graph shows five-year stockholder return common stock october 25 2009 26 2014.
 compared standard poor 2019s 500 stock index rdg semiconductor composite index.
 assumes $ 100 invested october 25 2009 common stock reinvestment dividends.
 dollar amounts rounded nearest dollar.
 represents past not future performance.
 5 return. s&p 500 index trademark standard 2019s financial services subsidiary mcgraw-hill companies.
 10/25/2009/31/2010 10/30/2011/28/2012/27/2013/26/2014
.
 s&p 500 index.
 semiconductor composite index. 207
 2014 four quarterly dividends $. per share.
 2013 three dividends $. one $. share
2012 declared dividends $ 0. 09 $ 0. 08.
 2014 2013 2012 $ 487 million $ 469 million $ 438 million.
 dividends financial capital business conditions stockholders.
 $ 100 invested 10/25/09 stock 10/31/09 index reinvestment dividends.
.
 semiconductor composite index 10/25/09 10/30/11/28/12/27/13 10/26/14.
 s&p 500 rdg semiconductor composite


management 2019s jpmorgan chase. annual report table summarizes ratings 2019s receivables credit derivatives liquid securities dates.
.
 rating december 31 exposure exposure
 aaa/aaa to aa-/aa3 $ 20040 33% 33 % ) $ 25100 35% 35 % )
 a+/a1 to a-/a3 12169
 bbb+/baa1-/baa3 18197
 bb+/ba1-/b3
 ccc+/caa1
 $ 61325 100% $ 70670
 firm uses collateral agreements mitigate counterparty credit risk.
 percentage derivatives transactions collateral agreements 2013 88% ( 88 % ) december 31 2012 unchanged 2011.
 credit derivatives instruments credit risk debt third party issuer transfer risk credit event.
no credit event protection seller payments purchaser.
 credit derivatives see note 6 pages 218 2013227 annual report.
 firm uses credit derivatives market-maker credit risk.
 included derivatives risk traditional lending counterparty exposure wholesale businesses.
 information table below.
 firm uses credit derivatives manage other exposures risk afs securities market businesses.
 derivatives synthetic credit portfolio not included credit portfolio management activities information see derivatives note 6 pages 226 2013227 annual report.


may 2000 subsidiary acquired 5% non-voting shares eletropaulo $ 90 million.
 january 2000 59% shares acquired $ 1 billion auction national development bank.
 price $ 72. 18 per 1000 shares paid four annual installments 18. 5%. total price installments 25. 9%. 28. 5%. annually.
 december 31 2000 interest 49. 6%. eletropaulo.
 equity method.
 august 2000 subsidiary acquired 49% interest songas limited $ 40 million.
 owns gas-to-electricity project tanzania.
.
 refurbishment five natural gas wells tanzania 65 mmscf/day gas processing plant 230 km marine pipeline dar es salaam conversion 112 mw power station natural gas optional additional unit.
 no rev enues expenses incurred results.
 december 2000 subsidiary..
 ) additional 3. 5%. interest light from two sub sidiaries reliant energy for $ 136 mil- lion.
 acquired 30% shares edf acquired remainder.
 owns 21. 14%. light.
 december 2000 subsidiary edf acquire additional 9. 2%. interest light companhia siderurgica nacional (.
 acquired additional 2. 75%. interest light for $ 114. million.
 transaction closed january 2001.
 aes edf trolling shareholders light eletropaulo.
 edf control eletropaulo businesses edf electric workshop business.
 edf rationalization ownership aes sole controlling shareholder eletropaulo edf light.
 aes eletropaulo operating results.
 approval brazilian regulatory authorities.
 no assurance rationalization.
1999 subsidiary acquired subscription rights eletrobras non voting shares eletropaulo common light.
 purchase price $ 53 million $ 77 million represented. 7%. 4%. ownership capital.
 table financial information investments 50% owned investments equity.
 years december 2000 1999 1998
 revenues $ 6241 $ 5960 8091
 operating income 1989
 net income 859
 assets 2423
 noncurrent 13080
 liabilities 3370
 stockholder's equity 6206


consolidated financial statements.
 income taxes reconciliation unrecognized tax benefits.
 balance october 2 2009 $ 8859
 increases prior years 437
 increases current 11221
 decreases settlements 2014
 decreases lapses statutes limitations -617
 balance october 1 2010 $ 19900
 major tax jurisdictions united states california iowa.
 tax years 1998.
 california 2002.
 october 1 2010 $ 0. 6 million unrecognized tax benefits expiration statute limitations recognized.
 accrued interest penalties tax benefits.
 interest penalties year 2010.
.
 authorized issue 525000000 shares common stock $ 0. 25 per share 25000000 shares preferred stock.
 holders entitled dividends.
 dividends common stock preferred stock paid declared.
company 2019s liquidation dissolution holders common stock share rata assets after payment creditors liquidation plus unpaid dividends preferred stock.
 each holder one vote for each share.
 no votes.
 certificate incorporation unless no holder preemptive right to purchase stock august 3 2010 approved stock repurchase program repurchase $ 200 million common stock privately securities laws.
 not repurchased shares fiscal year october 1 2010.
 november 29 2010 skyworks annual report


variable rate debt approximates carrying value.
 free cash flow cash operating activities purchases property proceeds sales.
 cash flow years 2005 2004 2003 calculated millions.
 operating activities $ 767. 5 $ 666. 3 $ 600.
 purchases -328. -283.
 proceeds sales.
 free cash flow $ 448. 9 $ 388. 2 $ 336.
 cash flow 2005 higher $ 113. million federal tax payment deferred until february 2006 notice hurricane katrina timing payments capital expenditures.
 expect free cash flow 2006 lower than 2005.
 information recurring cash operating activities expenditures property equipment proceeds sales.
demonstrates ability financial strategy reinvesting capital assets customer service growth customer base services pursuing acquisitions business platform repurchasing common stock paying cash dividends maintaining investment grade rating minimizing debt.
 free cash flow key metric compensation.
 limitations.
 discretionary expenditures excludes expenditures required debt service dividend payments.
.
 operations affected inclement weather increase waste delay collection disposal reduce waste delay construction expansion landfill sites facilities.
 december 16 2004 financial accounting standards board issued.
 123-based revision 123 stock-based compensation. supersedes opinion.
 25 stock amends 95. approach sfas 123 similar 123.
 requires share-based payments employees including employee stock options recognized income statement.
 pro forma disclosure alternative.
adopt sfas 123 january 1 2006 use method compensation cost recognized effective date 123 share payments date.


fortron industries llc.
 leading global producer pps ae brand used automotive applications heat chemical resistance.
 facility wilmington north carolina.
 combines sales marketing distribution compounding manufacturing expertise celanese pps polymer technology kureha america.
 cellulose derivatives ventures.
 fund operations operating cash flow pay dividends based performance.
 2014 2013 2012 received cash dividends $ 115 million $ 92 million $ 83 million.
 ownership interest ventures exceeds 20% cost method accounting local government investment inability financial information accounting principles.
.
 indirect ownership interests german infraserv groups industrial parks support.
 ownership equity investments december 31 2014.
.
.
.
development businesses innovation-oriented optimize production technologies products applications.
 research development expense $ 86 million $ 85 million $ 104 million years 2014 2013 2012.
 sufficient strategic initiatives.
 confidential information patents trademarks copyrights preserve investment research development manufacturing marketing.
 patents processes equipment products uses.
 register trademarks brand names.
.
 new substances formulations unique applications production processes.
 business regions intellectual property protection limited.
.
 security policies.
 data encryption controls disclosure trade secrets employee awareness training.
 trademarks.
aoplus ateva avicor britecoat celanese celcon celfx 2122 celvolit clarifoil duroset ecovae factor fortron gur hostaform impet mowilith nutrinova qorus 2122 riteflex sunett tcx 2122 thermx tufcor vantage 2122 vectra vinamul vitaldose zenite products services trademarks marks.
.
 fortron ae trademark fortron industries.


maturities table debt maturities 31 2011 excluding market value adjustments millions.
 2012 $ 309
 2013 636
 2014 706
 2015 467
 2016 517
 6271
 $ 8906
 2011 2010 reclassified long-term debt $ 100 million.
 refinance short-term borrowings long term debt.
 mortgaged properties 2013 value $ 2. 9 billion $ 3. 2 billion december 31 2011 2010 collateral capital leases equipment obligations.
 merger missouri pacific 1 1997 value security requirements.
 assets $ 6. billion.
 collateral value maintained term mortgage bonds.
 replaced $ 1. 9 billion revolving credit facility 2012 $ 1. 8 billion may 2015.
 similar terms previous.
 december 31 2011.8 billion credit under facility corporate purposes commercial paper.
 facility 2011.
 commitment fees interest rates similar to investment-grade borrowers.
 allows borrowings floating rates london interbank plus spread senior unsecured debt ratings.
 requires debt-to-worth coverage ratio borrowing.
 2011 2010 compliance covenant.
 debt includes credit arrangements capital leases guarantees unfunded vested pension benefits.
 2011 $ 37. 2 billion debt $ 9. 5 billion outstanding.
 expect satisfy ratio factors could affect.
 facility financial restrictions credit rating triggers.
 includes $ 75 million cross-default change-of-control provision.
 issue repay commercial paper december 31 2011 no commercial paper outstanding.
 balances supported by revolving credit facility reduce borrowings.
dividend restrictions 2013 credit facility debt-to-net worth covenant cash


inc.
 statements amortization expense intangible assets 75 million 2017 77 million 2016 93 million 2015.
 amortization expense five years.
 2018
 2019
 2020
 2021
 2022


international networks segment owns operates regional television networks reached subscribers viewers via pay fta as of december 31  2017 : television service international subscribers/viewers ( millions ).
 66
 dsport
 nordic broadcast networks 34
 red
 discovery hd world
 discovery hd theater
 discovery history
 discovery civilization
 world
 discovery espanol.
 familia.
 subscribers corresponds to nordic broadcast networks in sweden norway finland denmark retransmission agreements pay-tv providers.
 networks include kanal 5 9 11 norge vox 4 5 9.
.
 source revenue for networks fees operators linear networks.
operators include cable dth satellite internet protocol over-the-top operators.
 international television markets vary.
 some. digital others analog.
 long-term distribution relationships shorter.
 distribution revenue on subscribers rates market demand content.
 source revenue advertising on networks.
.
 factors development pay fta television markets subscribers viewership demographics popularity programming commercial time media platforms.
 advertising sales business operates in-house teams external.
 2017 distribution advertising revenues were 57% 41% 41 % 2% 2 % of total net revenues.
 company operated cable networks international advertising revenue by fta broadcast networks.
.
 fta broadcast networks generated 54% pay-tv 46% 46 %.
 largest cost is content expense for localized programming 400 distribution feeds.
international networks segment maximizes programming.
 develop local programming preferences rights films sporting events from third parties.
 networks cost capitalized content rights current estimated revenues lifetime revenues accelerated or straight-line method five.
 content acquired from.
 developed locally amortized similarly amortization rates vary network.
 half international networks content amortized accelerated remainder straight-line.
 costs multi-year sports programming arrangements expensed based estimated value component.
 international networks.
 operations generation revenue expense lower segment margin economies scale 220 markets cost localization.
 networks include sports broadcast channels drive higher costs sports rights production entertainment programming.
 23 2016.
 referendum exit from european union.
 government.
. future relationship.
 brexit advertising subscribers distributors employees.
monitor effects distribution licensing agreements foreign currency fluctuations legal regulatory landscape.
 education generated revenues $ 158 million 2017 2% consolidated revenues.
 curriculum-based subscriptions k-12 schools online professional development services digital textbooks student assessments hard copy content.
 wholly-owned production studio services.
.
 february 26 2018 sale controlling equity stake education 2018 francisco partners $ 120 million.
 no loss.
 equity interest.
 ongoing license agreements fair value.
 education business meet sale criteria.
 april 28 2017 sold raw betty all3media.
.
 television film digital.
 owns 50% all3media equity accounting.
 betty.
 november 12 2015 paid $ 195 million 5 million shares 3% lions gate entertainment corp.
 movies television security.
2016 determined decline investment lionsgate cost basis adjusted fair value investment september 30 2016.
 note 4 financial statements. content development strategy viewership innovation value network distributors advertising customers.
 content sourced from third-party producers nonfiction companies independent producers wholly-owned studios.
 arrangements categories produced coproduced licensed.
 content.
 retain editorial control rights costs.
 digital-first content virtual reality video wholly-owned studios.
 coproduced content rights third parties.
 licensed content films


merger company service $ 200 million unsecured 4. 75%. fixed-rate notes due 2008.
 recorded discount $ 5. 7 million amortized term.
 accrue interest 4. 75%. per year payable semi-annually march 15 september 15.
 2005 interest rate swap agreements fixed interest rate. 4%. april 2008 $ 350 million. 2%. april 2007 additional $ 350 million.
 swaps cash flow hedges.
.
 estimated asset $ 4. 9 million $ 5. 2 million december 31 2006 2005 included balance sheets noncurrent assets accumulated earnings.
 reclassified interest expense.
 cash flow hedges effective no impact earnings.
 execute instruments credit-worthy banks not speculative.
 maturities december 31 2006 next five years december 31 january 18 2007.
december 31 2006 january 18 2007 refinancing
 61661 96161
 2008
 2011 941875
 1646709 2105129
 $ 3009501
 fidelity information services.
 subsidiaries


humana inc.
 financial statements 2014 stock options restricted stock awards.
 tax benefit $ 16. 3 million 2009 $ 16. 9 million 2008 $ 48. million 2007.
 no capitalized stock compensation expense.
 one restricted share 1. 7 stock options.
 december 31 2009 12818855 shares stock award plans 4797304 shares common stock 2821944.
 price average market value common stock.
 market value highest lowest stock prices new york stock exchange.
 options vest 1 3 years expire 7 to 10 years grant.
 fair value black-scholes valuation model.
 compensation expense service period.
 stock options granted january 2010 retirement.
 weighted-average fair value option granted 2009 2008 2007.
 estimated black-scholes pricing model.
2009 2008 2007
 weighted-average value grant $ 14. 24 $ 17. 95 $ 21.
 option life years 4. 6 5. 4. 8
 volatility 39. 2%. 2 % 28. 9
 risk-free interest rate 1. 9%. 9 % 2. 9% 9 4. 5%. 5 %
 dividend yield
 groups.
 executive officers directors.
 options assumptions.
 calculate term risk-free interest rate traded zero-coupon.
 treasury bond.
 volatility historical volatility.
 price intervals.


2006 fasb issued 158 defined benefit pension postretirement plans amendment statements.
 87 88 106 132. 158 recognize over-funded under-funded defined benefit pension plans assets liabilities balance sheets.
 changes funded status recognized income equity.
 adopted sfas 158 september 28 2007.
 rules prospective.
 immaterial adjustment balance sheet no impact net earnings cash flows.
 accounts.
 130 income.
.
.
 financial statement standard disclose non-owner changes equity net income loss.
 accumulated loss adjustments pension liability.
 balance september 30 2005 -1137 1137
 balance september 29 2006 -599 ( 599 )
 adjustment
 adjustment sfas 158
 balance september 28 2007 -214 ( 214
accounting pronouncements 48 2006 fasb interpretation.
 uncertainty income taxes 2014 statement.
 clarifies accounting disclosure uncertainty tax positions.
 diversity accounting income taxes.
 effective fiscal years december 2006 2008.
 evaluating impact fin 48 financial position results operations results.
 september 2006.
 value measurements defines fair value framework measuring.
 effective financial statements years november 15 2007.
 impact operations.
 2006 securities exchange commission accounting bulletin.
 prior year misstatements financial statements guidance carryover reversal skyworks solutions.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 consolidated financial statements 2014


capital.
 cash short-term investments 1999 $ 498. 7 83% $ 272. 5 1997 $ 503. 0
 working capital $ 355. 4 73% $ 205. $ 454. 3
 stockholders' equity $ 512. 2. $ 516. 4 $ 715. 4
 cash-term investments mutual funds municipal bonds government securities.
 available-for-sale debt equity securities. fair value unrealized gains losses income.
 investments increased $ 226. 2 million 83% 1999 $ 334. 2 million treasury stock $ 142. 9 million restricted funds $ 130. 3 million refinancing headquarters lease.
 equity securities building $ 63. 9 million $ 40. 6 million.
 short-term investments increased reclassification $ 46.7 investments long-term short mark-market $ 81. million.
 offset purchase treasury stock $ 479. million capital expenditures $ 42. 2 million assets $ 43. 5 million golive systems $ 36. 9 million dividends $ 12. 2 million.
 investing activities research development sales marketing product support administrative staff.
 cash reserves purchase treasury stock acquire software complementary.
 authorized purchase 30. million shares common stock two-year.
 repurchased 1. 7 million 1999 20. 3 million 1998 8. 1997 $ 30. 5 million $ 362. 4 million $ 188. 6 million.
 1999.
 1999 additional 5. million shares two-year.
 repurchase program.
. repurchase program.
 repurchased 11. 2 million.million shares 1999 1998 1997 $ 448. 7 million $ 16. 8 million $ 87. million.
 paid cash dividends since 1988.
 dividend $ 0. 025 share.
 1997 dividended 600 shares october 31 1997.
 equivalent dividend less 15000 shares


changes unrecognized tax benefits interest penalties three years 25 2010 company includes interest penalties.
 total interest penalties accrued $ 247 million $ 291 million non-current liabilities balance.
 recognized interest benefit $ 43 million expense $ 64 million.
 subject taxation files returns.
 federal state foreign jurisdictions.
.
 years prior to 2004 closed.
 revenue service tax returns 2004 2006 proposed adjustments.
 contested adjustments.
 examining 2007 2009.
 tax settlement 2002 2003.
 reduced unrecognized tax benefits $ 100 million recognized $ 52 million tax benefit 2010.
 subject to audits by state local foreign tax authorities.
 years subsequent 1988 2001 open.
 provision for adjustments tax examinations.
 outcome audits.
issues tax audits management expectations adjust provision income tax.
 unrecognized tax benefits 12 months.
 2013 shareholders equity compensation stock five million shares stock none issued outstanding.
 board authorized determine alter rights preferences privileges restrictions unissued shares.
 net other income.
 revenue expenses gains losses recorded excluded net income.
 income.
 2010 2009 2008
 beginning balance $ 971  506  $ 475
 increases tax positions prior year 61 27
 decreases -224 -70
 increases 240 151 85
 decreases settlements taxing authorities -102
 decreases expiration statute of limitations -3 -11
 ending balance $ 943  $ 971  $ 506


.
 submission no matters submitted fourth quarter 2005.
.
 2019s common equity issuer purchases series common stock traded new york stock exchange since january 21 2005.
 closing sale price march 6 2006 $ 20. 98.
 table high low intraday sales prices share periods.
 high low
 march $ 18. $.
 $ 18. $ 13.
 $ 20. $ 15.
 312005 $ 19. $ 15.
 shares 2019s series common stock issued.
 march 6 2006 51 holders one holder perpetual preferred stock.
 shareholder base approximately 6800 march 6 2006.
 dividend policy 2005 quarterly cash dividend share common stock 1% $ 16 price per share initial public offering. second quarter 2005.
company paid quarterly dividends $ 0. 04 per share august november 1 2005 february 1 2006.
 anticipated annual cash dividend $ 25 million.
 no assurance sufficient cash dividend.
 dividends declared paid funds set aside unless unpaid dividends.
 board may modify revoke dividend policy.
 pay quarterly dividends subject available funds.
 declare pay set apart funds dividend junior stock parity redeem purchase acquire junior stock stock unless paid set apart funds unpaid dividends.
 company paid quarterly dividends $ 0. 265625 4. 25%. convertible preferred stock august 1 2005 november 1 february 1 2006.
 anticipated annual cash dividend approximately $ 10 million.


business product line.
 more construction do-it-yourself projects second third quarters northern hemisphere security product sales higher first fourth quarters.
 interflex business higher sales fourth due project timing.
 revenue quarter 2016 2015 2014.
 first second third fourth
 2016 22% 22 % 26% 26 %
 2015 22% 27% 27 %
 2014 22% 22 25% 26% 26 27% ( 27 %
 december 31 2016 9400 employees.
 regulation program hazardous materials remediate environmental concerns.
 site investigations remediation.
 evaluates remediation programs considers alternative methods.
 party environmental lawsuits notices violations.
 state authorities.
 identified potentially responsible party cleanup costs off-site waste disposal federal superfund state remediation sites.
sites prps involvement minimal.
 liability assumed bear entire cost remediation prps.
 ability participate financial condition.
 additional lawsuits claims likely arise.
 incurred $ 23. 3 million $ 4. 4 million $ 2. 9 million expenses 2016 2015 2014 environmental remediation sites owned leased.
 reserves $ 30. 6 million $ 15. 2 million.
 $ 9. 6 million $ 2. 8 million remediation sites.
 evolving environmental laws regulations technology cost future compliance uncertain.
 required file annual quarterly current reports proxy statements documents.
 securities exchange commission.
 public read materials public reference room 100. washington.
.
 1-800-sec-0330.
 internet website reports proxy statements.
 documents http://www.
annual report 10-k future quarterly reports 10-q current reports 8-k amendments available free website. allegion. com reports filed.
 contents website not incorporated report.


entergy corporation utility companies system energy employment labor proceedings subsidiaries lawsuits state federal courts labor proceedings current former employees.
 damages specified.
 actions include wrongful employment wage disputes fair labor standards act race gender disability discrimination collective bargaining unfair labor practice national labor relations board retaliation benefits plans.
 subsidiaries deny liability.
 commitment.
 december 31 2008 employed 14669 people.
.
 arkansas
 mississippi
 new orleans
 texas 744
 energy
 operations 2448
 services 3179
 nuclear operations 3620
 other subsidiaries
 5000 employees represented electrical workers union utility workers union teamsters union united government security officers.


market street commitments credit rating december 31.
 2009
 aaa/aaa 14% ( 14 % ) 19% ( 19 % )
 50 6
 72
 bbb/baa 3
 100%
 majority facilities not rated rating agencies.
 meet standards.
 evaluated design market street capital structure relationships variable interest holders.
 not primary beneficiary assets liabilities street not included consolidated balance sheet.
 considered changes variable interest holders risks.
 reviewed activities market street quarterly reconsideration event.
 equity investments limited partnerships affordable housing projects low credit.
 investments return capital facilitate sale affordable housing community reinvestment act.
 identification development operation multi-family housing leased residential tenants.
 funded debt equity.
 limited partner non-managing member.
we national syndicator of affordable housing equity 201clihtc investments.
 create funds subsidiaries sell interests to third parties purchase.
 purpose generate income servicing fees earn tax credits reduce tax liability.
 activities include selecting evaluating structuring negotiating closing fund investments operations.
 evaluate third party interests primary beneficiary.
 based on majority variability.
 primary sources variability tax credits tax benefits passive losses development cash flows.
 consolidated lihtc investments we absorb majority variability primary beneficiary.
 assets in equity investments liabilities noncontrolling.
 creditors equity investors recourse to general credit.
 consolidated assets liabilities in table business segment.
 investments not primary beneficiary significant variable interest based on.
investments disclosed in non-consolidated 2013 variable interests table.
 reflects maximum exposure to loss.
 equal to equity commitments adjusted for impairment partnership results.
 equity cost methods balance.
 increase recognized investments liability for unfunded equity commitments.
 liabilities reflected in consolidated balance sheet.
 city bank.
 sponsored special purpose entity credit risk transfer agreement mitigate losses nonconforming mortgage loans.
 formed with small equity contribution bankruptcy-remote entity creditors no recourse.
 interest issued asset-backed securities.
 equity.
 primary beneficiary absorb losses through holding asset-backed securities.
 consolidated assets liabilities


jpmorgan chase.
 2007 annual report 117 nonrecurring fair value changes change value financial instruments adjustment consolidated statement income year 31 2007.
 millions.
 loans $ -720 ( )
 assets -161 (
 accounts payable accrued expense liabilities
 nonrecurring fair value gains $ -879 ( 879 )
 loans include changes fair value cost accounts payable unfunded lending commitments leveraged lending portfolio.
 level 3 assets 5% firm assets december 31 2007.
 increased 2007 second half liquidity mortgages credit products.
 leveraged loan balances.
 transfers level 2 to 3 2007.
 instruments mortgage market unob.
subprime alt loans home equity securities commercial mortgage loans credit default swaps majority instruments decline liquidity third fourth quarters 2007 new issue activity nonexistent independent pric ing information.
 sfas 157 firm recorded 2007 2022 increase earnings $ 287 million profit deferred eitf 02-3 2022 pretax income $ 166 million $ 103 million after-tax creditworthiness liabilities increase pretax income $ 464 million $ 288 million after-tax nonpublic private equity investments.
 applied provisions eitf 02-3 derivative portfolio.
 recogni initial trading profit quoted market prices data valuation.
 recognized deferred profit principal transactions straight- line amortization.
 adjustment valuation liabilities.
 january 1 2007 adjustment credit quality.
adoption sfas 157 privately investments valued based cost.
 adjusted positive changes financing events third-party capital providers.
 subject to impairment reviews by professionals.
 increase pretax income nonpublic private equity investments sfas 157 market evidence fair values third-party market transaction.
 disclosures sfas 107 estimated fair value instruments methods assumptions.
 not all instruments recorded fair value balance sheets.
.
 excluded from sfas 107.
 fair value disclosures provide partial estimate fair value jpmorgan chase.
 long-term relationships deposit credit card accounts.
 add significant value jpmorgan chase fair value not disclosed.
 fair value approximates carrying value carried fair value short-term nature negligi credit risk.
instruments include cash deposits federal funds securities borrowed receivables accrued interest commercial paper federal funds borrowed funds accounts payable accrued liabilities.
 sfas 107 requires fair value deposit liabilities no. carrying value.
 funding value.


selection disclosure critical accounting estimates discussed with audit committee.
 discussion significant assumptions estimates accounting policies methods consolidated financial statements 2022 revenue recognition recognize revenue when evidence arrangement delivery sales price fixed collectability assured.
 revenue recognized title risk loss transferred to customers.
 shipment receipt sales terms.
 estimates cost sales returns experience immaterial.
 2022 goodwill non-amortizable intangible assets valuation test impairment annually.
 annual impairment analysis first quarter year.
 quantitative assessment.
 fair value carrying value.
 exceeds impaired.
 discounted cash flow model market approach earnings multiples.
 december 31  2015 carrying value goodwill $ 7. 4 billion related to ten reporting units.
estimated fair value ten units exceeded carrying value december 31  2015.
 non-amortizable assets discounted cash flow model relief-from-royalty method.
 concluded fair value exceeded carrying value movement assumptions impairment.
 cash flow models include assumptions operating cash flows.
 experience consistent with marketplace participant.
 recorded charge to earnings for impairment goodwill non-amortizable intangible assets.
 2022 marketing advertising costs costs advertising marketing engagement trade promotions.
 expensed.
.
 programs uncertainties performance compliance.
 volume-based incentives assesses likelihood achieving targets records reduction revenue.
 promotions relies on estimated utilization rates historical experience.
 changes assumptions change financial position cash flows.
 material changes in accounting methodology marketing programs.
 employee benefit plans.
plans benefits retired pensions postretirement health care postemployment benefits.
 record annual amounts calculations.
.
 actuarial assumptions discount rates return compensation increases mortality turnover health care cost.
 review.
.
 amortized future periods.
 assumptions historical experience.
 weighted-average discount rate assumptions pensions postretirement plans.
. pension plans 30%. 30 %. 95%. %
. 68%. % 92%. 92 %
 postretirement. 45%. 45 %. %
 assumption changes decreased amortization deferred losses decrease 2016 pre-tax.
.
 pension postretirement expense $ 209 million $ 240 million 2015


goldman sachs group.
 subsidiaries financial statements lending.
 commitments investment-grade non- investment-grade corporate borrowers.
 operating liquidity corporate purposes.
 extends contingent acquisition financing corporate commercial real estate financing.
 short-term.
 sumitomo mitsui financial group.
 provides credit loss protection loan commitments investment-grade.
 $ 27. 03 billion $ 27. 51 billion december 2015 2014.
 loss protection limited 95% first loss $ 950 million.
 protection 70% additional losses maximum $ 1. 13 billion $ 768 million 2014.
 uses financial instruments mitigate credit risks.
 credit default swaps underlying market index.
 warehouse financing.
 financial assets.
 secured assets consumer corporate loans.
resale repurchase lending firm three business days.
 contingent financing.
 funding depends contractual conditions expire unused.
 letters banks securities cash collateral margin deposit requirements.
 investment $ 6. 05 billion $ 5. 16 billion private equity real estate assets funds.
 $ 2. 86 billion $ 2. 87 billion.
 funded market value date.
 obligations long-term lease agreements office space expiring through 2069.
 subject escalation real estate taxes charges.
 future minimum rental payments sublease rentals.
.
 317
 2017 313
 2018 301
 2019 258
 2020 226
 2021
 2575 rent operating expense $ 249 million 2015 $ 309 million 2014 $ 324 million 2013.
 leases include office space excess current requirements.
 rent expense growth. firm records liability remaining rentals reduced sublease rentals ceased space future benefits.
 costs terminate lease fair value termination.
 sachs 2015 form 10-k


city council entergy new orleans.
 february 2018 approved settlement deferred cost recovery 2018 rate case adjustment 2018-2019 costs filed case timely recovery.
 funds cash debt membership interest issuances bank financing.
 refinance redeem retire debt prior maturity market conditions interest rates.
 receivables from money pool december 31 years.
 2016 2015 2014
 12723 $ 14215 $ 15794 $ 442
 note 4.
 credit facility $ 25 million november 2018.
 letters of credit against $ 10 million borrowing capacity.
 december 31 2017 no cash borrowings $ 0. 8 million letter of credit outstanding.
 party uncommitted letter of credit facility. $ 1. 4 million letter of credit outstanding.
 note 4 statements.
new orleans authorization ferc october 2019 short-term borrowings $ 150 million long-term borrowings securities issuances.
 note 4 financial statements short-term borrowing limits.
 long-term securities issuances authorized ferc city council authorization extends june 2018.
 entergy new orleans rate regulation electricity natural gas influence financial position results liquidity.
 regulated rates determined regulatory proceedings.
 city council approval rates.
 asset transfer.
 settlement agreement 2015 no action base rates until implemented


entergy louisiana.
 income decreased $ 18. million lower revenue operation maintenance expenses.
 increased higher revenue lower interest charges offset higher operation expenses higher depreciation amortization expenses higher taxes.
 revenues fuel-related purchased power expenses regulatory credits.
 analysis change net revenue 2004 2003.
 2003 net revenue $ 973.
 unbilled sales.
 deferred fuel cost revisions.
 refund provisions.
.
 summer capacity charges.
.
 2004 net revenue $ 931.
 unbilled sales variance decrease fuel price nuclear plant outages 2003.
 deferred fuel cost revisions revised unbilled sales pricing estimate.
 refund provisions revenue.
 volume/weather variance increase 620 gwh weather-adjusted usage offset milder weather sales residential commercial.
summer charges variance amortization 2003 deferred 2001 2004.
 august 2002 ended 2003.


revolving bank credit agreement $ 1. billion commercial financing securitization program cash flow variability economic cycle.
 agreements interest floating index margin credit rating.
 $ 1. 5 billion 2011 new $ 1. 5 billion november 2012 facility fee. payable quarterly.
 $ 1. billion commercial financings receivable balances $ 816 2010 facility fee. 75%.
 amended maturity date 2010 2011.
 facility fee. monthly.
 no borrowings credit agreements receivables securitization debt covenants.
 minimum net worth $ 9 billion total- debt-to-capital ratio less than 60%.
 net worth common stock paid capital earnings treasury stock goodwill impairment charges.
 loss.
 total-debt-to-capital ratio debt divided net worth.
 net worth $ 11.8 billion debt-to-capital ratio 43. 3%.
 company debt capital markets long-term funding.
 funding decisions guided by structure planning objectives.
 goals maximize financial flexibility preserve liquidity interest expense.
 debt accessed global public capital markets.
 investment grade credit rating important financing.
 2009 long-term ratings bbb baa3 short-term a-3 p-3 s&p moody 2019s.
 february 5 2010 reduced credit rating senior unsecured long term debt royal bank of scotland.
. $ 1. 4 billion notes 2006 sale forestlands.
 third collateral borrowings.
 credit rating downgraded 60 days institution.
 issuer replacement 60-day.
obligations future payments lease purchase december 31 2009 millions maturities long-term debt $ 304 $ 574 $ 199 $ 131 $ 562 7263 right offset.
-term $ 304 574 199 131 562 7263
 right offset
 lease 177 148 124  96  79  184
 purchase obligations 2262  657 623  556  532  3729
 $ 3262 $ 1407 $ 946  $ 783  $ 1173  $ 16284
 scheduled principal payments.
 2010 debt maturities reclassification $ 450 million long-term international paper renew convert obligations.
 debt obligations non-consolidated variable interest entities international paper offset investments.
 $ 5. 7 billion interests against. debt obligations note 12.
statements.


currencies industrial countries.
 enter foreign currency option contracts hedge transactions high probability.
 contracts cash-flow hedges varying maturities end march 2015.
 hedge effectiveness hypo thetical derivative methodology excludes fair value spot-forward difference recorded current-period earnings.
 dollar offset methodology.
 ineffective portion recorded.
 contracts accounting discontinued gains losses reclassified earnings forecasted transaction occurs.
 gains losses reclassified current earnings.
 june 30 2013 foreign cash-flow hedges effective.
 foreign currency forward contracts $ 1579. 6 million.
 foreign currencies.
 british pound. euro. canadian dollar. swiss franc. australian dollar. thailand baht. kong dollar.
risk enter derivative con tracts with counterparties long-term credit a- or higher two rating agencies.
 major financial institutions.
 exposure credit risk nonperformance limited to gross fair value totaled $ 21. 7 million june 30 2013.
 established counterparty credit guidelines.
 believes risk loss hedging contracts remote.
 derivative instruments contain credit-risk contingent features.
 net position contracts two counter- parties.
 fair value approximately $ 4. 6 million.
 compliance with credit-risk contingent features.
 value-at-risk model instruments.
 potential losses adverse changes market factors.
 historical volatilities correlations.
 high low average value-at-risk 2013 foreign exchange contracts.
 low
 exchange contracts $. $. $.
.model estimates normal market conditions 95 percent confidence level.
 used statistical simulation model valued derivative instruments against thousand market price paths.
 calculated value-at-risk exposure represents estimate possible net losses future not indicative of actual results.
 maximum loss loss future gains losses differ fluctuations market rates operating exposures timing changes portfolio.
 loss offset by market rate movements transactions.
 with unconsolidated entities financial condition results.
 est{e lauder companies.


republic services.
 financial statements 2014 discount rate obligations model benefit payments high quality bonds.
 uses yield curve discount rate.
 yields discount.
 term obligation retirement dates eight years.
 evaluated historical performance long-term return projections assets asset mix timing.
 total return investment approach equity fixed income investments long-term return.
 minimize plan expenses outperforming liabilities.
 risk tolerance plan liabilities funded status financial condition.
 investment portfolio diversified equity fixed income investments.
.
.
 stocks capitalizations.
 derivatives market exposure leverage portfolio beyond market value.
 risk monitored annual liability measurements asset liability studies quarterly portfolio reviews.
 summarizes target asset allocation 2016 actual allocation december 31 2016 2015.
targetassetallocation
 debt securities 72% ( 72 % )
 equity securities 28
 total 100% ( 100 % )
 2017 investment strategy pension plan assets diversified portfolio average long-term return 5. 56%.
 return. portfolio.
 assets allocated debt equity portfolios fluctuations returns.
 asset allocation target ranges strategies reviewed periodically independent consulting firm.


consolidated financial statements 2005 restructuring plan liabilities.
.
 january 2005 2014
 expensed 141
 payments
 foreign currency revaluation -2 2
 december 31 116
 expensed 155
 -141
 4
 december 31 134
 expensed 38
 -110
 december 31 $ 63
 unpaid restructuring liabilities accrued.


entergy arkansas.
 subsidiaries management 2019s financial receivables december 31 years.
 2011 2010 2009 2008
 $ 17362 $ 41463 $ 28859 $ 15991
 april 2011 $ 78 million credit facility expires april 2012.
 no outstanding borrowings december 31.
 short-term borrowing authorization ferc through october 2013 $ 250 million.
 note 4 financial statements borrowing.
 order apsc long-term securities issuances december rate regulation fuel-cost recovery rates change rates charges tariffs.
 2010 $ 63. 7 million rate increase first billing cycle july 2010.
. 2%. return common equity.
 recovery retail costs.
 deferred fuel cost balance pays costs seven collects twelve months.
note 2 financial statements entergy corporation subsidiaries system agreement.
 energy cost recovery entergy arkansas retail rates recovery rider fuel energy costs bills.
 costs sales energy cost rate redetermined annually-up adjustment over-recovery.
 tariff interim rate request over-recovery fuel costs.
 october 2005 apsc investigation entergy arkansas energy cost recovery rate.
 gas contracting hedging practices wholesale purchases coal inventory failure coal deliveries.
 2006 extended investigation entergy arkansas energy cost rate filing hearing october 2006.


2 8 stock performance graph series a b c september 18 december 31 2008 compared standard poor 2019s 500 index peer group index walt disney time warner. cbs corporation viacom.
 news corporation scripps network interactive.
 assumes $ 100 invested september 18 2006 subsequent dividends reinvested additional shares.
 18 december 31.
 $ 100. $ 103. $ 102. 53
. 105. 78.
. 88. 83.
. 96. 74.
. 92. 68.


primary beneficiary deconsolidated entities.
 31 2010 held 36% 36 % interest juniperus equity.
 potential loss limited investment $ 73 million juniperus recorded.
 provided financing juniperus required.
 juniperus jchl assets liabilities $ 121 million $ 22 million december 31 2008.
 recognized $ 36 million pretax income juniperus jchl.
 $ 16 million after-tax income-controlling.
 owned 85% 85 % ) equity globe re reinsurance coverage property catastrophe contracts 2009.
 consolidated globe re primary beneficiary.
 repaid $ 100 million short-term debt equity investment 2009.
 recognized $ 2 million after-tax income 2009.
 liquidated third quarter 2009.
 clients risk solutions advisor insurance reinsurance broker.
2022 hr solutions partners complex benefits talent financial challenges business performance designing human capital retirement investment health care compensation talent management strategies.
 risk solutions.
 years december 31, 2010 2009 2008
 revenue $ 6423 $ 6305 $ 6197
 operating income 1194
 operating margin 18. 6%. 3%. 7%.
 demand property casualty insurance rises economic activity increases falls commissions fees brokerage.
 employment corporate revenue asset values.
.
 premium rates commission revenues competition underwriting capacity.
 changes premiums insurance brokerage industry


valero energy corporation financial statements.
 equity share activity common treasury stock millions.
 balance december 31 2015 -200
 transactions-based compensation plans
 purchases 23
 december 31 2016 -222
 transactions
 purchases
 december 31 2017 -240
 purchases
 december 31 2018 -256 (
 20 million shares value $ 0. 01 per share.
 no shares preferred outstanding december 31 2018 2017.
 common stock program employee stock-based compensation plans.
 13 2015 $ 2. 5 billion stock no expiration date 2017.
 2016 additional $ 2. 5 billion 2018.
 23 $ 2. 5 billion no expiration date.
 2018 2017 2016 purchased $ 1. 5 billion $ 1. 3 billion.3 billion common stock.
 december 31 2018 approval purchase $ 2. billion.
 january 24 quarterly dividend $ 0. 90 share march 5 2019 holders february 13.
 valero energy partners september 16 2016 equity distribution agreement offered sold units $ 350 million market conditions


management business segments sales income.
 performance coatings sales $ 4716 2007 $ 3811 income $ 582 2007 $ 563
 industrial coatings 3999
 architectural coatings
 optical specialty materials
 commodity chemicals 1837
 coatings sales increased $ 905 million 24% % 2008.
 21% acquisitions marine coatings.
 sales grew 3% higher selling prices 2% 2 foreign currency translation.
 volumes declined 2% offset aerospace protective marine.
 volume growth aerospace.
 income increased $ 19 million 2008.
 acquisitions lower overhead costs foreign currency translation.
 higher selling prices inflation.
 reduced lower sales volumes architectural coatings automotive refinish.
 industrial coatings sales increased $ 353 million 10% 2008.
increased 11% acquisitions sigmakalon coatings.
 3% foreign currency 1% higher selling prices.
 volumes declined 5%.
 declines automotive industrial.
 canada.
 declines european asian.
 gains asia north america.
 income declined $ 158 million lower volumes inflation higher raw material freight costs increased selling prices.
 declined higher selling distribution costs bad debt expense.
 earnings acquired foreign currency lower manufacturing costs.
 architectural coatings sales $ 2249 million.
.
 $ 141 million amortization $ 63 million depreciation 58 million.
 optical specialty materials sales increased $ 105 million.
 5% higher volumes 3% foreign currency 2% 2 % increased selling prices.
 income increased $ 9 million.
 sales volumes selling marketing costs.
 selling prices raw material costs.
chemicals sales increased $ million 19% 19 % 2008.
 18% prices 1% 1 improved volumes.
 income increased $ 97 million.
 higher prices raw material energy.
 manufacturing costs margin equity earnings.
 sales decreased $ 281 million 13%.
 11% divestiture automotive 4% 4 lower volumes.
 2% 2 % higher prices.
 income decreased $ 68 million.
 divestiture lower volumes inflation lower equity earnings.
 lower manufacturing costs higher selling prices stronger foreign currency.
 activity volatile downward.
 american economy.
.


24 100 financial condition liquidity capital resources cash flows expenditures primary sources operating activities borrowings.
 cash flows short-term borrowings operating requirements principal interest payments debt dividend payments capital expenditures.
 cash flows.
 $ millions 2010 2008
 operating activities $ 515. 2 $ 559. 7 $ 627. 6
 investing activities -110. 2 110. -581. 4 ( 581. 4 -418. 0 418.
 financing activities -459. 6 ( 459. 100. 8 -205. 5 205. 5
 operating activities 2010 $ 250 million accounts receivable securitization program.
 $ 250 million reduction.
 new accounting guidance $ 250 million increase accounts receivable working capital outflow.
no accounts receivable sold under securitization program at december 31 2010.
 excluding $ 250 million change accounting cash flows $ 765. 2 million 2010 $ 559. 7 million 2009 $ 627. 6 million 2008.
 improvement due to higher earnings working capital changes offset higher pension funding.
 lower operating cash flows 2009 working capital increases higher pension funding income tax payments payment $ 70 million customer legal settlement.
.
 consolidated financial statements.
.
 superior measures.
.
 presentation earnings.
 available item 8.
 results stock buyback strategic investments debt.
 not defined.
 for discretionary expenditures.
 operating activities less additions property equipment.
 derived from cash statements adjusted for.


arconic subsidiaries consolidated financial statements millions per-share amounts.
 accounting policies.
 financial statements.
 prepared accounting principles united states management judgments estimates assumptions.
 affect assets liabilities contingent.
 revenues expenses period.
 results differ resolution matters.
 financial statements reclassified current period january 1 2018 arconic adopted guidance financial accounting standards board net pension postretirement benefit cost reclassification cash receipts payments reclassification classification restricted cash reclassification accumulated loss to accumulated deficit stranded tax effects tax cuts jobs act december 22 2017.
 accounting guidance.
 january 1 2018 company changed measure segment performance adjusted earnings before interest tax to operating profit aligns operating income.
 note.
 separation alcoa inc.
publicly-traded companies arconic.
. corporation november 1 2016 transaction.
 financial results alcoa corporation 2016 reflected discontinued excluded continuing operations results.
 cash flows income not segregated included consolidated cash.
 note v information separation.
 consolidation.
 financial statements accounts arconic.
 intercompany transactions eliminated.
 investments affiliates accounted cost method.
 management evaluates beneficiary.
 consolidation.
 variable interest entities requiring consolidation.
 cash.
 liquid investments maturity three months or less.
.
 lower cost net realizable value half.
 inventories last-in first-out.
 other inventories average-cost methods.
 properties plants equipment.
 recorded cost.
 depreciation straight-line method estimated useful lives.
table details lives structures machinery equipment segment.
 machinery
 engineered products solutions 29 17
 products 31 21
 transportation construction solutions 27 18
 gains losses sale asset groups recorded restructuring charges assets.
 repairs maintenance charged.
 construction capitalized construction costs.


cost business.
 changes include enrolled due federal government decision.
 military presence.
 reimbursements failure reduce health care costs business.
 2004 contractual transition tricare business.
 regions 2 5. million north region.
 august 1 regions 3 4 south region.
 november 1 2004 region 6 1 million members south region.
 members offset lost expiration.
 december 31 2005 tricare premium revenues $ 2. 4 billion 16. 9%. premiums.
 tricare transition senior pharmacy for life program.
 administrative services transferred another contractor.
 december 31 2005 tricare administrative services fees totaled $ 50. 1 million. 4%. total premiums aso fees.
 products commercial employers developed products options premium increases medical cost inflation.
consumer-choice products fully insured or aso coverage 371100 members at december 31  2005. 7%. total commercial medical membership.
.
 fully insured 184000 1815800 1999800
 administrative services 187100 983900 1171000
 commercial medical 371100 2799700 3170800
 products offered employer groups 201cbundles 201d hmo options employer contribution strategies.
 developed innovative products 201csmart 201d products long-term solution employers.
 choices transparency provider costs benefit designs care.
 innovative tools technology trade premiums point-of-service costs benefits.
 informed choices sustainable long term solution.
 smart products 65. 1%. enrollment consumer-choice plans december 31 2005 sold to employers humana sole health insurance.


past-due loans interest payments over 90 days delinquent interest accrued.
 no loans 90 days past due december 31 2011 2007.
 portion past due report interest based on accretable yield future cash flows not.
 cash flow estimates updated quarterly.
 place loans non-accrual status interest payments 60 days past due or full collection.
 loans 60 days past due well-secured excluded non status.
 loans non-accrual revenue recognition suspended.
 december 31 2011 2010 approximately $ 5 million and $ 158 million  loans yield.
 based future collection.
 decline in loans non-accrual status december 31 2011 from transfer cre loans to real estate.
 no impact on 2011 consolidated statement income.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 10053 7180 loan lease balances year interest rates 31 2011.
 loans leases predetermined rates 1145 2873


jpmorgan chase. annual report wrong-way risk correlation firm exposure counterparty credit quality.
 factors influence correlations.
 firm adjust cva avg.
 manages credit interest rate foreign exchange equity commodity.
 graph shows exposure profiles derivatives portfolio 10 years peak dre avg metrics.
 exposure first year no new trades.
 exposure profile derivatives december 31 2017 billions table summarizes ratings profile counterparty derivative receivables.
 ratings scale based firm internal ratings s&p moody.
 ratings profile.
 december 31
 aaa/aaa to-/aa3 $ 11529 29% ( 29 % ) $ 11449 28% ( 28 % )
 a+/a1 to a-/a3 6919
bbb+/baa1 to/baa3 13925  34  13127  32
 bb+/ba1 to/b3 7397  18  7308  18
 ccc+/caa1 and below  645 | 2 | 984  2
 total $ 40415  100% ( 100 % ) $ 41373
 firm uses collateral agreements mitigate counterparty credit risk.
 over-the-counter derivatives transactions 2014 foreign exchange trades short maturity approximately 90% december 31, 2017 unchanged compared 2016.
 market-maker credit risk.
 note 5.
 mitigate credit risk traditional lending exposure wholesale businesses.
 table below.
 note 5.
 uses credit derivatives manage other exposures credit risk securities market-making businesses.
 not included in management note 5.
years5


78 98 financial statements corporation subsidiaries.
 financial instruments risk management december 31 2006 company interest rate swap agreements 20ac135 million fixed rates.
 $ 4 million net gain loss $ 0. 8 million earnings 2007.
 $ 1. 1 million net gain termination hedges loss.
 2006 earnings hedges insignificant.
 fair value non-derivative instruments carrying amounts exception long-term debt.
 rates debt.
 fair value derivatives reflects estimated amounts termination contracts unrealized gains losses contracts.
 2006
 long-term debt $ 2311.
 unrealized gain loss derivative contracts.
 foreign currency exchange rate risk protect cash flows earnings cash flow hedges.
 foreign earnings volatility currency options.
foreign currency translation risk euro pound canadian dollar polish zloty dinar brazilian real argentine peso renminbi.
 currency exposures raw materials.
 currencies.
 sales contracts cost forward option contracts exposures.
 contracts expire four years no loss.


marathon oil corporation financial statements shares 2013 acquisition western board directors authorized voting preferred stock 6 million shares.
 issued 5 million shares trustee holds shares benefit holders exchangeable shares.
 each share voting preferred stock one vote matters marathon common stock.
 holder direct trustee vote equal marathon common stock exchange.
 votes trustee preferred stock exceed exchangeable shares.
 common stock voting preferred stock vote single class election directors marathon matters.
 voting preferred stock no other voting rights law.
 dividends shares no dividend distribution holder.
 liquidation dissolution marathon holder receive assets.
 not convertible into capital stock marathon cash property rights not redeemed.
.
 leases facilities equipment land building space office equipment production facilities transportation equipment.
long-term leases include renewal purchase options.
 future commitments capital lease obligations sale-leasebacks operating obligations noncancelable terms operating obligations.
 2009 181
 2010
 2011
 2012
 2013
 sublease rentals
 minimum lease payments $ 657 $ 967
 less interest costs
 net lease payments $ 459
 capital lease obligations $ 335 million assets construction december 31 2008.
 long-term debt $ 126 million.
 sales assumed leases equipment united states steel.
 obligations obligated for payments leases.
 minimum payments $ 21 million equal amount sublease rentals.
 $ 459 million lease payments $ 69 million obligations united states steel.


expenses.
 millions fiscal years march 2018 2017 2016
 services depreciation amortization restructuring costs $ 17944 $ 5545  $ 5185 73. 0%. 0 %. 9%. 9 %. 0%. 0 %
 administrative depreciation restructuring 2010  1279  1059 8. 16. 14.
 depreciation amortization 1964 647  658 8.
 restructuring costs 803 238.
 246 82 85.
 debt extinguishment costs 2014.
 income -82. 3.
 total costs expenses $ 22885 $ 7781  $ 7096 93. 2%. 2 % 102. 3%. 3 % 99. 9%. 9 %
 2017 2016 expenses not comparable 2018.
fiscal 2018 workforce supply chain rationalize real estate footprint.
 reduced labor base 13% automation best shoring pyramid correction.
 rebalanced skill mix 18000 new employees retraining workforce.
 restructured four million square feet.
 services $ 17. 9 billion $ 5. 5 billion 2017.
 increase driven hpes merger offset labor base real estate.
 $ 192 million pension settlement gains defined benefit plans.
.
 $ 360 million increase acquisitions $ 31 million gain sale intangible assets.
 offset cost reduction initiatives change $ 28 million pension losses.
 restructuring charges $ 219 million $ 7 million.
 $ 2. 0 billion $ 1. 3 billion 2017.
 increase hpes merger.
 separation transaction-related costs $ 408 million $ 305 million 2017.


reinsurance commissions fees revenue decreased 2% 2014 impact foreign currency exchange rates organic revenue market impact offset business treaty placements capital markets transactions advisory business.
 income increased $ 108 million 2013 $ 1. 6 billion 2014.
 income margins. 120.
 organic revenue growth return investments expense discipline savings restructuring programs offset $ 61 million impact foreign currency exchange rates.
.
 revenue $ 4264
 income
 margin.
 solutions segment generated 35% revenues 2014 human capital services 2022 retirement specializes actuarial services contribution consulting tax consulting pension administration.
 planning reward strategies salary survey market share studies sales force effectiveness financial services technology industries.
2022 human capital advice organizations talent change organizational effectiveness talent strategy executive on-boarding performance management leadership assessment communication strategy workforce training change management.
 investment consulting advises companies institutions trustees investment programs defined benefit contribution endowments foundations.
 benefits administration expertise defined benefit contribution 401 health welfare services.
 replaces processes efficient less costly solutions.
 exchanges healthcare exchanges cost effective alternative healthcare insurance.
 human resource business processing outsourcing manage employee data benefits payroll human resources processes talent workforce transactions.
 disruption global credit markets deterioration financial markets uncertainty.
 economic conditions impacted financial condition business activities.
 challenges demand pricing business results.


morgan stanley financial statements 2014 regulated subsidiaries.
.
.
 subject securities commodities banking regulations capital adequacy requirements authorities.
 operated excess local capital adequacy requirements.
 morgan stanley derivative products.
 rated a3 moody 2019s aa- s&p maintains operating restrictions reviewed&p.
 creditors claims assets obligations.
.
 regulatory capital requirements covenants agreements restrict withdraw capital subsidiaries.
 december 31 2014 2013 $ 31. 8 billion $ 21. 9 billion net assets subsidiaries restricted cash dividends advances parent company.
.
 morgan stanley shareholders 2019 equity.
.
 changes shares 2014 2013.
 shares outstanding beginning period 1945  1974
 stock purchases
 end period 1951 1945
treasury stock purchases include for employee tax withholding.
 shares issued forfeited from stock trusts rsu conversions.
.
 december 31  2014 company had $ 0. 3 billion share repurchase program.
 capital management business capital equity-based compensation benefit plan requirements.
 repurchases exercised at prices capital position market conditions.
 open market purchases privately negotiated transactions rule 10b5-1 plans suspended.
 subject to regulatory approval.
 no objection federal reserve 2014 capital plan share repurchase of $ 1 billion common stock quarterly common stock dividend to $ 0. 10 per share.


financial statements 2014 table summarizes changes non stock awards 31 2009 grant-date fair value.
 non-vested 31 2007 278 37
 granted
 -136 30
 forfeited
 2008 518 39
 granted
 forfeited
 2009 762
 average grant-date fair value 2007 $ 38 $ 45 .
 total value $ 6. 2 million $ 4. 1 million $ 1. 7 million.
 recognized compensation expense stock $ 9. 5. 7 million 2. 7 million.
 $ 23. million unrecognized compensation cost unvested stock awards.
 employee stock purchase sale 2. 4 million shares common stock authorized.
 $ 25000 20% annual compensation.
 shares purchased 85% market value last quarterly purchase period.
 31 2009.8 million shares issued plan 1. 6 million future.
 average value $ 6  $ $ 8 2009 2008 2007.
 15% discount.
 2009 performance new segment structure.
 june 2008 acquisition 51% hsbc merchant services expansion.
 august reportable segments north america merchant international money transfer.
 tables reflect changes segments 2009 2008 2007.


co2 pipelines.
 mcelmo bravo dome unit co2 denver texas market.
 refined petroleum crude oil chemical ethanol liquid terminal facilities coal petroleum coke fertilizer steel dry-bulk facilities.
 terminals.
 canada.
 flexibility attract retain customers expansion opportunities.
 operations handling liquids dry-bulk.
 marine operations include jones act product tankers transportation crude oil condensate refined petroleum products.
 terminals segment assets december 31 2016 capacity.
 liquids terminals 51.
 bulk terminals 37
 jones act tankers 12.
 largest independent operators liquids terminals north america.
 compete oil chemical pipeline refining companies.
 producers distributors bulk.
 competitors smaller operators lower cost.
product tankers fleets.


entergy corporation subsidiaries 2006 power prices drop ppa prices.
 table report power plant sold after 2005.
 ppas nypa indian point 3 fitzpatrick produce average capacity 85% true-up payment nypa higher.
 two two-year periods.
 first period indian point 3 fitzpatrick operated 95% 95 97% 97.
 credits 5% above 85% offset output shortfalls second period december 31 2004.
 entergy monitors industry trends asset impairments losses power records provisions impairments losses.
 energy commodity services exposed commodity price market risks 50%-owned investment entergy-koch.
 value-at-risk models risk.
 future gains losses differ fluctuations market rates operating exposures changes derivative instruments.
portfolio ekt enters derivative transactions approved trading committee entergy-koch.
 portfolio natural gas power energy weather-related contracts.
 futures forwards swaps options.
 value-at-risk method stress testing position reporting profit loss reporting risk portfolios.
 estimates value-at-risk.
 risk metrics methodology monte carlo simulation approach.
 daily value-at-risk 97. 5%. confidence level.
 prices against positions loss exceed calculated value-at-risk.
 daily value-at-risk dollar amount approved trading committee.
-risk daily earnings risk.
 end period $ 15. 2 million $ 5. million
 average $ 10. 8 million $ 6. 4 million
 increased 2002 size position volatility natural gas prices.
derivative transactions ekt exposed losses nonperformance.
 considerations risk


years 2008 2007 2006 ineffectiveness hedge not significant.
 contracts obligation purchase.
 dollars sell euros yen pounds canadian dollars australian dollars korean won purchase swiss francs sell.
 january 2009 through june 2011.
 contracts.
 dollars $ 1343. million.
 francs $ 207. 5 million.
 fair value derivative instruments net unrealized gain $ 32. 7 million $ 33. million net taxes deferred comprehensive income $ 16. 4 million $ 17. 9 million reclassified earnings next twelve months.
 foreign currency forward exchange contracts exposures.
 foreign currency gains/losses.
 offset with gains/losses contracts.
 comprehensive income gains losses excluded from net earnings adjustment stockholders equity.
comprehensive income foreign currency translation adjustments unrealized hedge gains losses-for-sale securities amortization prior service costs unrecognized losses actuarial assumptions.
 2006 adopted sfas 158 2019 defined benefit pension postretirement plans amendment fasb statements.
 87 88 106 132. funded status benefit plans deferred gains losses.
 unrealized loss $ 35. million 2006.
 balance december 31 loss.
 2007 31 2008
 foreign currency translation $ 368. -49. $ 319.
 currency hedges -45.
 unrealized gain loss securities -1.
 unrecognized prior service cost gain loss actuarial assumptions. -79 -111
 income $ 290. -50. $ 240.
 reclassified investment available-for-sale.
investment marked market sfas 115 debt equity securities net unrealized gain $ 23. 8 million 2008.
 reclassified investment 2008 proceeds $ 54. 9 million gross gain $ 38. 8 million.
 basis securities consideration acquisition.
 treasury stock repurchases common stock cost method reduction shareholders equity.
 reissue common stock treasury limited purposes.
 2006 fasb issued sfas.
 157 201cfair value measurements defines framework expands disclosures.
 measurements guidance hierarchy.
.
 effective financial statements fiscal years november 2007.
 2008 fasb issued.
 157-2 delays effective date provisions.
 non-financial assets liabilities years november 15 2008.
 adoption.
 financial statements results operations.
.
2 0 0 8 consolidated financial statements job c48761 046000000|02/24/2009 19:24 valid no graphics color d


committee approved annual incentive plan payouts executive officer 2017 target payout.
. christopher bakken $ 620125 70% 70 129% 129 % 559973
 marcus. $ 630000 70% 70 129% 568890
. 1230000 135% 135 % 129% 2142045
. 355300 40% 40 % 119% 169123
 andrew. 600000 70% 70 % 129% 129 % 541800
. 366150 60% 137% % 300000
. 328275 40% 40 % 119% %
 charles. 286424 40% 40 79% %
 richard. $ 344200 40% 40 % 204% % 280661
 roderick. 675598 70% 70 % 129% 129 % ) 610065
. officers nuclear industry.
personnel committee authorized plan attract retain management talent nuclear power field technical expertise.
 plan provides bonuses paid annually three-year period bonus opportunity dependent on management level employment.
 annual payment equal 15% to 30% employee base salary enrollment.
. participation commenced may 2016. cash bonus equal 30% base salary 2016.
 plan accelerated prorated payout termination.
 three-year coverage period percentage base salary consistent with other senior nuclear officers.
 2017.
 received cash bonus $ 181500 30% base salary $ 605000.
 corporation executive officers building shareholder value increase ownership common stock.
 uses performance units restricted stock stock options.
 majority target incentive awards.
 reward executive officers total shareholder return stock price appreciation dividend payments philadelphia utility index.
2018-2020 cumulative utility earnings added long-term performance unit program shareholder return measure weighted.
 restricted stock executive officers entergy.
 stock options value common stock.
 long-term incentive compensation 60% performance units 40% stock options restricted stock divided.
 awards executive officers vary performance promotions pay.
 performance units 2015-2017 awarded 2011 equity ownership plan long-term cash incentive plan


2019 2024.
 net losses.
 net loss carryforwards deferred tax asset $ 5. 3 million december 31 2007.
 full valuation allowance.
 foreign net loss carryforwards $ 45. 6 million $ 24. 4 million.
 valuation allowances losses $ 5. 2 million $ 6. million.
 2007 2006 foreign tax credit carryovers $ 12. 4 million $ 12. 7 million expire 2010 2025.
 valuation allowance $ 2. 3 million foreign tax credits.
 january 2005 compliance assurance process real-time audit 2005.
 immaterial adjustment 2004 no changes.
 2007 2008 under audit.
 financial position.
 united states income taxes earnings foreign subsidiaries.
 december 31 2007 cumulative earnings $ 159. million.
 foreign tax credits federal tax liability.
2007 first company fasb interpretation.
 uncertainty income taxes.
 no change reserves uncertain tax positions.
 interest penalties unpaid taxes income tax expense.
 unrecognized tax benefits.
 unrecognized tax benefits january 1 2007 $ 11825
 decreases -3749
 increases 15667
 tax benefit december 31 2007 $ 23743
 decreases statute limitations
 decreases change position -320
 potential $ 5. 4 million tax rate.
 total interest expense unpaid taxes $ 1. 4 million december 31 2007.
 interest penalties $ 8. 4 million december 31 2007.
 expiration statutes limitation estimated $ 3 million unrecognized tax benefits.
 national information services.
 statements 2014


franchise tax provisions contracts included administrative expenses.
 deferred income taxes recorded revenues expenses recognized different periods financial.
 deferred tax balances calculated using current tax laws rates.
 realizability tax need valuation allowances evaluated stand-alone tax attributes valuation allowances $ 21 million $ 18 million necessary as december 31 2012 2011.
 uncertain tax positions-likely recognition threshold recognized in financial statements.
 tax benefit greater 50% settlement.
 position threshold penalties expense penalty.
 penalties recognized tax expense.
 accrued interest related uncertain tax positions.
 determined by tax law.
.
 changes accruals uncertainties recorded in earnings.
 cash fair value short-term 90 days.
accounts receivable include billed due estimated contract change amounts equitable adjustment retained pending completion.
 inventoried costs relate contracts labor percentage-of-completion.
 accumulated contract costs less sales.
 include production costs factory engineering overhead tooling administrative expenses.
.
 customer asserts title in inventories performance progress payments.
 costs current asset include production cycles longer one year.
 company owned raw materials lower cost average cost method.
 property equipment depreciable recorded cost depreciated over useful lives.
 costs computer software amortized over useful life nine years.
 leasehold improvements amortized over shorter useful lives.
 remaining assets depreciated straight-line method.
 land improvements
 buildings improvements
software costs 3 9
 machinery equipment 45
 company evaluates recoverability property plant equipment economic objectives.
 include future cash flows profitability factors fair value.
 record impairment charges.


december 31 2012 2011 estimated company uncertain tax positions $ 19 million $ 6 million.
 reversal $ 1 million federal income tax rate.
 accrued interest penalties unrecognized tax benefits $ 2 million $ 3 million december 2012 2011.
 company reduction $ 10 million liability uncertain tax positions spin-off northrop grumman primary obligor.
 2010 settlement.
.
 congressional committee tax returns 2004 2006.
 recognized tax benefits $ 8 million.
 reduction $ 10 million liability uncertain tax positions million.
 table summarizes tax years examination tax jurisdictions.
 states
 mississippi
 virginia
 uncertain tax positions asserted authorities could greater accrued position.
additional provisions federal state income tax could revised estimates.
 company could settle positions tax lower accrued.
 next 12 months liability for uncertain tax positions may decrease $ 14 million.
 recognizes accrued interest penalties.
 irs northrop grumman's consolidated tax returns 2007 through 2009.
.
 march 31 2011 liability for uncertain tax positions $ 4 million state tax.
 obligated reimburse settlement liabilities spin state.
 recorded reimbursement receivable $ 4 million assets uncertain tax positions state income taxes.
 deferred income taxes reflect temporary differences between assets liabilities.
 classified as current non assets liabilities.


item 11.
 executive compensation pca 2019s proxy statement 201ccompensation discussion analysis officer director compensation committees 2014 compensation committee.
 item 12.
 security ownership beneficial owners management stockholder matters pca 2019s proxy statement 201cownership stock.
 authorization securities equity compensation plans securities authorized december 31 2013.
 plan category securities issued options warrants rights exercise price c securities future issuance
 equity compensation plans approved $.
 not
.
 include 1534294 shares unvested restricted stock performance units 1999 long-term equity incentive plan.
 item 13.
relationships transactions director independence 13 pca 2019s proxy statement 201ctransactions 201celection directors independence incorporated.
 item 14.
 principal accounting fees services proxy statement 201cratification appointment independent accounting firm subcaptions 2014 fees audit committee preapproval policy audit non-audit fees incorporated.


intangible assets amortization estimated amortization expense five fiscal years 2009 $ 41. million 2010 $ 27. 3 million 2011 $ 20. 9 million 2012 $ 17. 2013 $ 12. million.
 expenses merger $ 102. 6 million investment banking legal fees stock compensation $ 39. 4 million reflected 2007 results.
 debt issuance costs merger $ 87. 4 million merger-related financing long term assets balance.
 unaudited results operations merger february 3 2007 4 2006 depreciation amortization assets interest expense debt february.
 revenue $ 9495246 $ 9169822
 net loss
 results acquisition future results.
announcement merger agreement company directors named seven class actions tennessee courts breach fiduciary duty proceedings note 8.
.
 2006 company historical inventory management real estate strategies.
 2006 discontinue historical inventory packaway model end fiscal 2007.
 unsold inventory items stored-site returned until sold damaged discarded.
 seasonal clothing merchandise newer current-season merchandise.
 third quarter 2006 recorded reserve for lower cost market inventory


consolidated financial statements 2014shareholders 2019 equity table summarizes derivatives taxes millions.
 2007 2006 2005
 changes fair value derivatives $ -1 $ 11
 adjustment losses income -2 -12
 unrealized gains derivative instruments $ -3 $ -1 $ 8
 tax effect $ 1 million $ 8 million $ 3 million 2007 2006 2005.
 derivative gains/losses $ 2 million $ 8 million $ 2 million 2007 2006 2005.
 2003 stock plan grants employees.
 expire 7 10 years exercisable four years annual quarterly.
 incentive stock options nonstatutory stock options appreciation rights purchase rights performance-based awards.
 amendment shares authorized 28 million.
1997 employee stock option plan august 1997 company board directors approved non-shareholder stock options employees not officers.
 options expire 7 to 10 years after grant date exercisable four years employment annual.
 october 2003 company terminated 1997 plan no new options.
 1997 director stock option plan 1997 board adopted non-employee directors approved shareholders 1998.
 directors option acquire 30000 shares common stock initial election.
 options vest exercisable three annual installments first third anniversaries grant.
 fourth anniversary election option acquire 10000 shares common stock.
 options fully vested immediately exercisable date grant.
 executive officers.
.
.
.
.
.
 entered trading plans


company stock performance graph shows five-year comparison shareholder return dividend reinvested company s&p 500 computer hardware index dow jones.
 supersector index.
 assumes $ 100 invested company common stock s&p 500 dow.
 index market september 30 2008.
.
 historic stock price performance not indicative future performance.
.
 2013 s&p mcgraw-hill companies.
.
 dow jones.
.
$ 100 invested 9/30/08 stock index reinvestment dividends.
.
 2008 2009 2010 2011 2012 2013
 apple. $ 100 163 335
 s&p 500 index
 s&p computer hardware index
 dow jones technology supersector index $ 100 111 166


changes 2008 2009 level 3 assets liabilities decrease trading securities $ 10. 8 billion transfers $ 6. 5 billion 2013 securities settlements $ 5. 8 billion 2013 subprime securities $ 4. 1 billion.
 $ 4. 9 billion.
 offset gains increase derivative assets $ 4. 3 billion settlements.
 decrease level 3 investments $ 6. 9 billion reduction $ 5. billion paydowns debt 2013 sales equity transfer securities $ 1. 5 billion losses $. 4 billion non- 2013 equity securities write-downs.
 decrease securities sold $ 9. 1 billion $ 8. 6 billion transfers.
 decrease long-term debt $ 1. 5 billion. terminations.
transfers between level 1 2 fair value significant transfers assets liabilities during 2010.
 not included tables.
 assets cost written down to fair value impairment.
 loans held-for-sale measured locom recognized fair value below cost period.
 fair value loans determined using quoted secondary-market prices.
 loans classified level 2 value.
 no quoted fair value determined using quoted prices similar adjusted attributes.
 table presents loans held-for-sale carried locom december 31 2010 2009 billions cost fair value level 2 3.
 cost fair value 2
 31 2010 $. 2
 31 2009.


fin 46 subordinated notes investors financial statements.
 december 31 2006 2005 assets unconsolidated conduits were $ 25. billion $ 17. 90 billion.
 off-balance sheet commitments in note 10.
 collateralized debt obligations manage. investment purchases diversified assets.
 debt equity repayment return linked to performance assets.
 collateral manager.
 invest small debt.
 variable interest entity.
 not primary beneficiary record financial statements.
 december 31 2006 2005 assets $ 3. 48 billion $ 2. 73 billion.
 acquired transferred $ 60 million investment securities cdo.
.
 acquire transfer investment securities cdo 2006.
.
 equity purchased 3 million shares common stock.
16 2006 board authorized program purchase 15 million shares common stock mitigating dilutive impact employee benefit terminated 2005 program.
 purchased 2. 8 million shares 2006 december 31 12. 2 million shares available purchase.
 third-party broker-dealers.
 shares acquired deferred compensation plans not stock purchase program.
 31 395000 shares purchased held trust.
 recorded treasury stock.
 2006 2005 2004 purchased recorded 5. 8 million 13. 1 million 4. 1 million average historical cost per share $ 63  $ 51 $ 43 .
 income.
 2006 2005 2004
 foreign currency
 unrealized gain non. subsidiaries
 loss available-for-sale securities
 pension liability
 loss cash flow hedges
$ -224 224 $ -231 ( 231 ) 92
 year 2006 gains $ 15 million securities.
 unrealized losses $ 7 million income 31 2005 deferred taxes $ 4 million.
 38.
 54.
 8. 25 10. 75.


2017 company granted 440076 shares common stock 7568 units.
 vesting two to four years.
 fair value $ 58. 7 million compensation expense.
 dividends accrued paid vests.
 granted 203298 performance shares.
 fair value $ 25. 3 million compensation expense.
 vesting contingent performance market conditions.
 table summarizes restricted stock activity 2017.
 2016 1820578 98
 granted 650942
 vested
 cancelled
 31 2017 1559231
 total fair value restricted stock 2017 2016 2015 $ 66. 0 million $ 59. 8 million $ 43. 3 million.
 employees acquire shares stock after-tax payroll deductions periods six.
 purchased 90% closing price nasdaq.
 compensation expense recognized.
 2017 2016 2015 19936 19858 19756 shares stock issued employees.
 six-month holding.
 expense $ 0. 3 million 2017 $. 2 million 2016 2015.
 non-executive directors stock $ 100000.
 cash stipend $ 60000 closing price.
 19736 26439 25853 issued directors 2017 2016 2015.
 vesting restrictions.
 $ 2. 5 million. 4 million. million 2016 2015.


2016 annual report.
 acquisition.
 2015 acquired equity interests alabama technology payment processing financial services $ 10000.
 funded cash.
 expanded commercial lending.
 purchase price allocation assessment fair value acquired assets liabilities.
.
 current assets $ 1922
 long-term assets 253
 intangible assets 5005
 liabilities assumed
 net assets 3901
 goodwill 6099
 assets acquired $ 10000
 growth potential synergies economies scale operations.
 banking systems services.
 not deductible income tax.
 intangible assets customer relationships $ 3402 $ 659 computer software other intangible assets $ 944.
 average amortization 15 5 20 years.
 cash $ 1725.
 fair value accounts receivable $ 178.
receivables $ 178 uncollectible.
 fiscal year 2016 company incurred $ 55 costs acquisition bayside business solutions.
 included fees legal valuation.
 administrative expenses.
 2016 revenue $ 4273 after-tax net income $ 303.
 consolidated statements include revenues expenses acquisition.
 impact immaterial consolidated financial statements.
 2014 acquired equity interests banno iowa web marketing services mobile for $ 27910 cash.
 acquisition funded operating cash.
 expanded presence online mobile technologies.
 fiscal year 2014 incurred $ 30 costs acquisition.
 included fees legal valuation.
.
 revenue $ 6393 after-tax net loss $ 1289.
 2015 revenue $ 4175 after-tax net loss $ 1784.
 revenue $ 848 after-tax net loss $ 1121.
consolidated statements twelve month june 30 2016 include revenues expenses acquisition.
 impact immaterial current statements pro information provided.


biomet holdings.
 subsidiaries 2017 form 10-k annual report financial statements year ended december 31 2017 previous accounting rules.
 fasb issued asu 2014-09 2013 revenue contracts customers.
 five-step model revenue recognition customer control.
 effective january 1 2018.
 apply standard amendments retrospectively reporting period.
 assessment.
 material change revenue recognition.
 reclassify immaterial costs selling administrative net sales net sales no impact profit.
 standard retrospective method prior reporting periods.
 2017 issued asu 2017-07 2013 net pension cost postretirement benefit cost.
 service cost compensation costs.
 net benefit costs statement earnings.
 effective january 1 2018.
 retrospectively service cost net pension cost capitalization service cost pension cost assets.
 note 14 net benefit cost.
february 2016 fasb issued 2016-02 2013 leases.
 requires recognize right-of-use assets lease liabilities.
 effective january 1 2019.
 early adoption permitted.
 modified retrospective transition approach period financial statements.
 own manufacturing facilities lease office space assets.
 formed project team information.
 evaluating leases impact financial statements 2018.
 august 2017 fasb issued 2017-12 2013 hedging.
 amends updates presentation disclosure requirements.
 evaluating impact financial statements significant impact financial position cash flows.
 effective january 1 2019 early adoption permitted.
 explore new hedging opportunities.
 no other accounting pronouncements financial position cash flows.
.
 june 24 2015.
 paid. 3 million cash stock assumed biomet senior notes.
merger consideration reduced lvb stock options awards $ 90. 4 million $ 11939. 9 million.
 table unaudited financial information statements zimmer 2015 lvb january 1 2015 to june 23 2015.
 adjusted merger january 1 2014.
 2015.
 net sales $ 7517.
 net earnings $ 330.
 results comparative include inventory step-up amortization assets interest expense debt merger.
 nonrecurring adjustments merger $ 90. 4 million merger compensation expense removed from net earnings 2015 2014.
 $ 73. million retention plan expense removed from net earnings


generate cash indebtedness forced actions obligations.
 ability make payments refinance debt obligations depends on financial condition operating performance dividend payments subject to economic conditions regulatory approval financial business factors beyond control.
 maintain cash flows principal interest indebtedness.
 cash insufficient reduce delay investments capital expenditures sell assets seek additional capital restructure refinance indebtedness.
 alternative measures debt obligations.
 terms debt instruments may restrict alternatives.
 restructure refinance on capital markets financial condition.
 refinancing higher interest rates onerous covenants restrict business operations.
 failure make payments interest principal credit rating additional indebtedness.
 cash flows insufficient face liquidity problems dispose assets operations.
 consummate dispositions obtain proceeds meet debt service obligations.
.
 unresolved staff comments.
locations december 31 2012.
 facilities leased 165000 square feet office alpharetta.
 restructuring.
 alpharetta
 arlington virginia
 menlo park
 utah new york
 chicago illinois
 facilities trading investing balance sheet management.
 leased facilities less 25000 square feet not.
 lease 30 e*trade branches 2500 to 8000 square feet.
 facilities space adequate needs.


december 31 working capital surplus.
 strong cash position liquidity uncertain economic environment.
 adequate access capital markets cash requirements financial capacity liabilities.
 cash flows millions 2012.
 operating $ 6161 $ 5873 $ 4105
 investing -3633 3633 -2488 2488
 financing -2682 2682 -2381 2381
 $ -154 $ $ -764
 net income lower tax benefits bonus depreciation past wages labor negotiations.
.
 tax relief unemployment insurance reauthorization job creation act 100% bonus depreciation 2011 50% % bonus depreciation 2012.
 deferred 2011 income tax expense.
 decreased payments positive operating cash flow.
 additional cash taxes deferred.
new accounting standard 2010 changed receivables securitization sale to secured borrowing decreased cash $ 400 million 2010.
 higher capital investments 2012 increase cash.
 $ 75 million early buyout 165 locomotives long-term first economic market conditions.
 higher capital investments proceeds sales 2011 increase cash.


consolidated financial statements 2014financial instruments collateral-party flooring credit insurance company distribution retail partners.
 one customer accounted 11% trade receivables september 29 2007 no customers 10% receivables september 30 2006.
 table summarizes activity allowance doubtful accounts september 29 30 24 2007 2006 2005.
 beginning allowance balance $ 52  $ 46 $ 47
 costs expenses
 deductions
 ending balance $ 47 $ 52 $
 vendor non-trade receivables manufacturing vendors material.
 purchases.
 receivables totaled $ 2. 4 billion $ 1. 6 billion september 29 2007 30 2006.
 reflect sale net sales profits until products sold end cost.
 foreign exchange risk.
 currency forward option contracts risk future cash revenue cost.
company accounting policies non-hedge.
 records derivatives balance fair value.


debt restructurings loan concession borrower financial difficulty.
 loss mitigation activities include rate reductions principal forgiveness postponement amortization extensions minimize loss avoid foreclosure repossession.
 from borrowers discharged liability not loan obligations.
 principal charged off.
 not result full principal interest potential incremental losses.
 factored estimate.
 defaults affected future economic conditions.
 loan tdr until repaid collateral charged off.
 reserves $. 4 billion $. 5 billion at december 31 2014 2013 total tdr portfolio.
 table 67 debt restructurings.
 consumer lending $ 2041 2161
 commercial lending 542
 2583 2739
 nonperforming $ 1370 1511
 credit
accruing tdr loans six months performance restructured terms excluded from nonperforming loans.
 borrowers discharged liability reaffirmed obligations obligated principal interest not returned accrual status.
 table 68 loans classified tdrs change recorded investments classification 2014 2013 2012.
 tdr concessions.
 principal forgiveness accrued interest.
 write down investment charge-off.
 rate reduction reduced interest rate interest deferral.
 future interest income.
 consumer borrowers discharged obligations postponement/reduction scheduled amortization contractual extensions consumer commercial borrowers.
 multiple concessions loan.
 commercial loan portfolio.
 principal forgiveness prioritized.
 forgiveness lower interest rate postponement amortization forgiveness.
 rate reduction.
 interest rate reduction postponement amortization rate reduction.
concessions granted consumer loan discharge personal liability bankruptcy pnc prioritized.
 loan concessions priority commercial loan portfolio.
 pnc financial services group.
 2013 form


five-year shareholder return altria group.
 s&p 500 ii 5.
 common equity matters issuer purchases.
 compares shareholder return. common stock s&p 500 index.
.
 investment $ 100 common stock indices market close december 31 2011 reinvestment dividends quarterly.
 bloomberg return reinvestment dividends ex-dividend date.
 2016 group.
 peer group. consumer product companies competitors. subsidiaries campbell soup coca-cola colgate-palmolive conagra brands. general mills. hershey kellogg kimberly-clark kraft heinz mondel 0113z international. pepsico.
.
 october 1 2012 kraft foods.
.
 changed name.
 mondel 0113z international.
.
 2 2015 foods.
merged owned subsidiary.
 heinz holding corporation renamed heinz company.
 june 12 2015 reynolds american.
 acquired lorillard.
.
 november 9 2016 conagra foods.
 weston holdings.
 changed name conagra foods.
 conagra brands.
.
. 500
 2011 100.
 2012 111. 108. 115.
 2013 143. 135. 153.
 2014 193. 151. 174.
 2015 237. 177 176.
 2016 286. 61 192. 198.
.
.


graph shows five-year comparison shareholder return common stock s&p smallcap 600 s&p 600 electrical equipment index published indices.
 return 2002 2007 $ 100 invested reinvestment dividends returns.
/31/02
 100. 132. 115. 138. 150. 142.
 smallcap 600 index. 138. 170. 183. 211. 210.
&p 600 electrical equipment. 126. 152. 169. 228. 253.
/31/02 s&p smallcap 600 electrical equipment


product offerings include active index strategies.
 returns market risk profile.
 fundamental research quantitative models.
 index strategies returns index securities.
 strategies include non-etf index products ishares etfs.
.
.
 institutional non-etf index assignments large low fee rates.
 exaggerate net flows index products revenues earnings.
 2016 equity aum totaled $ 2. 657 trillion net inflows $ 51. 4 billion.
 $ 74. 9 billion ishares core emerging market equities.
 offset by active non-etf index net outflows $ 20. 2 billion $ 3. 3 billion.
 blackrock 2019s fee rates fluctuate aum mix.
 half equity aum tied international markets higher fee rates.
.
.
blackrock 2019s equity fee rates revenues.
 ended 2016 $ 1. 572 trillion net inflows $ 120. billion.
 inflows $ 16. 6 billion diversified insurance.
 inflows $ 59. 9 billion led core ranges emerging market high yield corporate bond funds.
 non-etf index net inflows $ 43. 4 billion driven liability-driven investment solutions.
 team manages balanced funds bespoke mandates diversified client base equities bonds currencies commodities risk management.
 long-only portfolios alternative investments tactical asset allocation overlays.
 changes 2016.
.
 asset allocation 185836 176675
 target date/risk 125664
$ 376336 $ 4227 22520 -8076 395007
 futureadvisor include ishares.
-asset inflows demand advice $ 13. 2 billion inflows institutional clients.
 contribution plans contributed $ 11. 3 billion 2016 target risk.
 retail outflows $ 9. 4 billion world allocation strategies.
 strategies 2022 asset allocation balanced products 45% aum.
 equity fixed income alternative components.
 risk diversification.
 flagship products global allocation multi-asset income fund.
 target risk products grew 11% 2016 inflows $ 13. 5 billion.
 institutional investors 94% aum defined contribution plans 88% aum.
 driven investments lifepath retirement income.
 risk return.
 fiduciary management services management.
services 2019 staff trustees strategies risk return objectives.


jpmorgan chase. annual report five-year stock performance compare five-year return.
 return s&p 500 index kbw bank index financial index.
 s&p 500 index. equity benchmark companies economic sectors.
 kbw bank index performance banks thrifts publicly traded.
 national regional banks.
 s&p financial index financial companies components s&p 500.
 industry indices.
 investments $ 100 december 31 jpmorgan chase common stock.
 dividends reinvested.
.
 jpmorgan chase 100. 136. 186. 204. 221. 298.
 kbw bank index. 133. 183. 200. 201 258.
 s&p financial index. 128. 174. 197 242
 s&p 500 index. 115. 153. 174. 176 198
31 dollars


generated positive cash flow operations used funds borrowings capital requirements.
 trend.
 cash equivalents decreased $ 65565 2008 $ 88617 2007.
 cash increased $ 6754 $ 181001 174247 2007.
 increase expenses depreciation amortization.
 investing $ 102148 acquisitions $ 48109 $ 1215 contingent consideration.
 $ 34006 $ 5301 earn-outs adjustments.
 capital expenditures 2008 $ 31105 $ 34202 2007.
 software development $ 23736 20743.
 financing $ 101905 repurchase 4200 shares common stock $ 100996 dividends $ 24683 $ 429 repayment credit.
 offset proceeds $ 20394 stock options sale $ 3809 excess tax benefits.
 repurchase common stock $ 98413 dividends $ 21685.
current year cash 2007 offset by stock options sale common stock $ 29212 $ 4640 excess tax benefits $ 19388 net borrowings revolving credit facilities.
 june 30 2008 company negative working capital $ 11418 largest liabilities deferred revenue $ 212375.
 cash outlay less recorded balance.
 liquidity problems.
.
 financial markets.
 shaken negative developments home mortgage subprime mortgage-backed securities.
 early predict significant issues future impact liquidity minimized access lines credit.
.
 net income $ 104222 $ 104681 $ 89923
 non-cash expenses
 receivables
 deferred revenue
 other assets liabilities
 net cash operating activities $ 181001 174247


tower corporation subsidiaries financial statements uncollectible.
 conditions.
 changes allowances years december 31.
 2011 2010
 balance january 1 $ 24412 $ 22505 $ 28520
 increases 17008 16219
 write-offs recoveries -12034
 balance december 31 $ 20406 $ 24412 $ 22505
 changes organizational structure subsidiaries january 1 currency subsidiary brazil brazilian real.
 assets liabilities translated.
 dollars exchange period.
 revenues expenses translated monthly exchange rates cumulative translation effect equity.
 change.
 net value non-monetary assets liabilities.
 impact $ 39. million increase income year december 31 2010.
 renegotiation agreements iusacell.
.
 converting iusacell contractual obligations.
mexican pesos company determined april 1 2010 currency foreign subsidiaries peso.
 assets liabilities translated into.
 dollars.
 revenues expenses translated exchange rates cumulative translation effect included equity.
 change.
 net value non-monetary assets liabilities.
 impact $ 33. 6 million decrease income.
 currency subsidiaries local currency.
 assets liabilities translated.
 dollars.
 revenues expenses rates.
 cumulative translation effect included equity.
 foreign currency transaction gains losses recognized statements transactions.
 cash equivalents deposits short-term investments money market funds remaining maturities three months cost approximates fair value.
restricted cash classifies pledged collateral obligations limited contractual provisions reserve commercial mortgage pass-through certificates 2007-1 securitization transaction secured cellular site revenue notes 2010-1 f assumed acquisition unison holdings site management.
.


.
 eog reviews oil gas properties future cash flows depreciation depletion amortization unamortized cost.
 values adjusted to fair value.
 offers fair value.
 2017 properties $ 370 million written down fair value $ 146 million pretax impairment $ 224 million.
 2016 $ 643 million fair value $ 527 million pretax impairment charges $ 116 million.
 impairments 2017 2016 2015 legacy natural gas assets.
 amortization impairments costs $ 211 million $ 291 million $ 288 million 2017.
.
 retirement obligations reconciliation short-term long-term obligations retirement property plant equipment december 31 2017 2016.
 $ 912926 $ 811554
 liabilities incurred
 settled
currency 16139
 period $ 946848 912926
 19259 18516
 noncurrent 927589 894410
 164 million 2016 yates.
 asset sales.
 current noncurrent asset retirement obligations consolidated balance sheets.


entergy texas.
 subsidiaries financial utility transmission business retirement debt preferred securities.
 operations net income 2011 increased $ 14. million higher revenue higher taxes operation maintenance expenses depreciation amortization expenses.
 increased $ 2. million higher revenue lower interest expense.
 fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 540.
 retail electric price.
 volume/weather.
 purchased power capacity.
.
 2011 revenue $ 577.
 retail electric price variance due rate actions annual base rate increase $ 59 million 2010 additional increase $ 9 million may 2011 settlement december 2009 rate case.
.
 volume/weather variance increase 721 gwh. billed electricity usage favorable weather residential commercial sales.
industrial sector increased. 2%. chemicals refining.
 purchased power capacity price increases.


item 8 fourth quarter 2007 schlumberger sold workover rigs $ 32 million pretax gain $ 24 million $ 17 million after-tax interest income consolidated statement.
.
 eastern echo holding december 2007 $ 838 million.
 dubai marine seismic company contracts construction six seismic vessels.
 purchase price allocated assets estimated values.
 cash short-term investments $ 266
 current assets 23
 fixed income investments 54
 vessels construction 694
 accounts payable liabilities -17
 long-term debt
 purchase price $ 838
 $ 514 million 2009 $ 345 million 2008 $ 281 million 2007.
.
.
 40% schlumberger 60% smith international.
 equity.
 value investment $ 1. billion.3 billion affiliated companies.
 schlumberger equity income venture $ 131 million 2009 $ 210 million 2008 $ 178 million 2007.
 received cash distributions $ 106 million 2009 $ 57 million 2008 $ 46 million 2007.
 joint venture agreement interest cash price.
 purchase same price.