company elected fair-value option interest-rate risk hedged derivative contracts proceeds assets.
 accounting mismatches operational simplifications.
 positions reported short-term borrowings long-term debt balance sheet.
 majority non-structured liabilities fair-value option citi-advised structured investment vehicles consolidated fourth quarter 2007.
 change earnings $ 2. 6 billion 31 2008.
 aggregate fair value $ 263 million lower unpaid principal balance.
 unpaid principal balance exceeds fair value $ 97 million 2008 $ 112 million december 31 2007.
 $ 1. 2 billion year 2008.
 transactions.
 interest expense measured contractual interest rates.
 elected fair-value option fixed-rate adjustable-rate first mortgage loans.
 hedged derivative instruments.
company elected fair-value option accounting mismatches operational simplifications.
 not loans held-for-investment not hedged.
 effective instruments originated purchased after september 1 2007.
 table mortgage loans fair value millions december 31 amount $ 4273 $ 6392 unpaid principal $ 138 $ 136 non loans 90 days past $ 9 $ 17 unpaid principal $ 2 changes fair values reported.
 changes fair value december 31 2008 credit risk $ 32 million loss.
 change value 2007 immaterial.
 interest income measured contractual interest rates income.
 fair-value accounting 155 156 hybrid instruments assets linked risks interest rate inflation.
 elected fair-value accounting residual interests securitizing assets.
 trading-related managed.
accounting simplified fair-value approach eliminates derivatives contracts.
 hybrid financial instruments classified as trading assets loans deposits liabilities short-term borrowings long-term debt balance residual interests in securitizations trading assets.
-value unpaid principal exceeds fair value $ 1. 9 billion december 31 2008 exceeds principal balance $ 460 million 2007.
 difference immaterial.
 changes fair value accrued interest recorded in transactions.
 interest accruals recorded separately from.
 at fair value.
 determined using option-adjusted spread valuation approach.
 cash flows interest-rate scenarios risk-adjusted rates.
 assumptions mortgage prepayment speeds discount rates.
 affected by changes mortgage interest rates.
company hedges msrs interest-rate derivative contracts forward- purchase commitments mortgage-backed purchased securities.
 note 23 page 175.
 totaled $ 5. 7 billion $ 8. 4 billion 2008 2007 classified mortgage servicing rights citigroup balance sheet.
 changes value recorded commissions fees income.
 millions december 31 2008 2007
 carrying amount $ 4273 $ 6392
 unpaid principal balance $ 138
 non-accrual loans $
 fair-value option interest-rate risk hedged derivative contracts proceeds assets.
 accounting mismatches operational simplifications.
 positions short-term borrowings long-term debt.
 majority liabilities fair-value option citi-advised structured investment vehicles consolidated 2007.
 change earnings $ 2. 6 billion december 31 2008.
 non-structured liabilities fair value $ 263 million lower unpaid principal balance december 31 2008.
-value option unpaid principal balance exceeds fair value $ 97 million 2008 principal $ 112 million 2007.
 change value $ 1. 2 billion year 31 2008.
 change reported transactions.
 interest expense measured contractual interest rates.
 citigroup elected fair-value option fixed-rate-rate first mortgage loans sale.
.
 accounting mismatches operational simplifications.
 not elected loans held-for-investment.
 effective instruments originated after september 1 2007.
table mortgage loans fair value millions december 31 amount balance sheet $ 4273 $ 6392 fair value unpaid principal balance $ 138 $ 136 non-accrual loans 90 days past due $ 9 $ 17 unpaid principal balance $ 2 $ changes values reported 2019s statement.
 changes fair value december 31 2008 risk $ 32 million loss.
 change fair value 2007 immaterial.
 interest income measured contractual interest rates income statement.
 fair-value accounting sfas 155 156 hybrid financial instruments assets linked risks interest rate inflation.
 fair-value accounting residual interests securitizing assets.
 trading-related managed.
 accounting simplified eliminates derivatives contracts.
hybrid financial instruments classified assets loans deposits liabilities short-term borrowings long-term debt balance sheet residual interests securitizations trading assets.
 fair-value accounting 155 long-term debt unpaid principal exceeds fair value $ 1. 9 billion december 31 2008 balance $ 460 million 2007.
 difference immaterial.
 changes fair value accrued interest recorded in transactions income.
 accruals recorded separately.
 accounts fair value sfas 156.
 option-adjusted spread valuation approach.
 risk-adjusted rates.
 prepayment speeds discount rates.
 affected by changes interest rates.
 hedges values interest-rate derivative contracts forward- purchase commitments mortgage-backed purchased securities.
 note 23 page 175 accounting reporting.
 $ 5. 7 billion $ 8.4 billion 2008 2007 mortgage rights citigroup balance.
 changes value recorded commissions fees income.


october 30 2016.
 feet united states countries
 owned 3745 1629 5374
 leased 564 1103 1667
 4309 2732 7041
 properties segments.
 headquarters santa clara california.
 semiconductor manufactured austin texas gloucester massachusetts kalispell montana rehovot israel singapore.
 services austin.
 display alzenau tainan santa clara.
 treviso italy.
 owns leases offices plants warehouse europe japan north america israel china india southeast asia taiwan.
 facilities manufacturing research development engineering marketing sales customer support.
 280 acres buildable land montana texas california massachusetts israel italy building space.
 requirements.
 size infrastructure.


tower corporation subsidiaries financial statements 2014 december 1 annual impairment test.
 appraisal estimated value rental management unit goodwill cash.
 rental management segment not impaired.
 intangible assets amortization december 31.
 intangibles $ 2606546 $ 1369607
 deferred financing costs
 licenses
 accumulated amortization -646560 -517444
 assets $ 2077312 985303
 amortizes assets three fifteen years.
 2005 2004 $ 136. million $ 97. 8 million deferred financing costs.
 amortization $ 183. 6 million $ 178. 3 million. 4 million. 7 $ 170. 3 million years 2006 2007 2008 2009 2010.
 subject changes allocation purchase price.
.
.
.
tv azteca owner national television network mexico $ 119. 8 million.
 loan 12. 87%. payable quarterly discounted fair value interest rate 14. 25%.
 amended 2003 interest 13. 11%.
 december 31 2005 2004 $ 119. 8 million undiscounted $ 108. 2 million discounted outstanding receivable long-term assets.
 term seventy years prepaid penalty last fifty years.
 discount amortized interest income seventy-year.
 seventy year economic rights agreement 190 broadcast towers.
 below market interest rate loan annual payment $ 1. 5 million market lease unused tower space.
 azteca retains title responsible operation maintenance.
 100% revenues leases operating expenses.


p r t 2 0 0 4 gas transportation costs demand products oil natural gas ngls.
 2019s revenues to sales processing transportation commodities.
 financial results influenced by price volatility.
 estimates for future production market demand prices profitable production.
 assurance.
 canadian production subject to government royalties.
 price fluctuations affect production.
 international production governed by payout agreements.
 attained production reserves.
 estimates future processing transport demand.
 no assurance stability.
 production transportation processing marketing oil gas complex.
 mechanical failure human error meteorological events.
 forward-looking statements demand conditions for 2019s oil natural gas ngls 2005 similar to 2004.
 dollar amounts expressed in.
 dollars.
 canadian operations converted to.
projected 2005 exchange rate $ 0.
 to $ 1. 00 canadian.
 2005 exchange rate may vary estimate.
 variations estimates.
 completed major property acquisitions dispositions opportunity driven.
 data excludes financial operating effects potential property acquisitions divestitures 201cproperty acquisitions divestitures 2005.
 timing results difficult predict may vary.
 areas 2005 estimates production price differentials capital expenditures for areas united states onshore offshore canada international.
 2005 operating estimates oil gas production operating costs based on devon properties sale.
 estimates exclude potential sale properties.
 gas production individual estimates 2005.
 2005 production total 217.
 92% from reserves at december 31 2004.
 2005 total 60 mmbbls.
95% reserves december 31 2004.
 expected production area.
 united states onshore
 offshore
 canada
 international
 oil prices 2013 devon fixed price 2005 oil production.
 table fixed-price production area.
 prices adjusted transportation costs devon.


information pnc common stock prices dividends statistical information item 8 report.
 compensation plans pnc equity securities authorized december 31 2015 table 201capproval 2016 incentive award plan 2013 item 3 201d proxy statement 2016 annual meeting item 12.
 stock transfer agent registrar computershare trust company.
 250 royall street canton 800-982-7652 shareholders contact phone number dividends shareholder services.
 common stock performance graph item 5.
.
.
 repurchases pnc common stock fourth quarter 2015 table thousands total shares purchased average paid maximum number shares.
 october 1 2013 31 2528 $ 89.
 november 1 2013 1923 $.
 december 1 2013 31 1379 $.
 5830 $.
pnc common stock employee benefit plans forfeitures stock awards payroll tax withholding.
 12 benefit 13 compensation plans statements.
 march 11 2015 board approved new stock repurchase program 100 million shares pnc common stock effective april 1 2015.
 repurchases open market privately negotiated transactions market economic conditions alternative uses credit ratings contractual regulatory limitations supervisory assessment capital.
 2015 capital plan share repurchase $ 2. 875 billion.
 repurchases employee benefit plans.
 fourth quarter 2015 repurchased 5. 8 million shares common stock open market average price $ 92. 26 per share aggregate repurchase price $. 5 billion.
 pnc financial services group.
 2013 form 10-k


restricted awards forfeiture grantee leaves employment expiration.
 new grants vest after 25% four exception three.
 table changes non stock awards may 31 2013 2012 grant-date.
 non-vested 31 2011 869
 granted 472
 vested -321
 forfeited
 2012 941
 granted
 forfeited
 31 2013 1096
 total fair value awards 2012 2011 $ 13. 6 million $ 12. 9 million $ 10. 8 million.
 recognized compensation expense $ 16. 2 million 13. 6 million 12. 5 million.
 $ 33. 5 million unrecognized compensation cost unvested stock awards 2. 5 years.
 sale 2. 4 million shares common stock.
employees designate $ 25000 20% annual compensation purchase stock.
 shares 85% market value last quarterly purchase.
 2013 1. million shares issued 1. 4 million future issuance.
 compensation expense $ 0. 5 million 2013 2012 2011.
 average grant-date value share $ 6 $ 7 $ 6  15% discount.
 granted 100% market value 10-year terms.
 25% increments four year.
 accelerated vesting.
 no options granted 2013 2012.


teleflex incorporated financial statements 2014 initiated consolidate locations australia european distributor agreements costs.
 incurred restructuring charges $ 3. 6 million december 31 2015.
 include termination benefits contract exit costs.
 completed 2015.
 consolidate manufacturing north america distributor agreements costs.
 december 31 incurred restructuring charges $ 10. million.
 termination benefits contract facility closure exit costs.
 2015 lma international.
 2012 commenced.
 closure consolidation manufacturing sales marketing distribution north america europe asia.
 incurred restructuring charges $ 11. million.
 2015.
 31 2014 net credit $ 3. million reversal contract termination costs settlement terminated distributor agreement.
2012 restructuring program supply chain three warehouses costs efficiencies termination distributor agreements closure facilities workforce reductions.
 incurred restructuring impairment charges $ 6. 3 million expects future expenses nominal.
 reserve $ 0. 5 million.
 2016.
 no charges 2015 2014.
 2013 recorded $ 7. 3 million ipr&d charges $ 3. 5 million impairment charges assets appraised fair value.
 restructuring impairment charges termination benefits facility closure contract termination exit costs.
 restructuring programs $ 5009  $ 231 1000
 2014 manufacturing footprint realignment plan $ 1007  $ 241  $ 389 1685
 restructuring programs -194
 restructuring charges $ 5822  $ 474 $ 1376 $ 147 7819

 1 restructuring programs 2014 european plan programs 2013 lma.


no options granted market value 2011 2010.
 common stock 33775543 at december 31 2011.
 pnc common stock future equity compensation plans 35304422 shares incentive plans employee stock purchase plan.
 issued 731336 shares treasury stock.
 utilize primarily treasury stock future option exercises.
 awards non-employee directors 2011 2010 2009 include 27090 29040 39552 deferred stock units deferred stock unit plan.
 share requires liability accounting cash.
 no vesting service requirements compensation expense recognized deferred stock units.
 fair value determined market common stock.
 remeasured achievement performance goals three-year period.
.
 vesting periods 36 months to 60 months.
 incorporated changes awards long-term incentive compensation programs.
incentive performance units future payout negative adjustment risk performance metrics.
 adjustment financial performance metrics.
 grants three-year period payable stock or cash.
 performance-based restricted share units granted 2011 executives stock options.
 payable in stock service condition internal risk-related external market condition.
 based on four one-year performance periods.
-average grant-date fair value 2011 2010 2009 $ 63. 25  $ 54. 59 $ 41. 16 per share.
 compensation expense awards over performance periods.
 nonvested awards.
 363 $ 56. 40 2250 $ 49.
 64. 62.
 -156 59. 51. 27
 forfeited -91 52. 24
 31 2011 $ 61.54.
 incentive awards exclude dividends paid cash.
 december 31 2011 $ 61 million unrecognized deferred compensation expense nonvested.
 five years.
 total incentive awards 2011 2010 2009 $ 52 million $ 39 million $ 47 million.
 cash-payable units.
 annual bonus incentive deferral plan.
 no market performance criteria.
 compensation expense bonus.
 december 31 2011 753203 cash payable share units outstanding.
 pnc financial services group.


2016 arconic recognized income tax benefits valuation allowances deferred tax assets russia canada $ 19 $ 20.
 tax benefits realizable.
 recorded valuation allowances australia $ 93 spain $ 163 luxembourg $ 280.
 offset changes deferred tax asset balances no net impact tax expense.
 need reassessed allowances increase decrease changes.
 2015 recognized additional $ 141 tax charge valuation allowances deferred tax assets iceland suriname.
 $ 85 valuation allowance deferred tax assets suriname benefits tax.
 expiration 2016 to 2022.
 remaining $ 56 valuation allowance deferred tax assets iceland.
 expiration 2017 to 2023.
 management determined arconic tax benefit.
 driven decline primary metals business prior year losses short expiration period.
2011 arconic brazil applied tax holiday mining refining operations.
 application amended re-filed similar filed.
 deadline government july 11 2014.
 tax holiday july 12 2014.
 tax rate holiday income decreased 34% to. 25%. future cash tax savings 10-year holiday period january 1 2013.
 net deferred tax remeasured new tax rate earnings.
 remeasurement net deferred tax assets noncash charge earnings $ 52 $ 31 interests.
 table changes valuation allowance.
 december 31, 2016 2015 2014
 balance beginning year $ 1291 $ 1151 1252
 increase allowance 772 180
 -209 ( 209 -42 -70
 acquisitions divestitures
 tax apportionment rate law changes -67
currency translation
 balance end year $ 1940 1291
 arconic 2019s foreign earnings no deferred taxes $ 450 december 31 2016.
 commitments obligations growth foreign.
 no plans distribute earnings deferred tax liability.


lauren restaurants.
 vision.
 1999 first restaurant opened chicago store michigan avenue.
 design american club cuisine.
 2010 ralph's stables paris store.
.
.
 american classics french environment.
 2014's coffee second floor polo flagship store new york city custom coffee roasts sandwiches sweet treats.
 polo bar opened 2015 seasonal american classics equestrian heritage.
 wholesale segment sells products globally upscale mid-tier department stores specialty stores golf pro shops.
 in-store product assortment presentation full-price sell-throughs.
 2015 products sold 13000 doors invested $ 48 million-shops.
 e-commerce.
 apparel accessories home furnishings.
brands lauren men's distributed worldwide premier fashion retailers.
 major wholesale customers north america.
 latin america sold department specialty stores.
 europe varying mix.
 japan shop-within-shops premier top-tier stores.
 greater china southeast asia australia new zealand mid top-tier department stores.
 licensed stores latin america asia middle east.
 sell excess out-of-season products secondary distribution channels retail factory stores.
 table number doors location march 28  2015.
 americas
 asia
. canada latin america.
 east.
 australia new zealand.
 three key wholesale customers significant sales volume.
 largest customer macy's.
 12% 26% % total net revenues wholesale revenues.
fiscal 2015 sales three largest wholesale customers including macy's 24% 52% total.


stock performance graph shareholder return series a b c compared 500 stock index peer group cbs corporation network interactive.
 time warner.
.
 twenty-first century fox.
 viacom.
 walt disney company.
 assumes $ 100 invested december 31 2013 series a c s&p 500 index peer group companies reinvestment dividends years 31 2014 2015 2016 2017 2018.
 companies scripps networks interactive.
 time warner. acquired 2018.
 performance chart shows group.
.
 acquired companies five year period.
 31.
 disca $ 100. $ 74. 58 $ 57. 76 $ 59. 34 $ 48. 45 $ 53. 56
 discb $ 100. $ 80. 56 $ 58.63. 44 53. 97 72. 90
 100. 80. 60. 15 63. 87 50. 49 55.
 100. 111. 39 110. 58 121. 144. 65 135. 63
. 100. 116. 64 114. 127. 96 132. 23 105.
. 100. 113. 23 117. 27 120. 58 127. 90 141. 58
 securities 2019 annual meeting.


loan commitments unfunded asset purchase agreements standby letters credit financing state street clients credit enhancements special purpose entities.
 loan commitments future.
 asset purchase agreements receivables securities december 31 2001 $ 8. 0 billion special purpose entities.
 standby letters credit payments.
 letters $ million december 31 2001.
 commitments subject credit policies reviews.
 collateral risk.
 89% loan commitments asset purchase agreements expire year.
 amounts represent future cash requirements.
 summary contractual credit-related-balance financial instruments december 31.
 indemnified securities loan 113047 101438
 loan commitments
 asset purchase agreements
 standby letters credit


network corporation financial statements future lease payments net payments december 31 2010 years 31.
 2011 82184
 2012 77110
 2013 75970
 2014
 2015
 390239
 lease payments 777443
 lease executory costs insurance maintenance profit
 net lease payments 419461
 interest -132490
 lease payments 286971
 -24801
 long-term capital lease obligations $ 262170
 future maturities long-term debt 31 2010 commitments table note 14.
.
 future tax effects differences tax liabilities operating loss tax credit carryforwards.
 deferred tax offset valuation allowances.
 valuation allowance.
 historical financial information future events taxable income tax planning opportunities.
31 2010 no loss federal $ 13 million state.
 expire 2020.
 $ 11 million tax benefits credit carryforwards offset $ 42 million capital loss offset.
 carryforwards expire 2011.


provision income taxes assess adverse outcomes tax examinations.
 difficult predict final outcome tax reserves for uncertain tax benefits reflect tax positions likely.
 complied tax laws no assurance taxing authority additional taxes.
 adverse effect operations financial condition.
.
 no.
.
 december 31 2018 owned or leased 126 manufacturing sites 15 technical centers.
 partially.
 smaller manufacturing sites sales offices warehouses engineering centers joint ventures investments.
 presence in 44 countries.
 regional distribution manufacturing sites north america middle east africa asia pacific south.
 5
 safety user experience
 47 38 36 5
 15 technical centers eight north america two middle east africa five asia pacific.
126 manufacturing sites 15 technical centers owned leased 61 primarily owned 80 primarily leased.
 review real estate portfolio develop strategies 2019 global plans technical needs operating expenses.
 portfolio future needs.
.
 legal subject to actions claims suits government investigations proceedings alleged defects breach contracts competition antitrust product warranties intellectual property personal injury employment-related matters.
 financial position results operations cash flows.
 warranty matters reserves cover warranty settlements.
 final amounts could differ estimates.
 aptiv conducts operations federal labor social security environmental tax customs laws state local laws.
 complex litigation.
 majority claims litigation.
 remaining claims commercial labor litigation parties.
 claims approximately $ 145 million asserted against aptiv brazil.
december 31 2018 company maintains accruals $ 30 million rates.
 amounts accrued represent probable loss estimable analyses experience.
 accruals final amounts could differ from estimates results


extinguishment costs aircraft indebtedness cash interest write offs unamortized debt.
 2013 refinancing early extinguishment american 2019s. notes $ 100 million less interest expense.
 foreign currency losses $ 114 million early debt extinguishment charges $ 56 million.
 foreign currency losses $ 56 million early debt extinguishment charges $ 29 million.
 increased $ 64 million. charges early debt extinguishment foreign currency losses strengthening.
 dollar.
 $ 43 million special charge venezuelan foreign currency losses.
.
.
 2014 nonoperating special items $ 56 million extinguishment american 2019s. notes indebtedness.
 reorganization items revenues expenses gains losses provisions.
 summarizes reorganization items december 31 2013.
labor claim $ 1733
 aircraft facility financing renegotiations rejections 325
 conversion discount 218
 professional fees 199
 180
 reorganization items $ 2655
 employees contributions reorganization reductions pay benefits employee group deemed claim distribution equity reorganized entity.
 cost savings reductions pay benefits work rule changes.
 total value approximately $ 1. 7 billion.
 allowed modification financings aircraft orders unsecured claims facility agreements special facility revenue bonds.
 debtors claim modification financing motion filed estimate claim.
 note 2 consolidated financial statements part ii item 8a.
 debtors agreed allow post-petition unsecured claims obligations.
year 31 2013 recorded reorganization charges claim amounts rejected bonds $ 180 million unsecured claims 1990 1994 bonds jfk rejected ord table.


containerboard group division tenneco packaging. financial statements april 1999.
 pension benefit plans status benefit excluding retirement reconciles 1998 statements assets liabilities actuarial value september 30 1998.
 benefit obligation -98512
 accumulated
 projected obligation
 146579
 unrecognized transition liability
 net gain
 prior service cost 13455
 prepaid pension cost december 31 1998
 weighted average discount rate 7.%. december 31 1998.
 long-term rate return assets 10%.
 management employees incentive compensation plans.
 payments targeted operating results goals.
.
 amounts $ 1599000 period april 11 1999.
 tenneco employee stock purchase plan.
.
 employees purchase.
 common stock payroll 15% discount.
 shares $ 21250.
average employee purchase right estimated black-scholes option pricing model 90 days $ 6. 31 december 31 1998.
.
 tenneco employee stock purchase plan april 1 1997.
 sold 36883 shares employees april 11 1999.
 1996 stock ownership plan common stock restricted stock performance units appreciation rights options.
 17000000 shares common stock december 31 2001.
 fair market value options granted calculated tenneco stock price past black-scholes pricing values fair value.
 stock option estimated black-sholes option pricing model assumptions


duke realty corporation report 2013 leasing costs tenant improvements lease-related costs properties first generation expenditures.
 improvements real estate investments lease-related costs deferred leasing costs. construction building shell site improvements.
 tenant improvements leasing costs second generation expenditures.
 building improvements second generation expenditures.
 liquidity second leasing expenditures.
 generation capital expenditures.
 tenant improvements $ 39892 $ 26643
 leasing costs
 building improvements
 capital expenditures $ 91798 $ 63884 99264
 development real estate investments $ 427355 264755
 other deferred leasing costs $ 35376 26311
generation tenant improvements leasing costs increased shift industrial leasing to key performance indicators capital intensive.
 renewal volume lower office leases increased from 2012.
 increased investment non-tenant building improvements.
 focus wholly owned projects.
 properties expected cost $ 572. 6 million 2013 $ 468. 8 million $ 124. 2 million 2012 2011.
 cash outflows $ 427. 4 million $ 264. 8 million $ 162. 1 million.
 capitalized $ 31. 3 million $ 30. 4 million $ 25. 3 million overhead costs leasing.
 capitalized $ 27. 1 million $ 20. $ 10. 4 million development.
 overhead costs leasing 35. 7%. 31. 1%. 20. 6%. costs.
capitalization overhead costs administrative expenses comparison management financial condition results operations.


royal caribbean cruises.
 15 two to 17 nights south america caribbean europe.
 majesty of seas redeployed royal caribbean international pullmantur 2016.
 pullmantur serves spanish portuguese latin american cruise mar kets.
 guests cruising options onboard activities couples families.
 increased focus latin america expanded pres.
 2014 sold interest non-core busi.
 land-based tour operations travel agency 49% interest air business.
 retained 19% interest non-core businesses 100% ownership aircraft leased pullmantur air.
.
.
.
.
 two ships 2800 berths brand.
 seasonal itineraries mediterranean caribbean.
 zenith deployed pullmantur sailings south america.
 french cruise market.
tui cruises joint venture owned 50% us tui ag german tourism shipping com german cruise market product for german guests.
 activities services shore excursions.
 operates three ships 1 2 3 capacity 6300 berths.
 three newbuild ships turku yard 7500 berths 4 2015 5 2016 6 2017.
 2014 partnership with ctrip. international.
 chinese travel service provider skysea cruises.
 custom-tailored product for chinese guests.
 service second quarter 2015.
 ctrip own 35% skysea holding balance by skysea holding management private equity fund.
 industry cruising well-established north american growing european emerging markets.
 market penetration rates low first-time cruisers.
 opportunity for growth increased profitability.
table details market penetration rates north america annual cruise guests population america 2.
 2010 3. 1%. 1 %. 1% 1 %
. 4%. 4 %. 1% 1 %
 3. 3%. 3 %. 2%. 2 %
 3. 4%. 4 %. 2% 2 %
 3. 5% 3. 5 %. 3%. 3 %
 estimates based monetary fund cruise lines international association.
 cruise guests two consecutive nights.
 united states america canada.
.
 global cruise fleet served 457000 berths 283 ships end 2014.
 33 ships 98650 berths expected 2015 2019.
 global industry carried 22. million guests 2014. 2013. 2012.


international networks generated $ 1637 million 2012 37% total consolidated revenues.
 national pan-regional networks.
 generates revenue every pay-television market centers london singapore miami.
 discovery channel animal planet tlc lead.
 largest international distribution fourteen networks 200 countries territories.
 december 31 2012 operated 180 feeds 40 languages customized.
 free-to-air networks. germany italy spain international expansion.
 owns operates networks december 31 2012 global networks networks.
 channel 246 networks dmax
 animal planet 183 discovery kids
 tlc real time travel living quest
 science history
 investigation
 home health espanol.
 familia.
 world
december 21 2012 international networks segment acquired 20% equity eurosport pay tf1 french $ 264 million costs.
 controlling interest eurosport 2014 one year.
 tf1 remaining interest one year.
 growth eurosport tennis skiing skating pay television.
 december 28 2012 acquired switchover media five italian channels children's entertainment.
. generated $ 105 million 2012 2% 2 % revenues.
 curriculum-based.
 subscriptions k-12 schools online development services digital textbooks student assessments hardcopy.
 global brand content licensing partnerships non corporations foundations trade associations.
 viewership innovation quality value distributors advertising customers.
 content sourced third-party producers independent producers.
 categories produced coproduced licensed.
produced content includes third parties retain editorial control own rights development production costs.
 coproduced content refers program rights third parties.
 licensed content films previously produced third parties.


entergy corporation pollution control environmental bonds secured non first mortgage bonds.
 bonds mandatory tender purchase principal september 1 2005 remarketed.
 september 1 2004 remarketed.
 mandatory tender october 1  2003.
 louisiana purchased bonds not remarketed.
 cash short-term borrowing bonds.
 june 1 2002 remarketed $ 55 million.
 bonds due 2030 interest rate 4. 9%. may 2005.
 bonds 100% principal june 1 2005 remarketed.
 subsidiaries contracts spent nuclear fuel disposal.
 one-time fee generation april 7 1983.
 electric power nuclear fuel fee accrued interest fair value excludes lease obligations doe obligations debt due one year.
 determined bid prices markets investment banking.
annual long-term debt maturities december 31 2003 five years.
 2004 $ 503215
 2005 $ 462420
 2006 $ 75896
 2007 $ 624539
 2008 $ 941625
 november 2000 entergy purchased fitzpatrick indian point 3 power plants seller-financed.
 issued notes nypa seven annual installments $ 108 million eight installments $ 20 million eight.
 implicit interest rate 4. 8%.
 liable nypa additional $ 10 million per year 10 years september 2003.
 liability recorded purchase indian 2 2001 included note payable nypa balance.
 july 2003 payment $ 102 million maturity note.
 collateral.
 consolidated debt ratio 65% less total capitalization.
 acceleration maturity dates.


intangibles 2014goodwill december 2010 fasb issued 2010-28.
 modifies step 1 goodwill impairment test units zero negative carrying amounts.
 entity perform step 2 impairment.
 adverse factors impairment.
 2010-28 effective fiscal 2012.
 financial statements.
 september 2011 fasb issued.
 2011-08 testing goodwill impairment.
 2011-08 assess two-step goodwill impairment test.
 fair value unit less carrying amount two-step impairment test required no further testing required.
 2011-08 effective fiscal 2013 early adoption permitted.
 financial statements.
.
 business fiscal 2012 acquisition gen-probe.
 august 1 2012 acquisition outstanding shares.
 common stock cancelled converted right receive $ 82. cash.
restricted shares units options 2012 cancelled converted into $ 82. 75 per share cash less exercise price.
 options after 2012 converted hologic common stock.
 paid gen-probe shareholders $ 3. 8 billion $ 169. million equity holders.
 funded acquisition cash senior secured credit notes proceeds $ 3. 48 billion excluding financing fees.
 incurred $ 34. million transaction costs.
 gen-probe leader molecular diagnostics diseases blood transplant compatibility.
 acquisition diagnostics franchise portfolio diagnostics.
 results segment.
 purchase price.
 cash paid $ 3967866
 deferred payment
 stock options
 purchase price $ 3972176
 options.
 remainder $ 23. 2 million stock-based compensation expense vesting period 3. years.
company estimated stock options binomial model risk free. 41%. 41 % volatility 39. 9%. life 3. 6 years dividend. 0%.
 $ 7. 07 per share.
 hologic inc november 28 2012 morningstar not warranted accurate.
 user assumes risks damages losses.
 past performance guarantee future results.


disposition strategy highest recovery protecting interests trust investors.
 note 9 goodwill intangible assets.
 acquisition national city 2008 acquired interests credit card automobile mortgage sba loans securitizations.
 assumed continuing involvement transactions.
 national city.
 financed issuance sale beneficial interests not consolidated balance sheet.
 consolidation status.
.
 information.
 assets liabilities national city-sponsored securitization december 31 2008.
 millions credit card automobile mortgage
 assets $ 2129 $ 250 $ 319
 liabilities
 outstanding balances loans.
 national credit card securitization series 2005-1 2006-1 2007-1 outstanding.
 involvement credit cards receivables servicing pro-rata interest receivables.
fees market rates no asset liability at december 31  2008.
 clean-up repurchase option securitization series past payoff date.
 when principal balance reaches 5% initial.
 seller 2019s interest ranks with investors 2019 interests.
 interest.
 maintain interest minimum 5% initial invested amount assets.
 seller 2019s interest above minimum level at december 31  2008.
 retained interests seller 2019s interest-only strip asset-backed securities credit card securitization.
 initial carrying values determined fair values december 31  2008.
 seller 2019s interest totaled $ 315 million.
 interest-only strips totaled $ 20 million.
 asset-backed securities $ 25 million.
 maximum exposure to loss securitization.
loans december 31 2008 national city 2019s auto securitization 2005-a outstanding.
 involvement servicing loans breaches warranties.
 cleanup call option repurchase balances reach 5% initial.
 notes national city purchased third-party commercial paper conduit.
 backup liquidity conduit.
 holds third-party assets cash trade receivables credit cards financial assets.
 no interests subprime mortgage loans.
 relies commercial paper funding.
 disruption paper liquidity event.
 purchase 49% interest note.
 another financial institution purchase remaining 51% ) interest.
 national city bank cash par value notes defaulted loans accrued interest.
 interest cash flows collateral.
 receives annual commitment fee 7 basis points


.
 bankruptcy settlement obligations december 31 2013 american balance sheet millions.
 aag series preferred stock $ 3329
 single-dip equity obligations 1246
 labor-related claim 849
 $ 5424
 double-dip plan reorganization claimholders receive mandatorily convertible aag series preferred stock.
 votes.
 quarter shares convertible 30 th 60th 90th 120th days after effective date.
 holders convert 10 million shares 30-day 120 th day.
 initial value each share $ 25. accrues dividends 6. 25%. per annum.
 converts common stock volume average price five days 3. 5%. discount conversion price floor $ 10. 875 per share cap $ 33. 8080 per share.
aag series preferred stock obligation transfer variable shares fixed monetary amount not treated equity liability until converted to aag common stock.
 american reflected claims liability "bankruptcy settlement obligations balance sheets until satisfied aag common stock.
 additional paid-in capital intercompany equity transfer bankruptcy settlement obligation.
 february 19 2014 107 million shares aag series converted into 95 million shares aag common stock.
 single-dip equity obligations outstanding.
 obligations not satisfied unconditional obligation transfer variable shares fixed monetary not treated equity liabilities until 120 th day after emergence.
 variable common stock obligation plus accrued dividends 12% per annum calculated daily based on volume weighted average price 3. 5%.5 % discount plan shares for unsecured creditors.
 contributions reorganization aag reductions pay benefits aag american employee group deemed claim distribution equity reorganized.
 fixed percentage distributions.
 fair value shares approximately $ 1. 7 billion.
 aag initial distribution $ 595 million common stock american paid $ 300 million cash payroll taxes equity.
 december 31 2013 remaining liability american labor groups employees $ 849 million estimated fair value shares aag common stock price.
 increases after fair value.
 american obligation fair value 120 th day after emergence settled.


entergy corporation subsidiaries pollution environmental bonds.
 secured collateral first mortgage bonds.
 december 2005 sold 10 million equity units $ 50 each.
 note due 2011 5. 75%. purchase contract $ 50. 5705. 7074 shares common stock 2009.
 paid adjustment payments 1. 875%. $ 50.
 notes 2009 unsuccessful retired issued 6598000 shares common stock.
 nuclear waste policy act 1982 subsidiaries contracts nuclear fuel disposal.
 one-time fee generation april 7 1983.
 arkansas generated electric power nuclear fuel one fee accrued interest fair value excludes lease obligations doe obligations payable debt due one year.
 determined bid prices.
 entergy gulf liable long-term debt.
outstanding december 31 2008 2007.
 debt agreement entergy gulf states texas assumed 46% long-term debt.
 annual maturities december 31 2008 five years.
 2009 516019
 2010 763036
 2011 897367
 2012 3625459
 2013
 2000 entergy business purchased fitzpatrick indian point 3 power plants seller-financed.
 issued notes nypa seven annual installments $ 108 million eight installments $ 20 million.
 implicit interest rate 4. 8%.
 indian point 2 2001 liable nypa $ 10 million year 10 years 2003.
 liability recorded note payable nypa balance.
 july 2003 payment $ 102 million maturity note payable.
 collateral.
 consolidated debt ratio 65% total capitalization.
debt ratio utility companies acceleration notes maturity dates.
 entergy gulf states louisiana mississippi texas system energy received long-term financing orders.
 arkansas


management jpmorgan chase.
 2008 annual report five-year performance compare five-year return.
 return s&p 500 stock index s&p financial index.
 500.
 equity benchmark.
 s&p financial index 81 companies s&p 500.
 firm component industry indices.
 investments $ 100 december 31 2003 jpmorgan chase common stock s&p indices.
 dividends reinvested.
 jpmorgan chase annual report december 31 2008 financial condition results operations jpmorgan chase.
 glossary terms pages 230.
 forward-looking private securities litigation reform act 1995.
 current beliefs expectations jpmorgan.
 2003 2004 2005 2006 2007 2008
 jpmorgan chase 100. 109.
 s&p financial index. 110.
 s&p500.110. 88 116. 33 134. 70 142. 89. 53
 december 31 dollars 2003 2004 2005 2006 2007 2008 s&p 500jpmorgan chase management risks uncer.
 results differ forward statements.
 described page 127 annual report jpmorgan annual report form 10-k year december 31 2008 part i item 1a risk factors.
 jpmorgan chase co. financial holding company 1968 leading global financial services firm largest banking. $ 2. 2 trillion assets $ 166. 9 billion stockholders equity operations 60 countries december 31 2008.
 leader investment banking financial services transaction processing asset management.
.
 serves millions customers.
 government clients.
 subsidiaries. usa. card
 principal nonbank subsidiary.
morgan securities.
 investment banking.
 activities six business segments corporate/private equity.
 wholesale businesses investment bank commercial banking treasury securities asset management.
 consumer businesses retail financial services card services.
.
.
 leading deep client relationships broad product capabilities.
 clients corporations financial institutions governments institutional investors.
 investment banking products services advising corporate strategy cap raising risk manage market-making cash securities brokerage research.
 capital investing trading activities.
 retail service online banking telephone banking auto dealerships school financial aid offices.
 5400 bank branches 14500 atms online mobile bank ing.
 21400 branch salespeople


biomet holdings.
 subsidiaries 2017 annual report financial statements table foreign pension plan assets inputs.
 december 31 2017
 beginning balance $ 78. 7
 gains sold.
 change fair value.
 purchases sales.
 gain.
 ending balance $ 91.
 no minimum funding requirements 2018.
 defined benefit retirement plans.
 contributions foreign benefit plans $ 17. million 2018.
 assets.
.
.
 benefits local customs practices.
 expensed $ 47. million $ 42. 5 million $ 40. 2 million years 31 2017 2016 2015.
.
 2017 tax act president signed.
 tax reform legislation december 22 2017.
 provisions previous.
 tax law.
.
 consolidated financial statements reflect tax effect tax.
2017 tax act provisions 2022 one-time tax post-1986 untaxed foreign earnings toll charge corporate income tax 35 to 21 percent.
 tax off-shore earnings global intangible low-taxed income 10. 5 percent 2017 13. 125 percent 2025 offset foreign tax credits territorial tax system 100 percent dividend deduction foreign subsidiaries.
 fourth quarter recorded income tax benefit $ 1272. 4 million benefit $ 715. million repatriation foreign earnings.
 $ 1181. million deferred tax liability offset $ 466. million toll charge.
 toll charge installments eight years.
 tax liabilities toll $ 82. million $ 384. million.
 tax benefit $ 557. 4 million remeasurement deferred tax assets liabilities corporate income tax 21 percent.
 benefit based.
refined estimates 2017 tax act earnings release fourth quarter 2017.
 guidance income tax effect provisional amounts accounting incomplete reasonable estimate fourth quarter 2017.
 actual effects amounts may differ from interpretive guidance.
 tax authorities.
 2017 tax act additional guidance effects new legislation financial statements period fourth quarter 2018.
 impacts 2017 tax act amounts provisional.
 evaluating gilti provisions impact consolidated financial statements december 31 2017.
 fasb allows policy deferred taxes tax cost.
 not determined accounting policy requires legal entity structure reversal.
.
 tax differences assets liabilities foreign subsidiaries offset foreign tax credits.
 record deferred income tax


note 17.
 losses pmi's net taxes.
 earnings millions 2014 2013
 currency translation adjustments $ -3929 $ -2207 $ -331 (
 pension benefits -3020 -3365
 derivatives hedges
 losses $ -6826 -4190 -3604
 reclassifications tax impact activity consolidated statements 2014 2013 2012.
 currency translation adjustments impacted purchase shares mexican tobacco business.
 $ 5 million $ 12 million net currency translation adjustment gains transferred marketing administration research costs 2014 2013 liquidation subsidiary.
 note 13.
 benefit plans note 15.
 financial instruments pmi's pension benefits.
 note 18.
colombian investment cooperation agreement june 19 2009 pmi signed agreement colombia departments capital district promote investment cooperation tobacco market fight counterfeit contraband.
 provides $ 200 million funding 20-year combating illegal cigarette trade counterfeit tobacco increasing quality locally grown tobacco.
 pmi recorded pre-tax charge $ 135 million latin america canada second quarter 2009.
 december 31 2014 2013 $ 71 million $ 74 million discounted liabilities.
 paid 2028.
.
 legal settlement july 31 2008 rothmans.
 cad 550 million settlement benson hedges.
 provinces.
 resolved investigation products exported canada 1989-1996.
 rothmans interest.
 remaining 40% pmi.


development.
 hedge funds real estate currency commodities.
.
 2022 hedge funds $ 26. 6 billion down $ 1. 4 billion. billion
 gains 1. billion.
 single-strategy multi global macro opportunistic.
 open-end hedge closed-end funds.
 increased $ 6. 3 billion 28% $ 29. 1 billion 17. 1 billion hedge hybrid vehicles $ 12. billion private equity.
 6. billion european asian markets.
 real estate assets $ 12. 7 billion down $ 0. 1 billion $. 6 billion net redemptions distributions $. 5 billion portfolio valuation gains.
 high yield debt value-added opportunistic equity portfolios renewable power funds.
 real estate.
 real estate investment trust infrastructure debt team.
.
 currency commodities strategies totaled $ 41. 4 billion 2012 flat 2011 outflows $ 1. 5 billion overlays $. 8 billion market foreign exchange gains.
 claymore contributed $. 9 billion.
 currency commodities products passive.
 commodities $ 24. 3 billion $ 0. 7 billion acquired claymore not eligible performance fees.
 totaled $ 263. 7 billion december 2012 up $ 9. 1 billion 4% 2011.
 taxable tax-exempt funds customized accounts.
.
 dollar euro pound.
 84% institutions 16% retail investors.
 base 69% 31%.
 net inflows $ 5. billion uncertainty regulatory changes investing environment.
 short duration products low interest rate.
 cash management yield.
.
international ishares.
 changes 2013 amounts 12/31/2011 business acquired market.
 equity $ 419651 52973 3517 58507 534648
 fixed income 153802 28785
 multi-asset class 562
 alternatives 19341 3232 701 1064 24338
 long-term $ 593356 $ 85168 7322 66861 752707


prepare estimates research development costs direct indirect labor non-cash compensation manufacturing costs collaboration bayer healthcare development expenses.
 estimates project costs year december 31 increase decrease millions 2009 2008.
 $ 67. $ 39. $ 28.
 109. 82. 27.
 23. 32.
 36. 21. 15.
 antibody candidates clinical 74. 27. 47.
 unallocated costs 86. 72. 14.
 total research development expenses $ 398. $ 274. $ 123.
 years december 31 2010 2009 variability costs product uncertainties future indications estimated cost governmental approval commercialization estimates total cost product candidates market not available.
 unable estimate product candidates generate revenues net cash inflows.
2008 fda approval arcalyst ae treatment caps rare auto-inflammatory diseases.
 expect revenues cash inflows.
 selling administrative expenses increased $ 52. 9 million 2009 from $ 48. 9 million 2008.
 incurred higher compensation patent-related costs facility-related costs administrative headcount patient assistance costs.
 offset by lower marketing costs administrative recruitment costs professional fees.
 recognizing arcalyst ae.
 cost 2009 2008 $ 1. 7 million $ 0. 9 million royalties costs ae supplies.
 shipments not included goods sold.
 decreased to $ 4. 5 million 2009 from $ 18. 2 million 2008 due lower yields balances cash marketable securities.
 deterioration credit quality securities risk values.
 recognized charges $ 0.2. 5 million securities.
 2009 2008 charges offset gains $. 2 million $ 1. million marketable securities.


valuation allowance established deferred tax assets.
 uncertainty taxes 2011 2010 changes unrecognized tax benefits summarized increases 2013 decreases settlements lapse statute limitations foreign exchange gains losses $ 156925 11901 ( 4154 32420 ( 29101 3825 $ 163607 $ 218040 ( 7104 ) 15108 ( 70484 7896 december 2 2011 combined accrued interest penalties approximately $ 12. 3 million.
 tax returns.
.
.
 continual examination authorities.
 major tax jurisdictions. ireland california.
. earliest fiscal years examination 2005 2006 2008.
 adjustments.
 assurance results financial position.
 august 2011 canadian income tax examination 2005 2008 completed.
 accrued tax interest approximately $ 35 million reported long-term income taxes.
reclassified $ 17 million short-term taxes decreased deferred tax assets $ 18 million.
 $ 17 million balance short-term taxes secured letter credit expected paid first quarter 2012.
.
 income tax examination 2005 2007 completed.
 accrued tax interest $ 59 million long-term taxes.
 paid $ 20 million.
 net income tax benefit fourth quarter 2010 $ 39 million.
 timing resolution income tax examinations uncertain tax payments audit settlement.
 fluctuations balance sheet classification.
 2012 audits conclude statutes limitations tax expire.
 decreases unrecognized tax benefits $ 0 to $ 40 million.
 tax expense.
.
 digital initiated 700 full-time positions recorded restructuring charges $ 78. 6 million termination benefits.
 financial statements.
increases unrecognized tax benefits 2013 11901 9580
 decreases -4154 -7104
 increases 32420 15108
 settlements
 statute limitations -7896 ( 7896
 foreign exchange gains losses -559 -319
 balance 163607 156925
 valuation allowance deferred tax assets investments.
 uncertainty taxes 2011 2010 changes unrecognized tax benefits increases decreases settlements lapse statute limitations foreign exchange gains losses balance 156925 11901 4154 32420 29101 3825 163607 218040 7104 15108 70484 7896 156925 december 2 2011 combined accrued interest penalties tax positions approximately $ 12. 3 million.
 tax returns.
 federal.
.
 continual examination.
 major tax jurisdictions. ireland.
california ireland. earliest years 2005 2006 2008.
 outcomes adjustments.
 no assurance final determination operating results financial position.
 august 2011 canadian income tax examination 2005 2008.
 accrued tax $ 35 million.
 reclassified $ 17 million short-term decreased deferred tax assets $ 18 million.
 $ 17 million balance secured letter credit paid first quarter 2012.
 october 2010.
 tax examination 2005 2007.
 accrued tax $ 59 million.
 paid $ 20 million.
 net income tax benefit fourth quarter 2010 $ 39 million.
 timing resolution tax examinations uncertain tax payments audit settlement.
 fluctuations balance sheet assets liabilities.
 2012 audits conclude statutes limitations tax expire.
uncertainties estimated decreases unrecognized tax benefits $ 0 to $ 40 million.
 decrease income tax expense.
.
 2011 digital media marketing initiated reductions 700 full-time positions recorded restructuring charges $ 78. 6 million termination benefits.
 financial statements


issuance costs long-term debt balance consolidated balance sheets.
 incurred $ 15 million 2018 $ 53 million 2016.
 insignificant.
 unamortized $ 115 million 2018 114 million 30 2017 $ 124 million 31 2016.
 amortization $ 16 million 2018 16 2017 $ 14 million 2016.
 addition carrying debt.
 $ 430 million 29 2018 $ 505 million 30 2017.
 $ 65 million 2018 $ 81 million 2017 $ 88 million 2016.
 repayments repaid $ 2. 7 billion senior notes.
 new notes.
 repaid $ 2. billion.
 cash commercial paper.
 value 29 2018 $ 30. billion $ 31.
 2017 $ 33.
 short-term debt commercial paper.
 determined value long-term debt level 2 inputs.
values estimated market prices instruments.
.
 capital stock certificate incorporation authorizes issuance 920000 shares preferred stock.
 june 7 2016 redeemed 80000 shares preferred stock for $ 8. 3 billion.
 funded redemption through long-term debt may 2016 other sources liquidity.
 commercial paper program.
 securitization program cash hand.
 preferred stock canceled retired.
 authorizes issuance 5. billion shares common stock.
 issued outstanding issued treasury outstanding.
 balance january 3 2016 1214
 stock options -2 2
 december 31 2016
 december 30 2017 1221
 balance december 29 2018 1224 -4


descriptions fair value methodologies.
 international pension plan assets cash equivalents approximate fair value short-term maturity.
 equity securities valued closing market price.
 exchange level 1 assets.
 equity mutual pooled funds valued nav level 1.
 units valued per unit nav holdings level 2 assets.
 corporate government bonds valued quoted market prices comparable securities yields credit ratings.
 pooled funds valued nav shares end fair value underlying investments.
 level 3 assets estimated fair value.
 bids data credit quality default risk discount rates capital market liquidity.
 insurance contracts level 3 assets value estimated fair value.
 based underlying investment discount rates.
 contributions benefit payments contributions 2019 $ 40.
 from contractual regulatory requirements.
payments unfunded plans due timing retirements.
 contributing $ 30 $ 40 pension plans 2020.
 contributions driven contractual regulatory requirements timing retirements.
 payments future service.
.
 2020 166. 47.
 2021 160.
.
 170.
 174.
 2025-2029 919. 308.
 estimated payments future events.
 payments vary.


2013 2012.
 decrease net adjustments due profit booking rate aeronautics mfc mst segments.
 increase adjustments 2013 profit booking rate mst favorable resolution contractual matters.
 net adjustments 2014 $ 650 million unfavorable items reserves training logistics mst warranty reserve adjustments mfc.
 adjustments 2013 2012 $ 600 million $ 500 million unfavorable items profit reduction f-35 development contract profit reduction c-5 program 2013 aeronautics.
 research design development manufacture support upgrade advanced military aircraft unmanned vehicles.
 programs f-35 lightning c-130 hercules f-16 f-22 raptor c-5m super galaxy.
 results.
 2012
 net sales $ 14920 $ 14123
 operating profit
 margins 11. 1%. 1 %.
year-end $ 27600 $ 28000 30100
 net sales increased $ 797 million 6%.
 higher net sales $ 790 million f-35 contracts volume $ 55 million f-16 increased deliveries 17 contract $ 45 million f-22 risk retirements.
 offset lower sales $ 55 million f-35 volume $ 40 million c-130 fewer deliveries 24 25 decreased sustainment contract mix.
 operating profit increased $ 37 million 2%.
 higher operating profit $ 85 million f-35 $ 75 million f-22 risk retirements $ 50 million c-130 fewer deliveries $ 25 million c-5 program profit.
 offset lower operating profit $ 130 million f-16 decreased risk retirements increased deliveries $ 70 million sustainment decreased risk retirements volume.
 f-35 risk.
profit rate $ 105 million lower 2014.
 net sales decreased $ 830 million 6%.
 lower net sales $ 530 million f-16 program fewer deliveries 13 37 offset configuration $ million c-130 program fewer 25 offset increased sustainment $ 255 million f-22 program $ 205 million


maturity option company redemption price.
 2017 notes issued discount $ 6 million amortized ten-year term.
 incurred $ 4 million debt issuance costs amortized ten years.
 december 31 2013 $ 2 million unamortized debt consolidated financial.
.
 leases office spaces 2035.
 future commitments.
 2015
 2016
 2017 2018
 rent office equipment expense $ 137 million $ 133 million $ 154 million 2013 2012 2011.
.
 december 31 2013 $ 216 million capital commitments investment funds.
 excludes commitments third-party.
 timing funding unknown callable demand expiration.
 unfunded commitments not recorded consolidated statements financial.
 future commitments not legally binding.
company intends additional capital commitments fund investment products clients.
.
 acts portfolio manager credit default swap transactions maximum potential exposure $ 17 million default swap.
 note 7 derivatives hedging.
 contingent payments business acquisitions.
 blackrock required payments annually suisse thresholds seven-year period.
 contingent payments mgpa transaction five-year period thresholds.
 fair value contingent payments december 31 2013 not significant consolidated financial condition included other liabilities.
.
 receives subpoenas requests information.
 regulatory authorities.
 cooperate inquiries.
 subsidiaries named defendants in legal actions.
 blackrock- sponsored investment funds subject lawsuits harm investment returns.
 anticipate aggregate liability regulatory matters lawsuits results operations financial position cash flows.
no assurance pending matters blackrock 2019s results financial position cash flows future reporting period.
 uncertainties management estimate possible loss.
 indemnifications.
 blackrock enters contracts indemnify third parties.
 terms indemnities vary indemnification liability remote.
 no liability recorded on consolidated statement financial condition.
 blackrock issued indemnifications to clients against potential loss borrower failure fulfill obligations collateral.
 2013 company indemnified clients for loan balances $ 118. 3 billion.
 securities totaling $ 124. 6 billion collateral.
 fair value indemnifications not material.


mamonal plant.
 $ 77 million purchase price goodwill amortized 32 years.
 termocandelaria power plant discontinued operations.
 table unaudited results acquisitions.
 pro forma results 2001 impact.
 amounts adjustments depreciation amortization purchase price interest expense year ended december 31 2000.
 $ 8137
 income before extraordinary items 833
 net income 822
 earnings per share $.
 diluted earnings per share.
 results assumptions estimates.
 indicative future results.
.
 discontinued operations january 1 2001 adopted.
.
 financial accounting impairment disposal long-lived assets.
.
 disposed held sale.
 businesses.
 power direct geoutilities termocandelaria valley telecommunications businesses.
 disposed abandoned held sale december 31 2001.
businesses disposed abandoned company determined adverse unfavorable market low tariffs affected value.
 businesses for sale including termocandelaria.
 plan sell immediate sale plan locate buyer.
 believes sell assets within one year unlikely changes.
 assets liabilities discontinued operations segregated balance sheets.
 majority long-lived assets termocandelaria business colombia.
 revenues $ 287 million $ 74 million $ 7 million.
 pretax losses $ 58 million $ 31 million $ 4 million.
 loss on disposal impairment write-downs net $ 145 million.


health care system network providers.
 compensated services amount administrative fee.
 contract january 1 2008 one base period four one-year option periods.
 first option period expires september 30 2009.
 2008 revenues $ 22. 7 million less than 1% 1 % premium aso fees.
 military services premium revenues $ 3. 2 billion. premiums $ 76. 8 million. 3%.
 subsidiary humana support primary care trusts.
 local pcts providers patients strengthen health delivery strategies outcomes reduce costs.
 december 31 2008 revenues $ 7. 7 million less than 1% premium aso fees.
 participated medicare health support pilot program.
 medicare beneficiaries diabetes congestive heart failure central florida.
grh used disease management initiatives guidelines change strategies nurses health system.
 revenues contract with cms november 2005 august 15 2008 subject to refund unless savings satisfaction clinical improvement targets met.
 cms performance report third quarter 2009.
 revenues deferred until estimates not.
 products commercial employers developed commercial products options employers facing premium increases medical cost inflation.
 offerings fully-insured aso coverage 670000 members at december 31 2008 18. 5%. total commercial medical membership.
.
-insured 392500 1586300
 aso 277500 1364500
 670000 2950800
 products offered employer groups hmo ppo options employer contribution strategies.


administrative fees increased $. million to $ 353. million offset by operating expenses.
 compensation increased $ 18. million. 3%. from 2007.
 $ 37. million salaries. staff count salaries.
 5385 associates up. 2007 activities.
 slowed growth base.
 reduced annual bonuses $ 27. million unfavorable financial market.
 higher employee benefits expenses $ 5. million stock-based compensation.
 advertising promotion spending down $ 3. million from 2007.
 occupancy facility costs increased $ 18 million 2007.
 expanded renovated facilities.
 operating expenses up $ 3. million 2007.
 increased spending $ 9. million professional fees third-party services.
 travel charitable contributions.
 non-operating investment net loss $ 52. million 2008 $. million 2007.
.7 million attributable losses 2008 investments mutual funds declines financial market values.
 capital gain distributions $ 22. 5
 temporary impairments.
 net gains losses dispositions.
 net gain fund holdings $ 27.
 impairments declines fair value cost.
 declines 2008 adverse market conditions.
 income bond fund holdings $ 19. 3 million lower 2007 lower interest rate.
 capital appreciation $ 40 million holding.
 treasury notes sold december 2008 $ 2. 6 million gain.
 2008 income taxes pretax income 38. 4%. 37 7%. 2007 changes state income tax rates regulations.
.
 stockholders equity increased $ 2. 5 billion to $ 2. 9 billion.
 repurchased 2. 3 million common shares $ 67 million.
 book value $ 2. billion 2009 cash equivalents mutual fund holdings $ 1. billion.
 liquidity.
 purchased 26% equity uti $ 142. million.
 funded.
 commitments $ 35. million.
 anticipate funding 2010 property equipment expenditures $ 150 million cash inflows.
.


republic services.
 financial statements 2014 allied acquisition.
 2006 plan non- qualified incentive restricted stock phantom stock bonuses units appreciation rights performance awards dividend equivalents cash awards.
 granted 2008 vested nonforfeitable acquisition.
 after 2008 employees consultants allied subsidiaries not employed.
 december 31 2013. million shares common stock reserved future grants 2006.
 binomial option-pricing model grants.
 compensation expense straight-line service period portion retirement.
 volatility volatility historical rolling average.
 risk-free interest rate federal reserve rates.
 historical data estimate future option exercises forfeitures. life.
 groups valuation.
-average fair values stock options 31 2013 2012 2011 $ 5. 27 $ 4. 77 $ 5.35 option calculated-average assumptions.
 2012 2011
 volatility 28. 9%. 9 % 27. 8%. 8 %. 3 %
 risk-free interest rate. 7%. 7. 8%. 8 % 7%. 7 %
 dividend yield. 2%. 7%. 7 %
 life.
 life 7.


jpmorgan chase co. annual report estimate value consumer lending commitments.
 reduce cancel commitments borrower notice.
 valuation page 198.
 trading assets liabilities include debt equity instruments jpmorgan chase client-making activities risk management loans physical commodities inventories lower cost.
 debt equity instruments sold.
 obligated purchase instruments short positions.
 receivables gains payables losses derivatives.
 fair value consolidated balance sheets.
 reduction securities owned identical securities sold not purchased short positions.
 2013 average balances.
 31 millions 2013 2012 2011
 2013 debt equity instruments $ 340449 $ 393890
 derivative receivables 72629 85744
 2013 debt equity instruments 77706 69001 81916
liabilities 2013 derivative payables 64553 76162 71539
 represent securities sold not.
 2013 fair value option alternative measurement financial assets liabilities unrecognized firm commitments loan commitments not value.
 mitigate income volatility eliminate complexities accounting models. reflect instruments.
 include loans purchased securitization warehousing bifurcation accounting fair value.
 securities financing arrangements embedded derivative maturity one year.
 interests securitized assets embedded credit derivatives.
 investments tax credits equity investments washington mutual transaction.
 structured notes 2019s client-driven activities.
. long-term beneficial interests consolidated securitization trusts assets carried fair value.


graph compares common stock s&p 500 healthcare equipment index.
 initial investment $ 100 december 31 2008 reinvestment dividends.
 five year return.
 lifesciences $ 158. $ 294. $ 257. 328. 239.
 s&p 500 126. 145. 148. 172. 228.
 500 healthcare equipment 120. 117. 123. 145. 186.


cash flow operating activities reduced property additions.
 non-gaap debt repayment dividend distributions acquisition share repurchases.
 flow metric reconciled gaap measure.
 2011
 net cash operating activities $ 1758 $ 1595 $ 1008
 additions properties -533 533 -594 -474
 $ 1225 $ 1001 $ 534
-over-year change 22. 4%. 87. 5%.
. driven improved performance working capital pringles acquisition capital expenditures.
 net cash 2012 $ 3245 million increase $ 2658 million 2011 $ 2668 acquisition pringles supply chain infrastructure.
 information technology infrastructure.
 $ 587 million 2011 increased $ 122 million 2010.
 additions properties sales decreased to 3. 8%. 2012 from 4. 5%.2011 increase. 8% issued $ 250 million two-year floating-rate.
 notes $ 400 million ten-year. 75%
 dollar notes.
 proceeds corporate purposes repayment $ 750 million 4. 25%.
 notes 2013.
 interest three-month libor 23 points.
 covenants liens sale lease-back transactions change control.
 net cash $ 1317 2012 $ 957 $ 2011 2010.
 increase debt.
 debt $ 7. 9 billion 2012 $ 6. billion 2011.
 interest rate swaps $ 500 million five-year. fixed rate.
 notes 2016 $ 500 million ten-year. 15% % fixed rate.
 2019 750 seven-year. 45%. % fixed rate.
 2016.
 floating rate obligations.
 issued $ 350 million three-year. 125%.
 notes $ 400 million five-year.75%.
 700 million ten-year.
 proceeds debt discount $ 1. 442 billion.
 purposes acquisition pringles.
 issued.
 $ 300 million two-year. fixed rate dollar notes repayment intercompany debt.
 cash pringles.
 repaid $ 750 million five-year. 125%. 125 %.
.
 interest rate swaps $ 200 million $ 750 million seven-year. 45% 45 % fixed rate.
.
 floating rate obligation.
 repaid $ 945 million ten-year. 60%
.
 issued $ 400 million seven-year. 25% % fixed rate.
 proceeds $ 397 million corporate purposes repayment.
 interest rate swaps $ 400 million floating obligation.
 issued $ 500 million five-year. % fixed rate.
.
 proceeds $ 498 million repayment.
2012 interest rate swaps converted notes floating obligation.
 approved share repurchase program common stock $ 2. 5 billion.
 replaced $. billion 650 million.
 repurchased 1 million 15 million 21 million shares $ 63 million $ 793 million $ 1. 1 billion.
 december 2012 $ 300 million.
 paid quarterly dividends $ 1. 74 share 2012. 2011. 2010.
 increased. 2012. 2011.
 march 2011 unsecured four- year credit agreement $ 2. billion.
 long-term debt agreements liens sale lease-back transactions.
 control provisions.
 acceleration maturity clauses credit ratings.
 limit access.
 short debt increase cost refinancing long debt.
 four-year credit agreement expires march 2015.
liquidity unused unsecured plan.
 capital credit markets commercial paper markets instability disruption.
 uncertainty.
 access. european canadian commercial paper markets.
 commercial paper debt credit ratings not affected changes credit.
 monitor financial strength third-party financial institutions.
 compliance covenants december 29 2012.
 meet interest principal repayment obligations maintain debt covenants operational needs bolt-on acquisitions.
 strong cash flow short- term borrowings maintenance credit facilities.


.
.
 company acquisitions.
 excess purchase price allocated intangible assets developed technology customer contract-related assets goodwill.
 values based future discounted cash flows income.
 excess purchase value assets amortized.
 deductible tax.
 amounts-process research developments valuation expensed acquisition technological feasibility future alternative uses.
 consolidated financial statements results.
 acquisitions material results operations not presenting statements years 2006 2005 2004.
 acquired august 16 2006 all-cash transaction.
.
-c simulation software semiconductor manufacturers process optical lithography e-beam lithography next-generation lithography.
 acquisition integration design manufacturing tools design layout analysis 3d lithography simulation.
.
 paid $ 20. million cash outstanding shares shareholder notes $.million deposited escrow agent paid.
.
 purchase.
 20500
 costs
 purchase price $ 22553
 2. 1 million legal tax accounting facilities employee termination.
 paid. 9 million.
. million balance legal tax employee termination.
.
 valuation allocated purchase liabilities.
 acquired $ 6. million assets 3. 9 million technology 1. million customer relationships. 2 million trade names amortized five years.
 assets 3. million assumed liabilities $ 5. million.
 excess purchase price


no goodwill units balance sheet management segment.
 table shows goodwill allocated fair value book value trading investing segment.
 december 31 2012 goodwill % fair value book value
 retail brokerage $ 1791. 190% ( 190 %
 market. 115% ( 115 %
 goodwill $ 1934.
 evaluate remaining useful lives intangible assets.
 average life 13 years.
 impairment.
 estimates change impairment charge.
 estimates fair value future cash flows company comparisons.
 less goodwill tested for impairment.
 estimated fair value book value 115% ( 115 % ) cash flows less goodwill impairment could occur.
 cash flows monitored further evaluation impairment.
review order handling pricing between e*trade securities gi execution services regulators initiate investigations penalties cease-and-desist orders prompt claims.
 actions affect market trade execution businesses impact cash flows goodwill impairment.
 intangible assets amortized over lives.
 changes revenue impairment.
 tax rates deferred taxes valuation calculate income tax expense tax laws jurisdictions.
 estimate tax obligations uncertain tax positions assess differences between financial statement amounts tax basis assets liabilities.
 result in deferred tax assets liabilities.
 assess likelihood.
 establish valuation allowance.
 record corresponding tax expense in statement.
 reduces income tax expense.
 december 31 , 2012 net deferred tax assets $ 1416. 2 million valuation allowance $ 97. 8 million.


foreign provision income taxes based pre-tax earnings $ 33. 6 billion $ 30. 5 billion $ 36. 8 billion 2014 2013 2012.
 company 2019s financial statements tax liability undistributed earnings.
 undistributed international earnings.
 by subsidiaries ireland statutory tax rate 12. 5%.
.
 income taxes $ 69. 7 billion earnings.
 unrecognized deferred tax liability approximately $ 23. 3 billion.
 2014 2013 $ 137. 1 billion $ 111. 3 billion 2019s cash equivalents securities foreign subsidiaries.
.
 subject.
 income taxation repatriation.
 reconciliation federal income tax rate 2014 2013 2012 2019s income taxes reduced by tax benefits employee stock plan awards.
 income tax benefit fair market value stock.
.
 company tax benefits equity awards $ 706 million 643 million $. billion 2014 2013 2012 increases common stock.
.
.
 tax $ 18719 17554 19517
 taxes federal effect
 invested earnings foreign subsidiaries -4744 -5895
 research development credit -88 -287 -103
 production deduction -495 -308
 income taxes $ 13973 $ 13118 14030
 tax 26. 1%. 2%.


restructuring liability 2004 non-operating interest income increased $ 1. 7 million $ 12. million 2005 10. 3 million 2004.
 higher returns invested funds.
 interest expense decreased $ 1. million $ 17. 3 million 2005 18. 3 million 2004 stock debt.
 common stock notes non- cash charge $ 48. 2 million.
.
 operating losses financed equity debt securities agreements royalties investment income employee.
 2006 cash equivalents securities $ 761. 8 million increase $ 354. 2 million $ 407. 5 million 2005.
 $ 313. 7 million proceeds 2006 offering common stock $ 165. million up-front payment $ 52. 4 million stock $ 30. million sale altus pharmaceuticals.
.
cash inflows offset by expenditures 2006 research development sales.
 capital expenditures property equipment $ 32. million.
 december 31 $ 42. million 2007 notes $ 59. 6 million 2011 notes.
 2007 due september 2007 convertible into common stock $ 92. per share.
 redeem 2011 notes march 5 2007.
 convertible common stock $ 14. 94 per share.
 holders convert stock issue 4. million.
 repay 2011 notes not converted $ 1003. per $ 1000 principal amount principal interest redemption date.
 liability december 31 payments 2004 cash sublease operating costs additional charge lease restructuring $ 293 17574.
 december 31 payments 2004 costs additional charge
 restructuring
restructuring liability 2004 non-operating interest income increased $ 1. 7 million $ 12. million 2005 10. 3 million 2004.
 higher returns invested funds.
 interest expense decreased $ 1. million $ 17. 3 million 2005 18. 3 million 2004 stock debt.
 common stock notes non- cash charge $ 48. 2 million.
.
 operating losses financed equity debt securities agreements royalties investment income employee.
 2006 cash equivalents securities $ 761. 8 million increase $ 354. 2 million $ 407. 5 million 2005.
 $ 313. 7 million proceeds 2006 offering common stock $ 165. million up-front payment $ 52. 4 million stock $ 30. million sale altus pharmaceuticals.
.
cash inflows offset expenditures 2006 research development.
 capital expenditures property equipment $ 32. 4 million.
 december 31 $ 42. million 2007 $ 59. 6 million 2011 notes.
 2007 due 2007 convertible common stock $ 92. per share.
 2011 notes march 5 2007.
 convertible stock $ 14. 94 per share.
 holders 4. million.
 repay 2011 notes not converted $ 1003. 19 per $ 1000 principal amount interest redemption date.
 liability 31 2004 cash sublease operating costs lease restructuring liability


lower 2008 storage margins risk management natural gas prices fewer storage capacity natural gas prices decrease $ 9. 7 million storage margins natural gas inventory decrease $ 2. 1 million colder weather cost margins 2008 increase $ 15. 8 million unrealized fair value derivative instruments improved margins.
 operating costs decreased lower employee costs depreciation expense.
.
 margin decrease $ 22. 0 million transportation margins fair value force majeure cheyenne plains gas pipeline decrease $ 5. 0 million retail activities lower margins competition decrease $ 4. 3 million financial trading margins increase $ 4. 9 million storage marketing margins higher seasonal storage spreads optimization marketing margins increase cost peaking load services higher demand fees.
 volume curtailed fire pipeline compressor station.
fire damaged instrumentation electrical wiring cheyenne plains gas pipeline force majeure.
 hedged statement 133.
 discontinuance hedge accounting loss $ 5. million recognized third quarter 2007 $ 2. 4 million insurance proceeds recovered first quarter 2008.
 resumed operations november 2007.
 costs decreased legal employee costs ad-valorem tax expense.
 energy services segment.
 2008 2007 2006
 natural gas marketed bcf ) 1160 1191
 gross margin $ /mcf.
 settled volumes bcf 2359 2370
 gas storage 2008 81. bcf.
 storage capacity 91 bcf gas volumes decreased slightly increased injections.
 demand impacted weather events 15 percent decrease demand hurricane.


2006 net revenues increased $ 149. 6 million. $ 430. 7 million 2006 281. 1 million 2005.
 net sales license revenues product category table.
 255681 189596 34. 9%. 9 %
 85695 53500 32195 60. 2%.
 31845 18784 13061 69. 5%.
 apparel 373221 261880 111341 42. 5%. 5 %
 footwear 26874
 accessories 14897. 3%.
 net sales 414992 271289 143703 53.
 license revenues 15697 9764.
 revenues $ 430689 281053 149636. 2%.
 sales increased $ 143. 7 million. $ 415. million 2006 $ 271. 3 million 2005.
 increase sales.9 million footwear sales football cleats second quarter 2006 baseball cleats fourth quarter volume growth coldgear retail customers stores expanded floor space average selling price apparel increased women youth market penetration product introductions compression training products.
 license revenues increased $ 5. 9 million. $ 15. 7 million 2006 $ 9. 8 million 2005.
 increased sales distribution volume growth new product offerings licensing agreements college bookstores golf pro shops.
 gross profit increased $ 79. 7 million $ 215. 6 million 2006 $ 135. 9 million 2005.
 profit increased 180 points 50. 1%. 3%.
 product costs supplier discounts 170 point increase decreased close-out sales 70 point increase customer incentives marketing expenditures 70 increase


goodwill reviewed annually fourth quarter impairment.
 company performs impairment analysis intangible assets.
 changes membership state funding medical contracts provider networks.
 impairment loss recognized if value exceeds implied fair value.
 medical costs include paid inventory unpaid claims.
 estimates developed actuarial methods historical data payment patterns cost trends product mix utilization.
 continually reviewed adjustments reflected.
 actuarial methods.
 medical claims payable liability unpaid claims december 31 2006 payments may differ estimates.
 medicaid managed care segment from premiums.
 receives fixed premium per member month.
 payments revenue.
 states enact premium taxes recorded administrative expenses.
 contracts allow additional premium services.
 revenues recorded based membership eligibility data adjusted.
adjustments immaterial revenue reflected period.
 specialty services segment generates revenues state programs healthcare organizations subsidiaries.
 revenues recognized provided earned.
 premium revenues advance unearned.
 performance contracts revenue refund until.
 premiums service revenues recorded receivables net allowance trends judgment.
 receives payments allowance not significant revenues financial condition results.
 uncollectible accounts years december 31 summarized.
 2005
 allowances beginning $ 343 $ 462 $ 607
 write-offs uncollectible receivables
 end year $ 155 $ 343 $ 462
 revenues state medicaid managed care programs.
 contracts june 30 2007 december 31 2011 expected renewed.
contracts georgia indiana kansas texas wisconsin 15% 10% 17% 16% revenues 2006.
 purchased healthcare.
 program covers 90% inpatient healthcare expenses deductibles $ 300 to $ 500 member maximum $ 2000.
 medicaid subsidiaries inpatient charges daily per diem.
 risk-sharing program arizona costs threshold.
 reinsurance recoveries $ 3674 $ 4014 $ 3730 2006 2005 2004.
 expenses $ 4842 $ 4105 $ 6724 2004.
 medical costs.
 investment interest expense.
 cash equivalents deposits investments.


devon energy corporation subsidiaries financial statements 2013 reserves changes reserves 2012.
.
 reserves december 31 2011 403  379 782
 extensions discoveries
 revisions due prices -47
 other price -6
 conversion reserves -73 -90
 reserves december 31 2012 407 433 840
 devon 840 reserves.
 7 percent increase 2011 28 percent reserves.
 drilling development activities increased reserves 203 90 12 percent 2011 reserves reserves.
 costs development conversion $ 1. 3 billion 2012.
 revisions other price decreased reserves 16 evaluation.
 onshore dry-gas areas.
 revisions areas carthage east texas barnett shale north texas.
 jackfish operations.
2012 2011 devon 2019s jackfish undeveloped reserves 429 367 mmboe.
 development schedules controlled processing plants 35000 barrel capacity.
 steam capacity-oil ratios air quality.
 reserves undeveloped five years.
 development schedule extends 2031.
 reserves decreased 171 mmboe lower gas prices.
 100 barnett shale 25 rocky mountain area.
 2011 decreased 21 lower gas higher oil prices.
 burden reduced reserves.
 2010 reserves increased 72 mmboe gas prices.
.
 43 barnett shale 22 rocky mountain area.
 dry gas regions.
 drilling development barnett shale.


abiomed.
 subsidiaries financial statements 2014.
 commitments contingencies applies disclosure provisions.
 45 guarantor 2019s guarantees indebtedness fasb statements.
 5 57 107 rescission.
 34.
 agreements guarantee indemnification clauses.
 provisions expand sfas.
 guarantors guarantees.
 company guarantor.
 indemnifications indemnifies patent infringement.
 indemnifications limits.
 incurred costs defend lawsuits settle patent infringement claims.
.
 intellectual property indemnifications require disclosure.
 agreements underwriters contractors sites customers.
 indemnifies holds harmless indemnified party losses.
 provisions survive termination.
 maximum future payments unlimited.
 incurred costs defend lawsuits settle claims agreements.
 estimated fair value minimal.
company no liabilities for agreements as march 31 2008.
 study abiomed indemnify institutions losses personal injury.
 limits.
 incurred material costs indemnification.
 facilities leases leases facilities facility danvers massachusetts terms through 2010.
 lease may extended five years monthly rent charges current rental values.
 lease aachen location expires december 2012.
 total rent expense leases $ 2. 2 million  $ 1. 6 million $ 1. 3 million for fiscal years 2008 2007 2006.
 future minimum lease payments non leases as fiscal year ending operating leases.
 2009 2544
 2010 2220
 2011 1287
 2012 973
 2013 730
 2014
 lease $ 7754
company involved in legal administrative proceedings claims.
 litigation uncertainty management believes outcome proceedings not company 2019s financial position cash flow results.


3m cash balance december 31 2007 $ 1. 896 billion additional $ 1. 059 billion-term securities.
 balance sheet liquidity flexibility.
 acquisition opportunities.
 acquisition aearo holding.
 $ 1. 2 billion 2008.
 paid dividends $ 1. 380 billion 2007.
 increased quarterly dividend. 50 cents per share annual $ 2. per share.
 authorized two-year share repurchase $ 7. billion 2007 to 28 2009.
 december 31 2007 $ 4. 1 billion remaining 28 2009.
 $ 100 million to $ 400 million.
 pension plans.
 minimum pension contribution obligation.
.
 contribution. tax deductibility.
 contributions market conditions interest rates.
 strong cash flow balance sheet pension without growth.
 working capital measures.
.
accounting principles measures.
 working capital combined index receivable inventory payable.
 quarterly net sales 2013 multiplied four 5. 3 december 31 2007. 4 2006.
 receivables increased $ 260 million. 4%. 2006.
 currency translation increased accounts receivable $ 159 million-on-year.
 dollar weakened.
 inventories increased $ 251 million 9. 7%.
 translation increased inventories $ 132 million.
 accounts payable increased $ 103 million 65 million currency translation.
 cash flows operating investing financing activities tables.
 exclude acquisitions divestitures exchange rate impacts.
 changes balances.
.
 2007 2006
 net income $ 4096
 depreciation amortization
pension contributions -376 -348 -654
 -3 -37 -134
 pension expense 190 347 331
 65 93
 stock-based compensation 228 200
 gain sale businesses -849 2014
 taxes -178
 tax benefits stock-based compensation -74 -54
 receivable -103 -184
 inventories -54 -309 -294 294
 payable -4 68
 insurance receivables claims 158 58 122
 -105 252 198
 cash $ 4275 $ 3839


aes corporation financial statements 2014 2011 2010 proceeds $ 234 million.
 gain disposal $ 6 million net tax 31 2010.
 asia generation.
.
 november 28 2011 100% common stock dpl $ 3. 5 billion april 19 2011.
 dpl serves 500000 customers west central ohio dp&l energy resources.
 operates 3800 mw power generation energy services.
 acquisition strengthens.
 midwest.
 indianapolis power light company.
 funded purchase proceeds $ 1. 05 billion loan 2011 private offering $ 1. billion 2011 temporary borrowings $ 251 million proceeds private offerings $ 450 million. 50%. senior notes due 2016 $ 800 million. 25%. notes 2021 2011 dolphin subsidiary.
201cdolphin wholly-owned subsidiary aes merged dpl.
 dpl.
 enterprise value $ 4719
 assumed long-term debt -1255 1255
 cash dpl stockholders 3464
 stock awards
 cash $ 3483


tower corporation subsidiaries financial statements 2014.
. 25%. discount notes warrants 2003 issued 808000 units $ 1000. notes subsidiary warrant purchase 14. 0953 shares common stock gross proceeds $ 420. million.
 proceeds allocated notes $. 4 million warrants $ 52. 6 million.
 net proceeds $ 397. million loan.
 notes accrue no cash interest.
 value issuance maturity august 1 2008 12. 25%. per annum.
 808000 warrants right purchase 14. 0953 shares common stock $ 0. 01 per share.
 exercisable january 29 2006 expire august 1 2008.
. 5%. common stock.
 notes covenants issuer subsidiary guarantors indebtedness create liens pay dividends equity distributions purchase capital stock sell.
ati notes junior indebtedness.
 loan agreement february 21 2003 amendment credit facilities.
 prepayment loans.
 $ 200. million net proceeds notes january 2003.
 prepayment $ 125. million a $ 75. million b future principal payments.
 prepayment $ 200. million paydown debt proceeds sale mtn $ 24. 5 million february 2003 principal payments long- term debt capital leases next five years december 31.
 2003 $ 268496
 2004 131262
 2005 195082
 2006 538479
 2007 1065437
 1408783
 $ 3607539


aes corporation financial statements 2014 2017 2016 2015 unrecognized tax benefits 12 months december 31 2017 $ 5 million $ 15 million statute limitation lapses tax exam settlements.
 reconciliation unrecognized tax benefits.
 31, 2017 2016 2015
 balance january 1 $ 352  $ 364  $ 384
 additions current year tax positions
 additions prior years
 reductions -5 -7
 foreign currency translation -3
 settlements
 statute limitations -1
 balance december 31 $ 348 $ 352  $ 364
 company subsidiaries examination taxing authorities.
 assesses outcome unrecognized tax benefit.
 difficult predict outcome uncertain tax position accrued tax benefits.
 audit outcomes settlements future events tax benefits.
possible future examinations may exceed tax benefits december 31 2017.
 tax rate net income impacted.
.
 discontinued operations portfolio evaluation 2016 management shift distribution companies brazil reduce exposure brazilian.
 2017 converted preferred shares into listing novo mercado brazilian stock exchange.
 aes controlled maintained influence business.
 deconsolidated.
 17% ownership equity investment.
 recorded after-tax loss deconsolidation $ 611 million $ 455 million translation losses $ 243 million pension losses.
 2017 criteria met discontinued operation.
 results financial position reported consolidated financial statements.
 pre-tax loss 2017 2016 $ 633 million $ 192 million.
 pre-tax income 2015 $ 73 million.
 reported brazil sbu reportable segment.
agreement sale subsidiary june 2016.
 discontinued statements.
 after-tax loss $ 382 million pre-tax impairment charge $ 783 million offset tax benefit $ 266 million $ 135 million deferred taxes.
 carrying value sul asset group $ 1. 6 billion greater fair value less costs.
 impairment charge limited assets.
 october 31 2016 sale received proceeds $ 484 million.
 additional after-tax


services.
 financial statements 2014 table summarizes unrecognized tax benefits december 31.
 2014 2013
 balance year $ 70. $ 72. $ 84.
 additions tax positions 0. 3
 prior 1. 5. 11.
 reductions. -2
 reductions statute limitations. 6
. 7
 end year $ 47. $ 70. $ 72.
 2015 settled tax matters states reduced unrecognized tax benefits $ 13. million.
 2014 settled reduced tax benefits $ 1. 5 million.
 2013 settled appeals division committee taxation 2009 2010 tax years.
 reduced unrecognized tax benefits $ 20. 7 million.
 benefits 2015 2014 $ 30. 5 million $ 45. 6 million income tax rate future.
recognize interest penalties income taxes.
 recorded interest $ 1. 2 million 2015 liability penalties $ 0. 5 million interest $ 10. 3 million.
 2014 accrued interest $ 1. 5 million liability penalties $ 0. 5 million interest $ 18. 7 million.
 2013 accrued interest $ 1. 2 million liability penalties $ 0. 5 million interest $ 17. million.
 unrecognized benefits $ 0 to $ 10 million benefits increase decrease.
.
.
 liabilities tax adequate.
 assessment financial position cash flows.


common stock commenced trading nasdaq 201cmktx november 5  2004.
 no public market.
 november 4 2004 registration statement initial public offering declared effective.
 high low bid information march 28  2005 last closing price $ 10. 26.
 188 holders.
 not declared cash dividends.
 intend retain future earnings expansion cash dividends.
 discretion board directors.
 conditions financial results capital requirements.
 november 4 2004 registration statement initial public offering.
 333-112718 declared effective.
 received net proceeds sale $ 53. 9 million  price $ 11. 00 per share discounts commissions expenses.
 outstanding shares convertible preferred stock converted 14484493 common stock 4266310 shares non-voting common stock.
 underwriters credit suisse first boston llc.
morgan securities. banc of america bear stearns co.
.
 ubs securities.
 broker-dealer institutional investor clients.
 stockholders.
 proceeds paid directors officers associates ten percent stock affiliates.
 december 31 2004 used net proceeds for product development sales marketing working capital.
 invested proceeds in cash equivalents short-term marketable securities.
.
 common equity stockholder matters issuer purchases equity securities november 5 2004 december 31 2004.
 24.


mainline american us airways dispatchers flight simulator engineers crew training instructors represented by filed single carrier applications.
 nmb single transportation system certify post-merger representative employee before negotiating new jcbas.
 merger impact cbas subsidiary airlines not envoy piedmont psa.
 cbas expire amendable.
 2014 envoy pilots piedmont pilots attendants.
 passenger service employees american mainline employees covered by agreements not amendable.
 negotiations jcbas outside rla bargaining process no self-help permissible.
 piedmont mechanics stock clerks psa dispatchers have agreements amendable traditional rla negotiations.
 unions engage refusals work strikes slow-downs sick-outs.
risk disgruntled employees union involvement refusals harm operation airline impair financial performance.
.
 risk factors disputes strikes labor disruptions affect operations. financial results affected availability price jet fuel.
 consumption december 31 2014 one cent per gallon increase aviation fuel price 2015 annual fuel expense $ 43 million.
 table shows annual aircraft fuel consumption costs mainline operations 2012 through 2014.
 average price per gallon expense total mainline operating expenses.
 2014.
 2013.
 2012.
 financial data american us airways group.
 combined fuel expenses wholly-owned third regional carriers $ 2. billion $. 1 billion $. 1 billion years december 31 2014 2013 2012.


general mills gross margin declined 1 percent.
 flat.
 expenses decreased $ 78 million.
 3 percent decrease advertising media smaller foundation incentive compensation lower pension expense.
 $ 39 million currency devaluation 9 million.
 $ 12 million gration costs acquisition.
 expenses decreased 1 percent.
 restructuring exit costs $ 4 million.
 restructuring productivity cost savings plan.
.
 paid $ 22 million restructuring.
 divestiture gain $ 66 million grain elevators.
.
 no divestitures.
 $ 302 million 15 million lower.
 average interest rate decreased 41 points $ 31 million decrease.
 bearing instruments increased 367 million $ 16 million increase.
 consolidated tax rate. percent. 2013.
.percentage point increase related restructuring general mills cereals subsidiary first quarter 2013 $ 63 million decrease deferred income tax liabilities investment assets non-cash reduction income taxes.
 $ 34 million decrease income tax expense increase deferred tax assets tax benefits medicare part d subsidies reduced 2010.
 fiscal 2013 tax expense includes $ 12 million charge liquidation corporate investment.
 after-tax earnings joint ventures 2014 decreased $ 90 million $ 99 million 2013 increased consumer spending cereal partners unfavorable foreign currency exchange.
.
 change net sales joint venture change net sales.
.
.
.
 2014 net sales declined 1 point unfavorable foreign currency exchange.
 volume growth flat compared 2013.
net sales hdj decreased 8 volume offset foreign currency exchange 2 price realization.
 diluted shares decreased 20 million repurchase 36 million 7 million stock compensation plans.
 cash equivalents increased 126 million.
 receivables increased 37 million timing.
 inventories increased 14 million.
 prepaid expenses assets decreased 29 million liquidation.
 land buildings equipment increased 64 million capital expenditures


eog valuation allowances deferred income tax.
 2018 2017 2016
 balance $ 466421 383221 506127
 increase 67333 37221
 decrease
 -296122 -147460
 ending balance $ 167142 466421 383221
 increase tax nols.
 decrease adjustments.
 dispositions revisions exchange rate variances income tax rate changes.
 united kingdom operations sold fourth quarter 2018.
 argentina operations third quarter 2016.
 eog state income tax nols $ 1. 8 billion 2019 2037.
 canadian nols $ 183 million carried forward 20 years.
 evaluated utilization valuation allowances established threshold.
 balance unrecognized tax benefits december 31 2018 $ 29 million research expenditures drilling $ 12 million earnings impact.
eog records interest penalties unrecognized tax benefits.
 $ 2 million interest recognized consolidated statements.
 anticipate unrecognized tax benefits change next twelve months.
 subsidiaries file tax returns tax audits.
 state jurisdictions.
 earliest tax years.
 canada 2013 2008.
 foreign subsidiaries undistributed earnings not reinvested.
 accrue.
 state foreign deferred income taxes.
 december 31 2018 recorded $ 23 million deferred foreign income taxes undistributed foreign earnings.
 earnings subject.
 "global intangible low-taxed income inclusion.
 records tax period expense.
.
.
 recognizes compensation expense stock options restricted units.
 plan.
 compensation expense calculated grant date fair value historical employee turnover rate.
compensation expense amortized vesting period grant employee without approval.


product endorsers factors playing conditions sporting events decisions marketing initiatives.
 costs to design develop source purchase products incurred over not tracked separately from.
 order product four to five months in advance sale advanced futures orders.
 amounts product purchase obligations represent agreements enforceable legally terms.
 prices change production.
 amounts exclude purchase liabilities.
 other amounts include service marketing commitments.
 minimum payments contracts agreements.
 exclude liabilities.
 total liability for uncertain tax positions $ 273. 9 million excluding interest penalties 31.
 not estimate cash payments-term liability.
 outstanding short-term debt obligations as of may 31  2009.
 refer to financial statements description interest rates.
 due dates within one year of issuance demand.
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. purchase inventories 60 days shipment goods
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.
. 31 million purchase inventory
 2008 shelf registration securities million debt securities.
.
.
-year 1 billion revolving credit facility.
 2012.
 long-term unsecured debt ratings interest rate interbank.
.
 long-term debt rating interest rate credit.
if long-term debt rating facility fee interest rate.
 trigger maturity under credit facility.
 agreed to covenants.
 include limits disposal assets debt secured by liens minimum capitalization ratio.
.
 outstanding as of may 31 2009 millions
 notes payable due within one year of issuance $ 342.
 payable to sojitz america for purchase inventories due 60 days after shipment from foreign port $ 78.
 on playing conditions sporting events decisions.
 costs to design develop source purchase products incurred not tracked separately from.
 order product four to five months in advance sale.
 amounts purchase obligations represent agreements.
 change.
 exclude purchase liabilities.
 include service marketing commitments.
 minimum payments required by contracts agreements.
consolidated balance 31 2009.
 tax positions 273. million
 long-term.
 short-term debt obligations.
 consolidated financial statements short-term short-term debt obligations.
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. purchase inventories
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. 31 purchase inventory
 2008 securities million debt securities.
may 31  2009 no debt securities issued.
 may issue 2010 corporate needs.
 no amounts outstanding-year $ 1 billion revolving credit facility banks.
 matures december 2012.
 long-term senior unsecured debt ratings a+ a1 interest rate borrowings london interbank rate plus. 15%.
 facility fee. 05%. commitment.
 long-term debt rating facility fee interest rate increase.
 fee interest rate.
 trigger acceleration maturity.
 agreed covenants.
 limits fixed assets debt secured liens minimum capitalization ratio.


.
 purchase price 2008 acquis itions $ 610 million.
 material financial statements december 31 2008.
 2007 acquisitions houston transaction 2006 dissolution texas kansas city cable partners 50% partnership time warner cable.
 january 1 2007 distribution cable hous texas south west texas new mexico.
 50% interest kansas city asset pool additional 50% houston asset pool.
 700000 video customers.
 estimated fair value interest $ 1. 1 billion pretax gain $ 500 million.
 step acquisition.
.
 cable systems reported cable segment since august 1 2006 consolidated financial statements january 1 2007.
 weighted-average amortization period franchise intangible assets 7 years.
houston transaction reversed deferred tax liabilities $ 200 million excess acquired reduced goodwill.
 goodwill amortizable tax.
 purchase price allocation assets acquired liabilities assumed.
.
 property equipment $ 870
 franchise relationships 266
 cable franchise rights 1954
 goodwill 426
 other assets 267
 liabilities
 net assets acquired $ 3710
 2007 acquisitions 2007 acquired fandango online entertainment movie-ticket service.
 statements.
 june 2007 acquired rainbow media holdings 60% interest sportsnet bay area 50% new england.
 100% ownership england 60% bay area.
 august 2007 acquired cable patriot media 81000 video customers central new jersey.
 financial statements.
 aggregate purchase price $ 1. 288 billion.
acquisitions material financial statements december 31 2007.
 2006 acquisitions adelphia time warner transactions april 2005 agreement adelphia communications acquire assets assume liabilities.
 time warner cable.
 agreements interest warner entertainment company.
 twc exchange cable systems comcast twc.
 july 31 2006 transactions pleted.
 adelphia acquisition redemptions exchanges 201cadelphia time warner transactions. april 2005 adelphia acquisition cable assets liabilities adelphia.
 net increase 1. 7 million video customers net cash payment $ 1. 5 billion disposition ownership twe twc cable system partnerships.
 2008 annual report