note 10 goodwill intangible assets.
 estimated rbc bank ( usa ) revenue net income pnc consolidated income statement 2012 $ 1. 0 billion $ 273 million.
 rbc bank transaction 2012 records bank maintained operations integrated pnc.
 revenue earnings reflect management estimate.
 table unaudited pro forma information 2012 2011 rbc bank acquired january 1  2011.
 combines results company results adjustments fair value adjustments.
 not indicative acquisition january 1 2011.
 no adjustments-temporary impairment losses sale securities.
 changes credit losses loan assets fair value.
 business model changes reflect adjustments accounting policies rbc bank pnc.
 pnc expects operating cost savings business synergies revenue growth acquisition not reflected pro forma amounts.
results differ unaudited.
 rbc bank pnc results.
 31 2012 2011
 revenues $ 15721 15421
 net income
 recognized $ 267 million integration charges 2012.
 $ 42 million 2011.
.
 smartstreet divested deposits assets smartstreet union bank.
 smartstreet nationwide business $ 1 billion assets deposits september 30 2012.
 gain sale reduction goodwill deposit intangibles $ 46 million $ 13 million.
 march consolidated income statement.
 acquired 27 branches northern atlanta flagstar bank.
 assets $ 211. million. million cash $ 24. million fixed assets $ 18. million goodwill intangible assets.
 $ 210. million deposits.
 no deposit premium no loans acquired.
consolidated income statement branch activity december 9 2011 acquisition.
 acquired 19 branches greater tampa florida subsidiary.
 assets acquired $ 324. 9 million $ 256. 9 million cash $ 26. million fixed assets $ 42. million goodwill intangible assets.
 assumed $ 324. 5 million deposits.
 $ 39. million deposit premium paid no loans acquired.
 income statement activity june 6 2011 acquisition.
 sold.
 for $ 2. 3 billion cash.
 pretax gain $ 639 million.
 income discontinued operations net taxes.
 pnc transitional services gis until systems conversion activities.
.


no impact plan obligations.
 2015 healthcare trend rate 7% ultimate trend 5% 2019.
 projected benefit payments.
 2017.
 2018.
 2019.
 2020.
 2021.
 2022.
 estimated benefit payments future events.
 actual vary.
.
 involved legal proceedings commercial competition environmental health safety product liability insurance.
 2010 brazilian council decision air products brasil. gas companies anticompetitive activities.
 civil fine r$ 179. million $ 55 30 2016 air products brasil.
 recommendation ministry justice competition laws industrial medical gases.
 fines based revenue.
 denied allegations filed appeal 2010.
 2014 granted fine.
 dismissed.
 appealed pending.
 adverse final judgment not probable.
 no provision consolidated financial statements.
estimate maximum loss fine r$ 179. 2 million $ 55 at 30 september 2016 plus interest until final disposition.
 legal proceedings financial condition results cash flows.
 involved proceedings environmental response compensation liability act resource conservation recovery act state environmental laws.
 33 sites final settlement reached responsible engaged investigation.
 monitor sites.
 accruals environmental loss contingencies recorded liability loss estimated.
 consolidated balance sheets 30 2016 2015 accrual $ 81. 4 $ 80. 6.
 paid over 30 years.
 estimate exposure environmental loss contingencies $ 81 to $ 95 as 30 september 2016.


asset pool 28% citi holdings december 31 2009 portfolio securities loans assets reduce sales portfolio run-off.
 december 31 had $ 154 billion assets.
 declined $ 197 billion 56% from 2007.
 reduced $ 87 billion year-ago.
 60% assets accounted accrual income volatility.
.
.
.
.
 net interest revenue $ 3173 $ 3332 2723 22%
 non-interest revenue -6855 ( -42906 -20619
 interest expense $ -3682 ( 3682 $ -39574 $ -17896 91% %
 total operating expenses $ 896  $ 988  $ 1070
 net credit losses $ 5420  $ 909  $ 436
 unfunded lending commitments -172
credit reserve -483 2844 378
 provisions credit losses benefits claims $ 5048 $ 3581 $ 885 41%
 loss operations before taxes $ -9626 -44143 -19851 78%
 income taxes -4323 -7740
 loss operations $ -5303 -26994 -12111 80%
 income loss noncontrolling interests -17 -205
 -5286 -26789 -12260 80% %
 assets $ 154 $ 241 $ 351
 2009.
 interest expense increased $ 35. billion 2009 negative revenue marks.
 marks $ 1. 9 billion 2009 38. billion 2008.
 positive $ 1. billion derivative positions $. billion subprime exposures.
 offset negative $ 1. 5 billion alt-a mortgages.write-downs commercial real estate negative. billion monoline insurers liabilities.
 private equity write-downs finance.
 operating expenses decreased 9% lower compensation transaction expenses.
 government loss-sharing agreement.
 provisions credit losses benefits claims increased. billion. credit losses reserve $. billion.
 assets declined 36% driven amortization prepayments sales marks charge-offs.
 sales 800 million pretax gains.
.
 interest expense decreased. billion negative revenue.
. write- downs subprime negative. billion monoline insurers positions.
 write-downs finance-downs investment real estate auction securities.
 negative marks $. billion 2008. 2007.
 operating expenses decreased 8% compensation transaction expenses.
 provisions credit losses benefits claims increased. billion.billion reserve credit losses. billion.
 assets 31% amortization prepayments sales marks charge-offs.


energy.
 $ 451. 420. 400.
 income 65. 44 62
 2013.
 2012 sales $ 451. higher lng project activity.
 income $ 65.
 sales backlog 2013 $ 402 450 2012.
 $ 250 backlog completed 2014.
.
 2011 sales $ 420. increased 5% $ 19. air separation unit activity.
 income $ 44. decreased 29% $ 18.
 sales backlog 2012 $ 450 $ 334 2011.
 foreign exchange gains losses.
 lifo inventory valuation adjustments.
 stranded costs discontinued operations.
.
 loss $ 4. $ 6.
 unfavorable lifo adjustment $ 11.
 costs discontinued operations $.
.
 loss $ 6. 39.year stranded costs lifo adjustment inventory favorable foreign exchange offset gains asset sales.


15 million fire control programs increased deliveries apache lower risk retirements sniper.
 net profit rate $ 95 million lower 2014.
 increased higher orders pac-3 lantirn/sniper tactical missile programs lower orders thaad.
 decreased 2014 lower orders higher orders.
 mfc 2019s net sales flat slight decline 2016.
 operating profit decrease 20 percent contract mix fewer risk retirements.
 operating profit margin decline 2015.
 acquired sikorsky mst.
 results.
 consolidated sikorsky operations.
 design manufacture service support military civil helicopters ship submarine mission combat systems sensors rotary-wing aircraft sea land missile defense systems radar simulation training services unmanned systems technologies.
 cybersecurity communication command control mission solutions.
programs include black hawk seahawk helicopters aegis combat system lcs space fence hawkeye radar tpq-53 radar system.
 operating results.
 2014
 net sales $ 9091 8732
 operating profit 844
 margins. 3%. 7%. 8%.
 backlog year-end $ 30100 $ 13300
 net sales increased $ million 4%.
 sales $ 400 million sikorsky $ 220 million integrated warfare systems sensors.
 offset net sales $ 150 million undersea systems $ 105 million ship aviation systems volume.
 operating profit 2015 decreased $ 92 million 10% 2014.
profit decreased $ 75 million international program $ 45 million sikorsky intangible amortization acquisition $ 15 million integrated warfare systems sensors investments next generation radar offset risk retirements.
 offset $ 20 million increased profit training logistics reserves 2014 2015.
 adjustments $ 100 million lower 2015.


entergy arkansas.
 subsidiaries restrict retained earnings for cash dividends distributions common preferred stock.
 include internally generated funds cash debt preferred stock issuances bank financing.
 refinance redeem retire debt preferred stock maturity market dividend rates.
 debt preferred stock issuances require regulatory approval.
 subject to tests corporate charters bond agreements.
 capacity capital needs.
 receivables money pool december 31.
 2016 2015 2014 2013
 note 4 financial statements.
 entergy credit facility $ 150 million august 2021.
 $ 20 million credit facility april 2017.
 letters credit against 50% borrowing capacity.
 december 31 2016 no cash borrowings letters of credit outstanding.
entergy arkansas party uncommitted letter credit facility obligations miso.
 2016 $ 1 million letter credit outstanding.
 4.
 entergy arkansas nuclear fuel company credit facility $ 80 million may 2019.
 2016 no letters credit outstanding commercial paper.
.
 arkansas obtained authorizations ferc 2017 for short-term borrowings not $ 250 million long-term borrowings.
.
 long-term securities issuances limited authorized apsc tennessee regulatory authority authorizations extend through december 2018.


2022 secondary market same store communities 1 million less 1% public multifamily reit units owned stabilized 12 months.
 2022 non-same store communities recent acquisitions development lease-up disposition significant casualty loss.
.
 segments year comparisons.
 apartment community development lease-up added after owned stabilized 12 months.
 stabilized after 90% occupancy 90 days.
 disposition excluded.
 properties acquired post merger non-same store 2017 recent not owned stabilized 12 months january 1 2017.
 note 14 consolidated financial statements annual report form 10-k.
 apartment communities large markets southeast southwest regions states.
 maintain product mix geographic diversification asset allocation.
 efficiency management overhead structure.
 experience acquisition multifamily communities.
 increase apartment communities in growing markets.
acquired apartment communities december 31 2017:.
 units closing
 charlotte midtown nashville tn 279 march 16 2017
 acklen west end nashville 320 december 28 2017
 sell communities assets strategy market conditions favorable redeploy proceeds acquire develop communities rebalance portfolio.
 value provide liquidity.
 redeploy net proceeds.
 market conditions solicit competing bids.
 portfolio dispositions maximize proceeds efficiency.
 december 31 2017 disposed five multifamily properties 1760 units four land parcels 23 acres.
 limited projects.
 wholly-owned companies joint ventures.
 fixed price construction contracts risk.
 manage leasing.
 expansion existing communities.
 maintain development commitment modest.
 31 2017 incurred $ 170. 1 million development costs completed 7 projects.


royal caribbean cruises ltd.
 table details growth global weighted average berths north american european cruise guests five years weighted-average supply berths.
 north american european 3.
 weighted-averagesupply. north europeancruiseguests
 2010 391000 92300 18800000 10781000
 2011 412000 20227000 11625000
 2012 425000 98650 20898000 11640000
 2013 432000 98750 21300000 11816000
 2014 448000 105750 22006063 12260238 6535365
 estimates global cruise guests weighted-average supply berths based data.
 estimates statistical analysis.
 guests two consecutive nights.
 united states america canada.
 european council.
 majority cruise guests north america 55.7% 55. 7 % global cruise guests 2014.
 compound annual growth rate 3. 3%. 2010 to 2014.
 europe 29. 7%. global guests 2014.
 compound annual growth rate 4. 2%. 2010 to 2014.
 asia/pacific growth north america asia/pacific higher growth rate small sector.
/pacific 8. 5%. global cruise guests 2014.
 compound annual growth rate 16. 4%. 2010 to 2014.
 cruise lines.
 competitors carnival corporation disney msc norwegian cruise line holdings.
 compete vacation alternatives resort hotels sightseeing destinations.
 demand influenced political economic conditions.
 dependent consumer discretionary spending.
operating strategies protect health safety security guests employees environment strengthen human capital serve global guest base grow business strengthen consumer engagement enhance revenues increase awareness market penetration globally focus cost efficiency manage expenditures ensure cash liquid ity return capital shareholder value invest fleet upgrade maintenance transfer innovations fleet new cruise ships capitalize portability flexibility ships markets itineraries optimize returns markets enhance technological capabilities customer preferences profitability


return compares return standard poor 500 index dow jones health care providers index five years 2017.
 assumes investment $ 100 common stock s&p 500 peer group 2012 dividends reinvested.
 $ 100 152 214 267 307 377
 s&p 500 $ 132 150 153 171 208
 peer group $ 100 $ 137 175 186 188 $ 238
 stock price performance not indicative future.


.
 2017 two business combinations cash $ 142. 8 million acquired $ 4. 2 million.
 purchase allocated assets acquired liabilities values.
 $ 76. 4 million assets $ 71. 5 million in-process technology $ 90. 2 million goodwill $ 19. 6 million net liabilities deferred tax.
 payments employees fourth quarter 2020.
 2016 business combinations cash $ 42. 4 million acquired $ 1. 8 million.
 allocated assets liabilities values.
 $ 23. 6 million goodwill $ 23. 2 million intangible assets $ 2. 6 million net liabilities deferred revenue.
 payments employees quarter children less 3% nusemi inc less 2% rocketick technologies.
.
 co-trustees.
 board directors transactions proceed.
.
recused board directors 2019 valuation nusemi rocketick technologies.
.
 no 2018.
 $ 0. 6 million $ 1. million 2017 2016.
 professional fees administrative costs expensed consolidated income statements.
.
 changes carrying 2018 2017 carrying amount.
 balance december 31 2016 $
 acquisitions 90218
 foreign currency translation
 december 30 2017
 balance december 29 2018 $ 662272
 goodwill impairment test fair value unit exceeded assets no impairment.


4% 2005 trucking services flat reduced expenses network inefficiencies.
 higher diesel fuel prices increased sales taxes higher state local taxes.
 contract expenses equipment maintenance services increased.
 storm hurricanes katrina rita higher expenses insurance settlements.
 reduction relocation expenses personnel omaha nebraska.
 non-operating items millions 2006 2005 2004 % change.
 income $ 118 $ 145 $ 88 65%
 interest expense -477 -504
 income taxes -919
 lower net gains non asset sales higher expenses rising interest rates sale receivables program reduction income 2006 offset higher rental income settlements disputes cash investment returns higher interest rates.
 income increased higher gains real estate sales offset higher expenses interest rates.
2006 2005 due declining debt $ 7. 1 billion. billion.
 higher interest rate 6. 7%. 2006. declining debt.
 taxes tax expense $ 509 million higher 2006.
 higher-tax income additional taxes $ 414 million $ 118 million one-time reduction 2005.
 effective tax rate 36. 4%. 28. 6%. 2006 2005.
 taxes greater 2005 higher pre-tax income offset reduction tax expense.
 quarterly report 10-q analyzed impact final settlements pre-1995 tax deferred tax assets liabilities.
 deferred tax assets liabilities income tax expense reduction $ 118 million


business divestitures impairments strive market position.
 returns divest assets reallocate resources markets.
 divestitures gains losses asset charges results.
 2018 net gain impairments $ 44. 9 million.
 2017 $ 27. 1 million.
 $ 6. 8 million transfer ownership landfill gas post-closure environmental liabilities.
 charge earnings $ 4. 6 million environmental costs.
 net gain divestiture $ 4. 7 million.
 restructuring eliminated positions consolidation back-office national accounts support.
 reduction administrative staffing closure office locations.
 incurred restructuring charges $ 26. 4 million severance employee termination benefits closure offices-cancelable redesign back-office functions upgrades software systems.
 paid $ 24. 7 million restructuring.
2016 realigned field support combining three regions two groups streamlining operational roles phoenix headquarters.
 second quarter 2016 redesign back-office consolidation 100 customer service locations three centers.
 upgrades continued 2018.
 2017 2016 incurred $ 17. million $ 40. 7 million restructuring charges severance employee termination benefits transition costs relocation benefits closure offices non-cancelable.
 savings reinvested customer programs initiatives.
 debt discounts environmental risk insurance liabilities.
 expense debt capital lease obligations $ 349. $ 324.
 non-cash.
 capitalized -6.
 interest expense $ 383. $ 361. 371.
 increased 2017 debt higher interest rates floating.


business product line.
 construction do-it-yourself projects second third quarters security sales higher first fourth.
 interflex business higher sales fourth project timing.
 revenue 2015 2014 2013.
 first second third fourth
 2015 22% 22 % 25% 25 % 26% 26 % 27% 27 %
 2014 22% 22 26% 27% 27 %
 2013 23% 23 % 26% 26 %
 2015 fourth quarter revenue acquisitions simonsvoss axa milre.
 31 9400 employees 26% ( 26 % collective bargaining agreements.
 non-management employees represented works councils.
 program hazardous materials remediate environmental concerns.
 site investigations remediation cleanup.
 party environmental lawsuits notices violations.
 agency state authorities.
identified potentially responsible party for cleanup costs off-site waste disposal at federal superfund state remediation sites.
 involvement minimal.
 bear entire cost remediation prps.
 ability.
 additional lawsuits claims likely arise.
 incurred $ 4. million $ 2. 9 million. 1 million expenses 2015 2014 2013 for environmental remediation at sites owned leased.
 recorded reserves for $ 15. 2 million $ 8. 8 million.
. remediation sites.
 evolving environmental laws ultimate cost future compliance uncertain.
 required file annual quarterly reports proxy statements documents with.
 securities exchange commission.
 public read copy materials public reference room 100. washington.
.
 information 1-800-sec-0330.
 maintains internet website reports proxy statements issuers.
public obtain documents filed at. gov.
 annual report 10-k future quarterly reports 10-q current reports 8-k amendments available free website. allegion. after filed.
 contents website not incorporated.


commodity prices risk commodities company exposed to market price risks.
 3m manages risks through supply contracts price protection agreements contracts.
 uses commodity price swaps cash flow hedges volatility.
 12 months.
 enters commodity price swaps offset impacts precious metals.
 natural gas commodity price swaps $ 19 million $ 2 million at december 31 2013.
 value at risk analysis annually.
 monte carlo simulation technique exposure to currency rates interest rates commodity prices risk loss tax earnings instruments derivatives.
 95 percent confidence level 12-month.
 18 currencies interest rates four currencies commodity prices five.
.
 hedge transactions.
 foreign exchange rate risk loss increased 2013 due to exposures.
 interest rate volatility stable 2013 projected.
table summarizes adverse positive impacts after-tax earnings.
.
 millions 2013 2012
 foreign exchange rates $ -111 $ -97 $ 119 $ 105
 interest rates -2
 commodity prices
 historical information.
-on-year currency effects net income 2013 $ 74 million decrease 2012 $ 103 million decrease.
 translating profits into.
 dollars impact currency fluctuations transfer goods transaction gains losses instruments negative impact swapping venezuelan bolivars into.
 dollars.
-on-year transaction gains losses net income 2013 $ 12 million decrease 2012 ( $ 49 million increase.
.
 one percent price change pre-tax cost savings $ 76 million per year.
 10 percent price change pre-tax cost savings $ 45 million


value restricted stock awards 2016 2015 2014 $ 25 million $ 31 million $ 17 million.
 periods 1 year to 10 years.
 summary future vesting.
 2021
 compensation costs less forfeitures recognized vesting period.
 grants paid class common shares.
 2016 2015 2014 recorded $ 66 million $ 52 million $ 51 million expense $ 9 million $ 15 million $ 6 million.
 december 31 2016 2015 compensation costs $ 133 million $ 154 million.
 defined contribution plan.
.
 compensation.
 bargaining agreements.
 total expense savings plan $ 48 million $ 46 million $ 42 million 2016 2015 2014.
.
.
 employees cash balance formula.
participant cash balance plan accrues benefits contribution credits age years service.
 interest credited account.
 vested after three years sum distribution employment retirement.
 employees accrue benefits career final pay formulas.
 subsidiaries kinder morgan canada.
 trans mountain pipeline.
. sponsors pension plans employees.
 include defined benefit pension plans supplemental unfunded arrangements contributory plans.
 benefits accrue career pay final pay formulas.
 costs contributions liability amounts not material consolidated income statements 2016.
 net costs $ 12 million $ 10 million 2015 2014.
.
 medical benefits retired grandfathered dependents life insurance.
 subsidiaries provide benefits current future retirees.
 subject to deductibles co-payment provisions


shareowner return performance graph material future filing securities act 1933 exchange act 1934 except.
 five year comparison shareowners 2019 returns class b common stock standard 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2009 standard 500 index dow jones transportation average class b common stock.
/31/2009
 united parcel service. $ 100. $ 130. 135. 140. 205. 223.
 standard 500 index. 115. 117. 136. 180. 205.
 dow jones transportation average. 126. 74. 136. 192. $ 240.


devices inc.
 financial statements 2014.
 2011-05 effective years december 15 2011 fiscal year 2013.
 2011 fasb issued.
 2011-12 deferral effective date amendments reclassifications accounting standards update.
 2011-05.
 defers changes.
 reclassification affect requirements.
.
 adoption.
.
 2011-12 impact financial condition results operations.
.
 november 2007 purchase sale agreement semiconductor corporation cpu voltage regulation pc thermal monitoring business regulator products temperature sensors fan-speed controllers.
 2008 sale.
 2010 proceeds $ 1 million released escrow $ 0. 6 million net tax additional gain.
 additional proceeds.
 2007 baseband chipset business mediatek.
 resources signal processing expertise returns.
 2008 net cash proceeds $ 269 million.
 cash payments $ 1.million 2009 retention payments employees mediatek.
 reimbursement intellectual property license fees.
 2010 received cash proceeds $ 62 million refundable withholding tax additional gain sale $ 0. 3 million. 2 million net tax settlement items.
 2011 additional proceeds $ 10 million released escrow $ 6. 5 million net tax additional gain sale discontinued operations.
 additional proceeds.
 cpu voltage regulation pc thermal monitoring baseband chipset businesses segregated discontinued operations.
 gain discontinued operations income taxes 2014
 gain net tax
.
 stock-based compensation grants stock options awards 2006 stock incentive plan.
 approved 23 shareholders march 14 amended 2009 2010 2011.
 plan 15 million shares common stock additional shares outstanding options not.
2006 plan incentive stock options section 422 internal revenue code 1986 non-statutory stock options appreciation rights restricted stock units-based awards.
 employees officers directors consultants advisors subsidiaries eligible.
 no award after march 13 2016 awards granted extend beyond.
 company further options previous plans.
 options five years annual installments 20% first fifth anniversaries. 3%. third fourth fifth anniversaries annual installments 25% second


lower sales volume cabinets divestiture arrow moores businesses unfavorable international plumbing products decreased sales two percent 2016.
 plumbing paints builders' hardware increased sales five percent 2015.
 favorable cabinets windows price increases north american windows plumbing products increased sales one percent.
 affected lower volume cabinets prices paints decreased two percent.
 increased volume plumbing windows builders' hardware.
 price increases north american.
 lower volume cabinets prices paints.
 gross profit margins 34. 2. 4. 5 percent 2017 2016 2015.
 impacted increased sales volume favorable selling prices commodity costs cost savings initiatives.
 negatively impacted increase warranty costs.
 expenses. percent 2017. 2016. 2015.
administrative expenses sales 2017 increased sales cost containment measures offset strategic growth investments stock-based compensation health insurance trade show costs.
 2016 strategic growth erp system higher insurance costs.
 table operating profit millions.
 2017 2016 2015 profit $ 1169 $ 1053 $ 914
 rationalization gain sale property equipment 2014
 profit $ 1173 $ 1075 $ 927
. 3%
. 6%
 profit margins 2017 2016 affected increased sales volume cost savings initiatives relationship selling prices commodity costs.
 2017 impacted strategic growth investments stock-based compensation health insurance show.
 2016 impacted increase warranty costs strategic growth investments erp system implementation costs higher insurance costs.
.
..
.
.
.
.


2012 annual report form 10-k december 31 2012 2011 2010 $ 30 million $ 98 million $ 65 million.
 cumulative tax benefit pension postretirement benefits $ 960 million $ 990 million.
 no tax benefit unrealized gain loss securities.
 2011 2010 $. 2 million $. 6 million.
 tax benefit unrealized gain derivatives $ 4 million $ 19 million $ 1 million.
.
 employee savings plan covers.
 employees.
 company matching contributions.
 company-matching contributions established 6% eligible compensation.
 company-matching contribution determined collective bargaining agreement.
-matching contribution suspended march 2009 june 2010 savings global recession.
 july 1 2010 reinstated 50% first 6% compensation employees eligible-matching contribution.
 union represented employees collective agreements.
1 2011 company match increased 75% compensation employees maintained 2012.
 compensation contributions savings plan 2012 2011 2010 $ 28 million $ 26 million $ 9 million.
 savings plan employee stock ownership plan.
 dividends shares $ 18 million $ 20 million $ 24 million 2012 2010 tax deductible.
.
.
 earnings.
 royalty income $ 51 $ 55 $
 net earnings equity affiliates
 gain sale assets
 $ $
.
-based compensation stock options restricted stock units grants contingent shares shareholder return.
.
 incentive plan april 21.
 future grants. million december 31 2012.
 stock-based compensation cost $ 73 million $ 36 million $ 52 million 2012 2011 2010.
stock-based compensation expense increased payout 2010 rsu grants ppg shareholder return performance 2012 500 index expense.
 income tax benefit $ 25 million $ 13 million $ 18 million 2012 2011 2010.
 ppg stock option awards.
.
 employees granted options purchase common stock equal fair market value.
 exercisable six to 48 months after maximum term 10 years.
 issued treasury stock.
 restored option provision options 2003 ownership shares market value equal cost.
 fair value stock options measured date grant recognized expense period.
 estimates fair value stock options black-scholes option pricing model.
 risk- free interest rate determined.
 treasury yield table


report 2013 realty corporation overhead capitalized $ 16. million $ 9. 4 million $. 3 million interest costs 2013 2012 2011.
 table summarizes second generation capital expenditures segment.
 2012
 industrial $ 41971 33095
 office
 medical
 non-reportable rental operations
 $ 91798 63884 99264
 first second generation expenditures vary product type operations characteristics market.
 generation expenditures 79 suburban office buildings sold blackstone $ 26. 2 million 2011.
 dividends distributions internal revenue code 1986.
 paid dividends $ 0. 68 per common share 2013 2012 2011.
 distribute taxable earnings.
 distributions subject cash financial condition capital requirements.
 december 31 2013 three preferred stock outstanding.
 annual dividend rates.. paid quarterly.
 february 2013 redeemed series o shares $ 178. million future dividend commitments $ 3. million.
 2012 redeemed. m shares $ 168. 3 million future dividend commitments $ 2. million.
 2011 redeemed. n shares $ 108. million future dividend commitments $ 2. million.
 2013 $ 4. 3 billion interest rate. 49%. maturity dates 2014 2028.
 $ 3. 1 billion unsecured $ 1. billion secured $ 88. million unsecured line credit.
 payments $ 1. billion.


american tower corporation subsidiaries financial statements 2014 purchase 3924 911 shares.
 october 2005.
 require purchase interest atc south america options.
 holders received 4428 shares atc south america 1596 shares tax.
 repurchase minority interest.
.
 recorded purchase price allocation adjustment $ 5. 6 million increase intangible assets minority interest.
 holders require purchase shares fair market value months.
 april 2006 repurchase right exercised paid $ 18. 9 million cash fair market value determined board directors independent financial advisor.
.
 impairments net loss sale restructuring merger loss sale 2006 2005 2004 recorded impairments net loss sale $ 3. million $ 19. 1 million $ 22. 3 million.
2022 non-core asset impairment charges 2006 2005 company recorded net losses sales-core towers assets impairment charges write assets impairment.
 recorded net losses impairments $ 2. 0 million $ 16. 8 million $ 17. 7 million.
 net loss 2006 asset sales $ 7. 0 million offset gains asset sales $ 5. 1 million.
 2022 construction-in-progress impairment charges wrote-off $ 1. 0 million $ 2. 3 million $ 4. 6 million construction-in-progress costs sites.
 restructuring expense table accrued restructuring liability december 2004 2005 2006 liability january 1 expense payments december 31.
 2005 2006
separations 2239 823 -2397 2397 665 84 -448 301 -267 267
 lease terminations facility closing costs 1450 -131 -888 -325 325 -108
 $ 3689 692 -3285 1096 -773 773 419 -277 277 -142
 accrued restructuring liability accounts payable accrued expenses balance sheets december 2005.
 2006


consolidated financial statements annual compensation.
 years 2009 2008 2007 contributions $ 450000 $ 503000 $ 457000.
 involved litigation.
 costs affect financial position operating results liquidity.
 employment agreements executives june 2010 january 2013.
 minimum cash-based compensation salary bonus $ 7. million 2010.
 1998 acquired operating sub-leasehold 420 lexington avenue.
 annual lease payments $ 6. million $ 1. million.
 2007 ground lease december 31 2029 option 2080.
 rent payments $. million per year.
 revaluation.
 2009 acquired sub 420 lexington avenue $ 7. million.
 december 2029.
 october 2009 acquired remaining sub-leasehold $ 7. million.
property 711 third avenue sub-lease expires 2083.
 ground rent $ 1. 55 million annually through 2011.
 rent reset after 2011 value.
 option buy sub-lease.
 461 fifth avenue ground lease $ 2. million annually expiration 2027 options renew 21 years 15.
 purchase lease fixed price.
 625 madison avenue $ 4. 6 million annually expiration 2022 options renew 23 years.
 1185 lease $ 8. 5 million 2010 6. million annually expiration 2020 option renew 23 years.
 673 first avenue.
 70% fair market value.
 operating capital lease.
 initial lease term 49 years option 26 years.
 additional rent.
 673 first avenue capital lease cost $ 12. 2 million cumulative amortization $ 5. million.2 million december 31 2009 2008.
 schedule future minimum lease payments capital noncancellable operating leases terms one year 31 2009 non-cancellable capital lease.
 2010 $ 1451 31347
 2011
 2012
 2013
 2014
 45649 580600
 minimum lease payments 53320 $ 725413
 interest -36437
 net minimum lease payments $ 16883
 financial instruments derivatives hedging derivatives balance fair value.
 adjusted fair value.
 changes fair value offset asset recognized income earnings.
 ineffective change fair value recognized earnings.
 net income 2019 equity increase interest rates variables no effect cash flows.


2022 international.
 markets less advanced current technologies wireless.
 demand for communications sites driven by voice network investments new market entrants 3g data deployments.
 india nationwide voice networks deployed beginning investments 3g.
 mexico brazil networks deployed providers 3g spectrum auctions investments 3g.
 chile peru spectrum auctions attracted new entrants begin voice 3g data networks.
 demand tower sites continue increasing coverage investing next generation data networks.
 rental management revenue growth.
 grew portfolio communications sites acquisitions construction 7800 sites.
 evaluate opportunities acquire larger portfolios portfolio.
 international
 majority sites acquired constructed india chile colombia peru.
 network development services revenue growth.
growing rental management operations anticipate network development services revenue small percentage total revenues.
 offer tower-related services site acquisition zoning permitting structural analysis support site leasing business addition new tenants equipment.
 rental management operations expenses.
 ground rent property taxes repairs maintenance utilities.
 exclude corporate selling administrative development expenses.
 increase adding tenants sites modestly year-over-year.
 leasing additional space new tenants provides cash flow.
 incur additional selling administrative expenses.
 profit margin growth impacted addition new tenants diluted development activities.
 reit election.
 tax strategy considering election reit.
 income tax.
 elect reit status taxable year january 1 2012 second half 2011 subject approval board directors no certainty timing reit election.


sum buyout cost $ 1. million.
 total rent expense leases $ 893000 $ 856000 $ 823000 fiscal years 2001 2002 2003.
 36-month leases $ 644000 office furniture.
 leases ended 2003 furniture purchased fair market value.
 rental expense $ 215000 $ 215000 $ 127000.
 2000 36 capital lease computer equipment software $ 221000.
 ended 2003 assets purchased stipulated buyout price.
 future minimum lease payments non-cancelable leases march 31 2003.
 leases
 2004
 2005
 2006
 2007 769
 2008
 future minimum lease payments $
 company involved legal administrative proceedings claims.
 outcome adverse effect.
.
 stock option purchase granted fair value underlying common stock date.
stock options not exercised expire 10 years grant.
 1992 combination stock option plan adopted september 1992 incentive.
 2670859 options awarded ten-year may 1 2002.
 march 31 2003 1286042 options outstanding eligible future exercise.
 held by employees exercisable over five years.
 1998 equity incentive plan adopted august 1998.
 grants options employees directors advisors consultants.
 maximum 1000000 shares common stock awarded.
 exercisable subject terms.
 vesting periods 3 to 5 years from grant.
 2000 stock incentive plan adopted august 2000.
 grants options employees directors advisors.
 to 1400000 shares common stock awarded exercisable terms.
 vested 4 years from grant.
 nonqualified stock option plan for non-employee directors.
directors 2019 plan adopted july 1989 options purchase non-employee directors.
 400000 shares.
 options vesting 1 5 years.
 financial statements march 31 2003 page


intel corporation notes consolidated financial statements 16 income changes tax effects unrealized losses investments deferred tax asset valuation allowance derivatives service credits actuarial losses foreign currency translation adjustment.
 millions gains losses investments deferred tax valuation allowance derivatives service credits costs actuarial gains losses foreign currency translation adjustment
 december 27 2014 $ 2459 $ 26 -423 -47 -1004 -345 666
 income loss reclassifications -999 2014 -298 -2 -187 -1413
 amounts reclassified income -93 2014 522 67 506
 tax effects 382 -18 -67 301
 -710 -18 18 157 -170 -606
26 2015 1749 -266 ( 266 -876 -515 60
 income reclassifications 1170 -680 -4 460
 reclassified income -530 ( 530 ) -322
 tax effects -225 ( 225 ) -8 -5 -92 ( )
 income loss 415 -8 -364 ( 364 ) -4 4
 december 31 2016 2164 2014 -259 ( 259 ) -519 519


ansys.
 long-term incentive plan granted 100000 92500 80500 performance-based restricted stock units.
 based on performance shareholder return nasdaq composite index period employment.
 three-year period january 1.
 each stock unit relates one share company common stock.
 value 2012 2011 2010 estimated $ 33. 16 $ 32. 05 $ 25. 00 .
 monte carlo simulation model.
 fair grant date variables.
 share-based compensation expense recorded from grant date through.
 december 31 2012 employees earned 76500 restricted stock units issued first quarter 2013.
 compensation expense awards 2010 $ 2. 6 million $ 1. 6 million $ 590000.
 2014 $ 2. million $ 1. 2 million .
 monte carlo pricing model

 risk-free interest rate. 16%. 16 %. 35%. 35 %
 dividend yield 0%
 2014ansys stock price 28% 28 % 40% 40 %
 2014nasdaq composite index 20% 20 % 25% 25 %
. 80. 90
 correlation factor. 75. 70
 granted performance restricted stock units management employees maximum value $ 13. million annually three 1 2012.
.
.
 repurchase program increase stock repurchase program.
 repurchased. 5 million shares 2012 average per share $ 63. cost $ 95. million.
 2011 repurchased 247443 shares $ 51. cost $ 12. million.
. 5 million shares repurchase.
.
 adopted 1996 stockholders.
 amendment 2004. 6 million shares.
 2007.
purchase plan administered by compensation committee.
 offerings commence february 1 august 1 six months.
 employee shares 5% voting power participate.
 employee purchase shares payroll deductions to 10% cash compensation.
 maximum to 3840 shares adjusted by committee.
 accumulated payroll deductions used to purchase common stock last day equal to 90% fair market value first.
 purchase no more than $ 25000 common stock year.
 december 31  2012 1233385 shares issued 1184082 issued december 31  2011.
 total compensation expense $ 710000 $ 650000 $ 500000.


equity securities 2013 2018 repurchased 57669746 shares common stock average price $ 143. 70.
 table common stock repurchases fourth quarter 2018 shares purchased average price paid plan maximum.
 oct. 1. 31 6091605 $ 158. 32831024
. 1. 30 3408467. 3402190 29428834
. 1. 31 3007951. 26428119
 12508023 $ 153. 04 12490632
 purchased 17391 shares delivered employees stock option prices excess tax withholding obligations.
 january 1 2017 board authorized repurchase 120 million shares common stock december 31  2020.
 repurchases open market transactions.
 management discretion timing amount.


investment tax credits deferred regulated utility subsidiaries amortized to income over service lives assets.
 company recognizes accrued interest penalties tax income tax expense sales tax authorities.
 note 14 2014income taxes.
 allowance funds construction non-cash credit to income utility plant cost borrowed funds return equity funds.
 utility subsidiaries record afudc.
 borrowed funds reduction interest statements.
 equity funds.
 years ended december 31.
 allowance funds construction
 borrowed funds
 environmental costs water wastewater operations subject to.
 requirements environmental protection environmental claims.
 environmental expenditures current operations future benefit expensed capitalized.
 remediation costs condition accrued undiscounted.
conservation agreement subsidiary with national oceanic atmospheric administration 2010 amended 2017 protect steelhead trout habitat carmel river watershed california.
 pay $ 1 million annually 2010 final payment 2021.
 remediation costs $ 4 million $ 6 million as december 31 2018 2017.
 hedging interest rates.
.
 speculative leveraged instruments.
 derivatives recognized balance sheet fair value.
 hedge of value forecasted transaction variability cash flows.
 changes in fair value gain loss recorded in current-period earnings.
 gains losses effective cash-flow hedges recorded in income.
 ineffective portion recognized in current-period earnings.


american tower corporation subsidiaries financial statements 2014 restructuring assets spin-off american radio systems.
 2003 federal state operating loss carryforwards future taxable income $ 0. 9 billion $ 1. 5 billion.
 loss carryforwards expire.
 december
 2004 to 2008 $ 1451 483578
 2009 2013 12234
 2014 2018
 2019 to 2023
 $ 926886 $ 1513972
.
 valuation allowance deferred tax assets. provided valuation allowance $ 156. 7 million state deferred tax assets capital loss carryforwards lost tax benefit costs refund.
 remaining net deferred tax assets federal operating loss carryforwards twenty-year.
 intends recover deferred tax asset tax refund claims 2003 tax planning strategy.
recoverability remaining net deferred tax asset assessed stable projections.
 show decrease depreciation interest expense later years assets depreciated first years debt repayments reducing interest expense.
 recoverability not dependent on improvements operations asset sales non-routine transactions.
 future management believes realized.
 $ 1. 0 billion taxable income january 2004 to december 31 2023.
 income reduce deferred tax asset income tax expense decrease 2019 equity.
 bankruptcy may worthless stock bad debt deduction.
 no income tax benefit uncertainty bankruptcy proceedings.
.
 authorized to issue 20. million shares. stock.
 no preferred shares issued outstanding.


.
.
 bd 2019s executive offices franklin lakes new jersey.
 october 31  2017 leased 289 facilities 20462405 square feet manufacturing warehousing administrative research facilities.
.
 puerto rico 7472419 square feet owned 2976267 square feet leased.
 international facilities 7478714 feet owned 2535005 square feet leased.
 sales offices distribution centers.
 operations.
 international locations.
 serve more than one business segment multiple purposes administrative manufacturing warehousing.
 manufacturing facilities some leased.
 table summarizes property information business segment.
 corporate medical
 leased
.
 good construction physical condition operations fully utilized operating normal capacity.
.
alabama arizona california connecticut florida georgia illinois indiana maryland massachusetts michigan missouri nebraska jersey carolina ohio oklahoma carolina texas utah virginia washington. wisconsin puerto.
 international facilities east africa england ghana hungary ireland italy kenya luxembourg netherlands poland saudi arabia south africa switzerland turkey emirates.
 asia australia bangladesh zealand philippines singapore korea taiwan thailand.
 latin america argentina brazil chile colombia mexico peru dominican.
 canada.
.
.
.
.
.
 safety disclosures.
.


$ 239 million december 31 2015.
 fair value company interest reflected pennymac stock price 2016 2015.
 impairment analysis decline fair value below carrying value temporary.
.
 2016 credit facility.
 commitment $ 4. billion amended 2016 maturity march 2021.
 permits request additional $ 1. billion borrowing capacity principal $ 5. billion.
 interest borrowings accrues london interbank rate spread.
 not exceed maximum leverage ratio debt 3 to 1 december 31 2016.
 facility provides liquidity working capital investment opportunities.
 no outstanding.
.
 issue unsecured commercial paper notes maximum $ 4. billion.
 supported 2016 credit facility.
 december 31 blackrock no notes outstanding.
long-term borrowings carrying fair value estimated market prices exchange rates december 31 2016 maturity amount unamortized discount debt issuance costs carrying value fair value.
 6. 25%. % 2017
. 2019
 4. 25%. 25 % 2021
. 375%. 2022
. 50%. % 2024
. 25%. 2025
 long-term borrowings
 december 31 2015 carrying value $ 4. 9 billion fair value $ 5. 2 billion market prices 2025.
 issued 20ac700 million. 25%. senior unsecured notes maturing may 6 2025.
 listed new york stock exchange.
 net proceeds corporate purposes refinancing indebtedness.
 interest $ 9 million per year payable annually may 6.
2025 notes redeemed maturity redemption price.
 unamortized discount debt costs amortized term.
.
 20ac700 million debt investment hedge currency exposure.
 gains $ 14 million $ 19 million 2016 2015.
 hedge ineffectiveness.
.
 issued $ 1. billion 3. 50%. unsecured notes maturing march 2024.
 proceeds indebtedness 2014.
 interest payable semi-annually march 18 september 18 $ 35 million per year.
 notes redeemed maturity redemption price.
 unamortized discount debt costs amortized term.
.
 issued $ 1. 5 billion unsecured unsubordinated obligations.
 debt securities $ 750 million. 375%. % repaid june 2015 $ 750 million 3. 375% % 2022.
proceeds repurchase blackrock common stock series b barclays corporate purposes.
 interest 2022 notes $ 25 million year payable-annually june 1 december 1 commenced 1 2012.
 2022 notes redeemed maturity redemption price.
 par value present value


consolidated financial statements.
 morgan chase.
.
.
.
.
.
 paper $ 11. 7 billion 2003 $ 17. 5 billion 2002.
 backed collateral credit enhance ments commitments liquidity a-1 f1 rating.
 commitments liquidity $ 18. billion 2003 $ 23. 5 billion 2002.
 third-party banks $ 700 million 2003 $ 900 million 2002.
-specific liquidity primary.
 program-wide liquidity jpmorgan chase-term disruptions market commitments $ 2. 6 billion $ 2. 7 billion 2003 2002.
 credit enhancement letters of credit.
 totaled $ 1. 9 billion $ 3. 4 billion 2003 2002.
 underwriting standards liquidity.
jpmorgan chase downgraded below a-1 p-1 f1 firm provide funding liquidity commitments commercial paper rated below a-1 p-1 f1 not issuable.
 replace facilitate sale refinancing assets.
 jpmorgan chase maximum credit exposure december 31  2003 $ 18. 7 billion fund asset-specific liquidity credit enhancement.
 credit exposure multi-seller conduit transactions limited.
 not required fund assets default.
 obligations letters credit secondary to risk first loss overcollateralization.
 consolidated asset-backed commercial paper conduits july 1 2003 recorded assets liabilities balance sheet.
 2003 restructured preferred securities third-party investor expected losses.
.
.
 leveraged rating agency model losses rights obligations.
 deconsolidated $ 5. 4 billion assets liabilities december 31 2003.
 remaining conduits consolidated firm balance sheet december 31 2003 $ 4. 8 billion loans $ 1. 5 billion-for-sale securities.
 firm transactions.
 inter mediates risks fixed income equity credit derivative instruments.
 provides liquidity support.
 exposure to nonconsolidated vies reflected in consolidated balance sheet financial statements.
 risks derivative instruments liquidity commitments managed.
 assets vies at december 31 2003 2002.
 billions 2003
 structured commercial loan vehicles.
 credit-linked note vehicles.
 municipal bond vehicles.
 vehicles.
 structured commercial loan vehicles managed third parties loans purchased funded commercial paper.
 collateral risk loss.
 firm retains second-risk-of-loss position absorb losses.
 transactions if value portfolio declines below.
commercial paper $ 5. 3 billion 2003 $ 7. 2 billion 2002.
 jpmorgan chase liquidity $ 8. billion $ 12. billion 2002.
 loss $ 5. billion collateral limits.


liquidity capital resources presents financial information statistics 2013 2012 believes balances cash equivalents securities satisfy working capital asset purchases liquidity requirements 12 months.
 commercial paper markets third quarter 2014.
 anticipates cash future dividends share repurchase domestic cash.
 borrowings.
 27 2013 $ 137. 1 billion $ 111. 3 billion cash equivalents securities foreign subsidiaries.
 dollar-denominated holdings.
 subject.
 income taxation.
 portfolio highly-rated securities limits credit exposure.
 risk loss.
 cash $ 59. 7 billion $ 39. billion net income non-cash adjustments $ 13. 2 billion net operating assets liabilities $ 7. billion.
 $ 22. 6 billion purchases securities $ 9. billion property equipment $ 9.acquisitions $ 3. 8 billion.
 financing $ 37. 5 billion common stock $ 45. dividends $ 11. billion offset long-term debt commercial paper $ 12. $ 6. billion.
 $ 53. 7 billion $ 37. net income non-cash adjustments $ 10. 2 billion operating assets liabilities $ 6. 5 billion.
 $ 33. 8 billion purchases securities $ 24. billion property plant equipment $ 8. 2 billion.
 $ 16. 4 billion common stock $ 22. billion dividends $ 10. 6 billion long-term debt $ 16. billion.
.
.
 equivalents securities $ 155239 146761
 property plant equipment
 debt
 working capital
 operating
investing -22579 -33774 -48227
 financing $ -37549 ( 37549 ) -1698 (


buildings improvements 39
 office furniture equipment 5
 manufacturing engineering equipment
 vehicles
 long-lived assets.
 144 company reviews assets for impairment recoverable.
 not recoverable exceeds undiscounted cash flows.
 assessment based on carrying amount tested recoverability.
 impairment loss carrying exceeds fair value.
.
 goodwill intangible assets tested for impairment annually.
 goodwill asset impairment charges 2008 2007 2006.
 established reporting units.
 testing goodwill impairment allocated.
.
 requires intangible assets amortized over estimated lives reviewed for impairment.
.
 amortizing acquired intangible assets over 3 to 10 years.
 declared dividend $ 0. 75 per share paid december 15 2008.
 paid dividend $ 150251.
dividend retained earnings.
 august 2007 dividend $ 0. 75 per share 14.
 dividend $ 162531.
 earnings.
 april 26 2006 post-split dividend $ 0. 50 share december 15.
 $ 107923.
.
 $ 186383 $ 159210 restricted distribution december 27 2008 29 2007.
 patents license agreements $ 152104 $ 159503.
 excess purchase cost value $ 127429 27 2008 $ 98494 29 2007.
 assets amortized estimated lives three ten years.
 accumulated amortization $ 48579 $ 59967 december 27 2008 29 2007.
 expense $ 30874 $ 26942 $ 21147


annual report hartford financial services group.
 consolidated financial statements 13.
 debt 7. 875%. 875 % 8. 125%. 125 % debentures redeemed call date tax rating events price 100% principal amount make accrued unpaid interest.
 redeem. 125%. debentures call principal.
 7. 875%. 875 % 8. 125%. part call date accrued unpaid interest redemption.
. replacement capital covenant holders company 2019s indebtedness 6. 1%. due 2041.
 redeems 8. 125%. debentures june 15 2048 proceeds sale qualifying replacement securities.
 february 7 2017 amendment lengthen issue qualifying replacement securities redemption 8. 125%. % debentures amend definition qualifying replacement securities.
 long-term debt maturities december 31 2016.
2017 maturities $ 416
 2018 $ 320
 2019 $ 413
 2020 $ 500
 2021 $ 2014
 $ 3525
 registrations july 29 2016 company filed securities commission automatic shelf registration statement.
 333-212778 potential offering sale debt equity securities.
 debt junior subordinated debt preferred stock common stock depositary shares warrants stock purchase contracts units.
 hartford seasoned issuer rule 405 securities act 1933 registration effective offer sell unlimited securities three-year life.
 put option agreement glen meadow abc trust purchase junior notes $ 500.
 february 8 2017 exercised put option $ 500 proceeds february 15  2017.
 premiums.
 reimburse fees expenses.
 variable interest not primary beneficiary.
 consolidate.
 junior subordinated notes maturity february 2047 final maturity february 12 2067.
 company sell replacement securities repay debentures maturity.
 notes bear interest three-month libor plus 2. 125%. payable quarterly unsecured hartford.
 defer interest payments.
 replacement capital covenant holders 4. 3%. notes due 2043.
 debentures 12 2047 proceeds sale securities.
 prohibits redeeming notes february 15 2022.
 senior unsecured five-year revolving credit facility borrowing $ 1 billion unsecured credit through october 31  2019.
 dollars euro sterling canadian dollars japanese yen.
 december 31 2016 no borrowings outstanding.
 compliance financial covenants.
 hartford 2019s maximum borrowings $ 1.
company market short-term financing commercial paper.
 no commercial paper.


committee assessment compensation.
 vary financial performance capital expenditures cost containment safety reliability customer service business development regulatory matters.
 "internal pay equity" merit increases limited role responsibilities adjustment salary.
 predetermined formula salary.
 2008 merit-based salary increases approved 3. 2 to 5. percent.
 increases consistent with last two years excluding market factors promotions.
 table 2007 base salaries 2008 percentage increase.
 effective in april.
.
. wayne leonard $ 1230000 5. 0% 5. 0 % $ 1291500
. denault $ 600000 5. 0%. $ 630000
. smith $ 622400 3. 5%. % $ 645000
. renae conley $ 392000 4. 0%. 0 % $ 407680
.mcdonald $ 311992 3. 2%. 2 % $ 322132
 joseph. $ 307009 3. 5%. 5 % $ 317754
 roderick. 276000 13. 75%. 75 % 315000
. 325000 5. 2%. 2 % 341900
 fisackerly 205004 32. 9%. 9 % $ 275000
 carolyn shanks 307009 3. 3%. % $ 317140
. $ 207000. 24%. 24 % $ 213707
.
 leonard salary increased entergy.
 carolyn shanks resigned ceo enexus energy corporation.
.
 promoted president ceo.
 salary increased responsibilities.
 quarter 2008.
 principal financial officer.
.
.
 enexus energy corporation.
.
west salary increased performance ceo orleans strategic challenges retaining.
 competitiveness.
 officers similar positions.


tax positions reconciliation company 2019s uncertain tax positions millions.
 balance january 1 $ 280 $ 278
 additions tax positions
 additions
 reductions
 settlements
 business combinations
 statute limitations
 foreign currency translation
 balance december 31 $ 279 $ 280
 liability uncertain tax positions 2016 includes $ 228 million $ 219 million $ 240 million tax rate.
 unrecognized tax benefits change twelve months balance.
 audits.
 estimate outcomes.
 recognizes interest penalties uncertain tax positions.
 accrued interest penalties $ 22 million $ 11 million $ 15 million 2018 2017 2016.
 liability penalties $ 77 million $ 55 million $ 48 million december 31.
 subsidiaries income tax returns jurisdictions.
 concluded.
income tax 2007.
.
 state local examinations concluded 2005.
 company concluded tax examinations.
 jurisdictions 2010.
.
 distributable reserves england wales.
 law reserves repurchases dividends.
 earnings.
 parent company reduction share capital courts england wales.
 not linked.
.
 december 31 2018 2017 distributable reserves $ 2. billion $ 1. billion.
 repurchase program board.
 2012 $ 5. billion increased $ 5. billion november 2014 february 2017 $ 15. billion.
 shares repurchased open market privately negotiated transactions funded capital.


earnings $ 152 million $ 0. 50 per share december 31 2016.
 income tax benefits operating cash flows $ 152 million.
 new accounting standard impact periods prior january 2016 applied changes.
 2015 fasb issued asu.
 2015-16 business combinations 805 simplifies accounting adjustments.
 effect earnings.
 adopted asu january 1 2016 applying business adjustments.
 november 2015 fasb issued asu.
 2015-17 income taxes 740 simplifies deferred income taxes assets liabilities noncurrent balance sheets.
 applied provisions reclassified $ 1. 6 billion noncurrent assets $ 140 million noncurrent liabilities balance december 31 2015.
 2013 earnings per share average.
 common shares outstanding 299.
 dilutive effect equity awards.
 weighted average common shares 303. 314.
 compute diluted earnings net earnings weighted average shares.
 includes dilutive effects assumed vesting restricted stock units stock options.
 no anti-dilutive equity awards years december 31 2016 2015 2014.
 acquisitions sikorsky aircraft november 2015 united technologies.
 purchase price $ 9. billion.
 sikorsky wholly- owned subsidiary.
 research design development manufacture military commercial helicopters.
 products s-76-92.
 acquisition business military commercial markets position aerospace defense industry.
 presence commercial international markets.
 business.
 $. billion acquisition price utilized $ 6. billion proceeds borrowed 364-day revolving credit facility $ 2. cash $ 1. commercial paper.
fourth quarter 2015 repaid borrowings 364-day facility $ 7. billion fixed interest-rate-term notes.
 repaid $ 1. billion commercial paper borrowings.


hr solutions.
 december 31, 2010 2008
 revenue $ 2111 $ 1267 $ 1356
 operating income 234 203 208
 margin 11. 1%. 1 % 16. 0%. % 15. 3%. 3 %
 october 2010 hewitt human resource.
 operates globally brand.
 results october 1 2010.
 hr solutions segment generated 25% revenues 2010 human capital services health benefits employee benefit programs.
 management benefits data-driven health compliance commitment investment.
 retirement actuarial services consulting investment tax pension administration.
 compensation planning executive reward strategies salary survey market share studies sales force effectiveness financial services technology industries.
 talent change organizational effectiveness workforce training.
2022 benefits outsourcing defined benefit contribution 401 k health welfare services.
 replaces processes efficient less costly solutions.
 2022 human resource business processing outsourcing manage employee data benefits payroll human resources processes record talent workforce hr transactions absence management flexible spending audit participant advocacy.
 disruption credit markets deterioration financial markets uncertainty.
 economic conditions.
 economic downturn clients 2019 financial condition business activities.
 demand


asbestos company subsidiaries defendants asbestos cases.
 december 31 2010 case activity.
 december 31 2009 526
 adjustments 2
 new cases filed 41
 resolved
 31 2010
 plaintiffs company subject claims cases.
 reserves defense costs.
 proceedings domination agreement october 1 2004 celanese gmbh subsidiary bcp holdings domination agreement acquire celanese shares minority shareholders fair cash compensation.
 cash compensation a41. 92 per share.
 minority shareholders remain shareholders receive guaranteed annual payment. 27 per share less taxes.
 march 30 2005 minority shareholders initiated special award proceedings review fair cash compensation guaranteed annual payment.
 145387 shares tendered fair cash compensation.92 924078 shares outstanding entitled guaranteed annual payment domination agreement.
 proceedings fair cash consideration payment minority shareholders claim higher amounts.
 december 12  2006 court first instance appointed expert value celanese gmbh.
 may 30  2006 majority shareholder adopted-out resolution outstanding shares transferred to bcp holdings for fair cash compensation a66. 99 per share.
 challenged effective after disputes settled december 22  2006.
 award proceedings filed by 79 shareholders against bcp holdings frankfurt district court higher amount compensation.
 settlement agreement higher value compensation former shareholders claim higher.
 higher than. 1069465 shares entitled adjustment.
court confirms cash compensation domination higher squeeze-out compensation 924078 shares d77691 148000000 16:10 valid graphics


united parcel service.
 subsidiaries financial statements 2014 table summarizes unrecognized tax benefits.
 balance january 1 2007 $ 373
 additions 13
 additions prior 34
 reductions
 changes settlements
 lapses statute limitations
 balance december 31 2007 $ 355
 unrecognized tax benefits tax rate $ 134 million.
 tax benefits $ million claims prior years.
 net receivable prior year income tax matters.
 penalties.
 accrued penalties $ 5 million interest $ 36 million 2007.
 recognized liability penalties $ 6 million interest $ 75 million.
 receivable interest $ 116 million tax benefits refund claims.
.
.
.
.
 resolved.
 federal income tax matters 1999.
third quarter 2007 stipulation dismiss case justice withdrawing refund claim 1994 subsidiary france.
 write-off tax balances $ 37 million increase income tax expense.
 offset favorable developments.
 federal.
 state non.
 contingency matters.
 february 2008 irs completed audit tax years 1999 2002 limited issues appeals office 2009.
 2003 2004.
 2009.
 no subject.
 state local non.
 income tax examinations 1999.
 matters litigation.
 years elapse tax position.
 difficult predict outcome.
 unrecognized tax benefits increase decrease twelve months.
 timing interest deductions deductibility acquisition costs filing requirements allocation income expense jurisdictions foreign subsidiary consolidated return.
 changes settlement litigation examinations expiration statute limitations unforeseen circumstances.
 estimate change


graph compares expeditors international washington. 5-year shareholder return s&p 500 nasdaq industrial transportation index.
 assumes investment common stock $ 100 12/31/2013 12/31/2018.
 assumes reinvestment dividends.
 expeditors. s&p 500 nasdaq.
 12/13
 expeditors. $ 100. 101. 119. 146. $ 153.
 standard 500 index 100. 111. 110 144. 135.
 nasdaq industrial transportation. 121. 93. 120 154. 140.
 stock price performance not indicative future price performance.


part iii item 10.
 directors executive officers corporate governance.
 section 406 sarbanes-oxley act 2002 adopted code ethics senior financial officers principal executive officer financial officer accounting officer controller.
 available website. hologic.
 disclosure item 5. report form 8-k amendment waiver website.
 additional information proxy statement annual meeting stockholders commission 120 days fiscal year.
 item 11.
 executive compensation.
.
 item 12.
 security ownership management stockholder.
 equity compensation plans employees officers directors.
 table fiscal year 29 2007 shares common stock stock option plans equity incentives approved.
 securities exercise price adjusted two-for-one stock split november 30 2005.
equity compensation plan securities issued options warrants rights future approved holders.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
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.
. equity compensation plans approved security holders
.
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.
.
 securities issued options warrants rights warrants future compensation plans equity compensation plans approved security holders.
 not approved holders.
 2943694.
 1997 employee equity incentive.
.
1997 employee equity incentive plan adopted board 1997 attract retain employees consultants advisors incentive assist performance goals enable participate long-term growth.


corporation financial statements assets recorded goodwill.
 allocation assets acquired.
 intangible assets $ 220
 115
 net liabilities -50
 assets acquired $ 285
 assets broadcast licenses $ 185 million tradenames $ 27 million customer relationships $ 8 million.
 indefinite amortized 6 years.
 group news services segment separate reporting unit goodwill review.
 business 2016. sold european business $ 140 million pre-tax gain $ 107 million fiscal year 2017.
 sale core businesses australia asia.
 used $ 62 million additional acquisitions 2017 australian regional media.
 news services.
.
 charges $ 92 million $ 71 million $ 142 million fiscal years $ 77 million $ 58 million $ 133 million news information services segment.
charges 2019 2017 termination benefits.


annual report 2010 duke realty corporation provide property management leasing construction tenant services unconsolidated companies equity interests.
 2009 2008 earned management fees $ 7. 6 million 8. 4 million. leasing $ 2. 7 million. million construction development fees $ 10. 3 million. $ 12. 7 million.
 recorded fees eliminated ownership percentages statements.
 guaranteed repayment $ 95. 4 million economic development bonds.
 taxes.
.
 guaranteed repayment secured unsecured loans six unconsolidated subsidiaries.
 maximum $ 245. 4 million.
 3630 peachtree joint venture liability $ 36. 3 million.
 lease land december 2080 total obligation $ 103. 6 million.
 payments leases.
 subject legal proceedings claims.
management liability affect financial statements results operations.
 december 31 2010 subject obligations.
 payments due 2011 2012 2013 2014 2015
 long-term debt $ 5413606  $ 629781  $ 548966  $ 725060 498912 473417 $ 2537470
 lines credit 214225  28046  9604 176575
 debt unconsolidated joint ventures 447573  87602 27169 93663 34854 65847 138438
 ground leases 103563
 operating leases 2704 840 395
 development construction backlog costs 521041  476314  44727
 contractual obligations $ 6704679  $ 1225797 $ 633481 $ 998091 536428 541890 2768992
long-term debt secured unsecured principal interest.
 calculated rates december 31 2010.
 unsecured lines operating february 2013 consolidated subsidiary july 2011.
 calculated recent rates.
 unconsolidated joint venture debt principal interest.
 calculated december 31 2010.
 estimated costs owned third-party.


in people infrastructure presence businesses globally opportunity grow market share.
 enterprise risk management systems data environment research development.
 accounting estimates consolidated financial statements include.
 determined estimates assumptions.
 amounts could differ.
 items estimates unpaid loss expense reserves asbestos environmental future policy benefits reserves valuation value business amortization deferred policy acquisition costs assessment risk transfer insurance reinsurance contracts reinsurance recoverable uncollectible impairments value investment portfolio deferred tax assets derivative instruments guaranteed minimum income benefits goodwill.
 accounting policies.
 discussion estimates assumptions prior development asbestos environmental run-off liabilities reinsurance recoverable investments net realized gains losses income expense items.
unpaid losses expenses insurance company required by to establish reserves for unpaid ultimate liability policies agreements.
 estimate includes for claims reported unpaid future obligations from additional devel opment.
 reserves provide for liabilities.
 expenses processing settling unpaid claims.
 december 31  2008 gross unpaid reserves $ 37. 2 billion net unpaid $ 24. 2 billion.
 structured settlements loss reserves not discounted time value.
 carry reserves of $ 106 million net discount.
 table roll-forward unpaid losses loss expenses for periods.
.
 net losses.
.
 balance at december 31 2006 $ 35517 $ 13509  $ 22008
 losses expenses incurred 10831 7351
paid -9516 -5934
 exchange 280
 december 31 2007 37112 13520 23592
 10944 3341
 -9899 -3572 -6327
 foreign exchange revaluation -1367 -387 -980
 acquired 386 353
 balance december 31 2008 37176 12935 24241


ownership environmental capital expenditures property acquisitions marathon ashland.
 original contributor no ownership.
 ashland net gain net loss.
 revenues increased $ 5. 822 billion 2004 2003 $ 6. 040 billion.
 increases rm&t segment higher acquisition costs crude oil refined products feedstocks manufacturing expenses.
 expenses increased $ 105 million 2004 $ 97 million.
 increase stock-based compensation business transformation outsourcing.
 impacted start-up costs project complying governmental regulations.
 increase 2003 employee benefit expenses.
 $ 24 million organizational business process changes.
 inventory market valuation reserve cost value.
 crude oil prices below $ 22 per barrel.
 2002 results income $ 71 million.
 net interest financial costs decreased $ 25 million 2004 2003 $ 82 million 2002.
decrease 2004 interest income.
 2003 capitalized interest construction projects interest rate swaps tax deficiencies.
 foreign currency gains $ 9 million $ 13 million $ 8 million 2004 2003 2002.
 loss 2002 retirement $ 337 million debt loss $ 53 million.
 ashland 38 percent increased $ 230 million 2004 $ 129 million.
.
 equatorial guinea holdings gepetrol 25 percent $ 7 million 2004 start-up costs.
 income taxes increased $ 143 million 2004 $ 215 million 388 million $ 720 million increases income taxes.
 tax rate 2004 36. percent. 2003 2002.
 higher rate 2002 10 percent tax profits north sea oil gas.
 one-time noncash deferred tax adjustment $ 61 million rate increase.
 tax rate.
tax rate 35. 0% 0 %. %
 foreign operations 1. 3. 4 5.
 local taxes federal tax. 2 3.
 federal tax. 3. 4
 tax rate 36. 6%. 6 %. 6 % 42. 1%. 1 %
 deferred tax effect supplemental tax.
 tax rate.


2004 acquisitions february shares accelerant networks.
 $ 23. million assets analog design automation.
 $ 12. 2 million.
 acquired ip solutions.
 analog mixed.
 october 2004 cascade semiconductor solutions.
 upfront $ 15. 8 million contingent $ 10. million performance milestones three years.
 $ 2. 1 million fourth quarter 2005 allocated goodwill.
 acquired cascade ip provider.
 accelerant cascade acquisitions acquisition costs $ 4. 3 million legal accounting fees charges.
 october 2006 paid costs.
 2004 two asset acquisition $ 12. 3 million upfront.
 research development expenses $ 1. 6 million 2004.
 not consolidated balance sheet results.
 paid costs.
company allocated purchase assets liabilities acquired intangible assets values goodwill $ 24. 5 million.
 assets technology $ 44. million amortized three five years.
 amortization revenue statements.
.
 goodwill.
 balance october 31 2004 $ 593706
 169142
 adjustments -33869
 october 31 2005 $ 728979
 october 31 2006 $ 735643
 2005 goodwill $ 72. 9 million $ 92. 4 million contingent consideration earned $ 1. 7 million $ 2. 1 million.
 reduced goodwill tax reserves! expiration federal statute limitations.


2011 issued $ 1200 million senior notes credit facility third-party lenders $ 1225 million.
 december 31 2011 long-term debt $ 1859 million senior notes credit facility $ 105 million third party debt spin-off.
 transition services agreement northrop grumman services transition.
 12 months enterprise shared services information technology resource planning financial procurement benefits support.
 transition agreement ends march 31 2012 services-party providers.
 services cost extended six months transition.
 note 20 transactions former parent company equity.
 tax matters agreement northrop grumman rights responsibilities obligations tax liabilities benefits attributes contests.
 federal state local foreign income taxes.
 liabilities northrop grumman consolidated.
 income taxes northrop grumman group periods.
tax matters agreement specifies tax liability northrop grumman.
 rules allocating tax liabilities spin-off transactions not tax-free.
 note 20 transactions parent company equity.
 transition services agreement tax agreement impact financial condition.
 contractual obligations december 31 2011 estimated future cash payments 2012 2013 2014 2015 2016 2017.
 long-term debt $ 1859 $ $ 396 1305
 interest payments
 operating leases
 purchase obligations 2425
 long-term liabilities
 contractual obligations $ 5849  $ 1637 $ 1239 $ 897 $ 2076
 payments $ 554 million variable interest rate debt december 31 2011.
obligation agreement purchase goods enforceable binding terms quantities price provisions timing.
 purchase order commitments vendors subcontractors funded contracts.
 long-term liabilities workers 2019 compensation reserves deferred compensation miscellaneous liabilities $ 201 million compensation liabilities.
 excludes uncertain tax positions $ 9 million.
 excludes retirement contributions.
 2012 minimum contributions pension plans $ 153 million $ 65 million.
 recoveries.
.
 $ 35 million postretirement plans


entergy corporation subsidiaries management financial discussion utility companies system agreement.
 note 2 financial statements.
 november 2012 utility companies filed amendments system agreement ferc section 205 federal power act.
 technical revisions allocate charges credits settlement entergy arkansas withdrawal agreement.
 lpsc mpsc puct city council protests ferc amendments viability system agreement.
 december 2013 order revisions compliance filing.
 entergy services compliance filing february 2014 ferc accepted november 2015.
 required refund report results intra-system bill rerun december 19 2013 november 30 2015 energy-based allocator losses services charges credits utility company.
 payments receipts millions.
 entergy louisiana.
 mississippi
 new orleans.
 texas.
december 2013 order ferc issue settlement union pacific coal delivery issues.
 entergy arkansas participation agreement terminated december 18 2013.
 december 2014 ferc alj decision entergy arkansas benefits 2013 2008 settlement entergy union pacific coal delivery issues.
 utility companies share benefits.
 companies filed briefs 2014 decision pending ferc.
 termination 2005 2007 entergy arkansas mississippi filed february 2009 notices cancellation december 2013 2015.
 2009 ferc accepted entergy arkansas mississippi withdraw without fee.
 appeals lpsc city council denied 2012 2013.
 december 18 2013 entergy arkansas ceased.
 november 7 2015 entergy mississippi.
commitments 96-month system agreement termination notice period utility companies filed 2013 amend agreement changing notice period


ordinary business geologic trends economics allowed lease acreage expire may allow additional acreage.
 production not established leases undeveloped acreage expire next three years.
 plan continue terms licenses retain leases majority undeveloped acres licenses ethiopia kenya executed agreements 2015.
 kenya transaction closed february 2016 ethiopia transaction expected close first quarter 2016.
 item 8.
 financial statements supplementary data note 5 consolidated financial statements.
 net undeveloped acres expiring year ended december 31.
 2016 2017 2018
.
.
 189 4352 854
 4444 890
 257 4533


capital markets macroeconomic factors affect business.
 changes disruptions limited liquidity uncertainty brexit interest rate volatility increase cost financing risks refinancing debt.
 borrowing costs affected by long-term ratings.
 decrease ratings access capital markets increase borrowing costs financial condition operating results.
 customers leveraged.
 consolidations competition credit market volatility.
 exposure credit risk.
 change financial credit position greater credit risk collect receivables.
 financial condition liquidity.
.
.
.
.
 co-headquarters pittsburgh pennsylvania chicago.
 executive offices.
 business units administrative finance legal human resource functions.
 maintain additional owned leased offices regions.
 manufacture products facilities.
 operated 84 manufacturing processing facilities.
 own 81 lease three.
 facilities.
 leased

 united states 40
 canada
 emea
 world 27
 maintain manufacturing processing facilities good needs.
 co-manufacturing production.
 fourth quarter 2018 plans divest assets operations canada india one manufacturing facility canada leased india.
 5 divestitures financial statements supplementary data.
.
 legal proceedings.
 18 commitments contingencies.
.
 safety disclosures.
.
.
 registrant common equity.
 common stock listed nasdaq 201ckhc.
 june 5 2019 49000 holders.
 equity dividends 7 financial condition results operations cash dividends.


equity securities three months december 31 2010 repurchased 1460682 shares common stock $ 74. 6 million  including commissions fees stock repurchase program shares purchased average price paid share dollar value millions.
 average price share dollar value
 october 2010 722890 $. $ 369.
 november 400692 $. $ 348.
 december 2010 337100 $. $ 331.
 fourth quarter 1460682 $. $ 331.
 repurchases $ 1. 5 billion stock repurchase program february 2008.
 management authorized purchase shares open market prevailing prices securities laws subject market conditions.
facilitate repurchases rule 10b5-1 exchange act insider trading laws blackout.
 program discontinued.
 december 31 2010 repurchased 1122481 shares common stock $ 58. 0 million.
 february 11 2011 repurchased 30. 9 million shares $ 1. 2 billion.
 manage remaining $ 273. 1 million market conditions.


ppg annual report form 10-k 45 costs $ 17 million amortized interest.
 2010 three-year credit agreement terminated july 2012.
 $ 1. 2 billion unsecured revolving credit facility.
 terminated million $ 1 billion facilities 2011.
 no outstanding amounts.
 2010 credit agreement august 5 2013.
.
 uncommitted lines credit $ 705 million $ 34 million used december 31 2012.
 subject cancellation not commitment fees.
 short-term debt 31 2011.
. 27%. 2012. 72%. % 2011
 restrictive covenants credit agreements loan agreements indentures.
 agreements financial ratio covenant.
 total indebtedness not 60% capitalization excluding pensions postretirement benefit adjustments.
december 31 2012 indebtedness 42% % capitalization excluding postretirement.
 debt agreements cross- default provisions.
 $ 10 million.
 debt obligations secured affiliates.
 interest payments 2012 2011 2010 $ 219 million $ 212 million $ 189 million.
 2009 agreement counterparty repurchase 1. 2 million shares. market $ 56. 66 per share.
 held until 2010 paid $ 65 million.
 rental expense leases $ 233 million $ 249 233 million 2012 2011 2010.
 leased assets paint stores transportation equipment warehouses office space headquarters pittsburgh.
 lease commitments $ 171 2013 $ 135 2014 107 2015 83 2016 64.
 outstanding credit surety bonds $ 119 million december 31 2012.
letters of credit secure company 2019s performance to parties under self-insurance programs commitments.
 december 31 2012 2011 guarantees outstanding were $ 96 million $ 90 million.
 relate to debt entities ppg customers.
 debt secured by assets entities.
 carrying values guarantees were $ 11 million $ 13 million 2012 2011 fair values $ 11 million $ 21 million.
 fair value estimated net value hypothetical cash flow streams.
 discounted at risk free return.
 loss letters of credit surety bonds guarantees.
.
 three levels of inputs.
 1 quoted prices reliable.
 2 observable prices.
 3 unobservable inputs.


manage market risks hedging transactions.
 counterparties rated institutions.
 establish credit limits.
 transactions include derivative financial instruments.
 interest rate foreign exchange commodity price equity risk see note 7 financial statements.
 estimates maximum value changes interest rates foreign exchange rates commodity prices equity prices conditions.
 monte carlo value-at-risk methodology.
 95 percent confidence level.
 historical interest foreign exchange rates commodity equity prices volatility.
 data from riskmetrics 2122.
 calculations not represent actual losses.
 correlates underlying exposure offset underlying.
 positions debt investments interest rate swaps foreign exchange forwards commodity swaps futures options equity instruments.
 include foreign exchange commodities equity positions.
table presents estimated potential one-day loss interest rate foreign currency commodity equity-risk instruments may 27 2018 28 2017 average value impact 27.
 interest rate $ 33. $ 27. $ 25.
 foreign currency 21. 23. 24.
 commodity instruments.
 equity instruments.


restructure refinance debt capital markets financial condition.
 refinancing higher interest rates onerous covenants restrict business operations.
 failure interest principal indebtedness credit rating additional indebtedness.
 cash flows insufficient debt obligations liquidity problems dispose assets.
 consummate dispositions obtain proceeds debt obligations.
.
 unresolved staff comments.
 locations at december 31  2013.
 facilities leased except 165000 square feet office in alpharetta georgia.
 sublet restructuring.
 alpharetta georgia
 jersey city
 arlington virginia
 sandy utah
 menlo park california
 new york
 chicago illinois
 25000 square footage g1 execution services.
 sell to affiliate susquehanna.
lease assigned susquehanna sale february 10 facilities used trading investing balance sheet management segments.
 leased facilities less than 25000 square feet not listed location.
 lease 30 e*trade branches 2500 to 8000 square feet.
 space adequate needs 2014.
.
 october 27 2000 ajaxo.
 filed complaint california county santa clara.
 ajaxo sought damages non relief breach non-disclosure agreement wireless technology misappropriation trade secrets.
 judgment 2003 ajaxo $ 1. 3 million breach non-disclosure agreement.
 denied requests additional damages.
 december 21 2005 california court appeal affirmed award remanded case trial court determining additional damages.
 paid full case remanded trial court may 30 2008 jury returned


table details growth global weighted average berths north american european asia/pacific cruise guests five years average supply berths caribbean cruises.
 berths global american european asia/pacific.
 weighted-averagesupply caribbean cruises. berths globalcruiseguests north american cruise guests european asia/pacific cruise guests
 2012 425000 98650 20813 11641 6225 1474
 2013 432000 98750
 2014 448000 105750 22039 12269 6387
 2015 469000 112700
 2016 493000 123270 12581 6542
 estimates global cruise guests weighted-average supply berths based data cruise industry.
 seatrade insider cruise industry news press releases.
.
estimates incorporate analysis cruise industry data.
 include global.
 include united states canada.
 european countries. germany france italy spain united kingdom.
 southeast asia. thailand east asia. south asia. india pakistan oceanian. australia fiji islands regions.
 majority cruise guests north america 52% global cruise guests 2016.
 annual growth rate 2% ( 2 % ) 2012 to 2016.
 27% % guests.
 growth rate 1% ( 1 % ) 2012 to 2016.
 asia/pacific 15% guests.
 annual growth rate 25% % 2012 to 2016.
 highest growth rate small sector.
 cruise lines.
competitors carnival corporation aida carnival costa cunard holland america p&o princess disney norwegian cruise line owns oceania regent seven seas.


tower corporation subsidiaries financial statements 2014 stock-based compensation complies.
 148 amendment.
 123 201d transition guidance accounting provisions.
.
 accounting principles.
.
 equity grants awards adopted disclosure-only provisions.
 148.
.
 recognizes compensation expense excess quoted stock price grant date stock.
 stock option plans note 13.
 december 2004 issued.
 123r 201cshare-based payment 201d.
.
 effect net loss per share fair value recognition provisions.
 123 stock-based compensation.
 estimated fair value option calculated black-scholes option-pricing model.
 2003
 net loss $ -247587 ( $ -325321 -1163540
 stock-based employee compensation expense tax effect net loss
stock-based employee compensation expense fair value -23906 ( 23906 ) -31156 -38126 ( 38126 )
 net loss -354400 -1201666
 net loss per share -1. 10. -1. 56. -5. 95 (.
 -1. 20. -1. 70. -6. 15 ( 6.
 31 2004 2003 company modified option awards accelerate vesting recorded charges $ 3. million $ 2. 3 million  increases capital financial statements.
 approximate 2004 2003.
 $ 3. 3 billion $ 3. 6 billion.
 2003 $ 3. 4 billion 3. 6 billion.
 based quoted market prices.
 401 ( k ) plan employees.
 company matching contribution prior june 30 2004 35% ( 5% contributions.
july 1 2004 plan amended company match 50% 6% contributions.
 contributed $ 533000 825000 979000 years 2004 2003 2002.
 fasb issued sfas.
 123r revision.
 compensation supersedes apb.


dollar general corporation subsidiaries consolidated financial statements.
 accounting policies vendor rebates company accounts cash vendors accounting standards.
 cash presumed rebate allowance merchandise purchase costs.
 expenses promotion vendor products offset by cash cooperative advertising incremental costs.
 recognizes amounts cooperative advertising performance 2018 distribution policy advertising expense.
 prepaid expenses current assets rent maintenance advertising insurance vendor rebates coupons.
 property equipment recorded cost.
 depreciation amortization estimated useful lives.
 land improvements
 buildings
 furniture fixtures equipment
 leased properties amortized life lease term estimated useful life.
 impairment long-lived assets evaluates carrying value operating performance future cash flows appraised values assets.
accounting standards long-lived company reviews impairment stores two years cash flows negative.
 impairment results carrying value exceeds future cash flows.
 estimate based historical operations future profitability.
 asset impaired impairment difference carrying value estimated fair value.
 value estimated future cash flows risk value.
 assets adjusted fair value less cost sell less book value.


item 5 2019s common equity.
 stock traded new york stock exchange 2018. tables high low sale prices.
.
 2002 first quarter high $ 17. 84 low $ 4. 11 2001 quarter high $ 60. 15 low $ 41. 30
 second quarter 9. 17 3. 55 52. 25.
 quarter 4. 61. 56 44. 50.
 fourth quarter. 57. 17. 80.
.
 march 3 2003 9663 holders common stock par value $ 0. 01 per share.
.
 pay cash dividends.
 precluded cash dividends guaranty utility customer net worth liquidity tests.
 subsidiaries pay cash dividends limitations loans governmental provisions agreements.
 equity compensation plans.
 annual meeting stockholders may 1 2003.


entergy corporation subsidiaries financial statements proceedings rate filings 2007 2008 2009 resolved orders ferc appellate courts.
 rate filings 2009 recalculation 2010 rate filing.
 filed 2010 rates orders filing september 2010.
 parties intervened lpsc city council protests.
 july 2010 ferc accepted rates effective june 1 refund hearing settlement procedures.
 terminated hearings march 2011.
 january 2011 order decisions.
 march 2011 order abeyance.
 october 2013 ferc order clarification denying rehearing.
 challenge erroneous inputs implementation errors cost inputs federal power act section 206 205 filing.
 october 2013 presiding alj lifted stay order hearing remaining issues hearing.
 march 2014 presiding alj initial decision september 2014.
briefs exception filed october 2014.
 december 2015 ferc order.
 directs entergy services compliance filing affect production cost equalization filings june december 2005 2006 2007 2008 test periods.
 january 2016 lpsc apsc entergy rehearing 2015 order.
 february 2016 entergy submitted compliance filing.
 true-up payments recalculation production costs utility companies.
 arkansas
 louisiana
 mississippi
 orleans
 texas
 2011 rate filing 2010 costs 2011 filed 2011 rates.
 parties intervened lpsc filed protest.
 july 2011 accepted rates june 1 2011 hearing procedures decisions.
 january 2014 lpsc filed petition writ mandamus appeals fifth.
lpsc requested fifth circuit final 2011 filing 2010 2012 2013 filings.
 march 2014 fifth circuit rejected mandamus.
 december 2014 ferc rescinded consolidated 2011 2012


goodwill reviewed annually fourth quarter for impairment.
 company performs impairment analysis intangible assets.
 changes membership state funding medical contracts provider networks.
 impairment loss if value exceeds implied fair value.
 impair ment losses.
 paid incurred unpaid.
 developed actuarial methods historical data payment patterns cost trends product mix seasonality.
 reviewed adjustments reflected.
 actuarial methods.
 claims payable unpaid claims december 31 2005 payments may differ estimates.
 medicaid care revenue monthly fixed rates member contracts.
 addi tional premium supplemental services.
 revenue recognized earned covered period.
 recorded membership eligibility data adjusted.
 adjustments immaterial revenue.
 premiums collected advance recorded as unearned revenue.
specialty services segment generates revenue government health plans third-party customers.
 revenues recognized earned.
 performance-based contracts revenue refund until.
 recorded unearned revenue.
 premium receivables net allowance uncol lectible accounts trends.
 december 31.
 2005 2004 2003
 $ 462 $ 607 $ 219
 write-offs uncollectible receivables
 end year $ 343 $ 462 $ 607
 revenues state medicaid managed care programs.
 june 30 2006 august 31 2008.
 indiana kansas texas wisconsin 18% 12% 22% 23% revenues year 31.
 purchased reinsurance healthcare services.
 current reinsurance program covers 90% inpatient healthcare expenses annual deductibles $ 300 lifetime maximum $ 2000.
medicaid subsidiaries for inpatient charges average daily.
 reinsurance recoveries were $ 4014 $ 3730 $ 5345 2005 2004 2003.
 expenses $ 4105 $ 6724 $ 6185.
 included in medical costs.
 investment interest expense.
 from cash equivalents deposits investments.
 interest borrowings credit facility mortgage interest capital leases credit fees.
 deferred tax assets liabilities recorded future tax consequences differences financial tax bases.
 measured using enacted tax rates.
 effect change tax rates recognized.
 valuation allowances provided deferred tax assets.
 future reversals


part i item 1 entergy corporation domestic utility companies system energy employment litigation utility companies defendants lawsuits former employees age race sex protected characteristics.
 deny liability.
 no assurance outcome estimate damages.
 two cases claiborne county mississippi 2002.
 former employees entergy.
 defendants.
-related claims $ 53 million damages $ 168 million punitive damages.
 removed proceedings federal district jackson mississippi.
 predict outcome.
 member electric power research institute.
.
 participates projects.
 domestic utility companies contributed $ 1. 6 million 2004 1. 5 million 2003 $ 2. 1 million 2002.
 non-utility nuclear business contributed $ 3. 2 million 2004.
 entergy.
 2004 employed 14425 people.
..
.
 1494
 gulf 1641
 louisiana 943
 mississippi 793
 orleans 403
 2735
 nuclear 3245
 subsidiaries 277
 full-time 14235
 part-time 190
 4900 employees electrical utility teamsters.


nbcuniversal media balance sheet includes pension plans foreign subsidiaries.
 december 31 2015 2014 benefit obligations exceeded fair value assets $ 67 million $ 51 million.
 unfunded nonqualified management.
 compensation deferred based elections.
 investment gain loss.
 employees participate unfunded nonqualified plan.
.
 accounts credited income fixed annual rate.
 receive distributions elected deferral periods tax law.
 benefit obligation interest expense deferred compensation plans.
 december 31 millions 2015 2014 2013
 benefit obligation $ 417 $ 349 $ 250
 interest expense $ 28 $ 24
 sponsor 401 ( k ) defined contribution retirement plans contribute compensation payroll deductions.
 contributions.
2015 2014 2013 expenses totaled $ 174 million $ 165 million $ 152 million.
 participate pension postretirement unions.
 partic plans health welfare retirement savings retired.
 make periodic contributions sponsor administer.
 participate largest plans funded 80% or greater.
 2015 2014 2013 contributions pension plans $ 77 million $ 58 million $ 59 million.
 contributions postretirement benefit plans $ 119 million $ 125 million $ 98 million.
 withdraw participation law fund unfunded benefits withdrawal liability.
 actions lead adverse changes financial condition withdrawal liability.
 2015 annual report form 10-k 166


.
 table operating profit margin cost products sold.
 years december 31 2003 losses foreign exchange hedge contracts increased 2002 2001.
 reported operating profit percent net sales 47. 1 percent asia pacific.
 december 2003 2002
 51. 2%. 2 % 48. 3%. 3 % 47. 4%. 4 %
 26. 24. 4 19.
 pacific 45. 46.
 profit americas net sales increased to 48. 3 percent in 2002 from 47. 4 percent improved gross profit margins higher selling prices increased lower selling expenses lower costs.
 selling prices sales.
 strategic margin products leveraged operating expenses change accounting principle medical education programs new product launches.
.
 pacific increased. 46. 1 percent 2002 from 45. 4 percent.
 2001.
increase reflects lower selling prices 4 percent 2003 administrative expenses sales volume 15 percent increase sales force dealer reorganization lower gross profit margins lower yen profit.
 reconstructive implant gains 2001.
 sales trauma orthopaedic margins increased 24. 4 percent 2002 19. 5 percent 2001 reconstructive improved.
 2003 reconstructive implant sales growth 22 percent operating expenses improved efficiency 19 percent.
. 4 percent fewer placements less expense.
.
 operating profit liquidity capital resources increased improved profit margins $ 494. 8 million higher prices 2003 $ 220. 2 million 2002.
 cash net earnings accounting principle $ 291. 2 million.
.
 increased operating profit amortization expense $ 103. million inventory. 4 percentage points.
 increases standalone-up $ 42.centerpulse research selling prices 2 percent 2003 development write-offs $ 11. million.
 working capital 19 percent increase 2003 $ 20. million improved operating profit.
 tax loss carryforwards $ 80. 4 million cash flow.
 expenses.
 working capital key management focus.
 profit net sales december 31 2003 62 days sales. 7 percent.
 pacific 10 days.
 centerpulse net sales decreased favorable rates hedge contracts european revenue increased payment terms.
 operating expenses.
 2003 232 days inventory 247 2002.
.
 improved inventory selling prices 1 percent acquired dental spinal businesses volume mix improvements 4 percent 2003 fewer days inventory.
 offset


2014 company acquisitions purchase price $ 9.
 assets plant $ 17.
 liabilities assumed $ 8 $ 5 contributions construction debt $ 2.
 2013 fifteen acquisitions net purchase price $ 24.
 assets utility plant $ 67.
 liabilities $ 43 $ 26 contributions construction debt $ 13.
 2013 acquisition capital stock dale service corporation cash purchase price $ 5 $ 7 liabilities.
 business combination results.
 purchase price allocated assets values.
 property equipment.
 assets liabilities recorded book value subject regulatory approval.
 acquired debt valued level 3 debt.
.
 non-cash assets utility plant $ 41 liabilities $ 36 debt $ 13 contributions $ 19.
 2014 sale terratec.
post-close adjustments proceeds sale $ 1 pretax loss $ 1.
 table summarizes results discontinued operations december 31.
 2014
 revenues $ 13 $ 23
 expenses 19 26
 loss before income taxes -6 ( 6 -3 ( 3
 provision income taxes -1
 loss tax $ -7 ( 7 $ -2 2
 provision tax expense taxable gains.
 no assets liabilities balance sheets december 31 2015.


.
 loan loss reserve accounts see global risk notes 1 18 consolidated financial statements pages 51 122 165.
 company securitizes asset classes balance sheet competitive financing rates.
 assets sold trust used collateral financing.
 cash flows service trust securities.
 meets accounting guidelines assets sold company.
 assets recorded assets financing activity liabilities citigroup 2019s balance sheet.
 citigroup assists clients securitizing.
 provide administrative asset management underwriting liquidity services securitization entities assets.
 elimination qspes changes fin 46 consolidation model fasb proposed standard special purpose entities qspes fasb statement.
 transfers.
 standard citigroup 2019s financial statements sales treatment assets sold future sales transfers definition. revision effective january 1 , 2010.
proposed changes sfas 140 fasb issued standard three changes consolidation model fasb interpretation.
 46 variable interest entities.
 revised standard qspes fin 46 r ).
 amended method analyzing qualitative determination power benefits losses risks rewards model.
 proposed standard analysis primary beneficiaries circumstances change.
 existing standard.
 fasb deliberating proposed standards subject change.
 qspes eliminated sfas 140 subject fin 46 r ) consolidation guidance method company expects consolidate unconsolidated vies qspes citigroup december 31 , 2008.
 estimate impact citigroup balance sheets risk-weighted assets proposed changes january 1 , 2010 effective date.
 impact amended standards 2010 differ.
impact proposed changes risk weighted capital rules january 1 2010 balances december 31 2008 consolidation incremental assets.
 gaap risk- weighted
 credit cards $.
 commercial paper conduits.
 consumer mortgages.
 student loans.
 bonds.
 mutual fund deferred sales commission securitization.
 investment funds.
 $ 179.
 table reflects estimated assets qspes citigroup transferred december 31 2008 $ 822. 1 billion assets unconsolidated vies citigroup $ 288. billion consolidated proposal.
 transaction structures involvement subset consolidated change.
 description accounting securitized assets note 1 consolidated financial statements page 122.


2013 2012 2011.
 track miles rail replaced 834 964 895
 capacity expansion 97 69
 new ties installed 3870 4436 3785
 miles track surfaced 11017 11049 11284
 total investments $ 3. 9 billion revised.
 2014 60% investments replace.
 major replacing track infrastructure upgrading locomotive freight container fleets acquisition 200 locomotives.
 increasing network terminal capacity southern terminal mainline capacity.
 rail facility santa teresa 2014 run-through fueling facility intermodal ramp.
 technology improvements $ 450 million.
 2014 investments cash operations sale lease long-term debt cash hand.
annual capital plan long-term strategic plan value resources replace track infrastructure increase network efficiency investments customer demand long-term growth.
 financing increased 2013 $ 744 million increase repurchase higher dividend payments $ 1. 3 billion $ 1. 1 billion.
 increased debt levels increase.
.
 dividend payments increased $ 309 million common stock repurchases increased $ 56 million.
 debt levels 2011.
 less cash 2012 debt 2011.
 increased quarterly dividend to $ 0. 91 per share payable april 1 2014 28.
 fund increase cash december 31  2013.
 facilities $ 1. 8 billion credit revolving credit facility issuance commercial paper.
.
 commitment fees interest rates similar investment-grade borrowers.
 floating rates interbank credit ratings senior unsecured debt.
facility matures 2015 four year term requires corporation maintain debt-to-worth coverage ratio borrowing.
 2013 2012 compliance covenant.
 debt includes credit arrangements capital leases guarantees unfunded pension benefits.
 31 2013 $ 42. 4 billion debt $ 9. 9 billion outstanding.
 current capital plans expect satisfy ratio factors control