maturities table debt maturities december 31 2007 excluding market value adjustments.
.
 2008 $ 689
 2009 542
 2010 462
 2011 550
 2012 720
 4717
 $ 7680
 december 31 2007 reclassified long-term debt $ 550 million.
 reclassification refinance short term borrowings long-term.
 december 31 2006 reclassify short-term debt-term properties equipment value $ 2. 8 billion collateral capital leases equipment obligations financing arrangements.
 merger missouri pacific 1997 value merger requirements.
 assets $ 6. billion.
 collateral value maintained term mortgage bonds.
 december 31 2007 $ 1. 9 billion revolving credit facility entered april 20 2007.
 corporate purposes issuance commercial paper.
 2007.
fees interest rates similar investment-grade borrowers.
 allows borrowings floating rates interbank spread depending senior unsecured debt ratings.
 requires debt to net worth coverage ratio.
.
 financial restrictions credit rating triggers.
 expires april 2012 replaced $ 1 billion 5-year facilities.
 comparable prior minimum net worth requirement $ 7. 5 billion removed change-of-control provision.
 $ 75 million uncommitted line of credit.
 expires april 2008 not used 2007.
 equivalent credit.
 debt-to worth covenant cash dividends.
 retained earnings dividends $ 11. 5 billion $ 7. 8 billion december 2007 2006.
 replaced facilities.


entergy corporation financial statements bonds mandatory tender purchase 100% principal october 1 2003.
 june 1 2002 entergy louisiana remarketed $ 55 million.
 bonds 2030 interest rate 4. 9%. 2005.
 bonds mandatory tender purchase principal june 1 2005.
 fair value excludes lease debt due year.
 determined bid prices investment banking.
 annual-term debt maturities cash fund requirements december 31 2002 five years.
 2004
 2006
 sinking fund requirements $ 30. million annually cash property additions 167%.
 2002 damhead creek project sold buyer assumed obligations.
 2000 entergy business purchased fitzpatrick indian point 3 power plants.
 issued notes seven annual installments $ 108 million eight installments $ 20 million.
notes stated interest rate implicit interest rate 4. 8%.
 indian point 2 entergy non-utility nuclear business liable nypa additional $ 10 million per year 10 years september 2003.
 liability recorded indian point 2 september 2001.
 entergy corporation. 75%. notes consolidated debt ratio 65% or less capitalization.
 debt acceleration facility maturity.
 january 2003 entergy paid outstanding debt iowa wind project.
 supply system energy capital maintain equity capital 35% % capitalization permit operation grand gulf 1 pay indebtedness borrowed enable payments debt.


visa inc.
 financial statements 2014 redeemed shares class c series ii common stock october 2008 redemption price $ 1. 136 billion $ 1. 146 billion reduced dividend june 2008 august 2008 extinguishment subscription receivable.
 reorganization 2007 value $ 1. 104 billion.
 shares not redeemable.
 triggered redemption.
 march 2008 reclassified shares $ 1. 125 billion temporary equity reduction paid-in-capital $ 1. 104 billion accumulated income $ 21 million.
 march 2008 october recorded accretion redemption price income.
 table activity class c common stock october 2007 to september 30 2008 fiscal millions.
 balance october 1 2019 $
 re-measure fair value
 accretion september 30 2008
dividend declared -8
 balance september 30 temporary equity $ 1136
 march to september 30 recorded accretion redemption price income.
 june 2008 declared dividend $ 0. 105 per share.
 dividend c reduction equity redemption value.
 note 16 equity redeemable shares.
 october 2008 redemptions october redeemed outstanding shares redemption price $ 1. 146 billion less dividends $ 1. 136 billion.
 35263585 shares redeemed current liability september 30 balance.
 used $ 1. 508 billion net proceeds redemption 35263585 shares


financial statements sumitomo mitsui financial group.
 provides credit loss protection on loan commitments investment-grade commercial lending.
 $ 29. 24 billion $ 32. 41 billion december 2013 2012.
 credit loss protection limited to 95% first loss maximum $ 950 million.
 protection 70% additional losses maximum $ 1. 13 billion $ 870 million $ 300 million protection provided december 2013 2012.
 firm uses financial instruments mitigate credit risks.
 credit default swaps underlying instrument market index.
 warehouse financing.
 provides financing assets.
 secured corporate loans commercial mortgage loans.
 three business days.
 contingent financing resale agreements.
 funding depends contractual conditions expire unused.
 investment commitments private equity real estate assets funds.
commitments include $ 659 million $ 872 million real estate $ 6. 46 billion $. 47 billion corporate investments.
 $ 5. 48 billion $ 6. 21 billion funds firm.
 funded at market value.
 obligations long-term lease agreements office space expiring through 2069.
 agreements escalation real estate taxes charges.
 future minimum rental payments sublease rentals.
 millions.
 rent expense $ 324 million 2013 $ 374 million 2012 $ 475 million 2011.
 leases include office space.
 rent expense growth. firm records liability fair value remaining lease rentals reduced sublease rentals leases space.
 costs to terminate lease before measured fair value termination.
.
 note 27-related.
.
multiple mortgage market originators issuers servicers investors.
 uncertainty exposure.
 goldman sachs 2013 annual report


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 table containerboard mills products year-end 2012 machines.
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 semi-chemical medium mill.
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 semi-chemical medium mill.
 71 corrugated manufacturing operations.
.
 warehouse properties.
sales woodlands management offices to four employees administrative offices.
 pca leases for design centers distribution centers warehouses facilities.
 equipment owned by pca except forklifts rolling stock.
 cutting rights to 88000 acres timberland near valdosta mill counce mill 11000.
 agreements 11 years remaining.
 corporate headquarters lake forest illinois.
 leased nine years two five year lease extensions.
.
 pca eight.
 containerboard producers defendants in five class action lawsuits violations sherman act.
 lawsuits consolidated single complaint kleen products.
.
 defendants conspired limit supply containerboard prices.
.
 seeks damages costs attorney fees.
 motions to dismiss denied 2011.
 allegations lawsuit.
 unable to predict outcome estimate losses.
pca party to legal actions business.
 cover claims business.
 believe not possible resolution financial condition results operations cash flows.
 item 4.
 mine safety disclosures


failure information systems penetration outside parties privacy laws regulations business disruption litigation regulatory action loss of revenue assets confidential data.
 information systems manage processes collect data with employees suppliers customers.
 managed third-party providers.
 backup systems business continuity plans protect systems data from unauthorized access.
 failure penetration competitive disadvantage loss revenue assets sensitive data regulatory action damage reputation brands remediation costs.
 failure protect personal data rights data fines eu general data protection regulation.
 replace third-party manufacturers service providers with resources.
.
 renew agreements government regulations.
 costs increase.
.
.
.
.
 2017 operated owned 46 manufacturing facilities contract relationships with 25 third-party manufacturers 23 markets.
 with 38 third-party operators in hand-rolled cigarettes.
.

 integrated 7 8 9 31
 make-pack 2
 13 11 46
 heated tobacco units 2017.
 23 facilities manufactured 10 billion cigarettes eight produced 30 billion units.
 largest factories karawang sukorejo izmir krakow.
 krasnodar batangas marikina berlin kharkiv kutna hora.
 smallest factories latin america asia tariff small manufacturing units.
 optimize manufacturing base evolution trade blocks.
 plants properties subsidiaries good condition.
 integrating production heated tobacco units facilities plans build capacity.


goldman sachs group.
 subsidiaries positive net revenue fewer var exceptions business model produces positive revenues.
 franchise revenues affected more loss days more exceptions.
 daily net revenues positions impact intraday activity bid/offer revenues.
 portfolios positions not included appropriate risk.
.
 10%.
 market risk asset category positions not.
 december 2018 2017
 equity $ 1923 $ 2096
 debt
 $ 3813 $ 3702
 market risk potential reduction net revenues 10% decline value.
 equity positions private public equity securities corporate equities real estate hedge funds.
 debt positions corporate debt commercial real estate corporate bank loans distressed loans.
 funded equity debt positions consolidated statements financial condition.
 note 6.
measures reflect diversification asset categories market risk measures.
 credit spread sensitivity derivatives financial liabilities.
 excludes impact credit spreads.
 estimated sensitivity one point increase credit spreads derivatives $ 3 million 2018 2017.
 increase credit spreads liabilities $ 41 million $ 35 million 2017.
 impact credit spreads affected by liquidity duration convexity liabilities performance hedges.
 interest rate sensitivity.
 loans receivable $ 80. 59 billion december 2018 $ 65. 93 billion december 2017 floating interest rates.
 estimated sensitivity to 100 basis point increase interest rates $ 607 million 2018 $ 527 million 2017 impact increase costs fund loans.
 note 9.
 credit loss protection from sumitomo mitsui financial group.
 note 18.
investments securities available-sale financial instruments consolidated statements.
 note 6.
 equity method direct real estate included assets.
 cost less accumulated depreciation.
 note 13.
 goldman sachs 2018 form 10-k


.
 commitments company involved in lawsuits arbitrations dispute resolution procedures outcomes determine rights obligations insurance reinsurance agreements.
 rights collect funds.
 attempts collect funds rights.
 disputes resolved through informal means negotiated resolution arbitration litigation.
 believes positions legally commercially reasonable.
 considers reserves for unpaid loss adjustment expenses.
 not party other litigation arbitration.
 separate annuity agreements prudential insurance america unaffiliated life insurance company purchased contracts.
 contingently liable if unable make payments.
 estimated cost to replace annuities.
 december 31 2017 31 2016
 prudential insurance company $ 144618 $ 146507
 unaffiliated life insurance company 34444 33860
.
compensation plans 2010 stock incentive plan 2009 non-employee director stock option plan 2003 non-employee director equity compensation plan.
 2010 4000000 shares non options incentive options appreciation rights restricted awards performance awards officers key employees.
 31 2553473 remaining shares 2010.
 replaced no further awards.
 non-qualified share options restricted share awards performance awards.
 2009 37439 shares options awards non-employee directors.
 34957 remaining shares 2009.
 replaced 1995.
 2003 plan 500000 shares authorized share options awards non-employee directors.
 346714 remaining shares 2003.


2017 form 10-k notes consolidated financial statements.
 operations accounting policies.
 information categories machinery  energy transportation 2013 construction industries resource industries energy transportation operating segments corporate items.
 financial products company products segment.
 caterpillar financial services corporation caterpillar insurance holdings.
 subsidiaries.
 products sold brands 201ccaterpillar 201ccat wilson turbines.
 operations machinery energy transportation competitive conditions price competition.
 emphasis high quality performance service support.
 companies compete.
 machines distributed worldwide dealers 48 united states 123 outside 192 countries.
 reciprocating engines sold dealer network other manufacturers.
 subsidiary perkins engines company 93 distributors 182 countries.
fg wilson electric power systems manufactured subsidiary caterpillar northern ireland sold through 154 distributors 131 countries.
 large medium speed reciprocating engines sold under brand 20 distributors 130 countries.
 dealers deal products sales servicing principal business.
 products turbines locomotives sold directly to customers.
 assisted by independent sales representatives.
 financial products competitive conditions.
 financing caterpillar products commercial banks finance leasing companies.
 financing plans sales income.
 financial products activity north america offices latin america asia/pacific africa middle east.
.
 consolidated financial statements include caterpillar.
 subsidiaries.
 investments companies ownership 20 percent accounted equity method.
.
 variable interest entities caterpillar inc.
 primary beneficiary.
.
 performance absorb losses benefits.
 note 21.
affiliates suppliers dealers not primary beneficiary.
 provided financial support power direct activities economic performance.
 maximum exposure to loss.
 millions december 31 2017 2016
 receivables trade $ 34 $ 55
 finance 42 174
 38 246
 investments unconsolidated companies
 guarantees 259 210
 $ 412 $ 716
 end-user customers not primary beneficiary.
 provided support direct activities economic performance.
 exposure loss limited credit risk.
 risks evaluated reflected in financial statements credit losses.


duke realty corporation report 2012 sold 60 acres land two transactions impairment charges $ 9. million.
 sales opportunistic not land development.
 administrative expenses increased $ 41. 3 million 2010 to $ 43. 1 million 2011.
 factors.
.
 overhead costs.
 wholly-owned development leasing.
 allocation service operations rental operations.
.
 increased $ 186. 4 million 2010 to $ 220. 5 million 2011.
 increased outstanding debt acquisition activities.
 $ 7. 2 million decrease capitalization interest costs properties criteria.
 no gains losses 2011.
 repurchased unsecured notes 2011 2013.
 paid $ 292. 2 million unsecured notes face value $ 279. 9 million.
 net loss extinguishment $ 16.unamortized deferred financing discounts accounting adjustments.
 2011 recognized $ 2. 3 million acquisition costs compared $ 1. 9 million 2010.
 recognized $ 1. million gain acquisition building 50%-owned $ 57. 7 million gain 2010 50% interest.
 accounting financial statements estimates assumptions assets liabilities contingent assets liabilities revenues expenses.
 estimates subjective business market conditions continually evaluated.
 2 policies.
 management assessed audit committee independent auditors.
 policies critical increase overhead costs 2010 due severance pay overhead reductions 2011.
 leasing activity increased wholly owned development activities.
 capitalized $ 25. 3 million $ 10. 4 million overhead costs 2011 $ 23. 5 million $ 8. 5 million 2010.
 overhead costs leasing 20. 6%.. overhead costs 2011 2010.


marathon oil corporation financial statements stock awards summary activity.
-average.
 unvested december 31 2008 2049255 $ 47. 72
 granted 251335.
.
 forfeited 43.
 december 31 2009 1441499 44.
 vesting date 2009 2008 2007 $ 24 million $ 38 million $ 29 million.
 average grant $ 44. 89 $ 47. 72 $ 39. 87.
 $ 43 million unrecognized compensation cost. 6 years.
 performance awards vested forfeited.
 $ 38.
.
 issued 2 million common stock redemption.
 board authorized repurchase $ 5 billion marathon common stock.
 open market privately negotiated.
 cash sales borrowings acquire shares.
program financial market conditions subject to termination.
 repurchase price targets timetables.
 acquired 66 million shares $ 2922 million.
 no shares acquired since august 2008.
 marathon acquired outstanding shares western october 18 2007.
 shareholders canadian residents received cash securities exchangeable.
 shareholders 5 million exchangeable shares.
 exchangeable shares indirect canadian subsidiary marathon exchangeable-for into marathon common stock.
 exchange ratio adjusted cash dividends exchangeable shares.
 exchange ratio december 31 2009 1. 06109 shares for each exchangeable share.
 redeemable october 18 , 2011.
 holders instruct trustee vote on matters marathon.
 votes equal to shares exchange ratio.
 voting right attached to preferred shares marathon


shareowner return performance graph material future filing securities act 1933 exchange act 1934.
 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 2008 500 index dow jones average class b common stock.
/31/2008
 united parcel service. $ 100. $ 107. 140. 145. 151. $ 221.
 standard poor 2019s 500 index. 126. 145. 148. 172. $ 228.
 dow jones transportation average. 118. 150. 161. 228.


stanley financial statements 2014.
 shareholders 2019 equity.
 common.
 changes 2007 2006.
 1049 1058
 stock option exercises
 treasury stock purchases
 end period.
 2007 purchased $ 3. billion common stock $ 72. 65 per share.
 2006 purchased $ 3. 4 billion $ 65. 43 per share.
 2006 authorized repurchase $ 6 billion common stock.
 business capital needs equity-based compensation benefit plan requirements.
 november 30 2007 $ 2. 3 billion remaining share repurchase authorization.
.
 common stock voting rights employees restricted stock units.
 shares 107 million november 30 2007 81 million 30 2006.
 assets consolidated company stock shareholders 2019 equity treasury stock.
.
2006 company issued 44000000 shares $ 1100 million.
 represents 1/1000th floating rate preferred stock $.
 redeemable option 15 2011 redemption price $ 25000 per share $ 25.
 preference over common stock liquidation.
 declared quarterly dividend $ 379. 66 per share paid january 15 2008 december 31 2007.
.
 april 1 2007 merged msdwi ms&co.
. principal.
 broker-dealer.
.
 registered futures commission merchant subject minimum capital securities exchange commission financial industry commodity futures trading commission.
.
 operated excess.
. net capital $ 6673 million november 30  2007 exceeded $ 4950 million.
 msip msjs.
.


list distribution locations square footage leased owned.
 footage
 frankfort new york 924000
 franklin kentucky 833000
 pendleton indiana 764000
 macon georgia
 waco texas 666000
 casa grande arizona
 hagerstown maryland 482000
 waverly nebraska 592000
 seguin texas
 lakewood washington
 longview texas
 frankfort center merchandise 2018 shipping quarter 2019.
 leased center hagerstown extension not.
 mixing center high-volume bulk products.
 store support center 260000 square feet brentwood tennessee merchandising center 32000 square feet nashville tennessee.
 8000 square feet petsense headquarters arizona.
.
 litigation.
company believes estimated loss accrued liabilities.
 expects resolved effect financial position cash flows.
.
 mine safety disclosures applicable.


asset amortization expense $ 12 million 4 million $ 4 million 2018 2017 2016.
 estimated next five years.
 2020
 2021
 2022
 2023
 shareholders dividend reinvestment purchase plan reinvest dividends purchase common stock commission fees.
 shares purchased newly issued treasury market privately negotiated transactions.
 purchases credited drip accounts week.
 december 31 2018. million shares future issuance.
 stock repurchase program 2015 authorized 10 million shares common stock unrestricted.
 repurchased. million. 7 million open market cost $ 45 million $ 54 million years 2018 2017.
. million shares common stock purchase.


table foreign currency translation adjustments 2012 2011 2010.
 2011 2010
 beginning balance $ 10580 $ 7632
 currency translation adjustments 5156 -4144
 income tax effect adjustments earnings 1314 -2208
 ending balance $ 9669 $ 10580 7632
 stock repurchase program dilution shares structured repurchase agreements third-parties.
 expiration.
 limited net dilution subject business conditions cash flow requirements board.
 2010 amendment repurchase program non-expiring time-constrained dollar-based.
 repurchase $ 1. 6 billion common stock end fiscal 2012.
 exhausted $ 1. 6 billion authority new repurchase program $ 2. billion 2015.
 similar previous $ 1. 6 billion repurchase.
2012 2011 2010 entered repurchase agreements financial institutions provided prepayments $ 405. million $ 695. $ 850 million.
 $ 405. million $ 100. million new $ 2. billion stock repurchase program $ 305. million previous $ 1. 6 billion authority.
 $ 850. million $ 250. million stock repurchase program $ 600. million amended $ 1. 6 billion dollar-based authority.
 agreements shares guaranteed discount price.
 discount higher return.
 no commissions fees.
 requirement return prepayment.
 deliver shares monthly.
 parameters total amount trading days average vwap stock discount.
 2012 repurchased 11. 5 million shares average $ 32. 29.
 2011 repurchased 21. 8 million shares average $ 31. 81.
2010 repurchased 31. 2 million shares average price per share $ 29. 19 repurchase agreements.
 prepayments treasury stock shares delivered november excluded earnings per share.
 2012 $ 33. 0 million prepayments.
 december 2 2011 no prepayments.
 adobe systems notes financial statements


table details effect net income earnings per share compensation expense stock-based awards including options recorded december 31 2005 fair value method statement.
 stock compensation.
 millions amounts.
 net income $ 1026
 employee compensation expense tax
 compensation expense value -50
 net income $ 989
 earnings per share 2013 $ 3.
.
.
.
 stock options executives granted 2003 2002 reload feature.
 options common stock new grant.
 price common stock increased 20%.
 year december 31 2005 reload option grants represented $ 19 million pro forma expense.
 no reload option grants 2007 2006 options exercised after 2006 not eligible reload.
 earnings calculated on weighted-average common shares outstanding.
earnings per share include issuable stock options awards conversion dilutive.
 estimates consolidated financial statements include estimates assumptions assets liabilities revenue expenses contingent assets liabilities.
 future results differ from.
 income taxes fasb statement.
 109 taxes current year deferred tax assets liabilities future tax consequences financial statements.
 consequences measured tax law anticipated.
 financial condition.
 record valuation allowance against deferred tax assets offset future tax benefits.
 tax assets judgments.
 claimed tax benefits challenged uncertain tax positions accounted under fasb interpretation.
 48 uncertainty.
.
 2007.
 income tax contingencies accounted under fasb statement.
.
 tax benefits for positions likely sustained.
 measured largest benefit greater than 50 percent likely realized settlement.
liability benefits


summarize september 30 2018 effect liquidity cash flow future.
 amounts based management estimates assumptions duration renewal actions pension contributions benefit payments postretirement obligations retirement plans deferred compensation plans.
 estimates subjective obligations vary.
 payments 2019 2021 2023
 long-term debt capital lease obligations $ 6039. $ 726. $ 824. $ 1351. $ 3136.
 operating lease obligations 615. 132. 199.
 capital lease obligations 152. 6. 138.
 purchase obligations 2210. 1676. 224. 114. 194.
 $ 9017. $ 2540. $ 1255. $ 1587. $ 3635.
includes principal payments long-term debt held maturity excluding scheduled payments.
 excluded $ 205. 2 million fair value debt step-up deferred financing costs unamortized bond discounts.
 fffdnote 13.
.
 fffdnote 14.
 operating leases.
 fair value step-up $ 18. 5 million excluded.
 13.
 capital lease.
 purchase obligations agreements goods enforceable quantities price timing.
 exclude cancelable penalty.
 included future estimated pension plan contributions benefit payments postretirement obligations supplemental retirement plans deferred compensation plans.
 estimates based discount rates returns.
 contributions subject changes.
.
 excluded $ 247. million multiemployer pension plan withdrawal liabilities 30 2018 payout terms.
 fffdnote 4.
retirement plans multiemployer plans consolidated financial statements information.
 not included items table long-term liabilities consolidated balance sheet definite pay-out scheme.
 $ 158. 4 million line obligations financial accounting standards taxes uncertain tax positions amount timing payment.
 enforceable obligations obligations goods services raw materials business.
 contracts subject change business decisions.
 expenditures environmental compliance item 1.
 governmental regulation environmental remediation costs climate change expenditures environmental compliance.


fidelity information services.
 subsidiaries financial statements closing stock price december 31 2016 $ 75.
 average value options 2016 2015 2014 $ 9. 35 $ 10. 67 $ 9. 15 black-scholes option pricing model assumptions.
 free interest rate. 2%. 2 %. 4% 4 4 %
. 4%. 4 %. 7%. 7 %. 2%. 2 %
. 6%. 6 %. 6% 6 %. 6 %
 expected life 4.
 estimates forfeitures revises.
 risk-free interest rate option.
 securities.
 stock volatility factor historical daily price changes common stock.
 dividend yield current dividend yield.
 life average activity trends.
 granted 1 million restricted stock shares prices $ 56. 44 to $ 79.2016.
 granted 1 million stock shares $ 61. to $ 69.
 $ 52. to $ 64. 2014.
 closing market price annually three years.
 3 million 4 million unvested shares.
 2016 balance converted sungard acquisition.
 stock compensation expense $ 137 million $ 98 million $ 56 million 2016 2015 2014.
 $ 2 million 2014 liability awards not capital.
 2016 2015.
 unrecognized compensation cost non-vested stock awards $ 141 million $ 206 million pre-tax income. 4. 6 years.
 unfunded benefit plan obligations.
 benefits retirement.
 accumulated benefit obligation $ 49 million $ 48 million projected obligation $ 50 million $ 49 million.
 unfunded december 31 2016.
operations december 7 2016 sungard public sector education businesses $ 850 million.
&e solutions safety k-12 school districts.
 divestiture financial services.
 received cash proceeds taxes $ 500 million.
 reduce debt.
 businesses.
 transaction closed february 1 2017 pre-tax gain $ 85 million to $ 90 million


internal revenue code.
 cash strategy new properties pay debt at maturity from cash not distributed shareholders proceeds property dispositions new debt equity securities.
 management capital resources expand develop business.
 conservative capital structure strong debt service fixed-charge coverage ratios investment-grade debt ratings.
 obtain funds additional equity offerings unsecured debt financing mortgage financings other debt equity alternatives joint ventures.
 cash equivalents $ 30. million $ 35. million at december 31 2004 2003.
 cash flows 2004.
 operating activities 161113
 investing -154273
 financing
 attributable operation properties change working capital.
 used $ 154. million twelve months december 31 2004 investing activities $. million acquisition westgate mall plaza parcels land capital expenditures $ 59.santana 36. 9 million $ 9. 4 million real estate partnership $ 3. 2 million mortgage offset $ 41. 8 million sale


nbcuniversal media llc indefinite-lived intangible assets trade names fcc licenses.
 assess recoverability annually.
 evaluate account impairment periodically.
 assessment recoverability qualitative factors fair value less than carrying amount.
 quantitative assessment if.
 estimate fair value discounted cash flow analysis.
 consider operating income before depreciation amortization market transactions profitability information.
 if fair value less than carrying amount recognize impairment charge difference estimated value carrying value.
 charge amortization expense.
 material impairment charges.
 finite-lived intangible assets estimated amortization expense millions.
 2016 $ 812
 2017 $ 789
 2018 $ 776
 2019 $ 777
 2020 $ 781
-lived intangible assets amortization customer relationships intellectual property rights software.
 amortized over estimated useful life term agreement.
 capitalize development costs internal software material payroll.
 capitalize software licenses.
 amortize five years.
 expense maintenance training preliminary stage project.
 capitalize operating system software costs amortize over life hardware.
 evaluate recoverability.
 based on cash flows groups estimated future operating results trends determinants fair value.
 cash flows less than carry amount impairment charge.
 impairment charge amortization expense.
 comcast 2015 annual report form 10-k 162


entergy louisiana.
 revenues power expenses regulatory credits increase $ 98. million fuel cost recovery higher rates.
 offset decrease $ 31. million unbilled sales $ 12. 2 million rate refund provisions decrease $ 5. 2 million wholesale revenue decreased sales.
 expenses recovery deferred fuel costs market price natural gas.
 credits deferral 2004 $ 14. million capacity charges planning amortization 2003 $ 11. million deferred capacity charges deferral 2004 $ 11. 4 million voluntary severance program.
 net revenue fuel power expenses regulatory charges.
 change net revenue 2003 2002.
 2002 net revenue $ 922.
 deferred fuel cost revisions.
 retirement obligation.
.
.
.
 2003 net revenue $ 973.
deferred fuel cost revisions variance sales pricing 2002 2003 costs.
 asset retirement obligation variance 143 2003.
.
 increase offset decommissioning expense net income.
 volume variance electricity usage territory.
 decreased 1868 gwh industrial loss customer cogeneration.


part iii item 10.
 directors executive officers.
 section 406 sarbanes-oxley act 2002 adopted code ethics senior financial officers principal executive officer financial officer accounting officer controller.
 available website.
 satisfy disclosure requirement item 5. report form 8-k amendment waiver information website.
 additional information proxy statement annual meeting stockholders exchange commission 120 days fiscal year.
 item 11.
 executive compensation.
.
 item 12.
 security ownership owners.
 equity compensation plans employees officers directors.
 table fiscal year 24 2005 shares common stock stock option plans approved.
 number securities exercise price adjusted two-for-one stock split november 30 2005.
equity compensation plan securities issued options warrants rights future equity compensation approved security holders.
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. 1016520 equity compensation plans approved security holders.
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 securities issued options warrants rights warrants future plans
 equity compensation plans approved security holders.
 not approved security holders.
.
 1986 stock option 1990 non-employee 1995 1999 2000 employee stock purchase plan.
includes plans assumed acquisition fluoroscan imaging systems 1996.
 1994.
 1995.
 refer footnote 5 consolidated financial statements.


aes corporation financial statements december 31 2016 2015 2014 table summarizes redeemable stock subsidiaries balances.
 ipalco common stock $ 618 $ 460
 colon quotas
 ipl preferred stock 60
 stock
 redeemable stock subsidiaries $ 782 $ 538
 similar common stock.
 31 partner increased ownership 25%. 9%. capital contributions $ 106 million.
 adjustments earnings dividends temporary equity shares redeemable.
 $ 60 million preferred stock december 31 2016 2015 five series.
 annual dividend requirements $ 3 million.
 redeemable option issuer $ 100 $ 118 per share.
 holders majority ipl board directors not paid dividends four quarters.
 redemption issuer temporary equity.
had $ 18 million preferred stock outstanding december 31 2015 three series issued dp&l subsidiary.
 redeemable option per-share redemption prices $ 101 $ 103 per share plus dividends.
&l articles incorporation stockholders board directors dividends arrears four quarterly dividends.
 redemption not issuer temporary equity.
 september 2016 shares redeemable.
 adjustment $ 5 million redemption value $ 23 million.
 october 2016 dp&l redeemed shares.
 rights ceased.
 2015 cdpq purchased 15% aes investment. subsidiary 100% for $ 247 million option invest additional $ 349 million 2016 17. 65%. equity stake.
april 2015 cdpq invested $ 214 million ipalco interest 24. 90%.
 $ 84 million taxes costs equity.
 additional paid-in capital reduction retained earnings 377 million value.
 no gain loss net income not sale.
 march 2016 cdpq $ 134 million ipalco interest 30%.
 additional paid-in capital reduction retained earnings $ 84 million value.
 june 2016 contributed additional $ 24 million ipalco no impact ownership.
 adjustments shares redeemable.


a0iii item a010.
 directors executive officers corporate governance part a0i item 1.
.
 201celection directors board governance a016 beneficial ownership reporting compliance proxy statement 2018 annual meeting.
 filed 120 fiscal year form 10-k.
 item a011.
 executive compensation 201ccompensation discussion analysis committee report proxy statement 2018 annual meeting.
 item a012.
 security ownership beneficial owners management stockholder matters proxy statement 2018 annual meeting.
 table december 2017 equity plans category number securities issued outstanding options warrants rights weighted-average exercise price securities future issuance equity compensation plans excluding securities plans 1708928. 3629455 item a013.
relationships transactions director independence a013 transactions governance proxy statement 2018 annual meeting.
 a014.
 accounting fees services 201caudit non-audit fees committee pre-approval procedures proxy 2018 annual meeting.
 plan category issued options warrants rights weighted-averageexercise price issuance compensationplans
 equity compensation plans security holders 1708928 $ 113. 3629455
 a0iii item a010.
 directors executive officers corporate governance part a0i item 1.
.
 201celection directors 201cnominees election board governance beneficial ownership reporting compliance proxy statement 2018 annual meeting.
 filed 120 fiscal year report form 10-k.
.
executive compensation 201ccompensation discussion analysis committee report proxy statement 2018 annual meeting.
 item a012.
 security ownership beneficial owners management stockholder matters management proxy statement 2018 annual meeting.
 table december 2017 equity plans category securities issued options warrants rights weighted-average exercise price securities future issuance equity compensation plans excluding 1708928 $ 113. 49 3629455 item a013.
 relationships transactions director independence transactions governance proxy statement 2018 annual meeting.
 a014.
 accounting fees services 201caudit non-audit fees committee pre-approval procedures proxy statement 2018 annual meeting.


access liquidity issuing bonds credit markets.
 december 31 2009 working capital surplus $ 1. 0 billion cash reserves economic conditions.
 december 31 2008 working capital deficit $ 100 million.
 lack liquidity.
 maintain resources access requirements sufficient financial capacity liabilities.
 cash flows 2009 2008.
 operating activities $ 3234 $ 4070
 investing -2175
 financing -458
 change cash $ 601 $ 371 $ 51
 lower net income 2009 reduction $ 184 million accounts receivable securitization program higher pension contributions $ 72 million changes working capital cash.
 higher income.
 accelerated tax deductions lower income tax payments.
 voluntary pension contributions $ 200 million $ 8 million increase 2007.
higher proceeds decrease cash 2009 2008.
 investments lower proceeds increase cash 2008 2007.


due 2013 leverage debt income before depreciation amortization.
 december 31 2008 met financial covenant margin.
 debt reduction improved operating results.
 $ 4. 1 billion share repurchase authorization.
 use remaining by end 2009 subject market conditions.
 difficult economic conditions instability capital unlikely complete repurchase authorization 2009.
 declared dividend $ 0. 0625 per share each quarter 2008 $ 727 million.
 paid $ 547 million dividends 2008.
 expect continue quarterly dividends approval.
 cash dividends 2007 2006.
 capital expenditures investments offset sales.
 cable segment.
 capital expenditures based on customer growth technology.
 table summarizes capital expenditures cable segment 2006 through 2008.
 millions
 equipment 3147
infrastructure 1024 1014 906
 line extensions 212  352  275
 support capital 522  792  435
 upgrades capacity expansion 407  520  307
 business services 233  151  2014
 $ 5545  $ 5993 $ 4244
 customer premises equipment services home.
 digital set-top boxes video recorders remote controls modems.
 new customers material labor cost.
 secure growth revenue service enhancements.
 signal reception processing transmission.
 content aggregation distribution video high-speed internet digital phone service features.
 line extensions distribution network new areas.
 network design purchase fiber-optic coaxial cable electronic equipment.
 support capital replacement non-network assets.
 vehicles computer office equipment furniture fixtures tools test equipment.
 upgrades cable net betterments.
business services include costs rollout.
 equipment high-speed internet phone cost new customers materials labor cable business main distribution comcast 2008 annual report 10-k


uncoated freesheet paper market pulp 2009.
 input costs wood constraints kwidzyn mill tariff increases.
 main tenance costs flat operating costs favorable.
 sales $ 50 million 2009 $ 20 million 2008 2007.
 earnings increased less $ 1 million.
.
 market pulp sales $ 575 million 750 2008 2007.
 earnings $ 140 million million $ 156 million shutdown bastrop mill $ 78 million 2007.
 sales volumes decreased weaker global demand.
 price lower.
 costs wood energy chemicals freight costs lower.
 operating costs favorable maintenance downtime costs lower.
 lack-of-order downtime 540000 tons shutdown bastrop mill 135000.
 2010 sales volumes increase demand fluff pulp weaker softwood hard pulp.
 sales price.
input costs increase wood energy chemicals freight.
 maintenance downtime operating costs flat.
 packaging demand pricing correlate spending economic activity.
 profitability raw material energy freight costs manufacturing efficiency product mix.
 net sales 2009 decreased 4% 2008 increased 1% 1 2007.
 operating profits increased.
 fuel mixture credits facility closure costs profits higher 2008 57% 2007.
 higher sales price lower raw material energy costs freight costs business foreign exchange offset lower sales volumes increased lack-of-order downtime 145 million shutdown franklin mill 67 million.
 profits $ 330 million alternative fuel mixture credits.
.
 consumer packaging net sales $ 2. 2 billion. billion 2008. 2007.
 earnings 2009 $ 343 million 2008 70 million 2007.
paperboard sales lower 2009 market.
 higher increases.
 raw material costs wood energy chemicals lower freight costs favorable.
 operating costs unfavorable downtime higher.
 lack-of-order downtime 300000 tons.
 $ 330 million fuel $ 67 million shutdown.
 foodservice sales volumes lower weak economic.


five year $ 1350 million multi- currency senior unsecured credit facility maturing november 30 2012.
 $ 128. million outstanding december 31 2009 $ 1221. 2 million.
 increase line $ 1750 million.
 uncommitted credit facilities $ 84. 1 million.
 use excess cash borrow credit facility limits repurchase additional common stock $ 1. 25 billion program expires december 31 2010.
 $ 211. 1 million future repurchases.
 cash flows borrowings working capital capital expenditure debt service needs.
 additional capital.
 third parties future payments.
 obligations 2010.
 long-term debt $ 1127. 128. 998
 interest payments 1095. 103
 leases 134.
 purchase obligations.
 long-term income taxes 94.15. 22.
 long-term liabilities 234. 2013 81. 26. 126.
 contractual obligations $ 2719. $ 118. $ 423. $ 172. $ 2005.
 long-term income taxes 94. 56. 15. 22. liabilities 234. 81. 26. 126. obligations $ 2719. $ 118. $ 423. $ 172. 2005. accounting estimates results accounting policies methods.
 judgment.
 excess inventory instruments.
.
 reserves adjust inventory instruments value.
 evaluate stock levels patterns demand.
 work-in-progress inventory.
 obsolete discontinued items.
 changes valuation reserves market conditions offerings.
 taxes expense deferred tax assets liabilities reserves future taxes.
 subject income taxes.
 foreign jurisdictions.
 judgments estimates consolidated income tax expense.
estimate income tax expense liabilities assets by taxable jurisdiction.
 realization deferred tax assets future taxable income.
 evaluate deferred tax assets provide valuation allowances if deferred tax benefit realized.
 federal income taxes provided on income foreign subsidiaries remitted.
 calculation tax liabilities involves uncertainties complex tax laws regulations jurisdictions.
 subject to regulatory review audit time.
 record income tax provisions based facts circumstances tax laws settlement examinations tax.
 recognize tax liabilities financial accounting standards board guidance adjust liabilities when new information.
 resolution payment different.
 differences reflected as increases income tax expense.
 accruals for product liability claims established counsel based current information historical settlement information.
 actuarial model level accruals for claims.
.
2 0 0 9 job c55340 030000000|02/24/2010 00:22 valid no graphics color d|


reserves expansions funding approved joint venture agreement satisfied.
 table changes estimated net bitumen reserves 2008.
 millions barrels.
 421
 revisions -30
 extensions discoveries additions 6
 production
 end year 388
 revisions driven by price impact new royalty regime.
 estimated reserves forward-looking based assumptions commodity prices volumes physical data recoverability industry economic conditions cash flow operating considerations.
 recoveries different.
 estimation process item 7.
 financial condition results operations 2013 accounting estimates recoverable reserve quantities.
 operations not financial accounting standards.
 accounting requirements oil gas companies.
.
201cdisclosures oil gas amendment statements 19 25 33 39 securities exchange commission rule 4-10 bitumen production reserves information oil gas.
 release amending disclosure requirements reports 10-k december 31 2009 item.
 financial condition results 2013 accounting standards.
 expansion aosp approved 2006.
 mining extraction jackpine mine treatment muskeg river mine 2010 2011.
 50000 bpd net production capacity canadian oil sands.
 future expansions review.
 alberta government accepted expansion 1 capital costs muskeg river mine cost recovery pool.
 price royalties 2008 one percent gross mine revenue.
 2009 alberta royalty regime amended based canadian dollar texas price.
 nine percent gross revenue 25 40 percent net revenue.
minimum royalty $ 55. per barrel maximum $ 120. barrel linear increase royalty prices.
 oil sands mining aosp expansion.
 transportation logistics materials labor hazards weather delays approvals risks construction.
 seven refineries gulf coast midwest upper great plains refining capacity 1. 016 million barrels per day crude oil.


graph matches cadence design systems. 5-year shareholder return common stock returns s&p 500 information technology nasdaq composite index.
 assumes investment common stock index dividends $ 100 december 28 2002 29 2007.
 5 year return cadence design systems. s&p 500 nasdaq composite information technology index.
 $ 100 invested 12/28/02 12/31/02 reinvestment dividends.
 calculated month-end.
 division mcgraw-hill companies.
.
. researchdatagroup.
 12/28/02 1/3/04 1/1/05 12/31/05 12/30/06 12/29/07
 cadence design systems. 149. 138 147
. 149 182.
. 187 205.
. 150. 165. 192
stock price performance not future


energy refinance redeem retire debt maturity market interest dividend rates.
 debt common stock issuances require regulatory approval. issuances subject to issuance tests bond agreements. capacity capital needs.
 receivables from money pool december 31 years.
 2017 2016 2015 2014
 $ 111667 $ 33809 $ 39926 $ 2373
 note 4.
 nuclear fuel company credit facility $ 120 million expire may 2019.
 december 31 2017 $ 17. 8 million letters of credit $ 50 million loans credit facility.
 4.
 obtained authorizations from through october 2019 for 2022 short-term borrowings not exceed $ 200 million long-term borrowings security issuances nuclear fuel company entity.
 note 4-term borrowing limits.
.
.
system energy 2017 apsc mpsc filed complaint.
 seeks reduction return equity unit power sales agreement sells gulf capacity energy arkansas louisiana mississippi new orleans.
 sells capacity separate agreements.
 current return equity. 94%.
 complaint alleges return unjust unreasonable capital market excessive.
 requests investigate lower return january 23 2017 refund effective date.
 analysis reasonable return 8. 37%. 67%.
 system energy 2017 disputes return. 37%
 lpsc city council.
 system energy provision revenue outcome.
 september 2017 ferc established refund effective date january 23 2017 consolidated return equity complaint power sales agreement directed settlement


consolidated financial statements 2014 years 2008 2007 2006 administrative expenses reclassification after-tax charges $ 21. 9 million.
 2007 sale $ 117 million expenses no additional gain loss.
.
.
 raw materials packaging $ 580. $ 458.
 work progress.
 finished goods.
 supplies.
 1931. 1625.
.
 facilities borrowings 2008 credit lines $ 2. 3 billion.
 $ 1. 5 billion-year credit facility 2011 short-term loan $ 364 million trade finance $ 424 million.
 prepaid penalty.
.
 finance working capital trading merchandising operations.
 2008 exited.
 short-term liquidity bank borrowings commercial paper borrowings.
 2008 outstanding borrowings $ 578. 3 million commercial paper arrangements.
interest 2008 2. 76%. %
 borrowings 418. 5 million 4. 3 million 2008 2007.


management credit ratings based on agencies assessment liquidity market credit operational risk management practices earnings capital base franchise reputation management corporate governance external operating environment government support.
 firm derivatives transacted under bilateral agreements with counterparties collateral terminate transactions changes credit ratings.
 assess impact agreements collateral termination payments downgrade by agencies.
.
 allocate portion gce additional collateral termination payments two-notch reduction long-term credit ratings collateral not available.
 table presents additional collateral termination payments one-notch two-notch downgrade credit ratings.
 millions december 2012 2011
 collateral payments one-notch downgrade $ 1534 $ 1303
 two-notch downgrade 2500
 millions $ 1303 global financial institution cash flows complex little relation to net earnings assets.
cash flow analysis liquidity.
 macro trends initiatives.
.
 cash equivalents increased $ 16. 66 billion $ 72. 67 billion.
 generated $ 9. 14 billion.
 $ 7. 52 billion bank deposits offset repayments borrowings.
.
 increased $ 16. 22 billion $ 56. billion 2011.
 generated $ 23. 13 billion.
 used $ 6. 91 billion financing repurchases offset increase bank deposits.
.
 increased $ 1. 50 billion $ 39. 79 billion.
 generated $ 7. 84 billion short-term secured financings.
 used $ 6. 34 billion securities offset decrease securities.


31 2007 2006 2005 millions.
 gain /loss disposition impairment acquired assets obligations -1. 19 3
 consulting professional fees.
 employee severance retention.
 technology integration.
 research development.
.
 employee relocation.
 acquisitions.
 sales lease contract terminations.
.
 25. 6
 research development charges 2007 endius orthosoft.
 gain/loss assets obligations 2006 sale centerpulse land facilities gain $ 5. 1 million settlement pre acquisition contingent liabilities.
 gains offset $ 13. 4 million impairment charge centerpulse tradename trademark intangibles.
 liquid investments maturity three months cash equivalents.
 carrying amounts balance equivalents valued cost fair value.
 restricted cash escrow insurance coverage.
inventories 2013 obsolete slow-moving goods stated lower cost market first-in first-out.
 property  plant equipment carried cost less accumulated depreciation.
 computed lives ten to forty years buildings improvements three eight years machinery equipment five years instruments.
 maintenance repairs expensed incurred.
 financial accounting standards.
 review property plant equipment impairment carrying value recoverable.
 impairment loss future cash flows less carrying amount.
 loss carrying fair value.
 software costs capitalize costs.
 include materials services compensation benefits employees.
 included amortized straight-line service estimated useful lives three to seven years.
 instruments surgeons procedures.
 long-lived assets included property plant equipment.
 undeployed instruments carried at cost net excess obsolete instruments.
instruments field carried at cost less accumulated depreciation.
 depreciation computed straight-line method estimated useful lives product life cycles five years.
 review instruments for impairment sfas.
.
 depreciation recognized as selling general administrative expense.
 account sfas.
 intangible assets.
 not amortized subject annual impairment tests.
 assigned reporting units operating segments.
 annual impairment tests reporting unit fair value carrying potential impairment.
 fourth quarter.
 fair value less than carrying value impairment loss recorded fair value.
 determined market multiples.
 account.
.
 measured at fair value.
 estimated after-tax discounted cash flows.
 assets indefinite life trademarks trade names not amortized.
 assessed annually.
 technology trademarks names.
2 0 0 7 r notes consolidated financial statements continued


measured recorded non equity securities investments non-financial assets intangible impairment price adjustment recognized.
 level 3 fair value.
.
 impairments december 29  2018 $ 416 million ( $ 537 million 2017 $ 153 million 31 2016.
 financial instruments not recorded value non-marketable equity securities investments grants loans reverse repurchase agreements short-term long-term debt.
 non-marketable investments disclosed fair value.
 carrying investments december 30 2017 $ 2. 6 billion $ 3. 6 billion.
 classified level 3.
 december 29 2018 aggregate carrying value grants loans reverse repurchase agreements $ 833 million 30 2017 $ 935 million.
estimated fair value financial instruments approximates carrying value level 2 hierarchy.
 short long debt 201cnote 15 borrowings. 201d 17 income loss changes tax effects unrealized equity investments derivatives actuarial valuation pension expenses translation adjustments.
 expenses
 december 31 2016 $ 2179 -259 ( 259 -1280 -534 ( 534 106
 income before reclassifications 2765  605 275 -2 3643
 reclassified -3433 -69 ( ) 103 509 -2890
 tax effects 234 -171 ( -61 (
 income loss -434 365 317 508  756
 december 30 2017 1745 106 -963 -26 862
accounting standards -1745 -65 -4 -1790
 balance december 31 2017 2014 130 -1028 -30 -928
 income reclassifications -310 157 -169
 reclassified 9 109 126
 tax effects 48 -56 -3 3
 income -253 210 -3 -46 ( )
 december 29 2018 2014 -123 -818 -33 ( -974 ( 974 )
 financial statements


ii item 8 schlumberger subsidiaries common stock millions treasury.
 balance january 1 2007 1334 -156 1178
 shares optionees exchanged
 employee stock purchase plan
 repurchase
 conversions debentures
 balance december 31 2007 1334 -138 1196
 shares optionees exchanged
 employee stock purchase plan
 repurchase
 conversions debentures
 december 31 2008 1334 -140 1194
 shares optionees exchanged
 restricted stock
 employee stock purchase plan
 repurchase
 balance december 31 2009 1334 -139 1195
 consolidated financial statements


occupy 350000 feet north end building.
 property owned investment company.
 51% interest botic.
 lease office space partnered telecommunications carriers data cabinets data centers.
 facilities adequate operations additional space obtained needed.
.
 regulatory matters.
 consolidated financial statements page 91 group legal proceedings disclosure.
.
 mine safety disclosures.
.
 common equity listed nasdaq. february 13 2013 3106 holders.
 may 2012 declared five-for-one split stock dividend shareholders.
 effective july 20.
 retroactively restated.
 high low sales prices per share quarterly.
 2012 first quarter high $ 59. 73 low $ 45. 2011 first quarter high $ 63. 40 low $ 56. 06
 second quarter 58. 24 50.second quarter 62. 15 52. 45
 third quarter 59. 35 49. 83. 80 47.
 fourth quarter 57. 89 50. 12 59. 73 45.
 b common stock not listed national securities exchange-counter market.
 associated.
 trading rights lease.
 transferred.


pnc financial services group.
 2013 form 10-k liquidity capital management risk two components.
 first potential loss funding requirements.
 inability operate businesses contingent liquidity.
 manage liquidity risk consolidated company level cost-effective funding obligations contingent liquidity.
 monitors liquidity early warning indicators liquidity stress.
 performs liquidity stress tests maintains contingency funding plan.
 severe liquidity stress simulation liquidity position under pressure market pressure.
 impact restricted access funding run-off deposits valuation pressure heavy demand obligations.
 parent company liquidity guidelines sufficient liquidity obligations.
 liquidity-related risk limits enterprise liquidity management policy.
 review compliance limits.
 monitor liquidity liquidity coverage ratio supervision regulation section item 1.
pnc bank calculate lcr daily december 31 2017 exceeded phased-in requirement regulatory liquidity requirements risk.
 largest customer deposit base banking.
 stable low-cost funding.
 total deposits increased to $ 265. 1 billion 2017 from $ 257. 2 billion 2016 consumer commercial deposits.
.
 interest rates.
 assets liquid unused borrowing capacity liquidity.
 assets short- term investments federal funds trading securities interest-earning deposits $ 33. 0 billion securities sale $ 57. 6 billion.
 liquid assets fluctuates market conditions growth.
 assets $ 90. 6 billion $ 3. 2 billion securities sale pledged collateral deposits.
 $ 4. 9 billion securities maturity pledged.
 liquidity funding long-term debt short-term borrowings.
note 10 borrowed funds funding sources balance sheet borrowings.
 senior subordinated debt increased 25 debt.
 billions 2017
 january 1 $ 31.
.
 maturities.
.
 31 $.


table presents estimated future amortization deferred stock compensation cost revenue operating expenses fiscal year.
 2004 $ 3677
 2005 2403
 2006 840
 2007 250
 amortization $ 7170
 impairment intangible assets.
 2002 recognized charge $ 3. 8 million prior acquisitions estimated fair value.
 $ 3. 7 million $ 0. 1 million integration expense amortization.
 attributable technology acquisition stanza.
.
!.
 future sales.
 2001 recognized impairment charge $ 2. 2 million acquisitions estimated fair value.
 $ 1. 8 million $ 0. 4 million cost revenues amortization.
 attributable technology eagle design automation.
.
 resources.
 future sales eagle product.
 no impairment charges fiscal 2003.
.
 $ 24.2003 gain $ 20. million rental income $ 6. 3 million interest $ 5. 2 million impairment charges $ 4. 5 million foundation contributions $ 2. 1 million interest expense $ 1. 6 million.
 income $ 208. 6 million 2002 $ 240. million cadence design systems.
 $ 11. 3 million impairment charges gains $ 22. 7 million $ 3. 1 million termination fee ikos systems.
 merger rental income $ 10. million interest $ 8. 3 million expenses foreign exchange.
 $ 83. 8 million 2001 gain $ 10. 6 million sale silicon libraries. $ 5. impairment charges gains $ 55. 3 million rental income $ 8. 6 million interest $ 12. million miscellaneous $. million
 ikos systems.
july 2 2001 merger reorganization ikos systems.
 acquisition shares ikos stock synopsys.


hologic  inc.
 consolidated financial statements fiscal 2009.
 company responsible construction costs owner building construction asc 840 40-15-5.
 september 27 2008 recorded additional $ 4400 market value completed fiscal 2008.
 addition $ 3000 land $ 7700 2007.
 value property equipment consolidated balance sheets.
 $ 1508 accrued expenses $ 16329 long liabilities.
 lease ten years option extend two five-year terms.
 lease commenced may 2008 operations.
 complete february 2009.
 reviewed lease sale-leaseback treatment asc 840 40 sale-leaseback transactions.
 lease term costs financing leases amendment financial accounting standards board statements.
 66 91 rescission fasb statement.
 26 technical bulletin.
 79-11.
analysis company determined lease qualify for sale-leaseback.
 building leasehold improvements liabilities remain financial statements lease term depreciated over 35 years.
 future lease payments principal interest at september 26 2009.
 2010 1508
 2011 1561
 2012 1616
 2013 1672
 2014 1731
 7288
 payments 15376
 interest
 $ 9282
 merger with cytyc company assumed non-cancelable lease agreement building 146000 square feet marlborough massachusetts manufacturing facility.
 2011 option lease additional 30000 square feet.
 lessor renovations manufacturing.
 responsible for construction costs owner construction.
 $ 13200 fair market value included property equipment.
 26 2009 recorded $ 982 accrued expenses not warranted accurate.
user assumes risks damages losses information law.
 past performance guarantee future results.


kimco realty tuesday april 03 2007 pm 142704.
 december 31 2006 2005 leveraged lease.
 rentals $ 62. $ 68.
 unguaranteed residual value 40. 43.
 non-recourse mortgage debt -48.
 unearned deferred income -50.
 investment leveraged lease $ 3. 4
.
 january 2006 $ 16. million $ 50. million $ 700. million first mortgage loan retailer.
 interest libor 7. 75%. two-year term one-year extension collateralized real estate interests.
 borrower pre outstanding loan balance $ 16. million.
 january 2006 $ 5. million $ 11. million loan estate developer 59 acre land san antonio.
 rate 11. two years collateralized first mortgage.
december 31 2006 balance loan $ 5. 2 million.
 february $ 17. 2 million credit fixed rate 8. 0%. nine months 9. real investor recapitalization discount mall.
 facility paid terminated.
 april 2006 two mortgages $ 14. 5 million.
 mortgage partner redevelopment.
 mortgages interest 8. 0% 2008 2013.
 collateralized property.
 balance $ 15. million $. 5 million accrued interest.
 may 2006 $ 23. 5 million collateralized credit fixed rate 8. 5%. per annum two years company property acquisitions.
 guaranteed.
 issued 9811 units. million warrants purchase. shares.
 august 2006 increased credit facility $ 45. million 9811 units. warrants purchase. shares.
 balance $ 3. 6 million.
2005 joint venture acquired 90% interest $ 48. 4 million mortgage receivable $ 34. 2 million.
 three-month libor. 75%. january 12 2010.
 626-room hotel lake buena vista collateralized.
.
 march 2006 acquired 10% $ 3. 8 million.
 2006 accepted pre-payment $ 45. 2 million.
 august 2006 provided $ 8. million $ 13. 2 million 12-month loan retailer.
. 50%. payable monthly balloon payment principal balance maturity.
 collateralized real estate.
 funded $ 13. 3 million $ 20. million revolving debtor-in-possession facility.
 interest libor 3.% unused line fee.
 collateralized first priority lien retailer assets.
 balance $ 7. 6 million $ 4. 9 million.
 september 2006 provided 57. 3 million.million loan owner property mexico.
 collateralized interest. matures 2016.
 25% annual cash flows 20% gain sale property.
 2006 balance mxp 57. 8 million $. million.
 mxp 124. 8 million $ 11. 5 million loan land parcel acapulco mexico.
 collateralized property interest 10% annum matures 2016.
 participation 20% excess cash flows gains sale.
 balance mxp 12. 8 million $ 1. 2 million.


management 2019s discussion analysis jpmorgan chase co. annual report credit derivatives portfolio management qualify hedge accounting.
 reported fair value gains losses recognized transactions revenue.
 loans lending-related commitments risk-managed accounted accrual basis.
 asymmetry accounting treatment credit derivatives causes earnings volatility not representative firm changes value credit exposure.
 effectiveness credit default swap protection exposures vary factors named reference entity. contractual terms cds maturity cds protection shorter.
 firm seeks credit protection maturity same or similar exposure differences maturity monitored managed firm.
 credit portfolio hedges table sets fair value firm 2019s credit derivatives management cva other hedges risk management.
 results vary due market conditions positions.
gains losses credit portfolio hedges december 31 millions 2013 2012 2011 $ 142 163 ) 32 ).
 31 2013 2012 2011
 -142 142 -163 163 -32
 -130 -769
 gains losses $ -36 ) -801
 community reinvestment act encourages banks credit needs low moderate incomes.
 firm national leader community development loans investments services states.
 31 2013 2012 loan portfolio $ 18 billion $ 16 billion.
 50% 62% residential mortgage loans 26% 13% commercial real estate 16% 18% business banking loans 8% 7% 7 % other loans.
 nonaccrual loans 3% 3 % 4% 4 %.
years 2013 2012 net charge-offs portfolio 1% 3% 3 % net charge-offs.


not under obligation disclaim to update alter statements.
 consider results differ from statements.
.
 unresolved staff comments.
.
.
 corporate headquarters jacksonville florida owned facility.
 fnf occupies pays rent 121000 square feet.
 lease office space locations.
 california
 florida
 georgia
 texas
 minnesota new york
 illinois ohio maryland
 pennsylvania
.
 lease 81 locations outside united states.
 properties adequate for business.
.
 legal.
 involved in litigation matters claims punitive exemplary damages.
 no actions depart from customary litigation.
 matters raise difficult factual legal issues uncertainties.
 review financial accounting standards.
 decisions.
 base on ultimate outcome appeals.
company employees named march 6 2006 defendants civil lawsuit grace digital information technology.
 chinese sales agent alltel services.
 grace filed suit december 2004 monterey county california sales agreement pay commissions contracts 2001 2003.
 2001 contracts completed.
 2003 different project executed years agreement terminated.
 violated corrupt practices act bank.
 denied allegations.


initial estimate fraud losses fines charges.
 reached resolution made payments charges less estimates.
 difference lower fraud costs.
 table reflects activity fraud losses fines charges twelve months may 31 2013.
 balance may 31 2012 $ 67436
 adjustments -31781
 subtotal 35655
 payments
 balance may 31 2013 $
 insured policies costs.
 $ 30. million policy limits sub-limits liability $ 1. million deductible per claim.
 2013 received assessments submitted additional claims recorded $ 20. million additional insurance recoveries.
 record receivables recoveries.
 class action processing system intrusion filed april 4 2012 natalie willingham.
.
 failed maintain procedures information fraudulent charges credit card 2012.
.
 failed notify public data breach.
.
asserted claims negligence federal communications act fair credit reporting unfair trade practices act negligence breach third-party beneficiary contract implied contract.
.
 sought damages injunctive relief.
 lawsuit filed united court northern district georgia.
 may 14 2012 motion dismiss.
 july 11 granted.
 filed amended complaint.
 causes.
 added plaintiffs nadine robert hielscher dropped claim negligence.
 august 16 motion dismiss amended complaint.
 response october 5 reply brief october 22.
 judge dismissal claims prejudice.
 plaintiffs agreed dismiss lawsuit prejudice each party fees costs.
.
 dismissed prejudice march 6 2013.
 merchant service provider mastercard independent sales organization visa.
designations dependent banks adherence standards.
 sponsors sponsorship agreements.
 agreements route transactions member banks control clear credit card mastercard visa.
 members payment networks process fund transactions without third-party sponsorship.


jpmorgan chase. annual report chart shows december 31 posted market risk gains 220 261 days gains eight days exceeding $ 200 million.
 chart includes losses synthetic credit portfolio.
 posted gains 254 days.
 graph losses loss.
 41 days 261 exceeded var measure three.
 losses occurred second quarter 2012 due adverse effect market movements risk positions credit portfolio.
 portfolio experienced seven loss days none losses exceeded var measures.
 sensitivity one-basis-point increase jpmorgan chase 2019s credit spreads.
 impact shift credit curve.
 sensitivity not representative actual gain loss.
 results reflect movement credit spreads maturities changing exposure profile.
 adjustment sensitivity one basis-point increase 2019s credit spread.
 december 31 2012
 31 2011
economic-value stress testing risk.
 reflects loss adverse changes stress testing exposure unlikely events abnormal markets.
 runs weekly stress tests market risks credit equity interest rates currency commodity.
 grid-based approach calculates stress market rallies sell-offs


third-party royalties expenses network infrastructure depreciation lease payments equipment data center costs salaries amortization intangible assets allocated overhead.
 contracts data center facilities rack space power.
 increased change 2014-2013 2013-2012.
 data center cost 10% 11% ( 11 %
 compensation cost benefits
 depreciation expense
 royalty cost
 amortization intangibles
 insignificant items
 change 21% ( 21 % ) 27% ( 27 %
 subscription revenue increased 2014 data center costs compensation cost deprecation expense royalty cost.
 data center costs higher transaction volumes marketing cloud creative cloud services.
 compensation cost additional headcount acquisition neolane.
 depreciation expense higher capital expenditures network center infrastructure.
 royalty cost subscriptions downloads.
subscription revenue increased 2013 due increased hosted server costs amortization purchased intangibles.
 costs data center costs higher transaction volumes marketing creative cloud services depreciation expense capital expenditures compensation headcount.
 amortization intangibles increased acquisitions behance neolane.
 employee-related costs consulting training product support.
 revenue increased 2014 compensation benefits headcount third-party fees.
 support revenue increased 2013 third-party fees compensation additional headcount acquisition neolane.


operating leases require property taxes insurance maintenance costs rent.
 sublease income insignificant.
 noncancelable future lease commitments.
 2019 $ 137.
 2020 115.
 2021.
 2022.
 2023.
 2023 91.
 noncancelable future lease commitments $ 559.
.
 obligations.
 depreciation capital leases expense.
 issued guarantees $ 540. 8 million consolidated subsidiaries $ 167. 3 million non affiliates.
 off-balance sheet arrangements limited future payments non-cancelable operating leases $ 559. 3 million.
.
 packaged foods industry.
 acquired blue buffalo pet operating segment.
 third quarter 2017 new global organization structure leadership scale operational agility.
 reorganization operating segments.
new structure chief north america retail convenience stores foodservice europe australia asia latin america pet.
 america grocery stores mass merchandisers membership stores natural food chains e-commerce.
 product categories-to-eat cereals yogurt soup meal kits dough dessert baking mixes frozen pizza snacks grain fruit snacks organic products nutrition bars salty.
 categories convenience stores foodservice cereals snacks yogurt frozen meals dough baking mixes.
 branded.
 distributors operators.
 europe australia.
 categories refrigerated yogurt meal kits-premium ice cream dough vegetables grain snacks dessert baking mixes.


operating activities upon payment terms license agreements.
 75% license fee paid first year.
 payment terms for tsls extended license fee paid quarterly or annually.
 receive cash from upfront license revenue sooner than time-based licenses.
 2008 to 2009.
 cash activities decreased deferred revenue timing billings cash payments increased payments to vendors tax prepayment for irs settlement.
 9.
 2007.
 cash decreased timing billings cash payments lower cash inflows settlement of $ 12. 5 million from magma.
 investing.
 decrease purchases marketable securities acquisitions offset by timing maturities.
.
 decrease sale for acquisition synplicity lower capital expenditures.
 financing activities 2008.
 increase absence common stock repurchases offset decrease options employees.
.
 increase more common stock repurchases.
note 7 financial statements stock repurchase program.
 hold cash equivalents short-term investments united states foreign accounts primarily ireland bermuda japan.
 october 31 2009 $ 612. 4 million cash equivalents investments united states $ 555. 9 million foreign accounts.
 funds revenue outside north america.
 indefinitely reinvested foreign countries note 9.
 expect cash fluctuate timing billings collections operating results tax liability payments cash future acquisitions.
 october 31.
 %
 dollars millions
.


stock performance graph shows five-year comparison shareholder return dividend reinvested s&p 500 composite hardware dow jones.
 technology index.
 assumes $ 100 invested company common stock 500 dow.
 index september 30 2006.
.
 historic stock price not indicative future performance.
 5 year return apple. s&p 500 hardware dow jones technology index.
$ 100 invested 9/30/06 stock index reinvestment dividends.
 fiscal year september 30.
 copyright mcgraw-hill.
.
 dow jones.
.
 30.
 2006 2007 2011
 apple inc. $ 100 199 148 241
 s&p 500 $ 100 116 91
 s&p computer hardware $ 100 $ 148 174 197
jones 100 123 94 104 117 120


iv item 15.
 financial schedules 8.
 page f-1 report.
 schedules valuation accounts three years december 31 2018 page 61.
 exhibits annual report form 10-k.
. memorandum association norwegian cruise line holdings.
 exhibit 3. amendment.
. registration statement january 8 2013 file.
 333-175579. bye-laws holdings. may 20 2015 incorporated exhibit 3. form 8-k may 26 2015.
 001-35784. december 14 2016 ncl corporation.
.
 bank association trustee $ 700. million principal. unsecured notes due 2021 exhibit 4. december 14 2016.
 001. certificate ordinary shares exhibit 4. amendment.
 5. january 8 2013.
 333-175579. deed trust january 24 2013 norwegian cruise line.
 house trust company incorporated exhibit 9. norwegian cruise line holdings. january 30 2013.
. supplemental deed june 1 2012. 9 million norwegian loan september 22 2006. ncl corporation.
 international banks.
 exhibit 10. ncl. january 8 2013.
. letter november 27 2015. 9 million epic loan september 22 2006.
. ncl corporation.
 international banks.
 incorporated exhibit 10. 5 cruise line holdings. february 29 2016.
. office lease agreement november 27 2006 ncl.
 airport corporate center guarantee ncl corporation. 27 2006 incorporated exhibit 4. 46 ncl. report 6 2007.
 333-128780.

. memorandum association norwegian cruise line holdings. exhibit. amendment. 5 january 8 2013. 333-175579
. amended bye-laws. may 20 2015. may 26 2015. 001-35784
. indenture december 14 2016 ncl corporation. bank association $ 700. million principal amount. unsecured notes due 2021. december 2016
. certificate ordinary shares exhibit. amendment. 5. january 8 2013 file. 333-175579
. deed trust january 24 2013 norwegian cruise line holdings. state house trust company. january 30 2013. 001-35784
. sixth supplemental deed june 1 2012. 9 million norwegian loan september 22 2006 amended. ncl corporation.syndicate international banks guarantee ncl corporation. exhibit. form 6-k january 8 2013. 333-128780
. letter november 27 2015. 9 million norwegian epic loan september 22 2006. ncl corporation. syndicate banks guarantee. exhibit. norwegian cruise line holdings. form 10-k february 29 2016. 001-35784
. office lease agreement november 27 2006 ncl. hines reit airport center llc guarantee ncl. amendment november 27 2006 exhibit. 46 ncl. annual report form 20-f march 6 2007. 333-128780
.
.
 page f-1.
 valuation accounts three years december 31 2018 page 61.
 annual report form 10-k.
. association norwegian cruise line holdings.
 exhibit.
.registration statement january 8 2013.
 333-175579. bye-laws cruise line holdings. may 20 2015 exhibit. form 8-k may 26 2015.
 001-35784. indenture december 14 2016 ncl corporation.
.
 bank national association trustee $. million principal. unsecured notes 2021 exhibit. december 14 2016.
. certificate ordinary shares exhibit. amendment.
. registration statement s-1 january 8 2013.
 333-175579. deed trust january 24 2013 cruise line holdings.
 state house trust company exhibit. form january 30 2013.
. sixth supplemental deed june 1 2012. million norwegian loan september 22 2006. ncl corporation.
 international banks ncl corporation.
 exhibit.report form 6-k 2013.
. letter november 27 2015. 9 million norwegian epic loan september 22 2006 norwegian epic.
. ncl corporation.
 international banks ncl.
. norwegian cruise line holdings. form 10-k february 29 2016.
. office lease agreement november 27 2006 ncl.
 airport corporate center guarantee ncl corporation. amendment 27. ncl. annual report form 20-f 6 2007.


maintain operate assets contractual obligations lease arrangements guidelines railroad industry.
 no control value leased assets.
 power direct activities control economic performance.
 obligation absorb losses right receive benefits not primary beneficiary consolidate performance fixed-price purchase options not.
 future minimum lease payments totaled $ 2. 6 billion december 31  2015.
 17.
 leases locomotives cars.
 consolidated statements included $ 2273 million $ 1189 million depreciation $ 2454 million 1210 million depreciation.
 charge income depreciation included depreciation expense.
 future minimum lease payments leases operating leases capital leases.
 2016 491 217
 2017 220
 2018 371 198
 2019 339 184
 2020 282
 1501 575
minimum lease payments $ 3430 $ 1587
 interest -319
 $ 1268
 95% capital lease payments locomotives.
 rent expense leases one month $ million 2015 $ 593 million 2014 $ 618 million 2013.
 rental variable rental expense.
 contingent rentals sub-rentals not significant.
.
 commitments contingencies lawsuits pending subsidiaries.
 effect operations financial liquidity.
 recorded liability probable estimated.
 lawsuits claims environmental costs commitments contingent liabilities guarantees financial liquidity.
 cost incidents.
 actuarial analysis expense liability claims.
 federal employers 2019 liability act compensation work-related accidents.
 damages assessed fault-court settlements.
 services rehabilitation programs employees injured work.
personal injury liability discounted uncertainty future payments.
 94% liability claims


.
 alcoa raw materials arconic coils shipment.
 revenue two months 2016 $ 37 million.
 automotive market innovative products aluminum-intensive vehicles.
 commercial airframe market flat lower build rates aluminum.
 sales packaging decline pricing pressure north american packaging.
 productivity improvements.
 engineered products solutions.
 2015 2014
 third-party sales $ 5728 $ 5342 $ 4217
 $ 595 $
 engineered products solutions segment aerospace transportation power generation markets.
 fastening systems seamless rolled rings investment castings airfoils jet engine components. aircraft parts sold distributors.
 75% third-party sales aerospace market.
 small part produces forged extruded machined metal products oil gas industrial automotive land sea defense markets.
decreases sales third quarter due european summer slowdown.
 sales costs expenses transacted local currency.
 dollar pound euro.
 july 2015 arconic rti global supplier titanium metal products aerospace defense energy medical.
 titanium advanced technologies materials aerospace.
 2014 net sales $ 794 2600 employees.
 results.
 march 2015 tital aerospace castings company 650 employees.
 produces aluminum titanium products aerospace defense.
 2014 sales $ 100.
 capture demand advanced jet engine components titanium casting capabilities expand aluminum casting capacity.
 results.
 november 2014 firth rixson leader aerospace jet engine components.
 manufactures rings forgings metal products.
 strengthen aerospace business growth high-growth jet engine components.
rixson $ 970 2014 13 facilities states asia 2400.
 results liabilities engineered products solutions since acquisition.


.
 software licenses long- term contracts network communication office maintenance services.
 expended $ 7. 2 million $ 5. 3 million $ 2. 9 million obligations 2016 2015 2014.
 future expenditures.
 2017 14134
 2018 10288
 2019 9724
 2020 2617
 2021
 $ 37415
.
 restructuring workforce realignment.
 incurred $ 3. 4 million restructuring charges $ 2. million net tax.
 expects additional charges $ 10 million - $ 15 million first quarter 2017.
.
 settlement.
-sum payment $ 4. 7 million.
 charges expense 2016 statement income.
 claims withdrawn release claims.
.
 subject investigations claims legal proceedings commercial disputes labor employment tax audits infringement intellectual property.
company resolution pending matters expected results cash flows financial position.
 subject uncertainties possible unfavorable resolution could affect results.
 indian subsidiary has service tax audits pending.
 could incur tax charges liabilities approximately $ 7 million.
 tax issues similar to case microsoft corporation.
 vs commissioner service tax favorable ruling to microsoft.
 no assurances on ruling impact.
 uncertain when service tax matters concluded.
 french subsidiary taxing authority rejected 2012 research development credit.
 contested decision.
 favorable outcome could incur charges approximately $ 0. 8 million.
 unfavorable outcome could $ 3. 8 million research development credits for 2013.
 no assurances on timing outcome.


strategic shifts operations financial results.
 guidance permits continuing cash flows involvement.
 adopted amendments january 1 2015.
 prior year amounts.
.
 acquisitions divestitures december 31 2015 paid cash acqui sitions acquired $ 2. 4 billion.
 used proceeds $ 2. billion senior notes 2015 acquisition snl.
 acquisitions funded cash operations.
 capital september 1 2015 acquired snl financial lc $ 2. 225 billion cash working capital adjustments.
 snl results included consolidated statements income.
 global provider news data analytical tools financial services real estate energy media communications metals mining.
 web mobile data platforms.
-related $ 37 million.
 included consolidated statements income.
 acquisition accounted.
purchase method excess price allocated goodwill intangibles.
 operational synergies growth opportunities.
 intangible assets amortized lives 10 18 years purchase price.
 goodwill deductible tax.
 preliminary allocation price assets liabilities.
.
 assets
 property plant equipment
 goodwill 1563
 intangible assets
 databases software 421
 customer relationships 162
 tradenames 185
 intangibles
 772
 non-current assets
 assets acquired 2378
 liabilities
 unearned revenue -117
 non-current liabilities -4
 liabilities -144
 net assets acquired
 preliminary valuation assets liabilities.
 final purchase price allocation detailed valuations calculations.
 final allocation.
 changes values property plant intangible assets.
supplemental pro forma information years 2015 2014 acquisi tion snl january 1 2014.
 comparative purposes estimates assumptions not indicative consolidated financial position results acquisition 2015.
 intangible asset charges borrowing costs mcgraw hill financial 2015 annual report


information oil gas activities future cash flows oil gas reserves 2006 2005 2004 sales transfers oil gas production transportation administrative costs 5312 3754 2689 prices production transportation costs 6648 771.
 2006 2005 2004
 sales transfers oil gas costs -5312 -3754 3754 -2689 2689
 prices costs -1342 1342 6648 771
 extensions discoveries recovery 1290 700 1349
 costs 1251 1030
 development costs -527 -552 -628
 estimates 1319
 sales minerals 4557
 accretion discount 1124 757
 change income taxes -660 -6694 -627
 307
 change -2083 4186
 10601 6415
 end year 8518 10601
change discontinued -216 216 162 -152


.
 5.
 common equity issuer purchases common stock traded nasdaq global market cdns.
 february 2 2019 523 stockholders 56000 beneficial owners.
 return graph compares 5-year return nasdaq composite index s&p 500 index information technology index.
 investment common stock index december 28 2013 $ 100 fiscal year 2018.
 5 year cumulative return cadence design systems. nasdaq composite s&p 500$ 100 invested 12/28/13 dividends.
 year.
 s&p.
.
 design systems.
&p 500.
 12/28/2013 1/3/2015 1/2/2016 12/31/2016 12/30/2017 12/29/2018
 cadence design systems. $ 100. $ 135. 149. 311.
 nasdaq composite.172. 11 165.
 100. 110. 109. 129. 157. 150.
 100. 115. 121. 144. 201. 200.
 stock price.


kimco realty subsidiaries financial investments latin america subject local taxes.
 assesses entity deferred tax assets.
 cumulative earnings future earnings deferred tax asset.
 full valuation allowance for three-year cumulative book loss future earnings.
 no valuation allowance three-years income future earnings deferred tax assets.
 december 31 2014 total deferred tax assets $ 9. 5 million latin american valuation allowance $ 9. 3 million.
 deferred tax assets from depreciation deducted capital cost allowances canadian tax rules.
 deferred upon disposition tax basis.
 no valuation allowance against $ 65. 5 million net deferred tax asset.
 determination positive negative evidence.
 relationship between company krs taxable reit subsidiary.
 qualification business activities.
reit controls investments.
 distinguishes reit subsidiary from enterprise single taxpayer.
 company business activities.
 analysis deferred tax assets future projected income.
 scheduled pre-tax taxable income over twenty year period operations.
 earnings estimated net operating income properties rental income.
 major lease turnover not expected constructed leased past seven years.
 strategies realize deferred tax assets transferring property management business selling assets.
 projection future taxable income over twenty years generates taxable income deductible differences operating loss carryovers.
 net deferred tax asset $ 65. 5 million realized no valuation allowance needed at december 31 2014.
 future income projections losses need valuation allowance.
 federal income tax rate income.
 2013 2012

 federal provision tax rate 35% $ 7762 -1697 1697 $ 2936
 state local federal -205
 acquisition fnc -9126 9126
 tax provision 2013. $ 9066 -10799 $ 3141


remitted.
 foreign tax credits exclusions.
 december 31 2010 federal loss carryforwards $ 56 million 2011 to 2024 state loss carryforwards $ 610 million 2011 2031 foreign loss carryforwards $ 720 million $ 251 million indefinite carryforward.
 unrecognized tax provisions reconciliation unrecognized tax benefits.
 balance january 1 $ 77 $
 additions tax positions
 reductions
 statute limitations
 acquisitions
 foreign currency translation
 balance december 31 $ 100
 $ 85 million unrecognized tax benefits tax rate.
 tax positions twelve months potential reduction tax benefits $ 10-$ 15 million settlements.
 recognizes penalties interest unrecognized income tax benefits.
 penalties less $ 1 million 2010 2009 2008.
 1 2.
liability penalties $ 5 million interest $ 18 million 2010.
 subsidiaries file income tax returns.
 federal state international jurisdictions.
 concluded.
 income tax matters 2006.
.
 2002.
 2004.


marathon oil corporation health care cost rates defined benefit retiree health care plans.
 one-percentage-point change increase decrease.
 service interest cost components
 postretirement benefit obligations
 investment policies strategies.
 reflect funded status expectations future ability contributions.
 goals manage assets legal requirements produce returns risk parameters erosion purchasing power position portfolios long-term risk/return orientation.
.
 common stocks higher returns fixed income securities.
 short-term investments reflect liquidity requirements pension payments.
 2019 asset allocation 75 percent equity securities 25 percent fixed income securities.
 2009 exchanged publicly-traded stocks bonds pooled equity fixed income investment funds 58 percent 20 percent.
 assets.
 funds managed same strategy.
fund objective exposure publicly-traded equity or fixed income portfolio.
.
.
 equity fund holdings publicly-traded securities.
 fixed income fund publicly-traded investment-grade bonds.
 assets managed third-party investment manager.
 target allocations.
 investments diversified by industry type limited grade maturity.
 prohibits steel industry allows derivatives equity securities.
 performance risk measured monitored quarterly meetings studies.
 target asset allocation 70 percent equity securities 30 percent fixed income securities.
 assets invested six portfolios pooled managed investment managers.
 diversified by industry type limited grade maturity.
 derivatives permitted.
 performance measured third-party firm.
 performance risk quarterly studies.
 measured.
 note.
 valuation techniques asset category 2009.
cash equivalents 2013 deposit investment mutual fund short-term instruments cash valued


management financial condition results operations 2013 corporate expenses decreased 2012 $ 4. $ 137. 2011 lower office general expenses increase information-technology-upgrade initiatives.
 capital flow tables financial data capital resources.
 2013 2012 2011
 net income adjusted operating $ 598. $ 697. $ 735.
 working capital -9. -293. 293. -359.
 non-current assets liabilities. -46. -102.
 operating activities $ 592. $ 357. $ 273.
 investing activities -224. 224 -210. -58.
 financing activities -1212. 131 -541. 541.
 net income adjusted depreciation amortization restricted stock non compensation early extinguishment debt deferred income taxes.
reflects changes accounts receivable expenditures billable assets accounts payable accrued liabilities.
 activities cash 2013 $ 592. increase $ 235. 2012 improvement working capital usage $ 283. offset decrease net income.
 generate second use first largest impacts first fourth quarters.
 improvement impacted by media businesses management.
 net cash 2012 $ 357. increase $ 83. 2011 decrease working capital usage $ 66.
 impacted media businesses.
 timing media buying affects working capital cash.
 agencies pay production media costs.
.
 affect accounts receivable expenditures billable accounts payable accrued liabilities.
 assets include cash receivable liabilities.
 affected by timing payments.
 annual cash incentive awards paid first quarter.
 cash capital expenditures acquisitions.
 $ 173.hardware leasehold improvements.
 $ 61. acquisitions.


table reflects effects pension expense changes annual assumptions using 2014 expense baseline.
 29 pension expense 2013 sensitivity analysis change assumption increase decrease 2014 expense millions.
 2014 expense
. 5%. decrease discount rate
. decrease long-term return assets
. 5%. increase compensation rate
 impact changing assumption assumptions.
 pension plan contribution requirements not sensitive actuarial assumptions.
 investment performance contribution required contributions future.
 current law pension protection act 2006 sets limits minimum maximum contributions.
 2014.
 maintain other defined benefit plans less effect nonqualified supplemental retirement plans.
 sold commercial residential home equity loans securitization transactions continuing involvement.
 recourse loan repurchase obligations transferred assets.
 loans sold fnma delegated underwriting servicing program.
participated program fhlmc.
 recourse obligations reported corporate institutional banking.
 mortgage obligations note 24 commitments guarantees.
 residential mortgage repurchase obligations assume repurchase obligations sold investors.
 pnc breached origination covenants representations warranties.
 residential loans first second-lien sold agency securitizations non-agency securitizations sale transactions.
 agency securitizations fnma fhlmc non securitizations private investors.
 involve fnma fhlmc private investors.
 securitization related fnma fhlmc repurchase losses fha va-insured uninsured loans gnma minimal.
 repurchase obligation activity reported banking.
 loan covenants representations warranties established loan sale agreements pnc sold loans investment quality.
covenants representations warranties include loan compliance with loan criteria underwriting standards delivery loan documents collateral valuation validity of lien securing loan.
 breaches investors may request indemnify against losses repurchase loans.
 investigate claim conditions for indemnification repurchase settlement.
 indemnifications for loss repurchases occur when insufficient evidence covenant value transferred loan.
 respond to indemnification repurchase requests within 60 days final resolution may longer.
 sales agreements pnc financial services group.
 2013 form 10-k


systems financial statements.
 facilities equipment non-cancellable lease 2028.
 land lease expires 2091.
 rent expense rent building expenses utilities taxes insurance equipment rental.
 sublease income 2014 2013 2012.
 rent expense $ 111149 $ 118976 $ 105809
 sublease income
 net rent expense $ 109737 $ 115919 103479
 occupy three office buildings san jose california.
 almaden tower east west towers.
 2014 $ 143. 2 million.
 investment lease receivable $ 126. 8 million credited against purchase price standby letter credit.
 capitalized towers balance $ 144. 1 million price costs.
.
 lease agreement through march 2017.
 investors lease receivable $ 80. 4 million investment lease balance sheets.
november 28 2014 lease receivable almaden tower fair value.
 option purchase lease term for $ 103. 6 million.
 investment lease receivable credited against purchase price.
 residual value guarantee almaden tower $ 89. 4 million.
 subject standard covenants financial ratios reported quarterly.
 compliance covenants.
 default equal lease balance remarket relinquish.
 shortfall proceeds lease balance investment.
 almaden tower lease operating lease accounting treatment obligation not included consolidated balance sheets.
 note 16 capital lease obligation.
 unconditional purchase obligations goods services.


annual report 2012 realty corporation indirect costs charged administrative expenses.
 review overhead cost structure leasing adjust staffing.
 increased $ 43. 1 million 2011 to $ 46. 4 million 2012.
 factors.
 expenses.
 reduction overhead costs.
 increased absorption wholly-owned development leasing.
 reduced allocation service operations rental operations.
 expenses 2012.
 reduced overhead costs staff reductions product mix third-party construction leasing management.
 increased focus development wholly-owned properties leasing activity absorption overhead.
 capitalized $ 30. 4 million $ 20. million overhead costs leasing development 2012 $ 25. 3 million $ 10. 4 million 2011.
 overhead costs leasing development 31. 1%. 20. 6%. overhead costs 2012.
reduction overhead costs resulted reduced construction reducing investment in office properties.
 operations increased from $ 220. 5 million 2011 to $ 245. 2 million 2012.
 $ 47. 4 million discontinued operations 2011 $ 3. 1 million 2012.
 total interest expense decreased from $ 267. 8 million 2011 to $ 248. 3 million 2012.
 lower borrowing rate refinancing higher rate bonds decrease average borrowings.
 increase properties under development common equity $ 5. million increase capitalized interest contributed decrease expense.
 recognized $ 4. 2 million acquisition costs $ 2. 3 million 2011.
 increase acquiring higher medical office properties.
 recognized $ 1. million gain acquisition building 50%-owned.
 discontinued operations sold.
discontinued revenues expenses real estate taxes interest depreciation net gain disposition.
 150 buildings discontinued.
 114 office 30 industrial four retail two medical.
 losses $ 1. 5 million $ 1. 8 million $ 7. 1 million.
 28 19.
 gains disposal $ 13. 5 million $ 100. 9 million $ 33. 1 million


performance units granted executives 2014 one-year period.
 committee 25% converted unrestricted shares.
 75% converted restricted shares equal installments first three anniversaries conversion.
 performance units granted fiscal 2015 three-year period.
 convert unrestricted common stock.
 performance-based outcomes.
 grantee earn 200% target shares.
 awards performance conditions compensation expense grant date fair value based shares earned.
 compensation expense revised.
 2015 executives granted leveraged performance units.
 market condition stock price growth three-year.
 minimum threshold performance no payout.
 maximum award opportunity fixed dollar number shares.
 three-year one-third earned units converts unrestricted common stock.
 two-thirds convert restricted stock equal installments first two anniversaries conversion.
recognize share-based compensation expense grant date lpus determined monte carlo model service period.
 2015 executives granted units performance-based restricted stock units earned return three-year performance period s&p 500.
 units convert unrestricted common stock.
 grantee earn 200% target shares.
 set compensation committee.
 recognize compensation expense grant date monte carlo model vesting period.
 table summarizes changes unvested share-based awards years may 31 2015 2014-average grant-date fair value.
 may 31 2013 1096 44
 granted 47
 vested
 forfeited
 31 2014 877
 granted 477 72
 vested 46
 forfeited
 may 31 2015
.


goldman sachs group.
 subsidiaries management scenario analyses.
 conduct comprehensive capital analysis review dodd-frank act stress tests resolution recovery planning.
 capital management regulatory capital 2014.
 scenarios short long term macroeconomic firm- specific assumptions.
 longer-term balance sheet management strategy assets funding equity capital.
 maintaining funding liquidity capital stressed environment.
 consolidated statements financial condition.
 assets businesses non-gaap.
 management risks liquidity.
 balance sheet allocation.
 millions december 2015
 global core liquid assets 199120 182947
 cash 9180
 208300
 secured client financing 221325
 inventory 208836 230667
 financing agreements 63495
 receivables 39976
 institutional client services 312307 352751
 public equity 3991
equity 16985 17979
 23216 24768
 loans 45407 28938
 4646 3771
 investing lending 94245 79497
 inventory assets 406552 432248
 25218 22201
 $ 861395 855842
.
 $ 17. 29 billion $ 18. 24 billion 2015 2014 direct loans corporate private wealth clients fair value.
.
 note 9 consolidated financial statements.
 liquid assets cash.
 liquidity cash outflows collateral.
 management.
 cash balances currencies jurisdictions.
 financing.
 collateralized financing margin loans securities resale agreements government obligations.
 segregate cash securities regulatory requirements.
 short-term fair value daily margin risk.
.
 maintain inventory fixed income equity currency commodity products.
enter resale securities borrowing arrangements cover.
 receivables services relate securities transactions.
 investing lending.
 make investments originate loans.
 longer- term.
 debt securities loans public private equity securities real estate.
.
 less liquid non- financial property leasehold equipment goodwill intangible assets income tax-related receivables equity investments sale miscellaneous receivables.


three-year period ownership five percent company equity securities.
 ownership change.
 section 382 pre-change nol carryforwards offset post-change income.
 limitation.
 section 382 preclude federal nol carryforwards sufficient taxable income future.
 federal nol carryforwards 2028.
 december 31 2014 2013 state nols $ 542705 $ 628049 portion offset valuation allowance.
 2015 2033.
 canadian nol carryforwards $ 6498 $ 6323.
 majority offset valuation allowance.
 expire 2015 2033.
 capital loss carryforwards $ 3844.
 recognized full valuation allowance capital loss carryforwards.
 files income tax returns united states jurisdictions.
 no longer subject.
.
 income tax examinations before 2008.
.
 tax year 2011 closed.
 company state income tax examinations adjustments.
 patient protection care act march 23 health care education reconciliation act 30 ppaca.
 changes tax treatment federal subsidies retiree health benefit plans medicare.
 subsidy payments taxable after december 31 2012 company reduction deferred tax assets increase regulatory assets $ 6348 $ 6241 december 31 2014 2013.
 gross liability unrecognized tax benefits.
 balance january 1 2013 $ 180993
 increases 27229
 decreases
 december 31 2013 177947
 increases
 decreases
 december 31 2014 $ 195237
 interest penalties $ 157 $ 242 december 31 2014 2013 income tax expense.


operating expenses millions 2012.
 compensation benefits $ 4685 $ 4681 4314 9% 9
 fuel 3608 3581 2486
 services materials 2143 1836
 depreciation 1760 1617 1487
 equipment rents 1197 1167 1142
 788 782 719
 $ 14181 $ 13833 $ 11984 3% 3 % %
 operating expenses increased 348 million 2012 2011.
 depreciation inflation fuel prices volume trucking services.
 efficiency gains savings 38 million weather expenses.
 increased $. billion 2011.
 fuel price per gallon 36% $ 922 million.
 wage inflation volume costs depreciation property taxes.
 increased $ 20 million flooding $ 18 million heat drought.
savings productivity resource utilization offset increases.
 $ 45 million payment csx intermodal increased operating expenses 2010.
 compensation benefits wages payroll taxes health welfare pension postretirement benefits incentive costs.
 expenses 2012 flat versus 2011 operational improvements cost reductions offset wage inflation higher pension benefits.
 weather costs increased expenses.
 inflation higher training costs crew costs flooding higher pension expense increase.
 locomotive fuel gasoline.
 higher diesel fuel prices. increased expenses $ 105 million.
 volume decreased 2% expense.
 fuel consumption rate flat.
 higher diesel fuel prices. increased expenses $ 922 million.
 higher gasoline prices increased.
 5% expense $ 122 million.
services 2013 expense contractors providers equipment 2012 operating expenses