new term loan facility remaining unpaid principal due payable june 6 2021.
 earlier repayment.
 interest quarterly commitment fee leverage ratio maximum commitment fee 40% margin eurocurrency loans.
 july 2016 breakaway four. guarantor supplemental agreement increase principal term loan. 5 million to. 9 million.
 june 2016 seven seas explorer.
 export credit financing 80% contract price.
 $ 373. 6 million term loan interest 3. 43%. maturity date june 30 2028.
 principal interest payments paid semiannually.
 december 2016 issued $ 700. million. senior unsecured notes due december 2021 private offering.
 proceeds purchase outstanding 5. 25%. senior notes due 2019 principal $ 680 million.
 redemption.25 % senior notes 2019 january 2017.
 nclc interest 4. 750%. 750 % annum june 15 december 15 june 15 2017 holders close business june 1 december 1.
 nclc redeem notes december 15 2018 price equal 100% principal amount plus accrued unpaid interest redemption date premium. redeem notes december 15 2018 redemption prices.
 redeem 40% 40 % principal amount redemption price equal 104. 750%. net proceeds equity offerings 60% principal outstanding redemption.
indenture governing notes nclc incur indebtedness issue preferred shares pay dividends payments dividends create liens debt make investments engage transactions with affiliates sales transfer assets merger consolidation transactions.
 provides default principal premium interest obligations due payable.
 2016 $ 276. 9 million $ 34. 7 million amortization deferred financing fees $ 27. 7 million loss extinguishment debt.
 2015 $ 221. 9 million $ 36. 7 million amortization financing $ 12. 7 million loss extinguishment.
 2014 $ 151. 8 million $ 32. 3 million amortization $ 15. 4 million expenses financing transactions.
 debt agreements liquidity limit funded debt-to-capital ratio restrict dividends.
 ships property equipment pledged as collateral for debt.
covenants.
 repayments long debt capital lease obligations five years.
 560193
 554846
 2019
 1153733
 2021
 6514604
 accrued interest liability $ 32. million 34. 2 million 2016 2015.


tower corporation subsidiaries financial statements brazil acquisition 2011 acquired 100% shares 627 communications sites brazil $ 553. million increased $ 585. 4 million 39 sites december 31.
 2012 purchase price reduced $ 585. 3 million post closing price adjustments.
 allocation finalized 2012.
 table summarizes purchase consideration assets acquired liabilities assumed estimated fair value acquisition final purchase price preliminary allocation.
 current assets $ 9922
 non-current
 property equipment
 intangible assets 368000
 liabilities
 non-current liabilities -38519
 net assets acquired $ 488935 $ 437976
 goodwill
 consolidated balance sheets.
 december 31.
 $ 7. million accounts receivable contractual.
 customer-related intangibles $ 250.network location intangibles $ 118. million.
 amortized 20 years.
 long-term liabilities $ 30. million tax positions acquisition non-current assets $ 24. million indemnification asset.
 goodwill deductible tax.
 allocated international rental management segment.
 purchase 1500 towers vivo.
.
 purchased 800 communications sites $ 151. 7 million.
 purchased remaining 700 communications sites $ 126. 3 million.
 vivo amended agreement acquisition additional 300 communications sites.
 august 31 2012 purchased 192 communications sites $ 32. 7 million.


ii item 5.
 market common equity issuer purchases table presents quarterly high low share sale prices common stock 2015.
 march 31 $ 101. 88 $ 93. 21
 june 30 98. 64.
 september 30. 54 86
 december 31 104.
 2014
 march 31 $ 84. 90 $ 78. 38
 june 30 90. 73.
 september 30. 89
 december 31 106.
 february 19 2016 closing price common stock $ 87. 32 per share.
 423897556 outstanding shares 159 registered holders.
 annually distribute stockholders 90% reit taxable income.
 distributed income.
 two series preferred stock. issued may 2014 dividend rate. 25%. 50%. b march 2015 dividend rate 5. 50%.50 %.
 dividends payable quarterly subject declaration board directors.
 amount timing frequency future distributions dependent factors financial condition cash flows taxation income excise taxes limitations distributions debt equity instruments nols cash.
 distributed approximately $ 2. 3 billion common stockholders including dividend january 2016 subject taxation ordinary income.
 year december 31 2015 declared cash distributions


investment in programming subscriber growth higher offer costs presto offset lower depreciation expense foxtel reassessment cable satellite installations.
 net income decreased lower operating income offset lower income tax expense.
 equity affiliates 2016 losses from interests draftstars elara technologies proptiger.
 decreased $ 13 million 23% 2015 due negative impact foreign currency fluctuations interest expense facility.
 9 financial statements.
 years.
 gain on iproperty transaction $ 29
 impairment marketable securities cost method investments
 gain on sale marketable securities
 dividends investments
 gain sale investments
 group gain $ 29 million revaluation equity interest iproperty year 2016.
.
 recorded write-offs impairments investments years 2016 2015.
write-offs impairments deteriorating financial position or losses limited prospects recovery.
 note 6 consolidated financial statements. august 2014 rea group minority interest securities $ 104 million.
 recognized pre-tax gain $ 29 million reclassified income.
 tax rate 2016 $ 54 million 30% % $ 185 million 34% ( 34 %.
 tax benefit $ 54 million pre-tax income $ 181 million effective tax rate lower.
 statutory tax.
 due benefit $ 106 million valuation allowances.
 federal losses state deferred tax assets.
 plan digital education business 2016.
 income deferred tax assets.
 tax rate impacted by $ 29 million non-taxable gain revaluation equity interest iproperty.
 fiscal year 2015 effective tax rate lower.
tax rate foreign operations offset nondeductible items liabilities tax.
 18 consolidated financial statements.


1b.
.
 rail business.
 network covers 23 states.
 32084 route miles.
 own 26064 miles operate remainder trackage rights leases.
 table miles december 31 2015 2014.
 32084 31974
 lines turnouts switching classification 51439
 omaha nebraska.
. 2 million square feet 4000 employees.


options 2010 2009 2008 $ 240. 4 million $ 15. 1 million $ 100. 6.
 total grant-date fair value $ 67. 2 million $ 73. 6 million $ 77. 6 million.
 proceeds option exercises cash flows $ 216. 1 million $ 12. 4 million $ 94. 2 million net shares surrendered tax obligations restricted.
 withholding based minimum statutory withholding requirement.
 restricted stock unit award activity october 30 2010 changes value per share.
 october 31 2009.
 units granted.
 lapsed.
 units forfeited.
 units october 30 2010.
 $ 95 million unrecognized compensation cost unvested share-based awards stock options restricted stock units.
 recognized 1. 4 years.
stock repurchase program 2019s since august 2004.
 board directors authorized repurchase $ 4 billion common stock.
 repurchase outstanding shares open market privately transactions.
 all shares.
 october 30 2010 repurchased 116. 0 million shares for $ 3948. 2 million.
 additional $ 51. 8 million remains available for repurchase.
 repurchased shares unissued.
 future repurchases cash financial performance liquidity.
 repurchases shares employee tax obligations price options equity compensation plans.
 471934 authorized shares of $ 1. 00 par value preferred stock none issued outstanding.
 board fix designations rights preferences limitations stock issuance.
.
 statements 2014


discloses purchases common stock fourth quarter 2016.
 shares purchased average price paid share plans dollar value.
 october 2016 433272  $ 52. 69 50337 382935 $ 2. 7 billion
 november 2016  $ 62. 25 248349 419295 $ 2. 6 billion
 december 2016 1559569  $ 66. 09 1558881 $ 2. 5 billion
 2660485  $ 62. 95 299374 2361111 $ 2. 5 billion
 shares represent purchases fourth quarter 2016 open-market transactions stock-based compensation plans purchases employees directors stock options vesting restricted stock compensation transactions.
 july 13 2015 board directors authorized purchase $ 2.billion common stock.
 no expiration.
 dollar value 2015 $ 40 million.
 september 21 2016 board authorized purchase additional $ 2. 5 billion expiration.
 no purchases.


company stock performance graph shows five-year comparison shareholder return dividend reinvested s&p 500 composite index&p index.
 assumes $ 100 invested company common stock s&p 500 industry index september 30 2003.
 data annual.
 historic price performance not indicative future.
 copyright 2008 standard poor division mcgraw-hill companies.
 rights reserved.
 apple inc. $ 100 187 517 743 1481
 s&p a9500 100 114 142 165 129
 s&p a9computer hardware 100 104 119 188
 s&p a9


participate medicare health support pilot program green ribbon health joint pfizer health solutions.
 medicare beneficiaries diabetes congestive heart failure central florida.
 uses disease management initiatives evidence clinical guidelines change strategies personal nurses.
 revenues contract cms expires october 31 2008 subject refund unless savings target met.
 revenues deferred until estimates.
 products commercial employers members developed commercial products options employers facing premium increases medical cost inflation.
 fully-insured aso coverage 564700 members december 31 2007 16. 4%. total commercial medical membership.
.
 products offered 201cbundles 201d hmo ppo options employer contribution strategies.
 developed innovative consumer products 201d products long-term solution employers.
new generation products provides choices transparency provider costs benefit designs health care.
 innovative tools technology assist decisions trade-offs premiums point-of-service costs benefits.
 consumers informed choices cost effectiveness health care sustainable long term solution.
 smart products 55% enrollment sold employers humana sole health insurance.
 some employers selected other products high deductible catastrophic coverage plan spending account option.
 unlike products cost not long-term comprehensive solutions cost dilemma interim step.
 commercial hmo products provide prepaid health insurance coverage members network independent primary care physicians specialty physicians health care providers


celanese purchases equity securities common stock december 31 2017 shares purchased average price dollar value.
 october 1 - 31 2017 10676 $ 104. 10 2014 $ 1531000000
 november 1 - 30 924 $ 104.
 december 1 - 31 38605 $ 106. 36 $ 1531000000
 50205
 shares withheld employees.
 board authorized repurchase $ 3. 9 billion common stock february 2008 increase $ 1. 5 billion july 17 2017.
 note 17 stockholders' equity financial statements.


currency exchange risk non-u.
 companies maintain assets liabilities local currencies.
 exchange risk limited to assets.
 reviewed risk management process.
 capital invested in home currencies support local insurance operations.
 principal currencies british pound sterling euro canadian dollar.
 table exposure foreign exchange risk december 31 2008 2007.
 millions. dollars
 fair value net assets foreign currencies $ 1127 $ 1651
 assets 7. 8%. 9. 9%.
 pre-tax impact equity 10 percent strengthening. dollar $ 84 $ 150
 reinsurance gmdb gmib guarantees net income impacted by changes reserves.
 reflected life annuity benefit expense.
 impacted by fair value gmib liability.
.
 changes reflected as realized gains losses.
 views variable annuity reinsurance business similar risk profile catastrophe reinsurance probability long-term economic loss small.
 adverse changes market factors policyholder behavior life underwriting income net income.
-term economic net loss short-term accounting variations market movements.
 business long-term eco risk reward.
 ultimate risk long underperformance investment returns reduction interest rates.
 underperformance to higher paid claims.
 market conditions reserves fair value liability fall decreased future claims increase life underwriting income net income.
 management established sop 03-1 reserve based benefit ratio market values.
-term market movements reserve.
 based long-term benefit ratio.
 impacted by short-term market movements.
management sop 03-1 quantitative qualitative analysis change benefit ratio change sop 03-1 reserve.
 premium claims long-term profit loss variable annuity reinsurance.
 reserve fair value liability affected by market factors equity interest rate credit risk policyholder behaviors.
 table shows sensitivity december 31 2008 sop 03-1 reserves fair value liability.
 tables sensitivity fair value derivative instruments instruments purchased january 2009 offset risk.
 change value offset changes sop 03-1 reserve.


rm&t qualify commodity derivative instruments hedge accounting.
 recognize changes fair value derivatives.
 losses prices increase offset gains.
 gains offset losses.
 derivative gains losses&t three years summarized 2004 2003 2002.
 mitigate price risk $ -106 -112 -95
 excess inventories -98 -57 -41
 margin fixed price sales
 crack spread values -76
 net derivative losses $ -264 $ -162 $ -124
 sold crack spreads fourth quarter 2005 values higher contracts.
 $ 76 million derivative loss 2004 $ 8 million gain due to changes fair value crack-spread derivatives 2005.
 natural gas options manage price risk 41 percent first quarter 2005 natural gas purchases refinery.
used derivative instruments convert long-term gas sales contract market prices.
 contract annual quantity gas matures 2008.
 derivative instruments convert shorter term contracts market prices resale hedge purchased gas resale.
 derivative gains $ 17 million 2004 gains $ 19 million 2003 losses $ 8 million 2002.
 losses $ 2 million 2004 losses $ 7 million 2003 gains $ 4 million 2002.
 impacted basis risk commodity futures prices cash market price.
 natural gas prices based industry reference prices vary local.
 contracts.
 commodity price changes derivative commodity instruments hedge exposure basis risk.
 price differences.
 transactions manage basis risk.
 impacted liquidity risk timing delays liquidating contract positions.
 liquidity risk low exchange-traded transactions.


2015 ppg annual report form 10-k notes consolidated financial statements.
 accounting policies principles consolidation financial statements include accounts ppg industries.
 subsidiaries.
.
 ppg owns 50% voting stock subsidiaries.
 subsidiaries ownership less 100% outside shareholders noncontrolling interests.
 investments ppg owns 20% to 50% 50 voting stock operating financial policies equity method accounting.
 ppg share earnings losses equity affiliates included statement income shareholders equity.
 transactions ppg subsidiaries eliminated.
 estimates financial statements.
 estimates assumptions assets liabilities income expenses.
 include fair value assets acquired liabilities assumed purchase price.
 outcomes differ.
 revenue recognition revenue earnings process complete.
revenue sales recognized segments goods shipped risk loss customer services rendered.
 shipping handling costs reported in sales.
 shipping handling costs included in depreciation amortization.
 selling administrative costs selling customer service distribution advertising costs support finance law human resources planning.
 distribution costs storage finished goods owned leased warehouses terminals distribution facilities.
 advertising costs expensed as incurred totaled $ 324 million $ 297 million $ 235 million in 2015 2014 2013.
 research development employee related as incurred.
 $ 505 $ $ 479
 less depreciation facilities
 $ 486 $
 legal costs acquisition divestiture litigation environmental regulation patent trademark protection.
.
 operations local.
 assets liabilities translated into.
year-end exchange rates income expenses translated average exchange rates.
 unrealized foreign currency adjustments deferred loss 2019 equity.
 cash equivalents liquid valued cost fair maturity three months less.
 short-term investments high credit accrued interest maturities three months one year.
 purchases sales investing.
 marketable equity securities investment recorded fair market value assets balance sheet changes fair market value.


two wholly-owned entities preserved tax deferral 2007 temple-inland timberlands sales.
 $ 840 million deferred tax liability settled maturity temple-inland sold 1. 55 million acres timberlands for $ 2. 38 billion.
 notes due 2027 two bankruptcy entities.
 assets supported by $ 2. 38 billion irrevocable letters credit three banks.
 2012 value $ 2. 09 billion.
 december 2014 2013 fair value $ 2. 27 billion $ 2. 62 billion.
 level 2 fair value hierarchy.
 temple-inland two entities borrowed $ 2. 14 billion.
 loans repayable 2027 secured by $ 2. 38 billion notes irrevocable letters.
 credit 30 days.
third quarter 2012 paper acquisition fair value borrowings determined $ 2. 03 billion.
 december 31 2014 2013 fair value $ 2. 16 billion $ 2. 49 billion.
 level 2 fair value hierarchy defined note 14.
 credit ratings banks $ 1. billion 2007 monetized notes downgraded threshold.
 replaced institutions.
 fees $ 8 million incurred.
 activity company 2007 financing entities.
 millions 2014 2013
 revenue 26 27
 expense
 cash receipts
 payments
 revenue interest expense $ 19 million 17 million accretion income amortization purchase accounting adjustment assets entities.
 expense $ 7 million 6 purchase adjustment nonrecourse financial liabilities special entities.
 cash receipts interest financial assets special entities.
cash payments interest nonrecourse liabilities entities.
 2003 southeast timber.
 issued $ 150 million securities investor future dividend payments.
. 50 million acres forestlands southern sales.
 forestlands sold.
 2013 redeemed common shares $ 150 million.
 distributions $ 1 million $ 6 million 2013 2012.
 expense securities net earnings.
 2014 issued $ 800 million. 65%. unsecured notes maturity 2024 800 million 4. 80%. notes 2044.
 proceeds $ 960 million interest rates 7. 95%. to. 38%. maturities 2018 2019.
 pre-tax debt retirement costs $ 262 million $ 258 million cash premiums restructuring


commitment expiration commercial commitments millions 2015.
 2015 2016 2017 2018 2019 after2019
 credit facilities $ 1700
 receivables securitization facility 650
 guarantees 82 12 26
 standby letters credit 40 34
 commercialcommitments $ 2472 $ 46 660
 credit facility used december 31 2014.
 $ 400 million receivables securitization facility utilized debt.
 program matures july 2017.
 guaranteed obligations equipment financings operations.
 letters of credit drawn december 31 2014.
 off-balance sheet guarantees liable $ 82 million $ 299 million guarantees.
 recorded liabilities $ 0. 3 million $ 1 million fair value december 31 2014.
entered contingent guarantees include obligations equipment financings operations.
 final guarantee expires 2022.
 aware default guarantees.
 expect financial condition results operations liquidity.
 labor agreements 85% 47201 full-time employees represented by 14 rail unions.
 january 1 2015 labor agreements began negotiations.
 agreements remain until new agreements labor act procedures exhausted.
 contract negotiations continue work stoppages.
 inflation increase asset replacement costs.
 depreciation charges inflation-adjusted greater.
 derivative financial instruments use exposure interest rates fuel prices.
 not party to leveraged derivatives use speculative purposes.
 instruments hedge accounting maintain effectiveness.
 document relationships instruments items risk-management objectives strategies hedge transactions assessing hedge effectiveness.
value derivative instruments charged earnings.
 use swaps collars futures forward contracts mitigate risk interest rates fuel prices limit benefits price movements.
 risk selecting value hedged item.
 manage credit risk requiring high credit standards settlements.
 december 31 required collateral received collateral hedging activities.


.
 stock compensation plans table summarizes expense income millions.
 2009 2008 2007
 $ 124 $ 132 $ 109
 performance plans 60 67
 stock options
 stock purchase plans
 compensation expense 209 226 188
 tax benefit 82
 net tax $ 141 $ 144 $ 124
 converted stock administration system new service provider.
 reconciliation methodologies estimates $ 12 million reduction expense 31 2009.
 stock awards granted employees performance-based service.
 vest three ten years.
 value market price common stock.
 break employment forfeiture unvested awards.
 compensation expense recognized straight-line method.
 dividend equivalents paid service-based rsus initial grant amount.
 shares.
.
 vesting performance conditions revenue generation pretax income earnings.
 performance conditions not considered grant date.
 based market price common stock grant.
 compensation expense recognized performance period additional vesting period.
 expense adjusted shares paid.
 payout 0-200% units granted.
 dividend equivalents not paid performance-based.
 granted 2 million shares 2006 performance plan.
 2009 2008 2007 granted 3. 7 million 4. 2 million. 3 million shares compensation plans.


.
 cost drivers manufacturing efficiency raw material energy freight costs.
 printing sales 2014 decreased 8% $ 5. 7 billion $ 6. 2 billion 2013 8%. 2012.
 profits 106% lower 2013 lower 2012.
 closure 7% 7 higher 2013 8% lower 2012.
 higher sales price lower maintenance downtime costs provision bad debt foreign exchange costs lower sales volumes million higher operating costs 49 million input costs 47 million closure courtland mill 41 million.
 profits special $ 554 million closure.
 accelerated depreciation courtland assets evaluated.
 net book value $ 470 million.
 no alternative uses.
 $ 464 million accelerated depreciation.
profits 2014 $ 32 million foreign tax amnesty gain $ 20 million legal contingency india 2013 $ 118 million closure courtland alabama mill $ 123 million impairment charge goodwill trade name intangible asset india papers.
.
 sales $ 2. 1 billion 2014 $ 2. 6 billion 2013 $ 2. 7 billion 2012.
 loss $ 398 million gain 156 million shutdown $ 36 million 2013 331 million 2012.
 sales volumes 2014 decreased lower demand freesheet paper closure courtland mill.
 price realizations higher.
 input costs chemicals freight costs higher.
 maintenance downtime costs $ 14 million lower.
 profits impacted shutdown courtland mill provision bad debt.
 sales volumes stable.
 margins improve.
 costs.
maintenance downtime costs $ 16 million lower outage 2015 georgetown mill eastover riverdale.
 brazilian papers sales 2014 $ 1. billion. 2013.
 profits $ 177 million 209 million tax amnesty 210 2013 2012.
 sales volumes flat.
 price improved price increases.
.
 raw material costs.
 operating costs higher maintenance downtime costs flat.
 sales volumes decrease weaker demand.
 price improvements increases.
 input costs.
 maintenance outage costs $ 5 million lower outage luiz antonio mill.
 european papers net sales 2014 $ 1. 5 billion. 2013
 profits $ 140 million 167 million 2013 $ 179 million volumes higher


entergy corporation subsidiaries pollution environmental secured mortgage bonds.
 implicit 4. 8%.
 nuclear waste policy act 1982 subsidiaries spent nuclear fuel disposal.
 one-time fee generation april 7 1983.
 arkansas electric power nuclear fuel includes one fee accrued interest long-term debt.
 note 10 waterford 3 lease obligation entergy louisiana acquisition equity participant grand gulf lease obligation.
 7. 458%.
 value lease obligations $ 57 million $ 34 million long-term doe obligations $ 182 million debt due one year.
 level 2 hierarchy based benchmark yields reported trades.
 annual long-term debt maturities december 31 2016 next five years.
 307403
 2018 828084
 724899
 795000
 2021
november 2000 entergy purchased fitzpatrick indian point 3 power plants.
 recorded liability net value each year beyond nrc license expiration date.
 october 2015 shutdown fitzpatrick.
 reduced liability $ 26. 4 million.
 august 2016 trust transfer agreement decommissioning funds liabilities fitzpatrick.
 original agreements amended license extension payments eliminated.
 third quarter 2016 removed note payable $ 35. 1 million balance sheet.
 louisiana mississippi texas system energy long-term financing ferc october 2017.
 arkansas apsc december 2018.
 new orleans city council june 2018.
 supply system energy capital maintain equity capital 35% total capitalization


december 31 2016 indebtedness $ 18. 7 billion current portion $ 238. 8 million.
 generated sufficient cash capital expenditures debt service obligations distributions.
 believe cash 2017 sufficient fund distributions capital expenditures debt obligations acquisitions.
 $ 423. million cash equivalents foreign subsidiaries $ 183. 9 million joint ventures.
 not repatriate earnings expansion.
 accrue pay taxes.
 2016 increased $ 520. 6 million 2015.
 increase operating profit $ 490. 8 million increase $ 67. 1 million cash interest decrease $ 60. 8 million cash taxes.
 2015 cash increased $ 48. 5 million 2014.
 increase operating profit $ 433. 3 million increase $ 87. 8 million cash paid taxes one-time cash tax charge $ 93.decrease capital contributions settlements prepayments $ 99. increase $ 29. million cash interest decrease $ 34. million termination decommissioning fees decrease $ 49. tenant receipts non-recurrence 2014 value tax refund $ 60. million.
 spent $ 1. billion acquisition.
 $ 701. million capital expenditures.
 projects.
 ground lease purchases.
 improvements corporate expenditures.
 redevelopment.
 start projects.
 expenditures.
 construction 1869 communications sites.
 $ 18. million capital lease payments.
 $ 5. 059 billion verizon transaction.
 $ 796. million acquisition 5483 communications sites.
 $ 1. billion 4716 communications sites airtel subsidiaries.


part iii item 10.
 directors executive officers corporate governance 201celection directors selection process conduct committees committee 16 beneficial ownership reporting compliance proxy statement annual meeting stockholders may 27 2010 executive officers part form 10-k. new york stock exchange certification 2009 section 303a. 12 stock exchange company manual.
 item 11.
 executive compensation-management director compensation discussion analysis committee report.
 item 12.
 security ownership beneficial owners management stockholder matters shares shares common stock issued equity compensation plans december 31 2009 table.
 equity compensation plan number shares stock issued outstanding options warrants rights-average exercise price stock options securities future issuance equity compensation plans 3 equity compensation plans approved.
.
.
.
.
.
.
.
.
 34317386 $ 16. 11 52359299 equity compensation plans approved holders.
.
.
.
.
 612500 $ 27. 53 2014.
 category shares common stock issued outstandingoptions warrants rights weighted-average exercise price stock options securities futureissuance compensation plans excluding
 equity compensation plans approved 34317386 $ 16. 52359299
 not 612500 $ 27. 53 2014
 $ 16. 31 52359299
 6058967 performance-based share awards 2004 2006 2009 performance incentive plan target 2007-2009.
 price 2009 2010 2011.
 3914804 restricted share unit performance-based awards settled shares cash.
 awards.
share unit award settled common stock.
 37885502 2009 performance incentive plan 13660306 employee stock purchase plan 813491 2009 non-management 2019 stock incentive plan.
 special stock option grants north executives.
 exercise price equal market value interpublic common stock.
 terms conditions governed 1997 performance incentive plan.
 options exercisable two five years expire ten years.


valuation long-lived assets estimate useful lives undiscounted cash flows impairment.
 fair value measured discounted cash flows appraisals.
 goodwill indefinite-lived not amortization tested impairment annually.
 estimates value goodwill discounted cash flow model.
 growth rates sales profits.
 discount rates perpetuity growth assumptions market comparables.
 evaluate useful lives intangible assets brands finite indefinite-lived.
 obsolescence demand competition economic factors maintenance expenditures expected lives.
 amortized straight-line useful lives 4 to 30 years.
 estimate fair value brand assets discounted cash flow model projected revenues assumed royalty rates discount rate.
 may 26 2019 $ 20. 6 billion goodwill indefinite-lived intangible assets.
believe fair value intangible exceeds carrying value contribute cash flows different assumptions future performance weighted-average cost capital impairment losses amortization expense.
 performed fiscal 2019 assessment intangible assets second quarter.
 lower sales projections long-range recorded impairment charges.
 $ 132. $ 330.
 impairment charge.
 $ 132. $ 330.
.
.
 $ 192. $ 330.
 assumptions long-range cash flow projections royalty rates weighted-average cost capital rates tax rates.


operations 2016 $ 2836 million $ 1829 million net-tax impairment entergy wholesale commodities 2 3 plants reduction income tax expense $ 238 million tax classification nuclear power settlement 2010-2011 audit $ 75 million tax benefit vidalia power agreement $ 54 million net benefit hurricane gustav ike reduction expenses $ 100 million $ 64 million net-of-tax final court decisions lawsuits spent nuclear fuel storage.
 note 14 3 8 nuclear fuel litigation.
 revenue 2017 2016.
.
 2016 net revenue $ 6179
 retail electric price
 regulatory credit corporate income tax rate
 gulf recovery
 louisiana act 55 financing savings obligation
 volume
 2017 net revenue $ 6318
retail electric price variance due 2022 2017 entergy arkansas base rates february 24 2016 apsc.
 rate increase power block 2 union power station 2016 2022 waterford 3 replacement transmission cost recovery entergy texas 2016 increase march 2017 increase entergy mississippi mpsc billing july 2016.
 note 2 financial statements rate waterford 3 replacement.
 note 14 union power station purchase.
 entergy corporation subsidiaries


performance graph compares shareholder returns standard 2019s information technology index 500 index five years 31 2016.
 investment $ 100 common stock index 2011 reinvestment dividends.
 5 year return global payments. s&p 500 index information technology index.
 $ 100 invested 31 2011 index reinvestment dividends.
 year.
 copyright division mcgraw-hill companies.
 rights.
 payments.
 globalpayments s&p500 s&pinformationtechnology
 2011.
 2012.
.
.
.
.
 purchases equity securities 2015 board authorized additional repurchase $ 300. million common stock.
 repurchased retired. million shares stock $ 135. 9 million commissions average price $ 63. 17 per share year ended may 31 2016.
 global payments.
2016 10-k


agencies rating insurance company.
 statutory surplus.
 surplus represents capital accounting practices state insurance department.
.
 risk financial increase cost debt business financial condition liquidity. companies december 31 2014 2013.
. 7157
 property casualty insurance
 capital surplus.
 increased $ 518 due annuity surplus $ 788 net income non annuity business $ 187 unrealized gains assets $ 138 returns capital $ 500  changes reserves valuation $ 100.
 april 30 2014 operations.
 capital surplus property casualty insurance increased $ 47  due net income $. billion unrealized gains investments $ 1. 4 billion offset dividends hfsg company $ 2. 5 billion.
company held capital surplus japan june 30 2014.
 capital surplus $ 1. 2 billion 31 2013.


$ 12 million $ 13 million $ 9 million 2018 2017 2016.
 company contributions invested funds.
 commitments contingencies construction programs.
 estimated capital expenditures $ 419 million december 31 2018.
 subsidiaries agreements water purveyors purchase water.
 future annual commitments water.
 2020
 2021
 2022
 2023
 agreements services water wastewater facilities states military municipalities customers.
 note 3 2014revenue.
 involved legal actions.
 december 31 accrued $ 54 million probable loss contingencies maximum $ 26 million.
 unable estimate losses.
 damages settlements plaintiffs.
 west virginia elk river freedom industries chemical spill june 8 2018.
district court southern west virginia granted approval class members 201cplaintiffs january 2014 freedom industries.
 chemical spill west virginia.
 effective date settlement july 16 2018.
 west virginia-american water company entities defendants admit fault liability allegations actions.
 claimants december 8 2017 opt out settlement.
 less than 100 225000 class members out benefit terms settlement.
 june 2018 company liability insurance carrier settled payment $ 20 million maximum $ 25 million coverage full release claims freedom industries chemical spill.


operations facilities from municipalities governments capital risk.
 realize synergies consolidating businesses acquisitions public-private partnerships reduce capital expense truck routing personnel fleet maintenance inventories back-office administration.
 deliver consistent high quality service republic way.
.
.
 standardized processes controls tracking scale operational excellence.
 key.
 organizational structure high performance culture 360 accountability profit loss responsibility local management functional structure.
 market dynamics.
 productivity cost control initiatives service.
 fleet automation 74% residential routes converted to automated single driver trucks.
 labor costs driver productivity emissions safer work environment.
 communities automated vehicles higher recycling programs.
 fleet conversion to compressed natural gas 18% fleet natural gas.
 continue conversion to annual fleet replacement process.
fleet conversion prudent value investments.
 36% replacement vehicle purchases 2016 cng vehicles.
 competitive advantage clean emission initiatives.
 cng reduces fleet operating costs lower fuel expenses.
 2016 operated 38 cng stations.
 eighth largest vocational fleet united states.
 average fleet age age.
 residential 7300
 small-container commercial 4400
 large-container industrial
 15800.


obligations future payments debt december 31 2005 millions 2006 2010.
 debt $ 1181  $ 570 $ 308 2330 1534 6281
 lease obligations 172 144 119
 purchase obligations 3264  280 240 204 1238
 $ 4617  $ 1107 $ 707 $ 2646 $ 1801 $ 7657
 2006 amount includes $ 2. 4 billion contracts pulpwood logs wood chips.
 obligations take-or-pay raw material energy contracts.
 services.
 plan uncoated papers packaging.
 shareholder return realignments cost improvements options sale spin-off.
 quarter 2005 sale. 5%. interest harvey.
businesses under re- view include 2022 coated supercalendered papers coated groundwood mill assets in brazil beverage packaging business pine bluff mill kraft papers roa noke rapids north carolina mill arizona chemical wood products business company 6. 5 million acres.
 forestlands.
 distributed bid package information for businesses.
 timing evaluation by business decisions during 2006.
 use proceeds from future sales factors cash committed to free cash flow 2006 pay debt return value to shareholders high-return investments.
 accounting policies financial statements requires paper estimates recording assets liabilities revenues expenses.
 estimates require judgments.
 accounting policies.
 contingencies.
 impairment disposal long-lived assets.
 intangible assets.
201cemployers 2019 pensions 201d.
 postretirement benefits amended.
 132 pension postretirement benefits.
 income taxes. impact accounting policies contingent liabilities.
 legal environmental recorded probable incurred impaired loss estimated.
 judgments projected outcomes loss historical experience recommendations legal counsel.
 note 10 statements.
 reserves future claims settlements siding roofing judgments claims rates amounts.
 third party consultant estimates.
 liabilities environmental evaluations environmental regu lations estimates future remediation alternatives costs.
 determines evaluation.
 impairment long-lived assets goodwill.
 carrying amount exceeds fair value not recoverable.
 goodwill impairment exceeds fair value.
 assessments impairments carrying value


consolidated financial statements 2014financial instruments not covered collateral third-party flooring credit insurance distribution retail partners.
 no customer accounted 10% trade receivables september 24 2005 2004.
 table summarizes activity allowance doubtful accounts 24 27.
 2004 2003
 allowance balance $ 47 $ 49 $ 51
 costs expenses 4
 deductions -5 -6 6
 ending allowance balance $ 46 $ 47 49
 written off against allowance recoveries.
 non-trade receivables vendors material.
 purchases.
 non-trade receivables totaled $ 417 million $ 276 million september 24 2005 25 2004.
 reflect net sales recognize profits until sold cost.
 offset foreign exchange interest rate risk.
 currency forward option contracts risk hedge future cash flows revenue cost.
company enters interest rate agreements investments debt.
 accounting policies hedge non-hedge.
 records derivatives fair value.


two-class method.
 provisions guidance fiscal years after december 2008.
 company adopted earnings updated prior computations.
 adoption first quarter 2009 earnings.
 note 11.
 june 2008 fasb issued guidance derivative contract stock.
 effective fiscal years after december 2008.
 first quarter 2009 consolidated financial statements.
 march 2008 financial reporting derivative instruments hedging activities enhanced disclosures position.
 effective fiscal years after november 15 2008.
 first quarter 2009 financial statements.
 december 2007 fasb issued guidance acquirer assets liabilities non-controlling interest acquired entity at fair value.
 transaction costs expensed as incurred.
 effective for combinations acquisition date fiscal year december 15 2008.
 first quarter 2009 consolidated financial statements.
december 2007 fasb issued guidance standards noncontrolling interest subsidiary deconsolidation.
 effective fiscal years after 2008.
 first quarter 2009 2019s financial statements.
 september 2006 fasb issued guidance fair value framework expands disclosures.
 effective fiscal years after november 2007 delayed effective date 2008 nonfinancial assets liabilities.
 quarter 2009 financial statements.
.
 inventories.
 december 31 2009 2008
 finished goods $ 155596 $ 187072
 raw materials 785
 work-in-process
 subtotal inventories
 reserve
 inventories $ 148488 $ 182232


credit commitments lines table summarizes citigroup credit commitments 2009 2008 millions.
.
. 2009 2008
 commercial letters credit $ 1321 $ 5890 $ 7211 8215
 one- four-family residential mortgages 788 1070 937
 revolving open-end loans 20914 3002 23916 25212
 commercial real estate construction land development 1185 519 1704 2702
 credit card lines 649625 135870 785495 1002437
 commercial consumer loan commitments 167510 257342 309997
 $ 841343 $ 235395 $ 1076738 1349500
 unused commitments contingent credit standards.
 commitments floating interest rates fixed expiration dates require fees.
 deferred amortized loan.
 commercial letters credit citigroup substitutes credit.
 evidence.
 citigroup.
- to four-family residential mortgages confirmation citigroup seller sums purchase.
 revolving open-end loans secured home equity lines of credit.
 secured by primary second home excess fair market value over debt first.
 commercial real estate construction land development commercial multifamily residential properties land development projects.
 secured-by-real-estate unsecured commitments undistributed loan proceeds progress payments.
 extensions credit funded total loans.
 credit.
 cancellable.
 commercial consumer loan commitments overdraft liquidity facilities purchase loans third-party receivables note issuance revolving underwriting invest equity.
 $ 126 billion $ 170 billion maturity less than one year at december 31  2009  2008.
 highly leveraged financing commitments funding borrower higher debt.
financing acquisitions management buy-outs.


table provides minimum annual future rental commitment under leases non-cancelable terms five years:.
 2019 17
 2020 15
 2021 12
 2022 11
 2023 6
 company has agreements with public entities joint ventures-private partnerships. constructed utility plant.
 property to partners for equal industrial development bonds.
 leased back total facilities portions funded 40 years.
 leases payments.
 ownership to end lease recorded as capital leases.
 lease obligation receivable principal net basis.
 carrying value of facilities funded was $ 147 million and $ 150 million as of december 31  2018 2017 in property plant equipment on balance sheets.
 future payments under lease obligations equal to offset by payments receivable under idbs.
december 31 2018 minimum annual future rental commitment facilities funded partners non-cancelable lease $ 4 million 2019 through 2023 $ 59 million.
 company 2019s operating segments revenue-generating separate financial information performance.
 operates reportable segment regulated businesses segment.
 market-based businesses water wastewater services.
 regulated businesses segment largest 20 subsidiaries water wastewater services 16 states.
 market-based businesses include homeowner services group military services group.
 keystone water transfer services shale natural gas.


cvn-79 john.
 kennedy.
 coast guard fifth national security cutter cvn-72 abraham lincoln cvn-71 theodore roosevelt.
 2010 contract awards 2010 $ 3. 6 billion.
 awards 480 million.
 coast fourth national security cutter hamilton $ 480 million cvn-79.
 kennedy carrier 377 million cvn-78 gerald.
 224 million lha-7 184 million lpd-26.
 114 million-114 johnson $ 62 million lpd-27.
 conversion operating results cash stockholder value.
 financial measures net cash free cash flow.
.
 cash flow.
 31 2011 2010 2009
 net earnings loss $ -94
 goodwill impairment
 deferred income taxes
 depreciation amortization
stock compensation 42
 retiree benefit funding expense 122
 trade working capital -49
 cash operating activities $ 528 $ 359 -88
 operating investing financing activities 2011.
 $ 528 million $ million 2010.
 increase $ 169 million increased earnings lower pension contributions trade working capital.
 northrop grumman.
 federal income tax obligations $ 53 million.
 debt contract obligations capital expenditures.
 borrow funds differences.
 cash $ 359 million $ 88 million 2009.
 change $ 447 million decrease pension contributions $ 97 million trade working capital $ 299 million deferred income taxes $ 79 million.
 delayed customer billings negative performance adjustments cost increases.
.
 change deferred taxes timing contract deductions.
.
tax grumman $ 89 million.


death employee beneficiary receives benefits insurance company receives remainder.
 minimal cash payments policies.
 net pension cost split-dollar life insurance arrangements $ 5 million 2014 2013 2012.
 company recorded liability future death benefits $ 66 million $ 51 million 2014 2013.
 amended reinstated june 1 2013.
 defer base salary cash incentive compensation 401 ( k ) plan limitations.
 invest deferred amounts investment alternatives plan.
 allows company matching contributions first 4% compensation deferred maximum $ 50000 officers lost matching amounts discretionary amounts.
 subsidiaries employees.
. 401 plan contributory.
 matching contributions based contributions.
 expenses defined contribution plans 2014 2013 2012 were $ 31 million $ 32 million $ 30 million.
january 1 2012 company 401 k ) employees.
 31 2014 2013 2012 no contributions.
.
 share-based compensation plans incentive plans stock options appreciation rights employee purchase plan grants options common stock employees option holders.
 option exercise price 100% fair market value common stock.
 awards contractual life five fifteen years vest two four years.
 change control exercisable holder terminated quits 24 months change control.
 employee stock purchase plan common stock payroll deductions 20% compensation.
 purchase more $ 25000 stock year.
 per share 85% fair market value stock.
 two purchase periods october 1 march 31 second april 1 september 30.
 years december 31 2014 2013 2012 employees purchased. million. shares prices $ 51. $.
company calculates employee stock option grant black-scholes pricing model.
 2014 2013 2012 $ 11. 02 $ 9. 52 $ 9. 60  assumptions.
 volatility 21. 7%. 7 % 22. 1%. 1 % 24. 0%.
 risk-free interest rate. 6%. 6 %. 9%. 9 % 8%. 8 %
 dividend yield 2. 5%. 5 %. 4%. 4 %. 2%. %
 life 5.
 uses implied volatility traded options stock.
 future price trends.
 risk-free interest rate average daily closing rates.
.
 dividend yield future payouts.
 life average contractual term weighted-average vesting period.


consolidated financial statements union pacific corporation subsidiary companies references subsidiaries railroad company 201cuprr 201d 201crailroad 201d.
.
 class i railroad.
 31953 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 western two-thirds country coordinated schedules rail carriers freight pacific coast southeast southwest canada mexico.
 export import traffic gulf coast pacific coast ports mexican canadian borders.
 railroad subsidiaries affiliates reportable operating segment.
 commodity group net financial results segment.
 revenue commodity group millions 2010 2009 2008.
 agricultural
 automotive
 chemicals
 energy
 industrial products
 intermodal
freight revenues $ 16069 $ 13373 $ 17118
 revenues 896 770 852
 operating revenues $ 16965 $ 14143 $ 17970
 from customers. origination products outside.
 consolidated financial statements accounting principles.
 financial standards.
.
 statements union pacific corporation subsidiaries.
 investments affiliated companies 20% to 50% 50 % equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation variable interest.
 cash equivalents investments maturities three months or less.
 reduced allowance doubtful accounts.
 based historical losses credit worthiness economic conditions.
 other assets.
 affiliated companies equity less 20% cost method accounting.


2007 annual report snap-on expenses $ 53. million 2006 $ 46. million 2005 due $ 15. million increased stock performance incentive compensation $ 6. 3 million adoption sfas.
.
 expenses $ 4. 2 million higher insurance costs.
 offset $ 9. 5 million benefits rci initiatives.
 note 13 financial statements adoption.
.
 growth funded cash debt financing.
 cash borrowings working capital expenditures restructuring acquisitions common stock repurchases dividend payments.
 credit rating external funds available reasonable cost.
 15 2008 long-term debt commercial paper rated a3 p-2 a-.
 balance sheet cash financial flexibility growth acquisitions.
.
 asset utilization investment working capital items.
 operating performance.
december 29 2007 working capital liabilities $ 548. 2 million $ 117. 431. million 2006.
 increase reflects cash equivalents $ 29. 6 million long-term debt $ 27. 7 million 2013 working capital december 29 2007 30 2006.
.
 equivalents $ 93. $ 63.
 receivable 2013 586. 559.
 inventories 322. 323.
 185. 167
 1187. 1113.
 -171. -178.
 long-term debt.
 -451. -459
 -639. -682
 working capital $ 548. $ 431.
 receivable end 2007 $ 586. 9 million up $ 27. 7 million 2006.
 increase higher sales fourth quarter 2007 25. 1 million.
increase receivable offset lower improvement 76 2006 to 73 2007.


republic services.
 financial statements 2014 settlement.
 cash surrender value life insurance policies $ 90. million $ 77. 1 million december 2015 2014 classified assets.
 dcp liability $ 83. 3 million $ 76. 3 million long-term liabilities.
 stock employees.
 purchase common stock 95% quoted market price last day quarter.
 2013 issuances totaled 141055 139941 142217.
 shares. million employee contributions $ 1. 4 million purchase common stock.
.
.
 repurchased.
 $ 404. $.
 cost per share $ 41. $
. million repurchased shares pending settlement $ 3. 7 million unpaid accrued liabilities.
 added $. million share repurchase authorization december 31  2017.
repurchases market federal securities laws.
 board timing prices determined management market conditions.
 suspended discontinued.
 repurchase program purchase capacity $ 855. 5 million.
 changed 71272964 treasury shares to authorized unissued.
 issued shares reduced.
 par value stock.
 $ 2295. 3 million treasury stock $. million common stock $ 2294. million additional paid-in capital.
 no effect stockholders equity position.
 quarterly dividend $ 0. 30 per share.
 cash dividends $ 404. 3 million $ 383. 6 million $ 357. 3 million 2015 2014 2013.
 quarterly dividend $ 103. 7 million january 4 2016.


consolidated financial statements union pacific corporation subsidiary companies references subsidiaries railroad company.
.
 class i.
 network 31898 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26027 miles operate remainder trackage rights leases.
 serve western two-thirds country coordinated schedules rail carriers freight atlantic pacific coast southeast southwest canada mexico.
 export import traffic gulf coast pacific coast ports mexican canadian borders.
 railroad subsidiaries affiliates reportable operating segment.
 commodity net financial results segment.
 freight revenue commodity group 2011 2010 2009.
 agricultural
 automotive
 chemicals
 energy
 industrial products
intermodal 3609 3227 2486
 freight revenues $ 18508 $ 16069 $ 13373
 1049 896 770
 operatingrevenues $ 19557 $ 16965 $ 14143
 customers. origination outside.
 consolidated financial statements accounting principles.
.
 prior year amounts disaggregated.
.
 union pacific corporation subsidiaries.
 affiliated companies 20% 50% 50 % equity method.
 intercompany transactions eliminated.
 majority-owned investments consolidation variable interest.
 equivalents maturities three months less.
 receivable reduced allowance doubtful accounts.
 based historical losses credit worthiness economic conditions.
 receivables other assets.


jpmorgan chase co. annual report 233 note 11 2013 noninterest expense consolidated statements income page 176.
 year ended december 31 millions 2015 2014 2013.
 legal expense $ 2969 $ 2883 $ 11143
 federal deposit insurance corporation expense 1227 1037 1496
 2013 securities trading held-to-maturity.
 trading note 3.
 firm investment securities held treasury cio asset-liability management objectives.
 december 31 2015 portfolio debt securities average credit rating aa+&p.
 securities fair value balance sheets.
 unrealized gains losses net increases income.
 specific identification method gains losses securities.
 debt securities hold maturity amortized cost balance.
afs debt securities purchase discounts amortized interest income.
 2014 firm transferred.
 mortgage securities obligations.
 $ 19. 3 billion afs to htm.
 non-cash.
 pretax losses $ 9 million.
 intent hold securities maturity reduce price volatility.


4. 25%. notes due 2021 payable semi-annually may november 24 commenced 2011 approximately $ 32 million per year.
 notes redeemed maturity redemption price.
 issued discount $ 4 million.
 december 31 2014 $ 3 million unamortized debt costs amortized remaining term.
 2011 $ 750 million interest rate 2013 future cash flows 1. 03%.
 second quarter 2013 notes repaid.
.
 2009 issued $ 2. 5 billion unsecured unsubordinated obligations.
 three senior debt securities $. billion 2. 25%. notes repaid 2012 $ 1. 50%. repaid 2014 $ 1. 5. notes december 2019.
 proceeds repay borrowings program acquisition barclays global investors 2009 corporate purposes.
2019 notes $ 50 million year payable semi-annually june december 10.
 redeemed maturity redemption price.
 issued discount $ 5 million.
 december 31 2014 $ 3 million unamortized debt costs amortized remaining term 2019.
.
 issued $ 700 million. senior unsecured notes maturing september 15 2017.
 net proceeds acquisition remainder corporate purposes.
 payable semi-annually march september 15 $ 44 million per year.
 2017 notes redeemed maturity redemption price.
 issued discount $ 6 million amortized ten-year term.
 $ 4 million debt issuance costs amortized ten years.
 december 31 2014 $ 1 million unamortized debt costs assets.
.
 leases office spaces 2035.
 future minimum commitments.
613
 $ 1178
 rent office equipment $ 132 million $ 137 million $ 133 million 2014 2013 2012.
.
 december 31 2014 company $ 161 million capital commitments sponsored investment funds private equity real estate infrastructure opportunistic distressed credit.
 excludes commitments third-party.
 $ 161 million $ 35 million contingent commitments expired.
 timing unknown callable demand expiration.
 unfunded commitments not recorded statements.
 future commitments.
 intends additional capital commitments products.
.
 portfolio manager derivative transactions maximum potential exposure $ 17 million.
 note 7.
 acquisitions.
 blackrock contingent payments annually credit suisse thresholds seven-year period 2013 acquisition date.
blackrock required payments mgpa transaction five-year period thresholds 2013 acquisition.
 remaining payments december 31 2014 not significant financial condition included liabilities.
.
 receives subpoenas.
 federal state


company uses custom components not competitors new products utilize custom components from one source.
 new technologies capacity constraints exist until suppliers yields matured or manufacturing capacity increased.
 supply components delayed outsourcing partner delayed shipments financial condition operating results.
 business performance time to obtain quantities original or alternative.
 availability components if suppliers common components instead of customized.
 agreements for supply many components no guarantee agreements.
 to risks of supply shortages price increases financial condition results.
 hardware products manufactured by outsourcing partners in asia.
 small partners.
 sole- sourced suppliers for products.
 operating results if meet production commitments.
 purchase commitments cover for up to 150 days.
 leases equipment facilities retail space under noncancelable lease arrangements.
company off-balance sheet financing.
 major facility leases not 10 years multi-year renewal options.
 2015 463 retail stores.
 leases five to 20 years majority 10 years multi-year renewal options.
 future minimum lease payments noncancelable were $ 6. 3 billion $. billion retail space.
 rent expense $ 794 million $ 717 million $ 645 million in 2015 2014 2013.
 lease payments.
 772 2018 2019 715
 2020
 utilizes outsourcing partners manufacture sub-assemblies final assembly testing.
 demand 150.
 obtains components from suppliers.
 purchase orders supplier contracts orders.
 inventory prepayments.
 outstanding off-balance sheet third-party manufacturing commitments component purchase commitments of $ 29. 5 billion.
.
10-k 65


operating income loss by segment summarized.
 2016 2015
 north america $ 408424 460961 -52537.
 emea 11420.
 asia-pacific 68338 36358 31980.
 latin america -33891 -30593.
 connected fitness -36820 -61301.
 total operating income $ 417471 $ 408547 8924.
 increase income income north america decreased $ 52. 5 million to 408. 4 million 2016 from. 2015 due gross margin $ 17. million expenses liquidation sports authority. $.-store.
 $ 11. million expenses shift north america.
 offset by increases revenue.
 income increased $ 8. 3 million to $ 11. 4 million 2016 from. million 2015 due sales growth reductions incentive compensation.
offset investments sports marketing infrastructure.
 income asia-pacific increased $ 31. 9 million $ 68. 3 million 2016 36. 4 million 2015 sales growth incentive compensation.
 direct-to-consumer new territories.
 latin america increased $ 3. 3 million $ 33. 9 million 2016 30. 6 million 2015 investments challenges.
 offset sales growth reductions incentive compensation.
 fitness decreased $ 24. 5 million $ 36. 8 million 2016 61. 3 million 2015 sales growth.
 revenues volume higher margin.
.
 inventory accounts payable accrued expenses.


expect 2015 sales comparable 2014 increased volume program starts space fence combat rescue presidential helicopter programs offset decline volume programs.
 operating profit decline 2014 reduction risk retirements 2015.
 profit margin decline 2014.
 research development design engineering production satellites strategic defensive missile systems space transportation systems.
 responsible services national security systems.
 programs include infrared system aehf gps-iii satellite-series muos trident ii d5 fleet ballistic missile orion.
 profit includes earnings investment ula launch services.
.
 results.
 net sales $ 8065 $
 operating profit
 margins 12. 9%.
 backlog year-end
 net sales increased $ 107 million 1%.
increase higher net sales $ 340 million orion $ 145 million commercial space transportation.
 offset lower sales $ 335 million government satellite $ 45 million other programs.
 profit comparable 2013.
 decreased $ 20 million volume increased risk retirements 20 million decreased equity earnings joint ventures.
 offset higher profit $ 30 million orion.
 profit reduced $ 40 million restructuring.
 $ 10 million lower 2014.
 net sales decreased $ 389 million 5%.
 lower net sales $ 305 million fewer deliveries $ 290 million orion lower volume.
 offset higher net sales $ 130 million government $ 65 million strategic defensive missile programs increased volume risk retirements.
 increase higher volume aehf offset lower volume goes-r muos sbirs.
space systems profit 2013 decreased $ 38 million 4% 2012.
 lower profit $ 50 million orion $ 30 million government satellite offset higher equity earnings joint ventures $ 35 million.
 lower risk retirements muos offset sbirs aehf.
 profit $ 15 million charges november 2013 restructuring.
 $ 15 million lower.


activities.
 table reconciles cash free cash flow non.
 millions 2016 2015 2014
 operating activities $ 7525 $ 7344 $ 7385
 investing -3393 -4476
 dividends -1879 ( 1879 -2344 ( 2344
 free cash flow $ 2253 $ 524 $ 1504
 2017 safety safe benefits employees customers shareholders communities.
 multi-faceted approach safety technology risk assessment training engagement quality control capital investments.
 safety culture.
 increase detection defects crossings educate safety activities.
 align resources customer demand efficient network surge capability.
 fuel prices projections crude oil natural gas fluctuate.
 volatile fuel prices sensitive global.
 demand refining capacity geopolitical events weather.
prices fluctuate impact earnings fuel surcharge programs price two months.
 lower fuel prices consumer spending demand products.
 commodities coal drilling shipments.
 capital plan 2017 $ 3. 1 billion ptc 60 locomotives intermodal containers chassis freight cars.
 capital plan revised business conditions laws affect returns.
 liquidity capital resources 2013. financial expectations economic conditions uncertainty volume levels.
 volume grow low single digit 2017 economy market conditions.
 outlook energy markets challenges opportunities.
 margin improvement pricing opportunities productivity initiatives resources franchise.
.
 economy some markets outperforming others.


state street corporation 52 shareholder return compares return s&p 500 s&p financial index kbw bank index five-year.
 $ 100 state street stock.
 reinvestment dividends.
 s&p financial index capitalization-weighted 67 500 companies 27 financial services 23 insurance 17 banking.
 kbw bank index cap-weighted 24 exchange-listed stocks banks regional institutions.
 state street corporation $ 100 159 172 148 178 227
 s&p 500 index 132 151
 s&p financial index 136
 kbw bank index


31 2006 company leased office laboratory connecticut san diego four foreign facilities japan singapore china netherlands leases june 2011.
 leases renewal options one to five years.
 annual payments.
 2007 5320
 2008 5335
 2009 5075
 2010 4659
 2011 4712
 2012 12798
 rent expense deferred gain sale $ 4723041 4737218 $ 1794234 31 2006 2005.
.
 2006 46857512 shares 4814744 shares sold employees consultants restricted stock agreements.
 five years.
 unvested shares repurchase original price.
 36000 shares repurchase.
 issued 12000 shares restricted stock award employee 2005 stock incentive plan performance.
 vest monthly three-year.
 stockholders approved.
 issuance options ceased.
2005 stock plan 11542358 shares 2019s common stock reserved available.
 automatic annual increase shares reserved issuance 5% last day preceding fiscal year determined board directors.
 illumina.
 financial statements 2014


.
 26% 2017 sales international markets.
 sells wholesalers home centers mass merchandisers industrial distributors.
 sales 23% net sales plumbing segment 2017.
 competitors delta kohler american standard insinkerator imported-label brands.
.
 manufactures sells fiberglass steel entry door systems therma-tru fypon.
 benefits energy-efficient synthetic materials.
 products fiberglass residential patio door systems.
.
 customers home centers building wholesale distributors specialty dealers remodeling renovation.
 sales home depot 14% net sales doors segment 2017.
 competitors masonite jeld-wen plastpro pella.
.
 products locks safety security devices electronic security products master lock fire resistant safes security containers commercial cabinets sentrysafe.
.canada central america japan australia.
 25% 2017 sales international markets.
 manufactures sells key-controlled padlocks bicycle cable locks built-in locker locks door hardware automotive trailer towing locks electronic access control safety security devices retail.
 sells lock systems fire resistant safes locksmiths industrial institutional users original equipment manufacturers.
 sales home depot 18% sales security segment.
 master lock competes abus.
 brady hampton kwikset schlage assa abloy sentrysafe first alert magnum fortress stack-on fire king.
 net sales three fiscal years.
 2467. 2397. 2173.
.
.
.
 5283. 4984. 4579.
 information note consolidated financial statements 8.
table indicates principal raw materials segments.
 available.
 volatility prices energy impacts cost manufacturing.


consolidated financial statements hedge accounting firm applies for interest rate swaps fixed-rate borrowings certificates of deposit foreign currency forward contracts debt exposures non.
 operations commodities-related swap forward contracts variability cash flows sales energy commodities.
 hedge accounting derivative hedge risk.
 document hedging relationship test quarterly.
 fair value hedges interest rate swaps fair value hedges.
 hedge changes value benchmark interest rate. converting fixed-rate obligations into floating-rate obligations.
 applies regression analysis effectiveness fair value hedging relationships changes risk.
 swap effective offsetting changes value risk analysis coefficient determination 80% 80 % or slope between 80% and 125% %.
 hedges gains losses on derivatives included in expense.change value hedged item amortized interest expense life.
 gains losses hedge ineffectiveness included expense. hedge difference carrying value amortized interest expense.
 note 23.
 table presents gains losses interest rate derivatives hedged borrowings bank deposits hedge ineffectiveness amortization prepaid credit spreads time.
 millions 2013 2012 2011
 interest rate hedges $ -8683 -2383 4679
 hedged borrowings bank deposits
 hedge ineffectiveness -1684 ( 1684
 goldman sachs 2013 annual report


breakdown aes gross margin 2000 1999.
 north america 2000 $ 844 million 25% 25 1999 $ 649 million 32% 32 % 30% 30 %
 south america $ 416 million 36% 36 % $ 232 million 28% 79% %
 caribbean $ 226 million 21% $ 75 million 24% 24 % 201% 201 %
 europe/africa $ 371 million 29% 29 % $ 124 million
 $ 138 million 22% 22 % $ 183 million 37% 37 % 26% 26 %
 venezuela colombia.
 increased 11 million $ 82 million 2000 71 1999.
 1%.
 business development.
 increased 506 million $. billion 2000 632 million 1999.
 15%.
 new businesses costs senior debt convertible securities.
increased $ 16 million to $ 31 million 2000 from $ 15 million 1999.
 includes foreign currency gains losses non-operating income.
 due to legal judgment sale development projects.
 incurred $ 79 million costs acquisition ipalco.
 sold assets for $ 162 million.
 $ 31 million.
 $ 88 million debt.
 $ 29 million gain buyout power sales agreement.
 proceeds $ 110 million offset costs $ 19 million impairment loss $ 62 million.
 independent appraisal.
 repaid non-recourse debt extraordinary loss $ 11 million.


end 2015 company changed approach service interest costs for.
 international pension postretirement benefits.
 2016 applying spot rates yield plans 2019 cash flows.
 approach.
 2015 measured single weighted-average discount rate yield curve.
 change affect measurement funded status.
 accounted change accounting estimate.
 expected long-term rate return.
 plans based on asset mix.
 considers returns inflation impact active management.
 historical returns.
 long-term rate return international plans determined local jurisdiction based on assets expected guaranteed.
 assumptions pension obligations discount rate vary by.
 measurement date november 30.
 uses mortality tables.
.
 postretirement benefit measurement december 31 2016 annual rates increase per capita cost covered health care 6. 75% (. for pre-65 costs 7. 25%.post-65 costs.
 rates decrease 5% 2023.
 health care costs employees eligible subsidy limited cap subsidy.
 third quarter 2016 compensation committee approved.
 postretirement healthcare plans retiree exchange approach post-65 retiree coverage 2018 informed ecolab nalco retirees change.
 plans re-measured $ 50 million reduction postretirement benefit obligations impact $ 31 million tax.
 remeasurement discount rates 3. 29%. 29 %. 60%. 60 %.
 nalco.
 plan merged ecolab.
.
.
 health costs decreased $ 5 million 2016.
 health care cost trend rates.
 health benefits plan.
 one-percentage point change.
 increase decrease
 service interest cost components
 postretirement benefit obligation.
.
investment strategy policies sufficient funds long-term liabilities pension fund asset growth risk.
 current income not key goal.
 asset allocation reflects short-term variability plan better long-term returns lower pension costs better funded status.
 pension fund diversified asset classes.
 portfolios undiversified.
 no concentration risk.
 assets.
.
 managed local jurisdiction asset allocation local rules.
 no target asset allocation.
 non.
 equity securities international some domestic.
 funds invested equities bonds real estate managed insurance companies guaranteed return.
 no concentration risk international plan assets.
 fair value hierarchy investments.
 based observability inputs.
 note 7.


jpmorgan chase.
 allowance credit losses increased $ 13. 7 billion 23. billion.
 4. 1 billion noncredit-impaired loans washington mutual transaction accounting.
-sale-impaired. 62%. loans december 2008. 2007.
 consumer increased 10. 5 billion washington mutual transaction residential real estate credit card.
 4. billion losses residential equity weak labor market economic conditions delinquencies housing prices loss.
 losses credit card increased $ 4. 3 billion allowance washington mutual bank acquisition increase $ 2. 3 billion.
 wholesale allowance loan losses increase $ 3. 4 billion weakening credit envi transfer $ 4. 9 billion leveraged lending loans.
risk loss extending credit allowance lending commitments wholesale consumer.
 wholesale computed modified maturities probabilities drawdown asset- specific formula-based.
 note 15 pages 178 2013180 annual.
 allowance wholesale consumer $ 659 million $ 850 million december 31 2008 2007.
 decrease reflects reduction commitments 2008.
 page 102 report.
 table allowance loan losses net charge-offs business segment december 31 2008 2007.
.
 millions
 investment bank 3444 1329
 commercial banking 2826 1695
 treasury securities services
 asset management 191
 corporate/private equity
 wholesale 6545 3154
 retail financial services 8918
 card services 7692 3407 4556
 corporate/private equity
consumer 16619 6080 9433
 card
 16619 6080 13045 6846
 23164 9234 13477 6918


financial statements 2014 average grant-date share awards 2007 2006 $ 45 $ 36 .
 total $ 4. 1 million $ 1. 7 million $. 4 million.
 recognized compensation expenses restricted stock $ 5. 7 million $ 2. 7 million $ 1. 6 million 2008.
 $ 15. 2 million unrecognized compensation cost stock 2. 9 years.
 sale 2. 4 million shares common stock authorized.
 employees designate $ 25 thousand 20% annual compensation purchase stock.
 prior october 1 2006 shares 85% market value.
 2006 85%.
 may 31 2008. million shares issued 1. million future issuance.
 average grant-date fair value share $ 6  $ 8 $ 8 2008 2007 2006.
 after 2006 based 15% discount purchase date.
purchases 2006 value share stock plan estimated grant black-scholes valuation model average assumptions.
 risk-free interest rates 4. 93%. % 72%.
 volatility 37.
 dividend yields. 19%. 19 %. 34%. %
 3 risk-free interest rate based yield zero coupon states treasury security maturity option.
 volatility historical volatility.
 dividend yield calculated average stock price preceding year quarterly dividend.
 purchase price market value life three months fair value share.


2008 fasb issued.
 161 derivative instruments hedging activities amendment statement.
 133 disclosures objectives strategies derivative instruments.
 financial statements.
.
 credit risk contingent features hedged positions.
.
 effective november 15 2008 second quarter 2009.
.
 adoption financial condition results.
 financial information statistics three fiscal years september 27 2008 $ 24. 5 billion cash equivalents short-term investments increase $ 9. 1 billion 2007.
 cash operating activities $ 9. 6 billion proceeds common stock $ 483 million excess tax benefits stock-based compensation $ 757 million.
 offset acquisitions property equipment $ 1. billion business acquisitions $ 220 million intangible assets $ 108 million.
company 2019s cash exceeded net income deferred revenue subscription accounting iphone.
 short-term investment portfolio in highly rated securities minimum single-a.
 $ 11. 3 billion $ 6. 5 billion investments foreign subsidiaries in.
 dollar-denominated holdings.
 $ 117 million unrealized losses one to five years $ 11 million.
 hold investments recovery.
 declines fair value recognized in statement operations.
 balances cash short-term investments satisfy working capital expenditures liquidity requirements 12 months.
 cash payments for asset purchases $ 1. billion 2008 $ 389 million retail $ 702 million real estate acquisitions corporate infrastructure.
 anticipates $ 1. 5 billion for capital asset purchases 2009 $ 400 million retail. billion.
investments 24490 15386 10110
 2422 1637 1252
 509 346 270
 capital 20598 12676 8066
 9596 5470


.
 leases executive offices domestic product development marketing production administration 107000 square foot canonsburg pennsylvania.
 2004 lease january 1 2004.
 lease extended through 2014.
 incurred rental expense $ 1. 3 million 2012 2011 2010.
 future minimum lease payments $ 1. 4 million per annum january 2013 december 2014.
 2012 186000 square feet rentable space office canonsburg new headquarters.
 effective 2012 rent three months october 1 2014 january 1  2015.
 lease 183 months.
 base rent $ 4. 3 million per annum first five years. 5 million years six ten. 7 million years eleven fifteen.
 2011 acquired leased office property 52000 square foot facility san jose california.
june 2012 company new lease property july 1 2012 ending june 30 2022.
 payments $ 9. 2 million $ 0. 9 million paid 2013.
 noncancellable leases office space.
 $ 13. 7 million 12. 8 million 11. 5 million 2012 2011 2010.
 future lease payments $ 12. 6 million 2013 10. 7 million 2014. 2015 8. 2 million 2016 7. 4 million 2017.
.
 royalty agreements renewable license agreements access licensor technology right sell product line.
 royalties payable developers rates unit sales revenue.
 royalty fees $ 9. 3 million 8. 4 million 6. 8 million years 2012 2011 2010.
.
 revenue location.
 geographic area.
canada 12384
 177069 166551
 112433 87658
 798018 691449 580236


goldman sachs group.
 subsidiaries financial statements lending.
 commitments extended investment-grade non- investment-grade corporate borrowers.
 operating liquidity corporate purposes.
 extends contingent acquisition financing corporate commercial real estate financing.
 short-term.
 sumitomo mitsui financial group.
 provides credit loss protection loan commitments investment-grade.
 $ 26. 88 billion $ 27. 03 billion december 2016 2015.
 loss protection limited 95% first loss $ 950 million.
 protection 70% additional losses maximum $ 1. 13 billion $ 768 million 2015.
 uses financial instruments mitigate credit risks.
 credit default swaps underlying market index.
 warehouse financing.
 assets.
 secured assets consumer corporate loans.
resale repurchase lending firm three business days.
 contingent financing.
 funding depends contractual conditions expire unused.
 banks securities cash collateral margin deposit requirements.
 investment commitments private equity real estate assets funds.
 commitments $ 2. 10 billion $ 2. 86 billion december 2016 2015.
 funded market value date.
 obligations long-term noncancelable lease agreements office space expiring through 2069.
 subject escalation real estate taxes.
 future minimum rental payments rentals.
.
 290
 2018 282
 2019 238
 2020 206
 2021 159
 2022
 rent expense $ 244 million 2016 $ 249 million 2015 $ 309 million 2014.
 leases include office space excess requirements.
 rent expense growth.firm records liability remaining rentals reduced rentals ceased space future benefits.
 costs terminate lease before measured fair value.
 incurred exit costs $ 68 million excess office space.


positive train control 2013 legislative mandate ptc 2015 expect spend $ 335 million developing deploying ptc.
 estimate cost $ 2 billion 2015.
 includes installing new system upgrading locomotives adding digital data communication equipment.
 plan continue testing technology.
 financial expectations 2013 slow volume growth exceed 2011 levels.
 price network improvements operational productivity initiatives expect earnings exceed 2011.
 revenues.
 freight revenues $ 18508 $ 16069 $ 13373 15% 20% 20 %
 other revenues
 $ 19557 $ 16965 $ 14143
 generate freight revenues six commodity groups.
 revenues vary volume average revenue.
 price traffic mix fuel surcharges.
 contractual incentives volumes shipping locations reductions freight revenues future shipments.
 recognize freight revenues.
 allocate transit time expenses.
 revenues subsidiaries commuter rail accessorial revenues equipment.
 obligations.
 freight revenues six commodity groups increased 2011 volume.
 growth chemical industrial automotive shipments.
 12% fuel cost recoveries core pricing gains.
 surcharge revenue resetting base fuel price.
 higher fuel prices volume growth new fuel surcharge provisions.
 revenues volume increased economic improvement.
 growth automotive intermodal industrial.
 core pricing gains higher fuel surcharges increased 6% improvement.
 fuel surcharge programs generated revenues $ 2. 2 billion $ 1. 2 billion $ 605 million 2011 2010 2009.
 higher fuel prices volume growth surcharge provisions.
2009 fuel prices dropped mileage surcharge no surcharge recovery.
 fuel surcharge revenue not comparable non-regulated traffic.
 2011 revenues increased 2010 higher revenues subsidiaries.


ventas inc.
 financial statements 2014.
 issuers redeem 2015 notes after june 1 2010 varying redemption prices plus accrued unpaid interest.
 prior june 1 2008 issuers redeem 35% principal amount 2010 2015 notes net cash proceeds equity offerings redemption prices equal 106. 750%. 107. 125%. principal amount accrued unpaid interest.
 redeem 2014 senior notes prior october 15 2009 redemption price 100% principal amount make-whole premium after october 15 2009 varying redemption prices accrued unpaid interest.
 redeem 2009 2012 notes redemption price equal 100% principal amount plus accrued unpaid interest make-whole premium.
changes control issuers repurchase senior notes equal 101% principal amount plus accrued unpaid interest s&p ratings ba3 bb- conditions repurchase obligation apply.
 2007 121 mortgage loans $ 1. 57 billion collateralized assets.
 balances $ 0. 4 million to $ 59. 4 million.
 loans interest fixed rates 5. 4%. to 8. 5%. 15 loans balances $ 0. 4 million to $ 32. million variable rates 3. 4%. to 7. 3%.
 average annual rate fixed debt 6. 5%. variable rate. 1%.
 maturity 7. years.
 total debt $ 157. 1 million indebtedness maturities.
 2008 193101
 2009 605762
 2010 282138
 2011 303191
 2012 527221
 1436263
 3347676
value adjustment
 commission fees discounts
 notes 3360499


201d nationwide 4g wire- less network.
 invested $ 3. 2 billion clearwire llc.
 $ 1. 05 billion.
 received ownership units class b stock corporation.
 stock equal minimal economic rights.
 rights.
 exchangeable into share clearwire.
 received 52. 5 million ownership units. million shares voting stock 7% ( 7 % ) ownership interest fully diluted basis.
 purchase price per share adjusted trading prices clearwire.
 8% ( 8 % ) ownership interest diluted.
 agreement with sprint wireless services networks clearwire next generation broadband network.
 allocated $ 1. 05 billion investment agreements.
 account investment under equity method record net income or loss quarter arrears.
clearwire llc expected incur losses early years reflected future results cost basis investment.
 evaluated investment december 31 2008 temporary decline fair value.
 primary input quoted market value clearwire shares declined 2008.
 recognized impairment $ 600 million adjust cost basis fair value.
 evaluation declines comparison operating results forecasts projected discounted cash flows impairment indicators competition technology comparison value exchanging clearwire shares.
.
 two series preferred stock.
 subsidiary vodafone redeemable april 2020.
 2008 2007 stock recorded $ 1. 479 billion $ 1. 465 billion.
 estimated fair value $ 1. 357 billion below carrying amount.
 decline attributable interest rates.
 decline temporary.
factors considered market value than cost credit rating airtouch intent retain investment recovery.
 expect hold two series airtouch stock until redemption 2020.
 dividend redemption activity determines payments preferred shares.
 three series redemption value $ 1. 750 billion.
 redeemable april 2020 $ 1. 650 billion.
 two redeemable series recorded $ 1. 468 billion $ 1. 465 billion included noncurrent liabilities.
 nonredeemable $ 100 million minority interest consolidated balance sheet.
 investment income loss.
 gains on sales exchanges $ 8 $ 151 $ 733
 losses -28 -4 4
 unrealized gains trading securities hedged items -1117 315 339
 adjustments -188 -238
 -18
interest dividend 149 199 212
 investment $ 89 $ 601 990
 comcast 2008 annual report


sales increased $ 29. 9 million 6. 3%. higher sales volume.
 home products market new product introductions price increases cost increases.
 operating income increased $ 12. 6 million. 4%. 4 % higher sales productivity improvements fixed cost base.
 increased $ 12. 8 million 2. 2%. price increases.
 offset exiting two product lines.
 income increased $ 5. 8 million 8. 7%. 7 % higher net sales productivity lower restructuring $ 6 million manufacturing facility relocation foreign exchange cost savings.
 corporate expenses increased $ 5. 7 million long lived asset actuarial gain loss higher defined benefit plan income 2017.
.
. -80
 income.
.
 -85.
company record expense gains losses liabilities defined benefit plans.
 liabilities fourth quarter.
 remeasurements amendments settlements.
 discount rates return result income.
 2016 2015 fortune brands net sales increased $ 405. 5 million.
 higher sales volume.
 market conditions home products acquisitions cabinets plumbing price increases foreign.
 offset unfavorable foreign exchange $ 27 million higher sales rebates.
 increased $ 182. 8 million 6% 6 % higher net sales acquisitions offset productivity improvements.


$ 32 million federal tax payments deferred paid 2009 allied acquisition.
 table summarizes unrecognized tax benefits years december 31.
 2009 2008
 balance $ 242. 2 $ 611. 9 $ 23.
 additions allied acquisition 13. 582.
 additions positions 2. 3. 10.
 reductions tax positions.
 prior 7. 2
 reductions.
 reductions statute limitations.
. 9 -367
 balance end year $ 222. 8 $ 242. 2 $ 611.
 new accounting guidance business combinations 2009 financial statements.
 acquired uncertain tax liabilities.
.
.
 december 31 2010 $ 206. 5 million $. million unrecognized tax benefits positions 2008 acquisition.
balance december 31 $ 209. 1 million $ 217. 6 million unrecognized tax benefits income tax rate.
 concluded 2005 2007 tax years.
 unrecognized tax benefits $ 1. 9 million.
 resolved state matters $ 10. million.
 settled tax dispute risk.
 reduced benefits $ 299. 6 million.
 settled dispute intercompany insurance premiums.
 reduced tax benefits $ 62. 6 million.
 resolved state matters reduced benefits $ 5. 8 million.
 interest penalties.
 accrued interest $ 19. 2 million liability penalties $ 1. 2 million interest $ 99. 9 million.
 accrued interest $ 24. 5 million $ 1. million interest $ 92. million.
 2008 accrued penalties $. 2 million interest $.2 million 31 2008 penalties 88. interest 180.
 republic services.
 statements


adjusted grid consolidated leverage ratio 1.%. to. 25%. adjusted libor loans.%. to. 25%. alternate base rate loans.
 average interest rate term loans revolving credit borrowings 1. 6%. 3%. 2016 2015.
 pays commitment fee daily amount revolving credit facility fees.
 commitment fee 15. points.
 incurred deferred $ 3. 9 million financing costs agreement.
. issued $ 600. million 3. senior unsecured notes due june 15 2026.
 proceeds revolving credit facility.
 interest payable semi-annually june 15 december.
 march 15 2026 maturity date redeem notes redemption price 100% principal amount accrued unpaid interest redemption date.
march 15 2026 months maturity company redeem notes price equal 100% principal amount plus accrued unpaid interest redemption date.
 indenture create secured indebtedness sale leaseback transactions consolidate merge transfer properties assets exceptions.
 company incurred deferred $ 5. million financing costs.
 2012 $ 50. million recourse loan collateralized land improvements corporate headquarters.
 seven year term maturity december 2019.
 bears interest one month libor margin 1. 50%. allows prepayment without penalty.
 includes covenants events default.
 requires approval transfers.
 31 2016 2015 outstanding balance $ 42. million $ 44. million.
 average interest rate 2. 0%. 1. 7%.
 scheduled maturities long term debt 2016.
 2017 27000
 2018
 2019 63000
2020 25000
 2021 86250
 2022 600000
 27000


2015 2014 $ 1. 5 billion $ 1. 3 billion.
 foreign currency hedges december 31 $ 4. 1 billion $ 804 million.
 derivative instruments net earnings income 2015 2013.
 derivatives hedge accounting.
 note 16 fair value measurements.
 2014 fasb new standard revenue disclosure requirements.
 july 9 2015 approved one-year deferral 2018 option adopt 2017.
 early adoption not.
 standard adopted retrospectively modified retrospective new existing contracts cumulative catch-up adjustment retained earnings date contracts.
 fasb changes new standard.
 evaluating methods adoption effect financial statements disclosures.
 revenue guidance impact revenue cost recognition contracts business segments.
 evaluation future periods.
 2015 fasb standard accounting adjustments preliminary amounts requirement.
adjustments recognized period including effect on earnings previous periods acquisition date.
 adopted standard january 1 2016 apply business adjustments after adoption.
 november 2015 fasb issued standard deferred income taxes assets liabilities noncurrent consolidated balance sheets.
 effective january 1 2017 early adoption permitted.
 adoption or prior periods.
 evaluating method adoption.
 2013 earnings per share.
 common shares basic computations 310. 316.
 dilutive effect equity awards.
 diluted 314. 322.
 basic diluted earnings common share dividing net earnings by weighted average number common shares periods.
 includes effects assumed vesting outstanding restricted stock units exercise stock options.
.4 million stock options 2013 anti-dilutive prices common stock.
 no anti-dilutive equity awards 2015 2014.


obligations commercial commitments garmin december 27 2008 aggregated type obligation.
 payments less 1 year 1-3 years 3-5 years 5 years
 operating leases $ 44048 $ 7957 $ 13789 $ 11061 $ 11241
 purchase obligations 51471 47966
 $ 95519 $ 55923 16054 12301 11241
 leases garmin facilities. taiwan canada.
 purchase obligations orders december 27 2008 paid off 3 months manufacturing business.
 cash outlays unrecognized tax benefits.
 uncertainty future cash flows estimates cash settlement authorities.
 unrecognized tax benefits $ 214. 4 million excluded from contractual obligations table.
 note 2.
.
.
 pricing products services purchase raw materials.
product pricing raw materials costs influenced by semiconductor market.
 downturns pricing declines through improved product mix price reductions.
 business financial condition results.
 costs price increases.
 affect business.
 foreign currency exchange rate risk operation garmin subsidiaries currency exchange rates.
 experienced foreign currency gains losses due to.
 dollar.
 volatile exchange rate fluctuations.
 exposure taiwan dollar euro british pound.
 garmin uses local currency.
 translates assets liabilities at year-end exchange rates


.
 management financial condition results operations based consolidated financial statements welltower inc.
 annual report form 10-k.
 factors 2014 business risk factors.
 welltower.
 s&p 500 toledo health care infrastructure.
 invests seniors housing operators post- acute providers health systems real estate infrastructure wellness.
 investment trust owns properties-growth markets united states canada kingdom seniors housing post-acute communities outpatient medical properties.
 planning development property management services single-source solution acquiring real estate assets.
 table summarizes consolidated portfolio year december 31 2016 net operating income percentage number properties.
-net $ 1208860. 3%. 631
 seniors housing 33. 9%. 420
 outpatient medical 380264. 8%. 262
 totals $ 2403238.

 excludes investments unconsolidated non-segment/corporate.
 joint venture minority partner at 100% amount.
 objectives protect capital enhance value.
 pay cash dividends increase dividend payments income portfolio growth.
 invest seniors housing health care real estate diversify investment portfolio by property type location.
 revenues from lease rentals resident fees services interest loans.
 primary liquidity distributions depend obligors rent interest payments profitability.
 difficulties results liquidity financial condition.
 monitor investments.
 asset management includes financial statements data obligor creditworthiness property inspections covenant compliance real estate taxes.
 property management division manages monitors outpatient medical portfolio tenant relations lease expirations health relationships property performance


company share options millions.
 2015 2014 2013
 value $ 104 $ 61 73
 cash 40 38 61
 tax benefit 36 16 15
 unamortized deferred compensation expense $ 378 million december 31 2015 remaining amortization 2. years.
 7. 5 million shares.
 employees.
 purchased 6-month intervals 85% fair market value first.
 2015 2014 2013 411636 439000 556000 issued.
 compensation expense $ 9 million 2015 $ 7 million 2014 $ 6 million 2013.
 plan.
 purchase after 3-year period.
.
 2015 2014 2013 maximum 100000 300000 350000 shares.
 2779 642 172110 issued.
 compensation expense $ 2 million 2015 2014 $ 1 million 2013.
.
 derivatives hedging company exposed to market risks foreign currency exchange rates interest rates.
 manage enters derivative instruments risks.
 derivative transactions trading speculative.
 risk exposed earns revenues pays expenses transfers.
 uses foreign derivatives forward contracts options cross-currency swaps reduce currency fluctuations cash flows.
 exposures hedged less than two years.
 accounted hedges changes value recorded income.
 uses derivatives forward contracts options hedge currency exposure global liquidity profile assets liabilities non currency one.
 not accounted as hedges changes value recorded.


table shows expected return assets.
 pension postretirement plans.
 2007
 return 7. 75%. 75 % 8. 0%. 0 % 0% %
 5. 42 13. 2%. 2 % 14. 7%. 7 %
 pension expense 2008 reduced by return $ million $ 883 million.
 2007 2006 reduced $ million $ 384 million.
 actual returns higher 2007 2006.
 2008 2007 rates.
 selected citigroup-specific analysis long-term bond yield.
.
 december 31 2008 discount rate 6. 1%. 1 % pension. 0%. postretirement.
 2007 discount 6. 2%. 2 %. 0%.
 2006.
 pension plan remeasured freeze benefits non-grandfathered participants january 1 2008.
-specific discount rate pension plan 5. 86%.86 % rounded 5. 9%.
 discount rates foreign pension postretirement plans selected corporate bond rates developed.
 local bond rates premium risk.
 information pension postretirement plans discount rates expense-point change note 9 financial statements page 144.
 adoption sfas 158.
 december 31 2006 recorded after-tax charge equity $ 1. 6 billion 2019 pension postretirement liabilities write-off prepaid asset unamortized gains losses prior service costs transition assets/liabilities.
 accounting policies estimates page 18 notes 26 27 28 financial statements pages 192 202 207.


operating/performance financial statistics report railroad performance measures weekly association american railroads including carloads daily inventory train speed terminal dwell time.
 provide data website./investors/reports/index.
 operating/performance statistics table 2008 2007 2006 % change.
 average train speed miles per hour 23. 5 21. 21.
 terminal dwell time hours 24. 9 25. 27.
 rail car inventory thousands 300. 309. 9 321. 6
 ton-miles billions 1020. 1052. 1072.
 revenue ton-miles billions 562. 6 561. 8 565.
 operating ratio 77. 3 79. 81. 5 2.
 employees average 48242 50089 50739
 customer satisfaction index 83  79  72 4
train speed calculated miles hours lines.
 network management initiatives productivity improvements lower volume 8% 8 % 2% 2 % improvements 2008 2007.
 dwell time car terminals.
 improves asset utilization service.
 improved 1% 1 % 8% 8 % 2008 2007.
 lower volumes improved dwell time.
 gross revenue ton-miles calculated weight loaded miles.
.
 decreased 3% ( 3 % flat 2008 mix changes.
-miles declined 1% ( 1 %.
-miles decreased 2% 2 % shift freight.
 revenue.
 improved. 3%. 2008. 2007.
 price increases fuel cost recoveries network management initiatives improved productivity higher fuel prices.
 productivity initiatives lower volumes reduced levels 2008 2007.
train engine personnel productivity 5% lower volume productivity initiatives lower.
 employee levels 2007


2019 2 $ 11080000 years 2006 2005 2004.
 unrecognized compensation cost unvested awards $ 7702000 3. years.
 employee stock purchase plan purchase 85% fair market value.
 withhold 5% annual salary.
 authorizes 2600000 shares.
 2006 issued 165306 shares $ 27. 36 per share.
 2005 161903 shares $ 27. 57 per share.
 2004 issued 187754 shares $ 20. 85 per share.
.
 compensation expense recognized discount grant date fair value employee purchase price.
 2006 recorded $ 799000 compensation cost employee share purchases income tax benefit $ 295000.
 400000 shares reserved future issuance.
 sponsors contributory profit sharing savings plan employees 21 years six months service.
company agreed matching contributions 50% first 2% employee wages 25% next 4%.
 makes additional discretionary profit sharing contributions determined board directors.
 matching profit sharing contributions funded shares common stock.
 4200000 shares authorized issuance.
 2006 recorded $ 6429000 compensation cost income tax benefit $ 2372000.
 2005 $ compensation cost income tax benefit $ 2444000.
 2004 $ 5278000 income tax benefit $ 1969000.
 compensation cost 2006 includes matching contributions profit sharing contributions stock.
 issued 204000 shares 2006 average fair value $ 34.
 issued 210461 shares 2005 $ 25.
 238828 shares 2004 average value $ 19.
.
 1061000 shares reserved future issuance.
company performance incentive plan senior management awards shares restricted stock three-year held escrow vesting.
 shares forfeited employee ceases employment.
 800000 shares common stock authorized.
 valued market price compensation cost recorded vesting period.
 $ 416000 2006 income tax benefit $ 154000.
 $ 289000 2005 $ 107000.
 $ 248000 2004 $ 93000.
 total fair value shares vested 2006 2005 2004 $ 503000 $ 524000 $ 335000.
 remaining unrecognized compensation cost $ 536000.
 awarded 18698 shares 2006 average grant date fair value $ 33.
 14986 shares 2005 average value $ 25.
 15834 shares 2004 $ 19. 05.
 compensation cost recognized three-year vesting period.
 changes stock 2006.
-vested.
granted 18698 33. 12
 vested 15685 26. 49
 forfeited -1774 ( 1774 ) 27. 94
 non-vested december 31 2006 16291 30. 80
 659000 shares reserved future issuance.


item 5.
 market 2019s common equity matters issuer purchases traded new york stock exchange symbol. quarterly high low sales prices dividends share years december 31 2011 2010.
 1st $ 93. $ 82. 78. $ 61.
 2nd 98. 42 86. 85. 86. 79 70.
 3rd 98. 77 72. 85. 89. 68.
 4th 84. 30 68. 39.
 february 1 2012 1230 holders common shares.
 fourth quarter 2011 issued 20891 common shares redemption class units operating partnership interests partnerships real estate.
 common shares issued without registration securities act 1933 section 4 2.
compensation plans equity securities part iii 12 annual report 10-k.
 2011 received 410783 vornado shares $ 76. 36 share employee options.


5.
 2019s common equity issuer purchases listed new york stock exchange. 31 october 2019 5166 holders.
 cash dividends paid quarterly.
.
 board directors determines dividends timing financial condition.
 dividend information 2019 2018.
 first quarter.
 second.
 third.
 fourth quarter.
 4.
 purchases equity securities 15 2011 board authorized repurchase $ 1. billion common stock.
 expiration date.
 rules 10b5-1 10b-18 securities exchange act 1934.
 no purchases fiscal year 2019.
 30 september 2019 $ 485. 3 million share repurchase authorization.
 additional purchases funds growth.


jpmorgan chase.
 annual report consolidated results three-year period 31.
 business segment.
 accounting estimates pages 96 201398.
.
 31 millions 2007 2006 2005
 investment banking fees 6635 5520
 principal transactions
 lending deposit fees
 asset management administration commissions 14356 11855
 securities gains losses
 mortgage fees 2118
 credit card income
 noninterest revenue 44966
 interest income 26406
 revenue $ 71372
 net revenue $. billion up $ 9. billion 15% %.
 higher net interest income private equity gains asset management administration commissions higher mortgage fees investment banking fees growth.
 lower trading revenue.
 investment banking fees 2006.
advisory equity fees drove results offset lower debt fees.
 results pages 40 201342.
 transactions revenue trading private equity gains.
 trading revenue declined from 2006 due markdowns $ 1. 4 billion subprime positions $ 1. 3 billion leveraged lending commitments.
 markdowns nonsubprime mortgages weak credit trading offset revenue currencies rates equities.
 equities benefited client activity trading results.
 credit portfolio results increased risk management.
 increase private equity gains 2006 fair value adjustment nonpublic private equity investments.
 ib corporate segment results pages 40 201342 59 201360 122.
 lending deposit-related fees rose 2006 higher bank new york.
 43 tss 54 52.
 asset management administration commissions revenue higher 2006.
assets higher performance placement fees record results.
 18% growth assets 2006 from net asset inflows market appreciation institutional retail bank services.
 tss contributed rise asset management administration commissions revenue increased product usage market appreciation.
 commissions revenue increased higher brokerage transaction volume sale insurance business rfs 2006 first 2007 accelerated surrenders annuities.
 ib rfs tss am.
 favorable variance securities gains 2007 losses 2006 repositioning treasury invest ment securities portfolio.
 $ 234 million gain sale mastercard shares.
 corporate segment pages 59 201360.


2018 ppg annual report 10-k 1.
 accounting policies principles consolidation consolidated financial statements include accounts ppg industries.
 subsidiaries.
.
 ppg owns 50% voting stock subsidiaries.
 subsidiaries ownership less than 100% outside shareholders noncontrolling interests.
 investments ppg owns 20% to 50% voting stock operating financial policies equity method accounting.
 ppg share income losses equity affiliates included consolidated statement income equity investments balance.
 transactions ppg subsidiaries eliminated.
 estimates financial statements.
 estimates assumptions assets liabilities contingent liabilities income expenses.
 estimates include fair value assets acquired liabilities purchase price business combinations.
 outcomes differ.
 revenue recognition performance obligations customer.
 sale control transfers customer shipping.
shipping handling costs net sales consolidated statement.
 included cost depreciation amortization.
 selling administrative costs service distribution advertising support finance law human resources.
 finished goods warehouses.
 advertising costs expensed incurred totaled $ 280 million $ 313 million $ 322 million in 2018 2017 2016.
 research development employee incurred.
 millions
 2013 $ 464 $ 472 $ 473
 less depreciation research facilities
 $ 441 $ 451 $ 453
 legal costs acquisition divestiture litigation environmental regulation patent trademark protection.
 income taxes accounted asset liability method.
 deferred tax assets liabilities recognized future tax consequences losses tax credit carryforwards tax bases.
 effect deferred financial statements