accounting pronouncements note 1 consolidated financial statements.
 cash flow.
 increases long-term debt share repurchase acquisitions.
 november 15 2007 3m acquisition 100 percent shares aearo holding.
 $ 1. 2 billion.
 sale first quarter 2008.
.
 2006 2005
 total debt $ 4920 $ 3553 $ 2381
 securities
 net debt $ 1965 $ 1469 $ 1309
 december 31 2007 $ 3 billion cash flow debt issuances.
 2006 cash balances higher sales proceeds.
 cash flows investments capital expenditures.
 access capital markets growth acquisition.
 derivative instruments.
 contingently convertible debt shares 3m common stock.
 financial condition liquidity strong.
assets liabilities cash debt fluctuate liquidity.
 working capital totaled $ 4. 476 billion 2007 $ 1. 623 billion 2006.
 due cash equivalents securities receivables inventories debt income taxes.
 liquidity strong cash securities $ 3 billion.
 short-term liquidity.
 euro paper issuances.
 paper $ 349 million averaged $ 1. 249 billion.
 access.
 medium-term notes program $ 3 billion borrowing capacity $ 2. 5 billion.
 replaced $ 565-million $ 1. 5-billion five-year increase $ 2 billion $ 150 million letters credit.
 $ 110 million.
 short-term lines credit $ 67 million $ 13 million utilized.
 debt covenants restrict dividends.
 indeterminate debt equity securities future sales.
company intends use proceeds future securities sales corporate purposes.
 december 31 2007 debt agreements $ 350 million $ 87 million esop repayment.
 aa aa1.
 $ 1. 5-billion five-year credit facility agreement maintain ebitda interest ratio. to 1.
 calculated ratio ebitda quarters interest expense debt.
 december 31 2007 ratio 35 to 1.


duke realty corporation annual report 2009 net income loss per common share computed income less dividends weighted average common shares.
 diluted income noncontrolling interest earnings units not average shares limited partnership units potential dilutive securities.
 first quarter 2009 adopted new accounting standard 260-10 participating securities applied calculations diluted earnings.
 share-based awards participating securities earn dividend equivalents not forfeited.
 table reconciles basic diluted net income loss common share.
 2009 2008 2007
 net income loss shareholders -333601 50408 211942
 dividends share-based awards -1631 -1149
 income -335360 48777 210793
 noncontrolling interest earnings common unitholders
diluted net income loss common shareholders $ -335360 $ 51417 $ 224791
 common shares 201206 146915 139255
 partnership units 7619 9204
 potential dilutive shares 19 791
 shares securities 201206 154553 149250
 partnership units anti-dilutive december 31 2009 net loss.
 6687 units excluded shares securities $ 11099 noncontrolling interest earnings excluded net loss.
 excludes 7872 8219 1144 anti-dilutive shares 2009 2008 2007 stock-based compensation plans.
 excludes exchangeable notes 8089 ; 11771 11751 anti-dilutive shares.
 real estate investment trust 1986.
 qualify meet organizational requirements distribute 90% adjusted taxable income stockholders.
 management maintain reit status.
reit entitled to tax deduction dividends shareholders.
 subject federal taxes distribute equal taxable income shareholders.
 subject to federal taxes income not.
 fail qualify subject federal taxes four years.
 reit qualification reduces state local taxes.
 financial statements include taxable corporate subsidiaries not dividends deduction subject taxes.
 subject to federal excise taxes transactions.


2019s 2017 tax rate includes $ 160. 9 million benefits act $ 6. 2 million special gains charges $ 25. 3 million discrete tax items.
 provisional net tax benefit $ 160. 9 million recorded december 31 2017 $ 321. million tax benefit deferred tax assets.
 expense one-time transition tax $ 160. 1 million.
 impact reduction.
.
.
 tax reform $ 7. 8 million.
 recorded discrete tax benefit $ 39. 7 million excess tax benefits accounting changes compensation.
.
 recorded expenses $ 14. 4 million adjustments 2016.
 federal income tax return international adjustments offset reserves uncertain tax positions limitations.
 net expense tax $ 3. 9 million.
 recognizing adjustments 2015.
income tax return offset settlement international tax matters deferred tax assets liabilities updated tax rates jurisdictions.
 net expense impacted by adjustments deferred tax positions release reserves tax positions expiration statute limitations.
 jurisdictions.
 2015 company recognized net benefits tax $ 63. 3 million.
 driven release $ 20. 6 million valuation allowances foreign deferred tax assets worthless stock deduction $ 39. million wholly-owned domestic subsidiary.
 reconciliation liability unrecognized tax benefits.
 millions 2017 2016 2015
 balance beginning year $ 75.
 additions tax positions current year.
 prior years.
 reductions.
 reductions tax positions due statute limitations.
 settlements.
 acquisitions.
 foreign currency translation.
end year $ 61. $ 75. 74.
 unrecognized tax benefits tax rate $ 47. million 2017 57. 5 million 2016 59. 2 million 2015.
 recognizes interest penalties benefits.
 released. 9 2. 9 1. 4 million.
. 3 10. 2 million 13. 1 million interest 2015.


maintain universal shelf registration public offering sale debt capital common stock depositary preferred stock warrants.
 issued may securities registration.
 issuance future market conditions funding needs factors.
 information notes 9 12.
 maintain corporate commercial paper program $ 3 billion maturities 270 days.
 december 31 2011 $ 2. 38 billion paper outstanding $ 2. 80 billion 2010.
 note 8.
 state street bank issue bank notes $ 5 billion $ 1 billion subordinated notes.
 $ 2. 05 billion december 31  2011.
 $ 2. 45 billion senior notes.
 maintains line of credit $ 800 million canadian securities processing operations.
 termination cancelable prior notice.
 no balance outstanding.
.
december 31 2011 millions payments less than 1 year 1-3 years 4-5 years 5 years
 long-term debt $ 9276 $ 1973 $ 1169 $ 1944 $ 4190
 operating leases 1129 237 389 228 275
 capital lease obligations 989 68 136 647
 cash obligations $ 11394 $ 2278 $ 1694 $ 2310 $ 5112
 debt excludes capital lease obligations interest-rate swaps.
 payments rate floating-rate debt indexed rate 31 2011.
 obligations statement except interest long-term debt capital lease.
 obligations settled cash less than one year deposits federal funds securities short-term borrowings.
 notes 7 8.
 obligations derivative instruments.
 contracts note 16.
 obligations pension post-retirement benefit plans note 18 not table.
 information cash obligations long-term debt capital leases notes 9 19.
 cash flows liquidity information.


consolidated financial statements 2014income taxes 30 2006 company state foreign tax loss credit carryforwards tax effect $ 55 million.
 carryforwards $ 12 million expire 2016 2019.
 acquired previous acquisitions limitations internal revenue code.
 remaining benefits tax losses credits expire.
 24 2005 valuation allowance $ 5 million deferred tax asset state operating losses.
 forecasted income planning recover remaining deferred tax assets.
 reconciliation income taxes federal income tax rate 35% 35 % 2006 2005 2004 2006 2005 2004 restated.
 computed expected tax $ 987 $ 633 $ 129
 state taxes federal effect
 indefinitely invested earnings foreign subsidiaries -224
 nondeductible executive compensation
 research development credit net -5
-19 4
 income taxes $ 829 $ 480 $ 104
 tax rate 29% 29 % 27% 27 % 28% 28 %
. income taxes reduced benefits employee stock options.
 benefit difference market value stock option price.
 benefits stock transactions $ 419 million $ million $ 83 million 2006 2005 2004 common stock statements 2019.


increased profit $ 230 million $ 150 million after tax.
 expenses $ 16 million $ 11 million after. debt exchange income tax $ 62 million $. 14 extraterritorial income.
 increased earnings $ 201 million after tax $. 45 share.
 increased profit $ 173 million $ 113 million after tax. 25.
 profit $ 61 million $ 54 million after tax.
 $ 154 million $ 100 million. early repayment debt reduction income tax internal revenue service $ 144 million. 32 per.
 reduced earnings $ 10 million after tax $. 02 per share.
 f decreased profit $ 7 million $ 6 million after tax.
 charge $ 146 million 96 million. early repayment debt.
define return on invested capital net earnings plus after-tax interest expense divided by average invested capital equity debt adjusting equity postretirement benefit plans.
 reporting roic visibility capital.
 investment decisions long-term performance measure management performance incentive compensation plans.
 not measure financial performance not.
 alternative net earnings.
 calculate roic 2007 2006 2005 2004 2003.
 net earnings $ 3033 $ 2529 1266
 interest expense multiplied by 65%
 return $ 3262 $ 2764 $ 2066
 $ 4416 $ 4727 $ 5077 5932
 7661
 benefit plan
 invested capital $ 15248 14419
 return on invested capital 21. 4%. 2%. 14. 5%.10. 8%. 8 %. 6%. 6 %
 after-tax interest federal rate 35% 35 %.
 long-term short-term borrowings.
 equity non-cash adjustments unrecognized benefit plan losses service costs 2007 2006 adjustment fas 158 minimum pension liability.
 benefit plan adjustments benefit plans 158 pension liability. annual adjustments 2007 $ 1706 million 2006 1883 2005 105 million 2004 2003 331 million 2002 1537 2001 33 million.
 value equity prior year entries plus 20% current year value.
 yearly averages calculated.


consolidated financial statements 72 snap-on reconciliation unrecognized tax benefits.
 unrecognized tax benefits december 31 2006 21.
 increases 2013.
 decreases.
 increases.
 settlements taxing.
.
 unrecognized tax benefits december 29 2007 $ 18.
. unrecognized tax benefits $ 16. 2 million income tax rate.
 interest penalties tax expense.
 29 2007 2006 2005 recognized $ 1. 2 million. 5 million. million net interest expense.
 $ 3. 4 million 2. 2 million $ 1. 7 million accrued interest unrecognized tax benefits 2007 2006 2005.
 12 months changes unrecognized tax benefits additional interest expense.
 snap-on subject.
 federal state/local income tax examinations 2003.
 tax examinations 2001.
undistributed earnings non.
 subsidiaries totaled $ 338. million $ 247. 4 million $ 173. 6 million 2007 2006 2005.
 snap-on deferred taxes invested.
 tax.
 american jobs creation act 2004 tax incentive.
 tax deduction dividends.
 snap-on repatriated $ 93 million 2005 additional income tax expense $ 3. million.
 short-term long-term december 29 2007 $ 517. 9 million no.
 2006 $ 549. 2 million $ 314. million commercial paper.
-on presented $ 300 million commercial paper.
 sold $ 300 million unsecured notes $ 150 million floating rate $ 150 million fixed rate.
 floating three-month london interbank offer rate. payable quarterly.
 fixed rate. payable semi-annually.
snap-on used proceeds $ 1. 5 million obligations acquisition.
 january 2007 terminated $ 250 million credit agreement.


bankruptcy insolvency proceedings inability pay debts judgment defaults $ 15 million environmental defaults invalidity loan documentation impairment collateral failure subordinated indebtedness change control.
 borrowings accrue interest variable rates type.
 duration borrowing margin rate.
 weighted-average interest rates swap agreements borrowings credit 2010 2009 3. 97%. 53%.
 $ 590. 1 million $ 595. 7 million $ 50. million $ 7. 5 million current maturities.
 commitment fees unused revolving credit facility. 38%. to. 50%.
 issued promissory notes $ 5. million $ 1. 2 million $ 1. 6 million.
 interest rates 2. payable maturity monthly installments.
.
 exposed market risks interest rates currency commodity prices.
current policies use derivatives variable interest rates foreign currency commodity risks.
 hold issue derivatives trading.
 december 31 2010 interest rate swap agreements hedge variable interest rate risk loans minimizing interest rate fluctuations stabilizing cash flows.
 paid fixed interest rate variable london interbank rate.
 agreements qualify cash flow hedges hedge accounting.
 effective recorded income reclassified interest expense.
 ineffective reported interest expense.
 table summarizes terms rate swap agreements.
 effective date maturity date fixed interest rate
 200000000 april 2008 2011 4. 99%. 99 %
 3. 81%. 81 %
 100000000. 34%. 34 %
 margin 2. 25%. % ) per annum fair market value $ 200 million swap liability $ 1.million accrued expenses.
 market swap contracts $ 4. 8 million.
 interest rate swap contracts $ 10. 2 million accrued expenses $ 5. million noncurrent liabilities $ 5. 2 million.


shareowner return performance graph securities exchange commission incorporated future filing securities act 1933 1934.
 five year comparison shareowners 2019 returns class b common stock standard 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2005 500 index dow jones average common stock.
 return $ 40. 60. 80. 100. 120. 140. 160. 201020092008200720062005 s&p 500 ups.
 12/31/05
 united parcel service. 100. 101. 98. 78. 84. 110.
 500 index. 115. 122. 76. 97. 111.
 dow jones transportation average 100. 109. 111. 87. 103. 131.


goldman sachs group.
 subsidiaries 2018 versus 2017.
 credit losses $ 674 million 2018 million 2017 consumer loan growth offset impairment $ 130 million secured loan 2017.
.
 $ 657 million $ 182 million 2016 increase $ 130 million secured loan.
 operating expenses influenced compensation headcount business activity.
 salaries discretionary compensation amortization equity awards.
 impacted net revenues financial performance labor markets business mix share-based compensation programs external environment.
 litigation regulatory proceedings.
 operating expenses line item headcount.
 2018 2017 2016
 compensation benefits 12328 11653
 brokerage clearing exchange distribution fees
 market development
 communications technology
 depreciation amortization
 occupancy
professional fees 1214 1165 1081
 other expenses 2819 1877 1900
 operating expenses $ 23461 20941 20304
 headcount-end 36600 33600 32400
 reclassifications 2030 regulatory-related fees brokerage clearing exchange distribution fees.
.
 excludes consultants temporary staff.
 expenses fees.
.
 2018 2017.
 operating expenses $. billion 2018 12% higher 2017.
 efficiency ratio 2018 64. 1%. 2017.
 increase higher compensation benefits expenses performance provisions litigation regulatory proceedings.
 brokerage clearing exchange distribution fees technology expenses.
 consolidated investments digital lending deposit platform increased depreciation amortization market development.
 increase $ 297 million revenue recognition standard.
 note 3 financial statements.
 contracts customers.provisions litigation regulatory 2018 $ million $ 188 million 2017.
 $ 132 million charitable contribution goldman sachs.
 compensation reduced.
 directors recommendations recipients.
 headcount increased 9% technology professionals new business initiatives.
.
 operating expenses $ 20. 94 billion 3% 3 % higher 2016.
 efficiency ratio 64. 2016
 driven higher compensation benefits expenses investments growth.
 digital lending deposit platform depreciation amortization.
 technology expenses increased professional fees consulting.
 offset lower provisions litigation occupancy expenses.
 goldman sachs 2018 form


performance fiscal 2015 executives granted.
 market condition stock price growth three-year.
 minimum threshold performance no payout.
 maximum award opportunity fixed dollar shares.
 three one-third earned units converts unrestricted common stock.
 two-thirds convert restricted stock installments anniversaries conversion.
 share-based compensation expense grant date fair value monte carlo model.
 2015 executives granted units performance-based restricted stock earned shareholder return three-year&p 500.
 performance results units convert unrestricted common stock.
 grantee earn 200% target shares.
 compensation committee.
 share-based compensation expense grant date fair value units monte carlo model.
 summarizes changes unvested share-based awards may 31 2016 2015-average grant-date fair value.
31 2014 1754 22. 72
 954 36.
 -648 23.
 forfeited -212 212 27.
 31 2015 1848 28. 97
 57.
 -633 27. 55
 forfeited 34.
 31 2016 1606 $ 37.
 restricted stock units units awards 2015 2014 $ 17. 4 million $ 15. 28. 7 million.
 recognized compensation expense $ 28. 8 million 19. million 28. 2 million 2014.
 $ 42. 6 million unrecognized compensation expense. 9.
 accelerated vesting.
 sale 4. 8 million shares stock authorized.
 $ 25000 annual compensation.
 85% market value payments.
 annual


goodwill intangible assets acquisition allied not deductible tax.
 consolidated financial statements include operating results acquisition.
 merger completed january 1 2007.
 unaudited information illustrative not indicative results acquisition future results.
 ended december 31.
 2008 2007
 revenue $ 9362. $ 9244.
 income operations common stockholders.
 basic earnings per share.
 diluted earnings per share.
 information includes adjustments amortization intangible assets discounts fair value debt environmental self-insurance liabilities capping closure obligations amortization provision income taxes.
merger allied december 2008 settlement doj operations fifteen metropolitan areas los angeles san francisco denver atlanta lexington charlotte cleveland philadelphia greenville-spartanburg fort lubbock.
 settlement 87 commercial waste routes nine landfills ten transfer stations ancillary assets access landfill disposal capacity.
 classified assets liabilities divest accounts receivable property equipment goodwill accrued landfill environmental costs sale 31.
 assets adjusted lower carrying amounts values less costs asset impairment loss $ 6. 1 million consolidated statement income.
 assets recorded estimated fair values.
 february 2009 agreement divest assets waste connections.
assets agreement include six waste landfills collection operations three transfer stations markets los angeles denver houston lubbock greenville-spartanburg charlotte flint.
 transaction subject closing conditions regulatory approval.
 closing second quarter 2009.
 republic services.
 subsidiaries financial statements/28/2009


management institutional services fixed income currency commodities.
 interest rate credit mortgages currencies commodities.
 2030 interest.
 government bonds treasury bills repurchase agreements interest rate swaps options derivatives.
 2030 credit products.
 securities high-yield credit derivatives bank loans municipal securities emerging market distressed debt trade claims.
 mortgages.
 commercial residential.
 collateralized obligations asset-backed.
 2030 currencies.
 growth-market currencies.
 commodities.
 crude oil petroleum natural gas metals electricity coal.
.
 commissions fees transactions stock options futures exchanges.
 securities services financing securities lending brokerage interest rate spreads.
 results institutional services segment.
 2014 2013 2012

 income commodities 8461 9914
 2079 2594
 commissions fees 3153
 securities services 1504
 equities 6736 7070
 revenues 15197 15721
 expenses 10880
 pre-tax earnings 4317 3929 5634
.
 revenues reinsurance $ 317 million 2013 $ 1. billion 2012.
 majority.


management investing lending origination loans.
 longer-term.
 debt securities loans public equity securities real estate.
 results investing lending.
 2014
 equity securities $ 3813 $ 3930 $ 2800
 debt securities loans 2165
 revenues 6825 7018 5891
 operating expenses 2819
 pre-tax earnings $ 4006 $ 4332 3223
.
 revenues $ 325 million 2014 $ 329 million 2013 $ 362 million 2012 metro international trade services.
 sale 2014.
.
 revenues investing $ 6. 83 billion 3% lower 2013.
 gains equity securities lower public equities private equities.
 revenues debt securities loans higher 2013 net interest income lending net gains sales investments.
net revenues lower 2013.
 events corporate performance gains sales.
 concerns global economy financial regulatory reform.
 equity markets credit spreads revenues.
 operating expenses $ 2. 82 billion 2014 5% higher 2013 higher compensation benefits expenses offset lower expenses.
 pre-tax earnings $ 4. 01 billion 8% lower 2013.
.
 revenues $ 7. billion 19% 19 % higher 2012 gains higher global equity prices.
 net gains interest income debt securities loans higher revenues lower.
 events corporate performance higher global equity prices tighter credit spreads.
 expenses $ 2. 69 billion unchanged.
 lower impairment charges increased compensation benefits expenses higher.
 pre-tax earnings $ 4. 33 billion 34% 34 % higher 2012.
goldman


research development expenses sales decreased. point 2007 r&d pharmaceuticals 2007.
 non-pharmaceutical r&d expenses up 11% future technologies growth.
 2006 spending $ 95 million $ 75 million restructuring actions increased r&d. percentage points.
 r&d spending decreased $ 154 million r&d $ 174 million 2006&a spending $ 120 million other r&d spending increasing $ 140 million 11 future growth.
 r&d increased sales. 6 point $ 248 million.
 $ 95 million $ 75 million restructuring.
 spending increased $ 78 million 6% 2005.
 gain sale businesses global pharmaceuticals meda.
 proceeds $ 817 million pre-tax gain $ 781 million 2007.
 opticom priority control systems canoga traffic detection torquest partners.toronto investment firm.
 3m received proceeds $ 80 million pre-tax gain $ 68 million display graphics segment 2007.
 2006 pharmaceuticals businesses united states canada latin america asia pacific australia south africa.
 received proceeds $ 1. 209 billion pre-tax gain $ 1. 074 billion 2006 health care segment.
.
.
 margins 22% sales growth operational discipline.
 income margins. 2007 impacted. $ 681 million gain sale real estate environmental liabilities restructuring exit activities.
 income margins. 8%. 2006 impacted. $ 523 million gain sale restructuring.
 income margins similar 2006.
 expense income.
 2006
 expense $ 210 $ 122 $
 income
 $ 78 $
expense increased 2007 2006 higher debt interest rates.
 income increased 2007 cash securities balances higher interest rates.
 lower 2006 interest rates.


.
 derivative contracts hedges gains losses reported income earnings.
 ineffectiveness recognized earnings.
 contracts not recorded fair value gain loss recognized earnings.
 enter foreign currency option contracts reduce exchange rates euro pound yen.
 foreign currency derivatives hedging same currencies duration.
 forward contracts subsidiary trade loan payables receivables foreign currencies.
 recorded fair value gain loss recognized.
 option contracts hedge anticipated foreign currency transactions.
 cash hedges impact earnings cost sales.
 foreign currency forward contracts currency swaps fair value hedges.
 maturities 12 months.
 operations exposed interest rates.
 costs.
 address risks controlled risk management derivative instruments.
 limit impact earnings.
 interest rate risk exposure short-term.
 interest rates.
interest rate exposures balance xed debt investment positions swaps.
 debt fair value hedges.
 cash hedg.
 interest expense debt adjusted payments swap agreements.
 goodwill intangibles not amortized.
 intangibles amortized lives 5 to 20 years.
-average amortization product technology 12 years.
 amortization expense 2008 2007 2006 $ 193. 4 million $ 172. 8 million $ 7. 6 million before tax.
 $ 280 million before.
 included cost sales.
 note 3 goodwill intangibles 2008 2007.
 assets december 31.
 goodwill $ 1167. $ 745. 7
 technology 2014 gross 3035. 1767.
 less accumulated amortization.
 2688. 1604
 intangibles 243.
 less accumulated amortization.38.
 intangibles 2014 197. 104.
 $ 4054. $ 2455.
 reviewed recoverability annually impairment indicators.
 impairments value 2008 2007 2006.
 property equipment cost.
 provisions depreciation computed straight-line estimated lives 12 50 years 3 18 years equipment.
 review value long-lived assets impairment


assure gener restructuring completed terms changed.
 gener restructuring debt subsidiaries termoandes.
.
 expects maturities obligations extended.
 under-performing businesses 2003 sold discontinued under-performing businesses construction projects investment.
 anticipated less activity write-offs impairment charges future.
 businesses affected 2003 listed.
 project name type date location millions.
 dominican republic $ 60
 120
 19
 poland $ 23
 uganda $ 76
 $ 20
 operations.
 credit reduced parent level debt $ 1. 2 billion 2003 including secured equity-linked loan.
 refinanced paid down near-term maturities by $ 3. 5 billion enhanced year-end liquidity over $ 1 billion.
 average debt maturity extended 2009 to 2012.
 subsidiary level limited recourse financing parent credit risk.
 reduced cost capital improved credit statistics expanded access credit aes subsidiaries.
 liquidity parent important agencies credit quality.
 currency political risk cash flow.
 large contractual concession-based cash flow.
 2003 81% cash distributions parent company from.
 large utilities worldwide contract generation.
 february 4 2004 redemption $ 155049000 8% senior notes due 2008 $ 34174000 10% notes 2005.
 redeemed march 8 2004 100% principal amount plus accrued interest.
 mandatory redemption 10% notes 2005 2018 free cash flow 2019 year december 31 2003.
 february 13 2004 issued $ 500 million unsecured senior notes.
 march 1 2014 callable redemption price 100% principal plus make-whole premium.
 issued.pay interest-annually


december 31 2014 future commitments leases purchase obligations.
 millions 2015 2016 2017 2018 2019
 lease obligations $ 142 $ 106 $ 84 $ 63 $ 45 91
 purchase obligations 3266 761 583 463 422 1690
 $ 3408 $ 867 $ $ 526 $ 467 $ 1781
 $ 2. 3 billion fiber supply agreements 2006 forestland sales 2008 acquisition weyerhaeuser.
 rent expense $ 154 million $ 168 million $ 185 million 2014 2013 2012.
 warranties indemnify tax environmental liabilities breaches warranties.
 recorded cost transaction.
 responsible environmental remediation.
 cleanup hazardous substances commercial landfills.
joint liability authorized under cercla state laws cleanups allocated among parties.
 remedial costs recorded in financial statements.
 international paper liability $ 95 million as of december 31  2014.
 cass lake closed wood treating facility minnesota.
 international paper submitted epa remediation feasibility study.
 2011 proposed soil remedy estimated cost $ 46 million.
 remediation reserve $ 50 million.
 october 2011 epa final soil remedy decision delayed.
 remediation costs could higher than.
 october 2012 natural resource trustees damage assessment.
 premature predict estimate loss.
 other remediation costs cleanup hazardous substances approximately $ 41 million as of december 31  2014.
 remedial actions not effect on consolidated financial statements.
proceedings environmental kalamazoo river company responsible allied paper. portage creek/kalamazoo river superfund site michigan.
 asserts contaminated pcbs discharges paper mills.
 regis paper company.
.
 successor.
.
 received orders epa 2014 letter $ 19 million costs removal pcb contaminated sediments.
 liability determined declined reimburse.
 involved allocation.
 premature estimate loss.
 named defendant georgia- pacific consumer products fort james corporation georgia pacific llc contribution cost recovery action pollution.


.
 income taxes capital loss carryforwards $ 69 million $ 90 million acquired transaction expire 2013.
 december 31 2012 2011 company $ 95 million $ 95 million valuation allowances deferred income tax assets consolidated statements.
 increase foreign deferred income tax assets.
 transaction reduced tax benefit tax-deductible goodwill.
.
 income taxes statements tax jurisdiction.
 2012 taxes payable $ 102 million $ 121 million.
 2011 taxes $ 108 million $ 102 million.
 provide deferred taxes excess investments foreign subsidiaries.
 excess totaled $ 2125 million $ 1516 million december 31 2012 2011.
 determination additional deferred income taxes complexities hypothetical calculation.
 tabular reconciliation unrecognized tax benefits 2011.

 balance january 1 $ 349 $ 307 285
 additions prior years 10
 reductions -1 -17
 additions 69 35
 statute limitations 2014 -8
 settlements -29 -25 -2 2
 positions acquisitions
 balance december 31 $ 404 $ 349 $ 307
 unrecognized tax benefits 2012 2011 2010 $ 250 million $ 226 million $ 194 million tax benefits tax rate.
 recognizes interest penalties.
 accrued penalties $ 3 million 2012 liability $ 69 million.
 $ 10 million 2011 $ 66 million.
 $ 8 million 2010 $ 56 million.
 indemnified barclays $ 73 million guggenheim $ 6 million.
 blackrock subject.
 federal tax state foreign income tax jurisdictions.
after 2007 open.
 federal 2005 state local after 2006 united kingdom.
 31 2012 company no longer subject to.
 federal examinations before 2006.
 revenue service blackrock 2006 2007.
 2008 2009 years impact financial undetermined not expected.
 july 2011 federal tax audit bgi group acquired 2009.
 years under examination 2007 through december 2009 impact undetermined not expected.
 company under audit local jurisdictions.
 examinations california 2004 2006 new york city 2007 2008 jersey 2003 2009.
 no audits earlier 2007.
 financial statements.


holdings.
 2013 10-k annual report financial statements fees partners.
 contingent payments third parties obligations expensed results achieved.
 liability contingent losses future legal costs settlements judgments liability loss.
 expenses business combinations employee termination benefits r&d agreements contract terminations consulting professional fees impairment loss disposal charges restructuring operational quality initiatives consolidated statement earnings.
.
 2012 2011
 impairment/loss disposal assets.
 consulting professional fees.
 employee severance retention share-based compensation acceleration.
 project personnel.
 r&d agreements.
 relocated facilities.
 distributor acquisitions.
 litigation matters.
 contract terminations.
 contingent consideration adjustments.
 accelerated software amortization.5 2013
 7. 9 2. 8 6.
 special items $ 216. 7 $ 155. $ 75.
 loss disposal intangible assets acquired.
 fees labor quality operational excellence initiatives information system integration tax compliance resources severance termination benefits legal fees product liability.
 quality excellence initiatives company- wide quality distribution sourcing manufacturing information technology.
 2013 2012 2011 eliminated positions management restructured closures strategic priorities.
 170  400 500 positions affected.
 reductions incurred expenses severance benefits redundant salaries share-based compensation termination costs.
 benefits ongoing benefits.
 costs accrued.
 paid year incurred.
 dedicated project personnel expenses salary benefits travel expenses employees dedicated operational quality excellence initiatives acquired businesses.
 r&d agreements upfront payments intellectual property&d alternative.
 relocated facilities expenses moving lease expenses relocation.
 acquired.
 distributors.
 incurred costs integration.
 litigation matters costs adjustments settlement legal royalty patent commercial acquisitions.
 contract termination costs agreements integration distribution model restructuring excellence.
 terminated contracts sales agents distribution agreements.
 contingent consideration adjustments fair value obligations prior owners.
 accelerated software amortization reduction estimated life software.
 2012 plan replace software.
 estimated useful life.
 amortization shortened life higher previous amortization.
 cash equivalents liquid investments maturity three months or less cash equivalents.
 valued at cost fair value.


february 2007 fasb issued sfas.
 159 fair value option financial assets liabilities amendment fasb statement.
 115.
.
 provides option report financial assets liabilities fair value establishes presentation disclosure requirements comparisons.
.
 159 effective january 1 2008.
 evaluating impact.
 159 consolidated financial statements.
 7. 50%. 50 % 7. 125%. 125 % ). 25% % tower cash flow reporting requirements. 125%.
 note 20 consolidated financial statements reporting requirements.
 indentures restrictive covenants.
 restrictions incur debt guarantee debt pay dividends distributions investments.
 failure default acceleration principal amount accrued unpaid interest outstanding notes.
 indentures require disclose periodic reports tower cash flow adjusted consolidated cash flow non-tower cash flow.
indentures restricted payments by adjusted consolidated cash flow determined tower non-tower flow.
 restrict incurring additional debt issuing preferred stock if consolidated debt greater than 7. 5 times adjusted consolidated cash flow.
 december 31 2006 ratio debt to cash flow approximately 4. 6.
 note 7 consolidated financial statements 201cmanagement financial condition results. tower cash flow non-tower cash flow non-gaap financial measures.
 required provide metrics by indentures notes.
 metrics include results spectrasite subsidiaries unrestricted.
 table presents tower adjusted non-tower cash flow for company restricted subsidiaries defined.
 tower cash flow three months ended december 31 2006 $ 157311
 consolidated cash flow twelve months ended december 31 2006 $ 591 050
tower cash flow twelve months 2006 -612366
 four three months 629244
 cash twelve months 607928
 non-tower cash flow -22614


table contents item 2.
 properties flight equipment fleet renewal december 31 2016 american operated mainline fleet 930 aircraft.
 continued fleet renewal program youngest fleet major.
 network carriers.
 55 mainline retired 71.
 supported wholly-owned third regional carriers american eagle.
 operated 606 regional aircraft.
 increased regional fleet 61 removed storage 140 retired 41.
 mainline fleet average seating capacity years ) owned leased.
 airbus a319  128 | 12.
 a320 150  15.
 a321 178 .
 258  5.
 291  16.
-800 160.
 179 | 17.
 211  19.
 263  16.
310. 18
 226. 17
 285. 4
 embraer 190  99. 20
 mcdonnell douglasmd-80 140 22. 25 32 57
. 519 411


hologic  inc.
 financial statements intangible assets acquisition identified valued.
 customer relationship trade name developed technology know how in-process research development identifiable values.
 customer relationship base disposable products.
 trade name product.
 developed technology know how products.
 estimated $ 4900 price research development projects disposable products.
 projects completion next generation handpiece site marker technologies.
 complete september 27 2008.
 deferred income tax liability acquired intangible assets fair value adjustments inventory not deductible offset net operating loss.
 goodwill excess purchase price assets.
 acquisition aeg biolucent r2 suros goodwill synergies workforce.
unaudited pro-forma information presents consolidated results acquisitions 2006 adjustments amortization intangible assets interest expense acquisition financing tax effects.
 revenue $ 524340
 income $ 28649
 per share.
.
 $ 15100 charge purchased research development result transactions excluded.
 not indicative acquisitions r2 suros.
.
 acquisition intangible assets september 29 2005 fischer imaging corporation intellectual property customer lists fischer mammography business products $ 26900 cash cancellation principal interest $ 5000 secured loan.
 purchase price $ 33000 $ 1000 direct acquisition costs.
 issues task force issue.
 non-monetary transaction


fixed rate interest may 2007 through 2017 6. 6%. payable semi-annually november 15 may 15 subject 2019 defer ten years.
 floating rate interest may 15 2017 through maturity based 3 month libor plus 238. 5 points reset quarterly payable february may august 15 november 15 defer ten years.
 deferred interest compounded semi-annually quarterly.
 redeem long term subordinated notes prior 15 2017 redemption price 100% principal amount present value principal payment 15 2017 scheduled payments discounted treasury rate spread 0. 25%. or. 50%. plus accrued unpaid interest.
 holdings redeem notes after may 15 2017 100% principal amount plus accrued unpaid interest redemption maturity may 1 2047 subject replacement capital covenant.
covenant senior note holders receive proceeds sale subordinated debt similar.
 maturity 2019s 5. 40%. senior notes 2014 4. 868%. notes due june 1 2044 long term indebtedness.
 march 19 2009 cash tender offer 6. 60%. fixed floating rate subordinated notes.
 expiration reduced outstanding debt $ 161441 thousand.
 interest expense.
 2016 2015 2014
.
 collateralized reinsurance trust agreements subsidiaries investments losses non-affiliated companies.
 december 31 2016 total deposit trust accounts $ 466029 thousand.
 reinsures catastrophe exposures segregated accounts mt.
.
.
 class 3 insurer registered bermuda february 27 2013 100% voting shares owned group.
.
logan july 1 2013 non-voting redeemable shares segregated accounts.
 invests catastrophe exposures.


return graph compares state street common stock s&p 500 s&p financial index kbw bank index five- year.
 investment $ 100 state street common stock index december 31 2008 reinvestment stock dividends.
 s&p financial index 81 companies 17 financial services 22 insurance 19 real estate 23 banking.
 kbw bank index banks publicly traded. 24 banks thrifts.
 state street corporation $ 100 111 118 105 125
 s&p 500 index 126 146 172
 s&p financial index 117
 kbw bank index 121


lease commitments office premises equipment non leases sublease rental income rent obligations sublease rental income net rent.
 $ 323. -40 283.
 300. -37. 263.
 267. -31. 236.
 233. 208.
 197. -20 177. 7
 871. -33. 837.
 $ 2195. $ -188. 4 188. $ 2006.
 contingent obligations subsidiaries credit facilities media payables operating leases.
 guarantees $ 327. 1 $ 327. 9 december 31 2007 2006.
 non-payment pay.
 no material assets pledged security guarantees.
 structured acquisitions additional contingent purchase price obligations reduce risk negative future performance.
 agreements purchase additional equity interests consolidated subsidiaries.
amounts transactions based future financial performance timing foreign currency rates factors.
 liability amounts.
 contingent acquisition obligations met record value additional cost.
 recognize deferred payments purchases interests contingent future employment as compensation expense.
 determined acquisition agreements employment terms former owners.
 expense not allocated assets amortized over employment terms.
 table details estimated liability contingent acquisition obligations amount paid options.
 payments contingent operating performance targets financial statements 2014 amounts millions


entergy mississippi.
 financial utility transmission business retirement debt preferred securities.
 operations net income increased $ 23. million lower income tax rate.
 increased $ 6. million higher net revenue income taxes depreciation amortization expenses interest expense.
 operating revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 555.
.
 equalization.
.
 2011 revenue $ 554.
/weather decrease 97 gwh weather-adjusted usage residential commercial decrease sales volume unbilled.
 transmission equalization addition 2011 transmission investments.
 operating revenues power expenses increased increase $ 57. million wholesale revenues decrease $ 26. million power management rider revenue.
power expenses increased deferred fuel expense higher revenues rates offset natural gas power.


proceeds lease balance maximum recourse $ 90. 8 million.
 august 1999 five-year lease agreement two office buildings corporate headquarters san jose california.
 option purchase buildings balance $ 142. 5 million.
 lease subject standard covenants liquidity leverage profitability ratios.
 november 28 2003 covenants.
 default lessor purchase lease balance remarket relinquish.
 agreement lease accounting 13 buildings obligation not included balance sheet.
 financing bank funding maintain cash balances corporate purposes.
 lease term purchase balance remarket relinquish.
 pay shortfall remarketing proceeds lease balance maximum recourse $ 132. 6 million.
 no changes agreement obligations fiscal 2002.
 evaluating alternative financing expiration lease 2004.
november 28 2003 future lease payments sublease income income.
 2004 $ 29454 $ 5859
 2005 20746 5798
 2006 16796 5839
 2007 12188 3819
 2008 9596 1678
 20900 2811
 $ 109680 $ 25804
 commitments shipment licensing products.
 royalty expense based dollar amount per unit shipped percentage revenue.
 expense cost products $ 14. 5 million $. 4 million $. 1 million 2003 2002 2001.
 adopted year 2003.
 pronouncements note 1.
 legal actions 2002 international typeface corporation agfa monotype corporation charged adobe font software breaches contracts.
amt itc charged adobe violated millennium copyright act infringement copyrights font software.


consolidated financial statements 2014commitments contingencies table reconciles company accrued warranties costs millions.
 2007 2006 2005
 beginning warranty costs $ 284  $ 188  $ 105
 cost -281 ( 281 ) -267 ( 267 ) -188 188 )
 product warranties 227  363  271
 ending warranty costs $ 230  $ 284  $ 188
 company indemnify-users software intellectual property.
 agreements indemnification provisions.
 required payments potential liability unresolved infringement financial results.
 record liability infringement costs september 29 2007 30 2006.
 components microprocessors lcds optical drives circuits obtained sources supply pricing risks.
key components from multiple sources nand flash memory dram memory lcds subject to shortages commodity pricing fluctuations.
 company entered agreements for supply components at favorable pricing no guarantee agreements.
 to risks of supply shortages price increases gross margins operating margins.
 company uses components not common to computer industries new products utilize custom components from one source until additional suppliers.
 if supply single-sourced component vendor shipments ability.
 business financial performance on time to obtain quantities from original source alternative.
 availability if producers common components instead customized.
 cpus  ipods iphones logic boards assembled products manufactured by outsourcing partners in asia.
 concentration by few partners single locations.
outsourcing partners sole supplier components manufacturing company key products assembly


december 31 2009 loss carryforwards $ 7 million 2010 to 2024 state loss $ 513 million 2010 2028 foreign loss carryforwards $ 453 million $ 252 million indefinite carryforward.
 tax benefits reconciliation tax benefits.
 balance january 1 $ 86 $
 additions
 additions
 reductions
 settlements
 statute limitations
 acquisitions
 foreign currency translation
 balance december 31 $ 77 $ 86
 $ 61 million unrecognized tax benefits tax rate.
 tax positions twelve months.
 recognizes penalties interest unrecognized tax benefits.
 penalties less $ 1 million 2009 2008 2007.
 interest $ 2 million.
 liability penalties $ 5 million $ 4 million interest $ 18 million $ 14 million.
 income tax returns.
federal jurisdiction international jurisdictions.
 concluded.
 income tax matters 2006.
.
 tax examinations concluded 2002.
.


entergy gulf states louisiana.
 financial utility transmission business subsidiaries financial retirement debt preferred securities.
 operations net income 2011 increased $ 12. million lower interest operation maintenance expenses higher depreciation amortization expenses income tax increased $ 37. million higher net revenue lower income tax rate interest expense taxes.
 revenue operating revenues fuel expenses gas power expenses regulatory credits.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 933.
 retail electric price.
 volume/weather.
 fuel recovery.
 transmission revenue.
.
 2011 revenue $ 933.
 retail electric price variance increase credits act 55 storm cost financing.
 hurricane.
 volume/weather variance less favorable weather residential unbilled sales period.
decrease offset increase 62 gwh. 3%. electricity usage increased consumption industrial cogeneration outage new production unit.
 fuel recovery deferred fuel costs.
 note 2.


millions share amounts december 31 2014 1st 2nd 3rd 4th qtr
 sales service revenues $ 1594 $ 1719
 operating income 159 181 171
 before taxes 132 152 144
 net earnings 90 100 96
 dividends per share $.
 basic earnings loss share $ 1. 83 2.
 diluted earnings loss share $ 1. 81.
 fourth quarter 2014 $ 47 million goodwill impairment charge.
.
 disagreements accountants financial disclosure.
 evaluated effectiveness controls procedures rules 13a-15 15d-15 securities exchange act 1934 december 31 2015.
evaluation company chief executive financial officer concluded december 31 2015 disclosure controls procedures effective information reports exchange act recorded processed summarized reported sec rules forms accumulated communicated to management decisions.
 control financial reporting three months ended december 31 2015 no change.


.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 50 years 6 years property equipment.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 18504 17269 property plant equipment depreciation $ 405  392 $ 374 31 2015 2014 2013 depreciation amortization consolidated statements.
 depreciation depreciable asset balances. 13%. 13 % 2015. 20% 20 % 2014 2013.
 uncollectible changes.
 2015 2014 january 1 -35 35 34 27 december 31 -39 39 35 34


system energy resources.
 financial bank letters.
 2004 amended expire may 2009.
 refinance redeem debt maturity.
 debt common stock issuances require regulatory approval.
 subject tests bond agreements.
 capacity capital needs.
 short-term borrowing authorization ferc borrow march 31 2010 $ 200 million.
 note 4 financial statements short-term borrowing limits.
 order ferc long-term securities issuances.
 authorization extends through june 2009.
 receivables money pool december 31.
 2008 2007 2006 2005
 may 2007. million receivable replaced receivable entergy new orleans.
 note 4 financial statements.
 owns operates grand gulf.
 risks nuclear plant.
include risks disposal radioactive materials regulatory changes limitations insurance nuclear operations technological financial uncertainties decommissioning nuclear plants sufficiency funds decommissioning trusts.
 early shutdown grand gulf system energy additional funds decommissioning.
 environmental risks energy facilities operations authorities air water quality control substances hazardous wastes.
 management believes environmental regulations.
 change future compliance costs.
 accounting estimates financial statements accounting policies estimates judgments


kimco realty subsidiaries investment retail store leases interests leases.
 premises sublet retailers.
 income 2008 $ 1. 6 million $. 8 million $ 2. 7 million.
 sublease revenues $ 5. 9 million $ 5. 2 million $ 7. 1 million less expenses $ 4. 3 million $ 4. 4 million $. million.
 future revenues 2011 $ 5. 2 $ 3. 4 2012 $ 4. 2. 2013 3. 2 2014 2. 1. 2015 2. 1 $ 2. $ 1.
 acquired 90% equity leveraged lease 30 properties.
 long-term bond net lease expires 2016 renewal option rights.
 cash equity investment $ 4. million.
 net investment leveraged lease.
december 31 2010 18 properties sold proceeds mortgage debt $ 31. million remaining 12 properties encumbered third-party non debt $ 33. 4 million amortize term lease.
 no recourse principal interest debt collateralized first mortgage lien.
 obligation offset against net rental receivable.
 2009 net investment lease millions.
 remaining net rentals $ 37. $ 44.
 unguaranteed residual value 31.
 non-recourse mortgage debt -30.
 unearned deferred income.
 net investment leveraged lease $ 5. $ 4.
.
 variable interest entities consolidated properties four entities company primary beneficiary.
 real estate.
 involvement majority ownership.
entities deemed vies voting rights equity proportional obligation absorb losses returns activities conducted investor fewer voting rights.
 company primary beneficiary.
 2010 sold two vie 2019s primary.


act 1933 section 1145 united states code.
 no underwriters engaged.
 three months december 31 2008 issued 7173456 shares common stock $ 147. 1 million 3.%. notes.
 holders. receive 48. 7805 shares common stock $ 1000 converted.
 paid $ 3. 7 million accrued unpaid interest discounted future interest payments.
 shares issued exemption registration section 3 9 securities act 1933.
 no underwriters engaged.
 months december 31 2008 repurchased 2784221 shares common stock $ 79. 4 million fees announced stock repurchase program total number shares purchased average price paid share dollar value.
 average price paid dollar value
 october 2008 1379180 $ 30. $ 1005.
 november 2008 1315800 $ 26. 51 970.
 december 2008 89241 $ 27. $ 967.
 fourth quarter 2784221 $ 28. 53 $ 967.
 repurchases $ 1. 5 billion stock repurchase program february 2008.
 management purchase shares prevailing prices securities laws requirements subject market conditions.
 trading plan rule 10b5-1 exchange act.
 program.
 fourth quarter 2008 reduced purchases common stock downturn disruptions financial credit markets.
 december 31 2008 repurchased 28000 shares $ 0. 8 million  commissions fees.
 market conditions.


tower corporation subsidiaries financial statements restricted stock awards options if-converted method mandatory convertible preferred stock.
 retirement plan 401 ( k ) plan employees age employment requirements.
 2013 matched 75% first 6% contributions.
 contribution 2012 50% 6% contributions.
 contributed $ 6. 5 million $ 6. million $ 4. 4 million plan.
 accounting standards updates issued guidance reporting discontinued operations.
 disposals strategic shift operations discontinued.
 expanded disclosure assets liabilities income expenses discontinued operations.
 disclosure disposal part entity discontinued operations.
 effective periods december 15 2014 early adoption disposals assets not financial statements.
 guidance 2014 effect financial statements.
 may 2014 issued revenue recognition guidance revenue transfer promised goods services.
standard revenue guidance effective january 1 2017.
 permits retrospective cumulative transition method leases not included.
 evaluating impact financial statements.
.
 prepaid assets december 31.
 leases 96881
 income tax
 unbilled receivables
 assets
 value added tax consumption tax receivables
 miscellaneous assets 59174
 $ 254622 $ 347417
 2013 balances revised purchase accounting adjustments.


january 2016 company issued $ 800 million debt securities $ 400 million three year note coupon rate 2.%. $ 400 million seven year note coupon rate 3. 25%.
 proceeds repay commercial paper term loan balance general corporate purposes.
 public notes 144a notes redeemed redemption prices accrued unpaid interest make-whole premium.
 change control downgrade investment grade rating repurchase price equal 101% principal plus accrued unpaid interest repurchase.
 public notes 144a notes senior unsecured obligations rank equally indebtedness.
 registration rights agreement 144a notes.
 file registration statement exchange 144a notes terms identical new 10-year 30-year notes transfer restrictions increase interest rate exchange registration statement effective 270 days after issuance.
exchange offer registration statement effective 144a notes sold rule 144a securities act 1933.
 redeemed redemption prices accrued unpaid interest make-whole premium.
 changes control repurchase equal 100% principal amount plus accrued unpaid interest.
 merger events asset sales downgrade below investment grade rating.
 notes unsecured senior obligations equal senior indebtedness.
 guaranteed by subsidiaries.
 2015 acquired interest trust leased naperville facility debt assumption $ 100. 2 million addition $ 135. 2 million property plant equipment.
.
 cash paid $ 19. 8 million.
 non-cash financing investing.
 remaining balance debt settled december 2017 reflected line december 31 , 2016.
 compliance with covenants under indebtedness at december 31  2017.
31 long-term debt five years millions.
 550
 2020 300
 2021 1017
 2022


company insured account potential asbestos exposure.
.
 engagement final settlement negotiation monitoring claim activity under agreements.
 condition insurer payment upon claim experience annual payment caps control payments.
.
 operation four sip agreements one executed prior to acquisition.
 2000.
 preference fixed schedule payments eliminate future uncertainty.
 enhanced classification of insureds by exposure characteristics over time analysis for exposed active.
 less exposed subject less rigorous management monitoring exposure.
 focuses on estimation processes potential exposure.
 a&e reinsurance concentrated limited contracts 1974 to 1984.
 claim staff familiar with ceding companies generated liabilities likely future liabilities.
 familiarity ceding companies claims handling reserving practices.
 familiarity enhances quality analysis exposure.
company believes unusual exposure non asbestos.
 setting reserves reinsurance liabilities relies on claims data ceding companies brokers.
 not loss projections.
 table summarizes total reserves losses reinsurance.
 years 2012 2011 2010
 reserves ceding companies $ 138. 4 $ 145. 6 $ 135. 4
 additional reserves assumed reinsurance 90. 6 102. 9 116.
 direct insurance 36. 40. 38.
 not reserves 177. 210. 264.
 reserves 442. 499. 554.
 reinsurance receivable. 21.
 net reserves $ 425. 7 $ 480. 2 $ 532. 9
 additional reserves specific ceding company assessment loss.
.additional losses latent injuries exposures unrecognized company industry may emerge future.
 company financial condition results operations cash flows.


2014 $ 91 million provision recapture impaired loans $ 11 million 2013.
 charge-offs commercial loans $ 42 million $ 104 million 2013.
 december 31 allowance loan lease losses $. 9 billion $ 4. 4 billion loans remaining $. 5 billion no allowance.
 december 31 2013 allowance losses $ 1. 0 billion.
 allowance losses pool balance allowance.
 increases cash provision recapture reclassification non-accretable accretable yield.
 transactions loans cash flow estimation.
 re-estimation.
 accretable yield 2014 2013 table purchased impaired loans 2013 accretable yield.
 millions
 $ 2055 $ 2166
 recoveries -587 -695
 reclassifications accretable non-accretable
disposals -118 29 )
 december 31 $ 1558 $ 2055
 93% net reclassifications 2014 commercial portfolio 37% 2013.
 loan lease losses unfunded commitments maintain alll credit losses.
 2013 commercial consumer lending separate methodologies accounting policies.
 rollforward loan data.
 pnc financial services group.
 2013 form 10-k 143


goldman sachs group.
 subsidiaries net revenues revenues line item consolidated.
 2017 2016 2015
 investment banking $ 7371 $ 6273 7027
 investment management 5803 5407
 commissions fees 3051 3208
 market making 7660 9933
 transactions 5256 3200 5018
-interestrevenues 29141 28021 30756
 interest income 13113 9691
 expense 10181 7104
 interest income 2932 2587 3064
 revenues $ 32073 $ 30608 33820
 investment banking financial advisory underwriting assignments derivative transactions.
.
 wealth advisory high-net-worth.
.
 commissions fees transactions stock futures exchanges over-the-counter.
.
 market making interest rate credit mortgages currencies commodities equity.
activities institutional client services.
 transactions investing origination loans.
 consolidated investments.
 investing lending.
.
 2017 higher asset prices tighter credit spreads underwriting investment management transactions.
 low volatility equity fixed income currency commodity markets activities.
 price natural gas decreased oil increased.
 low volatility investment banking prices decline net revenues impacted.
 operating results.
 first half 2016 challenging trends global economic growth central bank activity political uncertainty.
.
 second environment improved equity markets increased investment grade high-yield credit spreads tightened.
 business activities.
 2016 net revenues $ 32. 07 billion 5% higher higher investment banking management net interest.
 offset by lower market making revenues lower commissions fees.
 non-interest revenues.
banking revenues $ 7. 37 billion 2017 18% higher 2016.
 revenues financial advisory higher mergers acquisitions.
 underwriting higher debt equity.
 goldman sachs 2017 form 10-k


average value options 2010 2009 2008 $ 7. 84 $ 7. 18 $ 3. 84  black-scholes option pricing model.
 risk free interest rate. 1%
. 6%
 dividend yield. 7%
 life.
 december 31 2010 2009 unrecognized compensation cost non-vested stock awards $ 129. 3 million $ 93. 5 million pre-tax income. 7 years.
 granted. 5 million restricted stock awards prices $ 25. to $ 28.
 annually three years.
 granted. 9 million performance restricted stock units.
 maximum achievable revenue ebitda goals 2012.
 granted. 5 million shares $ 22. 55 annually 3 years.
 2009. 4 million units $ 24. 85 per share six months.
 2008.4 million shares restricted stock $ 38. 75 2 years.
 2008. 2 million canceled assumed.
 remaining unvested converted 1. 7952.
 vested october 1 2009 metavante acquisition.
 october 27 granted. 8 million shares $ 14. 35 annually 3 years.
 december 31 2. million. 4 million unvested.
. 6 million not vested.
 repurchase 25 2006 repurchases $ 200. million.
 17 2008 $ 250. million.
 repurchased. million shares $ 226. million average $ 38. 97 31 2008.
 repurchased. million $ 10. million average price $ 40.
 repurchased. 6 million shares average $ 49.
 4 2010 repurchases 15. million shares privately january 31 2013.
 repurchased.4 million shares common stock $ 32. 2 million average price $ 22. 97 2010.
 no repurchased.
 13. 6 million shares repurchase.
 may 25 authorized recapitalization repurchase $ 2. 5 billion $ 29. share auction.
 commenced july 6 2010 expired august 3 2010.
 oversubscribed $ 29. 00 purchase 86. 2 million shares 6. 4 million unexercised options.
 repurchased shares added treasury stock.
 services.
 statements 2014


27 100 liquidity long-term debt rental payments leases purchase obligations commitments december 31 2010 table.
 payments 1-3 3-5
 long-term debt capital leases $ 2750. 34. 188. 367. 2160.
 interest payments long-term debt 1267. 160. 316. 304. 486.
 operating leases 93. 31. 37.
 purchase obligations 6586. 2709. 3779. 98. 2212
 contractual obligations $ 10697. 2935. 4321. 785. 2655.
 10697. 4321. amounts local currencies translated year-end 2010 exchange rates.
 variable rate facilities based interest rates hedging instruments.
 purchase obligations aluminum steel materials.
 natural gas electricity aerospace technologies contracts.
variable prices management estimates.
 early termination penalties payments vary.
 $ 60. 1 million uncertain tax positions.
 contributions benefit pension plans $ 30 million 2011.
 change pension protection act asset performance.
 benefit payments $ 71. 4 million $ 74. $ 77. 1 million $ 80. 3 million $ 84. 9 million 2011 2015 $ 483. 1 million 2016 2020.
 payments unfunded german plans $ 21. 8 million. $ 23. 2 million. 2011 2015 total $ 102. 7 million. 2016 2020.
.
 return asset assumption 8. discount rate. 55 percent.
 pension expense 2011 flat.
 reduction return pension $ 2. 9 million increase global pension expense reduction discount rate $ 3. 5 million additional pension expense.
 information note 14.
dividends 20 cents share.
 $ 35. 8 million 37. 4 million.
 dividends 7 cents share.
 $ 506. 7 million 2010 5. 1 million 2009 299. 6 million 2008.
 acquired 2775408 shares $ 88. 8 million.
 accelerated repurchase $ 125. million shares.
 $ 125. million february received 4323598 shares 90 percent.
 settled may 20 2010 398206 shares.
 repurchases 2008 $ 31 million settlement january 7 2007 repurchase 1350000 shares.
 repurchased $ 143. 3 million.


expense decreased $ 6. 2 million 50. 0%. 2004 2003.
 due disposal transfer facility closure $ 3. million reduced legal charges $ 1. 5 million expenses $ 1. 4 million.
 decreased 2004 $ 92. 2 million 75. 7%. from 2003.
 $ 73. 3 million expenses debt refinancing 2003.
. $ 55. million premiums notes $ 17. 4 million non-cash charge deferred financing fees credit facility.
. interest expense $ 18. 9 million lower 2003 lower interest rates refinancing lower debt levels.
 effective tax rate 38. 0%. 2004 42. 3%. 2003.
 higher tax rate 2003 due stable permanent items lower book income.
 2004 2003 tax rates higher 35. state income taxes.
 2003 historical results operations.

 sales $ 1735. 5 $ 1735. 9. 4.
 before interest taxes $ 96. 9 $ 145. 3 -48. 4 48.
 -121. 8 121. -67. 7. -54. 54.
 before taxes -24. 9. 77. 6 -102. 5.
 taxes 10. 4 29. 39. 9
. 4 14. $ 48. 2 -62. 6 62.
 sales decreased $. 4 million. 2003.
 increased improved volumes offset lower prices.
 corrugated products volume increased 2. 1%. 28. billion square feet 2003. 2002.
 increased. 7%. 2003.
.
 2003 more workday 252.
 containerboard sales volume decreased 6. 7%. 445000 tons 31 2003 477000 tons.
 before decreased $ 48.4 million 33. 3%. year 2003 2002.
 taxes twelve


december board ratified stock repurchase program 1. 5 million shares common stock.
 31 2010 no shares repurchased.
 paid dividends 71 years increasing 19.
 dividends $. 54 per share 2010. 51 per share 2009.
.
 obligations less than1 year 1 - 3years 3 - 5years more than5 years
 long-term debt $ 261. $ 18. 181. 29. $ 32.
 fixed rate interest 22.
 operating leases.
 purchase obligations 45.
 $ 359. $ 77. 198. 39
 december 31 2010 liability uncertain income tax positions $ 2. 7 million.
 uncertainty future cash unable estimate.
 blanket purchase orders annual requirements suppliers.
 weeks prior unit production.
purchase obligation represents commitments.
 sales 2010 $ 1489. 3 million 2009 $ 1375. million. 3 percent.
 increase due higher sales water heater operations china product introductions water treatment business.
 sales $ 1451. 3 million 2008.
 $ 76. 3 million decline lower residential commercial volume offset growth improved pricing.
 electrical products regal beloit $ 700 million cash 2. 83 million shares common stock.
 2011.
 electrical products segment.
 sales 2010 $ 701. 8 million $ 2191. 1 million.
 gross profit margin 29. 9 percent. 2009. 2008.
 increased volume cost containment lower warranty costs.
 increase profit margin 2009 water heater volume cost reduction lower material costs.
 expense $ 36. 9 million higher 2010.
increased sg water heater costs volume product lines.
 2009 water treatment acquisition.
 $ 8. 5 million higher $. 2 million water heater.


december 31 2013 future commitments leases purchase obligations.
 millions 2014 2015 2016 2017 2018
 lease obligations $ 171 $ 133 $ 97 $ 74 $ 59 162
 purchase obligations 3170 642 529 453 2404
 $ 3341 $ 903 $ 739 $ 603 $ 512 2566
 $ 3. billion fiber supply agreements 2006 forestland sales 2008 acquisition weyerhaeuser.
 rent expense $ 215 million 231 million $ 205 million 2013 2012 2011.
 representations warranties indemnify tax environmental liabilities breaches warranties.
 recorded cost transaction.
 responsible party environmental remediation.
 cleanup hazardous substances commercial landfills.
joint liability authorized under cercla state laws cleanups allocated among parties.
 remedial costs recorded in financial statements.
 international paper liability $ 94 million at december 31 2013.
 closed wood treating facility minnesota.
 international paper submitted epa remediation feasibility study.
 2011 proposed soil remedy estimated cost $ 46 million.
 overall remediation reserve $ 51 million.
 october 2011 epa final soil remedy decision delayed.
 expensive remediation costs could higher than.
 october 2012 natural resource trustees damage assessment.
 premature to predict estimate loss.
 remediation costs hazardous substances facilities approximately $ 42 million at december 31  2013.
 remedial actions not effect on consolidated financial statements.
kalamazoo river company responsible allied paper. portage creek/kalamazoo river superfund site michigan.
 asserts site contaminated pcbs discharges paper mills.
 regis paper company.
.
 successor.
.
 received orders epa information liability.
 premature estimate loss.
 company defendant georgia-pacific consumer products fort james corporation georgia pacific llc contribution cost recovery action pollution.
 suit seeks contribution $ 79 million costs plaintiffs future remediation costs.
 mill.
 discharged pcb contaminated solids paper residuals recycling.
 defendants ncr corporation weyerhaeuser company.
 suit transferred eastern wisconsin western


entergy retail electric price variance rate increases entergy louisiana 2006 2005 plan power capacity costs.
.
 volume/weather variance increased electricity usage residential commercial sectors unbilled sales.
 retail electricity 1591 gwh 1. 6%.
 accounting estimates.
 fuel recovery variance grand gulf costs entergy new orleans fuel recoveries july 2006.
 city council approved recovery rates.
 increase purchased power costs entergy louisiana new orleans re-pricing power agreements.
 transmission revenue variance higher rates new customers-2006.
 purchased power capacity variance higher capacity charges new contracts mid-2006.
 amortization deferred capacity costs offset base revenues rate increases.
net wholesale revenue variance due to more energy resale entergy new orleans 2006 retail usage hurricane katrina 2006 output grand gulf approval measures usage hurricane katrina.
 offset lower wholesale revenues third quarter 2006 2006 order refund coal plant co-owner contract dispute.
 analysis change net revenue 2007 2006.
.
 2006 net revenue $ 1388
 price changes
 palisades acquisition
 volume variance
 2007 net revenue $ 1839
 increased non-utility nuclear $ 451 million 33% 2007 due higher pricing additional production acquisition palisades plant 2007.
 revenue $ 50 million amortization purchased power agreement non-cash.
 increase offset revenues


products solutions.
 2015 2014 2013
 third-party sales $ 5342 $ 4217 $ 4054
 $ 595 $ 579 $ 569
 alcoa downstream operations products aerospace transportation power generation.
 fastening systems seamless rolled rings investment castings airfoils jet engine components. sold distributors.
 70% third party sales aerospace.
 small part produces forging extrusion metal products oil gas industrial automotive land sea defense.
 seasonal decreases summer slowdown.
 sales costs expenses transacted.
 euro.
 2015 alcoa aerospace castings tital 650 employees.
 produces aluminum titanium aerospace defense.
 2014 sales $ 100.
 demand jet engine components-casting capabilities expand casting capacity.
operating results assets liabilities tital engineered products solutions segment since acquisition.
 march 2015 alcoa rti international metals.
 global supplier titanium specialty metal products aerospace defense energy medical device markets.
 july 23 2015 acquisition.
 titanium advanced technologies materials aerospace market.
 2014 sales $ 794 2600 employees.
 $ 1200-party sales by 2019.
 annual cost savings $ 100 by 2019 procurement productivity improvements profitable growth.
 operating results assets liabilities rti engineered products solutions.
 november 19 2014 firth rixson leader aerospace jet engine components.
 manufactures rings forgings metal products.
 acquisition aerospace business growth engine.
business generated sales $ 970 2014 13 facilities states kingdom europe asia 2400.
 plan alcoa expects annual cost savings $ 100 2019 procurement productivity improvements metal supply services.
 results assets liabilities rixson engineered products solutions.
 third-party sales improved 27% 2015 sales $ 1310 three acquired businesses higher volumes.
 offset foreign currency weaker euro.


masco corporation consolidated financial statements.
 march 9 2018 acquired assets.
 kichler.
 leader residential commercial lighting products led lighting systems.
 expands product.
 results acquisition consolidated financial statements decorative architectural products segment.
 recorded $ 346 million net sales 2018.
 $ 2 million cash $ million paid cash.
 revised allocation purchase price assets liabilities december 31 2018.
.
 preliminary allocation fair value acquisition summarized table millions.
 receivables
 inventories
 prepaid expenses
 property equipment
 goodwill
 intangible assets
 accounts payable
 accrued liabilities
 $ 548 $ 549
 goodwill acquired tax deductible related operational financial synergies combining kichler operations.
intangible assets acquired $ 59 million indefinite-lived trademarks $ 181 million definite-lived.
 $ 145 million customer relationships amortized 20 years $ 36 million amortized three years.
 2017 acquired mercury plastics. plastics processor manufacturer water $ 89 million.
.
 faucet technology components.
 recognized $ 38 million goodwill tax deductible synergies combining operations.


company 2019s global pension postretirement funds benefits participants.
 strategies targeted total return benefit obligations.
 risk controlled through diversification asset investments in equities fixed income securities cash short-term investments.
 target asset allocation outside.
 in equity debt securities.
 vary by country.
.
 local statutory requirements economic conditions.
 law assets fixed income government funds local-country securities.
 pension plans diversified limit impact.
.
 across asset classes publicly traded fixed income hedge funds equity real estate.
 diversified across funds managers strategies vintages sectors geographies.
 assets.
 primarily invested in publicly traded fixed income equity securities.
 oversight risk management monitoring plans by fiduciaries global.
 independent risk management.
non.
.
 region elements common management asset/liability management studies asset allocation reviews funding levels ratios compliance asset allocation guidelines class manager performance risk capital analysis stress testing.
.
 millions.
 2019 $ 797  $ 435  62 70
 2020 828  417  62
 2021 847  426  61
 2022 857  448  59
 2023 873  471  57
 4365  2557  252  547


.
 discount reflects incremental borrowing rate matches lifetime liability.
 changes discount rate sublease income impact amounts recorded.
 moving consulting legal fees.
 sponsor defined benefit pension plans.
 significant plans. netherlands canada.
.
 plans closed new entrants.
 ceased crediting future benefits.
.
 losses changes value obligation plan assets discount rate actuarial assumptions demographic experience asset performance not recognized net income.
 amortized into net income benefit cost.
 unrecognized gains losses deferred amortized into compensation benefits expense based average future service employees life expectancy.
.
.
 amendments cease crediting future benefits gains losses based life expectancy.
 amortize prior service expense credits plan changes.
december 31  2013 pension plans deferred losses statements.
 amortize unrecognized losses outside corridor 10% market-related value assets.
 incremental amortization future pension expense until amortized.
 table combined experience loss amortizing estimated 2014 amortization by.
.
 loss $ $ 1219 $ 402
 amortization
 estimated 2014 amortization loss $
 unrecognized prior service cost december 31 2013 $ 27 million.
.
.
 market-related valuation return benefit cost.
 recognizes 20% gains losses current year value remaining 80% over next four years.
 future value net benefit cost impacted deferred gains losses.
 december 31  2013 market-related value assets $ 1. 8 billion.
 market-related valuation funded status.
 plans.
record funded status statements fair value.
 december 31 2013 $ 1. 9 billion.
.
 value return.


results expenses decline reduced operations.
 earnings retail forestland real estate sales.
 specialty businesses arizona chemical business divested businesses.
 2006 net sales increased 2% 2005 declined 17% from 2004.
 operating profits 2006 up from 2005 2004.
 decline reflects businesses sold closed.
.
 profit
 arizona chemical sales $ 769 million 2006 $ 692 million 2005 $ 672 million 2004.
 volumes declined price higher.
 operating earnings higher than 2005 49% higher than 2004.
 higher lower manufacturing costs higher prices crude oil.
 $ 13 million charge plant shutdown.
 businesses sold closed polyrey business european distribution business.
 sales $ 166 million 2006 $ 223 million 2005 $ 448 million 2004.
december 2006 company sell arizona chemical business first quarter paper cash flow sensitive pricing demand products.
 cost controls improved cash flow.
 capital spending paper packaging businesses globally north america.
 spending levels below depreciation amortization three years anticipate spending slightly below depreciation 2007.
 financing transformation plan strengthening balance sheet repayment debt net reduction 2006 $ 5. 2 billion $ 1. 7 billion net reduction 2005.
 $ 1. 0 billion voluntary cash contribution.
 pension plan december 2006 pension expense.
 liquidity position strong $ 3. billion liquidity short-term cash flow.
 investment-grade credit rating capital.
 long-term credit ratings bbb baa3.
 $ 1. 0 billion 2006 $ 1. 2 billion 2005 $ 1. 7 billion 2004.
 $.billion cash pension fourth quarter 2006.
 components earnings


synopsys.
 magma design automation.
 22 shares chip design software provider per-share price $ 7. 35.
 assumed stock units options. purchase price $ 550. 2 million.
 acquisition semiconductor designers design tools.
 october 31 purchase consideration preliminary price.
 cash $ 543437
 equity awards 6797
 purchase $ 550234
 goodwill 316263
 assets 184300
 cash 116265
 debt liabilities
 purchase allocation
. million not deductible tax sales growth cost synergies integration magma technology.
 valued income amortized three ten years.
 acquisition-related costs $ 33. 5 million 2012 employee separation contract terminations professional services facilities closure costs.
 equity awards.
company assumed unvested stock units options fair value $ 22. 2 million.
 black-scholes option-pricing model value rsus based market price grant date.
 assumptions expected volatility risk-free interest rates.
 estimated historical stock price volatility.
 total fair equity $ 6. 8 million purchase consideration $ 15. 4 million future services.
.
 financial combined results company magma.


purchase obligations $ 390 feedstock supply hyco facilities.
 feedstock supply natural gas.
 long-term-pay sales contracts matched feedstock obligations price increases.
 financial condition.
 note 17 consolidated financial statements.
 include product supply electric power natural gas supply pass-through contracts.
 commitments $ 540 additional plant equipment.
 materials energy capital equipment supplies services.
 majority purchases raw materials energy obtained market prices.
 future contribution equity 2015 joint venture air products acwa 20-year oxygen nitrogen supply agreement saudi aramco oil refinery power plant jazan.
 air products owns 25% joint venture guarantees repayment equity bridge loan.
 expect invest $ 100 joint venture.
 noncurrent liability $ 67. 5 future equity contributions advances.
30 2015 were $ 903.
 unrecognized benefits $ 97.
 excluded from contractual obligations impractical determine cash impact payments tax laws rates operating results.
 uncertainties settlement uncertain tax positions taxing authorities.
 note 23 income consolidated financial statements.
 sponsors defined benefit plans employees.
 pension plans.
.
 closed 2005 replaced with.
 shift reduce volatility expense contributions.
 fair market value assets defined benefit pension plans 30 2015 decreased to $ 3916. from $ 4114.
 projected benefit obligation $ 4787. $ 4738. 6
 note 16 retirement benefits consolidated financial statements.
.
 $ 135. 169.
 special terminations settlements curtailments 35. 19
 discount rate 4. 0% 6%
return. 4%. 4 %. 7%. 7% 7 %
 compensation. 5%. 5 %. 9 %. 8%. 8 %


performance graph five year returns teleflex common stock 500 stock index healthcare equipment supply index.
 changes $ 100 invested teleflex 31 2010 dividends reinvested.
 market performance.
 2010 2014 2015
 teleflex 117 138 185  229 266
 s&p 500 index 102 118 157 178
 s&p 500 healthcare equipment supply index 116 148 187


management institutional services fixed income currency commodities.
 interest rate credit mortgages currencies commodities.
 generate market revenues liquid markets.
 high volume transactions modest spreads fees.
 less liquid markets mid-cap bonds growth currencies non mortgage-backed securities spreads fees larger.
 transactions customized products risk exposures investment objectives complex needs fuel hedge.
 focus mortgage market activities.
 commercial residential.
 government collateralized mortgage obligations prime subprime asset-backed securities.
 buy hold sell long mortgage positions market making.
 inventory changes demands short-term periods.
 notes 18 27 mortgage repurchase requests rescissions litigation.
.
 equity products commissions fees transactions stock options futures exchanges over-the-counter transactions.
securities services business financing securities lending brokerage services institutional clients hedge funds funds funds generates revenues interest rate spreads fees.
 results institutional client services.
 fixed income currency commodities execution $ 8651 $ 9914 $ 9018
 equities
 commissions fees
 services
 equities
 revenues 15721
 expenses
 pre-tax earnings $ 3939 $ 5644 $ 4443
.
 2013 majority stake americas reinsurance business.
 revenues $ 317 million 2013 $. billion 2012 $ 880 million 2011.
.
.
 revenues institutional client services $. billion 2013 13% 13 % lower 2012.
 fixed income currency commodities $. billion lower interest rate mortgages.
 challenging environment lower activity.
net revenues currencies lower credit products commodities unchanged.
 majority european insurance gain $ 211 million.
 report


cash equivalents include investments maturity three months less.
 accounts receivable carried invoiced amounts bear interest.
 company estimates balance write-off collection trend rates.
 receivables circumstances conditions uncollectible.
 balances written off against allowance.
 includes expected return products credits $ 15 million $ 14 million $ 15 million december 31 2017 2016 2015.
 returns credit activity recorded sales.
 table summarizes activity allowance doubtful accounts.
 millions 2016 2015
 beginning balance $ 67. 6 $ 75. 77
 debt expense.
 write-offs.
.
 ending balance $ 71. 5 $ 67. 6 $ 75.
 amounts currency translations allowance returns credits.
 inventory valued lower cost net realizable value.
.
 inventory costs determined last-in first-out.
 39% 40% 40 % consolidated inventories december 2017 2016.
 costs determined average first-in methods.
 replacement.
.
 equipment dispensing systems cleaning sanitizing dishwashing machines process control equipment.
 systems capitalized mass asset capitalized depreciated written off depreciated.
 capitalizes computer software.
 data conversion training maintenance.
 renewals improvements extend lives capitalized.
 repairs maintenance.
 retirement depreciation removed gain loss recognized income.
 depreciation charged operations straight-line lives 5 to 40 years buildings improvements 3 to 20 years machinery equipment 3 15 years merchandising equipment 3 7 years capitalized software.
 depreciation allocation cost earnings economic benefits.
586 561 560 2017 2016 2015.


entergy corporation utility companies system energy entergy wholesale commodities 2010 integrated non-utility nuclear-nuclear wholesale assets wholesale commodities.
 ownership operation six nuclear power plants five northeast united states sixth michigan selling electric power wholesale customers.
 2019 revenues from sales energy generation capacity.
 provides operations management services decommissioning services nuclear power plants.
 ownership ventures non-nuclear power plants sale electric power.
 nuclear power plants location capacity reactor type license expiration.
 licenseexpirationdate
 pilgrim 1972 688 mw boiling water
 1975. 838 mw water
 1976. 1041 mw pressurized water
 1974. 2001 1028 mw
vermont yankee 1972 july 2002 vernon vt 605 mw boiling water
 palisades 1971. 2007 south haven mi 811 mw pressurized water
 entergy wholesale commodities two non-operating nuclear facilities big rock point indian point 1 acquired.
 decommissioning.
 nrc license vermont yankee march 2012.
 2011 renewed 20 years expires 2032.
-lived assets.
 licenses pilgrim indian point 2 3 expire 2012 2015.
 nuclear plants expiration renewal applications nrc approval.
 renewal.
 safety licensing board terminated proceeding renewal.
 nrc.
 april 2007 entergy application renew licenses indian point 2 3 20 years.
 admitted 21 contentions 16 issues.
 two resolved 14 subject hearings.
july 2011 aslb granted new york motion indian point environmental analysis.
 cost estimates accident mitigation alternatives hardware procedural changes


performance graph five-year period june 30 2019 market performance common stock s&p 500 index peer companies.
 historic not indicative future.
 5 year return jack henry associates. s&p 500 index peer group line graph.
 2014 2015 2016 2017 2018
. 110. 151. 182. 231. 240.
. 126. 142. 166. 224. 281.
. 127. 151. 177. 228. 286.
. 131. 150.
 comparison assumes $ 100 invested june 30 2014 reinvestments dividends.
 returns calculated market capitalization peer group members.
 peer companies computer software hardware services financial institutions.
 companies different 2019 2018.
 adjusted consolidations.
 peer group worldwide. black knight. bottomline technologies.broadridge solutions. cardtronics corelogic. euronet. exlservice. fidelity services. fiserv. fleetcor technologies. global payments. square. ss&c technologies. total system services. tyler. verint. wex.
. bottomline technology. broadridge cardtronics. corelogic. euronet. fidelity. fiserv. global payments. moneygram. ss&c technologies. services. tyler.


financing conducted through citi 2019s subsidiaries matched-book trading inventory.
 liability on citi 2019s balance sheet loaned sold.
 financing $ 189. 6 billion averaged $ 207 billion quarter.
 increased $ 35 billion from $ 154. 3 billion 2009.
 reverse repos securities borrowing increased $ 25 billion.
 majority collateralized by government securities.
 collateral from citi 2019s trading assets secured lending.
 minority collateralized by less liquid collateral trading assets secured lending.
 less borrowing calibrated by asset quality tenor counterparty exposure reliability.
 mitigants.
 liquidity resources collateralized liquidity transfers cushion.
 secured lending positions liquidity under stress.
citi has excess funding for less liquid collateral dislocation.
 size trading books.
 december 31  2010 commercial paper citigroup 2019s non- bank entities subsidiaries billions non.
 commercial paper.
 $ 15 billion commercial paper january 1 2010 sfas 166/167.
 short-term borrowings $ 54 billion $ 42. 4 billion from banks market federal home loan banks.
 decrease $ 11 billion 2009.
 average balance quarter $ 43 billion.
 short-term borrowings include $ 11. 7 billion broker borrowings averaged $ 13 billion.
 notes 12 19 citigroup long-term debt short-term borrowings.
 liquidity transfer non-bank regulatory restrictions.
 non-bank excess liquidity into citi bank subsidiaries.
.lend citigroup 23a federal reserve act.
 2010 $ 26. 6 billion funds collateralized.


2014 annual report performance graph five-year period june 30 2014 market performance common stock s & p 500 index peer companies 5 year return jack henry associates. s&p 500 index peer group line graph values.
 2013
. 148. 173. 240. 307.
. 150. 176. 220. 275.
. 159. 171. 198. 273.
. 149. 157. 190. 236.
 comparison assumes $ 100 invested june 30 2009 reinvestments dividends.
 returns calculated market capitalization peer group members.
 peer companies computer software hardware services financial institutions.
 2014 changed peer group.
 aci worldwide. bottomline. broadridge financial cardtronics. convergys. corelogic. dst. euronet.isaac. fidelity information services. global payments. heartland payment. micros. moneygram. ss&c technologies. total systems. tyler. verifone.
 aci. bottomline. cerner. dst systems. euronet. isaac. fidelity information services. investments telecommunications systems. tyler technologies.


contents financial statements 2014shareholders 2019 equity preferred stock five million shares authorized stock none issued outstanding.
 board directors determine alter rights preferences privileges restrictions shares.
 award board granted 10 million shares ceo vested march 19 2006.
 based closing market price amortized three-year.
 10 million shares fair value $ 646. 6 million grant-date value $ 7. 48 per share.
 net-share settled withheld shares ceo obligation remitted cash taxing authorities.
 total shares withheld 4. 6 million based closing stock price $ 64. 66.
 remaining shares delivered ceo.
 payments tax obligations $ 296 million 2006.
 net-share settlement share repurchases expense.
 ceo no remaining shares restricted stock.
year 30 2006 compensation expense restricted stock $ 4. million.
 comprehensive net.
 revenue expenses gains losses.
 excluded net income.
 foreign currency translation adjustments.
 unrealized gains losses securities deferred gains losses derivative instruments flow.
 table summarizes income three fiscal years 27 2008 change fair value available-for-sale securities $ 63 million $ 7 million $ 4 million net taxes 2008 2007 2006.
 tax effect unrealized gain/loss-for-sale securities $ 42 million $ 4 million $ 2 million.
 unrealized losses available-for-sale securities $
 unrealized gains derivative instruments
 foreign currency translation
 comprehensive income


compares shareholder return common stock standard 500 composite stock index industrials 2012 2017 closing price common stock $ 43.
 assumes investments $ 100 31 2012 common stock indices reinvestment dividends.
 value $ 100 investment 2012 common stock s&p 500 industrials index consumer durables apparel index reinvestment dividends.
 138. 155. 200. 227. 318.
 s&p 500 index $ 132. 149. 151. 169. 206.
 s&p industrials index $ 140. 153. 149. 177. 214.
&p consumer durables apparel index $ 135. 148. 147. 138. 164.
 50. 100. 150. 200. 250. 300. 350.&p 500 index industrials index consumer durables apparel


consolidated financial statements.
 accounting sop 03-1 effective fiscal years after december 15 2003.
 january 1 2004 cumulative effect sop 03-1 on net income impacts income tax benefit $ 12 may 2003 financial accounting standards board issued.
 financial instruments liabilities equity.
.
 standards classifying liabilities instruments.
.
 requires liability classification instruments obligation buy back issuer shares obligations settled in shares value from underlying instrument.
 related to issuer shares.
 mandatorily redeemable equity options requiring issuer buyback shares reported liabilities.
.
 accounting freestanding financial instruments affect derivative.
.
 effective instruments modified after may 31 2003 other instruments first interim reporting period after june 15 2003.
statement company 2019s financial condition results operations.
 january 2003 fasb issued interpretation.
 46 201cconsolidation variable interest entities.
 required enterprise assess consolidation interests variable interest entity.
 equity investors controlling interest sufficient equity without support.
 initial determination enterprise involved.
 variable interest losses residual returns.
 46 effective new vies january 31 2003.
 adoption 46 financial condition results no vies consolidation.
 december 2003 fasb issued revised version fin 46 201d ) modifications changes original version.
 replaced 46 effective end first reporting period after december 15 2003 end first reporting period after march 15 2004 other.
 early adoption permitted.
 company adopted fin 46r fourth quarter 2003.
adoption fin 46r vies deconsolidation redeemable securities subsidiary trusts.
 company not primary beneficiary.
 own unrelated third parties.
 principal variable interests issued vies.
 no longer consolidated.
 sole assets junior subordinated debentures payment terms identical securities.
 separate liability consolidated balance sheets.
 december impact deconsolidation long debt trust preferred securities by $ 952 $ 1. 5 billion .
 note 14. adoption new accounting standards december 2004 fasb issued sfas.
 123-based payment 201d.
 replaces.
 123 stock-based compensation.
 supercedes apb opinion.
 25.
.
 recognize compensation costs share-based payments employees after june 15 2005.
 pro forma disclosures.
 alternative financial statement recognition.
 transition methods include prospective retrospective adoption options.
.
 cumulative effect adoption
 establishing benefit reserves annuity contracts -54
 reclassifying accounts general
 cumulative effect adoption


table costs 1650 employees 2010 restructuring.
 balance first quarter 2010 $ 20
 additions adjustments 26
 cash charges 2010 -32
 2011 -8
 2012 -4
 balance december 31 2012 $ 2
 1638 employees left company.
 cellulosic bio-fuel tax credit 2010 black liquor $ 1. per gallon 2009.
 october 15 ruled qualify $. 50 gallon fuel credit $. tax credit not gallons.
 taxpayer. re-pay refunds.
 repayment interest.
 $. credit credited against federal tax liability 2015.
 $. 50 credit refundable cash.
 federal tax income.
 filed application november 18 2010 code cellulosic bio-fuel producer.
 received registration code february 28 2011.
company evaluated use credits gallons 2009.
 include uncertainty future federal taxable income taxability fuel future liquidity cash acquisitions debt repayments pension contributions versus credits interest.
 convert gallons cellulosic bio-fuel credit.
 filed amended 2009 tax return credits non-taxable.
 re-evaluate 2009.
 produced 64 million gal lons black liquor not eligible alternative fuel mixture credit.
 claimed gallons cellulosic bio-fuel credit 2009 tax return.
 2010 fourth quarter income tax provision $ 40 million net credit tax expense.
.
 recognized income tax benefit $ 83 million 2010 cellulosic bio-fuel credits.
 claims subject future review adjustments.
 acquisitions international paper shares venture partner olmuksa.
 price $ 56 million.
acquired shares represent. 7%. olmuksa international paper held. equity interest.
 owns 87. 4%. shares.
 not completed valuation assets anticipates preliminary pur- chase price allocation 2013 first quarter filing.
 transaction international paper majority shareholder. triggered mandatory call tender remaining shares.
 paper financial results consolidated industrial pack aging segment majority control january 1 2013.
 acquisition results.
 february 13 international paper acquisition temple-inland.
.
 acquired common stock for $ 32. 00 per share totaling $ 3. 7 billion


december 19 2011 redeemed $ 175 million 6. 5%. notes due april 15 2012 $ 300 million 6. 125%. notes due january 15 2012.
 redemptions early extinguishment charge $ 5 million fourth quarter 2011.
 receivables securitization facility 2013 december 31 2012 recorded $ 0 $ 100 million secured debt.
.
.
 variable interest entities lease transactions.
 created lease transactions equipment facilities headquarters building no other activities assets liabilities lease transactions.
 right purchase assets fixed prices.
 options benefits not significant.
 maintain operate assets contractual obligations.
 no control fair value leased assets.
 power direct activities control economic performance.
 obligation absorb losses right receive benefits not primary beneficiary consolidate vies performance fixed-price purchase options not significant.
future minimum lease payments totaled $ 3. billion december 31 2013.
.
 leases locomotives freight cars.
 consolidated statements 2012 included $ 2486 million $ 1092 million depreciation $ 2467 million $ 966 million depreciation.
 charge income depreciation depreciation expense.
 future minimum lease payments capital leases non terms 2013.
 minimum leasepayments $ 4066 $ 2200
 interest
 94% capital lease payments locomotives.
 rent expense operating leases one month $ 618 million 2013 $ 631 million 2012 $ 637 million 2011.
 variable rental expense lease term.
 rentals sub-rentals significant.


jpmorgan chase & co. annual report 127 receivables from customers represent margin loans to prime retail brokerage clients collateralized through assets in brokerage accounts subject to daily minimum collateral requirements.
 collateral value decreases maintenance margin call to client additional collateral.
 position may liquidated.
 uses instruments guarantees financing needs.
 contractual amounts represent maximum credit risk counterparties down.
 total contractual amount not representative of future credit exposure funding requirements.
-equivalent amount for each unused commitment exposure default.
 loan-equivalent amount commitments $ 212. 4 billion and $ 216. 5 billion as of december 31 , 2015 2014.
 services provides for securities derivative transactions.
 exposed to risk of non-performance share in losses.
firm credit risk through margin inception transactions cease clearing services if obligations.
 note 29.
 contracts firm uses market-making activities.
 interest rates currencies markets.
 credit market risk.
 settlement mechanism affect credit risk.
.
 exchange- traded derivatives futures options exposed credit risk.
 credit risk transactions through legally enforceable master netting arrangements collateral agreements.
 note 6.
 table summarizes net derivative receivables.
.
 31 millions 2015
 interest rate $ 26363 $ 33725
 credit derivatives 1423
 foreign exchange 17177 21253
 equity 5529 8177
 commodity 9185 13982
 cash collateral 59677
 liquid securities against derivative receivables -16580 -19604
collateral $ 43097 $ 59371
 derivative receivables $ 59. 7 billion $ 79. billion december 2015 2014.
 fair value contracts netting agreements cash collateral.
 risk securities.
 government securities bonds cash collateral $ 16. 6 billion $ 19. 6 billion december 2015 2014.
 decrease derivative receivables declines interest rate commodity foreign exchange equity market movements maturities settlements.


consolidated financial statements union pacific corporation subsidiary companies references 201ccorporation subsidiaries railroad company 201crailroad.
.
 class i railroad.
 network 32084 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26064 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
 automotive
 chemicals
 coal
 industrial products
intermodal 4074 4489 4030
 freight revenues $ 20397 $ 22560 $ 20684
 1416 1279
 operating revenues $ 21813 $ 23988 $ 21963
 revenues customers. origination products outside.
 commodity mexico.
 freight revenues $ 2. 2 billion 2015 $. 3 billion 2014 $. 1 billion 2013.
 consolidated financial statements accounting principles.
.
 tax.
.
 union pacific corporation subsidiaries.
 investments affiliated companies 50% equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation variable interest.
 equivalents maturities three months less.
 reduced allowance doubtful accounts.
 based historical losses credit worthiness


sysco defined benefit retirement plans.
 contributes multi-employer plans provides health care benefits retirees dependents.
 maintains retirement plan benefits retirement years service compensation.
 defined contribution 401 k plan contributions 50% first 6% compensation.
 contributions $ 28109000 2005 $ 27390000 2004 $ 24102000 2003.
 participants management incentive plan receive benefits supplemental executive retirement plan.
 nonqualified unfunded.
 maintains life insurance policies $ 138931000 2005 $ 87104000 2004.
 not.
 sysco sole owner beneficiary.
 projected benefit obligations $ 375491000 $ 264010000 contributions pension plans $ 220361000 $ 165512000 2005 2004 $ 214000000 $ 160000000 voluntary contributions plan 2005 2004.
2005 $ 134000000 pension plan.
 contributions due decreased discount rate increased pension obligation impacted pension status.
 2006 contributions retirement minimum voluntary contributions $ 66000000.
 contributions current year benefit payments.
 estimated 2006 contributions $ 7659000 $ 338000.
 future payments postretirement pension benefits.
 2006 27316000 338000
 2007 29356000
 2008 33825000
 2009 39738000
 2010 46957000
 years 355550000 4234000


recourse repurchase obligations note 3 loan sale servicing pnc sold residential home equity loans securitization sale continuing involvement.
 recourse loan repurchase obligations transferred assets.
 multi-family loans sold fnma delegated underwriting servicing program.
 similar program fhlmc.
 assume one-third risk loss unpaid principal balances.
 2013 2012 unpaid principal balance $ 11. 7 billion $ 12. 8 billion.
 maximum exposure $ 3. 6 billion $ 3. 9 billion 2012.
 reserve estimated losses.
 $ 33 million $ 43 million liabilities consolidated balance.
 contractual interest collateral loans value losses.
 exposure recourse obligations corporate institutional banking.
 table 152 commercial mortgage recourse obligations.
 millions
2013 loan repurchases settlements -1 1 -8 8
 december 31 $ 33 $ 43
 residential equity repurchase obligations non-recourse repurchase obligations.
 origination covenants warranties.
 3.
 securitization repurchase obligations transactions fhlmc indemnification repurchase losses-insured uninsured loans minimal.
 repurchase obligation activity residential mortgages banking.
 fourth quarter 2013 pnc agreements fhlmc repurchase claims loans sold 2000 2008.
 paid $ 191 million.
 repurchase obligations brokered home equity loans sold private investors.
 equity lending exposure repurchase obligations limited repurchases.
 activity non-strategic assets portfolio.
 indemnification repurchase liabilities recognized loans sold evaluated.
adjustments indemnification repurchase liability revenue income.
 pnc home equity adjustments equity loans repurchase liability.
 noninterest income.
 pnc financial services group.
 form