interest rate swap agreement $ 375 million 5. senior unsecured notes due july 1  2014.
. variable three-month libor plus 2. 05%. 05 %. 42%. 42 % 29 2011.
 term loan facility $ 145 million fluctuating rate equal libor rate spread 1. 25%. 25 %. 61%. 61
 libor increases 100 points annual interest expense $ 5 million.
 change impact $ 375 million 3% 3 fixed-rate debt not hedged.
 100 point increase libor $ 4 million annual interest expense.
 hedge.
 exposures foreign currency exchange contracts.
 periods exposure one month to twelve months.
 largest foreign currency exposure euro local currency expenses.
 10% unfavorable movement foreign currency exchange rates $ 6 million losses.
market risk derivative instruments results currency exchange rates risk transactions assets liabilities hedged.
 counterparties major international financial institutions high credit ratings.
 significant risk nonperformance.
 amounts derivative instruments volume transactions represent exposure credit risk.
 amounts credit risk counterparties meet terms contracts limited to counterparties obligations exceed obligations.
 table effect 10% unfavorable movement foreign currency exchange rates.
 fair value forward exchange contracts october 29 2011 30 2010.
 value forward exchange contracts $ 2472 $ 7256
 after unfavorable movement $ 17859 $ 22062
 favorable movement $ -13332 $ -7396
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17859 22062 exchange contracts 10% foreign currency rates.
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 13332 7396 calculation exchange rate.
.
 affect volume sales foreign currency price.
 currency rates sales currency prices.


contents.
 financial statements acquisition provides two annual earn-out payments $ 15000 biolucent revenue targets.
 95-8 contingent consideration additional purchase price.
 goodwill increased.
 recorded earn-outs.
 allocation purchase price fair value assets acquired liabilities assumed september 18 2007.
.
 assets acquired $ 2800
 developed technology how 12300
 customer relationship 17000
 trade name 2800
 deferred income tax liabilities
 goodwill 47800
 final purchase price $ 73200
 intangible assets identified valued.
 customer relationship trade name technology identifiable values.
 fair value determined income approach.
 customer relationship base disposable product.
 trade name biolucent product.
 developed technology marketable products.
deferred income tax liability acquired assets value adjustments inventory not deductible offset by net operating loss $ 2400.
.
 sale gestiva january 16 2008.
 rights k-v pharmaceutical approval drug application purchase price $ 82000.
 received $ 9500 purchase price 2008 balance due approval february 19 2010 commercial launch.
 terminate agreement if approval not february 19 2010.
 continue efforts fda approval.
 costs reimbursed by k-v pharmaceutical recorded credit against research development expenses.
 reimbursed costs.
 recorded $ 9500 deferred gain balance.
 gain recognized closing transaction fda approval.
 assure fda approval transaction balance purchase price.
k-v pharmaceutical terminates agreement breach return funds expenses reimbursed.
 hologic inc november 24 2009 morningstar information not copied adapted not warranted accurate complete timely.
 user assumes risks damages losses.
 past financial performance guarantee future results.


taxes decreased 2001 utility operations virginia state.
 dominion recognized higher rates foreign earnings pretax income non fuel tax credits.
.
 revenue $ 5940 6144 4894
 expenses
 income
 earnings per share $.
 electricity mwhrs
 transmission throughput 597
.
 contributed $ 2. share net income $ 770 million increase $ 47 million earnings per share decrease $. 14 2001.
 lower revenue 204 million expenses 229 million income 27 million.
 taxes decreased $ 50 million.
 earnings share.
 regulated electric sales revenue increased $ 179 million.
 weather growth $ 133 million $ 41 million.
 fuel rate recoveries increased $ 65 million.
 offset fuel expense income.
net decrease $ 60 million economic seasonal premiums discounts.
 nonregulated electric sales revenue increased 9 million.
 dominion 2019s merchant generation fleet decreased 21 million 201 million decline lower prices operations.
 wholesale marketing utility generation decreased $ 74 million.
.
 retail energy sales increased $ 71 million customer growth.
 electric trading increased $ 33 million price changes higher trading margins.
 nonregulated gas sales revenue decreased 351 million.
 $ 239 million decrease field services.
 decreased $ 112 million.
 $ 70 losses natural gas production.
.
 $ 42 million decrease unfavorable price changes lower trading margins.
 offset higher trading volumes.
 gas transportation storage revenue decreased $ 44 million lower rates.
fuel energy purchases increased $ 94 million $ 66 million dominion 2019s marketing $ 28 million utility operations.
 higher volumes.
 costs increased $ 66 million offset $ 38 million decrease fuel lower wholesale mar.
 gas decreased 245 million dominion 2019s marketing.
 162 million declining prices 83 million lower volumes.
 decreased $ 64 million rate recoveries.
.
 operations maintenance decreased $ 14 million $ 18 million outage costs fewer generation outages.
 depreciation expense decreased $ 11 million increased depreciation state line millstone operations.
 income decreased $ 27 million $ 14 mil investment gains millstone


united parcel service.
 financial 2014 2013 longer-maturity commercial paper.
 senior fixed rate note $ 1. 75 billion.
 2014 2013 $. billion notes april january 2013.
 remaining repayments paydowns commercial paper principal payments capitalized lease obligations.
 fixed floating interest rate cost borrowing future.
 $ 772 million commercial paper december 2014 no 2013 2012.
.
 average paper balance $ 1. 356 billion interest rate. 2014. 2013 2012
 variation cash common stock issuances stock option exercises 2012.
 cash outflows financing impacted.
 premium payments settlements capped call options shares $ 47 206 million 2014 2013 2012.
 outflows repurchase tax withholding obligations employee stock awards $ 224 253 $ 234 million.
2013 paid $ 70 million noncontrolling interest joint venture middle east turkey central asia.
 2012 settled interest rate derivatives hedges senior fixed-rate debt cash outflow $ 70 million.
 note 7 financial statements credit debt covenants.
 variable interest entities financial condition liquidity.
 capital leases operating leases debt obligations purchase commitments liabilities.
 satisfy obligations cash flow.
 expected cash outflow obligations commitments december 31 2014 millions.
 2015 2016 2017 2018 2019
 capital leases $ 75 74
 operating leases 323 257 210 150 274
 debt principal 876 752
 interest 295 293
 purchase commitments 269
 pension fundings 1030 1161
liabilities 43 23 10 2014
 2911 2011 1372 12550 22278


jpmorgan chase.
 2008 annual report credit risk capital estimated wholesale consumer businesses.
 wholesale portfolio defined unexpected credit losses defaults declines portfolio value credit deterioration measured one-year period 201d credit rating standard.
 losses provisions.
 methodology credit risk exposure default likelihood credit spreads loss severity portfolio correlation.
 consumer portfolio based product risk segmentation.
 segment level default severity experience losses one-year standard.
 statistical results adjusted capital marks subordination levels capital competitors.
 risk loss market vari rates credit spreads securities.
 daily value-at-risk biweekly stress-test results capital levels.
 allocates risk capital business segment formula exposures.
 market risk management pages 111 2013116 annual report.
operational risk capital allocated business-based methodology risk.
 based actual losses stress losses adjustments control environment risk-transfer prod ucts.
 consistent new framework.
 private equity risk capital allocated to privately publicly securities third fund investments commitments potential loss decline equity markets asset devaluations.
 losses magnified liquidity risk.
 capital allocation based loss experience adverse equity market conditions.
 board governors federal reserve system establishes capital requirements financial holding company.
 comptroller currency national banks jpmorgan chase bank. chase bank usa.
 federal reserve granted relief amount conditions federal reserve risk-based capital leverage requirements.
 relief one-sixth each quarter expires october 1 2009.
 jpmorgan chase bank.
 relief.
jpmorgan chase-capitalized position 1 capital ratios december 31 2008 2007 tables.
 note 30 pages 212.
 risk capital.
 2007
 tier 1capital $ 136104 88746
 2
 $ 184720 132242
 risk-weighted assets $ 1244659 1051879
 adjusted average assets 1966895 1473541
 fasb amendments sfas 140 fin 46r accounting.
 consolidation $ 70 billion credit card receivables $ 40 billion multi-seller $ 50 billion loans decrease 1 capital ratio 80 points.
 impact.


kimco realty corporation subsidiaries financial statements december 31 2009 outstanding interest rate derivatives cash flow hedges.
 rate caps $ 83. 1 million
 rate swaps $ 23. 6 million
 fair value asset derivatives $ 0. 4 million $ 0 december 31 2009 2008.
 liability derivatives $. 5 million $. 8 million 2008.
-risk agreements indebtedness default.
 agreement derivative counterparty loan covenant provisions.
 failure default obligations.
.
 stock convertible unit transactions december 2009 primary public stock offering 28750000 shares common stock.
 net proceeds $ 345. 1 million $ 0. 75 million repay balance.
 revolving credit facility.
 april 2009 primary public stock offering 105225000 shares common stock.
net proceeds sale common stock $ 717. 3 million costs $. 7 million.
 revolving credit facility corporate purposes.
 2008 public stock offering 11500000 shares common stock.
 proceeds $ 409. 4 million costs $. 6 million balance.
.
 2007 issued 18400000 depositary shares over-allotment option interest. class redeemable preferred stock $ 1. per share.
 dividends payable quarterly 7. 75% per annum $ 25. per share initial price $ 1. 9375 per annum.
 shares redeemable cash october 10 2012 redemption price $ 25. per share plus dividends.
 not convertible exchangeable property.
 2019s f voting rights priority dividends liquidation preference.
june 2003 company issued 7000000 shares one-tenth interest 6. 65%. redeemable preferred stock $ 1. 00 per share.
 dividends shares cumulative payable quarterly 6. 65%. per annum


gross margin percentage decreased 59. 8%. 2013 from 62. 1%. 2012.
 due to pccg.
 from pccg dcg.
 net revenue 2012 decreased $ 658 million 1% 1 compared 2011.
 pccg dcg sales decreased 1% prices unchanged.
 lower netbook sales multi-comm prices.
 offset mcafee segment acquired 2011.
 contributed $ 469 million additional revenue 2012.
 gross margin decreased $ 606 million 2% ( 2 %.
 due $ 494 million excess capacity charges lower revenue pccg dcg.
 390 million higher unit costs lower netbook multi-comm revenue.
 offset $ 643 million lower factory start-up costs 14nm $ 422 million charges intel.
 offset acquisition mcafee $ 334 million.
amortization acquisition intangibles $ 557 million gross margin 2012 $ 482 million 2011 due acquisitions q1 2011.
 gross margin percentage flat higher capacity charges unit costs offset lower factory start-up costs intel 6 series chipset.
 gross margin sale platforms pccg dcg.
 revenue income.
 net revenue $ 33039 $ 34504 35624
 operating income $ 11827 13106
 decreased $ 1. 5 billion 4% 4 % 2013.
 sales down 3% 3 %.
 lower notebook desktop sales down 4% 2%.
 selling prices flat.
 operating income decreased $ 1. 3 billion 2013 1. billion lower gross margin $ 200 million lower operating expenses.
. higher factory start-up costs lower pccg platform revenue.
decreases offset $ 520 million lower pccg costs $ 260 million capacity charges higher sell-through non units.
 revenue pccg decreased $ 1. billion 3% 2012.
 revenue impacted tablets.
 prices sales decreased 2% 1%.
 6% notebook prices 5% desktop sales.
 offset 4% desktop 2% 2 % notebook sales.
 financial condition


company under audit jurisdictions.
 changes unrecognized tax benefits 12 months tax rate.
 appeals 1999 20132002.
 interchange fees credit card purchases.
 agreement or.
.
 gross uncertain tax position december 31 2008 $ 542 million.
 temporary difference effect tax rate net interest state tax rate differentials.
 reserve released tax benefit $ 168 million.
 expects conclude audit.
 federal consolidated income tax returns 2003 20132005 12 months.
 gross uncertain tax position december 31 2008 $ 350 million plus interest $ 70 million.
 potential net tax benefit $ 325 million.
 major tax jurisdictions earliest tax year.
 japan brazil
 foreign pretax earnings $ 10. 3 billion 2008 $ 9. 1 billion 2007 $ 13. 6 billion 2006.. 7 billion. 9 billion discontinued operations.
.
 citigroup.
 subsidiaries subject.
 taxation foreign pretax earnings.
.
 taxation repatriated.
 taxes undistributed earnings non.
 subsidiaries indefinitely invested outside states.
 $. billion earnings.
 invested.
.
 federal income tax rate additional taxes.
 credits $ 6. 1 billion earnings remitted.
 effect income tax foreign income tax rate differential.
 taxes not debt reserves before 1988.
 payable distributed federal law.
 31 2008 reserves $ 358 million subject tax $ 125 million.
 no valuation allowance deferred tax assets 31 2008 2007.
.
 foreign tax-credit carryforward $. 5 billion. 4 billion 2016. 3 billion 2017. 8 billion 2018.
.federal loss $ 13 billion 2028.
 business credit carryforward $. 6 billion 2027-2028.
 state local loss carryforwards $ 16. 2 billion $ 4. 9 billion new york city.
 $ 2. 4 billion $ 1. 2 billion 2027. billion $ 3. 7 billion 2028 deferred-tax $ 1. 2 billion losses states deferred $ 399 million 2012 2028.
 deferred-tax assets subsidiaries loss $ 130 million 2018 $ 101 million.
 deferred tax asset $ 44. 5 billion.
 net deferred tax asset $ 44. billion. billion
 federal $ 4 billion state foreign dtas.
. deferred tax liabilities 4 billion.
.
 $ 10. billion foreign tax-credit carryforwards.net-operating-loss $ 0. 6 billion general-business-credit $ 19. 9 billion net deductions $ 0. 9 billion compensation deductions reduced capital 2009 adjustment 2008 compensation deductible.
 citigroup $ 85 billion taxable income.


october 21 2004 hartford declared dividend $ 0. 29 per share payable january 3 2005.
 declared $ 331 paid $ 325 dividends 2004 $ 300 291 2003 $ 262 $ 257 2002.
 increased $ 179 december 31 2004.
 adoption sop 03-1 $ 292 unrealized gains quarter 2004 reclassification offset losses cash-flow hedging instruments.
 funded status pension postretirement plans returns market interest rates.
 declines value interest rates status.
 minimum pension liability december 31 2004 2003 after-tax reduction stockholders equity $ 480 $ 375.
 results operations.
 notes 15 16 consolidated financial statements.
 cash flow 2004 2003 2002.
 operating activities $ 2634
 investing activities
cash financing activities $ 477 $ 4608 $ 4037
 2014 end year $ 1148 $ 462 $ 377
 premium cash flows claim payments.
 decrease $ 1. 15 billion settlement macarthur litigation.
 financing decreased lower proceeds investment contracts sop 03-1 capital raising repayment commercial paper retirement debentures 2004.
 decrease financing investing.
 2003 2014 increase premium cash flows.
 financing increased capital raising 2003 asbestos reserve decreased repayments long-term debt lower proceeds investment contracts.
 increase financing investing.
 operating cash flows liquidity requirements.
 equity markets markets risk management.
 ratings competitive position insurance financial services.
 no assurance.
.
 august 4 2004 2019s hartford life.2019s debt insurance financial strength property-casualty life insurance subsidiaries.
 changed outlook negative stable.
 suit attorney marsh mclennan.
 2004 ratings agencies.
 october 22 revised outlook.
 property/casualty lines sector negative.
 november 23 financial strength credit ratings property-casualty insurance subsidiaries.
 life insurance corporate debt unaffected.


tower corporation subsidiaries financial statements 2014 december 1 may 31.
 2008 2007 2006 employees purchased 55764 48886 53210 shares prices $ 30. $ 33. 93 $ 24. 98 .
 fair value estimated black-scholes pricing model expense expected life deductions common stock.
 shares 2008 2007 2006 $ 7. 89 $ 9. 09 $ 6. 79 .
 december 31. million shares future issuance.
 assumptions.
 risk free interest rates 1. 99%. 20143 28%. 4 98%. 01%
 risk-free interest rate 2. 58%. 58 %.
 expected life shares
 volatility stock price 27. 85%. % 51%. 53%. 74%. % 60%. 60 %
volatility stock price 28. 51%. 51 %. 22%. 22 % 29. 60%. 60 %
 annual dividends n
.
 stockholders 2019 equity warrants 2003 issued warrants purchase 11. 4 million shares common stock 808000 units $ 1000 12. 25%. discount notes 2008 14. 0953 shares common stock.
 warrants exercisable january 29 2006 $ 0. per share.
 warrants expired august 1 2008 outstanding december 31 2005 merger spectrasite.
 assumed warrants purchase.
.
 two shares.
 $ 32 per warrant.
.
 converted common stock. 575 shares.
.
. warrants exercisable 6. 8 million shares.
 1. 8 million 2. million outstanding december 31 2008 2007.
warrants expire february 10 2010.
 stock repurchase repurchased 18. 3 million shares $ 697. 1 million repurchase programs.


table illustrates pro forma effect on net income earnings per share outstanding unvested stock options 2005 accounted estimated fair value.
 ended.
 net income $ 838
 stock option compensation expense net income taxes
 stock option compensation expense fair value method
 net income $ 831
 earnings per share
.
.
.
.
 earnings per share calculated net income weighted-average shares excludes unvested shares restricted stock.
 dilutive effect stock options awards equity-related financial instruments.
 excluded from.
 purpose involved entities.
 trusts structure sell certificated interests tax-exempt investment-grade assets mutual fund customers.
 financial statements.
 transfer assets investment portfolio adjusted book value.
 finance acquisition selling certificated interests third-party investors.
investment securities trusts.
 certificated interests-term borrowings owed third-party investors.
 interest revenue expense recorded net interest revenue.


hartford financial services group.
 financial statements.
 deferred policy acquisition costs future profits balance.
 balance january 1 $ 9857 $ 10686 $ 13248
 deferred costs
 amortization 2014 -3247
 discontinued operations
 2014 unlock benefit pre-tax -507
 adjustments unrealized gains losses securities -377 -1159
 currency translation
 accounting change pre-tax
 balance december 31 $ 8744 $ 9857 $ 10686
 contributors unlock charge assumption changes future profits costs japan hedging strategy.
 variable annuity macro hedge program account returns below aggregated estimated.
 benefit.
 assumption updates withdrawals lapses offset hedging annuitization estimates japan products long-term rate return updates.
significant contributors unlock charge 2009 account returns below first quarter offset by greater april 1 to december 2009.
 declining interest rates unrealized gains securities.
 $ 34 decrease disposition dac from sale hartford investment canadian 2010.
 new accounting guidance embedded credit derivatives retained earnings dac benefit.
 offsetting amount unrealized losses.
 investments retained earnings dac charge.
 offsetting unrealized losses.
 2011 estimated future net amortization expense profits five years $ 39  $ 58  $ 24 $ 23 $ 22 in 2012 2013 2014 2015 2016.


added 1700 water 2000 wastewater.
 served 4200 water 1100 wastewater houston metropolitan regulated subsidiaries discontinued operations.
 amounts statistics tables refer on-going operations.
 table regulated businesses operating revenue 2013 customers estimate population served december 31 2013 operating revenues millions customers estimated population.
 new jersey operatingrevenues $ 638. 24. 6%. ofcustomers 647168 20. 1%. estimatedpopulationserved millions 2. 5 21. 7%. 7 %
 pennsylvania 571. 22. 0%. 666947. 7%. 18. 3%.
 missouri 264. 2%. 464232 14. 4%. 4.
 illinois 261. 7. 1%. 311464. 7%. 4%.
 california 209. 5 8. 1%. 173986.4%. 4 %. 2%. 2 %
 199. 7 7%. 7 %. 1%. 1 %. 4%. 4 %
 virginia 124. 8%. 8 %. 4%. 4 %. 2%. 2 %
 2268. 87. 5%. 5 % 2730350 84. 8%. 8 %. 3%. 3 %
 325. 12. 5%. 5 % 15. 2%. 2 %. 7%. 7 %
 2593. 100. 0%. % 3219499. %
 illinois-american water company.
.
 subsidiaries georgia hawaii iowa kentucky maryland michigan new york tennessee virginia.
 87. 5 % operating revenue 2013. 7 million customers seven states.
 no customer 10% annual operating revenue.
networks facilities water supply regulated businesses operate 1500 communities 16 states.
 assets include 87 dams 80 surface water plants 500 groundwater plants 1000 wells 100 wastewater facilities 1200 water facilities 1300 pumping stations 47000 miles mains pipes.
 regulated utilities own assets.
 land assets water.
 water public trust allocated contracts rights.
 maintaining reliability key.
 infrastructure renewal programs states.
 rehabilitation replacement.
 water demands depends adequate supply.
 drought restrictions overuse


inc.
 financial statements 2014 advertising costs.
 $ 440000 2003 $ 267000 2002 $ 57000 2001.
 deferred income tax impact differences financial reporting tax bases tax benefit tax loss credit carryforwards.
 tax expense net change.
 valuation allowances realizability.
 effect tax rate changes expense.
 currencies subsidiaries local currencies.
 balance sheet accounts translated.
 dollars exchange rates revenues expenses translated average exchange rates.
 gains losses foreign currency translation 2019 financial statements recorded separate equity. three employee director compensation plans note.
.
 common stock options granted restricted stock sold employees directors intrinsic value method no compensation expense options stock sold prices equal fair value common stock.
company recorded deferred stock compensation stock options restricted stock granted public offering prices below estimated fair value amortized accelerated methodology financial accounting standards board interpretation.
 net loss required.
 determined accounted employee stock options purchases fair value method.
 fair value estimated fair value option pricing model weighted-average assumptions 2003 2002 2001 risk-free interest 3. 03%. 73%. %. 65%. % dividend average volatility 103% 103 % ) 104% ( 104 % ) 119% ( 119 % estimated life.
 risk-free interest rate. 03%. 73%. 65%.
 dividend yield
 average volatility 103% 103 % 119% ( 119 %
 estimated life
 fair value options granted $ 3. 31 $ 4. 39 7.


.
 consolidated financial statements components accumulated income foreign unrealized pension gains hedges liability securities.
 currency hedges pension liability unrealized gains securities
 balance january 1 2004 $ 179. 7 $ -40. 4. $ -0. 6. $ 138.
 income 145. 5 -33. 3. 2. 114.
 balance december 31 2004 $ 325. $ -73. 4. 9. $ 2. $ 253.
 accounting pronouncements 2013 november 2004.
 share-based payments employees staff position stock options statement.
 income taxes.
 disclosed effect net earnings tax deduction earnings per share american jobs creation act 2004 value recognition provisions 123.
123 109-2 disclosure guidance three methodologies adopt foreign earnings repatriation american sfas 123 interim jobs creation act 2004.
 adopt sfas 123 r company deduction jobs act periods restate prior interim periods 2004 special fiscal year.
 tax adopt sfas 123 ( r ) effective date rate reduction.
 109-2 restate prior interim guidance repatriation provisions.
.
 fsp 109-1 109-2 effective issuance.
 adoption methodology.
 impact 123 financial position results operations cash flows.
.
 sfas 123 ( effective july 1 november 2004 issued.
 151.
 costs accounting abnormal idle facility expense.
.
.
 fixed overhead production costs inventory centerpulse incentive capital capacity excess costs charged expense october 2 2003 date.
.
151 fiscal years exchange offer centerpulse june 15 2005.
 expect.
 impact financial position reconstructive joint spine operations cash.
 dental implant markets.
 closed december 2004 fasb issued.
 153 exchange offer nonmonetary assets cash 18. 3 percent fiscal years 15 2004.
 centerpulse shares.
 exchanges nonmonetary assets centerpulse incentive exchange offers.
 impact global leader financial position operations design development manufacture marketing cash.
 reconstructive implants 2004 issued 106-2 dental spine implants trauma products.
 disclosure requirements medicare compatibility drug modernization centerpulse earnings power strong platform june 15 2004.
 growth.
 federal subsidy centerpulse platform growth medicare prescription drug improvement modernization diversification spine 2003 staff position dental medical device.
impact company operations exchange financial position cash flow.
 98. 7 percent issued centerpulse shares 2004.
 99. 9 percent-based payment revision sfas.
 123 incentive shares closing.
 stock based compensation.


cdw corporation subsidiaries financial statements holders class b common units subject vesting provisions.
 received 3798508 shares restricted stock vested.
 year december 31 2013 1200544 shares stock vested/settled 5931 shares forfeited.
 2592033 shares outstanding.
 issued 1268986 stock options holders diluted equity ownership.
 per-share price equal ipo $ 17. 00 subject vesting provisions class b common units.
 granted 19412 stock options 2013 ltip.
 granted 1416543 rsus fair value $ 17. 03 per unit.
 four years.
 value equity-based compensation awards.
 black-scholes option pricing model value stock options.
 assumptions volatility expected term risk-free interest rates dividend yields.
 assumptions stock options.
.
-average grant date value. 75
 volatility 35.
 risk-free rate. 58% 58
 dividend yield.
 term.
.
.
.
.
.
.
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.
.
. two-year five-year volatility 2019s peer group leverage.
 composite.
.
 expected term calculated simplified method.
 average 2019s contractual term weighted-average vesting period.
 stock option data.


consolidated financial statements company hedges foreign currency exposure revenue inventory purchases 6 months.
 cash flow hedges de-designated transaction 2 month.
 deferred gains losses reclassified into earnings.
 changes fair value reflected earnings unless re-designated.
 recognized net gains $ 672000 $ 421000 2007 2006 net loss $ 1. 6 million 2005 discontinued hedges sales market conditions.
 2007 net deferred gain hedges $ 468000 reclassified earnings second quarter 2008.
 net gain loss investment hedge included cumulative adjustment.
 years september 29 2007 2006 net loss $ 2. 6 million net gain $ 7. 4 million.
 enter foreign currency option contracts offset gains losses re-measurement assets liabilities non-functional currencies.
derivatives earnings assets liabilities.
 currency market movements option time value volatility income expense.
 financial statement details millions.
 non-trade receivables $ 2392 $ 1593
 flash memory prepayments 417
 $ 3805 $ 2270


tower corporation subsidiaries financial statements 2014 future rental receipts lease agreements december 31 2006 december 31.
 2007 $ 1131677
 2008 1127051
 2009 1091778
 2010 959828
 2011 769028
 2305040
 $ 7384402
 legal proceedings stock option granting practices accounting 2006 inquiry enforcement stock option grants practices.
 senior management board directors 1997.
.
 may 19 2006 subpoena attorney eastern new york stock option granting practices.
 1995.
.
.
 may 26 2006 securities class action filed massachusetts officers.
 monetary relief.
 complaint company.
.
.
 defendants violated securities laws stock option practices accounting.
 claims 10 securities exchange act 1934 sec rule 10b-5.
december 2006 court appointed steamship trade association pension fund lead plaintiff.
 may 24 june 14 shareholder lawsuits filed suffolk eric johnston robert.
 garber.
 officers directors breaches fiduciary duties unjust enrichment stock option.
 defendant.
 damages profits.
 october 2006 lawsuits consolidated transferred business litigation session.
 june 13 august 23 three lawsuits filed states court south wales treasury corporation.
.
 breaches fiduciary duties waste assets mismanagement unjust enrichment option.
 defendant.
 consolidated appointed south wales treasury corporation lead plaintiff.
 february 9 2007 filed consolidated


payments receipts millions.
 arkansas $ 2
 louisiana $ 6
 mississippi $ 4
 new orleans $ 1
 texas $ 3
 september 2016 ferc accepted february 2016 filing further filing november 2016.
 order 2016 january 2016 requests lpsc apsc entergy.
 directed interest.
 entergy ordered removal securitized asset taxes contra-securitization calculation.
 november 2016 entergy compliance filing.
 revised refund calculation 2009 year data.
 lpsc protested interest calculations.
 november 2017 ferc november 2016 filing.
 interest arkansas louisiana.
 december 2017 recalculated interest november 2017 order.
 owed minor payments louisiana mississippi new orleans.
2011 rate filing 2010 production costs may 2011 entergy filed ferc rates orders agreement. parties intervened lpsc. july ferc rates june refund.
 december 2014 consolidated 2011 rate filing 2012 2013 2014 rate filings settlement hearing procedures.
.
 2012 rate filing 2011 production costs may 2012 entergy filed rates orders. parties intervened lpsc. august 2012 rates june refund.
 december 2014 consolidated 2012 rate filing 2011 2013 2014 rate filings settlement hearing procedures.
.
 2013 rate filing 2012 production costs may 2013 entergy filed 2013 rates orders.
 parties intervened lpsc.
 city council filed comments 2013 cost equalization calculation.
2013 ferc accepting 2013 rates effective june 1.
 2014 consolidated 2013 2011 2012 2014 settlement hearing procedures.


green realty corp.
 2012 annual report 2011 used cash financing activities.
 debt obligations $ 254579
 repayments debt 538903
 common preferred stock -92924
 redemption stock
 noncontrolling interests contributions distributions 144957
 financing activities 48213
 dividends distributions -57372
 net cash financing $ 636343
 december 31 2012 91249632 shares common stock 2759758 units partnership 66668 performance based units 7700000 shares. 9200000.
 limited partnership interests liquidation preferences $ 49.
 redeemed 4000000 shares $ 100. million series c preferred stock redemp price $ 25. per share plus $. 3707 unpaid dividends september 24 2012.
 recognized $ 6.million costs redeem series c stock.
 7700000 shares outstanding.
 2012 issued 9200000 shares mandatory liquidation $ 25. per share.
 holders distributions $ 1. 625 share cumulative.
 entitled redeem cash august 10 2017.
 net proceeds $ 222. 2.
 2012 redeemed 4000000 shares $ 100. 875% series redeemable stock redemption price $ 25. per share $. 4922 accumulated dividends july 2012.
 recognized $ 3. 7 costs redeem stock.
 2011 equity program $ 250. million common stock.
 december 31 2012 sold 2. 6 million shares proceeds $ 204. 6 million $. million net proceeds after expenses.
net proceeds debt investments corporate purposes.
 december 31 2012 $ 45. 4 million.
 dividend reinvestment stock purchase plan 2012 filed registration statement effective.
 registered 3500000 common stock.
 commenced 2001.
 2011 issued 1. 3 million shares common stock received $ 99. 6 $ 34000 net proceeds dividend reinvest stock purchases.
 shares issued discount market price.
 stock plan maximum 10730000 fungible units granted options restricted stock shares dividend rights equity awards.
 december 2012 no fungible units available restricted stock units stock units 2019 deferral program units 2011 long-term outperformance plan performance.
2005 long-ter compensation program december 2005 compensation commit approved long-term incentive compensation program 2005 outperformance plan.
 participants earn units if return to stockholders three-year period exceeded 30% entitled earn units maximum performance 30 consecutive days.
 june 2006 compensation committee determined performance period accelerated maximum performance pool $ 49250000  earned.
 earned additional value equal distributions


primary beneficiary 2001 financing entities consolidated entities march 16 2011.
 april 30 2011 international paper liquidated interest 2001 entities.
 activity 2002 entities.
 millions 2012 2011 2010
 revenue 2014
 expense
 cash receipts
 cash payments 159 244
 revenue equity earnings net tax.
 expense.
 cash receipts equity distributions 2002 entities paper maturity 2002 notes.
 payments include interest principal debt obligations.
 may 31 2011 third-party equity holder retired interest $ 51 million.
 international paper owned 100% 2002 financing entities.
 international paper beneficiary 2002 consolidated entities may 31 2011.
 december 31 2011 $ 191 million 2002 monetized notes matured.
debt $ 158 million notes 2011 2013 2017 31.
 2012 repaid.
 $ 252 2002 notes matured.
 receivable decreased $ 252 million decreased $ 158 million.
 deferred tax liabilities 2002 forestland installment sales decreased $ 67 million.
 june 1 2012 international paper liquidated interest 2002 financing entities.
 borrowing capacity interest rate tax deferral.
 acquisition temple-inland 2012 two entities wholly-owned subsidiaries paper.
 2007-inland sold. 55 million acres timberlands $ 2. 38 billion.
 notes due 2027 entities.
 notes supported $ 2. 38 billion irrevocable letters credit three banks.
 quarter 2012 acquisition fair value $ 2. billion.
analysis financial assets decreased $ 292 million goodwill increased.
 december 31 2012 fair value notes $ 2. 21 billion.
 2007 temple-inland 2019s entities borrowed $ 2. 14 bil lion.
 loans repayable 2027 secured by $ 2. 38 billion notes irrevocable letters.
 credit rating down 30 days.
 third quarter 2012 international paper value $ 2. 03 billion.
 nonrecourse liabilities decreased $ 110 million goodwill decreased.
 december 31 2012 fair value $ 2. 12 billion.
 buyer temple-inland timberland issued $ 2. 38 billion notes.
 held timberlands until november 2008 transferred.
-inland variable interest primary beneficiary.
 2008


edwards lifesciences corporation financial statements.
 common stock maintains nonemployee directors stock incentive compensation program.
 receive annually 10000 stock options or 4000 restricted stock units common stock annual award exceed $ 0. 2 million.
 receive annual cash retainer stock options restricted stock units.
 granted 2011 vests three installments.
 after 2011 one year.
 initial election receives initial grant stock units fair market value $ 0. 2 million not 10000 shares.
 grants vest three years.
 1. 4 million shares common stock authorized issuance.
 employee stock purchase plan international employees.
 employees purchase shares common stock 85% fair market value lifesciences common stock.
 employees withhold 12% compensation for common stock purchases.
 employees outside law.
espp united states employees qualified section 423 internal revenue code.
 common stock 6. million shares.
 fair value option award employee stock purchase subscription estimated date grant black-scholes option valuation model.
 risk-free interest rate.
 treasury yield curve based expected term.
 volatility historical volatility 2019 volatility traded options.
 term awards vesting period historical exercise behavior.
 data forfeitures annual forfeiture rate 5. 1%.
 black-scholes option pricing model weighted-average assumptions options.
 risk-free interest rate.
 dividend yield
 volatility 31% 31 % 27% 27 %
 life.
 fair value per share $ 19. $.


benefit payments funding pension plans determined erisa cas revenue code rules.
 2015 $ 5 million sikorsky pension plan $ 25 million 2016.
 estimated future benefit payments december 31 2015.
 2021
 defined benefit pension plans $ 2160 2240 2320 2410 2500 13670
 retiree medical life insurance plans
 401 ( k ) employees.
 2019 contributions rates.
 contributions $ 393 million 2015 $ 385 million 2014 $ 383 million 2013 funded common stock.
 defined contribution plans 40. 41. million shares common stock december 31 2015 2014.
 capital 1. 5 billion shares common stock 50 million preferred stock.
 305 million shares 303 million outstanding remaining separate trust.
316 million shares common stock december 31 2014 314 million balance remaining separate trust.
 no preferred stock.
 15. 2 million $ 3. 1 billion.
 2013 paid $ 1. 9 billion. 8 billion 11. 5 million 16. 2 million.
 2015 approved $ 3. billion increase repurchase program.
 future repurchases $ 3. 6 billion december 31 2015.
 $ 1 par value repurchased excess price paid-in capital.
 excess price $ 2. billion retained earnings 2015 2014.
 paid dividends $ 1. 9 billion $. 15 per share 2015 1. 8 billion. 2014 1. 5 billion. 2013.
 increased quarterly dividend rate increase fourth quarter 2015.
 $ 1. 50. 65 fourth. 33 2014.fourth quarter 2014. 15 first quarters 2013. 33 fourth quarter.


flows activities fluctuate pension decisions tax timing.
 2007 2006 company contributions $ 200 million.
 pension plan 2005 $ 500 million.
 2007 cash flows increased $ 436 million net income $ 245 million.
 gain sale pre-tax gain subtracted cash flows.
 sale taxes paid.
 cash flows 2007 penalized tax payments $ 630 million sale pharmaceuticals.
 non-pharmaceutical cash tax payments $ 475 million lower 2006 differences tax.
 receivable inventory increases reduced cash flows 2007 less 2006 year-on-year benefit $ 323 million.
 restructuring actions.
 2006 cash flows decreased $ 365 million.
 due $ 600 million tax payments 2006.
 payments repatriation $ 1. 7 billion foreign earnings american jobs creation act 2004.
category-net reflects changes asset liability accounts liabilities december 31 2006 3m 2019s restructuring actions.
 cash flows investing activities years december 31.
 millions 2007 2006 2005
 purchases property plant equipment $ -1422 $ -1168 $ -943 (
 proceeds sale
 acquisitions -539 -888 -1293
 proceeds sale businesses
 purchases proceeds sale securities investments -406 -662 -46
 cash investing activities $ -1367 ( 1367 $ -1460 -2241
 investments property plant equipment growth manufacturing efficiency.
 2007 plants opened expanded internationally.
 facilities korea poland russia canada investments india mexico.
 3m expanded manufacturing u. industrial adhesives/tapes optical.
 3m exited facilities streamlined supply chains equipment.
 streamlining.
.
 capital expenditures $ 1. 422 billion 2007 increase $ 254 million 2006.
 expects $ 1. 3 billion to $ 1. 4 billion 2008.
.
 note 2 2007 2006 2005 acquisitions.
.
 considering additional acquisitions alliances divest businesses.
 purchases asset-backed agency corporate auction rate available-for-sale.
 9 diversified securities portfolio $ 1. 059 billion december 31 2007.
 purchases $ 429 million 2007 $ 637 million 2006.
 purchases 2005 19% ti&m beteiligungsgesellschaft


company 2019s obligations under senior notes repurchase control guaranteed by hii 2019s subsidiaries guarantors.
 guarantees rank with.
 100% owned by hii.
 no restrictions hii obtain funds by dividend or loan.
 mississippi economic development revenue bonds company $ 83. 7 million outstanding bonds.
 bonds accrue interest 7. 81%. per annum mature 2024.
 repayment interest guaranteed by northrop grumman systems hii northrop for losses.
 proceeds finance construction reconstruction renovation ship manufacturing repair facilities mississippi.
 gulf opportunity zone industrial development revenue bonds $ 21. 6 million outstanding from bonds.
 $ 200 million hii purchased $ 178 million bonds from $ 178 million loan northrop grumman.
note 20 transactions former parent company equity.
 remaining bonds accrue interest 4. 55%. 55 % per annum payable semi-annually mature 2028.
 proceeds finance construction reconstruction renovation company 2019s interest ship manufacturing repair facilities mississippi.
 estimated value total long-term debt december 31 2011 2010 $ 1864 million $ 128 million.
 calculated recent trades debt instruments interest rates similar risks terms maturities.
 principal payments due long-term debt next five years.
 long-term debt $ 1859
.
 investigations litigation involved legal proceedings subject government examinations inquiries investigations.
 accrued losses investigations claims litigation.
 losses higher.
material loss probable possible estimated company estimate range possible losses estimated range disclosed in notes.
 based on information judgment uncertainties.
 range not represent company 2019s maximum loss exposure.
 company not able estimate loss indicate reasons unable estimate.
 not described in notes company not believe possible liabilities arising from


obligations table summarizes obligations december 28 2013.
 millions payments due less years
 -------------------------------------------
 operating lease obligations $ 870 $ 208 $ 298 $ 166 $ 198
 capital purchase 5503 5375 125 2014
 1859  772 744  307
 long-term debt 22372 429 2360 3761 15822
-term 1496 569 663 144 120
 $ 32100 $ 7353 $ 4190 $ 4378 $ 16179
 5503 5375 125 2014 772 744 307 obligations construction purchase property equipment.
 not recorded liabilities balance sheets december 28 2013 goods title.
 licenses agreements non-contingent funding obligations.
 agreements.
amounts represent principal interest cash payments debt obligations anticipated interest not recorded.
 future settlement debt payments.
 estimate future payments uncertain tax positions $ 188 million long-term income taxes excluded.
 uncertain tax positions reduced federal deduction state taxes.
 tax credits.
.
 amounts future cash payments long-term liabilities short-term.
 contributions.
.
 pension plans postretirement benefit plans $ 62 million 2014 included funding projections beyond 2014.
 excludes contractual obligations short long debt obligations.
 obligations purchases goods services enforceable quantities price provisions timing.
 cancellation provisions amounts limited non-cancelable minimum cancellation fee.
 agreements purchase raw materials minimum prices quantities market future purchasing requirements.
uncertainty future market purchasing requirements non-binding obligations not included preceding table.
 purchase orders manufacturing needs fulfilled short.
 orders authorizations binding agreements.
 management financial condition results operations


realty trust financial statements.
 lease space tenants.
 fixed rentals monthly.
 office building leases tenants reimburse operating costs real estate taxes base year.
 shopping center leases pass-through real estate taxes insurance maintenance.
 additional rent tenants 2019 sales.
 future base rental revenue non leases excluding less one year renewal options amounts december 31.
 2013 1842355
 2014
 2015
 2016
 2017
 percentage rentals 2019 sales.
 rents $ 8466000 $ 7995000 $ 7339000 years december 31 2012 2011 2010.
 10% total revenues.
 due $ 5000000 annual rent stop & shop.
 december 31 2002 reallocated rent leases.
 contested right reallocate rent.
november 7 2011 court determined allocate rent unexpired leases directed judgment ordering shop pay unpaid rent.
 december 31 2012 $ 47900000 receivable stop shop balance.
 february 6 2013 received $ 124000000 settlement shop.


equity compensation plan information table presents equity securities available as of december 31  2018.
 category number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding securities approved 399165. 3995600 plans not approved.
 number securities issued warrants rights weighted-average exercise price rights securities remaining future issuance excluding
 compensation plans approved by holders 399165. 3995600
 plans not approved by
 399165.
 includes grants under huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders 2 huntington ingalls industries.
 plan approved stockholder.
 27123 stock rights granted under 2011 plan.
includes 31697 stock rights 5051 restricted 335293 restricted performance rights 2012 plan target performance achievement.
 no awards plans not approved security holders.
 13.
 relationships transactions director independence statement 2019 annual meeting 120 days fiscal year.
 14.
 principal accountant fees services 2019 120 days fiscal.


restructuring charges 31 2015.
 2013
 impairments $ 335 $ 406 $ 116
 layoff costs 299 259 201
 legal matters
 loss divestitures 161 332
 resolution legal matter
 213 199
 reversals layoff exit costs
 restructuring charges $ 1195 $ 1168 $ 782
 costs action plans positions benefits severance plans union contracts timetable completion.
 2015.
2015 alcoa recorded restructuring charges $ 1195 ( $ 836 after $ 438 $ 281 exit costs three smelters power station $ 246 ( $ 118 curtailment two refineries smelters $ 201 legal matters italy $ 161 $ 151 net loss march 2015 divestiture mill russia post adjustments december 2014 divestitures $ 143 ( $ 102 layoff costs separation 2100 employees $ 34 $ 14 asset impairments expansion project refinery australia $ 18 ( $ 13 gain sale land closed 2014 net charge $ 4 $ 7 miscellaneous items $ 14 $ reversal small layoff reserves.
 2015 management initiated alumina refining aluminum smelting capacity curtailments closures.
curtailments remaining capacity smelter brazil 74 suriname refinery 1330 point comfort tx refinery 2010 wenatchee wa smelter 143.
 curtailments completed 2015 except 1635 kmt-per-year point comfort refinery end june 2016.
 permanent closures warrick smelter 269 kmt-per coal mine massena east ny smelter 2013 2014.
 shutdown warrick smelter end march 2016.
 12-month review refining 2800 smelting 500 capacity 2015 curtailment permanent closure divestiture.
 maintain competitiveness.
 demolition remediation activities warrick smelter massena east 2016 completed end 2020.
 mid-2015 approved permanent shutdown demolition de caldas smelter 96 kmt-per brazil


april 19 2018 norwegian bliss.
 export financing 80% contract price.
 $ 850. million loan rate 3. 92%. maturity april 19 2030.
 interest payable semiannually.
 april 4 2018 redeemed $ 135. million $ 700. million. senior notes due 2021 100% paid premium $ 5. 1 million accrued interest $ 1. 9 million.
 write off $ 1. 2 million fees.
 $ 565. million.
 2018 $ 270. million. amortization financing $ 6. million loss extinguishment.
 2017 $ 267. million. amortization 23 million loss extinguishment.
 2016 $ 276. million. amortization. million loss extinguishment.
 agreements liquidity limit debt-to-capital ratio dividends.
 ships property equipment pledged collateral debt.
compliance covenants 31 2018.
 scheduled repayments long-term debt capital lease obligations five years.
 2019 681218
 2020 682556
 2021 2549621
 2022 494186
 2023
 1767383
 6609866
 accrued interest liability $ 37. 2 million $ 31. 9 million december 2018 2017.
.
 genting hk apollo repurchased 1683168 shares $ 85. million.
 repurchased 4722312 $ 263. million.
 2012 option purchase norwegian sky.
 paid $ 259. 3 million genting december 31 2016 no further payments due.


table identifies company 2019s obligations by payment period.
 less than 1 1-3 3-5 5
 property casualty obligations $ 21885 $ 5777 $ 6150 $ 3016 6942
 life annuity disability obligations 281998 18037 37318 40255 186388
 long-term debt 9093 536 1288 1613
 operating lease obligations 723
 purchase obligations 1764  1614 120
 long-term liabilities balance 1642 1590
 $ 317105 $ 27729  $ 45161 $ 45112 $ 199103
 cash flows for property casualty contracts reserves unpaid adjustment expenses.
 payments reserves ultimate amount estimate.
 settlement.
 settlements vary estimates.
 historical payment patterns.
future payments due changes claim reporting payment patterns unanticipated settlements.
 uncertainty payment patterns asbestos environmental claims.
 estimated payments 2005 include claims policies 31 2004.
 future cash flows premiums loss payments.
 reserves claim adjustment expenses.
 settlements disabled claimants settlement contracts loss runoffs.
 december 31 2004 property casualty reserves $ 21885 reserve discount $ 556.
 life annuity disability obligations include death disability claims policy surrenders dividends commissions offset future deposits premiums contracts.
 obligations based on mortality morbidity lapse assumptions.
 market growth interest crediting.
 obligations recorded current account value future market growth interest crediting deposits.
estimated policyholder obligations exceed liabilities future benefits unpaid claims adjustment expenses funds benefits liabilities.
 differ.
 separate obligations insulated from funded by assets.
 investments future deposits premiums.
 principal interest payments.
 fair-value hedges long-term.
 fixed.
 interest payments $ 700 $ 2. 4 billion junior subordinated debentures callable 2006.
 note 14.
 $ 1. 4 billion commitments $ 330 limited partnerships $ 299 mortgage loans.
 payments less than 1 year.
 remaining $ 759 payables securities.
 contribution $ 200 pension plan 2005.
 accepted cash collateral $ 1. 6 billion securities lending program.
 timing uncertain included in payments less than 1 year.
$ 52 collateralized loan obligations third-party investors investment management entity synthetic clo transactions.
 recourse company assets.
 note 4 financial statements


non-cash income expense working capital.
 earnings operations pension contribution increased $ 584 million 2006 2005.
 decline $ 63 million.
 investments accounts inventory less payable accrued liabilities totaled $ 997 million december 31 2006.
 increased $ 354 million 2006 $ million 2005 $ 117 million 2004.
 increase due accounts payable accrued liabilities.
 $. billion divestitures $. billion sale.
 forestlands $. billion deposits pulp mill project.
 spending operations $ 1. billion 2006 87% depreciation amortization $ 992 million 78% 2005 $ 925 73% depreciation 2004.
 capital spending segments 2006 2005 2004.
.
 industrial packaging
 consumer packaging
 distribution
 forest products
21 19 32
 operations $ 1009 992 925
 capital expenditures 2007 $ 1. 2 billion depreciation amortization.
 capital businesses north america growth opportunities.
 2006 international paper paid $ 82 million 50% interest sun.
 two paperboard machines yanzhou.
 december 2006 50% interest acquired shandong paper. $ 28 million.
 third paperboard machine first quar 2009.
 2006 results.
 july 1 2004 paper box usa holdings.
 $ 189 million $ 15 million 6% note payable.
 assumed $ 197 million debt $ 193 million repaid july 31 2004.
 results financial statements.
october 2005 international paper acquired 65% compagnie marocaine cartons moroccan packaging company $ 80 million debt $ 40 mil 2001 international paper holt harvey acquired 25% interest pacific millennium.
 kong distribution packaging operations asian countries.
 august 2005 international paper 50% interest ippm $ 46 million growth.
 may 2006 purchased remaining 25% $ 21 million.
 purchase.
 results statement operations.


management financial condition operations maturity. 33%.
 issued $ 250 million unsecured debt 26 points over libor.
 matures two years callable six months.
 paid $ 15 million $ 40 million secured loan.
 assumed $ 29. million debt property acquisition atlanta.
 balance borrowing rate $ 500 million credit facility higher 2004.
.
 depreciation amortization increased $ 188. 2003 $ 224. million 2004 increased capital spending leasing development sfas 141.
.
 tenant improvements $ 14.
 buildings $.
 commission $.
 acquired lease intangible assets $ 10.
 acquisitions sfas 141 purchase price intangible assets leases.
 amortized 3-5 years depreciated 40 years.
 building sales leasing management construction development services.
operations influenced by economy leasing management fees occupancy construction development.
 earnings increased $ 21. 8 million 2003 to $ 24. 4 million 2004.
 higher construction volumes staffing costs.
.
. 6%. decrease gross profit margin 2004 competitive pricing.
 expect margins increase 2005 economic.
 net contractor revenues from $ 26. 8 million 2003 to $ 27. 6 million 2004 volume.
 low financing costs.
 backlog $ 183. 2 million third party construction 2004 2005.
 merchant building development sales program income.
 generated gains $ 16. 5 million six properties $ 9. million four 2003.
 margins fluctuate.
 increased from $ 22. million 2003 to $ 26. 4 million 2004.
 increased staffing employee compensation costs.
 increase marketing new projects.
income sales land unconsolidated companies adjustments 2004 2003.
 gain sale joint venture interests $ 83 8617
 land sales 10543 7695
 impairment adjustment -424 -560
 $ 10202 $ 15752
 quarter 2003 sold 50% interest joint venture property.
 not income.


item 5.
 common equity matters issuer purchases price dividends.
 class common stock quoted nasdaq global market symbol. high low closing sale prices 2014 2013.
 2014 first quarter $ 62. 54.
 second quarter.
 third quarter.
 fourth quarter.
 2013
 first quarter $ 38. $ 34.
 second quarter.
 third quarter.
 fourth quarter.
 february 13 2015 8208 holders common stock.
 february 10 2015 213247004 238435208 shares held charles.
 remaining 25188204 trusts.
.
 no trading market b common stock.
.
 2012 paid cash dividend $ 1. per share $ 453 million class b common stock stockholders business december 14 2012.
 additional dividends may elect.
future dividends earnings capital debt.
 retain earnings support future growth expansion repurchase common stock.
 201citem 7.
 financial condition liquidity capital resources annual report 10-k.
 securities equity compensation plans.
 201citem 12.
 security ownership stockholder matters.


statistical.
 expense repairs maintenance $ 2. 5 billion 2015. 4 billion 2014 2. 3 billion 2013.
 capital leases recorded lower net value minimum lease payments leased.
 amortization expense computed straight-line shorter estimated lives.
.
 accounts payable current liabilities.
.
.
.
 accounts payable $ 743 877
 income taxes
 wages
 interest
 casualty costs
 rents
 dividends
 accounts payable current liabilities 2612 $ 3303
 dividend declaration payable dates quarter.
 dividends fourth quarter 2014 dividend $ 438 million first quarter 484 million second quarter 479 million third quarter $ 476 million fourth quarter $ 467 million december 30.
.
instruments strategy risk use derivative instruments trading exposure interest rates fuel prices.
 not party to leveraged derivatives speculative.
 instruments hedge accounting maintain effectiveness.
 document relationships risk- management objectives strategies assessing effectiveness.
 changes market value charged to earnings.
 use swaps collars futures forward contracts mitigate risk adverse interest rates fuel prices limit benefits favorable interest rate fuel price movements.
 market credit risk address risk selecting value fluctuations hedged item.
 manage credit risk high credit standards counterparties settlements.
 not required collateral received hedging activities.
 interest rate manage exposure fluctuations adjusting fixed floating rate debt instruments portfolio.
 manage mix debt targeted amounts.
 employ derivatives swaps mix.
flexibility managing interest costs rate mix debt portfolio evaluating managing fixed-rate debt securities.
 swaps convert debt variable hedge risk.
 account swaps value hedges ineffectiveness


.
 locomotives freight cars.
 december 2008 2007 $ 2024 million $ 869 million amortization $ 2062 million $ 887 million amortization capital leases.
 charge income amortization depreciation expense.
 future lease payments leases 2008 capital leases.
 2009 657
 2010
 2011
 2012
 lease payments $ 5909 $ 1898
 interest
 majority capital lease payments locomotives.
 rent expense leases one month $ 747 million 2008 $ 810 million 2007 $ 798 million 2006.
 variable rental expense term.
 contingent rentals sub-rentals not significant.
.
 commitments contingencies lawsuits subsidiaries.
determine effect claims on operations financial liquidity probable estimated recorded liability.
 expect lawsuits claims environmental costs commitments contingent liabilities guarantees financial liquidity.
 cost charged expense cost incidents.
 third-party actuaries expense liability.
 federal employers 2019 liability act governs compensation work-related accidents.
 damages assessed fault out-of-court settlements.
 services rehabilitation programs for employees injured personal injury liability discounted to present value.
 rates.
 88% recorded liability asserted 12% unasserted claims at december 31 2008.
 uncertainty outcome future costs may range


adjustments include historical retention costs non-recurring litigation matters secondary-offering expenses consolidation office locations north chicago.
 2013 recorded ipo secondary-offering expenses $ 75. 0 million.
 note 10 stockholder equity consolidated financial statements.
 impact consolidating five months 2015 results.
 non-gaap net income excludes amortization acquisition assets non equity compensation acquisition integration expenses gains losses extinguishment long-term debt.
 non-gaap net income measure.
 amounts.
 measures differ.
 income information operating performance cash flows future debt service capital expenditures working capital requirements.
 table reconciliation net income non-gaap net income periods.
 2015 2014 2013 2012 2011

 income $ 403. $ 244. $ 132. $ 119. $ 17.
 amortization intangibles 173. 161. 163. 7 165.
 non-cash equity-based compensation 31. 16. 8. 22. 19. 5
 non-cash equity-based compensation 20. 2014
 loss extinguishments long-term debt 24. 3 90. 7 64. 17. 118.
 acquisition expenses 10. 2014
 equity investment -98.
 adjustments 3. 7. 61.
 adjustment income taxes -64. -103 -113 -71 -106.
 non-gaap income $ 503. 5 $ 409. $ 314. $ 247. $ 198.
 expenses 10. 2014 gain equity investment. adjustments 3. 61.adjustment income taxes 64. 103. 113. 71. 106. non-gaap net income $ 503. $ 409. $ 314. $ 247. $ 198. amortization acquisition assets customer relationships contracts trade names.
 35% 35 % expense equity awards coworkers 2015 acquisition.
 expenses.
 gain remeasurement 35% 35 equity investment.
 consolidation office locations north chicago secondary- offering expenses.
.
 tax rate 38. 0%. 39. acquisition non- cash equity compensation gain remeasurement 35% equity tax 35. 4%.
 adjustment income taxes $ 4. million deferred tax benefit 2015 tax rate reduction additional tax expense $ 3. million withholding tax unremitted earnings canadian subsidiary.
 acquisition costs non-deductible.


increased $ 64 million. $ 710 million 2013 $ 646 million 2012 due special charges $ 92 million post-petition interest unsecured obligations penalty interest 10. 5%. secured notes 7. 50%. senior secured notes.
 nonoperating expense $ 84 million 2013 foreign currency losses $ 55 million debt extinguishment charges $ 48 million.
 income 2012 $ 280 million special credit commercial dispute foreign currency losses.
 reorganization items revenues expenses gains losses provisions.
 reorganization items 2012 millions.
 pension postretirement benefits
 labor-related
 financing renegotiations rejections
 value conversion discount
 professional fees
 reorganization items $ $ 2179
 contributions reorganization reductions pay benefits deemed claim equity reorganized entity.
employee group received claim cost savings reductions pay benefits work rule changes.
 total value approximately $ 1. 7 billion.
 estimated modification financings aircraft entry orders unsecured facility agreements special revenue bonds.
 debtors recorded estimated claim rejection motion filed claim.
 note 2 american 2019s consolidated financial statements.
 debtors agreed allow post-petition unsecured claims obligations.
 31 2013 recorded reorganization charges claim amounts rejected special facility revenue bonds $ 180 million allowed unsecured claims 1990 1994 special facility revenue bonds improvements jfk.
 plan allowed unsecured creditors conversion discount 3. 5%.
 recorded fair value discount confirmation.


valuation allowance $ 45. 4 million $ 43. 9 million $ 40. 4 million 2013 2012 2011 established for deferred income tax assets subsidiary loss carryforwards.
 realization taxable income prior expiration.
 believes likely realized.
 could change if future taxable income fluctuate.
 reconciliation beginning ending amounts unrecognized tax benefits 2013 2012.
 unrecognized tax benefits beginning year $ 6. 8 $ 11. 0 $ 11
 increases 2013.
 decreases -1. 6.
 increases.
 -2. 2 -1
. 8
 unrecognized tax benefits end year $ 4. 6 $ 6. 8 $ 11.
 $ 4. 6 million $ 6. 8 million $ 11.unrecognized tax benefits 2013 2012 2011 $ 4. 6 million $. 1 million $ 9. million impact income tax rate.
 interest penalties recorded tax expense.
 company reversed net $. 6 million $. 5 million interest penalties income.
 $. 9 million $ 1. 6 million $. 6 million accrued interest penalties.
 included long-term liabilities consolidated balance sheets.
 subsidiaries tax returns states jurisdictions.
 unrecognized tax benefits settled statutes limitations lapse 12 months benefits decrease to $. million.
 anticipates tax positions recognition threshold.
 tax benefits increase zero to $. 8 million.
 subject.
 federal state income tax examinations 2008.
 income tax examinations 2006.
 earnings.
subsidiaries $ 556. $ 492. $ 416. million 2013 2012 2011.
 deferred taxes invested.
 deferred income tax liability.
 2013


apple inc.
 2018 form 10-k stock performance graph shows shareholder return dividend-reinvested s&p 500 information technology index dow jones.
 supersector index five years 29 2018.
 assumes $ 100 invested common stock s&p 500&p dow.
 index market 27 2013.
 historic stock price performance not indicative future performance.
 $ 100 invested 27 2013 stock index reinvestment dividends.
 last day fiscal year common stock september 30th indexes.
.
.
&p dow jones indices.
.
.
 apple inc. $ 100 149 173 174 242
 s&p 500 index 163
 s&p information technology index 129 209
 dow jones. supersector index 130 203 266


tower corporation subsidiaries financial statements tax jurisdictions.
 provisions income taxes 2010.
.
 recognized $ 52. 6 million $ 60. 7 million $ 54. 8 million 2010 2009 2008.
 $ 6. 9 million vesting exercise terms employee equity awards.
 capitalize compensation 2010 2009.
 maintains equity incentive plans stock awards directors officers employees.
 2007 plan non-qualified options restricted stock units prices not less fair market value common stock grant.
 awards vest four years expire ten years.
 awards 22. million shares common stock 2007.
 fair value option grant estimated date black-scholes option pricing model.
 risk-free treasury rate.
 treasury yield.
 expected life vesting term historical exercise behavior.
expected volatility historical stock options.
 assumptions.
 risk-free interest rate. 41%. 41 % 39%. % 41%. 44%. 44 % %
. 35%. 35 %. 71%. 71 %. 89%. 89 %
 option grants. 60 years.
 volatility stock price 37. 11%. 11 %. 48%. 48 %. 63%. % 51%. 51 %.
 volatility. 14%. 14 %. 23% 23 %. 10% 10 %
 annual dividends
 average value per share 2010 2009 2008 $ 15. $ 8. 9.
 intrinsic value stock options $ 62. 7 million 40. 1 million $ 99. 1 million.
 unrecognized compensation expense unvested stock options $ 27.million recognized two years.
 cash stock options $ 129. 1 million 2010.
 realized $ 0. 3 million state tax benefits.


entergy louisiana management financial discussion utility supply plan initiative generation portfolio new resources.
 opportunities alternative financing capital expenditure estimates.
 subject review vary regulatory constraints environmental compliance market volatility economic business restructuring access capital.
 information long- term debt preferred stock maturities notes 5 6 financial.
 sources capital internally generated funds cash debt interest issuances bank financing.
 refinance redeem debt interests prior maturity market conditions interest rates.
 debt issuances require regulatory approval.
 subject to issuance tests corporate charters bond indentures agreements.
 capacity capital needs.
 receivables money pool december 31 years.
 2008 2007 2006 2005
 note 4.
 credit facility $ 200 million august 2012.
borrowings outstanding december 31 2008.
 april 2008 entergy louisiana repurchased $ 60 million auction rate governmental bonds remarketing.
 august 2008 issued $ 300 million 6. 50%. first mortgage bonds due september 2018.
 net proceeds capital expenditures working capital corporate purposes.
 remaining cash investments money pool.
 hurricane katrina 2005 caused catastrophic damage.
 power outages infrastructure loss sales customers evacuations destruction.
 initiatives recover storm restoration business continuity costs losses.
 reimbursement recovery securitization.


design-to-silicon flow semiconductor manufacturing.
 integrating hpl yield management test chip technologies productivity profitability semiconductor devices.
.
 paid $ 11. million shares hpl.
 prior investment $ 1. 9 million.
.
 11001 prior investment 1872
 acquisition costs 2831
 purchase price
 costs $ 2. 8 million legal tax accounting fees. million. million facilities closure costs. 9 million employee termination costs.
 paid. million. professional services. facilities closure. employee termination.
. million balance fees closure costs.
.
 $ 8. 5 million intangible assets $ 5. million technology $ 3. 2 million customer relationships. million backlog amortized.
. million value-process research development projects.
 expensed statement operations first quarter fiscal year 2006.
company acquired assets $ 14. million assumed liabilities $ 10. million.
 excess purchase price $ 3. 4 million.
 hpl.
.
 2006 asset acquisition $ 1. 5 million.
 not material balance sheet results.
 acquired nassda may 11 2005.
.
 full-chip circuit simulation software mixed-signal memory design.
.
 acquired outstanding shares cash $ 200. 2 million $ 7. per share.
 nassda officers directors employees defendants preexisting litigation


green realty corp.
 2017 annual report provides employees purchase common stock price equal 85% market value first day last day period.
 espp approved stockholders 2008 annual meeting.
 december 2017 104597 common stock issued.
 available for issuance subject adjustment merger reorganization stock split corporate change.
 company filed registration statement form a0s-8 sec.
 common stock offered purchase offering periods.
 each three months first day each quarter first period commenced january 2008.
.
 tables changes income december 2017 2016 2015 share net joint venture gain instruments.
 joint venture
 balance at december 31 2014 $ -9498 ( $ -95 ( $ -6980 (
loss before reclassifications -11143 -1714 -610 -13467
 income 10481 1217 2014 11698
 balance december 31 2015 -10160 -592 2003 -8749
 13534  1160 3517 18211
 reclassified 9222  3453 2014 12675
 balance december 31 2016 12596 4021 5520 22137
 income before reclassifications 233 -1348 -2733
 reclassified 1564  766 -3130 -800 (
 balance december 31 2017 $ 12542 $ 5020 $ 1042 $ 18604
 reclassified interest expense.
 deferred net losses hedges $ 3. 2 $ 7. 1.
 reclassified equity income unconsolidated joint ventures.
.
 disclose financial instruments.
fasb guidance defines fair value as price sell asset transfer liability in transaction between market participants measurement date.
 measure disclose estimated fair value of financial assets liabilities based hierarchy between market participant assumptions assumptions.
 hierarchy three levels : level a01 2014 quoted prices in active markets for identical assets liabilities a02 2014 inputs a03 2014 unobservable inputs when little market data available.
 follow hierarchy for assets liabilities measured recurring nonrecurring.
 based on lowest level input significant.
 assessment requires judgment considers factors.


size sq.
. segment majority owned or leased.
 sq. orleased
 hamilton new zealand
 calgary alberta canada
 kwinana australia
 revesby australia
 yangsan
 cisterna italy
 rovigo italy
 cuautitlan mexico
 barueri brazil
 mullingar ireland
 malta
 manufacturing facilities adequate production needs.
 invest operations add capacity.
 distribution centers.
 operate distribution centers leased utilize third party logistics providers.
 2016 corporate headquarters three buildings downtown.
 minnesota.
 main 19-story building leased through june 30 2018.
 second leased through 2019.
 vacate current leased buildings 2018.
 third building owned.
ecolab acquired 17-story tower travelers indemnity company downtown.
 minnesota 2015.
 corporate headquarters 2017.
 90 acre campus eagan minnesota future growth.
 houses research development center data center training facilities administrative functions.
 business presence naperville illinois administrative offices research center.
 acquired interest trust 2015.
 energy segment maintains administrative research facilities sugar land texas fresno texas.
 construction 133000 square-foot headquarters completed 2016 renovation 45000 square-foot research facilities.
 facilities leiden netherlands campinas brazil pune india monheim germany singapore shanghai zurich switzerland.
 small leased sales offices united states other.
.
 legal proceedings.
.proceedings part i item 1 regulatory incorporated.
.
 mine safety disclosures.
.


green realty corp.
 2017 annual report.
 commitments contingencies legal proceedings partnership involved material litigation litigation.
 properties federal state local ordinances regulations environmental.
 environmental liability financial position operations cash flows.
 significant envi cost properties sold.
 exec utives expire december february.
 minimum cash-based compensation guaranteed bonus payments total $ 5. 4 2018.
 deferred compen- sation awards stock price valued $ 1. 6.
 may change stock price.
-risk property rental value coverage flood earthquake terrorism excluding nuclear biological chemical radiological terrorism property insurance programs liability.
 separate property liability coverage purchased assets.
captive insurance company belmont coverage for nbcr terrorist acts above trigger if belmont record loss.
 no assurance coverage reasonable cost.
 if losses uninsured exceed policy limits could lose capital properties future cash flows rehabilitation plan.
 no surcharges paid to pension plan as of december 2017.
 received contributions $ 257. 8 $ 249. 5 $ 221. 9.
 contributions less than. 0%. of total contributions.
 plan established under collective bargaining agreements between union realty advisory board labor.
.
 provides benefits to participants building service industry.
 administered by board of trustees operates under identification number a013-2928869.
 receives contributions.
 fixed rate.
 2015 received contributions from $ 1. 3.2 $.
 contributions health plan less than. 0%. contributions.
 contributions multi-employer plans years 2017 2016 2015 table.
 benefit plan 2017 2016 2015
 pension plan $ 3856 $ 3979 2732
 health plan 11426
 other plans 1463
 total contributions $ 16745 $ 17092 $ 17184
 401 implemented/retirement plan employees.
 permits defer 15% annual compensation limitations.
 deferrals vested non-forfeitable 401.
 amended discretionary matching contributions.
 2017 2016 2015 matching contribution 50% first 6% annual compensation.
 2017 contribution $ 728782.
 2016 2015 $ 566000 $ 550000.


part ii item 5.
 common equity stockholder matters issuer purchases securities.
 compensation plans 2019 part iii 12 ownership owners management matters integral 5.
 january 31 2016 84607 shareholders.
 stock new york stock exchange.
 chicago stock exchange. swx swiss exchange.
 dividends $ 1. 025 per share second third fourth quarters 2015.
 fourth quarter 2014 november 2014 $. 855 march 2015 $ 1. 025 share.
 $. 855 share second third quarters 2014.
 fourth quarter 2013 march 2014 $. 855.
 stock price comparisons.
 first second third fourth quarter
 2015 $ 170. 167. 157.
.
 139. 145. 147
 123.
equity 3m stock employee compensation corporate purposes.
 february 2014 board authorized repurchase $ 12 billion no end date.
 february 2016 replaced new.
 authorizes repurchase $ 10 billion no end date.


management financial condition results operations 2013 millions effect foreign exchange rate changes cash equivalents increase $ 11. 2016 brazilian real strengthening.
 dollar 2016 2015.
 balance sheet data 2017 2016
 cash equivalents marketable securities $ 791. $ 1100.
 short-term borrowings $ 84. $ 85.
 long-term debt. 323.
 1285. 1280.
 total debt $ 1372. $ 1690.
 cash flow equivalents operating requirements twelve months.
 corporate credit facility uncommitted lines credit commercial paper program needs.
 disciplined approach liquidity flexibility cash capital expenditures acquisitions common stock repurchase dividends.
 evaluate market conditions financing alternatives funds improve liquidity risk.
 capital markets depends factors credit ratings.
 guarantee new.
include operations lease obligations capital expenditures acquisitions dividends taxes debt service.
 minority shareholders equity.
 2022 debt service short-term borrowings $ 84. 9 seasonal working capital.
 remainder debt long-term maturities through 2024.
.
 acquisitions paid cash $ 29. 7 $ 7. 1.
 paid $ 0. up-front payments $ 100. deferred payments prior-year acquisitions ownership increases subsidiaries.
 pay $ 42. 2018 acquisitions.
 $ 33. 2018 options minority shareholders.
 opportunities strengthen market position expand presence high-growth markets.
 paid four quarterly cash dividends $ 0. 18 per share $ 280.
 2018 common stock cash dividend $ 0. 21 per share payable march 15 2018.
 quarterly.21 share no change 2017 expect pay $ 320. twelve months.


11 2014executive compensation director compensation board committees 201ccompensation benefits compensation committee 2007 annual meeting september 26.
 12 2014security ownership owners ownership common stock 2007 annual meeting.
 four compensation plans equity securities authorized issuance.
 global payments.
-term incentive plan.
 non director stock option plan employee stock purchase plan approved holders.
 may 31  2007.
 note 8 consolidated financial statements.
 securities issued options warrants rights price securities future issuance equity compensation plans.
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 equity compensation plans approved.
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 5171000 $ 25 7779000 includes shares common stock issuance option warrant 2000 non-employee director stock option plan 2005 incentive plan employee stock purchase 13 relationships transactions director independence transactions affiliates board directors board independence 2007 annual meeting shareholders september 26.
 accounting fees services 2007 annual meeting.
 securities issued outstanding options warrants rights average exercise price options warrants securities futureissuance equity compensation plans excluding
 equity compensation plans security holders 5171000 $ 25 7779000
equity compensation plans approved security holders 2014
 5171000 25 7779000
 item 11 2014executive compensation director compensation board committees benefits compensation committee 2007 annual meeting shareholders september 26.
 item 12 2014security ownership owners ownership common stock 2007 meeting.
 four compensation plans equity securities authorized issuance.
 global payments.
 incentive plan.
 non director stock option plan employee stock purchase plan approved security holders.
 information table may 31  2007.
 note 8 consolidated financial statements.
 securities issued outstanding options warrants rights price securities future issuance equity compensation plans.
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5171000 $ 25 7779000 equity compensation plans approved holders.
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 5171000 $ 25 7779000 shares common stock option 2000 non director stock option plan 2005 incentive plan employee stock purchase relationships transactions board directors 2007 annual meeting shareholders september 26.
 accounting fees services 2007 annual meeting shareholders.


operating expenses millions 2010.
 compensation benefits $ 4314 $ 4063 $ 4457 6%
 fuel 2486 1763 3983
 purchased services materials 1836 1644 1928
 depreciation 1487 1427 1366
 equipment rents 1142 1180 1326
 719  687 840
 $ 11984 $ 10764 13900 11%
 operating expenses increased $. billion 2010 2009.
 fuel price per gallon increased 31% $ 566 million.
 wage inflation depreciation volume costs property taxes expenses.
 productivity resource utilization.
 expenses decreased $. billion 2009.
 fuel price per gallon declined 44% expenses $. billion.
 savings productivity decreased.
 lower casualty expense safety performance.
wage benefit inflation reductions.
 wages payroll taxes health welfare pension postretirement benefits incentive costs.
 wage inflation increased costs $ 190 million.
 volume- expenses higher equity incentive compensation costs.
 workforce levels declined 1% network efficiencies.
 10% decline workforce saving $ 516 million.
 inflation increased expenses savings.
 includes locomotive fuel gasoline.
 higher diesel fuel prices $. gallon. increased expenses $ 566 million.
 volume increased 10% fuel expense $ 166 million.
 newer fuel efficient locomotives fuel conservation programs efficient network operations 3% fuel consumption $ 40 million cost savings.
 lower diesel prices. reduced expenses $ 1. billion.
 decreased 17% expenses $ 664 million.
fuel consumption rate improved 4% 2009 $ 147 million cost savings 2008.
 $ 68 million.
 newer locomotives acquisitions smaller fleet 2010 operating expenses


average values assumptions performance stock grants 2016 2015 2014.
 average value grants $ 119. $ 80. 64.
 volatility 32. 48%. 48 % 29. 35%. 35 %. 18%. 18 %
 risk-free interest rate. 15%. 15 %. 07%. 07 %. 18%. 18 %
 historical volatility.
 risk-free interest rate 3. 25 year zero-coupon treasury yield curve.
 31 2016 unrecognized compensation expense units $ 10 million.
 amortized 3. years.
.
 pension plan.
 contributions based percentages compensation.
 costs $ 34 million $ 36 million $ 41 million 2016 2015 2014.
 subsidiary contributory pension plan matched savings plan.
 non.
pension plans trinidadian united kingdom subsidiaries.
 contributions $ 1 million $ 5 million 2016 2015 2014.
 trinidadian benefit pension plan benefit cost $ 8 million $ 7 million $ 0. 3 million 2016 9 7. 2 million 2015.
 divestiture canadian assets 2014 canadian non-contributory defined benefit pension plan.
.
 dental benefits united states trinidad employees dependents.
.
.
 2016 $ 226 million $ 272 million.
 february 20 2017 no demands.


valuation of goodwill intangible assets depends on factors future market growth revenue costs expected useful lives discount rates variables.
 goodwill allocated to reporting units business below operating segments.
 tested for impairment.
 no goodwill balance sheet management segment.
 table shows goodwill allocated trading investing segment.
 unit december 31 2011
. brokerage 1751.
 capital markets 142.
 retail bank.
 goodwill $ 1934.
 annual impairment test not impaired fair value excess book value december 31.
 exceeded 150% to 700% significant risk goodwill impairment.
 evaluate remaining useful lives intangible assets revision.
 estimates impairment charge.
 estimates fair value determined based model cash flows comparisons.
 inaccurate fair value could impairment.
intangible assets amortized estimated lives.
 changes revenue impairment.


volumes fuel surcharges reduced freight revenue.
 international traffic decreased 24% economic weak imports non ports.
 weakness domestic housing automotive sectors demand international intermodal market decline.
 domestic traffic increased 8% 2009.
 new contract hub group. shipments second.
 price increases fuel surcharges revenue lower volume.
 international traffic declined 11% softening imports china loss customer contract.
 peak intermodal shipping season weak.
 housing automotive demand.
 domestic traffic declined 3% loss customer contract lower volumes less-than-truckload shippers.
 flood embargo hindered volume.
.
 decreased 26% $ 1. 2 billion.
 volume declined five commodity groups 19% % 32% 24% 24 % reductions industrial products automotive shipments.
energy shipments increased 9% 2009 2008.
 revenue mexico business increased 13% $ 1. 6 billion 2008.
 price improvements fuel surcharges offset 4% decline volume 2008.
 operating expenses.
 compensation benefits $ 4063  $ 4457  $ 4526 9 % 2
 fuel 1763  3983 3104
 purchased services materials 1614 1902 1856
 depreciation 1444 1387 1321
 equipment rents 1180 1326 1368
 687 840 733
 $ 10751  $ 13895 $ 12908 8%
 2009 intermodal revenue


eog resources.
 financial statements capitalized costs oil gas.
 table costs crude oil gas december 31 2017 2016.
 proved properties $ 48845672 $ 45751965
 unproved properties 3710069 3840126
 52555741 49592091
 accumulated depreciation amortization
 capitalized costs $ 23364494 $ 23345029
 oil gas property acquisition exploration development.
 extractive industries accounting standards.
 acquisition.
 exploration additions.
 development facilities.


consolidated income statement item 8.
 net income 2012 $ 3. billion $ 3. 1 billion 2011.
 revenue growth 8 percent decline provision credit losses 16 percent increase noninterest expense.
 detail.
 table.
 income $ 9640 $ 8700
 margin 3. 94% 3. 94 %.
 volume interest-earning assets yields interest-bearing liabilities rates noninterest sources funding.
 2013 balance sheet analysis-to-year income accretion.
 increase net interest income 2012 rbc bank acquisition loan growth lower funding costs.
 purchase accounting accretion stable $ 1. 1 billion.
 net interest margin 3. 94%. 94 2012. 92%. 92 2011.
 increase weighted-average rate interest bearing liabilities 29 21 point decrease yield interest-earning assets.
decrease interest liabilities certificates redemption capital securities fhlb borrowings commercial paper.
 decrease yield interest assets lower rates loan yields securities.
 2013 net interest income percent $ 2. 4 billion decrease purchase accounting accretion $ 50 $ 60 million lower cash recoveries.
 income $ 400 million interest income.
 interest margin 2013 decline.
 noninterest $ 5. 9 billion 2012 $ 5. 6 billion 2011.
 increase residential mortgage loan sales revenue origination volume visa common shares service fees mortgage repurchase obligations.
 asset management revenue $ 1. 2 billion 2012. 2011.
 higher earnings blackrock.
 discretionary assets $ 112 billion stronger equity markets net flows sales performance.
 consumer services fees $ 1. billion.
decline lower interchange fees offset customer growth.
 dodd-frank limits interchange 2011 revenue $ 314 million 2012 $ 75 million 2011.
 offset higher rbc bank acquisition.
 corporate services revenue increased $. 3 billion percent $ 1. 2 billion 2012 $. 9 billion 2011 higher mortgage merger acquisition fees.
 treasury management finance fees commercial mortgage servicing.
.
 pnc financial services.


valuation 2013 cash equivalents short-term instruments valued at cost fair value.
.
 equity level 1 traded active exchanges valued closing prices last trading day.
.
 not trustee obtains quotes pricing vendor broker investment manager.
 categorized level 2 quotes 3.
 equity funds public investment valued net asset value.
 total value divided by shares outstanding.
 level 1 traded exchange 2 corroborated market data.
 fixed income securities level 2 valued market data.
 bids quoted prices.
 private equity funds real estate funds hedge funds fixed income securities level 3 valued models unobservable inputs.
 general partners hedge funds valued independent administrators.
use income market approaches.
 market transactions income uses future cash flows adjusted for liquidity risk.
 commodities level 1 traded active commodity exchange valued closing prices last trading day.
 level 2 represent shares commodity fund corroborated by market data.
 funding requirements defined benefit pension plans revenue code rules.
 2012 contributions $ 3. 6 billion.
 plan $ 1. 5 billion 2013.
 $ 235 million retiree medical life insurance.
 no required contributions 2013.
 estimated future benefit payments service december 31 2012.
 defined benefit pension plans 1900 1970 2050 2130 2220 12880
 retiree medical life insurance plans
 401 ( k ) employees.
 match 2019 eligible contributions rates plan.
contributions 380 million 2012 378 2011 common stock.
 plans 48. 6 million 52. 1 million shares stock.


rent expense under leases cancelable was $ 645 million $ 488 million $ 338 million in 2013 2012 2011.
 future minimum lease payments noncancelable leases remaining terms one year 2013 millions off-balance sheet third-party manufacturing purchase commitments $ 18. 6 billion.
 outstanding obligations $ 1. 3 billion acquire capital assets product tooling equipment advertising research development internet telecommunications services.
 subject to legal proceedings claims not.
 material loss.
 outcome litigation uncertain.
 if legal resolved consolidated financial statements could affected.
.
.
 electronics.
 august 24 2012 jury company $ 1. 05 billion lawsuit against samsung electronics. parties united states district court northern district california san jose division.
2013 district court upheld $ 599 million jury award ordered new trial.
 subject judgment-trial appeal company recognized award.
 virnetx.
.
.
.
 11 2010 virnetx.
 action patents network communications technology.
 november 6 2012 jury awarded damages $ million.
 defenses loss.
 610
 613
 2018 505
 1855
 lease payments $ 4721


edwards lifesciences consolidated financial statements.
 employee benefit plans equity debt securities valued market prices.
 insurance contracts valued cash surrender value.
 benefit payments future service december 31 2014 millions.
 2015 3.
 2016.
 2017.
 2018.
 2019.
 2020-2024.
 31 2014 expected employer contributions 2015 $ 5. 8 million.
 employees united states puerto rico participate 401 ( k ) 1165 ( e ) plan.
 contribute 25% compensation.
 lifesciences matches first 3% annual compensation.
 next 2%.
 puerto rico contribute 25% compensation.
 first 4% compensation.
 2% profit sharing contribution earnings employee.
 matching contributions $ 12. million $. million $ 10. 8 million 2014 2013 2012.
company nonqualified deferred compensation plans employees.
 compensation future return based investment alternatives.
 accrued $ 28. million $ 25. million at december 31 2014 2013.
.
 2013 approved repurchase program $ 750. million stock until december 31 2016.
 2014 new repurchase program additional $ 750. million.
 obligations option shares outstanding.
 2014 2013 2012 repurchased 4. shares cost $ 300. million $ 497. $ 353. million including accelerated repurchase agreements


.
 federal tax carryovers expire 16 to 17 years state five to 10 years majority international six years expiring year indefinite carryover period.
 tax attributes jurisdictions losses income.
 december 31 2013 company provided $ 23 million valuation allowance deferred tax assets tax benefits.
 valuation allowance reduced 2013 due expiration tax attributes.
 contributed $ million.
 pension plans $ 6 million postretirement plans.
 2012 contributed $ 1. 079 billion.
 $ 67 million postretirement.
 2011 contributed $ 517 million.
 pension $ 65 million postretirement.
 current income tax includes benefit pension contributions deferred tax cost temporary difference.
 income tax rate.
. tax
 state income taxes federal benefit.
.
.
tax contingencies 1. 2 -1. 9. 2
 manufacturer deduction -1. 6. 2. 5.
. 4. 1
 worldwide tax rate 28. 1% 28. 1 % 29. 0% 29. 27. 8%. 8 %
 effective tax rate 2013 28. 1 percent 29. 2012. 9 points impacted.
 international taxes reinstatement.
 research development credit domestic manufacturer deduction benefit restoration tax basis assets.
 decreased tax rate 4.
 offset tax rate 3. 1 points adjustments income tax reserves.
 tax rate 29. 27 2011 increase. 2 percentage points.
 tax international taxes reorganization subsidiary state income taxes lower domestic manufacturer deduction.
 research development credit.
 increased 2012 effective tax rate 2. 1 percentage points.
company effective tax rate-on include international taxes geographic mix adjustments tax reserves.
 compared to 2011 decreased effective tax rate. percentage points.
 company files income tax returns.
 federal states foreign jurisdictions.
 no longer subject to.
 federal state local non.
 income tax examinations before 2004.
 irs completed examination.
 tax returns 2005 through 2007 2009.
 protested positions entered administrative appeals process first quarter 2010.
 completed examination.
 2008.
 protested positions entered appeals process second.
.
 2009.
 protested positions entered administrative appeals process.
 examination.
 2010.
 protested positions entered administrative appeals process


part a0iii item a010.
 directors executive officers corporate governance see part a0i item 1.
.
 201celection directors board governance a016 beneficial ownership reporting compliance proxy statement 2019 annual meeting.
 filed 120 fiscal year form 10-k.
 item a011.
 executive compensation 201ccompensation discussion analysis committee report proxy statement 2019 annual meeting.
 item a012.
 security ownership beneficial owners management stockholder matters proxy statement 2019 annual meeting.
 table december a031 2018 equity plans category number securities issued outstanding options warrants rights weighted-average exercise price options securities future issuance equity compensation plans excluding securities plans.3578241 securities column a include 22290 shares common stock performance stock units maximum performance shares based on financial stock price measures.
 item a013.
 relationships transactions director independence transactions governance 2019 annual.
.
 accounting fees services 201caudit non-audit fees pre-approval procedures.
 plan category issued options warrants rights weighted-averageexercise price forfuture issuance underequity compensationplans
 equity compensation plans security holders 1471449 $ 136. 62 3578241
 part a0iii item a010.
 directors executive officers corporate governance part a0i item 1.
.
information item a010 see 201celection directors governance a016 beneficial ownership reporting compliance proxy statement 2019 annual meeting.
 filed 120 after fiscal year form 10-k.
 item.
 executive compensation see 201ccompensation discussion analysis committee report compensation proxy statement 2019.
 item a012.
 security ownership beneficial owners management stockholder matters ownership statement.
 table information december 2018 equity plans category number securities issued options warrants rights weighted-average exercise price options warrants rights securities future issuance equity compensation plans excluding 1471449 $ 136. 62 3578241 securities include 22290 shares common stock performance stock units maximum performance levels achieved number shares based financial stock price measures.
 item a013.
relationships transactions director independence a013 transactions governance proxy statement 2019 annual meeting.
 a014.
 accounting fees services 201caudit non-audit fees committee pre-approval procedures 2019 annual meeting.


.
 sysco insurers self-insured workers compensation liability claims.
 depositing funds insurance trusts issuing letters credit.
 acquisitions placed funds escrow sellers operating results contingencies resolved.
 escrowed funds acquisitions $ 1700000 released fiscal 2006 $ 800000 disbursed sellers.
 restricted cash balances.
 july 1 2006 2 2005
 funds deposited insurance trusts $ 82653000 $ 80410000
 escrow funds acquisitions
 102274000 101731000
.
 manages debt portfolio fixed floating rates interest rate swaps.
 trading speculative.
 2003 2004 2005 interest rate swap agreements fair value hedges.
 effective changes interest rates.
 shortcut method.
derivative instruments hedging activities no need hedges.
 interest expense debt adjusted payments hedge agreements.
 fair value swaps carried asset liability balance sheet hedged debt adjusted.
 no fair value hedges outstanding july 1 2006 2 2005.
 received termination swap agreements $ 5316000 $ 1305000 2005 2004.
 no terminations.
 increase carrying value debt.
 amortized reduction interest expense.
 march 2005 sysco forward-starting interest rate swap $ 350000000.
.
 cash flow hedge interest payments 2005 interest rate.
 fair value swap july 2 2005 $ 32584000 reflected accrued expenses consolidated balance sheet loss tax.
 september 2005. sysco settled $ 350000000 swap.
 paid cash $ 21196000 fair value swap.
amortized interest expense 30-year term debt unamortized balance reflected loss net tax income.
 sysco enters purchase agreements fuel electricity commodities.
 agreements meet derivative qualify purchase sale exemption accounting.
 company exemption not recorded fair value.
 046000000 17:22 valid


subsidiaries receipt dividends repayments indebtedness compliance delaware laws contractual.
 dividend rate determined board quarterly current future developments income cash.
 dividends paid march june september december.
 paid quarterly less 30 days distribution.
 not cumulative declared dividends paid.
 2018 2017 2016 paid $ 319 million $ 289 million $ 261 million cash dividends.
 per share cash dividends years december 31.
.
.
 june.
.
 declared quarterly cash dividend $ 0. 455 per share payable march 1  2019 shareholders february 7  2019.
 equity forward transaction note 4 2014acquisitions divestitures sale agreements april 11 2018 settlement june 7 2018.
regulatory restrictions issuance long-term debt equity securities by american water capital.
 subsidiary authorization state puc if no guarantee pledge.
 state puc authorization required long-term debt at subsidiaries.
 obtain approvals financing.
 pay dividends from retained earnings.
 significant loss dividends.
 pay dividends repay indebtedness subject to with regulatory restrictions financial obligations debt service dividends corporate tax laws regulations agreements covenants.
 stock based compensation granted stock options units dividend equivalents to non-employee directors officers key employees 2007 equity compensation plan.
 stock units vest based on continued employment to performance-based goals.
 total shares under 2007 plan is 15. 5 million.


june 2011 fasb issued asu.
 2011-05 income. requires net or two statements.
 present net income income.
 update eliminates option income stockholders equity.
 change items comprehensive income net.
 retrospectively effective interim annual reporting december 15 2011.
 company adopted guidance first quarter 2012.
 2011-05 presentation purposes no impact consolidated financial statements.
.
 used lifo method accounting 95% inventories december 29 2012 december 31 2011.
 cost sales reflects recently purchased inventories carrying balance inventories purchased 2012.
 reduction cost sales $ 24087 $ 29554 fiscal 2012 2010.
 increase cost sales $ 24708 fiscal 2011 supply chain costs inflationary pressures.
company 2019s costs inventory products decreased growth merchandise strategies supply chain efficiencies.
 remaining inventories non-consumable parts batteries valued under first-in first-out method.
 cores merchandise costs passed customer or returned vendor.
 not cost changes no material difference lifo or fifo valuation method.
 inventory overhead purchasing warehousing costs at december 29 2012 31 2011 $ 134258 $ 126840.
 2012 2011.
 inventories fifo net $ 2182419 $ 1941055
 lifo 126190
 $ 2308609 $ 2043158
 inventory quantities tracked perpetual inventory system.
 inventories counts.
 cycle counting program.
 auto parts.
subsidiaries consolidated statements 29 january 1 thousands share data


international crude oil production sold brent benchmark.
 differential between wti brent prices widened 2011 remained 2012 2010.
 production lower 48 states.
 sold bid-week prices.
 henry hub settlement prices lower 2012.
 decline 2011 2012.
 stabilized increased.
 major natural gas-producing regions.
 europe.
.
 natural gas sales term contracts less volatile.
.
 natural gas realizations not track market price movements.
 prices higher.
 produces sells synthetic crude oil.
 impacted operational problems outages.
 prices two-thirds track wti one-third canadian heavy sour crude oil.
 discount wti increased realizations.
 operating cost structure fixed downtime.
 sensitive production rates.
 variable costs natural gas diesel fuel prices.
 benchmark prices revenues variable costs.
2012 2011 2010
 crude oil dollars bbl $ 94. $ 95. $ 79.
 $ 73. $ 77. $ 65.
 natural gas sales index mmbtu $ 2. 39 $ 3. 68 $. 89
 73. 77 gas sales 2 89 monthly pricing western canada.
.
 operations production marketing products natural gas lng methanol.
 lng trade 2012 240 mmt.
.
 prices not.
.
 henry hub prices.
 indexed crude oil prices.
 60 percent ownership lng production facility. long-term.
 sales 3. 8 mmt 4. 1 mmt 3. 7 mmt 2012 2011 2010.
 45 percent interest methanol plant.
.
 sales methanol 1. 1 mmt. 0 9 mmt 2012 2011 2010.
methanol ampco earnings.
 limited sales prices.
 world demand 2012 49 mmt.
 plant capacity. 2 percent demand.


7. 1 2000.
 top 100 clients used 11. products 2001 11. 2 2000.
 state street benefits revenue transaction flows.
 management cash positions deposit balances short-term investment.
 foreign currency volumes revenue.
 $ 2. 8 billion 2001 $ 2. 7 billion 2000 increase 6% 6 %.
 growth fee revenue 8%.
 servicing fees $ 199million 14% primary.
 client wins revenue securities lending.
 declines equity market values offset growth.
 management fees down 5%.
 foreign exchange trading revenue down 5% volatility processing fees up 21% 21 % gains sales investment securities.
 servicing management fees assets securities positions portfolio transactions products services.
 10% increase equity values change revenue 2% 2 %.
 bond values change 1% 1 % revenue.
securities lending revenue 2001 increased 40% 2000.
 reflected servicing management fees.
 volume interest rate spreads.
-over increase due interest rate spreads eleven reductions.
 federal funds target rate 2001.
 millions.
 servicing fees $ 1624 $ 1425 $ 1170 14%
 management fees
 foreign exchange trading 368
 processing fees
 total fee revenue $ 2832 $ 2665 $ 2312
 2001 results exclude write-off state street investment $ 50 million 1999 results exclude one-time charge $ 57 million repositioning investment portfolio 2000 results adjusted formation citistreet 4 state street corporation