.
 financial instruments derivatives hedging accounting standards board statement.
 133 derivative instruments hedging activities effective january 1 2001 recognize derivatives balance fair value.
 derivatives not hedges fair value income.
 changes fair value offset against recognized income until recognized earnings.
 ineffective change fair value recognized earnings.
 recorded cumulative effect adjustment sfas 133.
 intrinsic value income $ 811 time value $ 532 ) unrealized loss $ 1343.
 transition amounts determined interpretive guidance fasb.
 changes.
 sfas 133 increase net income stockholders equity future interest rates variables no effect cash flows.
 table summarizes notional fair value derivative financial instruments december 31  2001.
 involvement represent exposure credit interest rate market risks.
.

 interest rate collar $ 70000. 580%. 11/2004 $
 interest rate swap $ 65000 4. 8/2005 $ 891
 december 31 2001 derivative instruments obligation $ 3205.
 adjustments deferred gains losses loss $ 2911.
 instruments hedging instruments.
 unrealized gains losses reclassified earnings.
 $ 1093 balance loss reclassified earnings twelve months.
 not hedging future cash flows.
.
 properties federal ordinances.
 environmental liability financial position cash flows.
 environmental cost properties sold.
.
 office properties manhattan office real estate structured finance investments.
 evaluates real performance allocates resources net operating income.
 real estate portfolio manhattan.
 primary revenue tenant rents escalations reimburse ment.
estate property expenses security maintenance utility taxes ground rent.
 2001 2000 $ 1371577 $ 1161154 1182939 1109861 real estate $ 188638 $ 51293 structured finance investments.
 revenues $ 257685 230323 240316 217052 200751 real estate $ 17369 $ 13271 $ 5266 structured finance investments.
 net operating income $ 63607 $ 53152 48966 $ 46238 39881 43700 real estate $ 17369 13271 5266 structured finance investments.
 structured finance.
 real estate.
 no transactions between segments.
 realty.
 consolidated financial statements december 31 2001


returned assets service.
 2010 storage 17% multiple purpose locomotives 14% 14 % freight car inventory assets.
 2022 fuel prices 2013 prices increased economy improved.
 average diesel fuel price per gallon increased 20% january to december 2010 higher crude oil prices conversion spreads.
 diesel fuel price gallon increased 31% 31 % operating expenses $ million.
 reduced consumption rate 3% saving 27 million gallons fuel.
 newer fuel efficient locomotives distributed locomotive power fuel conservation programs efficient network operations asset utilization.
 2022 free cash flow 2013 $ 4. 5 billion record free cash flow $ 1. 4 billion 2010.
 cash flow less investing dividends.
 not financial measure accounting.
.
 flow important financial performance cash financings.
.
table reconciles cash operating activities free cash flow millions.
 operating activities $ 4105 $ 3204 $ 4044
 receivables securitization facility
 4505 3388 4060
 investing activities -2488 2488 2145 -2738 2738
 dividends -544 -481
 free cash flow $ 1415 $ 699  $ 841
 january 1 2010 new accounting standard receivables transferred facility secured borrowings financing activities.
 securitization facility free cash flow calculation.
 safe railroad benefits employees customers shareholders public.
 multi approach safety technology risk assessment quality control training.
 implementing total safety culture.
 safe practices.
 best practices operational safety.
grade crossing incidents safety continue maintain crossings install video cameras educate safety programs industry programs communities.
 2022 transportation plan 2013 traffic network patterns simplify operations variability improve efficiency asset utilization.
 adjust manpower locomotive rail fleets customer needs


consolidated financial statements 2013 amounts millions share guarantees obligations subsidiaries credit facilities media payables operating leases.
 guarantees $ 769. 3 $ 706. 7 december 31 2009 2008.
 non-payment subsidiary pay amounts.
 no material assets pledged security guarantees.
 estimated future contingent acquisition obligations payable cash 2009.
 amounts paid earliest exercise date.
 note 6 payment structure.
 payments contingent achieving operating performance targets satisfying conditions subject revisions earn-out periods.
 2011 2012 2013 2014
 deferred acquisition payments $ 20. 5 $ 34. 60.
 redeemable noncontrolling interests call options.
 contingent acquisition payments. 232.
 cash compensation expense.. 2014.
 $ 63. $ 81. $ 40. $ 36. $ 5. $ 228.
 entered acquisitions redeemable noncontrolling interests call options similar terms conditions.
 included estimated contingent acquisition obligation earliest option exercisable.
 redeemable noncontrolling interests exercisable discretion equity owners december 31 2009.
 estimated acquisition payments $ 20. included payments 2010 not carry 2011 exercised.
 interests current exercise price payable cash not redemption value.
 involved proceedings.
 financial condition cash flows.
 accounting standards guidance transfers financial assets extinguishments liabilities.
 effective january 1 2010.
 eliminates qualifying special-purpose entity changes criteria derecognizing financial assets.
 disclosures involvement financial assets transferred.
 impact financial statements.
2009 fasb amended guidance consolidating variable interest entities.
 effective january 1 2010.
 revises factors insufficiently capitalized not controlled.
 includes revised financial statement disclosures risk exposures impact financial statements.
 evaluating impact consolidated financial statements.


2011 company recognized $ 3 million tax interest penalties $ 16 million accrued.
 12 derivative instruments exposed market risks interest rates commodity prices.
 management uses derivative commodity instruments futures options swaps manage risks.
 risk designated.
 designates cash flow fair value net investment reduce volatility interest rates currency commodities.
 trading speculative hedging transactions.
 derivative instruments december 28 2013 2012.
 millions
 foreign currency exchange contracts $ 517
 interest rate contracts
 commodity contracts 361
 3278
 description category fair value hierarchy financial assets liabilities 2013 2012 recurring.
 level 1 2014 assets liabilities unadjusted prices.
 commodity derivative contracts.
level 2 2014 financial assets liabilities based on quoted prices.
 interest rate swaps over-the-counter commodity currency contracts.
 value interest rate swaps discounted cash flow analysis terms interest rate curve.
 commodity derivatives valued commodity index prices contract rate.
 foreign currency contracts forward rates.
 risk nonperformance counterparty credit risk.
 level 3 2014 assets liabilities based prices valuation techniques inputs unobservable significant.
 assumptions.
 level 3 assets liabilities december 28 2013 december 29  2012.


edwards lifesciences consolidated financial statements.
 accounting policies.
 new guidance applied prior reporting period cumulative effect initial application.
 assessing impact financial not selected transition method.
.
 change accounting principle january 1 2014 changed intellectual property litigation expenses defense patents.
 capitalized costs favorable outcome amortized over life patent.
 december 31 2013 unamortized costs $ 23. 7 million  previous amortized through 2021.
 new method costs expensed period incurred.
 adjusted comparative financial statements.
 preferable competitors complex intellectual property litigation assess probability outcome comparability financial results peer group.
 consolidated financial statements adjusted reflect impact prior periods.
 cumulative effect decrease retained earnings $ 10. million as january 1 2012.
tables accounting principle.
 balance sheet
 intangible assets $ 57. 33.
 deferred taxes 70. 79.
 2724. 2709.
 earnings 2045. 2030.
 stockholders equity 1559. 1544.
 liabilities equity 2724.


management credit ratings based on agencies 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 collateral termination payments downgrade agencies.
.
 allocate portion gce additional collateral payments two-notch reduction long-term credit ratings collateral not available.
 table presents additional collateral payments net derivative liabilities agreements one two-notch downgrade credit ratings.
 millions december 2013 2012
 additional collateral payments one-notch downgrade $ 911 $ 1534
 two-notch downgrade 2989 2500
one-notch 911 1534 two-notch complex earnings assets.
 cash flow analysis liquidity.
 macro trends initiatives.
.
 cash equivalents decreased $ 11. 54 billion $ 61. 13 billion.
 generated $ 4. 54 billion cash.
 $ 16. 08 billion investing repurchases common stock.
.
 increased $ 16. 66 billion $ 72. 67 billion.
 $ 9. 14 billion.
 $ 7. 52 billion offset repayments unsecured borrowings.
.
 increased $ 16. 22 billion $ 56. 01 billion.
 generated $ 23. 13 billion cash.
 $ 6. 91 billion financing repurchases bank deposits.
 2013 annual report


republic services.
 financial statements 2014.
 fuel hedges swap agreements cash flow hedges mitigate exposure diesel fuel prices.
 swaps effective hedges diesel fuel.
 table summarizes fuel hedges december 31 2015 hedged average contract price per gallon.
 27000000.
 2017 12000000.
.
 average price diesel fuel exceeds contract price receive difference counterparty.
 less pay difference counterparty.
 fair values fuel hedges determined standard option valuation models commodity prices.
 aggregate values 2015 2014 liabilities $ 37. million $ 34. 4 million recorded accrued liabilities balance sheets.
 changes fair values loss $ 0. 4 million $. 5 million 2015 2014 gain less than $. 1 million 2013 recorded.
 total gain hedges $.million $. 2 million $. 4 million years 2015 2014 2013.
 recycling commodity hedges revenue old cardboard newspaper.
 swaps costless collars cash flow hedges prices.
 no outstanding recycling commodity hedges december 31 2015 2014.
 amounts recognized income ineffective portion changes values.
 total gain loss recycling commodity hedges $ 0. 1 million $. 1 million 2014 2013.
 no recognized income 2015.
 valuation techniques observable inputs minimize unobservable inputs.
 market data assumptions risk.


consolidated financial statements non-financial assets liabilities measured fair value 2009 classified atlantic star for sale recognized charge $ 7. 1 million reduce carrying value less cost offer.
 recorded operating expenses statement.
 determined fair market value atlantic star december 31 2010 ship sales condition age size.
 categorized inputs level 3 assump tions.
 carrying amount atlantic star fair value $ 46. 4 million.
 table reconciliation company fuel call options balances fair value measurements unobservable december 31 2010 inputs 2009 fuel balance january 1 2010 gains losses.
 december 31 2010 fairvalue measurements unobservable inputs december 31 2009 fairvalue unobservable inputs 3
 total gains losses
income expense ( 2824 ) -2538 ( 2538 )
 purchases issuances settlements 24539 purchases issuances settlements 12536
 transfers level 3 -31713 ( ) 2014
 balance december 31 2010 balance december 31 2009 9998
 total gains losses income unrealized gains losses assets held ( 2824 ) gains losses -2538 ( 2538 )
 gains losses unrealized gains 2824 fourth quarter 2010 changed valuation technique fuel call options market approach inputs observable.
 fair value determined prevailing market price price quotes assets transactions.
 level 2 categorization appropriate observability transparency inputs.
 derived fair value fuel call options standard option pricing models options 2019 contract terms data public market informa.
fuel call options level 3 volatility unobservable.
 transfers level 3 end quarter gains losses 2010 include fourth quarter fuel gains.
 fair values based factors assumptions.
 not represent financial assets include expenses sale settlement.
 derivative instruments exposed market risk interest rates fuel prices.
 manage risks operating financing activities derivative instruments hedging practices.
 financial impact hedging offset by changes exposures.
 amount term conditions derivative instrument risk.
 hold issue trading speculative.
 monitor derivative positions market valuations sensitivity analyses.


profit increased 15% 2005 2004.
 $ 80 million m&fc improved fire control air defense.
 surface $ 50 million.
 pt&ts profit increased $ 10 million simulation training.
 backlog increased orders platform integration programs.
 2005 2004.
 net sales $ 7923 6820 6359
 profit
 backlog year-end
 sales increased 16% 16 % 2006 2005.
 growth satellites missile systems declines space transportation.
 $ 1. billion growth satellites higher volume government commercial.
 five commercial satellite deliveries 2006 2005.
 volume $ 114 million sales increase&dms.
 sales declined $ 102 million lower volume.
 sales.
 sales increased 7% 7 % 2005 2004.
 declines.
 $ 410 million increase satellites sales higher volume government satellite.
no commercial satellite deliveries 2005 four 2004.
 increased sales $ 235 million fleet ballistic missile defense programs.
 $ 180 million decrease space transportation three atlas launches six 2004.
 profit increased 22% 2006.
 satellites space transportation s&dms.
 $ 72 million growth driven volume performance government.
 $ 39 million growth improved performance atlas reduction.
 $ 26 million increase higher volume improved performance fleet programs.
 profit increased 25% 2005.
 space transportation s&dms satellites.
 $ 60 million increase improved performance atlas program.
 increased $ 35 million higher volume performance government programs.
 $ 20 million increase&dms higher volume fleet.
 transaction boeing production engineering test launch.
.
 accounting investment ula equity.
net earnings losses income expenses recognize sales launch vehicle services.
.
 recorded sales.
 launch services $ 600 million.
 retained right market services.
 contributed assets assumed liabilities 50% ownership.
 net value $ 200 million


consolidated financial statements 2016 ppg annual report form 10-k 1.
 accounting policies principles consolidation include accounts ppg industries.
 subsidiaries.
.
 ppg owns 50% voting stock subsidiaries.
 subsidiaries ownership less 100% outside shareholders noncontrolling interests.
 investments ppg owns 20% to 50% 50 % voting stock operating financial policies equity method accounting.
 ppg share earnings losses equity affiliates included statement income equity.
 transactions ppg subsidiaries eliminated.
 estimates financial statements.
 estimates assumptions assets liabilities income expenses.
 include fair value assets acquired liabilities assumed purchase price.
 outcomes differ.
 revenue recognition recognizes revenue earnings process complete.
revenue recognized segments goods shipped risk loss customer services rendered.
 shipping handling costs reported in sales.
 shipping handling costs included in depreciation amortization.
 selling administrative costs selling customer service distribution advertising costs support finance law human resources planning.
 distribution costs storage finished goods owned leased warehouses facilities.
 advertising costs expensed as incurred totaled $ 322 million $ 324 million $ 297 million in 2016 2015 2014.
 research development employee related as incurred.
 $ 487 $ 494 $ 499
 less depreciation facilities
 $ 466 $ 476 $
 legal costs acquisition divestiture litigation environmental regulation patent trademark protection.
.
 operations local.
 assets liabilities translated.
year-end exchange rates income expenses translated average exchange rates.
 unrealized foreign currency adjustments deferred loss 2019 equity.
 cash equivalents liquid valued cost fair maturity three months less.
 short-term investments high credit accrued interest maturities three months one year.
 purchases sales investing.
 marketable equity securities investment recorded fair market value assets balance sheet changes fair market value.


cash flows period.
 2013 2012 2011
 cash operating activities $ 20776 $ 18884 $ 20963
 investing -18073 -10301
 financing -5498 -1408
 exchange rate fluctuations cash equivalents -9 -3 (
 increase cash equivalents $ -2804 $ 3413 $ -433
 operating adjusted non-cash items assets liabilities.
 2013 $ 1. 9 billion increase working capital offset lower net income 2013.
 taxes $ 1. 1 billion lower taxes overpayments.
 assets liabilities lower taxes lower inventories sell-through older-generation products offset 4th generation intel core processor.
2013 three largest customers 44% 44 % net revenue 43% 2012 2011 hewlett- packard 17% 17 % 19% 19 % 2011 dell 15% 15 % lenovo 12% 2011.
 34% 34 % accounts receivable december 28 2013 33% 33 % 2012.
 $ 2. 1 billion decrease cash lower net income working capital offset adjustments non-cash items.
 higher depreciation non-acquisition deferred tax liabilities.
 investing capital expenditures purchases sales maturities disposals acquisitions.
 increase cash 2013 purchases investments maturities sales licensed technology patents.
 capital expenditures $ 10. 7 billion 2013 $ 11. billion 2012 $ 10. 8 billion 2011.
investing increased 2012 due purchases trading assets offset decrease acquisitions.
 purchases $ 3. 2 billion equity securities q3 2012.
 financing activities repurchases common stock dividends issuance repayment long-term debt proceeds sale equity.
 management financial condition results operations


management financial condition results operations 2013 amounts millions net cash investing 2012 capital expenditures acquisitions offset proceeds $ 94. sale holdings.
 capital expenditures $ 169. computer hardware software leasehold improvements.
 capital expenditures increased 2012 due increase leasehold improvements.
 payments acquisitions $ 145. new acquisitions.
 financing activities purchase long-term debt repurchase common stock payment dividends.
 redeemed $ 600. 10 notes.
 repurchased 31. shares common stock $ 481. dividend payments $ 126. common stock.
 cash financing proceeds debt transactions.
 issued $ 300. 2. 25% notes 2017. $ 500. 3. 75% 2023. $ 250. 4. 2022.
 proceeds. repurchase redemption $ 399. 4. 25%25 %.
 offsetting proceeds debt transactions repurchase 32. shares common stock cost $ 350. including fees dividend payments $ 103.
 foreign exchange rate changes decrease $ 94. 2013.
.
 dollar stronger foreign currencies 2012.
 $ 6. 2012.
.
 dollar stronger currencies.
 dollar weaker currencies 31 2012 2011.
 balance sheet data 31 2013 2012
 cash equivalents marketable securities $ 1642. $ 2590.
 short-term borrowings $ 179. $ 172.
 long-term debt 353. 216.
 1129. 2060.
 total debt $ 1662. $ 2449.
 cash flow operations equivalents operating requirements next twelve months.
 committed corporate credit facility uncommitted facilities support operating needs.
disciplined liquidity flexibility cash capital expenditures acquisitions stock repurchase dividends.


american tower corporation subsidiaries financial statements 2014 operations december 31 2003.
. august 2003 sale galaxy engineering radio frequency engineering consulting business.
 purchase price $ 3. 5 million $ 2. 0 million cash additional $ 1. 5 million payable january 15 2008.
 $ 0. 5 million january 2005.
 net loss disposal $ 2. 4 million 2003.
 may 2003 office building westwood massachusetts purchase price $ 18. 5 million $ 2. 4 million cash proceeds $ 16. 1 million mortgage.
 net loss disposal $ 3. 6 million 2003.
 january 2003 sale flash technologies $ 35. 5 million cash net gain disposal $ 0. 1 million.
march 2003 company sale office building illinois rental proceeds $ 10. 3 million loss $. 1 million consolidated statement december 31 2003.
.
 property equipment.
 towers 4134155 $ 2788162
 equipment
 buildings improvements
 land
 construction-progress
 4739575 3270329
 accumulated depreciation amortization -996973
 equipment $ 3460526 $ 2273356
.
 net carrying $ 2. 1 billion december $ 592. 7 million december 31 2004 rental management segment.
 increase goodwill $ 1. billion merger spectrasite.
.


financial statements american airlines.
.
 cash flows discounted market rate return risk time value.
 cost approach replacing asset used assets market income approaches.
 cost replace reflects estimated reproduction cost less loss depreciation.
 fair value us airways 2019 dividend miles loyalty program liability determined weighted average ticket value miles redeemed future travel december 9 2013.
 classes service domestic international itineraries carrier travel.
 impact merger results effects merger.
 depreciation amortization assets lease debt fair value adjustments elimination deferred gains losses loyalty program liability impact income changes profit sharing expense.
 higher wage rates memorandums elimination reorganization items transition costs.
 anticipated synergies benefits.
unaudited financial information not indicative future results acquisition january 1 2012.
 december 31 millions.
 2013 millions
 revenue $ 40782
 net income 2707
.
 december 30 2015 us airways merged american consolidated financial statements transaction december 9 2013 subsidiary.
 years 2015 2014 december 9 2013 to 31 2013 consolidated financial data american us airways.
 results american.
 transaction transfer assets entities common control accounted pooling interests method.
 net assets no other assets liabilities recognized.
 financial statements accounting estimates assumptions assets liabilities revenues expenses.
 actual results could differ estimates.
 significant areas judgment passenger revenue recognition impairment goodwill long-lived


common stock issued treasury outstanding thousands.
 issued treasury outstanding
 balance december 29 2013 376832
 stock options awards 178
 december 28 377010
 warrants 20480
 common stock sponsors 221666
 acquisition kraft foods group. 592898
 stock options awards -413
 balance january 3 2016 1214392
 stock options awards
 balance december 31 2016 1218947
.
 receivable securitization factoring programs.
 transfers receivables consolidated balance sheet.
 december 31 significant program.
 securitization program amended may 2016 entered october 2015.
 cash $ 800 million $ 500 million february 21 2017 remainder purchase price.
 bankruptcy- remote special-purpose entity.
spe wholly-owned by subsidiary kraft heinz receivables assets from subsidiary transfer bank.
 separate entity creditors liquidation spe assets.
.
 program expires may 2017.
.
 receivable factoring programs australian new zealand dollars british euros japanese yen.
 cash consideration receivable deferred purchase price.
 no deferred purchase price japanese yen.
 cash consideration limit $ 245 million.
 december 31  2016.
 programs renews annually until terminated.
 cash receivables removed $ 904 million at december 31 2016 $ 267 million at january 3  2016.
 fair value deferred purchase price $ 129 million december 31 $ 583 million january 3 2016.
 included in receivables.
 proceeds from recognized operating activities.
act servicer recorded assets liabilities december january 3 not material financial statements.


due december 2010 2009.
 joint ventures $ 1062 $ 228
 receivables $ 6295 $ 8570
 gramercy capital.
 joint ventures. transactions.
 capital 260000000 shares. authorized issuance 160000000 common stock. 75000000 excess stock. 25000000 preferred stock.
 december 2010 78306702 shares common stock no excess issued.
 2009 sold 19550000 shares common stock $ 20. per share.
 proceeds $ 387. million repurchase unsecured debt.
 2010 sold 5400000 shares preferred stock public offering.
 11700000 shares outstanding.
 liquidation preference $ 25. per share redeemable accrued unpaid dividends.
 priced $ 23. 53 per share dividends yield. 101%.
used net offering proceeds $ 122. for corporate working capital purchases investment opportunities.
 december 2003 sold 6300000 shares 7. series preferred stock including 2019 over-allotment option 700000 shares mandatory liquidation preference $ 25. 00 per share.
 net proceeds $ 152. million secured unsecured revolving credit facilities.
 stockholders receive annual dividends $ 1. 90625 per share quarterly cumulative subject provisions.
 since 2008 entitled redeem series stock for cash.
 recorded net underwriters discount issuance costs.
 cleaning restoration services. couriers onyx restoration.
 partially owned by gary green son.
.
 first quality cleaning services tenants.
.
arrangement with alliance profit participation for services tenants buildings.
 paid $ 2. $ 1. 8 $ 1. 4 years 2010 2009 2008.
 paid $ 14. 2. 9 $ 15. 1 years.
 nancy peck company 1003 square feet 420 lexington avenue ends august 2015.
 owned wife stephen.
.
 rent due $ 35516 per annum year one $ 40000 year seven.
 2007 2008 leased 507 square feet 420 lexington avenue annual rental payments $ 15210.
 cushman sonnenblick-goldman.
.
 paid $ 428000 sonnenblick purchase sub-leasehold interest refinancing 420 lexington avenue.
 management fees.
. receives property management fees stephen.
.
fees paid.
 management.
 390700 351700 2009 353500 2008.
 financial


kimco realty corporation subsidiaries consolidated financial statements 2014 construction development projects infrastructure public agencies require performance surety bonds guarantee company obligations.
 bonds expire completion improvements infrastructure.
 december 31 2010 approximately $ 45. 3 million performance surety bonds outstanding.
 company accrued $ 3. 8 million legal claim development project.
 negotiating plaintiff settle settlement approximate accrued.
 company subject legal proceedings claims.
 outcome effect financial position results operations liquidity.
.
 maintains two equity participation plans 1998 2010.
 prior plan 47000000 shares common stock options restricted stock grants.
 2010 plan 5000000 shares options restricted stock performance awards subject conditions.
 options vest over three to five years expire ten years exercisable market price.
stock grants vest 100% fourth fifth anniversary over three four years 50% after two years third year.
 performance share awards right receive shares restricted stock based company performance criteria board directors.
 plans options restricted stock non-employee directors receive deferred stock awards fees.
 accounts stock options share based payments employees including stock options recognized in statement operations fair values.
 option estimated date grant black-scholes option pricing formula.
 expected volatility grant date.
 determined based historical equity common stock period implied volatility measure.
 assumptions options granted 2010 2009 2008 ended.
 average fair value options granted $ 3. 82 $ 3. 16 $ 5. 73
 risk-free interest rates 2. 40%. 54%. 13%.
 expected option lives years 6..
. 98% 98 %. 81%. 81 %. 16 %
. 21%. 21 %. 48%. 48 %. 33% 33 %


fourth quarter 2002 aes lost voting control cemig ownership.
 owns shares holds project financing debt.
 stopped consolidating december 31 2002.
.
 fourth quarter 2003 sold 25% ownership medway power 688 mw natural gas-fired facility united kingdom medway operations operating valued a347 million $ 78.
 gain $ 23 million.
.
 second quarter 2002 sold investment empresa infovias.
 telecommunications company brazil $ 31 million cemig.
 loss sale $ 14 million sale assets impairment expenses.
 second quarter 2002 impairment charge $ 40 million equity investment telecommunications company latin america.
 poor operating performance funding problems.
 lost control central electricity supply corporation distribution company orissa.
 appointed administrator control.
 cost investment.
 investment negative.
august 2000 subsidiary acquired 49% interest songas $ 40 million.
 acquired additional. 79%. $ 12. 5 million 2002.
 songas owns gas-to-electricity project tanzania.
 december 2002 agreement 100% ownership songas.
 sale closed april 2003 note 4.
 tables comparative financial information entities accounted equity method.
 years december 2003 2001
 revenues $ 2758 $ 2832 $ 6147
 operating income 1039
 net income
 assets 1347
 noncurrent
 liabilities
 stockholder's equity 3597
 february 2002.
 results financial position impacted devaluation brazilian real.
 real devalued 32% 19% 19 % years december 31 2002 2001.


december 30 2017.
 millions due less 20133 years
 operating lease obligations $ 1245 $ 215 $ 348 $ 241 $ 441
 capital purchase 12068 9689 2266 113 2014
 2692 1577 1040
 tax 6120  490  979 3672
 long-term debt 42278 1495 5377 8489 26917
 1544 799 422 190 133
 $ 65947 $ 14265 $ 10432 $ 10067 $ 31183
 12068 9689 2266-term debt 1495 26917 purchase obligations construction purchase property equipment.
 not recorded liabilities balance sheets december 30 2017 goods title.
 obligations licenses agreements non-contingent funding obligations.
tax obligations future cash payments tax reform 2017 transition tax foreign earnings.
 income taxes financial statements.
 amounts represent principal interest cash payments debt obligations anticipated interest payments not recorded.
 obligations classified maturity date.
 future settlement debt cash payments.
 5 amounts future cash payments long liabilities short-term.
 derivative instruments excluded represent amounts.
 6 total excludes contractual obligations short-term long-term debt obligations.
 expected timing payments estimated current information.
 amounts receipt changes amounts.
 purchases agreements enforceable legally binding terms quantities price provisions timing transaction.
 obligations cancellation provisions amounts limited non-cancelable portion minimum cancellation fee.
purchase raw materials entered agreements minimum prices quantities market future purchasing requirements.
 uncertainty future market non-binding obligations excluded table.
 purchase orders based manufacturing needs fulfilled short.
 purchase orders represent authorizations purchase binding agreements.
 contractual obligations contingent achievement milestones excluded.
 milestone-based contracts capital equipment.
 not obligations until milestone met.
 future milestones additional payments approximately $ 2. 0 billion.
 majority restricted stock units shares common stock issued net minimum withholding requirements taxing authorities.
 obligation pay excluded contingent employment.
 amount obligation unknown based market price common stock.


.
 loews hotels subsidiaries operate 18 hotels.
 2. 0%. 9%. 7%. revenue 2009 2008 2007.
 rooms annapolis hotel 220 annapolis maryland coronado bay 440 2034 san diego california denver hotel 185 denver colorado 347.
 beach florida hard rock orlando las vegas 493 henderson nevada concorde hotel 405 2069 quebec canada hotel 353 expiring 2021 washington.
miami beach hotel 790 florida new orleans hotel 285 2018 philadelphia hotel 585 portofino bay hotel 750 universal orlando regency hotel 350 2013 renewal york 47 years royal pacific resort 1000 orlando santa monica beach hotel 340 2018 renewal 5 years vanderbilt hotel 340 nashville tennessee ventana canyon 400 2019 tucson arizona vogue 140 montreal canada termination rights.
 subsidiary 20% owner operated.
 50% owner universal orlando park venture universal studios rank group.
 leased operated.
 annapolis hotel maryland
 coronado bay san diego california expiring 2034
 denver hotel 185
. beach florida
hard rock hotel orlando florida 650
 lake las vegas henderson nevada 493
 concorde hotel quebec canada 405 lease 2069
 hotel washington. 353 2021
 miami beach hotel florida 790
 new orleans louisiana 2018
 philadelphia hotel 585
 portofino bay hotel orlando florida 750
 regency hotel new york 350 lease 2013 renewal 47 years
 royal pacific resort orlando 1000
 santa monica beach 340 2018 renewal years
 vanderbilt hotel nashville tennessee
 canyon tucson arizona 2019
 hotel vogue montreal canada
.
 18 hotels.
. revenue 2008 2007.
rooms annapolis hotel 220 coronado bay 440 2034 san diego denver hotel 185.
 hard rock hotel 650 orlando vegas 493 henderson nevada le concorde hotel 405 2069 quebec 353 2021 washington.
 miami beach hotel 790 new orleans hotel 285 2018 philadelphia hotel 585 portofino bay hotel 750 orlando regency hotel 350 2013 renewal new york 47 years royal pacific resort 1000 santa monica beach hotel 340 2018 renewal 5 years vanderbilt hotel nashville tennessee ventana canyon 400 2019 tucson arizona 140 montreal canada termination.
 subsidiary 20% owner operated.
loews hotels subsidiary 50% owner orlando theme park venture studios rank group.
 hotels leased operated loews.


march 2011 announced new program purchase $ 675 million common stock authorized board directors.
 purchased 16. 3 million shares december 31 2011 no purchase authority.
 table presents purchases common stock information three months ended december 31 2011.
 average price paid per share dollar value.
 price
 october 1 - 31 2011 1528 $. $ 61 $ 164
 november 1 - 30 2011.
 december 1 - 31 2011
 5614 $ 40. $ 225
 additional information common stock board directors authorization purchases provided-regulatory 201d management discussion analysis item 7 note 12 consolidated financial statements 8.
 bank holding company parent company separate distinct principal banking subsidiary state street bank non-banking subsidiaries.
parent company in distribution assets state street bank liquidation subject to claims creditors obligations federal funds securities deposit liabilities.
 payment dividends subject massachusetts banking law net profits capital stock surplus unimpaired dividend retirement fund requirements met surplus equals exceeds capital stock losses bad debts deducted from net profits.
 regulatory approval required if dividends net profits.
 2011 parent company declared dividends $ 0. 72 per share $ 358 million.
 2010 $ 0. 04 per share $ 20 million.
 2011 dividends first increase since 2009.
 prior approval federal reserve required future dividends.
 information dividends parent company subsidiary banks provided under analysis 15.
 future dividend payments state street bank non-banking subsidiaries determined.
december 31 2011 parent company $ 500 million outstanding liquidation preferred stock.
 holders receive non- cumulative cash dividends board.
 dividends calculated equal three-month libor. 99%. liquidation preference


business fluctuations financial markets investment losses.
 disruptions public debt equity markets losses investment portfolio.
 financial markets improved since 2008 could deteriorate.
 disruption market sectors energy sector.
 declines financial losses investments operations equity business insurer financial strength debt ratings.
 results by catastrophic events.
 exposed to unpredictable catastrophic events weather natural catastrophes acts terrorism.
 reduction operating results inhibit dividends meet interest principal obligations.
 past five years pre-tax catastrophe losses contract reinsurance.
.
.
.
.
.
 losses from future catastrophic events could exceed projections.
 use underwriting.
 estimate potential catastrophe losses retrocessional coverage limit losses.
loss projections approximations quantitative qualitative losses exceed projections adverse financial condition results.


jpmorgan chase.
 2008 annual report 115 measure.
 risk profile.
 mortgage pipeline warehouse loans hedges.
 revised measure derivative structured liabilities credit.
 excludes nontrading private equity principal investing. financing tax-oriented investments. corporate balance sheet capital manage positions longer-term investments.
 managed earnings-at-risk cash flow monitoring.
 nontrading principal investing private equity stress scenario analyses.
 95% 95 confidence interval average drop $ 85 million third quarter.
 daily losses twelve times year.
 table basis point increase jpmorgan chase credit spreads.
 31 2008 firm 2007 heritage jpmorgan chase.
 valuation adjustment sensitivity 1 basis point increase credit spread.
 31 2008
 2007
loss advisories drawdowns management trading losses remedies.
 economic value stress testing risk loss exposure events abnormal markets.
 conducts stress tests nontrading two weeks credit spreads equity prices interest rates rise.
 risks business segments adverse moves complex portfolios.
 risk profile economic events.
 stress testing risk.
 enhances risk profile loss poten losses monitored.
 one-off approvals cross-business risk measure economic capital allocation.
 results trends explanations provided two weeks senior management business-sensitive positions.
 earnings-at-risk stress testing economic market variables.
 effect interest rate exposure net income.
 rate risk exposure non trading business activities. results from on- off-balance sheet positions differences timing assets liabilities-balance instruments.
liabilities reprice quicker assets interest rates declining earnings increase.
 differences assets liabilities instruments.
 more deposit liabilities repricing interest rates declining earnings increase.
 differences long-term interest rates.
 yield curve.
 earnings affected by increase short-term rates liabilities. without long-term rates assets.
 higher long-term rates beneficial to earnings not rising short-term rates.
 changes maturity assets.
 more borrowers pay down higher rate loan balances interest rates declining earnings decrease.
 firm manages interest rate exposure.
 interest rate risk transfer-pricing sys.
 liability balances contractual rates principal payment schedules prepayment interest rate reset dates maturities rate indices re-pricing rate ceilings for adjustable rate products.
transfer-pricing assumptions reviewed.
 firm conducts interest income nontrading.
 earnings-at-risk tests measure change income impact


tangible acquired $ 17. 7 million.
 sigma-c.
 virtio corporation.
 acquired 15 2006 all-cash transaction.
.
 presence electronic system design.
 studio solution virtual prototyping technology code development.
.
 paid $ 9. 1 million cash outstanding shares $. 9 million deposited escrow paid former stockholders.
 prior investment virtio $ 1. 7 million.
.
 9076
 investment 1664
 acquisition-related costs
 purchase price
 costs. legal tax accounting fees facilities closure costs employee termination costs.
 paid $. 3 million acquisition costs.
. 4 million balance professional tax service fees facilities closure costs.
 pay $ 4. 3 million over three years former stockholders sales milestones.
 additional purchase price adjustment goodwill.
company agreed pay $. 9 million employee retention bonuses.
.
 performed preliminary valuation allocated purchase consideration assets liabilities.
 acquired $ 2. 5 million intangible $ 1. 9 million technology $. 4 million customer relationships $. 2 million non-compete agreements amortized five seven years.
 acquired assets $ 5. 5 million assumed liabilities $ 3. 2 million.
 excess purchase price $ 6. 7 million.
.
.
 acquired 2005 all-cash.
.
 leading electronic design automation vendor


management financial condition state street corporation table 30 deposits balance.
 millions 2017 2016
 client deposits $ 180149 $ 176693 158996 156029
 wholesale 4747
 total deposits $ 184896 $ 187163 163808 170485
 liquid assets liquidity management strategy.
 liquidity raise funds pledging securities collateral borrowings sales.
 access global capital markets funding wholesale investors.
 state street bank membership liquidity-quality collateral.
 short-term secured funding securities lent sold.
 collateralized investment securities.
 balances $ 2. 84 billion $ 4. 40 billion december 31 2017 2016.
 line credit 1. 40 billion. canadian securities processing operations.
 termination cancelable.
 no balance outstanding.
issue debt equity securities universal shelf registration commitments business needs transaction cash management needs.
 state street bank subsidiary issue $ 5 billion unsecured senior debt $ 500 million subordinated debt.
 liquidity high investment-grade ratings agencies.
 diverse earnings market position strong risk management capital ratios diverse liquidity sources liquidity monitoring procedures preparedness regulatory developments.
 high ratings limit borrowing costs enhance liquidity unsecured funding depositors potential market debt products markets transactions high credit ratings.
 downgrade reduction credit ratings liquidity capital markets cost funds.
 withdrawal unsecured deposits draw-downs commitments securities purchase additional collateral terminations contracts.
 majority contracts bilateral agreements changes credit ratings.
 impact collateral downgrade.
additional collateral termination payments derivative liabilities credit ratings disclosed note 10 consolidated financial statements item 8 10-k.
 other funding sources secured financing margin requirements no triggers affected.


humana inc.
 financial statements 2014.
 guidance employee share-based payments january 1 2016.
 $ 20 million tax benefits income march 31 2016 additional paid-in capital.
 dividend payments 2014 2015 2016 quarterly cash dividend policy payment share.
 2014 $ 1. 170
 2015.
 2016. 172
 merger agreement aetna quarterly dividend not exceed $ 0. 29 per share.
 october 26 2016 board declared cash dividend $ 0. 29 per share paid january 27 2017 $ 43 million.
 february 14 2017 cash dividend $ 0. 40 per share april 28 stockholders march 31.
 future dividends conditions.
2014 replaced $ 1 billion $ 816 million unused $ 2 billion expired december 31 2016.
 purchased prevailing prices open market block purchases rule securities exchange act 1934 privately-negotiated transactions accelerated share repurchase agreements regulatory restrictions volume pricing timing.
 merger agreement july 2 2015 prohibited repurchasing securities consent aetna stock options vesting settlement restricted stock awards.
 suspended share repurchase program.


equity securities january 2017 authorized repurchase common stock $ 525 million.
 december 29 2018 $ 175 million.
 february 2019 authorized additional repurchase $ 500. million.
 timing repurchases subject business market conditions corporate regulatory requirements stock price acquisition opportunities.
 table presents repurchases authorization shares surrendered income tax months december 29 2018 total number shares purchased average price paid share publicly plan maximum dollar value repurchase september 30 2018 2013 november 3 $ 42. 495543 $ 254 650048. 623692 $ 226 1327657. 1203690 175.
 total averageprice paidper share maximum dollarvalue repurchase
 november 3 543900 $ 42. 495543
 650048. 623692
 1327657.61 1203690 $ 175
 2521605 $ 43. 10 2322925
 shares repurchase programs employee surrender restricted stock income tax reduce dollar value.
 average price share stock commissions.


financial condition results borrow funds 5-year credit facility conditions covenants representations agreements.
 december 31 2006.
 never borrowed domestic revolving credit facilities.
 utilization.
 conditions borrowing.
 contractual obligations guarantees purchase commitments future payments debt lease purchase obligations december 31 2006.
 payments due period 2007.
 long-term debt obligations $ 4134 $ 1340  $ 198  $ 534 $ 607 1451
 lease obligations 2328  351  281  209  178  158  1151
 purchase obligations 1035  326  120  26  539
 contractual obligations $ 7497  $ 599  $ 239  $ 724 $ 777  3141
amounts represent non-cancelable commitments.
 debt obligations 2006 long-term debt obligations totaled $ 4. 1 billion $ 4. billion 2005.
 table debt securities note 4 financial statements.
 lease obligations owns major facilities office factory warehouse space land equipment non-cancelable leases.
 future minimum lease obligations totaled $ 2. 3 billion.
 expense $ 241 million 2006 $ 250 million 2005 $ 205 million 2004.
 purchase obligations inventory software promotional research development agreements not cancelable.
 longest through 2015.
 payments total $ 1. 0 billion.
 long-term agreements software components supplies materials.
 extend one to three years.
 obligate advance notice.
 termination charges.
company liability agreements other. enters arrangements sourcing supplies minimum purchase commitments take-or-pay obligations.
 majority obligations over life contract.
 agreements terminated december 31 2006 obligation significant.
 anticipate cancellation.
 entered take-or-pay arrangements through may 2009 minimum purchase obligations $ 2. 2 billion.
 estimates purchases minimum obligations.
 outsources corporate functions services.
 contracts expire 2013.
 remaining payments approximately $ 1. 3 billion seven years


shareholder value award program granted officers management payable shares common stock.
 issued varies stock price three-year vesting period.
 measure fair value unit grant date monte carlo simulation model.
 variables market condition.
 volatilities based volatilities traded options historical volatility price factors.
 dividend yield based historical experience future dividend yields.
 risk-free interest rate.
 treasury yield curve.
 weighted-average fair values sva units december 31 2017 2016 $ 48. 51 $ 66. 25 $ 48. 68 assumptions.
 dividend yield.
 risk-free interest rate.
.
. issued december 31 2017 2016.
. million shares expected issued 2019.
 total remaining unrecognized compensation cost nonvested svas $ 55.amortized over service 20 months.
 restricted stock units granted employees payable common stock.
 shares fair value closing stock price.
 expense amortized over vesting three years.
 fair values rsu awards $ 70. $ 72. $ 71. 46 .
 issued constant forfeitures.
. 3. shares granted. 6 million issued.
. 8 million shares issued 2019.
 unrecognized compensation cost nonvested rsus $ 112. 2 million amortized over service 21 months.
 repurchased $ 4. billion. million. million repurchase.
 payment $ 60. million 2016 shares repurchased.
 repurchased $ 2. billion $ 5. billion repurchase program $ 8. billion repurchase program.
 2. 10 billion repurchased.
.90 billion shares 2018 program.
 5. million shares preferred stock.
 december 31 2018 2017 no stock issued.
 employee benefit trust held 50. million shares stock benefit plans.
 cost basis $ 3. 01 billion reduction shareholders 2019.
 dividend transactions eliminated.
 stock not outstanding.
 assets not used fund obligations


standardizing processes state street lean methodology automation.
 creating new technology platform transferring software applications private cloud expanded service providers.
 transfer 2013 2014.
 pre-tax restructuring charges $ 400 million to $ 450 million four-year period 31 2014.
 recorded restructuring charges $ million consolidated statement income $ 156 million 2010 $ 133 million 2011.
 charges by cost employee-related real estate consolidation information technology costs.
 2011
 employee-related costs severance benefits outplacement services.
 real estate consolidation costs occupancy costs.
 information technology costs transition fees expansion service.
 initiated involuntary termination 1400 employees 5% global workforce complete end 2011.
third quarter 2011 information technology infrastructure identified 530 employees severance outplacement services.
 december 31 staff reductions 1930 employees 1332 involuntarily terminated 782 2011.
 business operations information technology transformation program achieved $ 86 million annual pre-tax savings 2011 2010.
 restructuring $ 400 million $ 450 million reduce pre-tax expenses $ 575 million to $ 625 million 2014 full effect 2015.
 annual pre-tax expense savings $ 540 million 2014 total $ 600 million 2015.
 business operations transformation savings $ 440 million 2015 majority 2013.
 information technology transformation-tax savings $ 160 million 2015.
 savings operations program.
 expenses.
 compensation employee benefits expenses offset increases information systems communications expenses.
2011 expense control measures fourth quarter 2011 capital markets businesses two actions.


jpmorgan chase. annual report five-year stock performance compare five-year return.
 return s&p 500 index kbw bank index s financial index.
 s&p 500 index. equity benchmark companies economic sectors.
 kbw bank index performance banks thrifts publicly traded.
 24 national regional banks thrifts.
 s&p financial index 87 companies components s&p 500.
 three industry indices.
 simultaneous investments $ 100 december 31 jpmorgan chase common stock.
 dividends reinvested.
.
 jpmorgan chase 100. 80. 108. 148. 163 177.
 kbw bank index. 76. 102 140 153 154
 s&p financial index. 106 166
 s&p 500 index. 102 118 178 180.
31 dollars


ownership 5% holders directors nominees executive officers shares common stock owner.
 fidelity investments 56583870 -2 2. 49%.
 steven. jobs 5546451
 william. campbell 112900 -3 3
 timothy. cook 13327 -4
 millard. drexler 230000 -5 5
 tony fadell 288702 -6
 albert. -7
 ronald. johnson 1450620 -8
 arthur. levinson 365015 -9
 peter oppenheimer 14873 -10
 eric. schmidt 12284 -11
 jerome. york
 executive officers directors 14 persons 13.
. shares common stock options exercisable table date 60 days.
 include options restricted stock units 60 days date.
form 13g/a filed february 14 2007 fmr corp.
.
 82 devonshire street boston ma 02109.
 includes 110000 shares common stock.
 campbell acquire.
 excludes 600000 unvested stock units.
 includes 40000 shares.
 drexler 190000 shares.
 acquire.
 275 shares.
 fadell 165875 shares.
 acquire 1157 shares.
 117375 shares.
 acquire 60.
 excludes 210000 unvested stock units.
 fadell 40000.
 spouse.
 7 70000 shares common stock.
 acquire.
 8 includes 1300000 shares common stock.
 johnson acquire excludes 450000 unvested restricted stock units.
 9 includes 2000 shares.
 spouse 110000 shares.
 acquire.
 excludes 450000 unvested restricted stock units.


chairman director board fis lps.
 march 1 2010.
 kennedy no longer executive officer director.
 revenue expense lps related party activity 2010.
 amounts earned charged arrangements fair reasonable.
 priced.
 not negotiated represent terms third party.
 discontinued operations 2008 lps provided services fnf discontinued operations.
 title agency software development real estate cost sharing services.
 net earnings discontinued operations.
 acquisitions december 31 2010 2009 2008 consolidated financial statements.
 no significant acquisitions 2010 2008.
 october 1 2009.
 expanded fis processing payment capabilities trust wealth management services capabilities.
 treasury cash management entry healthcare government payments markets.
 march 31 2009 wholly- owned subsidiary fis.
 share common stock $ 0.share converted. 35 shares common stock.
 metavante stock options converted ratio.
 total purchase price millions.
 metavante common stock $ 4066. 4
 stock awards.
 $ 4187.
 preliminary allocation purchase price metavante assets liabilities assumed estimated values october 1 2009.
 fidelity national information services.
 subsidiaries financial statements 2014


december 31 2008 2007.
 securities assets collateral $ 27 billion $ 54 billion majority losses securities lending indemnifications.
 decrease with indemnifications.
 letters of credit company collateral $ 503 million $ 370 million 2008 2007.
 property losses guarantees indemnifications value not determined.
 citigroup evaluates guarantees internal external ratings.
 investment-grade ratings baa/bbb above below non-investment.
 ratings system.
 credits ratings not available.
 201d category.
 maximum future payments guarantees credit derivatives notional amount contracts par assets guaranteed.
 ratings december 31 2008.
 notional amount guarantees recoveries recourse provisions collateral.
 anticipated losses guarantees.
billions dollars future payments investment non-investment not rated
 --------------------------------------------------
 financial standby letters credit $ 49. $ 28. $ 16. $ 94.
 performance guarantees 5. 16.
 derivative instruments guarantees 2014 67.
 guarantees contractual cash flows 2014.
 loans recourse.
 securities lending indemnifications 47. 6.
 credit card merchant processing 56.
 custody indemnifications 18. 5 3. 1 21.
 $ 73. $ 36. $ 194. $ 304.
 credit derivatives bilateral contract buyer seller protection credit risk.
 payments predefined credit events.
 defined limited market failure pay indebtedness bankruptcy debt restructuring.
transactions emerging market credits include settlement triggers indebtedness risk repudiation payment moratorium.
 protection on portfolio credits asset-backed securities.
 seller protection losses for losses.
 company trades credit derivatives.
 purchases or writes protection on single portfolio credits.
 uses derivatives mitigate credit risk corporate loan portfolio proprietary trading positions facilitate client transactions.
 derivatives includes credit default swaps total return swaps credit options.
 credit default swap protection seller buyer for losses due credit event.
 no credit default guarantor no receives fee.
 if credit event occurs.
 total return swap transfers economic performance reference asset cash flows capital appreciation.
 protection buyer receives interest depreciation from seller receives cash flows appreciation.
beneficiary obligated payment floating interest rate return swap agreement depreciation reference asset cash flows underlying.
 return swap default asset agreement protection seller buyer.


ineffective hedges recognized in earnings.
 interest rate swaps at december 31 2014 2013 $ 1. 3 billion $ 1. 2 billion.
 foreign currency hedges 2014 2013 $ 804 million $ 1. 0 billion.
 derivative instruments net earnings income 2014 2013 2012.
 derivatives for hedge accounting.
 note 15 fair value measurements instruments.
 financial accounting standards board issued new standard revenue disclosure requirements.
 effective january 1 2017 retrospectively existing contracts cumulative catch-up adjustment earnings contracts.
 early adoption not permitted.
 evaluating methods adoption new standard effect on consolidated financial statements disclosures.
 new standard revenue guidance impact revenue cost recognition contracts business segments.
 evaluation future periods.
 2013 earnings per share.
 2012

 average common shares basic computations 316. 8 320. 9 323. 7
 dilutive effect equity awards 5. 6. 4. 7
 diluted computations 322. 4 326. 5 328. 4
 compute basic diluted earnings net earnings weighted average shares.
 includes effects assumed vesting restricted stock units stock options.
 excluded 2. million 8. million stock options 31 2013 2012 market prices.
 no anti-dilutive equity awards december 31 2014.
 five segments aeronautics information systems mfc mission systems space systems.
 products services.
 aeronautics research design development manufacture military aircraft unmanned vehicles.
 information systems technology systems solutions management services civil defense government customers.
missiles fire control air missile defense tactical missiles-ground logistics fire control operations engineering ground vehicles.


increased $ 307 million 15% 15 % $ 2. billion 2001 from $ 2. billion 2000.
 25% 25 % 2000 26% 26 2001.
 increase due acquisition lower market prices.
 decrease decline competitive supply large utilities growth distribution.
 decreased 2% 2 % to $ 1. 8 billion 2001.
 $ 827 million $ 767 8% 8
 competitive supply 440
 utilities 739 37% 37 %
 growth distribution
 increased 60 million 8% 8 % $ 827 million 2001 2000.
 decreased 6% 6 % $ 710 million 2001.
 increased regions.
 33% 33 % 2001 44% 44 2000.
 increased $ 17 million 27% 27 % revenues.
 acquisition electricity brazil.
 north increased $ 8 million 50% 50 % revenues.
increase southland beaver valley offset decrease thames 13.
 contract gross margin increased $ 44 million 30% revenues.
 ownership kilroot acquisition ebute nigeria.
 margin decreased $ 22 million 29% 29 % revenues.
 bad debt jiaozuo hefei aixi offset commercial operations haripur.
 decrease acquisition businesses.
 declined south america asia flat north america increased caribbean.
 supply margin decreased 119 million 21 % $ 440 million 2001 559 2000.
 decreased 26% $ 408 million.
 declines south america offset increases caribbean.
 decreased 16% 16 % 2001 23% 2000.
 decreased $ 61 million 1% 1 % declines argentina.
 decreased $ 95 million 22% 22 % revenues.
 declines drax barry fifoots.
north america supply margin increased 14 million 11% revenues.
 expanded base new energy offset somerset deepwater.
 caribbean margin increased 15 million 29% revenues.
 acquisition chivor.


grand gulf recovery variance due costs uprate.
 volume/weather variance favorable weather residential industrial sales refining.
 fuel recovery variance due deferral increased capacity costs expiration evangeline gas contract january 1 2013 adjustment deferred fuel costs third quarter 2012.
 note 2.
 miso deferral variance due deferral 2013 costs 2010.
 decommissioning trusts variance due lower regulatory credits higher income investments.
 no effect net income offset interest investment income.
 net revenue 2013 2012.
.
 net revenue $ 1854
-to-market -58
 nuclear volume
 fuel expenses
 price changes
 2013 net revenue
 revenue decreased $ 52 million due rising power prices electricity instruments additional financial power sales fourth quarter 2013 protective call options.
additional sales qualify hedge accounting increases forward prices negative mark-to-market variance.
 expected underlying transactions earnings first quarter 2014.
 note 16 financial statements derivative instruments decrease net revenue resupply options purchase power agreements plant.
 table entergy subsidiaries management financial


westrock company notes consolidated financial statements reconciliation unrecognized tax benefits millions.
 2017 2016
 balance fiscal year $ 148. 9 $ 166. $ 106. 6
 additions purchase accounting 3. 7. 16.
 tax positions current year 3. 5. 30.
 prior fiscal years 18. 15. 2 20.
 reductions prior years -5. 3. 6 7.
 reductions settlement. 4 29. -1. 3
 currency translation adjustments. 6 9. 2. 7.
 reductions lapse statute -2. -8. -3.
 end fiscal year $ 127. $ 148. 9 $ 166. 8
 amounts 2018 2017.
 adjustments 2016.
 state audit examinations federal returns.
.
 unrecognized tax benefits $ 127.1 million $ 148. 9 million exclusive interest penalties.
 unrecognized tax benefits $ 108. 7 million $ 138. million benefit effective tax rate.
 evaluate liabilities changing facts circumstances.
 recognize estimated interest penalties unrecognized tax benefits income expense.
 2018 liabilities $ 70. 4 million.
 2017 liabilities $ 81. 7 million.
 results 2018 2017 2016 expense $ 5. 8 million $ 7. 4 million $ 2. 9 million net indirect benefits.
 unrecognized tax benefits decrease $ 5. million next twelve months expiration limitations settlement issues.
 file federal state local income tax returns.
 foreign jurisdictions.
 no longer subject.
 income tax examinations 2015 2008.
.
 2011 not subject 2005.
believe tax positions appropriate subject audit modifications no assurance affect results financial condition cash flows.
.
 report financial results three segments corrugated packaging recycling consumer packaging mills land development real estate charleston sc region.
 combination separation fourth segment specialty chemicals.
 sale consumer packaging segment included hh&b.
 income expenses not allocated segments


59 94 financial statements subsidiaries.
 debt long-term debt obligations december 31 2007 maturities $ 127. 1 million $ 160 $ 388. 4 million 625. 1 $ 550. 3 million 2008 2012 $ 456. 1 million.
 letters credit liabilities industrial bonds self-insurance arrangements.
 2007 2006 $ 41 million $ 52. 4 million.
 credit guaranteed subsidiaries.
.
 22.
 not default loan 2007 debt obligations.
.
 bond agreements restrictions dividend payments share repurchases investments financial ratios guarantees indebtedness.
 march 27 2006 expanded secured credit $ 500 million loan october 2011.
 issued. $ 450 million. senior notes yield maturity. 65 percent due march 2018.
 proceeds.
lower interest rates north american plastic assets reduce working capital debt.
. october 2005 refinanced senior credit facilities extend debt maturities lower additional borrowing capacity growth.
 third fourth quarters 2005 redeemed 7. 75%. senior notes 2006.
 refinancing redemptions debt refinancing charge $ 19. 3 million $ 12. million tax unamortized debt costs.
 interest cost.
 2007 2006
 costs refinancing $ 155. 142. $ 102.
 refinancing.
 155.
.
 $ 149. 134. 116.
 $ 153. 125. 138.
. million 2005 redemption senior notes.


consolidated financial statements jpmorgan chase & co.
.
 2007 annual report expected loss modeling 2006 firm restructured four multi-seller conduits.
 2019s expected loss model.
 determining primary beneficiary uses monte carlo model expected losses considers rights obligations variable interest holders.
 variability design entity.
 traditional-seller conduits pass credit risk not liquidity risk interest holders assets held longer term.
 firm required run monte carlo-based expected loss model reconsideration event.
 affect primary beneficiary new deals changes usage modifications asset purchase agreements sales interests beneficiary.
 firm run monte carlo-based expected loss model.
 runs loss model each quarter includes growth assumption each conduit.
 quarterly reassesses assumptions inputs loss model.
second half 2007 assumptions model adjusted current market conditions.
 risk ratings loss default assumptions residential subprime mortgage exposures modified.
 nonmortgage classes determined assumptions little adjustment.
 fourth quarter 2007 terms elns renegotiated commit ment funded amounts.
 expected loss notes december 31 2007 2006 $ 130 million $ 54 million.
 concluded model assumptions reflective market probability recurrence market events.
 multi-seller conduits efficient commercial paper market.
 disperse risk preponderance economic risk not held jpmorgan chase.
 assets client-related 99% 98% total holdings december 31 2007 2006.
 firm consolidate primary beneficiary.
 factors.
 impact assets liabilities net income 1 capital ratio leverage ratio multi-seller conduits.
 december 31 2007.
billions ratios
 assets $ 1562. $ 1623.
 liabilities 1438. 1500.
 net income 15. 4 15. 2
 tier 1 capital ratio 8. 4% 8. 4 %.
 1 leverage ratio 6. 5. 8
 firm fund purchases.
 creates structures transactions derivative structures.
 liquidity support.
 risks derivative instruments.
 principal municipal bond vehicles credit-linked note vehicles collateralized debt obligation vehicles.
 secondary market trusts tax-exempt investments rates.
 pur chases fixed-rate municipal bonds funds purchase putable floating- rate certificates inverse floating-rate residual interests.
 maturity equal life vehicle municipal bonds longer.
holders floating-rate certificates remarketing agent.
 liquidity facility obligates provider fund purchase tendered certificates.
 termination sale municipal bonds liquidity excess collateralization or residual interest holders reimbursement.
 third-party holders experience losses if exceeds market value municipal bonds.
 certain vehicles require smaller initial invest ment excess collateralization.
 reimbursement


hologic.
 financial statements 2007 acquisition biolucent.
 september 18 2007.
 agreement june 20 2007.
 biolucent financial statements mammography/breast care business.
 business combination no financial information.
 biolucent aliso viejo california develops markets sells mammopad breast cushions discomfort mammography.
 brachytherapy business breast cancer therapy.
 brachytherapy technology business capital stock.
 acquired mammopad cushion business assets.
 invested $ 1000 brachytherapy business shares preferred stock.
 purchase price $ 73200 $ 6800 cash 2314 shares hologic common stock $ 63200 debt $ 1600 acquisition fees expenses.
 determined fair value shares eitf issue.
 market price.
acquisition provides two annual earn-out payments $ 15000 biolucent revenue targets.
 considered eitf issue.
 95-8 contingent consideration additional purchase price.
 goodwill increased.
 recorded earn-outs.
 allocation purchase price fair value assets acquired liabilities assumed 18 2007.
.
 assets acquired $ 2800
 developed technology 12300
 customer relationship 17000
 trade name 2800
 deferred income tax liabilities
 goodwill 47800
 final purchase price $ 73200
 intangible assets identified valued.
 relationship trade name identifiable values.
 fair value determined income approach.
 customer relationship base disposable.
 trade name


securities table 11.
 millions 31 2012 amortized cost fair value
 securities sale $ 49447 $ 51052 48609
 maturity 10354
 $ $ 61912 60675
 $ million amortized cost value corporate stocks 2012.
 2011 $ 368 million.
 remainder debt securities.
 securities $ 61. 4 billion 2012 $ 51. billion fair value $ 10. 4 billion cost.
 2011 $ 60. 6 billion $ 48. 6 billion value $ 12. billion cost.
 increase carrying $ 2. billion asset-backed securities net purchase activity $. 6 billion non-agency residential mortgage-backed securities fair value.
 offset $ 1. 7 billion decrease maturity debt securities.
 securities 20% assets 2012 22% 2011.
evaluate portfolio market conditions improve positioning.
 portfolio well-diversified high quality.
.
 residential commercial securities represented 59% 59 portfolio december 31  2012.
 net unrealized gain $ 1. 6 billion difference fair value amortized cost.
 2011 unrealized loss $ 41 million.
 fair value impacted interest rates credit spreads market volatility liquidity.
 decreases interest rates.
 credit spreads.
 improvement net unrealized gain due non-agency residential mortgage backed securities losses $ 1. 1 billion lower market interest rates.
 unrealized gains losses included shareholders 2019 equity.
 information note 8 9 statements.
 unrealized gains losses impact liquidity risk capital.
 reductions credit ratings liquidity regulatory capital ratios.
credit-related securities earnings regulatory capital ratios.
-average life securities 4. years 2012 3. 7 years 2011.
 duration securities 2. 3 years increase 2. 2 years decrease.
 2011 2. 6 years 2. 4 years.
 table vintage credit rating fico score underlying collateral origination residential commercial-backed securities portfolios pnc financial services group.
 2013


presents payments company contractual obligations september 28 2013 excludes balance sheet long-term debt lease major facility leases 10 years renewal options five years.
 leases retail space five to 20 years majority 10 years multi-year renewal options.
 2013 future minimum lease payments $ 4. 7 billion $ 3. 5 billion leases retail space.
 purchase commitments outsourcing partners outsourcing partners manufacture sub-assemblies final assembly testing.
 demand.
 obtains components.
 purchase orders supplier contracts orders demand.
 inventory prepayments.
 september 2013 off-balance sheet third party manufacturing commitments component purchase commitments $ 18. 6 billion.
 $ 1. 3 billion acquire capital assets advertising research development internet telecommunications services.
company non-current liabilities deferred tax unrecognized tax benefits interest penalties.
 september 2013 deferred tax liabilities $ 16. 5 billion.
 unrecognized tax benefits $ 2. 7 billion $ 590 million interest penalties.
 timing payments not included contractual obligation table.
 indemnify end-users software intellectual property.
.
 less than1 1-3 years 4-5 years years
 long-term debt $ 2500 6000 $ 8500 $ 17000
 operating leases 610 1200 4721
 purchase obligations 18616
 other obligations 1081 248
 $ 20307 $ 3948 $ 7072 10358 41685


table details growth global north american cruise markets passengers-average berths past five years compete cruise lines principal competitors carnival corporation aida carnival costa cunard holland p&o princess disney msc norwegian oceania.
 compete alternatives hotels sightseeing destinations.
 demand influenced political economic conditions.
 dependent consumer discretionary spending.
 ships operate worldwide itineraries destinations alaska asia australia bahamas bermuda california canada caribbean galapagos islands hawaii mexico middle east new england zealand panama canal south america.
 ships new markets itineraries.
 portability investment infrastructure dependency ports.
 demand markets.
 current economic environment deteriorated consumer confidence spending.
 demand prices cruising resilient offers good value.
projected increase capacity new ships could pricing pressures.
.
 risk factors.
 global cruise passengers weighted-average supply north american cruise passengers.
 global cruise passengers north american passengers
 2005 14818000 288000
 2006 15309000 304000 10080000
 2007 16586000 327000 10330000
 2008 17184000 347000 10093000
 2009 17340000 363000 10169000 222000
 estimates global cruise passengers weighted supply berths based data seatrade insider cruise line international association.
 estimates statistical analysis.
 cruise line international association passengers 2005 2008.
 2009 estimates.


stock options december 31 2007.
 exercise prices outstanding shares weighted price contractual life years
 37. 46
. 3634
.
.
 14326 $ 62. 59
 weighted-average contractual life 4. 2 years.
 december 31 2007 13788000 options vested expected.
 weighted-average exercise price $ 62. 07 per share contractual life 5. 2 years intrinsic value december 31 2007 $ 92 million.
 stock options granted 2005 30000 shares non-employee directors.
 2006 2007.
 non-employee directors 2007 20944 deferred stock units outside directors deferred stock unit plan.
 share common stock liability accounting treatment 123r paid cash.
no vestings service requirements compensation expense recognized units.
 value options 2007 2006 2005 $ 11. 37 $ 10. 75 $ 9. 83 per option.
 options reduction forfeitures.
 options 10743000 13582000 shares common stock $ 58. 38 $ 56. 58.
 intrinsic value $ 52 million $ 111 million $ 31 million.
 $ 94 million $ 87 million.
 cash $ 111 million $ 233 million $ 98 million.
 tax benefit $ 39 million $ 82 million $ 34 million.
 no options granted excess market value 2007 2006 2005.
 common stock 40116726 december 31.
 common stock future issuance compensation 41787400 shares.
 issued 2. 1 million shares treasury stock.
utilize treasury stock future stock option exercises.
 adopted fair value recognition provisions sfas 123 employee awards stock options 1 2003.
 recognized compensation expense stock options vesting period.
 compensation expense pnc stock options 2007 $ 29 million $ 31 million 2006 $ 29 million 2005.
 table policies net income earnings sfas 123 2005.
 estimated fair value options black-scholes option pricing model.
.
 2005 results estimates not indicative impact future.


net gains investments $ 57 million decreased 52 million lower gains.
 $ 40 million gain bkca acquisition $ 35 million unrealized gain private equity.
 dividend income increased $ 14 million higher dividend income.
 gains $ 109 million decreased 45 million lower net gains.
 $ 40 million bkca acquisition $ 35 million unrealized gain.
 monetization nonstrategic opportunistic private equity investment.
 interest expense decreased $ 28 million repayments long-term borrowings fourth quarter 2014.
 income tax expense.
 2016
 operating income $ 4570 4664
 nonoperating income
 before taxes $ 4462 4595
 tax expense $ 1290
 tax rate 28. 9%. 27. 2%. 25. 6%. 29. 6%.28. 4%. 4 % 26. 6%. 6 %
 non-gaap financial measures.
.
 tax rate affected foreign jurisdictions income.
 jurisdictions lower tax rates.
 35% 35 % united kingdom channel islands ireland canada.
.
 taxes foreign earnings.
.
 tax expense net noncash benefit $ 30 million revaluation deferred income tax liabilities $ 65 million nonrecurring items.
 tax rate 29. 6% 29. 6 % 2016 excluded noncash benefit 30 million.
.
 tax net noncash benefit $ 54 million revaluation tax liabilities $ 75 million nonrecurring items organizational tax structure resolution tax matters.
 tax rate 28. 4%. 4 % 2015 excluded net noncash benefit $ 54 million.
.
tax expense 2022 $ 94 million tax benefit tax matters acquisition bgi $ 50 million tax benefit $ 73 million net tax benefit nonrecurring items noncash benefit $ 9 million revaluation deferred income tax liabilities.
 adjusted tax rate 26. 6%. 2014 excluded $ 9 million noncash benefit cash flow impact $ 50 million.
 million expense tax benefit excluded results no impact blackrock 2019s book value.
 balance reconciliation consolidated financial condition excluding separate assets collateral securities agreements investment funds.
 balance


consolidated financial statements union pacific corporation subsidiary companies references 201ccorporation subsidiaries railroad company.
.
 class i railroad.
 network 32070 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26053 miles operate remainder trackage rights leases.
 serve western two-thirds country coordinated schedules rail carriers freight atlantic pacific coast southeast southwest canada mexico.
 export import traffic gulf coast pacific coast ports mexican canadian borders.
 railroad subsidiaries affiliates reportable operating segment.
 financial results segment.
 freight revenue commodity group.
 agricultural products 3625
 automotive
 chemicals
 coal
 industrial products
intermodal 3714 4074 4489
 freight revenues $ 18601 $ 20397 $ 22560
 1340 1416
 operating revenues $ 19941 $ 21813 $ 23988
 revenues customers. outside.
 commodity shipments mexico.
 freight revenues $ 2. 2 billion 2016 $. billion 2015 $. 3 billion 2014.
 consolidated financial statements accounting principles.
.
.
 union pacific corporation subsidiaries.
 affiliated companies 50% equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation variable interest.
 maturities three months less.
 reduced allowance doubtful accounts.
 historical losses credit worthiness economic conditions.
 receivables other assets.


29 2007 acquired stock manufacture cialis erectile dysfunction.
 value cialis operational development marketing selling.
 purchase price $ 2. 3 bil borrowings.
 accounted business combination goodwill $ 646. 7 million.
 deductible tax.
 estimated fair values assets acquired liabilities assumed acquisition.
.
 short-term investments $ 197.
 1659.
 tax benefit losses 404.
 goodwill 646.
 long-term debt -275.
 deferred taxes -583.
 assets liabilities -32.
 research development 303.
 purchase price $ 2320.
 intangible asset amortized patent lives cialis expiry dates 2015 2017.
 new indications formulations cialis 48 percent estimated fair value.
 remaining products no.
discount rate acquired ipr&d projects 20 percent charge $ 303. 5 million 2007 not deductible tax.
 acquired stock hypnion .
 ivy animal health.
 for $ 445. million cash.
 acquisition hypnion presence sleep disorder research ownership hy10275 novel phase ii compound sleep onset maintenance.
.
 acquired ipr&d charge $ 291. 1 million not deductible tax.
 development-stage assets goodwill not recorded.
 acquisition ivy products animal health business.
.
 allocated $ 88. million purchase price intangible assets $ 37. million acquired ipr&d $ 25. million goodwill.
 amortized over 10 to 20 years.
 $ 37. million ipr&d second quarter 2007.
 goodwill allocated animal health business.
intangible assets goodwill $ 25. million ipr&d $ 37. million deductible tax.
 2008 licensing agreement transpharma medical.
 product drug system osteoporosis.
 administered transdermally phase ii clinical testing no alternative use.
 non access viaderm drug system.


benefit payments funding pension plans determined erisa revenue code rules.
 no contributions 2016.
 2017.
 made $ 23 million contributions 2016 sikorsky pension plan expect $ 45 million 2017.
 estimated future benefit payments service december 31 2016.
 2018 2019 2020 2021 2022 2026
 benefit pension plans $ 2260 2340 2420 2510 2590
 retiree medical life insurance plans
 401 ( k ) employees.
 contributions rates.
 contributions $ 617 million 2016 $ 393 million 2015 $ 385 million 2014 funded common stock.
 plans. shares common stock december 31 2016 2015.
 authorized capital 1. 5 billion shares common stock 50 million shares preferred stock.
290 million shares common stock december 31 2016 289 million remaining separate trust.
 305 million shares 2015 303 million remaining separate trust.
 preferred stock.
 8. 9 million shares $ 2. 1 billion.
 2014 paid $ 3. billion $ 1. billion 15. 11. 5 million.
 2016 approved $ 2. billion increase repurchase program.
 remaining future repurchases $ 3. 5 billion december 31 2016.
 $ 1 par value repurchased excess paid-in capital.
 reduced zero excess. billion retained earnings 2016.
 paid dividends $ 2. billion. per share 2016 $ 1. 9 billion. 2015 $ 1. 8 billion. 2014.
 increased quarterly dividend rate 10% increase fourth quarter 2016.
 dividends $ 1.65 first quarters 2016 $ 1. 82 fourth quarter 1. 50. 65 fourth quarter 1. 33 three quarters 2014 1. 50 fourth quarter.


management 2019s analysis jpmorgan chase. form 10-k risk loan exposures.
 dre less extreme credit loss peak derivative credit risk loans.
 avg value firm derivative receivables future collateral.
 primary metric pricing credit risk capital cva.
 value receivables cva credit quality counterparties.
 cva avg counterparty credit spread.
 active risk management credit risk.
 risk wrong-way risk correlation exposure counterparty credit quality.
 factors influence correlations.
 firm adjust cva avg.
 manages exposure changes cva credit contracts interest rate foreign exchange equity commodity.
 graph shows exposure profiles current derivatives portfolio 10 years peak dre avg metrics.
 exposure first year no new trades.
profile derivatives december 31 2018 billions table summarizes ratings firm 2019s derivative receivables collateral.
 ratings scale based internal ratings s&p moody 2019s.
 ratings.
 rating december 31 millions
 aaa/aaa to aa-/aa3 $ 11831 31% 31 % ) $ 11529 29% 29 % )
 a+/a1 to a-/a3 7428
 bbb+/baa1-/baa3 12536 13925
 bb+/ba1/b3
 ccc+/caa1
 $ 38891 100% $ 40415
 firm uses collateral agreements mitigate credit risk.
 over-the-counter derivative transactions collateral agreements 2014 90% december 31 2018 december 31 2017.


2015 price r$ 218/mwh.
 expiration contract eletropaulo tiet ea strategy contract physical guarantee sell remaining spot market.
 strategy market conditions hydrology.
 selling energy 2016 medium-term contracts three to five years.
 december 31 2016 contracted portfolio 95% 88% 88 % average prices r$ 157 mwh r$ 159/mwh 2017.
 brazil hydro-based energy prices tied deterioration hydrology 2014 increase energy prices.
 monitoring supply conditions commercialization.
 concession agreement increase capacity 15%.
 regulatory environmental hydrological fuel constraints.
 state potential wind power small hydro.
 capacity increases thermal gas projects.
 gas-fired projects.
 petrobras refuses supply natural gas.
 no regulations natural gas swaps unfeasible bring natural gas.
legal case initiated e3o paulo requiring investment.
 analyzing options.
 uruguaiana 640 mw gas-fired power plant rio grande do sul commissioned december 2000.
 aes manages 46% interest remaining bndes.
 operations suspended april 2009 unavailability gas.
 evaluated alternatives gas supply.
 capacity restrictions argentinean pipeline winter demand.
 plant operated short-term february 2013 2014 2015.
 2016.
 securing gas long.
 installed capacity 150136 mw 65% hydroelectric 19% thermal 16% renewable.
 national grid divided four subsystems.
 southeast uruguaiana south.
 ministry mines energy determines maximum energy plant physical guarantee long-term average energy production.
 companies auctions contracts.
 national system operator grid.
ons dispatches generators hydrological conditions reservoir levels electricity demand prices fuel thermal generation.
 reduces hydro increases thermal reservoir levels.
 brazil operator controls hydroelectric generation reservoir levels.
 energy reallocation mechanism hydrological risk generators.
 generate less purchase energy.
 generation higher surplus shared among participants revenue selling excess.
 consequences unfavorable hydrology thermal plants expensive lower hydropower generation high spot prices.
 aneel defines spot price cap electricity brazilian.
 average prices.
 534 423  388  822
 average spot rate 94  287 689


costa concordia incident instability european landscape.
 long term growth potential.
 europe served 102 ships 108000 berths 2008 117 ships 156000 berths 2012.
 9 ships 25000 berths expected european cruise market 2013 2017.
 table growth global north american european cruise markets guests weighted-average berths five years global cruise guests north american.
 north american european cruise guests
 2008 17184000 347000 10093000 219000 4500000
 2009 17340000 363000 10198000 222000 5000000
 2010 18800000 391000 10781000 5540000
 2011 20227000 412000 11625000
 2012 20823000 425000 12044000 254000 6040000
estimates global cruise guests weighted-average supply berths north america europe based data cruise seatrade insider cruise line international association.
 estimates incorporate statistical analysis.
 cruise line international association guests two consecutive nights 2008 2011.
 2012 represent estimates.
 clia european cruise council 2008 2011.
 2012 estimates.
 asia/pacific region higher growth small sector.
 cruise lines.
 competitors carnival corporation plc costa cunard holland america p disney msc cruises norwegian oceania cruises.
 lines compete with vacation alternatives resort hotels sightseeing destinations.
 demand influenced by political economic conditions.
 consumer spending.
operating strategies protect health safety security guests employees environment strengthen human capital serve global guest base grow business strengthen consumer engagement enhance revenues increase awareness market penetration brands globally focus cost efficiency manage operating expenditures ensure cash liquid ity return capital shareholder value invest fleet ships transfer innovations fleet new cruise ships capitalize portability flexibility ships markets itineraries optimize returns markets enhance technological capabilities customer preferences expectations profitability. 3/27/13


profit increased 10% 2009 2008.
 due air mobility aeronautics programs.
 $ 70 million increase air mobility higher volume c-130j c-130 support programs.
 increased $ 120 million improved performance sustainment higher volume p-3 programs.
 restructuring p-3 modification contract.
 combat aircraft profit decreased $ 22 million performance adjustments f-16 lower volume.
 offset profit higher volume performance f-35.
 remaining change decrease other income.
 backlog increased 2010 orders exceeding sales c-130j f-35 c-5 offset higher sales volume.
 backlog decreased 2009 sales exceeding f-22 f-35.
 aeronautics sales growth upper single digit 2011.
 driven growth f-35 c-130j c-5 decline f-22.
 operating profit increase above 2010 margins.
operating margins expected decrease aeronautics more f-35 less f-22 f-16 sales increase 2011.
 manages programs designs develops produces integrates hardware software mission readiness armed forces government agencies.
 lines business mission systems sensors missiles fire control global training logistics.
 portfolio development production contracts varying delivery schedules.
 thaad system aegis weapon littoral combat ship program diverse products.
 2019 operating results 2010 2009 2008.
 net sales $ 14363
 operating profit
 margin 11. 9%. 3%.
 backlog year-end
 net sales electronic systems increased 6% 2010.
 three lines business.
 $ 421 million increase gt&l growth readiness stability operations offset lower volume simulation training programs.
$ 316 million increase m&fc volume tactical missile air defense offset fire.
 $ 94 million increase ms2 surface naval warfare ship aviation radar undersea.
 sales electronic systems 6% 2009.
 ms2.
 $ 429 million increase m&fc tactical missile fire control.
 $ 355 million increase&l simulation training.
 universal systems.
 $ 55 million decrease ms2 lower volume ship aviation undersea warfare radar.


living first group.
 full lifestyle womenswear childrenswear accessories home furnishings american classics.
 available jcpenney.
 online jcp.
 wholesale sells products upscale mid-tier department stores specialty stores golf pro shops domestically internationally.
 brand unproductive doors-store assortment full-price sell-throughs.
 products sold 10806 doors worldwide invested $ 49 million shop-within-shops.
 price increases products introduced new fashion offerings higher.
 major wholesale customers north america.
 specialty shops.
 collection brands distributed premier fashion retailers.
 sell excess out- of-season products secondary distribution channels stores.
 distributed shop-within-shops premiere department stores.
 business polo ralph lauren blue label.
distribution men women 2019s label expanding stores.
 table doors geographic location products wholesale march 29 2008.
 united states canada 8611
 europe 2075
 japan
 10806
 asia/pacific products distributed licensing partners.
 chains 10% worldwide wholesale net sales 2022 macy.
. 24% dillard stores. 12%.
 brands sold sales forces.
 wholesale segment showrooms new york.
 regional showrooms atlanta chicago dallas los angeles milan paris london munich madrid stockholm.


2012 2011 2010
 real $ 40. 42.
 euro 27. 26. 18
 pound sterling. 17.
 rupee.
 $ 90. 62.
 impact earnings 10% change.
 revenue $ 100. 8 million income $ 9. million unfavorable foreign currency impact 2012 stronger.
 dollar.
 foreign exchange risk management policy derivative instruments forward contracts options reduce volatility rate fluctuations.
 international operations revenues expenses local currency limits exposure risk.
 instruments.
 entered contracts hedge intercompany loans.
 $ 115. 6 million fair value.
 hedge risks not accounting.


cumulative return assumes reinvestment dividends.
 weighted market capitalization.
 purchases equity securities issuer not repurchased common stock since march 16 securities equity compensation plans proxy statement 2012 annual meeting 120 days after fiscal year.
.
 financial data.
 2011 2010 2009 2008 2007
 sales service revenues $ 6575 $ 6723 $ 6292
 impairment 290 2490
 operating income 110  248
 net earnings loss -94 94 135
 assets 6001 5203 5036 4760
 long-term debt 1830 105 283
 long-term obligations 3757 1559 1645 1761
 free cash flow 331 168 -269 121 364
 earnings loss per share $. 93. 77. -49.61 49. $ 5. 65
 diluted earnings share. 93. 2. 77. 54. 5
 long-term debt former parent 31 2010 due liabilities.
 free cash flow non-gaap cash capital expenditures.
 liquidity resources 7.


oil gas activities 2018 reserves decreased 168 mmboe 2022 revisions increased 84 108 economic wells.
 15 decrease 39 technical revisions.
 2022 extensions discoveries increased 102.
 69 expansion areas 33 sales unproved categories.
 2022 production decreased 153 mmboe.
 sales reserves decreased 201 mmboe 196 sale subsidiary libya 4 divestitures mexico 1 sale sarsang block kurdistan.
 2017 reserves decreased 647 mmboe 2022 revisions increased 49 economic wells increase 44 revisions.
 extensions discoveries additions increased 116 97 expansion areas sales unproved categories.
 purchases reserves increased 28 acquisitions northern delaware basin.
 production decreased 145 mmboe.
2022 sales reserves decreased 685 sale canadian business 10 divestitures assets oklahoma colorado.
.
 financial statements.
 2016 reserves decreased 67 2022 revisions estimates increased 63 151 acceleration economic wells.
 decrease 64.
 technical revisions.
 extensions discoveries increased 60 expansion areas oklahoma.
 purchases increased 34 acquisition assets oklahoma.
 production decreased 144.
 sales decreased 84 divestitures wyoming gulf mexico assets.
 december 31 2018 529 decrease 17 2017.
 table changes reserves 2018.
 546
 revisions estimates 47
 extensions discoveries additions 61
 dispositions
 transfers
 end year


jpmorgan chase co. annual report 131 earnings-at-risk stress testing illustrate economic sensitivity firm balance sheets market variables.
 effect interest rate exposure net income.
 interest rate risk exposure nontrading business activities. management results from sheet positions due differences maturity repricing assets liabilities instruments.
 liabilities reprice quicker interest rates earnings increase.
 differences.
 more deposit liabilities repricing interest rates declining earnings increase.
 short-term long market interest rates yield curve.
 earnings affected by increase short-term rates liabilities. without long-term rates assets.
 higher long-term rates assets beneficial to earnings not rising short-term rates.
 impact changes maturity assets liabili instruments interest rates.
borrowers pay higher-rate loan balances interest earnings decrease.
 firm manages interest rate exposure.
 transfer interest rate risk treasury transfer pricing system.
 asset liability balances rates payment schedules prepayment experience interest reset dates maturities rate indices ceilings.
 transfer-pricing assumptions reviewed.
 conducts simulations net interest income nontrading.
 earnings-at-risk tests measure change net interest income impact pretax earnings.
 highlight rate-sensitive factors. pricing strate optionality product mix.
 balance sheet changes sales securitizations prepayment reinvestment behavior.
 changes interest rates risk alternative scenarios reviewed.
 implied forward curve nonparallel rate shifts severe interest rate shocks.
.
 12-month pretax earnings sensitivity profile.
millions rates +200bp
 december 31 2009 $ -1594 ( 1594 $ -554 ( 554 )
 december 31 2008 $ 336 $ 672
 1594 554 100- 200-basis-point shocks fed funds target rate zero negative three- six-month treasury rates.
 earnings-risk.
 earnings higher afs securities higher short-term interest rates.
 risk rising rates increased funding costs widening deposit margins compressed low short-term interest rates.
 interest rate scenario steeper yield curve long-term rates rising 100 points short 12-month pretax earnings benefit $ 449 million.
 increase reinvestment assets higher long-term rates funding costs unchanged.
 risk identification large exposures potential losses change.
 firm 2019s database.
businesses control rifle entries earnings risk.
 limits.
 reflect firm risk appetite market environment business strategy.
 market volatility product liquidity business trends management experience.


visa inc.
 financial statements 2014 september 30 2008 purchase consideration $ 17. 3 billion exchanged october 2007 acquired interests.
.
. common stock $ 16785
 visa europe put option 346
 liability framework agreement 132
 purchase consideration reorganization date 17263
. shares additional purchase 1150
 purchase consideration $ 18413
.
 note 4 2014visa europe put option liability.
.
 common stock acquired regions value purchase consideration determined valuing underlying businesses.
 shares class canada cemea common stock measured june 15 2007 restructuring agreement value $ 12. 6 billion.
 analysis comparable companies.
 earnings net income.
 forward net income multiple acquired regions changes financial profile.
 applied net income acquired regions.
comparable mastercard.
 significant input income 27 times measurement.
 performed discounted cash flow analyses region.
 forecast assumptions growth profitability.
 flows discounted rates 12-16% returns earnings before interest tax depreciation amortization payment financial exchange credit card transactions.


comcast corporation finite-lived intangible assets estimated amortization expense millions.
 2016 $ 1785
 2017 $ 1612
 2018 $ 1365
 2019 $ 1039
 2020 $ 902
 assets amortization customer relationships software cable franchise renewal costs operating rights intellectual property rights.
 amortized straight estimated life.
 capitalize development costs software payroll.
 software licenses.
 amortize five years.
 expense maintenance training preliminary.
 capitalize operating system software costs amortize hardware.
 evaluate recoverability.
 cash flows future operating results trends determinants fair value.
 cash flows less carry amount impairment charge.
 amortization expense.
 comcast 2015 annual report form 10-k


subject ietu recorded tax expense $ 20 million 2007 deferred tax new ietu system.
 federal net operating loss carryforwards $ 206 million 2023.
 $ 47 million pre-acquisition period subject.
 remaining $ 159 million stock ownership 2006.
 net loss carryforwards.
 foreign net loss carryforwards $ 564 million canada germany mexico jurisdictions.
 canada 2007.
 germany no.
 mexico ten year 2009.
 not available new ietu tax regulations mexico.
 no deferred tax asset balance sheet.
 adopted provisions fin 48 january 1 2007.
 minimum recognition threshold.
 derecognition measurement classification interest penalties disclosure transition.
 increased earnings $ 14 million decreased goodwill $ 2 million.
tax liabilities unrecognized benefits reclassified to long-term.
 31 2007 foreign jurisdictions.
 reconciliation year ended december 31 2007 $ millions.
 balance january 1 2007 193
 increases tax positions current year 2
 increases prior years 28
 decreases
 settlements -2 2
 balance december 31 2007
 unrecognized tax benefits million $ 56 million effective tax rate.
 recognizes interest penalties benefits.
 liability $ 36 million for interest penalties.
 increase $ 13 million 2007.
 operates in united states germany 40 foreign jurisdictions mexico.
 examinations ongoing germany 2001 to 2004.
 assessments 2000.
 reduction goodwill $ 42 million net cash outlay $ 29 million.
celanese corporation subsidiaries financial statements 2014 y48011 122000000/26/2008 22:07 valid graphics


5.
 common equity issuer purchases shares traded since november 17 2011 new york stock exchange. december 4 2017 name aptiv plc symbol. january 25 2019 2 shareholders.
 graph changes value december 2013 2018 initial investment $ 100 reinvestment dividends ordinary shares s&p 500 index automotive peer group.
 prices adjusted separation.
 future returns.
 $ 100 invested december 31 2013 index dividends.
 year 2018.
 aptiv plc delphi technologies s&p 500 automotive peer group american axle manufacturing aptiv borgwarner cooper tire rubber standard dana dorman ford motor garrett motion.general motors gentex gentherm parts goodyear rubber lear lkq meritor motorcar parts standard motor products stoneridge superior industries tenneco tesla tower visteon wabco holdings index december 31.
 2013 2014 2016 2018
 aptiv plc $ 100. 122. 146. 117. 178. 130.
 s&p 500 100. 113. 115. 129. 157. 150.
 automotive peer group. 107. 134.


summary stock-based restricted stock activity.
.
 december 31 2005 897200 $ 14. 97 restricted 1971112 $ 23.
 135696 38. 41 437960 40.
 -546896 19. -777194.
. -79580 26.
 december 31 2006 474000. 1552298 30.
 393420 44. 54.
 -867420 29. 28. 86
.
 december 31 2007 1527831.
 additional shares issued 2006 2007 performance targets exceeded 36-month 2003 2004.
 average grant fair value stock awards $ 54. 97 $ 40. 45 $ 27. 21.
 value awards 2005 $ 38 million 21 million $ 5.
vesting date value restricted stock awards 2007 2006 2005 $ 29 million $ 32 million $ 13 million.
 december 31  2007 $ 37 million unrecognized compensation cost expected 1. 4 year.
.
 2007 approved increase authorized shares 550 million to 1. billion shares declared two-for-one split common stock.
 dividend distributed june 18 2007 stockholders may 23 2007.
 one additional share common stock.
 shares stock incentive compensation plans increased.
 information financial statements.
 2007 2006 2005 common stock issuances october 18 2007 distributed 29 million shares stock $ 55. 70 per share.
 june 30 2005 distributed 35 million shares $ 27. 23 per share shareholders.
 authorized repurchase $ 5 billion common stock.
purchases program market privately.
 cash asset sales borrowings shares.
 program financial market subject termination.
 price targets timetables.
 december 31 2007 acquired 58 million shares $ 2. 520 billion 16 million 2007 $ 822 million 42 million 2006 $ 1. 698 billion.


entergy louisiana financial net revenue 2008 2007 operating fuel-related expenses gas power expenses regulatory charges.
 analysis change net revenue 2008 2007.
.
 2007 net revenue $ 991.
 retail electric price -17.
 purchased power capacity.
 net wholesale revenue -7. 4.
.
 2008 net revenue $ 959.
 retail electric price variance due cessation interim storm recovery financing credit offset increases formula rate plan 2007.
 katrina regulation.
 purchased power capacity variance amortization deferred capacity costs.
 offset base revenues rate increase.
.
 net wholesale revenue variance due rate refunds interruptible load system.
 operating revenue power expenses increase $ 364. million fuel cost recovery revenues higher fuel rates decreased usage.
offset $ 56. 8 million wholesale revenue agreement cost equalization credits.
 fuel power expenses gas offset deferred fuel costs.


schlumberger subsidiaries common stock millions treasury.
 balance january 1 2009 -140 1194
 shares sold optionees exchanged
 restricted stock
 employee stock purchase plan
 repurchase
 balance december 31 2009 1334 -139 1195
 acquisition smith international. 176
 shares sold optionees exchanged
 stock purchase plan
 repurchase program
 conversions debentures
 balance december 31 2010 1434 -73 1361
 shares sold optionees exchanged
 restricted stock
 stock purchase plan
 repurchase program
 balance december 31 2011 1434 -100
 consolidated financial statements


jpmorgan chase. annual report five-year stock performance five-year return.
 s&p 500 index kbw bank index s financial index.
 500 equity benchmark united states. companies economic sectors.
 kbw bank index performance banks thrifts publicly traded.
 national regional banks.
 s&p financial index financial companies components s&p 500.
 industry indices.
 simultaneous investments $ 100 december 31 jpmorgan chase common stock.
 dividends reinvested.
.
 jpmorgan chase 100. 136. 150. 162. 219 277.
 kbw bank index. 137. 150. 151. 194 230
 s&p financial index. 135. 156. 153 188 230.
 s&p 500 index. 132 150. 152 170. 208
december 31 dollars