december 31.
 $ 100. 154. 94 220. 70 168. 17 130. 24 $ 133. 81
 100. $ 150. 40 217. 35 175. 127. 80 $ 137. 83
 100. 155. 17 222. 44 178. 89 133. 79 142.
 100. 113. 41 $ 146. 98 163. 72 162. 53 $ 178.
 100. $ 134. 98 $ 220. 77 $ 253. 19 $ 243. 93 $ 271.
 equity compensation plan securities 2017 annual meeting stockholders.
.
.
 past five years.
operations three years 2016 balance sheet derived item 7 financial condition results audited financial statements item 8 supplementary data information annual report form 10-k.
 operations two years 2013 2012 balance sheet derived statements 10-k.
 2015 revenues $ 6497 $ 6394 $ 6265 $ 5535 $ 4487 operating income 2058 1985 2061 1975 1859 continuing operations net taxes 1218 1048 1137 1077 956 loss discontinued operations 2014 net income 1218 1048 1137 1077 945 income discovery communications.
 1034 1139 1075 943 earnings share.
 stockholders operations. 97 discontinued operations 2014. net income. earnings share discovery communications.
 stockholders. discontinued operations. net income.shares 401 432 454 484 498 diluted 610 656 722 759 300 390 367 1201 assets 15758 15864 15970 14934 12892 debt 119 7841 7616 6002 6437 5174 liabilities 10348 10172 9619 8701 6599 redeemable interests 243 241 747 discovery communications.
 5451 6291 equity 5167 6197 6293.
 impairment 62 million lionsgate.
 39% minority nine $ 100 million gain $ 50 million.
.


jpmorgan chase.
 2008 annual report subject tax examinations jurisdictions.
 federal state non.
.
 federal income tax returns examination revenue service 2003 2004 2005.
 tax returns bank one 2004 2000 2003 january.
 returns bear stearns 2003 2005.
 conclude 2009.
 audits tax returns jpmorgan chase 2006 2007 stearns commence 2009.
 administrative appeals pending periods.
 refund claims income credit adjustments tax carry- backs predecessor bank filed.
 amended returns refund claims net operating losses tax credit carry- backs filed bear stearns federal consolidated tax return december 1 2007 may 30 2008.
.
.
 income operations before tax expense.
 year ended december 31
.$ $ 13720 $ 12934
 non. 4867 9085 6952
 income operationsbefore taxexpense $ 2773 $ 22805 $ 19886
. 4867 9085 6952 income tax $ 2773 22805 19886 non.
 income operations outside u. s.
 2013 restrictions cash funds jpmorgan chase bank. comptroller currency.
 member u.
 federal reserve system deposits insured fdic 202.
 requires maintain cash reserves federal.
 average subsidiaries approximately $ 1. 6 billion 2008 2007.
 restrictions.
 law prohibit jpmorgan chase affiliates borrowing subsidiaries unless loans secured amounts.
 loans limited 10% total capital 20% capital.
 principal sources jpmorgan chase 2019s income dividends interest from jpmorgan chase bank.. subsidiaries jpmorgan chase.
 dividend restrictions federal reserve fdic dividends jpmorgan chase subsidiaries unsafe.
 january 1 2009 2008 jpmorgan chase sub sidiaries pay $ 17. 0 billion $ 16. 2 billion dividends without approval regulators.
 capacity dividends 2009 supplemented by subsidiaries earnings.
.
.
 december 31 2008 2007 cash $ 20. 8 billion $ 16. 0 billion securities $ 12. 1 billion $ 3. 4 billion segregated special bank accounts futures customers.


credits deductions fiscal 2010 prior periods.
 offset tax consequences patient protection affordable care act health care education reconciliation act 2010.
 expects effective tax rate 2011 34% ( 34 % ).
 equity method investment earnings affiliates.
 produce market potato products retail.
 earnings $ 22 million consumer commercial $ 24 million 2010 2009.
 difficult market conditions.
 discontinued operations after-tax loss $ 22 million earnings $ 361 million 2009.
 dehydrated vegetable operations.
 recognized after-tax impairment charge $ 40 million write- down fair.
 sale trading merchandising operations after-tax gain $ 301 million.
 small foodservice brands.
.
 recognized after-tax impairment charges $ 6 million.
 2010 $ 1. 62 earnings $ 1. 67 per loss $ 0.diluted share discontinued operations.
 earnings 2009 $ 2. 15 $ 1. 36 $ 0. 79 discontinued.
 2009.
 2008 net sales.
 consumer foods $ 7979 $ 7400 8% 8 %
 commercial foods 16% 16 %
 $ 12426 $ 11248 11% 11 %
 net sales increased $ 1. 18 billion $ 12. 43 billion 2009 improved pricing mix consumer foods additional week.
 foods net sales $ 7. 98 billion increase 8% 2008.
 7% improved net pricing product mix volume.
 2% 2 % additional week.
 strengthening.
 dollar reduction net sales 1% 1 % 2008.


diluted earnings per share excludes stock options restricted stock performance units anti-dilutive.
 shares 10. 3 million. 2 million. 7 million 2016 2015 2014.
 4. 5 million 5. 3 million shares restricted stock excluded.
.
 cash flow cash interest income taxes.
 $ 252030 222088 197383
 income taxes refunds
 accrued capital expenditures december 31 2016 2015 2014 $ 388 million $ 416 million $ 972 million.
 non-cash investing activities $ 3834 million additions oil gas properties.
 2014 $ 5 million property exchanges.
.
 operations crude oil natural gas exploration production.
 standards.
segments components enterprise financial information evaluated by chief operating decision maker resources performance.
 eog's informal involves chairman chief executive officer officers.
 reviews decisions areas united states trinidad kingdom china.
 considers united states one segment.


table presents estimated potential one-day loss interest rate foreign currency commodity equity-risk instruments may 26 2019 27 2018 average fair value impact 26.
 interest rate instruments $ 74. $ 46. $ 33.
 foreign currency 16. 19.
 commodity instruments.
 equity instruments.


part item 5.
 market common equity common stock traded new york stock exchange symbol since august 17 2004.
 no public market common stock.
 table high low bid price per share dividends.
 period august 17 2004 to september 30 2004 14. 38 12. 50.
 ended december 31 2004.
 march 31 2005.
 june 30 2005.
 september 30 2005.
 december 31 2005.
 february 28 2006 closing price common stock $ 15. 00
 166 holders common stock.
 entitled receive distributions declared board directors.
 required distribute 90% 2018 taxable income net taxable ordinary income stockholders annually maintain reit qualifications.
 federal income tax.
sales equity securities proceeds june 20 6200000 shares common stock $. $ 83514 8-k 24.
 proceeds debt repayment.
 shares issued exemption securities act 1933.


.
 rowe price group annual report 2013 contractual obligations table future obligations millions operating leases cash purchase commitments december 31 2013.
 include amounts goods services cancelable termination fees.
 fund from future cash flows.
 operating expenses capital expenditures 2014.
 excludes $ 4. 8 million uncertain tax positions note 8.
 noncancelable operating leases $ 124 $ 32 57
 other purchase commitments 149
 $ 273
 outstanding commitments additional contributions investment partnerships $ 40. 7 million at december 31 2013.
 majority.
 percentage prior distributions called circumstances.
 renewed operating lease corporate headquarters baltimore maryland through 2027.
 increases noncancelable lease commitments $ 133. million majority paid after 2018.
accounting policies preparation financial statements requires selection accounting methods policies.
 estimates judgments required assets liabilities balance sheets revenues expenses statements income information accounting policies notes.
 estimates analysis events facts circumstances.
 actual amounts future results differ from estimates consolidated financial statements policies notes.
 present accounting policies 2013 annual report.
 policies critical to.
 other-than-temporary impairments of available-for-sale securities.
 classify investment holdings funds available-for-sale.
 mark carrying amount to fair value recognize unrealized gain loss comprehensive income.
 review each security position unrealized loss impairment determine temporary.
 consider factors duration severity impairment changes value intent ability to hold security for recovery fair value.
fund holding unrealized loss persisted six months other-than-temporary impairment.
 recognize-temporary loss less than six months consolidated statements circumstances near-term recovery.


five year summary performance 2013 corporate income increased earnings $ 214 million $ 139 million after tax $.
 reduction income tax expense $ 62 million $ 0. 14 per share extraterritorial income exclusion.
 increased earnings $ 201 million after tax $ 0. 45 per share.
 items not increased earnings $ 173 million $ 113 million after tax $ 0. 25 per share.
 items not considered decreased earnings $ 215 million  $ 154 million after tax $.
 reduction income tax expense closure internal revenue service examination $ 144 million $ 0. 32 per share.
 reduced earnings $ 10 million after tax $ 0. 02 per share.
 items not considered decreased earnings $ 153 million $ 102 million after tax.22 per share.
 includes earnings before taxes $ 1112 million $ 632 million after tax $ 1. 40 per share.
 return on invested capital net earnings after-tax interest expense divided average invested capital debt postretirement benefit plans.
 reporting roic visibility.
 investment decisions long performance measure management performance incentive compensation plans.
 not measure financial performance.
 earnings.
 calculate roic 2006 2005 2004 2003.
 net earnings $ 2529 $ 1825 1266 1053 500
 interest expense multiplied 65%
 return $ 2764 $ 2066 $ 1542 $ 1370 $ 878
 $ 4727 $ 5077 5932 6612 7491
 7686 7590 6170 6853
 benefit plan 1504
invested capital $ 14419 $ 14212 14243 14286 14685
 19. 2%. 2 % 14. 5%. 5 % 10. 8%. 8 % 9. 6%. 6 % 6. 0%. 0 %
 after-tax interest federal rate 35%.
 long-term short-term borrowings.
 non-cash adjustments minimum pension liability adoption fas 158 2006.
 benefit plan adjustments cumulative. adjustments 2006 $ 1883 million 2005 105 2004 2003 331 2002 1537.
 prior year entries 20% current year value.
 yearly averages calculated end.


consolidated financial statements.
 regulation capital adequacy federal reserve board primary regulator group inc. bank holding company 1956 amendments.
 1999.
 subject consolidated regulatory capital requirements federal reserve board risk-based capital requirements capital accord.
 expressed capital ratios capital risk-weighted assets.
 firm.
 subsidiaries gs bank usa similar capital requirements.
 federal reserve board capital adequacy corrective action.
 capital requirements quantitative assets liabilities off balance-sheet items regulatory reporting practices.
.
 bank corrective action qualitative judgments risk weightings.
 subsidiaries.
 separate regulation capital requirements.
.
 federal reserve board regulations minimum 1 capital ratio 4% total capital ratio 8%.
 required minimum tier-capitalized bank holding federal reserve board guidelines 6% 10%.
holding companies maintain ratios above minimum depending risk growth plans.
 minimum tier 1 leverage ratio 3% % highest supervisory rating federal implemented measure.
 minimum 1 leverage ratio 4%.
 table. regulatory capital ratios.
 december 2012 2011
 1 capital $ 66977 $
 2 capital $ 13429 13881
 capital $ 80406 77143
 risk-weighted assets $ 399928 $ 457027
 1 capital ratio. 7%. 8%.
. 1%. 9%.
 1 leverage ratio. 3%. 0%.
 board capital requirements calculated market credit risk.
 value-at-risk model measures.
 credit risk on balance sheet assets based value.
 off-balance sheet exposures equivalent calculated notional amount trade.
 assigned risk weight depending counterparty securities firm.
tier 1 leverage ratio capital divided assets goodwill assets equity non companies.
 goldman sachs 2012 annual report


consolidated results acquisition valves controls october 1 2015.
 not indicative.
 net sales $ 16201
 earnings $ 1482
 diluted earnings per share $ 2.
 results year acquisition charges $ 122.
 acquisition costs $ 52 2017.
 sold residential storage business $ 200 cash loss $ 40 2018 nondeductible goodwill.
 $ 140 after-tax cash proceeds sale.
 sales $ 298 pretax earnings $ 15 2017 leader home organization storage systems.
 held-for-sale 30.
 acquired six businesses 2016 two.
 cash $ 132 .
 annualized sales $ 51 2016.
 recognized goodwill $ 83 $ 27 tax deductible intangible assets $ 50  customer relationships intellectual property life nine years.
eight acquisitions 2015 automation one tools home sales $ 115.
 cash $ 324.
 goodwill $ 178 $ 42 tax deductible intangible assets $ 128 intellectual property ten years.
 2015 power transmission solutions $ 1. 4 billion pretax gain $ 939 $ 532 $. per share.
 assets $ 182 $ 374 accrued expenses $ 56.
 share repurchase.
 industrial automation sales $ 189 pretax earnings $ 21.
 couplings bearings components components services.
 sold intermetro commercial storage business $ 411 pretax gain $ 100 $ 79. per share.
 sales $ 288 pretax earnings $ 42 commercial residential solutions segment.
liabilities sold assets $ 62 accounts receivable inventories $ 292 property plant equipment goodwill liabilities $ 34 accounts payable $ 9.
 intermetro manufacturer supplier storage transport food commercial health care.
 acquired businesses included.
 discontinued operations 2017 portfolio growth core.
 november 30 2016 network power systems $ 4. 0 billion retained interest distributions equity holders threshold return.
.
 january 31 2017 power generation motors drives $ 1. 2 billion


stock performance graph shows shareholder return dividend reinvested s&p 500 s&p information technology index dow jones.
 index five years 26 2015.
 assumes $ 100 invested common stock s&p 500.
 index market 24 2010.
 historic stock price performance not indicative future performance.
 $ 100 invested 9/25/10 index reinvestment dividends.
 last day fiscal year stock september 30th indexes.
 mcgraw hill financial.
.
 dow jones.
.
.
 2011 2012 2013 2014 2015
 apple. $ 100 138 170 254
 s&p 500 index
 s&p information technology index 104
 dow jones. supersector index 103 134 141 183
.


mississippi.
 income 2008 decreased $ 12. million higher operation maintenance expenses lower income higher depreciation amortization expenses offset higher revenue.
 2006 increased $ 19. million higher revenue lower expenses depreciation amortization.
 revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2008 2007.
.
 2007 net revenue $ 486.
 costs.
 revenue.
 base revenue.
 reserve equalization.
 wholesale revenue.
.
 2008 net revenue $ 498.
 costs variance power plant costs recovered management rider.
 net income return equity remainder offset operation maintenance expenses depreciation expenses taxes.
 recovery.
 rider revenue variance storm damage rider october 2007.
 revenue operation maintenance expense no effect net income.
base revenue formula rate plan increase 2007.
 local rate regulation.
 reserve equalization variance entergy system.


decrease cash 2010 commercial paper repayments share issuance bm&fbovespa termination securities lending program 2009.
 offset distribution dow jones $ 607. 5 million increase share repurchases $ 548. 3 million.
 dilution issuance bm&fbovespa.
 increase cash 2009 due debt $ 2. 9 billion 2008 merger debt reductions $ 900. million.
 table debt outstanding december 31 2010.
 2011 3-month libor.
 2013. 40%
 2014. 75%
. 40%
. 40%
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
. 2008 interest rate swap agreement variable interest obligation fixed 4. 72%72 % interest october 22 2008.
 terminated january 11 2011 loan repaid.
 march 2010 fixed rate notes due 2018.
 proceeds distribution dow jones index services.
 february 2010 interest rate swap agreement fixed 4. 46%. march 18 2010.
 maintained $ 1. 4 billion senior credit facility $ 420. 5 million term loan $ 945. 5 million revolving credit facility.
 terminated january 11 2011.
 commercial paper backed revolving credit.
 consolidated net worth $ 12. 1 billion.
 new $ 1. 0 billion-currency revolving credit facility.
 proceeds corporate purposes liquidity.
 increase $ 1. 8 billion.
 matures january 2014 prepayable.
 consolidated net worth test 30 2010 share repurchases special dividends $ 2. billion multiplied. 65.
 maintain 364-day secured line credit domestic international banks clearing house.
 temporary liquidity clearing firm default liquidity constraint default depositary disruption domestic payments system settlement.
 guaranty fund contributions.
 treasury securities government securities


stock compensation plans employees directors receive stock options nonvested shares stock units.
 awards.
 treasury shares option exercises stock unit vestings new shares retention shares.
 adopted statement.
-based payment january 1 2006.
 compensation expense stock-based awards.
 fair value grant date expensed service period.
 fair value retention awards stock price grant stock options black-scholes option pricing model.
 modified prospective transition method restate results prior periods.
 cumulative effect forfeitures.
 recognized expense stock options 2006.
 compensation expense december 31 2006 $ 22 million after tax $. per share.
 9 million stock options $ 13 million retention awards.
 14 million 21 million.
 $ 29 million excess tax benefits financing cash.
adoption fas 123 applied principles accounting opinion.
 stock employees.
 stock employee compensation expense stock option grants reflected net income options price equal market value common stock.
 stock compensation expense retention shares stock units incentive plans net income.
 table effect net income earnings share expense stock-based awards options years december 31 2005 2004 fair value method fasb statement.
 stock-based compensation.
 expense 2005 2004.
 net income $ 1026 $ 604
 compensation expense net income tax
 compensation expense fair value method
 income $ 989 $ 582
 earnings per share 2013 $ 3. 89 $ 2.
.
.
.
 stock options executives granted 2003 2002 reload feature.
reload allowed executives exercise options union pacific corporation new grant options withheld tax.
 option grants exercised


vertex pharmaceuticals financial statements.
 unrealized losses.
 government.
 enterprise corporate asset-backed.
 losses due interest rates.
 investments high grade no adverse credit events.
 hold until recovery value impaired 2006 2005.
 gains losses 2006 $ 4000 $ 88000.
 2005 $ 15000 $ 75000.
 2004 $ 628000 $ 205000.
.
 held $ 30. 3 million $ 41. 5 million.
 balance deposit stand-by letters landlords.
.
 property equipment depreciation amortization expense 2004 $ 25. 4 million $ 26. 3 million $ 28. 4 million.
 wrote off assets depreciated.
 no effect property equipment.
 assets not depreciated.
 net loss disposal $ 10000 2006 $ 344000 2005 $ 43000 2004.
.
altus pharmaceuticals.
 public offering 2006.
 owned 817749 shares common stock warrants purchase 1962494 shares.
.
 furniture equipment $ 97638 98387
 leasehold improvements 74875 66318
 computers 18971
 21274 18683
 property 213520 202359
 accumulated depreciation amortization 151985 147826
 $ 61535 $ 54533
 97638 98387 66318 18971 61535


active members benefits plan future lifetime employees.
 2017 service cost classified selling general administrative expenses other components income consolidated.
 components selling general administrative expenses.
 2019 benefit costs increase $ 2 million full pension expense stahlgruber business 2018.
 table weighted-average assumptions net benefit cost.
 rate service cost. 3%. 3 %. 5%. 5 %. 6%. 6 %
 interest cost. 5%. 5 %. 0%. 0 %. 0%. 0 %
 future compensation increase. 9%. 9 %. 3%. 3 %. 0%. 0 %
 long-term return. 8%. 8 %. 0%. 0 %. 1%. 1 %
. 8%. 8 %. 0%. 0. 1%. 1 % long-term return determined asset allocation future returns asset class.
mortality key benefit obligations cost.
 price inflation index benefit obligations december 31 2018 pre-tax $ 10 million net actuarial losses defined benefit plans not recognized benefit cost.
 expect $ 0. 2 million net benefit cost december 31 2019.
 fair value amount received selling asset liability transaction.
 tiers 1 2 3 unobservable inputs assumptions.
 investments valued net asset value excluded from fair value hierarchy.
 valuation methodologies assets fair value.
 2018 2017.
 level 1 investments cash equivalents valued based cost.
 mutual funds market prices.
 level 3 investments insurance contracts cash surrender value policy.
 actuarially determined based future benefit payments discount rates long- term return.


equity compensation plan information table presents equity securities as december 31  2014.
 number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding plans approved 1955024 36. 4078093 plans not approved.
 number securities issued weighted-average exercise price number securities remaining future issuance excluding
 plans approved by holders 1955024 36. 4078093
 plans not approved 2014
 1955024 $ 36. 4078093
 includes grants under huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders may 2 2012 huntington ingalls industries.
 2011-term stock plan approved sole stockholder.
shares 644321 stock options 539742 restricted performance stock rights 63022 2011 plan.
 33571 stock rights 11046 restricted 663322 2012 plan target performance achievement.
 weighted average exercise price 644321 stock options.
 no awards plans approved.
 13.
 relationships transactions director independence proxy statement 2015 annual meeting 120 days fiscal year.
 14.
 principal accountant fees services 2015 120 days fiscal year.
 printed 96% original size final trim


44 allowance loan lease losses.
 january 1 $ 4347 4887
 charge-offs -1289 1289
 credit losses
 unfunded loan commitments letters credit
 december 31 $ 4036 $ 4347
 charge-offs loans. 73%.
 lease losses.
 commercial lending charge-offs -359 -712
 consumer lending
 -1289 1289
 charge-offs loans
 commercial lending. 35%. %. 86%. %
 consumer lending.
 credit losses $ 1. billion 2012. billion 2011.
 commercial lending losses declined $ 39 million 22% % 2011.
 consumer lending decreased 126 million 13% % 2011.
 31 2012 nonperforming loans 124% %.
 2011 122% 122 %.
ratios 79% 84% excluding $ 1. 5 billion $ 1. 4 billion allowance 2012 2011 consumer loans not secured real estate purchased impaired loans.
 excluded consumer loans charged off after 120 to 180 days past due not nonperforming.
 purchased impaired loans performing delinquency interest accreted cash flows allowance below investment.
 table 33 nonperforming assets.
 alll balance increases decreases risk factors asset quality trends charge-offs portfolio balances.
 economic conditions portfolio growth credit losses.
 alll balance declined $ 311 million 7% to $ 4. 0 billion december 31 2012.
 note 7 allowances loan lease losses unfunded loan commitments letters of credit 6 purchased loans.
 risk.
.
buy loss protection pay fee seller right receive payment credit event.
 sell protection receive cds premium obligation pay event.
 evaluate counterparty credit worthiness.
 approved credit quality standards.
 credit risk monitored.
 counterparty credit lines subject collateral thresholds exposures above secured.
 included 201cderivatives hedging instruments table 54 financial derivatives.
 pnc financial services group.
 2013 form 10-k 97


schedule future minimum rental payments long-term leases october 30 2010.
 2011 21871
 2012 12322
 2013 9078
 2014 6381
 2015 5422
 30655
 $ 85729
.
 commitments contingencies business claims charges litigation contractual patents trademarks personal injury environmental product liability insurance coverage employment disputes.
 assurance.
 matters financial position cash flows.
.
 retirement plans savings retirement plans employees.
 defined contribution plan.
 employees.
 contributions 5% compensation.
 contributes pre-tax contribution 3% compensation.
 expense contribution plan.
 $ 20. 5 million 2010 $ 21. 5 million 2009 $ 22. 6 million 2008.
 defined benefit pension retirement plans non.
 employees.
 total expense.
 $ 11. million 2010.9 million 2009 13. 9 million 2008.
 status september 30 year end.
.
 funding policy foreign pension plans requirements.
 assets.
.
 equity securities bonds property cash.
 obligations measured october 30 2010 31.
.
 financial statements 2014


edwards lifesciences corporation financial statements 7.
 acquisitions.
 table summarizes values assets acquired liabilities assumed millions.
 assets $ 28.
 property equipment.
 goodwill 258.
 190.
 liabilities -32.
 deferred income taxes -66.
 contingent consideration -30.
 cash purchase price 348.
 cash acquired.
 price $ 320.
 synergies benefits.
 united not deductible tax.
 capitalized intangible indefinite life assessed impairment.
 fair value determined income approach.
 flow projections discounted risk-adjusted return.
 16. 5%.
 design pre-clinical selling.
 risks uncertainties design development manufacturability regulatory approvals.
 valuation assumed $ 97.7 million additional research development expenditures incurred product introduction changes expenditures cardiaq program.
 net cash inflows commence late 2018 clinical trial ce mark approval.
 research asset amortized over life.
 2017 paused enrollment clinical trials edwards-cardiaq valve design validation testing.
 screening patients.
 results cardiaq included financial statements.
 results not.
 8.
 july 3 2015 acquired cardiaq.
 increase goodwill $ 258. 9 million ipr&d $ 190. 0 million.


.
 rentals leases sales office facilities distribution centers research manufacturing facilities vehicles equipment.
 rental expense $ 239 million 2017 $ 221 million 2016 2015.
 future minimum payments non-cancelable terms one year.
 131
 2020
 2021
 2022
 leases vehicles non-cancelable one year month-to-month renewal options.
.
 payments $ 62 million 2018.
 leases guaranteed residual values proceeds sale.
.
 research development expenditures improvements.
 $ 201 million 2017 $ 189 million 2016 $ 191 million 2015.
 customer sponsored research 2017 2016 2015.
.
 contingencies workers compensation automobile health care environmental lawsuits.
 income taxes.
 contractual obligations lease commitments.
 liabilities contingent loss.
estimate loss company records most probable minimum no better.
 discloses contingent liability not probable estimable possibility material loss incurred.
 company policies varying deductibility property casualty losses.
 insured for losses excess deductibles recorded liability offsetting receivable.
 self-insured for health care claims employees.
 determines liabilities actuarial basis.
 subsidiaries party to lawsuits claims environmental actions.
 antitrust commercial patent infringement product liability wage hour lawsuits obligations effects chemical substances.
 established accruals for lawsuits claims environmental matters.
 risk material loss excess amounts accrued.
 litigation uncertain unfavorable rulings no certainty incur charges excess recorded liabilities.
 future adverse ruling charges results cash flows.
company believes future charges legal claims financial position.
 participating environmental assessments 45 locations majority. environmental liabilities accrued costs.
 insurance reimbursements not anticipated accruals liabilities.


consolidated financial statements.
 income taxes federal tax return 2006 irs.
 2008 invited compliance assurance process voluntary program large corporations.
 conducts real-time audit issues tax return.
.
 tax uncertainties.
 subsidiaries file tax returns foreign jurisdictions.
 examination taxing authorities adopted provisions.
 uncertainty taxes january 1 2007.
.
 recognized decrease earnings january 1 2007 $ 37 million.
 unrecognized tax benefits $ 70 million.
 1 $ 51 million tax positions tax rate.
 reconciliation unrecognized tax benefits.
 balance january 1 2007 $
 additions tax positions
 additions prior years 3
 reductions
 settlements
 expiration statute limitations
 balance december 31 2007 $
company anticipates payments $ 2 million due state income tax examinations 12 months.
 state foreign tax returns unrecognized tax benefits decrease $ 7 million.
 december 31 2007 $ 42 million tax benefits effective rate.
 recognizes interest unrecognized tax benefits tax refund claims.
 recognizes penalties.
 recorded charges $ 4 million interest expense $ 2 million penalties.
 provision.
 federal income tax liabilities undistributed earnings subsidiaries.
 provided deferred taxes $ 126 million $ 361 million undistributed earnings domestic affiliate.
 determination deferred tax liability practicable.
 non distribution $ 850 million diamond offshore foreign subsidiary.
 recognized $ 59 million.
 tax expense.
 reinvest future earnings foreign activities.
income tax expense 2007 2006 2005 $ 1601 million 1557 million 639 million.
 income tax rate 35% minority interest.


begin late-2018 information technology infrastructure.
 entergy louisiana proposed recover cost customer charge phased 2019 through 2022.
 reached stipulation system modifications.
 july 2017 lpsc approved stipulation.
 recover undepreciated balance meters regulatory asset current depreciation rates.
 funds cash debt membership interest issuances bank financing.
 refinance redeem retire debt prior maturity.
 debt interest issuances require regulatory approval.
 subject issuance tests.
 capacity capital needs.
 receivables money pool december 31.
 2016 2015 2014
 11173 22503 6154 2815
 note 4.
 credit facility $ 350 million expire august 2022.
 issue letters credit against $ 15 million borrowing capacity.
 december 31 2017 no cash borrowings $.1 million credit.
 entergy louisiana party uncommitted credit obligations. 31 2017 $ 29. 7 million entergy louisiana.
 note 4 financial statements.
 entergy louisiana nuclear fuel company two facilities $ 105 million $ 85 million expire may 2019.
 2017 $ 65. 7 million loans entergy louisiana river bend.
 $ 43. 5 million letters credit commercial paper $ 36. 4 million loans waterford nuclear.
 note 4 financial statements.


oil gas activities future cash flows millions 2011.
 sales transfers oil gas production administrative costs $ -7922 -6330 -4876
 prices production costs 12313 9843 4840
 extensions discoveries recovery 1454 1268 1399
 costs 1899 2546 2786
 costs -1349 1349 -2153 2153 -3773 3773
 estimates 2526 1117 5110
 purchases sales minerals 233 -159
 accretion discount 2040 1335
 income taxes -6676 6676 -4345
 130 -149
 change 4648 3625
 9280 5655
 13928


earnings per share operating cash flow performance objectives personnel committee set entergy achievement multiplier at 140% ( 140 % ) target.
 increased 25 percent members chief executive.
 denault.
 smith not other officers committee.
 section 162 internal revenue code management effectiveness factor mechanism achievement factors performance.
 2009 factor performance.
 annual incentive award for executive officers.
.
.
 awarded from incentive pool approved committee.
 supervisor determines annual incentive payment based entergy achievement multiplier.
 decrease performance.
 approval chief executive officer.
 table shows executive management incentive plans payments percentage base salary for 2008 officer target percentage base salary 2008 annual incentive.
. 120% ( 120 % ) 168% ( 168 % ) 2169720
.denault 70% 70 % 98% 98 % $ 617400
 richard. smith 70% 98% 98 % 632100
. renae conley 60% 60 % 102% 102 % 415000
. mcdonald 50% 50 % 160500
 joseph. domino 72% 72 % 230000
 roderick. 40% 40 % 80% 80 % 252000
 haley fisackerly 40% 40 % 46% 46 % 125700
 theodore. 60% 60 % 117% 117 % ) 400023
 carolyn shanks 50% 50 % 72% 72 % $ 229134
. lewis 40% 40 % 60% 60 % $ 128505
.
.
 ceo-entergy mississippi principal financial officer.
.
.
 retention.
.
 bonuses three-year.
employment company employee eligible special cash bonus three payments 15% to 30% base salary.


abraham lincoln rcoh cvn-79 john.
 kennedy inactivation cvn-65 enterprise offset lower volumes cvn-71 theodore roosevelt-78 gerald.
 ford.
 higher revenues repair ssn-765 montpelier.
 ssn-774 virginia-class submarine program volumes block iii block iv lower volumes ii ssn-783 minnesota.
 $ 415 million $ 402 million 2013.
 volume changes higher risk retirement-78.
 ford lower-71.
 $ 402 million $ 372 million 2012.
 ssn-774 virginia-class submarine program risk retirement performance improvement contract changes cvn-71 roosevelt workers' compensation expense adjustment cvn-65 enterprise.
 revenues 2014 $ 137 million acquisition upi 2014.
operating loss year ended december 31 2014 $ 59 million due goodwill impairment charge $ 47 million.
 approximately $ 21 billion.
 includes funded unfunded.
 excludes unexercised contract options indefinite delivery quantity orders.
 includes amounts committed customer.
 table funded unfunded backlog by segment december 31 2014 2013.
 millions 31 funded unfunded
 $ 5609 1889 6335 2570 8905
 newport news 6158 7709 13867
 $ 11832 $ 9598 21430
 28% ( 28 % of $ 21 billion total backlog converted into sales 2015.
.
 government orders backlog.
 value new contract awards approximately $ 10. 1 billion.
awards 2014 block ssn-774 virginia submarine program cvn-79.
 kennedy nsc-7 kimball.
 $ 9. 4 billion.
 ddg-51 arleigh burke-class printed 96% size final


entergy gulf states louisiana.
 financial debt equity/membership interest issuances require regulatory approval.
 subject to issuance tests bond agreements.
 capacity capital needs.
 receivables money pool december 31 years.
 2011 2010 2009 2008
 $ 23596 $ 63003 $ 50131 $ 11589
 note 4.
 credit facility $ 100 million expire august 2012.
 no borrowings outstanding december 31 2011.
 short-term borrowing authorization ferc through october 2013 $ 200 million.
 note 4 borrowing limits.
 order long-term securities issuances through july 2013.
 hurricane gustav ike caused damage territory.
 power outages damage distribution transmission generation infrastructure loss sales.
october 2008 entergy gulf louisiana drew $ 85 million storm reserve.
 october 15 lpsc approved defer accrue carrying cost unrecovered storm expenditures.
 prejudice incurred storm cost.
 entergy filed hurricane gustav ike storm cost recovery case may 2009.
 september 2009 filed lpsc application financing orders storm costs reserves issuance costs act 55.
 hurricane katrina rita costs financed act 55 financings.
 filed application lpsc approval ancillary issues act 55 financing savings cost offset.
 december 2009 stipulation agreement lpsc recoverable costs $ 234 million $ 394 million.
 recover $ 4. 4 million $ 7. 2 million storm restoration spending.
stipulation permits replenishing louisiana storm reserve $ 90 million $ 200 million act 55 financings accomplished.
 2010 filed lpsc settlement terms proposals act 55 financings commitment pass customers $ 15. 5


contents cdw corporation subsidiaries method.
 classifies deferred financing costs deduction from long-term debt liability except revolving credit facilities presented asset.
 interest rate cap agreements hedging exposure fluctuations interest rates.
 cash flow hedges interest risk recorded at fair value other assets.
 gain loss instruments reported component accumulated loss until reclassified interest expense hedge transaction affects earnings.
 fair value measurements value defined price received sell asset transfer liability transaction market participants.
 fair value hierarchy established valuation three levels.
 measurement reported determined lowest level input.
 levels level 1 observable inputs quoted prices.
 level 2 2013 model-based valuation techniques.
 level 3 2013 inputs unobservable management estimates assumptions.
fair values determined using model-based techniques option pricing discounted cash flow.
 accumulated loss components 2019 equity.
 millions years 2017 2016 2015
 foreign currency translation $ -96. 1 ( 96. $ -139. 6 139. $ -61. 61.
 unrealized gain hedge accounting.
 loss $ -95. 9 ( 95. $ -139. 6 ( 139. $ -61. 1 ( 61.
 distribution channel for vendors suppliers equipment manufacturers software publishers wholesale distributors cloud providers.
 records revenue title risk loss passed delivery price fixed collectability assured.
 shipping terms.
 risk.
 revenues from hardware software licenses recognized selling price acquisition cost.
 delivered physical drop-shipment electronic delivery.
 estimate sales returns allowances experience.
company partners warrant products.
 leverages drop-shipment deliver without inventory warehouses increasing efficiency reducing


investing 2013 included $ 38. 2 million acquisition challenger.
 note 2 financial statements.
 capital expenditures 2013 2012 2011 totaled $ 70. 6 million $ 79. 4 million $ 61. 2 million.
 safety quality customer connection innovation initiatives.
 growth initiatives.
 product efficiency safety cost reduction initiatives manufacturing.
 2012 fourth factory kunshan facility.
 product efficiency safety cost reduction production machine tooling replacements distribution equipment.
 replacement systems corporate headquarters research development facilities kenosha wisconsin.
 cash capital expenditure requirements 2014.
 $ 137. 8 million 2013 $ 127. million 2012 $ 293. 7 million 2011.
 repayment $ 200 million unsecured 6. 25%. notes maturity.
 proceeds stock purchase option plan exercises totaled $ 29.million 2013 $ 46. 8 million 2012 $ 25. 7 million 2011.
 snap-on stock repurchases dilution.
 2013 repurchased 926000 shares $ 82. 6 million.
 repurchase $ 191. 7 million.
 purchase discretion subject financial conditions.
 repurchased 1180000 shares $ 78. 1 million 2012 628000 shares $ 37. 4 million 2011.
 cash credit facilities share repurchases.
 paid quarterly cash dividends since 1939.
 2013 2012 2011 $ 92. million $ 81. 5 million $ 76. 7 million.
 2013 increased quarterly cash dividend. 8%. $ 0. 44 per share $ 1. year.
 dividends 2013. 44 $ 38 first three quarters.
 2012 $. 38 $ 34.
 2011 $.34 share fourth quarter. 32 first three quarters $ 1. 30 share year.
 2013 2012 2011
 dividends common share $ 1. 58 1. 40. 30
 prior-year earnings 4. 5% 4. 5 %. 4%. 4 % 7%. 7 %
 earnings. 5%. % cash operations credit facilities pay dividends 2014.
 no off-balance-sheet arrangements 2013.


auto parts.
 schedule ii valuation accounts doubtful accounts balance charges expenses deductions end january 3 2015 $ 13295 17182 14325 16152 january 2 2016 25758 december 31 24597 29164 accounts written off.
 impact statement operations.
 other valuation accounts not reported.
 doubtful accounts balance charges deductions
 january 3 2015 $ 13295 17182 -14325 16152
 january 2 2016 22067
 31 2016
 advance auto parts.
 schedule ii valuation qualifying accounts doubtful accounts balance charges expenses deductions end period january 3 2015 $ 13295 $ 17182 14325 16152 january 2 2016 22067 25758 december 31 accounts written off.
 impact statement operations.
valuation qualifying accounts not reported schedule not applicable included.


base rate increases entergy texas 2011 settlement december 2009 case july 2012 order 2011.
 2.
 offset formula rate plan decreases entergy new orleans october 2011 gulf states louisiana september 2012.
.
 grand gulf recovery variance costs.
 wholesale revenue decreased sales volume lower prices.
 purchased power capacity price increases.
 decreased electricity usage milder weather residential commercial sales.
 hurricane isaac 2012.
 decreased 1684 gwh 2%.
 louisiana act 55 financing savings obligation variance regulatory charge 2012 entergy gulf states louisiana savings settlement tax hurricane katrina.
 note 3 financial statements tax settlement.
 net revenue 2012 2011.
.
 revenue $ 2045
 2012 revenue $ 1854
net revenue entergy wholesale commodities decreased $ 191 million 9% 2012 due lower pricing lower volume nuclear fleet unplanned refueling outage days offset by resupply options purchase power agreements power.
 options.
 offsetting lower revenue higher revenue rhode island state energy center acquired december 2011.


increased 34% $ 449 million $ 1. 8 billion 2010.
 due headcount expenses.
 software development costs $ 71 million mac os x snow leopard.
 increased 34% declined net sales 52% ( 52 % year-over-year increase sales.
 investments critical growth products.
 expects.
 expense increased 20% $ 224 million $ 1. 3 billion 2009.
 headcount stock-based compensation expenses.
 $ 71 million software capitalized mac os x snow leopard excluded r&d expense $ 11 million.
 r expense increased 20% flat net sales 14% increase revenue.
 increased $ 1. 4 billion 33% % $ 5. 5 billion 2010.
 due expansion retail segment marketing advertising increased stock-based compensation expenses variable costs.
 increased $ 388 million 10% to $ 4.billion 2009 2008.
 increase due expansion retail segment higher stock-based compensation expense spending marketing advertising.
 income expense three years 2010 decreased $ 171 million 52% $ 155 million 2010 $ 326 million $ 620 million 2009 2008.
 decrease declines interest rates offset higher cash securities balances.
 weighted average interest rate 0. 75%. 43%. 3. 44%. 2010 2009 2008.
 higher premium expenses foreign exchange option contracts reduced income expense.
 no debt interest expense.
 effective tax rates 24% ( 24 32%.
 statutory federal income tax rate 35% ( 35 %.
 interest income $ 311 $ 407 $ 653
 other income -156
 income expense $ 155 $ 326 $


republic services.
 financial statements 2014 letters credit $ 909. million $ 950. 2 million december 31 2012 2011.
 surety bonds expire 2026.
 issued not debt.
 no liability reflected consolidated balance sheets.
 recorded capping closure post-closure obligations self-insurance reserves.
 obligations.
.
 restricted cash marketable securities deposits capital expenditures pledged regulatory agencies guarantees obligations.
 table restricted cash securities december 31.
 financing proceeds $ 24. $ 22.
 capping closure obligations.
 self-insurance.
.
 restricted cash marketable securities.
 19. 9%. interest company financial surety bonds capping closure post-closure obligations solid waste industry.
 cost method accounting.
no identified events recoverability investment.
 investee parent company surety bonds landfill operations $ 1152. 1 million outstanding december 31  2012.
 reimbursement obligations secured by indemnity agreement investee letters credit totaling $ 23. 4 million $ 45. 0 million as december 31 2012 2011.
 no debt obligations operating leases financial.
 no transactions obligations parties not disclosed financial position results operations.
 guaranteed third-party debt.
 contracts indemnification clauses.
 indemnifications recorded in financial statements future.
 contingent events taxes divestiture agreements.
 obligations financial position results cash flows.


new orleans.
 revenue 2008 2007 fuel expenses gas power expenses regulatory charges.
 change net revenue 2008 2007.
.
 2007 net revenue $ 231.
 volume.
 gas.
.
.
.
 2008 revenue $ 252.
 volume/weather variance increase electricity usage 2008 2007.
 141000 electric 93000 gas returned since hurricane katrina 31 2008 132000 86000 gas 2007.
 retail electricity usage increased 184 gwh increase 4%.
 net gas revenue variance due base rates march november 2007.
 statements.
 revenue variance higher revenue storm reserve 2007 city council settlement agreement 2006.
 storm reserve $ 75 million ten-year restricted escrow account.
.
 base revenue variance due base rate recovery credit 2008.
.
operating revenues fuel power expenses $ 58. 9 million wholesale revenue average price energy $ 47. 7 million electric fuel recovery higher rates usage $ 22 million gas revenues rates march november 2007.
 fuel power market prices gas demand.


2015 2014 2013 sewell associates.
 prepared prior year reserves alba field.
 reports annual report form 10-k.
 team industry experience oil gas companies.
 senior advisor 35 years petroleum 15 years estimation.
 second team member 10 years petroleum five years.
 registered engineers texas.
 ryder scott audits reserves 2015 2014 2013.
 report.
 team lead 20 years experience oil gas company.
 member spe oil gas reserves committee registered professional engineer texas.
 december 31 2015 603 decrease 125 2014.
 changes undeveloped reserves 2015.
 728
 revisions estimates -223
 improved recovery
 purchases reserves
 extensions discoveries additions 175
 dispositions
 transfers -79
 end 603
revisions estimates due capital development program reserves beyond 5-year plan.
 139 mmboe booked extensions discoveries additions revisions technology.
 statistical analysis decline curve pressure reservoir simulation volumetric analysis.
 reservoir continuity certainty criteria booking reserves.
 transfers from reserves included 47 eagle ford 14 bakken 5 oklahoma basins.
 costs 2015 2014 2013 $ 1415 million $ 3149 million $ 2536 million.
 projects remain large projects.
 603 mmboe reserves 26% % projects five years.
 majority related compression project.
 sanctioned 2004.
 approval.
 fabrication 2013 installation 2016.
 commissioning first production mid-2016.
 undeveloped reserves north gialo development libyan sahara desert booked 2010.
development executed by operator multi-year drilling program design liquid handling gas recycling facilities.
 five years reserves.
 civil unrest extended project duration.
 operations interrupted mid-2013 shutdown crude oil terminal re-opened 2014 production shut-in 2016.
 operator committed project completion resources.
 conversion rate undeveloped to developed 2015 11%.
.
 2015 conversion rate 15%.


off-balance sheet transactions contractual obligations december 31 2017 one year interest payments long-term debt thousands include $ 0. 5 million unrecognized tax benefits consolidated financial statements note 201410 tax 201d.
 service providers require collateral.
 terms conditions.
 building additional ships.
 sale ships acquisitions alliances.
 financed indebtedness cash flows issuance debt equity securities.
 debt agreements liquidity limit net funded debt-to-capital ratio ratios restrict dividends.
 ships property equipment pledged as collateral debt.
 compliance covenants december 31  2017.
 changes economies global credit markets reduce consumer demand cruises affect credit risks.
 business financial condition.
believe cash inflows borrowings revolving loan issue fund operations debt capital expenditures compliance debt agreements.
 no assurance cash financings obligations.
 1-3 years 3-5 years 5 years long-term debt 619373 1248463 3002931 1553815 leases 131791 15204 26504 contracts 1141212 facilities 138308 30509 43388 23316 947967 218150 376566 203099 73653 23870.
 less than1 year 1-3 3-5 more years
 long-term debt 6424582 619373 1248463 3002931 1553815
 leases 131791
 contracts 6138219 1016892 1141212
 facilities 138308 23316 41095
 947967 203099
13949545 1954928 3134258 4420932 4439427
 discount premiums $. 5 million.
 capital leases.
 excludes deferred financing fees.
 offices vehicles equipment.
 newbuild ships euro.
 dollar.
 export credit financing.
 port facilities.
 fixed variable rates libor constant.
 commitments service maintenance contracts.


expenses decreased $ 23 million from $ 115 million 2006 $ 146 million 2005 reduced operations.
 profits real estate division higher-use properties were $ 32 million $ 124 million $ 198 million 2007 2006 2005.
 2008 profits decline reduced forestland holdings.
 earn ings reflect sales remaining acreage vary sale transactions.
 specialty businesses arizona chemical business smaller.
 sold february 2007.
 results reflect two months activity.
 2006 2005.
 sales $ 135  $ 935 $
 profit $ 6 $ 61 $ 4
 cash flow sensitive pricing demand.
 cost controls improved cash flow.
 capital spending paper packaging businesses globally north america.
2007 transformation returning value repurchases strengthening balance sheet reductions paper investment-grade credit rating markets.
 credit ratings bbb baa3.
 $ 1. 9 billion $ 1. billion 2006 $ 1. 2 billion 2005.
 $ 1. bil voluntary cash pension plan contribution.
 earn non-cash changes working capital.
 increased $ 123 million 2007.
 $ 584 million 2006 2005.
 investments accounts inventory payable accrued liabilities $ 1. 7 billion.
 increased $ million 2007 $ 354 million 2006 $ 558 million 2005.
 investment $ 1. 7 billion cash divest $ 239 million acquisitions $ 578 million 50% equity interest.
.
 capital spending continuing operations $ 1. 3 billion 2007 depreciation amortization $.billion 87% 2006 992 mil lion 78% 2005.
 increase 2007 pensacola paper machine linerboard fluff pulp riegelwood mill specialty pulp svetogorsk mill transformation plan.


stock performance graph compares five-year performance company 2019s common stock standard & poor 2019s 500 ae index materials index 25 companies active 201cmaterials 201d market sector.
 assumes initial investment $ 100 december 31 2012 reinvestment dividends.
 historical prices prior separation alcoa corporation november 1 2016 adjusted reflect value separation transaction.
 graph table related information not incorporated future filings securities act 1933 exchange act 1934 except.
 copyright 2018 standard poor's division s&p global.
 rights reserved.
 december 31, 2012 2013 2014 2015 2016 2017
 arconic inc. $ 100 124. 186. 117. 99. 147.
.
.
.


proportional free cash flow non-gaap operating activities less maintenance non-recoverable environmental expenditures adjusted impact noncontrolling interests.
 cash flows adjustments subsidiaries adjustment factor.
 accounting guidance service concession arrangements january 1 2015 capital expenditures investing operating activities.
 note 1 accounting policies.
 march 31 2015 changed definition proportional free cash flow exclude capital expenditures service concession.
 adjustment factor.
 exclude environmental capital expenditures recovered regulatory contractual mechanisms.
 ipl's investment mats-related environmental upgrades.
 item.
 proportional free cash flow operating activities.
 reflects business performance cash generated after maintenance expenditures investing repaying debt.
 impact noncontrolling interests results subsidiary not wholly-owned.
 free cash flow limitations.
free cash flow operating activities.
 excludes debt service dividend payments.
.
 calculation proportional free cash flow millions 2015.
 net cash operating activities $ 2134  $ 1791  $ 2715  $ 343  $ -924
 capital expenditures service concession assets
 adjusted operating cash flow 2299  1791  2715  508  -924
 proportional adjustment factor operating cash activities -558 -359 -834 -199
 adjusted operating cash flow 1741  1432  1881 -449
 maintenance capital expenditures reinsurance proceeds -485 -535
 non-recoverable environmental capital expenditures -75
 free cash flow $ 1241  $ 891  $ 1271  $ 350  $ -380
service concession asset expenditures excluded from free cash flow metric.
 proportional adjustment factor maintenance capital expenditures non-recoverable environmental capital expenditures calculated noncontrolling interests cash flow metric.
 parent company a owns 20% b.
 80% noncontrolling interest.
 net cash flow $ 100 proportional adjustment factor $ 80.
 calculates adjustment factor business sums total adjustment factor.
 differ income noncontrolling interests.
 includes adjustment service concession asset expenditures $ 84 million 2015.
.
 excludes recoverable environmental capital expenditures $ 205 million $ 163 million $ 110 million 2014 2013.


mst 2019s net sales decreased $ 311 million 4%.
 volume $ 390 million ship aviation system $ 75 million training logistics solutions.
 higher sales $ 165 million lcs program.
 operating profit decreased $ 68 million 10%.
 profit $ 55 million increased reserves $ 40 million lower volume increased reserves training logistics solutions.
 higher operating profit $ 30 million reserves undersea systems.
 $ 55 million lower.
 increased increased orders ship aviation system higher sales volume integrated warfare systems sensors programs.
 decreased slightly higher sales volume.
 2019s net sales decline 2013 completion ptds deliveries lower volume training services.
 operating profit margin increase slightly improved contract performance.
 research design production satellites strategic missile systems space transportation systems.
 national security systems.
systems 2019 programs include infrared system high frequency system mobile user objective system global positioning satellite geostationary environmental satellite r-series trident ii d5 fleet ballistic missile orion.
 equity interests united launch alliance services.
 united space alliance shuttle joint venture. atomic weapons establishment program.
 results.
 2011
 net sales $ 8347 8268
 operating profit 1083
 margins.
 backlog year-end
 net sales increased $ 186 million 2%.
 higher net sales $ 150 million increased commercial satellite deliveries $ 125 million orion program higher volume risk retirements $ 70 million increased volume strategic defensive missile programs.
increases lower sales $ 105 million satellite decreased volume risk retirements $ 55 million nasa tank program ended shuttle.


abiomed inc.
 subsidiaries financial statements 2014 calculation diluted-average shares years 2004 2005 2006 excludes stock unexercised stock options below average market price.
 dilutive shares stock.
 2004 222593
 2005 980147
 2006 577845
 excludes unissued shares common stock stock options prices greater average market price.
 2004 2005 2006 1908347 825014 1417130 shares.
 excludes warrants purchase 400000 common stock acquisition intellectual property.
 cash equivalents marketable security maturity 90 days or less cash equivalent.
 31 2005 2006 restricted cash $ 97000 $ 261000 assets expenses.
 cash represents security deposits banks leases.
 marketable securities long-term investments maturity greater 90 days one year long-term investments.
financial accounting standards.
 debt equity amortized cost held-to-maturity securities.
 2006 portfolio government securities corporate bonds one year less.
 amortized cost market value $ 29669000 $ 29570000 2005 $ 16901000 $ 16866000 2006.
 corporate securities available-for 2013sale securities.
 cost market value $ 4218000 2005 $ 6102000 2006.
 principal payments expected pre-determined.


oil corporation financial statements.
 norwegian properties october 31 2008 sale properties offshore acreage heimdal north proceeds $ 301 million pretax gain $ 254 million.
 october sale 50 percent ownership ptc.
 proceeds $ 625 million pretax gain $ 126 million.
 $ 75 million redemption return investment.
 properties december 17 properties ireland proceeds $ 180 million-closing adjustments.
.
 assets liabilities sale.
 noncurrent assets 103
 267
 liabilities
 199
 261
 assets sale
.
 2006 sold russian oil exploration production businesses khanty-mansiysk western siberia.
 received $ 787 million preliminary working capital closing adjustments $ 56 million transaction value $ 843 million.
 $ 832 million.
gain sale $ 243 million $ million operations.
 taxes reduced capital loss.
 goodwill $ 21 million russian assets reduced gain.
 adjustments price 2007 gain $ 8 million 13.
 russian businesses discontinued.
 revenues $ 173 million pretax income $ 45 million.


oil gas activities 2017 reserves decreased mmboe 2022 revisions increased 49 economic wells 5-year plan increase 44 remainder revisions business.
 extensions discoveries increased 116 expansion areas oklahoma.
 purchases increased 28 acquisitions northern delaware basin mexico.
 production decreased 145.
 sales decreased 685 sale canadian business 10 divestitures assets oklahoma colorado.
.
 financial statements.
 2016 reserves decreased 67 mmboe 2022 revisions estimates increased 63 151 economic wells.
 decrease 64.
 technical revisions.
 extensions discoveries increased 60 expansion areas sales oklahoma.
 purchases increased 34 acquisition assets oklahoma.
 production decreased 144.
 sales decreased 84 divestitures wyoming gulf mexico assets.
2015 reserves decreased 35 2022 revisions estimates decreased 2 105 drilling programs.
 increase 67 discontinued operations reevaluation lower royalty percentages offset decrease 173 capital development program 5-year rule.
 2022 extensions discoveries increased drilling.
.
 2022 production decreased 157.
.
 18 mmboe.
 2017 decrease 6 2016.
 changes reserves 2017.
 552
 revisions estimates
 improved recovery 2014
 purchases
 extensions discoveries additions 57
 dispositions
 transfers -83
 revisions estimates.
 increased 5 44 mmboe increase economic wells 5-year plan offset decrease 40 mmboe removal economic wells.
 extensions discoveries.
 increased 57 mmboe expansion.


maturity requirements long-term debt december 31 2018 years 31.
 2019 $ 124176
 2020 159979
 2021 195848
 2022 267587
 2023 3945053
 2024 475000
 total $ 5167643
 agreement bank america. syndicate financial institutions facility.
 december 31 2018 secured financing $ 1. 5 billion revolving credit facility $ 1. 5 billion term loan $ 1. 37 billion loan $ 1. 14 billion $ 500 million term loan.
 assets domestic subsidiaries pledged collateral.
 borrowings december 31 2018 reflect borrowed acquisitions activities 2018 reduction interest rate margins extension maturity dates increase total financing capacity $ 5. 5 billion june 2018.
 october 2018 additional term loan $ 500 million.
 proceeds pay balance.
credit facility interest rate libor or base rate margin.
 december 31  2018 interest rates b-2 b-4 loan 4. 02%. 02 % 4. 01%. 27%. 27%. revolving credit 3. 92% (. 92 % ).
 quarterly commitment fee unused portion revolving credit. 20%. to. 30%. depending leverage ratio.
 term a a-2 loan january 20 2023.
 b-2 loan matures april 22 2023.
 b-4 loan october 18 2025.
 repaid quarterly installments. 625%. through june 2019. 25%. 2021. 2022. 50%. december 2022 remaining balance due january 2023.
 b-2 loan repaid. through march 2023 april 2023.
 b-4 loan repaid. through september 2025 remaining october 2025.
issue standby letters $ 100 million revolving credit facility.
 reduce borrowings.
 limited covenants. commitments december 31 2018 $ 783. 6 million.
 global payments.
 10-k annual report


aeronautics 2019 profit 2012 increased $ 69 million 4% 2011.
 profit $ 105 million c-130 risk retirements $ 50 million f-16 deliveries risk retirements $ 50 million f-35 contracts volume risk retirements 50 million intangible asset amortization f-16 contracts.
 lower profit $ 90 million f-35 contract profit booking rate $ 50 million decreased production volume risk retirements f-22 contractual matter $ 45 million risk retirements.
 profit c-5 programs comparable 2011.
 $ 30 million lower 2012.
 lower orders f-16 c-5 c-130 f-35.
 lower orders f-35 c-130.
 aeronautics 2019 net sales increase 2014 f-35 contracts.
 operating profit slightly 2013 slight decrease margins.
systems global solutions is&gs provides technology systems solutions management services civil defense intelligence government customers.
 smaller contracts.
 impacted downturn federal information technology budgets.
 2019 operating results.
 2013 2012 2011
 net sales $ 8367 $ 8846 $ 9381
 operating profit 759
 operating margins. 1%. 3%. %
 backlog year-end 8300
 2019 net sales decreased $ 479 million 5% %.
 lower net sales $ million decreased volume $ 320 million programs.
 offset higher net sales $ 340 million start programs.
 2019 operating profit decreased $ 49 million 6% 2013.
 lower operating profit $ 55 million programs higher operating profit $ 15 million start-up.
net profit booking rate comparable 2013 2012 net sales decreased $ 535 million 6% 2011.
 decrease lower net sales $ 485 million completion programs 2011.
 $ 255 million lower volume programs


aes corporation financial statements 2014 require government acquire ownership interest future losses.
 long-lived assets recoverable written down estimated fair value $ 24 million.
 $ 66 million asset impairment expense.
 kelanitissa generation facility payments decline.
 impairment charges closer bot.
 asia generation segment.
 asset impairment expense year december 31 2010.
 southland huntington beach $ 200
 environmental policy december 31 2020 capital expenditure shutdown.
 huntington beach gas-fired generation facility impacted policy.
 asset impairment test determined fair value.
 carrying value $ 288 million exceeded fair value $ 88 million asset impairment expense $ 200 million year december 31 2010.
 north america generation segment.
tisza ii third quarter 2010 company offtaker tisza ii.
 indicator impairment september 30 2010.
 asset impairment test tisza ii asset recoverable.
.
 $ 160 million exceeded fair value $ 75 million asset impairment expense $ 85 million december 31 2010.
 deepwater 160 mw petcoke plant texas deteriorating market conditions petcoke power.
 incurred losses shut down.
 fourth quarter recoverable.
 fair value discounted cash flow analysis $ 79 million impairment expense recognized.
 north america generation reportable segment.


net revenues increased $ 207. 5 million 24. 2%. $ 1063. 9 million $ 856. 4 million 2009.
 revenues product category summarized.
 apparel $ 853493 $ 201714. 9%.
 footwear 127175 136224.
 accessories 43882.
 sales 1024550.
 license revenues.
 1063927.
 sales increased $ 201. 5 million. $ 1024. 6 million 2010 from $ 823. 1 million 2009.
 increase $ 88. 9 million. increase direct consumer sales 19 additional stores 2010 growth increased distribution new offerings product training golf underwear offset $ 9. million decrease footwear sales.
 license revenues increased $ 6. 1 million. to $ 39. 4 million 2010 from $.million 2009.
 license revenues increased sales distribution volume growth.
 developed headwear bags 2011 products sold us.
 gross profit increased $ 120. 4 million to $ 530. 5 million 2010 $ 410. 1 million 2009.
 increased 200 points 49. 9%. 2010.
 100 point increase sales decreased sales markdowns returns improved sell-through rates liquidation sales inventory reserve reversals.
 footwear sport apparel gloves.
 difficult liquidate.
 administrative expenses increased $ 93. 3 million to $ 418. 2 million 2010 324. million 2009.
. 3%.
 marketing costs increased $ 19. 3 million to $ 128. 2 million 2010 108. 9 million 2009 sponsorship television digital costs personnel costs.
 increased expenses performance incentive plan.
 marketing costs decreased. 2010.7 % 2009 costs.


consolidated financial statements 2014 reconciliation unrecognized tax benefits.
 balance october 1 2010 $ 19900
 increases prior years 935
 increases current 11334
 decreases settlements taxing
 decreases lapses statutes limitations -33
 balance september 30 2011 $ 32136
 major tax jurisdictions united states california iowa singapore canada.
 united states tax years 1998.
 california iowa 2002.
 singapore 2011.
 canada 2004.
 unrecognized tax benefits expiration statute limitations.
 accrued interest penalties.
 recognized $ 0. 5 million accrued interest penalties unrecognized tax benefits 2011.
.
 authorized issue 525000000 shares $ 0. 25 per share 195407396 shares issued 186386197 outstanding.
 holders entitled dividends.
dividends paid common stock unless paid declared set aside.
 liquidation dissolution holders stock entitled share rata assets after payment plus unpaid dividends.
 each holder one vote each share.
 no votes.
 certificate no holder preemptive right purchase stock.
 august 3 2010 board approved stock repurchase program repurchase $ 200. 0 million common stock market privately securities laws requirements.
 fiscal year 2011 paid $ 70. 0 million repurchase 2768045 shares common stock average $ 25. 30 per share.
 $ 130. 0 million remained repurchase program.
 page 110 skyworks annual report 2011


realization investment gain $ 5624 net award.
 award paid over three-year period as deferred compensation award balance.
 december 31 2002 $ 1504 paid against compensation.
 1997 company implemented savings/retirement plan employees affiliate.
 permits defer 15% annual compensation subject to limitations.
 deferrals vested non-forfeitable upon contribution 401.
 2000 amended 401 plan matching contribution equal to 50% first 4% annual compensation deferred.
 years december 31 2002 2001 2000 made matching contributions of $ 140  $ 116 $ 54 .
.
 company operating partnership involved in material litigation material litigation threatened.
 costs affect financial position operating results liquidity.
 october 24  2001 accident occurred at 215 park avenue south property company manages.
injury claims filed against company 11 persons.
 insurance coverage.
 employment agreements executives.
 six november 2003 december 2007.
 cash compensation $ 2125 2003.
 acquired position at 420 lexington avenue.
 $ 6000 $ 1100 1999.
 expire 2008.
 extend through 2029.
 property 1140 avenue net ground lease $ annually expiration 2016 option renew 50 years.
 711 third avenue sub-lease expires 2083.
 ground rent $ 1600 annually increased to $ 3100 2001 ten years.
 after ten estimated fair market value.
 1988 lease agreement 673 first avenue new york.
 70% fair market value.
 operating capital lease.
 initial lease term 49 years option additional 26 years.
 lessor additional rent.
company 673 first avenue prop capital lease cost $ 12208 amortization $ 3579 $ 3306 december 31 2002 2001.
 schedule future minimum lease payments capital leases noncancellable operating leases initial terms one year december 31 2002.
.
 2003
 2004
 2005
 2006
 2007
 296277
 minimum lease payments 63014 356187
 interest
 net minimum lease payments $ 15862 $ 356187
.
 financial instruments derivatives hedging accounting standards board statement.
 effective january 1 2001 derivatives balance fair value.
 not hedges adjusted fair value.
.


stockholders interest.
 rights plan stockholders unfair offer board time evaluate unsolicited offers.
 prevent takeovers unsolicited transactions premium.
.
 unresolved staff comments.
 2016 properties switching centers data centers call centers warehouses.
 size
 switching centers
 data centers
 call
 warehouses
 leased 60000 cell sites.
 2000 t-mobile metropcs retail locations kiosks 100 to 17000 square feet.
 lease office space 950000 square feet corporate headquarters bellevue washington.
 engineering administrative purposes.
. 1200000 square feet regional offices administrative engineering sales purposes.
.
 legal proceedings note 12 2013 commitments contingencies consolidated financial statements form 10-k.
.
 mine safety disclosures.
.
registrant 2019s common equity stockholder matters issuer purchases securities common stock traded nasdaq global market symbol. december 31 2016 309 stockholders higher shares held brokers dealers.


table 153 outstanding standby letters credit dollars billions december 31.
 2012
 $ 11. 5 $ 10. 8
 internal credit ratings percentage portfolio
 pass 95% 95 % ) 94% ( 94 % )
 below pass b 5% ( 5 % ) 6% ( 6 % )
 risk loss low.
 higher risk default.
 customer fails financial obligation remarketing program guaranteed party obligated make payment.
 2012 terms less than 1 year to 7 years.
 maximum future payments $ 14. 7 billion december 31 2012 $ 7. 5 billion remarketing programs.
 $ 1. 8 billion secured letters credit.
 recourse provisions $ 3. 2 billion available.
 remaining secured collateral guarantees.
 liability $ 247 million december 31 2012.
standby bond purchase agreements liquidity facilities support municipal bond obligations.
 december 31 2012 commitments $ 587 million.
 enter other liquidity facilities support receivables acquired commercial paper conduits.
 december 31 2012 total commitments $ 145 million.
 party to acquisition divestiture agreements purchased sold assets.
 agreements cover 2022 businesses loan portfolios branch banks partial interests other assets.
 agreements include indemnification provisions third parties against risks indemnified parties.
 indemnification provisions provide buyer protection quality assets liabilities assumed.
 quantify total potential exposure.
 provide indemnification securities offering transactions.
 issuer indemnification underwriters placement agents.
 agent limited indemnification issuer sharing risk.
 quantify total potential exposure.
ordinary business enter agreements indemnifying third parties.
 leases assignments subleases indemnify agents assignees employees.
 contracts technology service indemnify patent copyright infringement.
 indemnification calculate potential exposure.
 contracts third parties services pnc.
 agree indemnify circumstances.
 terms indemnity vary indemnification liability.
 partner asset management investment partnerships indemnification provisions payments unfunded commitments.
 maximum liability limited unfunded commitments indemnification liability unlimited.
 determine aggregate potential exposure indemnifications.
 pnc financial services group.
 2013 form 10-k 227


2007 annual report five-year stock performance graph illustrates shareholder return snap-on common stock since 2002 dividends reinvested.
 compares snap-on performance standard 500 stock index peer group.
 snap-on shareholder return 2002&p 500 fiscal year.
 2002 100.
 118. 126.
 2004 130. 152.
. 157 149.
 191. 185. 173.
 198. 216 182.
 $ 100 invested december 31 2002 dividends reinvested.
 fiscal year ends saturday december 31 31.
 peer group includes black & decker cooper industries. danaher emerson electric. fortune brands. genuine parts newell rubbermaid. pentair. spx stanley works.
.


2014 included acquisition payment $ 86 million former shareholders.
 fund cash requirements 2017 debt repayments new investments share repurchases dividend payments acquisitions pension contributions short-term long-term borrowings.
 operating cash flow strong.
 december 31 2016 $ 327 million cash equivalents $ 184 million outside.
 2015 $ 26 million deferred tax liabilities pre-acquisition foreign earnings.
.
 remaining earnings repatriated 2016 deferred tax liabilities zero december 31.
 remaining reinvested foreign jurisdictions no intention repatriate.
 global business available international operations.
 subject income offset tax credits.
.
 $ 2. billion multi-year credit facility expires december 2019.
 banks.
 no borrowings december 2016 2015.
 supports $ 2. billion.
$ 2. billion european program.
 increased $ 200 million third quarter 2016.
 combined borrowing exceed $ 2. billion.
 december 31 2016 no outstanding.
 commercial paper programs.
 uncommitted credit lines $ 746 million banks global funding letters credit performance bonds guarantees.
 $ 554 million available year-end 2016.
 short-term borrowing program rated a-2 p-2 moody 2019s.
 long-term credit a- baa1.
 reduction credit ratings limit commercial paper affect increase cost.
 seek additional funding term notes bonds.
 draw $ 2. billion credit facility termination.
 compliance debt covenants credit agreements indentures.
 obligations long-term debt agreements operating leases noncancelable interest obligations.
 less 1 2-3 years 4-5 years 5

 notes payable $ 30
 commercial paper
 long-term debt 6652 510 967 1567 3608
 capital lease obligations
 operating leases 431 102 153 105
 interest 2261 218 396 360 1287
 $ 9379 $ 861 1517 2033 4968
 interest variable rate debt 2016.
 liability tax positions $ 76 million.
 estimate cash settlement.
 excluded contractual obligations.


item 5.
 common equity issuer purchases table presents quarterly high low share sale prices common stock 2016 2015.
 march 31 $ 102. 93 $ 83. 07
 june 30 113. 63.
 september 30. 26 107. 57
 december 31.
 march 31 $ 101. 88 $ 93. 21
 june 30 98. 64 91.
 september 30 101. 54 86. 83
 december 31 104. 12 87. 23
 february 17 2017 closing price common stock $ 108. 11 per share.
 427195037 shares 153 holders.
 annually distribute 90% reit taxable income.
 distributed income.
 two series preferred stock. issued may 2014 dividend rate. 25%. b march 2015 dividend rate. 50%.50 %.
 dividends payable quarterly subject declaration board directors.
 amount timing frequency future distributions discretion factors financial condition cash flows taxation income excise taxes limitations distributions debt equity instruments nols requirements cash trss factors.
 distributed approximately $ 3. 2 billion stockholders including dividend january 2017 subject taxation ordinary income.


stanley financial statements 2014 lending commitments.
 primary originated company secondary purchased third parties.
 include investment non-investment grade companies corporate lending business activities.
 secured lending transactions.
 extended secured real estate assets.
 variable rates over-collateralization creditworthiness.
 reverse repurchase agreements.
 securities 2013 secured collateral.
 government securities sovereign government obligations.
 commercial residential mortgage commitments.
 forward purchase contracts residential mortgage loans home equity lines credit.
 originate loans.
 underwriting.
 corporate institutional clients.
.
 commercial lending small businesses securities-based lending wealth management.
 sponsors non investment funds third-party investors general partner investment advisor minority capital investors majority.
company employees senior officers directors participate investors funds investment waive lower fees charges.
 capital commitments guarantees lending facilities arrangements investment funds.
.
 non-cancelable operating leases excluding commodities.
 december 31 2013 future minimum rental commitments office rentals premises leases.
 2015 656
 2016 621
 2017 554
 2018 481


eog valuation allowances deferred tax assets.
 2015 2014
 beginning balance $ 506127 $ 463018 223599
 392729
 -147460 -99178 -151886
 ending balance $ 383221 506127 463018
 increase valuation allowance losses deferred tax assets.
 decrease allowance adjustments deferred tax assets.
 exchange rate variances statutory income tax rate changes.
 balance unrecognized tax benefits december 31 2016 $ 36 million $ 2 million earnings impact.
 records interest penalties unrecognized tax benefits.
 $ 2 million recognized.
 anticipate unrecognized tax benefits twelve months.
 returns tax audits states.
 tax years canada kingdom trinidad 2010 china 2008.
eog foreign subsidiaries earnings $ 2 billion december 31 2016 reinvested outside recorded $ 280 million state deferred income taxes.
 changed reinvestment 2014.
 tax credits reduced $ 21 million carry-back claims elections.
 remaining amt credits $ 758 million carried forward indefinitely taxes.
 revenue code.
 ownership changes.
 eog state income tax losses $ 1. 6 billion expire 2017 2035.
 united kingdom subsidiary incurred tax nol $ 38 million $ 740 million carried forward indefinitely.
 nols evaluated future utilization valuation allowances established deferred tax assets.
.
 maintained.
 recognizes compensation expense stock options restricted stock units performance.
 employee stock purchase plan.
stock-based compensation expense calculated grant date value forfeitures employee turnover rate.
 amortized vesting period grant approval.


ii item 5.
 equity issuer purchases.
 common stock trades nasdaq market.
 closing price february 20 2015 closing price $ 78. 97.
 28 holders.
 2014 2013 2012 paid quarterly dividends $ 0. 16 $. 13 $. 11.
 december 27 2012 special cash dividend $ 1. 30 share.
 january 2015 approved quarterly cash dividend $ 0. 20 share february 26 2015.
 future declaration payment dividends discretion board directors.
 business conditions financial results capital requirements contractual obligations legal regulatory restrictions.
 sales unregistered securities equity compensation plans 201cequity compensation plan.
 january 1 march 31 $ 67. $ 57.
 april june.
 july september.
 october december 31 $.61.
 january march 31 41. 34.
 april june 47. 37.
 july september 61.
 october december 31 70. 60 61.


company files income tax returns.
 federal states foreign jurisdictions.
 subject to.
 local.
 income tax examinations before 1999.
 examination.
 tax returns 2002 2004 completed end first quarter 2008.
 adjustments tax positions.
 payments assessments 2002 2004 audit until final agreement resolution.
.
 limited audit activity.
 state foreign jurisdictions.
 expects liability unrecognized tax benefits change insignificant next 12 months.
 adopted fasb interpretation.
 uncertainty income taxes 2007.
 recognized increase liability unrecognized tax benefits reduction january 1 2007 retained earnings.
 reconciliation unrecognized tax benefits federal state foreign tax.
 balance at january 1 2007 691
 additions tax positions current 79
 additions prior years 143
 reductions prior
-24 ( 24 )
 reductions statute limitations -20 ( 20 )
 gross utb balance december 31 2007 $ 680
 net utb impacting tax rate $ 334
 unrecognized tax benefits tax rate $ 261 million $ 334 million.
 net utb adjusting gross balance federal state.
 deferred items interest penalties deductible taxes.
 consolidated balance sheet.
 recognizes interest penalties unrecognized tax benefits.
 january 1 december 31 accrued interest penalties $ 65 million $ 69 million.
.
 disallowance shorter deductibility period tax rate payment cash.
 2007 2006.
 federal state income tax returns changes financial position.
 2006 audit.
 tax returns 2001.
 final settlement refund claim.
 resolved audits european countries.
company completed preparation 2005.
 federal state tax returns.
 adjustments.
 lower.
 taxes on dividends foreign subsidiaries.
 made quarterly adjustments reserves for tax contingencies.
 resulted reserves 2006 by $ 149 million refund claims.
 2005 intent reinvest $ 1. 7 billion foreign earnings united states american jobs creation act 2004.
 opportunity tax


oil sands 33 years experience petroleum engineering evaluations since 1986.
 member spe regional director 1998 2001 registered engineer alberta.
 third-party consultants estimates 80 percent reserves four.
.
 tolerance level 10 percent estimates accepted.
 re-examine data refine.
 until estimates 10 percent.
 changes estimates 2011 2009.
 no third-party audits 2010.
 sewell associates.
 certification 31 2010 reserves alba field equatorial guinea.
.
 senior members 50 years industry experience oil gas companies.
 lead master science mechanical engineering member spe.
 senior technical advisor bachelor science geophysics member society exploration geophysicists american association petroleum geologists european association geoscientists engineers.
 licensed texas.
 ryder scott company audits 2011 2009.
summary report audits 2011 annual report form 10-k.
 team lead ryder scott 20 years industry experience oil gas company.
 bachelor mechanical engineering member spe registered professional engineer texas.
 corporate reserves group performs reviews reserve estimates fields.
 december 31 2011 decrease 10 2010.
 table reserves 2011.
 405
 revisions estimates 15
 improved recovery
 purchases 91
 extensions additions 49
 -166
 end
 additions reserves 91 acreage acquisition eagle ford shale 26 woodford shale 10 shale 8 drilling.
 139 transferred jackpine upgrader expansion.
 costs 2011 2010 2009 $ 1107 million $ 1463 million $ 792.
undeveloped reserves behind-pipe zones large five years additional gas compression.
 395 mmboe undeveloped reserves 2011 34 percent volume five years.
 majority compression project equatorial guinea sanctioned 2004 completed 2016.
 performance exceeded expectations estimates dry gas increased 10 percent 2004 2010.
 production until 2014 2015.
 timing compression driven reservoir performance.


table reports shareholders 2019 equity 2010.
.
 $ 19667
 income 3108
 dividends -443
 unrealized appreciation 742
 repurchase -303
 movements tax 203
 balance end $ 22974
 shareholders 2019 equity increased $ 3. 3 billion due net income $ 3. 1 billion unrealized appreciation investments $ 742 million.
 short-term debt reverse repurchase agreements $ 1 billion.
 $ 300 million borrowings credit facility.
 five-year loan repaid 2010.
 increased $ 200 million $ 3. 4 billion.
 2010 issued $ 700 million. 6 percent senior notes due 2015.
 obligations.
 2008 $ 450 million rate loan agreement 2013.
 swap transaction interest rate.
 2010 repaid exited swap.
 december 2008 ace entered $ 66 million dual tranche floating interest rate loan agreement.
 first tranche $ 50 million three-year loan due december 2011 floating interest rate.
 swap transaction interest rate.
 december 2010 repaid exited swap.
 second tranche $ 16 million nine-month loan repaid september 2009.
 $ 300 million due 2030 entity owned us.
 debt instruments subsidiaries.
.
.
 trustees independent trustee.
 compensation.
 full $ 309 million securities balance sheet liability.
 note 9 d consolidated financial statements.
 common shares par value 30. 57 each december 31 2010.
 annual general meeting may 2010 shareholders approved par value reduction $ 1. 32 per share base annual divi dend.
 payable four installments


2009.
 interest expense increased 11% $ 2. 7 billion markets volume liquidity.
 growth $ 7. billion fixed income markets $ 1. 5 billion investment banking debt equity underwriting.
 offset $ 6. 4 billion revenue losses credit default swap hedges.
 revenues increased 23% $ 5. billion.
 operating expenses decreased 17% 17 % $ 2. 7 billion.
 declined 11% $ 1. 6 billion headcount reductions expense management.
 decreased 7% 7 % 129 million $ 1. billion lower credit reserve credit losses improved credit environment.
 2008.
 interest expense decreased 2% 2 $. billion difficult market conditions.
 decreased 3% 3 $. billion.
 investment banking revenue $ 2. billion debt equity equity markets 2.high volatility reduced activity.
 offset fixed income markets $. billion $. billion interest rates currencies revenue $. billion. billion gains credit default swap hedges.
 operating expenses decreased 2% 2 $. billion.
 2008 2007 reserve reversal decreased 7% 7 % $. billion headcount reduction lower performance incentives.
 credit losses benefits claims increased. billion $. billion higher credit reserve losses lower unfunded lending commitments credit.
 securities banking 2009 2008.
 pretax revenue 2009
 private equity investments
 mortgages
 commercial real estate
 debt liabilities
 derivatives insurers
 revenue items
.
alt-a mortgage securities non residential underlying collateral fico scores between 720 greater 720 rmbs 30% or less collateral full documentation loans.
.
 consumer mortgage lending. commercial real estate exposure held fair value-maturity-investment equity.
.
 2009 includes $ 330 million pretax adjustment cva balance reduced pretax revenues correction error.
 accounting policies estimates.
 2010 outlook client activity macroeconomic conditions market valuations volatility interest rates.
 maintain client activity moderate volatility increased liquidity.
 operating expenses re-engineering management offset by investments talent infrastructure.


comcast corporation changes net deferred tax liability 2015 related decreases $ 28 million income $ 132 million acquisitions.
 tax liability includes $ 23 billion cable franchise rights unchanged unless impairment.
 federal loss carryforwards $ 135 million state loss carryforwards through 2035.
 foreign net loss carryforwards $ 700 million operations nbcuni- versal expire through 2025.
 subsidiaries taxable income percentages state laws.
 valuation allowance deferred tax asset not realized.
 related state foreign loss carryforwards.
 uncertain tax positions totaled $ 1. 1 billion federal benefits state tax positions.
 $ 220 million nbcuniversal.
 tax benefit $ 592 million impact tax rate remaining deferred income tax liability.
recognition tax benefit tax filings expiration statutes limitations.
 2014 reduced accruals tax positions income tax expense decreased $ 759 million.
 tax contests 12 months tax rate.
 unrecognized tax benefits.
 2015 2014 2013
 balance january 1 $ 1171 $ 1701 $ 1573
 additions positions current 67
 prior years
 additions acquired subsidiaries 2014 268
 reductions prior years -84
 reductions statutes limitations
 settlements tax authorities
 balance december 31 $ 1136 $ 1171 $ 1701
 2014 accrued interest positions $ 510 million $ 452 million.
 $ 49 million $ 44 million related positions nbcuniversal indemnified.
 irs income tax returns 2013.
 states examining 2000.
 tax years examination.
 2015 annual report


july 2002 marathon received enforcement texas excess air emissions yates gas plant lease.
 settlement finalized 2004 marathon co-owners civil penalty $ 74000 donation land environmental penalty $ 74000.
 marathon owner 38% interest facilities.
 may 2003 marathon received compliance order louisiana air permit violations.
 settled civil penalty $ 148628 awaits closure.
 august 2004 west virginia department submitted draft consent order map hazardous waste.
 order civil penalty $ 337900.
 wvdep discussions ongoing.
.
.
.
 new york stock exchange.
 chicago stock exchange pacific exchange.
 sales prices reporting dividends quarterly financial data.
 january 31 2005 58340 registered holders marathon common stock.
board declare pay dividends marathon common stock financial condition no obligation delaware law.
 policy financial statements marathon.
 dividends limited funds marathon.
 table purchases marathon fourth quarter december 31 2004 equity securities registered section 12 exchange act.
 number shares purchased average price paid per share plans programs maximum
 10/01/04 2013 10/31/04 6015 $ 40. 51
 11/01/04 11/30/04 5145 $ 38. 94
 12/01/04 12/31/04 $ 37.
 45686 $ 37.
 42749 shares repurchased marathon oil corporation dividend reinvestment direct stock purchase plan.
 purchased issued marathon.
 2936 shares restricted stock delivered employees marathon tax withholding requirements.
.
data-49-51.


mortgage-backed december 31 2012 portfolio $ 31. 4 billion government agency securities $ 6. 1 billion non-agency securities.
 agency securities collateralized by 1-4 family fixed-rate mortgages.
 non-agency securities collateralized mortgages.
 loans non-conforming. balances excess interest rates fixed floating rate market.
 non-agency securities senior tranches credit protection enhancement over- collateralization excess spread.
 recorded losses $ 99 million non-agency-backed securities.
 losses securities rated below investment grade.
 noncredit $ 150 million fair value $ 3. 7 billion.
 sub-investment grade securities $ 1. 9 billion unrealized net gains $ 114 million.
 value non-agency $ 5.billion 31 2012 fixed-rate private-issuer securities non-residential retail office multi-family housing.
 commercial mortgage-backed securities portfolio $ 2. 0 billion multi-family housing.
 senior tranches.
 no credit losses commercial.
 $ 6. 5 billion fixed-rate floating-rate private-issuer securities consumer credit products residential mortgage loans credit cards automobile loans student loans.
 senior tranches credit protection enhancement over-collateralization excess spread.
 losses $ 11 million securities.
 collateralized residential mortgage loans rated below investment grade.
 noncredit $ 52 million fair value $ 603 million.
 sub-investment grade securities fair value $ 47 million unrealized net losses $ 3 million.
 recover cost basis.
 losses.
housing economic conditions worsen market volatility illiquidity interest rates increase valuation investment securities portfolio losses income.
 loans millions.
 mortgages fair value $ $ 843
 cost 620 451
 1392
 residential mortgages fair value 2096 1415
 cost
 2220
 $ 3693 $ 2936
 stopped originating commercial mortgage loans fair value 2008.
 december 31 2012 balance $ 772 million $ 843 million 2011.
 sold $ 32 million unpaid balances 2012 $ 25 million 2011.
 pnc financial services group.


maintained strong financial position 2018 30 consolidated balance sheet included $ 2791.
 access commercial paper markets cash flows operating financing meet liquidity needs.
 30 $ 995. foreign cash $ 2791.
 earnings foreign subsidiaries affiliates.
 income tax repatriation.
 foreign withholding taxes.
 investment plans outside. intent reinvest majority foreign cash additional taxes.
 note 22 income taxes.
 cash flows from operating investing financing activities summarized.
 cash 2018 2017 2016
 operating activities $ 2554. 7 $ 2534. 1 $ 2258. 8
 investing activities -1649. 1649. -864. 864
 financing -1359. 1359. -860.
 2018 cash $ 2554. 7.
 income continuing operations $ 1455.adjusted depreciation amortization deferred income taxes tax act undistributed earnings unconsolidated share-based compensation noncurrent capital lease receivables.
 adjustments $ 131. $ 54. impact intercompany transactions.
 instruments.
 cross currency swap $ 54. excess pension expense $ 23.
 cash $ 265. payables accrued liabilities inventories trade receivables offset.
 $ 277. decrease customer advances $ 145. sale equipment 67.
 purchase helium molecules.
 noncash impact.
.
 $ 123. contracts activities $ 2534.
 operations $ 1134. goodwill intangible asset impairment charge $ 162. equity investment impairment charge $ 79. write-down long-lived assets restructuring $ 69.
5 cost reduction asset actions 8 equity 10 goodwill 11 intangible assets consolidated statements.
 adjustments $ 165. 4 tax positions value foreign exchange contracts pension contributions.
 working capital accounts $ 48. payables accrued liabilities.
 increase payables liabilities $ 163. 8 timing differences customer advances $ 52. sale equipment.
 $ 124. 7 exchange contracts.
 $ 154. 0 income taxes.
 $ 73. 6 timing differences.


2018 form 10-k baker hughes rig count business barometer drilling industry suppliers.
 rigs consume products services oil industry.
 rig count trends driven by exploration development spending oil natural gas companies influenced price expectations.
 counts reflect energy prices market activity conditions affect prices market activity.
 providing rig counts since 1944.
 gather data field personnel visits.
 base classification well oil natural gas filings operators jurisdiction.
 data compiled distributed wire services trade associations published website.
 counting process subject information.
 rig counts weekly.
 monthly international rigs.
 locations russia caspian region onshore china.
.
 counted active if sufficient depth.
 international areas rigs counted weekly active if drilling week.
 results averaged month published.
rig count transit non-drilling activities production testing not significant consumers drill bits.
 rig counts summarized averages periods.
 2018 2017 2016
 north america 1223 1082 642
 international 988 948 956
 worldwide 2211 2030 1598
 rig count 2211 increase north american activity.
 count america increased 13%.
 internationally rig count increased 4% 4 %.
 increase driven.
 rig count up 18% decrease canadian rig count down 8% 8.
 improvement increases africa asia-pacific latin america up 9% 3% 3 offset down 8% 8 %.
 rig count 2030 increase 27% north american activity.
 rig count north america increased 69%.
 rig count decreased 1% 1 %.
north america increase land rig count up 72% 72 % offset offshore 16% 16 %.
 decrease latin america 7% europe africa down 4% 2% offset asia-pacific up 8%.


2002 2003 2004 first quarters 2005.
 tax matters.
 company provided information.
 july 28 2006 filed amendment annual report form 10-k may 29 2005.
 amended item 6.
 financial data exhibit 12 ratios earnings fixed charges 2001 financial information 1999 2000 company reserves 1999 tax expense.
.
 agreement.
 approved securities exchange commission july 17 2007.
 july 24 2007 complaint colorado executed consent settlement civil penalty $ 45 million agreement federal securities laws.
 $ 2 million indemnity payments former employees settlements.
 charges $ 25 million 2004 $ 21. 5 million third quarter 2005 $ 1. 2 million first quarter 2007.
 three class actions filed district court nebraska.
 conagra foods.
.
.
.
. case.
 805cv348 july 18 2005.
 conagra foods.
.
 805cv386 august 8 2005.
 lawsuits against company directors employee benefits committee retirement income savings plans.
 violations retirement income security act april 2005 restatement financial statements.
 settlement plaintiffs.
 includes $ 4 million payment insurer.
 changes benefit plans.
 2006.
 2005 net sales 2006 2005.
 consumer foods $ 6504 $ 6598
 food ingredients 3189
 trading merchandising
 international foods 603
 11482 $ 11384
 net sales increased $ 98 million $ 11. 5 billion fiscal 2006 favorable results food ingredients international foods segments.
 price increases higher input costs strength foreign currencies enhanced net sales.
offset declines foods brands trading merchandising decreased volumes divestitures closures.


nbcuniversal media statement income.
 december 31 millions 2015
 income $ 3624 $ 3297 2122
 deferred gains cash flow hedges
 employee benefit obligations
 currency translation adjustments -121
 income 3542 3154 2171
 loss noncontrolling interests -210 -154
 loss noncontrolling
 income nbcuniversal $ 3361 $ 2972 2017
 statements.
 2015 annual report


capital table presents financial information statistics three fiscal years.
 2004 2003 2002
 cash equivalents short-term investments $ 5464 $ 4566 $ 4337
 receivable $ 774 $ 766 $ 565
 inventory $ 101
 working capital $ 4375 $ 3530 $ 3730
 30
 days
 days payables 76 82 77
 cash flow $ 934 $ 289 $ 89
 receivables quarterly sales.
.
.
 september 25 2004 $ 5. 464 billion cash short-term investments increase $ 898 million 2003.
 $ 934 million proceeds $ 427 million common stock debt $ 300 million purchases property $ 176 million.
 short-term investment portfolio high credit investments.
 $ 3. 2 billion foreign subsidiaries subject.
taxation repatriation.
 assessing impact foreign dividend provisions american jobs creation act 2004 may repatriate earnings foreign subsidiaries.
 cash short-term investments working capital capital expenditures stock repurchase commitments liquidity requirements 12 months.
 2004 retired $ 300 million debt 6. unsecured notes.
 issued 1994 sold. yield maturity.
 no long-term debt obligations.
 $ 176 million 2004 $ 104 million retail facilities $ 72 million corporate infrastructure systems.
 $ 240 million capital expenditures 2005 $ 125 million expansion retail remainder replacement assets information technology infrastructure.


realty trust statements.
 redeemable noncontrolling interests recorded carrying redemption value.
 changes charged capital.
 table interests.
.
 balance december 31 2009 $ 1251628
 income 55228
 distributions -53515
 conversion units common shares -126764
 adjustment 191826
 redemption d-12 units -13000
 balance december 31 2010 1327974
 income 55912
 distributions -50865
 conversion common shares -64830
 adjustment -98092
 redemption d-11 units -28000
 balance december 31 2011 $ 1160677
 noncontrolling interests exclude series g convertible preferred units d-13 accounted liabilities common shares.
value units liabilities balance $ 54865000 $ 55097000 december 2011 2010.


table historical capital expenditures infrastructure.
 2018 2017 2016
 transmission distribution $ 572 $ 551 $ 568
 treatment pumping 231
 fire hydrants 303
 structure equipment 371 281
 supply
 wastewater
 capital expenditures $ 1586 $ 1434 $ 1311
 2018 expenditures increased $ 152 million. 6%. infrastructure.
 2017 expenditures increased $ 123 million. 4%. structure equipment wastewater.
 acquisitions water wastewater systems services.
 diversification growth.
 funded short debt refinanced long-term debt.
 acquisitions cash flows $ 365 million purchase pivotal.
 $ 33 million 15 water wastewater systems 14000 customers.
 $ 35 million sale assets $ 27 million contracts third quarter 2018.
cash $ 159 million wastewater mckeesport $ 5 million deposit 2016.
 paid 18 million 16 systems 7000 customers.
 $ 15 million sale.
 199 million 15 systems 42000 customers.
 non deposit $ 5 million.
 $ 9 million sale.
 invest $ 8. billion $ 8. 6 billion 2019 2023 $ 7. 3 billion infrastructure improvements.


table summarizes unrecognized tax benefits years december 31.
 2009 2008 2007
 balance beginning year $ 611. 9 $ 23. 2 $ 56. 4
 additions acquisition 13. 582.
 additions tax positions 3. 10. 16. 3
 reductions positions.
 prior 5. 2.
 reductions.
 reductions positions statute limitations.
 -367. 9 6 21
 end year $ 242. $ 611. 9 $ 23.
 accounting guidance combinations 2009 financial statements.
 changes treatment acquired uncertain tax liabilities.
.
.
 december 31 2009 $ 211. million $ 242. 2 million unrecognized tax benefits positions merger.
 balance december 31 2009 $ 217.6 million unrecognized tax benefits income tax rate.
 settled tax dispute allied risk.
 reduced tax benefits $ 299. 6 million.
 settled tax dispute intercompany insurance premiums 2019s.
 reduced tax benefits $ 62. 6 million.
 resolved state matters tax $ 5. 8 million.
 interest penalties.
 accrued interest $ 24. 5 million penalties $ 1. 5 million interest $ 92. 3 million.
 2008 accrued penalties $ 0. 2 million interest $ 5. 2 million $ 88. 1 million interest $ 180. million.
 2007 accrued interest $ 0. 9 million $ 5. million.
 decrease interest 2009 2008 settlements.
 interest expense increased twelve months 2019s tax positions one 2008.
unrecognized tax benefits twelve months $ 10. to $ 20. million.
 decrease twelve months.
 services.
 subsidiaries


.
 2013 export sales.
 $ 246 million $ 277 million $ 275 million 2010 2008.
 intra-company sales two percent 2010 three percent 2009 one percent 2008.
 customer $ 1993 million $ 2053 million $ 2058 million 2010 2009 2008.
 cabinets plumbing architectural specialty products.
 sales operations.
 $ 5618 million $ 5952 million $ 7150 million 2010 2009 2008.
 sales property additions depreciation amortization discontinued.
 impairment charges plumbing products $ 1 million installation services $ 720 million.
 2009 plumbing 39 million specialty products $ 223 million.
 cabinets $ 59 million plumbing $ 203 million installation services $ 52 million specialty products $ 153 million.
.
2009 company recognized loss plan freeze future benefit accruals january 1 2010 domestic defined-benefit pension plans.
 consolidated financial statements.
 litigation settlement 2009 unit cabinets products.
 installation services segment.
 note financial statements.
 long-lived assets operations.
 $ 3684 million $ 617 million $ 4628 million $ 690 million $ 4887 million $ 770 million december 31 2010 2008.
 assets 2009 2008 excluded discontinued operations.
.
 income millions.
 2009
 income cash investments $ 6
 interest income
 financial investments
 $ 7 $ 29
 consolidated financial statements 2014