expense capital lease obligations $ 1. 6 million 2015 $ 1. 6 million 2014 2013.
 purchase commitments enforceable binding obligations 31 2015.
 based management estimates assumptions actions.
 payments may vary.
 purchase orders ordinary business excluded.
 consolidated balance sheets accounts payable accrued liabilities.
 obligations relate purchase agreements fiber energy purchases one year to 20 years.
 purchase commitments.
 2016.
.
.
.
.
.
.
 purchased $ 299. 6 million $ 265. 9 million $ 61. 7 million 2015 2014 2013.
 increase acquisition boise fourth quarter 2013.
 environmental liabilities costs uncertain unknown cleanup costs complexity governmental laws regulations costs alternative cleanup technologies.
2006 through 2015 no significant environmental remediation costs at mills corrugated plants.
 december 31 2015 $ 24. 3 million environmental-related reserves balance sheet.
. $ 15. 8 million asset retirement obligations $ 8. 5 million other environmental contingencies.
 recorded $ 7. 9 million liabilities 201d $ 16. 4 million long-term liabilities 201d.
 estimates costs.
 estimates may change.
 future environmental expenditures above $ 24. 3 million financial condition results cash flows.
 third parties.
.
 material liabilities guarantee indemnification financial assurance.
 accrue.


maintenance operate eighth largest vocational fleet united states.
 december 31 2014 average fleet age line business number age.
 residential 7600
 commercial 4300
 industrial 3900
 15800.
 standardization functions minimize variability maintenance higher vehicle quality service life.
 reliable safer efficient fleet operating costs.
 implemented standardized maintenance programs 60% fleet december 31 2014.
 cash utilization strategy increasing free cash flow improving return invested capital.
 free cash flow.
 operating activities purchases property equipment proceeds sales.
 cash flow section.
 free cash flow drives shareholder value information.
 cash strategy acquisitions returning free cash flow shareholders dividends share repurchases.
 committed efficient capital structure investment grade credit ratings.
manage cash flow capital expenditures business growth opportunities working capital receivable payable landfill environmental costs.
 2003 initiated quarterly cash dividend $ 0. 04 per share.
 increased 2014 $ 0. 28 per share. increase prior.
 5 years annual growth. 1%.
 consider additional increases value.
 2013 added $ 650 million repurchase authorization.
 $ 1439. 5 million. 6 million shares common stock cost per share $ 30. 88.
 $ 360. 2 million remaining repurchase authorization.
 remaining repurchase common stock.


segment sales $. million lower 2009 lower aluminum prices sales volumes.
 higher sales volumes four plants inbev plant closures lower sales volumes.
 earnings 2010 $ 122. million higher net $ 85 million impact higher sales $ 45 million product mix improved manufacturing performance.
 $ 7 million out-of-period inventory charge.
 note 7 financial statements.
 earnings higher $ 12 million four acquired plants $ 21 million plant closures.
 lower carbonated soft drink beer can sales volumes $ 25 million higher cost inventories 2009.
 metal beverage packaging.
 net sales $ 1697. $
 earnings $ 212. 230
 consolidation costs.
 earnings $ 209.
 note 5 financial statements 8.
 metal beverage.
packaging plants germany united kingdom france netherlands poland second largest metal beverage container business.
 sales decreased $ 41. million foreign exchange $ 93 million price mix changes higher sales volumes.
 $ 129. 2 million lower 110 million foreign exchange better commercial terms.
 volumes flat.
 earnings decreased $ 1. 9 million $ 28 million volumes $ 18 million foreign currency translation $ 12 million higher inventory costs.
 foreign currency translation conversion.
 reduced earnings $ 8 million.
 higher cost inventory sales mix better commercial terms.
 acquired.
 supplier aluminum aerosol cans. million 300 million.
 manufactures cans.
 operates three plants 51 percent owner joint venture aluminum plant france.
 employ 560 people.
acquisition aerocan metal packaging industry broaden customer base.


research design development manufacture integration support upgrade advanced military aircraft combat mobility unmanned vehicles technologies.
 programs include f-35 lightning c-130 hercules f-16 falcon f-22 raptor c-5m super galaxy.
 results.
 2013 2012
 net sales $ 14123 14953 14362
 operating profit
 operating margins. 4%.
 backlog year-end
 net sales decreased $ 830 million 6%.
 lower net sales $ 530 million f-16 program fewer deliveries 13 configuration $ million c-130 program 25 increased sustainment activities $ 255 million f-22 program $ 205 million decreased production volume $ 50 million contractual matter $ 270 million other programs decreased volume.
decreases offset higher sales $ 295 million f-35 contracts volume risk retirements $ 245 million c-5 program increased deliveries modernization $ 70 million f-35 development contract volume.
 profit decreased $ 87 million 2012.
 lower profit $ 85 million f-22 program $ 50 million $ 35 million risk retirements volume $ 70 million c-130 risk retirements deliveries $ 65 million c-5 program profit lower risk retirements $ 35 million f-16 program fewer deliveries sustainment.
 decreases offset higher operating profit $ 180 million f-35 contracts risk retirements volume.
 adjustments $ 85 million.
 $ 75 million lower net sales increased $ 591 million 4%.
increase higher sales $ 745 million f-35 increased volume $ 285 million f-16 higher deliveries 37 22 2011 offset lower volume $ 140 million c-5 higher deliveries four.
 lower net sales $ 365 million decreased production volume lower risk retirements f-22 $ 110 million f-35 contract profit booking rate lower volume $ 95 million decrease volume sustainment activities offset programs.
 sales c-130 comparable 2011 increased deliveries.


declined second lower resin costs.
 margins.
 raw material costs.
 freight costs operating costs increased.
 shorewood sales declined weaker demand home entertainment tobacco shipments consumer.
 sales margins improved.
 raw material costs lower freight.
 operating costs reorganization cost reduction.
 $ 7 million 2009 $ 30 million 2008.
 coated paperboard sales volumes increase price.
 raw material costs higher wood energy chemicals maintenance downtime costs.
 foodservice sales volumes.
 costs resins offset lower bleached board.
 shorewood decline.
 operating costs reorganization.
 consumer packaging net sales $ 315 million 300 2008 280 2007.
 operating earnings $ 66 million increased.
 sales volumes higher increased ship export.
 margins declined lower lower prices.
2010 sales volumes first quarter strong.
 margins improve increased price favorable geographic mix.
 input costs higher wood prices poland energy tariff increases russia.
 packaging sales $ 545 million 2009 390 million 2008 330 million 2007.
 earnings $ 24 million $ 13 million 2008 12 million 2007.
 improved earnings increased sales volumes higher lower input costs chemicals.
 loss 2008 $ 12 million pulp inventories shandong paper.
 start-up costs.
 diverse products services.
 sensitive advertising promotional spending.
 margins stable.
 best choice value.
 efficient customer service cost working capital management profitability.
.
 profit
 sales decreased 18% 2008 2007 profits decreased 51% 2007.
 sales printing papers graphic arts supplies equipment $ 4. 1 billion $.2008 4. 7 billion 2007.
 margins printing papers decreased 2007.
 revenue $ 1. 3 billion 1. 7 2008. 2007.
 margins higher improved product service mix.
 supplies revenue $ 1. 1 billion


operating cash flows impacted seasonality.
 third fourth quarters.
 2015 issued $ 900 million senior notes public offering.
 $ 400 million five-year 2020 coupon 3% 3 % $ 500 million ten-year 2025 4% 4 %.
 proceeds revolving credit facility corporate purposes.
 31 2017 outstanding commissions discounts $ 892. 6 million.
 2017 2016 2015.
.
 cash operating activities $ 600. $ 650. 5 $ 429. 2
 investing -287. -385. -766.
 -250.
 foreign exchange rate changes.
 increase $ 71. $ 13.
 cash $ 600. 3 million 2017 $ 650. 5 million 2016 $ 429. 2 million 2015.
 $ 50. 2 million decrease higher working capital higher inventory purchases higher net income.
$ 221. million increase 2015 2016 working capital higher net income.
 $ 287. 7 million 385. 2016 766.
 decrease $ 97. 4 million lower cost acquisitions $ 115. 1 million $ 15. million capital expenditures.
 $ 381. 5 million cost $ 413. million $ 20. 8 million higher capital spending.
 financing $ 250. 1 million 2017. $ 398. 8 million.
 change $. 2 million 372. higher share repurchases lower net borrowings $ 240. million.
.
 contributed $ 28. 4 million $ 2. 3 million plans.
 2018 contributions $ 12. 8 million.
 pension assets $ 656. 6 million 79% accumulated benefit obligation liability.
 liquidity minimum funding pension protection act 2006.
 operations.
currencies affect financial statements translated.
.


entergy arkansas.
 fuel power expenses increased deferred fuel 2004 cost.
 regulatory credits decreased over-recovery grand gulf costs.
 net revenue fuel power expenses regulatory credits.
 analysis change net revenue 2003 2002.
 2002 net revenue $ 1095.
 2002 settlement agreement -154.
 volume/weather.
 asset retirement obligation.
 wholesale revenue.
 deferred fuel cost revisions.
.
 2003 net revenue $ 998.
 2002 settlement agreement recovery ice storm costs 2000 offset.
 1997 settlement 11% return equity transition cost account offset stranded costs.
 ice storms left 226000 212500 entergy arkansas customers without electric power.
 recover charges power restoration.
 damage $ 195 million.
apsc approved settlement agreement 2002 entergy arkansas apsc staff attorney general.
 $ 153 million ice storm costs incremental offset against tca excess deferred amortized over 30 years.
 expenses exceeded tca funds $ 15. 8 million recorded regulatory asset june 2002.
 entergy arkansas $ 18. 1 million customers.
 apsc approved refund checks august 2002.
 tca procedure ceased 2001 earnings evaluation.
 remaining costs $ 32. 2 million addressed $ 22. 2 million capital additions $ 3. 8 million not recovered.
 net income $ 2. 2 million increase 2003 revenue offset operation maintenance expenses.


interest-earning assets unearned income fair value adjustments discounts acquired loans yield financial.
 timing revenue on estimates judgments assumptions contractual terms.
 changes revenue products market conditions industry norms.
 residential commercial mortgage rights measure fair value.
 risk management strategy hedge changes fair value.
 fair value estimated cash flow valuation model value future net servicing cash flows mortgage loan prepayment rates discount rates servicing costs economic factors market conditions.
 assumptions valuation model reflect estimate factors.
 sales active market precise terms conditions sales not available.
 obtains opinions from independent parties.
 cash flow transactions.
 compares residential msrs value.
 ranges valuation adjustment.
 2011 2010 residential msrs value not fallen outside brokers 2019 ranges.
residential msrs estimate fair value.
 commercial purchased loans sold servicing retained.
 trade active market precise terms conditions sales available.
 recorded fair value accounted lower amortized cost.
 evaluated impairment.
 mortgage servicing rights stratified type risk.
 fair value estimated internal valuation model.
 calculates future servicing cash flows revenue costs discount rates prepayment speeds.
 risk management strategies interest rates market factors.
 hedged with securities derivatives interest-rate swaps options futures contracts.
.
 hedge relationships managed market conditions.
 commercial msrs hedged derivatives decline interest rates.
 selecting instruments judgment prepayment speeds.
 hedging results less predictable short protect economic value.
 inputs december 31 2011 tables.
 expected rates mortgage loan prepayments fair value.
uses third-party model residential commercial loan prepayments.
 refined market conditions.
 future interest rates important valuation.
 utilizes market forward interest rates mortgage discount rates.
 derived current yield curve.
 interest consistent pricing capital markets instruments.
 changes forward curve volatility fair value estimate.
 residential mortgage servicing rights.
 $ $ 1033
 weighted-average life 3. 5
 prepayment rate 22. 10%. % 61%. 61 %
 11. 77%. 77 %
 prepayment. 77%. changes prepayment rate reflect impact rates prepayment expectations model changes.
 pnc financial services group.
 2013 form


valero energy corporation subsidiaries financial statements commodity price risk exposed risks crude oil refined products grain natural gas.
 reduce impact price volatility use commodity derivative instruments futures swaps options.
 futures liquidity flexibility hedging.
 swaps manage price exposure.
 positions commodity derivative instruments monitored risk control group risk management policy.
 use fair value hedges cash flow hedges economic hedges.
 commodity derivative instruments trading.
.
 fair value hedges hedge price volatility refining inventories commitments purchase inventories.
 activity based operating inventories.
 december 31 2012 outstanding commodity derivative instruments hedge crude oil refined product inventories fixed price.
 volume contracts by type instrument year maturity.
.
instrument 2013
 crude oil refined products
 futures 1052
 4857
 contracts


.
 investments.
 fixed maturity equity reflect unrealized appreciation depreciation temporary changes market value taxes income.
 fixed maturity equity securities reflect capital gains losses.
 records changes fair value fixed maturities cash flows settle losses adjustment liabilities.
 anticipates holding investments extended period cash flow payout liabilities.
 fixed maturities convertible bond securities foreign denominated fixed maturity securities settle loss adjustment reserves currency.
 carries equity securities fair value mutual fund investments fixed maturity securities.
 reflects changes value net capital gains losses.
 interest income dividend income equity securities net investment income.
 unrealized losses fixed maturities charged to net income capital losses.
 short-term investments stated at cost market value.
gains losses investments determined cost.
 non- publicly traded securities market prices determined pricing models.
 treasury yield curve issue type credit quality cash flow.
 publicly traded securities market value based market prices models.
 inactive company assumptions cash flows risk-adjusted discount rates fair value.
 retrospective adjustments values asset-backed securities.
 acquisition yield.
 book value.
 factors prepayment history.
 conditional prepayment rates maturities.
 invested assets limited partnerships trusts.
 accounted equity method accounting recorded monthly.
.
 uncollectible receivable balances.
 reserves for uncollectible reinsurance recoverable premium receivable balances.
 reserves presented table.
 2014
 reinsurance 29497 29905


2000 non-employee director stock option plan global payments.
 2011 incentive plan.
 no grants 2000 after 2005 director stock option plan expired february 1 2011.
 no future grants 2000 2005.
 2011 plan permits grants equity employees officers directors consultants.
 14. million shares common stock reserved.
 table share compensation expense income tax benefit 2016 2015 2014.
 compensation expense $ 30809 21056
 income tax benefit $ 9879 6907
 awards 201clong-term incentive plan. awards held escrow released grantee satisfaction conditions.
 awards vest grantee not employed vesting shares forfeited.
 transferred.
 before 2015 equal installments first four anniversaries.
 during 2015 three-year service period.
grant date fair value restricted stock based on market value common closing award date recognized share-based compensation expense over vesting period.
 executives granted long-term incentive plan.
 performance-based restricted stock after convert into common shares.
 performance measures.
 target measures set by compensation committee.
 units converted after performance.
 units granted 2014 one-year performance period.
 25% converted to unrestricted shares.
 75% converted restricted shares anniversaries.
 units granted 2015 2016 three-year performance period.
 convert into unrestricted common stock.
 performance-based outcomes.
 grantee earn up to 200% target shares.
 awards performance conditions compensation expense over performance period grant date fair value based on shares earned performance goals.
shares performance cumulative adjustment compensation expense revised.
 global payments inc.
 10-k annual report 2013


purchase november 2008 units reflected diluted earnings per share calculations treasury stock method defined sfas.
 128.
 increased excess shares issued settlement less purchased average price.
 dilution average market price common stock above $ 21. 816.
 2005 $ 250 million three-year facility.
 investment november 2007 terminated unamortized debt issuance costs expensed.
 debt covenants.
 december 31 2007 compliance.
 early extinguishment debt 2006 called remaining $ 185. 2 million notes redemption.
 $ 0. 7 million loss early extinguishment debt unamortized debt.
 early extinguishments debt 2005.
 multiple term loans institutions.
 collateralized equipment other borrowings balance sheet.
 sold.
 future maturities debt principal payments december 31 2007 years december 31.
2008 2014
 453815
 2012
 2996337
 future payments debt 3450152
 -427454
 3022698


contents finance lease obligations company non lease agreement building 164000 square feet alajuela costa rica manufacturing office facility.
 responsible construction costs asc 840 owner construction.
 completed 2008 fair market value $ 15. 1 million.
 $ 1. 6 million accrued expenses $ 16. 9 million long-term liabilities.
 lease commenced may 2008 ten years option extend two 5-year terms.
 reviewed lease sale-leaseback treatment.
 lease qualify sale-leaseback.
 building leasehold improvements liabilities remain financial statements depreciated 35 years.
 future minimum lease payments principal interest.
 2012 1616
 2013 1672
 2014 1731
 2015 1791
 2016 1854
 3643
 12307
 interest
 8290
company non-cancelable lease agreement building 146000 square feet marlborough massachusetts additional manufacturing facility.
 lessor renovations 2019s manufacturing needs.
 responsible construction costs owner during construction.
 $ 13. 2 million market value consolidated balance sheet.
 $ 1. 0 million accrued expenses $ 15. 9 million long-term liabilities.
 lease 12 years november 14 2006 option extend two 5-year terms.
 lease sale-leaseback treatment.
 improvements liabilities remain financial statements leasehold improvements depreciated 35 years.
 hologic inc november 23 2011 information not copied not warranted accurate timely.
 user assumes risks damages losses.
 past financial performance no guarantee future.


sysco corporation sales by type customer past three fiscal years.
 2019 2018 2017
 restaurants 62% 62 % )
 education government
 travel leisure retail
 healthcare
 100% 100 %
 cafeterias bakeries caterers churches civic fraternal vending distributors distributors international exports.
 exceeded 5% total sales.
 purchase thousands suppliers domestic international more 10% purchases.
 suppliers large corporations private label independent regional brand private label processors packers.
 provide specialty seasonal products small mid-sized producers locally sourced products.
 differentiate satisfy support local communities.
 purchasing centrally developed programs direct purchasing programs companies.
 consolidated product procurement program quality food non-food products.
program covers purchasing marketing branded merchandise from national brand suppliers all product lines.
 products purchased internationally optimize supply chain.
 sysco operating companies purchase from consolidated programs products available.
 focus increasing profitability lowering operating costs inventory facility expansion needs value to suppliers customers.
 growth funded through cash flow operations commercial paper issuances long-term borrowings.
.
 extend credit terms customers cash on delivery to 30 days.
 monitor suspend shipments if necessary.
 sales orders filled within 24 hours.
 maintain inventory on hand demand.
.
 additional volumes based supply pricing opportunities.
 advantage cash discounts receive payment terms weekly to 45 days.
 corporate headquarters services center staff services for employees suppliers customers.
administration accounting finance treasury legal technology payroll benefits risk insurance sales marketing merchandising logistics human resources strategy tax compliance.
 corporate office chain warehousing distribution space energy conservation fleet.


2005 results reduction gross profit decrease inventory $ 5. 2 million.
 store pre-opening costs construction expensed.
 property equipment recorded cost.
 depreciation amortization estimated useful lives.
 land improvements
 buildings
 furniture fixtures equipment
 leased properties amortized lease term life.
 impairment long-lived assets evaluates carrying value operating performance future cash flows.
 reviews impairment stores two years cash flows negative.
 carrying value exceeds undiscounted future cash flows.
 estimate historical operations future profitability.
 asset impaired impairment equal difference carrying value asset fair value.
 value estimated future cash flows risk-free rate estimates market value.
 assets adjusted fair value less cost sell less book value.
company charges $ 9. 4 million 2006 $ 0. 6 million 2005 $. 2 million 2004 value negative sales cash.
 2006 charges strategic initiatives.
 long-term investments expenses debt costs utility deposits insurance goodwill.


no changes 2019s valuation techniques asc 820.
 no assets liabilities nonrecurring.
.
 stockholders 2007 board authorized $ 150. million common stock repurchase program.
 no expiration date.
 repurchased 3818729 shares 3142600 2008 2007.
 retired 2008.
 no shares repurchased 2009.
 $ 65. million $ 150. authorization remained repurchase stock.
.
 $ 41. million $ 43. million 2009 2008.
 commitments energy optimization projects $ 156. million.
 leases facilities rights 91000 acres timberland long-term leases.
 leases equipment vehicles rolling stock assets two seven years.
 minimum lease payments non-cancelable leases.
 2011 25181
 17338
 2013 11557
 2014
 lease expense rent executory costs insurance taxes maintenance 2009 2008 2007 $ 41. 3 million. $ 39. million.
 goods administrative expenses.
 capital leases machinery $ 23. 1 million $. 7 million 2009 2008.
 fourth quarter 2008 capital lease machinery $ 23. million payable 20 years.
 non-cash excluded statements


2014 benefit plans pension plans employees united states international locations.
 postretirement healthcare life insurance benefits domestic retirees international countries.
 measurement date benefit plans september 30.
 january 1 2018.
 pension plan frozen participation employees hired re-hired net pension cost years september 30.
 plans 2018 2017 2016
 service cost $ 136 $ 110 $
 interest cost
 return assets -154 -112 -109
 amortization service credit
 loss 78
 settlements
 net pension cost $ 137 $ 138 $
 $ 34 43
 amortization service credit loss reclassifications credits actuarial losses.
 settlement losses 2018 2016 lump sum benefit payments.
 supplemental pension plan.
 pension settlements exceed service interest cost net pension cost.


consolidated financial statements accounting policies retirement obligations records obligations assets costs.
.
 reviews obligations acquisition construction development use.
 legal obligation fair value recognized.
 added carrying amount depreciated.
 difference future cash flow present value accreted lease operating expense.
 asset retirement obligations commitments return property original condition lease termination.
 table asset retirement liabilities 2004 2005 millions.
 retirement liability september 27 2003 $ 7.
 obligations.
.
 liability september 25 2004 $.
.
.
 liability september 24 2005 $ 11.
 accounting changes 2003 recognized net favorable cumulative adjustment $ 1 million adoption sfas.
 150 accounting financial instruments liabilities equity.
.
long-lived assets goodwill acquired company reviews property plant equipment intangibles excluding goodwill for impairment.
 recoverability measured carrying amount future cash flows.
 impaired impairment equals carrying value exceeds fair market value.
 three fiscal years 24 2005 no material impairment long-lived assets except restructuring actions note 5.
.
 goodwill intangible assets tested for impairment annually.
 performs goodwill impairment tests august 30 each.
 goodwill impairment charges 2005 2004 2003.
 established reporting units.
 testing goodwill


.
 financial statements states jurisdictions tax credits.
 deferred tax assets offset valuation allowance.
.
 taxes foreign subsidiaries unless reinvested exempted tax system.
.
 tax liability reduced taxes.
 november 30 cumulative earnings.
 $ 275 million.
 unrecognized deferred tax liability $ 57. 8 million.
 net operating loss carryforwards $ 881. 1 million federal $. 7 million state.
 foreign tax credit carryforwards $ 8. million $ 189. million $ 14. million.
 credits expire 2019 2036.
 federal carried indefinitely.
 reduced valuation allowance annual limitation revenue code section 382.
 valuation allowance $ 174. 5 million deferred tax assets.
 2018 total change valuation allowance $ 80. 9 million.
uncertainty income taxes 2018 2017 changes unrecognized tax benefits summarized.
 balance $ 172945 $ 178413
 increases benefits 2013 16191 3680
 decreases -4000 -30166
 increases 24927
 settlements taxing -3876
 statute limitations -45922 -8819
 exchange gains losses -3783 3783 8786
 balance $ 196152 $ 172945
 accrued interest penalties $ 24. 6 million $ 23. 6 million 2018 2017.
 long-term income taxes.
 income tax returns states.
 jurisdictions.
 continual examination.
 major tax jurisdictions ireland california united states.
 earliest years examination 2008 2014 2015.
 assess outcomes adjustments.
believe estimates reasonable no assurance final determination operating results financial position.
 timing resolution tax uncertain tax payments audit settlement.
 cause fluctuations assets liabilities taxes.
 next 12 months audits conclude statutes limitations tax expire.
 uncertainties determine tax benefits $ 0 to $ 45 million.


management financial operations debt decreased $ 30. 8 million 2001 $ 22. 9 million 2002 paid $ 13. 5 million debt lower borrowings.
 paid $ 128. 5 million debt 2001.
 expense $ 500 million unsecured line credit decreased $ 1. 1 million 2002 lower balances.
 earnings rental operations decreased $ 35. million $ 254. 1 million to $ 219. 1 million 2002.
 leasing management construction development services.
 revenues decreased $ 80. 5 million to $ 68. 6 million 2002.
 slow economy.
 $ 12. 7 million general contractor revenues construction lower profit margins.
 property management leasing revenues decreased $ 22. 8 million 2001 to $ 14. 3 million 2002 decrease landscaping maintenance revenue sale.
 construction development income fees profits program.
increase revenues $ 10. 3 million 2002 due to sale properties.
 service operations expenses decreased from $ 45. 3 million 2001 to $ 38. 3 million 2002.
 decrease construction development activity reduced overhead costs sale landscape business.
 earnings from service operations decreased from $ 35. 1 million to $ 30. 3 million 2002.
 increased from $ 15. 6 million 2001 to $ 25. 4 million 2002.
 costs reduced construction development overhead expense.
 gain on sale land depreciable property dispositions gain sales depreciable properties rental properties.
.
 reduced property sales program until.
 gain land sales undeveloped land.
.
 recorded $ 9. 4 million adjustment 2002 six properties book value.
 no additional valuation adjustments december 31 2002.
 adjustment $ 4.million 2001 property less book value.
 revenue 31 2002 1. 4 million gain interest rate swap hedge accounting.
 gain depreciable properties $ 4491 45428
 land sales 4478
 adjustment -4800
 45708


marketaxess holdings.
 consolidated financial statements 2014 effect financial operations.
.
 net income.
 march 5 2008 acquired capital stock greenline financial technologies.
 illinois provider integration management solutions ten percent capital stock tradehelm. delaware.
 broadens technology services client base diversifies revenues beyond trading.
 results operations greenline included in consolidated financial statements acquisition.
 consideration acquisition $ 41. 1 million $ 34. 7 million cash 725923 shares common stock $ 5. $ 0. 6 million acquisition-related costs.
 sellers $ 3. million cash earn- out targets 2008 2009.
 $ 1. 4 million paid 2009 $ 42. 4 million.
 2009 earn-out target.
 $ 2.purchase price deposited escrow indemnity distributed sellers 2009.
 shares common stock released installments december 2008 2009.
 value discounted market non-marketability.
 purchase price allocation amortizable intangibles $. million acquired technology $. million customer relationships 1. million non-competition agreements $. million tradenames.
 ten five years customer relationships.
 not deductible tax.
 financial information december 2008 2007.
 not indicative results.
.
 acquisitions.
 cash 6406
 accounts receivable 2139
 amortizable intangibles 8330
 goodwill 29405
 deferred tax assets 3410
 other assets 1429
 accounts payable accrued expenses deferred revenue
 purchase price $ 42418


new york stock exchange 201cseparation.
 pro-rata dividend distribution july 2 2016 shares fortive corporation june 15.
 201cfortive refer consolidated subsidiaries.
 sales three years december 31 2017.
 note 17 consolidated financial statements.
 2016 2015
 professional instrumentation 47% 47 % 46% 46 % 48% 48 %
 industrial technologies 53% 53 % 54% 54 % 52% 52 %
 products software services intelligence parameters electrical current radio frequency distance pressure temperature radiation hazardous gases.
 industrial medical technicians safety professionals.
 2017 sales north america 50% 50 % europe 18% % asia pacific 26% 26 % other regions 6% 6 %.
 advanced instrumentation solutions sensing technologies.
advanced instrumentation solutions business established qualitrol fluke pacific scientific tektronix invetech keithley instruments emaint industrial scientific landauer bolt-on.
 test tools thermal imaging calibration equipment electrical industrial electronic online monitoring gas detection consumables software subscription services radiation exposure computerized maintenance software utility energy construction safety mining healthcare.
 measure voltage current resistance power frequency pressure temperature radiation hazardous gas air quality.
 users electrical engineers electricians electronic technicians safety professionals medical network first-responders industrial installation maintenance professionals.
 sells instruments controls monitoring maintenance systems transformers generators motors switchgear.
 marketed brands fluke landauer.
 developers engineers product creation cycle.
test measurement products design manufacturing electronics industrial video technologies.
 users engineers video manufacturers content developers broadcasters.
 provides design engineering manufacturing services modular components medical diagnostics cell therapy consumer markets.
 designs develops manufactures markets energetic materials components specialized applications.


devon energy subsidiaries financial statements 2013 changes reserves 2014.
.
 reserves december 31 2013 258  443 701
 extensions discoveries 153
 revisions due prices -1 35
 -61 61 -43
 sale reserves -4 -2 -6
 conversion reserves -49 -89
 reserves december 31 2014 384 689
 689 undeveloped reserves.
 2 percent decrease 2013 25 percent reserves.
 drilling development increased reserves 161 89 13 percent 2013 reserves reserves.
 costs development conversion $ 1. billion 2014.
 revisions price decreased reserves 43 evaluations.
 onshore dry-gas areas.
 largest revisions 69 mmboe dry-gas areas shale north texas.
 reserves 2014 jackfish operations.
2014 devon jackfish undeveloped reserves 384 441 mmboe.
 development controlled processing plants 35000 barrel capacity.
 steam capacity-oil ratios.
 steam bitumen processing facilities.
 5 years conversion reserves.
 reserves undeveloped five years.
 development schedule extends 2031.
 reserves increased 9 higher gas prices barnett shale anadarko basin bitumen prices lower-royalty volumes.
 reserves increased 94 gas prices.
 43 19 rocky mountain.
 reserves decreased 171 lower gas prices.
 barnett shale 25 rocky mountain.


visa inc.
 financial statements 2014-based compensation 2007 equity incentive plan authorizes grant non-qualified stock options restricted stock awards units performance-based shares employees directors 236 million shares common stock.
 shares authorized acquired.
 until common stock delivered restrictions lapsed unless terminated board.
 amendment february 3 awards granted until january 31 2022.
-based compensation cost net forfeitures straight-line graded-vesting.
 forfeiture rate historical forfeiture data.
 fiscal 2016 2015 2014 share-based compensation cost $ 211 million $ 184 million $ 172 million.
 tax benefits $ 62 million  $ 54 million $ 51 million.
 capitalized share-based compensation cost immaterial 2016 amounts reflect four-for-one stock split second quarter fiscal 2015.
note 14 2014stockholders 2019 equity.
 options expire 10 years vest 3 years vesting.
 2016 2015 2014 fair value stock option estimated grant black-scholes pricing model weighted-average assumptions.
 expected term. 35. 55
 risk-free rate return. 5%. 5 %. 3 %
 volatility. 7%. 7 %. 2%. 2 %
 dividend yield. 7%. 7 %. 8%. 8 %. 8%.
 fair value option $ 15. 12. 11
 based historical option exercises peer companies.
 data weighted years measurement date initial public offering contractual term.
 relative weighting peer data fiscal 2016 77% 23% 23 % 67% % 33% % 2015 58% 42% 2014.


performance graph not 201csoliciting filed incorporated valero filings securities act 1933 exchange act 1934.
 historical data not indicative future performance.
 compares return common stock against s&p 500 composite index peer companies five-year period 2006 2011.
 peer group nine companies refining. alon energy. chevron cvr. exxon mobil hess hollyfrontier marathon petroleum tesoro western refining.
 conocophillips marathon murphy sunoco. not exited refining.
 frontier oil holly represented hollyfrontier corporation.
 valero common stock $ 100. $ 137. 91 $ 43. 38 34. 48. 28 $ 44. 49
 s&p 500. 105. 49 66. 84.
 peer group. 127. 94. 112. 51.
 peer group 100.
 investment valero stock index $ 100 31 2006.
 return share price appreciation reinvestment dividends 2006 2011.


management receivables allowances trends impairment.
 receivable amounts collected.
 additions allowances accounts maintained adjustments credit losses charged earnings amounts uncollectable charged against allowances recovered charged-off accounts increase allowances.
 charge-offs include losses charged-off interest fees.
 recovered interest fees recorded.
 finance receivables assessed charge-off 120 days past due charged-off within 60 days asset repossession.
 receivables equipment leases 150 days past due franchise finance leases 180 days past return date.
 customer bankruptcies charged-off debt reaffirmed 180 days past due.
 trade accounts finance contract receivables credit risk diversified portfolio.
 note 3 information receivables allowances.
 supplemental balance sheet information liabilities 2013 2012 end.
taxes $ 7. $ 19.
 restructuring 4. 7.
 warranty 17. 18.
 deferred subscription revenue 26. 24. 8
 property payroll taxes 31. 32.
 selling promotion expense 24. 5 26.
 132. 117.
 liabilities $ 243. $ 247.
-on values inventory adjusts excess obsolete unmarketable.
 allowances excess obsolete inventory future demand market conditions.
 allowances materials age inspection.
 reviews stock-keeping units category life cycle.
 cost adjustments historical experience sales promotions technological obsolescence inventory age conditions.
 marketability adjustments allowances.
 adopted inventory valuation method 1973.
.
.
 inventories purchased manufactured.
 manufacturing facilities tools storage.
snap-on businesses 1990 retained inventory valuation methodology adopt lifo inventory new acquisitions.
 note 4.
 property equipment stated cost less accumulated depreciation amortization.
 useful lives.
 major repairs life capitalized routine maintenance repairs expensed.
 capitalized software developed software amortized straight-line estimated useful lives.
 long-lived assets evaluated impairment.
 note 5.
 2013 annual report


solexa.
 26 2007 assumed 4489686 warrants.
 28 2008 401362 warrants exercised cash proceeds $ 3. million.
 252164 warrants expired.
.
 price expiration date
. 4/25/2010
.
. 11
. 1/19/2011
. 2/15/2014
 21359850
 warrants convertible senior notes.
 $ 400. million 2007 repurchased 11. 6 million shares common stock $ 201. million.
 20 2007 rule 10b5-1 trading plan repurchase $ 75. million common stock six months.
 repurchased 3. 2 million shares $ 50. million.
 30 plan expired.
 october 23 2008 authorized $ 120. million stock repurchase program.
 repurchased 3. 1 million shares $ 70.8 million plan open-market transactions rule 10b-18 securities exchange act 1934.
 december 28 2008 $ 49. 2 million authorized future repurchases.
 stockholder rights plan may 3  2001 board declared dividend one preferred share purchase right each share common stock.
 dividend payable may 14  2001 stockholders.
 right entitles purchase one unit-thousandth junior participating preferred stock $ 100 per unit.
 rights exercisable person group acquires ownership 15% common stock offer.
 right purchase shares market value two times exercise price.
 acquired merger business combination transaction right purchase shares acquiring.
 consolidated financial statements 2014


transaction commercial issues businesses.
 skills valuable monitor regulatory tariff schemes capital budgeting acquisitions.
 expects cost reduction performance improvement earnings cash flows no assurance reductions less earnings cash flows 2004.
 initiative sell subsidiaries.
 dependence capital markets balance sheet financial leverage liquidity.
 chart details asset sales closed 2003.
 proceeds project date.
 cilcorp/medina valley january 2003 $ 495 united states
. $ 59 australia
 mountainview $ 30
 $ 29 south africa
 $ 94 tanzania
 barry$ 62 united
 haripur $ 145 bangladesh
 telasi $ 23 republic georgia
 operations$ 78
 oasis $ 150 pakistan/oman
 portfolio business performance dispose additional businesses.
improvements liquidity lower emphasis asset sales improving liquidity strengthening balance sheet.
 no guarantee proceeds cover investment subsidiaries.
 sale may change financial characteristics portfolio results.
 future sales impact recurring earnings cash flows.
 subsidiary restructuring 2003 restructuring transactions south american businesses.
 efforts improving long-term prospects returns extending short-term debt maturities.
 businesses impacted eletropaulo tiete uruguaiana sul brazil gener chile.
.
 interest eletropaulo since 1998.
 2002 acquired controlling interest.
 financed acquisition eletropaulo loans deferred purchase financing brazilian national development bank subsidiary.
 subsidiaries.
 transgas.
.


corporate treasury results unallocated expenses offsets line-item reclassifications discontinued operations unallocated taxes.
 2007 2006.
 interest revenue $ -1288 1288 -461 -345
 non-interest revenue -599
 interest expense $ -850 $ -752 -944
 operating expenses 526
 loan losses benefits claims
 loss operations taxes interest $ -1377 ( 1377 -2580 -1150
 tax benefits -421 -922 -498
 loss operations $ -954 ( 954 -1661 -654 (
 discontinued operations
 income $ 3456 -1033 433
.
 interest expense sale assets inter-segment eliminations treasury hedging.
 operating expenses restructuring charges reductions incentive compensation benefits.
operations sale citigroup banking citicapital.
 note 3 statements 136.
.
 2006 revenues interest expense improved treasury results gain sale assets inter-segment eliminations.
 expenses increased restructuring staffing technology unallocated expenses eliminations.
 income tax benefits higher pretax loss 2007 tax reserve $ 69 million 2006.
 discontinued operations asset management life insurance annuities.
 gains tax benefits gain tax reserve release $ 76 million.


mastercard incorporated financial statements 2014 table summarizes expected benefit payments through 2018 company assets.
-sum distributions may differ.
 2009 19766
 2010 18182
 2011 25518
 2012 21029
 24578
 2018 118709
.
 employees participate defined contribution savings plan.
 contribute base compensation pre-tax after-tax.
 company matches contributions limits.
 discretionary profit sharing performance.
 paid short-term cash incentive bonus.
 company defined contribution plans outside united states.
 contribution expense $ 35341 $ 26996 $ 43594 2008 2007 2006.
 value appreciation program incentive compensation plan 1995.
 annual awards participants 1998 net appreciation securities mastercard.
 1999 replaced executive incentive plan senior executive incentive plan note 16 share based payments benefits.
contributions vap discontinued assets disbursed no liability 2008.
 liability 2007 $ 986.
 expense benefit $ 6 267 $ 3406 years 2008 2007 2006.
.
 health life insurance.
 employees retirees hired before 1 2007.
 amended life insurance benefits january 1 2007.
 $ 1715 income 2007.


year 30 2014 cash $ 1638. plant equipment.
 2013 $ 1697. acquisitions.
 year 30 2012 $ 2435. plant equipment acquisitions investments unconsolidated affiliates.
 capital expenditures section.
.
 2013
 additions plant equipment $ 1684. $ 1524. $ 1521.
 acquisitions cash 2014 224. 863.
 investments unconsolidated affiliates -2. 175.
 expenditures $ 1682. $ 1747. $ 2559.
 lease expenditures 202. 234. 212.
 purchase noncontrolling interests. 14.
 expenditures non-gaap basis $ 1885. $ 1996. $ 2778.
 non-gaap measure expenditures facilities capital leases purchases noncontrolling interests.
 contracts leases qualifies capital lease.
payment for subsidiary shares equity transaction reflected financing in cash flows.
 non-gaap measure.
 capital expenditures 2014 totaled $ 1682. $ 1747. 2013.
 decrease $ 65. due to acquisitions 2013.
 additions plant equipment merchant gases tonnage gases businesses.
 distribution equipment facility improvements.
 2014 2013 oxygen coal gasification hydrogen renewable energy.
 2013 three acquisitions $ 224.
 acquired air separation unit gases liquefier guiyang.
 acquired epco.
 producer liquid carbon dioxide.
 controlling stake in indura.
 for $ 690.
. 50% interest $ 147.
 purchased 25% equity interest in abdullah hashim industrial gases equipment.
.
 for $ 155.
 note 5 7.
expenditures non-gaap 2014 $ 1885. $ 1996. 2013.
 lease expenditures $ 202. decreased $ 32. lower spending.
 expenditures new plant equipment $ 1650 $ 1800 non-gaap $ 1700 $ 1900.
 leases $ 50 $ 100.
 majority new plants.
 funded cash operations.
 evaluate acquisition opportunities equity affiliates.
 2014 cash $ 504. dividends $ 627. offset stock option exercises $ 141.
 borrowings cash $ 1. $ 148. commercial short-term debt


performance graph five-year return common shares standard 500 index national association real estate trusts equity index.
 $ 100 invested december 31 2007 common shares s&p 500 nareit equity index dividends reinvested commissions.
 no assurance performance trends.
 2012
 vornado realty trust $ 100 $ 72 89 110 105 114
 s&p 500 index 63 80 94
 nareit all equity index


tower corporation unrecognized tax benefits change 12 months matters statute limitations.
 zero to $ 10. 8 million.
 unrecognized tax benefits years december 31.
 2015
 balance january 1 $ 28114 $ 31947 $ 32545
 additions tax positions
 additions prior years
 -307 -5371
 reduction statute limitations settlements -3168 -5349
 balance december 31 $ 107551 $ 28114 $ 31947
 2014 statute limitations unrecognized tax benefits lapsed positions settled $ 3. 2 million $. 5 million $. million liability uncertain tax benefits income tax.
 penalties interest $ 9. million $. $ 6. million years 2016 2015 2014.
expiration statute limitations company reduced liability penalties interest tax 2016 2015 2014 by $ 3. 4 million $ 3. 1 million $ 9. 9 million.
 accrued interest penalties balance were $ 24. 3 million $ 20. 2 million.
 filed consolidated income tax returns.
 federal.
 subject examination.
 jurisdictions tax years.
 years open examination after carryforwards.
 assesses additional assessments.
 adequate provisions taxes 2016.
.
 compensation maintains equity incentive plans stock-based awards directors officers employees.
 2007 equity incentive plan non-qualified incentive stock options restricted stock units awards.
 not less than fair value underlying common stock grant.
 awards over four years three years psus.
 expire 10 years from grant.
 december 31 2016 company awards 9. 5 million shares 2007 plan.
 maintains employee stock purchase plan employees purchase common stock-annual closing market value.
 periods june 1 november 30 december 1 through may 31.
 2016 2015 2014 stock-based compensation expenses thousands


republic services.
 financial statements quality institutions.
 balances fdic insured limits.
 monitor credit worthiness financial institutions deposits.
 credit risk accounts limited variety customers markets dispersion operations.
 small-container large-container municipal residential energy services customers united states puerto rico.
 credit evaluations require collateral receivables.
 allowance doubtful accounts credit risk age historical trends economic conditions.
 collection transfer recycling disposal energy services.
 recorded billed earned claims settled cash.
 estimated realizable value.
 provisions evaluated monthly historical collection experience age information economic conditions.
 review outstanding balances.
 reserves 90 days.
 past due receivable balances written-off collection unsuccessful.
 activity allowance doubtful accounts years ended december 31.
$ 44. $ 46. 7 $ 38. 9
 additions 30. 6 20. 4 22. 7
 accounts written-off. 7 35. 23. 9 14.
 end year $ 38. 9 $ 44. $ 46. 7
 restricted cash securities december 31 2017 $ 141. million securities $ 71. 4 million insurance workers compensation general liability auto liability.
 obtain funds tax-exempt bonds expenditures landfills transfer stations collection recycling centers.
 deposited trust accounts.
 restricted cash securities.
 financial assurance agencies collection contracts landfills environmental remediation permits business licenses.
 cash trust funds escrow accounts.
 cost.
 additions improvements maintenance repairs.


33vornado realty supermarkets home improvement stores discount apparel warehouse clubs.
 offer necessities food health aids clothing building materials home improvement supplies price location.
 green acres mall long island. million square feet anchored sears.
 penney.
 plaza 175000 square foot shopping center anchored wal-mart national wholesale liquidators.
 plans 100000 square feet retail parking decks.
 ground lease. wholesale club free-standing store.
 expansion renovation 2007.
 monmouth mall eatontown. 4 million square feet anchored taylor.
.
 80000 square feet retail.
 expansion 2007.
 broadway mall hicksville. million square feet anchored macy 2019s ikea multiplex target 141000 square.
bergen mall paramus new jersey 900000 square feet.
 plans demolish 300000 construct 580000 square feet retail total square footage 1360000 180000 square feet land leased.
 480000 square feet redevelopment leased 236000 square feet century 21 whole foods.
 governmental approvals.
 expansion renovations 2008.
 montehiedra mall san juan puerto rico 563000 square feet anchored home depot kmart marshalls.
 south hills mall poughkeepsie new york 668000 square feet anchored kmart burlington coat factory.
.
 las catalinas mall san juan puerto rico 495000 feet anchored kmart sears 140000 square foot store.
 rate 95. 6%.
 rent.
.
.
.3%. 3 %.
 2002 9295000. 7 %.
 9008000. %.


american living launched jcpenney 2008 tradition style family home lauren.
 menswear womenswear childrenswear accessories home furnishings american spirit modern style superior quality.
 lifestyle essentials eye-catching looks contemporary style.
 jcpenney jcp.
 translates lauren line men women children home.
 casual basics silhouettes classics enduring affordable.
 men 2019s collection department specialty stores.
 women children home.
 wholesale segment sells products upscale mid-tier department stores specialty stores golf pro shops.
 brand unproductive doors-store product assortment presentation full-price sell-throughs.
 2009 ralph lauren products sold 6100 doors worldwide invested $ 35 million domestic stores.
 major wholesale customers north.
europe wholesale sales department stores specialty shops.
 collection brands 2014 ralph lauren 2019s distributed premier fashion retailers.
 sell excess out- of-season secondary distribution channels factory stores.
 japan distributed shop-within-shops premiere department stores.
 ralph lauren.
 black expanding shop-within-shop top department stores.
 doors geographic location lauren products channels march 28 2009.
 united states canada 2104
 europe 3873
 japan
 6097
 asia/pacific products distributed licensing partners.


performance graph compares shareholder returns standard 2019s information technology index 500 stock index past five years.
 investment $ 100 common stock index may 31 2003 reinvestment dividends.
 5 year return global payments. s&p 500 index information technology index.
 $ 100 invested 5/31/03 reinvestment dividends.
 year 31.
.
 2003 100.
 2004 137. 118. 121.
 2005 205.
 2006 276. 139.
 2007 238. 170.
 281. 159.
 purchases equity securities 2007 board approved share repurchase program purchase $ 100 million global payments 2019 stock market.
 repurchased 2. 3 million shares common stock.
 authorization no expiration.
 repurchased shares available future issuance.


item 1.
 business.
 altria group.
 holding company commonwealth virginia 1985.
 december 31 2014. subsidiaries philip morris usa.
 manufacture sale cigarettes john middleton.
 manufacture sale machine-made large cigars pipe tobacco subsidiary ust llc 201d subsidiaries.
 smokeless tobacco company.
 michelle wine estates.
.
 manufacture sale smokeless tobacco wine.
. companies nu mark llc manufacture sale tobacco products philip morris capital corporation finance assets leveraged leases.
.
 subsidiaries distribution company sales distribution consumer services.
 client services. support services legal regulatory finance resources affairs.
.
 december 31 2014.
held 27% economic voting interest sabmiller plc altria group.
 accounts equity method accounting.
.
 holding company access operating cash flows subsidiaries dividends distributions interest intercompany loans.
 december 31 2014. principal subsidiaries not limited long debt pay cash dividends distributions.
.
 receives cash dividends interest sabmiller.
. reportable segments smokeable smokeless products wine.
 financial services innovative tobacco products businesses included reduction lease portfolio pmcc financial contribution. consolidated results.
. reviews income resources segments.
 before amortization intangibles corporate expenses.
 interest debt expense income taxes managed level not presented segment excluded from segment profitability.
 net revenues income before taxes each segment last three years note 15.
reporting consolidated financial statements item 8.
 form 10-k.
 assets not disclosed altria group. decision
 goodwill intangible assets disclosed note 4.
.
 accounting policies same note 2.
 accounting policies.
 relative percentages operating companies income loss reportable segment.
 2013 smokeable products 87. 2%. 2 % 84. 5%. 5 % 83. 7%. 7 % )
 smokeless products 13. 4 12.
.
 -2. 3
 100.
 comparability relative percentages operating companies income loss segment note 15.
 reporting consolidated financial statements item 8 201d.
 description business portions included item 7.
 financial condition results operations results business segment annual report form 10-k.
 altria group.tobacco companies pm usa usstc ust middleton nu mark.
 altria sales engagement.
 products. subsidiaries include smokeable tobacco products cigarettes pm usa machine-made.


shareholder return entergy corporation nine-year between.
 leonard's appointment 1999 and 2008 exceeded industry peer group companies.
 utility companies.
 additional information stock options 2008 see 2008 grants awards table.
 options must exercise price equal to closing fair market value entergy corporation common stock grant.
 guidelines executive officer stock ownership equal multiple salary.
 stock option 1 2003 must retain 75% after-tax net profit from stock option.
 policy granting options.
 grants options executive officers january annual executive compensation decisions.
 grant options newly hired employees for retention limited purposes.
 restricted equity plans represent shares common stock.
 grants units for retention offset forfeited compensation.
 conditions satisfied restrictions lift end period cash equivalent value paid.
settlement price equal to restricted units multiplied by closing price entergy corporation common stock.
 units not entitled to dividends voting rights.
 time-based subject to employment two- to five-year period.
 january 2008 committee granted.
 denault chief financial officer 24000 restricted units.
 strategic challenges.
 denault's services.
 competitive market.
 role leadership.
 grant consulted independent consultant market practices.
 chose restricted units over other retention instruments value returns equity.
 grants commonly used market technique retention.
 restricted units vest dates.
 2011
 2012
 2013


2019s scenario analyses.
 comprehensive capital analysis review dodd-frank stress tests resolution recovery planning.
 capital management regulatory capital.
 scenarios cover short long- term macroeconomic firm- specific assumptions.
 longer-term balance sheet management strategy assets funding equity capital.
 maintaining funding liquidity capital stressed environment.
 sheet consolidated statements financial condition.
 assets businesses non-gaap.
 assets management risks assess liquidity.
 table balance sheet allocation.
 millions december 2014
 core liquid assets 182947 184070
 cash 7805
 190752
 secured client financing 210641 263386
 inventory 230667
 financing agreements 74767
 receivables 47317
 institutional client services 352751 374726
 public equity
 private equity 17979
 24768
loans 28938 14895
 3771 2310
 investing lending 79497 61023
 inventory 432248 435749
 22599
 856240 911507
.
 $ 18. 24 billion $ 15. 76 billion 2014 2013 direct loans corporate wealth management clients fair value.
.
 note 9 consolidated financial statements.
.
 liquid assets.
 liquidity cash outflows collateral needs stressed environment.
 201cliquidity risk management.
 cash balances currencies jurisdictions liquidity.
.
 collateralized financing margin loans securities borrowed resale agreements government obligations.
 segregate cash securities regulatory requirements.
 short-term accounted fair value daily margin credit risk.
.
 inventory market-making fixed income equity currency commodity products.
enter resale borrowing arrangements.
 receivables services relate securities transactions.
.
 make investments originate loans.
 longer- term.
 debt securities loans public private equity securities real estate.
.
 less liquid non- financial property leasehold equipment goodwill intangible assets tax-related receivables equity investments sale miscellaneous receivables.
 sachs 2014 annual report


consolidated financial statements derivatives credit features firm 2019s derivatives transacted bilateral agreements counterparties post collateral terminate changes credit ratings.
 assesses impact collateral termination payments downgrade.
.
 table presents fair value net derivative liabilities agreements excluding collateral assets posted collateral additional collateral termination payments two downgrade credit ratings.
 millions december 2013 2012
 net derivative liabilities bilateral agreements $ 22176 $ 27885
 collateral posted 18178 24296
 additional collateral termination payments one-notch downgrade 1534
 two-notch
 firm enters credit derivatives transactions manage credit risk investing lending.
 derivatives managed firm 2019s net risk position.
 individually negotiated contracts settlement payment conventions.
events include failure to pay bankruptcy indebtedness restructuring repudiation dissolution entity.
.
 protect buyer against loss principal on bonds loans mortgages issuer suffers credit event.
 buyer pays premium receives protection contract.
 no credit event seller no payments.
 if credit event occurs payment calculated contract.
 credit indices.
 derivatives swaps.
 credit event occurs protection seller pays buyer.
 payment pro-rata portion transaction amount defaulted obligation.
 credit risk separated into portions subordination.
 junior tranches cover defaults excess loss covered by senior tranche.
 total return swaps.
 risks from protection buyer to protection seller.
 receives floating interest protection against reduction fair value receives cash flows increase fair value.
.
credit option writer assumes purchase sell obligation price credit spread.
 buys.
 payments depend credit spread or price obligation.
 goldman sachs 2013 annual report


third quarter 2017 recognized goodwill $ 145. intangible $ 16. 8.
 note 11 goodwill 12 intangible assets fair value measurement methods inputs level 3.
.
 tables summarize debt 30 2019 2018.
 short-term borrowings $ 58. $ 54.
 long-term debt 40. 406.
 2907. 2967.
 320.
 $ 3326. $ 3812.
 2019 long-term debt $ 37.
 note 7 acquisitions.
 short-term borrowings bank obligations $ 58. 2 $ 54. 3 30 2019 2018.
 weighted average interest rate 3. 7%. 5 0%.


realty trust financial statements.
 redeemable noncontrolling interests recorded carrying redemption value.
 changes charged capital.
 table noncontrolling interests.
.
 balance december 31 2008 $ 1177978
 income 25120
 distributions -42451
 conversion units common shares
 adjustment 167049
 balance december 31 2009 $ 1251628
 income 55228
 distributions -53515
 conversion common shares
 adjustment 191826
 redemption d-12 units -13000
 balance december 31 2010 $ 1327974
 redemption value $ 1066974000 $ 971628000.
 interests exclude series g convertible preferred units d-13 cumulative units accounted liabilities vornado common shares.
value units liabilities balance $ 55097000 $ 60271000 december 2010 2009.


table refined products sales group average price last three years.
 barrels 2008 2007 2006.
 gasoline 756 791 804
 distillates 375 377
 propane 22
 feedstocks special products 100 103 106
 heavy fuel oil
 asphalt 76 87
 1352 1410 1425
 average sales price per barrel $ 109. $ 86. $ 77.
 barrel $ 109. 86. matching buy/sell volumes 24 mbpd 2006.
.
 lower refined products sales volumes 2008 2007 2006.
.
 gasoline blendstocks.
.
 fuel oils wholesale customers midwest upper plains gulf coast southeastern.
 sold 47 percent gasoline 88 percent distillates 2008.
 demand gasoline seasonal highest summer.
blended ethanol gasoline 15 years 2007 federal regulations.
 blended 57 mbpd 2008 41 2007 35 2006.
 future driven economics government regulations.
 reformulated gasoline chicago louisville northern milwaukee wisconsin hartford.
 biodiesel-blended diesel minnesota illinois kentucky.
 acquired 35 percent interest 110-million-gallon ethanol clymers indiana.
 50 percent interest greenville ohio.
.
 co-owner.
 seven refineries.
 home heating cooking petrochemical grain drying.
 sales split home heating industrial consumers.
 producer marketer petrochemicals specialty products.
 varies benzene cumene naphthalene maleic anhydride sulfur toluene xylene.
market propylene cumene sulfur.
 sell maleic anhydride united states canada.
 1400 tons anode coke robinson refinery aluminum smelting 2700 tons fuel coke garyville refinery power generation industrial applications.
 shut lubes facility catlettsburg kentucky base oils aromatic extracts slack wax.
 discontinued production petroleum pitch aliphatic solvents.
 market refineries.
 utility ship bunkering industries.
 terminals wellsville ohio chattanooga tennessee.
 102 mbpd.
 market 33 terminals midwest southeast.
 broad customer base


devices inc.
 financial statements 2014 depreciation expense property plant equipment $ 134. 5 million $ 130. 1 million $ 114. 1 million 2016 2015 2014.
 reviews property equipment for impairment.
 recoverability determined future undiscounted cash flows.
 impaired earnings equals carrying value fair value quoted market price discounted cash flow.
 not impaired useful lives decreased remaining net book value depreciated over revised useful life.
 material impairment charges property plant equipment 2016 2015 2014.
.
 evaluates impairment annually.
 tests goodwill for impairment reporting unit level fourth quarter.
 annual impairment assessment 2016 reporting units seven operating segments.
 test two-step process.
 fair values reporting units carrying values.
 fair value income market approaches.
income approach company uses discounted cash flow methodology estimates assumptions forecasted revenues gross profit margins operating income margins working capital cash flow growth rates long-term discount rates.
 market approach uses guideline public company method.
 utilizes information comparable traded companies valuation multiples performance fair values.
 reconciles fair values market capitalization control premium.
 carrying amount unit exceeds fair value performs second step goodwill impairment test impairment loss.
 implied fair value carrying value.
 no impairment.
 next annual impairment assessment first fourth quarter fiscal year october 28 2017.
 changes goodwill 2016 2015.
 balance beginning year $ 1636526 $ 1642438
 acquisition hittite
 goodwill adjustment other acquisitions
currency translation adjustment -1456 ( 1456 -8470
 balance end year $ 1679116 $ 1636526
 fiscal 2015 changes goodwill acquisition acquisition.
 2 goodwill other acquisitions not material.
 reviews impairment value.
 carrying value future undiscounted cash flows


chipset design issue january 2011 identified issue intel ae 6 series express chipset.
 chipsets sold fourth quarter 2010 january 2011.
 implemented silicon fix shipping updated february 2011.
 total cost repair materials $ 422 million.
 significant future adjustments.
 short-term debt december 28 2013 drafts $ 257 million notes $ 24 million $ million $ 48 million 29 2012.
 authorization board directors borrow $ 3. billion commercial paper.
 maximum borrowings paper 2013 $ 300 million $ 500 million 2012.
 commercial paper rated a-1+ standard 2019s p-1 moody 2019s.
 long-term.
 2017. 35%. 35 %
 2. 70%. 70 %
 4.
 4. 25%. 25 %
. 95%. 95 %
 3. 30%. %
2011 senior notes due 2041 4. 80%. % 1490
 2009 debentures 2039. 25%. 1075
 2005 debentures 2035 2. 95%. 95 % 946
 long-term debt $ 13165 13136
 fourth quarter 2012 issued $ 6. 2 billion corporate repurchase common stock.
 third quarter 2011 issued $ 5. billion repurchase common stock.
 fixed interest semiannually.
 redeem redemption prices.
 rank equally indebtedness liabilities subsidiaries.
 financial statements


capital leases recorded lower net present value minimum lease payments fair value leased asset.
 amortization expense computed straight-line method shorter estimated lives lease.
.
 accounts payable current liabilities.
.
.
.
 accounts payable $ $ 612
 dividends interest 383 347
 wages vacation
 income taxes
 casualty costs 325
 equipment rents
 accounts payable currentliabilities $ 2713 $ 2470
.
 financial instruments strategy risk derivative instruments interest rates fuel prices.
 not party leveraged derivatives speculative.
 instruments hedge accounting effectiveness.
 document relationships instruments risk- management objectives strategies effectiveness.
 changes fair market value charged to earnings.
use swaps collars futures forward contracts risk adverse interest rates fuel prices limit benefits favorable interest rate fuel price.
 credit risk risk selecting value hedged item.
 manage credit risk requiring high credit standards counterparties settlements.
 december 31 2009 required collateral.
 determination fair value current values future cash flows.
 interest rate hedges manage exposure adjusting fixed floating rate debt instruments.
 manage mix fixed floating rate debt targeted amounts.
 employ derivatives swaps mix.
 flexibility interest costs rate mix evaluating fixed-rate debt securities.
 swaps convert debt variable rates hedge risk.
 account swaps value hedges short-cut method ineffectiveness consolidated financial statements.


five-year return citi 2019s common stock 201cc 201d held 81805 stockholders january 31 2016 s&p 500 index financial index five december 31 2015.
 $ 100 invested december 31 2010 citi 2019s common stock s&p 500 index index dividends reinvested.
 five-year return s&p 500 financials.
 100.
 55. 102. 82
 83. 118. 106.
 110. 156 144
 114. 178. 166.
 110. 180.


marathon oil corporation financial statements stock appreciation rights granted sars 2003 plan.
 no 2007 plan.
 right receive payment fair market value shares common stock grant.
 2003 plan granted stock-settled stock options.
 sars granted vest three-year period maximum term ten years.
 stock-based performance awards 2003.
 no 2007 plan.
 discontinued cash-settled performance units.
 awards 2003 plan vested forfeited.
 no outstanding awards.
 restricted stock 2007 plan 2003 plan.
 2005 committee time-based restricted stock. officers marathon long-term incentive package.
 vest three years grant contingent employment.
 restricted stock non-officer employees international employees performance retention.
restricted stock awards non-officers vest one-third three-year contingent employment 2008 four-year employment.
 recipients vote receive dividends.
 non-vested shares not transferable held transfer agent.
 equity compensation program non directors 2007.
 directors receive grants common stock hold board.
 dividends paid receive additional stock units.
 $ 43 million $ 66 million $ 78 million 2008 2007 2006.
 income tax benefits $ 16 million $ 24 million $ 29 million.
 cash $ 9 million $ 27 million.
 benefits deductions $ 7 million $ 30 million.
 cash settlements $ 1 million 2007.
 no cash settlements 2008.
 officer non-officer employees.
 grant value.
 exercise price per share $ 51. $.
 dividends share.
 life years 4. 8 5.
 volatility 30% 30 % 27% 27 % 28% 28 %
 risk-free interest 3. 1% 4 5
 average stock option $ 13. 17.


consumer lending home equity residential real estate use credit quality indicators delinquency nonperforming loan information updated credit scores originated ltv ratios geography monitor manage credit risk.
 evaluate mortgage loan performance originators loan servicers.
 summary asset quality indicators delinquency rates monitor.
.
 nonperforming loans.
.
 credit scores third-party update credit scores quarterly.
 updated scores incorporated credit management reports risk.
 ltv annually update property values real estate collateral calculate updated ltv ratio.
 open-end credit lines.
 examine ltv migration stratify ltv categories monitor risk.
 used combination original ltv updated ltv internal risk management reporting.
 estimated property values estimates updated ltvs based management assumptions.updated ltv not provided home price index changes incorporated estimate ltv.
 geography concentrations monitored.
 loan purchase programs.
 updated fico scores originated ltv ratios geographic location home equity residential real estate loans risk.
 higher fico scores lower ltvs lower risk.
 lower risk.
 consumer impaired loan estimates determine valuation.
 influenced by credit items real estate values payment patterns fico scores economic environment ltv ratios date origination.
 cash flows.
 note 4 loans.
 table 63 home equity residential real estate balances millions.
 home equity residential real estate loans 2013 43348 44376
 4541 5548
 government insured guaranteed residential real estate mortgages
 impaired loans
home equity estate loans 51512
 investment.
 balance.
 pnc financial services group.


consolidated financial statements 2013 amounts millions obligations subsidiaries operating leases uncommitted lines credit.
 december 31 2017 parent company guarantees lease obligations $ 824. $ 829. 2 uncommitted lines credit $ 349. $ 308. 8 daylight overdrafts $ 207. $ 182. 2.
 non-payment subsidiary pay.
 no material assets pledged guarantees.
 obligations estimated future obligations payable cash december 31.
 deferred acquisition payments $ 65. $ 20. $ 23. $ 4. $ 10. $ 126.
 redeemable noncontrolling interests options 30. 42.
 contingent acquisition payments $ 95. $ 50. $ 66. $ 10. $ 13. $ 5.$ 242.
 entered acquisitions redeemable noncontrolling interests call options similar terms conditions.
 estimated amounts paid earliest date.
 redeemable interests exercisable discretion equity owners as december 31  2018.
 estimated payments $ 24. 9 total payments 2019 2020 until exercised expired.
 interests current exercise price payable cash not redemption value.
 majority payments contingent operating performance targets conditions subject revision.
 note 5 information payment structure.
 involved proceedings subject investigations inspections audits inquiries governmental authorities.
 contract employment tax intellectual property.
 evaluate cases record liabilities losses legal proceedings outcome.
 certain estimate loss litigation early stages.
outcome litigation governmental proceedings management believes financial condition operations cash flows.
 april 10 2015 federal judge brazil authorized search records agency offices e3o paulo brasilia investigation payments local government contracts.
 company investigated taken remedial disciplinary actions.
 settlement with government agencies executed april 2018.
 consolidated financial statements.


$ 27. 6 million annually transmission contract with itvd.
 12% 2001 revenues ccuk 3% 3 % 2001 consolidated revenues.
 august 2002 itc granted dtt multiplex licenses ccuk c d bbc b two licenses.
 licenses ccuk 12 years ccuk renew 12 years performance criteria.
 no license fees paid.
 $ 76000 application fee.
 current.
 multiplex licensing structure.
 licensee service provider transmission service provider
 bbc
 digital 3&4
 service freeview brand.
 october 30 2002 bbc ccuk bskyb launched multi-channel digital tv radio 201cfreeview. free-to-air set- top box.
 end 2003 three million devices service.2 million set-top boxes itvd service 20 months.
 revenue broadcast services freeview contractually based not dependent freeview viewers.
 august 2002 ccuk bbc broadcast transmission distribution second multiplex license.
 2002 bskyb distribution multiplexing 75% capacity c.
 agreements six years six.
 similar service tv radio interactive providers uktv viacom emap mietv oneword guardian media group bbc.
 freeview agreements television six-year terms renewal options radio interactive shorter terms.
 transmitting 90% licensed capacity negotiating remaining capacity.
 contracted annual revenues a327. 2 million $ 48. 5 million transmission distribution multiplexing services replaces a319. 4 million revenues itvd contract 1998 bbc digital transmission contract.
.
operations contracts 20141998 bbc dtt 201d 201c 20142002 freeview. previous contract itvd ccuk invested capital freeview service.
 ccuk operating costs bt distribution circuits ntl site rental.
 ccuk complete end-to-end service additional annual operating costs a34. 6 million $ 8. 2 million )


rates low significant portion cruise guests first-time cruisers.
 opportunity long-term growth increased profitability.
 table details market penetration rates north america asia/pacific annual cruise guests population asia/pacific.
 3. 33%. 33 %. 21%. 21 %. 04% 04 %
. 32%. 32 %. 24%. 24 %. 05% 05 %
. 46%. 46 %. 23%. 23 %. 06% 06 %
. 36%. 36 %. 25%. 25 %. 08%. 08 %
. 49%. 49 %. 24%. 24 %. 09% 09 %
 estimates data international monetary fund united nations department economic social affairs cruise lines international association.
.
 united states canada.
 european countries.
 southeast asia.singapore thailand philippines east. japan south asia.
 india pakistan oceanian. australia fiji.
 global cruise fleet served 503000 berths 298 ships 2016.
 60 ships 173000 berths expected 2017 2021 additional ships.
 industry carried 24. million guests 2016 23. 2015 22.


synergies consolidating businesses acquisitions public-private partnerships capital expense requirements truck routing personnel fleet maintenance inventories back-office administration.
 goal deliver consistent high quality service customers republic way.
.
.
 standardized processes controls tracking scale operational excellence.
 key harnessing.
 organizational structure high performance culture 360 degree accountability profit loss responsibility management functional structure.
 markets local management market dynamics.
 productivity cost control initiatives service.
 fleet automation 72% residential routes converted automated single driver trucks.
 labor costs productivity decrease emissions safer work environment.
 communities automated vehicles higher recycling programs.
 fleet conversion compressed natural gas 16% fleet operates cng.
 expect continue conversion fleet replacement process.
 conversion full value fleet investments.
33% replacement vehicle purchases 2015 cng.
 competitive advantage clean emission initiatives.
 cng reduces fleet costs lower fuel expenses.
 2015 operated 38 cng fueling stations.
 ninth largest vocational fleet states.
 average fleet age age.
 residential 7200
 small-container commercial 4400
 large-container industrial
 total 15600.
 standardized vehicle maintenance program best fleet management truck care maintenance.
 variability


contributions future benefit payments contributions $ 28. 1 million defined benefit postemployment benefits plans fiscal 2009
 2009 contributions current projections influenced decision discretionary funding benefit trusts investment priorities future changes government requirements.
 estimated benefit payments future service fiscal 2009-2018 benefit pension postretirement benefit plans payments postemployment benefit.
 benefit pension plans benefit plans payments subsidy receipts postemployment benefit plans 2009 176. 3 56 6 16 6
 2010. 5 59 9 17
 2011. 8 63
 2012. 6718. 8
 206. 71. -8 19. 4
 1187. 406. 106.
 savings salaried nonunion employees.
 assets $ 2309. million may 25 2008 $ 2303. million may 27 2007. 401 ( k ) savings investment funds employee stock ownership plan.
 savings plan $ 16. million 25 2008.
 total expense $ 61. 9 million 2008 $ 48. 3 million 2007 $ 45. 5 million 2006.
 purchased common stock funds borrowed guaranteed.
 debt repaid june 30 2007.
 assets common stock cash. expense $ 52. 3 million 2008 40. 1 million 2007 $ 37. 6 million 2006.
.
 common stock benefits. contributions savings plan variable.
 common stock.
 cash contribution debt.
esop used cash contributions dividends.
 shares unencumbered.
 allocated shares accounts payroll savings dividends.
 incurred interest less $ 1. million 2007.
 used dividends $ 2. 5 million 2007 $ 3. 9 million 2006 contributions less $ 1. million interest principal payments.
 5. 2 million may 25 2008 5. 4 million 27 2007.
 report


jpmorgan chase & co. annual report 125 lending-related commitments firm uses financial instruments revolving credit facilities guarantees financing needs.
 contractual amounts represent maximum credit risk counterparties draw down.
 total contractual amount not representative of future credit exposure funding requirements.
 risk-equivalent 201d amount for each commitment represents unused commitment contingent exposure expected default.
 loan-equivalent amount lending commitments $ 229. 6 billion and $ 218. 9 billion as of december 31 2014 2013.
 clearing services provides securities derivative transactions.
 exposed risk non-performance share losses.
 credit risk through margin inception can cease if adhere obligations.
 note 29.
 derivative contracts firm uses for market-making activities.
derivatives interest rates currencies markets.
 firm uses instruments credit exposure.
 settlement mechanism affect credit risk.
 risk.
 exchange-traded futures credit risk.
 credit risk enforceable master netting arrangements collateral agreements.
 note 6.
 table summarizes net derivative receivables.
.
 2013
 interest rate $ 33725 25782
 derivatives
 foreign exchange
 equity
 commodity
 cash collateral 78975
 liquid securities collateral derivative receivables -19604
 collateral $ 59371 $ 51324
 derivative receivables consolidated balance sheets $ 79. billion $ 65. billion december 31 2014 2013.
 fair value derivative contracts netting agreements cash collateral.
management 2019s credit risk liquid securities.
 government securities g7 bonds cash collateral $ 19. 6 billion $ 14. 4 billion at december 31 2014 2013 security firm favor.
 firm holds additional collateral cash g7 government securities government-agency guaranteed securities corporate debt equity securities delivered clients non-daily call not settled.
 reduce balances available security against exposure value firm.
 december 31 2014 2013 firm held $ 48. 6 billion $ 50. 8 billion  collateral.
 prior period revised current period.
 receivables value include credit enhancements.
 note.


long-term debt five years.
 2014 $ 907.
 2015 453.
 2016 433.
 2017.
 2018 439.
 2876.
 $ 5563.
 2013 issued $ 400. senior fixed-rate. 75%. matures 2023.
 7 august 2013 issued 2. eurobond 20ac300 million $ matures 7 august 2020.
 debt agreements financial covenants restrictions property liens sale leaseback transactions.
 compliance covenants.
 $ 400. 2014 long-term debt refinance $ 2500. 2018.
.
 markets.
 30 2013 five-year $ 2500. credit agreement banks senior unsecured debt.
 liquidity supports commercial paper program.
 increases facility $ 330. extends maturity 30 april 2018 modifies financial covenant debt capitalization 70%.
 borrowings 2013 agreement.
2013 agreement $ 2170. agreement 2010 30 2015-term debt divided equity 60%.
 borrowings early penalties.
 11 2012 offshore chinese renminbi credit facility. million $. 2015.
 rmb250. million $ 40. outstanding borrowings 30 2013.
 additional commitments $ 383. foreign subsidiaries $ 309. borrowed outstanding.


consolidated financial statements 2014 reconciliation unrecognized tax benefits.
 balance september 29 2007 $ 7315
 increases prior years 351
 increases current 813
 decreases statutes limitations -605
 balance october 3 2008 $ 7874
 major tax jurisdictions october 3 2008. california iowa.
. tax years 1998.
 2002.
 2002.
 october 3 2008 statute limitations expired unrecognized tax benefit.
 $ 0. 6 million unrecognized tax benefit tax rate $. 5 million accrued interest reversed.
-to-date accrued interest unrecognized tax benefits $ 0. 4 million.
.
 authorized issue 525000000 shares common stock $. 25 per share 25000000 shares preferred stock.
 holders entitled dividends.
dividends paid common stock unless dividends preferred stock paid declared set aside.
 company 2019s liquidation dissolution holders common stock entitled share pro rata assets after payment plus unpaid dividends preferred stock.
 each holder one vote each share.
 no cumulate votes.
 certificate incorporation no holder preemptive right to purchase stock.
 march 2007 repurchased 4. 3 million common shares for $ 30. 1 million authorized board.
 no stock repurchase plans.
 october 3 2008 170322804 shares common stock issued 165591830 shares outstanding.
 preferred stock certificate permits issue 25000000 shares preferred stock rights preferences board directors without action.
 skyworks solutions .
 2008 annual report


sales engineered products solutions improved 7% 2016 higher sales two acquired businesses $ 457 ) increased demand industrial gas turbine offset lower volumes oil gas commercial transportation pricing pressures.
 sales improved 27% % 2015 2014 $ 1310 ) three acquired businesses higher volumes.
 offset foreign currency weaker euro.
 increased $ 47  8% 2016 productivity improvements volume increase revenue lower margin product mix pricing pressures.
 increased $ 16 3% 2015 net productivity improvements acquisitions higher volumes.
 offset unfavorable price product mix higher costs growth foreign currency weaker euro.
 demand commercial aerospace strong new engine platforms offset customer destocking engine ramp-up challenges.
 defense market ramp aerospace programs.
net productivity improvements anticipated pricing pressure.
 transportation construction solutions.
 2015
 third-party sales $ 1802 $ 1882 $ 2021
 $ $ 166 $
 transportation solutions segment produces nonresidential building construction commercial transportation.
 aluminum structural systems architectural extrusions forged aluminum commercial vehicle wheels sold distributors.
 small part industrial.
 sales costs expenses transacted local currency.
 dollar euro brazilian real.
 sales decreased 4% 2016 lower demand commercial rising demand building construction.
 decreased 7% unfavorable foreign currency movements weaker euro lower volume.
 increased $ 10 6% 2016 net productivity improvements growth building lower demand north brazilian markets.


customer needs handle demand changes.
 industrial engineering productivity.
 2022 fuel prices uncertainty economy fuel price projections difficult volatile fuel prices sensitive global.
 domestic demand refining capacity geopolitical issues weather conditions factors.
 reduce impact fuel price earnings recovery fuel surcharge programs expand fuel conservation efforts.
 capital plan capital investments $ 2. 5 billion including ptc revised conditions laws affect returns.
 liquidity capital resources plan.
 train control 2015 spend $ 200 million 2010 development ptc.
 $ 1. 4 billion 2015.
 installing new system upgrading locomotives digital data communication equipment.
 financial expectations cautious economic conditions volume increase 2009.
 anticipate pricing opportunities productivity improvements.
 operations revenues 2009 2008 2007 change.
freight revenues $ 13373 $ 17118 $ 15486 22 % 11% 11 %
 other revenues 770 852 797
 $ 14143 $ 17970 $ 16283 21 % 10% 10 %
 revenues six commodity groups.
 vary volume average revenue.
 price traffic fuel surcharges.
 incentives volumes locations reduction revenues.
 revenues percentage-of-completion.
 allocate transit time expenses.
 revenues subsidiaries commuter accessorial revenues equipment services.
 obligations.
 freight revenues volume six commodity groups decreased 2009 economic weakness.
 largest volume declines automotive industrial


consolidated financial statements adjusted earnings 2016 profit income $ 2. 9 million net income $ 1. 7 million.
 2016 2015 2014 2013 2012
 equivalents $ 250470 129852 593175 341841
 capital 1279337 1019953 1127772
 inventories 917491 536714
 assets 3644331 2865970 1155052
 debt maturities 817388
 stockholders equity 2030900 1668222 1350300 1053354 816922
 capital assets minus liabilities.


components external long-term debt 2017 2016.
 $ 400 million unsecured senior note due june 2020 $ 398. 397.
 500 million unsecured note june 2025 494. 493.
 $ 1250 million revolving credit agreement june 2021 615. 540.
 debt 1507. 1431.
 long-term debt $ 1507. $ 1431.
 senior notes payments five years zero 2018 2019 $ 400 million 2020 2021 2022.
 events default.
 no events default december 31 2017.
.
 trading speculative.
 reduce impact foreign currency rates commodities.
 instruments foreign exchange contracts.
 recorded fair value.
.
 credit risk.
 risk material losses unlikely immaterial.
 raw materials price volatility variables factors.
enter commodity swaps price risk.
 economic cash.
 changes fair value recorded earnings.
 no commodity swap contracts 2017 2016.
 foreign exchange contracts hedge sales purchases foreign currencies limiting currency risk exchange.
 correspond transactions 12 to 15 months balance.
 fair value hedges gain loss recognized statement income.
 effective cash flow hedges reported income.
 changes fair value investment hedges recognized sale liquidation.
 ineffective portion hedges recognized in earnings.
 changes fair value economic hedge transactions recognized earnings.
 foreign currency hedge contracts canadian dollar british pound mexican peso.
.
 currency hedges december 31 2017 $ 282. 8 million net settlement liability $ 4. 8 million.
 $ 3. million net foreign currency


unrealized losses securities december 31:.
 millions 2009 2008
 fair value $ 72699 $ 54163
 amortized cost 74843 60786
 loss pre-tax $ -2144 ( 2144 $ -6623
 loss after-tax $ -1316 $
 2009 2008 excluded loss $ 1. 01 billion $ 635 million after-tax $ 2. 27 billion $ 1. 39 billion after tax reclassifications.
 recorded income.
 decline after-tax loss transferred securities amortization losses other-than-temporary impairment.
 reviews-temporary impairment.
 credit non-credit component.
 recognized income.
 assessment-temporary impairment economic security- specific factors.
 estimates market conditions security-specific performance.
market conditions worse management expectations other-temporary impairment could increase credit component recognized in consolidated statement income.
 national housing prices declined 30%-to.
 estimates prices second half 2010 peak-to-trough price decline 37%.
 increase default estimates to 110% prepayment speeds to 90% credit-related-temporary impairment increase $ 120 million to $ 125 million recorded in consolidated statement income.
 decline fair value remaining securities net unrealized losses temporary not changes credit characteristics.
 information note 3 financial statements.


advance auto parts.
 subsidiaries financial statements december 31 january 1 2 2011-12 superseded paragraphs asu 2011-05 income changes 2011-05 reclassification adjustments.
 2011-05 financial condition results operations cash flows.
 issued asu.
 2010-06 value measurements disclosures. 2010-06 disclosures transfers 1 2.
 clarifies disclosures disaggregation assets liabilities valuation techniques.
 effective annual reporting december 15 2009 level 3 activity disclosures 2010.
 adoption asu 2010-06 financial condition results operations cash flows.
.
 used lifo method accounting 95% inventories december 31 2011 january 1 2011.
 sales recently purchased inventories carrying balance inventories purchased 2011 prior years.
 increase cost sales $ 24708 2011 supply chain costs inflationary pressures.
company recorded reduction cost sales $ 29554 $ 16040 2010 2009.
 costs inventory decreased growth merchandise strategies supply chain efficiencies.
 remaining inventories non-consumable parts batteries valued first-in first-out method.
 merchandise costs passed returned vendor.
 not cost changes no difference lifo fifo valuation method.
 inventory overhead purchasing warehousing costs december 31 january 1 2011 $ 126840 $ 103989.
 balance year-end 2011 2010 fifo adjustments lifo december 31 $ 1941055 $ 2043158 january 1737059 1863870.
 inventories 1941055 1737059
 advance auto parts.
subsidiaries financial statements december 31 january 1 2 2011-12 superseded paragraphs asu 2011-05 income changes 2011-05 reclassification adjustments.
 adoption asu 2011-05 financial condition results operations cash flows.
 fasb issued asu.
 2010-06 value measurements disclosures. disclosures transfers 1 2.
 clarifies disclosures disaggregation assets liabilities valuation techniques.
 effective interim annual reporting december 15 2009 level 3 activity disclosures.
 adoption asu 2010-06 financial condition results cash flows.
.
 used lifo accounting 95% inventories december 31 2011 january 1.
 cost sales recently purchased inventories inventory carrying balance inventories purchased 2011 prior years.
 increase cost sales $ 24708 2011 supply chain costs inflationary pressures product.
company cost sales $ 29554 $ 16040 2010 2009.
 costs inventory decreased growth merchandise strategies supply chain efficiencies.
 remaining inventories non-consumable parts batteries valued first-in first-out method.
 costs passed returned.
 cost changes no difference lifo fifo valuation method.
 inventory overhead purchasing warehousing costs december 31 2011 january 1 2011 $ 126840 $ 103989.
 year-end 2011 2010 december 31 $ 1941055 $ 2043158 january 1 $ 1737059


return graph compares return standard poor composite 500 index dow jones health care providers index five years 2018.
 assumes investment $ 100 common stock s&p 500 peer group 2013 dividends reinvested.
 $ 100 140 176 202 247 287
 s&p 500 114 115 129 $ 157
 peer group $ 100 128 135 137 173 191
 stock price performance not indicative future performance.


devon energy corporation subsidiaries financial statements 2013 reserves changes reserves 2015.
.
 reserves december 31 2014 305  384 689
 extensions discoveries
 revisions due prices -115
 other price
 conversion reserves -88 -94 182
 reserves december 31 2015 75  301 376
 reserves decreased 45% 2014 2015 balance 17% reserves.
 drilling development activities increased reserves 24 conversion 182 mmboe 26% 2014 reserves reserves.
 costs $ 2. 2 billion 2015.
 revisions other price decreased 120 evaluations properties.
.
 reduced reserves 80 jackfish bitumen reserves.
 40 revisions.
 reduction 27 reserves develop five years 20 eagle ford.
devon 2019s undeveloped reserves 2015 jackfish operations.
 301 384 mmboe.
 development schedules controlled processing plants 35 mbbl daily capacity.
 steam capacity steam-oil ratios.
 steam injection bitumen processing facilities.
 large capital reserves 5 years conversion reserves.
 reserves undeveloped more five years.
 development schedule extends 2030.
 184 reserves jackfish undeveloped five years.
 no other projects.
 180 undeveloped reserves jackfish five years develop.
 2015 2013 reserves decreased 302 mmboe lower commodity prices.
 bitumen price increased reserves.
 2013 reserves increased 9 mmboe higher gas prices anadarko higher bitumen prices lower after-royalty volumes.


nbcuniversal media redemption comcast owns 96% nbcuniversal holdings 2019 units nbcuniversal enterprise owns remaining 4%.
 consolidated subsidiary comcast ownership.
 owns 2019 preferred units $ 9. 4 billion liquidation preference.
 quarterly payments initial 8. 25%. per annum $ 9. billion liquidation.
 march 1 2018 fifth anniversary rate 7. 44%. yield treasury securities 5 year maturity.
 nbcuni versal holdings redeem preferred units march 1 2018 redeem 15% units march 19, 2020.
 price redemption based liquidation preference accrued unpaid divi dends equity.
 cash flows primary funding payments future redemption.
 party transactions comcast.
generate revenue comcast distribution cable programming sale advertising owned programming incur expenses advertising support services.
 2013 revolving credit agreements borrow $ 3 billion.
 owed accrued interest presented consolidated balance sheet.
 revolving credit agreements interest rates equal comcast facility.
 base rate borrowing margin determined comcast credit rating.
 borrowing margin london interbank borrowings 1.%.
 comcast counterparty contractual.
 carrying value liability $ 383 million.
 transactions with comcast subsidiaries consolidated financial statements.
.
 transactions
 receivables net $ 239 $ 229
 accounts payable accrued expenses $ 68 $ 47
 accrued expenses current liabilities $ 51 $ 8
 payable comcast $ 1750 $ 865
noncurrent liabilities 383
 2015 report


mississippi.
 income increased $. 8 million higher income lower operation expenses interest offset depreciation amortization expenses income tax rate.
 increased $ 16. million lower operation expenses higher revenues tax rate depreciation amortization.
 revenues fuel gas power expenses regulatory credits.
 analysis change net revenue 2017 2016.
.
 2016 net revenue $ 705.
 volume/weather.
 retail electric price.
.
 2017 revenue $ 703.
 volume/weather variance less weather residential commercial sales.
 retail electric price $ 19. million increase rates energy efficiency.
 offset decreased storm damage rider revenues provision 2016.
 resumed storm damage rider september 2017 cycle.
 note 2 financial statements rate plan.


recognize employee compensation expense stock options before 2003 accounting principles opinion.
.
 2003 adopted fair value recognition provisions sfas 123 148 employee awards after 2003.
 restate results prior years sfas 123.
 cost compensation net income 2005 less fair awards.
 2004 issued sfas 123r replaced 123 superseded 25.
 123r requires compensation cost share-based payments financial statements.
 adopted sfas 123r january 1 2006 modified method transition 123r new awards.
 required changes timing expense recognition retirement-eligible employees clarified tax effects stock awards.
 adoption sfas 123r impact consolidated financial statements.
 effect 2005 net income earnings per share fair value provisions sfas 123 awards.
 earnings.

 net income $ 1325
 stock-based employee compensation expense income
 compensation expense fair value method
 net income $ 1319
 earnings per share
 $ 4. 63
.
.
.
 no differences pro forma basis 2006 net income share amounts.
 note 18 stock-based compensation plans.
 2007 fasb issued 141 201cbusiness. businesses acquired fair value.
 assets acquired liabilities assumed noncontrolling interest fair values.
 future contingent consideration fair value closing.
 restructuring acquisition costs expensed.
 acquisitions closing after january 1 2009.
 2007 fasb issued sfas 160 noncontrolling interests statements amendment.
.
 accounting reporting standards noncontrolling interest subsidiary deconsolidation.
clarifies noncontrolling interest reported equity consolidated financial statements.
 requires disclosures parent owners noncontrolling owners.
 effective january 1 2009.
 analyzing standard adoption impact financial statements.
 november 2007 sec issued accounting bulletin.
 guidance measuring fair value loan commitments.
 future cash flows servicing fair value commitments.
 effective january 1 2008.
 adoption results operations financial position.
 june 2007 aicpa issued statement 07-1 scope audit accounting guide companies equity investors.
 guidance determining entity scope specialized accounting principles financial statements parent company investment company equity investor


american tower corporation subsidiaries financial statements december 31 2012 2011 2010 income derivative instruments.
 2011
 deferred loss treasury rate lock tax $ -3827 -4625 -3354
 deferred gain interest rate swap agreements securitization
 unrealized losses interest rate swap agreements -4815
 31 2012 $ 1. 8 million cash flow hedges reclassified earnings twelve months.
 31 2012 2011 2010 net unrealized gains $ 4. 8 million $ 1. 9 million $. 5 million tax benefits $ 0. 7 million $. 3 million. interest rate swaps.
 amortizing deferred loss treasury rate lock interest expense. deferred gain interest rate swap agreements reduction interest expense five-year period.
year ended december 31 2012 company reclassified $ 0. 6 million results operations.
 reclassified $ 0. 1 million net income tax provisions $ 0. 1 million years 2011 2010.
 reit conversion december 31 2011 reversed deferred tax assets liabilities reit activities.
 approximately $ 1. 8 million deferred tax assets loss treasury rate lock gain interest rate swap agreement securitization reclassified income.
.
 determines financial instruments fair value hierarchy observable inputs minimize unobservable inputs.
 three levels inputs 1 quoted prices active markets.
 2 inputs.
 level 3 unobservable inputs market activity.


consolidated financial statements jpmorgan chase & co.
 2008 annual report consolidation analysis multi-seller conduits not consoli dated december 31 2008 2007 conduit expected loss notes holders majority expected loss.
 firm pro- tect eln holders potential losses no plans remove assets unless required.
 losses eln holders eln.
 uses monte carlo model losses rights obliga tions variable interest holders.
 treats variable interests.
 variability based design enti ty.
 multi-seller conduits pass credit risk not liquidity risk variable interest holders longer term.
 run monte carlo-based expected loss model reconsideration event.
applying guidance to conduits events reconsideration affect primary beneficiary 2022 new deals issuance variable interests changes in usage modifications asset purchase agreements sales interests.
 firm run carlo expected loss model reconsideration.
 runs each includes growth assump tion for each conduit.
 updates inputs assumptions loss model.
 risk ratings loss default assumptions updated.
 expected loss notes december 31 2008 2007 $ 136 million $ 130 million.
 model assumptions reflective of market assumptions probability changes risk ratings.
 multi-seller conduits access commercial paper market.
 disperse risk preponderance economic risk not held by jpmorgan chase.
 impact on assets lia bilities 1 capital ratio leverage ratio if consolidate multi-seller conduits at current value.
december 31 2008 billions ratios.
 billions
 assets $ 2175. $ 2218.
 liabilities 2008. 2051.
 1 capital ratio 10. 9%. 9 %. 9%. %
 1 leverage ratio 6. 9. 8
 impact consolidating assets liabilities multi- seller conduits current carrying value no income capital impact consolidation.
 fair value 1 capital ratio 10. 8%. 8 %.
 fair value based pricing transactions.
 change market conditions.
 consolidation first day quarter-end levels adjustment assets.
 firm fund purchases.
 reverse repurchase agreement residential mortgages multi-seller conduit jpmorgan chase.
 transferred recorded jpmorgan chase par value fair value collateral.
fourth quarter 2007 additional information value collateral performance statistics fair value impaired.
 impairment losses allocated eln holder expected loss contractual provisions eln note.
 october 29 2007 structured cdo assets second quarter backed subprime mortgages transferred firm two multi-seller conduits.
 investors agencies cdo assets subprime mortgage exposures.
 viability conduits firm transferred cdo assets multi-seller.