gain.
 june sale e&p assets new mexico west texas $ 293 million.
 $ 196 million pretax gain.
 april sale properties proceeds $ 84 million.
 $ 158 million pretax gain.
 terminated pension plan ireland charge $ 18 million.
 june 2009 sell 19 percent interest corrib natural gas development ireland.
 initial $ 100 million payment.
 additional proceeds $ 135 million.
 $ 154 million impairment discontinued operations second quarter 2009.
 irish gabonese businesses discontinued consolidated income cash.
 revenues pretax income.
.
 discontinued
 pretax income


monitor capital markets evaluate growth plans liquidity needs.
 expect financing liquidity needs through commercial paper borrowings senior notes long-term credit facilities.
 lodging industry deteriorate 2008 commercial paper rely borrowings credit facility liquidity debt higher cost paper.
 credit facility undrawn bank commitments remain available business conditions deteriorate.
 cash non-cash items last three fiscal years.
 non-cash items
 depreciation amortization share-based compensation deferred income taxes contract investment amortization.
 ratio current assets to liabilities. 4 to 1. year-end 2018. 5 to 1. year-end 2017.
 minimize working capital cash management strict credit-granting policies aggressive collection efforts.
 borrowing capacity under credit facility additional working capital.
 investing acquisition business.
cash outflows $ 2392 million 2016 starwood combination.
 footnote 3.
 dispositions acquisitions.
 capital.
 $ 556 million 2018 $ 240 million 2017 $ 199 million 2016.
 2018 increased $ 316 million acquisition sheraton grand phoenix worldwide systems spending properties.
 expenditures 2017 increased $ 41 million systems hotels.
 $ 500 million to $ 700 million 2019 acquisitions loan advances equity investments contract acquisition costs $ 225 million maintenance spending.
 sold lodging properties long-term management agreements.
 risks.
 monitor capital markets evaluate impact.
 acquired hotels joint interests acquired sheraton grand phoenix renovate sell.
 lodging business acquisitions new construction loans guarantees equity investments.
 minimize capital asset sales agreements.
hotel real estate business own less percent management franchise fees based revenues profits values management agreements terminate sale foreclosure.
.
 property sales generated $ 479 million cash 2018 $ 1418 million 2017.
.
.


american tower corporation subsidiaries financial statements 2014 atc mexico stock option plan maintained stock option plan atc mexico subsidiary terminated february 2007.
 options officers directors no option activity outstanding options december 31 2006 2005.
 atc south america stock option plan maintained stock option plan atc south america subsidiary terminated february 2007.
.
 december 31 2004 granted options purchase 6024 shares common stock officers employees.
 6. 7%. 1. 6%. interest.
 options issued exercise price $ 1349 per share.
 fair market value board independent financial advisor.
 fair value south plan options 2004 $ 79 per share black-scholes option pricing model.
 options.
 sell interest atc america.
 interest.
 options expired ten years grant.
october 2005.
 require purchase interest atc south america options stock option plan exercised.
 holders received 4428 shares 7. 8%. interest 1596 shares tax withholding obligations.
. maintains plan employees.
 purchased bi-annual 85% fair market value first.
 not 15% gross compensation not more $ 25000 year.
 offering periods june 1 november 30 december 1 may 31.
 2007 2006 2005 employees purchased 48886 53210 50119 shares average prices per share $ 33. 93 $ 24. 98 $ 15. 32 .
 fair value estimated black-scholes pricing model expense recognized.
 fair value shares 2007 2006 2005 $ 9. 09 $ 6. 79 $ 5. 15 .
 december 31 shares reserved future issuance.
assumptions pricing 31.
 2006
 risk free interest rates 4. 98%. 98 % 20145. 05% %. 01% 17% % % 30% 30 %
 risk-free interest. 02%. %. 08%. %. 72%. 72 %
 shares 6 months
 volatility stock 27. 5%. 5 %. 7%. 7 % 29. 6%. 6 %. %. 8 %
 volatility. 2%. 2 %. 6 %. 30%. 30 %
 dividends


american tower corporation subsidiaries financial statements 2014 maturities december 31 2003 principal payments long-term debt capital leases next five years estimated thousands december 31.
 2004 $ 77622
 2005 115444
 2006 365051
 2007 728153
 2008 808043
 1650760
 cash obligations 3745073
 12. 25%. notes -339601
 related warrants -44247
 balance december 31 2003 $ 3361225
 holders convertible notes repurchase maturity 2009 2010 pay purchase shares common stock.
 6. 25%. 5. 0%. 2006 2007.
.
 interest rate protection agreements 50% variable rate debt.
 exposed credit risk counterparty.
 current value.
 contracts december 31 2003 credit worthy institutions.
 three interest rate caps $ 500.interest rate 5% 2004.
 2003 2002 liabilities instruments $ 0. million $ 15. 5 million long-term liabilities balance sheet.
 2003 unrealized loss $ 0. 3 million tax benefit $. 2 million reclassified $ 5. 9 million $ 3. 2 million operations.
 2002 unrealized loss $ 9. 1 million tax benefit $ 4. 9 million reclassified $ 19. 5 million $ 10. 5 million.
 hedge ineffectiveness gain $ 1. million loss $ 2. 2 million 2002 2001 loss investments statements.
 derivative instruments.
 reclassifying derivative losses twelve months no loss december 31 2003.


december 31 2006 leased office laboratory connecticut distribution storage san diego four foreign facilities japan singapore china netherlands non-cancelable leases expire july 2011.
 leases renewal options one to five years.
 contractual obligations less than 1 year 2013 3 years 5 years 5.
 less 1 year 3 5
 operating leases $ 37899 $ 5320 $ 10410 $ 9371 $ 12798
 orders goods services not enforceable binding.
.
.
 exposure investment portfolio.
 value fixed rate securities impacted income floating rate securities decline.
 interest rate derivative instruments exposure.
 safety funds default market risk reinvestment risk.
 mitigate default risk investment grade securities.
maintained short average maturity investment portfolio believe 100 point adverse move interest rates affect value instruments.
 foreign currency exchange risk revenue.
 dollars some portions foreign currencies.
 financial results affected exchange rates economic conditions.
 functional currencies subsidiaries local currencies.
 accounts translated local.
 dollar current exchange rate average exchange rate.
 effects translation recorded income.


exposed to market risk interest foreign exchange rates equity prices.
 cause earnings cash.
 manage hedging transactions.
 counterparties rated institutions.
 credit limits.
 hedging transactions include derivative instruments.
 interest exchange commodity price equity risk see note 7 financial statements page 61.
 estimates maximum potential fair value from changes interest rates foreign exchange rates commodity prices equity prices conditions.
 value-at-risk methodology risk.
 95 percent confi dence level.
 historical interest rates commodity equity prices volatility correlation.
 data from riskmetrics 2122.
 calculations not represent actual losses value.
 instrument cor relates underlying exposure loss gain by.
 positions debt investments interest rate swaps foreign exchange forwards com modity swaps futures options equity instru ments.
calculations include foreign exchange commodities equity positions.
 table presents estimated maximum potential one-day loss interest rate foreign currency commodity equity instruments may 28 29 2016 average fair value impact 28.
 interest rate instruments $ 25. $ 26. 33.
 foreign currency 24. 22. 27.
 commodity instruments 3.
 equity instruments.
 disclosures market risk