table details cash capital investments years december 2006 2005 2004.
.
 track $ 1487 $ 1472 $ 1328
 commercial facilities 510
 locomotives freight cars
 $ 2242 $ 2169 $ 1876
 2007 total capital investments $ 3. billion long- term leases.
 maintain track structures capacity expansions remove bottlenecks equipment facilities terminals new technologies.
 investments maintain infrastructure service growth operational fluidity.
 fund 2007 investments sale lease properties cash hand december 31 2006.
 funds capital requirements 2007.
 2006 2005 2004 ratio earnings to fixed charges.
 increases 2006 2005 higher net income.
.
 equity fixed charges income taxes.
 debt discount rental charges.
 exhibit 12.
financing credit facilities december 31 2006 $ 2 billion revolving credit facilities $ 1 billion 2009 $ 1 2010.
 corporate purposes issuance commercial paper.
 drawn 2006.
 fees interest rates similar investment-grade borrowers.
 floating rates london interbank spread.
 minimum net worth debt to net worth coverage ratio.
 compliance covenants.
 financial restrictions credit rating triggers collateral.
 $ 150 million uncommitted lines credit $ 75 million march 2007 75 million may 2007.
 used.
 equivalent credit five-year facilities.
 dividends increased quarterly dividend $ 0. 35 per share payable april 2 2007 february 28.
 fund increase cash operations sale lease.
 dividend restrictions restrictions dividends minimum net worth requirements.


seek international solution through icao.
 secretary transportation prohibit.
 airlines participating ets.
 scope application of ets emissions trading schemes operations uncertain.
. increasing trend regulating ghg emissions under caa.
 response 2012 ruling.
 appeals columbia aircraft ghg emissions air pollution epa process determination proposing endangerment finding by may 2015.
 obligated set ghg emission standards.
 states considering regulate emissions inventories regional cap trade programs.
 regulatory efforts.
 developing determine final regulatory programs impact. areas.
 regulation facilities operations may additional permit requirements increased operating costs.
 environmental laws soil groundwater contamination.
 conducting investigation remediation activities soil groundwater conditions sites airports bases.
 costs impact operations.
named potentially responsible party at superfund sites.
 contributions small anticipate future payments operations.
 future regulatory developments could affect operations increase costs airline industry subsidiaries.
.
 risk factors unable obtain maintain facilities infrastructure operate flight schedule expand change route network operations business subject government regulation costs disruptions limits flexibility reductions demand competitive disadvantages subject environmental regulation incur substantial costs.
 airline business labor intensive.
 salaries wages benefits 25% operating expenses.
 active full-time employees december 31  2014.
 airways wholly-owned regional carriers.
 pilots 8600 4400 3200
 flight attendants 15900
 maintenance personnel 10800 3600
 fleet service personnel 8600 6200
7300 22500
 8600 4800
 61600 32800 18900 113300


deferred tax assets realized.
 accruals subject judgment management reviewed adjusted facts circumstances.
 changes tax audits legislation tax matters.
 2011.
 based on historical operating trends data.
 demand producibility market conditions oil  gas ngls 2011 similar to 2010.
 201cdisclosure statements.
 canadian operations converted to.
 dollars 2011 exchange rate $ 0. dollar to $ 1. canadian dollar.
 operations north america onshore operations.
 international operations brazil angola divesting.
 sell assets brazil for $ 3. billion angola $ 70 million.
 revenues expenses capital international operations reported as discontinued statements.
 forward-looking estimates exclude international operations.
 2011 estimates relate america onshore assets.
 oil gas production.
estimate combined oil gas ngl production 236 to 240.
.
. onshore 17 736 34 174
 canada 28 199 3 64
 north america onshore 45 935 37 238
 gas 2011 average prices oil gas production differ price.
 ranges financial contracts price risk management.
 nymex price oil determined monthly average settled prices west texas intermediate crude oil.
 gas-month south louisiana henry hub price index


humana inc.
 financial statements 2014.
 adoption fin 46 financial position results cash flows.
 december 2004 fasb issued statement.
 expense employee stock options stock-based compensation.
 change stock option awards recognized compensation 25.
 cost award determined.
 grant-date fair value estimated option-pricing models.
 adopt statement 123r july 1 2005 transition methods.
 expensing stock options pricing model 2004.
 evaluating provisions statement 123r effect reviewing compensation strategies selecting option pricing model transition method.
 march 2004 fasb issued eitf issue.
 03-1 impairment.
 guidance evaluating impairment losses debt equity investments fair value less carrying value.
 2004 fasb delayed third quarter 2004 date implementation guidance 2005.
final standard impact financial position.
.
 acquisitions 16 2005 acquired careplus health plans florida 10 medical centers pharmacy.
 medicare plans benefits miami broward palm beach.
 enhances medicare market south florida.
 paid $ 450 million cash transaction costs balance sheet settlement nine month.
 allocating purchase price assets.
 april 1 2004 acquired ochsner health plan.
 louisiana health managed care plans.
 new market sales opportunities houston.
 paid $. million cash transaction costs.
 tangible assets.
 cash equivalents
 investment securities
 premiums receivable current assets
 property equipment
 medical expenses
 tangible assets


american tower corporation subsidiaries financial statements future cash flows obligation discount factor uncertainties.
 changes impact fair value liabilities balance sheets.
 estimates acquisition contingent consideration zero $ 40. million.
 2014 2013 fair value changed.
 balance january 1 $ 31890 $ 23711
 additions
 settlements -3889 -8789
 fair value -225
 foreign currency translation adjustment -4934
 -730
 balance december 31 $ 28524 $ 31890
 sale operations panama buyer assumed obligations purchase price.
 long-lived assets 3.
 assets carrying value $ 8900. written down net realizable value $ 8888. million asset impairment charge $ 11. million.
 december 31 2013 assets carrying value $ 8554.5 million net value $ 8538. 6 million asset impairment charge $ 15. 9 million.
 charges recorded operating expenses statements.
 adjustments determined proceeds sale carrying value.
 2014.
 filed chapter 11 bankruptcy.
 parent subsidiaries brazil chile mexico 6% revenues.
 subsidiaries chapter 11 filing.
 indicators impairment 31.
 operations panama third-party structural analysis business sale price $ 17. 9 million working capital adjustment.
 $ 8. 1 million property equipment $ 7. 8 million intangible assets $ 3. 6 million goodwill.
 net charge $ 2. 2 million operating expenses.
 no other items measured fair value


interest expense $ 26. 4 million $ 14. 6 million $ 5. 3 million 2016 2015 2014.
 deferred financing costs bank fees capital built-to-suit lease interest debt.
 amortization deferred financing costs $ 1. 2 million $. 8 million $. 6 million.
 monitors financial lenders instability lenders.
.
 leases warehouse office facilities brand factory stores equipment.
 leases expire 2033 extensions rental adjustments.
 lease agreements stores contingent rent sales maintenance insurance real estate taxes.
 schedule future minimum lease payments non property leases agreements.
 2017 $ 114857
 2018 127504
 2019 136040
 2020
 2021 122753
 2022
 future minimum lease payments $ 1422426
rent $ 109. million $ 83. million $ 59. million 2016 2015 2014 non-cancelable lease agreements.
 contingent rent $ 13. million $ 11. million $ 11. million.
 promote brand products.
 sponsorship agreements collegiate supplier agreements athletic event sponsorships marketing.
 schedule future minimum payments agreements december 31


abiomed.
 2005 annual report page 15 consolidated financial statements 2014 31 compensation expense stock option grants expense stock employee stock purchase plan $ 44000 $ 19000 $ 28000 2003 2004 2005.
 not representative future years options granted shares purchased.
 tax effect net losses.
 foreign currencies.
 dollar functional currency foreign subsidiary.
 financial statements.
 remeasured.
 dollars current rates exchange monetary assets historical rates nonmonetary assets.
 foreign exchange gains losses included results operations.
 2004 financial accounting standards board issued.
 costs.
.
 abnormal freight handling costs wasted materials current charges.
 fixed production overhead normal capacity production facility.
 effective first quarter fiscal year 2007.
 impact results financial position cash flows.
december 2004 fasb issued.
 153 nonmonetary eliminates exception replaces exception.
 adopt 153 second quarter fiscal 2006 financial statements.
 2004 issued revised financial accounting standard.
 123-based payment.
 cost employee services equity instruments.
 april 2005 fair value share options granted 2003 2004 2005 $ 1. 69 $ 1. 53 $ 3. 94  share calculated black-scholes option-pricing model assumptions.
 risk-free interest rate 2. 92%. 92 %. 56%. %. 87%. 87 %
 dividend yield 2014
 option term 5. 3. 5
 stock price volatility 85% ( 85 % ) 86% 86 % 84 %


contractual obligations december 31 2016 summarized.
 payments 1 year 3 5 years after 5
 global headquarters lease $ 40859 $ 4278 $ 8556 $ 8928 $ 19097
 29808 9861 12814 4752 2381
 unconditional purchase obligations 37415 14134 20012 3269
 uncertain tax positions interest penalties
 long-term obligations 30846 13292 11472 1763 4319
 $ 138930  $ 41567 $ 52854 $ 18712 $ 25797
 september 14 2012 lease 186000 square feet canonsburg headquarters.
 effective construction rent months october 1 2014.
 183 months october 1.
company lease tenth year december 31 2024 landlord 18 months notice.
 leases include noncancellable offices equipment.
 purchase obligations software licenses network communication office maintenance unrecorded december 31 2016.
 $ 18. 4 million unrecognized tax benefits penalties liabilities.
 excluded.
 long-term obligations third-party commissions $ 15. million deferred compensation $ 7. 4 million $ 161000 $ 87000 2-3 years post- employment benefits pension $ 6. 5 million foreign locations.
.


july 1  2006 $ 1762692000 75% fixed rates. average 19 years remainder floating rates. 2%.
 loan agreements debt covenants long-term debt capital.
 debt covenants.
 debt estimated market prices current rates.
 $ 1669999000 1 2006 $ 1442721000 2 2005.
 letters credit outstanding $ 60000000 $ 76817000.
.
 obligations capital operating leases distribution facilities vehicles computers.
 rental expense leases $ 100690000 $ 92710000 $ 86842000 2006 2005 2004.
 contingent rentals subleases obligations capital leases not.
 minimum lease payments year non-capitalized long-term leases.
 56499000
2007 56499000 2008 46899000 2009 39904000 2010 33329000 2011 25666000 128981000.
 benefit defined benefit contribution retirement plans.
 contributes multi-employer plans provides health care benefits.
 retirement plan benefits retirement years service compensation.
 contribution 401 k matching contributions 50% first 6% compensation.
 contributions $ 21898000 2006 $ 28109000 2005 $ 27390000 2004.
 management incentive plan benefits supplemental executive retirement plan.
 nonqualified unfunded.
 life insurance policies $ 153659000 2006 $ 138931000 july 2 2005.
 not status.
 sysco sole owner beneficiary.
serp $ 327450000 $ 238599000 july 1 2006 $ 375491000 $ 264010000 july 2 2005.
 company contributions pension plans $ 73764000 $ 220361000 2006 2005 $ 66000000 $ 214000000 voluntary contributions retirement plan.
 contribution maximum tax-deductible.
 2005 $ 134000000 fourth quarter $ 80000000


catlettsburg kentucky refinery map completed $ 440 million investment program product yield reduce manufacturing expenses.
 involves expansion conversion retirement units low-sulfur gasoline.
 2004.
 fourth quarter 2003 commenced $ 300 million capital projects 74000 bpd detroit michigan refinery.
 $ 110 million expansion crude oil capacity 35 percent 100000 bpd.
 projects clean fuels air emissions.
 completion fourth quarter 2005.
 funds.
 refined product sales volumes 19. 8 billion gallons 1293000 bpd.
 midwest upper 70 percent.
 50 percent gasoline 91 percent distillate.
 half propane home heating industrial.
 propylene cumene aromatics aliphatics sulfur chemical industry.
 base lube oils slack wax.
 pitch sold domestically 13 percent exported canada mexico india south america.
 markets asphalt terminals midwest southeast.
 base 900 asphalt-paving contractors government entities manufacturers.
 refined product sales 2003 2002.
 gasoline 776 773
 distillates 365 346
 propane
 feedstocks
 heavy fuel oil
 asphalt 74 75
 1357 1318
 sells reformulated gasoline chicago illinois louisville kentucky milwaukee.
 sells low-vapor-pressure gasoline nine states.
 3900 ashland retail outlets michigan ohio indiana kentucky illinois.
 florida georgia wisconsin virginia minnesota tennessee pennsylvania north carolina south alabama.


segment earnings $ 709 million 2007 compared $ 787 million 2006.
 decrease due to gross margin lower sales iden infrastructure equipment competitive pricing gsm infrastructure equipment increased sales digital entertainment devices reversal reorganization.
 sg&a expenses increased acquired businesses offset cost-reduction.
 r&d expenditures decreased investment digital entertainment wimax.
 gross margin sg&a expenses r&d expenditures operating margin decreased.
 sales top five customers 43% net sales.
 backlog $ 2. 6 billion december 31 2007 $ 3. 2 billion 2006.
 demand depends capital spending broadband operators communications systems services.
 shipping digital set-tops separable security requirement.
.
 cable service providers accelerated purchases set-tops.
2007 digital video customers increased purchases products due to demand digital entertainment devices hd/dvr devices.
 acquisitions netopia. broadband equipment provider tut systems. edge routing video encoders modulus video. mpeg-4 coding systems terayon communication systems. real-time digital video networking applications leapstone systems. provider intelligent multimedia content management applications.
 acquisitions enhance end-to-end systems advanced video voice data services.
 december 2007 motorola ecc to emerson for $ 346 million.
 enterprise mobility solutions segment designs manufactures sells installs services analog digital two-way radio voice data communications products systems wireless broadband public safety agencies retail energy transportation manufacturing healthcare commercial customers.
2008 segment 2019s net sales 27% 27 % company consolidated net sales compared 21% 21 % 2007 13% 13 % 2006.
 31 change.
 net sales $ 8093 $ 7729 $ 5400 5% 5 % 43% 43 %
 operating earnings 1496 23% 23 % %
 20142008 2019s net sales increased 5% 5 % $ 8. 1 billion $ 7. 7 billion 2007.
 increase 8% 8 % increase government public safety market offset 2% 2 % decrease commercial enterprise market.
 increase driven increased net sales outside north america sales vertex standard co. 2008 offset lower net sales north america.
 net sales higher emea asia latin america lower north america.
 financial


in loan table purchased distressed loans credit deterioration acquisition citigroup.
 difference between expected cash flows investments recognized in income level yield.
 excluded from impaired loan information.
 decreases cash flows distressed loan require allowance retains level yield.
 increases cash flows recognized as reduction allowance as income increasing level yield.
 distressed loan accounted for under cost recovery method.
 carrying amount loan portfolio at december 31 2009 was $ 825 million net of allowance $ 95 million.
 changes in accretable yield millions loan receivable allowance.
 yield
 balance $ 92 $ 1510
 purchases
 disposals/payments -5
 reductions allowance -21
 increase expected cash flows
-7 2014
 balance december 31 2009 $ 27 920 95
 balance loan receivable $ 87 million purchased level-yield $ 242 million cost-recovery.
 fair value acquisition date.
 cash flows level-yield $ 101 million.
 balance $ million level $ 359 million cost-recovery.


visa inc.
 financial statements 2014 30 2009 millions note reorganization purchase transactions october 1 to 3 2007. international canada inovant subsidiaries.
 retrospective responsibility plan established.
 note 4.
 reorganization single transaction october 1 purchase method accounting visa.
.
 net assets acquired interests visa international canada inovant recorded fair value reorganization date excess purchase price goodwill.
 visa europe subsidiary. owned governed european financial institutions contractual arrangements.
 issued classes common stock rights obligations visa.
 allocation common stock visa cemea canada.
 based entity contribution projected fiscal 2008 net income adjustments.
 allocation adjusted performance four quarters ended december 31  2007.
allocation company common stock visa ownership international inovant determined fair value reorganization.
 shares financial 775080512 shares class b c common stock.
 purchase $ 18. 4 billion.
 visa. common stock 17935
 visa option 346
 liability framework agreement
 purchase $ 18413
.
 common stock acquired interests determined businesses.
 fair value 258022779 shares class c common stock $ 12. 6 billion june 15 2007.
 additional purchase $ 1. 2 billion 26138056 shares class c common stock $ 44 per share issued acquired regions.
 fair value determined price per share.


fuel prices 2013 crude oil increased 2007 $ 56. barrel january $ 96. per barrel december.
 2007 average fuel price increased 9 added $ 242 million operating expenses 2006.
 fuel surcharge programs higher fuel prices.
 fuel conservation efforts consumption rate 2% 2 %.
 locomotive simulator training operating practices technology 21 million gallons fuel 2007.
 free cash flow 2013 $ 3. billion cash flow $ 487 million 2007.
 operating activities less investing dividends.
 not financial measure accounting principles.
 important financial performance.
.
 reconciles 2007 2006 2005.
 operating activities $ 3277 $ 2880 $ 2595
 investing activities
 dividends paid
 free cash flow $ 487 $ 516
outlook 2022 safety safe railroad benefits employees customers shareholders public.
 multi-faceted approach safety technology risk assessment quality control training.
 implement total safety culture.
 safety.
 maintain upgrade close crossings video cameras educate public crossing safety.
 2022 commodity revenue.
 expect record revenue 2008 customer service.
 yield increases fuel surcharges primary drivers commodity revenue growth.
 volume 1% higher to lower 2007 softness market sectors.
 transportation plan traffic flows network logistic patterns simplify operations improve network efficiency asset utilization.
 maintain manpower locomotives improve productivity operating margins.
 fuel prices volatile.
 prices increase 15% to 20% above average 2007.
 recovery fuel surcharge programs fuel conservation efforts.


2014 benefit plans pension plans employees united states international locations.
 postretirement healthcare life insurance benefits domestic retirees international countries.
 measurement date benefit plans september 30.
 january 1 2018.
 pension plan frozen participation employees hired re-hired net pension cost years september 30.
 plans 2019 2018 2017
 service cost $ 134 $ 136 $
 interest cost
 return assets 180 154
 amortization service credit
 loss 78
 settlements
 net pension cost $ 135 $ 137 138
 $ 32 34 $
 amortization service credit loss reclassifications credits losses.
 settlement losses 2019 2018 lump sum benefit payments.
 supplemental pension plan.
 pension settlements exceed service interest cost net pension cost.
2 accounting standard update october 1 2018 company 2019s pension postretirement costs recorded consolidated statements.
 statements 2014 becton dickinson


management analysis jpmorgan chase co. annual report derivative contracts firm uses market-making activities.
 interest rates currencies markets.
 credit market risk.
 counterparty settlement mechanism affect credit risk.
 credit risk.
 exchange traded derivatives futures options credit risk.
 credit risk legally enforceable netting arrangements collateral agreements.
 contracts settlement note 6.
 table net derivative receivables.
.
 millions 2016 2015
 interest rate $ 28302 $ 26363
 credit derivatives
 foreign exchange
 equity
 commodity
 cash collateral 64078 59677
 liquid securities derivative receivables -16580
 collateral $ 41373 $ 43097
 collateral derivative instruments legal opinion sought.
receivables were $ 64. 1 billion $ 59. 7 billion at december 31 2016 2015.
 represent fair value contracts after master netting agreements cash collateral firm.
 credit risk additional liquid securities.
 government agency securities government bonds cash collateral $ 22. 7 billion $ 16. 6 billion at december 31 2016 2015 security firm favor.
 change receivables related to market-making activities.
 market movements increased foreign exchange receivables reduced commodity receivables.
 firm holds additional collateral cash government securities securities corporate debt equity securities clients contracts non-daily call frequency settled.
 collateral reduce balances available as security against potential exposure value firm.
 include credit enhancements.
 note 6.
net fair value derivative receivables capture future variability.
 firm calculates three measures derivatives credit loss peak derivative risk equivalent average exposure.
 incorporate netting collateral benefits.
 peak conservative exposure counterparty equivalent 97. 5%. confidence level.
 credit limits reporting exposure management.
 dre exposure risk derivative.
 less extreme derivative risk.
 avg expected fair value derivative receivables future collateral.
 primary metric pricing credit capital cva.
 three year avg exposure $ 31. 1 billion $ 32. 4 billion at december 2016 2015 compared receivables collateral $ 41. 4 billion $ 43. 1 billion 2016 2015.
 fair value derivative receivables incorporates credit quality counterparties.
 avg counterparty credit spread.
cva credit spreads deal activity market environment.
 firm risk management credit


capitalized software costs enhancements capitalized feasibility continues until commercial release.
 judgment technological feasibility.
 high-risk issues resolved.
 time between feasibility commercial release minimal insignificant capitalization costs.
 amortization computed product-by-product estimated economic life three years.
 revenue straight-line method.
 amortization expense capitalized software costs $ 40. 9 million $ 33. 7 million $ 32. 8 million years 2012 2011 2010.
 reviews carrying value capitalized software.
 impairments recognized future cash flow capitalized costs less than carrying value.
 no impairment charges required.
 goodwill intangible assets excess over fair value assets.
 trademarks customer lists contract backlog acquired software technology.
 tests goodwill for impairment annually fair value carrying amount.
qualitative assessment requires company factors fair value unit including economic conditions industry market conditions customer behavior cost factors financial performance strategies capital requirements management personnel issues stock price.
 considers totality factors weight on events fair value assets fair value less than carrying amount.
 if fair value exceeds carrying value no further analysis necessary.
 if quantitative two-step analysis performed fair value estimated impairment loss recorded.
 company tests indefinite-lived intangible assets for impairment annually carrying value value.
 annual impairment test january 1 each.
 reviews carrying value other intangible assets impairments when.
 no impairment charges required for.
 credit risk risk revenue trade receivables due to channel partners.
 performs periodic credit evaluations financial condition require collateral.
table outlines risk 2019s revenue.
 except customer data 2012 2011 2010
 revenue channel partners 26% 26 % ) 27% 27 % )
 largest 6% 6 % 4% 4 %
 3% 3 %
 direct sale customers exceeding 5% 5 revenue 2014
 contents


s&p global 2018 annual report cash consideration service components sold separately.
 2019 selling price record revenue earned.
 billed revenue recognized.
 invoice annually.
 opening balance $ 1319 million january 1  2018.
 contract assets unbilled amounts service before payment.
 december 31 2018 2017 $ 26 million $ 17 million accounts receivable balance.
 cash payments.
 increase unearned revenue balance december 31 2018 driven cash payments offset $ 1. 5 billion revenues recognized.
 remaining performance obligations transaction price.
 december 31 2018 price $ 1. 4 billion.
 recognize revenue half three-quarters obligations next 12 24 months remainder.
 disclose value unfulfilled obligations contracts one year or less usage-based royalty license intellectual property.
obtain contract recognize asset incremental costs longer one year.
 sales commission programs meet.
 costs $ 101 million december 31 2018 included consolidated balance sheets.
 asset amortized transfer goods services calculated customer term average life products.
 expense recorded selling expenses.
 expense sales commissions amortization one year or less.
.
 net periodic pension cost postretirement benefit cost 2018 accounting guidance outside operating profit costs included consolidated statements income.
components income year ended december 31 assets liabilities sale discontinued operations disposal group sold criteria met management commits plan to sell available for immediate sale terms usual active program locate buyer actions initiated sale probable transfer completed sale within one year except marketed for sale price reasonable unlikely significant changes.
 disposal group held for sale measured at lower carrying value less costs to sell.
 loss recognized criteria.
 gains not recognized on sale until date of sale.
 2018 2017 2016 net benefit cost $ ( 30 ) ( 27 ) ( 28 ).
 $ -30 ( $ -27 ( 27 ) $ -28 ( 28 )
 net loss from investments 2014
 income $ -25 ( $ -27 ( 27 $ -28 ( 28


penalties unrecognized tax benefits $ 3 million december 31 2015 2014.
 2013 company reduction $ 14 million liability uncertain tax positions change allocation interest costs construction contracts.
 change prospective impact tax returns 2013.
 table summarizes tax years under examination open major tax jurisdictions.
 united states
 california
 louisiana
 mississippi
 virginia
 uncertain tax positions amounts asserted authorities could greater accrued.
 additional provisions federal estimates.
 settle lower.
 12 months liability uncertain tax positions may decrease $ 2 million statute limitation expirations.
 recognizes accrued interest penalties tax positions.
 northrop grumman's consolidated tax returns 2007.
 pre-compliance assurance process 2011 2012.
company part irs compliance program 2014 2015 2016 tax years.
 state jurisdictions subject examination.
 march 31 2011 liability for uncertain tax positions $ 4 million  state tax positions.
 northrop grumman reimburse settlement liabilities periods spin-off state taxes.
 recorded reimbursement receivable $ 4 million.
 2014 statute of limitations expired $ 4 million liability.
 liability reimbursement receivable written off.
 september 13  2013 treasury department internal revenue service regulations deduction capitalization personal property.
 effective tax years january 1 2014.
 consolidated financial statements.
 deferred income taxes differences assets liabilities.
 classified current non-current liabilities.


liquidity capital resources table summarizes liquidity data december 31.
 2016 2015
 cash equivalents $ 227400 $ 87397
 debt 3365687 1599695
 maturities 57494
 facilities 2550000 1947000
 1019112 1337653
 liquidity 1246512 1425050
 3365687 1599695 maturities 1337653 debt amounts values repaid debt issuance costs $ 23. 9 million $ 15. million 2016 2015.
 issuance costs $ 2. 3 million $ 1. 5 million.
 revolving credit facilities receivables securitization facility letters credit.
 liquidity fund operations expansion acquisitions.
 primary sources liquidity cash flows operations credit facilities.
 working capital expenditures excess acquisitions debt.
 cash flows investing activities.
acquisitions accessed debt financing revolving credit senior notes receivables securitization facility.
 debt 2022 senior secured credit facilities january 2021 term loans $ 750 million. $ 2. 45 billion revolving credit. billion variable $ 72. 7 million 2022 senior notes $ 600 million may 2023 4. 75%. fixed rate euro notes $ 526 million april 2024. receivables securitization facility $ 100 million november 2019 variable paper financing transactions liquidity january 2016 amendment secured credit 20ac500 million euro notes november 2016 receivables securitization.
 rhiag acquisition million euro notes.
 alternative financing long term notes.
 interest rates acquired debt 6. 45%. 7. 25%.
 20ac500 million senior notes 3.rhiag borrowings term financing rates.
 refinancing financial flexibility growth availability revolver.
 acquisition revolver funding.
 2016 $ 1. 02 billion.
 $ 227. 4 million cash $ 1. 25 billion liquidity decrease $ 178. 5 million.
 proceeds sale pgw's glass pay borrowings increase liquidity $ 310 million transaction.


jpmorgan chase. annual report results results three-year period december 31.
 business segment.
 ac counting estimates pages 135 2013139.
 31 2009 2008 2007.
 investment banking fees 7087 5526 6635
 principal transactions 9796
 lending deposit fees 7045
 asset management commissions 12540 13943
 securities gains
 mortgage fees 3678
 credit card income 7110
 noninterest revenue
 net interest income 51152
 $ 100434 67252 71372
 net revenue $. billion up $ 33. billion 49%.
 higher principal transactions revenue improved performance fixed income equity products net markdowns leveraged lending mortgage positions higher trading gains investment securities income.
washington mutual transaction interest income lending mortgage.
 higher investment banking fees contributed revenue growth.
 offset reduced fees commissions lower market levels proceeds visa shares 2008.
 investment banking fees increased higher equity debt underwriting fees.
 pages 63.
 principal transactions revenue trading private equity higher.
 trading revenue increased improved performance fixed income equity products gains leveraged lending mortgage positions $ 10. 6 billion gains corporate equity losses $ 1. 1 billion mortgage.
 increases offset loss $ 2. 3 billion tightening credit spread liabilities derivatives gains $ 2. billion.
 private equity investments slight net loss 2009 2008.
principal transac revenue ib corporate/private equity pages 63 201365 82 201383 pages 156.
 lending deposit fees rose washington mutual transaction growth.
 pages 66 201371 tss 77 201378 cb 75 201376.
 decline asset management administration commissions revenue lower asset management fees.
 lower administration fees depreciation lower securities lending balances lower brokerage commis sions ib lower transaction vol.
 tss pages 77 201378 am 79 201381.
 securities gains lower 2009 credit losses impairment lower gains sale mastercard shares $ 241 million 2009 $ 668 million 2008.
 offset gains repositioning corporate investment securities portfolio interest rate risk.
 pages 82 201383.
 mortgage fees income increased revenue offset lower production revenue.
increase mortgage revenue driven third-party loans washington mutual transaction.
 mortgage production revenue declined losses repurchase loans margins new originations.
 mortgage fees income pages 68 201371.
 credit card income washington transaction decreased


realty june 21 2002 purchased interest loan.
 loan extended one year modifications risk loss terrorism two 1-year renewal options.
 november 25 2003 $ 200000 4. 75%. unsecured notes due december 1 2010.
 interest payable semi-annually june 1st december 1st 2004.
 priced 99. 869%. yield 4. 772%.
 covenants 2002 maximum ratio secured debt assets 50%.
 net proceeds $ 198500 mortgage debt.
 july 3 2003 $ 600000 unsecured revolving credit facility replaced $ 1 billion.
 three-year term one-year extension option interest libor plus. 65%.
 seek $ 800000 commitments.
 covenants.
 net properties mortgages $ 4557065000 december 31  2003.
 principal repayments next five years.

 2004 296184
 2005 357171
 2006 551539
 2007 807784
 2008 378841
 1672866
.
 equity shares february 25 2002 sold 1398743 shares closing price $ 42. 96.
 net proceeds approximately $ 56453000.
 dividends $ 3. 25 per annum per share.
 dividends cumulative payable quarterly.
 convertible conversion rate 1. 38504 shares per adjustment.
 redeem $ 3. 25 shares conversion rate. 38504.
 redeemable cash.
 dividends annual rate 8. 5%. liquidation preference $ 2. 125 per share per annum.
 dividends cumulative payable quarterly.
 not convertible exchangeable property securities.
 march 17  2004 redeem series b shares redemption price $ 25.share dividends redemption.
 series b shares maturity.
 redemption.
 redeemed march 17 2004 $ 25. per share $ 85000000 dividends.
 redemption exceeds carrying $ 2100000 original issuance costs.
 financial statements. 4/8/04


entergy subsidiaries 2008 arkansas purchased ouachita plant 789 mw gas-fired plant 20 miles south arkansas state line sterlington louisiana $ 210 million cogentrix energy.
 received plant materials supplies real estate.
 ferc apsc approved acquisition.
 recovery costs sale one-third capacity entergy gulf states louisiana.
 purchase study costs benefits.
 results march 30 2009.
 2007 purchased 798 mw nuclear plant south haven michigan consumers energy $ 336 million.
 plant nuclear fuel inventories assets.
 liability decommission trust funds transferred.
 15-year agreement consumers energy 100% plant output.
 prices $ 43./mwh 2007 to $ 61./mwh 2022 average $ 51/mwh.
2007 nrc renewed palisades license until 2031.
 entergy non utility nuclear business spent fuel big rock point nuclear plant charlevoix.
 financial results 2007 nuclear business.
 table assets acquired liabilities assumed acquisition.
.
 727
 decommissioning trust funds 252
 assets 41
 acquired 1020
 power agreement 420
 decommissioning liability 220
 liabilities 44
 liabilities assumed 684
 assets acquired
 received $ 6 million consumers energy post-closing adjustment.
 $ 6 million reduction plant liabilities.
 below-market non-utility nuclear liability revenue.
 difference.
 $


fuel operations financial results affected by availability price jet fuel.
 2014 regional fuel consumption $ 1 per barrel increase crude oil 2014 annual fuel expense $ 104 million hedges $ 87 million hedges.
 table shows annual aircraft fuel consumption costs american regional carriers eagle 2011 2013.
 fuel requirements 2014 increase 4. billion gallons operations.
 gallons consumed average cost per gallon total cost operating expenses.
 2011.
 2012.
 2013.
 fuel expenses american eagle third-party regional carriers 31 2013 2012 2011 $ 1. billion $. billion $ 946 million.
 trade ship fuel maintain storage facilities flight operations.
entered hedging contracts call options collars spreads.
 heating oil jet fuel crude oil primary commodities hedge portfolio.
 price fuel hedging gains losses.
 part i item 1a.
 business on price availability aircraft fuel.
 high volatility increased prices disruptions results liquidity. january 2014 hedges 19% estimated aag 2014 fuel requirements.
 capped $ 2. 91 per gallon jet fuel.
 one percent hedged spreads $ 3. 18 per gallon jet.
 eighteen percent hedged collars price $ 2. 62 per gallon jet fuel.
 exclude taxes transportation costs.
 not entered fuel hedges since current policy.
 part ii item 7.
 financial.
.
 fuel prices fluctuated.
 predict future availability price volatility cost aircraft fuel.
disasters political disruptions wars oil fuel policy strength.
 dollar currencies petroleum pipelines terminals speculation energy futures aircraft fuel production capacity environmental concerns unpredictable events fuel supply shortages fuel price volatility cost increases.
.
 business on price availability aircraft fuel.
 high volatility increased fuel prices disruptions results liquidity. public liability passenger liability property damage all-risk coverage.
 coverage liability injury public property loss flight equipment.
 workers compensation employer liability limits deductibles standard.
 since september 11 2001 obtain coverage liability employees passengers terrorism war war risk coverage.
 purchased war risk coverage special program.
.
 expires september 30 2014


estimates synthetic crude oil reserves prepared petroleum consultants calgary.
 reports exhibits annual report form 10-k.
 team lead 34 years experience since 1986.
 member spe regional director 1998 2001.
 second team member 13 years since 2009.
 registered engineers alberta.
 third-party consultants estimates 80 percent reserves four-year.
 goal 2012.
 level 10 percent estimates accepted within estimates.
 re-examine additional data refine analysis.
 resolution process until estimates within 10 percent.
 differences plan resolve senior management informed.
 changes reserve estimates 2012 2011.
 no third-party audits 2010.
 sewell associates.
 certification december 31 2011 reserves alba field.
 report exhibit annual report form 10-k.
nsai team industry experience international oil gas companies.
 senior technical advisor bachelor geophysics 15 years experience estimation evaluation.
 second member bachelor chemical engineering master business administration 3 years experience estimation.
 licensed texas.
 ryder scott audits 2012 2011.
 reports annual report 10-k.
 team lead 20 years experience international oil gas company.
 bachelor mechanical engineering member spe reserves committee registered professional engineer texas.
 571 increase 176 2011.
 reserves.
 395
 revisions estimates
 improved recovery
 purchases 56
 extensions additions 201
 transfer -70
 end
 additions reserves 56 acquisitions ford shale.
 development drilling added 124 35 15 oklahoma basins.
 gas sharing agreement libyan government added 19 mmboe.
30 mmboe transferred reserves eagle ford 14 bakken shale.
 costs 2011 2010 $ 1995 million 1107 million $ 1463 million.
 27 mmboe booked.
 decline curve transient reservoir simulation volumetric analysis.
 continuity certainty criteria booking reserves.


environmental liability includes remediation restoration monitoring excludes recoveries third parties.
 cost estimates based on information financial viability technology laws regulations.
 accrued ultimate costs sites.
 ultimate liability remediation difficult determine parties cost sharing arrangements contamination volumetric data speculative remediation.
 estimates may vary changes laws.
 expect obligations operations financial condition.
 contingently liable for $ 464 million guarantees.
 recorded liability $ 6 million fair value obligations december 31 2006.
 entered guarantees include obligations headquarters building equipment financings operations.
 final guarantee expires 2022.
 default guarantees.
 expect financial condition results operations liquidity.
 indemnification arrangements range to.
uncertainty claims determine probability estimate liability exposure indemnification arrangements.
 believe payments indemnity provisions.
 income taxes 2013 irs examinations issued notices deficiency tax years 1995 2002.
 proposed adjustments disallowance tax deductions donations.
 quarter irs advice unresolved deductions.
 dispute donation issue adjustments contest tax deficiencies appeals process litigation.
 irs examining federal income tax returns 2003 2004 2007.
 expect resolution effect consolidated financial statements.
.
 income years december 31 millions 2006 2005 2004.
 rental income $ 83 $ 59 $
 net gain non-operating asset dispositions 72 135
 interest income 29
 sale receivables fees
 non-operating environmental costs
 $ 118 $ 145 $


.
 management financial sales $ 23. 4 billion 2009 $ 24. billion 2008 $ 21. billion 2007.
 earnings $ 663 million $ 1. 4 billion native fuel mixture credits $ 853 million businesses loss $ 1. 3 billion 2008 $ 1. billion goodwill impairment charge.
 earnings 2007 $ 1. 2 billion.
.
 record cash flow long-term debt $ 3. 1 billion cash balances $ 800 million.
 incurred. million tons downtime. tons shutdown production north american mill.
 higher operating rates lower fixed costs payroll costs 2010.
.
 packaging overhead reduction.
 first-quarter challenging.
 poor.
 competition recycled fiber costs.
.
 maintenance expenses higher 2009.
announced product price increases manufacturing businesses first-quarter results benefits second quarter.
 benefit capacity management cost reduction integration actions 2009.
 company positive results 2010 improved earnings 2009 businesses.
 focus cost management cash flow 2010.
 profits paper performance.
 costs operating efficiencies prices volumes.
 profits defined earnings before taxes equity earnings noncontrolling interests interest expense corporate special items.
 non-gaap financial measure not alternatives net income.
 paper operates six segments industrial consumer packaging distribution forest products spe businesses.
 table net earnings last three years.
 operating profits $ 2360 $ 1393
 corporate items net -181 -103 -206
 special items -334 -1949
 interest expense net -669 -492 -297
interests 5
 income tax provision -469 -162 -415
 equity earnings -49
 discontinued operations -13 -47
 earnings international paper company 1168
 earnings restructuring goodwill impairment charges gains transformation plan forestland sales losses.
 profits $ 2. 4 billion $ 967 million higher 2009.
 lower energy raw material costs distribution costs manufacturing costs 481 million earnings cbpr business 202 million items 35 million lower sales price realizations 444 million sales lack-of-order downtime 684 million


goldman sachs group.
 subsidiaries management 2017 $ 23 billion $ 20 billion long- term $ 3 billion liquidity products acquisition verus investors $ 5 billion equity outflows divestiture investment.
 average monthly assets asset class.
.
 alternative investments $ 171 $ 162 149
 equity 329 292
 fixed income 665 633 578
 long-term 1165 1087 983
 liquidity products 352 330 326
 $ 1517 $ 1417 $ 1309
.
 assets supervision increased net inflows liquidity products fixed income equity.
 offset depreciation assets equity global equity prices decreased.
 average assets long-term liquidity products unchanged 2017.
 asset prices net revenues investment management.
2017 investment management higher asset prices equity fixed income.
 long-term assets increased.
 offset outflows liquidity.
 assets shifted long-term.
.
 net revenues $ 7. 02 billion 13% 13 % higher 2017 higher incentive fees.
 standard.
 transaction revenues higher.
.
. assets increased $ 48 billion to $ 1. 54 trillion.
 long-term assets decreased $ 4 billion market depreciation $ 41 billion equity assets offset inflows $ 37 billion fixed income equity.
 liquidity products increased $ 52 billion.
 operating expenses $ 5. 27 billion 10% higher 2017 revenue recognition standard increased compensation benefits expenses.
 pre-tax earnings $ 1. 76 billion 24% 24 % higher 2017.
.
.
 net revenues.2017 7% higher 2016 management fees assets transaction revenues.
 assets increased 115 billion $ 1. 49 trillion.
 long-term assets increased 128 billion market appreciation $ 86 billion equity fixed income inflows $ 42 billion 5 fixed income.
 liquidity products decreased 13 billion 3 billion.
 operating expenses $ 4. 80 billion 3% higher 2016 compensation benefits expenses revenues.
 pre-tax earnings $ 1. 42 billion 25% higher.


transfers inventory income tax effects deferred until sold third party.
 cadence adopted new standard fiscal 2018 modified retrospective transition approach cumulative-effect adjustment retained earnings $ 8. 3 million.
 write-off income tax transfers new deferred tax assets.
.
 increased volatility future tax rates.
 stock-based compensation 2017 modification accounting changes share-based payment award modification.
 adopted standard 2018.
 impact financial statements.
 cumulative effect adjustments earnings new accounting standards.
 balance december 30 2017 $ 341003
 cumulative effect adjustment new accounting standards
 revenue contracts
 financial instruments financial assets liabilities
 income taxes intra-entity transfers assets other inventory
 balance december 30 2017
 net income
december 29 2018 $ 772709
 cumulative adjustment contracts net income tax $ 17. 5 million.
 new accounting standards february 2016 2016-02 recognition lease liabilities right-of-use assets balance leases 12 months.
 new standard first quarter fiscal 2019.
 modified retrospective approach leases.
 effective date earliest comparative period financial statements.
 adopted standard december 30 2018 fiscal 2019 effective date initial application.
 financial information disclosures first quarter 2019.
 cadence transition guidance standard conclusions lease identification.


management receivables quarterly adequacy allowances trends credit impairment.
 receivable impaired amounts.
 inability reserve recorded against receivable.
 allowances accounts maintained adjustments credit losses charged earnings uncollectable charged against allowances recovered charged-off accounts increase allowances.
 charge-offs include losses charged-off interest fees.
 recovered interest fees recorded.
 finance receivables assessed charge off 120 days past due charged-off within 60 days asset repossession.
 contract receivables equipment leases-off 150 days past due franchise finance van leases 180 days asset return.
 customer bankruptcies charged-off debt 180 days past due.
 snap-on trade accounts finance contract receivables credit risk diversified portfolio.
 note 3 information receivables allowances accounts.
accrued liabilities balance sheet 2012 2011 amounts millions.
 income taxes $ 19. $ 11.
 restructuring.
 warranty 18.
 deferred subscription revenue 24.
 property payroll tax 32. 30.
 selling promotion expense 26. 29.
 117. 132.
 accrued liabilities $ 247. $ 255.
 inventories snap-on values inventory cost adjusts excess obsolete unmarketable.
 records allowances excess obsolete inventory future demand market conditions.
 allowances raw materials age physical inspection.
 reviews product stock-keeping units product category life cycle.
 cost adjustments historical experience forecasted sales promotions technological obsolescence inventory age conditions.
 adjustments.
 adopted 201d inventory valuation method 1973.
.
.
inventories lifo purchased manufactured company.
 manufacturing facilities hand tools storage.
 snap-on businesses retained-out inventory valuation methodology predecessor adopt lifo new acquisitions.
 note 4 information inventories.
 snap-on


abiomed inc.
 subsidiaries financial statements 2014.
 commitments contingencies description company 2019s arrangements guarantor.
 indemnifies customers patent infringement products.
 indemnifications contracts limits.
 never incurred costs defend lawsuits settle patent infringement claims.
 enters agreements underwriters contractors clinical sites customers indemnification provisions.
 indemnifies holds harmless indemnified party losses.
 provisions survive termination.
 maximum future payments unlimited.
 incurred costs defend lawsuits settle claims.
 estimated fair value immaterial.
 no liabilities march 31 2012.
 clinical study agreements indemnify institutions losses personal injury subjects.
 indemnification provisions agreements include limits claims.
 never incurred material costs provisions.
company rents danvers massachusetts facility expires february 28 2016.
 monthly rent rent november 2008 june 2010 $ 40000 july 2010 february 2014 $ 64350 march 2014 february 2016 $ 66000.
 terminate early termination fee.
 lease european headquarters aachen germany.
 payments 36000.
 $ 50000 31 2012 per month lease expires december 2012.
 2008 33000 square foot manufacturing facility ireland.
 25 years july 18 2008.
 relocated production equipment aachen vacated 2011.
 march 2011 terminated paid termination fee $ 0. 8 million early.
 rent expense leases $ 1. 6 million $ 2. 7 million $ 2. 2 million fiscal years 2010.
 future minimum lease payments leases.
year operating leases
 2013 1473
 2014 964
 758
 lease payments $ 4218


corporation closed distribution facilities eliminated administrative functions 2004 initiatives.
 recorded $ 5. 4 million employee severance costs.
 2005 plans consolidate eliminate administrative functions outsource information technology activities.
 outsourcing end 2006.
 2005 recorded $ 13. 3 million employee severance lease cancellation costs 2005 initiatives $ 9. 4 million transition costs outsourcing.
 700 employees termination notices 2004 2005 initiatives 630 terminated.
 additional amounts integration initiatives plans.
 employees receive severance benefits 12 months others lump-sum payment.
 table accrued expenses 2003 to 2005 integration plan employee lease cancellation severance costs.
 balance september 30 2003 $ 4935 $ 81 $ 5016
 balance september 30 2004 2984 68 3052
expense recorded period 10580 12143 22723
 payments -8328 ( ) -5128 ( 5128 ) -13456 )
 balance september 30 2005 $ 5236 | $ 7083  $ 12319
.
 legal matters company involved lawsuits administrative proceedings governmental investigations antitrust environmental product liability regulatory.
 damages penalties sought require years.
 establishes reserves losses.
 no assurance adverse resolution period results.
 reserves resolution pending matters financial condition.
 stockholder derivative lawsuit nominal defendant action delaware law filed march 2004.
 court eastern district pennsylvania.
 defendants directors current former officers.
 breach of fiduciary duty abuse of control mismanagement.
 waste corporate assets unjust enrichment usurpation corporate opportunity.
derivative action sought compensatory damages company attorneys fees costs relief court.
 defendants believe without merit.
 may 2004 filed motion dismiss action procedural.
 february 2005 district court granted motion dismiss action.
 plaintiff company inspect books records.
 believes demand improper refused inspection.
 obtained file amended complaint 30 days filed complaint delaware chancery court inspection.
 november 30 2005 court denied request inspect.
 april 2005 company received subpoena requesting documents responses wholesalers alternate source market manufacturers.
 similar subpoenas issued other distributors.
 company not advised allegations misconduct.
 engaged discussions with nyag clarify scope subpoena provide background information.
 information documents.
 believes wrongdoing predict outcome.


pulp market demand.
 sales price improved 2007 higher prices softwood hardwood fluff pulp.
 earnings $ 104 mil $ 48 million 2006 $ 37 2005.
 offset costs energy chemicals freight.
 demand pulp strong increase.
 input costs freight increased spending mill maintenance outages.
 non-durable goods processed foods poultry meat agricultural products.
 raw material energy freight costs manufacturing effi product mix.
 net sales 2007 increased 6% 6 $ 5. 2 billion $ 4. 2006. 2005.
 profits 26% 26 % higher 2006 double 2005.
 improved price realizations 147 million sales volume increases offset higher raw material freight costs 18.
 gain $ 13 million 2006 sale property costs $ 52 million 2007 conversion paper machine lightweight.
segment 165000 tons downtime 2007 market 135000 2006.
 packaging.
 $ 5245 $ 4925
 profit $ 501
 american packaging sales 2007 $ 3. 9 billion. 2006. 2005.
 profits $ 407 million 327 2006 170 2005.
 containerboard shipments higher paper machine pensacola converted lightweight linerboard.
 sales price realizations higher price increases.
 margins improved export demand.
 performance strong mill maintenance outages higher.
 costs wood energy chemicals recycled fiber increased.
 results $ 52 million conversion pensacola paper machine.
.
 converting sales volumes lower demand.
 earnings improvement price increases.
 higher sales prices fiber raw material freight costs.
 sales volumes increase price increases.
 additional mill maintenance outages freight input costs rise wood.
.
 sales 2007 $ 1. billion. 2006 880 million 2005.
 volumes flat weakened.
 profits $ 88 million 69 2006 53 2005.
 margins improved.
 conversion costs improvement.
 first quarter 2008 sales volumes strong fruit vegetable season.
 profit margins lower.


expense company.
 31
 foreign currency losses net $ -1115 $
 income
 $ -1046
 tax tax expense $ 77. 2 million income before taxes $ 322. 5 million 31 2013 effective tax rate 23. 9%.
 2012 income tax expense $ 90. 1 million income before taxes $ 293. 5 million effective tax rate 30. 7%.
 2013 joint committee taxation exception tax returns 2009 2010.
 $ 11. million tax benefit recognized 2013 financial results uncertainty refund claims.
. research development credit expired 2011 tax year.
 2013.
 congress passed reinstated credit retroactive 2012.
 income tax 2013 $ 2. 3 million reinstated credit.
 decrease effective tax rate due uncertain tax position.
research development credit cash repatriation.
 tax rates 2013 2012 impacted lower tax rates foreign jurisdictions domestic manufacturing deduction tax benefits merger japan subsidiaries.
 2013 $ 245. 3 million $ 203. 5 million 2012.
 diluted earnings per share $ 2. 58 $ 2. 14.
 weighted average shares 95. 1 million. million.


2008 2007 2006
 average value options $ 18. 47 $ 33. 81 20.
 volatility. 3845. 3677. 3534
 dividend yield 3. 75%. 75 %. 76%. 76 %.
 life options years 6.
 risk-free interest rate 2% 2 % 4% 4 5% 5 %
 black-scholes option valuation model options transferable.
 subjective assumptions price volatility.
 models.
 market value grant.
 total fair value awards 2008 2007 2006 $ 35384 $ 17840 $ 9413.
 stock compensation expense $ 38872 $ 22164 $ 11913. values options december 27 2008 $ 8. 2 million $ 8. 2 million.
 exercised $. 6 million.
value difference company closing stock price last $ 19. 39 december 27 2008 exercise price multiplied options exercised.
 $ 141. 7 million unrecognized compensation cost unvested compensation awards.
 five years.
.
 2000000 shares common stock reserved.
 equal 85% fair market value purchase enrollment date.
.
 2008 2007 2006 362902 120230 124693 shares purchased price $ 8782  $ 5730 $ 3569 .
 december 27 2008 663679 shares available future issuance.
.
 earnings per share diluted income share


fair value borrowings credit agreement receivables facility level 2 determined inputs interest rates recent financing transactions.
 estimated value upfront cash payment december 31 2016.
 fair value notes level 1 determined market inputs active market.
 euro notes level 2.
.
 leases noncancelable office space warehouse distribution facilities trucks equipment.
 future minimum lease commitments december 31 2016 years.
 2017 200450
 2018
 2019
 2020
 2021
 payments $ 1184594
 rental expense leases $ 211. 5 million $ 168. 4 million $ 148. 5 million 2016 2015 2014.
 guarantee residual values truck equipment leases.
 original cost.
 value responsible shortfall.
 realizes more residual paid realized over residual value.
terminated operating leases december 31 2016 guaranteed residual value $ 59. 0 million.
 not recorded liability guaranteed residual value recovery approximate residual value.
 litigation subject environmental pollution control laws regulations.
 resolution affect financial position results cash flows.


2007 duke realty annual operations property finance installment cost recovery until accrual sales criteria met.
 estimated future costs sale gain sales.
 gains depreciated property operations proceeds sale investing activities.
 gains losses sale properties developed repositioned sell not rental gain on sale service operation properties.
 activities proceeds development sale operating activities.
 net income per common share computed average shares.
 diluted interest.
 table basic diluted net income per common share.
 2007 2006 2005
 basic net income $ 217692 $ 145095 $ 309183
 minority interest earnings 14399 14238 29649
 diluted net income $ 232091 $ 159333 338832
 average shares 139255 134883 141508
partnership units 9204 13186 13551
 dilutive shares stock compensation plans 1155 1324  818
 common shares dilutive equivalents 149614 149393 155877
 excludes stock options exchangeable senior notes 2006 anti-dilutive effect earnings per share.
 joint venture partner option convert ownership common shares.
 earnings share anti-dilutive years december 31 2007 2006 2005.
 real estate investment trust ).
 qualify meet organizational requirements distribute 90% adjusted taxable income stockholders.
 maintain reit status.
 tax deduction dividends.
 not subject federal income taxes distribute equal taxable income shareholders.
 subject federal taxes income not distributed.
 fail qualify subject federal taxes four subsequent years.


.
 december 2005 3m build lcd optical film manufacturing facility poland lcd-tv market.
 expects 2006 capital expenditures $ 1. 1 billion compared $ 943 million 2005.
 third quarter 3m acquisition cuno.
 acquired $ 1. 36 billion debt.
. $ 1. 27 billion cash $ 80 million debt repaid.
 two additional business combinations purchase price $ 27 million.
 consolidated financial statements.
 purchases 19 percent i&t innovation technology.
 purchase price $ 55 million 201cinvestments 201d.
 auction rate securities available-for-sale.
.
 not reclassified.
 proceeds 2003 $ 26 million sale 3m 2019s 50% ownership durel corporation rogers.
 additional purchases $ 5 million 2005 $ 10 million 2004 $ 16 million 2003.
 purchases include insurance equity investments.
 considering acquisitions investments alliances.
 financing 31.
 2005 2004 2003
 short-term debt 2014 $ -258 -215
 repayment -656 -868 -719
 proceeds
 change debt $ -485 -111 -440
 purchases treasury stock -2377 -685
 reissuances stock
 dividends
 distributions minority interests 2014 -76
 cash financing -3679
 debt december 31 2005 $ 2. 381 billion $ 2. 821 billion 2004 decrease retirement $ 400 million medium-term notes.
 no new long term debt issuances 2005.
 cash decrease short-term debt $ 258 million 90 days.
 repayment $ 656 million retirement $ 400 million.
 $ 429 million commercial paper issuances.
 19% capital 21% 21 % 2004.
 shelf registration medium-term notes program remarketable securities convertible note 8 financial statements.
-term program $ 1. 5 billion.
 issued $ 62 million.
 debt 2005.
 capacity $ 1. 438 billion.
 $ 350 million remarketable securities remarketed 2005.
 convertible notes value $ million december 31 2005.
 next put option november 2007-end 2005


risks related common stock stock price volatile.
.
 factors impact fluctuations 2019 operating results clinical trial results adverse events product development changes laws healthcare tax intellectual property laws changes reimbursement drug pricing litigation government proceedings investigation failure delays acquisitions strategic transactions perceptions expectations.
 trading price common stock biopharmaceutical companies experienced extreme price volume fluctuations unrelated to operating performance.
 anti-takeover provisions charter bylaws delaware law make third-party acquisition difficult frustrate management.
 charter discourage transactions change of control.
 special meetings called by chairman president secretary majority board request of stockholders 25% outstanding stock.
 authorized number of directors by resolution board.
 charter cumulative voting directors minority stockholder elect directors.
charter board of directors authority designate 5 shares preferred stock in series.
 rights holders common stock subject to affected by class series preferred stock future.
 delaware corporation anti-takeover provisions could make difficult for third party to acquire control.
 subject to section 203 delaware general laws prohibits 15% voting stock from merging or combining for three years after transaction unless merger approved.
.
.
.
.
 conduct primary operations at owned leased facilities.
 new haven connecticut corporate headquarters sales research development offices 514000 2030 dublin ireland global supply chain distribution administration offices.
 connecticut
 dublin
 commercial research development manufacturing
 lexington massachusetts
 bogart georgia
rhode island commercial research development manufacturing 67000
 zurich switzerland regional executive sales offices 69000
 administrative office space future.
 research development manufacturing activities.
 lease space.
 foreign countries global organization.


capital deployment program subject to market economic conditions legal requirements factors.
 obligate dividend payment dividends suspended.
 performance graph material with securities exchange commission incorporated future filings securities act 1933 exchange act.
 graph compares stockholder return common stock standard 2019s 500 stock index amex airline index 2013 2015.
 assumes $ 100 invested 2013 stock assumes reinvestment dividends.
 performance historical not indicative of future price performance.
 american airlines group. 103 219 175
 amex airline index
 s&p 500 114 113
 purchases equity securities since 2014 board approved share repurchase programs $ 7. 0 billion december 31 2015 $ 2. 4 billion unused


provide to governmental agencies entities under environmental regulations landfill operations for capping closure post-closure costs performance under collection landfill transfer station contracts.
 surety bonds letters of credit insurance policies trust deposits included in cash marketable securities assets consolidated balance sheets.
 determined by state environmental regulations.
.
 states require third-party engineering specialist determine costs.
 from obligation.
.
 contract performance varies by contract.
 provide assurance for insurance program collateral for performance obligations.
 increase in assurance requirements during 2015 change.
 issued not considered indebtedness.
 not reflected in consolidated balance sheets record capping closure post-closure liabilities insurance liabilities as incurred.
 underlying obligations recorded if fulfill.
.
no debt obligations operating leases financial assurances.
 transactions obligations not disclosed financial position results.
 guaranteed third-party debt.
.
 operating activities less purchases property equipment proceeds sales consolidated statements cash.
 table calculates free cash flow years 31 2014 2013 2012 millions dollars.
 operating activities $ 1529. 8 $ 1548. $ 1513.
 purchases property -862. 862. -880. 880 903.
 proceeds sales 35. 23. 28.
 free cash flow $ 703. $ 691. 3 $ 639.
 free cash flow investing activities condition.


maturities december 31 2006.
 2007 $ 2. 6
.
 2009 257.
 2010 240.
 2011 500.
 1247.
 long-term debt $ 2251.
 holders $ 400. notes repurchase. cash march 2008.
 mature 2023.
 2005 redeemed 7. 875% unsecured notes principal amount $ 250. cost $ 258. accrued interest prepayment penalty $ 1.
 proceeds sale 2005 $ 250. notes 2008.
 exchanged $ 250. $ 250. 2010.
 mature november 15 2010 interest three-month libor 200 points 125 less old.
 early participation payment $ 41. $ 1000 total payment $ 10. 3.
 eitf issue.
96-19 debtor modification exchange debt instruments transaction exchange present remaining cash flows different new instrument.
 new floating rate notes reflected balance sheet $ 10. 3 early participation payment amortized discount recorded interest expense.
 direct fees exchange $ 3. 5 interest expense.
 4. 25%. 25 %. 50 % convertible notes 2006 exchanged $ 400. 4. convertible notes 2023. $ 400.
 exchange extinguishment 4. 50%. issuance 4. 25%. % present remaining cash flows fair value conversion option different new instrument.
 4. notes reflected consolidated balance sheet fair value issuance $ 477. 0.
 non-cash charge fourth quarter 2006 $ 77. 0 difference new old debt.
 amortized through march 15 2012 holders repurchase 4. 25%.25 % notes interest expense future.
 recorded non-cash charge $ 3. 8 unamortized debt costs exchanged 4. 50%. notes.
. convertible common stock $ 12. 42 per share subject adjustment cash dividends.
 conversion rate adjustment stock splits combinations dividends cash dividends actions capital notes consolidated financial statements 2014 amounts millions share


entergy arkansas.
 subsidiaries income 2016 increased $ 92. million higher net revenue lower operation maintenance expenses higher income tax rate depreciation amortization expenses.
 decreased $ 47. million operation expenses revenue.
 fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 net revenue $ 1362.
 retail electric price.
.
 2016 net revenue $ 1520.
 retail electric price increase base rates.
 effective february 24 2016 first cycle april 2016.
 interim base rate adjustment surcharge incremental revenue requirement february 31.
 increase purchase power block 2 union power station.
 statements.
.


entergy arkansas.
 2004 increased $ 16. million lower expenses lower income tax rate lower interest charges.
 offset lower revenue.
 decreased $ 9. million lower revenue higher depreciation expenses higher income tax rate.
 offset by lower expenses higher income lower interest charges.
 operating revenues fuel power expenses regulatory credits.
 analysis change net revenue 2004 2003.
 2003 net revenue $ 998.
 deferred fuel cost revisions.
.
 2004 revenue $ 978.
.
 decreased revenue revised estimate fuel costs reduced net revenue $ 11. million.
 remainder 2002 energy cost recovery true-up increased net revenue.
 operating revenues fuel power expenses increased due increase $ 20.million fuel cost recovery revenues 2004 note 2 2022 $ 15. 5 million grand gulf revenues 2004 increase $ 13. 9 million wholesale revenue increased sales increase $ 9. 5 million increased unbilled sales milder weather 2004.


accounts receivable aging expo sures historical trends.
 lower cost market value determined fi rst-in-out fifo method.
 matches products manufacture through sale.
 net value inventory includes saleable promotional products raw materials work process.
 cost includes raw materials labor overhead.
 record inventory obsolescence reserve difference cost estimated realizable value sales projections.
 reserve calcu lated estimated obsolescence percentage trends.
 establish reserves future events.
 post-retirement benefit costs benefi ts domestic-based noncontributory pension plan.
 unfunded domestic pension plan.
 domestic contributory con tribution plan international pension plans deferred compensation arrange other post-retirement benefi t plans.
 future payouts subject assumptions variables.
 discount rate return future compensation levels.
evaluate assumptions actuarial advisors believe within accepted industry ranges increase net earnings.
 pre-retirement discount rate plan benefi cost based rated long-term bonds.
 used discount domestic plans 6. 25%. international plans.
 based bond portfolio long-term bonds aa rating major rating agency.
 timing cash match benefi payment streams domestic plans.
 used expected return on assets 7. 75%. )
 rates 3.%. 25%. international plans.
 long-term rate return consider historical rates strategies.
.
 asset alloca tion 2008 40% equity 42% debt securities 18% 18 % other ments.
 international plans 45% ( 45 % equity investments 38% 38 % debt securities 17% 17 % other.
 difference between actual expected return assets accumulated income.
gains/losses amortization future net benefi cost.
 2008 pension plans negative return $ 19. 3 million expected return $ 47. 0 million net deferred loss $ 66. 3 million $ 34 million amortiza 8 to 16 years.
 negative return related to performance equity markets past year.
 25 basis-point change discount rate 2008 pension expense 25 increase decrease.
 $ -2. $ 2.
 return assets $ -1.
 post-retirement plans health care impacted by cost trend rates.
 one-percentage-point change health care cost trend rates companies.


contents financial statements american airlines group.
 permitted $ 9. billion $ 6. 6 billion nol remaining december 31 2015 federal nols without annual limitation section 382.
 note 10.
 ownership change debtors 2019 bankruptcy limit nol carryforwards.
 certificate incorporation contains transfer restrictions stockholders.
 ownership change no assurance.
 certificate attached exhibit 3. report form 8-k december 9  2013.
 reorganization items revenues expenses gains losses provisions 11.
 table summarizes reorganization items consolidated statement operations year december 31 2013 millions.
 labor-related claim 1733
 aircraft facility financing renegotiations rejections 325
 fair value conversion discount
 professional fees
 total reorganization items $ 2655
employees contributions reorganization reductions pay benefits company employee group deemed claim equity reorganized entity.
 received cost savings reductions pay work rule changes.
 total value approximately $ 1. 7 billion.
 amounts include allowed estimated modification financings aircraft orders unsecured claims facility agreements special revenue bonds.
 debtors recorded claim rejection modification claim.
 debtors agreed allow post-petition unsecured claims on obligations.
 december 31 2013 company recorded reorganization charges claim amounts rejected special facility revenue bonds $ 180 million allowed unsecured claims 1990 1994 special facility revenue bonds improvements john f.
 kennedy international airport rejected bonds chicago o international airport.


descriptions fair value methodologies u.
 international pension plan assets cash equivalents approximate fair value short-term maturity.
 equity securities valued closing market price.
 exchange level 1 assets.
 equity mutual pooled funds valued net asset value level 1.
 units valued per unit nav holdings level 2 assets.
 corporate government bonds valued quoted market prices comparable securities yields ratings.
 funds valued nav shares year end underlying investments.
 securities level 3 estimated fair value.
 bids credit quality default risk discount rates capital market liquidity.
 insurance contracts level 3 assets contract value estimated fair value.
 underlying investment discount rates.
 contributions benefit payments contributions 2018 were $ 68. 3.
 from contractual regulatory requirements.
 benefit payments unfunded due timing retirements.
 contributing $ 45 to $ 65 pension plans 2019.
 contributions driven by contractual regulatory requirements timing retirements.
 projected payments future service.
.
 165. 52.
.
.
.
 167.
 2024-2028 900. 336
 estimated payments based future events.
 payments vary.


company monitors financial health lenders revolving credit long term debt facilities instability lenders.
 july 2011 acquisition assumed $ 38. 6 million nonrecourse loan mortgage acquired property.
 business combination carrying value loan approximates fair value.
 loan term ten years maturity march 1 2013.
 includes balloon payment $ 37. 3 million due at maturity not prepaid.
 nonrecourse remedies non-performance action against property reserves cash collateral fraud breaches.
 requires minimum cash flows financial results additional reserves required.
 requires approval for.
 interest rate 6. 73%.
 company incurred $ 0. 8 million deferred financing costs.
 december 31 2011 outstanding balance $ 38. 2 million.
 required set aside reserve cash collateral accounts.
december 31  2011 $ 2. million cash prepaid expenses current assets remaining $ 3. million long term assets.
 interest expense $ 3. 9 million $ 2. 3 million $ 2. 4 million 2011 2010 2009.
 deferred financing credit long term debt assumed loan.
.
 contingencies leases warehouse office facilities retail stores equipment non-cancelable leases.
 leases expire 2023 excluding extensions rental adjustments.
 lease agreements factory house stores contingent rent.
 future minimum lease payments non real property leases.
 $ rent $ 26. 7 million $ 21. 3 million $ 14. 1 million years 2011 2010 2009


.
 management financial paper pricing sales volumes lower operating costs.
 paper packaging prices increased costs four years.
 uncoated papers corrugated box coated paperboard european papers shipments revenues xpedx distribution.
 cost reduction.
 lower interest expense debt repayments.
 high raw material distribution costs lower real estate sales corporate expenses forestlands.
 higher sales volumes.
 paper price price increases brazil.
 input costs energy fiber chemicals mixed higher.
 joint ventures luiz anto nio paper mill.
 lower real estate sales earnings operations lower 2006 quarter.
 steps transformation plan.
 sales.
 brazilian papers. million acres.
 forestlands sale agreements kraft papers beverage pack aging arizona chemical wood products 2007.
 received $ 9. 7 billion proceeds divest itures.billion balance divestitures half 2007.
 strengthened balance sheet debt $ 6. billion returned value. million shares common stock $ 1. 4 billion.
 $ 1. billion contribution.
 pension fund.
 identified reinvestment opportunities $ 2. billion brazil russia.
 focused three-year $ 1. 2 billion target non-price profit improvements $ 330 million realized 2006.
 2007 progress objectives 2005.
 profits.
 costs efficiencies prices volumes.
 profits defined before taxes interest.
 non-gaap not alternatives income.
 operates six segments industrial packaging consumer distribution forest products specialty businesses.
 table net earnings loss last three years 2006 2005 2004.
 segment profits $ 2074 1622 1703
-746 -607 -477
 special items 2373 -134 -141
 interest expense -521 -595 -712
 minority interest -9
 income tax -1889 -114
 discontinued operations -232 -273
 net earnings $ 1050 $ 1100 -35
 items gains transformation sales goodwill charges restructuring losses insurance recoveries reversals reserves.


item 5.
 market common equity issuer purchases table presents quarterly high low share sale prices common stock new york stock exchange 2007 2006.
 march 31 $ 41. 31 $ 36.
 june 30 43. 84 37
 september 30 45.
 december 31 46. 53
 march 31 $ 32. 68 $ 26.
 june 30 35. 75 27.
 september 30 36. 92 29.
 december 31 38. 74 35.
 february 29 2008 closing price common stock $ 38. 44 per share.
 february 29 2008 395748826 outstanding shares 528 registered holders.
 never paid dividend common stock.
 retain future earnings fund development growth business.
. notes prohibit dividends financial covenants.
. dividends.
spectrasite subsidiaries unrestricted 7. 50%. 125%. notes subsidiaries restrictions cash loan agreement securitization.
 information restrictions revolving credit facility agreement see item 7 annual report 201cmanagement financial condition results operations 2014liquidity capital resources liquidity 201d note 3 consolidated financial statements.


valued monte carlo model.
 volatility based historical common stock three.
 term three years risk-free interest rate three-year.
 treasury rate.
 table average assumptions monte carlo simulation grant date fair values years december 31.
 volatility 17. 23%. 23 %. 40%. 40 %. 90%. 90 %
 risk-free interest rate 2. 36%. 36 %. 53%. 53 %. 91%. 91 %
 expected life 3.
 fair value per share $ 73. $ 72. $ 77
 grant date fair value amortized expense period graded-vesting method.
 dividends paid credits liability.
 pays sum cash payment dividend equivalents.
 $ 1 million deficit equity years december 31 2017 2016.
stock purchase plan maintains nonqualified stock plan payroll deductions common stock discount.
 5 2019 purchase price 90% fair market three -month purchase period.
 27 2018 amended february 5 2019 acquire 85% 85 % fair market value end.
 december 31 2018 1. 9 million shares reserved espp.
 compensatory.
 2017 2016 issued 95 thousand 93 shares.


management jpmorgan chase co. annual report derivative contracts firm uses market-making activities.
 interest rates currencies markets.
 credit market risk.
 settlement mechanism affect credit risk.
 credit risk.
 exchange- traded derivatives futures options credit risk.
 credit risk legally enforceable netting arrangements collateral agreements.
 contracts note 5.
 table summarizes net derivative receivables.
.
 millions 2017 2016
 interest rate $ 24673 $ 28302
 credit derivatives
 foreign exchange
 equity
 commodity 6948
 cash collateral 56523 64078
 liquid securities derivative receivables
 collateral $ 40415 $ 41373
 collateral derivative instruments legal opinion not sought obtained.
receivables balance sheets were $ 56. 5 billion $ 64. 1 billion at december 31 2017 2016.
 decreased market-making activities reduced foreign exchange interest rate increased equity.
 receivables represent fair value contracts master netting agreements cash collateral firm.
 credit risk additional liquid securities.
 government agency securities government bonds cash collateral $ 16. 1 billion $ 22. 7 billion at december 31 2017 2016 when fair value firm.
 firm holds additional collateral cash government securities government securities corporate debt equity securities delivered clients non-daily call frequency settled.
 reduce balances available as security against potential exposure fair value.
 fair value include credit enhancements.
 see note 5.
net fair value derivative receivables capture future variability.
 firm calculates three measures derivatives credit loss peak derivative risk equivalent average exposure.
 incorporate netting collateral benefits.
 peak conservative exposure counterparty equivalent 97. 5%. confidence level.
 credit limits reporting exposure management.
 dre exposure risk derivative.
 less extreme derivative.
 avg expected fair value derivative receivables future collateral.
 primary metric pricing credit risk capital cva.
 three year avg exposure $ 29. billion $ 31. 1 billion at december 2017 2016 compared receivables net collateral $ 40. 4 billion $ 41. 4 billion 2016.
 fair value derivative receivables incorporates cva credit quality.
 avg counterparty credit spread.
 active risk management essential credit risk.
firm 2019s risk management


.
 management financial condition results operations 2013 highmount revenues profitability future growth depend natural gas ngl prices production.
 price volatility.
 weather political economic events competition supply demand gas pricing.
 natural gas prices decreased increased onshore production working gas storage reduced commercial demand.
 increase production increased production sources shale horizontal drilling.
 factors lower industrial demand economic downturn low crude oil prices.
 2009 highmount contracts five drilling rigs permian basin property sonora texas.
 estimated fee $ 23 million.
 highmount reduce 2009 production volumes decreased drilling activity.
 price gas production affected by hedging activities differences market prices.
 increase natural gas production returns capital investment program.
 affected commodity prices capital operating costs.
highmount 2019s operating income revenues less expenses affected by revenue production expenses taxes depreciation depletion amortization expenses.
 expenses represent wells equipment.
 labor repairs maintenance materials supplies fuel.
 2008 labor costs increased to higher salary levels.
 implemented retention programs compensation.
 production expenses affected by fuel materials supplies.
 higher cost environment continued.
 price natural gas declined operating expenses high.
 low commodity prices high expenses until december 2008 expenses costs.
 production ad valorem taxes increase when gas affected by production property values.
 calculates depletion using units-of-production method production.
 depletion expense affected by capital spending future development costs reserve changes drilling programs performance commodity prices.
 production sales statistics related operations.
december 31 2008 2007
 gas production 78. 9 34.
 72. 31.
 oil 351. 114.
 3507. 1512.
 102. 43.
 95. 41.
 prices hedging
 gas mcf $ 8. 25 5. 95
 51. 26.
 95. 83. 37
 mcfe 8. 48


consolidated financial statements union pacific corporation subsidiary companies references 201ccorporation subsidiaries railroad company.
.
 class i railroad.
 network 31974 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26012 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.
 net financial results segment.
 freight revenue commodity group 2014 2013 2012.
 agricultural products
 automotive
 chemicals
 coal
industrial products 4400 3822 3494
 intermodal 4489 4030 3955
 freight revenues $ 22560 $ 20684 $ 19686
 revenues 1428 1279
 operatingrevenues $ 23988 $ 21963 20926
 customers. outside.
 commodity mexico.
 $ 2. 3 billion 2014 $. 1 billion 2013 $ 1. 9 billion 2012.
 consolidated financial statements accounting principles.
.
.
 union pacific corporation subsidiaries.
 affiliated companies 50% equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation.
 cash equivalents maturities three months less.
 receivable reduced allowance doubtful accounts.
 historical losses credit worthiness economic conditions.
 other assets.


tower corporation subsidiaries financial statements 2014 reporting units transitional impairment testing verestar single segment unit december 2002.
 impairment charge $ 189. 3 million.
 fair value third party appraisal.
 network development services units kline specialty constructors galaxy mts components flash technologies.
 value cash flows market information.
 impairment charge $ 387. 8 million december 31 2002.
 full impairment except kline partial impairment.
 assets sold december 31 2003 except kline tower construction services unit sold march november 2004.
 rental management third party appraisal not impaired.
 intangible assets amortization 31.
 acquired customer base network intangibles $ 1369607 $ 1299521
 deferred financing costs
licenses intangibles 43404
 1502747 1454130
 amortization -517444 -434381
 intangible assets 985303 1019749
 amortizes assets three fifteen years.
 2004 2003 $ 97. 8 million $ 94. 6 million excluding deferred financing costs.
 expects $ 97. 8 million $ 95. 9 million $ 92. $ 90. 5 million $ 88. 8 million 2005 2006 2007 2008 2009.
.
 loaned tv azteca.
.
 $ 119. 8 million.
. discounted interest rate.
 amended 2003 interest rate. 11%.
 december 31 $ 119. 8 million undiscounted $ 108. 2 million discounted long-term assets.
 seventy years prepaid


marathon oil corporation financial statements obligation lease equipment united states steel clairton cokemaking facility pennsylvania.
 primary obligor.
 responsibility obligations.
 amortizing financing maturity 2012.
 senior secured oil.
.
 guarantee principal interest.
 obligations december 31 2009 $ 36 million construction capital lease completion.
 reflect future minimum lease obligations $ 164 million.
 long-term debt 2010 - 2014 $ 102 million 246 million 1492 287 802 million.
 united steel 17 million 2010 161 million 2011 19 million 2012 11 2014.
 change control debt obligations $ 662 million december 31 2009 due payable.
 note 16 interest rate swaps.
.
 retirement obligations.
 january 1 $ 1134
 liabilities acquisitions
settled -65
 expense depreciation depletion amortization 66
 revisions estimates 24
 sale
 retirement obligations december 31 1102 965
 obligations $ 3 2 million short-term december 31 2009 2008.


company had capital loss carryforwards federal tax $ 3844 $ 4357 at december 31 2013 2012.
 recognized full valuation allowance.
 files tax returns states federal.
 subject.
. tax examinations 2007.
 examinations progress adjustments.
 patient protection affordable care act 23 2010 health care education reconciliation act march 30 2010.
 changes tax treatment federal subsidies retiree health benefit plans.
 payments taxable after december 31 2012 recorded reduction deferred tax assets increase regulatory assets $ 6241 $ 6432 at december 31 2013 2012.
 changes gross liability for unrecognized tax benefits.
 balance january 1 2012 $ 158578
 increases tax positions
 decreases
 december 31 2012 180993
 increases tax positions
tax positions -30275
 balance december 31 2013 $ 177947
 company adopted tax guidance reclassified 2012 $ 74360 unrecognized tax benefit deferred taxes.
 balance include interest penalties $ 242 $ 260 december 2013 2012 income tax expense.
 increased tax position temporary differences.
 change tax accounting 2008 utility.
 changes unrecognized tax benefits.
 positions 2013 2012 unrecognized tax benefit $ 7439 $ 7532 tax rate.


tower corporation subsidiaries financial statements 2014 debt repurchases 2004 repurchased $ 309. 7 million. 25%. notes $ 179. 4 million $ 14. 7 million $ 230. 9 million cash $ 112. 1 million $ 118. 9 million cash $ 73. 7 million. $ 73. 3 million cash.
 recorded $ 66. 4 million write-off deferred financing fees.
 loss retirement long-term obligations statement 2004.
. 25%. convertible notes repurchases repurchased $ 215. million $ 269. 8 million. notes 8415984 shares common stock $ 166. 4 million cash $ 84. 2 million $ 104. 9 million. repurchased cash tender 2003.
 6440636 shares common stock conversion.
company repurchases limited note holders.
 recorded charges $ 41. million 2003 fair market value shares stock issued cash paid debt retired.
 charges included loss retirement long-term obligations consolidated statement.
 capital lease obligations $ 60. million $ 58. 7 million 2004 2003.
 obligations interest rates 7. 9%. to 12. mature less one year to seventy years.
 maturities principal payments long-term debt next five years estimated.
 2005 138386
 2006
 2007 332241
 2008
 2009
 2206476
 cash obligations 3486855
 original issue discount. 25%. notes
 related warrants
 discount premium 3. 7. 125%.
 balance as december 31 2004 $ 3293614
.0 % notes require company repurchase maturity 2010 pay purchase shares common stock subject conditions.
 obligations put. 0%. % notes included mature rights exercisable 2007.


goldman sachs group.
 subsidiaries financial statements lending commitments fixed termination dates contractual conditions.
 net amounts syndicated third parties.
 reflect future cash flows.
 commitments expire unused request.
 table lending commitments.
 december 2018 2017
 investment $ 120997 $ 124504
 sale 8602
 fair value 7983
 $ 137582 $ 143746
 investment accounted accrual basis.
 note 9.
 sale lower cost fair value.
 gains losses fair value recorded net fees.
 commitments investing lending.
.
 investment-grade corporate borrowers.
 $ 93. 99 billion 2018 $ 85. 98 billion 2017 relationship lending $ 27. 92 billion $ 42. 41 billion investment banking contingent acquisition financing short-term.
firm extends lending commitments corporate lending commercial real estate financing.
 note 9.
 sumitomo mitsui financial group.
 provides credit loss protection loan commitments-grade.
 $ 15. 52 billion 2018 $ 25. 70 billion december 2017.
 loss protection limited 95% first loss $ 950 million.
 protection 70% additional losses maximum $ 1. 0 billion $ 550 million protection 2018 2017.
 uses financial instruments mitigate credit risks.
 credit default swaps market index.
 warehouse financing.
 financing clients assets.
 secured consumer corporate loans.
 collateralized agreements resale securities borrowing repurchase secured lending agreements three business days.
 contingent financing resale agreements.
 funding depends contractual conditions expire unused.
firm commitments banks collateral margin deposit requirements.
 investment commitments private equity real estate funds.
 commitments $ 2. 42 billion 2018 $ 2. 09 billion 2017.
 funded at market value.
 goldman sachs 2018 form 10-k


asset purchases retail segment $ 294 million 2007 total purchases $ 1. 0 billion.
 7900 employees operating lease commitments $ 1. 1 billion.
 costs retail stores.
 affect financial operating results.
 asia pacific filemaker net sales $ 406 million 30% ( 30 % ) 2007 2006.
 58% ( increase mac portable ipod sales asia pacific region.
 net sales other segments increased 35% ( 35 % 2005 ipod mac.
 updated ipods intel-based mac portable products 16% ( 16 % ) increase mac unit sales 2006 2005.
 gross margin last three fiscal years.
 net sales $ 24006 $ 19315 13931
 cost sales
 gross margin $ 8154
 percentage 34. 0%. 29.
. 2007 increased from. 2006.
drivers increase were favorable costs commodity components higher revenue leverage production costs higher direct sales channels.
 anticipates gross margin personal computer consumer electronics mobile communication industries price competition.
 expects gross margin decline first quarter 2008 product transitions reduced pricing lower sales ilife iwork higher component costs indirect sales.
 offset by higher sales mac os x operating system version 10. leopard.
-looking.
 no assurance current margin targeted levels.
 gross margins under downward pressure global pricing pressures increased competition compressed product life cycles cost raw material manufacturing services shift sales towards lower gross margins.
 expects pricing actions.
 gross margins affected product quality warranty costs


natural gas production lower 48 states.
 sold bid-week prices.
 prices stable decline began 2011 continued 2012 february $ 2. 68 per mmbtu.
.
 impairment charge may necessary.
 major gas-producing regions eg.
 gas prices higher.
 sales subject term contracts prices less volatile.
 fixed natural gas prices not track market price movements.
 oil sands mining revenues correlate market prices crude oil.
 two-thirds output mix track one-third canadian heavy sour crude oil.
 impacted operational problems outages.
 operating cost structure fixed costs downtime.
 per-unit costs sensitive production rates.
 variable costs natural gas diesel fuel commodity markets.
 declined.
 natural gas prices operating costs.
 table benchmark prices revenues variable costs.

 crude oil bbl $ 95. $ 79. 61 62.
 western canadian select 77. 97 65. 31.
 aeco natural gas sales index mmbtu $ 3. 68. 89.
 crude oil bbl $ 95. 79. canadian. natural gas sales index $ 3. 68. 89. 49 monthly pricing differentials.
.
 production marketing products natural gas lng methanol.
 lng trade 2011 241 mmt.
.
 prices.
.
 tied henry hub prices.
 indexed crude oil prices.
 60 percent ownership lng production facility equatorial guinea long-term henry.
 sales 4. 3. 7 mmt 3. 9 mmt 2011 2010 2009.
 45 percent interest methanol plant equatorial guinea.
sales methanol 1039657 850605 960374 tonnes 2011.
 ampco earnings.
 supply-demand prices.
 world demand 55. 4 mmt.
 plant capacity. mmt 2 percent demand.
 spin-off june 30 acquired position eagle ford shale south texas added reserves e&p 307 mmboe 212 percent reserve replacement ratio


citigroup elected fair value option fixed adjustable-rate loans.
 hedged derivative instruments.
 accounting mismatches hedge.
 december 31 2009 2008
 amount consolidated balance sheet $ 3338 $ 4273
 unpaid principalbalance
 non-accrual loans 90 days past due
 unpaid principal balance
 changes fair values statement.
 changes fair value december 31 2009 2008 credit risk $ 10 million loss $ 32 million loss.
 interest income measured contractual interest rates.
 accounts fair value.
 determined option-adjusted spread valuation approach.
 cash flows-rate scenarios discounting risk-adjusted rates.
 prepayment speeds discount rates.
 affected mortgage interest rates.
 hedges values interest-rate derivative contracts forward-purchase commitments mortgage-backed securities securities.
note 23 consolidated financial statements accounting reporting msrs.
 totaled $ 6. 5 billion $ 5. 7 billion december 31 2009 2008 classified mortgage servicing rights citigroup balance sheet.
 changes fair value recorded commissions fees income.
 elected fair value option interest rates inflation currency risks.
 trading-related positions.
 classified debt deposits derivatives.
 long-term debt value unpaid principal balance exceeded fair value $ 125 million $ 671 million december 31 2009 2008.
 change fair value reported principal transactions.
 interest expense measured contractual interest rates.
 fair value option fixed floating interest rates.
 interest-rate risk hedged derivative contracts assets.
 accounting mismatches operational simplifications.
positions short long-term debt balance.
 fair value option unpaid principal balance exceeded fair value $ 220 million december 31 2008.
 exceeded fair value $ 1542 million $ 856 million december 2009 2008.
 change fair value transactions.
 interest expense measured contractual interest rates.
 accounting.
 fair value option not elected loans held-investment hedged.
 table mortgage loans fair value


discounted cash flow model fair value units believes fair value.
 significant assumptions estimates sales growth production costs capital spending discount rate.
 assumptions vary units.
 forecasts based plans historical relationships.
 wacc rate estimated valuation experts.
 arconic impairment charge carrying unit fair value without total goodwill.
 interim impairment evaluation operations decline financial performance interim impairment evaluation goodwill aen unit.
 estimated fair value carrying value no impairment goodwill.
 impairment tests 2017 2016 not impaired units except arconic forgings extrusions estimated fair value lower carrying value.
 recorded impairment goodwill afe $ 719.
 decrease due unfavorable performance margins higher discount rate risk-free rate return carrying value increased.
.
indefinite lives not amortized finite amortized periods.
 table details average lives software assets reporting segment.
 engineered products solutions
 rolled products
 transportation construction solutions
.
 contracts purchase orders standard terms conditions multi-year agreements.
 manufacture single performance obligations satisfied transfer control.
 produces fastening systems seamless rolled rings investment castings airfoils jet engine components aircraft parts aluminum sheet plate aluminum structural systems architectural extrusions vehicle wheels.
 transfer control assessed alternative use right payment.
 transfer revenue recognition upon shipment delivery title ownership risk customer shipping terms.
 vary product country origin.
 invoice issued at shipment.
 net 30-day terms.
 business units commercial terms.
 influenced by industry market conditions product line.
arconic receives payments for.
 recorded as deferred revenue until product delivered title risk passed customer.
 deferred revenue included in credits balance sheet.
.
 expenditures operations expensed capitalized.
 expenditures expensed.
 liabilities recorded when remediation costs probable estimated.
 site investigations consultant fees feasibility studies contractors monitoring expenses.
 estimates not discounted by claims recovery.
 recognized when probable.
 include costs responsible parties.
 liability reviewed adjusted remediation progress estimates technology.
.
 liabilities recorded unfavorable outcome


contractual obligations commercial commitments future payments garmin december 30 2006 aggregated type obligation.
 less than 1 year 1-3 years 3-5 years 5 years
 operating leases $ 31145 $ 3357 $ 6271 $ 6040 $ 15477
 purchase obligations $ 265409
 $ 296554 $ 268766 $ 6271 6040 15477
 leases obligations garmin facilities. taiwan. canada.
 purchase obligations orders outstanding december 30 2006 paid off 3 months manufacturing business.
.
.
 market risk pricing products services purchase raw materials.
 influenced semiconductor market conditions.
 pricing declines improved product mix price reductions raw materials.
 effect business financial condition results.
.
inability affect business financial condition results.
 foreign currency exchange rate risk garmin subsidiaries currency exchange.
 affected fluctuations taiwan dollar british pound stable.
 periodically experienced currency gains losses.
.
 volatile fluctuations.
 exposure taiwan dollar british pound.
 garmin corporation uses local currency.
 translates assets liabilities.
 minimize fluctuations taiwan subsidiary cash investments securities.
 dollars.
 td/usd exchange rate decreased. 2006 translation adjustment negative $ 1. 2 million net foreign currency loss $ 3. 1 million.


performance graph five-year return common shares standard poor 500 index real estate investment trusts equity index.
 $ 100 invested 2005 common shares s&p 500 index nareit equity index dividends reinvested commissions.
 no assurance performance trends.
 2006 2007 2008 2009
 vornado realty trust 151 113  81
 s&p 500 index 122 77 97
 nareit all equity index 114 71


analysis financial condition results operations 2014liquidity capital resources factors. sales unregistered securities december 31 2005 issued 4670335 shares common stock conversion $ 57. 1 million 3. 25%. notes.
 holders. received 81. 808 shares $ 1000 converted.
 exemption registration section 3 9 securities act 1933.
 no underwriters engaged.
 paid holders $ 4. 9 million accrued unpaid interest future interest payments.
 issued shares conversions additional 3. 25%. notes item 9b report. december 31 2005 issued 398412 shares common stock 55729 warrants merger spectrasite.
. assumed 1. million warrants purchase shares.
.
.
 converted warrant. shares $ 32 per warrant.
 net proceeds $ 1. 8 million.
shares common stock issued warrantholders exemption registration section 3 ( 9 securities act 1933.
 no underwriters engaged.
 december 31 2005 issued shares additional warrants item 9b annual report. november 2005 board approved stock repurchase program repurchase $ 750. 0 million common stock through december 2006.
 fourth quarter 2005 repurchased 2836519 shares aggregate $ 76. 6 million total number shares purchased average price paid per share plans dollar value.
 average price dollar value
 11/17/05 2013 11/30/05 874306 $ 26. 25 $ 727.
 12/1/05 2013 12/31/05 1962213 $. $ 673. 4
 fourth quarter 2836519 $.
issuer repurchases stock repurchase program november 2005.
 intend repurchase $ 750. million common stock november 2005 december 2006.
 management authorized purchase shares open market prevailing prices securities laws requirements subject market conditions.
 trading plan rule 10b5-1 securities exchange act 1934 trading trading.
.
 december 31 2005.
 january 1 2006 march 9 2006 repurchased 3. 9 million shares $ 117. 4 million.