cash flows from operating activities fluctuate period to period pension funding decisions  tax timing differences other items impact cash flows.
 in 2007 and 2006  company made discretionary contributions of $ 200 million to u. s.
 qualified pension plan  in 2005 made discretionary contributions totaling $ 500 million.
 in 2007  cash flows operating activities increased $ 436 million including increase in net income of $ 245 million.
 gain from sale of businesses included in increases net income pre-tax gain from sale businesses must be subtracted to reflect operating cash flows.
 cash proceeds from sale of pharmaceuticals business shown as part of cash from investing activities ; when related taxes paid required to be shown as part of cash operating activities.
 operating cash flows for 2007 penalized due to cash income tax payments of approximately $ 630 million in 2007 related to sale of global branded pharmaceuticals business.
 non-pharmaceutical related cash income tax payments approximately $ 475 million lower than 2006 due to normal timing differences in tax payments benefited cash flows.
 accounts receivable and inventory increases reduced cash flows in 2007  decreased cash flow less than in 2006  in year-on-year benefit to cash flows of $ 323 million.
 category 201cother-net 201d in table reflects changes in other asset and liability accounts including impact of cash payments made in with 3m 2019s restructuring actions ( note 4 ).
 in 2006  cash flows operating activities decreased $ 365 million.
 decrease due to increase of approximately $ 600 million in tax payments in 2006 compared with 2005.
 higher tax payments in 2006 primarily related to company 2019s repatriation of $ 1. 7 billion of foreign earnings in united states provisions american jobs creation act of 2004.
category 201cother-net 201d table reflects changes in asset and liability accounts including outstanding liabilities at december 31 , 2006  related to 3m 2019s restructuring actions ( note 4 ).
 cash flows from investing activities : years ended december 31.
 investments in property , plant equipment enable growth in diverse markets meet product demand increasing manufacturing efficiency.
 in 2007  numerous plants opened or expanded internationally.
 included two facilities in korea ( respirator manufacturing facility optical plant ) optical plant in poland industrial adhesives/tapes facilities in brazil and philippines plant in russia ( corrosion protection industrial adhesive tapes  respirators ) plant in china ( optical systems industrial adhesives tapes personal care ) expansion in canada ( construction and home improvement business ) investments in india , mexico other countries.
 3m expanded manufacturing capabilities in u. s. including investments in industrial adhesives/tapes and optical.
 3m exited several high-cost underutilized manufacturing facilities streamlined supply chains by relocating equipment from one facility to another.
 streamlining work primarily occurred inside u. s.
 addition to through plant construction.
 result of increased activity capital expenditures were $ 1. 422 billion in 2007  increase of $ 254 million compared to 2006.
 company expects capital expenditures to total approximately $ 1. 3 billion to $ 1. 4 billion in 2008.
 refer to preceding 201ccapital spending/net property , plant and equipment 201d section for more detail.
 refer to note 2 for information on 2007 , 2006 and 2005 acquisitions.
 note 2 provides information on proceeds from sale of businesses.
 company actively considering additional acquisitions , investments strategic alliances may divest certain businesses.
purchases of marketable securities investments proceeds from sale maturities ) primarily attributable to asset-backed securities agency securities corporate medium-term note securities auction rate securities other securities classified as available-for-sale.
 refer to note 9 for details about 3m 2019s diversified marketable securities portfolio totaled $ 1. 059 billion as of december 31 , 2007.
 purchases of marketable securities net of sales maturities totaled $ 429 million for 2007 $ 637 million for 2006.
 purchases investments in 2005 include purchase of 19% ( 19 % ) of ti&m beteiligungsgesellschaft mbh

( millions )                                                                                | 2007             | 2006             | 2005
------------------------------------------------------------------------------------------------ | ---------------- | ---------------- | ----------------
purchases of property plant and equipment ( pp&e )                                               | $ -1422 ( 1422 ) | $ -1168 ( 1168 ) | $ -943 ( 943 )
proceeds from sale of pp&e and other assets                                                      | 103              | 49               | 41
acquisitions net of cash acquired                                                                | -539 ( 539 )     | -888 ( 888 )     | -1293 ( 1293 )
proceeds from sale of businesses                                                                 | 897              | 1209             | 2014
purchases and proceeds from sale or maturities of marketable securities and investments 2014 net | -406 ( 406 )     | -662 ( 662 )     | -46 ( 46 )
net cash used in investing activities                                                            | $ -1367 ( 1367 ) | $ -1460 ( 1460 ) | $ -2241 ( 2241 )


american tower corporation subsidiaries notes to consolidated financial statements 19.
 commitments contingencies litigation 2014the company periodically becomes involved in various claims , lawsuits proceedings incidental to its business.
 opinion of management , after consultation with counsel, no matters pending that would adverse outcome materially impact company 2019s consolidated financial position , results of operations or liquidity.
 tristar litigation 2014the company involved in several lawsuits against tristar investors llp affiliates ( 201ctristar 201d ) in various states regarding single tower sites where tristar taken land interests under company 2019s owned managed sites company believes tristar induced landowner to breach obligations to company.
  on february 16 , 2012 , tristar brought federal action against company in united states district court for northern district of texas ( 201cdistrict court 201d )  tristar alleged company made misrepresentations to landowners competing with tristar for land under company 2019s owned managed sites.
 january 22 , 2013 , company filed amended answer counterclaim against tristar employees , denying tristar 2019s claims asserting tristar engaged in unlawful activity  including : i ) entering agreements not to compete for land under certain towers ; ii ) making widespread misrepresentations to landowners regarding tristar company.
 pursuant settlement agreement dated july 9 , 2014 , all pending state and federal actions between company tristar dismissed with prejudice without payment of damages.
 lease obligations 2014the company leases certain land , office tower space under operating leases that expire over various terms.
 many leases contain renewal options with specified increases in lease payments upon exercise renewal option.
escalation clauses in operating leases excluding tied to cpi or inflation-based indices recognized straight-line basis over non-cancellable term leases.
 future minimum rental payments under non-cancellable leases include payments for certain renewal periods at company 2019s option because failure to renew could in loss of communications sites and revenues from tenant leases assured company will renew leases.
 payments at december 31 , 2014 are as follows ( in thousands ) : year ending december 31.
 aggregate rent expense ( including effect straight-line rent expense ) under operating leases for years ended december 31 , 2014 , 2013 2012 approximated $ 655. 0 million , $ 495. 2 million and $ 419. 0 million  respectively.

2015       | $ 574438
---------- | ---------
2016       | 553864
2017       | 538405
2018       | 519034
2019       | 502847
thereafter | 4214600
total      | $ 6903188


jpmorgan chase & co. /2010 annual report 219 note 13 2013 securities financing activities enters into resale agreements , repurchase agreements  securities borrowed transactions loaned transactions ( collectively, 201csecurities financing agree- ments 201d ) to finance firm 2019s inventory positions  ac- quire securities cover short positions accommodate customers 2019 financing needs settle other securities obligations.
 securities financing agreements treated as collateralized financings on firm 2019s consolidated balance sheets.
 resale and repurchase agreements carried at amounts securities be sold or repurchased  plus accrued interest.
 securities borrowed loaned transactions carried at amount of cash collateral advanced or received.
 where appropriate under applicable ac- counting guidance resale and repurchase agreements with same counterparty reported on net basis.
 fees received or paid securities financing agreements recorded in interest income or interest expense.
 firm elected fair value option for certain securities financing agreements.
 discussion fair value option see note 4 on pages 187 2013189 of annual report.
 securities financing agreements for fair value option elected reported within securities purchased under resale agreements ; loaned or sold under repurchase agreements ; securities borrowed on consolidated bal- ance sheets.
 for agreements carried at fair value  current-period interest accruals recorded within interest income and interest expense  changes in fair value reported in principal transactions revenue.
 for financial instru- ments containing embedded derivatives separately accounted for in with accounting guidance for hybrid instruments all changes in fair value  including interest elements reported in principal transactions revenue.
table details firm 2019s securities financing agree- ments  all accounted for as collateralized financings during periods presented.
 ( a ) includes resale agreements of $ 20. 3 billion and $ 20. 5 billion accounted for at fair value at december 31 , 2010 and 2009 ,.
 ( b ) includes securities borrowed of $ 14. 0 billion and $ 7. 0 billion accounted for at fair value at december 31 , 2010 and 2009 .
 ( c ) includes repurchase agreements of $ 4. 1 billion and $ 3. 4 billion accounted for at fair value at december 31, 2010 and 2009 ,.
 amounts reported in table reduced by $ 112. 7 billion and $ 121. 2 billion at december 31 , 2010 and 2009  as result of agreements meet conditions for net presentation under accounting guidance.
 jpmorgan chase 2019s policy is to take possession  where possible of securities purchased under resale agreements and securi- ties borrowed.
 firm monitors market value of un- derlying securities from counterparties and requests additional collateral or returns portion of collateral when appropriate market value.
 margin levels established based upon counterparty and type of collateral and moni- tored ongoing to protect against declines in collat- eral value in default.
 jpmorgan chase enters into master netting agreements and other collateral arrangements with resale agreement and securities bor- rowed counterparties  provide for right to liquidate purchased or borrowed securities in customer default.
 result of firm 2019s credit risk mitigation practices on resale borrowed agreements firm did not hold reserves for credit impairment on these agreements as of december 31 , 2010 and 2009.
further discussion of assets pledged collateral received in securities financing agreements see note 31 pages 280 2013 281 annual report.

december 31 ( in millions )                        | 2010     | 2009
-------------------------------------------------- | -------- | --------
securities purchased under resale agreements ( a ) | $ 222302 | $ 195328
securities borrowed ( b )                          | 123587   | 119630
securities sold under repurchase agreements ( c )  | $ 262722 | $ 245692
securities loaned                                  | 10592    | 7835


$ 25. 7 million cash including $ 4. 2 million taxes 1373609 hep 2019s common units fair value $ 53. 5 million.
 roadrunner / beeson pipelines transaction december 1 , 2009 hep acquired two newly constructed pipelines for $ 46. 5 million 65- mile 16-inch crude oil pipeline 201croadrunner pipeline 201d ) connects navajo refinery lovington facility to terminus centurion pipeline l. p. 2019s pipeline between west texas and cushing, oklahoma 37- mile 8-inch crude oil pipeline connects hep 2019s new mexico crude oil gathering system to navajo refinery lovington facility ( 201cbeeson pipeline 201d ).
 tulsa west loading racks transaction august 1 , 2009 hep acquired truck rail loading/unloading facilities tulsa west facility for $ 17. 5 million.
 racks load refined products lube oils tulsa west facility onto rail cars tanker trucks.
 lovington-artesia pipeline transaction june 1 , 2009 hep acquired newly constructed 16-inch intermediate pipeline for $ 34. 2 million runs 65 miles from navajo refinery 2019s crude oil distillation vacuum facilities lovington , new mexico to petroleum refinery artesia , new mexico.
 slc pipeline joint venture interest march 1 , 2009 hep acquired 25% ( 25 % ) joint venture interest in slc pipeline  new 95-mile intrastate pipeline system jointly owned with plains.
slc pipeline commenced operations march 2009 allows refineries in salt lake city area including our woods cross refinery to ship crude oil into salt lake city from utah terminus frontier pipeline crude oil from wyoming and utah via plains 2019 rocky mountain pipeline.
 hep 2019s capitalized joint venture contribution was $ 25. 5 million.
 rio grande pipeline sale december 1 , 2009 hep sold 70% % ) interest in rio grande pipeline company ) to subsidiary of enterprise products partners lp for $ 35 million.
 results of operations rio grande presented in discontinued operations.
 accounting for sale hep recorded gain of $ 14. 5 million receivable of $ 2. 2 million final distribution from rio grande.
 net asset balance of rio grande at december 1 , 2009 was $ 22. 7 million cash of $ 3. 1 million , $ 29. 9 million in properties and equipment  net $ 10. 3 million in equity representing bp , plc 2019s 30% % ) noncontrolling interest.
 table provides income statement information related to hep 2019s discontinued operations : year ended december 31 , 2009 ( in thousands ).
 transportation agreements hep serves refineries under long-term pipeline terminal , tankage throughput agreements expiring 2019 through 2026.
 under agreements we pay hep fees to transport  store throughput volumes of refined product and crude oil on hep 2019s pipeline terminal , tankage loading rack facilities minimum annual payments to hep.
 agreements agreed upon tariff rates subject to annual tariff rate adjustments on july 1 based upon percentage change in producer price index ( ) or federal energy

| year ended december 31 2009 ( in thousands )
----------------------------------------------------------- | --------------------------------------------
income from discontinued operations before income taxes     | $ 5367
income tax expense                                          | -942 ( 942 )
income from discontinued operations net                     | 4425
gain on sale of discontinued operations before income taxes | 14479
income tax expense                                          | -1978 ( 1978 )
gain on sale of discontinued operations net                 | 12501
income from discontinued operations net                     | $ 16926


long-term product offerings include active and index strategies.
 active strategies seek to earn attractive returns in excess market benchmark or performance hurdle while maintaining appropriate risk profile.
 we offer two types of active strategies : rely on fundamental research and utilize quantitative models portfolio construction.
 index strategies track returns of corresponding index  by investing in same underlying securities within index or subset securities selected similar risk and return profile index.
 index strategies include non-etf index products and ishares etfs.
 althoughmany clients use both active and index strategies  application strategies may differ.
 for clients may use index products to gain exposure to market or asset class.
 institutional non-etf index assignments large ( multi-billion dollars ) reflect low fee rates.
 potential to exaggerate significance of net flows in institutional index products on blackrock 2019s revenues earnings.
 equity year-end 2015 equity aum totaled $ 2. 424 trillion  reflecting net inflows of $ 52. 8 billion.
 net inflows included $ 78. 4 billion and $ 4. 2 billion into ishares and active products .
 ishares net inflows driven by core series and flows into broad developed market equity exposures active net inflows reflected demand for international equities.
 ishares active net inflows partially offset by non-etf index net outflows of $ 29. 8 billion.
 blackrock 2019s effective fee rates fluctuate due to changes in aummix.
 approximately half of blackrock 2019s equity aum is tied to international markets, including emerging markets , have higher fee rates than.
 equity strategies.
 fluctuations in international equity markets  do not consistently move in tandemwith u. s.
markets impact blackrock 2019s equity fee rates revenues.
 fixed income aum ended 2015 at $ 1. 422 trillion  increasing $ 28. 7 billion or 2% ( 2 % ) from december 31 , 2014.
 increase aum reflected $ 76. 9 billion net inflows offset by $ 48. 2 billion net market depreciation foreign exchange movements.
 2015 active net inflows of $ 35. 9 billion diversified across fixed income offerings strong flows into unconstrained total return high yield strategies.
 flagship funds include unconstrained strategic income opportunities fixed income strategies funds net inflows of $ 7. 0 billion and $ 3. 7 billion ; total return fund net inflows $ 2. 7 billion high yield bond fund net inflows of $ 3. 5 billion.
 fixed income ishares net inflows of $ 50. 3 billion led by flows into core corporate high yield bond funds.
 active ishares net inflows partially offset by non-etf index net outflows of $ 9. 3 billion.
 multi-asset class blackrock 2019s multi-asset class teammanages balanced funds bespoke mandates for diversified client base leverages investment expertise in global equities bonds currencies commodities extensive risk management capabilities.
 investment solutions include long-only portfolios alternative investments tactical asset allocation overlays.
 component changes in multi-asset class aum for 2015 presented below.
 ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836.
( 1 ) amounts represent $ 366 million of aum acquired in futureadvisor acquisition in october 2015.
 futureadvisor acquisition amount not include aum held in ishares holdings.
 multi-asset class net inflows reflected institutional demand for solutions-based advice $ 17. 4 billion net inflows from institutional clients.
 defined contribution plans of institutional clients significant driver of flows contributed $ 7. 3 billion to institutional multi-asset class net new business in 2015 primarily into target date target risk product offerings.
 retail net outflows of $ 1. 3 billion due to large single-client transition out of mutual funds into ishares across asset classes.
 retail flows reflected demand for multi-asset income fund family raised $ 4. 6 billion in 2015.
 company 2019s multi-asset class strategies include : 2022 asset allocation balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end  growth in aum driven by net new business of $ 12. 9 billion.
 strategies combine equity  fixed income alternative components for investors seeking tailored solution specific benchmark within risk budget.
 strategies minimize downside risk through diversification  derivatives strategies tactical asset allocation decisions.
 flagship products include global allocation andmulti-asset income suites.

( in millions )               | december 312014 | net inflows ( outflows ) | acquisition ( 1 ) | market change    | fx impact          | december 312015
----------------------------- | --------------- | ------------------------ | ----------------- | ---------------- | ------------------ | ---------------
asset allocation and balanced | $ 183032        | $ 12926                  | $ 2014            | $ -6731 ( 6731 ) | $ -3391 ( 3391 )   | $ 185836
target date/risk              | 128611          | 218                      | 2014              | -1308 ( 1308 )   | -1857 ( 1857 )     | 125664
fiduciary                     | 66194           | 3985                     | 2014              | 627              | -6373 ( 6373 )     | 64433
futureadvisor                 | 2014            | 38                       | 366               | -1 ( 1 )         | 2014               | 403
multi-asset                   | $ 377837        | $ 17167                  | $ 366             | $ -7413 ( 7413 ) | $ -11621 ( 11621 ) | $ 376336


table summarizes activity rsus with performance conditions for year ended december 31 , shares ( in thousands ) weighted average grant date fair value ( per share ).
 as of december 31 , 2017 , $ 6 million of total unrecognized compensation cost related to nonvested rsus  with and without performance conditions expected to be recognized over weighted-average remaining life of 1. 5 years.
 total fair value of rsus  with and without performance conditions vested was $ 16 million , $ 14 million $ 12 million for years ended december 31 , 2017 , 2016 2015 .
 if dividends paid shares company common stock before rsus distributed company credits liability for value dividends paid if rsus shares company common stock.
 when rsus distributed company pays participant lump sum cash payment equal to value dividend equivalents accrued.
 company accrued dividend equivalents totaling less than $ 1 million , $ 1 million and $ 1 million to accumulated deficit in accompanying consolidated statements of changes in stockholders 2019 equity for years ended december 31 , 2017  2016 2015 .
 employee stock purchase plan company maintains nonqualified employee stock purchase plan ( 201cespp 201d ) employee participants may use payroll deductions to acquire company common stock at lesser of 90% ( 90 % ) of fair market value common stock at beginning or end of three-month purchase period.
 on february 15 , 2017 board adopted american water works company , inc.
 subsidiaries 2017 nonqualified employee stock purchase plan  approved by stockholders on may 12 , 2017 took effect on august 5 , 2017.
 prior plan terminated as to new purchases of company stock effective august 31 , 2017.
 as of december 31 , 2017 were 2. 0 million shares of common stock reserved for issuance under.
espp considered compensatory.
 during years ended december 31 , 2017 , 2016 2015  company issued 93 thousand , 93 thousand 98 thousand shares , respectively under espp.

| shares ( in thousands ) | weightedaverage grantdate fair value ( per share )
--------------------------------------- | ----------------------- | --------------------------------------------------
non-vested total as of december 31 2016 | 309                     | $ 55.94
granted                                 | 186                     | 63.10
vested                                  | -204 ( 204 )            | 46.10
forfeited                               | -10 ( 10 )              | 70.50
non-vested total as of december 31 2017 | 281                     | $ 67.33


described borrowings extended on non-recourse basis.
 no credit or market risk exposure to us on assets terms of amlf permit exclusion of assets from regulatory leverage and risk-based capital calculations.
 interest rate on borrowings set by federal reserve bank we earn net interest revenue by earning spread on difference between yield earn on assets and rate pay on borrowings.
 for 2008  earned net interest revenue with facility of approximately $ 68 million.
 maintain commercial paper program can issue up to $ 3 billion with original maturities of up to 270 days from date of issue.
 at december 31 , 2008 and 2007 , $ 2. 59 billion and $ 2. 36 billion  respectively of commercial paper outstanding.
 state street bank has board authority to issue bank notes up to aggregate of $ 5 billion  including up to $ 2. 48 billion of senior notes under fdic 2019s temporary liquidity guarantee program instituted by fdic in october 2008 for qualified senior debt issued through june 30 , 2009  up to $ 1 billion of subordinated bank notes ( see note 10 ).
 at december 31 , 2008 and 2007  no notes payable outstanding at december 31 , 2008 , all $ 5 billion available for issuance.
 state street bank maintains line of credit of cad $ 800 million , or approximately $ 657 million  to support canadian securities processing operations.
 line of credit has no stated termination date cancelable by either party with prior notice.
 at december 31 , 2008  no balance due on this line of credit.
 note 9.
 restructuring charges in december 2008 implemented plan to reduce expenses from operations and support long- term growth.
 plan recorded aggregate restructuring charges of $ 306 million in consolidated statement of income.
primary component plan was involuntary reduction of approximately 7% ( % ) of global workforce reduction expect to completed by end of first quarter of 2009.
 other components plan included costs related to lease and software license terminations  restructuring of agreements with technology providers other costs.
 of aggregate restructuring charges of $ 306 million , $ 243 million related to severance  portion paid in lump sum or over defined period portion provide related benefits and outplacement services for approximately 2100 employees identified for involuntary termination plan ; $ 49 million to future lease obligations write-offs of capitalized assets including $ 23 million for impairment of other intangible assets ; $ 10 million costs with information technology $ 4 million other restructuring costs.
 severance component included $ 47 million to accelerated vesting of equity-based compensation.
 in december 2008  approximately 620 employees involuntarily terminated and left state street.
 following table presents activity in related balance sheet reserve for 2008.
 ( in millions ) severance lease and write-offs information technology other total.

( in millions )             | severance  | lease and asset write-offs | information technology | other    | total
--------------------------- | ---------- | -------------------------- | ---------------------- | -------- | ----------
initial accrual             | $ 250      | $ 42                       | $ 10                   | $ 4      | $ 306
payments and adjustments    | -20 ( 20 ) | -25 ( 25 )                 | -10 ( 10 )             | -1 ( 1 ) | -56 ( 56 )
balance at december 31 2008 | $ 230      | $ 17                       | 2014                   | $ 3      | $ 250


part ii item 5.
 market for registrant 2019s common equity related stockholder matters recent sales of unregistered securities during fourth quarter of 2003 , aes issued aggregated 20. 2 million shares of common stock in exchange for $ 20 million aggregate principal amount of senior notes.
 shares issued without registration reliance upon section 3 ( a ) ( 9 ) under securities act of 1933.
 market information common stock traded on new york stock exchange ( 2018 2018nyse 2019 2019 ) under symbol 2018 2018aes. 2019 2019 tables set high and low sale prices for common stock as reported by nyse for periods indicated.
 price range of common stock.
 holders as of march 3 , 2004  9026 record holders of common stock  par value $ 0. 01 per share.
 dividends under terms senior secured credit facilities , entered with commercial bank syndicate not allowed to pay cash dividends.
 under terms guaranty provided to utility customer connection with aes thames project , precluded from paying cash dividends on common stock if not meet certain net worth and liquidity tests.
 project subsidiaries 2019 ability to declare and pay cash dividends subject to limitations in project loans , governmental provisions other agreements project subsidiaries subject to.
 see item 12 ( d ) of form 10-k for information regarding securities authorized for issuance under equity compensation plans.

2003 first quarter | high $ 4.04 | low $ 2.72 | 2002 first quarter | high $ 17.84 | low $ 4.11
------------------ | ----------- | ---------- | ------------------ | ------------ | ----------
second quarter     | 8.37        | 3.75       | second quarter     | 9.17         | 3.55
third quarter      | 7.70        | 5.91       | third quarter      | 4.61         | 1.56
fourth quarter     | 9.50        | 7.57       | fourth quarter     | 3.57         | 0.95


2022 expand client relationships - market we serve gravitate beyond single-application purchases to multi-solution partnerships.
 market dynamics shift we expect clients prospects to rely more on our multidimensional service offerings.
 our leveraged solutions and processing expertise can produce value and cost savings for clients through efficient operating processes improved service quality convenience for clients customers.
 2022 build global diversification - continue to deploy resources in global markets expect to achieve meaningful scale.
 revenues by segment table summarizes our revenues by reporting segment ( in millions ) :.
 integrated financial solutions ( "ifs" ) ifs segment focused on serving north american regional community bank and savings institutions for transaction account processing , payment solutions  channel solutions digital channels  fraud , risk management compliance solutions lending and wealth and retirement solutions corporate liquidity  capitalizing on trend to outsource these solutions.
 clients segment include regional community banks , credit unions commercial lenders government institutions  merchants other commercial organizations.
 markets primarily served through integrated solutions characterized by multi-year processing contracts generate recurring revenues.
 predictable nature of cash flows segment provides opportunities for investments in innovation  integration  information and security  compliance in cost-effective manner.
 solutions in segment include : 2022 core processing and ancillary applications.
 our core processing software applications designed to run banking processes for financial institution clients including deposit and lending systems  customer management  other central management systems serving as system of record for processed activity.
 diverse selection of market- focused core systems enables fis to compete effectively in wide range of markets.
 offer services ancillary to primary applications including branch automation  back-office support systems compliance support.
 2022 digital solutions  including internet , mobile and ebanking.
comprehensive suite of retail delivery applications enables financial institutions to integrate streamline customer-facing operations back-office processes improving customer interaction across all channels ( e. g. , branch offices  internet  atm  mobile  call centers ).
 fis' focus on consumer access driven significant market innovation with multi-channel multi-host solutions strategy provides tight integration of services seamless customer experience.
 fis is leader in mobile banking solutions electronic banking enabling clients to manage banking payments through internet mobile devices accounting software telephone.
 corporate electronic banking solutions provide commercial treasury capabilities cash management services multi-bank collection disbursement services address specialized needs of corporate clients.
 fis systems provide full accounting reconciliation for transactions  serving also as system of record.

| 2017   | 2016   | 2015
--------------------------- | ------ | ------ | ------
ifs                         | $ 4630 | $ 4525 | $ 3809
gfs                         | 4138   | 4250   | 2361
corporate and other         | 355    | 466    | 426
total consolidated revenues | $ 9123 | $ 9241 | $ 6596


goldman sachs group , inc.
 subsidiaries notes to consolidated financial statements note 10.
 collateralized agreements financings are securities purchased under agreements to resell resale securities borrowed.
 collateralized financings are securities sold under agreements to repurchase ) securities loaned other secured financings.
 firm enters into transactions to facilitate client activities invest excess cash acquire securities cover short positions finance firm activities.
 collateralized agreements financings presented on net-by-counterparty basis when legal right of setoff exists.
 interest on collateralized agreements financings recognized over life of transaction included in 201cinterest income 201d and 201cinterest expense , 201d.
 see note 23 for information about interest income interest expense.
 table presents carrying value of resale repurchase agreements securities borrowed loaned transactions.
 $ in millions 2015 2014 securities purchased under agreements to resell 1 $ 120905 $ 127938 securities borrowed 2 172099 160722 securities sold under agreements to repurchase 1 86069 88215 securities loaned 2 3614 5570 1.
 all resale agreements repurchase agreements carried at fair value under fair value option.
 see note 8 for information about valuation techniques significant inputs determine fair value.
.
 as of december 2015 and december 2014 , $ 69. 80 billion and $ 66. 77 billion of securities borrowed  $ 466 million and $ 765 million of securities loaned were at fair value  respectively.
resale and repurchase agreements resale agreement is transaction firm purchases financial instruments from seller  typically in exchange for cash , simultaneously enters agreement to resell same or substantially same financial instruments to seller at stated price plus accrued interest at future date.
 repurchase agreement is transaction firm sells financial instruments to buyer  typically in exchange for cash  simultaneously enters agreement to repurchase same or same financial instruments from buyer at stated price plus accrued interest at future date.
 financial instruments purchased or sold in resale repurchase agreements typically include u. s.
 government and federal agency , investment-grade sovereign obligations.
 firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements.
 to mitigate credit exposure  firm monitors market value of financial instruments daily delivers or obtains additional collateral due to changes in market value financial instruments  appropriate.
 for resale agreements  firm typically requires collateral with fair value approximately equal to carrying value of relevant assets in consolidated statements of financial condition.
 repurchase and resale agreements ( including 201crepos- and reverses-to-maturity 201d ) involve legal transfer of ownership of financial instruments, accounted for as financing arrangements because require financial instruments to be repurchased or resold at maturity of agreement.
 repo-to-maturity is transaction firm transfers security under agreement to repurchase security where maturity date of repurchase agreement matches maturity date of underlying security.
 prior to january 2015 , repos-to- maturity were accounted for as sales.
 firm had no repos-to-maturity as of december 2015 and december 2014.
see note 3 information changes to accounting for repos-to-maturity effective january 2015.
 goldman sachs 2015 form 10-k 159

$ in millions                                    | as of december 2015 | as of december 2014
------------------------------------------------ | ------------------- | -------------------
securities purchased under agreements to resell1 | $ 120905            | $ 127938
securities borrowed2                             | 172099              | 160722
securities sold under agreements to repurchase1  | 86069               | 88215
securities loaned2                               | 3614                | 5570


united parcel service , inc.
 subsidiaries notes to consolidated financial statements capital lease obligations certain property , plant equipment subject to capital leases.
 some obligations associated with capital leases legally defeased.
 recorded value of property  plant equipment subject to capital leases as of december 31 ( in millions ) :.
 capital lease obligations principal payments due at various dates from 2016 through 3005.
 facility notes bonds entered agreements with municipalities to finance construction of or improvements to facilities support our.
 domestic package supply chain & freight operations in united states.
 facilities located around airport properties in louisville, kentucky ; dallas , texas ; philadelphia , pennsylvania.
 arrangements enter lease or loan agreement covers debt service obligations on bonds issued by municipalities 2022 bonds with principal balance of $ 149 million issued by louisville regional airport authority associated with worldport facility in louisville , kentucky.
 bonds due in january 2029  bear interest variable rate  average interest rates for 2015 and 2014 were 0. 03% ( 0. 03 % ) and 0. 05% ( 0. 05 % ) .
 2022 bonds with principal balance of $ 42 million due in november 2036 issued by louisville regional airport authority associated with our air freight facility in louisville , kentucky.
 bonds bear interest variable rate average interest rates for 2015 and 2014 were 0. 02% ( 0. 02 % ) and 0. 05% ( 0. 05 % ) .
 2022 bonds principal balance of $ 29 million issued by dallas / fort worth international airport facility improvement corporation associated with our dallas , texas airport facilities.
bonds due may 2032 bear interest variable rate variable cash flows on obligation swapped to fixed 5. 11% ( 5. 11 % ).
 2022 bonds with principal balance of $ 100 million issued by delaware county , pennsylvania industrial development authority associated with philadelphia , pennsylvania airport facilities.
 bonds due in december 2015  had variable interest rate average interest rates for 2015 and 2014 were 0. 02% ( 0. 02 % ) and 0. 04% ( 0. 04 % )  respectively.
 as of december 2015  $ 100 million bonds repaid in full.
 2022 in september 2015  agreement with delaware county, pennsylvania industrial development authority  philadelphia pennsylvania airport facilities  for bonds issued with principal balance of $ 100 million.
 bonds due september 2045  bear interest variable rate.
 average interest rate for 2015 was 0. 00% ( 0. 00 % ).
 pound sterling notes pound sterling notes consist of two separate tranches 2022 notes with principal amount of a366 million accrue interest at 5. 50% ( 5. 50 % ) fixed rate  due in february 2031.
 these notes not callable.
 2022 notes with principal amount of a3455 million accrue interest at 5. 125% ( 5. 125 % ) fixed rate  due in february 2050.
 notes callable at option at redemption price equal to greater of 100% ( 100 % ) of principal amount and accrued interest , or sum of present values of remaining scheduled payout of principal and interest discounted to date of redemption at benchmark.
 government bond yield plus 15 basis points and accrued interest.

| 2015         | 2014
------------------------------------------------------ | ------------ | ------------
vehicles                                               | $ 74         | $ 86
aircraft                                               | 2289         | 2289
buildings                                              | 207          | 197
accumulated amortization                               | -849 ( 849 ) | -781 ( 781 )
property plant and equipment subject to capital leases | $ 1721       | $ 1791


notes to consolidated financial statements 2013 ( continued ) amounts in millions except per share amounts ) estimated future benefit payments expected paid presented below.
 domestic pension plan foreign pension plans domestic postretirement benefit plan.
 estimated future payments for domestic postretirement benefit plan net of estimated.
 federal subsidies expected received under medicare prescription drug , improvement and modernization act of 2003  total no more than $ 0. 3 in any individual year.
 savings plans sponsor defined contribution plans ( 201csavings plans 201d ) cover all domestic employees.
 savings plans permit participants make contributions pre-tax and/or after-tax basis allow choose among various investment alternatives.
 match portion of participant contributions based upon years of service.
 amounts expensed for savings plans for 2018 , 2017 2016 were $ 52. 6 , $ 47. 2 and $ 47. 0 , respectively.
 expenses include discretionary company contribution of $ 6. 7 , $ 3. 6 and $ 6. 1 offset by participant forfeitures of $ 5. 8, $ 4. 6 $ 4. 4 in 2018 , 2017 2016 .
 maintain defined contribution plans in various foreign countries contributed $ 51. 3 , $ 47. 4 $ 44. 5 to these plans in 2018, 2017 2016.
 deferred compensation and benefit arrangements arrangements permit key officers employees to defer portion of salary or incentive compensation or require to contribute amount to participant 2019s account.
 arrangements may provide participants with amounts deferred plus interest upon attaining certain conditions completing certain number of years of service attaining certain age or upon retirement or termination.
 as of december 31 , 2018 and 2017  deferred compensation and deferred benefit liability balance was $ 196. 2 and $ 213. 2 , respectively.
expensed for deferred compensation benefit arrangements in 2018 , 2017 2016 were $ 10. 0 , $ 18. 5 $ 18. 5 , respectively.
 purchased life insurance policies on participants 2019 lives to assist in funding related deferred compensation deferred benefit liabilities.
 as of december 31 , 2018 2017  cash surrender value of policies was $ 177. 3 and $ 177. 4 , respectively.
 long-term disability plan provides income replacement benefits to eligible participants unable to perform job duties or job related to education  training experience.
 all income replacement benefits are fully insured no related obligation required as of december 31 , 2018 and 2017.
 in addition to income replacement benefits plan participants may remain covered for certain health life insurance benefits up to normal retirement age recorded obligation of $ 5. 9 and $ 8. 4 as of december 31 , 2018 and 2017 .

years       | domesticpension plan | foreignpension plans | domestic postretirementbenefit plan
----------- | -------------------- | -------------------- | -----------------------------------
2019        | $ 14.5               | $ 21.7               | $ 3.0
2020        | 8.8                  | 18.7                 | 2.8
2021        | 8.0                  | 19.8                 | 2.6
2022        | 8.3                  | 20.9                 | 2.4
2023        | 7.8                  | 21.8                 | 2.2
2024 - 2028 | 36.7                 | 117.2                | 9.8


entergy arkansas 2019s receivables from payables to money pool were as follows as of december 31 for each following years.
 see note 4 to financial statements for description money pool.
 entergy arkansas has a credit facility $ 150 million to expire august 2022.
 entergy arkansas also has $ 20 million credit facility to expire april 2018. $ 150 million credit facility permits issuance of letters of credit against $ 5 million of borrowing capacity facility.
 as of december 31 , 2017  no cash borrowings and no letters of credit outstanding under credit facilities.
 entergy arkansas is a party to uncommitted letter of credit facility to post collateral support obligations to miso.
 as of december 31 , 2017  $ 1 million letter of credit was outstanding under entergy arkansas 2019s uncommitted letter of credit facility.
 see note 4 to financial statements for discussion credit facilities.
 entergy arkansas nuclear fuel company variable interest entity has credit facility $ 80 million to expire in may 2019. a0as of december 31 , 2017 , $ 50 million in letters of credit support commercial paper issued and $ 24. 9 million in loans were outstanding under entergy arkansas nuclear fuel company variable interest entity credit facility.
 see note 4 to financial statements for discussion nuclear fuel interest entity credit facility.
 entergy arkansas obtained authorizations from ferc through october 2019 for short-term borrowings not to exceed aggregate $ 250 million outstanding borrowings by nuclear fuel company variable interest entity.
 see note 4 to financial statements for discussion of entergy arkansas 2019s short-term borrowing limits.
 long-term securities issuances of entergy arkansas are limited to amounts authorized by apsc  current authorization extends through december 2018.
 entergy arkansas , inc.
subsidiaries management 2019s financial discussion analysis state local rate regulation fuel-cost recovery retail rates 2015 base rate filing april 2015 entergy arkansas filed with apsc for general change in rates charges tariffs.
 filing notified apsc of entergy arkansas 2019s intent to implement forward test year formula rate plan arkansas legislation passed 2015 requested retail rate increase of $ 268. 4 million net increase in revenue of $ 167 million.
 filing requested 10. 2% ( 10. 2 % ) return on common equity.
 september 2015 apsc staff intervenors filed direct testimony apsc staff recommending revenue requirement of $ 217. 9 million 9. 65% ( 9. 65 % ) return on common equity.
 december 2015 entergy arkansas , apsc staff intervenors rate case filed with apsc joint motion for approval of settlement case proposed retail rate increase of approximately $ 225 million net increase in revenue of approximately $ 133 million authorized return on common equity of 9. 75% ( 9. 75 % ) formula rate plan tariff provides +/- 50 basis point band around 9. 75% ( 9. 75 % ) allowed return on common equity.
 significant portion of rate increase related to entergy arkansas 2019s acquisition in march 2016 of union power station power block 2 for base purchase price of $ 237 million.
 settlement agreement provided for amortization over 10-year period of $ 7. 7 million of previously-incurred costs related to ano post-fukushima compliance $ 9. 9 million previously-incurred costs related ano flood barrier compliance.
 settlement hearing held in january 2016.
 february 2016 apsc approved settlement with one exception reduced retail rate increase proposed settlement by $ 5 million.
 settling parties agreed to apsc modifications in february 2016.
new rates effective february 24 , 2016 began billing first billing cycle of april 2016.
 march 2016 , entergy arkansas made compliance filing regarding

2017             | 2016             | 2015             | 2014
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
( $ 166137 )     | ( $ 51232 )      | ( $ 52742 )      | $ 2218


52 2013 ppg annual report form 10-k repatriation of undistributed earnings of non-u.
 subsidiaries as of december 31 , 2013 and december 31 , 2012 would have resulted in.
 tax cost of approximately $ 250 million and $ 110 million.
 company files federal state local income tax returns in numerous domestic foreign jurisdictions.
 most tax jurisdictions returns subject to examination by relevant tax authorities for years after returns filed.
 company no longer subject to examinations by tax authorities in major tax jurisdiction for years before 2006.
 internal revenue service completed examination of company 2019s.
 federal income tax returns filed for years through 2010.
 examination of company 2019s.
 federal income tax return for 2011 underway expected to be finalized during 2014.
 reconciliation of total amounts unrecognized tax benefits ( excluding interest and penalties ) as of december 31.
 company expects any possible change in amount of unrecognized tax benefits in next 12 months not be significant.
 total amount of unrecognized tax benefits if recognized affect effective tax rate was $ 81 million as of december 31 , 2013.
 company recognizes accrued interest penalties related to unrecognized tax benefits in income tax expense.
 as of december 31 , 2013, 2012 2011  company had liabilities for estimated interest penalties on unrecognized tax benefits of $ 9 million , $ 10 million $ 15 million.
 company recognized $ 2 million and $ 5 million of income in 2013 and 2012 related to reduction of estimated interest and penalties.
 company recognized no income or expense for estimated interest and penalties during year ended december 31 , 2011.
 13.
 pensions other postretirement benefits defined benefit plans defined benefit pension plans cover certain employees worldwide.
principal defined benefit pension plans are in u. s. , canada  netherlands u. k.
 represent approximately 91% ( 91 % ) of projected benefit obligation at december 31 , 2013  u. s.
 defined benefit pension plans represent majority.
 ppg sponsors welfare benefit plans provide postretirement medical life insurance benefits for certain u. s.
 canadian employees and dependents.
 programs require retiree contributions based retiree-selected coverage levels for certain retirees dependents provide for sharing of future benefit cost increases between ppg and participants management discretion.
 company right to modify or terminate benefit plans future.
 salaried and certain hourly employees in u.
 hired after october 1 , 2004 or rehired after october 1 , 2012 not eligible for postretirement medical benefits.
 salaried employees in u.
 hired , rehired or transferred to salaried status after january 1, 2006  certain u. s.
 hourly employees hired in 2006 or thereafter eligible to participate in defined contribution retirement plan.
 employees not eligible for defined benefit pension plan benefits.
 plan design changes in january 2011  company approved amendment to u. s.
 defined benefit pension plans represented about 77% ( 77 % ) of total. s.
 projected benefit obligation at december 31 , 2011.
 depending affected employee's combined age years of service to ppg change resulted in certain employees no longer accruing benefits under this plan as of december 31 , 2011 remaining employees will no longer accrue benefits plan as of december 31 , 2020.
 affected employees will participate in company 2019s defined contribution retirement plan from date benefit under defined benefit plan is frozen.
company remeasured projected benefit obligation of amended plan lowered 2011 pension expense by approximately $ 12 million.
 company made similar changes to other u. s.
 defined benefit pension plans in 2011.
 company recognized curtailment loss special termination benefits associated with plan amendments of $ 5 million in 2011.
 company plans to continue reviewing potentially changing other ppg defined benefit plans future.
 separation merger of commodity chemicals business on january 28 , 2013 ppg completed separation commodity chemicals business merger of subsidiary holding ppg commodity chemicals business with subsidiary georgia gulf  discussed in note 22, 201cseparation merger transaction. 201d ppg transferred defined benefit pension plan other postretirement benefit liabilities for affected employees in u. s.  canada  taiwan separation resulting in net partial settlement loss of $ 33 million notes consolidated financial statements

( millions )                                                       | 2013       | 2012       | 2011
------------------------------------------------------------------ | ---------- | ---------- | ----------
balance at january 1                                               | $ 82       | $ 107      | $ 111
additions based on tax positions related to the current year       | 12         | 12         | 15
additions for tax positions of prior years                         | 9          | 2          | 17
reductions for tax positions of prior years                        | -10 ( 10 ) | -12 ( 12 ) | -19 ( 19 )
pre-acquisition unrecognized tax benefits                          | 2014       | 2          | 2014
reductions for expiration of the applicable statute of limitations | -10 ( 10 ) | -6 ( 6 )   | -7 ( 7 )
settlements                                                        | 2014       | -23 ( 23 ) | -8 ( 8 )
foreign currency translation                                       | 2          | 2014       | -2 ( 2 )
balance at december 31                                             | $ 85       | $ 82       | $ 107


cdw corporation subsidiaries notes to consolidated financial statements holders of class b common units connection distribution subject to vesting provisions previously applicable to holder class b common units.
 class b common unit holders received 3798508 shares of restricted stock class b common units not yet vested at time distribution.
 for year ended december 31 , 2013  1200544 shares of restricted stock vested/settled 5931 shares forfeited.
 as of december 31 , 2013 , 2592033 shares of restricted stock outstanding.
 stock options connection with ipo company issued 1268986 stock options to class b common unit holders to preserve fully diluted equity ownership percentage.
 options issued with per-share exercise price equal to ipo price of $ 17. 00 subject to same vesting provisions as class b common units.
 company granted 19412 stock options under 2013 ltip during year ended december 31, 2013.
 restricted stock units ( 201crsus 201d ) connection with ipo  company granted 1416543 rsus under 2013 ltip at weighted- average grant-date fair value of $ 17. 03 per unit.
 rsus cliff-vest at end of four years.
 valuation information company attributes value of equity-based compensation awards to various periods during recipient must perform services to vest in award using straight-line method.
 post-ipo equity awards company elected use black-scholes option pricing model to estimate fair value of stock options granted.
 black-scholes option pricing model incorporates assumptions including volatility , expected term  risk-free interest rates dividend yields.
 assumptions used to value stock options granted during year ended december 31 , 2013 presented below.
 year ended december 31 , assumptions 2013.
 expected term ( in years ) ( 3 ).
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 5. 4 ( 1 ) based assessment of two-year, five-year implied volatility for company 2019s selected peer group  adjusted for company 2019s leverage.
 ( 2 ) based on composite u. s.
 treasury rate.
 ( 3 ) expected term calculated using simplified method.
 method defines expected term as average of option 2019s contractual term option 2019s weighted-average vesting period.
 company utilizes this method limited historical stock option data sufficient to derive reasonable estimate of expected stock option term.

assumptions                            | year ended december 31 2013
-------------------------------------- | ---------------------------
weighted-average grant date fair value | $ 4.75
weighted-average volatility ( 1 )      | 35.00% ( 35.00 % )
weighted-average risk-free rate ( 2 )  | 1.58% ( 1.58 % )
dividend yield                         | 1.00% ( 1.00 % )
expected term ( in years ) ( 3 )       | 5.4


2016 compared with 2015 net gains on investments of $ 57 million 2016 decreased $ 52 million from 2015 due to lower net gains 2016.
 net gains investments 2015 included $ 40 million gain related to bkca acquisition $ 35 million unrealized gain on private equity investment.
 interest dividend income increased $ 14 million from 2015 due to higher dividend income in 2016.
 2015 compared with 2014 net gains on investments of $ 109 million 2015 decreased $ 45 million from 2014 due to lower net gains in 2015.
 net gains investments 2015 included $ 40 million gain related to bkca acquisition $ 35 million unrealized gain on private equity investment.
 net gains investments 2014 included positive impact of monetization of nonstrategic opportunistic private equity investment.
 interest expense decreased $ 28 million from 2014 due to repayments of long-term borrowings in fourth quarter of 2014.
 income tax expense.
 see non-gaap financial measures for further information reconciliation of adjusted items.
 net net income ( loss ) attributable to nci.
 company 2019s tax rate affected by tax rates in foreign jurisdictions relative amount income earned jurisdictions company expects to be consistent in near term.
 significant foreign jurisdictions lower statutory tax rates than.
 federal statutory rate of 35% ( 35 % ) include united kingdom  channel islands ireland canada.
.
 income taxes not provided for certain undistributed foreign earnings indefinitely reinvested outside united states.
 2016.
 income tax expense ) reflected 2022 net noncash benefit of $ 30 million associated with revaluation of deferred income tax liabilities ; 2022 benefit from $ 65 million of nonrecurring items including resolution of certain outstanding tax matters.
 as adjusted effective tax rate of 29. 6% 29.6 % ) for 2016 excluded net noncash benefit of $ 30 million not cash flow impact ensure comparability among periods presented.
 2015.
 income tax expense ( gaap ) reflected : 2022 net noncash benefit of $ 54 million  associated with revaluation of deferred income tax liabilities ; 2022 benefit from $ 75 million of nonrecurring items due to realization of losses from changes in company 2019s organizational tax structure resolution of outstanding tax matters.
 as adjusted effective tax rate of 28. 4% ( 28. 4 % ) for 2015 excluded net noncash benefit of $ 54 million not cash flow impact ensure comparability among periods.
 2014.
 income tax expense ( gaap ) reflected : 2022 $ 94 million tax benefit  due to resolution of outstanding tax matters related to acquisition of bgi , including mentioned $ 50 million tax benefit ( see executive summary for information ) ; 2022 $ 73 million net tax benefit related to several favorable nonrecurring items ; 2022 net noncash benefit of $ 9 million associated with revaluation of deferred income tax liabilities.
 as adjusted effective tax rate of 26. 6% ( 26. 6 % ) for 2014 excluded $ 9 million net noncash benefit not cash flow impact ensure comparability among periods presented $ 50 million tax benefit above.
 $ 50 million general and administrative expense and $ 50 million tax benefit excluded from adjusted results no impact on blackrock 2019s book value.
 balance sheet overview adjusted balance sheet following table presents reconciliation of consolidated statement of financial condition on gaap basis to consolidated statement of financial condition , excluding impact of separate account assets separate account collateral under securities lending agreements ( related to lending separate account securities ) separate account liabilities collateral liabilities under securities lending agreements consolidated sponsored investment funds , including consolidated vies.
company presents adjusted balance sheet additional information to enable investors to exclude certain

( in millions )                                   | gaap 2016        | gaap 2015        | gaap 2014        | gaap 2016        | gaap 2015        | 2014
------------------------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------
operating income ( 1 )                            | $ 4570           | $ 4664           | $ 4474           | $ 4674           | $ 4695           | $ 4563
total nonoperating income ( expense ) ( 1 ) ( 2 ) | -108 ( 108 )     | -69 ( 69 )       | -49 ( 49 )       | -108 ( 108 )     | -70 ( 70 )       | -56 ( 56 )
income before income taxes ( 2 )                  | $ 4462           | $ 4595           | $ 4425           | $ 4566           | $ 4625           | $ 4507
income tax expense                                | $ 1290           | $ 1250           | $ 1131           | $ 1352           | $ 1312           | $ 1197
effective tax rate                                | 28.9% ( 28.9 % ) | 27.2% ( 27.2 % ) | 25.6% ( 25.6 % ) | 29.6% ( 29.6 % ) | 28.4% ( 28.4 % ) | 26.6% ( 26.6 % )


approved by board of directors april 21 , 2004 expired april 30 , 2006.
 sources uses in financing activities during 2005 related primarily to uses for payment of dividend ( $ 54. 0 million ) stock repurchase ( $ 26. 7 million ) source cash from issuance of common shares related to exercise employee stock options , related tax benefit  employee stock purchase plan ( $ 9. 7 million ).
 cash dividends paid to shareholders were $ 162. 5 million , $ 107. 9 million , $ 54. 0 million during fiscal years 2007 , 2006  2005  respectively.
 believe existing cash balances and cash flow from operations sufficient to meet projected capital expenditures  working capital other cash requirements at least through end of fiscal 2010.
 contractual obligations commercial commitments future commitments of garmin  as of december 29 , 2007  aggregated by type of contractual obligation.
 operating leases describes lease obligations associated with garmin facilities in u. s. , taiwan  u. k.  canada.
 purchase obligations aggregate of purchase orders outstanding on december 29, 2007 ; obligations created paid off within 3 months during normal course of manufacturing business.
 off-balance sheet arrangements not off-balance sheet arrangements.
 item 7a.
 quantitative qualitative disclosures about market risk market sensitivity market risk primarily in connection with pricing of products services purchase of raw materials.
 product pricing raw materials costs significantly influenced by semiconductor market conditions.
 historically during cyclical industry downturns to offset pricing declines for products through combination improved product mix success in obtaining price reductions in raw materials costs.
 inflation not believe inflation material effect on business , financial condition or results of operations.
if costs subject to significant inflationary pressures , we may not fully offset higher costs through price increases.
 inability or failure could adversely affect business , financial condition results of operations.
 foreign currency exchange rate risk operation of garmin 2019s subsidiaries in international markets results in exposure to movements in currency exchange rates.
 generally not significantly affected by foreign exchange fluctuations

contractual obligations | payments due by period total | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years
----------------------- | ---------------------------- | --------------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------
operating leases        | $ 43438                      | $ 6581                                  | $ 11582                          | $ 9263                           | $ 16012
purchase obligations    | 5078                         | 422                                     | 2251                             | 2405                             | 0
total                   | $ 48516                      | $ 7003                                  | $ 13833                          | $ 11668                          | $ 16012


projected payments relating to liabilities for next five years ending december 31 , 2012 period from 2013 to 2017 are as follows ( in thousands ) :.
 ( 18 ) concentration of risk company generates significant revenue from large customers no customers accounted for more than 10% ( 10 % ) of total revenue or total segment revenue in years ended december 31 , 2007 , 2006 2005.
 financial instruments potentially subject company to concentrations credit risk consist primarily of cash equivalents and trade receivables.
 company places cash equivalents with high credit quality financial institutions limits credit exposure with any one financial institution.
 concentrations of credit risk to trade receivables limited because large geographically diverse customers company 2019s customer base  spreading trade receivables credit risk.
 company controls credit risk through monitoring procedures.
 ( 19 ) segment information upon completion certegy merger  company implemented new organizational structure resulted in new operating segment structure beginning with reporting of first quarter 2006 results.
 effective as of february 1 , 2006 , company 2019s operating segments are tps and lps.
 structure reflects businesses operated and managed.
 primary components of tps segment  includes certegy 2019s card and check services  financial institution processing component former financial institution software services segment fis operations acquired from efunds , are enterprise solutions , integrated financial solutions international businesses.
 primary components of lps segment are mortgage information services businesses , includes mortgage lender processing component financial institution software services fis former lender services , default management , information services segments of fis.
 fidelity national information services , inc.
 subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued )

2008        | $ 980
----------- | ------
2009        | 1185
2010        | 978
2011        | 1022
2012        | 1425
2013 - 2017 | $ 8147


ability to restructure or refinance debt depend on condition capital markets and our financial condition.
 any refinancing of debt could be at higher interest rates may require to comply with more onerous covenants could restrict business operations.
 failure to make payments of interest and principal on outstanding indebtedness timely likely result in reduction of credit rating could harm ability to incur additional indebtedness.
 if cash flows and available cash insufficient to meet debt service obligations we could face substantial liquidity problems might be required to dispose of material assets or operations to meet debt service other obligations.
 may not be to consummate dispositions or to obtain proceeds these proceeds may not be adequate to meet debt service obligations due.
 item 1b.
 unresolved staff comments item 2.
 properties summary of significant locations at december 31 , 2013 shown in following table.
 all facilities are leased  except for 165000 square feet of our office in alpharetta , georgia.
 square footage amounts are net of space sublet or part of facility restructuring.
 chicago , illinois ( 1 ) 36000 ( 1 ) includes approximately 25000 square footage related to g1 execution services , llc.
 entered definitive agreement to sell g1 execution services , llc to affiliate of susquehanna.
 lease assigned to susquehanna upon closing of sale on february 10  all facilities used by trading and investing or balance sheet management segments  in to corporate/other category.
 all other leased facilities with space of less than 25000 square feet not listed by location.
 in addition to significant facilities we also lease all 30 e*trade branches  ranging in space from approximately 2500 to 8000 square feet.
 believe our facilities space is adequate to meet needs in 2014.
item 3.
 legal proceedings on october 27 , 2000 , ajaxo , inc.
 ( 201cajaxo 201d ) filed complaint in superior court for state of california , county of santa clara.
 ajaxo sought damages non-monetary relief for company 2019s alleged breach of non-disclosure agreement with ajaxo pertaining to certain wireless technology ajaxo offered company damages other relief against company for alleged misappropriation of ajaxo 2019s trade secrets.
 following jury trial , judgment entered in 2003 in favor of ajaxo against company for $ 1. 3 million for breach of ajaxo non-disclosure agreement.
 jury found in favor of ajaxo on claim against company for misappropriation of trade secrets , trial court denied ajaxo 2019s requests for additional damages relief.
 december 21 , 2005 , california court of appeal affirmed award against company for breach of nondisclosure agreement but remanded case to trial court for limited purpose of determining additional damages ajaxo may be entitled to result of jury 2019s previous finding in favor of ajaxo on claim against company for misappropriation of trade secrets.
 company paid ajaxo full amount due on judgment , case remanded back to trial court , may 30 , 2008 , jury returned a

location               | approximate square footage
---------------------- | --------------------------
alpharetta georgia     | 254000
jersey city new jersey | 107000
arlington virginia     | 102000
sandy utah             | 66000
menlo park california  | 63000
new york new york      | 39000
chicago illinois ( 1 ) | 36000


management 2019s discussion analysis value company 2019s obligation relating asbestos claims under ppg settlement arrangement.
 legal settlements net insurance included aftertax charges $ 80 million for marvin legal settlement net insurance recoveries $ 11 million $ 37 million impact federal glass class action antitrust legal settlement.
 results reportable business segments net sales segment income ( millions ) 2006 2005.
 industrial coatings sales increased $ 315 million or 11% ( 11 % ) in 2006.
 sales increased 4% ( 4 % ) due to acquisitions  4% ( 4 % ) due increased volumes in automotive , industrial packaging coatings operating segments 2% ( 2 % ) due to higher selling prices industrial packaging coatings businesses 1% ( 1 % ) due positive effects foreign currency translation.
 segment income increased $ 65 million in 2006.
 increase income primarily due to impact increased sales volume lower overhead manufacturing costs impact acquisitions.
 segment income reduced by adverse impact inflation offset by higher selling prices.
 performance applied coatings sales increased $ 420 million or 16% ( 16 % ) in 2006.
 sales increased 8% ( 8 % ) due to acquisitions  4% ( 4 % ) due to higher selling prices in refinish , aerospace architectural coatings operating segments 3% ( 3 % ) due to increased volumes in aerospace architectural coatings businesses 1% ( 1 % ) due to positive effects foreign currency translation.
 segment income increased $ 50 million in 2006.
 increase segment income primarily due to impact increased sales volume higher selling prices offset impact inflation.
 segment income reduced by increased overhead costs support growth architectural coatings business.
 optical specialty materials sales increased $ 134 million or 15% ( 15 % ) in 2006.
sales increased 10% ( 10 % ) due to higher volumes particularly in optical products fine chemicals 5% ( 5 % ) due to acquisitions in optical products business.
 segment income increased $ 65 million in 2006.
 absence of 2005 charge for asset impairment fine chemicals business increased segment income $ 27 million.
 remaining $ 38 million increase due to increased volumes lower manufacturing costs absence of 2005 hurricane costs of $ 3 million net of 2006 insurance recoveries partially offset by increased overhead costs in optical products business support growth negative impact inflation.
 commodity chemicals sales decreased $ 48 million or 3% ( 3 % ) in 2006.
 sales decreased 4% ( 4 % ) due to lower chlor-alkali volumes increased 1% ( 1 % ) due to higher selling prices.
 segment income decreased $ 28 million in 2006.
 year- over-year decline due primarily to lower sales volumes higher manufacturing costs reduced production levels.
 absence of 2005 charges for direct costs related hurricanes increased segment income by $ 29 million.
 impact higher selling prices lower inflation natural gas costs insurance recovery of $ 10 million related to 2005 hurricane losses increased segment income in 2006.
 fourth-quarter chlor-alkali sales volumes earnings negatively impacted by production outages at several customers last two months 2006.
 uncertain when customers return to normal level production may impact sales earnings chlor-alkali business early 2007.
 glass sales increased $ 15 million or 1% ( 1 % ) in 2006.
 sales increased 1% ( 1 % ) due to improved volumes organic growth acquisition.
 slight positive impact on sales due to foreign currency translation offset slight decline in pricing.
 volumes increased in performance glazings  automotive replacement glass services fiber glass businesses.
 automotive oem glass volume declined during 2006.
pricing up in performance glazings declined in other glass businesses.
 segment income increased $ 25 million in 2006.
 increase segment income primarily result of higher equity earnings from asian fiber glass joint ventures higher royalty income lower manufacturing natural gas costs offset negative impacts of higher inflation lower margin mix of sales reduced selling prices.
 fiber glass operating segment made progress during 2006 in achieving multi-year plan to improve profitability cash flow.
 transformation of supply chain includes production of more focused product mix at each manufacturing plant manufacturing cost reduction initiatives improved equity earnings from asian joint ventures primary focus represent critical success factors in plan.
 during 2006  new joint venture in china started producing high labor content fiber glass reinforcement products allow to refocus u. s.
 production capacity on higher margin  direct process products.
 2006 earnings improvement by fiber glass operating segment accounted for bulk of 2006 improvement in glass reportable business segment income.
 20 2006 ppg annual report and form 10-k 4282_txt

( millions )                     | net sales 2006 | net sales 2005 | net sales 2006 | 2005
-------------------------------- | -------------- | -------------- | -------------- | -----
industrial coatings              | $ 3236         | $ 2921         | $ 349          | $ 284
performance and applied coatings | 3088           | 2668           | 514            | 464
optical and specialty materials  | 1001           | 867            | 223            | 158
commodity chemicals              | 1483           | 1531           | 285            | 313
glass                            | 2229           | 2214           | 148            | 123


analysis of our depreciation studies.
 changes in estimated service lives of assets and related depreciation rates implemented prospectively.
 under group depreciation  historical cost ( net of salvage ) of depreciable property retired or replaced in ordinary course business charged to accumulated depreciation no gain or loss recognized.
 historical cost of certain track assets estimated using i ) inflation indices published by bureau of labor statistics and ii ) estimated useful lives of assets as determined by depreciation studies.
 indices selected because correlate with major costs of properties applicable track asset classes.
 because of number of estimates inherent in depreciation and retirement processes impossible to precisely estimate each variables until group of property is completely retired we continually monitor estimated service lives of assets and accumulated depreciation associated with each asset class to ensure depreciation rates appropriate.
 in we determine if recorded amount of accumulated depreciation is deficient ( or in excess ) of amount indicated by depreciation studies.
 any deficiency ( or excess ) is amortized as component of depreciation expense over remaining service lives of applicable classes of assets.
 for retirements of depreciable railroad properties not occur in normal course of business gain or loss may be recognized if retirement meets each of following three conditions : i ) is unusual , ii ) material in amount  iii ) varies significantly from retirement profile identified through depreciation studies.
 gain or loss recognized in other income when we sell land or dispose of assets not part of railroad operations.
 when we purchase asset  we capitalize all costs necessary to make asset ready for intended use.
 many of assets are self-constructed.
large portion of capital expenditures for replacement of existing track assets other road properties typically performed by employees for track line expansion other capacity projects.
 costs directly attributable to capital projects ( including overhead costs ) are capitalized.
 direct costs capitalized as part of self- constructed assets include material  labor  work equipment.
 indirect costs capitalized if relate to construction of asset.
 general administrative expenditures expensed as incurred.
 normal repairs and maintenance also expensed as incurred costs that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.
 these costs allocated using appropriate statistical bases.
 total expense for repairs maintenance incurred was $ 2. 3 billion for 2013  $ 2. 1 billion for 2012  $ 2. 2 billion for 2011.
 assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.
 amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.
 12.
 accounts payable other current liabilities dec.
 31 , dec.
 31 , millions 2013 2012.

millions                                            | dec . 31 2013 | dec . 312012
--------------------------------------------------- | ------------- | ------------
accounts payable                                    | $ 803         | $ 825
income and other taxes payable                      | 491           | 368
accrued wages and vacation                          | 385           | 376
dividends payable                                   | 356           | 318
accrued casualty costs                              | 207           | 213
interest payable                                    | 169           | 172
equipment rents payable                             | 96            | 95
other                                               | 579           | 556
total accounts payable and othercurrent liabilities | $ 3086        | $ 2923


commitment expiration per period commercial commitments after millions total 2015 2016 2017 2018 2019 2019.
 [a none credit facility used as of december 31 , 2014.
 $ 400 million of receivables securitization facility utilized as of december 31 , 2014 accounted for as debt.
 full program matures in july 2017.
 includes guaranteed obligations related to equipment financings and affiliated operations.
 [d none letters of credit drawn upon as of december 31 , 2014.
 off-balance sheet arrangements guarantees 2013 at december 31 , 2014  2013  contingently liable for $ 82 million and $ 299 million in guarantees.
 recorded liabilities of $ 0. 3 million and $ 1 million for fair value of obligations as of december 31, 2014  and 2013 .
 entered into contingent guarantees in normal course of business include guaranteed obligations related to equipment financings and affiliated operations.
 final guarantee expires in 2022.
 not aware of existing event of default require to satisfy guarantees.
 not expect guarantees material adverse effect on consolidated financial condition results of operations or liquidity.
 other matters labor agreements 2013 approximately 85% ( 85 % ) of 47201 full-time-equivalent employees represented by 14 major rail unions.
 on january 1 , 2015 current labor agreements subject to modification began current round of negotiations with unions.
 existing agreements remain in effect until new agreements reached or railway labor act 2019s procedures ( include mediation  cooling-off periods possibility presidential emergency boards congressional intervention ) exhausted.
 contract negotiations continue for extended period time rarely experience work stoppages while negotiations pending.
 inflation 2013 long periods of inflation increase asset replacement costs for capital-intensive companies.
result  assuming we replace all operating assets at current price levels , depreciation charges ( on inflation-adjusted basis ) greater than historically reported amounts.
 derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist managing exposure to fluctuations in interest rates fuel prices.
 not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.
 derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item hedged  at inception and throughout hedged period.
 document nature relationships between hedging instruments and hedged items at inception risk-management objectives strategies for hedge transactions method of assessing hedge effectiveness.
 changes in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.
 may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use of these derivative financial instruments may limit future benefits from favorable price movements.
 market and credit risk 2013 address market risk related to derivative financial instruments by selecting instruments with value fluctuations that correlate with underlying hedged item.
 manage credit risk related to derivative financial instruments minimal by requiring high credit standards for counterparties periodic settlements.
 at december 31 , 2014 and 2013  not required to provide collateral  nor had received collateral  relating to hedging activities.

other commercial commitmentsmillions    | total  | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period 2017 | amount of commitment expiration per period 2018 | amount of commitment expiration per period 2019 | amount of commitment expiration per period after2019
--------------------------------------- | ------ | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------------
credit facilities [a]                   | $ 1700 | $ -                                             | $ -                                             | $ -                                             | $ -                                             | $ 1700                                          | $ -
receivables securitization facility [b] | 650    | -                                               | -                                               | 650                                             | -                                               | -                                               | -
guarantees [c]                          | 82     | 12                                              | 26                                              | 10                                              | 11                                              | 8                                               | 15
standby letters of credit [d]           | 40     | 34                                              | 6                                               | -                                               | -                                               | -                                               | -
total commercialcommitments             | $ 2472 | $ 46                                            | $ 32                                            | $ 660                                           | $ 11                                            | $ 1708                                          | $ 15


additions to property , plant equipment are significant use of cash and cash equivalents.
 following table shows capital expenditures related to continuing operations by segment reconciles to additions to property  plant equipment presented in consolidated statements of cash flows for 2014 , 2013 2012:.
 as of december 31 , 2014  repurchased total 121 million common shares at cost of $ 4. 7 billion  including 29 million shares at cost of $ 1 billion in first six months of 2014 14 million shares cost $ 500 million in third quarter of 2013.
 see item 8.
 financial statements supplementary data 2013 note 22 to consolidated financial statements for discussion of purchases of common stock.
 liquidity capital resources main sources of liquidity are cash and cash equivalents , internally generated cash flow from operations , continued access to capital markets , committed revolving credit facility sales of non-strategic assets.
 working capital requirements supported by these sources may issue commercial paper backed by $ 2. 5 billion revolving credit facility to meet short-term cash requirements.
 of alternatives available discussed access to capital markets through shelf registration discussed below believe short-term and long-term liquidity adequate to fund current operations near-term and long-term funding requirements including capital spending programs  dividend payments  defined benefit plan contributions  repayment of debt maturities other amounts paid in connection with contingencies.
 at december 31 , 2014  had approximately $ 4. 9 billion of liquidity of $ 2. 4 billion in cash and cash equivalents $ 2. 5 billion availability under revolving credit facility.
 201coutlook 201d targeting $ 3. 5 billion budget for 2015.
 based on projected 2015 cash outlays for capital program and dividends expect to outspend cash flows from operations for the year.
constantly monitoring available liquidity during 2015 flexibility to adjust budget throughout year in response to commodity price environment.
 continue to drive fundamentals of expense management , including organizational capacity and operational reliability.
 capital resources credit arrangements and borrowings in may 2014 , amended $ 2. 5 billion unsecured revolving credit facility extended maturity to may 2019.
 see note 16 to consolidated financial statements for additional terms and rates.
 at december 31 , 2014 , no borrowings against revolving credit facility no amounts outstanding under u. s.
 commercial paper program backed by revolving credit facility.
 at december 31, 2014 , had $ 6391 million in long-term debt outstanding , $ 1068 million due within one year , of majority due in fourth quarter of 2015.
 not any triggers on corporate debt would cause event of default in case of downgrade of credit ratings.
 shelf registration have universal shelf registration statement filed with sec , under , as "well-known seasoned issuer" for purposes of sec rules , have ability to issue and sell indeterminate amount of various types of debt and equity securities from time to time.

( in millions )                           | year ended december 31 , 2014 | year ended december 31 , 2013 | year ended december 31 , 2012
----------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------
north america e&p                         | $ 4698                        | $ 3649                        | $ 3988
international e&p                         | 534                           | 456                           | 235
oil sands mining                          | 212                           | 286                           | 188
corporate                                 | 51                            | 58                            | 115
total capital expenditures                | 5495                          | 4449                          | 4526
change in capital expenditure accrual     | -335 ( 335 )                  | -6 ( 6 )                      | -165 ( 165 )
additions to property plant and equipment | $ 5160                        | $ 4443                        | $ 4361


68 2012 ppg annual report form 10-k december 31 , 2012 , 2011 2010 was $ ( 30 ) million , $ 98 million $ 65 million .
 cumulative tax benefit related to adjustment for pension postretirement benefits at december 31 , 2012 2011 was approximately $ 960 million $ 990 million.
 no tax ( cost ) benefit related to change in unrealized gain ( loss ) on marketable securities for year ended december 31 , 2012.
 tax ( cost ) benefit related change in unrealized gain ( loss ) on marketable securities for years ended december 31 , 2011 2010 was $ ( 0. 2 ) million and $ 0. 6 million .
 tax benefit related to change in unrealized gain ( loss ) on derivatives for years ended december 31 , 2012  2011 2010 was $ 4 million , $ 19 million $ 1 million ,.
 18.
 employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers all.
 employees.
 company makes matching contributions to savings plan management's discretion based upon participants 2019 savings subject to limitations.
 for most participants not covered by collective bargaining agreement company-matching contributions established each year at discretion company applied to participant savings up to maximum of 6% ( 6 % ) of eligible participant compensation.
 for those participants employment covered by collective bargaining agreement level of company-matching contribution determined by relevant collective bargaining agreement.
 company-matching contribution suspended from march 2009 through june 2010 as cost savings measure recognition adverse impact of global recession.
 effective july 1 , 2010 company match reinstated at 50% ( % ) on first 6% ( 6 % ) of compensation contributed for most employees eligible for company-matching contribution feature.
 included union represented employees collective bargaining agreements.
january 1 , 2011  company match increased to 75% ( 75 % ) on first 6% ( 6 % ) of compensation contributed by eligible employees level maintained throughout 2012.
 compensation expense and cash contributions related to company match participant contributions to savings plan for 2012 , 2011 2010 totaled $ 28 million , $ 26 million $ 9 million.
 portion of savings plan qualifies as employee stock ownership plan.
 dividends on ppg shares held by portion savings plan totaling $ 18 million , $ 20 million $ 24 million for 2012 , 2011 2010 were tax deductible for.
 federal tax purposes.
 19.
 other earnings.
 20.
 stock-based compensation compensation includes stock options  restricted stock units ( 201crsus 201d ) grants of contingent shares earned based on achieving targeted levels total shareholder return.
 all current grants of stock options , rsus contingent shares made under ppg industries , inc.
 amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) amended restated effective april 21 , 2011.
 shares available for future grants under omnibus plan were 8. 5 million as of december 31 , 2012.
 total stock-based compensation cost was $ 73 million , $ 36 million and $ 52 million in 2012, 2011 2010 .
 stock-based compensation expense increased year over year due to increase in expected payout percentage of 2010 performance-based rsu grants and ppg's total shareholder return performance in 2012 in comparison with standard & poors ( s&p ) 500 index increased expense related to outstanding grants of contingent shares.
total income tax benefit recognized in consolidated statement of income related to stock-based compensation was $ 25 million , $ 13 million and $ 18 million in 2012 , 2011 2010 , respectively.
 stock options ppg has outstanding stock option awards granted under two stock option plans : ppg industries , inc.
 stock plan ( 201cppg stock plan 201d ) and ppg amended omnibus plan.
 under ppg stock plan certain employees company granted options to purchase shares common stock at prices equal to fair market value of shares on date options granted.
 options are exercisable from six to 48 months after granted maximum term of 10 years.
 upon exercise of stock option  shares of company stock are issued from treasury stock.
 ppg stock plan includes restored option provision for options granted prior to january 1, 2003 allows optionee to exercise options satisfy option cost by certifying ownership of mature shares of ppg common stock with market value equal to option cost.
 fair value of stock options issued to employees is measured on date of grant recognized as expense over requisite service period.
 ppg estimates fair value of stock options using black-scholes option pricing model.
 risk- free interest rate determined by using u. s.
 treasury yield table of contents

( millions )                                              | 2012  | 2011  | 2010
--------------------------------------------------------- | ----- | ----- | -----
royalty income                                            | $ 51  | $ 55  | $ 58
share of net earnings of equity affiliates ( see note 5 ) | 11    | 37    | 45
gain on sale of assets                                    | 4     | 12    | 8
other                                                     | 83    | 73    | 69
total                                                     | $ 149 | $ 177 | $ 180


average 7. 1 in 2000.
 top 100 largest clients used average 11. 3 products in 2001  up from average 11. 2 in 2000.
 state street benefits from ability derive revenue from transaction flows clients.
 occurs through management of cash positions including deposit balances short-term investment activities using state street 2019s balance sheet capacity.
 significant foreign currency transaction volumes provide potential for foreign exchange trading revenue.
 fee revenue total operating fee revenuewas $ 2. 8 billion in 2001  compared to $ 2. 7 billion in 2000 increase of 6% ( 6 % ).
 adjusted for formation of citistreet growth in fee revenue was 8% ( 8 % ).
 growth in servicing fees of $ 199million  or 14% ( 14 % ) primary contributor to increase in fee revenue.
 growth reflects large client wins installed latter half of 2000 continuing throughout 2001 strength in fee revenue from securities lending.
 declines in equity market values worldwide offset growth in servicing fees.
 management fees down 5% ( 5 % )  adjusted for formation citistreet reflecting decline in theworldwide equitymarkets.
 foreign exchange trading revenue down 5% ( 5 % ) reflecting lower currency volatility processing fees other revenue up 21% ( 21 % ) primarily due to gains on sales of investment securities.
 servicing and management fees function of factors including mix and volume of assets under custody and assets under management  securities positions held  portfolio transactions  types of products and services used by clients.
 state street estimates study 2000 10% ( 10 % ) increase or decrease in worldwide equity values cause change in state street 2019s total revenue of approximately 2% ( 2 % ).
 if bond values increase or decrease by 10% ( 10 % )  state street anticipate change of approximately 1% ( 1 % ) in total revenue.
securities lending revenue 2001 increased 40% ( 40 % ) over 2000.
 reflected in servicing fees management fees.
 function of volume of securities lent interest rate spreads.
 volumes increased 2001 year-over-year increase primarily due to wider interest rate spreads from unusual occurrence of eleven reductions in u.
 federal funds target rate during 2001.
 f e e r e v n u e ( dollars in millions ) 2001 ( 1 ) 2000 1999 ( 2 ) change adjusted change 00-01 ( 3 ).
 1 ) 2001 results exclude write-off of state street 2019s total investment in bridge $ 50 million 2 ) 1999 results exclude one-time charge of $ 57 million related to repositioning investment portfolio 3 ) 2000 results adjusted for formation of citistreet 4 state street corporation

( dollars in millions )   | 2001 ( 1 ) | 2000   | 1999 ( 2 ) | change 00-01 | adjusted change 00-01 ( 3 )
------------------------- | ---------- | ------ | ---------- | ------------ | ---------------------------
servicing fees            | $ 1624     | $ 1425 | $ 1170     | 14% ( 14 % ) | 14% ( 14 % )
management fees           | 511        | 581    | 600        | -12 ( 12 )   | -5 ( 5 )
foreign exchange trading  | 368        | 387    | 306        | -5 ( 5 )     | -5 ( 5 )
processing fees and other | 329        | 272    | 236        | 21           | 21
total fee revenue         | $ 2832     | $ 2665 | $ 2312     | 6            | 8