square footage
 alpharetta georgia 260000
 jersey city
 arlington virginia
 sandy utah
 menlo park california
 new york
 facilities leased december 31 2014 165000 square feet office alpharetta georgia.
 sale-leaseback transaction 2014.
 note 9 2014property equipment.
.
 facilities trading investing balance management.
 leased facilities less 25000 square feet not.
 lease 30 e*trade branches 2500 to 8000 square feet.
 adequate 2015.
.
 october 27 2000 ajaxo.
 complaint california.
 damages non relief breach non-disclosure agreement misappropriation trade secrets.
 judgment 2003 $ 1 million breach non-disclosure agreement.
 denied requests damages.
december 21 2005 california court appeal affirmed award breach nondisclosure agreement remanded case determining additional damages ajaxo misappropriation trade secrets.
 paid full case remanded trial court may 30  2008 jury denying claims demands damages.
 september 2008 ajaxo filed motions new trial.
 denied.
 december 2 2008 filed appeal.
 august 30 2010 court appeal affirmed verdict reversed case.
 company petitioned supreme court review.
 december 16 2010 court denied remanded proceedings trial.
 trial concluded june 12  2012.
 may 28 2014 second phase additional royalties.
 concluded january 8 2015 final closing statements march 16  2015.
 company.
 may 16  2011.holder patents servers filed complaint.
 eastern texas against e*trade bank firms.
 plaintiff contends patent infringement.
 seeks damages injunction future infringements royalties costs interest attorneys fees.
 2011-defendants motion transfer case southern district new york.
 venue discovery 2011.
 2012 new judge assigned.
 march 28 2012 change venue granted transferred southern.
 company filed counterclaim june 13 2012 dismiss counterclaim.
 motion summary judgment.
 venue.
 panel denied transfer.
 2013 court denied motion summary judgment dismiss counterclaims.
 order october 22 2013 2014 adopted claims.
 march granted amend patent stayed litigation until business method review patent trademark appeals board.
defendants petitions


table summarizes changes unrealized tax benefits 2009 2011.
 balance november 1 2008 $ 13750
 additions tax positions 2009 4411
 balance october 31 2009 18161
 286
 october 30 $ 18447
 9265
 reductions
 settlements -370
 balance october 29 2011 $ 9665
 years 2004 2005.
 issued report 2004 2005 four proposed adjustments.
 unresolved matters one-time issues section 965 revenue tax treatment dividends foreign act.
 research development tax credit profits manufacturing outside.
 recorded tax liability proposed r&d tax credit adjustment.
 potential tax liability $ 46 million.
 tax liability.
 tax liability.
 quarter 2011 settlement three four items.
unresolved matter one-time issue section 965 internal revenue code tax treatment dividends foreign companies american jobs creation act.
 company petition tax court.
 potential liability adjustment $ 36. 5 million.
 company additional tax liability.
 recorded additional tax liability.
 years 2006 2007.
 agreed issues agreement.
 no agreement reached tax treatment r&d tax credit foreign manufacturing issues 2004 2005 pricing intercompany sales deductibility stock option compensation expenses.
 recorded proposed r&d tax credit adjustment.
 potential tax liability $ 195 million.
 additional tax liability.
 additional tax liability appealed adjustments processes.
 2011 reached agreement three four protested items two same issues 2004 2005.
 transfer pricing only item under protest fiscal devices.
 consolidated financial statements 2014


acquisition grupo financiero 2007 citigroup largest credit card issuer central america affiliates $ 2. 2 billion assets.
 results global cards latin america consumer banking march 2007.
 acquisition subsidiaries $ 1. 51 billion $ 755 million cash 14. 2 million shares common stock ubc internacional.
.
 results may 2007 america consumer banking.
 overseas chinese $ 427 million.
 asia consumer banking global cards securities december 2007.
 acquisition quilter.
 wealth advisory firm.
 march.
 sale.
 acquisition banking.
 online financial services provider prudential plc $ 1. 39 billion.
 global cards consumer banking may 1 2007.
 purchase 20% equity interest akbank second-largest privately owned bank turkey $ 3.billion.
 investment equity.
 sabanci holding 34% % owner akbank shares subsidiaries granted citigroup right first refusal sale shares.
 citigroup increase ownership akbank.
 mastercard 2007 recorded $ million after-tax gain $ 581 million pretax sale 4. 9 million mastercard b shares citigroup public offering 2006.
 gain businesses millions pretax-tax.
 2007
 global cards $ 466 $
 consumer banking
 $ 581 $
 citigroup. shareholder. sold. million redecard shares public offering.
 citigroup retained 23. 9%. ownership redecard.
 after-tax gain $ 469 million $ 729 million pretax citigroup 2007 financial results global cards business.
 visa restructuring visa usa international canada merged visa inc.
.
 citigroup recorded $ 534 million gain international shares consumer banking.
 carried balance sheet new cost.
 $ 306 million charge visa north america consumer banking.


27 2008 29 2007 30 2006.
 next five years amortization expense $ 22859 $ 22285 $ 20408 $ 10465 $ 3965 .
 marketable securities management determines classification reevaluates.
 securities available-for-sale december 27 2008.
.
 fair value unrealized gains losses net tax.
 27 2008 29 2007 gains losses $ 22345 $ 46445 .
 amortized cost debt securities adjusted for amortization premiums discounts maturity.
 amortization interest income.
 gains losses declines value.
 cost securities sold based identification method.
 accounts liability method.
.
 deferred tax assets liabilities recorded difference tax bases tax rates laws.
taxes $ 153170 $ 149071 december 27 2008 29 2007 not accrued unremitted earnings subsidiaries.
 adopted fasb interpretation.
 48 uncertainty income taxes 2006 2007.
 recognized increase liability unrecognized tax benefits.
 total unrecognized tax benefits december 27 2008 $ 214. 4 million including interest $ 11. 1 million.
 reconciliation unrecognized tax benefits 27 2008 29 2007.
 balance beginning year $ 126. 6 $ 70. 5
 additions tax positions prior.
 reductions.
.
 reductions
.
 expiration statute limitations.
 balance december 27 2008 $ 214. 4 $ 126.
 2008 balance $ 214. 4 million unrecognized tax benefits if recognized reduce effective tax rate.
unrecognized tax benefits due deductibility.
 fin 48 requires non-current liabilities except one year balance sheet.


hologic.
 financial statements purchase price $ 248000 2300 shares hologic common stock $ 106500 cash $ 139000 $ 2600 acquisition fees expenses.
 determined fair value shares eitf issue.
 99-12 market price securities.
.
 assets july 27 2006 $ 12000
 research development 4900
 technology how 46000
 customer relationship 17900
 trade name 5800
 deferred income taxes
 goodwill 182800
 estimated purchase price $ 248100
 acquisition two-year earn out.
 payable two annual cash installments revenue growth 2019.
 eitf issue.
 95-8 contingent consideration shareholders additional purchase price.
 goodwill increased.
 intangible assets identified valued.
 customer lists trademarks developed technology values.
.
 trademarks product names.
technology marketable products products.
 estimated $ 4900 price research development projects suros 2019 disposable products.
 projects stages completion include next generation handpiece site marker technologies.
 fiscal 2007.
 deferred income tax liability acquired assets fair value adjustments inventory not deductible offset net operating loss.
 goodwill excess purchase price over assets.
 acquisition aeg  r2 suros goodwill synergies strength workforce.
 consolidated results suros acquisitions fiscal 2006 2005


2017 form 10-k 115 $ 1088 million loans dealers spc liabilities $ 1106 million $ 1087 million commercial paper.
 assets spc not available cat financial creditors.
 perform guarantee losses.
 no loss loan agreement.
 financial agreements customers dealers financing.
 lines credit portion unused.
 commitments fixed expiration dates.
 not all commitments lines.
 credit policies.
 collateral extended collateral.
 unused commitments lines credit december 31 2017 2016 $ 10993 million $ 12775 million.
 unused commitments lines credit customers december 31 2017 2016 $ 3092 million $ 3340 million.
 product warranty liability historical claim rate experience field population dealer inventory.
 based warranty experience machine model size customer dealer location.
 rates updated monthly.
liability january 1 $ 1258 $ 1354
 reduction liability payments -860 -909 ( 909
 increase liability new warranties 1021 813
 december 31 $ 1419 $ 1258
.
 environmental legal matters regulated federal state international environmental laws emissions.
 air emissions standards internal combustion engines.
 research development capital expenditures.
 remedial activities locations other companies.
 remedial costs investigation remediation operating maintenance costs accrued against earnings.
 data technologies laws regulations prior remediation experience.
 accrue minimum.
 parties probable costs.
 amounts insurance.
 reassess accrued amounts quarterly.
 environmental remediation not material included accrued expenses.
 chance amount remedial activities required.
 january 7 2015 grand jury subpoena..
 district court central illinois.
 subpoena requests documents financial information.
.
 caterpillar subsidiaries undistributed profits.
 movement cash.
.
.
 additional subpoenas purchase resale replacement parts caterpillar inc.
.
 dividend distributions.
.
 march 2-3 2017 department commerce federal deposit insurance corporation internal revenue service executed search seizure warrants facilities peoria illinois former corporate headquarters.
 warrants documents information export movement relationship caterpillar.
 sarl sales outside states.
 warrants grand jury investigation.
.
 unable predict outcome estimate potential loss adverse effect results operations financial position liquidity.
 march 20 2014 council defense opinion 18 companies 100 individuals defendants two subsidiaries caterpillar inc.equipamentos ferrovi.
 caterpillar brasil.
 opinion opened investigation defendants anticompetitive bid construction metro train networks brazil.


aes corporation financial statements 2014 declared quarterly stock dividend $ 0. 13 per share payable february 15 2018 shareholders february 1.
 stock repurchase program 2014 shares repurchased 2017.
 repurchases 2010 2017 154. million shares cost $ 1. 9 billion average price per share $ 12.
 $ 246 million repurchase.
 stock repurchased treasury stock.
 155924785 156878891 shares treasury stock december 2017 2016.
 restricted stock units employee benefit plans treasury stock.
 retired common stock repurchased since 2010.
.
 geographic regions.
 quarter 2017 asia sbus merged eurasia.
 reporting five.
 five operating reportable segments.
 prior results revised reflect new segment reporting structure.
february 2018 announced reorganization simplify portfolio optimize cost structure reduce carbon intensity.
 evaluating impact reorganization segment reporting structure.
 corporate overhead costs not associated five segments included. intercompany charges self-insurance premiums eliminated consolidation.
 uses adjusted ptc primary segment performance measure.
 pre-tax income operations corporation excluding unrealized derivative transactions foreign currency gains dispositions acquisitions plant closures losses impairments early retirement debt costs major restructuring program workforce reduction relocations office consolidation.
 adjusted ptc includes net equity earnings affiliates after-tax gains losses excluded consolidated entities.
 reflects business performance relevant internal evaluation financial performance.
 large transparent investors impact results.
revenue adjusted ptc before inter-segment eliminations intercompany transactions management fees write-off balances.
 intra-segment activity eliminated.
 consolidated results.
 tables financial information segment periods.
 december revenue 2017 2016 2015
 $ 3229 $ 3429 $ 3593
 2710 2506
 2448 2172
 1590 1670
 35
 eliminations
 revenue $ 10530 $ 10281 $ 11260


options purchase shares devon 2019s stock excluded dilution calculations antidilutive.
 totaled 2 million 3 million. million in 2007 2006 2005.
.
 dollar devon 2019s operations except canadian subsidiaries dollar.
 assets liabilities canadian subsidiaries translated into.
 dollars current exchange rate.
 canadian income expenses translated average rates periods.
 adjustments effect net income included accumulated income equity.
 table balances 2019s cumulative translation adjustments income.
 2004 1054
 2005
 2006
 2007
 liquid investments maturities three months less cash equivalents.
 claims recorded.
 environmental remediation restoration claims recorded.
 expenditures expensed capitalized accounting policy.
 note 8.
accounting standards 2007 financial accounting standards board issued.
 141 replaces.
 141.
.
 retains requirements.
 acquirer acquisition method business combinations.
.
 broader.
 control.
 acquisition method transactions entity control businesses.
 improves comparability financial reports.
.
 establishes principles acquirer recognizes measures assets acquired liabilities noncontrolling interest goodwill.
.
 applies business combinations acquisition date first annual reporting period december 15 2008.
 requirements.
 business combinations 2009.
 2007 fasb issued financial accounting standards.
 160 noncontrolling interests consolidated financial statements accounting.
.
 noncontrolling interest minority equity subsidiary not attributable parent.
.
 establishes accounting reporting standards noncontrolling interest subsidiary deconsolidation.
.
noncontrolling interests subsidiary consolidated equity parent equity.
 consolidated net income noncontrolling separately income statement.
.
 effective fiscal years 2008 earlier adoption prohibited.
.
 financial statements.


biomet holdings.
 2015 10-k annual report financial unaudited results comparative include inventory step-up amortization assets interest expense debt merger.
 adjustments merger $ 90. 4 million merger compensation expense stock options removed net earnings 2015 recognized expense 2014.
 $ 73. million retention plan expense earnings expense.
 transaction costs $ 17. 7 million earnings expense business acquisitions 2014 2013.
 acquired etex holdings.
.
 portfolio bone void filler products.
 2013 acquired knee creations.
 joint preservation solutions.
 2013 normed medizin-technik.
 extremities trauma portfolios product development foot ankle hand wrist markets.
results operations acquired companies included in consolidated results assets liabilities recorded at estimated values in financial position excess purchase price recorded as goodwill.
 financial information required by not included financial position results.
.
 share-based compensation stock options restricted stock units.
 expense millions.
 years 2015 2014 2013
 total expense pre-tax $ 46. $ 49. $ 48.
 tax benefit.
 expense net tax $ 31. $ 33. $ 32.
 two equity compensation plans 2015 2009 stock incentive plan non-employee.
.
 no further awards granted under 2006 plan teamshare plan since 2009 shares merged into 2009 plan.
 stock options outstanding as december 31 2015.
 reserved maximum shares common stock for award.
 registered 57.9 million shares common stock plans.
 2009 plan nonqualified incentive stock options performance awards restricted stock rsus appreciation rights.
 compensation management committee determines grant date annual grants.
 grants first quarter year earnings announcements.
 2015 closing date grant date.
 stock plan non-employee directors stock options restricted stock rsus.
 issue shares unissued shares except.
 awards.
 december 31 2015 5. 6 million shares available future grants awards.
 stock options vest four years maximum life 10 years.
 vesting retirement first anniversary award criteria.
 expense stock options straight-line requisite service period estimated rates.
 one to four years.
 granted exercise price equal market price common stock date grant except local law.


age yrs. highway revenue equipment leased.
 yrs.
 containers 26629 28306 54935 7.
 chassis 15182 25951 41133.
 highway revenue equipment 41811 54257 96068
 network requires capital investments replacement improvement expansion.
 enhance safety transportation improve operational efficiency.
 add new locomotives freight cars replace older equipment growth reduce impact environment fuel-efficient low-emission locomotives.
 2014 capital program $ 4. 1 billion.
. 2015 capital plan $ 4. 3 billion expenditures ptc $ 450 million non-cash investments.
 revise business laws.
. equipment encumbrances value $ 2. 8 billion $ 2. 9 billion at december 31 collateral capital leases equipment obligations financing.
merger missouri pacific railroad company uprr january 1 1997 mprr mortgage uprr maintain same value assets after merger security requirements mortgage bonds.
 mprr assets mortgage bonds approximately $ 6. 0 billion.
 collateral value maintained term mortgage bonds balance.
 environmental matters properties subject federal state local laws regulations environment.
 environmental issues governmental environmental regulation financial condition results operations accounting policies.
 legal proceedings involved legal proceedings litigation.
 assess liabilities contingencies latest information seek input third-party advisors.
 pending legal proceedings governmental authorities federal state local environmental laws regulations potential fines penalties monetary sanctions $ 100000.


increase cash flows due to timing inventory purchases longer payment terms vendors.
 manage working capital operating cash needs monitor cash conversion cycle sales plus supply inventory minus purchases three-month average.
 components cycle.
 2017 2016 2015
 sales outstanding 52
 supply inventory 12
 purchases outstanding -45
 cash conversion cycle 19 21
 1 three-month average balance accounts receivable divided by average daily net sales.
.
 2 merchandise inventory average daily cost sales.
 3 combined balance accounts payable-trade divided by average daily cost sales.
 cash conversion cycle 19 days at december 31 2017 2016.
 increase in dso driven by higher net sales receivable third-party services.
services unfavorable impact dso receivable recognized sales net.
 favorable dpo payable recognized cost sales.
 dpo increased mix payables vendors longer payment terms.
 cash conversion cycle 19 21 days december 31 2016 2015.
 increase driven higher net sales third-party services.
 services unfavorable dso receivable recognized gross sales net.
 services favorable dpo payable recognized cost net sales.
 dpo increased mix payables vendors longer payment terms.
 cash increased $ 15 million 2017.
 capital expenditures increased $ 17 million to $ 81 million 64 improvements information technology systems.
 net cash decreased $ 289 million 2016.
 due acquisition cdw uk 2015.
 capital expenditures decreased $ 26 million to $ 64 million from new office location 2015.
financing cash increased $ 514 million 2017 2016.
 driven accounts payable-inventory financing $ 228 million share repurchases 2017 $ 167 million.
 share repurchase program part ii item 5 equity purchases. increase cash financing termination inventory financing fourth quarter 2016


realty trust contribute $ 959000 2004.
.
 leases leases space.
 fixed rentals monthly.
 shopping center leases pass real estate taxes insurance maintenance.
 reimburse operating costs real estate taxes.
 additional rent tenants 2019 sales.
 future base rental revenue non leases excluding less one year renewal options.
 2004 1084934
 2005
 2006
 2007
 2008
 rentals 2019 sales.
 percentage rents $ 3662000 1832000 $ 2157000 years 2003 2002 2001.
.
. 7%. revenue 10% total revenues 31.
 former rentals include $ 5000000 additional rent re-allocated locations marlton turnersville bensalem broomall payable stop shop master agreement guaranty may 1  1992.
rent stop shop former bradlees locations.
 january 8 2003 complaint court right reallocate $ 5000000 annual rent expiration east brunswick jersey city middletown union woodbridge leases.
 expires 2012 complaint.
 february 2003 koninklijke ahold parent overstated 2002 2001 earnings $ 500 million investigation.
 justice department securities exchange commission.
 effect bradlees guarantees leases $ 10. 5 million per annum.
 consolidated financial statements. 4/8/04


corporate consumer loan tables purchased distressed loans credit deterioration acquisition citigroup.
 difference expected cash flows investments recognized in income level yield.
 loans excluded from impaired loan information.
 decreases cash flows loan require allowance level yield.
 increases cash flows recognized as reduction allowance income increasing level yield.
 distressed loan accounted under cost recovery method.
 carrying amount loan portfolio at december 31 2010 $ million net allowance $ 77 million.
 changes in accretable yield allowance amount millions loan receivable allowance.
 accretable yield carrying loan receivable allowance
 beginning balance $ 27 $ 920 $ 95
 purchases
 disposals/payments
 allowance
 increase expected cash flows -2
17 -50 2014
 balance december 31 2010 $ 116 77
 balance receivable $ 130 million purchased loans level-yield $ 0 cost-recovery.
 fair value acquisition.
 cash flows level-yield $ 131 million.
 balance $ 315 million-yield $ 154 million cost-recovery.


changes unrecognized tax benefits interest penalties 2012 2011 2010 millions.
 2011
 beginning balance $ 1375 $ 943  $ 971
 increases 340
 decreases -107 -224
 425
 decreases settlements -3 -102
 decreases expiration statute limitations
 ending balance $ 2062 $ 1375 $ 943
 interest penalties benefits.
 september 29 2012 2011 interest penalties accrued $ 401 million $ 261 million non-current liabilities.
 recognized interest expense 2012 2011 $ 140 million $ 14 million 2010 benefit $ 43 million.
 subject taxation returns.
 federal state foreign jurisdictions.
.
 years prior 2004 closed.
 revenue service federal income tax returns 2004 2006 proposed adjustments.
 contested.
irs examining years 2007 2009.
 company subject to audits by state local foreign tax authorities.
 years 1989 2002 open.
 management believes provision for adjustments tax examinations.
 outcome tax audits.
 could provision income tax.
 resolutions could reduce tax benefits by $ 120 million $ 170 million next 12 months.
 five million shares authorized preferred stock none issued outstanding.
 board directors authorized to determine alter rights preferences privileges restrictions shares.
 2012 approved dividend policy plans quarterly dividends $ 2. 65 per share.
 declared dividend $ 2. 65 per share.
 paid $ 2. 5 billion 16.
 no dividends declared first three quarters of 2012 2011 2010.


impairments recorded in income operations.
 statement guidance testing goodwill.
 company had $ 3. 2 billion goodwill at december 31  2001.
 goodwill amortization $ 62 million.
 assessing impact of sfas.
 142 on financial position results.
 june 2001 fasb issued.
 asset retirement obligations retirement long-lived assets costs.
 effective for financial statements years after june 15 2002.
 recognition obligations retirement asset.
 assessing impact.
 143 financial position results.
 2001 fasb revised conclusion purchase sale electricity.
 qualify for normal purchases sales exemption not derivatives.
.
 criteria physical delivery electricity.
 contracts price underlying not related electricity denominated currency foreign not normal derivatives.
.
 effective april 1 2002.
company assessing impact dig issue c-15 financial results.
 revenues increased $ 1. 8 billion 24% 24 % $ 9. 3 billion from 7. 5 billion 2000.
 due acquisition businesses operations improvements operations.
 increased 5% 5 % $ 7. 1 billion.
 table revenue.
 generation 2. 5 billion. 47% 47
 supply. 13% 13
 utilities. 14% 14 %
. 31% 31
 contract generation revenues increased $ 800 million 47% 47 % $ 2. 5 billion 2001 1. 7 billion 2000.
 increased 2% ( 2 % $ 1. 7 billion.
 due increases south america/africa asia.
 increased $ 472 million acquisition reduced revenues.
 increased $ 88 million acquisition controlling interest kilroot.
contract revenues increased $ 96 million ecogen plant


consolidated financial statements 2014shareholders 2019 equity table summarizes income derivatives three fiscal years 2008 tax effect changes value derivatives $ 5 million  $ 1 million $ 8 million 2008 2007 2006.
 derivative gains/losses net income $ 9 million  $ 2 million $ 8 million 2008 2007 2006.
 employee benefit 2003 stock plan grants employees executive officers.
 options expire 7 to 10 years exercisable four years.
 incentive stock options nonstatutory stock options rsus stock appreciation rights purchase rights performance-based awards.
 50. 3 million shares reserved future issuance stock option approved non-shareholder grants stock options employees not officers.
 options expire 7 to 10 years four years.
 terminated 1997 plan no new options.
1997 director stock option plan company 2019s board adopted non-employee directors approved 1998.
 directors option acquire 30000 shares common stock initial election.
 options exercisable three installments first third anniversaries grant.
 fourth anniversary option acquire 10000 shares common stock.
 options vested exercisable date grant.
 options expire 10 years grant date.
 27 2008 290000 shares reserved future issuance.
 rule 10b5-1 trading plans executive officers.
 peter oppenheimer.
 bertrand serlet entered plans rule 10b5-1 securities exchange act 1934 november 1 2008.
 trading plan.
 changes fair value derivatives $
 adjustment net gains losses
 unrealized gains derivative instruments $ 19


.
 postretirement benefit plans company defined benefit plans employees united states international subsidiaries.
 design changes 2011 january 1 2013 participants merck.
 pension plans benefits new cash balance formulas age service pay interest.
 transition 2013 through december 31 2019 participants earn benefit final average pay formula cash balance formula.
 after benefits cash balance formula.
 provides medical benefits eligible.
 retirees dependents.
 uses december 31 year-end measurement pension plans.
 net periodic benefit cost.
 years december 31 2013
 service cost $ 682 $
 interest cost 665 661 718
 return on assets -1097 -970 -126 -136 -142
 net amortization 336  185 201 -50
 termination benefits 58 27 59 50 18
curtailments -23 -10 -86 -11 -7
 settlements 23 18 4 2014
 net benefit cost $ 644 $ 466 $ 543 $ 72 $ 43
 increase cost 2013 discount rate.
.
 $ 348 million 2013 $ 268 million 2012 $ million restructuring actions termination charges recorded 2013 2012 2011 expanded eligibility employees.
 curtailments recorded 2011.
 settlements recorded 2013 2011 domestic international pension plans.


2014goodwill intangibles table outlines carrying value company 2019s goodwill assigned trading investing segment.
 trading investing
 balance december 31 2011 $ 1934232
 activity
 balance december 31 2012 1934232
 impairment goodwill
 balance december 31 2013 $ 1791809
 goodwill evaluated impairment carrying value exceeds fair value loss recoverable.
 31 two units market making retail brokerage.
 june 2013 market making business.
 2013 interim goodwill impairment test market making unit sale structure.
.
 carrying value exceeded fair value.
 proceeded second test.
 entire goodwill unit impaired recognized $ 142. 4 million impairment goodwill second quarter 2013.
 december 31 2013 annual goodwill assessment retail brokerage unit fair value less carrying value.
 company goodwill impairment test not impaired december 31 2013.
 losses $ 142. 4 million trading investing $ 101. 2 million balance management.
 losses $ 101. 2 million.


debt valuation adjustments recognized on citi 2019s liabilities fair value option elected using credit spreads bond.
 january 1 2016 changes fair value liabilities citigroup 2019s credit spreads reflected aoci.
 note 1 consolidated financial statements.
 fair value liabilities impacted by company 2019s credit spreads.
 estimated changes due changes gain $ 1415 million loss $ 680 million years ended december 31 2018 2017.
 changes fair value estimated by incorporating 2019s credit spreads valuation technique.
 fair value option for financial assets liabilities broker-dealer entities united states kingdom japan.
 election interest rate risk managed offsetting derivative instruments accounted fair value earnings.
 changes in fair value recorded in principal transactions.
interest revenue expense measured contractual rates reported in consolidated statement income.
 citigroup elected fair value option for loans unfunded products guarantees letters credit.
 highly leveraged.
 transactions include loans expected sold economic risks hedged with derivative instruments credit default swaps total return swaps.
 elected fair value option accounting mismatches operational simplifications.
 not elected most lending transactions.
 table credit products fair value.
 millions december 31 2018 trading assets loans
 amount consolidated balance sheet $ 10108 $ 3224 $ 8851 $ 4374
 unpaid principal balance excess fair value
 non-accrual loans 90 days past due
 balance
$ 1137 million $ 508 million unfunded commitments credit products 2018 2017.


commenced by california attorney general providing customers transparency pricing product alternatives foreign exchange requirements.
 disclosures pricing electing other foreign exchange options revenue profitability.
 to claims financial loss reputational damage regulatory scrutiny transacting purchases redemptions unregistered cash collateral pools net asset value $ 1. 00 per unit.
 portion cash collateral invested in pools manage.
 interests held by unaffiliated customers registered unregistered investment funds.
 pools registered under required maintain constant net asset value $ 1. 00 per unit.
 remainder not.
 maintain constant net asset value $ 1. 00 per unit.
 securities lending operations direct lending program for third-party investment managers investment funds managed by ssga.
table shows net asset values unregistered direct lending pools ssga lending funds constant net asset value $ 1. 00 per billions december 2009 2008 2007.
 2009 2008 2007
 direct lending pools $ 85 $ 150
 ssga lending funds 24
 ssga lending funds until october 2008.
 balances december 31 2007 included excluded.


december 31 2005 estimated post retirement benefit payments participant con medicare subsidy receipts millions.
 2006
 2007 14
 2008 15
 2009
 2010 79 17
 2013 2015
.
.
 canadian brazilian employees eligible retiree health care life insurance.
 postretirement benefit cost.
 $ 3 million 2005 $ 2 mil 2004.
 benefit obligation $ 21 million 2005 $ 20 million 2004.
 incentive plans long-term compensation plan stock option program restricted performance share program continuity award program.
 stock appreciation rights awarded employees.
 subsidiary 5135 5435 rights outstanding 31 2005 2004.
 performance-based restricted share/unit programs senior executives directors.
.
.
.
.
123 adopted jan 1 2006.
 no unvested stock options adoption financial statements.
 stock option program intrinsic value method.
.
 compensation expense recorded market price exceeds option price measurement date grant.
 no compensation expense exercise price equal market price date.
 diluted earnings per share calculated options exercised proceeds repurchase shares.
 option proceeds credited equity shares earnings no effect earnings.
 equity increased tax benefit paper.
 officers em ployees granted options purchase common stock.
 option price market price.
 options vested before.
 replacement option exercise price equal market price term expiration date original option.
 discontinued stock option pro gram 2004 executive management 2005.
.
 employees.
united states stock option replaced performance-based restricted share program 1250 employees incentive compensation performance return investment total shareholder re turn.
 performance stock company accelerated vesting 14 million un- vested stock options july 12 2005.
 considered benefit income impact.
 exercise prices above market value no expense.


price performance graph shows return common stock 500 index retail index.
 assumes value investment common stock $ 100 january 3 2009 dividends reinvested.
 historical data not future performance.
 return advance auto parts. s&p 500 retail index january 3.
 2009 2010 2011 2012 2013
 advance auto parts $ 100. 119. 195. 206. 213. $ 327.
 s&p 500 index. 119. 134. 150. 197.
 s&p retail index. 141. 174. 179. 219.


kimco realty subsidiaries financial statements 81. 8 million preferred units $ 1. 00 per unit return 7. 0%. per annum redeemable cash after one year six months feature net operating income. 2000 class a preferred units $ 10000 per unit return equal libor plus 2. redeemable cash after november 30 2010 2627 class b-1 preferred units $ 10000 per unit return equal 7. 0%. redeemable after november 30 2010 5673 class b-2 preferred units $ 10000 per unit return equal 7. 0%. per annum redeemable cash after november 30 2010 640001 class c downreit units $ 30. 52 per unit return equal company 2019s common stock dividend redeemable after november 30 2010 cash.
units redeemed december 31 2010.
 2200000 $.
 $.
 $.
 $.
 61804 $ 1.
 noncontrolling interest $ 110. 4 million $ 113. 1 million december 2010 2009.
 2006 acquired shopping center properties bay shore centereach.
 noncontrolling interests $ 41. 6 million discount $ 0. 3 million fair market value adjustment $ 3. 8 million redeemable units.
 acquired $ 24. 2 million redeemable units $ 14. million fixed rate units $ 23. 4 million non-recourse debt.
 13963 class a units value $ 1000 per unit return 5% per redeemable cash after april 2011 2016 647758 class b units $ 37.24 per unit equal common stock dividend redeemable after april 2007 cash common stock 1:1 2026.
 restricted until 2016 2026 centereach bay shore assets.
 2007 30000 units $ 1. million redeemed cash.
 noncontrolling interest $ 40. 4 million $ 40. 3 million december 31 2010 2009.
 138015 convertible units 2006 valued $ 5. 3 million fair market value adjustment $ 0. 3 million office building albany.
 units redeemable one year cash common stock 1:1.
 distribution equal dividend.
 restricted until january 2017.


eog resources.
 financial statements capitalized costs oil gas.
 table crude oil gas december 31 2018.
 proved properties $ 53624809 $ 48845672
 unproved properties 3705207
 57330016 52555741
 accumulated depreciation depletion amortization -31674085
 capitalized costs $ 25655931 $ 23364494
 oil gas property acquisition exploration development.
 extractive industries accounting standards.
 acquisition.
 exploration additions wells.
 development facilities.


2012 ppg annual report form 10-k.
 separation merger transaction 2013 commodity chemicals merger eagle spinco. georgia gulf tax trust transaction.
 eagle spinco wholly subsidiary georgia gulf.
 merger exchange offer.
 combined company axiall corporation.
 ppg no ownership axiall.
 ruling revenue transaction tax free.
 35249104 shares eagle spinco common stock ppg common stock.
 eagle spinco common stock converted share axiall common stock.
 ppg shareholders. shares axiall.
 maximum 10825227 shares reduced outstanding shares 7% 7 %.
 received $ 900 million cash. 2 million shares axiall common stock value $ 1. 8 billion january 25 2013 distributed ppg shareholders.
cash subject to post-closing adjustment working capital adjustment.
 ppg transferred environmental remediation liabilities defined benefit pension plan assets post-employment benefit liabilities chemicals axiall.
 gain excess cash proceeds cost ppg shares for 35. 2 million shares axiall common stock.
 transaction net partial settlement loss termination defined benefit pension liabilities post-retirement benefit liabilities.
 company incurred $ 21 million pretax expense professional services.
 additional expenses incurred 2013.
 ppg results commodity chemicals business january 2013 net gain results discontinued operations quarter march 31 2013.
 reclassified discontinued operations.
 net sales income years 2011 2010.
 net sales $ 1700
 income before taxes $ 368
before taxes 2010 $ 4 million lower $ 6 million $ 2 million lower earnings ppg commodity chemicals.
 differences gains losses expenses chlor-alkali derivatives not reported chemicals earnings.


2015 seven 2014.
 offset lower net sales $ 350 million c-130 fewer 21 24 lower sustainment activities contract $ 200 million decreased volume risk retirements $ 195 million f-16 fewer 11 17 $ 190 million f-22 decreased sustainment.
 aeronautics 2019 profit increased $ 32 million 2%.
 $ 240 million f-35 increased volume risk retirements $ 40 million c-5 risk.
 offset lower profit $ 90 million f-22 risk $ 70 million c-130 $ 80 million decreased volume risk retirements.
 $ 100 million higher 2015.
 2016 higher orders f-35.
 f-35 c-130.
 aeronautics 2019 2017 net sales increase low increased volume f-35.
 operating profit lower operating margins.
missiles fire control business provides air missile defense tactical missiles air-to-ground logistics fire control mission operations engineering manned unmanned ground vehicles energy management solutions.
 programs pac-3 thaad multiple launch rocket hellfire jassm javelin apache sniper low altitude navigation infrared special operations forces logistics.
 2016 bid special logistics services contract follow.
 award decision mid-2017.
 operating results.
 net sales $ 6608
 profit
 margin. 4%.
 backlog
 net sales decreased $ 162 million 2%.
 lower net sales $ 205 million air missile defense volume $ 95 million volume.
 offset $ 75 million increase tactical missiles increased deliveries $ 70 million fire control increased volume.
profit 2016 decreased $ million 21% 2015.
 decreased $ 145 million air missile defense risk retirements reserve $ 45 million tactical missiles 45 million fire control.
 adjustments reserves $ 225 million lower 2016 2015.


equity compensation plan information table summarizes december 31  2011.
 information.
 number securities issued options weighted average future issuance plans approved 9683058 $ 78. 07 7269562 not approved 776360 $ 42. 82.
 number securities issued options weightedaverageexerciseprice issuance
 9683058 $ 78. 07 7269562
 notapproved 776360 $ 42. 82
 10459418 $ 75. 46 7269562
 includes equity ownership plan 1998 2007 2011 plan.
 2007 7000000 shares issued no more than 2000000 shares for non-option grants.
 2011 approved 6 2011 5500000 shares issued no more 2000000 shares for incentive stock option grants.
equity 2007 2011 administered by personnel committee board directors awards non-employee directors by board.
 eligibility limited to non-employee directors officers employees of entergy system employer 80% or more stock owned by entergy corporation.
 plans for stock options restricted shares equity awards performance awards stock-based awards.
 entergy board-approved stock-based compensation plan.
 2003 board directed no further awards.
 item 13.
 relationships related transactions director independence proxy statement headings 201ccorporate governance director independence.
 since december 31 , 2010 none subsidiaries or affiliates participated in transaction $ 120000 director officer nominee immediate family member material interest by item 404 regulation s-k transactions.
entergy corporation board adopted policies review approval ratification transactions.
 corporate governance committee subcommittee


5 loans commitments risk.
 december 31 millions 2007 2006
 commercial $ 28607 $ 20584
 real estate 8906 3532
 consumer 18326 16515
 residential mortgage 9557 6337
 lease financing 3500
 413
 loans 69309 50900
 unearned income -990 -795
 unearned income $ 68319 $ 50105
 concentrations credit risk economic industry geographic factors affect.
 loans unfunded commitments concentrated primary geographic markets.
 december 31 2007 no industry concentration exceeded 5% commercial loans.
 originate loan products increase exposure.
 negative amortization high loan-to ratio-market rates interest-only loans.
 originate interest-only loans borrowers.
 risk.
 credit risk.
originate home equity loans-to-value.
 markets.
 $ 2. 7 billion $ 14. 4 billion home equity loans loan-to-value ratio 90%.
 collateralized 1-4 family properties.
 purchase loans 1-4.
 $ 3. 0 billion $ 9. 6 billion loans interest- only.
 gains commercial mortgages $ 39 million 2007 $ 55 million 2006 $ 61 million 2005.
 education loans $ 24 million 33 million 19 million.
.
 income $ 184 million 2007 157 million 2006 104 million 2005.


r&d expense increased 36% 36 % 2011 declined net sales due 66% year-over-year growth sales.
 increased 34% 34 % $ 449 million $ 1. 8 billion 2010.
 due headcount expenses.
 capitalization software development $ 71 million mac os x.
&d expense increased 34% 34 % declined net sales 52% 52 % year-over-year increase investments critical future growth new products.
 expects&d.
 increased $ 2. 1 billion 38% 38 % $ 7. 6 billion 2011.
 due expansion retail headcount costs spending professional services marketing variable costs.
 expense increased $ 1. 4 billion 33% 33 % $ 5. 5 billion 2010.
 due expansion retail spending marketing advertising increased share-based compensation expenses variable costs.
 three years 24 2011.

 interest dividend income $ 519 $ 311 $ 407
 expense -104 -156 ( -81 (
 income expense $ 415 $ 155 $ 326
 increased $ 260 million 168% $ 415 million 2011 $ 155 $ 326 million 2010 2009.
 increase higher interest income gains securities.
 decrease 2010 declines interest rates offset higher cash balances.
 higher premium expenses foreign exchange option contracts reduced income expense.
 average interest rate cash equivalents securities. 77%. 75%. 43%. 2011 2010 2009.
 no debt interest expense.
 tax rates 24. 2%. 4%. 2011 2010 2009.
 federal income tax rate


february 2008 issued $ 300. million 8. 375%. redeemable preferred shares.
 financial ratios covenants.
 december 31 2007.
 real estate liquidity.
 prices portfolio sale proceeds.
 2022 property investments recurring leasing costs dividends distributions long-term debt maturities contractual obligations evaluate development acquisition market supply long-term growth potential.
 leasing expenditures real estate.
 summary recurring capital expenditures december 31 2007 2006 2005.
 tenant improvements $ 45296 $ 41895 $ 60633
 leasing costs
 building improvements
 $ 85936 $
 dividends distributions qualify federal income tax distribute 90% taxable income shareholders.
 paid dividends per share $ 1. 91 $ 1. 89 $.2007 2006 2005.
 paid dividend $ 1. 05 share 2005 industrial portfolio sale.
 earnings reit status.
 distributions subject cash financial condition capital requirements.
 2007 $ 4. 3 billion interest rate. 74%. 2028.
 $ 3. 2 billion unsecured notes $ 546. million unsecured lines credit $ 524. 4 million secured debt.
 maturities $ 249. million $ 146. 4 million transferred unconsolidated subsidiaries.


.
 2003 period.
 amortization expense increased profit $ 39. 1 million. 3 percent sales gross profit sales december 31 2004 $ 10. 9 million. 8 percent 2004. 2003.
. increase due amortization expense 2003.
 reconciles gross margin assets.
 2004 company strategic programs activities.
.
 zimmer institute satellite locations 1400 surgeons trained 500 surgeons trained 2003.
 margin 68. 1%. recognized.
 step-up charge. $ 5 million-oxley complianceincreased selling prices. expenses consultant fees audit fees. increases offset expense. centerpulse acquisition.
 month period december 31 2003 gross margin 68. 1%.
 inventory step-up charge.
 increased average selling prices.
 operating segment product category mix.
.
 year december 31 2004 gross margin 73..
.
 synergies centerpulse acquisition implex inventory.
 estimates reduce annual sg&a $ 59. 4 million 2. percent net sales 38. 9 percent 2003 $ 42. 7 million 200 point improvement 6. percent sales average selling 2003 operations.
 operating segment mix product acquisition integration expenses margins acquisitions centerpulse implex $ 81. 1 higher sales growth $ 79. million 2003 sales $ 24. 4 million sales lease contractgrowth reconstructive implants expenses $ 24. million integration.
 $ 9. million employee severance royalty $ 7. million professional fees $ 5. million losses foreign exchange contracts personnel expenses travel $ 4. 3 million $ 2. million.
 relocation $. million operating expenses acquisition integration.
r&d net sales 5. 6 percent operating profit earnings 2004.
 r&d increased profit$ 166. 7 million $ 105. 8 million 69 percent $ 763. 2 million $ 450. 7 million research development expenses 2003.
 profit growth spending projects.
 146 investment in-process research$ 1 million.
 146 projects two-thirds development expense 2004 $ 11. 2 million.
.
 orthobiological research group $ 59. 4 million solutions 2004 $ 42. 7 million 2003 regeneration.
 $ 39. 1 million 2004 $ 10. 9 million 40 projects.
 targeted r&d tax rate earnings 4-6 percent.
 decreased 25. 9 percent 2004 33. 6 percent development 5. 2003
 sales.
. $ 34. 5 million net sales 39.9 deferred taxes centerpulse 2004. 8 percent swiss tax.


management financial condition results consistent basel committee lcr.
 includes stringent requirements accelerated time line high-quality liquid assets outflow assumptions.
 proposed rules impact develop strategies compliance.
 principles lcr consistent liquidity management framework rule deposit liquidity funding business activities investment securities portfolio contingent credit.
 2014 basel committee revised proposal net stable funding one-year liquidity standard implementation 2018.
 changes operationally linked deposits reduction funding securities.
 evaluating.
 implementation strategies.
.
 banking regulators proposal nsfr.
 contractual cash obligations long-term contractual cash obligations due as december 31 2013.
 recorded consolidated statement condition operating leases interest long-term debt capital leases.
.
december 31 2013 millions payments less than 1year 1-3years 4-5years 5years
 long-term debt $ 10630 $ 1015 $ 2979 2260 4376
 operating leases 923  208 286 209 220
 capital lease obligations 1051 99 185 169 598
 cash obligations $ 12604 $ 1322 $ 3450 $ 2638 $ 5194
 long-term debt excludes capital lease obligations interest-rate swaps.
 payments exception floating-rate debt indexed rate december 31 2013.
 obligations settled cash less than one year deposits federal funds securities repurchase short-term borrowings.
 notes 8 9.
 obligations derivative instruments settlement.
 note 16.
obligations under pension post plans note 19 financial statements 8 not table.
 information cash obligations long-term debt capital leases notes 10 20.
 consolidated statement cash flows liquidity information.
 table commitments duration as december 31 2013.
 not recorded consolidated statement condition.


6.
 financial data table represents.
 7 8.
 reflects error corrections accounting policies 8.
 share 31 2012 2011 2010 2008
 sales service revenues $ 6708 $ 6575 6723 $ 6292 6189
 goodwill impairment 2014
 operating income loss 358 100 241 -2332
 net earnings loss 146 131 119 -2397 2397
 assets 6392  6069 5270 5097 4821
 long-term debt 1779 1830 283
 long-term obligations 4341 3838 1637 1708 1823
 free cash flow 170  331 -269
 dividends per share $. 2014
 earnings loss share $ 2. 96.
 earnings loss share $ 2. 91.
 earnings loss share $.96 $. 2. 68 $. 44 $. diluted earnings share. $. $. $. long-term debt former parent 31 2010 due current liabilities.
 free cash flow non-gaap cash less capital expenditures.
 liquidity capital resources item 7.
 march 30 2011 stock 48. 8 million shares $ 0. common stock distributed northrop grumman stockholders.
 basic diluted earnings share three months no common stock impact dilutive securities not meaningful.


contracts purchase orders arrangement.
 shipping documents delivery.
 company assesses selling price payment terms sales refund adjustment.
 assesses collectibility creditworthiness payment history.
 accruals returns defective based experience.
 rebates incentives pricing agreements tied to sales volume.
 changes returns differ estimated.
 sales.
 compensated absences.
 changed vacation policy vacation pay earned year-end.
 accrual compensated reduced $ 1. million 2001.
 advertising.
 costs charged operations $ 18. $ 16. $. million 2003 2002 2001.
 research development.
 costs $ 34. $ 30. $ 27. million.
.
 warranties one to six years accepted market.
 records liability expected cost warranty-related claims sale.
 allocation warranty liability claims product failure rates.
.
accounting policies table presents 2019s product warranty liability activity 2003 2002 environmental costs.
 accrues losses obligations probable estimable.
 future expenditures not discounted present value.
 recoveries recorded assets.
 accruals adjusted facts circumstances change.
 compensation.
 stock-based employee compensation plan 11.
.
 record compensation cost.
 accounting principles.
.
 shares fixed price equals market price stock no compensation expense recognized.
 compensation cost determined fair value grant date.
 2019s earnings per share.
 years december 31 2003 2002
 balance beginning year $ 63. $ 69.
 29.
 claims settled.
 warranty waiver.
 end year $ 62. $ 63.
concessions customer agreed responsibility units purchased defective.
 warranty reserve units reclassified product warranty liability deferred revenue account.


biomet holdings.
 2015 report statements redemption.
 merger notes. senior notes due 2021 redeemed premium six months maturity date.
 repaid biomet senior notes merger.
 interest $ 2798. million.
 call premium.
 recognized $ 22. million non-operating expense.
 estimated fair value 31 $ 8837. 5 million.
 japan term loan $ 96. 4 million.
 carrying value.
 fair value.
 interest rate swap agreements rate obligations senior notes due 2019 2021.
.
 uncommitted credit facilities $ 35. 8 million.
 average interest rate long-term borrowings 2. 9 percent 3. 5 percent.
 paid $ 207. million $ 67. 5 million $ 68. 1 million interest 2015 2014 2013.
.
income refers gains losses excluded net earnings stockholders equity.
 reclassified net earnings events.
 foreign currency translation adjustments unrealized gains losses cash flow hedges-for-sale securities amortization prior service costs gains losses defined benefit plans.
 foreign currency translation adjustments reclassified net earnings sale liquidation foreign.
 gains losses cash flow hedges reclassified net earnings.
 gains losses available-for-sale securities reclassified before maturity loss-temporary.
 defined benefit plans reclassified over service periods.
 allocated inventory direct labor costs.
 note 15.
 table shows changes components oci foreign currency translation hedges unrealized gains securities.
 balance december 31 2014 $ 111. 8 $ 70.
reclassifications -305. 2 305. 52. 7. 6.
 -93. 93. 9.
 31 2015. 4 193. 4 29. 8. 6. -164. 8


awe earnings investment ula launch services.
.
 space systems 2019 results.
 2015
 net sales $ 9409 $ 9105 9202
 profit 1289
 margin. 7%.
 backlog-end $ 18900 $ 17400
 net sales increased $ 304 million 3%.
 sales $ 410 million consolidation $ 150 million commercial space transportation increased launch activities $ 70 million higher net sales volume.
 offset decrease sales $ 340 million government satellite programs decreased volume.
 profit increased $ 118 million 10%.
 pre-tax gain $ 127 million consolidation $ 80 million increased equity earnings joint ventures.
 offset decrease $ 105 million government satellite programs lower risk retirements decreased volume.
 $ 185 million lower 2016 2015.
space systems 2019 sales decreased $ 97 million 1%.
 $ 335 million lower sales government satellite decreased volume mission $ 55 million strategic missile defense systems lower volume.
 offset higher sales $ 235 million businesses acquired 2014 $ 75 million orion program increased volume.
 operating profit decreased $ 16 million 1%.
 increased $ 85 million increased risk retirements.
 offset lower profit $ 65 million commercial satellite programs $ 35 million decreased equity earnings joint ventures.
 $ 105 million higher 2015 2014.
 $ 325 million $ 245 million $ 280 million 25% 21% 24% increased awe.
 lower orders government satellite orion program higher sales.
 systems 2019 2017 net sales decrease-single lifecycles offset awe net sales.


graph shows five-year stockholder return common stock october 30 2011 2016.
 compared return standard 500 index rdg semiconductor composite index.
 assumes $ 100 invested october 30 2011 stock reinvestment dividends.
 dollar amounts rounded nearest dollar.
 represents past performance not future performance.
 5 year return. s&p 500 index semiconductor composite index $ 100 invested 10/30/11 reinvestment dividends.
 month-end.
 s&p.
.
 10/30/2011/28/2012 10/27/2013/26/2014 10/25/2015 10/30/2016
.
 500.
 semiconductor composite.
 2016 2015 2014 board directors declared quarterly cash dividends $ 0. 10 per share.
anticipates cash dividends quarterly future board financial condition results capital requirements business conditions stockholders.
 10/30/11/28/12/27/13/26/14 10/25/15 10/30/16 materials.
 s&p 500 rdg semiconductor composite


.
 commitments contingencies noncancelable office space warehouse distribution facilities trucks equipment.
 future lease commitments december 31 2009.
 2010 $ 55178
 2011 45275
 2012 36841
 2013 30789
 2014 22094
 59263
 $ 249440
 rental expense $ 57. million $ 49. million $ 26. 6 million 2009 2008 2007.
 guarantee residual values truck equipment leases.
 original cost.
 responsible shortfall.
 more paid residual value.
 leases 2009 guaranteed residual value $ 27. 8 million.
 2005 2008 ford technologies complaints trade commission aftermarket parts imported.
 ford design patents.
 settled 2009 2011.
 sole distributor aftermarket automotive parts ford collision parts design patent.
paid upfront fee pay royalty.
 amortization fee royalty expenses reflected goods statements.
 contingencies litigation claims commitments subject environmental pollution control laws regulations.
 resolution affect financial position cash flows.
.
 2009 acquired greenleaf auto recyclers ssi $ 38. 8 million.
 automotive parts recycling.
 gain bargain purchase $ 4. 3 million


30 september 2016 2015 no assets liabilities discontinued homecare business.
.
 restructuring cost reduction excluded income.
 2016 expense $ 33. 9 $ 24. $. 11 per share 700 positions.
 industrial gases 2013 americas emea segments.
.
 2016 $ 33. 9
 pension liability.
 cash expenditures.
 currency translation adjustment.
 2016 $ 12.
 realignment reorganization 2014 changes.
 incurred severance charges.
 2015 expense $ 207. 7 $ 153. 2 $. 71 per share.
 $ 151. 9 elimination 2000 positions.
 $ 55. 8 plant shutdown exit product lines industrial gases 2013 global technologies segments.
 2015 charges $ 31. 7 americas $ 52. 2 emea $ 10. 3 $ 37. $materials technologies $ 48. corporate.
 fourth quarter 2014 expense $ 12. $ 8. after-tax $. 04 share elimination 50 positions.
 $ 2. industrial gases $ 3. emea. global. $ 2. corporate.


.
 market registrant 2019s common equity stockholder matters issuer purchases 2019s common stock quoted nasdaq global select market symbol 201cjkhy 201d.
 established quarterly dividends fiscal 1990 paid.
 future dividends discretion board directors earnings capital requirements contractual restrictions operating financial condition.
 changes dividend practices.
 august 15  2019 145300 holders 2019s common stock.
 last sale price nasdaq $ 141. 94 per share.
 shares repurchased quarter ended june 30 2019 total number shares purchased average price maximum number.
 april 1- 30 2019 2014 3732713
 may 1- may 31 2019 250000 $ 134. 250000 3482713
 june 1- 30 2019 3482713
 250000 $.
250000 shares purchased repurchase plan.
 no surrendered tax stock awards.
 stock repurchase authorizations february 30. million shares.
 no targets expiration dates.


.
 offices boston southborough woburn atlanta mexico city sao paulo.
 details.
 location function size interest
 boston corporate headquarters 30000
 southborough data center 13900
 woburn administration 34000
 atlanta services accounting 17900 4800
 mexico city headquarters 12300
 sao paulo brazil 3200
 30000 square feet consolidating 20000 square feet 2004 remaining 10000 square feet re-lease sub-lease.
 seven offices states.
 ontario marietta georgia crest hill worcester new hudson pleasant kent.
 smaller field offices.
 fee leasehold land buildings.
15000 towers 16% ( 16 % 84% leasehold interests long rights for third parties.
 wireless communications site 10000 square foot tract towers equipment shelters wires broadcast tower site up to twenty-acres.
 less than 2500 square feet for monopole self-supporting tower.
 land leases initial five years three renewal periods five years twenty to-five years.
 lenders have liens on towers leasehold interests tenant leases contracts management.
 owned leased facilities needs.
.
 in claims lawsuits.
 no matters impact on financial position results operations liquidity.
.
 submission to vote of security holders


item 5.
 common equity sales unregistered securities fourth quarter 2003 aes issued. million shares common stock $ 20 million.
 shares issued without registration section 3 9 securities act 1933.
 common stock traded new york stock exchange symbol. high low sale prices stock.
.
 2003 quarter high $ 4. 04 low $ 2. 72 2002 quarter $ 17. 84 low $ 4.
 quarter 8. 37 3. 75.
 7. 70.
 9. 50 7. 57.
 march 3 2004 9026 holders common stock $ 0. 01 per share.
 secured credit facilities pay cash dividends.
 guaranty cash dividends net worth liquidity tests.
 cash dividends limitations project loans governmental provisions agreements.
item 12 10-k securities equity compensation.


taxes.
 group bermuda subsidiaries subject to.
 income tax adverse effect company 2019s financial condition results operations cash flows.
.
 bermuda re 2019s uk branch conducts business subject to taxation.
 bermuda bermuda operation uk taxation.
 operations subject uk income tax adverse impact financial condition results operations cash flow.
 annual reports form 10-k quarterly 10-q current reports 8-k proxy state amendments available internet website. everestre. com securities exchange commission.
.
 risk factors investment securities.
 if business finan cial condition results operations trading price common shares decline.
 results by catastrophic events.
 exposed to weather natural acts terrorism.
 reduction in operating results inhibit pay dividends meet interest principal obligations.
catastrophe pre-tax loss property exposures before reinsurance $ 5. million corporate rein surance taxes.
 third quarter 2005 industrial risk losses excluded from catastrophe losses prior periods adjusted comparison.
 past five years pre-tax catastrophe losses net contract reinsurance before cessions corporate reinsurance.
 2006 $ 287. million
 2005 $ 1485. million
 2004 $ 390.
 2003 $ 35.
 2002 $ 30. million
 losses future catastrophic events could exceed projections.
 strategic.
 estimate potential losses decide retrocessional coverage.
 approximations losses may exceed projections.
 focus on potential losses single event.
 techniques estimate loss event.
 non-modeled approaches modeled approaches risks.
loss reserves inadequate losses income loss.
 required maintain reserves estimated liability adjustment expenses reported claims.
 reserves estimates settlement adminis tration.
 rely data ceding companies brokers actuarial statistical projections.
 inaccuracies 4/13/07 11:08 am page 23. everestre.


stock performance graph shareholder return $ 100 31 2013 reinvestment dividends 2019s common stock s&p 500 retail index.
 2013 2014 2015 2016 2017 2018
 2019reilly automotive inc. $ 100 $ 150  $ 197 $ 216 $ 187 $ 268
 s&p 500 retail index 110 137 143 184  208
 $ 100 111 145


higher raw material energy costs $ 312 million market downtime $ 187 million $ 30 million.
 higher 2005 earnings brazilian.
.
 lower earnings.
 european.
 printing 995000 tons downtime 2005 540000 tons lack-order.
 525000 tons 2004 65000 tons lack-of-orders.
.
 $ $
 operating profit $ 552
 papers sales $ 4. 8 billion 2005 $ 5. billion 2004 2003.
 4. 4%. higher 2005. 6% higher 2003.
 pricing momentum.
 demand lower price realizations second third quarters.
 prices stabilized.
 shipments 7. 2%. lower 2004 4. lower 2003.
 closure three uncoated freesheet machines lack-of-order downtime.
demand new vision paper products improved brightness white ness.
 mill operations favorable rebuild.
 machine carolina mill completed fourth quarter.
 high input energy higher transportation costs.
 earnings decline lower shipments down time costs overhead operations.
 sales price stable 1% 1 % lower 2004 6% below 2003.
 sales volumes rose 1% 1 %.
 earnings lower higher wood energy costs margins currency exchange.
 affected downtime rebuild paper machines.
 papers sales $ 1. bil 2005. 2004. 2003.
 profit 2005 small loss 2004.
 earnings improvement higher sales prices improved mill operations.
 price realiza 13% higher 2004.
 higher input costs.
 sales volumes 1% 1 % lower.
 market pulp sales.
 $ 757 million 2005 661 571 million 2004 2003.
profits 2005 86% % 2004.
 loss 2003.
 higher prices volumes lower overhead costs improved operations.
.
 softwood pulp prices declined third recovered.
 softwood 2% 2 lower 2004 15% higher 2003 hardwood 15% 10% 10.
.
 pulp sales volumes 12% higher 19% 19 demand.
 euro- pean pulp volumes increased 15% 2% 2 sales prices increased 4% 4 % 11%.
 brazilian paper sales $ 684 million 2005 592 million 2004 2003.
 uncoated chips down 2004 improved.
 exchange rates.
 17% higher 2005.
.
 domestic un- coated paper declined 4% 4 down 3% 3 %.
 profits down 9% 9 % 2004 up 2% 2 % 2003.
2005 impacted weaker sales uncoated papers competition demand printing commercial editorial.


operating segments aggregated reportable segments.
 non-reportable segments 7% fiscal 2017 net revenues club monaco. canada lauren latin america royalty revenues global licensing alliances.
 new segment structure consistent business strategy performance.
 prior period segment information recast realignment.
 40% fiscal 2017 net revenues earned outside.
 note 20 revenues.
 wholesale business sells products globally upscale mid-tier department stores specialty stores golf pro shops.
 brand in-store product assortment presentation full-price sell-throughs.
 2017 wholesale products sold 13000 doors worldwide majority specialty stores.
 e-commerce.
 apparel accessories home furnishings.
 luxury brands ralph lauren distributed worldwide fashion retailers.
 major customers north america.
latin america wholesale products sold department specialty stores.
 europe.
 asia shop-within-shops department stores.
 licensed stores latin america asia middle east.
 sell excess out-of products secondary distribution channels retail factory stores.
 wholesale doors segment april 1  2017:.
 north america 7294
 5690
 asia
 non-reportable segments
 three key wholesale customers sales volume.
 macy's.
 10% net revenues.
 three largest customers 21% net revenues.
 north america.
 products sold sales forces.
 showrooms new york.
 regional showrooms milan paris london munich madrid stockholm panama.


foods sales increased $ 303 million 5% to $ 6. 8 billion.
 increase three points improved net pricing product mix two higher volumes.
 priority investment brands.
 product recalls offset improvements.
 implemented price increases foods products fourth quarter 2008.
 sales improvements expected into 2009.
 sales brands chef david egg beaters healthy choice hebrew grew 2008.
 sales act ii andy capp banquet kid cuisine parkay pemmican reddi-wip slim jim declined 2008.
 sales.
 initiated peanut butter recall reintroduced peter pan 2007.
 sales 2008 $ 14 million lower than 2007.
 impacted by recall banquet ae private label pot pies 2008.
sales pot pies lower $ 22 million 2008 due returns lost sales.
 sales alexia foods lincoln snacks $ 66 million.
 divested refrigerated pizza business.
 sales $ 17 million food ingredients sales $ 4. 1 billion increase $ 706 million 21% 21 %.
 sales higher prices increases potato vegetable operations.
 2007 divestiture oat milling sales $ 27 million offset increased sales $ 18 million acquisition watts brothers.
 international foods sales increased $ 65 million $ 678 million.
 strengthening foreign currencies.
 $ 36 million.
 5% ( 5 % increase sales volume increased sales canada mexico increases net pricing.
.
 foods 1802 1923
 ingredients 23% 23 %
 international foods 6%
 2716 1%
 gross profit 2008 $ 2.7 billion $ 23 million 1%.
 driven food ingredients higher margins offset reduced profits consumer foods.
 restructuring reduced profit $ 4 million $ 46 million 2008 2007.


jpmorgan chase. annual report 273 table presents.
 non.
 income before tax expense extraordinary gain years december 31 2010 2009 2008.
 millions.
. $ 16568 $ 6263 $
 non. 8291
 before gain $ 24859 $ 16067 $ 2773
. 24859 16067 non.
 income operations outside.
 2013 restrictions cash funds transfers jpmorgan chase bank. regulation comptroller currency.
 member.
 federal reserve sys deposits.
 insured by.
 board governors federal reserve system cash reserves federal reserve bank.
 average reserve balances deposited subsidiaries federal reserve banks $ 803 million $ 821 million in 2010 2009.
 restrictions.
law jpmorgan chase affiliates borrowing banking subsidiar unless loans secured amounts.
 loans limited to 10% capital determined risk guidelines loans limited to 20% capital.
 principal sources jpmorgan chase income dividends interest from bank. subsidi aries.
 federal reserve occ fdic authority prohibit limit payment dividends.
 january 1 2011 jpmorgan chase subsidiaries could pay $ 2. 0 billion dividends without prior approval regulators.
 capacity pay dividends 2011 supplemented by subsidiaries earnings.
.
 december 31 2010 2009 cash $ 25. 0 billion $ 24. 0 billion securities $ 9. 7 billion $ 10. 2 billion  segregated in special bank accounts securities futures brokerage customers.
federal reserve requirements standards consolidated financial holding company.
 banks jpmorgan chase bank.
 two categories risk-based capital 1 2.
 1 common equity preferred stock noncontrolling interests debt securities goodwill adjustments.
 2 preferred stock long-term debt instruments credit losses risk-weighted assets.
 tier 1 tier 2.
 jpmorgan chase ratios tier 1 total capital risk-weighted assets leverage ratios.
 failure reserve action.
 banking subsidiaries subject requirements.
 december 31 2010 2009 jpmorgan chase subsidiaries well-capitalized met requirements.


stockholder return graph compares 5-year return common stock nasdaq composite s&p 400 information technology index.
 assumes investment common stock january 2 2010 index december 31 2009 dividends $ 100 year january 3 2015 5 year return cadence design systems. nasdaq composite index s&p 400 technology.
 12/28/13$ 100 invested 1/2/10 stock 12/31/09 reinvestment dividends.
 month-end.
 2014 mcgraw-hill companies.
.
 1/2/2010 1/1/2011 12/31/2011/29/2012/28/2013 1/3/2015
 cadence design systems.
 composite.
&p 400 information technology.
 stock price performance not indicative future price performance.


2022.
 attorney 2019s office district maryland inspector general small business administration served subpoena on pnc documents relationship with sba-guaranteed loans jade capital investments  llc 201d other pnc sba guaranteed loans businesses maryland commonwealth virginia washington dc.
 jade loans identified indictment charging jade bank fraud violations federal bank fraud statute money laundering.
 pnc cooperating with.
 attorney 2019s office maryland.
 regulatory governmental investigations audits inquiries note 23.
 pnc persons indemnification obligations subject to pending legal proceedings claims monetary damages relief.
 anticipate liability financial position.
 determine claims results operations future reporting period loss claim income reported period.
note 24 commitments guarantees visa indemnification obligations officers directors employees agents companies.
 equity funding unfunded commitments december 31 2013 private equity investments $ 164 million.
 risk participations institutions support obligations third parties insurance requirements transactions capital markets.
 letters ratings table 151 letters billions $ 10. 5 $ 11. credit ratings portfolio.
 2013
 $. $ 11.
 credit ratings
 96% 95% 95 %
 4% 4 5% 5 %
 exclude participations $ 3. 3 billion $ 3. 2 billion financial institutions december 31 2013 2012.
 include $ 6. 6 billion $ 7. 5 billion remarketing programs.
 risk loss low.
 higher risk default.
customer fails financial obligation third party remarketing program beneficiary make payment.
 standby letters of credit outstanding december 31  2013 terms less 1 year to 6 years.
 assets $ 2. 0 billion secured standby letters credit.
 remaining secured by collateral guarantees.
 liability was $ 218 million december 31.
 standby bond support municipal bond obligations.
 commitments $ 1. 3 billion.
 liquidity facilities receivables.
 no commitments.
 pnc financial services group.
 2013 form 10-k


alexion pharmaceuticals.
 financial statements 2014 years december 31 2007 2006 december 31 2005 july 31 2005 amounts thousands share 2006 completed final phase trial pexelizumab.
 pursue development.
 march 30 2007 collaboration agreement.
 terminated march 2007 remaining $ 10000 non license fee $ 5343  recognized revenue year december 31 2007 contract research revenues.
.
 research institutions universities contractors collaborators government agencies technologies services.
 agreements initial fee annual royalty payments.
 future payments milestones.
 minimum royalty payments sales products.
 clinical manufacturing development agreements trials.
 contract site services patient enrolment.
 scale-up.
 executed large-scale product supply agreement lonza sales long-term commercial manufacture soliris.
maintain rights provide minimum funding support.
 terminate.
 recognize expense obligation.
 minimum payments december 31 2007 next five years license agreements clinical manufacturing development agreements.
 2008 $ 707 2860
 2009 552 3750
 2010 322 7500
 2011 300 7500
 2012


positions collateral defaulting firm at clearing organization cross-margining loss sharing payments participating liquidating surplus deficit additional surplus shared with other clearing house.
 surplus funds passed to bankruptcy trustee.
.
 $ 550. 0 million guarantee accelerate distribution funds.
 trustee distributed more property than company cash payment for erroneous up to $ 550. 0 million.
 payment after trustee property distributed.
 payment seek reimbursement property.
 guarantee cover distributions claims.
 trustee payments likelihood payment remote.
 guarantee liability estimated immaterial at december 31 , 2012.
 farmer rancher protection fund.
 2012 company established.
 payments to family farmers ranchers agricultural industry participants cme group products losses due to clearing member insolvent.
fund farmers ranchers eligible $ 25000 per participant.
 cooperatives $ 100000 per cooperative.
 maximum payment $ 100. million.
 payments exceed pro-rated.
 members customers must register provide documentation eligibility.
 peregrine financial group.
 filed for bankruptcy protection july 10 2012.
 not customers not registered fund.
 not eligible payments.
 fund newly implemented customers agricultural industry participants company terms conditions bankruptcy eligible farmers ranchers cooperatives apply benefits.
 recorded liability $ 2. million at december 31  2012.
.
 redeemable non-controlling interest changes interest years.
 statements equity.
 2011
 balance at january $ 70.
 contribution dow jones.
.
 allocation stock-based compensation.
income redeemable non-controlling interest.
.
.
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.
.
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.
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.
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. compensation
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.
. redeemable non controlling
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defined benefit pension plans 2019 $ 130 million retiree medical cash funding 2007 2008.
 2007 no contributions $ 175 million retiree medical life insurance 2006 prepayments.
 benefit payments future service pension benefits.
 2009
 sponsor nonqualified defined benefit plans limits.
 liabilities 2006 $ 641 million.
 $ 59 million 2006 58 million 2005 61 million 2004.
 foreign benefit plans.
 liabilities not material cash.
 rental expense $ 310 million 324 million $ 318 million 2006 2005 2004.
 future lease commitments 2006 $ 1. billion 288 million 2007 254 2008 211 2009 153 2010 118 2011 121.
 plant facilities equipment furnished.
 government short-term arrangements.
14 2013 legal proceedings commitments party property litigation protection environment.
 probability adverse effect corporation.
 predict.
 matters include march 27 2006 subpoena grand jury northern district ohio.
 requests documents patents missile detection warning technology.
 cooperating government investigation.
 february 6 2004 contract claim indemnity remediation litigation costs former facility redlands california.
 sponsorship agreement boeing company 2001 prime contractor short range missile sram program.
 contractual indemnities.
 air force law.
 august 31 2004 denied claim.
 appeal pending armed services board contract appeals.
 august 28 2003 department justice complaints lawsuits civil false claims act western district kentucky.
 natural resources defense council.
 lockheed martin corporation.
.
tillson.
 lockheed energy systems.
 resource conservation recovery paducah diffusion plant


abiomed.
 subsidiaries financial statements 2014.
 no accumulated impairment losses.
 performed step assessment impairment 2015 fair value reporting unit less carrying amount.
 two-step goodwill impairment test not necessary 2015.
.
 acquired ecp ais recorded $ 18. 5 million ipr&d.
 estimated fair value probability-weighted income approach future cash flows.
 cash flows expandable catheter pump technology assumptions revenue expenses stage development time resources.
 discount rate 22. 5%. cash flows probability adjusted risks product commercialization.
 carrying value ipr&d assets change balance year march 31 2015.
 beginning balance $ 2014
 foreign currency translation impact
 ending balance $ 14711
.
 equity authorized 1000000 shares. board directors designation.
shares class b stock issued outstanding.
 authorized repurchase $ 15. million common stock.
 financed cash.
 2013 repurchased 1123587 shares $ 15. million average $ 13. 39 per share commission.
 completed purchase stock january 2013.
.
 grants stock options restricted stock awards employees.
 outstanding stock options march 31 2015 granted exercise price equal fair market value.
 expire 10 years.
 2008 stock incentive plan authorizes equity awards officers directors employees consultants advisers unrestricted restricted stock options performance awards stock appreciation rights.
 options granted current market value.
 counts maximum


financial statements reduction debt accrued interest.
 new shares released outstanding earnings share.
 unreleased not outstanding.
 pensions postretirement benefits 2006 fasb issued sfas.
 158 2019 defined benefit pension plans amendment statements.
 87 88 106 132. company recognize net liability report funded status defined benefit pension changes funded status.
.
 158 change pensions postretirement benefits.
 adopted recognition disclosure provisions.
.
 2006.
 impact applying.
 158 line items balance sheet.
.
.
.
.
 assets $ 494 $ 105 $ 599
 deferred income tax liability -193 ( -136
 accrued pensions -371 -258 -629
 postretirement benefits -619 -1028
 loss 480 505 985
postretirement benefits 619 ) 409 ) 1028 ) loss 480 505 balances accounting standards adoption.
.
 note 13 benefits.
 derivative instruments recognizes instruments assets liabilities fair value balance.
 accounting changes fair value depends.
 cash flow hedge change fair value deferred income.
 ineffective reported earnings.
 hedge change value offset change value.
 hedge foreign operation change fair value deferred unrealized currency translation adjustment loss income.
.
.
 reserve $ 10 million $ 4 million.
 pretax charges income warranties 2006 2005 2004 $ 4 million $ 5 million $ 4 million.
 cash outlays warranties $ 5 million $ 4 million 4 million.
 $ 7 million warranty obligations assumed 2006 business acquisitions.
retirement obligations legal obligation retirement long-lived asset incurred acquisition construction development operation.
 obligations estimate fair value.
 adjusted for changes value.
 estimated retirement costs capitalized depreciated over useful life.
 obligations associated with closure assets chemicals manufacturing.
.
 2006 2005 accrued asset retirement obligation $ 10 million.
 2004 $ 9 million.
 2005 fasb issued interpretation.
.
.
.
 conditional asset retirement obligation.
 guidance estimate value.
.
 2005 adopted provisions.
.
 conditional asset retirement obligation relates to future abatement asbestos production facilities.
 arises from building practices.
 no current legal requirement to abate.
no requirement current plans timing method cost future abatement 2006 annual report form 10-k


contents corporation subsidiaries.
 goodwill intangible assets changes reportable segment millions corporate business public consolidated balance december 31 2014 1045. 185. 911. 3 74. 5 2217. 6.
 millions corporate small business public consolidated
 december 31 2014 1045. 185. 911. 3 74. 5 2217. 6
 currency.
 305. 305.
 december 31 2015 1045. 185. 911. 357. 2500.
 currency -45.
 services allocation 28. 18. -46.
 december 31 2016 1074. 185. 929. 265. 2455.
 currency 24.
 december 31 2017 1074. 185. 929. 290. 2479.
 31 1074. 185. 929. 290. 2479.goodwill net impairment losses $ 1571 million $ 354 million $ 28 million corporate public segments.
 amounts small business reportable segment.
 january 1 2016 cdw advanced services business corporate public segments.
 canada cdw uk segments.
 small business performed quantitative analysis allocate goodwill corporate small business.
 1 2017 fair values corporate small business units exceeded carrying values 227% 308% no impairment.
 december 1 2017 annual impairment analysis.
 qualitative analysis.
 fair values exceeded carrying values quantitative impairment analysis unnecessary.
 uncertainty impact referendum uk membership european union additional risk analysis.
 qualitative analysis appropriate uk reporting unit.
 quantitative analysis public canada reporting units.
quantitative analysis determined fair value public canada units exceeded carrying values 179% 153% no impairment existed.
 completed annual impairment analysis.
 corporate public canada units analysis.
 determined fair values exceeded carrying values.
 quantitative impairment analysis unnecessary.
 uncertainty impact brexit performed quantitative analysis cdw uk reporting unit.
 fair value exceeded carrying value no impairment existed.


compensation plan approved holders.
 employee stock purchase plan 2005 director stock plan 2005 annual meeting.
 mergers cbot assumed equity plans.
 shares cbot equity compensation plan approved merger transactions.
 number securities issued options weighted-average price securities remaining future equity compensation plans.
.
.
.
.
.
.
.
.
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.
. 5156223 equity compensation plans not approved holders.
.
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.
.
.
.
.
.
.
 securities issued options weighted-average exercise price securities remaining future issuance
 compensation plans approved holders.
 not approved.
.
relationships transactions director independence cme group proxy statement business relationships 201d governance 2014director independence incorporated.
 14.
 principal accountant fees services cme group proxy statement 201caudit committee disclosures fees policy approval audit non-audit services incorporated.


edwards lifesciences financial statements 2014 lease payments interest leases debt maturities december 31 2004 $ 13. obligations $ 49. 267 debt december 31 2004 2003 unsecured notes japanese yen. billion us$ 67. 1 million. billion$ 55. 8 million.
 facilities equipment leased leases.
 renewal options.
 total expense leases $ 14. million $ 12. 3 million $ 6. 8 million 2004 2003 2002.
.
 risk.
 cash deposits accounts receivables investments unconsolidated affiliates accounts payable accrued liabilities debt.
 estimated market prices.
 valuations cash flows.
 long-term debt market value market rates.
company financial instruments approximate fair values short-term.
 operating leases debt maturities
 $ 13.
 11.
.
.
 7.
. 267.
 obligations commitments $ 49. 267.
 lifesciences financial statements 2014 future lease payments interest leases debt maturities december 31 2004 debt leases $ 13. 11 7 267. obligations 49. december 31 2004 2003 unsecured notes yen. billion us$ 67. 1 million. billion$ 55. 8 million.
 facilities equipment leased operating leases expiring.
 renewal options.
 expense leases $ 14. million $ 12. 3 million $ 6. 8 million 2004 2003 2002.
.
 differ.
instruments cash deposits receivables investments accounts payable accrued liabilities debt.
 values investments estimated market prices.
 methods external valuations discounted cash flows.
 long-term debt approximates rates.
 other instruments short-term.


entergy mississippi.
 financial capital include funds cash debt stock bank financing.
 refinance redeem debt preferred stock prior maturity.
 debt stock issuances require regulatory approval.
 subject issuance tests corporate charter bond agreements.
 capacity capital needs.
 two credit facilities $ 50 million renewed through may 2009.
 borrowings secured by security interest.
 no borrowings outstanding december 31 2008.
 short-term borrowing authorization through march 31 2010 $ 175 million.
 note 4 financial statements borrowing.
 order authorizing long-term securities issuances.
 authorization extends through june 30  2009.
 receivables december 31.
 2008 2007 2006 2005
$ 66044 20997 39573 84066
 may 2007 $ 6. million mississippi receivable replaced new orleans.
 note 4 financial statements.
 entergy mississippi influence financial position liquidity.
 rates determined regulatory.
 mpsc.
 2008 mississippi filing.
 $ 10. 1 million increase electric revenues.
 june 2008 settlement utilities $ 3. 8 million rate increase.
 january 2009 left current rates.
 appealed decision supreme court.


liquidity monitoring stress testing performed for citi 2019s major entities subsidiaries countries.
 impact liquidity event on balance sheet liquidity position identify funding alternatives.
 scenarios include funding sources market triggers credit ratings funding political economic conditions.
 market conditions company events.
 stress tests mismatches between liquidity sources uses over time.
 liquidity limits set.
 stress tests mismatches calculated varying frequencies daily.
 citi maintains contingency funding plans.
 actions for adverse market conditions stresses.
 short-term liquidity measurement coverage ratio monitors liquidity lcr.
.
 adequate level liquidity needs acute 30-day stress scenario.
lcr calculated hqla net outflows 30-day period factors liabilities deposits unsecured borrowings unused lending commitments derivatives exposures offset inflows assets maturing 30 days.
 banks calculate add-on maturity mismatches cash outflows inflows.
 minimum lcr requirement 100% effective january 2017.
 2016 federal reserve board rules disclosures financial institutions citi.
 hqla lcr inflows outflows.
 maturity mismatch add-on disclosures.
 effective date april 1  2017.
 table lcr calculation hqla outflows.
.
.
.
.
 $ 403. $ 389.
 net outflows 332. 335. 344.
 121% 120% 113%
 net outflows $ 71. 68. 44.
amounts table average.
 citi 2019s lcr increased year-over-year sequentially.
 driven hqla reduction net outflows.
 unchanged.
 net stable funding ratio quarter 2016 federal reserve board fdic occ proposed rule nsfr requirement.
. consistent final nsfr rules.
 bank stable funding.
 equity deposits long-term debt required liquidity characteristics assets derivatives commitments.
 standardized weightings asset liabilities classes.
 ratio available funding required greater 100%.
 citi compliant.
 nsfr rules december 31 2016 evaluate final version 2017.
 rules implementation.
 january 1 2018.


amended $ 1. billion unsecured revolving credit facility maturity 2008 to 2010 interest rate libor. commitment fee. 2%. undrawn portion december 31 2005.
 entered $ 100. million unsecured loans due 2010 interest libor. 8%. december 31 2005.
 eight-year $ 225. million unse loan libor. 75%. amended 2005 interest rate. december.
 liquid yield option 2122 zero coupon convertible notes unsecured bonds yields maturity 4. 875%. due 2021.
 issued $ 381. $ 391. principal amount maturity $ 1000.
 convertible. 7152. 6675 shares common stock market price.
 conditions december 31 2005 2004.
february 2 2005 redeem liquid yield option 2122 notes may 18 2006 zero coupon notes cash.
 holders 2122 2011 may 18 2009 2014.
 purchase cash common stock.
 2005 converted $ 10. 4 million $ 285. million. million 9. million shares common stock.
 redemption $ 182. 3 million 2122.
 common stock issuance 4. 5 million shares.
 2005 prepaid $ 297. million term loan variable rate unsecured term loan.
 1996 $ 264. million capital lease splendour seas 1995 $ 260. million legend seas.
 2005 paid $ 335. 8 million purchase options lease.
 interest rate commitment fee vary debt rating.
 unsecured senior notes debentures not redeemable prior maturity.
debt agreements maintain minimum net worth charge ratio limit debt to capital ratio.
 compliance covenants december 31 2005.
 schedule annual maturities long-term debt five years.
 2006 600883
 2007 329493
 2008 245257
 2009 361449
 2010 687376
 $ 137. million value zero coupon convertible notes december 31 2005 2009.
 holders purchase notes value $ 161. 7 mil may 18 2009.
 calculated 2005.
 pay cash common stock.
.
 forward sale agreement.
 purchased. million shares common stock $ 45. 40 per share.
 $ 249. 1 million recorded equity stock.
 sale contract matured february 2006.
 investment bank purchased shares.
 received 218089 additional shares.
 recorded equity first quarter 2006.
employee stock purchase plan since january 1 1994 facilitates purchase 800000 shares common stock.
 offerings quarterly.
 pur- chase price equal 90% market prices new york stock exchange first last.
 14476  13281 21280 royal caribbean cruises ltd.


table shows reporting units goodwill balances december 31 2010 excess fair value over allocated book value annual impairment test.
 millions fair value % allocated book value.
 north america banking 170% 170 %
 emea
 asia
 latin america
 securities banking
 services 1716
 brokerage asset management
 local consumer lending 121 4560
 excluded no goodwill allocated.
 no impairment noted citigroup lending impairment test july 1 2010 goodwill may sensitive deterioration valuation economic conditions consumer credit risk.
 citigroup engaged independent valuation specialist market approach income approach penalty fee provisions credit card accountability disclosure act 2009.
 selected price multiple.
 operating performance financial condition lending publicly traded companies acquired companies.
expected growth return on tangible equity guideline companies transactions considered.
 guideline prices minority interest selection multiple considers guideline acquisition prices control rights privileges multiple control premium.
 local consumer lending valuation assumptions include cash flows terminal value discount rate.
 cash flows estimated based management recent projections targeted equity capital requirements public guideline companies.
 terminal value 2013 assumptions include long-term growth rate price-to-tangible book multiple guideline companies.
 discount rate based on estimated cost of equity capital model.
 inherent uncertainty economic conditions deteriorate impact business model.
 discount rate at july 1, 2010 risk characteristics uncertainty forecasts assumptions.
 2014economic conditions.
 regulatory actions affect assumptions valuation lending.
deterioration assumptions valuations discount-rate growth-rate net income affect citigroup 2019s impairment evaluation results.
 future cash flows experience impairment charges $ 4560 million goodwill consumer lending.
 charges affect tier 1 capital regulatory ratios ratio equity liquidity position.


share-based compensation cost recorded estimated forfeitures straight-line graded-vesting performance market.
 estimated forfeiture rate based historical trended forfeiture data.
 2014 2013 2012 recorded compensation cost $ 172 million $ 179 million $ 147 million consolidated statements operations.
 capitalized share-based compensation cost immaterial 2014 2013 2012.
 options options expire 10 years grant vest 3 years vesting.
 fair value stock option estimated grant black-scholes option pricing model weighted-average assumptions.
 expected term.
 risk-free rate return. 3%.
 volatility 25. 2% 34 9%. 9
 dividend yield.
 fair value per option granted $ 44. $ 39. $ 29.
 2014 based historical option exercises peer companies comparable.
company 2019s data weighted years measurement date initial public offering contractual term.
 weighting peer 2014 58% 58 % 42% 42 % ).
 2013 2012 peer companies data.
.
 treasury bond rate expected term.
 historical volatility.
 peer companies.
 weighting years stock price information public offering.
 volatilities 22% ( 22 % to 26% ( 26 % ) annual dividend rate date grant.


net revenues increased $ 203. 9 million. $ 5193. 2 million from 4989. 2 million 2017.
 revenues product category.
 apparel 3462372 3287121 175251. 3%.
 footwear.
 accessories.
 sales 4948043 4770799.
.
 fitness 120357.
 revenues $ 5193185 4989244 $ 203941 4. 1%.
 increase apparel sales growth footwear.
 offset decline accessories.
 license revenues increased $ 8. 2 million. $ 124. 8 million 2018 from 116. 6 million 2017.
 fitness revenue increased $ 18. 5 million. $ 120. 4 million 2018 from 101. 9 million 2017 subscribers applications.
 profit increased $ 89. 1 million to $ 2340.2018 2251. 4 million 2017.
 gross profit unchanged 45. 1%.
 impacted lower promotional activity product cost lower air freight international fitness revenue foreign currency offset higher sales-price restructuring charges.
 2019.
 administrative expenses increased $ 82. 8 million $ 2182. 3 million 2018 2099. million 2017
 42.
 marketing costs decreased $ 21. 3 million $ 543. 8 million. 1 million 2017.
 restructuring.
 offset higher costs brand investments international business.
 decreased 10. 5%. 2018.
 other costs increased $ 104. 1 million $ 1638. 5 million. 4 million 2017.
 higher incentive compensation expense expansion international business.
 increased 31. 6%. 2018.
 restructuring charges increased $ 59. 1 million $ 183. 1 million 124. million 2017.
 restructuring plans.
 income decreased $ 52. 8 million. loss $ 25. million 2018 $ 27. 8 million 2017.
 decreased. 4%. 2018. 2017
 impacted $ 203. 9 million restructuring charges.
 impacted $ 129. 1 million restructuring.
 decreased $. 9 million $ 33. 6 million 2018 $ 34. 5 million 2017.


commodity prices revenues profitability cash flows capital.
 commodity prices 2014 2015 2016.
 lower price cycle operational efficiency cost reductions capital discipline portfolio optimization balance sheet protection.
 approved $ 1. 4 billion 2016.
 flexible capital allocation challenged commodity pricing environment.
 program non-core assets cash flows savings cost reductions meet capital program operating costs debt service dividends.
 real-time evaluation revenues expenditures asset dispositions.
 capital program reportable segment.
 north america e&p 81%
 international e&p 13%
 oil sands mining 3%
 97%
 3% 3
 100%
 north america e&p $ 1. 2 billion capital program core.
.
 $ 600 million five rigs 124-132 gross-operated wells.
eagle ford $ 520 million drilling completions.
 2016 co-development lower upper eagle ford austin chalk.
 basins $ 200 million two rigs lease retention 20-22-operated wells.
 $ 195 million drilling completions $ 55 million outside-operated activity.
 70% held production year end 90%.
 $ 200 million north dakota.
 one rig 2016 13-15 wells.
 $ 150 million drilling completions $ 75 million outside-operated activity.
 infrastructure lower 2015 water-gathering system second half 2016.
 $ 170 million assets.
.
 alba field compression project.
 production life eight years.
 $ 30 million targeted exploration north america&p international.
 gulf mexico gabon no exploration wells.
 $ 40 million capital projects.
 remainder $ 40.
exploration item 1.
.
 2016 north america international segments 335 355 net mboed osm 40 50 synthetic crude oil.


schedule page 6 hotels resorts. subsidiaries. real estate depreciation 31 2018 millions change depreciation amortization real estate years 2017 2016.
 31 2015 $ 5666
 572
 -159
 -130
 2016 5949
 563
 -247
 2017 6272
 546
 -344
 -101
 december 31 2018 $ 6373
 cost real estate federal income tax $ 10458 million december 31 2018.
 total cost excludes construction-in-progress properties.


contents.
 monte carlo lattice pricing model 2016 2015 2014
 risk-free interest rate. 0%. 1%. 7%. 7 %
 dividend yield
 stock price 21% 21 % 23% 23 % 25% 25 %
 2014nasdaq composite index 16% 16 % 14% % 15% 15 %
 2. 8. 8. 8
 correlation factor. 65. 60.
 issued 35000 115485 39900 performance-based restricted stock awards 2016 2015 2014.
 metrics 63462 51795 20667 awards grant-date fair values $ 84. 61 $. $. 52.
 value recorded.
 7625 units 2014 awards earned 2017.
 compensation expense $. 4 million. 4 million. 1 million.
2014 company granted stock units 488622 344500 364150 four values $ 88. 51 $ 86. 34 $ 82. 13.
 162019 85713 shares vested released.
 838327 344750 units outstanding.
 compensation expense $ 19. 1 million $ 12. 5 million $ 5. 8 million.
 issued 68451 shares replacement stock fair value $ 90. 48.
 $ 6. 2 million $ 3. 5 million non-cash.
 remaining stock compensation expense.
 recorded $ 1. 2 million $ 0. 6 million compensation expense.
 2011 granted performance-based stock awards.
 revenue.
 expense 2014 $ 4. 7 million.
 granted deferred stock awards non-affiliate directors termination.
 granted vested grant.
 company established 409 deferred compensation plan trust awards.
 shares non-stock options.
 2016 5000 shares diversified 184099 undiversified stock awards vested unissued termination.
 2016 granted 38400 deferred stock awards one-year anniversary.
 compensation expense 2015 2014 $ 1. 9 million $ 4. million $ 3. 5 million.


corporation financial statements assets goodwill.
 allocation acquired.
 cash $ 108
 28
 intangible 216
 deferred income taxes 153
 goodwill 552
 non-current 69
 acquired $ 1126
 liabilities
 50
 deferred income taxes 52
 borrowings 129
 non-current
 234
 assets acquired $ 892
 intangible assets license realtor. trademark $ 116 million indefinite customer relationships tradenames listing service agreements $ 100 million amortized 15 years.
 acquired technology realtor. website $ 39 million amortized 4 years.
 recorded property equipment balance sheets.
.
 net operating loss $ 947 million $ million tax-effected.
 limitations code.
.
 taxable income.
allowances tax benefits recorded against nols $ 484 million $ 170 million tax effected purchase price.
 company expected $ 463 million net deferred tax $ 162 million.
 increased utilization $ 167 million 58 million tax-effected released allowances.
 reduced nols $ million section 382 limitation.
 june 30 2016 remaining $ 573 million $ 201 million tax-effected.
 utilization.
 taxable income expiration 2021.
 deferred tax assets non- deferred tax assets.


mastercard incorporated notes financial statements 2014 table summarizes expected benefit payments 2019 pension plans company assets.
-sum may differ.
 2010 18181
 2011 27090
 2012 21548
 2013 25513
 2014 24002
 2015-2019 128494
 company.
 employees participate defined contribution savings plan.
 allows contribute base compensation pre-tax after-tax.
 company matches contributions limits.
 discretionary profit sharing performance.
 paid short-term cash incentive bonus.
 company defined contribution plans outside united states.
 contribution expense $ 40627 $ 35341 $ 26996 2009 2008 2007.
.
 maintains plan health coverage life insurance.
 employees hired before 1 2007.
 amended life insurance benefits january 1 2007.
 increase $ 1715 income 2007.
2009 company $ 3944 expense enhanced postretirement voluntary transition program.


utility companies system energy sfas 71 written off regulatory assets segment.
 note 2 transition competition retail regulatory jurisdictions.
 texas retail open access law entergy issues law impact entergy gulf states operations.
 unrestricted liquid debt instruments original maturity three months less cash equivalents.
 more three months temporary investments.
 applies provisions sfas 115 debt equity securities decommissioning trust funds.
 records trust funds fair value balance.
 december 31 2001 fair value securities differs amounts deposited earnings millions.
 arkansas $ 35. $ 69.
 gulf states $. $ 18.
 louisiana. $ 8.
 14.
regulatory treatment decommissioning trust funds entergy arkansas gulf states louisiana unrealized gains losses securities accumulated depreciation.
 gains deferred credits.
 system energy's gains regulatory liabilities.
 derivatives hedging implemented sfas 133 derivative instruments hedging activities january 1 2001.
 derivatives recognized balance sheet assets liabilities fair value.
 changes recorded current earnings income hedge transaction.
 cash-flow hedge transactions changes fair value reported comprehensive income.
 gains losses reclassified as earnings impacted variability cash flows.
 ineffective portions hedges recognized in current earnings.
 contracts commodities purchases sales power fuel not classified derivatives.