american tower corporation subsidiaries notes to consolidated financial statements 2014 continued ) purchase 3924 and 911 shares  respectively.
 in october 2005  connection with exercise by mr.
 gearon of right to require company to purchase interest in atc south america  options vested in full exercised.
 upon exercise options holders received 4428 shares of atc south america  net of 1596 shares retained company satisfy employee tax withholding obligations.
 1596 shares retained company treated as repurchase of minority interest accordance with sfas no.
 141.
 company recorded purchase price allocation adjustment of $ 5. 6 million increase to intangible assets corresponding increase in minority interest as of date of acquisition.
 holders had right to require company to purchase shares of atc south america at then fair market value six months one day following issuance.
 in april 2006  repurchase right exercised company paid holders aggregate of $ 18. 9 million in cash  fair market value of interests on date of exercise repurchase right determined by company 2019s board of directors assistance independent financial advisor.
 12.
 impairments , net loss on sale of long-lived assets , restructuring merger related expense significant components reflected in impairments  net loss on sale of long-lived assets  restructuring merger related expense in accompanying consolidated statements of operations include : impairments and net loss on sale of long-lived assets 2014during years ended december 31 , 2006 , 2005 2004  company recorded impairments and net loss on sale of long-lived assets ( primarily related to rental and management segment ) of $ 3. 0 million , $ 19. 1 million $ 22. 3 million , respectively.
2022 non-core asset impairment charges 2014during years ended december 31 , 2006 2005 company recorded net losses with sales of non-core towers other assets impairment charges to write-down assets to net realizable value after indicator potential impairment identified.
 company recorded net losses and impairments of approximately $ 2. 0 million , $ 16. 8 million $ 17. 7 million for years ended december 31 , 2006  2005 2004 .
 net loss for year ended december 31 , 2006 comprised net losses from asset sales and impairments of $ 7. 0 million  offset by gains from asset sales of $ 5. 1 million.
 2022 construction-in-progress impairment charges 2014for years ended december 31 , 2006  2005 2004  company wrote-off approximately $ 1. 0 million , $ 2. 3 million $ 4. 6 million  of construction-in-progress costs primarily associated with sites no longer planned to build.
 restructuring expense 2014the table displays activity accrued restructuring liability for years ended december 31 , 2004  2005 2006 ( in thousands ) : liability as of january 1 , expense payments liability december 31 , expense payments liability december 31  december 31.
 accrued restructuring liability reflected in accounts payable and accrued expenses in consolidated balance sheets as of december 31 , 2005.
 year ended december 31 , 2006  company

| liability as of january 1 2004 | 2004 expense | 2004 cash payments | liability as of december 31 2004 | 2005 expense | 2005 cash payments | liability as of december 31 2005 | 2006 expense   | 2006 cash payments | liability as of december 31 2006
--------------------------------------------------- | ------------------------------ | ------------ | ------------------ | -------------------------------- | ------------ | ------------------ | -------------------------------- | -------------- | ------------------ | --------------------------------
employee separations                                | $ 2239                         | $ 823        | $ -2397 ( 2397 )   | $ 665                            | $ 84         | $ -448 ( 448 )     | $ 301                            | $ -267 ( 267 ) | $ -34 ( 34 )       | $ 0
lease terminations and other facility closing costs | 1450                           | -131 ( 131 ) | -888 ( 888 )       | 431                              | 12           | -325 ( 325 )       | 118                              | -10 ( 10 )     | -108 ( 108 )       | 0
total                                               | $ 3689                         | $ 692        | $ -3285 ( 3285 )   | $ 1096                           | $ 96         | $ -773 ( 773 )     | $ 419                            | $ -277 ( 277 ) | $ -142 ( 142 )     | $ 0


net revenue utility analysis of change in net revenue comparing 2013 to 2012.
 amount ( in millions ).
 retail electric price variance primarily due to : 2022 formula rate plan increase at entergy louisiana  effective january 2013 includes increase to waterford 3 steam generator replacement project placed in service in december 2012.
 net income effect of formula rate plan increase limited to portion allowed return on equity remainder offset by costs in other operation and maintenance expenses  depreciation expenses taxes other than income taxes ; 2022 recovery of hinds plant costs through power management rider at entergy mississippi  approved by mpsc  effective first billing cycle of 2013.
 net income effect of hinds plant cost recovery limited to portion allowed return on equity on net plant investment remainder offset by hinds plant costs in other operation and maintenance expenses  depreciation expenses  taxes other than income taxes ; 2022 increase in capacity acquisition rider at entergy arkansas  approved by apsc  effective first billing cycle of december 2012  relating to hot spring plant acquisition.
 net income effect of hot spring plant cost recovery limited to portion allowed return on equity on net plant investment remainder offset by hot spring plant costs in other operation and maintenance expenses  depreciation expenses  taxes other than income taxes ; 2022 increases in energy efficiency rider  approved by apsc  effective july 2013 and july 2012.
 energy efficiency revenues offset by costs in other operation and maintenance expenses no effect on net income ; 2022 annual base rate increase at entergy texas  effective july 2012  result of puct 2019s order issued in september 2012 in november 2011 rate case ; and 2022 formula rate plan increase at entergy mississippi  effective september 2013.
 see note 2 to financial statements for discussion of rate proceedings.
louisiana act 55 financing savings obligation variance results from regulatory charge recorded second quarter 2012 entergy gulf states louisiana entergy louisiana agreed to share customers savings from irs settlement related to uncertain tax position hurricane katrina hurricane rita louisiana act 55 financing.
 see note 3 financial statements for additional discussion of tax settlement.
 entergy corporation subsidiaries management's financial discussion analysis

| amount ( in millions )
--------------------------------------------- | ----------------------
2012 net revenue                              | $ 4969
retail electric price                         | 236
louisiana act 55 financing savings obligation | 165
grand gulf recovery                           | 75
volume/weather                                | 40
fuel recovery                                 | 35
miso deferral                                 | 12
decommissioning trusts                        | -23 ( 23 )
other                                         | 15
2013 net revenue                              | $ 5524


following tables present reconciliation beginning ending balances fair value measurements using significant unobservable inputs ( level 3 ) 2015 2014 , respectively:.
 purchases , issuances settlements , net.
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 76 balance as december 31, 2014.
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 $ 127 company 2019s other postretirement benefit plans partially funded assets held under various trusts.
 investments risk mitigation strategies plans tailored specifically each trust.
 setting new strategic asset mixes consideration given likelihood selected asset allocation effectively fund projected plan liabilities risk tolerance company.
 company periodically updates long-term strategic asset allocations uses various analytics determine optimal asset allocation.
 considerations include plan liability characteristics, liquidity characteristics funding requirements  expected rates of return distribution of returns.
 june 2012  company implemented de-risking strategy medical bargaining trust within plan to minimize volatility.
 part of de-risking strategy  company revised asset allocations increase matching characteristics of assets relative to liabilities.
initial de-risking asset allocation for plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets.
 investment strategies and policies for plan reflect balance of liability driven and return-generating considerations.
 objective of minimizing volatility of assets relative to liabilities addressed through asset 2014liability matching  asset diversification hedging.
 fixed income target asset allocation matches bond-like long-dated nature of postretirement liabilities.
 assets are broadly diversified within asset classes to achieve risk-adjusted returns lower asset volatility relative to liabilities.
 company assesses investment strategy regularly to ensure actual allocations in line with target allocations.
 strategies to goal of ensuring sufficient assets to pay benefits include target allocations to broad array of asset classes within asset classes strategies employed to provide adequate returns , diversification liquidity.
 assets of company 2019s other trusts  within other postretirement benefit plans primarily invested in equities and fixed income funds.
 assets under other postretirement benefit trusts invested differently based on assets and liabilities of each trust.
 obligations of other postretirement benefit plans dominated by obligations for medical bargaining trust.
 thirty-nine percent and four percent of total postretirement plan benefit obligations related to medical non-bargaining and life insurance trusts .
 expected benefit payments related to benefit obligations far into future size of medical non-bargaining life insurance trusts 2019 obligations large compared to trusts 2019 assets investment strategy is to allocate significant portion of assets 2019 investment to equities  company believes will provide highest long-term return improve funding ratio.
 company engages third party investment managers for all invested assets.
 managers not permitted to invest outside of asset class.
fixed income , equity , alternatives ) or strategy for they appointed.
 investment management agreements recurring performance attribution analysis used as tools to ensure investment managers invest solely within investment strategy provided.
 futures options used to adjust portfolio duration to align with plan 2019s targeted investment policy.

| level 3
--------------------------------------- | --------
balance as of january 1 2015            | $ 127
actual return on assets                 | 12
purchases issuances and settlements net | -3 ( 3 )
balance as of december 31 2015          | $ 136


wood products sales in united states in 2005 of $ 1. 6 billion up 3% ( 3 % ) from $ 1. 5 billion in 2004 18% ( 18 % ) from $ 1. 3 billion in 2003.
 average price realiza- tions for lumber up 6% ( 6 % ) and 21% ( 21 % ) in 2005 compared with 2004 and 2003.
 lumber sales volumes 2005 up 5% ( 5 % ) versus 2004 and 10% ( 10 % ) versus 2003.
 average sales prices for plywood down 4% ( 4 % ) from 2004 but 15% ( 15 % ) higher than 2003.
 plywood sales volumes 2005 slightly higher than 2004 and 2003.
 operating profits 2005 18% ( 18 % ) lower than 2004 but nearly three times higher than 2003.
 lower average plywood prices higher raw material costs offset effects of higher average lumber prices volume increases positive sales mix.
 2005  log costs up 9% ( 9 % ) versus 2004 negatively im- pacting plywood and lumber profits.
 lumber and plywood operating costs reflected higher glue and natural gas costs versus 2004 first quarter of 2006 strong housing market low prod- uct inventory in distribution chain should translate into strong lumber and plywood demand.
 possible softening of housing starts higher interest rates could put pressure on pricing in second half of 2006.
 specialty businesses other businesses segment in- cludes operating results of arizona chemical , euro- pean distribution prior closure 2003 mississippi chemical cellulose pulp mill.
 included certain divested businesses results included in segment for periods prior to sale or closure.
 segment 2019s 2005 net sales declined 18% ( 18 % ) and 26% ( 26 % ) from 2004 and 2003.
 operating profits in 2005 down substantially from both 2004 and 2003.
decline in sales reflects declining contributions from businesses sold or closed.
 operating profits affected by higher energy and raw material costs in chemical business.
 specialty businesses other in millions 2005 2004 2003.
 chemicals sales were $ 692 million in 2005 com pared with $ 672 million in 2004 and $ 625 million in 2003.
 demand strong for most arizona chemical product lines operating profits in 2005 were 84% ( 84 % ) and 83% ( 83 % ) lower than in 2004 and 2003 due to higher energy costs u. higher prices reduced availability for crude tall oil ( ).
 in united states energy costs increased 41% ( 41 % ) compared to 2004 due to higher natural gas prices supply interruption costs.
 cto prices increased 26% ( 26 % ) compared to 2004 as energy users turned to cto as substitute fuel for high-cost alternative energy sources natural gas fuel.
 european cto receipts decreased 30% ( 30 % ) compared to 2004 due to lower yields following finnish paper industry strike swedish storm limited cto throughput sales volumes.
 other businesses in this operating segment include operations sold , closed or held for sale european distribution business  oil and gas and mineral royalty business  decorative products retail packaging natchez chemical cellulose pulp mill.
 sales for these businesses were $ 223 million in 2005 ( mainly european distribution decorative products ) compared with $ 448 million in 2004 ( $ 610 million in 2003.
 liquidity and capital resources overview major factor in international paper 2019s liquidity and capital resource planning is generation of operat- ing cash flow sensitive to changes in pricing and demand for major products.
changes in key cash operating costs , energy and raw material costs  effect on operating cash generation , believe our strong focus on cost controls improved cash flow generation over operating cycle.
 believe well positioned for improvements in operating cash flow should prices and worldwide economic conditions im- prove in future.
 of continuing focus on improving return on investment focused capital spending on improving key platform businesses in north america and in geographic areas with strong growth opportunities.
 spending levels kept below level of depreciation and amortization charges for each last three years anticipate con- tinuing this approach in 2006.
 with low interest rate environment in 2005 financing activities focused on repay- ment or refinancing of higher coupon debt  resulting in net reduction in debt of approximately $ 1. 7 billion in 2005.
 plan to continue this program  with addi- tional reductions anticipated as transformation plan progresses in 2006.
 liquidity position continues to be strong with approx- imately $ 3. 2 billion of committed liquidity to cover fu- ture short-term cash flow requirements not met by operating cash flows.

in millions      | 2005  | 2004   | 2003
---------------- | ----- | ------ | ------
sales            | $ 915 | $ 1120 | $ 1235
operating profit | $ 4   | $ 38   | $ 23


part i item 1 entergy corporation , utility operating companies  system energy including continued effectiveness of clean energy standards/zero emissions credit program ( ces/zec ) establishment of long-term agreements acceptable terms with energy research and development authority of state of new york connection with ces/zec program nypsc approval of transaction acceptable terms entergy refueled fitzpatrick plant in january and february 2017.
 october 2015  entergy determined would close pilgrim plant.
 decision after management 2019s extensive analysis of economics operating life of plant following nrc 2019s decision in september 2015 to place plant in 201cmultiple/repetitive degraded cornerstone column 201d ( column 4 ) of reactor oversight process action matrix.
 pilgrim plant expected to cease operations on may 31 , 2019 after refueling spring of 2017 operating through end of fuel cycle.
 december 2015  entergy wholesale commodities closed on sale of 583 mw rhode island state energy center ( risec ) in johnston , rhode island.
 base sales price excluding adjustments was approximately $ 490 million.
 entergy wholesale commodities purchased risec for $ 346 million in december 2011.
 december 2016 entergy announced reached agreement with consumers energy to terminate ppa for palisades plant on may 31 , 2018.
 ppa termination agreement consumers energy will pay entergy $ 172 million for early termination of ppa.
 ppa termination agreement subject to regulatory approvals.
 assuming regulatory approvals obtained for ppa termination agreement entergy intends to shut down palisades nuclear power plant permanently on october 1 , 2018 after refueling spring of 2017 operating through end of fuel cycle.
entergy expects to enter new ppa with consumers energy under plant continue operate through october 1 , 2018.
 january 2017  entergy announced reached settlement with new york state to shut down indian point 2 by april 30 , 2020 indian point 3 by april 30 , 2021  resolve new york state-initiated legal challenges to indian point 2019s operating license renewal.
 settlement new york state agreed to issue indian point 2019s water quality certification coastal zone management act consistency certification withdraw objection to license renewal before nrc.
 new york state agreed to issue water discharge permit  required regardless of plant seeking renewed nrc license.
 shutdowns conditioned  upon such actions taken by new york state.
 even without opposition nrc license renewal process expected to continue at least into 2018.
 with settlement concerning indian point , entergy announced plans for disposition of all entergy wholesale commodities nuclear power plants including sales of vermont yankee and fitzpatrick  earlier shutdowns of pilgrim , palisades  indian point 2  indian point 3.
 see 201centergy wholesale commodities exit from merchant power business 201d for further discussion.
 property nuclear generating stations entergy wholesale commodities includes ownership of following nuclear power plants : power plant market service year acquired location capacity - reactor type license expiration.

power plant          | market | in service year | acquired    | location    | capacity - reactor type     | license expiration date
-------------------- | ------ | --------------- | ----------- | ----------- | --------------------------- | -----------------------
pilgrim ( a )        | is0-ne | 1972            | july 1999   | plymouth ma | 688 mw - boiling water      | 2032 ( a )
fitzpatrick ( b )    | nyiso  | 1975            | nov . 2000  | oswego ny   | 838 mw - boiling water      | 2034 ( b )
indian point 3 ( c ) | nyiso  | 1976            | nov . 2000  | buchanan ny | 1041 mw - pressurized water | 2015 ( c )
indian point 2 ( c ) | nyiso  | 1974            | sept . 2001 | buchanan ny | 1028 mw - pressurized water | 2013 ( c )
vermont yankee ( d ) | is0-ne | 1972            | july 2002   | vernon vt   | 605 mw - boiling water      | 2032 ( d )
palisades ( e )      | miso   | 1971            | apr . 2007  | covert mi   | 811 mw - pressurized water  | 2031 ( e )


jpmorgan chase & co. /2012 annual report 249 note 13 2013 securities financing activities enters into resale agreements, repurchase agreements  securities borrowed transactions loaned transactions ( collectively , 201csecurities financing agreements 201d ) to finance firm 2019s inventory positions  acquire 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 sold or repurchased , plus accrued interest.
 securities borrowed securities loaned transactions carried at amount of cash collateral advanced or received.
 where appropriate under applicable accounting guidance resale and repurchase agreements with same counterparty reported on net basis.
 fees received and paid securities financing agreements recorded in interest income and interest expense ,.
 firm elected fair value option for certain securities financing agreements.
 for further information fair value option see note 4 on pages 214 2013 216 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 balance 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 instruments containing embedded derivatives separately accounted for in accounting guidance for hybrid instruments all changes in fair value  including interest elements reported in principal transactions revenue.
 following table details firm 2019s securities financing agreements  all accounted for as collateralized financings during periods presented.
december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements a ) $ 295413 $ 235000 securities borrowed b ) 119017 142462 securities sold under repurchase agreements c ) $ 215560 $ 197789 securities loaned d ) 23582 14214 a ) at december 31 , 2012 and 2011  included resale agreements of $ 24. 3 billion and $ 22. 2 billion  accounted for at fair value.
 b ) at december 31 , 2012 and 2011  included securities borrowed of $ 10. 2 billion and $ 15. 3 billion  accounted for at fair value.
 c ) at december 31 , 2012 2011 included repurchase agreements of $ 3. 9 billion and $ 6. 8 billion  accounted for at fair value.
 d ) at december 31 , 2012  included securities loaned of $ 457 million accounted for at fair value.
 no securities loaned accounted for at fair value at december 31 , 2011.
 amounts reported in table reduced by $ 96. 9 billion and $ 115. 7 billion at december 31 , 2012 and 2011  result of agreements effect meet conditions for net presentation under accounting guidance.
 jpmorgan chase 2019s policy to take possession of securities purchased under resale agreements and securities borrowed.
 firm monitors value of underlying securities ( primarily g7 government securities.
 agency securities agency mbs equities ) received from counterparties requests additional collateral or returns portion of collateral when appropriate in market value securities.
 margin levels established based upon counterparty and type of collateral monitored to protect against declines in collateral value default.
jpmorgan chase enters master netting agreements collateral arrangements with resale agreement and securities borrowed counterparties provide for right to liquidate purchased or borrowed securities in customer default.
 result of firm 2019s credit risk mitigation practices resale securities borrowed agreements firm hold reserves for credit impairment these agreements as of december 31 , 2012 for further information regarding assets pledged collateral received in securities financing agreements see note 30 on pages 315 2013316 of annual report.
 jpmorgan chase & co. /2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements, repurchase agreements securities borrowed transactions securities loaned transactions ( collectively  201csecurities financing agreements 201d ) primarily to finance firm 2019s inventory positions  acquire securities to 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 at securities will be sold or repurchased  plus accrued interest.
 securities borrowed and securities loaned transactions carried at amount of cash collateral advanced or received.
 where appropriate under accounting guidance resale and repurchase agreements with same counterparty reported on net basis.
 fees received and paid with securities financing agreements recorded in interest income and interest expense .
 firm elected fair value option for certain securities financing agreements.
 for further information fair value option see note 4 on pages 214 2013 216 of this annual report.
securities financing agreements for fair value option elected reported within securities purchased under resale ; loaned or sold under repurchase agreements ; borrowed on consolidated balance sheets.
 for agreements carried at fair value  current-period interest accruals recorded within interest income and interest expense  with changes in fair value reported in principal transactions revenue.
 for financial instruments containing embedded derivatives separately accounted for accounting guidance for hybrid instruments all changes in fair value  including interest elements reported in principal transactions revenue.
 table details firm 2019s securities financing agreements accounted for as collateralized financings during periods.
 december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ) $ 295413 $ 235000 securities borrowed ) 119017 142462 securities sold under repurchase agreements ) $ 215560 $ 197789 securities loaned d ) 23582 14214 at december 31, 2012 and 2011  included resale agreements of $ 24. 3 billion and $ 22. 2 billion  accounted for at fair value.
 b ) at december 31  2012 and 2011 included securities borrowed of $ 10. 2 billion and $ 15. 3 billion  accounted for at fair value.
 december 31 2012 2011 included repurchase agreements of $ 3. 9 billion and $ 6. 8 billion  accounted for at fair value.
 d ) at december 31 , 2012 included securities loaned of $ 457 million accounted for at fair value.
 no securities loaned accounted for at fair value at december 31 , 2011.
 amounts reported in table reduced by $ 96. 9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , respectively  result of agreements meet conditions for net presentation under applicable accounting guidance.
 jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and securities borrowed.
 firm monitors value of underlying securities ( primarily g7 government securities , u. s.
 agency securities and agency mbs , and equities ) received from counterparties and requests additional collateral or returns portion of collateral when appropriate in market value securities.
 margin levels established based upon counterparty and type of collateral monitored ongoing to protect against declines in collateral value in default.
 jpmorgan chase enters into master netting agreements and other collateral arrangements with resale agreement and securities borrowed counterparties , provide for right to liquidate purchased or borrowed securities in customer default.
 result of firm 2019s credit risk mitigation practices with resale and securities borrowed agreements firm did not hold any reserves for credit impairment with these agreements as of december 31 , 2012 for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report.

december 31 ( in millions )                        | 2012     | 2011
-------------------------------------------------- | -------- | --------
securities purchased under resale agreements ( a ) | $ 295413 | $ 235000
securities borrowed ( b )                          | 119017   | 142462
securities sold under repurchase agreements ( c )  | $ 215560 | $ 197789
securities loaned ( d )                            | 23582    | 14214


entergy arkansas , inc.
 subsidiaries management 2019s financial discussion and analysis stock restrict retained earnings for payment of cash dividends or other distributions on its common and preferred stock.
 sources of capital entergy sources to meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred stock issuances ; 2022 bank financing under new existing facilities.
 entergy may refinance  redeem retire debt and preferred stock prior to maturity market conditions and interest and dividend rates are favorable.
 all debt and common and preferred stock issuances require prior regulatory approval.
 preferred stock debt issuances subject to issuance tests in entergy 2019s corporate charters bond indentures other agreements.
 entergy arkansas has sufficient capacity under these tests to meet foreseeable capital needs.
 receivables from or ( payables to ) money pool were as follows as of december 31 for each following years.
 see note 4 to financial statements for description of money pool.
 entergy arkansas has credit facility in $ 150 million to expire in august 2021.
 also has $ 20 million credit facility to expire in april 2017.
 $ 150 million credit facility allows to issue letters of credit against 50% ( % ) of borrowing capacity of facility.
 as of december 31 , 2016 no cash borrowings and no letters of credit outstanding under credit facilities.
 entergy arkansas is a party to uncommitted letter of credit facility as to post collateral to support obligations.
 as of december 31 , 2016 a $ 1 million letter of credit was outstanding under entergy 2019s uncommitted letter of credit facility.
 see note 4 to financial statements for additional discussion of credit facilities.
entergy arkansas nuclear fuel company variable interest entity has credit facility $ 80 million scheduled to expire in may 2019.
 as of december 31 , 2016  no letters of credit outstanding under credit facility to support commercial paper issued by entergy entity.
 see note 4 to financial statements for discussion of nuclear fuel company variable interest entity credit facility.
 entergy arkansas obtained authorizations from ferc through october 2017 for short-term borrowings not to exceed aggregate $ 250 million outstanding and long-term borrowings by nuclear 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 limited to amounts authorized by apsc and tennessee regulatory authority ; current authorizations extend through december 2018.

2016             | 2015             | 2014             | 2013
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
( $ 51232 )      | ( $ 52742 )      | $ 2218           | $ 17531


grants of restricted awards subject to forfeiture if grantee leaves employment prior to expiration restricted period.
 new grants vest one year after date of grant in 25% ( 25 % ) increments over four year period exception of tsrs vest after three year period.
 table summarizes changes in non-vested restricted stock awards for years ended may 31 , 2013 and 2012 ( share awards in thousands ) : shares weighted average grant-date fair value.
 total fair value of share awards vested during years ended may 31 , 2013 , 2012 2011 was $ 13. 6 million , $ 12. 9 million $ 10. 8 million  respectively.
 recognized compensation expense for restricted stock of $ 16. 2 million , $ 13. 6 million , $ 12. 5 million in years ended may 31 , 2013 , 2012 2011.
 as of may 31 , 2013 $ 33. 5 million of total unrecognized compensation cost related to unvested restricted stock awards expected to be recognized over period of 2. 5 years.
 employee stock purchase plan purchase plan under sale of 2. 4 million shares of common stock authorized.
 employees may designate up to $ 25000 or 20% ( 20 % ) of annual compensation for purchase of stock.
 price for shares purchased under plan is 85% ( 85 % ) of market value on last day of quarterly purchase period.
 as of may 31 , 2013  1. 0 million shares issued under plan 1. 4 million shares reserved for future issuance.
 recognized compensation expense for plan of $ 0. 5 million in years ended may 31 , 2013  2012 2011.
weighted average grant-date fair value of each share purchased under plan during years ended may 31  2013  2012 2011 was $ 6 , $ 7 $ 6 , represents fair value of 15% ( 15 % ) discount.
 stock options options granted at 100% ( ) fair market value on date of grant have 10-year terms.
 stock options granted vest one year after date grant in 25% ( 25 % ) increments over four year period.
 plans provide for accelerated vesting under certain conditions.
 no options granted under plans during years ended may 31  2013 and may 31 2012.

| shares       | weighted averagegrant-datefair value
------------------------- | ------------ | ------------------------------------
non-vested at may 31 2011 | 869          | $ 40
granted                   | 472          | 48
vested                    | -321 ( 321 ) | 40
forfeited                 | -79 ( 79 )   | 43
non-vested at may 31 2012 | 941          | 44
granted                   | 561          | 44
vested                    | -315 ( 315 ) | 43
forfeited                 | -91 ( 91 )   | 44
non-vested at may 31 2013 | 1096         | $ 44


notes to consolidated financial statements fair values for all firm 2019s financial assets and financial liabilities based on observable prices inputs classified in levels 1 and 2 of fair value hierarchy.
 certain level 2 and level 3 financial assets financial liabilities may require valuation adjustments market participant require to arrive at fair value for factors counterparty firm 2019s credit quality  funding risk transfer restrictions liquidity bid/offer spreads.
 valuation adjustments based on market evidence.
 see notes 6 and 7 for further information about fair value measurements of cash instruments and derivatives included in 201cfinancial instruments owned, at fair value 201d and 201cfinancial instruments sold, but not yet purchased , at fair value , 201d and note 8 for further information about fair value measurements of other financial assets and financial liabilities accounted for at fair value under fair value option.
 financial assets financial liabilities accounted for fair value under fair value option.
 summarized below.
 1.
 represents impact on derivatives of cash collateral netting counterparty netting across levels of fair value hierarchy.
 netting among positions classified in same level included in level.
 level 3 financial assets as of december 2012 decreased compared with december 2011 reflecting decrease in derivative assets offset by increase in private equity investments.
 decrease in derivative assets reflected decline in credit derivative assets due to settlements  unrealized losses sales partially offset by net transfers from level 2.
 level 3 currency derivative assets declined compared december 2011 principally due to unrealized losses net transfers to level 2.
 increase in private equity investments reflected purchases unrealized gains offset by settlements net transfers to level 2.
see notes 6 , 7 8 for information about level 3 cash instruments  derivatives financial assets liabilities accounted for at fair value under fair value option  including information about significant unrealized gains losses transfers in out of level 3.
 goldman sachs 2012 annual report 119

$ in millions                                                                                | as of december 2012 | as of december 2011
----------------------------------------------------------------------------------------------- | ------------------- | -------------------
total level 1 financial assets                                                                  | $ 190737            | $ 136780
total level 2 financial assets                                                                  | 502293              | 587416
total level 3 financial assets                                                                  | 47095               | 47937
cash collateral and counterparty netting1                                                       | -101612 ( 101612 )  | -120821 ( 120821 )
total financial assets at fair value                                                            | $ 638513            | $ 651312
total assets                                                                                | $ 938555            | $ 923225
total level 3 financial assets as a percentage of total assets                                  | 5.0% ( 5.0 % )      | 5.2% ( 5.2 % )
total level 3 financial assets as a percentage of total financial assets at fair value          | 7.4% ( 7.4 % )      | 7.4% ( 7.4 % )
total level 1 financial liabilities                                                             | $ 65994             | $ 75557
total level 2 financial liabilities                                                             | 318764              | 319160
total level 3 financial liabilities                                                             | 25679               | 25498
cash collateral and counterparty netting1                                                       | -32760 ( 32760 )    | -31546 ( 31546 )
total financial liabilities at fair value                                                       | $ 377677            | $ 388669
total level 3 financial liabilities as a percentage of total financial liabilities at fairvalue | 6.8% ( 6.8 % )      | 6.6% ( 6.6 % )


mortgage loans citigroup elected fair value option for certain purchased originated prime fixed-rate and adjustable-rate first mortgage loans held-for-sale.
 loans intended for sale or securitization hedged with derivative instruments.
 company elected fair value option to mitigate accounting mismatches in hedge.
 changes in fair values of mortgage loans reported in other revenue in company 2019s consolidated statement of income.
 changes in fair value during years ended december 31, 2009 and 2008 due to instrument-specific credit risk resulted in $ 10 million loss and $ 32 million loss.
 related interest income measured based on contractual interest rates reported in consolidated statement of income.
 mortgage servicing rights company accounts for mortgage servicing rights ( msrs ) at fair value.
 fair value for msrs determined using option-adjusted spread valuation approach.
 approach projecting servicing cash flows under multiple interest-rate scenarios discounting cash flows using risk-adjusted rates.
 model assumptions in valuation of msrs include mortgage prepayment speeds discount rates.
 fair value of msrs affected by changes in prepayments from shifts in mortgage interest rates.
 managing risk company hedges significant portion of values of msrs through interest-rate derivative contracts forward-purchase commitments of mortgage-backed securities purchased securities classified as trading.
 see note 23 to consolidated financial statements for discussions accounting and reporting of msrs.
 these msrs  totaled $ 6. 5 billion and $ 5. 7 billion as of december 31 , 2009 and 2008 classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet.
 changes in fair value of msrs recorded in commissions and fees in company 2019s consolidated statement of income.
certain structured liabilities company elected fair value option for certain structured liabilities performance linked to structured interest rates  inflation or currency risks ( 201cstructured liabilities 201d ).
 company elected fair value option  these exposures trading-related positions managed on fair value basis.
 positions continue classified as debt , deposits or derivatives ( trading account liabilities ) on company 2019s consolidated balance sheet legal form.
 for those structured liabilities classified as long-term debt for fair value option elected aggregate unpaid principal balance exceeded aggregate fair value by $ 125 million and $ 671 million as of december 31 , 2009 and 2008 , respectively.
 change in fair value for structured liabilities reported in principal transactions in company 2019s consolidated statement of income.
 related interest expense measured based on contractual interest rates reported as in consolidated income statement.
 certain non-structured liabilities company elected fair value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ).
 company elected fair value option where interest-rate risk of liabilities economically hedged with derivative contracts or proceeds used to purchase financial assets accounted for at fair value through earnings.
 election to mitigate accounting mismatches and achieve operational simplifications.
 positions reported in short-term borrowings and long-term debt on company 2019s consolidated balance sheet.
 for those non-structured liabilities classified as short-term borrowings for fair value option elected  aggregate unpaid principal balance exceeded aggregate fair value of such instruments by $ 220 million as of december 31 , 2008.
non-structured liabilities as long-term debt for fair value option elected , aggregate unpaid principal balance exceeded aggregate fair value by $ 1542 million and $ 856 million as of december 31 , 2009 and 2008 , respectively.
 change in fair value for non-structured liabilities reported in principal transactions in company 2019s consolidated statement of income.
 related interest expense measured based on contractual interest rates reported as in consolidated income statement.
 accounting complex operational simplifications.
 fair value option not elected for loans held-for-investment, loans not hedged with derivative instruments.
 following table provides information about certain mortgage loans carried at fair value:

in millions of dollars                                                                                | december 31 2009 | december 31 2008
------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------------
carrying amount reported on the consolidated balance sheet                                                          | $ 3338           | $ 4273
aggregate fair value in excess of unpaid principalbalance                                                           | 55               | 138
balance of non-accrual loans or loans more than 90 days past due                                                    | 4                | 9
aggregate unpaid principal balance in excess of fair value for non-accrualloans or loans more than 90 days past due | 3                | 2


kimco realty corporation subsidiaries job title kimco realty ar revision 6 serial date / time tuesday , april 03 , 2007 /10:32 pm job number 142704 type current page no.
 65 operator pm2 <12345678> december 31 , 2006 2005  company 2019s net invest- ment in leveraged lease consisted ( in mil- lions ) :.
 9.
 mortgages other financing receivables january 2006  company provided approximately $ 16. 0 million share of $ 50. 0 million junior participation in $ 700. 0 million first mortgage loan  with private investment firm 2019s acquisition of retailer.
 loan participation bore interest at libor plus 7. 75% ( 7. 75 % ) per annum two-year term one-year extension option collateralized by real estate interests of retailer.
 june 2006  borrower elected pre-pay outstanding loan balance of approximately $ 16. 0 million full satisfaction loan.
 january 2006  company provided approximately $ 5. 2 million share of $ 11. 5 million term loan to real estate developer for acquisition of 59 acre land parcel in san antonio , tx.
 loan interest only at fixed rate of 11. 0% ( 11. 0 % ) for term two years payable monthly collateralized by first mortgage on subject property.
 as of december 31 , 2006  outstanding balance loan was approximately $ 5. 2 million.
 february 2006 company committed to provide one year $ 17. 2 million credit facility at fixed rate of 8. 0% ( 8. 0 % ) for term nine months 9. 0% ( 9. 0 % ) for remaining term to real estate investor for recapitalization of discount and entertain- ment mall it owns.
 during 2006  facility fully paid terminated.
 april 2006  company provided two separate mortgages aggregating $ 14. 5 million on property owned by real estate investor.
proceeds used to payoff existing first mortgage  buyout existing partner for redevelopment of property.
 mortgages bear interest at 8. 0% ( 8. 0 % ) per annum mature in 2008 and 2013.
 mortgages collateralized by subject property.
 as of december 31 , 2006 aggregate outstanding balance on mortgages was approximately $ 15. 0 million  including $ 0. 5 million accrued interest.
 during may 2006 company provided cad $ 23. 5 million collateralized credit facility at fixed rate of 8. 5% (. 5 % ) per annum for two years to real estate company for property acquisitions program.
 credit facility guaranteed by real estate company.
 company issued 9811 units  valued at approximately usd $ 0. 1 million  warrants to purchase up to 0. 1 million shares of real estate company as loan origination fee.
 august 2006  company increased credit facility to cad $ 45. 0 million received additional 9811 units  valued at approximately usd $ 0. 1 million  warrants to purchase up to 0. 1 million shares of real estate company.
 as of december 31 , 2006 outstand- ing balance on credit facility was approximately cad $ 3. 6 million ( approximately usd $ 3. 1 million ).
 during september 2005  newly formed joint venture company had 80% ( 80 % ) interest  acquired 90% ( 90 % ) interest in $ 48. 4 million mortgage receivable for purchase price of approximately $ 34. 2 million.
 loan bore interest at rate three-month libor plus 2. 75% (. 75 % ) per annum scheduled to mature on january 12 , 2010.
 626-room hotel in lake buena vista , fl collateralized loan.
 company determined joint venture entity was vie company primary benefici- ary of vie consolidated it for financial reporting purposes.
march 2006 joint venture acquired remaining 10% ( ) of mortgage receivable for purchase price approximately $ 3. 8 million.
 june 2006  joint venture accepted pre-payment of approximately $ 45. 2 million from borrower as satisfaction loan.
 august 2006 company provided $ 8. 8 million share of $ 13. 2 million 12-month term loan to retailer for general corporate purposes.
 loan bears interest at fixed rate of 12. 50% (. % ) interest payable monthly balloon payment for principal balance at maturity.
 loan collateralized by underlying real estate retailer.
 company funded $ 13. 3 million share of $ 20. 0 million revolving debtor-in-possession facility to retailer.
 facility bears interest at libor plus 3. 00% ( 3. 00 % ) unused line fee of 0. 375% ( 0. 375 % ).
 credit facility collateralized by first priority lien on all retailer 2019s assets.
 as of december 31 , 2006 compa ny 2019s share of outstanding balance on loan and credit facility was approximately $ 7. 6 million and $ 4. 9 million  respec.
 september 2006 company provided mxp 57. 3 million ( approximately usd $ 5. 3 million ) loan to owner of operating property in mexico.
 loan collateralized by property bears interest at 12. 0% ( 12. 0 % ) per annum matures in 2016.
 company entitled to participation feature of 25% ( 25 % ) of annual cash flows after debt service and 20% ( 20 % ) of gain on sale of property.
 as of december 31 , 2006 outstand- ing balance on loan was approximately mxp 57. 8 million ( approximately usd $ 5. 3 million ).
 november 2006  company committed to provide mxp 124. 8 million ( approximately usd $ 11.5 million ) loan to owner land parcel in acapulco , mexico.
 loan collateralized with operating property owned by bor- rower bears interest at 10% ( 10 % ) per annum matures in 2016.
 company entitled to participation feature of 20% ( % ) excess cash flows gains on sale property.
 as of decem- ber 31 , 2006  outstanding balance loan was mxp 12. 8 million ( approximately usd $ 1. 2 million ).

| 2006           | 2005
------------------------------------- | -------------- | --------------
remaining net rentals                 | $ 62.3         | $ 68.9
estimated unguaranteed residual value | 40.5           | 43.8
non-recourse mortgage debt            | -48.4 ( 48.4 ) | -52.8 ( 52.8 )
unearned and deferred income          | -50.7 ( 50.7 ) | -55.9 ( 55.9 )
net investment in leveraged lease     | $ 3.7          | $ 4.0


may 12 , 2017  company 2019s stockholders approved american water works company , inc.
 2017 omnibus equity compensation plan ( 201c2017 omnibus plan 201d ).
 total of 7. 2 million shares of common stock be issued under 2017 omnibus plan.
 as of december 31 , 2017 7. 2 million shares available for grant under 2017 omnibus plan.
 2017 omnibus plan provides grants of awards in forms : incentive stock options , nonqualified stock options , stock appreciation rights, stock units  stock awards  other stock-based awards dividend equivalents  granted only on stock units or other stock-based awards.
 following approval 2017 omnibus plan no additional awards granted under 2007 plan.
 shares still be issued under 2007 plan pursuant to terms of awards previously issued under plan prior to may 12  2017.
 cost of services received from employees in exchange for issuance of stock options restricted stock awards measured based on grant date fair value of awards.
 value of stock options rsus awards at date of grant amortized through expense over three-year service period.
 all awards granted in 2017 , 2016 2015 classified as equity.
 company recognizes compensation expense for stock awards over vesting period award.
 company stratified grant populations used historic employee turnover rates to estimate employee forfeitures.
 estimated rate compared to actual forfeitures at end of reporting period adjusted as necessary.
 following table presents stock-based compensation expense recorded in operation and maintenance expense in consolidated statements of operations for years ended december 31:.
 no significant stock-based compensation costs capitalized during years ended december 31 , 2017 , 2016 2015.
 company receives tax deduction based on intrinsic value of award at exercise date for stock options distribution date for rsus.
for each award , throughout requisite service period company recognizes tax benefits  included in deferred income tax assets  related to compensation costs.
 tax deductions in excess of benefits recorded requisite service period recorded to consolidated statements of operations presented in financing section of consolidated statements of cash flows.
 stock options no grants of stock options to employees in 2017.
 in 2016 and 2015  company granted non-qualified stock options to certain employees under 2007 plan.
 stock options vest ratably over three-year service period beginning on january 1 of year of grant have no performance vesting conditions.
 expense recognized using straight-line method amortized over requisite service period.

| 2017     | 2016     | 2015
------------------------------------------- | -------- | -------- | --------
stock options                               | $ 1      | $ 2      | $ 2
rsus                                        | 9        | 8        | 8
nonqualified employee stock purchase plan   | 1        | 1        | 1
stock-based compensation                    | 11       | 11       | 11
income tax benefit                          | -4 ( 4 ) | -4 ( 4 ) | -4 ( 4 )
stock-based compensation expense net of tax | $ 7      | $ 7      | $ 7


2022 increased liquid hydrocarbon  including synthetic crude oil reserves to 78 percent from 75 percent increased e&p net sales volumes excluding libya by 7 percent recorded 96 percent average operational availability for all major company-operated e&p assets compared to 94 percent in 2010 completed debottlenecking work increased crude oil production capacity at alvheim fpso in norway to 150000 gross bbld from previous capacity 142000 bbld original 2008 capacity 120000 gross bbld announced two non-operated discoveries in iraqi kurdistan region began drilling in poland completed aosp expansion 1 including start-up expanded scotford upgrader increase in net synthetic crude oil sales volumes of 48 percent completed dispositions of non-core assets and interests in acreage positions for net proceeds of $ 518 million repurchased 12 million shares of common stock at cost $ 300 million retired $ 2498 million principal of long-term debt resumed limited production in libya in fourth quarter of 2011 following february 2011 temporary suspension of operations consolidated results of operations : 2011 compared to 2010 due to spin-off of downstream business on june 30 2011 discontinued operations income from continuing operations more representative of marathon oil as independent energy company.
 consolidated income from continuing operations before income taxes was 9 percent higher in 2011 than 2010 due to higher liquid hydrocarbon prices.
 improvement offset by increased income taxes of excess foreign tax credits generated during 2011.
 effective income tax rate for continuing operations was 61 percent in 2011 compared to 54 percent in 2010.
 revenues summarized in following table : ( in millions ) 2011 2010.
 e&p segment revenues increased $ 2247 million from 2010 to 2011 primarily due to higher average liquid hydrocarbon realizations were $ 99.37 per bbl in 2011 31 percent increase over 2010.
 revenues 2010 included net pre-tax gains $ 95 million on derivative instruments mitigate price risk on future sales of liquid hydrocarbons natural gas.
 included in e&p segment are supply optimization activities include purchase of commodities from third parties for resale.
 supply optimization aggregate volumes satisfy transportation commitments achieve flexibility within product types delivery points.
 cost of revenues discussion revenues from supply optimization approximate related costs.
 higher average crude oil prices in 2011 compared to 2010 increased revenues related to supply optimization.
 revenues from sale of u. s.
 production higher 2011 result of higher liquid hydrocarbon natural gas price realizations sales volumes declined.

( in millions )                      | 2011       | 2010
------------------------------------ | ---------- | ----------
e&p                                  | $ 13029    | $ 10782
osm                                  | 1588       | 833
ig                                   | 93         | 150
segment revenues                     | 14710      | 11765
elimination of intersegment revenues | -47 ( 47 ) | -75 ( 75 )
total revenues                       | $ 14663    | $ 11690


cgmhi has substantial borrowing arrangements facilities advised available no contractual lending obligation exists.
 these arrangements are reviewed ongoing to ensure flexibility in meeting cgmhi 2019s short-term requirements.
 company issues fixed and variable rate debt in range of currencies.
 uses derivative contracts  primarily interest rate swaps to convert portion fixed rate debt to variable rate debt variable rate debt to fixed rate debt.
 maturity structure of derivatives corresponds to maturity structure debt hedged.
 company uses other derivative contracts to manage foreign exchange impact of certain debt issuances.
 at december 31, 2009  company 2019s overall weighted average interest rate for long-term debt was 3. 51% ( 3. 51 % ) on contractual basis and 3. 91% ( 3. 91 % ) including effects of derivative contracts.
 aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows:.
 long-term debt at december 31 , 2009 and december 31 , 2008 includes $ 19345 million and $ 24060 million  respectively of junior subordinated debt.
 company formed statutory business trusts under laws of state of delaware.
 trusts exist for exclusive purposes of issuing trust securities representing undivided beneficial interests in assets trust ; investing gross proceeds of trust securities in junior subordinated deferrable interest debentures ( ) of its parent ; engaging in only activities necessary or incidental.
 upon approval from federal reserve citigroup has right to redeem these securities.
 citigroup contractually agreed not to redeem or purchase 6. 50% ( 6. 50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056  the 6. 45% ( 6.45 % ) enhanced trust preferred securities citigroup capital xvi before december 31 , 2046  iii 6. 35% ( 6. 35 % ) enhanced trust securities citigroup capital xvii before march 15 , 2057  iv 6. 829% ( 6. 829 % ) fixed rate/floating rate enhanced trust securities citigroup capital xviii before june 28 , 2047  7. 250% ( 7. 250 % ) enhanced trust securities citigroup capital xix before august 15 , 2047  vi 7. 875% ( 7. 875 % ) enhanced trust securities citigroup capital xx before december 15, 2067  vii 8. 300% ( 8. 300 % ) fixed rate/floating rate enhanced trust securities citigroup capital xxi before december 21 , 2067  unless certain conditions  described in exhibit 4. 03 to citigroup 2019s current report on form 8-k filed september 18 , 2006  exhibit 4. 02 current report form 8-k filed november 28 , 2006  exhibit 4. 02 citigroup 2019s current report form 8-k filed march 8 , 2007  exhibit 4. 02 citigroup report 8-k filed july 2 , 2007  exhibit 4. 02 citigroup current report form 8-k filed august 17 , 2007  exhibit 4. 2 citigroup 2019s current report form 8-k filed november 27 , 2007  exhibit 4. 2 to citigroup 2019s current report form 8-k filed december 21 , 2007  met.
 agreements for benefit of holders of citigroup 2019s 6. 00% ( 6. 00 % ) junior subordinated deferrable interest debentures due 2034.
 citigroup owns all voting securities of subsidiary trusts.
subsidiary trusts have no assets , operations revenues cash flows other than related to issuance  administration  repayment of subsidiary trusts subsidiary trusts 2019 common securities.
 subsidiary trusts 2019 obligations are fully unconditionally guaranteed by citigroup.

in millions of dollars                  | 2010    | 2011    | 2012    | 2013    | 2014    | thereafter
--------------------------------------- | ------- | ------- | ------- | ------- | ------- | ----------
citigroup parent company                | $ 18030 | $ 20435 | $ 29706 | $ 17775 | $ 18916 | $ 92942
other citigroup subsidiaries            | 18710   | 29316   | 17214   | 5177    | 12202   | 14675
citigroup global markets holdings inc . | 1315    | 1030    | 1686    | 388     | 522     | 8481
citigroup funding inc .                 | 9107    | 8875    | 20738   | 4792    | 3255    | 8732
total                                   | $ 47162 | $ 59656 | $ 69344 | $ 28132 | $ 34895 | $ 124830


acquire operations facilities from municipalities local governments , as they seek to raise capital reduce risk.
 realize synergies from consolidating businesses into existing operations  through acquisitions or public-private partnerships, allows to reduce capital expenditures expenses associated with truck routing personnel fleet maintenance inventories back-office administration.
 operating model goal of operating model pillar is to deliver consistent high-quality service to all customers through republic way : one way.
 everywhere.
 every day.
 approach of developing standardized processes with rigorous controls tracking allows us to leverage our scale deliver durable operational excellence.
 republic way is key to harnessing best of what we do as operators translating across all facets of business.
 key enabler of republic way is organizational structure fosters high performance culture by maintaining 360-degree accountability full profit and loss responsibility with local management supported by functional structure to provide subject matter expertise.
 structure allows us to advantage of scale by coordinating functionally across all markets empowering local management to respond to unique market dynamics.
 rolled out productivity cost control initiatives to deliver best service to customers in most efficient environmentally sound way.
 fleet automation approximately 75% ( 75 % ) of residential routes converted to automated single-driver trucks.
 by converting residential routes to automated service reduce labor costs improve driver productivity decrease emissions create safer work environment for employees.
 communities using automated vehicles have higher participation rates in recycling programs complementing initiative to expand recycling capabilities.
 fleet conversion to compressed natural gas ( cng ) approximately 19% ( 19 % ) of our fleet operates on natural gas.
 expect to continue gradual fleet conversion to cng as part of ordinary annual fleet replacement process.
believe gradual fleet conversion is prudent approach to realizing full value of previous fleet investments.
 approximately 30% ( 30 % ) of replacement vehicle purchases during 2017 were cng vehicles.
 believe using cng vehicles provides competitive advantage in communities with strict clean emission initiatives protecting environment.
 upfront capital costs higher using cng reduces fleet operating costs through lower fuel expenses.
 as of december 31 , 2017  operated 37 cng fueling stations.
 standardized maintenance industry trade publication operate seventh largest vocational fleet in united states.
 as of december 31, 2017  average fleet age in years by line of business  follows : approximate number of vehicles approximate average age.

| approximate number of vehicles | approximate average age
--------------- | ------------------------------ | -----------------------
residential     | 7200                           | 7.5
small-container | 4600                           | 7.1
large-container | 4100                           | 8.8
total           | 15900                          | 7.7


stock performance graph * $ 100 invested december 31 , 2011 in our stock or relevant index including reinvestment dividends.
 fiscal year ended december 31 , 2016.
 ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index  including american axle & manufacturing , borgwarner inc. cooper tire & rubber company , dana inc. delphi automotive plc dorman products inc. federal-mogul corp. ford motor co. general motors co. gentex corp. gentherm inc. genuine parts co. goodyear tire & rubber co. johnson controls international plc lear corp. lkq corp. meritor inc. standard motor products inc. stoneridge inc. superior industries international  tenneco inc. tesla motors inc. tower international inc. visteon corp. wabco holdings inc.
 company index december 31 , december 31 .
 dividends company declared paid cash dividends $ 0. 25 and $ 0. 29 per ordinary share each quarter of 2015 and 2016 .
 january 2017  board of directors declared regular quarterly cash dividend $ 0. 29 per ordinary share  payable february 15 , 2017 to shareholders of record close of business february 6 , 2017.

company index                        | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016
------------------------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | ----------------
delphi automotive plc ( 1 )          | $ 100.00         | $ 177.58         | $ 283.02         | $ 347.40         | $ 414.58         | $ 331.43
s&p 500 ( 2 )                        | 100.00           | 116.00           | 153.58           | 174.60           | 177.01           | 198.18
automotive supplier peer group ( 3 ) | 100.00           | 127.04           | 188.67           | 203.06           | 198.34           | 202.30


notes to consolidated financial statements continued ) march 31 , 2004 5.
 income taxes continued ) effective tax rate of zero differs from statutory rate 34% ( 34 % ) due to inability company to recognize deferred tax assets for operating losses and tax credits.
 total valuation allowance approximately $ 2400000 relates to stock option compensation deductions.
 tax benefit stock option deductions credited to equity when realized.
 6.
 commitments contingencies company applies disclosure provisions of fin no.
 45 , guarantor 2019s accounting and disclosure requirements for guarantees including guarantees of indebtedness others interpretation of fasb statements no.
 5 , 57 and 107 rescission of fasb interpretation no.
 34 ( fin no.
 45 ) to agreements contain guarantee or indemnification clauses.
 disclosure provisions expand required by sfas no.
 5 , accounting for contingencies by requiring guarantors disclose certain types of guarantees even if likelihood requiring guarantor 2019s performance remote.
 description of arrangements in company is guarantor.
 product warranties 2013 company accrues for estimated future warranty costs on product sales at time of sale.
 ab5000 and bvs products subject to rigorous regulation quality standards.
 company engages in extensive product quality programs processes monitoring quality component suppliers warranty obligation affected by product failure rates.
 operating results could be adversely effected if actual cost of product failures exceeds estimated warranty provision.
 patent indemnifications 2013 sales transactions company indemnifies customers against possible claims of patent infringement caused by company 2019s products.
 indemnifications within sales contracts do not include limits on claims.
 company never incurred material costs to defend lawsuits or settle patent infringement claims related to sales transactions.
under provisions of fin no.
 45 , intellectual property indemnifications require disclosure only.
 as of march 31 , 2004  company had entered into leases for facilities  including primary operating facility in danvers , massachusetts  with terms through fiscal 2010.
 company elected not to exercise buyout option under primary lease allowed for early termination in 2005.
 total rent expense under these leases included in consolidated statements of operations was approximately $ 856000 , $ 823000 and $ 821000 for fiscal years ended march 31 , 2002 , 2003 and 2004 .
 during fiscal year ended march 31, 2000  company entered into 36-month operating leases totaling approximately $ 644000 for lease of office furniture.
 leases ended in fiscal year 2003 and company option furniture was purchased.
 rental expense recorded for these leases during fiscal years ended march 31 , 2002 and 2003 was approximately $ 215000 and $ 127000 respectively.
 during fiscal 2000  company entered 36-month capital lease for computer equipment and software for approximately $ 221000.
 lease ended in fiscal year 2003 company option assets were purchased.
 future minimum lease payments under all non-cancelable operating leases as of march 31 , 2004 are approximately as follows ( in thousands ) :.
 company involved in legal and administrative proceedings and claims of various types.
 while litigation contains element of uncertainty management consultation with company 2019s general counsel believes outcome of each other proceedings or claims pending or known threatened will not have material adverse effect on company.

year ending march 31,               | operating leases
----------------------------------- | ----------------
2005                                | $ 781
2006                                | 776
2007                                | 769
2008                                | 772
2009                                | 772
thereafter                          | 708
total future minimum lease payments | $ 4578


4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually on may 24 and november 24 each year commenced november 24 , 2011 approximately $ 32 million per year.
 2021 notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.
 2021 notes issued at discount of $ 4 million.
 december 31 , 2014  $ 3 million of unamortized debt issuance costs included in other assets on consolidated statement financial condition amortized over remaining term of 2021 notes.
 in may 2011  with 2013 floating rate notes company entered $ 750 million notional interest rate swapmaturing in 2013 to hedge future cash flows obligation at fixed rate of 1. 03% ( 1. 03 % ).
 during second quarter of 2013  interest rate swapmatured and 2013 floating rate notes fully repaid.
 2019 notes.
 december 2009  company issued $ 2. 5 billion in aggregate unsecured and unsubordinated obligations.
 notes issued as three separate series of senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes  repaid in december 2014 at maturity $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2019 ( 201c2019 notes 201d ).
 net proceeds offering used to repay borrowings under cp program finance portion acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1, 2009 ( 201cbgi transaction 201d ) for general corporate purposes.
interest on 2019 notes approximately $ 50 million per year payable semi-annually arrears on june 10 december 10 each year.
 notes may be redeemed prior to maturity whole or part at option company at 201cmake- whole 201d redemption price.
 notes issued collectively at discount of $ 5 million.
 december 31 , 2014  $ 3 million unamortized debt issuance costs included in other assets on consolidated statement financial condition amortized over remaining term of 2019 notes.
 2017 notes.
 in september 2007  company issued $ 700 million aggregate principal amount 6. 25% ( 6. 25 % ) senior unsecured unsubordinated notes maturing on september 15, 2017 ( 201c2017 notes 201d ).
 portion of net proceeds 2017 notes used to fund initial cash payment for acquisition of fund-of-funds business of quellos remainder used for general corporate purposes.
 interest payable semi-annually in arrears on march 15 and september 15 each year approximately $ 44 million per year.
 2017 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.
 2017 notes issued at discount of $ 6 million  amortized over ten-year term.
 company incurred approximately $ 4 million of debt issuance costs amortized over ten years.
 at december 31 , 2014  $ 1 million of unamortized debt issuance costs included in other assets on consolidated statement of financial condition.
 13.
 commitments contingencies operating lease commitments company leases primary office spaces under agreements expire through 2035.
 future minimum commitments under operating leases : ( in millions ).
 rent expense and certain office equipment expense under agreements amounted to $ 132 million , $ 137 million $ 133 million in 2014 , 2013 2012 , respectively.
investment commitments.
 at december 31 , 2014  company had $ 161 million of capital commitments to fund sponsored investment funds  including funds private equity funds real estate funds infrastructure funds opportunistic funds distressed credit funds.
 amount excludes additional commitments by consolidated funds of funds to third-party funds as third-party noncontrolling interest holders have legal obligation to fund respective commitments of such funds.
 in addition to capital commitments of $ 161 million company had approximately $ 35 million of contingent commitments for certain funds investment periods expired.
 timing of funding of these commitments unknown commitments callable on demand at any time prior to expiration commitment.
 unfunded commitments not recorded on consolidated statements of financial condition.
 commitments do not include potential future commitments approved company not yet legally binding.
 company intends to make additional capital commitments to fund additional investment products for with clients.
 contingencies contingent payments.
 company acts as portfolio manager in derivative transactions has maximum potential exposure of $ 17 million under a derivative between company and counterparty.
 see note 7 , derivatives and hedging  for further discussion.
 contingent payments related to business acquisitions.
 in connection with credit suisse etf transaction blackrock required to make contingent payments annually to credit suisse  subject to achieving specified thresholds during seven-year period subsequent to 2013 acquisition date.
 in blackrock required to make contingent payments related to mgpa transaction during five-year period  subject to achieving specified thresholds subsequent to 2013 acquisition date.
 fair value of remaining contingent payments at december 31 , 2014 not significant to consolidated statement of financial condition included in other liabilities.
 legal proceedings.
time to time , blackrock receives subpoenas requests for information from various u. s.
 federal state governmental domestic

year       | amount
---------- | ------
2015       | $ 126
2016       | 111
2017       | 112
2018       | 111
2019       | 105
thereafter | 613
total      | $ 1178


2012 ppg annual report form 10-k 45 costs related to notes  totaled $ 17 million amortized to interest expense over respective terms of notes.
 in august 2010  ppg entered three-year credit agreement with banks financial institutions ( "2010 credit agreement" ) terminated in july 2012.
 2010 credit agreement provided for $ 1. 2 billion unsecured revolving credit facility.
 connection 2010 credit agreement company terminated 20ac650 million and $ 1 billion revolving credit facilities each set to expire in 2011.
 no outstanding amounts due under either revolving facility at times termination.
 2010 credit agreement set to terminate on august 5, 2013.
 ppg 2019s non-u. s.
 operations have uncommitted lines of credit totaling $ 705 million $ 34 million used as of december 31 , 2012.
 uncommitted lines of credit subject to cancellation any time not subject to commitment fees.
 short-term debt outstanding as of december 31 , 2012 and 2011 as follows:.
 ppg in compliance with restrictive covenants under various credit agreements , loan agreements indentures.
 company 2019s revolving credit agreements include financial ratio covenant.
 covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding portion accumulated other comprehensive income ( loss ) related to pensions other postretirement benefit adjustments.
 as of december 31 , 2012  total indebtedness was 42% ( 42 % ) of company 2019s total capitalization excluding portion accumulated other comprehensive income ( loss ) related to pensions other postretirement benefit adjustments.
 all company 2019s debt agreements contain customary cross- default provisions.
 provisions provide default on debt service payment of $ 10 million or more for longer than grace period ( usually 10 days ) under one agreement may result in event of default under other agreements.
company 2019s primary debt obligations secured or guaranteed by affiliates.
 interest payments in 2012 , 2011 2010 totaled $ 219 million , $ 212 million and $ 189 million  respectively.
 in october 2009 company entered agreement with counterparty to repurchase 1. 2 million shares of company 2019s stock 1. 1 million shares purchased in open market ( 465006 shares purchased as of december 31, 2009 at average price of $ 56. 66 per share ).
 counterparty held shares until september 2010 when company paid $ 65 million took possession shares.
 rental expense for operating leases was $ 233 million , $ 249 million and $ 233 million in 2012 , 2011 2010 .
 primary leased assets include paint stores  transportation equipment  warehouses distribution facilities office space including corporate headquarters in pittsburgh.
 minimum lease commitments for operating leases initial or remaining lease terms in excess of one year as of december 31 , 2012 are in millions ) $ 171 in 2013 , $ 135 in 2014 , $ 107 in 2015 , $ 83 in 2016  $ 64 in 2017 $ 135 thereafter.
 company had outstanding letters of credit and surety bonds of $ 119 million as of december 31 , 2012.
 letters of credit secure company 2019s performance to third parties under self-insurance programs and other commitments in ordinary course of business.
 of december 31 , 2012 and 2011 guarantees outstanding were $ 96 million and $ 90 million.
 guarantees relate to debt of certain entities in ppg has ownership interest and selected customers of company 2019s businesses.
 portion of debt secured by assets of related entities.
carrying values of guarantees were $ 11 million and $ 13 million as of december 31, 2012 and 2011  respectively fair values were $ 11 million and $ 21 million  as of december 31  2012 2011  respectively.
 fair value of each guarantee estimated by comparing net present value of two hypothetical cash flow streams one based on ppg 2019s incremental borrowing rate and other borrower 2019s incremental borrowing rate as of effective date of guarantee.
 both streams were discounted at risk free rate of return.
 company believe loss related to letters of credit  surety bonds or guarantees likely.
 9.
 fair value measurement accounting guidance establishes hierarchy with three levels of inputs determine fair value.
 level 1 inputs are quoted prices ( unadjusted ) in active markets for identical assets and liabilities most reliable evidence of fair value used whenever available.
 level 2 inputs are observable prices not quoted on active exchanges.
 level 3 inputs are unobservable inputs for measuring fair value of assets liabilities.
 table of contents notes to consolidated financial statements

( millions )                                                                                | 2012 | 2011
------------------------------------------------------------------------------------------------------- | ---- | ----
other weighted average 2.27% ( 2.27 % ) as of dec . 31 2012 and 3.72% ( 3.72 % ) as of december 31 2011 | $ 39 | $ 33
total                                                                                | $ 39 | $ 33


stock performance graph : graph shows cumulative total shareholder return assuming investment $ 100 , on december 31 , 2010  reinvestment of dividends thereafter if in company's common stock versus standard and poor's s&p 500 retail index ( "s&p 500 retail index ) and standard and poor's s&p 500 index "s&p 500 ).

company/index             | december 31 , 2010 | december 31 , 2011 | december 31 , 2012 | december 31 , 2013 | december 31 , 2014 | december 31 , 2015
------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ------------------ | ------------------
o'reilly automotive inc . | $ 100              | $ 132              | $ 148              | $ 213              | $ 319              | $ 419
s&p 500 retail index      | 100                | 103                | 128                | 185                | 203                | 252
s&p 500                   | $ 100              | $ 100              | $ 113              | $ 147              | $ 164              | $ 163


goldman sachs group  inc.
 subsidiaries notes consolidated financial statements long-term debt instruments aggregate contractual principal amount of long-term other secured financings fair value option elected exceeded related fair value by $ 361 million and $ 362 million as of december 2016 and december 2015 .
 aggregate contractual principal amount of unsecured long-term borrowings fair value option elected exceeded related fair value by $ 1. 56 billion and $ 1. 12 billion as of december 2016 december 2015 .
 amounts include principal- and non-principal-protected long-term borrowings.
 impact of credit spreads on loans lending commitments estimated net gain attributable to changes in instrument-specific credit spreads loans lending commitments fair value option elected was $ 281 million for 2016 , $ 751 million for 2015 $ 1. 83 billion for 2014 .
 firm calculates fair value of loans lending commitments fair value option elected by discounting future cash flows incorporates instrument-specific credit spreads.
 for floating-rate loans lending commitments all changes in fair value attributable to changes instrument-specific credit spreads for fixed-rate loans lending commitments changes fair value also attributable to changes in interest rates.
 debt valuation adjustment firm calculates fair value of financial liabilities fair value option elected by discounting future cash flows incorporates firm 2019s credit spreads.
 net dva on such financial liabilities was loss of $ 844 million ( $ 544 million , net of tax ) for 2016 included in 201cdebt valuation adjustment 201d in consolidated statements of comprehensive income.
 gains/ ( losses ) reclassified to earnings from accumulated other comprehensive loss upon extinguishment of financial liabilities not material for 2016.
 note 9.
loans receivable comprised of loans held for investment accounted for at amortized cost net of allowance for loan losses.
 interest on loans recognized over life of loan recorded on accrual basis.
 table presents details about loans receivable.
 as of december 2016 and december 2015  fair value of loans receivable was $ 49. 80 billion and $ 45. 19 billion , respectively.
 of december 2016  had these loans carried at fair value included fair value hierarchy $ 28. 40 billion and $ 21. 40 billion would have been classified in level 2 and level 3,.
 of december 2015  had loans carried at fair value $ 23. 91 billion and $ 21. 28 billion would have been classified in level 2 and level 3 ,.
 firm also extends lending commitments held for investment accounted for on accrual basis.
 as of december 2016 and december 2015  such lending commitments were $ 98. 05 billion and $ 93. 92 billion .
 all commitments extended to corporate borrowers primarily related to firm 2019s relationship lending activities.
 carrying value and estimated fair value of lending commitments were liabilities of $ 327 million and $ 2. 55 billion , as of december 2016 and $ 291 million and $ 3. 32 billion , as of december 2015.
 december 2016 had these lending commitments carried at fair value included fair value hierarchy $ 1. 10 billion and $ 1. 45 billion would have been classified in level 2 and level 3 .
 as of december 2015  had these lending commitments carried at fair value included $ 1. 35 billion and $ 1. 97 billion would have been classified in level 2 and level 3 .
 goldman sachs 2016 form 10-k 147

$ in millions                              | as of december 2016 | as of december 2015
------------------------------------------ | ------------------- | -------------------
corporate loans                            | $ 24837             | $ 20740
loans to private wealth management clients | 13828               | 13961
loans backed by commercial real estate     | 4761                | 5271
loans backed by residential real estate    | 3865                | 2316
other loans                                | 2890                | 3533
total loans receivable gross               | 50181               | 45821
allowance for loan losses                  | -509 ( 509 )        | -414 ( 414 )
total loans receivable                     | $ 49672             | $ 45407


republic services , inc.
 notes to consolidated financial statements 2014 ( continued ) credit exposure  we continually monitor credit worthiness of financial institutions where we have deposits.
 concentrations of credit risk with respect to trade accounts receivable limited due to wide variety of customers and markets in we provide services dispersion of operations across many geographic areas.
 provide services to commercial , industrial municipal residential customers in united states and puerto rico.
 perform ongoing credit evaluations of customers generally do not require collateral to support customer receivables.
 establish allowance for doubtful accounts based on factors including credit risk of specific customers age of receivables outstanding historical trends  economic conditions other information.
 accounts receivable , net accounts receivable represent receivables from customers for collection , transfer  recycling disposal other services.
 receivables recorded when billed or when related revenue earned represent claims against third parties settled in cash.
 carrying value of receivables , net of allowance for doubtful accounts customer credits represents estimated net realizable value.
 provisions for doubtful accounts evaluated on monthly basis recorded based on historical collection experience age of receivables specific customer information economic conditions.
 review outstanding balances on account-specific basis.
 reserves provided for accounts receivable in excess of 90 days outstanding.
 past due receivable balances written-off when collection efforts unsuccessful in collecting amounts due.
 following table reflects activity in allowance for doubtful accounts for years ended december 31:.
 restricted cash and marketable securities as of december 31 , 2014  had $ 115. 6 million of restricted cash and marketable securities.
obtain funds through issuance of tax-exempt bonds for financing qualifying expenditures at our landfills , transfer stations  collection and recycling centers.
 funds deposited directly into trust accounts by bonding authorities at time of issuance.
 use of these funds is contractually restricted  not ability to use funds for general operating purposes , classified as restricted cash and marketable securities in consolidated balance sheets.
 in normal course of business  may be required to provide financial assurance to governmental agencies other entities in connection with municipal residential collection contracts  closure post- closure of landfills  environmental remediation  environmental permits business licenses and permits as financial guarantee of performance.
 at several landfills  satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.
 property and equipment record property and equipment at cost.
 expenditures for major additions improvements to facilities capitalized  maintenance and repairs charged to expense as incurred.
 when property retired or disposed , related cost and accumulated depreciation removed from accounts resulting gain or loss reflected in consolidated statements of income.

| 2014           | 2013           | 2012
---------------------------- | -------------- | -------------- | --------------
balance at beginning of year | $ 38.3         | $ 45.3         | $ 48.1
additions charged to expense | 22.6           | 16.1           | 29.7
accounts written-off         | -22.0 ( 22.0 ) | -23.1 ( 23.1 ) | -32.5 ( 32.5 )
balance at end of year       | $ 38.9         | $ 38.3         | $ 45.3


management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) effect of foreign exchange rate changes on cash , cash equivalents restricted cash included in consolidated statements of cash flows resulted in increase of $ 11. 6 in 2016  primarily result of brazilian real strengthening against u.
 dollar as of december 31 , 2016 compared to december 31 , 2015.
 liquidity outlook expect cash flow from operations existing cash cash equivalents to be sufficient to meet anticipated operating requirements minimum for next twelve months.
 have committed corporate credit facility , uncommitted lines of credit commercial paper program available to support operating needs.
 continue maintain disciplined approach to managing liquidity  with flexibility over significant uses of cash  including capital expenditures  cash for new acquisitions  common stock repurchase program common stock dividends.
 from time evaluate market conditions financing alternatives for opportunities to raise additional funds improve liquidity profile  enhance financial flexibility manage market risk.
 ability to access capital markets depends on factors include specific to us  credit ratings  related to financial markets  amount or terms of available credit.
 no guarantee able to access new sources of liquidity  or continue to access existing sources of liquidity , on commercially reasonable terms  or at all.
 funding requirements significant funding requirements include operations , non-cancelable operating lease obligations  capital expenditures  acquisitions  common stock dividends  taxes debt service.
 may be required to make payments to minority shareholders in certain subsidiaries if they exercise options to sell us equity interests.
 notable funding requirements include : 2022 debt service 2013 as of december 31 , 2017 , had outstanding short-term borrowings of $ 84.9 uncommitted lines of credit used to fund seasonal working capital needs.
 remainder of debt primarily long-term maturities scheduled through 2024.
 see table below for maturity schedule of long-term debt.
 2022 acquisitions 2013 paid cash of $ 29. 7 , net of cash acquired of $ 7. 1 , for acquisitions completed in 2017.
 paid $ 0. 9 in up-front payments $ 100. 8 in deferred payments for prior-year acquisitions ownership increases in consolidated subsidiaries.
 addition to potential cash expenditures for new acquisitions expect to pay approximately $ 42. 0 in 2018 related to prior acquisitions.
 may be required to pay approximately $ 33. 0 in 2018 related to put options by minority shareholders if exercised.
 continue to evaluate strategic opportunities to grow to strengthen market position in digital marketing services offerings expand presence in high-growth key strategic world markets.
 2022 dividends 2013 during 2017  paid four quarterly cash dividends of $ 0. 18 per share on common stock to aggregate dividend payments of $ 280. 3.
 on february 14 , 2018 board of directors ) declared common stock cash dividend of $ 0. 21 per share , payable on march 15, 2018 to holders of record as of close of business march 1 , 2018.
 assuming pay quarterly dividend of $ 0. 21 per share no significant change in number of outstanding shares as of december 31 , 2017  expect to pay approximately $ 320. 0 over next twelve months.

balance sheet data                              | december 31 , 2017 | december 31 , 2016
----------------------------------------------- | ------------------ | ------------------
cash cash equivalents and marketable securities | $ 791.0            | $ 1100.6
short-term borrowings                           | $ 84.9             | $ 85.7
current portion of long-term debt               | 2.0                | 323.9
long-term debt                                  | 1285.6             | 1280.7
total debt                                      | $ 1372.5           | $ 1690.3


individual loan before modified as a tdr in discounted cash flow analysis to determine specific loan 2019s expected impairment.
 specifically , a loan more severe delinquency history prior to modification will have higher future default rate than loan not severely delinquent.
 for both one- to four-family and home equity loan portfolio segments , pre- modification delinquency status , borrower 2019s current credit score and other credit bureau attributes , to each loan 2019s individual default experience and credit characteristics  incorporated into calculation of specific allowance.
 specific allowance is established to extent recorded investment exceeds discounted cash flows of a tdr with corresponding charge to provision for loan losses.
 specific allowance for these individually impaired loans represents forecasted losses over estimated remaining life of loan , including economic concession to borrower.
 effects if actual results differ historic volatility in credit markets increased complexity and uncertainty in estimating losses in loan portfolio.
 in current market difficult to estimate how potential changes in quantitative and qualitative factors  including impact of home equity lines of credit converting from interest only to amortizing loans or requiring borrowers to repay loan in full at end of draw period  might impact allowance for loan losses.
 if underlying assumptions and judgments inaccurate  allowance for loan losses could be insufficient to cover actual losses.
 may be required to further increase provision for loan losses  could have adverse effect on regulatory capital position and results of operations in future periods.
 during normal course conducting examinations banking regulators , occ and federal reserve , continue to review our business and practices.
 this process is dynamic and ongoing cannot be certain that additional changes or actions will not result from their continuing review.
valuation of goodwill and other intangible assets description goodwill assets evaluated for impairment annual basis as of november 30 in interim periods when events or changes indicate carrying value may not be recoverable , significant deterioration in operating environment or decision to sell or dispose of reporting unit.
 goodwill and other intangible assets net of amortization were $ 1. 8 billion and $ 0. 2 billion , respectively  at december 31 , 2013.
 judgments goodwill allocated to reporting units , components of business one level below operating segments.
 reporting units evaluated for impairment individually during annual assessment.
 estimating fair value of reporting units assets , liabilities intangible assets of reporting unit is subjective process involves use of estimates and judgments  particularly related to cash flows , appropriate discount rates applicable control premium.
 management judgment required to assess whether carrying value of reporting unit supported by fair value of individual reporting unit.
 various valuation methodologies  market approach or discounted cash flow methods , may be used to estimate fair value of reporting units.
 applying methodologies utilize of factors  including actual operating results , future business plans  economic projections  market data.
 following table shows comparative data for amount of goodwill allocated to reporting units ( dollars in millions ) :.

reporting unit   | december 31 , 2013 | december 31 , 2012
---------------- | ------------------ | ------------------
retail brokerage | $ 1791.8           | $ 1791.8
market making    | 2014               | 142.4
total goodwill   | $ 1791.8           | $ 1934.2


equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2013.
 equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights 2 number of securities remaining available for future issuance under plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 2956907 $ 35. 01 2786760 equity compensation plans not approved by security holders ( 3 ) 2014.
 includes grants under huntington ingalls industries , inc.
 2012 long-term incentive stock plan ( "2012 plan" ) approved by stockholders on may 2 , 2012 and huntington ingalls industries , inc.
 2011 long-term incentive stock plan ( "2011 plan ) approved by sole stockholder prior to spin-off from northrop grumman corporation.
 shares 818723 subject to stock options , 1002217 subject to outstanding restricted performance stock rights , 602400 were restricted stock rights  63022 were stock rights granted under 2011 plan.
 number includes 24428 stock rights and 446117 restricted performance stock rights granted under 2012 plan  assuming target performance achievement.
 2 weighted average exercise price of 818723 outstanding stock options only.
 no awards made under plans not approved by security holders.
 item 13.
 certain relationships and related transactions , and director independence information relationships related transactions director independence will incorporated by reference to proxy statement for 2014 annual meeting of stockholders to filed within 120 days after end of company 2019s fiscal year.
 item 14.
principal accountant fees and services information principal accountant fees services incorporated herein by reference to proxy statement for our 2014 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.

plan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights ( 2 ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )
---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------
equity compensation plans approved by security holders           | 2956907                                                                                | $ 35.01                                                                         | 2786760
equity compensation plans not approved by security holders ( 3 ) | 2014                                                                                | 2014                                                                            | 2014
total                                                            | 2956907                                                                                | $ 35.01                                                                         | 2786760