measure cash flow as net cash provided by operating activities reduced by expenditures for property additions.
 use non-gaap financial measure cash to focus management investors on cash available for debt repayment dividend distributions acquisition opportunities share repurchases.
 cash flow metric reconciled to comparable gaap measure .
 year-over-year change 22. 4 % ( % ) 87. 5 % ( % ) year-over-year changes in cash flow driven by improved performance in working capital from benefit pringles acquisition changes in level of capital expenditures during three-year period.
 investing activities net cash used in investing activities for 2012 amounted to $ 3245 million increase of $ 2658 million compared with 2011 attributable to $ 2668 acquisition of pringles capital spending 2012 included investments in supply chain infrastructure support capacity requirements in certain markets including pringles.
 continued investment in information technology infrastructure related to reimplementation upgrade of sap platform.
 net cash used in investing activities of $ 587 million in 2011 increased by $ 122 million compared with 2010  reflecting capital projects for reimplementation upgrade of sap platform investments in supply chain.
 cash paid for additions to properties as percentage of net sales decreased to 3. 8% ( 3. 8 % ) in 2012  from 4. 5% ( 4. 5 % ) in 2011 increase from 3. 8% ( 3. 8 % ) in financing activities in february 2013 issued $ 250 million of two-year floating-rate u. s.
 dollar notes  $ 400 million of ten-year 2. 75% ( 2. 75 % ) u. s.
 dollar notes.
 proceeds from notes used for general corporate purposes  including with cash on hand repayment of $ 750 million aggregate principal amount of 4. 25% ( 4. 25 % ) u. s.
 dollar notes due march 2013.
floating-rate notes bear interest equal to three-month libor plus 23 basis points subject to quarterly reset.
 notes contain covenants limit ability kellogg company and restricted subsidiaries to incur liens or enter into sale and lease-back transactions change of control provision.
 net cash provided by financing activities was $ 1317 for 2012  compared to $ 957 and $ 439 for 2011 and 2010 .
 increase in cash from financing in 2012 primarily due to issuance of debt related to acquisition of pringles.
 total debt was $ 7. 9 billion at year-end 2012 and $ 6. 0 billion at year-end 2011.
 in march 2012 entered into interest rate swaps on $ 500 million five-year 1. 875% ( 1. 875 % ) fixed rate.
 dollar notes due 2016 $ 500 million ten-year 4. 15% ( 4. 15 % ) fixed rate.
 dollar notes due 2019 and $ 500 million of $ 750 million seven-year 4. 45% ( 4. 45 % ) fixed rate.
 dollar notes due 2016.
 interest rate swaps converted notes from fixed rates to floating rate obligations through maturity.
 in may 2012 issued $ 350 million of three-year 1. 125% ( 1. 125 % ) u.
 dollar notes  $ 400 million of five-year 1. 75% ( 1. 75 % ) u.
 dollar notes and $ 700 million of ten-year 3. 125% ( 3. 125 % ) u.
 dollar notes  in aggregate net proceeds after debt discount of $ 1. 442 billion.
 proceeds notes used for general corporate purposes including financing portion of acquisition of pringles.
 in may 2012 issued.
 $ 300 million of two-year 2. 10% ( 2.10 % ) fixed rate canadian dollar notes proceeds for general corporate purposes included repayment of intercompany debt.
 repayment resulted in cash for portion acquisition of pringles.
 in december 2012 repaid $ 750 million five-year 5. 125% ( 5. 125 % ).
 dollar notes at maturity with commercial paper.
 in february 2011 entered interest rate swaps on $ 200 million of $ 750 million seven-year 4. 45% ( 4. 45 % ) fixed rate.
 dollar notes due 2016.
 interest rate swaps converted notes from fixed rate to floating rate obligation through maturity.
 april 2011 repaid $ 945 million ten-year 6. 60% ( 6. 60 % ).
 dollar notes at maturity with commercial paper.
 in may 2011 issued $ 400 million of seven-year 3. 25% ( 3. 25 % ) fixed rate.
 dollar notes proceeds of $ 397 million for general corporate purposes and repayment of commercial paper.
 during 2011 entered into interest rate swaps with amounts totaling $ 400 million converted notes from fixed rate to floating rate obligation through maturity.
 november 2011 issued $ 500 million of five-year 1. 875% ( 1. 875 % ) fixed rate.
.
 dollar notes proceeds of $ 498 million for general corporate purposes and repayment of commercial paper.
 during 2012  entered into interest rate swaps converted notes from fixed rate to floating rate obligation through maturity.
 in april 2010 board of directors approved share repurchase program authorizing to repurchase shares of common stock amounting to $ 2. 5 billion during 2010 through 2012.
 three year authorization replaced previous share buyback programs authorized stock repurchases of up to $ 1. 1 billion for 2010 and $ 650 million for 2009.
under program we repurchased approximately 1 million, 15 million 21 million shares of common stock for $ 63 million , $ 793 million and $ 1. 1 billion during 2012 , 2011 2010  respectively.
 in december 2012 board of directors approved share repurchase program authorizing us to repurchase shares common stock amounting to $ 300 million during 2013.
 paid quarterly dividends to shareholders totaling $ 1. 74 per share in 2012  $ 1. 67 per share in 2011 $ 1. 56 per share in 2010.
 total cash paid for dividends increased by 3. 0% ( 3. 0 % ) in 2012 and 3. 4% ( 3. 4 % ) in 2011.
 in march 2011 entered unsecured four- year credit agreement allows us to borrow revolving credit basis up to $ 2. 0 billion.
 long-term debt agreements contain customary covenants limit kellogg company subsidiaries from incurring certain liens or entering into certain sale and lease-back transactions.
 some agreements contain change in control provisions.
 do not contain acceleration of maturity clauses dependent on credit ratings.
 change in credit ratings could limit access to.
 short-term debt market/or increase cost of refinancing long-term debt future.
 under circumstances continue to access to four-year credit agreement  expires in march 2015.
 this source of liquidity is unused and available on unsecured basis not currently plan to use it.
 capital and credit markets  including commercial paper markets continued to experience instability and disruption as.
 global economies underwent period of extreme uncertainty.
 throughout period uncertainty continued to access to u.  european canadian commercial paper markets.
 commercial paper and term debt credit ratings not affected by changes in credit environment.
monitor financial strength of third-party financial institutions , including those hold our cash and cash equivalents those serve as counterparties to our credit facilities , derivative financial instruments , other arrangements.
 in compliance with all covenants as of december 29 , 2012.
 continue to believe we will be able to meet interest and principal repayment obligations maintain debt covenants for foreseeable future , while still meeting operational needs , including pursuit of selected bolt-on acquisitions.
 this accomplished through strong cash flow , short- term borrowings , maintenance of credit facilities on global basis.

( dollars in millions )                   | 2012             | 2011             | 2010
----------------------------------------- | ---------------- | ---------------- | ------------
net cash provided by operating activities | $ 1758           | $ 1595           | $ 1008
additions to properties                   | -533 ( 533 )     | -594 ( 594 )     | -474 ( 474 )
cash flow                                 | $ 1225           | $ 1001           | $ 534
year-over-year change                     | 22.4% ( 22.4 % ) | 87.5% ( 87.5 % ) |


15.
 commitments contingencies in ordinary course business  company involved in lawsuits  arbitrations other formal and informal dispute resolution procedures outcomes determine company 2019s rights obligations under insurance reinsurance agreements.
 in some disputes company seeks to enforce rights under agreement or collect funds owing to it.
 in other matters company resisting attempts by others to collect funds or enforce alleged rights.
 these disputes arise time to resolved through informal and formal means  including negotiated resolution , arbitration litigation.
 in all matters company believes its positions are legally commercially reasonable.
 company considers statuses of proceedings when determining reserves for unpaid loss loss adjustment expenses.
 aside from litigation arbitrations related to insurance reinsurance agreements company not a party to any other material litigation or arbitration.
 company entered into separate annuity agreements with prudential insurance of america ( 201cthe prudential 201d ) additional unaffiliated life insurance company in company purchased annuity contracts or become assignee of annuity proceeds meant to settle claim payment obligations in future.
 in both instances company would become contingently liable if prudential or unaffiliated life insurance company unable to make payments related to respective annuity contract.
 table below presents estimated cost to replace all such annuities for which company was contingently liable for periods indicated:.
 16.
 share-based compensation plans company has 2010 stock incentive plan ( 201c2010 employee plan 201d ) , 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ).
2010 employee plan  4000000 common shares authorized to be granted as non- qualified share options  incentive share options share appreciation rights  restricted share awards performance share unit awards to officers key employees company.
 at december 31 , 2017  2553473 remaining shares available to be granted under 2010 employee plan.
 2010 employee plan replaced 2002 employee plan  replaced 1995 employee plan ; no further awards granted under 2002 employee plan or 1995 employee plan.
 through december 31 , 2017  only non-qualified share options  restricted share awards performance share unit awards granted under employee plans.
 2009 director plan 37439 common shares authorized to be granted as share options or restricted share awards to non-employee directors company.
 at december 31 , 2017 34957 remaining shares available to be granted under 2009 director plan.
 2009 director plan replaced 1995 director plan  expired.
 under 2003 director plan 500000 common shares authorized to be granted as share options or share awards to non-employee directors company.
 at december 31 , 2017 346714 remaining shares available to be granted under 2003 director plan.

( dollars in thousands )                    | at december 31 , 2017 | at december 31 , 2016
------------------------------------------- | --------------------- | ---------------------
the prudential insurance company of america | $ 144618              | $ 146507
unaffiliated life insurance company         | 34444                 | 33860


notes to consolidated financial statements jpmorgan chase & co.
 150 jpmorgan chase & co.
 / 2007 annual report expected loss modeling in 2006 , firm restructured four multi-seller conduits it administers.
 restructurings included enhancing firm 2019s expected loss model.
 in determining primary beneficiary of conduits administers, firm uses monte carlo 2013based model to estimate expected losses of each conduits and considers rela- tive rights and obligations of variable interest holders.
 variability considered in modeling of expected losses based on design of entity.
 firm 2019s traditional multi-seller conduits designed to pass credit risk , not liquidity risk , to vari- able interest holders , assets intended to be held in conduit for longer term.
 under fin 46r , firm required to run monte carlo-based expected loss model each time reconsideration event occurs.
 applying guidance conduits following events considered to reconsideration events could affect determination of primary beneficiary of conduits : 2022 new deals , including issuance of new or additional variable interests ( credit support  liquidity facilities  ) ; 2022 changes in usage , including change in level of outstand- ing variable interests ( credit support liquidity facilities  ) ; 2022 modifications of asset purchase agreements ; 2022 sales of interests held by primary beneficiary.
 operational perspective firm does not run monte carlo-based expected loss model every time reconsidera- tion event due to frequency of occurrence.
 instead  firm runs expected loss model each quarter includes growth assumption for each conduit to ensure sufficient amount of elns exists for each conduit at any point during quarter.
 part of normal quarterly model review  firm reassesses underlying assumptions and inputs of expected loss model.
second half of 2007 , assumptions in model adjusted to reflect current market conditions.
 specifically , risk ratings and loss given default assumptions relating to residential subprime mortgage exposures modified.
 for other nonmortgage-related asset classes , firm determined assumptions in model required little adjustment.
 result of updates to model  fourth quarter of 2007 terms of elns renegotiated to increase level of commit- ment and funded amounts provided by eln holders.
 total expected loss notes outstanding at december 31 , 2007 and 2006 , were $ 130 million and $ 54 million , respectively.
 management concluded model assumptions reflective of market participant 2019s assumptions and considered probability of recurrence of recent market events.
 qualitative considerations multi-seller conduits designed to provide efficient means for clients to access commercial paper market.
 firm believes conduits disperse risk among all parties preponderance of economic risk in firm 2019s multi-seller conduits not held by jpmorgan chase.
 percentage of assets in multi-seller conduits firm views as client-related represent 99% ( 99 % ) and 98% ( 98 % ) of total conduits 2019 holdings at december 31 , 2007 and 2006 , respectively.
 consolidated sensitivity analysis on capital possible firm could be required to consolidate a vie if determined firm became primary beneficiary of vie under provisions of fin 46r.
 factors involved in determination of whether or not a vie should be consolidated dis- cussed above and in note 1 on page 108 of annual report.
 table below shows impact on firm 2019s reported assets , liabilities , net income , tier 1 capital ratio and tier 1 leverage ratio if firm required to consolidate all multi-seller conduits it administers.
 of or for year ending december 31 , 2007.
firm could fund purchases of assets from vies necessary.
 investor intermediation as financial intermediary , firm creates types of vies structures transactions , typically derivative structures , with vies to meet investor needs.
 firm may provide liquidity and other support.
 risks in derivative instruments or liq- uidity commitments are managed similarly to other credit , market liquidity risks to firm exposed.
 principal types of vies for firm engaged activities are municipal bond vehicles , credit-linked note vehicles collateralized debt obligation vehicles.
 municipal bond vehicles firm created secondary market trusts that provide short-term investors with qualifying tax-exempt investments allow investors in tax-exempt securities to finance investments at short-term tax-exempt rates.
 in typical transaction vehicle pur- chases fixed-rate longer-term highly rated municipal bonds funds purchase by issuing two types of securities : 1 ) putable floating- rate certificates and 2 ) inverse floating-rate residual interests ( 201cresid ual interests 201d.
 maturity of each putable floating-rate certifi- cates and residual interests is equal to life of vehicle, maturity of underlying municipal bonds is longer.
 holders of putable floating-rate certificates may 201cput 201d  or tender  certifi- cates if remarketing agent cannot remarket float- ing-rate certificates to another investor.
 liquidity facility conditionally obligates liquidity provider to fund purchase of tendered floating-rate certificates.
 upon termination of vehicle  if pro- ceeds from sale of underlying municipal bonds not suffi- cient to repay liquidity facility liquidity provider has recourse either to excess collateralization in vehicle or residual interest holders for reimbursement.
third-party holders of residual interests in vehicles could experience losses if face amount putable floating-rate cer- tificates exceeds market value of municipal bonds upon termi- nation vehicle.
 certain vehicles require smaller initial invest- ment by residual interest holders do not result in excess collateralization.
 for these vehicles exists reimbursement obli-

( in billions except ratios ) | reported       | pro forma
----------------------------- | -------------- | --------------
assets                        | $ 1562.1       | $ 1623.9
liabilities                   | 1438.9         | 1500.9
net income                    | 15.4           | 15.2
tier 1 capital ratio          | 8.4% ( 8.4 % ) | 8.4% ( 8.4 % )
tier 1 leverage ratio         | 6.0            | 5.8


page 31 of 98 details about company 2019s receivables sales agreement debt available in notes 6 and 12 accompanying consolidated financial statements within item 8 report.
 other liquidity items cash payments for long-term debt maturities rental payments under noncancellable operating leases purchase obligations at december 31 , 2006 summarized in table:.
 total payments on contractual obligations $ 10772. 0 $ 2907. 5 $ 3768. 1 $ 2741. 4 $ 1355. 0 ( a ) amounts in local currencies translated at year-end exchange rates.
 b ) for variable rate facilities amounts based on interest rates at year end.
 c ) company 2019s purchase obligations include contracted amounts for aluminum  steel plastic resin other direct materials.
 included commitments for purchases of natural gas electricity  aerospace technologies contracts other less significant items.
 variable prices usage involved management 2019s best estimates used.
 circumstances early termination of contracts may not result in penalties actual payments could vary.
 contributions to company 2019s defined benefit pension plans  not including unfunded german plans expected to be $ 69. 1 million in 2007.
 estimate may change based on plan asset performance.
 benefit payments related to plans expected to be $ 62. 6 million , $ 65. 1 million  $ 68. 9 million  $ 73. 9 million $ 75. 1 million for years ending december 31 , 2007 through 2011  $ 436. 7 million combined for 2012 through 2016.
 payments to participants in unfunded german plans expected to be $ 24. 6 million , $ 25. 1 million , $ 25. 5 million , $ 25. 9 million $ 26. 1 million in years 2007 through 2011  total of $ 136. 6 million thereafter.
reduced share repurchase program 2006 to $ 45. 7 million net of issuances compared to $ 358. 1 million net repurchases 2005 $ 50 million 2004.
 net repurchases 2006 not include forward contract december 2006 for repurchase of 1200000 shares.
 contract settled january 5, 2007 for $ 51. 9 million cash.
 2007 expect to repurchase approximately $ 175 million  net of issuances reduce debt levels by more $ 125 million.
 annual cash dividends paid on common stock were 40 cents per share in 2006 2005 35 cents per share in 2004.
 total dividends paid $ 41 million in 2006  $ 42. 5 million in 2005 $ 38. 9 million in 2004.

( $ in millions )                         | payments due by period ( a ) total | payments due by period ( a ) less than1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years
----------------------------------------- | ---------------------------------- | -------------------------------------------- | -------------------------------------- | -------------------------------------- | ----------------------------------------------
long-term debt                            | $ 2301.6                           | $ 38.5                                       | $ 278.4                                | $ 972.9                                | $ 1011.8
capital lease obligations                 | 7.6                                | 2.7                                          | 2.4                                    | 0.4                                    | 2.1
interest payments on long-term debt ( b ) | 826.5                              | 138.8                                        | 259.4                                  | 204.8                                  | 223.5
operating leases                          | 185.9                              | 45.0                                         | 58.5                                   | 38.7                                   | 43.7
purchase obligations ( c )                | 7450.4                             | 2682.5                                       | 3169.4                                 | 1524.6                                 | 73.9
total payments on contractual obligations | $ 10772.0                          | $ 2907.5                                     | $ 3768.1                               | $ 2741.4                               | $ 1355.0


eog resources , inc.
 supplemental information to consolidated financial statements continued ) net proved undeveloped reserves.
 following table presents changes in eog's total proved undeveloped reserves during 2018 , 2017 2016 ( in mboe ) :.
 for twelve-month period ended december 31 , 2018 , total puds increased by 217 mmboe to 1380 mmboe.
 eog added approximately 31 mmboe of puds through drilling activities but significant expenditures remained for completion.
 based on technology employed by eog to identify and record puds ( discussion on pages f-36 and f-37 of annual report on form 10-k ) eog added 460 mmboe.
 pud additions primarily in permian basin, anadarko basin , eagle ford rocky mountain area  80% ( 80 % ) of additions were crude oil and condensate.
 during 2018 , eog drilled and transferred 266 mmboe of puds to proved developed reserves at total capital cost of $ 2745 million.
 all puds , including drilled but uncompleted wells scheduled for completion within five years of original reserve booking.
 for twelve-month period ended december 31 , 2017 , total puds increased by 110 mmboe to 1163 mmboe.
 eog added approximately 38 mmboe of puds through drilling activities but significant expenditures remained for completion.
 on technology employed by eog to identify and record puds eog added 199 mmboe.
 pud additions primarily in permian basin eagle ford rocky mountain area 74% ( 74 % ) of additions were crude oil and condensate.
2017 , eog drilled transferred 153 mmboe of puds to proved developed reserves total capital cost of $ 1440 million.
 revisions of puds totaled positive 33 mmboe  primarily due to updated type curves improved performance offsetting wells in permian basin , impact of increases in average crude oil and natural gas prices december 31 , 2017 , reserves estimation compared prices prior year estimate lower costs.
 2017  eog sold or exchanged 8 mmboe of puds primarily in permian basin.
 for twelve-month period ended december 31, 2016 total puds increased by 7 mmboe to 1053 mmboe.
 eog added approximately 21 mmboe of puds through drilling activities wells drilled but significant expenditures remained for completion.
 based technology employed eog to identify record puds , eog added 117 mmboe.
 pud additions primarily in permian basin lesser rocky mountain area  82% ( 82 % ) of additions were crude oil and condensate.
 2016  eog drilled transferred 149 mmboe of puds to proved developed reserves total capital cost of $ 1230 million.
 revisions of puds totaled positive 64 mmboe  primarily due to improved well performance primarily in delaware basin  lower production costs  partially offset by impact of decreases in average crude oil natural gas prices in december 31 , 2016 , reserves estimation compared to prices prior year estimate.
 2016  eog sold 46 mmboe of puds primarily in haynesville play.

| 2018               | 2017               | 2016
--------------------------------------- | ------------------ | ------------------ | ------------------
balance at january 1                    | 1162635            | 1053027            | 1045640
extensions and discoveries              | 490725             | 237378             | 138101
revisions                               | -8244 ( 8244 )     | 33127              | 64413
acquisition of reserves                 | 311                | 2014               | 2014
sale of reserves                        | 2014               | -8253 ( 8253 )     | -45917 ( 45917 )
conversion to proved developed reserves | -265718 ( 265718 ) | -152644 ( 152644 ) | -149210 ( 149210 )
balance at december 31                  | 1379709            | 1162635            | 1053027


fidelity national information services , inc.
 subsidiaries notes to consolidated financial statements - continued summarizes aggregate maturities of our debt and capital leases on stated contractual maturities  excluding unamortized non-cash bond premiums and discounts net of $ 30 million as of december 31 , 2017 ( in millions ) :.
 no mandatory principal payments on revolving loan balance outstanding loan due and payable at scheduled maturity date occurs at august 10 , 2021.
 may redeem 2018 notes , 2020 notes , 2021 notes , 2021 euro notes  2022 notes , 2022 gbp notes , 2023 notes  2024 notes , 2024 euro notes  2025 notes , 2026 notes  2046 notes at option in whole or in part  at any time from time to time  at redemption price equal to greater of 100% ( 100 % ) of principal amount to be redeemed make-whole amount calculated as described in related indenture in each case plus accrued and unpaid interest to excluding date of redemption  no make-whole amount paid for redemptions of 2020 notes  2021 notes  2021 euro notes 2022 gbp notes during one month prior to maturity 2022 notes two months prior to maturity 2023 notes , 2024 notes  2024 euro notes  2025 notes  2026 notes during three months prior to maturity 2046 notes during six months prior to maturity.
 debt issuance costs of $ 53 million , net of accumulated amortization  remain capitalized as of december 31 , 2017  related to all above outstanding debt.
 monitor financial stability of counterparties on ongoing basis.
 lender commitments under undrawn portions of revolving loan comprised of diversified set of financial institutions , domestic and international.
failure of single lender to perform obligations under revolving loan not adversely impact our ability to fund operations.
 fair value of company 2019s long-term debt estimated to be approximately $ 156 million higher than carrying value as of december 31 , 2017.
 estimate based on quoted prices of senior notes and trades of other debt in close proximity to december 31 , 2017  considered level 2-type measurements.
 estimate subjective involves uncertainties significant judgment in interpretation of current market data.
 values presented not necessarily indicative of amounts company could realize or settle currently.

| total
--------------------------------------------------- | ----------
2018                                                | $ 1045
2019                                                | 44
2020                                                | 1157
2021                                                | 1546
2022                                                | 705
thereafter                                          | 4349
total principal payments                            | 8846
debt issuance costs net of accumulated amortization | -53 ( 53 )
total long-term debt                                | $ 8793


hologic , inc.
 notes to consolidated financial statements 2014 ( continued ) ( in thousands except per share data ) future minimum lease payments under all company 2019s operating leases are approximately as follows:.
 company subleases portion of bedford facility received rental income of $ 277 , $ 410 $ 682 for fiscal years 2004 , 2003 2002  recorded as offset to rent expense in accompanying statements of income.
 rental expense , net of sublease income  was approximately $ 4660 , $ 4963 , $ 2462 for fiscal 2004 , 2003 2002 ,.
 9.
 business segments geographic information company reports segment information in accordance with sfas no.
 131 , disclosures about segments of enterprise related information.
 operating segments identified as components of enterprise separate discrete financial information available for evaluation by chief operating decision maker group decisions allocate resources assess performance.
 company 2019s chief decision-maker  defined under sfas no.
 131 is chief executive officer.
 company viewed operations manages business as four principal operating segments : manufacture and sale of mammography products , osteoporosis assessment products  digital detectors other products.
 result of company 2019s implementation of company wide integrated software application in fiscal 2003  identifiable assets for four principal operating segments only consist of inventories , intangible assets  property and equipment.
 company presented all other assets as corporate assets.
 prior periods restated to conform to this presentation.
 intersegment sales and transfers not significant.

fiscal years ending                                        | amount
---------------------------------------------------------- | -------
september 24 2005                                          | $ 4848
september 30 2006                                          | 4672
september 29 2007                                          | 3680
september 27 2008                                          | 3237
september 26 2009                                          | 3158
thereafter                                                 | 40764
total ( not reduced by minimum sublease rentals of $ 165 ) | $ 60359


10-k altria ar release tuesday  february 27 , 2018 10:00pm andra design llc relative percentages of operating companies income ( loss ) to each reportable segment all other category as follows:.
 for items affecting comparability relative percentages operating companies income ( loss ) each reportable segment see note 15.
 narrative description of business portions information called for this item included in operating results by business segment in item 7.
 management 2019s discussion analysis of financial condition results of operations annual report on form 10-k ( 201citem 7 201d ).
 tobacco space altria group , inc. 2019s tobacco operating companies include pm usa usstc subsidiaries of ust , middleton  nu mark nat sherman.
 altria group distribution company provides sales distribution services to altria group , inc. 2019s tobacco operating companies.
 products altria group. tobacco subsidiaries include smokeable tobacco products cigarettes manufactured sold by pm usa nat sherman machine- made large cigars pipe tobacco sold by middleton premium cigars sold by nat sherman ; smokeless tobacco products sold by usstc innovative tobacco products e-vapor products sold by nu mark.
 cigarettes : pm usa largest cigarette company united states.
 marlboro  principal cigarette brand pm usa largest-selling cigarette brand united states for over 40 years.
 nat sherman sells all super premium cigarettes united states.
 total smokeable products segment 2019s cigarettes shipment volume in united states was 116. 6 billion units in 2017  decrease of 5. 1% ( 5. 1 % ) from cigars : middleton in manufacture sale of machine-made large cigars pipe tobacco.
middleton contracts with third-party importer supply majority of cigars sells substantially all cigars to customers in united states.
 black & mild is principal cigar brand of middleton.
 nat sherman sources cigars from third-party suppliers sells all cigars to customers in united states.
 total smokeable products segment 2019s cigars shipment volume was approximately 1. 5 billion units in 2017 increase of 9. 9% ( 9. 9 % ) from 2016.
 smokeless tobacco products : usstc leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products.
 smokeless products segment includes premium brands, copenhagen and skoal  value brands  red seal and husky.
 all smokeless tobacco products manufactured and sold to customers in united states.
 total smokeless products segment 2019s shipment volume was 841. 3 million units in 2017 decrease of 1. 4% ( 1. 4 % ) from 2016.
 innovative tobacco products : nu mark participates in e-vapor category developed and commercialized other innovative tobacco products.
 nu mark sources production e-vapor products through overseas contract manufacturing arrangements.
 in 2013 nu mark introduced markten e-vapor products.
 in april 2014 nu mark acquired e-vapor business of green smoke , inc.
 affiliates 201cgreen smoke 201d ) began selling e-vapor products in 2009.
 2017 altria group  inc. subsidiaries purchased intellectual property related to innovative tobacco products.
 in december 2013 altria group. subsidiaries entered agreements with philip morris international inc.
 201cpmi 201d altria group.2019s subsidiaries provide exclusive license to pmi to sell nu mark 2019s e-vapor products outside united states pmi 2019s subsidiaries provide exclusive license to altria group , inc. 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in united states.
 in july 2015  altria group  inc.
 announced expansion strategic framework with pmi to include joint research , development technology-sharing agreement.
 under agreement altria group . 2019s subsidiaries and pmi collaborate to develop e-vapor products for commercialization in united states by. subsidiaries and markets outside united states by pmi.
 agreement provides for exclusive technology cross licenses  technical information sharing cooperation on scientific assessment  regulatory engagement approval related to e-vapor products.
 in fourth quarter of 2016  pmi submitted modified risk tobacco product ( 201cmrtp 201d ) application for electronically heated tobacco product with united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products filed pre-market tobacco product application in first quarter of 2017.
 upon regulatory authorization by fda altria group  inc. 2019s subsidiaries will have exclusive license to sell this heated tobacco product in united states.
 distribution altria group . 2019s tobacco subsidiaries sell tobacco products principally to wholesalers distributors large retail organizations chain stores armed services.
 market for tobacco products is highly competitive characterized by brand recognition loyalty product quality  taste  price  product innovation  marketing  packaging distribution constituting significant methods of competition.
promotional activities include in certain instances permitted by law , allowances  distribution of incentive items  price promotions product promotions  coupons other discounts.

| 2017               | 2016               | 2015
------------------ | ------------------ | ------------------ | ------------------
smokeable products | 85.8% ( 85.8 % )   | 86.2% ( 86.2 % )   | 87.4% ( 87.4 % )
smokeless products | 13.2               | 13.1               | 12.8
wine               | 1.5                | 1.8                | 1.8
all other          | -0.5 ( 0.5 )       | -1.1 ( 1.1 )       | -2.0 ( 2.0 )
total              | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % )


facility considered 201cdebt 201d for support agreement between american water and awcc functional equivalent of guarantee by american water of awcc 2019s payment obligations under credit facility.
 company acquired additional revolving line of credit keystone acquisition.
 total commitment under credit facility was $ 16 million $ 2 million outstanding as of december 31 , 2015.
 table summarizes information company 2019s aggregate credit facility commitments letter of credit sub-limits available funds under revolving credit facilities outstanding amounts commercial paper outstanding borrowings under facilities as of december 31, 2015 and 2014 : credit facility commitment available credit facility capacity letter of credit available letter of credit capacity outstanding commercial ( net of discount ) credit line borrowing ( in millions ) december 31 , 2015.
.
.
.
.
 $ 1266 $ 1182 $ 150 $ 68 $ 626 $ 2 december 31 , 2014.
.
.
.
.
 $ 1250 $ 1212 $ 150 $ 112 $ 450 $ 2014 weighted-average interest rate on awcc short-term borrowings for years ended december 31, 2015 and 2014 was approximately 0. 49% ( 0. 49 % ) and 0. 31% ( 0. 31 % )  respectively.
 interest accrues on keystone revolving line of credit daily at rate per annum equal to 2. 75% ( 2. 75 % ) above greater one month or one day libor.
 capital structure table indicates percentage of capitalization represented by components capital structure as of december 31:.
 changes in capital structure between periods mainly attributable to changes in outstanding commercial paper balances.
 debt covenants debt agreements contain financial and non-financial covenants.
 not in compliance with covenants event may create event of default under debt agreement subsidiaries may restricted ability to pay dividends issue new debt or access revolving credit facility.
for two smaller operating companies  we informed counterparties we will provide only unaudited financial information at subsidiary level  resulted in technical non-compliance with reporting requirements under debt agreements with respect to $ 8 million of outstanding debt.
 do not believe this event will materially impact us.
 long-term debt indentures contain covenants limit company from issuing debt secured by company 2019s assets  subject to certain exceptions.
 failure to comply with covenants could accelerate repayment obligations.
 certain long-term notes and revolving credit facility require us to maintain ratio of consolidated debt to consolidated capitalization ( defined in relevant documents ) of not more than 0. 70 to 1. 00.
 on december 31 , 2015, our ratio was 0. 56 to 1. 00 were in compliance with covenant.

| 2015             | 2014             | 2013
----------------------------------------------------------------- | ---------------- | ---------------- | ----------------
total common stockholders' equity                                 | 43.5% ( 43.5 % ) | 45.2% ( 45.2 % ) | 44.6% ( 44.6 % )
long-term debt and redeemable preferred stock at redemption value | 50.6% ( 50.6 % ) | 50.1% ( 50.1 % ) | 49.3% ( 49.3 % )
short-term debt and current portion of long-term debt             | 5.9% ( 5.9 % )   | 4.7% ( 4.7 % )   | 6.1% ( 6.1 % )
total                                                             | 100% ( 100 % )   | 100% ( 100 % )   | 100% ( 100 % )


investing activities year ended 30 september 2014  cash used for investing activities was $ 1638. 0  primarily capital expenditures for plant and equipment.
 year ended 30 september 2013  cash used for investing activities was $ 1697. 0  primarily capital expenditures for plant and equipment acquisitions.
 year ended 30 september 2012 cash used for investing activities was $ 2435. 2  primarily capital expenditures for plant and equipment  acquisitions  investments in unconsolidated affiliates.
 refer to capital expenditures section for additional detail.
 capital expenditures expenditures detailed in following table:.
 utilize non-gaap measure in computation of capital expenditures include spending associated with facilities accounted for as capital leases purchases of noncontrolling interests.
 certain contracts associated with facilities built to provide product to specific customer required be accounted for as leases spending reflected as use of cash within cash provided operating activities if arrangement qualifies as capital lease.
 payment for subsidiary shares from noncontrolling interests subsidiary accounted for as equity transaction reflected as financing activity in statement of cash flows.
 presentation non-gaap measure intended to enhance usefulness of information providing measure management uses internally evaluate manage expenditures.
 capital expenditures on gaap basis in 2014 totaled $ 1682. 2  compared to $ 1747. 8 in 2013.
 decrease of $ 65. 6 primarily due to acquisitions in 2013.
 additions to plant and equipment support of merchant gases and tonnage gases businesses.
 additions to plant and equipment included support capital of routine  ongoing nature including expenditures for distribution equipment and facility improvements.
 spending in 2014 and 2013 included plant and equipment provide oxygen for coal gasification in china  hydrogen to global market  renewable energy in u.
2013  completed three acquisitions aggregate cash use  net of cash acquired  $ 224. 9.
 fourth quarter acquired air separation unit integrated gases liquefier in guiyang , china.
 third quarter acquired epco , largest independent.
 producer of liquid carbon dioxide ( co2 ) , wcg.
 2012 acquired controlling stake in indura s. a.
 for $ 690.
 dupont de nemours and co. , inc. 2019s 50% ( 50 % ) interest in joint venture , da nanomaterials for $ 147.
 purchased 25% ( 25 % ) equity interest in abdullah hashim industrial gases & equipment co.
 ltd.
 ( ahg ) unconsolidated affiliate , for $ 155.
 refer to note 5 , business combinations  note 7 , summarized financial information of equity affiliates consolidated financial statements for additional details acquisitions investments.
 capital expenditures on non-gaap basis in 2014 totaled $ 1885. 1 compared to $ 1996. 7 in 2013.
 capital lease expenditures of $ 202. 4 decreased by $ 32. 5  reflecting lower project spending.
 2015 outlook excluding acquisitions capital expenditures for new plant and equipment in 2015 gaap basis expected between $ 1650 and $ 1800  non-gaap basis expected between $ 1700 and $ 1900.
 non-gaap capital expenditures include spending associated with facilities accounted for as capital leases expected between $ 50 and $ 100.
 majority of total capital expenditures expected for new plants.
 anticipated capital expenditures funded principally with cash from continuing operations.
 intend to continue to evaluate acquisition opportunities investments in equity affiliates.
 financing activities for year ended 2014  cash used by financing activities was $ 504.primarily attributable to cash pay dividends of $ 627. 7  partially offset by proceeds from stock option exercises $ 141. 6.
 our borrowings ( short- and long-term proceeds net repayments ) were net source of cash issuance of $ 1. 1 included $ 148. 7 of net commercial paper short-term debt issuances debt proceeds from issuance of

| 2014         | 2013         | 2012
--------------------------------------------------------- | ------------ | ------------ | --------
additions to plant and equipment                          | $ 1684.2     | $ 1524.2     | $ 1521.0
acquisitions less cash acquired                           | 2014         | 224.9        | 863.4
investments in and advances to unconsolidated affiliates  | -2.0 ( 2.0 ) | -1.3 ( 1.3 ) | 175.4
capital expenditures on a gaap basis                      | $ 1682.2     | $ 1747.8     | $ 2559.8
capital lease expenditures ( a )                          | 202.4        | 234.9        | 212.2
purchase of noncontrolling interests in asubsidiary ( a ) | .5           | 14.0         | 6.3
capital expenditures on a non-gaap basis                  | $ 1885.1     | $ 1996.7     | $ 2778.3


american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) market and lease unused tower space on broadcast towers ( economic rights ).
 tv azteca retains title to these towers responsible for operation and maintenance.
 company entitled to 100% ( % ) of revenues from leases with tenants on unused space responsible for incremental operating expenses associated with tenants.
 term of economic rights agreement is seventy years ; tv azteca has right to purchase  at fair market value economic rights from company any time during last fifty years of agreement.
 should tv azteca elect to purchase economic rights ( in whole or part ), obligated to repay proportional amount of loan discussed above at time of election.
 company 2019s obligation to pay tv azteca $ 1. 5 million annually reduced proportionally.
 company accounted for annual payment of $ 1. 5 million as capital lease ( initially recording asset and corresponding liability of approximately $ 18. 6 million ).
 capital lease asset and discount on note  aggregate approximately $ 30. 2 million , represent cost to acquire economic rights amortized over seventy-year life of economic rights agreement.
 quarterly basis company assesses recoverability of note receivable from tv azteca.
 as of december 31 , 2007 and 2006  company assessed recoverability note receivable from tv azteca concluded no adjustment to carrying value required.
 former executive officer and former director of company served as director of tv azteca from december 1999 to february 2006.
 as of december 31 , 2007 and 2006  company also had other long-term notes receivable outstanding of approximately $ 4. 3 million and $ 11. 0 million , respectively.
.
derivative financial instruments company enters interest rate protection agreements to manage exposure on variable rate debt under credit facilities manage variability in cash flows relating to forecasted interest payments.
 under agreements company exposed to credit risk extent counterparty fails to meet terms contract.
 exposure limited to current value of contract at time counterparty fails perform.
 company believes contracts as of december 31 , 2007 and 2006 are with credit worthy institutions.
 december 31 2007 2006 carrying amounts of company 2019s derivative financial instruments  with estimated fair values of related assets reflected in notes receivable other long-term assets ( liabilities ) reflected in other long-term liabilities in accompanying consolidated balance sheet  are as follows ( in thousands except percentages ) : as of december 31 , 2007 notional amount interest rate term carrying amount and fair value.

as of december 31 2007       | notional amount | interest rate    | term             | carrying amount and fair value
---------------------------- | --------------- | ---------------- | ---------------- | ------------------------------
interest rate swap agreement | $ 150000        | 3.95% ( 3.95 % ) | expiring in 2009 | $ -369 ( 369 )
interest rate swap agreement | 100000          | 4.08% ( 4.08 % ) | expiring in 2010 | -571 ( 571 )
total                        | $ 250000        |                  |                  | $ -940 ( 940 )


entergy texas , inc.
 management's financial discussion analysis fuel and purchased power expenses increased due to increase in power purchases purchased power agreements between entergy gulf states louisiana and entergy texas increase in average market prices of purchased power and natural gas offset by decrease in deferred fuel expense decreased recovery from customers of fuel costs.
 other regulatory charges increased due to increase of $ 6. 9 million in recovery of bond expenses related to securitization bonds.
 recovery effective july 2007.
 see note 5 to financial statements for additional information regarding securitization bonds.
 2007 compared to 2006 net revenue consists of operating revenues net of fuel , fuel-related expenses , gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges.
 analysis of change in net revenue comparing 2007 to 2006.
 amount ( in millions ).
 purchased power capacity variance due to changes in purchased power capacity costs included in calculation in 2007 compared to 2006 bill generation costs between entergy texas entergy gulf states louisiana.
 securitization transition charge variance due to issuance of securitization bonds.
 in june 2007  egsrf i , company wholly-owned consolidated by entergy texas  issued securitization bonds with proceeds purchased from entergy texas transition property  right to recover from customers through transition charge amounts sufficient to service securitization bonds.
 see note 5 to financial statements for details of securitization bond issuance.
 volume/weather variance due to increased electricity usage on billed retail sales  effects of favorable weather in 2007 compared to 2006.
 increase due to increase in usage during unbilled sales period.
 retail electricity usage increased total of 139 gwh in all sectors.
see "critical accounting estimates" below note 1 to financial statements for discussion accounting for unbilled revenues.
 transmission revenue variance due to increase in rates effective june 2007 new transmission customers late 2006.
 base revenue variance due to transition to competition rider began march 2006.
 refer to note 2 financial statements for discussion of rate increase.
 gross operating revenues  fuel purchased power expenses other regulatory charges gross operating revenues decreased primarily due to decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates fuel refunds.
 decrease partially offset by $ 39 million increase in net revenue increase of $ 44 million in wholesale revenues including $ 30 million from system agreement cost equalization payments from entergy arkansas.
 receipt of such payments being

| amount ( in millions )
-------------------------------- | ----------------------
2006 net revenue                 | $ 403.3
purchased power capacity         | 13.1
securitization transition charge | 9.9
volume/weather                   | 9.7
transmission revenue             | 6.1
base revenue                     | 2.6
other                            | -2.4 ( 2.4 )
2007 net revenue                 | $ 442.3


devon energy corporation subsidiaries notes consolidated financial statements 2014 continued ) proved undeveloped reserves table presents changes in total proved undeveloped reserves during 2011 ( in mmboe ).
 at december 31 , 2011  devon had 782 mmboe proved undeveloped reserves.
 represents 6% ( 6 % ) decrease compared to 2010 26% ( 26 % ) of total proved reserves.
 drilling activities increased devon 2019s proved undeveloped reserves 148 mmboe resulted in conversion of 130 mmboe 16% ( 16 % ) of 2010 proved undeveloped reserves to developed reserves.
 revisions other than price decreased devon 2019s proved undeveloped reserves 51 mmboe due to evaluation of certain u. s.
 onshore dry-gas areas not expect to develop next five years.
 largest revisions relate to dry-gas areas at carthage east texas barnett shale in north texas.
 significant amount of devon 2019s proved undeveloped reserves end of 2011 related to jackfish operations.
 december 31 , 2011 2010  devon 2019s jackfish proved undeveloped reserves were 367 mmboe and 396 mmboe.
 development schedules for jackfish reserves controlled by need to keep processing plants at 35000 barrel daily facility capacity.
 processing plant capacity controlled by total steam processing capacity steam-oil ratios air quality discharge permits.
 reserves classified as proved undeveloped for more than five years.
 development schedule for reserves extends though year 2025.
 price revisions 2011 2014reserves decreased 21 mmboe due to lower gas prices higher oil prices.
 higher oil prices increased devon 2019s canadian royalty burden reduced devon 2019s oil reserves.
2010 2014reserves increased 72 mmboe due to higher gas prices offset by higher oil prices.
 higher oil prices increased devon 2019s canadian royalty burden reduced 2019s oil reserves.
 72 mmboe price revisions 43 related to barnett shale 22 to rocky mountain area.
 2009 2014reserves increased 177 mmboe due to higher oil prices offset by lower gas prices.
 increase in oil reserves related to devon 2019s jackfish thermal heavy oil reserves in canada.
 end of 2008 331 mmboe reserves related to jackfish not considered proved.
 due to higher prices reserves considered proved as of december 31 , 2009.
 lower gas prices caused devon 2019s reserves to decrease 116 mmboe related to its u. s.
 reserves.
 revisions other than price total revisions other price for 2011 related to devon 2019s evaluation of certain dry gas regions proved undeveloped reserves discussion.
 total revisions other than price for 2010 and 2009 related to devon 2019s drilling and development in barnett shale.

| u.s . onshore | canada     | north america
-------------------------------------------------- | ------------- | ---------- | -------------
proved undeveloped reserves as of december 31 2010 | 411           | 420        | 831
extensions and discoveries                         | 118           | 30         | 148
revisions due to prices                            | -2 ( 2 )      | -14 ( 14 ) | -16 ( 16 )
revisions other than price                         | -56 ( 56 )    | 5          | -51 ( 51 )
conversion to proved developed reserves            | -68 ( 68 )    | -62 ( 62 ) | -130 ( 130 )
proved undeveloped reserves as of december 31 2011 | 403           | 379        | 782


management 2019s discussion analysis of financial condition results of operations 2013 continued ) ( amounts in millions  except per share amounts ) corporate other expenses increased slightly 2013 by $ 3. 5 to $ 140. 8 compared to 2012  primarily due to increase in salaries related expenses mainly attributable to higher base salaries  benefits temporary help partially offset by lower severance expenses decrease in office general expenses.
 liquidity capital resources cash flow overview tables summarize key financial data relating to liquidity  capital resources uses of capital.
 1 reflects net income adjusted for depreciation amortization of fixed assets intangible assets amortization of restricted stock non-cash compensation non-cash gain ) loss related to early extinguishment of debt  deferred income taxes.
 2 reflects changes in accounts receivable  expenditures billable to clients other current assets accounts payable accrued liabilities.
 operating activities net cash provided by operating activities 2014 was $ 669. 5 , improvement of $ 76. 6 compared to 2013  primarily result of increase in net income offset by increase in working capital usage of $ 121. 5.
 due to seasonality of business typically generate cash from working capital second half of year use cash from working capital first half year largest impacts in first fourth quarters.
 net working capital usage in 2014 impacted by media businesses.
 net cash provided by operating activities during 2013 was $ 592. 9 , increase of $ 235. 7 compared to 2012  primarily result of improvement in working capital usage of $ 283. 6  offset by decrease in net income.
 improvement in working capital in 2013 impacted by media businesses ongoing focus on working capital management at agencies.
 timing of media buying on behalf clients affects working capital operating cash flow.
in most our businesses , agencies enter commitments to pay production media costs on behalf of clients.
 extent we pay production media charges after received funds from clients.
 amounts involved exceed our revenues affect level of accounts receivable  expenditures billable to clients  accounts payable accrued liabilities.
 our assets include cash received and accounts receivable from clients for pass-through arrangements, liabilities include amounts owed on behalf clients to media production suppliers.
 accrued liabilities affected by timing of certain other payments.
 for example annual cash incentive awards accrued throughout year generally paid during first quarter of subsequent year.
 investing activities net cash used in investing activities during 2014 primarily related to payments for capital expenditures acquisitions.
 capital expenditures of $ 148. 7 related primarily to computer hardware software leasehold improvements.
 made payments of $ 67. 8 related to acquisitions completed during 2014, net of cash acquired.

cash flow data                                                                           | years ended december 31 , 2014 | years ended december 31 , 2013 | years ended december 31 , 2012
---------------------------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------
net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 831.2                        | $ 598.4                        | $ 697.2
net cash used in working capital b2                                                      | -131.1 ( 131.1 )               | -9.6 ( 9.6 )                   | -293.2 ( 293.2 )
changes in other non-current assets and liabilities using cash                           | -30.6 ( 30.6 )                 | 4.1                            | -46.8 ( 46.8 )
net cash provided by operating activities                                                | $ 669.5                        | $ 592.9                        | $ 357.2
net cash used in investing activities                                                    | -200.8 ( 200.8 )               | -224.5 ( 224.5 )               | -210.2 ( 210.2 )
net cash ( used in ) provided by financing activities                                    | -343.9 ( 343.9 )               | -1212.3 ( 1212.3 )             | 131.3


we in normal business operations have issued product warranties related to equipment sales.
 contracts contain standard terms and conditions typically include warranty and indemnification to buyer that goods and services purchased do not infringe on third-party intellectual property rights.
 provision for estimated future costs to warranties not material to consolidated financial statements.
 do not expect any sum pay in with guarantees and warranties material adverse effect on our consolidated financial condition , liquidity or results of operations.
 unconditional purchase obligations obligated to make future payments under unconditional purchase obligations as summarized below.
 approximately $ 4000 of our unconditional purchase obligations relate to helium purchases include crude feedstock supply to multiple helium refining plants in north america refined helium purchases from sources around world.
 rare byproduct of natural gas production in energy sector helium sourcing agreements are medium- to long-term contain take-or-pay provisions.
 refined helium distributed globally sold as merchant gas primarily under medium-term requirements contracts.
 contract terms in energy sector longer than merchant helium is rare gas used in applications with few or no substitutions of unique physical and chemical properties.
 approximately $ 330 of long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen carbon monoxide syngas ) facilities.
 price of feedstock supply principally related to price of natural gas.
 long-term take-or-pay sales contracts to hyco customers generally matched to term of feedstock supply obligations provide recovery of price increases in feedstock supply.
 due to matching of long-term feedstock supply obligations to customer sales contracts do not believe these purchase obligations material effect on our financial condition or results of operations.
unconditional purchase obligations include product supply purchase commitments electric power natural gas supply purchase obligations primarily pass-through contracts with customers.
 purchase commitments to spend approximately $ 350 for additional plant equipment included in purchase obligations in 2017.
 purchase commitments totaling approximately $ 500 in 2017 and 2018 to long-term sale of equipment project for saudi aramco 2019s jazan oil refinery.
 18.
 capital stock common stock authorized common stock consists of 300 million shares par value $ 1 per share.
 as of 30 september 2016  249 million shares issued 217 million outstanding.
 on 15 september 2011 board of directors authorized repurchase of up to $ 1000 of outstanding common stock.
 repurchase shares pursuant to rules 10b5-1 and 10b-18 under securities exchange act of 1934 through repurchase agreements established with brokers.
 did not purchase outstanding shares during fiscal year 2016.
 at 30 september 2016 $ 485. 3 in share repurchase authorization remains.

2017       | $ 942
---------- | ------
2018       | 525
2019       | 307
2020       | 298
2021       | 276
thereafter | 2983
total      | $ 5331


entergy corporation subsidiaries management's financial discussion analysis annually beginning 2006 if power market prices drop below ppa prices.
 price not fixed table not report power from plant as sold forward after 2005.
 under ppas with nypa for output of power from indian point 3 and fitzpatrick  non-utility nuclear business obligated to produce at average capacity factor of 85% ( 85 % ) with financial true-up payment to nypa should nypa's cost to purchase power due to output shortfall higher than ppas' price.
 calculation of true-up payments based on two two-year periods.
 for first period through november 20 , 2002 indian point 3 and fitzpatrick operated at 95% ( 95 % ) and 97% ( 97 % )  under true-up formula.
 credits of up to 5% ( 5 % ) reflecting period one generation above 85% ( 85 % ) can used to offset output shortfalls in second period runs through end of ppas december 31 , 2004.
 entergy monitors industry trends to determine asset impairments or other losses from decline in value or cancellation of merchant power projects records provisions for impairments losses.
 marketing trading earnings of entergy's energy commodity services segment exposed to commodity price market risks through entergy's 50%-owned unconsolidated investment in entergy-koch.
 entergy-koch trading ( ekt ) uses value-at-risk models as measure of market risk of loss in fair value for ekt's natural gas and power trading portfolio.
 actual future gains and losses in portfolios will differ from estimated based upon actual fluctuations in market rates  operating exposures timing changes in portfolio of derivative financial instruments during year.
manage portfolio , ekt enters into derivative contractual transactions in accordance with policy approved by trading committee of governing board of entergy-koch.
 trading portfolio consists of physical financial natural gas and power other energy weather-related contracts.
 these contracts take many forms , including futures , forwards , swaps , options.
 characteristics of ekt's value-at-risk method use of method are : fffd value-at-risk used in conjunction with stress testing , position reporting  profit and loss reporting to measure control risk in trading mark-to-market portfolios.
 fffd ekt estimates value-at-risk using model based on j. p.
 morgan's risk metrics methodology combined with monte carlo simulation approach.
 fffd ekt estimates daily value-at-risk for natural gas and power using 97. 5% ( 97. 5 % ) confidence level.
 ekt's daily value-at-risk measure indicates if prices moved against positions , loss in neutralizing portfolio not expected to exceed calculated value-at-risk.
 fffd ekt seeks to limit daily value-at-risk day to certain dollar amount approved by trading committee.
 ekt's value-at-risk measures , calls daily earnings at risk ( de@r ) , for trading portfolio were as follows:.
 ekt's de@r increased in 2002 compared to 2001 as result of increase in size of position held increase in volatility of natural gas prices in latter of year.
 for all derivative contractual transactions , ekt exposed to losses in event of nonperformance by counterparties to transactions.
 relevant considerations when assessing ekt's credit risk exposure include:

| 2002           | 2001
--------------------------- | -------------- | -------------
de@r at end of period       | $ 15.2 million | $ 5.5 million
average de@r for the period | $ 10.8 million | $ 6.4 million


purchased scrap metal from third-parties ) divested or permanently closed in december 2014 ( see global rolled products below ).
 intersegment sales for segment improved 12% ( 12 % ) in 2014 compared with 2013  due to increase in average realized price  higher regional premiums higher demand from midstream and downstream businesses.
 atoi for primary metals segment decreased $ 439 in 2015 compared with 2014  caused by lower average realized aluminum price lower energy sales , higher energy costs ( mostly in spain 2014 interruptibility rights more favorable 2015 structure ) unfavorable impact related to curtailment of s e3o lu eds smelter.
 negative impacts offset by net favorable foreign currency movements due to stronger u. s.
 dollar against major currencies  net productivity improvements  absence of write-off of inventory related to permanent closure of portovesme , point henry  massena east smelters ( $ 44 ) lower equity loss related to joint venture in saudi arabia  absence of restart costs for one of potlines previously shut down due to period instability.
 atoi for this segment climbed $ 614 in 2014 compared with 2013  related to higher average realized aluminum price ; energy sales in brazil ; net productivity improvements net favorable foreign currency movements due to stronger u. s.
 dollar against major currencies lower costs for carbon and alumina absence of costs related to planned maintenance outage in 2013 at power plant in australia.
 positive impacts slightly offset by unfavorable impact associated with 2013 and 2014 capacity reductions described including write-off of inventory related to permanent closure of portovesme , point henry  massena east smelters $ 44 higher energy costs ( particularly in spain ) , labor , and maintenance.
in 2016 , aluminum production approximately 450 kmt lower third-party sales reflect absence of approximately $ 400 result of 2015 curtailment and closure actions.
 energy sales in brazil negatively impacted by decline in energy prices net productivity improvements anticipated.
 global rolled products.
 * generally average realized price per metric ton of aluminum includes two elements : a ) price of metal ( underlying base metal component plus regional premium 2013 see footnote to table in primary metals above for description of two components ), and b ) conversion price , represents incremental price over metal price component associated with converting primary aluminum into sheet and plate.
 metal price component is pass- through to this segment 2019s customers with limited exception (. g., fixed-priced contracts  certain regional premiums ).
 segment represents alcoa 2019s midstream operations produces aluminum sheet and plate for variety of end markets.
 approximately one-half of third-party shipments in segment consist of sheet sold directly to customers in packaging end market for production of aluminum cans ( beverage , food  pet food ).
 seasonal increases in can sheet sales generally experienced in second and third quarters of year.
 segment also includes sheet and plate sold directly to customers and through distributors related to aerospace , automotive , commercial transportation , building and construction , industrial products ( mainly used in production of machinery and equipment consumer durables ) end markets.
 small portion of segment also produces aseptic foil for packaging end market.
 customer base for flat-rolled products large, significant amount of sales of sheet and plate to relatively small number of customers.
 sales and costs and expenses of this segment transacted in local currency of respective operations mostly u. s.
dollar , euro , russian ruble , brazilian real , and british pound.

| 2015   | 2014   | 2013
-------------------------------------------------------------- | ------ | ------ | ------
third-party aluminum shipments ( kmt )                         | 1775   | 1964   | 1905
alcoa 2019s average realized price per metric ton of aluminum* | $ 3514 | $ 3743 | $ 3730
third-party sales                                              | $ 6238 | $ 7351 | $ 7106
intersegment sales                                             | 125    | 185    | 178
total sales                                                    | $ 6363 | $ 7536 | $ 7284
atoi                                                           | $ 244  | $ 245  | $ 292


depending senior unsecured debt ratings.
 facilities require maintenance of minimum net worth and debt to net worth coverage ratio.
 at december 31 , 2006 in compliance with these covenants.
 facilities not include other financial restrictions , credit rating triggers rating-dependent pricing ) or other provision require posting of collateral.
 in addition to revolving credit facilities had $ 150 million in uncommitted lines of credit available including $ 75 million expires in march 2007 and $ 75 million expiring in may 2007.
 neither lines of credit used as of december 31 , 2006.
 must have equivalent credit available under five-year facilities to draw on these $ 75 million lines.
 dividend restrictions 2013 subject to certain restrictions related to payment of cash dividends to shareholders due to minimum net worth requirements under credit facilities.
 retained earnings available for dividends was $ 7. 8 billion and $ 6. 2 billion at december 31 , 2006 and 2005.
 not expect restrictions material adverse effect on consolidated financial condition results of operations or liquidity.
 declared dividends of $ 323 million in 2006 and $ 316 million in 2005.
 shelf registration statement 2013 under current shelf registration statement may issue any combination of debt securities, preferred stock , common stock  or warrants for debt securities preferred stock in or more offerings.
 at december 31 , 2006 had $ 500 million remaining for issuance under current shelf registration statement.
 no immediate plans to issue securities ; routinely consider evaluate opportunities to replace existing debt or access capital through issuances of debt securities under shelf registration may issue debt securities at any time.
.
 leases we lease certain locomotives , freight cars  other property.
minimum lease payments for operating capital leases with initial non-cancelable lease terms excess one year as of december 31 , 2006 were : millions of dollars operating leases capital leases.
 rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005  $ 651 million in 2004.
 when cash rental payments not made straight-line recognize variable rental expense straight-line over lease term.
 contingent rentals sub-rentals not significant.

millions of dollars                     | operatingleases | capital leases
--------------------------------------- | --------------- | --------------
2007                                    | $ 624           | $ 180
2008                                    | 546             | 173
2009                                    | 498             | 168
2010                                    | 456             | 148
2011                                    | 419             | 157
later years                             | 2914            | 1090
total minimum lease payments            | $ 5457          | $ 1916
amount representing interest            | n/a             | -680 ( 680 )
present value of minimum lease payments | n/a             | $ 1236


consolidated results of operations  financial condition liquidity ; to extent possible where unasserted claims considered probable claims reasonably estimated we recorded a liability.
 do not expect known lawsuits , claims  environmental costs commitments contingent liabilities or guarantees have material adverse effect on our consolidated results of operations financial condition liquidity after taking account liabilities previously recorded for.
 personal injury 2013 cost of personal injuries to employees others related to activities charged to expense based on estimates of ultimate cost and number of incidents each year.
 use third-party actuaries to assist measuring expense and liability including unasserted claims.
 compensation for work-related accidents governed by federal employers 2019 liability act ( fela ).
 under fela damages assessed based on finding of fault through litigation or out-of-court settlements.
 our personal injury liability activity : millions of dollars 2006 2005 2004.
 personal injury liability discounted to present value using applicable.
 treasury rates.
 approximately 87% ( 87 % ) of recorded liability related to asserted claims approximately 13% ( 13 % ) related to unasserted claims.
 personal injury accruals higher in 2004 due to 1998 crossing accident verdict upheld in 2004 and 2004 derailment near san antonio.
 asbestos 2013 defendant in lawsuits in which current and former employees allege exposure to asbestos.
 received claims for asbestos exposure not been litigated.
 claims lawsuits ( collectively referred to as 201cclaims 201d ) allege occupational illness resulting from exposure to asbestos- containing products.
 in most cases claimants do not have credible medical evidence of physical impairment from alleged exposures.
most claims filed against us not specify amount alleged damages.
 during 2004  we engaged third party with experience estimating resolution costs for asbestos- related claims to assist assessing number and value of unasserted claims through 2034 based on our average claims experience over multi-year period.
 we increased our liability in 2004 for asbestos- related claims in fourth quarter of 2004.
 liability for resolving both asserted and unasserted claims based on assumptions : 2022 number of future claims received consistent with historical averages.
 2022 number of claims filed against us will decline each year.
 2022 average settlement values for asserted and unasserted claims equivalent to historical averages.
 2022 percentage of claims dismissed in future equivalent to historical averages.

millions of dollars                           | 2006         | 2005         | 2004
--------------------------------------------- | ------------ | ------------ | ------------
beginning balance                             | $ 619        | $ 639        | $ 619
accruals                                      | 240          | 247          | 288
payments                                      | -228 ( 228 ) | -267 ( 267 ) | -268 ( 268 )
ending balance at december 31                 | $ 631        | $ 619        | $ 639
current portion ending balance at december 31 | $ 233        | $ 274        | $ 274


table presents var our trading activities  measured by our var methodology for periods indicated : value-at-risk.
 we back-test estimated one-day var daily basis.
 information reviewed to confirm all relevant trading positions are properly modeled.
 for years ended december 31 , 2008 and 2007 , we experience actual trading losses in excess of our end-of-day var estimate.
 asset and liability management activities primary objective is to provide sustainable growing net interest revenue , or nir  under varying economic environments while protecting economic values of balance sheet assets and liabilities from adverse effects of changes in interest rates.
 most of our nir is earned from investment of deposits by our core investment servicing and investment management businesses.
 we structure balance sheet assets to conform to characteristics of balance sheet liabilities manage overall interest-rate risk position in context of current anticipated market conditions within internally-approved risk guidelines.
 overall interest-rate risk position maintained within policies approved by board and guidelines established monitored by alco.
 global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk.
 manage consolidated balance sheet related nir  global treasury has authority to take limited amount of interest-rate risk based on market conditions views about direction of global interest rates over short-term and long-term time horizons.
 global treasury manages our exposure to changes in interest rates on consolidated basis organized into three regional treasury units , north america , europe asia/pacific  to reflect growing global nature of exposures capture impact of change in regional market environments on total risk position.
 investment activities and use of derivative financial instruments are primary tools in managing interest-rate risk.
invest in financial instruments with currency  repricing maturity characteristics appropriate to manage overall interest-rate risk position.
 addition to on-balance sheet assets use certain derivatives  primarily interest-rate swaps to alter interest-rate characteristics of specific balance sheet assets or liabilities.
 use of derivatives subject to alco-approved guidelines.
 additional information about use derivatives in note 17 of notes to consolidated financial statements in form 10-k under item 8.
 result of growth in non-u. s.
 operations non-u. s.
 dollar denominated customer liabilities significant portion of consolidated balance sheet.
 growth results in exposure to changes in shape level of non-u. s.
 dollar yield curves include in consolidated interest-rate risk management process.
 no one individual measure can assess all exposures to changes in interest rates use several quantitative measures in assessment of current potential future exposures to changes in interest rates impact on net interest revenue and balance sheet values.
 net interest revenue simulation primary tool in evaluation of potential range of possible net interest revenue results under variety of interest-rate environments.
 use market valuation and duration analysis to assess changes in economic value of balance sheet assets and liabilities caused by assumed changes in interest rates.
 gap analysis 2014the difference between amount of balance sheet assets and liabilities re-pricing within specified time period 2014is used as measurement of interest-rate risk position.

years ended december 31 ( inmillions ) | 2008 annual average | 2008 maximum | 2008 minimum | 2008 annual average | 2008 maximum | minimum
-------------------------------------- | ------------------- | ------------ | ------------ | ------------------- | ------------ | -------
foreign exchange products              | $ 1.8               | $ 4.7        | $ .3         | $ 1.8               | $ 4.0        | $ .7
interest-rate products                 | 1.1                 | 2.4          | .6           | 1.4                 | 3.7          | .1


z i m m e r h o l d i n g s  n.
 n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k table sets operating profit margin by cost of products sold.
 in cost product sold segment for years ended december 31 , 2003  losses on foreign exchange hedge contracts increased 2002 and 2001 : in 2003 relative to 2002.
 fourth quarter  company reported operating profit as percent of net sales 47. 1 percent for asia pacific.
 operating profit for americas as percentage of net sales increased to 48. 3 percent in 2002 from 47. 4 percent in year ended december 31, 2003 2001 reflecting improved gross profit margins due to higher 2002 average selling prices increased sales of higher margin operating profit for net products lower selling expenses as percent of sales sales increased due to improved gross margins lower costs associated with.
 distributor higher average selling prices increased sales of higher network.
 americas invest in strategic margin products  leveraged operating expenses initiatives mis technologies  field sales personnel  favorable impact of change in accounting principle for medical education programs new product launches.
.
 change in accounting principle for operating profit for asia pacific as percentage of net instruments increased operating profit by 1. 7 percentage sales increased to 46. 1 percent in 2002 from 45. 4 percent.
 sales growth  increased in 2001.
 increase reflects lower selling  general and standalone average selling prices of 4 percent in 2003 administrative expenses as percent of sales in japan favorable effects of volume and mix , 15 percent increase in result of sales force and dealer reorganization  2003 represent significant factors in improved offset by lower gross profit margins result of lower yen operating profit in americas.
 reconstructive implant hedge gains compared to 2001.
sales grow higher rate than trauma orthopaedic operating profit for europe percentage of net sales surgical products operating profit margins increased to 24. 4 percent in 2002 from 19. 5 percent in 2001 improve reconstructive product sales earn due to improved gross profit margins higher gross margins.
 case in 2003  zimmer average selling prices favorable product country mix standalone reconstructive implant sales growth of 22 percent leveraging sales growth in europe controlled compared with total zimmer standalone sales growth increases in operating expenses improved efficiency 19 percent.
 in fourth quarter company reported utilization of instruments ( frequent use operating profit percent of net sales 50. 4 percent for instruments fewer placements less expense ).
 americas.
 operating profit for europe percentage of net sales liquidity capital resources increased due to improved gross profit margins driven by cash flows operations were $ 494. 8 million higher zimmer standalone average selling prices in 2003 compared with $ 220. 2 million in 2002.
 principal favorable product country mix leveraged operating source of cash was net earnings before cumulative effect of expenses favorable impact of change in accounting principle of $ 291. 2 million.
 non-cash accounting principle for instruments.
 change in expenses period included depreciation accounting for instruments increased operating profit by amortization expense of $ 103. 3 million  centerpulse inventory 1. 4 percentage points.
 increases in zimmer standalone step-up of $ 42. 7 million centerpulse in-process research average selling prices in europe of 2 percent in 2003 development write-offs of $ 11. 2 million.
 working capital effect of volume mix , 19 percent increase in 2003 management  collection of $ 20. 0 million key factors in improved operating profit.
 cash related to centerpulse tax loss carryforwards contributing improvement lower contributed $ 80.4 million to operating cash flow.
 growth in operating expenses.
 fourth quarter working capital key management focus.
 company reported operating profit as percent of net sales at december 31 , 2003  company had 62 days of sales of 24. 7 percent for europe.
 outstanding in accounts receivable unfavorable to prior operating profit for asia pacific percentage of year by 10 days.
 acquired centerpulse businesses net sales decreased due to less favorable rates negative impact of 10 days due to centerpulse 2019s business hedge contracts year compared to prior year mix greater proportion of european revenue partially offset by increased zimmer standalone average payment terms longer than u. s.
 selling prices leveraged operating expenses.
 change december 31 , 2003  company had 232 days of inventory in accounting for instruments immaterial effect on hand compared to 247 days end of 2002.
 operating profit for asia pacific.
 increases zimmer reduction due to improved inventory standalone average selling prices in asia pacific of 1 percent management acquired dental and spinal businesses volume and mix improvements of 4 percent in 2003 fewer days of inventory.
 contributed modest improvement offset by higher

year ended december 31, | 2003             | 2002             | 2001
----------------------- | ---------------- | ---------------- | ----------------
americas                | 51.2% ( 51.2 % ) | 48.3% ( 48.3 % ) | 47.4% ( 47.4 % )
europe                  | 26.3             | 24.4             | 19.5
asia pacific            | 45.3             | 46.1             | 45.4


latin american investments 2009  company acquired land parcel in rio clara , brazil through consolidated joint venture company has 70% ( % ) controlling ownership interest for purchase price of 3. 3 million brazilian reals ( approximately usd $ 1. 5 million ).
 parcel will be developed into 48000 square foot retail shopping center.
 2009  company acquired land parcel in san luis potosi , mexico unconsolidated joint venture company has noncontrolling interest for aggregate purchase price approximately $ 0. 8 million.
 company recognized equity in income from unconsolidated mexican investments in real estate joint ventures of approximately $ 7. 0 million , $ 17. 1 million , and $ 5. 2 million during 2009 , 2008 and 2007.
 company recognized equity in income from unconsolidated chilean investments real estate joint ventures approximately $ 0. 4 million , $ 0. 2 and $ 0. 1 million during 2009  2008 2007.
 company 2019s revenues from consolidated mexican subsidiaries aggregated approximately $ 23. 4 million , $ 20. 3 million , $ 8. 5 million during 2009 , 2008 2007.
 company revenues from consolidated brazilian subsidiaries aggregated approximately $ 1. 5 million and $ 0. 4 million during 2009 and 2008.
 revenues from consolidated chilean subsidiaries aggregated less than $ 100000 during 2009 and 2008.
 mortgages financing receivables 2009 company provided financing to five borrowers for aggregate amount approximately $ 8. 3 million.
 2009 company received aggregate of approximately $ 40. 4 million fully paid down outstanding balance on four mortgage receivables.
 as of december 31 , 2009 company had 37 loans with total commitments of up to $ 178. 9 million  approximately $ 131. 3 million funded.
availability under company 2019s revolving credit facilities expected to sufficient to fund remaining commitments.
 ( see note 10 of notes to consolidated financial statements in annual report on form 10-k. ) asset impairments continuous basis , management assesses indicators  including property operating performance general market conditions , value of company 2019s assets ( including related amortizable intangible assets or liabilities ) may be impaired.
 to extent impairment occurred, carrying value of asset adjusted to to reflect estimated fair value of asset.
 during 2009 , economic conditions continued experience volatility resulting in declines in real estate and equity markets.
 year over year increases in capitalization rates , discount rates vacancies deterioration of real estate market fundamentals  negatively impacted net operating income and leasing contributed to declines in real estate markets general.
 result of volatility declining market conditions described company 2019s strategy in relation to certain non-retail assets , company recognized non-cash impairment charges during 2009 , aggregating approximately $ 175. 1 million , before income tax benefit of approximately $ 22. 5 million noncontrolling interests of approximately $ 1. 2 million.
 details of non-cash impairment charges as follows ( in millions ) :.
 ( see notes 2 , 6 , 8 , 9 , 10 11 of notes to consolidated financial statements in annual report on form 10-k. )

impairment of property carrying values       | $ 50.0
-------------------------------------------- | -------
real estate under development                | 2.1
investments in other real estate investments | 49.2
marketable securities and other investments  | 30.1
investments in real estate joint ventures    | 43.7
total impairment charges                     | $ 175.1


goodwill assigned to reporting segments on date of acquisition.
 we evaluate goodwill for impairment by comparing fair value of reporting segments to its carrying value  including associated goodwill.
 to determine fair values use market approach based on comparable publicly traded companies in similar lines businesses and income approach based on estimated discounted future cash flows.
 cash flow assumptions consider historical and forecasted revenue , operating costs other relevant factors.
 amortize intangible assets with finite lives over estimated useful lives review them for impairment whenever impairment indicator exists.
 monitor events and changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.
 when such events changes circumstances occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.
 if future undiscounted cash flows less than carrying amount of assets, recognize impairment loss based on excess of carrying amount over fair value of assets.
 did not recognize intangible asset impairment charges in fiscal 2012 , 2011 or 2010.
 intangible assets amortized over estimated useful lives of 1 to 13 years.
 amortization based on pattern in economic benefits of intangible asset will be consumed.
 weighted average useful lives of intangible assets was as follows : weighted average useful life ( years ).
 software development costs capitalization of software development costs for software to be sold , leased marketed begins upon establishment of technological feasibility  generally completion of working prototype certified as no critical bugs release candidate.
 amortization begins once software is ready for intended use  generally based on pattern in economic benefits be consumed.
 to date  software development costs incurred between completion of working prototype and general availability of related product not been material.
 internal use software we capitalize costs associated with customized internal-use software systems reached application development stage.
 capitalized costs include external direct costs in developing or obtaining applications and payroll payroll-related expenses for employees  directly associated with development applications.
 capitalization of costs begins when preliminary project stage complete ceases at project substantially complete and ready for intended purpose.
 income taxes use asset and liability method of accounting for income taxes.
 under method income tax expense recognized for amount of taxes payable or refundable for current year.
 deferred tax assets and liabilities recognized for expected future tax consequences of temporary differences between financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards.
 record valuation allowance to reduce deferred tax assets to amount for realization more likely than not.
 table of contents adobe systems incorporated notes to consolidated financial statements ( continued )

| weighted averageuseful life ( years )
------------------------------------ | -------------------------------------
purchased technology                 | 5
customer contracts and relationships | 10
trademarks                           | 7
acquired rights to use technology    | 9
localization                         | 1
other intangibles                    | 3


notes to consolidated financial statements ) management performs detailed reviews of receivables monthly quarterly basis to assess adequacy of allowances based on historical current trends factors affecting credit losses to determine if impairment occurred.
 receivable is impaired when probable all amounts related to receivable not be collected according to contractual terms agreement.
 in circumstances where company aware of specific customer 2019s inability to meet financial obligations, specific reserve recorded against amounts due to reduce net recognized receivable to amount reasonably expected to be collected.
 additions to allowances for doubtful accounts maintained through adjustments to provision for credit losses charged to current period earnings ; amounts uncollectable charged directly against allowances amounts recovered on previously charged-off accounts increase allowances.
 net charge-offs include principal amount of losses charged off charged-off interest and fees.
 recovered interest and fees previously charged-off recorded through allowances for doubtful accounts increase allowances.
 finance receivables assessed for charge- off when account becomes 120 days past due charged-off typically within 60 days of asset repossession.
 contract receivables related to equipment leases generally charged-off when account becomes 150 days past due contract receivables related to franchise finance and van leases charged off up to 180 days past asset return.
 for finance and contract receivables customer bankruptcies generally charged-off upon notification associated debt not being reaffirmed or no later than 180 days past due.
 snap-on does not believe its trade accounts , finance or contract receivables represent significant concentrations of credit risk because of diversified portfolio of individual customers and geographical areas.
 see note 3 for further information on receivables and allowances for doubtful accounts.
accrued liabilities : supplemental balance sheet information for 201cother accrued liabilities 201d as of 2012 and 2011 year end follows : ( amounts in millions ) 2012 2011.
 inventories : snap-on values inventory at lower of cost or market adjusts for value of inventory estimated to be excess , obsolete or unmarketable.
 snap-on records allowances for excess and obsolete inventory based on historical estimated future demand and market conditions.
 allowances for raw materials based on analysis of raw material age actual physical inspection of raw material for fitness for use.
 evaluating adequacy of allowances for work-in-progress finished goods management reviews product stock-keeping units by product category and product life cycle.
 cost adjustments for each product category/product life-cycle state established maintained based on historical experience forecasted sales and promotions technological obsolescence inventory age other actual known conditions circumstances.
 should product marketability and raw material fitness for use be affected by conditions different from management estimates further adjustments to inventory allowances may be required.
 snap-on adopted 201clast-in , first-out 201d ( 201d ) inventory valuation method in 1973 for.
 locations.
 snap-on 2019s.
 inventories accounted for consist of purchased product and inventory manufactured at company heritage.
 manufacturing facilities ( primarily hand tools and tool storage ).
 snap-on began acquiring businesses in 1990 2019s company retained 201cfirst-in , first-out 201d ) inventory valuation methodology used by predecessor businesses prior to acquisition snap company does not adopt lifo inventory valuation methodology for new acquisitions.
 see note 4 for further information on inventories.
 72 snap-on incorporated

( amounts in millions )                | 2012    | 2011
-------------------------------------- | ------- | -------
income taxes                           | $ 19.6  | $ 11.7
accrued restructuring                  | 7.2     | 8.4
accrued warranty                       | 18.9    | 18.6
deferred subscription revenue          | 24.8    | 24.9
accrued property payroll and other tax | 32.9    | 30.4
accrued selling and promotion expense  | 26.6    | 29.1
other                                  | 117.9   | 132.8
total other accrued liabilities        | $ 247.9 | $ 255.9