caribbean cruises ltd.
 financial statements 2014.
 stock-based employee compensation four plans awards officers directors key employees.
 1990 1995 incentive 2000 2008 equity plan.
 1990 1995 terminated march 2000 february 2005.
 2000 2008 incentive non-qualified stock options stock appreciation rights restricted stock units 13000000 shares 2000 5000000 2008 equity plan.
 more 500000 shares.
 options stock units december 31 2009 installments four five years.
 options stock units forfeited director before.
 options granted not less fair value expire ten years.
 employee stock purchase plan 800000 shares common stock.
 offerings quarterly.
 purchase price equal 90% market prices new york stock exchange last.
 common stock 65005  36836 20759 issued-average price $ 12.$ 20. 97 $ 37. 25 2009 2008 2007.
 contributed 10086 shares common stock maximum 806880 shares trust.
 2009 amended.
 768018 shares distributed future distributions issued chief executive officer.
 2009 $ 16. 8 million.
 $ 16. 2 million marketing selling administrative $. 6 million payroll.
 2008 $ 5. 7 million.
 $ 6. 4 million $ 8. 2 million marketing selling $. 7 million payroll.
 2007 $ 19. million.
 $ 16. 3 million marketing selling $ 2. 7 million payroll.
 fair value stock option grant estimated black-scholes option pricing model.
 amortized vesting period graded-vesting method.
 volatility historical implied volatilities.
risk-free interest rate based united states treasury coupon issues remaining term expected option life grant.
 calculated historical experience options.
 estimate forfeitures pre-vesting rates experience.
 2008 increased forfeiture rate 4%. stock 20% employee retention rates.
 dividend yield. 1 9%.
 stock price volatility 55. 31. 4%. 4 % 28.
 risk-free interest rate 1. 8%. 8 2. 8% 4. 8%.
 option life 5 years


management financial condition results operations comcast corporation exchangeable notes market value security.
 collateralized investments cablevision microsoft vodafone.
 special common stock treasury.
 notes cash.
 2004 2003 settled $ 847 million $ 638 million delivering cash counterparty maturity equity collar agreements settled.
 2004 2003 settled $ 2. 359 billion $ 1. 213 billion shares maturity.
 2004 debt $ 1. 699 billion exchangeable notes $ 1. 645 billion long-term debt.
 securities satisfy debt obligations.
.
 $ 2 billion repurchase repurchased. million shares special common stock $ 1. 328 billion.
 expect repurchases continue conditions.
 notes 8 10 financing.
 investing activities net cash $ 4.billion 31 2004 capital expenditures $ 3. 660 billion additions assets $ 628 million acquisition techtv $ 300 million.
.
.
 expenditures cable segment 2004 2005.
 cable modems converters $ 2106 $
 upgrading cable systems
 projects
 cable capital expenditures $ 3622 $ 3000
 capital expenditures 2005 competition technology services.
 additions intangibles.
 $ 250 million license agreement gemstar dwelling unit contracts $ 133 million licenses software intangibles $ 168 million.
.
 sales settlements restructurings $ 228 million non-strategic investments 20% interest dhc ventures $ 149 million.
.
 investment $ 1. 5 billion time warner-equivalent stock liquidity.
 contractual funding commitments.
notes 6 7 consolidated financial statements discussion investments intangible assets.
 significant financial condition results liquidity capital expenditures resources.


transfer agent registrar common stock computershare shareowner services llc 480 washington boulevard 29th floor jersey city new jersey 877 363-6398 unregistered securities.
 repurchase equity securities table purchases october 1 december 31 2014.
 purchased average price plans value.
 average price value
 october 1 - 31 5854930 $ 18. 93 $ 159819370
 november 1 - 30 $.
 december 1 - 31 826744 $ 19. 67 $ 143559758
 6685940 $ 19. 02 6676156
 shares common stock $ 0. 10 per share withheld employee stock-based compensation plans tax withholding obligations vesting restricted shares.
repurchased 5413 october 4266 november 105 december 2014.
 average price per share quarter three-month period calculated tax withholding obligations paid shares stock repurchase program note 5 withheld acquired.
 february 2014 board authorized new repurchase program $ 300. 0 million common stock.
 february 13 2015 board approved new repurchase program $ 300. 0 million common stock.
 authorization addition 2014 repurchase program.
 no expiration date.


consolidated financial statements jpmorgan chase. annual report 236 table presents.
 non.
 income before tax expense extraordinary gain years ended december 31 2009 2008 2007.
 millions.
. $ 6263 $ 13720
 non. 9804 4867
 income before gain $ 16067 $ 2773 $ 22805
. non.
 income operations outside.
 2013 restrictions cash company funds transfers jpmorgan chase bank. regulation comptroller currency.
 member.
 federal reserve sys deposits insured.
 federal reserve maintain cash reserves federal reserve bank.
 average reserve balances deposited subsidiaries federal reserve banks $ 821 million $ 1. 6 billion 2009 2008.
 restrictions.
law jpmorgan chase affiliates borrowing banking subsidiar unless loans secured amounts.
 loans limited to 10% total 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 unsafe.
 january 1 2010 2009 jpmorgan chase subsidi aries could pay $ 3. 6 billion $ 17. 0 billion dividends without prior approval regulators.
 capacity pay dividends 2010 supplemented by subsidiaries earnings.
.
.
 of december 31 2009 2008 cash $ 24. 0 billion $ 34. 8 billion securities value $ 10. 2 billion $ 23.4 billion segregated bank accounts securities futures brokerage customers.
 federal reserve establishes requirements standards consolidated financial holding company.
 national banks jpmorgan chase.
 two categories risk-based capital 1 tier 2.
 1 equity preferred stock minority interest goodwill.
 2 preferred stock long-term debt credit losses risk-weighted assets.
 capital deductions subsidiaries.
 jpmorgan chase minimum ratios 1 capital risk-weighted assets leverage ratios.
 reserve action.
 banking subsidiaries subject requirements.
 december 31 2009 2008 jpmorgan chase banking sub sidiaries well-capitalized met requirements.


information accounting pronouncements note 1 financial statements.
 cash flow.
 net debt decreased 2004 increased 2005 $. 36 billion acquisition.
.
 2004
 total debt $ 2381 $ 2821 $ 2937
.
 net debt $ 1309 $ 1101
 cash flows provide investments capital expenditures.
 aa aa1.
 access capital markets growth acquisition.
 derivative instruments.
 contingently convertible debt common stock.
 financial condition liquidity december strong.
 assets liabilities fluctuate.
 working capital $ 1. 877 billion december 31 2005 $ 2. 649 billion 2004.
 decrease cash equivalents $. 685 billion offset-term long-term debt $ 1. 022 billion.
 balance impacted acquisition repayment debt.
company uses working capital measures assets liabilities.
 not defined under.
 accounting principles not.
 combined index receivables inventory payable.
 net sales 2013. 7 at december 31 2005 down from. 8 2004.
 net working capital 5.
 receivables increased $ 46 million. 6%.
 acquisition increased accounts receivable $ 88 million.
 currency translation. reduced accounts receivable $ 231 million.
 inventories increased $ 265 million 14.
 acquisition increased inventories $ 56 million.
 translation reduced inventories $ 89 million.
 accounts payable increased $ 88 million cuno for $ 18 million.
 cash flows from operating investing financing activities.
 exclude acquisitions divestitures exchange rate impacts.
 changes.


$ 25. 7 million cash $ 4. 2 million taxes 1373609 hep 2019s units $ 53. 5 million.
 2009 pipelines $ 46. 5 million 65- mile 16-inch crude oil pipeline navajo refinery lovington centurion pipeline. 37- mile 8-inch oil pipeline.
 tulsa west loading racks august 1 2009 acquired truck loading facilities $ 17. 5 million.
 refined products oils.
-artesia 2009 16-inch intermediate pipeline $ 34. 2 million 65 miles refinery oil petroleum refinery artesia.
 march 2009 acquired 25% slc pipeline 95-mile.
slc pipeline commenced operations march 2009 allows refineries salt lake city crude oil utah terminus wyoming utah rocky mountain pipeline.
 joint venture contribution $ 25. 5 million.
 2009 sold 70% interest pipeline enterprise products partners $ 35 million.
.
 recorded gain $ 14. 5 million receivable $ 2. 2 million.
 net asset balance $ 22. 7 million cash $ 3. 1 million $ 29. 9 million properties equipment $ 10. 3 million equity 30% interest.
 income statement discontinued operations year ended december 31 2009.
 operations 5367
 expense 4425
 gain
 12501 16926
 refineries long-term pipeline terminal throughput agreements expiring 2019 2026.
agreements pay hep fees transport refined product crude oil pipeline terminal loading rack payments.
 tariff rates adjustments july 1 producer price index federal energy


2017 form 10-k reconciliation unrecognized tax benefits.
 years.
 2017 2016
 balance january 1 $ 1032 $ 968
 prior
 reductions
 reductions
 expiration statute limitations -4
 balance december 31, $ 1286 $ 1032
 tax rate $ 1209 $ 963
 foreign currency impacts.
 cash payment reduction settle liability.
 interest penalties.
 net provision interest penalties $ 38 million $ 34 million $ 20 million december 31 2017 2016 2015.
 total interest penalties $ 157 million $ 120 million 2016.
 january 31 2018 revenue agent report end field examination.
 income tax returns 2010 2012.
audits 2007 2012 loss carryback 2005 irs proposed tax profits transactions csarl doctrines.
 contesting proposed increases tax penalties $ 2. 3 billion.
 transactions complied tax laws violate doctrines.
 filed.
 income tax returns after 2012.
 increase unrecognized tax benefits next 12 months.
 disposition financial position liquidity results operations.
 loss carryback 2005 tax years prior 2007 subject.
 tax assessment.
.
 jurisdictions australia. tax years three ten years.
 uncertainty timing estimate change unrecognized tax benefits next 12.


2006 repurchased 19 million shares common stock $ 892 million $ 7 million settled.
 2005 repurchased 17 million $ 771 million.
 146 million shares treasury may 28 2006.
 used cash $ 189 million debt.
 repaid $ 2. billion debt $ million 6 percent notes 2012.
 debt repurchase costs $ 137 million $ 73 million noncash interest rate swap losses $ 59 million purchase premium $ 5 million noncash unamortized cost issuance expense.
.
 $ 2. 1 billion long-term debt maturing 12 months $ 131 million 2007.
 cash flows short debt financing liquidity capital needs 12 months.
 2005 repurchased zero coupon convertible debentures price $ 1.33 billion $ 77 million original issue discount.
 debentures maturity $ 1. 86 billion.
 no gain loss repurchase.
 may 28 2006 $ 371 million principal amount $ 268 million accreted value.
 used proceeds commercial paper purchase price.
 reclassified remaining zero coupon convertible debentures long-term debt 2008.
 march 23 2005 cash tender offer 6 percent notes due 2012.
 $ 500 million.
 purchased additional $ 260 million.
 debt repurchase costs.
 minority interests subsidiaries.
 general mills cereals assets property big g cereals soups products.
 2002 sold 150000 interests $ 150 million october 2004 835000 b-1 interests $ 835 million.
.
 2003 mills.
gm capital subsidiary purchasing collecting receivables sold $ 150 million stock third-party investor.
 interests receive quarterly distributions equal three- month libor plus 90 points divided by 0. 965.
 rate adjusted agreement investor gmc every five years june 2007.
 gmc bankruptcy failure distributions portfolio requirements breaches covenants lowering senior debt rating failed attempt remarket.
 liquidation member current capital account balance.
 managing member avoid liquidation option purchase interests.
 interests receive quarterly distributions fixed rate 4. 5 percent per year october 2007.
 managing member repurchase b-1 interests equal current capital account balance plus make-whole amount.
 not required purchase interests.
series b-1 interests exchanged shares stock senior unsecured debt rating below ba3 bb- standard fitch.


page 74 five year summary increased earnings before $ 173 million $ 113 million after tax $ 0. 25 per share.
 decreased earnings $ 215 million $ 154 million after tax $ 0. 34 per share.
 reduction income tax expense closure internal revenue service $ 144 million $ 0. 32 per share.
 reduced earnings $ 10 million after tax $ 0. 02 per share.
 items not decreased earnings $ 153 million $ 102 million after tax $ 0. 22 per share.
 decreased earnings before taxes $ 1112 million $ 632 million after tax $ 1. 40 per share.
 2002 corporation adopted fas 142 prohibits amortization goodwill.
effects senior management assessment performance decreased earnings before taxes $ 973 million $ 651 million after tax $ 1. 50 per share.
 gain disposal exit global telecommunications services business increased net loss $ 1 billion ( $ 2. 38 per share.
 defines return on invested capital net income plus after-tax interest expense divided by average invested capital debt minimum pension liability.
 revision calculation 2005 management performance.
 reporting roic provides visibility lockheed capital.
 uses investment decisions long-term performance measure management performance incentive compensation plans.
 not measure financial performance.
 not alternative net earnings.
 calculations reflect revision periods.
 2004 2003 2001.
 net earnings $ 1825 $ 1266 $ 1053 $ 500
interest expense 65% 241  276 317 378 455
 $ 2066 $ 1542 $ 1370 $ 878 $ -591
 $ 5077 $ 5932 $ 6612 $ 7491 8782
 7590 7015 6170 6853 7221
 pension 1545 1296 1504 341
 invested capital $ 14212 $ 14243 $ 14286 $ 14685 16009
 return invested capital. 5%. 8%. 6%.
 after-tax interest expense federal statutory rate 35%.
 long-term short-term borrowings.
 equity non-cash adjustments losses minimum pension liability.
 cumulative. adjustments 2001 $ 33 million 2002 1537 2003 331 million 2004 2005 105.
 cumulative prior entries 20% entry value.
 yearly averages calculated balances.


entergy corporation subsidiaries massachusetts income taxes third quarter 2008 tax benefit $ 18. 8 million.
 offset taxes entergy power generation redemption payments investment nuclear power marketing income tax expense $ 16. 1 million differences utility plant state income taxes companies entergy arkansas write-offs.
 effective income tax rate 2007 30. 7%.
 reduction federal 35% 35 % tax basis indian point 2 non-qualified decommissioning trust fund tax audit issues 2002-2003 cycle adjustment state income taxes non-utility nuclear new york state income taxes differences equity funds construction amortization investment tax credits.
 offset differences utility plant state income taxes.
 note 3 reconciliation federal rate 35. tax rates.
 entergy capital structure spending plans cash flow activity.
entergy balanced equity debt.
 decrease debt to capital percentage 2009 equity retained earnings repurchases common stock borrowings.
 increase debt capital additional borrowings.
 debt capital 53. 5%. 5 % 55. 6%. 54 7%. 7 %
 subtracting cash debt 3. 8%. 8 %. 1%. 1 %. 9%. 9 %
 57. 3%. 3 % 59. 7%. 7 %. 6%. 6


american tower corporation subsidiaries financial statements acquisition accounting.
 expects potential contingent consideration payments between zero $ 4. million.
 december 31 2014 recorded decrease fair value $ 1. 7 million operating expenses recorded settlements $ 3. 5 million reduced contingent consideration liability $ 0. 7 million buyer sale recorded additional liability $ 0. 1 million.
 estimates potential contingent consideration payments $ 2. 3 million probability average outcomes.
. required additional payments pre-designated tenant leases.
 recorded $ 6. 3 million contingent consideration liability.
 settlements $ 0. 4 million.
 expects potential contingent consideration payments between zero $ 5. 9 million. average
 note 12.
.
 accrued expenses december 31.
 2013
 property taxes 61206 54529
 payroll withholdings 57110
 construction costs 46024
 rent 34074
 expenses 219340 234914
 december 417754 421188
 balances adjustments.


table shows claims liability reserves insurance receivables december 31.
 millions 2005 2004 2003
 breast implant liabilities $ 7 $ 11 $ 13
 130 278 338
/asbestos 210 248 289
 447 464 448
 remediation liabilities 30 39
 16
 pending legal proceedings liability not probable unable estimate loss.
 amounts represent best estimate.
 recorded liabilities antitrust class action settlements.
 implant insurance receivables december 31 2005 receivables recoveries $ 130 million covered minnesota supreme court ruling 2003 amounts claimed reinsurers minnesota insurance guaranty association estates insolvent insurance carriers.
company received $ 92 million fourth quarter 2005 total recoveries to $ 148 million offsetting portion previously recorded receivable settlements with seven insurers one reinsurer consistent with 2019s expectation recovery minnesota supreme court ruling.
 17 of 29 insurers withdrawn settled claims under court decision.
 factors could affect timing recovery 2019s insurance receivables delays avoidance payment insurers insurers outcome pending legal proceedings.
 respirator/asbestos liabilities company estimates/asbestos liabilities cost resolve claim defense costs examining experience resolving trends quality claims. changes nature mix claims. exposure asbestos dusts number current claims projection future claims cost to resolve recently settled claims estimate cost resolve defend current future claims.
difficulty projecting claims asserted particularly company's respiratory products harmful materials studies future asbestos claims vary widely company single best estimate liability estimate liability exceed reserve.
 no liability recorded pending action west virginia attorney general.
 developments may affect company estimate liabilities.
 include changes in number future claims average cost resolving claims legal costs defending trial readiness claims trial appellate outcomes law procedure financial viability of co-defendants insurers.
 congress considering legislation litigation asbestos dusts annual payments defendant companies insurers enacted certainty company future asbestos-related liability


71 94 consolidated financial statements corporation subsidiaries.
 shareholders 2019 equity october 24 2007 discontinuance discount reinvestment dividends voluntary stock purchase plan non- employee shareholders.
 5 percent discount discontinued november 1 2007.
 accumulated earnings loss $ millions foreign currency translation pension postretirement items tax financial derivatives earnings.
 foreign currency pension postretirement items financial derivatives
 31 2004 148. 9 -126. 3 126. 10. 33.
 -74. -43. -133. 133.
 31 2005 74. -169. 169. -5.
 57. 55. 6. 119.
. -47 47.
 31 2006 131. -161. 161 29.
 90. 57. 136.
 31 2007 221. 8 -104..
 2006 annual report shareholders equity 31 2006 transition adjustment $ 47. million net tax sfas.
 158 benefit pension amendment statements.
 87 88 106 132 2006 earnings.
 amounts revised reporting.
 reinvest foreign earnings.
 no taxes foreign currency translation.
 change pension postretirement items tax expense $ 31. million $ 2. million 2007 2006 $ 27. million 2005.
 derivatives tax $. 2 million 2007 $ 5. million 2006 $ 10. million 2005.
 stock-based compensation programs january 1 2006 adopted sfas.
 payment revision.
.
.
 standard accounting equity instruments goods services stock option restricted stock grants.
differences ball expense recorded new stock option grants nonvested grants january 2006 deposit share program variable market value.
 sfas.
 123 ball modified prospective transition method black-scholes valuation model.


entergy corporation annual-term debt maturities december 31 2004 five years.
 2005 $ 467298
 2006 $ 75896
 2007 $ 199539
 2008 $ 747246
 2009 $ 512584
 2000 entergy business purchased fitzpatrick indian point 3 power plants seller-financed.
 issued notes nypa seven annual installments $ 108 million eight installments $ 20 million eight.
 implicit interest rate 4. 8%.
 indian point 2 2001 liable nypa additional $ 10 million per year 10 years september 2003.
 liability recorded purchase 2 note payable nypa balance.
 july 2003 payment $ 102 million maturity.
 companies post collateral.
 consolidated debt ratio 65% less total capitalization.
 acceleration maturity dates.
long-term securities issuances of entergy corporation gulf states louisiana mississippi system energy limited to authorized by sec.
 additional indebtedness issue securities unless utility subsidiaries maintain common equity ratio of 30% security outstanding securities investment grade by one nationally recognized statistical rating agency.
 gulf states louisiana mississippi indebtedness issue securities unless issuer common equity ratio 30% securities investment grade.
 implemented interpretation.
 "consolidation of variable interest entities effective december 31 2003.
 requires unconsolidated variable interest entities by primary beneficiaries if disperse risks among.
 variable interest entities equity financial support from interest holders.
 primary beneficiary absorbs majority losses receives residual returns holding variable interest.
company interest in vie ownership rights obligations.
 louisiana arkansas gulf states trusts financing subsidiaries states


commitments capital leases operating leases debt purchase liabilities.
 satisfy cash flow.
 expected cash outflow december 31 2010 millions.
 2011 2012 2013 2014 2015
 capital leases $ 18 $ 19 $ 21 $ 112
 operating leases 348  268 205 150
 debt principal 345
 debt interest 322
 purchase commitments 642 463
 pension fundings 1200 196 752
 other liabilities 69  67
 $ 2944  $ 1334 $ 3515 $ 2059 $ 820 12884 23556
 capital lease obligations leases aircraft.
 note 7 consolidated financial statements.
interest on debt calculated fixed-rate debt variable rate debt 2010.
 calculations interest rate swap agreements.
 foreign currency.
 dollar principal amount future interest payments.
 purchase commitments agreements goods binding orders for aircraft engines parts.
 commitments purchase 20 boeing 767-300er freighters 2011 2013 two boeing 747-400f aircraft 2011.
 replacement existing capacity future growth.
 pension fundings cash contributions to pension plans.
 include ups pension plan ups pension plan.
.
 funding requirements estimated under pension protection act 2006 employee retirement income security act 1974.
 contributions could differ.
 not minimum funding requirements beyond 2015.
 minimum funding requirement cash contributions in 2011 ups retirement plan pension.
minimum funding requirement change asset returns discount rates.
 decline equity markets impact pension assets returns pension plans higher funding requirements.
 financial position cash flows.
 contractual payments liabilities include commitment payments investment partnerships.
 $ 284 million liabilities


directors review.
 cbot directors proposed rule change business change committee three cbot two cme directors.
 actions interests company shareholders open outcry trading pricing decisions limited by rights members.
. unresolved staff comments applicable.
.
 global headquarters chicago illinois 20 south wacker drive.
 description key locations facilities.
 size 20 south wacker drive headquarters office space leased 2022 141 west jackson trading floor office space 550 west washington chicago office space leased 2023 new york 33 cannon street london office space leased 2019 leased 2026 annex data center chicagoland leased 2014 2017.
 initial lease expires 2022 options extend seven ten years.
 occupy 425000 square feet 141 west jackson complex.
north end property lease battery park city authority new york offices trading facility.
 building improvements landlord.
 lease payments receive rental income.
 occupy 350000 square feet north building.
 termination right first quarter 2012 2011.
 occupy space second quarter 2011.
 lease global office space partnered telecommunications carriers centers.
 facilities adequate operations additional space obtained needed.
.
 legal proceedings.
 contingencies consolidated financial statements page 96 group disclosure.
 location owned/leased lease expiration size squarefeet
 20south wacker drive chicagoillinois global headquarters office space leased
 141west jacksonchicago trading floor office space
 550west washingtonchicago leased
 york trading floor office space mixed
33cannon street london office space leased 2019 14000
 change london office leased 2026 40000 7
 annexdata centerchicagoland business continuity leased 2014 100000
 2017 50000
 business co-location owned/a 430000
 directors review.
 proposed rule change business change committee three cbot directors two cme directors.
 company shareholders outcry trading pricing decisions limited rights members.
.
.
 headquarters chicago illinois 20 south wacker drive.
 description key locations facilities.
owned expiration size feet 20 south wacker drive chicago illinois headquarters office leased 2022 141 west jackson chicago trading floor office space 550 west washington chicago leased 2023 225000 new york trading floor office 500000 33 cannon street london leased 2019 london 2026 annex data center 2014 2017-location 430000.
 initial lease expires 2022 options extend seven ten years.
 occupy 425000 square feet 141 west jackson complex.
 north end property ground lease battery park city authority new york offices trading facility.
.
 payments rental income.
 occupy 350000 square feet north end building.
 termination right first quarter 2012.
 occupy second quarter 2011.
lease office space partnered telecommunications carriers place data cabinets data centers.
 facilities adequate operations additional space.
.
.
 contingencies consolidated financial statements page 96 group litigation disclosure.


table summarizes activity rsus performance conditions december 31 shares grant date value.
 non-vested total december 31 2016 309 $ 55. 94
 granted 186 63.
 vested -204 46.
 forfeited 70.
-vested december 31 2017 281 $ 67. 33
 $ 6 million unrecognized compensation cost nonvested rsus expected recognized 1. 5 years.
 total fair value vested $ 16 million $ 14 million $ 12 million years 2017 2016 2015.
 dividends paid before credits liability.
 pays lump sum payment dividend equivalents accrued.
 less than $ 1 million accumulated deficit statements equity.
 maintains nonqualified stock purchase plan payroll deductions acquire common stock 90% fair market value three-month purchase period.
february board adopted american water works.
 2017 employee stock purchase plan approved may 12 august 5.
 prior plan terminated purchases august 31.
 december 31 2017. million shares common stock.
 compensatory.
 2015 issued 93 thousand shares.


.
 capital stock shares outstanding.
 table information.
 thousands december 31 2017 31 2016
 class common stock authorized 1000000
 issued outstanding 339235 338240
 b-1 common stock.
 b-2.
 b-3 stock.
 b-4 common stock.
 cme group no shares preferred stock.
 trading rights.
 members cme cbot comex own lease trading rights open outcry trading discounts fees right vote exchange matters rules cme group.
 cme b common stock membership division trading.
 separate asset not common stock.
 shareholders retain representation board directors approval rights.
 trading rights cbot evidenced b memberships nymex.
 rights elect board directors receive dividends distributions memberships trading permits.
.
holders cme group class b shares approve changes rights trading privileges cme.
 trading right fee protections membership benefit protections.
 votes weighted by class.
 b-1 six b-2 two b-3 one b-4 1/6th.
 approval majority votes holders b required changes.
 holders shares class a stock vote changes rights.
.
 holders vote together matters.
 each holder b one vote per share.
.
 certificate incorporation.
 prohibit sale transfer shares separate sale trading rights.
 election directors.
 cme group board 20 members.
 holders class b-1 b-2 b-3 six directors three elected by b-1 two b-2 one b-3 shareholders.
 remaining directors elected by class a b shareholders.


eog allowances deferred income tax.
 2016 2015
 beginning balance $ 383221 $ 506127 463018
 67333 146602
 -99178
 balance $ 466421 383221 506127
 increase tax.
 decrease adjustments tax.
 exchange rate variances income tax rate changes.
 eog state income tax nols $ 1. 7 billion expire 2018 2036.
 united kingdom subsidiary incurred tax nol $ 72 million 857 million carried forward indefinitely.
 federal canadian nols $ 335 million $ 158 million.
 remaining amt credits $ 798 million increase $ 41 million 2017.
nols credits future income tax benefits evaluated valuation allowances established deferred income tax assets threshold.
 changes corporate amt favorable eog refunding amt credit carryovers.
 eog settle uncertain tax positions 2011 2015 tax positions $ 40 million.
 unrecognized tax benefits december 31 2017 $ 39 million research experimental expenditures horizontal drilling earnings impact.
 records interest penalties unrecognized tax benefits.
 unrecognized tax benefits increase next twelve months.
 subsidiaries file returns subject tax audits states jurisdictions.
 open tax years canada.
 foreign subsidiaries undistributed earnings reinvested.
 recorded $ 20 million foreign state deferred income taxes december 31  2017.
.
 plans.
eog recognizes compensation expense stock options restricted stock units performance units resources.
 employee stock purchase plan.
 calculated grant date fair value employee turnover rate.
 amortized vesting period grant approval.


republic services.
 financial statements 2014 employee stock purchase plan employees.
 purchase common stock 95% quoted market price last day quarter.
 2015 2014 issuances totaled 130085 141055 139941.
 shares. million employee contributions $ 1. 5 million common stock.
.
 repurchases activity.
 shares repurchased.
 paid $ 403. $ 404.
 cost per share $ 48.
 2016 no repurchased shares settlement.
 october 2015 added $. million share repurchase authorization extends december 31 2017.
 repurchases open market purchases privately negotiated transactions federal securities laws.
 timing prices determined management market conditions.
 repurchase program suspended discontinued.
 october 2015 repurchase program purchase capacity $ 451. 7 million.
2015 changed 71272964 treasury shares authorized unissued.
 issued.
 par value.
 $ 2295. 3 million treasury $ 0. 6 million common 2294. 7 million.
 no effect equity.
 2016 approved quarterly dividend $ 0. 32 share.
 cash dividends $ 423. 8 million $ 404. 3 million $ 383. 6 million 2014.
 quarterly dividend $ 108. 6 million 3 2017.


item 5.
 market common equity issuer purchases table presents quarterly high low share sale prices class common stock new york stock exchange 2006 2005.
 march 31 $ 32. $ 26.
 june 30.
 september 30. 29
 december 31. 74.
 march 31 $ 19. 28 17.
 june 30.
 30 25.
 december 31.
 february 22 2007 closing price common stock $ 40. per share.
 february 22 2007 419988395 shares 623 holders.
 february 2004 shares b stock converted-for-one.
 february 2004 shares c common stock converted.
 august 2005 amended charter eliminate class b c stock.
 never.
 retain future earnings fund development growth business.
 7. 50%. 50 %.125% 7. 125 % senior notes due 2012. prohibit dividends stockholders financial covenants.
 credit facilities indentures debt securities subsidiaries distribution dividend limited liability company partnership capital equity.
 subsidiaries pay dividends no default.
 7. 25%. notes prohibit subsidiaries dividends unless covenants satisfied.
 indentures 7. 50%. 7. 125%. 125 % notes contain restrictive covenants prohibit subsidiaries dividends unless covenants.
 information restrictions see item 7 annual report 201cmanagement financial condition results operations 2014liquidity capital resources 2014factors liquidity 201d note 7 consolidated financial statements.


payments increased 2015 due higher debt.
 flat 2014.
 increase income tax due higher taxable income operations offset tax deductions.
 decrease 2014 due settlement tax disputes repatriation foreign earnings.
 offset higher taxable income economic stimulus legis lation.
 expect tax increase 2016 due higher taxable income operations.
 cash 2015 capital expenditures intangible assets purchases offset sales.
.
 2013 acquisitions.
 significant recurring cable communications segment.
 table summarizes capital expenditures cable communications 2015 2014 2013.
 31 millions
 cable distribution system $ 2424 $ 2047 $ 1819
 equipment 3698
 other equipment 756
 buildings improvements
 $ 7034 $ 6154 5403
cable communications capital expenditures increased 2014 x1 platform wireless gateways network infrastructure business services.
 expenditures nbcuniversal segments increased. 5%. $ 1. 4 billion 2015. $ 1. 2 billion 2014 universal theme parks purchase land.
 capital expenditures 2016 x1 platform cloud dvr wireless gateways expansion business services.
 expenditures depend acquisitions competition technology regulatory changes services capacity.
 attractions theme parks.
 developing universal theme park beijing.
 2016.
 cash intangible assets 2015 2014 2013 software.
 2015


activities reserve additions e&p osm 389 mmboe 226 percent replacement increased liquid hydrocarbon synthetic crude oil reserves 316 mmbbls replacement 268 percent 95 percent operational availability e&p increased e&p sales 8 percent eagle ford shale 65 mboed fourfold increase bakken shale 29 71 percent increase resumed sales libya pre-conflict production levels international liquid hydrocarbon sales 62 percent e&p $ 1 billion acquisitions eagle ford shale vilje field exploration. gabon kenya ethiopia issued 1 billion 3-year notes 0. 9 percent $ 1 billion 10-year 2. 8 percent alaska assets neptune gas plant 38 percent higher higher liquid hydrocarbon sales e&p lower earnings osm.
 7 percent decrease.
. higher libya.
 excess foreign tax credit.
income tax rate 74 percent 2012 61 percent 2011.
 revenues.
 millions
 $ 14084 13029
 revenues 15636 14710
 intersegment
 unrealized gain crude oil derivative instruments
 revenues $ 15688 14663
 e&p revenues increased $ 1055 million 2011 2012 higher liquid hydrocarbon sales.
 net gain crude oil instruments $ 15 million 2012 impact not significant 2011.
.
.
 supply optimization activities purchase commodities.
 costs.
 transportation commitments flexibility


item 5.
 market 2019s equity stockholder issuer purchases class common stock trades new york stock exchange symbol.
 february 8 2019 73 stockholders.
 beneficial owners greater record holders portion.
 no established public trading market stock.
 287 holders non-voting february 8 2019 1. 1%. outstanding equity.
 stockholder return 2019s common stock s&p 500 financials index five-year period december 31 2018.
 $ 100 investment dividends.
 not publicly traded listed exchange.
 total returns stockholders december.
 2013 2014 2015 2016 2017
 mastercard $ 100. $ 103. 73 $ 118. 05 126. $ 186. 37 $ 233.
 s&p 500 financials.
 s&p 500 index. 157.


financial statements 2014 risk-free interest rate based yield zero coupon united states treasury security maturity equal expected life option.
 volatility historical volatility.
 dividend yield calculated average stock price current quarterly dividend.
 assumptions historical patterns future exercise pattern.
 restricted stock shares awarded 2000 2005 held escrow released grantee satisfaction.
 grant date fair value based quoted fair market value common stock.
 compensation expense recognized escrow period.
 subject forfeiture if grantee leaves employment expiration.
 grants vest year 25% two years three years four years.
 table changes non-vested restricted stock awards may 31 2010 2009 average grant-date fair value.
 may 31 2008
 granted
 forfeited
 may 31 2009 762 42
granted 420 42
 vested -302 41
 forfeited -167 43
 non-vested 31 2010 713
 average 2008 $ 38.
 total 2009 2008 $ 12. 6. 2 4. 1 million.
 recognized compensation expense $ 12. 9. 5. 7 million.
 $ 21. million unrecognized compensation cost 2. 5 years.
 sale 2. 4 million shares common stock authorized.
 employees designate $ 25000 20% annual compensation.
 shares 85% market value last quarterly purchase.
 31 2010. million shares issued. 5 million future.


represented by allied infrastructure collection routes waste transfer disposal channels value included in goodwill.
 assets not deductible income tax.
 financial statements include results from december 5 2008.
 acquisition completed january 1 2008.
 illustrative not indicative of results future results.
 cost savings costs integration consolidation.
 year ended december 31.
 revenue $ 9362.
 net income 285.
 earnings per share.
 diluted earnings per share.
 information includes adjustments for amortization assets discounts fair value debt environmental self-insurance liabilities capping closure obligations amortization assets provision income taxes.
 restructuring 2008 acquisition committed restructuring plan.
 closing office florida consolidating functions arizona reducing staffing.
plan closing consolidating locations terminating leases.
 2009 incurred $ 11. million $ 63. million restructuring integration charges.
 severance employee termination relocation benefits consulting professional fees.
 corporate segment.
 additional charges.
 remaining charges paid 2011.
.


edwards lifesciences financial statements.
 acquisitions closed january 23 2017 2. 8 million shares common stock value $ 266. 5 million cash $ 86. 2 million.
 recognized $ 162. million milestone payments.
 remeasured quarter expenses.
 note.
 placed $ 27. 6 million purchase price escrow indemnification.
 funds remaining disbursed shareholders.
 acquisition costs $. million $ 4. 1 million december 31 2017 2016.
 valtech early stage transseptal mitral valve replacement technology program.
 exclusive option acquire program intellectual property $ 200. million $ 50. million regulatory approval 10 years.
 option expires two years one year clinical trials.
 developer transcatheter mitral tricuspid valve repair system.
 add.
 acquisition business combination.
intangible assets acquired recorded values acquisition date.
 excess purchase price value recorded goodwill.
 table summarizes values liabilities assumed millions.
 assets $ 22.
 property equipment.
 goodwill 316.
 technology 109.
 ipr&d 87.
 assets.
 liabilities -5.
 deferred income taxes.
 purchase price 515.
 cash acquired -4.
 purchase price $ 511.
 synergies benefits.
 not deductible tax.
 capitalized fair value intangible asset indefinite life assessed impairment.
 fair value determined income approach.
 flow projections discounted risk-adjusted.
 18. to 20.


system energy resources.
 has $ 382. 3 million unrecognized tax benefits interest tax uncertainties settlement tax.
 note 3 financial statements tax benefits.
 planned capital investment estimate includes nuclear fleet operational excellence initiative improvements.
 wholly-owned subsidiary dividends earnings monthly.
 internally generated funds cash debt issuances bank financing.
 refinance redeem retire debt maturity.
 debt common stock issuances require regulatory approval.
 subject issuance tests.
 capacity capital needs.
 receivables money pool december 31.
 2016 2015 2014 2013
 $ 33809 $ 39926 $ 2373 $ 9223
 note 4 financial statements.
 energy nuclear fuel company credit facility $ 120 million expire may 2019.
 december 31 2016 $.9 million letters credit commercial paper system energy nuclear fuel company.
 4 statements.
 energy authorizations ferc 2017 2022 short-term borrowings $ 200 million long-term borrowings security issuances borrowings nuclear fuel.
 4 borrowing limits.


item 7.
 management 2019s analysis financial condition results operations financial statements notes results financial condition cash flows.
 2022 overview.
 business analysis financial highlights.
 accounting estimates.
 assumptions judgments financial results forecasts.
 results operations.
 analysis financial results 2013 to 2012 2022 liquidity capital resources.
 balance sheets cash flows financial condition potential sources liquidity.
 fair value financial instruments.
 methodologies valuation.
 contractual obligations off-balance-sheet arrangements.
 overview contractual obligations contingent liabilities commitments off-balance-sheet arrangements december 28 2013 expected payment schedule.
 sections forward-looking statements risks uncertainties.
 forward-looking statements.
statements future financial performance growth uncertain events forward-looking.
 based expectations affected by uncertainties risk factors factors item 1a form 10-k.
 results may differ reflect impact divestitures mergers acquisitions business combinations not completed february 14 2014.
 results operations.
 three months.
 net revenue $ 13834  $ 13483 $ 52708 53341 -633
 gross margin  $ 8571  $ 8414
 margin percentage 62. 0%. 0 %. 4%. 4 %. 59. 8%. 8 %. 1%. 1 %. 3
 operating income $ 3549  $ 3504 12291 $ 14638 -2347
 net income $ 2625  $ 2950 9620 11005 $ -1385
earnings common share $. 51. 58. 07. 89. 13. 24
 revenue 2013 down 1% 2012.
 lower sales growth market.
 internet cloud computing product portfolio increased platform volumes.
 higher factory start-up costs next-generation 14nm gross margin 2012.
 approved restructuring actions workforce reductions exit businesses facilities.
 restructuring asset impairment $ 240 million 2013.


2016 alumina production 2500 kmt lower due point refineries.
 shift alumina index spot pricing 85% third-party smelter-grade alumina shipments.
 net productivity improvements anticipated.
.
 aluminum production kmt 2811 3125 3550
 third-party aluminum shipments 2478 2534
 price ton aluminum $ 2069 $ 2405
 cost metric ton $ 2064 $ 2252
 third-party sales $ 5591 $ 6800 $ 6596
 intersegment sales 2170 2931
 total sales $ 7761 $ 9731 $ 9217
 $
 price ton base metal component regional premium. product premium.
 production-related costs raw materials conversion costs depreciation amortization plant administrative expenses.
segment alcoa 2019s upstream operations worldwide smelting system.
 purchases alumina aluminum produced sold customers midstream downstream operations.
 aluminum powder scrap excess energy aluminum derivative contracts buy/ resell.
 primary aluminum transferred segments market prices.
 sale primary aluminum 90% third-party sales.
 buy/ resell activity downstream smelting efficiency requirements.
 sales transacted.
 dollars costs expenses local currency.
 euro norwegian canadian dollar brazilian real australian dollar.
 november 2014 alcoa aluminum rod plant sural laminated products.
 molten aluminum shapes rod transportation electricity.
 operating results assets liabilities included primary metals segment.
 multi-year agreement supply molten aluminum plant.
aluminum rod plant generated sales $ 200 2013 had 60 employees.
.
 2014 alcoa. ownership.
 holly smelter goose creek south carolina century aluminum.
. operating results assets liabilities primary metals segment.
. 115 kmt-per-year generated sales $ 280 2013 divestiture 250 employees.
.
 31 2015 alcoa 778 kmt idle capacity base capacity 3401 kmt.
 capacity increased 113 kmt 2014 curtailment 217 kmt


discount rate pension obligations determined future benefits with yields corporate bonds.
 impact pension expense. 5%. decrease discount rate $ 18 million per year.
 depends economic environment unrecognized actuarial gains losses.
 expected long-term return on assets assumption pension expense.
 returns asset allocation policy.
 refers period benefit obligations disbursed.
 if.
 selection process references historical data environment qualitative judgment future return expectations.
 viewpoints data.
 portfolios.
 equity securities returned 9% annually.
 debt securities 6% 6 % ) annually.
 application returns to plan allocation ranges equities bonds produces result 6. 50%. and 7. 25%.
 plan 2019s historical returns current economic environment.
 experience recent returns not reliable indicators future returns.
 annual returns 2012.48%. 48 %. 29%. 29 % assumption represents estimated long-term returns.
 examine assumption companies determinations.
 data informs process qualitative judgment future investment returns.
 expected long-term return on assets pension cost 2014 7.%. down from. 50%. 2013.
 reducing expected long-term return assets to 6. 75%. % ) pension cost difference accumulated amortized to pension expense.
 point difference expense $ 9 million.
 pretax pension expense $ 9 million 2015 $ 7 million 2014.
 increase reflects lower return asset assumption improved mortality lower discount rate.
 offset by increase plan assets december 31 2014 return $ 200 million voluntary contribution february 2015.
 table estimated effects pension expense changes annual assumptions 2015 expense baseline.
table 26 pension expense 2013 analysis 2015 millions.
. 5%. decrease discount rate
. decrease long-term return assets
. 5%. increase compensation rate
 assumption assumptions.
 pension plan contribution requirements not sensitive actuarial assumptions.
 investment performance contribution contributions future.
 current law pension protection act 2006 limits minimum maximum contributions.
 voluntary contribution contributions 2015.
 maintain defined benefit plans less financial results nonqualified supplemental retirement plans note 13 benefit plans financial statements item 8.
 financial services group.


equity securities table repurchases common stock section 12 quarter december 31 2016.
 shares purchased average price paid amount future repurchases.
 average price paid future repurchases
 september 26 2016 2013 october 30 1294018 $ 235. 56 1293734 $ 4015
 november 27 712100 $ 254. 42 711974 $ 3834
 november 28 december 31 2016 1281651 $ 259. 81 1270668 $ 3504
 3287769 $ 249. 09
. close books records last sunday month business processes.
 months differ.
 september 26 2016 october 2016 fiscal month.
 october 2010 board directors approved share repurchase program prices not market prices.
 september 22 2016 authorized $ 2. 0 billion increase.
 program management amount timing law.
 includes purchases rule 10b5-1.
 expiration date.
 quarter december 31 2016 purchased 11393 shares transferred employees minimum tax obligations restricted stock units.
 separate authorization board not included program.


westrock company financial statements table summarizes weighted allocation intangible assets acquisition excluding goodwill.
.
.
 customer relationships.
 trademarks tradenames.
 photo library.
.
 residual value.
 amortizing intangibles 13 16 years.
 star pizza acquisition march 13 2017.
 leadership position small pizza box market vertical integration.
 purchase price $ 34. 6 million $. 7 million working capital.
 integrated 22000 tons containerboard star pizza annually.
 results assets corrugated packaging segment.
 purchase price $ 24. 8 million intangible assets $ 2. 2 million goodwill.
 amortizing intangibles 10 years.
 value goodwill buyer-specific synergies.
 intangibles amortizable income tax.
 packaging acquisition january 19 2016.
entities acquired folding carton litho-laminated packaging solutions.
 purchase price $ 94. million cash $ 1. 7 million working capital settlement $ 3. million escrow receipt first quarter 2017.
 subject election section 338.
 tax basis.
 entities.
 customers markets facilities.
 financial results consumer packaging segment.
 purchase price $ 55. million property plant equipment $ 10. million intangible assets $ 9. million goodwill $ 25. million liabilities $ 1. million debt.
 amortizing intangibles 9 15 years.
 fair value goodwill buyer synergies.
.
 amortizable income tax.
.
 mills dublin newberg recycled containerboard paper.
.
 48% interest gps.
 electricity georgia power.
 purchase price $ 278. million cash $ 9.million capital


decreased 2002 to 2004 due earned premium cost containment measures.
 business insurance expense ratio expected decrease 2005 increases earned premium.
 specialty commercial expense ratio increase slightly 2005 business mix exit multi-peril crop insurance program expense reimbursements specialty commercial.
 policyholder dividend ratio earned premium.
 combined loss.
 losses expense $ 100 earned premiums.
 ratio below. underwriting profit above 100. losses.
 ratio decreased 2003 to 2004 expense ratio.
 2005 could higher or lower catastrophe losses impacted pricing loss cost trends.
 catastrophe ratio catastrophe losses to earned premiums.
 catastrophe $ 25 insured property losses property policyholders insurers.
 losses vary.
 expected catastrophe ratio-term 3. points.
reduction operation catastrophe reserves $ 298 2004 ratio 5. 3 points.
 management strategy property catastrophe risk management program exposure catastrophe losses.
 combined ratio current.
 profitability volatile catastrophe losses prior.
 combined ratio improved 2002 to 2004 due earned pricing increases favorable claim frequency.
 operations claims asbestos environmental exposures.
 earned premiums underwriting ratios.
 underwriting result meaningful.
 net underwriting loss 2002 2004 due prior accident year loss $ 2. 6 billion net asbestos reserve strengthening 2003.
 reserve estimates uncertain.
 operations segment.
 property casualty investment earnings.
 investment yield after-tax. 1%. 1 %. 2%. %. 5%. 5 %
capital gains losses after-tax $ 87  $ 165  $ -44
 investment return property casualty assets important earnings insurance products premiums invested before loss expenses.
 claims paid years premiums generate investment income.
 determines allocation measures yield market indices.
 preservation capital liquidity majority property casualty assets fixed maturities corporate bonds municipal bonds government debt short-term debt


weighted-average grant value altria group.
 restricted deferred stock 2014 2013 2012 $ 53 $ 49 million $ $ 36. 75 $ 33. 76 $ 28. 77 per share.
 total fair value.
 2012 $ 86 million $ 89 million $ 81 million.
.
 granted options since 2002 no options since 29 2012.
 total value options 2012 insignificant.
.
 earnings calculated.
 2014
 net earnings altria group. $ 5070 $ 4535 $ 4180
 distributed earnings unvested restricted deferred shares
 basic diluted $ 5058 $ 4523 $ 4167
-average
 earnings.
5070 4535 4180 earnings unvested deferred shares diluted 5058 4523 4167 shares 1978 1999 2024 2012 no stock options.
 antidilutive options.
 altria group.
 statements. 2/25/15


leases $ 92 million $ 80 million $ 72 million in 2002 2001 2000.
 future minimum lease payments noncancelable leases remaining terms one year as of september 28 , 2002 in millions concentrations sources supply materials product components essential available from multiple sources other components microprocessors circuits obtained from single limited sources.
 subject to industry availability pricing pressures.
 company uses components not common computer new products utilize custom components one source until additional suppliers.
 supply key single-sourced component vendor ship products.
 business financial performance time obtain quantities original source alternative.
 availability if producers common components instead customized.
 cpus logic boards assembled products manufactured by outsourcing partners asia.
 operating results if meet production obligations.
september 27 2001 three shareholder class action lawsuits filed northern california against company chief executive officer.
 lawsuits identical common stock july 19 2000 september 28 2000.
 complaints allege violations 1934 securities exchange act seek damages.
 company believes claims.
 filed motion to dismiss june 4 2002 heard september 13 2002.
 december 11 2002 court granted failure cause action amend complaint thirty days.
 subject legal proceedings claims.
 potential liability financial condition liquidity results.
 results proceedings.
 results.
 parliament european union waste electrical electronic equipment directive.
 producers responsible collection recycling safe disposal products.
 governments by june 2004 producers' financial obligations start june 2005.
company potential liability from directive expenses future substantial.
 laws regulations policies vary between states estimate liability future expenses.
 union financial impact.
 similar legislation other geographies federal cumulative impact significant.
.
 2003 $ 83
 2004 78
 2005 66
 2006 55
 2007 42
 140
 minimum lease payments $


.
 derivative instruments january 1 2001 adopted sfas.
 133 derivative instruments hedging activities establishes accounting reporting standards.
.
 reduction income less than $ 1 million deferred income tax reduction income stockholders 2019 equity $ 93 million.
 year december 31 2001 impact changes derivative fair value hedge accounting $ 36 million.
 $ 6 million ineffective derivatives hedges.
 no net effect results operations derivative instruments hedging investments foreign operations.
 $ 35 million loss derivative instruments reduction earnings next twelve months.
 offset hedge accounting.
 loss reclassified earnings interest expense rate risk foreign currency transaction gains losses electric gas sales purchases.
 income net tax year-ended december 31 2001.
adjustment january 1 2001 $ -93 ( 93 )
 reclassification earnings -32 ( 32 )
 fair value
 balance december 31 2001 $ -121 ( 121 )
 aes derivative instruments interest rate foreign exchange commodity price.
 interest rate swap cap floor agreements floating debt.
 derivatives cash flow hedges.
 currency forward swap agreements foreign exchange risk.
 derivatives fair value hedges cash flow hedges.
.
 electric gas derivative instruments swaps options forwards futures risk electricity gas sales.
 cash flow hedges.
 maximum cash three years.
 december 31 2001 $ 4 million two cash flow hedges discontinued.
.
 no fair value hedges de-recognized discontinued.


ppg annual report form 10-k 83 claims post-pittsburgh bankruptcy 460 asbestos claims subsidiaries.
 non-pc subsidiary ppg.
 defending remaining claims.
 since april 1 2013 subsidiary implicated claims death injury asbestos products north american architectural coatings business acquired ppg.
 claims served tendered seller defense indemnity purchase.
 seller accepted defense agreements.
 defense indemnity obligations ceased after april 1 2018.
 ppg reserves $ 180 million asbestos claims encompass current future asbestos liabilities.
 include $ 162 million reserve 2009 amendment plan reorganization.
 best estimate liability.
 claim information settlement history bankruptcy court injunction staying asbestos claims april 2000 may 2016.
ppg activity asbestos claims estimated liability insurance assets assumptions adjustment reserves.
 amount reserved for asbestos claims subject to uncertainties ultimate number claims filed amounts required resolve future claims insurance unpredictable litigation process changing trial docket jurisdictions outcome trials potential judgments lack specific information cases exposure alleged diseases potential changes in federal state tort liability law.
 future asbestos liability estimates.
 ppg retained right pursue insurance coverage from historical insurers.
 outcome asbestos litigation believes financial exposure asbestos claims financial position liquidity results operations.
 policy accrue expenses for environmental contingencies when probable liability incurred loss estimated.
 reserves for environmental contingencies exclusive of claims not discounted.
management operates environmentally sound contingencies financial position liquidity outcome results operations.
 resolution environmental contingencies extended.
 december 31 2017 reserves contingencies former chromium manufacturing plant jersey city.
 priority list glass chemical sites.
 reserves reported accounts payable accrued liabilities consolidated balance sheet.
 reserves.
 millions
 new jersey chrome $ 151 $ 136
 glass chemical 90
 $ 291 $ 258
 current portion $ 105 $ 73


entergy deferral 2004 $ 7. million fossil plant maintenance costs new orleans stipulation city council.
 2003 2002 net revenue operating revenues fuel power expenses regulatory credits.
 net revenue 2003 2002.
 2002 revenue 4209.
 base rate increases.
 decreases.
 deferred fuel cost revisions.
 asset retirement obligation.
 wholesale revenue.
. settlement agreement -154.
.
 2003 net revenue.
 increases entergy mississippi new orleans january 2003 june.
 rate decreases.
 2003 base rate decrease $ 22. million minimal net income reduction nuclear depreciation decommissioning expenses.
 deferred fuel cost revisions revised sales pricing estimate 2002 costs louisiana.
 asset retirement obligation variance.
estimates 2013 nuclear decommissioning costs.
 increase offset depreciation decommissioning expenses net income.
 wholesale revenue sales volume municipal cooperative customers.
 march 2002 settlement agreement ice storm settlement.
 deferred revenues entergy arkansas revenue.
 decrease offset operation maintenance expenses minimal income.
 fuel cost recovery $ 682 million $ 53 million electric gas higher fuel rates.
 increase offset fuel power expenses.


management financial condition results investment portfolio december 31 2014 2013 note 3 consolidated financial statements.
 loans leases averaged $. 91 billion 2014 $. 78 billion 2013.
 increase related mutual fund lending senior secured bank loans.
 averaged $ 9. 12 billion $ 1. 40 billion 2014 $. 16 billion $ 170 million 2013.
 loans leases include short duration advances.
 table 13.
.
 advances.
 2014 2013 2012
. $ 2355 2356
.
 3867 3749
 loans leases 24% 24 % 27% 27 % 29% 29 %
.
.
 loans leases 24% 24 % 27% 29 % decline due growth loan lease portfolio.
short-duration advances provide liquidity investment.
 2014 increased low higher liquidity.
 interest-earning assets increased $ 15. 94 billion from $. 16 billion 2013.
 higher cash collateral enhanced custody business.
 interest-bearing deposits increased $ 130. 30 billion from $ 109. 25 billion 2013.
.
.
 accounts time deposits.
 influenced by asset servicing business market conditions.
.
.
 short-term borrowings increased $ 4. 18 billion 2014 from $ 3. 79 billion 2013.
 higher client demand commercial paper.
 decline rates. to. reclassification derivative contracts reduced revenue expense.
 long-term debt increased $ 9. 31 billion from $ 8. 42 billion 2013.
 increase issuance $ 1. 5 billion 2013.
offset by maturities $ 500 million senior debt may 2014 $ 250 million march 2014.
 average interest liabilities increased $ 7. 35 billion december 31 2014 from $ 6. 46 billion 2013 higher cash collateral enhanced custody business.
 factors affect future net interest revenue margin client liabilities central banks.
.
 interest rates yield curves revised regulatory capital liquidity standards discount accretion securities yields earned purchased.
 proceeds pay-downs maturities highly-rated securities.
 treasury municipal federal.
.
.
 market conditions.
 global interest rates influence net interest revenue margin.


abiomed inc.
 subsidiaries financial statements 2014.
 income taxes 1 2007 adopted financial interpretation.
 accounting uncertainty income taxes fasb statement.
.
 accounting uncertainty income taxes financial statements.
.
.
 process uncertain tax positions.
.
 derecognition classification interest penalties accounting interim periods disclosure transition criteria tax position.
.
 recorded accounting $. million earnings long-term liabilities april 1 2007.
 adjustment failure tax returns 2003 2004 2005.
 initiated voluntary disclosure plan fiscal year 2009.
 interest penalties income tax consolidated statements.
 march 31 2009 remitted outstanding amounts owed 31 2008.
 no.
 liability march 31 2009.
 accrues uncertain tax positions penalties interest.
possible unrecognized tax benefit increase next 12 months not expected change significant company results financial position.
 reconciliation unrecognized tax benefits accrued interest march 31 2009.
 balance march 31 2008 $ 168
 reductions tax positions statute limitations -168
 balance march 31 2009 $ 2014
 company subsidiaries subject.
 federal income tax state foreign jurisdictions.
 accumulated losses since 1981.
 tax years examination.
 net operating loss tax credit carry forwards review.
.
 acquisition impella abiomed contingent payments shareholders approval. payment $ 5583333. $ 5583333 sale 1000 units $ 5583334.
. paid prior march 31 2009.
 april 2009 received fda 510 ( k clearance impella 5. product obligation pay milestone.
2009 company paid 1. 8 million remaining 664612 common stock.


consolidated financial statements union pacific corporation subsidiary companies references subsidiaries railroad company 201crailroad.
.
 class i railroad.
 network 31868 route miles pacific gulf coast ports midwest eastern.
 gateways mexican gateways.
 own 26020 miles operate remainder trackage rights leases.
 serve western two-thirds country coordinated schedules carriers freight atlantic pacific coast southeast southwest canada mexico.
 export import traffic gulf coast pacific coast ports mexican canadian borders.
 railroad subsidiaries affiliates reportable operating segment.
 net financial results segment.
 freight revenue commodity group 2012 2011 2010.
 agricultural
 automotive
 chemicals
 coal
 industrial products
intermodal 3955 3609 3227
 freight revenues $ 19686 $ 18508 $ 16069
 1240 1049 896
 operatingrevenues $ 20926 $ 19557 $ 16965
 revenues customers. outside.
 commodity mexico.
 $ 1. 9 billion 2012 $. 8 billion 2011 $. 6 billion 2010.
 consolidated financial statements accounting principles.
.
.
 union pacific corporation subsidiaries.
 investments affiliated companies 50% equity method.
 intercompany transactions eliminated.
 no majority-owned investments consolidation variable interest.
 equivalents maturities three months less.
 receivable reduced allowance doubtful accounts.
 historical losses credit worthiness economic conditions.
 other assets.


annual report-on debt markets liquidity.
 note 9.
 cash.
 $ 231. 1 million 2007 $ 203. 4 million 2006 $ 221. 1 million 2005.
 depreciation expense $ 53. 5 million 2007 $ 48. million 2006 $ 49. million 2005.
 capital spending.
 expenditures $ 61. 9 million 2007 $ 50. 5 million 2006 $ 40. 1 million 2005.
 efficiency cost-reduction production equipment replacements.
 2007 supply chain growth initiatives expansion manufacturing lower-cost regions emerging markets.
 cash credit facilities capital expenditure 2008.
 amortization expense $ 22. 2 million 2007 $ 3. 4 million 2006 $ 2. 7 million 2005.
 increase 2007 2006 acquisition.
 note 6 intangible.
snap-on stock repurchases dilution options conditions.
 2007 repurchased 1860000 shares common stock for $ 94. 4 million.
 offset by $ 39. 2 million option $ 6. million excess tax benefits.
 29 repurchase $ 116. 8 million common stock.
 purchase discretion subject conditions.
 repurchased 2616618 shares $ 109. million 2006 912100 $ 32. 1 million 2005.
 cash facilities share repurchases.
 2005 repaid $ 100 million. unsecured notes.
 repayment cash.
 paid quarterly cash dividends since 1939.
 2007 2006 2005 $ 64. 8 million $ 63. million $ 57. million.
 november 2007 increased quarterly cash dividend. to $ 0. 30 per share.
2006 board increased quarterly cash dividend 8% $. 27 per share $ 1. 08 year.
 2005 dividends common share $ 1. 11 $ 1. 08
 prior-year earnings 5. 5% 5. 5 %. 6%. 6 %. 2%. 2 %
. 6 %. cash operations funds credit facilities pay dividends 2008.
 no off balance sheet arrangements december 29 2007.


decrease mortgage rights $ 2. 7 billion-market losses mortgage interest rates refinancing.
 increase securities repurchase $ 5 billion $ 6. 2 billion increase net transfers credit crisis.
 offset reduction net settlements $ 1. 4 billion.
 decrease short-term borrowings $ 3. 7 billion net transfers 2022. 8 billion.
 net payments $ 1. 8 billion.
 increase 2022 long-term debt $ 2. 2 billion net transfers $ 38. 8 billion consolidated siv debt offset $ 2. 2 billion gains credit spreads $ 34. 3 billion decrease net settlements.
 $ 21 billion maturing siv debt replacement $ 17 billion non-recourse.
 purchase assets 2008.
.
.
assets include loans-sale measured locom recognized below cost end period.
 fair value determined using quoted secondary-market prices.
 loans level 2 fair-value hierarchy activity frequency quotes.
 no quoted price fair value determined using quoted prices similar adjusted attributes.
 table presents loans-sale locom december 31 2009 2008 billions cost fair value level 2 3.
 31 2009.
 31 2008.


offsetting effects payables receivables loans assets liabilities foreign exchange remeasurement.
 2010 maturity $ millions.
 euro -372
 british pound sterling -90
 chinese renminbi -200
 mexican peso -5 (
 singapore dollar 27
 canadian dollar -48
 japanese yen 8
 brazilian real -11
 swedish krona 15
 -1 1
 total -677
 assets liabilities revenues expenses denominated currencies euro.
 fluctuations value currencies business financial results.
 decline euro sales earnings.
 increase opposite.
 protect foreign currency exposure entered cross currency swaps financial institutions 2004.
.
 dedesignated 2007 redesignated swaps loan july 2007.
 recorded $ 26 million-to-market losses swaps.
cross currency swap arrangements paid a13 million interest received $ 16 million june december 15.
 net obligation included liabilities balance sheets december 31 2007.
 maturity june 2008 owed a276 million $ 426 million owed $ 333 million.
 paid $ 93 million net interest $ 3 million june 2008.
 december 31 2008 dedesignated a385 million a400 million euro term loan.
 remaining a15 million dedesignated hedge june 2009.
 external derivative contracts offset.
 euro loan offset decreasing contracts reducing exposure.
 note 22 financial statements foreign exchange risk management impact financial position results.
 commodity risk management exposure.
 long-term supply agreements derivative instruments.


part ii item 8.
 pension benefit plans sfas 158 2006 financial accounting standards board issued sfas 158 amendment fasb statements.
 87 88 106 132.
 schlumberger recognize funded status. fair value assets benefit obligation defined benefit pension postretirement plans december 31 2006 consolidated balance sheet adjustment income.
 unrecognized actuarial losses prior service costs benefit plans status 106.
 recognized net postretirement cost accounting policy.
 sfas 158 effect consolidated income december 31 2006 affect results future.
 158 balance sheet december 31 required measure fair value assets benefit obligations fiscal year-end balance sheet.
 schlumberger uses measurement date december 31 benefit plans.
effect applying sfas 158 balance sheet december 31 2006 schlumberger 2019s postretirement benefit plans table millions.
 deferred taxes $ 191 $ 163
 long-term $ 186 $ $ 413
 assets $ 173
 accounts payable accrued liabilities $ 3925 -77 $ 3848
 postretirement benefits $ 713 $ 323 $ 1036
 loss $ -879 $ -290 $ -1169
 sfas 158 schlumberger liabilities increased 2% 2 % equity decreased 3%.
 impact assets insignificant.
 employees hired prior october 1 2004.
 benefits based years service career-average pay.
 policy amounts actuarial accrued liability tax legal funding cash flow.
 benefits earned.


valero energy corporation subsidiaries financial statements cash flow hedges price volatility feedstock refined product purchases.
 objective lock price prices favorable.
 december 31  2012 outstanding commodity derivative instruments hedge purchases sales crude oil refined products.
 volume contracts type instrument year maturity thousands barrels.
 volumes year.
 crude oil refined products
 swaps 1300
 futures 11894
 2981
 contracts


value acquired property plant equipment network-related valued under replacement cost method adjusted for physical deterioration.
 goodwill calculated excess consideration transferred over net assets represents future economic benefits from assets.
 goodwill not deductible tax.
 table presents unaudited combined results operations company gdcl years ended december 2016 2015 acquisition.
 2016 2015
 revenues $ 6109 $ 6239
 earnings operations 586 -166
 per share. 46. 83.
 diluted earnings.
 adjust $ 884 million goodwill impairment charge results gdcl december 31 2015 not attributable to acquisition gdcl.
 unusual non- recurring.
 results based on estimates assumptions.
 not indicative of consolidated results future.
results include adjustments amortization depreciation interest expense transaction costs.
 november 18 2014 equipment provider $ 22 million.
 $ 6 million goodwill $ 12 million assets.
 amortized five years.
 two public safety $ 50 million $ 31 million goodwill $ 22 million assets $ 3 million liabilities.
 11 completed technology 8 million customer-related intangibles 3 million other intangibles.
 amortized five ten years.
 november 10 2016 spillman technologies $ 217 million.
 recognized $ 140 million goodwill 115 million intangible assets $ 38 million liabilities.
 49 million completed technology 59 million customer- related intangibles 7 million other amortized seven ten years.
 purchase accounting.
 final allocation changes goodwill assets liabilities.
2016 company software providers $ 30 million $ 6 million goodwill $ 15 million intangible assets $ 9 million net assets.
 15 million intangible assets 7 million completed technology 8 million customer-related intangibles amortized five years.
 purchase accounting completed acquisition late 2016.
 $ 11 million recorded other assets.
 expected first quarter 2017.
 results included statements.
 effects not significant.


senior unsecured debt ratings.
 facilities require minimum net worth coverage ratio.
 december 31 2006.
 facilities financial restrictions credit rating triggers collateral.
 $ 150 million uncommitted lines credit $ 75 million march 75 million may 2007.
.
 equivalent credit five-year facilities.
 dividend restrictions cash dividends minimum net worth.
 retained earnings $ 7. 8 billion $ 6. 2 billion 2006 2005.
 restrictions financial condition liquidity.
 declared dividends $ 323 million 2006 $ 316 million 2005.
 issue debt securities preferred stock common stock warrants.
 december 31 2006 $ 500 million remaining issuance.
 no immediate plans issue replace debt access capital.
.
 locomotives freight cars property.
minimum lease payments capital leases non terms 31 2006 millions.
 2007 $ 624 180
 2008
 2009
 2010
 2011 419
 2914 1090
 lease payments $ 5457 $ 1916
 interest
 $ 1236
 rent expense leases month $ 798 million 2006 $ 728 million 2005 651 million 2004.
 variable rental expense term.
 rentals sub-rentals.


net income $ 4. 6 billion earnings $ 5. 79 per share best performance.
 freight revenues increased 7% $ 19. 8 billion volume growth 2% fuel surcharge pricing gains.
 frac sand coal intermodal shipments declines grain crude oil vehicles rock.
 diesel fuel $ 1. 81 per gallon 22% 22 2016.
 operating expenses $ 334 million.
 gross-ton miles increased 5% fuel expense.
 consumption rate improved 2%.
 cash flow $ 7. 2 billion $ 2. 2 billion reductions $ 3. 1 billion investing $ 2 billion dividends 10% increase quarterly dividend per share $ 0. 605 to $. 665.
 free cash flow dividends.
 financial.
 financial performance.
cash flow operating activities.
 table reconciles non.
 millions 2017 2016 2015
 cash operating activities $ 7230 $ 7525 $ 7344
 investing activities -3086 -3393 -4476
 dividends -1982 -1879 -2344 (
 free cash flow $ 2162 $ 2253 $ 524
 2018 outlook safety safe benefits employees customers shareholders communities.
 multi-faceted approach safety technology risk assessment training engagement quality control capital investments.
 safety culture practices.
 increase detection rail defects crossings educate safety.
 align resources customer demand efficient network ensure surge capability.
 fuel prices projections crude oil natural gas fluctuate.
 sensitive global.
 demand refining capacity geopolitical events weather conditions.
prices fluctuate impact earnings fuel surcharge programs price two months.
 lower fuel prices spending demand products.
 negative commodities coal domestic drilling shipments.


cash balances oper.
 company credit facilities $ 2. 5 billion.
 debt covenants december 31 2012.
 require minimum net worth $ 9 billion debt-to- capital ratio less than 60%.
 net worth common stock paid-in capital retained earnings treasury stock goodwill impairment charges.
 excludes income/loss nonrecourse liabilities.
 debt- to-capital ratio debt divided net worth.
 net worth $ 13. 9 bil lion total-debt-to ratio 42%.
 debt capital markets long-term funding.
 guided structure planning objectives.
 maximize financial flexibility preserve liquidity interest expense.
 debt accessed global public capital markets.
 investment grade credit rating.
 long-term credit ratings bbb.
 contractual obligations future payments purchase.
long-term debt $ 444 $ 479 $ 571 216 7722
 right offset 2014 5173
 lease 198 136 106 70 50 141
 purchase obligations 3213 828 722 620 808 2654
 $ 3855 $ 1672 $ 1307 $ 6434 $ 1074 10517
 scheduled principal payments.
 obligations non-consolidated variable interest entities international paper offset investments.
 $ 5. 2 billion interests. debt obligations pages 69 72.
.
 $ 3. 6 billion fiber supply agreements 2006 2008 acquisition weyerhaeuser.
 unrecognized tax bene fits $ 620 million.
 undistributed earnings subsidiaries december 31 2012 indefinitely reinvested no.
 income taxes.
december 31 2012 cash reinvested foreign earnings $ 840 million.
 anticipate funds domestic liquidity needs domestic debt service.
 projected benefit obliga tion.
 benefit plans.
 $ 4. 1 billion higher than fair value plan assets.
 $ 3. 7 billion plans minimum funding require.
 differs present value plan benefits.
 2008 worker retiree employer recovery act passed.
 pension funding relief technical corrections.
 funding contributions depend funding method timing demo graphic data targeted funding level.
 reassesses voluntary contributions $ 44 million $ 300 million years december 31 2012 2011.
 required contributions 2013 $ 31 million future voluntary contributions.
 earnings plan assets interest rates.
.
 agreement.
joint venture international paper share agreement reconciliation disputes.


visa inc.
 financial statements 2014 2008 redeem class c series ii common stock after december 4 2008.
 march 2008 reclassified c stock $ 1. 125 billion temporary equity reduction-capital $ 1. 104 billion income deficit $ 21 million.
 accreted stock redemption price $ 1. 146 billion adjusted dividends adjustments march 2008 to october 2008.
 note 4 2014visa europe balance class c ii common stock.
 table number shares issued outstanding september 30 2008 impact october 2008 redemptions conversion shares after october 2008 redemptions shares issued outstanding september 30 october 2008 redemptions conversion class c.
 shares
 class a common stock 447746261
 class b common stock 245513385
c series i common stock 124097105 2014 27499203 151596308
 ii stock 79748857 2014
 c series iii common stock 62213201 -26949616
 c series iv common stock 549587
 total shares issued outstanding 959868396 -115012442 844855954 774710051
 voting dividend payment rights based shares held conversion rate.
 conversion rate class b common stock 0. 71 shares.
 special ipo cash stock dividends cost method investees holders class c series i common stock participated initial share redemption 2008.
 special cash dividend redemption common stock.
 redemption proceeds.
 received $ 21 million special dividends third fiscal quarter receivable $ 8 million september 30 2008 dividend declared fourth fiscal quarter.
another investee ownership company 2019s class c common stock.
 company received 525443 shares stock fourth fiscal quarter recorded $ 35 million treasury stock.
 value calculated based sales stock transactions


consolidated financial statements fair value measurements fasb issued guidance may 2011 fair value measurements disclosures effective snap-on 2012 fiscal year.
 convergence project fasb international accounting standards board financial reporting standards.
.
 definition fair value requirements measurement disclosure.
.
 changed fair value measurement principles enhanced disclosure requirements level 3 fair value hierarchy.
 impact financial statements.
 comprehensive income issued guidance june 2011 presentation comprehensive income statements.
 accounting standards update december 2011 deferred financial statement presentation provisions.
 effective snap-on 2012 fiscal year option present comprehensive income single or two statements.
 annually present income.
 impacted statements income change items.
 snap-on acquired 60% interest asia manufacturing.
.
.
. tool manufacturing operation 2008.
snap-on acquired 40% interest april 2010 purchase price $ 7. million $ 0. 1 million transaction costs.
 receivables sale tools diagnostics equipment industrial commercial customers franchise non extended-term payment terms 30 to 120 days.
 2012 2011 amounts millions.
 receivable $ 516. $ 485.
 doubtful accounts.
 2013 $ 497. $ 463.
 receivables sales snap-on product.
 network customers foreign finance subsidiaries provide financing internationally.
 interest income finance contract receivables services revenue consolidated statements earnings.
 snap-on


visa inc.
 financial statements 2014 september 30 2008 millions converted class eu series i to class c true-up.
 results reflected table.
 fractional shares conversion rounded down.
 paid cash stockholders initial redemption class b class c stock.
 outstanding regional classes series common stock reorganization converted-up class usa 1 ) b 2 ) 426390481. 93870 400251872.
 outstanding regional classes common stock reorganization converted classes series-up true-up conversion ratio
 class usa 1 ) class b ( 2 ). 93870 400251872
 class eu series i ) c series iii ) 62213201.
 eu 27904464.
 eu iii c iv 549587.
canada c series i 22034685. 98007 21595528
 119100481. 19043 141780635
 80137915. 07110 85835549
 cemea 36749698. 95101 34949123
 usa common stock 131592008 shares-owned subsidiaries.
 b common stock 123525418 shares.
 issued 51844393 shares c ii common stock $ 44 per share subscription receivable visa.
 temporary equity balance sheet 30 2008.
 446600000 shares common stock net price $ 42. 77. discounts commissions $ 1. 23 share.
 net proceeds $ 19. 1 billion.


table shows impact catastrophe losses reinstatement premiums prior development loss expense ratio.
 loss expense ratio 59. 2%. 2 %. 8%. 8. 6%. 6 %
 losses reinstatement premiums. 2 7
 4. 6%. 6 %. 9%. 9 %. 8%. 8 %
 loss portfolio transfers. 3.
 expense ratio 60. 3%. 3 % 61. 7%. 7 % 62. 7%. 7 %
 net pre-tax catastrophe losses $ 366 million 2010 $ 137 million 567 million 2009 2008.
 losses 2010 related weather events. earthquakes storms.
 losses 2009 earthquake floods. windstorm.
 losses hurricanes.
development loss estimates loss reserves excludes losses years.
 experienced $ 503 million net development 2010.
 compares with $ 576 million $ 814 million 2009 2008.
.
 adjusted loss expense ratio declined 2010 crop settlements non premium adjustment reduction assumed loss portfolio business.
 policy acquisition costs include commissions premium taxes underwriting.
.
 policy acquis ition cost ratio increased.
 crop settlements commissions lower adjustment premiums reinstatement premiums.
 administrative expense ratio increased crop settlements increased costs international operations.
 lower adjustment net premiums.
 offset by higher net results third party claims administration business.
 generated $ 85 million net results $ 26 million 2009.
 increase from non-recurring sources.
policy acquisition cost ratio stable 2009 insurance offset final crop year settlement profit share commissions.
 administrative expenses increased due insurance new product expansion domestic retail personal lines business.
 effective income tax rate earnings jurisdictions.
.
 rate 15 percent 2010 17 percent 24 percent 2009 2008.
 decrease 2010 due mix earnings lower tax-paying jurisdictions decrease unrecognized tax benefits settlement.
 revenue service non-taxable gain acquisition rain hail.
 2009 reduction deferred tax valuation allowance.
 tax rate impacted by earnings catastrophe losses lower tax-paying jurisdictions.
 $ 512 million 2010 favorable adverse movements.
 ace crop business receives reports managing general agent previous crop


visa inc.
 financial statements 2014 market shareholder return 500 index.
 fair value performance based shares estimated grant date monte carlo simulation model.
 grant 2013 2012 2011 $ 164. $ 97. $ 85. 05 per share.
 shares 2013 2012 three years grant date.
 2011.
 earlier vesting.
 compensation cost estimated performance.
 net forfeitures adjusted.
 $ 15 million unrecognized compensation cost unvested performance-based shares. years.
.
 company leases premises equipment expiration dates.
 rent expense $ 94 million $ 89 million $ 76 million 2013 2012 2011.
 future minimum payments leases marketing sponsorship agreements year.
 millions 2014 2015 2016 2018
 operating leases $ 100 $ 77
marketing sponsorships 116  117 61  54 178 580
 $ 216 $ 194 $ 104  $ 89  $ 74 $ 260 $ 937
 sponsorship agreements require spend advertising marketing.
.
 marketing promotional activities.
 represents marketplace costs.
.
 agreements financial clients partners build payments volume increase visa-branded card acceptance win merchant routing transactions.
 one to years card issuance conversion support volume/growth targets marketing program support.
 encourage business increase visa-branded payment transaction volume costs brand awareness.
 payments capitalization obligations reflected consolidated balance sheet.
 incentives reduction


stock price performance graph shows cumulative return common stock standard & poor's 500 index retail index.
 assumes value investment $ 100 december 30 2006 dividends reinvested.
 based historical data not forecast future performance.
 cumulative return advance auto parts. s&p 500 index retail index $ 100. $ 108. 97. 116. $ 190. $ 201.
 30 2006 2007 3 2009 2010 2011
 auto parts 100. 108. 97. 116. 190. 201.
 s&p 500 index 100.
&p retail index.
 stock price performance graph shows comparison cumulative total return common stock standard 500 index retail index.
 assumes value investment $ 100 december 30 2006 dividends reinvested.
comparison historical not future performance common stock.
 return advance auto parts. s&p 500 index retail index 30 $ 100. 29 $ 108. $ 97 $ 116. 1 $ 190. 31 $ 201.


profit decreased 1% 2010.
 declines defense increase civil intelligence unchanged.
 $ 27 million decrease defense decrease performance adjustments mission combat systems.
 $ 19 million increase civil due higher volume enterprise civilian services.
 decreased 3% 2009.
 declines offset growth defense.
 decrease $ 29 million civil reduction performance adjustments enterprise civilian services.
 decrease $ 27 million intelligence reduction security.
 increase defense $ 29 million due volume improved performance mission combat systems.
 decrease backlog higher sales volume civilian service programs.
 backlog decreased 2009.
 termination clause contract $ 1. 6 billion reduction orders.
 decline increased orders civilian services.
 low digit decrease sales 2011.
 due completion dris 2010 program.
 profit decline sales volume margins comparable.
business design research engineering production satellites strategic defensive missile systems space transportation systems replacement space shuttle.
 satellite programs high frequency mobile positioning-based infrared system satellite-series.
 strategic missile defense programs targets countermeasures fleet ballistic missile program.
 space transportation nasa orion program ownership joint ventures launch services space shuttle processing.
.
 space shuttle final flight mission 2011 involvement.
 2019 results 2010 2009.
 net sales
 operating profit 972
 margin 11. 8%. 2%.
 backlog-end
 net sales decreased 5% 2010.
 declined lines business.
 $ 253 million decrease space transportation lower volume space shuttle external tank commercial launch vehicle space flight programs offset higher volume orion program.
no commercial launches 2010 one.
 sales declined $ 147 million lower volume.
 $ 8 million decline lower volume offset government.
 one delivery one delivery.
 net sales increased 8%.
 growth offset decline.
 growth $ 707 million higher volume government.
 one satellite delivery 2009 two deliveries 2008.
 increase $ 21 million higher volume orion program decline.
 one commercial launch 2009 2008.
 sales decreased $ 102 million lower volume defensive missile.


american tower corporation subsidiaries financial statements 2014.
 impairments net loss sale restructuring merger impairments net loss sale assets 2004 2003 recorded impairments net loss $ 19. 1 million $ 22. 3 million $ 28. 3 million.
 non-core asset impairment charges sold non-core towers recorded impairment charges.
 sold 300 non-core towers.
 recorded net losses $ 16. 8 million $ 17. 7 million $ 19. 1 million 2005 2004 2003.
 construction-in-progress impairment charges $ 2. 3 million $ 4. 6 million $ 9. 2 million construction-in-progress costs sites.
 restructuring expense made cash payments restructuring liability $ 0. 8 million.
december 31 2004 company incurred employee separation costs $ 0. 8 million decreased lease terminations facility closing $ 0. 1 million.
 2003 incurred employee separation costs reorganization rental management increased accrued restructuring liability $ 2. 3 million.
 charges reflected impairments net loss sale assets restructuring merger expense consolidated statement operations 2004 2003.
 table displays accrued restructuring liability 2003 2004 2005.
 reflected accounts payable accrued expenses balance sheets december 31 2005 liability january 1.
 2003 2005
 employee separations $ 1639 $ 1919 -1319 2239 823 -2397 665 -448
lease terminations facility closing costs 1993 347 -890 1450 -131 -888 431 -325 325 118
 $ 3632 $ 2266 3689 692 -3285 1096 -773 419
 no changes estimates restructuring liability 2005.
 pay balance separation liabilities 2006.
 lease terminations.
 merger expense assumed obligations merger spectrasite. employee separation costs


2006 board approved $ 3. 2 billion expansion garyville refinery 180 425 refining capacity. 154 million barrels per day.
 air permit approval louisiana construction mid-2007 startup fourth quarter 2009.
 commenced engineering design heavy oil upgrading project detroit refinery canadian oil sands production undertaking feasibility study similar catlettsburg refinery.
 supplier gasoline distillates resellers consumers midwest upper great plains southeastern united states.
 2006 refined product sales. billion gallons. 401 mmbpd.
 average sales price $ 77. per barrel.
 refined product sales group three.
.
 gasoline
 distillates
 propane
 feedstocks special products
 heavy fuel oil
 asphalt
sales price barrel $ 77. 66. 49.
 buy/sell volumes 24 77 71 2006 2005 2004.
.
 lower refined product sales volumes.
.
 wholesale distribution petroleum spot market 71 percent refined.
 52 percent gasoline 89 percent distillates.
 half propane home heating balance industrial consumers.
 propylene cumene aromatics aliphatics sulfur marketed.
 lube oils maleic anhydride slack wax pitch states canada exported worldwide.
 market asphalt terminals midwest upper plains southeastern states.
 base 800 asphalt-paving contractors government entities manufacturers.
 blended 35 ethanol gasoline 2006.
 2005 2004 35 30.
 supply government regulations.
sell reformulated gasoline chicago illinois louisville milwaukee low-vapor-pressure gasoline nine states.
 supplied 4200 outlets ohio michigan indiana kentucky illinois.
 florida georgia minnesota wisconsin virginia tennessee north carolina pennsylvania alabama south carolina.
 14 percent refined product sales 2006.
 sells gasoline diesel.
 15 percent.
 1636 outlets nine states petroleum. revenues non-petroleum merchandise $ 2. 7 billion 2006 $ 2. 5 billion 2005.


aes corporation financial statements 2014 2011 2010 2009 allocation purchase price assets acquired liabilities assumed millions.
 cash 116
 accounts receivable 278
 inventory 124
 current assets 41
 property plant equipment 2549
 intangible assets amortization 166
 5
 regulatory assets 201
 noncurrent assets 58
 liabilities
 non-recourse debt -1255
 deferred taxes -558
 regulatory liabilities -117
 noncurrent liabilities -195
 redeemable preferred stock
 identifiable assets acquired 994
 goodwill 2489
 net assets acquired
 31 2011 assets acquired liabilities provisional amounts.
 obtaining additional information.
 amounts.
 assumptions valuation reviewed.
 property plant equipment electric security plan long-term contracts.9 % equity ohio valley electric corporation deferred taxes change valuation.
-owned retail electric service provider initial purchase price allocation intangible assets trade name customer relationships contracts.
 preliminary purchase price allocation $ 2. 5 billion goodwill.
 price excess assets expand.
 utility platform mid-west utility management experience negotiate suppliers fuel capture value 2019.
 tax position generating fleet workforce growth.
 dpl 2019s goodwill depends integration dpl 2019 operations changes ohio utility market.
 utilities pressure operating margins regulatory environment competitive pricing.
 declining energy prices operating


energy disruptions supply chain restructuring cost savings volatility market value derivatives plan expenses asset values discount rates information technology systems economic conditions currency rate political unrest economic uncertainty terrorism war.
 consider risk factors item 1a 2015 form 10-k future results.
 no obligation revise forward-looking statements.
 exposed interest foreign exchange rates commod equity prices.
 cause earnings cash.
 manage exposure risks hedging transactions.
 highly rated institutions.
 credit limits.
 hedging transactions include derivative fi nancial instruments.
 interest rate foreign exchange commodity price equity risk see note 7 consolidated financial statements page 52.
 estimates maximum potential fair value changes interest rates foreign exchange rates commodity prices equity prices.
 value-at-risk methodology market risk.
models assumed market conditions 95 percent confi dence level.
 calculation used historical interest exchange rates commodity equity prices estimate potential volatility correlation.
 market data from riskmetrics 2122.
 calculations not represent losses.
 hedging instrument correlates underlying exposure loss gain off set by.
 positions included debt investments interest rate swaps foreign exchange forwards modity swaps futures options equity.
 include foreign exchange commodities equity positions.
 table estimated maximum potential one-day loss fair value interest rate foreign currency commodity equity-risk-sensitive instruments may 31 2015 25 2014 average fair value impact.
 interest rate instruments.
 foreign currency.
 commodity instruments.
 equity instruments.


jpmorgan chase co. annual report interest income excluding cib markets reviews lending investing deposit-raising activities.
 non-markets.
 fixed income equity.
 disclosure business trends comparable institutions lending investing.
 data non-gaap financial measures exclusion.
 year december 31 millions 2017 2016 2015 net interest income 2013 $ 51410 $ 47292 $ less cib markets excluding cib markets $ 46780 $ 40958 $ 39322 assets $ 2180592 $ 2101604 $ 2088242 $ 1639757 $ 1581297 1577950 net interest yield assets 2013. 36%. 36 %. 25%. 14%. 14 % markets. yield excluding cib markets. 85%. 85 %. 59%. 49%. 49 % effect related hedges.
taxable-equivalent amounts used.
 reconciliation net interest income reconciliation.
 results page 52.
 amounts differ align cib markets businesses.
 information page 65.
 calculation.
 non financial measures.
 book value per share stockholders equity-end overhead ratio noninterest expense net revenue return assets average assets return stockholders equity return book value per share net income common equity.
 year december 31 2016
 net interest income 2013 $ 51410 $ 47292 $
 cib markets net interest income
 excluding $ 46780 $ 40958 $ 39322
 average interest-earning assets $ 2180592 $ 2101604 2088242
 markets-earning assets 540835 520307
interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950
 interest yield 2013 2. 36% 2. 36 % ). 25%. 25 %. 14%. 14 %
 yield cib markets 0. 86 1. 22.
 excluding cib markets 2. 85%. 85 % ). 59%. 59 %. 49%. 49 % )
 jpmorgan chase co. annual report interest income excluding performance investing deposit-raising.
 non-markets.
 fixed income equity.
 disclosure income trends comparable.
 data non-gaap financial measures exclusion interest income.
december 31 millions rates 2017 2015 interest income 2013 $ 51410 44620 less cib markets 4630 6334 5298 excluding markets 46780 $ 40958 $ assets 2180592 $ 2101604 $ 2088242 markets 540835 520307 510292 excluding markets $ 1639757 $ 1581297 $ 1577950 yield 2013. 36%. %. 25%. 14%. % markets. excluding markets. 85%. 85 %. 59%. %. 49%. 49 % hedges.
 taxable-equivalent amounts.
 reconciliation net interest income.
.
 amounts differ align cib markets.
 information page.
.
 measures.
non-gaap financial measures book value share 201d stockholders equity shares overhead ratio noninterest expense net revenue return assets return common equity 2019 equity return common equity equity book value share 201d equity shares net income


retail electric price variance due formula rate plan revenues billing cycle 2016-year revenue power blocks 3 4 union power station waterford 3 replacement steam generator review.
 note 2.
 louisiana act 55 financing savings obligation variance regulatory charge 2016 tax savings.
 savings 2010-2011 audit settlement louisiana act 55 financing storm costs hurricane gustav.
 note 3.
 volume/weather variance due less weather residential sales decreased usage unbilled.
 offset increase 1237 gwh 4% industrial usage demand expansion chemicals industry.
 net revenue fuel expenses power expenses regulatory charges.
 change net revenue 2016 2015.
.
 2408.
.
.
 louisiana act 55 financing savings obligation.
.
 2016 revenue $ 2438.
retail electric price variance due formula rate plan revenues billing cycle 2016 first-year revenue power blocks 3 4 union power.
 note 2 financial.
 volume/weather variance due weather residential sales offset industrial usage volume unbilled.
 usage new customers expansion projects chemicals industry.
 louisiana act 55 financing savings variance tax savings.
 savings 2010-2011 audit settlement act costs hurricane gustav ike.
 note 3 financial.
 provision $ 23 million 2016 waterford 3 replacement steam generator offset $ 32 million 2015


e*trade 2016 10-k 24 2022 limits special meetings prohibition action written consent advance notice requirements nominations proposing matters stock incentive plans management retention employment agreements severance payments option acceleration senior secured credit facility delaware law debt securities premium changes ownership discourage acquiring merging limit premium affect price.
.
 unresolved staff comments.
 significant locations december 31 2016.
 square footage restructuring.
 alpharetta georgia
 arlington virginia
 menlo park
 york
 chicago illinois
 facilities leased december 31 2016.
 other facilities less 25000 square feet not listed.
 lease 30 regional branches 2500 to 8000 square feet.
.
note 21 2014 commitments regulatory matters annual report incorporated.
.
 mine safety disclosures.


additions property plant equipment cash.
 table capital expenditures operations 2014 2013 2012.
 north america e&p $ 4698 $ 3649 3988
 international e&p 534
 oil sands mining
 corporate
 capital expenditures 5495 4449 4526
 -335
 additions property plant equipment $ 5160 $ 4443 4361
 repurchased 121 million common shares $ 4. 7 billion 29 million $ 1 billion first six months 2014 14 million $ 500 million third quarter 2013.
.
.
 cash equivalents cash flow capital markets revolving credit facility sales non-strategic assets.
 working capital issue commercial paper $ 2. 5 billion revolving credit facility.
alternatives access capital markets short long-term liquidity operations near long-term funding capital spending dividend payments defined benefit debt.
 december 31 2014 $ 4. 9 billion liquidity $ 2. 4 billion cash equivalents $ 2. 5 billion revolving credit facility.
 targeting $ 3. 5 billion budget 2015.
 outspend cash flows.
 liquidity adjust budget commodity price environment.
 expense management organizational capacity operational reliability.
 amended $ 2. 5 billion unsecured revolving credit facility extended maturity may 2019.
.
 december 31 2014 no borrowings against outstanding.
 commercial paper program.
 $ 6391 million long-term debt $ 1068 million due majority fourth quarter 2015.
 triggers default.
shelf registration universal shelf registration statement filed sec-known issuer issue sell indeterminate debt equity securities.


valuation allowance $ 43. 9 million $ 40. 4 million $. 1 million 2012 2011 2010 established deferred income tax assets subsidiary loss carryforwards.
 realization taxable income prior expiration.
 believes likely.
 could change if future taxable income fluctuate.
 reconciliation beginning ending amounts unrecognized tax benefits 2012 2011.
 unrecognized tax benefits beginning year $ 11. $ 11. 1 $ 17. 5
 increases 2013 tax positions. 7. 5
 decreases -4. 9.
 increases. 3
 settlements taxing -1. 2 5
 acquired business.
 -1.
 unrecognized tax benefits end year $ 6. 8 $ 11. $ 11.
 $ 6. 8 million $ 11.$ 11. 1 million unrecognized tax benefits 2012 2011 2010 $ 4. million $ 9. million impact income tax rate.
 penalties recorded tax expense.
 company reversed net $ 0. 5 million $ 1. 4 million interest penalties.
 provided $ 1. 6 million $ 1. 6 million $ 2. 8 million accrued interest penalties.
 long-term liabilities balance sheets.
 snap-on subsidiaries income tax returns states.
 unrecognized tax benefits settled statutes limitations lapse 12 months tax benefits zero to $ 2. 4 million.
 anticipates uncertain tax positions threshold.
 tax benefits increase zero to $ 1. 6 million.
 longer subject.
 income tax examinations 2008.
 income tax examinations 2006.
..
 subsidiaries 492. 2 million 416. 4 million 386. 5 million 2012 2011 2010.
 deferred taxes invested.
 deferred income tax.