company reclassified amounts invested assets limited partnership income 2013 $ 33686 thousand months march 31 $ 9409 thousand $ 43095 thousand june 30 $ 5638 $ 48733 thousand nine months september 30 2013.
.
 investments.
 fixed maturity equity security reflect unrealized appreciation depreciation temporary changes market value.
 capital gains losses.
 records changes fair value fixed maturities cash flows settle reserve losses loss adjustment liabilities.
 anticipates holding investments extended period cash flow payout.
 fixed maturities convertible bond securities foreign denominated fixed maturity securities settle loss adjustment reserves currency.
 carries equity securities at fair value except mutual fund investments fixed maturity securities.
equity securities company reflects capital gains losses market conditions.
 interest dividend income investment income.
 unrealized losses maturities credit charged to net income losses.
 short-term investments stated at cost market value.
 gains losses sales determined cost.
 non- publicly traded securities market prices determined pricing models.
 credit cash flow.
 publicly traded securities market value based on market prices valuation models.
 inactive company assumptions future cash flows risk-adjusted discount rates fair value.
 retrospective adjustments recalculate values asset-backed securities.
 acquisition effective yield.
 book value.
 factors prepayment history.
 conditional prepayment rates pass-through security types.
 invested assets include limited partnerships trusts affiliated.
partnerships affiliated entity accounted equity recorded monthly.
.
 receivable.
 company reserves uncollectible reinsurance recoverable premium receivable balances.
 reserves table periods.
 2013 2012
 reinsurance premium receivables $ 29905 32011


expense.
 incurred $ 150.
 capitalized 13.
 expense $ 137. $ 130.
 increased. lu'an joint venture offset impacts currency lower interest rate debt balance.
 capitalized interest decreased 31% $ 6. carrying value projects lu'an project.
 $ 66. $ 61. lower pension settlement losses higher non-service pension income higher interest income.
 pension settlement losses $ 43. transfer pension assets obligations insurer.
.
 pension settlement loss $ 5. $
 pension plan.
 $ 1809. increased 18% 18 % $ 276.
 tax cuts jobs act positive pricing favorable volumes.
 income margin. increased
 $ 3468. increased 11% $ 352. positive pricing higher volumes unfavorable currency.
ebitda margin 38. 9%. increased 400 due higher volumes positive pricing india contract modification.
 contributed 80.
 tax rate equals operations.
 21. 26. 2019 2018.
.
 tax cuts jobs act.
 tax laws federal corporate income tax rate 35% to 21% 21 repatriation tax foreign earnings.
 net tax costs $ 43. 8 $ 180. 6 2019 2018.
 cost $ 56. 2 reversal benefit.
 foreign dividends.
.
 offset adjustment $ 12. 4
 foreign tax repatriation tax.
 rate net gain exchange equity affiliates $ 29. 1 not taxable.
 higher 2018 expense offset $ 35. tax benefit restructuring foreign subsidiaries $ 9. benefit audit settlement agreement higher excess tax benefits share-based compensation.
adjusted tax rate. 4%. 6%. 2019 2018.
 lower rate $. benefit foreign audit tax share compensation.


distribution table presents doors location ralph lauren products sold march 31 2012.
 americas 6587
 4377
 asia
 11047
 american living chaps products sold 1800 doors.
 three key wholesale customers sales volume.
 40% wholesale revenues macy.
 20% revenues.
 brands sold sales.
 showrooms new york.
 regional showrooms chicago dallas milan paris london munich madrid stockholm tokyo.
 shop-within-shops.
 brand recognition merchandising presentation.
 customized fixtures wall cases decorative items flooring.
 march 31 2012 18000-shops lauren products worldwide.
 size 300 to 7400 square feet.
 share cost building customers.
 stock replenishment.
knit shirts chino pants shirts accessories home products stock replenishment programs.
 ship two-to-five days receipt.
 2012 379 stores 2. 9 million square feet 474 six e-commerce websites.
 extension direct-to-consumer reach goal.
 reinforce luxury image exclusive lines.
 opened 10 acquired 3 closed 16 2012.
 upscale street locations regional malls urban markets.


consolidated financial statements jpmorgan chase co. annual report 204 interest income firm 2019s statements.
 changes cash flows prepayments reclassifications.
 quarterly firm updates loan principal interest cash flows default rates loss severities prepayments market conditions.
 decreases loan principal cash flows trigger recognition impairment measured present value principal loss foregone interest cash flows discounted effective interest rate.
 impairments after acquisition recognized loan losses.
 increases principal cash flows reverse allowance loan losses increases recognized interest income.
 impacts prepayments variable interest rates changes timing interest income.
 disposals loans removal loan credit-impaired portfolio.
 no interest nonperforming loans estimable interest accreted reported performing loans.
charge-offs recorded purchased credit-impaired loans until losses exceed estimated acquisition date.
 no charge-offs recorded.
 loans washington reported firm balance sheets.
 2009 allowance loan losses $ 1. 6 billion prime mortgage option arm pools.
 carrying amount $ 47. 2 billion at december 31 2009.
 reduction carrying amount.
 credit-impaired loans.
 outstanding balance $ 103369 $ 118180
 carrying amount
 contractual principal interest fees earned reporting date.
 purchased credit-impaired loans modified under mha programs loss mitigation programs.
 impact incorporated assessment cash accounted purchased.
 acquires borrowers loan restructur foreclosures recorded balance sheets.
 real. commercial personal property.
property valued fair value less costs.
 reviewed adjusted.
 adjustments first 90 days charged loan losses noninterest revenue.
 taxes charged.
 allowance credit losses asset-specific formula-based credit-impaired loans.
 asset-specific loans impaired debt restructuring risk-rated nonaccrual status.
 asset-specific allowance impaired loans discounted cash flows market price lower than recorded investment.
 larger loans evaluated individually smaller historical loss experience.
 risk-rated loans pooled by risk rating scored loans. product type.
-specific allowance difference recorded investment present value cash flows original interest rate.
 changes impairment reported loan losses not interest income.
 asset-specific allowance impaired loan measured difference recorded investment fair value.
impaired loans charged value less costs.
 updated appraisals six twelve months.
 firm considers borrower market-specific factors


management net revenues equities $ 8. 26 billion 2011 2% higher 2010.
 volatility increased equity prices asia declined third.
 increase higher commissions fees higher market volumes.
 revenues securities services increased higher customer balances.
 equities execution revenues lower lower revenues shares.
 gain credit spreads borrowings $ 596 million $ 399 million $ 197 million 2011 $ 198 million 188 million $ 10 million 2010.
 services weakened global economies european sovereign debt risk banking system financial institutions.
 impacted economic prospects equity debt markets.
 downgrade credit ratings.
 financial institutions uncertainty.
 financial regulatory reform net revenues.
 operating expenses $ 12.billion 2011 14% lower decreased compensation benefits expenses lower revenues provisions litigation regulatory proceedings 550 million settlement.
 bank payroll tax nyse dmm rights $ 305 million.
 offset higher brokerage clearing exchange distribution fees higher transaction volumes equities.
 pre-tax earnings $. 44 billion 2011 35% lower 2010.
 investing origination loans.
 longer-term.
 debt securities loans public private equity securities real estate consolidated investment entities power generation facilities.
 results investing lending.
 2012
 equity securities
 debt securities loans
 net revenues
 expenses
 pre-tax earnings
.
 net revenues investing lending $. 89 billion $. 14 billion 2012 2011.
credit spreads equity prices.
 $ 408 million icbc gains $ 2. 39 billion $ 1. 85 billion debt securities revenues $ 1. 24 billion entities.
 equity markets.
 operating expenses $ 2. 67 billion.
 pre-tax earnings $ 3. 23 billion loss $ 531 million 2011.
 sachs report


2022 timing lien positions limitations historical data.
 determination alll non-impaired loans sensitive risk grades loss rates consumer loans.
 factors.
 reflect future changes.
 impact risk rates future deterioration.
 risk grades loss rates appropriate.
 commercial loan risk grades 1% deterioration allowance commercial loans increase $ 35 million december 31 2014.
 consumer loss rates 10% allowance loans $ 37 million december 31 2014.
 purchased impaired loans recorded fair value prohibits carry over valuation allowances.
 reserves performance worse.
 2014 reserves $. 9 billion impaired loans.
 loans acquired after january 1 2009 recorded fair value.
 no allowance losses created acquisition.
 note 4 loans financial statements.
determining appropriateness alll allocations impaired loans commercial consumer loans.
 allocate reserves losses market conditions.
 commercial lending largest sensitive changes.
 allocated $ 1. 6 billion 47% 47 % alll at december 31 2014 commercial lending.
 consumer lending allocations historical loss experience adjusted recent activity.
 $ 1. 7 billion 53% 53 % alll december 2014 allocated.
 maintain allowance unfunded loan commitments letters of credit.
 report liability consolidated balance sheet.
 losses.
 probability funding losses.
 methodology similar determining alll.
 note 1 accounting policies 3 quality consolidated financial statements asset quality indicators.
 table 41 allowance loan lease losses.
 4036
 net charge-offs
 provision credit losses
change unfunded loan commitments letters credit -17
 -3 -1
 $ 3331 $ 3609
 charge-offs loans. 27%. 27 %. 57%. 57 %
 loan lease losses loans.
 commercial lending-offs $ -55 -249
 consumer lending -476 476 -828
 $ -531
 loans
 commercial lending. 04%. 22%. 22 %
 consumer lending.
 charge-offs $ 134 million interagency first quarter 2013.
 credit losses $ 273 million 2014 643 million 2013.
 improved credit quality loan delinquencies value residential real estate cash flows.
 lending losses increased $ 64 million 178% 2013 growth commercial slowing reserve releases.
 decreased $ 434 million 71% % 2013.
.


research design development manufacture military aircraft combat unmanned vehicles.
 programs f-35 lightning c-130 hercules f-16 falcon c-5m galaxy f-22 raptor.
 results.
 net sales $ 15570 $ 14920 14123
 operating profit
 margins. 8%. 1%. 4%.
 backlog-end $ 31800 $ 27600
 net sales increased $ 650 million 4% 4 %.
 higher net sales $ 1. 4 billion f-35 $ 150 million c-5 increased deliveries nine.
 offset lower net sales $ 350 million c-130 fewer deliveries lower sustainment $ 200 million decreased volume risk $ 195 million f-16 fewer deliveries 11 $ 190 million f-22 decreased sustainment.
 operating profit increased $ 32 million 2% 2 %.
profit increased $ 240 million f-35 volume risk retirements $ 40 million c-5.
 offset lower profit $ 90 million f-22 $ 70 million c-130 $ 80 million decreased volume risk retirements.
 $ 100 million higher 2015.
 sales increased $ 797 million 6%.
 higher sales $ 790 million f-35 volume $ 55 million f-16 increased deliveries offset contract $ 45 million f-22 risk retirements.
 offset lower net sales $ 55 million f-35 volume downward revision profit booking rate $ 40 million c-130 fewer deliveries 24 decreased sustainment contract.
 aeronautics 2019 profit increased $ 37 million 2%.
increase higher profit $ 85 million f-35 $ 75 million f-22 risk retirements $ 50 million c-130 fewer deliveries $ 25 million c-5.
 increases offset lower profit $ 130 million f-16 decreased risk retirements increased deliveries $ 70 million sustainment decreased risk retirements.
 profit f-35 lower risk retirements.
 adjustments profit $ 105 million lower 2014.


baker hughes financial statements 2017 10-k value rsus vested outstanding 2017 $ 17 million $ 38 million.
 fair value $ 19 million.
 december 31 $ 98 million unrecognized compensation cost 2. 5 years.
.
 issue 2 billion shares a common. 25 billion class b 50 million preferred stock par value $ 0. 0001 per share.
 july 3 2017 common stock converted a common stock.
 shares outstanding december 31 2017 422 million 707 million.
 issued preferred stock.
 owns class b common stock.
 paired interest.
 no economic rights right dividends assets liquidation.
 stockholders special one-time cash dividend $ 17. per share.
 paid dividends $ 0. 17 $. 18 per share holders september 30 december 31.
table presents changes shares outstanding b.
 balance december 31 2016
 business combination july 3 2017 427709 717111
 vesting restricted stock units
 stock options
 stock repurchase program
 balance december 31 2017 422208 706985
 amounts withheld employee's tax withholding obligation.
 november 2 2017 board directors authorized bhge repurchase $ 3 billion common units.
 proceeds common stock $ 1. billion.
 paired repurchased units par value.
 $ 3 billion repurchase authorization repurchases.
 bhge repurchase $ 2. 5 billion units december 31 2017.
 repurchased canceled 6046735 shares a $ 187 million.
 repurchased canceled 10126467 shares b common stock units $ 314 million.


bermuda subsidiaries not insurers reinsurers.
 insurance reinsurance contracts collateral locs.
 ace global markets satisfy.
 regulatory trust fund requirements issuance locs.
 used corporate purposes underwriting lloyd.
 table shows credit facilities usage expiry date december 31 2010.
.
 expiry.
.
 letter credit facility $ 1000 $ 574.
 revolving credit/loc facility.
.
 capital facilities.
 $ 2400  $ 1784
 facilities guaranteed by subsidiaries ace.
 used locs.
 supports ace global markets underwriting lloyd 2019s syndicate 2488.
 november 2010 four letter credit agreements issuance $ 400 million.
 locs support funds lloyd 2019s requirements corporate purposes.
anticipated commercial facilities renewed expiry subject credit.
 alter native security.
 insurance trusts funds cash resources.
 value letters credit driven by statutory liabilities loss development reserves payment pattern expansion loss experience.
 facilities require covenants met at december 31  2010.
 minimum consolidated net worth not less.
 base amount $ 13. 8 billion plus 25 percent consolidated net income each fiscal quarter plus 50 percent increase net worth issuance.
 subject annual reset.
 maximum debt to capitalization ratio not greater. to 1.
 include trust preferred securities mezzanine equity except 15 percent.
 debt capitalization.
 december 31 2010 minimum consolidated net worth $ 14. 5 billion actual net worth $ 21. 6 billion ratio debt to total capitalization 0.167 to 1 below maximum debt capitalization ratio. 35 to 1.
 failure comply covenants credit facility default.
 repay borrowings collateralize.
 failure ace limited pay obligation $ 50 million default facilities.
 ace limited subsidiaries assigned debt financial strength ratings agencies s&p.
 investors service fitch.
 ratings announced available.
 internet site. acegroup.


audited financial statements director stock compensation subplan eastman's 2016 component 2012 omnibus plan until terminated.
 awards restricted shares non-employee members.
 subject terms conditions 2012.
 separate source equity awards part 10 million shares 2012.
 shares restricted stock granted first day non employee director's initial term service each non-employee director annual meeting.
 company authorized board provide awards employees non members.
 issue new shares equity awards settlement withhold accept shares income tax obligations.
 unrestricted common stock non employee directors not eligible withheld.
 shares senior management level employees accepted exercise price stock options terms conditions.
2016 2015 2014 share-based compensation expense $ 36 million $ 28 million recognized statements share-based awards $ 7 million $ 4 million related stock options.
 compensation expense recognized over vesting period shorter termination employees.
 2016 2015 2014 $ 2 million 2 million $ 1 million stock option compensation expense recognized due termination eligibility vesting period.
 stock option awards granted non-employee directors.
 awards exercise price equal closing price company stock grant.
 term 10 years vesting periods three years.
 vesting.
 option valuation model assumptions option fair value.
 weighted average assumptions stock options 2016 2015 2014.
 volatility rate 23. 71%. 24. 11%. 25. 82%.
 dividend yield 2.31%. 31 %. 75%. 75. 70 %
 interest. 23%. 23 %. 45% 45 % 44%. 44 %
.


performance graph compares shareholder returns standard 2019s technology index 500 stock index past five years.
 investment $ 100 common stock may 31 2002 reinvestment dividends.
 5 year return global payments. s&p 500 index information technology index.
 $ 100 invested 5/31/02 stock reinvestment dividends.
 fiscal year 31.
.
 2002 100.
 2003 94. 91
 129. 108 115
 2005 193. 117
 260.
 2007 224. 157.
 purchases equity securities april 5 2007 board directors authorized repurchases common stock up $ 100 million.
.
 no expiration date.
 repurchased fiscal year ended may 31 2007.


december 31 2014 $ 6. 6 billion decrease $ 1. 6 billion from 2013.
 due to share repurchases $ 2. 3 billion $ 273 million dividends loss $ 760 million offset net income $ 1. 4 billion.
 increase 2022 negative foreign currency translation adjustments $ 504 million strengthening.
 dollar increase $ 260 million post-retirement benefit obligations derivative gains $ 5 million investment losses $ 1 million.
 solutions advisor insurance reinsurance broker.
 challenges human capital retirement investment health care compensation talent management strategies.
.
 years ended december 31 2014 2013
 revenue $ 7834
 operating income
 margin. 8%.
 demand property casualty insurance rises economic activity falls commissions fees.
economic activity property casualty insurance exposure units with employment corporate revenue asset values.
 2014 pricing flat market. premium rates commission revenues competition underwriting capacity.
 changes premiums insurance brokerage industry commission revenues based on premiums.
 difficult conditions weakness global economy repricing credit risk deterioration financial markets.
 reduced demand retail products negative operational results.
 risk solutions generated 65% revenues 2014.
 through fees commissions insurance reinsurance investment income.
 revenues vary policy renewals business services income investments influenced short-term interest rates.
 operate competitive industry compete with retail insurance brokerage firms individual brokers agents direct writers.
 specialized


valuation allowance against deferred tax assets.
 changes 2017 2016 fiscal transition period 2015 summarized.
 balance may 31 2014 -7199
 foreign net operating loss carryforwards
 may 31 2015 -3823
 foreign income tax credit -7140
 domestic net operating loss -4474
 unrealized capital loss
 may 31 2016
 net loss
 net unrealized capital loss
 december 31 2016 -16611
 foreign loss -6469
 domestic -3793
 state credit carryforwards -685
 domestic net loss loss
 foreign income tax credit carryforward
 balance december 31 2017
 increase valuation allowance net loss $ 10. 3 million acquisition.
 domestic net operating loss $ 1. 5 million $.5 million 2016 fiscal transition may 31 carryforwards merger heartland.
 foreign $ 43. 2 million domestic $ 28. 9 million december expire 2026 2037.
 business globally file tax returns federal state foreign jurisdictions.
 taxing authorities.
 state tax may 31 2008.
 federal 2013.
 2014.
 global payments.
 2017 10-k annual report


income from transactions not related principal.
 note 24 consolidated statements.
.
 2015 $ 58. increased $ 10. due to lower foreign exchange losses contract settlements government subsidy.
 gain $ 33. 13 per share sale two parcels land.
 items.
.
 2014 $ 47. decreased $ 5. gain $ 33. $ after per share.
 gain offset by unfavorable foreign exchange impacts lower gains sales emissions credits.
 items significant.
.
 incurred $ 148.
 capitalized interest.
 expense.
.
 interest decreased $ 4.
 stronger.
 dollar foreign currency offset higher average debt balance $ 2.
 change decrease carrying value projects under construction exit from energy-from-waste business.
.
 decreased $ 5.
decrease stronger.
 dollar foreign currency interest $ 12 offset higher average debt balance $ 7.
 change interest higher carrying value construction.
 loss extinguishment debt 2016 issued $ 425. notes air products exchanged $ 418.
 loss $ 6. 9 $ 4. $. per share.
 2015 $ 146. 3000000 unidades fomento. 30%. bonds due 2030 carrying value $ 130. net loss $ 16. 6 $ 14. after $. 07 per share.
 effective tax rate equals income tax provision divided operations before taxes.
.
.
 rate 27. 5%. 24. 0%.
 240 impact tax costs business separation dividend. 110 change increase income higher effective tax rate.
 tax rate increased 24. 2%. to 24. 8%.8 % 2016 income higher tax rate.


201cati 201d spectrasite communications.
 international operations subsidiary american tower international. subsidiaries.
 operations mexico brazil india second 2007.
 business segments rental management network development services.
 item 7 annual report 201cmanagement financial condition results note 18 consolidated financial statements.
 primary business communications site leasing.
 97% 98% 98 % total revenues 2008 2007 2006.
 rental management segment domestic international site leasing wireless towers rooftop management.
. leading owner operator wireless communications towers united states mexico brazil.
 own operate communications towers india second half 2007.
 manage wireless sites property owners united states mexico brazil.
 92% 92 91 % rental management revenue wireless communications towers 2008 2007 2006.
december 31 2008 wireless communications tower portfolio sites states.
.
.
.
.
.
.
.
.
.
.
 19400 coverage 49 states columbia top 100 markets.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 coverage populated areas mexico city monterrey guadalajara acapulco.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 metropolitan central southern brazil sao paulo janeiro brasilia curitiba.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 coverage 2007.
 wireless communications towers industries.
.
 at&t mobility nextel verizon wireless t-mobile.
 iusacell movil.
.

 united states 19400 49 states district columbia 90% network top 100 markets high traffic corridors.
 mexico 2500 populated areas mexico city monterrey guadalajara acapulco.
 brazil 1100 metropolitan central southern brazil sao paulo rio de janeiro brasilia curitiba.
 india 200 initial-phase coverage second half 2007.
 spectrasite communications.
 international operations subsidiary american tower international. subsidiaries.
 operations mexico brazil india second half 2007.
 two segments rental management network development services.
 item 7 annual report 18.
 primary business communications site leasing.
 97% 98% total revenues 2008 2007 2006.
 rental management segment domestic international site leasing wireless towers broadcast rooftop management.
.leading owner operator wireless communications towers united states mexico brazil.
 operations 2007.
 brazil.
 92% 92 91 rental management revenue 2008 2007 2006.
.
.
.
.
.
.
.
.
.
.
.
 49 states columbia 90% 90 % top 100 markets.
.
.
.
.
.
.
.
.
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.
.
.
.
.
 populated areas mexico city monterrey guadalajara acapulco.
.
.
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.
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.
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.
.
.
 metropolitan areas central southern brazil paulo janeiro.
.
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.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
 half 2007.
 wireless communications towers industries.
.
domestic customers at&t mobility sprint nextel verizon wireless t-mobile.
 international customers grupo iusacell nextel telefonica movistar vivo movil telecom italia mobile.
 year ended december 31


american tower corporation subsidiaries financial statements 2014. 25%. repurchased $ 74. 9 million. $ 77. 3 million cash.
 recorded charge $ 3. 9 million value deferred financing fees loss retirement long-term obligations statement.
 $ 325. million $ 400. million outstanding.
 capital lease obligations obligations $ 59. 8 million $ 60. 4 million 2006 2005.
 obligations interest 6. 3%. to 9. 5%. seventy years.
 long-term debt capital leases five years.
 2007 $ 253907
 2008
 2009
 2010 1833416
 2011 338501
 1112253 cash obligations $ 3540009
 discount 3.%. notes 7. 125%.
 balance december 31 2006 $ 3543016
 5.% notes require company repurchase maturity 2010 pay purchase price shares common stock subject conditions.
. notes included mature rights 2007.
 february 2007 company cash tender offer outstanding 5. 0%. notes holders require purchase.
.
 entered interest rate protection agreements manage variable rate debt variability cash flows interest payments new fixed rate debt july 31 2007.
 exposed credit risk counterparty terms.
 exposure limited current value contract.
 contracts december 31 2006 2005 credit worthy institutions.
 2005 january 2006 entered ten interest rate swap agreements variable rate obligations


royal caribbean cruises ltd.
 financial statements 2012 determined fair value pullmantur unit $ 145. 5 mil lion recognized impairment charge $ 319. 2 million probability-weighted discounted cash flow model.
 charge recognized earnings fourth quarter 2012 reported pullmantur assets.
 fourth quarter 2014 assessment royal caribbean fair value less carrying two-step goodwill impair ment test.
 economic conditions capital results fuel prices foreign exchange rates.
 estimated fair value exceeded carrying value two-step goodwill impairment test.
 fair value exceeded financial performance solid.
 annual impairment review fourth quarter 2014.
 two-step goodwill impairment test.
 estimated fair value probability-weighted discounted cash flow model.
assumptions in discounted cash flow model operating results cost capital terminal value.
 transfer of vessels from cruise brands to pullmantur.
 2015 results.
 added future cash flows.
 assigned probability to.
 discounted cash flows.
 fair value carrying value by 52% no impairment goodwill.
 targeted at spanish portuguese latin american markets.
 economic instability uncertainties in forecasting results future cash flows.
 economic events impact business valuation.
 estimation of fair value discounted future cash flows includes uncertainties judgment revenues operating costs marketing expenses interest rates ship additions retirements industry competitive environment economic business conditions.
changes future cash flows transfers brands pullmantur fleet impairment charge pullmantur goodwill.
 transfers significant cash.
 transfers fail step impairment test.
.
 intangible assets reported balance sheets.
 indefinite-life intangible 2014pullmantur trademarks trade names $ 214112 $ 204866
 foreign currency translation adjustment
 $ 188038
 fourth quarter 2014 2013 2012 annual impairment review pullmantur trademarks names discounted cash flow model relief-from-royalty method fair value carrying value.
 royalty rate agreements.
 dis- count rate comparable pullmantur unit goodwill impairment test.


november 1 , 2011 credit facility agreement syndicate banks $ 1 billion borrowings option increase to $ 1. 5 billion approval.
 extension agreement september 17 , 2013 facility matures november 1 , 2017 one-year extension option through october 31 , 2014.
 no outstanding may 31  2014 2013.
 long-term debt ratings aa- a1 standard 2019s.
 facility fee interest rate increase.
 fee interest rate.
 maturity.
 agreed covenants.
 limits assets debt secured liens minimum capitalization ratio.
 immediately due payable.
 may 31  2014 full compliance covenants unlikely.
 liquidity $ 1 billion commercial paper program.
 31 2014 issue commercial paper no outstanding borrowings.
 may continue issue commercial paper securities 2015 needs.
short-term debt ratings a1+ p1 investor services.
 may 31 2014 cash equivalents short-term investments $ 5. 1 billion $ 2. 5 billion foreign subsidiaries.
 investments deposits banks money market funds commercial paper corporate notes.
 treasury obligations.
 government obligations investment grade fixed income securities.
 exposed credit interest rate risk.
 grade.
 average duration 126 days.
 difficulty accessing credit markets higher interest costs.
 volatility increase costs.
 existing cash equivalents investments external sources domestic foreign capital needs.
 tax planning financing strategies cash deploy funds.
 repatriate foreign earnings.
.
 indefinitely reinvest plans need repatriate.
 additional capital repatriate funds raise capital debt.
reinvested foreign funds pay additional.
 taxes less tax credits.
 raise capital debt additional interest.
 provide indemnification intellectual property rights legal issues.
 agreements.
 value indemnification not material financial position results operations.
 long-term obligations may 31 2014 endorsement contracts.
 commitment 2015 2016 2017 2018 2019
 operating leases $ 427  $ 399  $ 366 $ 311 $ 251 $ 1050 $ 2804
 capital leases 36
 long-term debt 46  145 79  56 37 1488 1851
 endorsement contracts 991 787 672 524 349 1381 4704
 product purchase obligations 3688 2014
 309  108  78  7 12 517
total $ 5497 $ 1474 $ 1196 $ 899 $ 641 $ 3931 $ 13638
 cash payments for long-term debt include estimated interest payments.
 based on principal fixed timing payments term debt obligations.
 endorsement contracts represent approximate base compensation minimum guaranteed royalty fees endorsers.
 payments may higher bonuses athletic achievements royalties.
 lower reduced payments if athletic performance declines.
 furnish endorsers with product.
 not determine.
 on factors playing conditions sporting events decisions.
 costs to design develop source purchase products incurred over not tracked from.
 order product four to five months in advance sale futures orders.
 amounts product purchase obligations represent agreements purchase products enforceable legally binding specify terms.
prices change production process.
 reported amounts exclude product purchase liabilities balance sheet may 31 2014.
 amounts include service marketing commitments.
 represent minimum payments contracts agreements non-product.
 amounts exclude liabilities 2014.
.
 2014 annual report


hartford financial services group.
 financial statements.
 investments arrangements arrangements.
 collateral pledged $ 1. billion $ 790  included fixed maturities consolidated balance sheets.
 secured borrowing arrangements investment income.
 received cash collateral $ 33.
 classification loaned securities derivative instruments collateral pledged.
 fixed maturities $ 1086 $ 823
 short-term investments
 collateral pledged $ 1285 $
 accepted collateral value $ 2. 6 billion $ 1. 5 billion. cash collateral invested balance fixed maturities short-term investments other assets liabilities.
 permitted contract sell repledge noncash collateral default.
 noncash collateral separate custodial accounts not included consolidated balance sheets.
 securities deposit.
 fair value $ 1.6 billion.


entergy mississippi.
 financial receivables money pool december 31 years.
 2016 2015 2014 2013
 $ 10595 $ 25930 $ 644 $ 3536
 note 4 financial statements money pool.
 four credit facilities $ 102. million expire may 2017.
 no borrowings outstanding december 31 2016.
 party uncommitted letter credit facility.
 $ 7. million letter credit outstanding.
 note 4.
 authorizations october 2017 short-term borrowings not exceed $ 175 million long-term borrowings security issuances.
 note 4 borrowing limits.
 rate regulation fuel-cost recovery influence financial position results liquidity.
 rates determined regulatory.
 mpsc approval rates.
 filed first general rate case mpsc 12 years.
rate filing mississippi plans improving reliability modernizing grid workforce stabilizing rates technologies attracting industry.
 requested increase revenue $ 49 million 2015 $ 30 million new depreciation rates service life.
 proposed realigning cost recovery attala hinds power plant acquisitions base rates miso-related revenues expenses changes withdrawal formula rate plan changes expenses.
 proposed return common equity 10. 59%.
 2014 utilities joint stipulations issues.
 2022 $ 16 million net increase revenues 10. 07%. return common equity 2022 revision formula rate plan changes rate expense resolving uncertainty additional rate filing withdrawal updating depreciation rates moving costs attala hinds plants power to base rates


average grant date performance stock units 2008 2007 $ 84. 33 $ 71. 72.
 total $ 33712 $ 49387 $ 9181 .
 30 vesting term 1. 28 years.
 time-vested three years after grant key executives vest year retirement.
 share-based compensation expense recorded service period retirement eligibility.
 fair value based market value company stock grant.
 summary time-vested stock units september 30 2009 changes average grant date fair value.
 october 1 $ 69. 35
 granted.
.
 forfeited canceled.
 30 $ 69. 36
 vest.
 grant date value-vested units 2008 2007 $ 84. 42 $ 72. 20.
value time-vested stock units 2009 2007 $ 29535 $ 26674 $ 3392 .
 vesting term 1. 71 years.
 unrecognized compensation expense non-vested awards $ 97034 2. 02 years.
 4295402 shares authorized for future grants 2004 plan.
 share-based payments open market purchases or shares treasury.
 sufficient shares treasury payments 2010.
 award plan grants shares employees.
 distribution 25% award deferred after retirement deferred portion five installments.
 balance over five years.
 plan terminated 2004 plan.
 awards for 114197 161145 shares outstanding.
 2014


emerging markets ghana india nigeria uganda wireless networks less advanced united states voice networks deployed underdeveloped areas.
 consumers utilize basic wireless services feature phones advanced device penetration low.
 urban locations early-stage data network deployments underway.
 carriers voice build-outs data networks.
 south africa latin america initial voice networks built out carriers focused 3g 4g outs.
 consumers adopting smartphones advanced devices usage bandwidth-intensive mobile applications growing.
 spectrum auctions carriers deployments new entrants investments.
 smartphone penetration wireless data usage.
 mature germany france carriers deploying 4g data networks.
 higher penetration usage 4g coverage capacity.
 network technology migration denser networks new business replicated less advanced international markets.
expect leverage international portfolio 104470 communications sites relationships with carrier customers long-term growth.
 master lease agreements with tenants consistent long-term revenue reduce churn.
 strategic partnerships colocation cycle times deploy equipment.
 revenue growth.
 2016 grew portfolio communications real estate acquisition construction 45310 sites.
 asia emea latin america markets revenue tenant pass-through revenues ground rent costs expenses.
 evaluate opportunities acquire communications real estate portfolios internationally risk-adjusted hurdle rates existing portfolio.
 new sites 2016 2015 2014
.
 emea
 latin america
 property operations expenses.
 site level ground rent power fuel costs property taxes repairs maintenance.
segment operating expenses exclude selling administrative development expenses aggregated into consolidated statements.
 property segments 2019 expenses increase adding tenants modestly year-over-year.
 leasing space new tenants provides cash flow.
 incur additional expenses.
 profit margin growth impacted by addition new tenants diluted by development activities.


minimum lease payments non-cancelable operating leases at may 31 2013 fiscal years 31.
 2014 $ 11057
 2015 8985
 2016 7378
 2017 6700
 2018 6164
 16812
 future minimum lease payments $ 57096
 party to claims lawsuits business.
 liabilities financial position liquidity results operations.
 unrelated to income sales property value-add business taxes.
 interpret operating tax matters united states foreign jurisdictions.
 taxing authorities additional taxes.
 may 31  2013 2012 liabilities for contingencies operating tax items.
 sponsorship depository processing agreements with banks.
 identification numbers visa mastercard.
 agreements contain financial covenants in compliance with as of may 31 , 2013.
canadian visa sponsorship expired march 2011.
 filed application superintendent financial institutions wholly owned loan company financial institution sponsor.
 december 12 2012 order business direct visa member bin transfer.
 2011 obtained temporary participation visa canada application pending.
 bin transfer september 30 2013.


april 2009 fasb issued guidance asc 820 fair value asset liability volume activity decreased identifying transactions orderly.
 financial statements.
 august 2009 fasb issued 2009-05 201cmeasuring liabilities fair value amends asc 820 quoted price market identical liability.
 company included disclosures financial statements.
 uncertainty income taxes june 2006 fasb issued guidance asc 740 taxes.
 prescribes recognition threshold measurement attribute financial statement tax position.
 tax position recognized sustained tax authority.
 measured tax benefits 50% probability.
 expands income tax disclosure requirements.
 international paper applied first quarter 2007.
 charge retained earnings $ 94 million.
 industry segment 2009 2008 2007 pages 47 48.
january 1 2008 company changed allocating overhead expenses business amounts performance comparisons.
 revised presentation industry segment profit allocation adjusted comparative prior period information.
 earnings per share international paper company shareholders computed dividing by weighted average common shares outstanding.
 diluted earnings computed potentially dilutive securities including stock options converted into common shares year.
 computation diluted earnings reflects inclusion contingently convertible securities dilutive.
 reconciliation amounts earnings 2009 2008 2007.
 earnings loss ) operations $ 663 $ $ 1215
 effect dilutive securities 2013
 loss $ 663
 average common shares outstanding 425.
 effect dilutive securities restricted performance share plan.
 options.
common shares 2013 dilution 428. 421. 433.
 loss operations $ 1. 56 -3. 2. 83
 loss 1. 55 -3. 2. 81
 shares 2013 428. 421. loss 1. 56 3. 2. 83 1. 55. 2. 81 securities not included anti dilutive.
 options purchase 22. 2 million 25. 1 million 17. 5 million shares 31 2009 2008 2007 not included diluted shares price exceeded average market price common stock.
 restructuring 31.


93 adjustment net income first quarter 2003 $ 2 million.
 cumulative depreciation accretion recognized adoption.
 143 asset retirement obligations.
 table asset retirement liability 2003.
 retirement liability september 29 2002 $ 5.
 asset retirement obligations recognized.
 accretion.
 liability september 27 2003 $ 7.
 long-lived assets goodwill acquired intangible assets reviews property plant equipment intangibles impairment.
 recoverability carrying amount future cash flows.
 impaired carrying value fair market value.
 three years 27 2003 no adjustments long-lived assets except restructuring actions.
 adopted sfas.
 142 first quarter fiscal 2002.
.
 goodwill assets tested impairment annually.
 2002 goodwill amortized estimated useful life.
company completed transitional goodwill impairment test october 1 2001 annual tests 2003 2002 found no impairment.
 established reporting units.
 testing goodwill impairment allocated.
.
 requires intangible assets amortized over lives reviewed impairment.
.
 amortizing acquired intangible assets 3 to 10 years.
 translates assets liabilities international.
 subsidiaries into.
 dollars exchange rates.
 revenue expenses translated.
 gains losses translations credited charged income shareholders' equity.
 foreign subsidiaries subsidiaries.
 assets liabilities exchange rates inventories nonmonetary assets liabilities historical rates.
 gains losses translations included in results operations.
 sales products hardware software peripherals extended warranty support contracts.
 recognizes revenue accounting standards.
97-2 software revenue recognition securities exchange commission accounting bulletin.
 101 revenue recognition financial statements.
 company recognizes revenue evidence arrangement delivery sales price fixed collection probable.
 product delivered title risk loss transferred.
 criteria met.
 online education defers revenue until customer receives risk loss.
 fee fixed revenue deferred recognized due payable.
 extended warranty support contracts deferred recognized.
 contracts include extended phone support repairs web-based support diagnostic tools one-year parts labor warranty.


goldman sachs group.
 subsidiaries financial statements table level 3 financial assets.
 millions december 2018
 cash instruments $ 17227 $ 15395
 derivatives
 financial assets
 $ 22181 $ 19201
 3 assets 2018 increased 2017 instruments.
 notes 6 8 unrealized gains losses liabilities transfers.
.
.
 government obligations.
 mortgage-backed loans securities corporate debt equity securities investments non instruments.
 types instruments fair value hierarchy valuation techniques.
 note 5 fair value measurement policies.
 level 1 cash instruments money market instruments.
 government obligations non.
 obligations corporate debt instruments traded equities.
 valued quoted prices active markets.
 defines markets daily trading volume.
.
level 2 cash instruments include money market instruments government agency obligations non.
 obligations mortgage-backed loans securities corporate debt state municipal obligations other restricted equities commodities lending commitments.
 valuations verified to quoted prices recent trading activity broker quotations alternative pricing sources price transparency.
 consideration to quotations. relationship market activity.
 valuation adjustments if transfer restrictions for premiums liquidity discounts.
 based on market evidence.
 level 3 cash instruments.
 valued at transaction price best estimate fair value.
 methodologies to determine fair value.
 inputs changed when corroborated by evidence.
 3 based on discounted cash flow techniques.
 loans securities backed by commercial real estate.
 collateralized by varying levels subordination.
inputs analyses include 2030 market yields current levels changes market indices bonds goldman sachs 2018 form


consolidated financial statements loss net tax.
 millions december 31 2007 2006 2005
 derivative gains $ 24 15
 unrealized investment gains 76 73
 foreign exchange translation 284 118 -119
 plans -1110 -1077
 loss $ -726 -1155


income approach value asset liability based present cash flow economic life.
 amount duration cash flows considered market participant perspective.
 estimates pricing developmental effort operational performance aftermarket retention product life cycles material labor pricing factors.
 net cash flows adjusted uncertainties assumptions risk profile.
 adjusted future cash flows discounted to present value rate.
 projected cash flow discounted risk time value.
 market approach valuation uses prices market transactions.
 multiples.
 cost approach estimates value current cost replacing asset.
 estimated reproduction cost less loss due depreciation.
 purchase price allocation $ 2. 8 billion goodwill amortizable tax.
 assigned rms business.
goodwill recognized attributable revenue synergies integration products sikorsky costs consolidation intangible assets.
 determining value assets liabilities assumed requires judgments future cash flows long-term growth rates discount rates.
 flows analyses based future sales earnings cash flows market conditions budgets orders contracts labor agreements capital business plans performance.
 different estimates judgments results.
 2015 financial results results november.
 reflect full year sikorsky.
 sikorsky generated net sales $ 400 million operating loss $ 45 million amortization adjustments.
 incurred $ 38 million non-recoverable transaction costs acquisition.
.
 incurred $ 48 million costs issuing $ 7. billion november 2015 notes borrowings acquisition.
 financing costs recorded reduction debt amortized interest expense.
financial information table sikorsky results 2015 2014.
 net sales $ 45366 $ 47369
 earnings 3534 3475
 earnings common share.
 diluted earnings share.
 data calculated accounting policies adjusting results sikorsky adjustments acquisition january 1 2014.
 adjustments additional amortization expense intangible assets interest expense short-term debt.


shares excluded average 2013 anti- dilutive.
 2017
 mandatory convertible preferred stock 39
 notes 2014
 stock options
 awards
 average price options per share $ 26. $ 33. $ 26. 2018 2017 2016.
 generated net income 30 million 14 5 million 1 million shares common stock mandatory convertible stock diluted average shares.
 stock converted october 2 2017.
 2016 net income 28 million 10 million 4 million 1 million shares diluted average shares.


entergy arkansas.
 subsidiaries financial utility transmission business retirement debt preferred securities.
 operations net income 2011 decreased $ 7. million higher income tax rate lower income higher operation maintenance expenses higher revenue lower interest.
 income increased $. million revenue.
 revenue operating revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 1216.
 retail electric price.
 decommissioning trust.
 transmission revenue.
 volume.
 wholesale revenue.
 capacity acquisition recovery.
.
 2011 net revenue $ 1252.
 retail electric price variance base rate increase july 2010.
 note 2 financial statements rate case settlement.
decommissioning trust variance deferral investment gains 1 2.
 interest income regulatory charges no effect net income.


long-term borrowings carrying fair value estimated market prices december 31 2013 maturity amount unamortized discount carrying value fair value.
 3. 50%. 50 %
 1. 375%. 375 % 2015
 6. 25%. 25 %
.
 4. 25%. 25 % 2021
 3. 375%. 375 % 2022
 long-term borrowings
 december 31 2012 carrying value $ 5. 687 billion fair value $ 6. 275 billion market prices december 2012.
.
 issued $ 1. 5 billion unsecured unsubordinated obligations.
 senior debt securities $ 750 million 1. 375% 1. 375 % 2015 $ 750 million 3. 375%. 375 % 2022.
proceeds repurchase blackrock 2019s common stock series b barclays purposes.
 interest 2015 2022 notes $ 10 million $ 25 million year payable-annually june 1 december 1 commenced 2012.
 2015 2022 redeemed maturity redemption price.
 par value present value future payments early redemption.
 2015 2022 notes issued discount $ 5 million amortized term.
 $ 7 million debt issuance costs amortized.
 $ 5 million unamortized debt costs.
.
 issued $ 1. 5 billion unsecured obligations.
 senior debt securities $ 750 million 4. 25%. notes 2021 $ 750 million floating rate notes repaid may 2013 maturity.
 proceeds repurchase blackrock 2019s series merrill lynch.
.
 interest.25 % notes due 2021 payable semi-annually may november 24 commenced 2011 $ 32 million per year.
 notes redeemed maturity redemption price.
 notes issued discount $ 4 million amortized term.
 incurred $ 7 million debt issuance costs $ 1. 5 billion amortized.
 2013 $ 3 million unamortized debt.
 $ 750 million interest rate swap future cash flows rate 1.
 second quarter 2013 swap matured 2013 notes repaid.
 2012 2014 2019.
 2009 issued $ 2. 5 billion unsecured unsubordinated obligations.
 senior debt securities $. billion. 25%. notes repaid december 2012. 50%. 2014 2019.
 proceeds repay borrowings program acquisition barclays global investors corporate purposes.
2014 2019 $ 35 million $ 50 million year payable semi-annually june december 10.
 redeemed maturity redemption price.
 issued discount $ 5 million amortized terms.
 incurred $ 13 million debt issuance costs amortized.
 31 2013 $ 4 million unamortized debt.
.
 issued $ 700 million. 25%. unsecured notes 15 2017.
 net proceeds acquisition remainder corporate purposes.
 payable semi-annually march september 15 $ 44 million per year.
 2017 notes redeemed


2022 financial safeguard package credit default swap contracts interest rate swap contracts.
 payment default firm apply assets payment obligation.
 include guaranty fund contributions performance bonds assets membership trading rights.
 demand payment guarantee parent company.
 payment default use corporate contributions financial safeguard package.
 guaranty fund contributions funds solvent firms satisfy deficit.
 maintain $ 5. 0 billion 364-day multi-currency line credit banks.
 option request increase line $ 5. to $ 7. billion.
 proceeds temporary liquidity firm default liquidity constraint default disruption payments systems.
 agreement pledge assets line credit custodian.
 firm guaranty fund deposits.
 treasury securities money market mutual funds.
 performance bond collateral defaulting firm secure draw line.
364-day currency option use $ 1. 8 billion multi-currency credit facility liquidity clearing house default.
 performance bond deposits safeguard packages. 8 billion. billion cash bond deposits. 2 billion
 bond deposits default.
 assets december 31 2012 default firm contributions futures options.
.
.
.
.
.
.
.
. guaranty fund contributions
.
.
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. assets default
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.
. contributions firm default guaranty contributions bonds satisfy
 guaranty fund contributions excess.
clearing firm default loss after assets working capital guaranty fund contributions assess non-defaulting members rules guaranty fund.
 minimum resources obligations defaulting firm liquidation performance bond collateral.
 millions
 corporate contributions futures options $ 100.
 guaranty fund contributions 2899.
 assessment powers 7973.
 assets default $ 10973.
 safeguard package credit default swap interest rate swap.
 payment default apply assets satisfy payment obligation.
 guaranty fund contributions performance bonds other assets trading rights.
 demand for payment guarantee parent company.
 default unsatisfied use corporate contributions financial safeguard package.
 guaranty fund contributions funds satisfy deficit.
 maintain $ 5. billion 364-day multi-currency line of credit banks.
option request increase line $ 5. to $ 7. billion.
 proceeds temporary liquidity clearing firm default liquidity constraint default disruption payments.
 agreement pledge assets.
 firm guaranty fund deposits.
 securities money market mutual funds.
 performance bond collateral defaulting firm secure draw line.
 option use $ 1. 8 billion multi-currency revolving credit facility liquidity clearing default.
 performance bond deposits packages $ 86. 8 billion $ 5. 6 billion cash bond deposits $ 4. 2 billion letters credit.
 default.
 available assets december 31 2012 payment default firm contributions futures.
.
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. guaranty fund
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.assets default.
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.
. clearing designates $ 100. million corporate contributions satisfy firm default guaranty contributions performance bonds satisfy deficit.
 guaranty fund contributions excess deposits.
 default loss after fund contributions assess non-defaulting members rules.
 minimum resources satisfy obligations not defaulting firm liquidation performance bond collateral.


28 35 90 days.
 funds failed auctions accessible until successful auction buyer outside.
 valuation auction rate securities value $ 34 million written-down value $ 16 million december 31 2007.
 impairment charge $ 8 million net income temporary impairment charge $ 10 million unrealized loss income 2007.
 investments loss less than six months.
 non-current marketable securities.
 3m reviews impairments force 03-1 115-1 124-1. impairment unrealized loss income.
 loss reduce net income not other-than-temporary.
 impairment temporary other-than-temporary.
 factors temporary-temporary projected future cash flows credit ratings credit quality underlying collateral.
 balance at december 31  2007 marketable securities short-term investments.
maturities differ contractual issuers prepay obligations penalties.
.
 millions 2007.
.
 one year 231
 three 545
 five 221
 62
 marketable securities 1059
 intervals 7


visa inc.
 financial statements 2014 september 30 2008 trademark technology licenses. licensors europe irrevocable perpetual licenses trademarks technology financial services payments information technology processing services visa system.
 sublicense trademarks members sublicensees outside.
 fee licenses $ 143 million per year payable quarterly quarterly base fee year september 30 2008 fee $ 41 million.
 reduced payment 2008 three-month libor rate 100 200 points $ 1. 146 billion.
 november 2010 quarterly base fee increased annually growth gross domestic product union.
 approximates fair value.
 $ 102 million reduction payment year september 30 2008 trademark technology license agreement contract below fair value.
 liability $ 132 million obligation licenses below fair value.
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company liability $ 2 million minor $ 5 million liability ipo assumptions $ 2 million change redemption date.


june 27 2013 december 31 2013
 cdw corp $
 s&p midcap 400 index
 cdw peers
 securities july 2 2013 issued sold 23250000 shares.
 july 31 2013 additional 3487500 shares underwriters july 26 2013 overallotment option.
 shares registered securities act 1933 statement 333-187472 june 26 2013.
 nasdaq global market. sold $ 17. per share net proceeds $ 424. 7 million $ 29. 8 million underwriting discounts expenses transaction costs.
 paid $ 24. 4 million termination fee madison dearborn partners providence equity partners.
 agreement redeemed $ 175. million senior secured notes due 2018 $ 146. million notes due 2017.
 redemption price 2018 108.principal redeemed accrued unpaid interest.
 company used cash.
 redemption price 2017. 268%. principal redeemed interest.
 used cash interest.
 october 18 2013 proceeds option $ 56. million cash $ 155. million notes 2017.
 redemption price. 178%. % principal amount redeemed accrued unpaid interest.
 used cash unpaid interest.
.
 morgan securities barclays capital.
 goldman sachs.
 joint book-running managers underwriters.
 deutsche bank securities.
 morgan stanley.
 additional book-running managers.
.
 baird.
 james associates. markets williams capital group.
 managing underwriters.


stock performance graph cumulative shareholder return series a b c compared companies 500 stock index peer group cbs news scripps network. time warner. viacom.
 walt disney.
 assumes $ 100 invested september 18 2008 trading s&p 500 index peer group reinvestment dividends september 18 2008 december 31 2009 2010 2011 2012.
 31.
 $ 102. 53 $ 222. $ 301. 296. 67 459.
 78. 53 162. 82 225. 217. 327.
 $ 83. 69 165. 75 229. 31 235. $ 365.
 $ 74. 86 92. 42 104. 24 104. 118.
 68. 79 100. 70 121. 138. 19 $ 190. 58
equity compensation plan information securities authorized proxy statement 2013 annual meeting 201csecurities 201d incorporated.


company consolidates assets liabilities entities leases office buildings aircraft.
 entities variable interest company primary beneficiary.
 reflects property plant equipment $ 156 million $ 183 million assets $ 14 million $ 12 million long-term debt $ 150 million 6 $ 192 million 8 minority interest liabilities $ 22 million $ 6 million accrued liabilities $ 1 million $ 0 may 27 2007 may 28  2006.
 liabilities represent additional claims assets.
 creditors claims assets entities.
 enters arrangements future payments unconditional purchase.
 arrangements.
 capital lease debt obligations totaled $ 3. 6 billion may 27 2007 liabilities balance sheet.
 operating lease obligations unconditional purchase obligations $ 645 million 2007 not.
company obligations 2007 discontinued operations.
 less 1 year 1-3 years 3-5 years 5
 long-term debt $ 3575. 18. 48. 1226. 2281.
 lease. 79. 137 147.
 purchase 188. 57. 69
 $ 4220. 155. 254. 1378. 2432.
 obligations $ 4. 2 billion decrease $ 237 million 2006 fiscal year-end.
 reduction lease obligations sale packaged meats operations.
 obligated pay interest long-term debt obligations.
 average interest rate 7. 2%.


apb.
 25.
 companies account transactions fair-value method recognize expense share-based payments operations.
 sfas 123r effective january 1 2006.
 accounted share-based payments.
 value method.
 recognized compensation expense options.
 adopt provisions sfas 123r modified prospective method cost share-based payments recognized sfas 123r awards.
 tax benefits recognized share-based payments.
 tax expense recognized excess deferred tax assets tax deduction vested option less expense operations.
 equity-based compensation expense $ 35 million to $ 38 million december 31 2006.
 subject revisions.
 sfas 123r requires tax deductions compensation cost financing cash flow.
 future tax benefits future employee stock option exercises.
 no operating cash inflow december 31 2005 2004 excess tax deductions.
march 2005 sec issued accounting bulletin.
 107 interpretation sfas 123r.
 views interactions sfas 123r sec rules regulations valuation share-based payments public companies.
 guidance companies applying provisions sfas 123r investors financial analyzing information.
 guidance.
 107 sfas 123r.
 7. 50%. 50 %. 125%. 125 % tower cash flow reporting requirements.
 note 19 consolidated financial statements reporting requirements.
 table presents tower cash flow adjusted consolidated cash flow non-tower cash flow company restricted subsidiaries.
 tower cash flow three months december 31 2005 $ 139590
 consolidated cash flow twelve months $ 498266
 -524804 524804
 558360
 adjusted consolidated cash flow $ 531822
 non-tower cash flow $ -30584


corporate/other includes unallocated global staff functions finance risk human resources legal compliance expenses operations technology expenses income taxes treasury north america legacy consumer loan portfolios assets discontinued operations segments.
 december 31 2018 $ 91 billion assets increase 17%.
.
.
.
.
 net interest revenue $ 2254  $ 2000 $ 3045 13% % 34 %
 non-interest revenue -171 1132 2188
 interest $ 2083  $ 3132 $ 5233 33 % 40
 operating expenses $ 2272  $ 3814 $ 5042 24
 net credit losses $ 21  $ 149  $ 435  86 66
 credit reserve -218 -317 -456
 unfunded lending commitments -3
benefits claims -2 2 -7 98 71
 credit losses benefits claims $ -202 $ -175 69
 operations before taxes $ 13 -507 $ 122
 -113 19064 -455
 operations $ 126 $ -19571 $ 577
 discontinued operations taxes -8 ( -111 -58 ( -91 91
 noncontrolling interests $ 118 -19682 $ 519
 noncontrolling interests -6 -2 2
 $ 107 $ 521
.
 income $ 107 million loss $ 19. 7 billion prior $ 19. 8 billion one-time non-cash charge 2017 tax reform.
 one-time benefit $ 94 million.
 accounting policies estimates.
tax reform net income decreased 92% revenues expenses cost credit tax benefits reorganization.
 subsidiaries.
 benefits offset foreign currency adjustment.
 revenues decreased 33%.
 expenses decreased 40% 40 % costs legal expenses.
 provisions decreased $ 27 million $ 202 million lower credit losses loan loss reserve.
 losses declined 86% $ 21 million divestiture activity-down mortgage.
 reserve declined $ 96 million $ 221 million.
.
 loss $ 19. 7 billion $ 521 million.
 income declined 69% % $ 168 million revenues expenses cost credit.
 revenues declined 40% 40 % wind-down legacy assets debt buybacks.
 $ 750 million gains asset sales $ 300 million exit citi.
 mortgage servicing.
expenses declined 24% assets legal expenses offset $ 100 million exit.
 mortgage.
 $ 255 million remediation card.
 decreased $ 244 million $ 175 million lower credit losses benefits claims loan loss reserve.
 credit losses declined 66% divestiture north america mortgage portfolio.
 lower insurance activity.
 net reserve release declined $ 147 million.


devon energy corporation subsidiaries financial statements 2013 debt maturities december 31 2012 excluding premiums discounts millions.
 2013 $ 3189
 2014
 2015
 2016
 2017 750
 2018
 $ 11664
 $ 3. billion syndicated unsecured revolving line credit facility.
 maturity october 24 2017.
 extend maturity two one-year periods approval.
 interest fixed rate options twelve months.
.
 borrow prime rate.
 annual facility fee $ 3. 8 million payable quarterly.
 december 31 2012 no borrowings.
 financial covenant.
 total funded debt capitalization no greater 65 percent.
 adjustments.
 noncash write-downs.
 debt-to- capitalization ratio 25. 4 percent.
 $ 5. billion short-term credit paper program.
commercial paper debt maturity 1 90 days 365 days interest rates agreed borrowing.
 based federal funds libor money market rate.
 december 31  2012 devon 2019s average borrowing rate 0. 37 percent.
 outstanding december 31 2012.


consolidated financial statements 196 jpmorgan chase co. /2014 annual report credit funding adjustments fair value instrument adjustments firm estimates reflect counterparty credit quality creditworthiness impact funding 2022 credit valuation adjustments 201d reflect credit quality counterparty derivatives.
 necessary market price not indicative credit quality.
 few derivative contracts listed exchange derivative positions valued models market parameters.
 adjustment credit quality derivative counterparty.
 firm estimates derivatives cva scenario analysis expected credit exposure estimates losses counterparty credit event.
 key inputs expected positive exposure counterparty probability default event estimated recovery rates differences risk.
 estimates derivatives cva benchmark interest rate.
 2022 credit quality firm valuation liabilities fair value.
dva calculation methodology consistent with cva incorporates jpmorgan chase 2019s credit spread probability default.
 estimated current fair value consistent with derivative dva methodology.
 2022 incorporates impact funding valuation estimates.
 fair value of collateralized derivatives estimated future cash flows overnight indexed swap rate.
 2013 implemented fva framework impact funding estimates for uncollateralized derivatives structured notes.
 framework leverages cva dva calculation methodologies considers credit risk funding costs.
 inputs expected funding requirements from positions arrangements assets estimated market funding cost liabilities hypothetical market funding cost transfer.
 fva 2013 recorded $ 1. 5 billion loss in principal transactions revenue.
 loss uncollateralized derivative receivables credit risk incorporated in valuation liabilities.
table provides credit funding adjustments excluding hedging activities consolidated balance sheets.
 december 31 millions 2014 2013
 derivative receivables balance $ 78975 $ 65759
 71116 57314
 dva fva
 structured notes balance 53772 48808
 dva fva 1152
 78975 65759 57314 cva 2674 2352 dva fva notes 53772 48808 fva balances net cva dva/fva.
 positive cva dva/fva negative.
 december 31 2014 2013 included derivatives $ 714 million $ 715 million.
 structured notes financial instruments embedded derivatives measured fair value.
 december 31 2014 2013 included $ 943 million $ 1. billion financial instruments no embedded derivative fair value option.
elections note 4.
 december 31 2014 2013 notes 1. billion.


liquidity monitoring stress testing performed for citi major entities subsidiaries countries.
 impact adverse liquidity event balance sheet liquidity position funding alternatives.
 scenarios include funding sources market triggers credit geopolitical macroeconomic conditions.
 market company-specific events.
 stress tests mismatches between liquidity sources uses over time.
 liquidity limits set.
 tests mismatches calculated frequencies daily.
 maintains contingency funding plans.
 actions for adverse market conditions.
 short-term liquidity measurement coverage ratio lcr.
.
 hqla liquidity 30-day stress scenario.
 calculated hqla by estimated net outflows 30-day period factors liabilities borrowings unused lending commitments exposures offset by inflows from assets maturing within 30 days.
banks calculate add-on maturity mismatches cash inflows 30-day net outflows.
 minimum lcr requirement 100% effective january 2017.
 federal reserve board rule april 1 2017 citi lcr.
 citi lcr calculation hqla net outflows.
.
.
.
. 2017
 $ 446. $ 448. $ 403.
 net outflows 364. 365. 332.
 123% %
 net outflows $ 82. $ 83. $ 71.
 amounts average basis.
 citi lcr increased year- over-year modeled net outflows.
 driven changes assumptions citi outflow assumptions.
 lcr unchanged.
 long-term liquidity measurement stable funding ratio 2016 federal reserve board fdic rule nsfr requirement.
.nsfr consistent with committee 2019s final rules.
 assesses bank stable funding.
 equity deposits long-term debt required funding liquidity assets derivatives commitments.
 asset liabilities.
 ratio available to required greater than 100%.
 citi compliant with.
 nsfr rules december 31 2017 evaluate final version expected 2018.
 nsfr final rules implementation.


expense.
 2014 2013 incurred $ 158. $ 167. 153.
 capitalized interest 33.
 expense $ 125. 141. 123.
 2014.
 2013 decreased $ 9.
 lower average interest rate reduced $ 13 higher debt balance increased $ 6.
 higher carrying value construction.
.
 increased $ 13.
 higher debt balance lower interest rate $ 24.
 decrease project spending lower interest rate.
 tax income tax operations.
.
.
 27. 22 8%. 2013
 higher goodwill impairment charge $ 305. tax reform 2014 increased income tax expense $ 20.
 offset income tax benefit $ 51. losses.
.
 prior year rate tax benefits $ 73. business restructuring cost reduction plans $ 3. advisory costs.
note 4 business restructuring cost reduction 9 goodwill 22 income taxes 23 supplemental information consolidated financial statements.
 non-gaap effective tax rate 24. 0%. 2%. 2014 2013.
.
 tax 22. 8%. 21. 9%. 2012.
 tax $ 73. $ 3. advisory costs.
 2012 $ 105. $ 58. second quarter tax ruling $ 3. customer bankruptcy charge income tax expense $ 43. tax settlement $ 31. gain equity interest nanomaterials.
 4 restructuring cost reduction 5 combinations 22 income taxes 23 supplemental.
 non-gaap tax rate 24. 2%. 2 % 2013 2012.
 sale homecare business.
 sold majority linde group proceeds 20ac590 million $ gain $ 207.
 impairment charge $ 33.share business united kingdom ireland net value.
 2013 charge $ 18. 7 $ 13.-tax. 06 share.
 2014 gain $ 3. 9 sale homecare settlement contingencies linde group.
 consolidated financial statements.


161 acres undeveloped land 12-acre container storage facility houston.
 total price $ 89. 7 million financed secured debt $ 34. 3 million.
 $ 64. million in-service real estate $ 20. million undeveloped land storage facility $ 5. 4 million lease remaining acquired working capital liabilities.
 rental operations.
 2007 healthcare real estate.
 development capabilities.
 $ 47. 1 million contingent payments three-year.
 $ 39. million price goodwill development capabilities-place workforce.
 financial statements.
 2006 acquired majority washington.
 suburban office industrial properties.
 $ 867. 6 million 32 in-service properties 2. 9 million square feet rental 166 acres undeveloped land assets.
 financed assumed mortgage loans new.
assets acquired liabilities assumed recorded estimated value.
 rental properties 602011
 undeveloped land 154300
 real estate investments 756311
 assets 10478
 lease assets 86047
 goodwill 14722
 acquired 867558
 debt -148527
 liabilities
 liabilities $ 713202
 2006 contributed 23 properties $ 381. 6 million two subsidiaries.
 nine eight contributed 2007 one.
 $. 4 million debt $ 146. 4 million assumed subsidiaries.
 purchase industrial real estate savannah.
 majority 2006.
 assets $ 196. 2 million 18 buildings. 1 million square feet rental 60 acres undeveloped land.
 financed mortgage loans.
 rental operations consolidated financial statements.


united parcel service.
 subsidiaries financial floating-rate $ 1. 043 billion interest one three-month libor spread 30 to 45 basis points.
 average interest rate 2017 2016 0. 74% (. 74 %. 21%. 21 %.
 callable after 30 years putable one year.
 maturities 2049 through 2067.
 long-term liability.
 issued $ 147 $ 64 million $ 1. 043 billion.
 three-month libor less 30 35 basis points mature 2067.
 remaining three $ 350  $ 400 $ 500 million interest three libor spread 15 to 45 basis points.
 average interest rate 2017 2016 0. 50% (. 50 %.
.
 maturities 2021 through 2023.
 long-term liability refinance.
 lease property.
 defeased.
value property plant equipment capital leases december 31 millions.
 2017 2016
 vehicles $ 70 $ 68
 aircraft 2291
 buildings 285 190
 amortization -990 -896
 property equipment $ 1656 $ 1653
 obligations payments due 2018 through 3005.
 agreements municipalities construction facilities.
 package supply chain freight operations states.
 facilities louisville kentucky dallas texas philadelphia pennsylvania.
 lease loan agreement debt service obligations bonds 2022 bonds $ 149 million louisville regional airport authority.
 due january 2029 variable average rates 2017 2016. 83%.
 2022 $ 42 million due november 2036 louisville airport authority.
 average rates 2016.
 $ 29 million dallas fort worth airport corporation.
bonds due 2032 variable rate cash flows swapped. 11%.
 2022 agreement delaware county pennsylvania industrial development authority airport facilities bonds balance $ 100 million.
 due 2045 variable.
 average 2017 2016. 78%. 40%.


estimates financial statements estimates assets liabilities.
 results differ.
 acquisitions acquired real estate assets $ 219. 9 million $ 948. 4 million $ 295. 6 million 2007 2006 2005.
 purchased five industrial buildings seattle virginia houston 161 acres undeveloped land 12-acre container storage facility houston.
 total price $ 89. 7 million financed secured debt fair value $ 34. 3 million.
 $ 66. 1 million in-service real estate $ 20. million undeveloped land $ 3. 3 million lease assets remaining working capital assets liabilities.
 preliminary.
 included.
 february 2007 healthcare real estate.
 development capabilities.
 initial consideration $ 47. 1 million contingent payments three years.
 $.purchase price goodwill attributable development capabilities workforce.
 results included financial statements.
 2006 acquired majority washington.
 office industrial properties.
 $ 867. 6 million 32-service properties 2. 9 million square feet rental 166 acres undeveloped land assets winkler.
 financed mortgage loans new borrowings.
 assets liabilities recorded estimated fair value.
 rental properties 602011
 land development 154300
 real estate investments 756311
 assets 10478
 lease assets 86047
 goodwill 14722
 assets 867558
 debt
 liabilities
 liabilities


.
 company 2019s annual reports 10-k quarterly 10-q current 8- k proxy statements amendments available free through internet website http://www. everestregroup. com after filed with securities exchange commission.
.
 risk factors investment securities.
 business financial condition results operations trading price common shares decline.
 business fluctuations financial markets investment losses.
 disruptions public debt equity markets losses.
 financial markets improved could deteriorate.
 disruption market sectors.
 declines losses results operations equity business insurer financial strength debt ratings.
 results by catastrophic events.
 exposed acts terrorism.
 reduction operating results inhibit dividends meet interest principal obligations.
 catastrophe loss property exposures before reinsurance $ 10. 0 million corporate reinsurance taxes.
april 1 2010 used threshold $ 5. million.
 past five years pre-tax catastrophe losses contract reinsurance before cessions corporate reinsurance.
 losses 2014 62.
 2013 195.
 2012 410.
 2011 1300.
 2010.
 losses future catastrophic events exceed projections.
 strategic underwriting.
 estimate losses retrocessional coverage.
 projections approximations losses exceed projections adverse effect financial condition results operations.


tower corporation subsidiaries financial statements 2014 estimate impact changes tax positions.
 reconciliation unrecognized tax benefits 2007.
 balance january 1 2007 $ 183953
 additions tax positions 2598
 additions prior 5412
 reductions -120016
 cash advance settlement
 settlements -5372
 reductions statute limitations -669
 balance december 31 2007 $ 59224
 recorded penalties tax interest income $ 2. 5 million tax refunds $ 1. 5 million.
 unrecognized tax benefits $ 29. 6 million $ 34. 3 million.
 accrued interest penalties $ 30. million $ 33. 2 million.
 quarter tax amnesty program mexican tax authority.
 requirements tax benefits.
 confirmed february 5 2008.
 reduction tax benefits $ 5.penalties interest $ 12. million 2002 reduced income tax expense.
 paid $ 6. million mexican tax authority settlement uncertain tax positions 2003 2004.
 review timing settlement.
 2007 statute limitations tax benefits lapsed $ 0. 7 million decrease liability tax reduced income tax provision.
 files consolidated tax returns.
 federal state foreign returns mexico brazil.
 tax years open three years loss carryforwards.
 completed.
 federal income tax examinations 2002.
 undergoing.
 2004 2005.
 subject examinations.
 jurisdictions under examination brazil 2001 2006 mexico 2002.
.
 valuation allowance deferred tax assets. provided valuation allowance $ 88. million


issued warranties equipment sales.
 contracts terms warranty indemnification intellectual property rights.
 future costs not material financial statements.
 financial condition liquidity results.
 future payments.
 2017 $ 942
 2018 525
 2019 307
 2020 298
 2021 276
 2983
 $ 5331
 $ 4000 obligations helium purchases crude feedstock supply helium refining plants refined helium purchases.
 agreements medium- to long-term take-or-pay provisions.
 refined helium distributed globally sold merchant gas medium-term.
 rare gas unique physical chemical properties.
 $ 330 long-term obligations feedstock supply hyco facilities.
 related natural gas.
 long-term take-or-pay sales contracts matched feedstock supply obligations recovery price increases.
long-term feedstock obligations sales contracts financial.
 include product electric power natural gas pass-through.
 commitments $ 350 additional plant equipment.
 commitments $ 500 long-term equipment saudi aramco jazan oil refinery.
.
 300 million shares par value $ 1 per share.
 30 2016 249 million shares issued 217 million outstanding.
 2011 authorized repurchase $ 1000 stock.
 securities exchange act 1934.
 outstanding shares 2016.
 $ 485. 3 share repurchase authorization remains.


consolidated financial statements accrued liability unrecognized tax benefits years 31 2008.
 balance january 1 $ 110 $ 77
 additions tax positions
 prior
 reductions
 pre-acquisition unrecognized tax benefits
 reductions expiration statute limitations -6
 settlements -1
 -4
 balance december 31 $ 99 $ 110
 unrecognized tax benefits $ 99 million $ 110 million 2008 2007.
 $ 89 million $ 88 million effective rate.
 recognizes accrued interest penalties unrecognized tax benefits income.
 accrued $ 10 million $ 9 million interest penalties 2008 2007.
 recognized $ 1 million $ 3 million expense interest penalties.
 unrecognized tax benefits 12 months.
 financial position settlements differ.
.
postretirement benefits ppg employees worldwide.
 sponsors welfare plans postretirement medical life insurance benefits.
 employees dependents.
 programs require retiree contributions coverage sharing future benefit cost increases between ppg participants.
 modify terminate plans.
 salaried hourly employees hired after october 1 2004 not eligible postretirement medical benefits.
 employees after january 1 2006 2006 eligible defined contribution retirement plan.
.
 medicare act 2003 introduced prescription drug benefit options federal subsidy retiree prescription drug benefit.
 2004 ppg retiree prescription drug program subsidy.
 accounted.
 january 1  2004.
 plan amended september 1 2004 management future increases cost retiree medical drug programs.
 federal subsidy prescription drug benefit not subject.
income tax cost postretirement benefits.
 august 2007.
 plan amended retiree health care options retirees dependents.
 amendment effective january 1 2008.
 offers fully-insured medicare drug plan.
 subsidy medicare act 2003.
 benefit obligation $ 57 million.
 annual report


devon energy subsidiaries financial statements 2013 december 31 2014 2013.
 geosouthern debt 2013 geosouthern acquisition issued $ 2. 25 billion fixed floating rate notes cash proceeds $ 2. billion net discounts issuance costs.
 notes 2015 three-month libor. 45 percent quarterly.
 2016 three-month libor. 54 percent quarterly.
 schedule terms.
 floating rate december 15 2015 $ 500
 2016
. 20%.
. 25%.
 proceeds $ 2248
. $ 650 million note 2016 redeemed november 13 2014.
 short-term debt balance sheet december 31 2013 redemption geosouthern acquisition 30 2014.
 geosouthern acquisition notes long-term debt.
 2013 devon term loan agreement financial institutions $ 2.geosouthern acquisition costs.
 devon drew $ 2. billion loans geosouthern repaid june 30 canadian divestiture proceeds.
 loan.


tower corporation subsidiaries valuation allowance increased $ 47. 8 million 2009 to $ 48. 2 million 2010.
 due foreign loss carryforwards.
 valuation allowance $ 48. 2 million state net operating loss carryforwards equity investments foreign items.
 remaining deferred tax assets federal net operating loss carryforwards taxable income.
 valuation allowances reversed if deferred tax assets realizable.
 assessed.
 decrease depreciation.
 not dependent on improvements operations asset sales non-routine transactions.
 realized.
 deferred tax assets include $ 122. 1 million $ 113. 9 million excess tax benefits employee stock options.
 stockholders 2019 equity increased by $ 122. 1 million if excess tax benefits realized.
december 31 2010 company loss carryforwards future income $ 1. 2 billion losses employee stock options $ 0. 3 billion.
 loss carryforwards expire.
 years
 2011 to 2015
 2016 to 2020
 2021 2025
 2026 to 2030
 mexican tax credits $ 5. 2 million expire 2017.


payments federal state foreign income taxes $ 238. 3 million $ 189. 5 million $ 90. 7 million years 2015 2014 2013.
 table summarizes changes pca unrecognized tax benefits excluding interest penalties.
 january 1 -4. 4. -5. -111.
 boise. -65. 2
 tax positions -2. 8. -1
 tax positions. 5
 tax positions. 64
 settlements taxing authorities.
 expiration statute limitations.
 balance december 31 -5. 8 -4. -5.
 2013 pca acquired $ 65. 2 million unrecognized tax benefits boise.
 alternative energy tax credits.
 2013 $ 64. 3 million decrease alternative energy tax credits 2009 returns boise.
7 energy tax.
 2013 $ 104. million decrease audit.
.
 december 31 2015 $ 5. million reserve unrecognized tax benefits excluding interest penalties.
 $ 4. 2 million tax rate.
 recognizes interest unrecognized tax benefits penalties income tax expense.
 insignificant interest penalties.
 tax benefits change 12 months.
 subject taxation united states state foreign jurisdictions.
 federal examination 2010 concluded february 2015.
 examination 2013 october 2015.
 open.
.
 foreign jurisdictions open 2008 tax year.
 recorded losses credit carryforwards 2008 2011 2013 three years.
.
 energy tax black liquor pulp federal income tax credits.
 mixed diesel alternative fuel eligible $. gallon energy tax credit december 31 2009.
 $ 1.gallon cellulosic biofuel credit black liquor 2009.
 reversed $ 166. million alternative energy income.
 $ 103. million. federal state $ 1. 9 million accrued interest


tax liabilities unrecognized benefits 30 2018 $ 233.
 excluded obligations impact tax laws operating results.
 uncertainties settlement tax positions.
 obligations table includes liability $ 184 repatriation tax payable over eight years.
 note 22 financial statements.
 future contribution equity 19 april 2015 venture air products acwa 20-year oxygen nitrogen agreement saudi aramco oil refinery power plant.
 owns 25% guarantees repayment equity bridge loan.
 invest $ 100 joint venture.
 30 2018 noncurrent liability $ 94. future equity contributions 2020.
 12 august 2018 gasification/power joint venture saudi aramco acwa.
 55%.
 assets power utilities $ 8 billion.
 investment excluded obligations pending closing fiscal year 2020.
jv facility 25-year contract fixed monthly fee.
 saudi aramco feedstock power hydrogen utilities.
 subsidiaries sponsor defined worldwide employees.
 principal plans.
.
.
 closed new participants 2005 employees.
 shift volatility.
 fair market value assets decreased $ 4273. $ 4409.
 projected benefit obligation $ 4583. $ 5107.
 net unfunded liability decreased $. $ 698. $ 310. higher discount rates favorable asset experience.
 note 16 retirement consolidated financial statements.
.
 expense 2013 $ 91. $ 72. $ 55.
.
 discount rate 2013 service cost 3. 2%. 2 % 2. 9%. 9 %. 1%. 1 %
 2. 9%. 9 %. 5%. 5 %. 4%. 4 %
return 6. 9 %. 4%. 4 %. 5%. 5 %
 compensation 3. 5%. 5 %. 5 %. %


tower corporation subsidiaries financial statements customer-related intangibles $ 15. 5 million network location intangibles $ 19. 8 million.
 amortized 20 years.
 goodwill deductible tax.
 allocated international rental management segment.
 december 8 2011 agreement mtn group joint venture uganda.
 controlled company subsidiary holds 51% 51 % interest 49% 49 % interest.
 joint venture managed owns tower operations company uganda.
 1000 communications sites mtn group subsidiary uganda.
 29 2012 acquired 962 communications sites purchase price $ 171. 5 million.
 increased $ 173. 2 million.
 legal title sites transferred conditions mtn group.
 company purchase price consolidated operating results.
table summarizes preliminary allocation purchase price assets acquired liabilities assumed estimated value acquisition.
 non-current assets 2258
 property equipment 102366
 intangible 63500
 non-current liabilities
 assets acquired $ 160596
 goodwill
 customer-related intangibles $ 36. million network location intangibles $ 27. million.
 amortized 20 years.
 goodwill not deductible tax.
 allocated rental management segment.
 communications sites e-plus mobilfunk.
.
 2031 sites purchase price $ 525. million.


new orleans.
 increased $ 20. million higher net revenue.
 income $. million.
 increase higher revenue lower interest expense offset operation maintenance depreciation amortization expenses.
 revenue revenues fuel purchased power expenses regulatory credits.
 analysis change net revenue 2004 2003.
 2003 net revenue $ 208.
 base rates.
 volume/weather.
 2004 deferrals.
 unbilled electric sales.
.
 2004 net revenue $ 239.
 increase base rates june 2003.
 increase.
 increased electric usage industrial.
 offset milder weather residential commercial sectors.
 2004 deferrals variance voluntary severance plan fossil plant maintenance expenses stipulation 2004.
 recovery amortization regulatory asset.
 five-year period january 2004 2003.
 rate plan.
price unbilled electric sales due fuel.


highway revenue equipment owned leased age yrs.
 age yrs.
 containers 33633 25998 59631.
 chassis 22086 26837 48923.
 highway revenue equipment 55719 52835 108554
 network requires annual capital investments replacement improvement expansion.
 enhance safety support transportation improve operational efficiency.
 add new locomotives freight cars replace older equipment support growth demand reduce impact environment fuel-efficient low-emission locomotives.
 capital program $ 4. billion.
. 2016 $ 3. 75 billion expenditures $ 375 million non-cash investments.
 revise business laws.
. equipment value $ 2. 6 billion $ 2. 8 billion at december 31 2015 2014 collateral capital leases equipment obligations equipment.
merger missouri pacific railroad company uprr january 1 1997 mprr mortgage uprr maintain same value assets after merger security requirements mortgage bonds.
 mprr assets mortgage bonds approximately $ 6. 0 billion.
 collateral value maintained term mortgage bonds balance.
 environmental matters properties subject federal state local laws regulations environment.
 environmental issues governmental environmental regulation financial condition results operations accounting policies.
 legal proceedings involved legal proceedings litigation.
 assess liabilities contingencies latest information seek input third-party advisors.
 pending legal proceedings governmental authorities federal state local environmental laws regulations potential fines penalties monetary sanctions $ 100000.


reconciliation unrecognized tax benefits.
 2013 2012 2011
 balance january $ 4425 $ 4277 $ 4919
 current 320 496 695
 prior year 177
 reductions prior -747
 -259
 statute limitations -69
 balance december 31 $ 3503 $ 4425 $ 4277
 settlements.
 unrecognized tax benefits $ 3. 5 billion december 31 2013 net impact $ 3. billion.
 examination tax authorities.
 unrecognized tax benefits decrease $ 128 million 12 months audit closures settlements expiration statute limitations.
 proceedings reversal unrecognized tax benefits.
 reserves uncertain tax positions risks.
 penalties $ 319 million 2013 $ 88 million 2012 $ 95 million 2011.
reflect impacts tax settlements.
 liabilities accrued interest penalties $ 665 million $ 1. 2 billion december 2013 2012.
 schering-plough 2007-2009 tax years.
 unrecognized tax benefits exceeded adjustments recorded net $ 165 million tax benefit 2013.
 2010 2003-2006 tax years.
 agreement adjustment intercompany pricing.
 reduced tax credit carryforwards.
 reserves adjustments.
 resolution issue.
 2013 out-of-period net tax benefit $ 160 million settled fourth quarter 2012 final resolution first quarter 2013.
 tax benefits exceeded settlement.
 exclusion not material financial statements.
 revenue agency proposed adjustments 1999 2000 issued assessments 2001-2004.
 2012 settlement additional tax $ 65 million.
company 2019s unrecognized tax benefits exceeded settlement recorded net $ 112 million tax benefit 2012.
 creditable.
 tax.
 reserves.
 resolution results financial position liquidity.
 2011 irs 2002-2005 tax returns required net payments $ 465 million.
 unrecognized tax benefits exceeded adjustments recorded net $ 700 million tax benefit 2011.
 reflects offset increases


accounting pronouncements note 1 policies consolidated financial statements item 8 pronouncements relevant business impact statements.
 pronouncements issued fasb.
 2007 141 combinations 160 noncontrolling interests statements amendment arb.
 51 2007 accounting bulletin.
 109 aicpa statement position 07-1 audit accounting guide companies accounting parent companies equity investors. fasb final fsp 2008 delays effective date aicpa sop 07-1.
 position.
 fasb interpretation.
 investment companies settlement.
 159 fair value option financial assets liabilities amendment fasb statement.
 115 issued 2006 2022 sfas 158 accounting defined benefit pension postretirement benefit plans amendment fasb statements.
 87 88 106 132 157 value measurements uncertainty income taxes fasb statement.
2022 13-2 cash flows taxes leveraged lease transaction 156 financial assets amendment fasb statement.
 140 155 hybrid financial instruments fasb statements.
 133 140 issues task force 06-4 deferred compensation postretirement benefit split-dollar life insurance defined benefit pension plan noncontributory plan employees.
 benefits cash balance formula compensation levels age length service.
 pension contributions actuarially determined benefits.
 assets 60% equity remainder fixed income instruments.
 fiduciaries investment policy.
 calculate expense pension plan sfas 87 sfas 87 trust assets fair market value.
 actuarial assumptions plan discount rate compensation increase expected return assets.
 pension expense.
 expected long-term return assets.
 pension cost 2007 8. 25%. unchanged 2006.
current accounting rules difference accumulated amortized pension expense future.
 percentage point difference expense $ 4 million amortized.
 table effects pension expense changes assumptions 2008 expense baseline.
 pension expense.
. 5%. decrease discount rate
. decrease long-term return assets
. increase compensation rate
 pretax pension benefit $ 26 million 2008 $ 30 million


aes corporation financial statements 2014 2011 2010 2009 table pre-tax accumulated income operations before taxes twelve months december 31 2011 derivative instruments accumulated income loss.
 interest rate derivatives
 cross currency derivatives
 foreign currency derivatives
 commodity derivatives
 loss $ 94 million sale cartagena closed february 9 2012 note 23.
 accumulated loss derivative transactions reclassified earnings interest expense interest rate hedges cross currency swaps foreign currency gains losses depreciation recognized interest rate hedges construction foreign currency gains losses electricity sales fuel purchases hedges.
 balances included consolidated statements cash flows operating investing activities.
years ended 31 2011 2010 2009 pre-tax gains $ 0 million $ 1 million $ million net noncontrolling interests reclassified earnings discontinuance cash flow hedge transaction two-month.


alexion pharmaceuticals.
 financial statements 2014 years december 31 2007 2006 december 2005 july 31 2005 amounts thousands future rental payments five years non-cancellable leases december 31 2007.
 2008 4935
 2009
 2010
 2011
 2012
.
 march 16 2007 pdl biopharma. civil action alexion.
 delaware.
 infringement patents soliris.
 damages royalty attorney fees.
 denied claims.
 counterclaims non invalidity.
 patents.
 defenses.
 february 4 2008.
 civil action alexion northern district california.
.
 infringement.
.
.
 monetary damages equitable relief attorneys fees.
alexion believes defenses sb2 claims defend counterclaims.
 results civil actions.
 operating results adjustments cost notes 2 6 15.
 agreement december 18 2002 lonza agreement soliris amended june 2007.
 additional purchase commitments soliris $ 30000 to $ 35000 2013.
 commitments cancelled limited circumstances.


loan sales securitizations residential commercial mortgage loans association fnma fhlmc third-party investors.
 securitize transferred loans securities.
 retain interest loans rights.
 note 9 goodwill intangible assets.
 2009 residential commercial loans sold $ 19. 8 billion $ 5. 7 billion.
 2008 sold $ 3. 1 billion.
 no residential sales acquisition national city.
 involvement servicing repurchase obligations breaches.
 cleanup repurchase option loans.
 advance principal interest payments collateral protection advances.
 risk.
 liability for estimated losses loans.
 recourse arrangements loans fnma fhlmc.
 25 commitments guarantees.
 exposure loss limited repurchase recourse obligations.
loans transferred option repurchase delinquent loans.
.
 control recognize repurchase liability balance sheet.
 december 31 2009 2008 repurchase option asset liability totaled $ 577 million $ 476 million.
 loans transferred special purpose entity distinct transferor.
 bankruptcy-remote trust passive activities.
 self-liquidating real estate mortgage investment conduits.
 financed certificates senior subordinated tranches.
 exempt from consolidation conditions.
 securitization activities acquisition city.
 credit card receivables automobile residential mortgage loans securitized qspes.
 financed issuance sale beneficial interests not consolidated december 31 2009 2008.
 note 1 accounting policies january 1 2010.
 securitization qspes retained interests.
summarizes assets liabilities securitization transactions outstanding december 31 2009.
 millions
 assets $ 2368 $ 232 $ 2129 $ 319
 liabilities 1622 232 1824 319
-end balances loans securitization.
 series 2005-1 2006-1 2007-1 2008-3 outstanding.
 fourth quarter 2009 2008-1 2008-2 matured.
 involvement receivables servicing holding retained interests.
 no servicing asset liability recognized.
 clean-up call repurchase option securitization series extends payoff date.
 balance reaches 5% initial balance


system energy resources.
 include generated funds cash debt issuances bank financing.
 refinance redeem retire debt prior maturity.
 debt common stock issuances require regulatory approval.
 subject tests bond.
 capacity capital needs.
 february 2012 issued $ 50 million. notes due february 2017.
 purchase additional nuclear fuel.
 short-term borrowing authorization ferc borrow through october 2013 $ 200 million.
 note 4 financial statements short borrowing limits.
 order ferc long-term securities issuances.
 extends through july 2013.
 receivables money pool december 31.
 2011 2010 2009 2008
 120424 97948 90507 42915
.
 owns operates grand gulf.
 subject risks nuclear plant.
include risks from radioactive materials regulatory changes limitations insurance nuclear technological financial uncertainties decommissioning nuclear plants sufficiency funds decommissioning trusts.
 early shutdown grand gulf system energy additional funds decommissioning.
 nuclear incident japan 2011 nrc established task force processes regulations nuclear facilities.
 issued report 2011 recommendations evaluated by nrc.
 issue orders requests to nuclear plant licensees first quarter 2012.
 orders may require.
 nuclear operators entergy plant modifications analyses increased costs capital.


exiting business japan economic weakness political unrest thailand offset growth new zealand emerging markets.
 reinsurance commissions fees revenue increased 48% benfield merger foreign currency translation.
 revenue even 2008 domestic pricing client retention declines investment banking placements.
 increased $ 54 million 2008 $ 900 million 2009.
 margins. 3%. up.
 merger benfield lower e&o costs insurance pension curtailment gain $ 54 million 6 million anti-corruption compliance 35 million restructuring.
 offset $ 140 million restructuring costs 95 million lower fiduciary investment income benfield integration costs higher amortization intangible assets unfavorable foreign currency translation.
.
 revenue
 income
.
 consulting segment generated 17% revenues 2009 human capital services.
health benefits advises employee benefit programs.
 health welfare executive benefits workforce strategies productivity management benefits administration data health compliance employee commitment investment benefits.
.
 actuarial consulting investment tax pension administration.
.
 compensation planning executive reward strategies salary survey benchmarking market share studies sales force effectiveness financial services technology industries.
.
 capital advice talent change effectiveness strategy on-boarding performance management leadership assessment communication strategy workforce training change management.
 outsourcing employment processing performance improvement benefits administration services.
 credit markets financial markets uncertainty.
 economic downturn financial.
 demand price business.


goldman sachs group.
.
 investment banking $ 7. 03 billion 2015 higher 2014 higher financial advisory client activity.
 mergers acquisitions.
 underwriting lower.
 debt underwriting leveraged finance.
 equity underwriting lower higher secondary.
 investment management $ 5. 87 billion 2% 2 % higher 2014 higher management fees assets transaction revenues.
 commissions fees $ 3. 32 billion unchanged.
 market-making $ 9. 52 billion 14% 14 % higher 2014.
 $ 289 million 18% higher higher interest rate products currencies equity cash products derivatives.
 offset lower mortgages commodities credit products.
 $ 5. 02 billion 24% 24 % lower 2014.
decrease due to lower revenues equities sale metro services 2014 lower gains private equities.
 revenues debt securities loans lower lower gains.
 net interest income.
 $ 3. 06 billion 2015 24% ( 24 % ) lower than 2014.
 due to lower interest income financial instruments owned loans receivable.
 decrease interest income offset by interest expense financial instruments sold higher long-term borrowings.
 information.
 operating expenses influenced by compensation headcount business activity.
 salaries discretionary compensation amortization equity awards.
 compensation impacted by net revenues financial performance labor markets business mix share compensation programs external environment.
 expenses litigation regulatory proceedings.
 initiative $ 900 million annual run rate compensation.
2016 net savings $ 500 million.
 operating expenses staff.
 2016 2015 2014
 compensation benefits $ 11647 12678 12691
 brokerage fees
 market development
 communications technology
 depreciation amortization
 occupancy
 professional fees
 expenses 2168 5699 2585
 non-compensation expenses 8657 12364 9480
 operating expenses $ 20304 25042 $ 22171
 staff period-end 34400


equity compensation plan information table presents equity securities as december 31 2012.
 number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding plans approved 3946111 $ 34. 67 3608527 plans not approved.
 number securities issued weighted-average exercise price number securities remaining future issuance excluding
 plans approved by holders 3946111 $ 34. 67 3608527
 plans not approved
 3946111 $ 34. 67 3608527
 includes grants huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders may 2 2012 huntington ingalls industries.
 2011 stock plan approved stockholder.
1166492 stock options 2060138 restricted performance stock rights 641556 63033 2011 plan.
 9129 5763 restricted performance rights 2012 plan target performance achievement.
 weighted average exercise price 1166492 stock options.
 no awards plans approved.
 13.
 relationships transactions director independence proxy statement 2013 annual meeting 120 days fiscal year.
 14.
 principal accountant fees services 2013 annual meeting 120 fiscal.