page 45 of 100 ball corporation subsidiaries notes to consolidated financial statements 3.
 acquisitions latapack-ball embalagens ltda.
 ( latapack-ball ) in august 2010  company paid $ 46. 2 million to acquire additional 10. 1 percent economic interest in brazilian beverage packaging joint venture , latapack-ball  through transaction with joint venture partner  latapack s. a.
 transaction increased company 2019s overall economic interest in joint venture to 60. 1 percent expands strengthens ball 2019s presence in growing brazilian market.
 result transaction latapack-ball became variable interest entity ( vie ) under consolidation accounting guidelines ball identified primary beneficiary of vie consolidating joint venture.
 latapack-ball operates metal beverage packaging manufacturing plants in tres rios , jacarei salvador , brazil included in metal beverage packaging , americas and asia , reporting segment.
 connection with acquisition  company recorded gain of $ 81. 8 million on previously held equity investment in latapack-ball result required purchase accounting.
 following table summarizes final fair values of latapack-ball assets acquired , liabilities assumed non- controlling interest recognized related investment in latapack s. a. of acquisition date.
 valuation based on market and income approaches.
 noncontrolling interests $ ( 132. 9 ) customer relationships identified as intangible asset company assigned estimated life of 13. 4 years.
 intangible asset amortized on straight-line basis.
 neuman aluminum ( neuman ) in july 2010  company acquired neuman for approximately $ 62 million cash.
 neuman had sales of approximately $ 128 million in 2009 leading north american manufacturer of aluminum slugs extruded aerosol cans , beverage bottles , aluminum collapsible tubes technical impact extrusions.
neuman operates two plants one in united states and one in canada employ approximately 180 people.
 acquisition of neuman not material to metal food household products packaging , americas , segment  results operations included since acquisition date.
 guangdong jianlibao group co. , ltd ( jianlibao ) in june 2010 company acquired jianlibao 2019s 65 percent interest in joint venture metal beverage can and end plant in sanshui ( foshan ) prc.
 ball owned 35 percent of joint venture plant since 1992.
 ball acquired 65 percent interest for $ 86. 9 million in cash ( net of cash acquired ) assumed debt entered long-term supply agreement with jianlibao one affiliates.
 company recorded equity earnings of $ 24. 1 million  composed equity earnings and gain realized on fair value of ball 2019s previous 35 percent equity investment result required purchase accounting.
 purchase accounting completed during third quarter of 2010.
 acquisition of remaining interest not material to metal beverage packaging , americas and asia , segment.

cash                         | $ 69.3
---------------------------- | ------------------
current assets               | 84.7
property plant and equipment | 265.9
goodwill                     | 100.2
intangible asset             | 52.8
current liabilities          | -53.2 ( 53.2 )
long-term liabilities        | -174.1 ( 174.1 )
net assets acquired          | $ 345.6
noncontrolling interests     | $ -132.9 ( 132.9 )


entergy new orleans , inc.
 management's financial discussion analysis 2007 compared to 2006 net revenue consists of operating revenues net of 1 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 ).
 fuel recovery variance due to inclusion of grand gulf costs in fuel recoveries effective july 1 , 2006.
 in june 2006 city council approved recovery of grand gulf costs through fuel adjustment clause without change in base rates significant portion of grand gulf costs previously recovered through base rates ).
 volume/weather variance due to increase in electricity usage in service territory in 2007 compared to 2006.
 first quarter 2006 affected by customer losses following hurricane katrina.
 entergy new orleans estimates approximately 132000 electric customers and 86000 gas customers returned taking service as of december 31, 2007 compared to 95000 electric customers and 65000 gas customers as of december 31 , 2006.
 retail electricity usage increased of 540 gwh compared to same period 2006 increase of 14% ( 14 % ).
 rider revenue variance due to storm reserve rider effective march 2007 result of city council's approval of settlement agreement in october 2006.
 approved storm reserve set to collect $ 75 million over ten-year period rider funds held in restricted escrow account.
 settlement agreement discussed in note 2 to financial statements.
 net wholesale revenue variance due to more energy available for resale in 2006 due to decrease in retail usage caused by customer losses following hurricane katrina.
2006 revenue includes sales wholesale market of entergy new orleans' share of output grand gulf city council approval of measures proposed by entergy new orleans to address reduction in retail customer usage caused by hurricane katrina provide revenue support for costs of entergy orleans' share of grand other income statement variances 2008 compared to 2007 operation maintenance expenses decreased due to provision for storm-related bad debts of $ 11 million recorded in 2007 ; decrease of $ 6. 2 million in legal professional fees ; decrease of $ 3. 4 million in employee benefit expenses decrease of $ 1. 9 million in gas operations spending due to higher labor material costs for reliability work in 2007.

| amount ( in millions )
--------------------- | ----------------------
2006 net revenue      | $ 192.2
fuel recovery         | 42.6
volume/weather        | 25.6
rider revenue         | 8.5
net wholesale revenue | -41.2 ( 41.2 )
other                 | 3.3
2007 net revenue      | $ 231.0


interest-earning assets including unearned income in accretion of fair value adjustments on discounts recognized on acquired or purchased loans recognized based on constant effective yield of financial instrument.
 timing and amount of revenue recognize dependent on estimates  judgments assumptions interpretation of contractual terms.
 changes in these factors can significant impact on revenue recognized due to changes in products  market conditions or industry norms.
 residential and commercial mortgage servicing rights we elect to measure residential mortgage servicing rights ( msrs ) at fair value.
 election consistent with risk management strategy to hedge changes in fair value of assets.
 fair value of residential msrs estimated by using cash flow valuation model calculates present value of estimated future net servicing cash flows  consideration actual and expected mortgage loan prepayment rates  discount rates servicing costs other economic factors determined based on current market conditions.
 assumptions into residential msrs valuation model reflect management 2019s best estimate of factors market participant in valuing residential msrs.
 sales of residential msrs do occur , residential msrs not trade in active market with readily observable prices precise terms and conditions of sales not available.
 as benchmark for reasonableness of residential msrs fair value  pnc obtains opinions of value from independent parties ( 201cbrokers 201d ).
 brokers provided range ( +/- 10 bps ) based upon own discounted cash flow calculations of portfolio reflected conditions in secondary market recently executed servicing transactions.
 pnc compares internally-developed residential msrs value to ranges of values received from brokers.
 if residential msrs fair value falls outside of brokers 2019 ranges management will assess valuation adjustment warranted.
 for 2011 and 2010 , pnc 2019s residential msrs value not fallen outside of brokers 2019 ranges.
consider residential msrs value represent reasonable estimate of fair value.
 commercial msrs purchased or originated when loans sold with servicing retained.
 commercial msrs not trade in active market with readily observable prices precise terms and conditions of sales not available.
 commercial msrs initially recorded at fair value subsequently accounted for at lower of amortized cost or fair value.
 commercial msrs periodically evaluated for impairment.
 commercial mortgage servicing rights stratified based on asset type characterizes predominant risk of underlying financial asset.
 fair value of commercial msrs estimated by using internal valuation model.
 model calculates present value of estimated future net servicing cash flows considering estimates servicing revenue costs discount rates prepayment speeds.
 pnc employs risk management strategies to protect value of msrs from changes in interest rates related market factors.
 residential msrs values economically hedged with securities derivatives including interest-rate swaps options forward mortgage-backed futures contracts.
 as interest rates change financial instruments expected to have changes in fair value negatively correlated to change in fair value of hedged residential msrs portfolio.
 hedge relationships actively managed in response to changing market conditions over life residential msrs assets.
 commercial msrs economically hedged at macro level or with specific derivatives to protect against significant decline in interest rates.
 selecting appropriate financial instruments to economically hedge residential or commercial msrs requires management judgment to assess mortgage rates prepayment speeds affect future values msrs.
 hedging results less predictable in short term over longer periods of time expected to protect economic value of msrs.
 fair value of residential and commercial msrs and significant inputs to valuation model as of december 31 , 2011 shown in tables below.
 expected and actual rates of mortgage loan prepayments significant factors driving fair value.
management uses third-party model estimate future residential loan prepayments internal proprietary models estimate future commercial loan prepayments.
 models refined based on current market conditions.
 future interest rates important factor in valuation msrs.
 management utilizes market implied forward interest rates estimate future direction mortgage discount rates.
 forward rates derived from current yield curve for.
 dollar interest rate swaps consistent with pricing of capital markets instruments.
 changes in shape slope forward curve future may result in volatility in fair value estimate.
 residential mortgage servicing rights dollars in millions december 31 31.
 weighted-average constant prepayment rate 22. 10% ( 22. 10 % ) 12. 61% ( 12. 61 % ) weighted-average option adjusted spread 11. 77% ( 11. 77 % ) 12. 18% ( 12. 18 % ) changes in weighted-average life weighted-average constant prepayment rate reflect cumulative impact of changes in rates prepayment expectations model changes.
 pnc financial services group , inc.
 2013 form 10-k 65

dollars in millions                             | december 31 2011   | december 312010
----------------------------------------------- | ------------------ | ------------------
fair value                                      | $ 647              | $ 1033
weighted-average life ( in years ) ( a )        | 3.6                | 5.8
weighted-average constant prepayment rate ( a ) | 22.10% ( 22.10 % ) | 12.61% ( 12.61 % )
weighted-average option adjusted spread         | 11.77% ( 11.77 % ) | 12.18% ( 12.18 % )


vornado realty trust notes to consolidated financial statements continued ) 10.
 redeemable noncontrolling interests on consolidated balance sheets recorded at greater of carrying amount or redemption value end of each reporting period.
 changes in value period charged to 201cadditional capital 201d in consolidated statements changes in equity.
 table summarizing activity of redeemable noncontrolling interests.
 amounts in thousands ).
 as of december 31 , 2010 and 2009  aggregate redemption value of redeemable class a units was $ 1066974000 and $ 971628000  respectively.
 redeemable noncontrolling interests exclude series g convertible preferred units and series d-13 cumulative redeemable preferred units accounted for as liabilities in accordance with asc 480  distinguishing liabilities and equity possible settlement by issuing variable number of vornado common shares.
 fair value of units included as component of 201cother liabilities 201d on consolidated balance sheets aggregated $ 55097000 and $ 60271000 as of december 31, 2010 and 2009  respectively.

balance at december 31 2008                                        | $ 1177978
------------------------------------------------------------------ | ------------------
net income                                                         | 25120
distributions                                                      | -42451 ( 42451 )
conversion of class a units into common shares at redemption value | -90955 ( 90955 )
adjustment to carry redeemable class a units at redemption value   | 167049
other net                                                          | 14887
balance at december 31 2009                                        | $ 1251628
net income                                                         | 55228
distributions                                                      | -53515 ( 53515 )
conversion of class a units into common shares at redemption value | -126764 ( 126764 )
adjustment to carry redeemable class a units at redemption value   | 191826
redemption of series d-12 redeemable units                         | -13000 ( 13000 )
other net                                                          | 22571
balance at december 31 2010                                        | $ 1327974


income approach indicates value for asset or liability based on present value of cash flow projected to be generated over remaining economic life of asset liability measured.
 amount and duration of cash flows considered from market participant perspective.
 estimates of market participant net cash flows considered historical and projected pricing  remaining developmental effort  operational performance company- specific synergies aftermarket retention  product life cycles material and labor pricing  other relevant customer , contractual and market factors.
 where appropriate net cash flows adjusted to reflect uncertainties with underlying assumptions risk profile of net cash flows in valuation.
 adjusted future cash flows discounted to present value using appropriate discount rate.
 projected cash flow is discounted at required rate of return that reflects relative risk of achieving cash flows and time value of money.
 market approach is a valuation technique uses prices and other relevant information generated by market transactions involving identical or comparable assets , liabilities  group assets liabilities.
 valuation techniques consistent market approach often use market multiples derived from set of comparables.
 cost approach  estimates value by determining current cost of replacing asset with another of equivalent economic utility  used as appropriate for property , plant and equipment.
 cost to replace asset reflects estimated reproduction or replacement cost less allowance for loss in value due to depreciation.
 purchase price allocation resulted in recognition of $ 2. 8 billion of goodwill  all expected to be amortizable for tax purposes.
 substantially all of goodwill was assigned to our rms business.
goodwill recognized attributable to expected revenue synergies by integration of our products technologies with sikorsky  costs synergies from consolidation or elimination of certain functions intangible assets not qualify for separate recognition such as assembled workforce of sikorsky.
 determining fair value of assets acquired liabilities assumed requires significant judgments  including amount timing of expected future cash flows  long-term growth rates discount rates.
 cash flows employed in dcf analyses based on our best estimate of future sales  earnings cash flows after considering general market conditions customer budgets existing firm orders expected future orders contracts with suppliers labor agreements changes in working capital long term business plans recent operating performance.
 different estimates judgments could yield different results.
 impact to 2015 financial results sikorsky 2019s 2015 financial results included in consolidated financial results only for period from november 6 , 2015 acquisition date through december 31 , 2015.
 consolidated financial results for year ended december 31 , 2015 do not reflect full year of sikorsky 2019s results.
 from november 6  2015 acquisition through december 31 , 2015 sikorsky generated net sales of approximately $ 400 million operating loss of approximately $ 45 million inclusive of intangible amortization and adjustments required to account for acquisition.
 incurred approximately $ 38 million of non-recoverable transaction costs associated with sikorsky acquisition in 2015 expensed as incurred.
 these costs included in other income net on consolidated statements of earnings.
 also incurred approximately $ 48 million in costs associated with issuing $ 7. 0 billion november 2015 notes used to repay all outstanding borrowings under 364-day facility to finance acquisition.
 financing costs recorded as reduction of debt amortized to interest expense over term of related debt.
supplemental pro forma financial information ( unaudited ) table presents summarized unaudited pro forma financial information if sikorsky included in financial results for entire years 2015 and 2014 ( in millions ) :.
 unaudited supplemental pro forma financial data calculated after applying accounting policies adjusting historical results of sikorsky with pro forma adjustments net of tax  assume acquisition occurred on january 1 , 2014.
 significant pro forma adjustments include recognition additional amortization expense related to acquired intangible assets additional interest expense related to short-term debt finance acquisition.

| 2015    | 2014
--------------------------------- | ------- | -------
net sales                         | $ 45366 | $ 47369
net earnings                      | 3534    | 3475
basic earnings per common share   | 11.39   | 10.97
diluted earnings per common share | 11.23   | 10.78


american tower corporation subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles approximately $ 15. 5 million and network location intangibles of approximately $ 19. 8 million.
 customer-related intangibles and network location intangibles amortized straight-line basis over periods up to 20 years.
 company expects goodwill recorded deductible for tax purposes.
 goodwill allocated to company 2019s international rental and management segment.
 uganda acquisition 2014on december 8 , 2011 company entered definitive agreement with mtn group to establish joint venture in uganda.
 joint venture controlled by holding company wholly owned subsidiary of company ( 201catc uganda subsidiary 201d ) holds 51% ( 51 % ) interest wholly owned subsidiary of mtn group ( 201cmtn uganda subsidiary 201d ) holds 49% ( 49 % ) interest.
 joint venture managed and controlled by company owns tower operations company in uganda.
 pursuant agreement joint venture agreed to purchase total up to 1000 existing communications sites from mtn group 2019s operating subsidiary in uganda  subject to customary closing conditions.
 on june 29 , 2012  joint venture acquired 962 communications sites for aggregate purchase price of $ 171. 5 million  subject to post-closing adjustments.
 aggregate purchase price increased to $ 173. 2 million  subject to future post-closing adjustments.
 under terms purchase agreement legal title to certain communications sites transferred upon fulfillment of certain conditions by mtn group.
 prior to fulfillment conditions company will operate and maintain control of these communications sites reflect these sites in allocation of purchase price and consolidated operating results.
table summarizes preliminary allocation of aggregate purchase price consideration paid amounts of assets acquired liabilities assumed based upon estimated fair value at date of acquisition ( in thousands ) : preliminary purchase price allocation.
 ( 1 ) consists of customer-related intangibles approximately $ 36. 5 million network location intangibles approximately $ 27. 0 million.
 customer-related intangibles network location intangibles amortized straight-line basis over up to 20 years.
 ( 2 ) company expects goodwill recorded not deductible for tax purposes.
 goodwill allocated to company 2019s international rental and management segment.
 germany acquisition 2014on november 14, 2012  company entered definitive agreement to purchase communications sites from e-plus mobilfunk gmbh & co.
.
 december 4 , 2012  company completed purchase of 2031 communications sites  for aggregate purchase price of $ 525. 7 million.

| preliminary purchase price allocation
--------------------------------- | -------------------------------------
non-current assets                | $ 2258
property and equipment            | 102366
intangible assets ( 1 )           | 63500
other non-current liabilities     | -7528 ( 7528 )
fair value of net assets acquired | $ 160596
goodwill ( 2 )                    | 12564


notes to consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets not presented net of tax no deferred.
 income taxes provided on undistributed earnings of non-.
 subsidiaries deemed to be reinvested for indefinite period time.
 tax ( cost ) benefit related to unrealized currency translation adjustments other than translation foreign denominated balance sheets for years ended december 31 , 2011, 2010 2009 was $ ( 7 ) million , $ 8 million and $ 62 million .
 tax benefit related to adjustment for pension and other postretirement benefits for years ended december 31  2011  2010 2009 was $ 98 million , $ 65 million and $ 18 million .
 cumulative tax benefit related to adjustment for pension other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million .
 tax ( cost ) benefit related to change in unrealized gain ( loss ) on marketable securities for years ended december 31 , 2011 , 2010 2009 was $ ( 0. 2 ) million , $ 0. 6 million and $ 0. 1 million .
 tax benefit ( cost ) related to change in unrealized gain ( loss ) on derivatives for years ended december 31 , 2011 , 2010 2009 was $ 19 million , $ 1 million and $ ( 16 ) million .
.
 employee savings plan ppg 2019s employee savings plan ( ) covers all.
 employees.
 company makes matching contributions to savings plan based upon participants 2019 savings subject to limitations.
 not by company-matching contributions established each year at discretion company applied to maximum of 6% ( % ) of eligible participant compensation.
participants whose employment covered by collective bargaining agreement level of company-matching contribution determined by relevant collective bargaining agreement.
 company-matching contribution was 100% ( 100 % ) for first two months of 2009.
 company-matching contribution suspended from march 2009 through june 2010 as cost savings measure in recognition of adverse impact of global recession.
 effective july 1 , 2010 company match reinstated at 50% ( 50 % ) on first 6% ( 6 % ) of compensation contributed for most employees eligible for company-matching contribution.
 included union represented employees in collective bargaining agreements.
 on january 1, 2011 company match increased to 75% ( 75 % ) on first 6% ( 6 % ) of compensation contributed by eligible employees.
 compensation expense and cash contributions related to company match of participant contributions to savings plan for 2011 , 2010 2009 totaled $ 26 million , $ 9 million $ 7 million.
 portion of savings plan qualifies under as employee stock ownership plan.
 tax deductible dividends on ppg shares held by savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009  respectively.
.
 other earnings ( millions ) 2011 2010 2009.
 total $ 177 $ 180 $ 150 20.
 stock-based compensation compensation includes stock options  restricted stock units ( 201d ) grants of contingent shares earned based on achieving targeted levels of total shareholder return.
 current grants of stock options rsus contingent shares made under ppg industries ,.
 amended and restated omnibus incentive plan ( omnibus plan 201d ) restated effective april 21 , 2011.
 shares available for future grants under ppg amended omnibus plan were 9. 7 million as of december 31 , 2011.
stock-based compensation cost was $ 36 million , $ 52 million $ 34 million in 2011 , 2010 2009 , respectively.
 total income tax benefit recognized in consolidated statement of income related to stock-based compensation was $ 13 million, $ 18 million $ 12 million in 2011 , 2010 2009 , respectively.
 stock options ppg has outstanding stock option awards granted under two stock option plans : ppg industries , inc.
 stock plan ( 201cppg stock plan 201d ) and ppg amended omnibus plan.
 under ppg plan ppg stock plan certain employees company granted options to purchase shares common stock at prices equal to fair market value shares on date options granted.
 options exercisable from six to 48 months after granted maximum term of 10 years.
 upon exercise of stock option  shares of company stock issued from treasury stock.
 ppg stock plan includes restored option provision for options originally granted prior to january 1, 2003 68 2011 ppg annual report and form 10-k

( millions )                                                       | 2011  | 2010  | 2009
------------------------------------------------------------------ | ----- | ----- | --------
royalty income                                                     | 55    | 58    | 45
share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37    | 45    | -5 ( 5 )
gain on sale of assets                                             | 12    | 8     | 36
other                                                              | 73    | 69    | 74
total                                                              | $ 177 | $ 180 | $ 150


fixed-price purchase options in leases could potentially provide benefits us ; benefits not expected to be significant.
 we maintain and operate assets based on contractual obligations within lease arrangements set guidelines within railroad industry.
 no control over activities impact fair value of leased assets.
 do not hold power to direct activities vies and do not control ongoing activities significant impact on economic performance vies.
 not have obligation to absorb losses vies or right to receive benefits vies potentially significant not considered primary beneficiary and do not consolidate these vies because our actions decisions not significant effect on vie 2019s performance and fixed-price purchase price options not potentially significant to vie 2019s.
 future minimum lease payments associated with vie leases totaled $ 3. 6 billion as of december 31 , 2012.
 16.
 leases we lease certain locomotives , freight cars , and other property.
 consolidated statements of financial position as of december 31 , 2012 and 2011 included $ 2467 million , net of $ 966 million of accumulated depreciation  and $ 2458 million , net of $ 915 million of accumulated depreciation  respectively for properties held under capital leases.
 charge to income resulting from depreciation for assets under capital leases is included within depreciation expense in consolidated statements of income.
 future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2012 were as follows : millions operating leases capital leases.
 approximately 94% ( 94 % ) of capital lease payments relate to locomotives.
 rent expense for operating leases with terms exceeding one month was $ 631 million in 2012 , $ 637 million in 2011 , and $ 624 million in 2010.
cash rental payments not made straight-line basis recognize variable rental expense straight-line basis over lease term.
 contingent rentals and sub-rentals not significant.
 17.
 commitments contingencies asserted and unasserted claims 2013 various claims and lawsuits pending against us and certain our subsidiaries.
 cannot fully determine effect of all asserted and unasserted claims on our consolidated results of operations , financial condition or liquidity ; to extent possible where asserted unasserted claims considered probable claims reasonably estimated recorded liability.
 do not expect any known lawsuits , claims environmental costs commitments  contingent liabilities guarantees have material adverse effect on our consolidated results of operations, financial condition or liquidity after taking into account liabilities insurance recoveries previously recorded for these matters.
 personal injury 2013 cost of personal injuries to employees others related to our activities charged to expense based on estimates of ultimate cost number of incidents each year.
 use actuarial analysis to measure expense and liability  including unasserted claims.
 federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.
 under fela  damages

millions                               | operatingleases | capitalleases
-------------------------------------- | --------------- | -------------
2013                                   | $ 525           | $ 282
2014                                   | 466             | 265
2015                                   | 410             | 253
2016                                   | 375             | 232
2017                                   | 339             | 243
later years                            | 2126            | 1166
total minimum leasepayments            | $ 4241          | $ 2441
amount representing interest           | n/a             | -593 ( 593 )
present value of minimum leasepayments | n/a             | $ 1848


morgan stanley notes to consolidated financial statements 2014 ( continued ) following table presents reconciliation of beginning and ending amount of unrecognized tax benefits for 2013 , 2012 2011 ( dollars in millions ) : unrecognized tax benefits.
 company under continuous examination by irs and other tax authorities in certain countries japan and u. k. , and in states in company has significant business operations  as new york.
 company currently under review by irs appeals office for remaining issues covering tax years 1999 2013 2005.
 company currently at various levels of field examination with audits by irs new york state and new york city , for tax years 2006 2013 2008 2007 2013 2009  respectively.
 during 2014  company expects to reach conclusion with u. k.
 tax authorities on substantially all issues through tax year 2010.
 company believes resolution of tax matters not have material effect on consolidated statements of financial condition company , although resolution could have material impact on company 2019s consolidated statements of income for particular future period and company 2019s effective income tax rate for any period such resolution occurs.
 company established liability for unrecognized tax benefits believes adequate in relation to potential for additional assessments.
 company adjusts unrecognized tax benefits only when more information available or when event occurs necessitating change.
 company periodically evaluates likelihood of assessments in each taxing jurisdiction resulting from expiration of applicable statute of limitations or new information regarding status of current and subsequent years 2019 examinations.
 part of company 2019s periodic review federal and state unrecognized tax benefits released or remeasured.
 result of remeasurement income tax provision included discrete tax benefit of $ 161 million and $ 299 million in 2013 and 2012 , respectively.
 possible that gross balance of unrecognized tax benefits of approximately $ 4.1 billion as of december 31 , 2013 may decrease significantly next 12 months due to expected completion

balance at december 31 2010                                       | $ 3711
----------------------------------------------------------------- | ------------
increase based on tax positions related to the current period     | 412
increase based on tax positions related to prior periods          | 70
decreases based on tax positions related to prior periods         | -79 ( 79 )
decreases related to settlements with taxing authorities          | -56 ( 56 )
decreases related to a lapse of applicable statute of limitations | -13 ( 13 )
balance at december 31 2011                                       | $ 4045
increase based on tax positions related to the current period     | $ 299
increase based on tax positions related to prior periods          | 127
decreases based on tax positions related to prior periods         | -21 ( 21 )
decreases related to settlements with taxing authorities          | -260 ( 260 )
decreases related to a lapse of applicable statute of limitations | -125 ( 125 )
balance at december 31 2012                                       | $ 4065
increase based on tax positions related to the current period     | $ 51
increase based on tax positions related to prior periods          | 267
decreases based on tax positions related to prior periods         | -141 ( 141 )
decreases related to settlements with taxing authorities          | -146 ( 146 )
balance at december 31 2013                                       | $ 4096


table of contents stock performance graph stock graph and related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission , nor information incorporated into future filings under securities act of 1933 or exchange act , each as amended , except to extent we specifically incorporate it by reference into such filing.
 stock performance graph compares our cumulative total shareholder return on annual basis on our common stock with cumulative total return on standard and poor 2019s 500 stock index and amex airline index from december 9 , 2013 ( stock ) through december 31 , 2014.
 comparison assumes $ 100 invested on december 9 , 2013 in aag common stock and in each foregoing indices and assumes reinvestment of dividends.
 stock performance on graph represents historical stock performance not necessarily indicative of future stock price performance.

| 12/9/2013 | 12/31/2013 | 12/31/2014
----------------------------- | --------- | ---------- | ----------
american airlines group inc . | $ 100     | $ 103      | $ 219
amex airline index            | 100       | 102        | 152
s&p 500                       | 100       | 102        | 114


oneok partners 2019 commodity price risk estimated as hypothetical change in price of ngls  crude oil natural gas at december 31 , 2008  excluding effects hedging assuming normal operating conditions.
 oneok partners 2019 condensate sales based on price crude oil.
 oneok partners estimates : 2022 a $ 0. 01 per gallon decrease in composite price of ngls decrease annual net margin by approximately $ 1. 2 million ; 2022 $ 1. 00 per barrel decrease in price crude oil decrease annual net margin by approximately $ 1. 0 million ; 2022 $ 0. 10 per mmbtu decrease in price of natural gas decrease annual net margin by approximately $ 0. 6 million.
 estimates of commodity price risk not include effects on demand for services caused by price changes.
 for example change in gross processing spread may cause change in amount of ethane extracted from natural gas stream impacting gathering processing margins  ngl exchange revenues  natural gas deliveries  ngl volumes shipped fractionated.
 oneok partners exposed to commodity price risk as result of ngls in storage  relative values of various ngl products to each other relative value of ngls to natural gas relative value of ngl purchases at one location sales at another location known as basis risk.
 oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations.
 oneok partners not entered into financial instruments with ngl marketing activities.
 oneok partners exposed to commodity price risk as natural gas interstate and intrastate pipelines collect natural gas from customers for operations or part of fee for services provided.
natural gas consumed in operations by pipelines differs from provided by customers pipelines must buy or sell gas store or use natural gas from inventory exposes oneok partners to commodity price risk.
 at december 31 , 2008  no hedges in place natural gas price risk from oneok partners 2019 natural gas pipeline business.
 distribution distribution segment uses derivative instruments to hedge cost of anticipated natural gas purchases during winter heating months to protect customers from upward volatility in market price of natural gas.
 gains or losses associated with derivative instruments included in recoverable through monthly purchased gas cost mechanism.
 energy services energy services segment exposed to commodity price risk  basis risk price volatility from natural gas in storage requirement contracts asset management contracts index-based purchases and sales of natural gas at various market locations.
 minimize volatility of exposure to commodity price risk through use of derivative instruments under designated as cash flow or fair value hedges.
 exposed to commodity price risk from fixed-price purchases and sales of natural gas hedge with derivative instruments.
 fixed-price purchases and sales and related derivatives recorded at fair value.
 fair value component of energy marketing and risk management assets and liabilities table sets forth fair value component energy marketing risk management assets and liabilities excluding $ 21. 0 million of net liabilities from derivative instruments declared as fair value or cash flow hedges.
 maturiti es of derivatives based on inject ion and withdrawal periods from april through m arc h  consistent with business s trategy.
 maturities are as fol lows : $ 225. 0 mi llion matures through march 2009 , $ 33. 9 mi llion matures through march 2012 and $ ( 0. 1 ) mil lion matures through march 2014.
fair alue com ponent energy m arketing risk m anagement assets liabili ti es

| ( thousands of dollars )
------------------------------------------------------------------- | ------------------------
net fair value of derivatives outstanding at december 31 2007       | $ 25171
derivatives reclassified or otherwise settled during the period     | -55874 ( 55874 )
fair value of new derivatives entered into during the period        | 236772
other changes in fair value                                         | 52731
net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800


zimmer biomet holdings , inc.
 subsidiaries 2018 form 10-k annual report notes to consolidated financial statements continued ) default for unsecured financing arrangements  including limitations on consolidations , mergers sales of assets.
 financial covenants under 2018 , 2016 2014 credit agreements include consolidated indebtedness to consolidated ebitda ratio of no greater than 5. 0 to 1. 0 through june 30 , 2017  no greater than 4. 5 to 1. 0 thereafter.
 if credit rating below investment grade  additional restrictions result including restrictions on investments payment of dividends.
 in compliance with all covenants under 2018, 2016 2014 credit agreements as of december 31 , 2018.
 no borrowings outstanding under multicurrency revolving facility.
 may option redeem senior notes  in whole or part any time upon payment of principal , applicable make-whole premium  accrued and unpaid interest to date of redemption except floating rate notes due 2021 not be redeemed until or after march 20 , 2019 notes not have applicable make-whole premium.
 may redeem option 2. 700% ( 2. 700 % ) senior notes due 2020  3. 375% ( 3. 375 % ) senior notes due 2021  3. 150% ( 3. 150 % ) senior notes due 2022  3. 700% ( 3. 700 % ) senior notes due 2023  3. 550% ( 3. 550 % ) senior notes due 2025  4. 250% ( 4. 250 % ) senior notes due 2035 4. 450% ( 4. 450 % ) senior notes due 2045 without make-whole premium at specified dates from one month to six months in advance of scheduled maturity date.
estimated fair value of senior notes as of december 31 , 2018  based on quoted prices for specific securities from transactions in over-the-counter markets ( level 2 ) was $ 7798. 9 million.
 estimated fair value of japan term loan a and japan term loan b  aggregate as of december 31 , 2018 based market yield curves terms of debt ( level 2 ) was $ 294. 7 million.
 carrying values of u. s.
 term loan b and u. s.
 term loan c approximate fair value as bear interest at short-term variable market rates.
 entered into interest rate swap agreements as fair value hedges of underlying fixed-rate obligations on senior notes due 2019 and 2021.
 fair value hedges settled in 2016.
 2016 entered into variable-to-fixed interest rate swap agreements as cash flow hedges of u. s.
 term loan b.
 in 2018 entered into cross-currency interest rate swaps as net investment hedges.
 excluded component of net investment hedges recorded in interest expense .
 see note 13 for additional information interest rate swap agreements.
 available uncommitted credit facilities totaling $ 55. 0 million.
 at december 31 , 2018 and 2017  weighted average interest rate for borrowings was 3. 1 percent and 2. 9 percent .
 paid $ 282. 8 million , $ 317. 5 million  and $ 363. 1 million in interest during 2018 , 2017  2016  respectively.
.
 accumulated other comprehensive ( loss ) income refers to certain gains and losses included in comprehensive income but excluded from net earnings initially recorded as adjustment to stockholders 2019 equity.
 may be reclassified to net earnings upon certain events.
aoci comprised of foreign currency translation adjustments unrealized gains losses on net investment hedges losses on cash flow hedges amortization of prior service costs unrecognized gains and losses in actuarial assumptions on defined benefit plans.
 foreign currency translation adjustments reclassified to net earnings upon sale or complete liquidation of investment in foreign entity.
 unrealized gains and losses on cash flow hedges reclassified to net earnings when hedged item affects net earnings.
 amounts related to defined benefit plans in aoci reclassified over service periods of employees in plan.
 see note 14 for more information on defined benefit plans.
 table shows changes in components of aoci, net of tax ( in millions ) : foreign currency translation hedges defined benefit plan items.

| foreign currency translation | cash flow hedges | defined benefit plan items | total aoci
------------------------------------------------- | ---------------------------- | ---------------- | -------------------------- | ------------------
balance december 31 2017                          | $ 121.5                      | $ -66.5 ( 66.5 ) | $ -138.2 ( 138.2 )         | $ -83.2 ( 83.2 )
aoci before reclassifications                     | -135.4 ( 135.4 )             | 68.2             | -29.7 ( 29.7 )             | -96.9 ( 96.9 )
reclassifications to retained earnings ( note 2 ) | -17.4 ( 17.4 )               | -4.4 ( 4.4 )     | -21.1 ( 21.1 )             | -42.9 ( 42.9 )
reclassifications                                 | -                            | 23.6             | 12.0                       | 35.6
balance december 31 2018                          | $ -31.3 ( 31.3 )             | $ 20.9           | $ -177.0 ( 177.0 )         | $ -187.4 ( 187.4 )


item 7a.
 quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.
 use derivative instruments established guidelines policies to manage these risks.
 derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.
 interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.
 majority of debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31, 2015 and 2014  ) bears interest at fixed rates.
 have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.
 fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.
 increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10 % ) decrease in interest rates.
 used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.
 interest rate swaps outstanding as of december 31 , 2015.
 had $ 1509. 7 of cash , cash equivalents marketable securities as of december 31, 2015 generally invest in conservative  short-term bank deposits or securities.
 interest income from investments subject to domestic and foreign interest rate movements.
 during 2015 and 2014  had interest income of $ 22. 8 and $ 27. 4 , respectively.
 based on 2015 results 100-basis-point increase or decrease in interest rates would affect interest income by approximately $ 15. 0  assuming all cash cash equivalents marketable securities impacted same balances remain constant from year-end 2015 levels.
foreign currency rates subject to translation and transaction risks related to changes in foreign currency exchange rates.
 we report revenues and expenses in.
 dollars changes in exchange rates may positively or negatively affect consolidated revenues and expenses ( expressed in.
 dollars ) from foreign operations.
 primary foreign currencies impacted results during 2015 included australian dollar  brazilian real  british pound sterling euro.
 based on 2015 exchange rates operating results if u.
 dollar strengthen or weaken by 10% ( 10 % ) estimate operating income would decrease or increase approximately 4% ( 4 % ) assuming all currencies impacted same international revenue and expenses remain constant at 2015 levels.
 functional currency of foreign operations is generally their respective local currency.
 assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.
 resulting translation adjustments recorded as component of accumulated other comprehensive loss  net of tax  in stockholders 2019 equity section of consolidated balance sheets.
 foreign subsidiaries generally collect revenues pay expenses in their functional currency  mitigating transaction risk.
 certain subsidiaries may enter into transactions in currencies other than functional currency.
 assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.
 currency transaction gains or losses from transactions in currencies other than functional currency included in office and general expenses.
 regularly review foreign exchange exposures may material impact on business use foreign currency forward exchange contracts or other derivative financial instruments to hedge effects of potential adverse fluctuations in foreign currency exchange rates.
 do not enter into foreign exchange contracts or other derivatives for speculative purposes.

as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------
2015               | $ -33.7 ( 33.7 )                                                                   | $ 34.7
2014               | -35.5 ( 35.5 )                                                                     | 36.6


conduit assets by asset origin.
 conduits meet definition of a vie , as defined by fin 46 ( r ).
 we determined not primary beneficiary of conduits  by fin 46 ( r ) do not record them in our consolidated financial statements.
 hold no direct or indirect ownership interest in conduits, but provide subordinated financial support to through contractual arrangements.
 standby letters of credit absorb actual credit losses from conduit assets ; commitment under letters of credit totaled $ 1. 00 billion and $ 1. 04 billion at december 31 , 2008 and 2007 ,.
 liquidity asset purchase agreements provide liquidity to conduits in event they cannot place commercial paper in ordinary course business ; these facilities  require us to purchase assets from conduits provide needed liquidity to repay maturing commercial paper if disruption in asset-backed commercial paper market.
 aggregate commitment under liquidity asset purchase agreements was approximately $ 23. 59 billion and $ 28. 37 billion at december 31 , 2008 and 2007 ,.
 did not accrue for any losses associated with commitment under standby letters of credit or liquidity asset purchase agreements in consolidated statement of condition at december 31 , 2008 or 2007.
 during first quarter of 2008  to contractual terms liquidity asset purchase agreements with conduits required to purchase $ 850 million of conduit assets.
 purchase result of various factors including continued illiquidity in commercial paper markets.
 securities purchased at prices determined in accordance with existing contractual terms in liquidity asset purchase agreements exceeded fair value.
 during first quarter of 2008  securities written down to fair value through $ 12 million reduction of processing fees and other revenue in consolidated statement of income carried at fair value in securities available for sale in our consolidated statement of condition.
our liquidity asset purchase agreements with conduits drawn upon during remainder 2008 no draw-downs on standby letters of credit occurred during 2008.
 conduits generally sell commercial paper to independent third-party investors.
 we sometimes purchase commercial paper from conduits.
 as of december 31 , 2008 we held of approximately $ 230 million of commercial paper issued by conduits and $ 2 million at december 31 , 2007.
 approximately $ 5. 70 billion of.
 conduit-issued commercial paper sold to cpff.
 cpff scheduled to expire on october 31 , 2009.
 weighted-average maturity of conduits 2019 commercial paper was approximately 25 days as of december 31, 2008 compared to 20 days december 31 , 2007.
 conduits issued first-loss notes to independent third parties third parties absorb first- dollar losses related to credit risk.
 aggregate first-loss notes outstanding at december 31 , 2008 for four conduits totaled $ 67 million compared to $ 32 million at december 31 , 2007.
 actual credit losses of conduits

( dollars in billions ) | 2008 amount | 2008 percent of total conduit assets | 2008 amount | percent of total conduit assets
----------------------- | ----------- | ------------------------------------ | ----------- | -------------------------------
united states           | $ 11.09     | 46% ( 46 % )                         | $ 12.14     | 42% ( 42 % )
australia               | 4.30        | 17                                   | 6.10        | 21
great britain           | 1.97        | 8                                    | 2.93        | 10
spain                   | 1.71        | 7                                    | 1.90        | 7
italy                   | 1.66        | 7                                    | 1.86        | 7
portugal                | 0.62        | 3                                    | 0.70        | 2
germany                 | 0.57        | 3                                    | 0.70        | 2
netherlands             | 0.40        | 2                                    | 0.55        | 2
belgium                 | 0.29        | 1                                    | 0.31        | 1
greece                  | 0.27        | 1                                    | 0.31        | 1
other                   | 1.01        | 5                                    | 1.26        | 5
total conduit assets    | $ 23.89     | 100% ( 100 % )                       | $ 28.76     | 100% ( 100 % )


table of contents part ii price range our common stock commenced trading on nasdaq national market under symbol 201cmktx 201d on november 5 , 2004.
 prior to no public market for common stock.
 on november 4 , 2004  registration statement relating to initial public offering declared effective by sec.
 high and low bid information for common stock reported by nasdaq  as follows : on march 28 , 2005  last reported closing price of common stock on nasdaq national market was $ 10. 26.
 holders approximately 188 holders of record of common stock as of march 28 , 2005.
 dividend policy not declared or paid cash dividends on capital stock since inception.
 intend to retain future earnings to finance operation and expansion of business do not anticipate paying cash dividends in foreseeable future.
 in decide to declare dividends on common stock in future declaration subject to discretion of board of directors.
 board may take into account matters general business conditions , financial results  capital requirements  contractual , legal , regulatory restrictions on payment of dividends by stockholders or subsidiaries other factors board may deem relevant.
 use of proceeds on november 4 , 2004  registration statement relating to initial public offering ( no.
 333-112718 ) declared effective.
 received net proceeds from sale of shares of common stock in offering of $ 53. 9 million , at initial public offering price of $ 11. 00 per share  after deducting underwriting discounts and commissions and estimated offering expenses.
 prior to closing of initial public offering all outstanding shares of convertible preferred stock converted into 14484493 shares of common stock and 4266310 shares of non-voting common stock.
 underwriters for initial public offering were credit suisse first boston llc , j. p.
morgan securities inc. , banc of america securities llc , bear , stearns & co.
 inc.
 and ubs securities llc.
 all underwriters are affiliates of our broker-dealer clients and affiliates institutional investor clients.
 in affiliates of all underwriters are stockholders of ours.
 except for salaries  reimbursements for travel expenses other out-of-pocket costs in ordinary business none of proceeds from offering paid by us directly or indirectly, to our directors or officers associates or to persons owning ten percent or more of our outstanding stock or our affiliates.
 as of december 31 , 2004  we not used net proceeds from initial public offering for product development costs  sales and marketing activities working capital.
 invested proceeds from offering in cash and cash equivalents and short-term marketable securities pending use for these other purposes.
 item 5.
 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities november 5, 2004 december 31 , 2004.

high    | low
------- | -------
$ 24.41 | $ 12.75


following details impairment charge from our review ( in thousands ) :.
 net income attributable to noncontrolling interests , net of tax noncontrolling interest  net tax increased $ 28. 9 million from $ 8. 1 million fiscal 2008.
 increase primarily related to acquisition of 51% ( 51 % ) majority interest in hsbc merchant services , llp on june 30 , net income attributable to global payments and diluted earnings per share during fiscal 2009 reported net income of $ 37. 2 million ( $ 0. 46 diluted earnings per share ).
 liquidity and capital resources significant portion of liquidity from operating cash flows sufficient to fund operations  planned capital expenditures  debt service strategic investments in business.
 cash flow from operations used to make planned capital investments pursue acquisitions meet corporate objectives pay dividends pay off debt repurchase shares at discretion of board of directors.
 accumulated cash balances invested in high-quality marketable short term instruments.
 capital plan objectives to support company 2019s operational needs and strategic plan for long term growth while maintaining low cost of capital.
 lines of credit used to fund settlement source of working capital with other bank financing fund acquisitions.
 regularly evaluate liquidity and capital position relative to cash requirements may elect to raise additional funds in future through issuance of debt , equity or otherwise.
 at may 31 , 2010  had cash and cash equivalents totaling $ 769. 9 million.
 of amount consider $ 268. 1 million to be available cash  excludes settlement related and merchant reserve cash balances.
 settlement related cash balances represent surplus funds hold on behalf of member sponsors when incoming amount from card networks precedes member sponsors 2019 funding obligation to merchant.
merchant reserve cash balances represent funds collected from merchants serve as collateral ( 201cmerchant reserves 201d ) to minimize contingent liabilities losses under merchant agreement.
 at may 31 , 2010  cash and cash equivalents included $ 199. 4 million related to merchant reserves.
 cash not restricted use designating cash to collateralize merchant reserves strengthens fiduciary standing with member sponsors in accordance with guidelines card networks.
 see cash cash equivalents settlement processing assets obligations under note 1 in notes consolidated financial statements for additional details.
 net cash by operating activities increased $ 82. 8 million to $ 465. 8 million for fiscal 2010 from prior year.
 income from continuing operations increased $ 16. 0 million cash provided by changes in working capital of $ 60. 2 million.
 working capital change primarily due to change in net settlement processing assets and obligations of $ 80. 3 million change in accounts receivable of $ 13. 4 million  partially offset by change

| year ended may 31 2009
----------------------- | ----------------------
goodwill                | $ 136800
trademark               | 10000
other long-lived assets | 864
total                   | $ 147664


to maintain fhlb stock investment equal to : percentage of 0. 2% ( 0. 2 % ) of total bank assets ; or dollar cap amount of $ 25 million.
 bank must maintain activity based stock investment equal to 4. 5% ( 4. 5 % ) of bank 2019s outstanding advances at time of borrowing.
 quarterly basis fhlb atlanta evaluates excess activity based stock holdings for makes determination regarding quarterly redemption of excess activity based stock positions.
 company had investment in fhlb stock of $ 140. 2 million and $ 164. 4 million at december 31 , 2011 and 2010 .
 company must maintain qualified collateral as percent of advances varies based on collateral type adjusted by outcome recent annual collateral audit and by fhlb 2019s internal ranking of bank 2019s creditworthiness.
 advances secured by pool of mortgage loans and mortgage-backed securities.
 at december 31 , 2011 and 2010  company pledged loans with lendable value of $ 5. 0 billion and $ 5. 6 billion , of one- to four-family and home equity loans as collateral in support of advances and unused borrowing lines.
 during year ended december 31 , 2009  company paid down in advance of maturity $ 1. 6 billion of fhlb advances.
 company recorded loss on early extinguishment of fhlb advances of $ 50. 6 million for year ended december 31 , 2009.
 loss recorded in gains ( losses ) on early extinguishment of debt line item in consolidated statement of income ( loss ).
 company similar transactions for years ended december 31 , 2011 and 2010.
 other borrowings raised capital in past through formation of trusts sell trust preferred securities in capital markets.
 capital securities must be redeemed in whole at due date generally 30 years after issuance.
trust issued floating rate cumulative preferred securities ( 201ctrust preferred securities 201d ) par with liquidation amount $ 1000 per capital security.
 trusts used proceeds from sale to purchase floating rate junior subordinated debentures ( 201csubordinated debentures 201d ) issued by etbh  guarantees trust obligations contributed proceeds from sale debentures to e*trade bank capital contribution.
 recent issuance of trust preferred securities in 2007.
 face values of outstanding trusts at december 31 , 2011 shown below ( dollars in thousands ) : trusts face value maturity date annual interest rate.
 of december 31 , 2011 2010 other borrowings included $ 2. 3 million and $ 19. 3 million  of collateral pledged to bank by derivatives counterparties to reduce credit exposure to changes in market value.
 december 31 , 2010 other borrowings included $ 0. 5 million of overnight short-term borrowings in with federal reserve bank 2019s treasury , tax and loan programs.
 company pledged $ 0. 8 million of securities to secure borrowings from federal reserve bank december 31 , 2010.

trusts                               | face value | maturity date | annual interest rate
------------------------------------ | ---------- | ------------- | ------------------------------------------------
etbh capital trust ii                | $ 5000     | 2031          | 10.25% ( 10.25 % )
etbh capital trust i                 | 20000      | 2031          | 3.75% ( 3.75 % ) above 6-month libor
etbh capital trust v vi viii         | 51000      | 2032          | 3.25%-3.65% ( 3.25%-3.65 % ) above 3-month libor
etbh capital trust vii ix 2014xii    | 65000      | 2033          | 3.00%-3.30% ( 3.00%-3.30 % ) above 3-month libor
etbh capital trust xiii 2014xviii xx | 77000      | 2034          | 2.45%-2.90% ( 2.45%-2.90 % ) above 3-month libor
etbh capital trust xix xxi xxii      | 60000      | 2035          | 2.20%-2.40% ( 2.20%-2.40 % ) above 3-month libor
etbh capital trust xxiii 2014xxiv    | 45000      | 2036          | 2.10% ( 2.10 % ) above 3-month libor
etbh capital trust xxv 2014xxx       | 110000     | 2037          | 1.90%-2.00% ( 1.90%-2.00 % ) above 3-month libor
total                                | $ 433000   |               |


.
 performance units convert into unrestricted shares after performance results for three-year performance period certified by compensation committee.
 recognize share-based compensation expense based on grant-date fair value of performance-based restricted stock units determined by monte carlo model straight-line basis over performance period.
 leveraged performance units during year ended may 31 , 2015  certain executives granted performance units as 201cleveraged performance units , 201d or 201clpus. 201d lpus contain market condition based on relative stock price growth over three-year performance period.
 lpus contain minimum threshold performance if not met result in no payout.
 lpus contain maximum award opportunity as fixed dollar and fixed number of shares.
 after three-year performance period concluded in october 2017  one-third of earned units converted to unrestricted common stock.
 remaining two-thirds converted to restricted stock vest in equal installments on each first two anniversaries of conversion date.
 recognize share-based compensation expense based on grant date fair value of lpus  determined by monte carlo model straight-line basis over requisite service period for each separately vesting portion of lpu award.
 table summarizes changes in unvested restricted stock and performance awards for years ended december 31, 2018 and 2017 , 2016 fiscal transition period and year ended may 31 , 2016 : shares weighted-average grant-date fair value ( in thousands ).
 total fair value of restricted stock and performance awards vested was $ 43. 4 million and $ 33. 7 million for years ended december 31 , 2018 and 2017  respectively $ 20. 0 million for 2016 fiscal transition period and $ 17. 4 million for year ended may 31 , 2016.
 for restricted stock and performance awards  recognized compensation expense of $ 53.2 million $ 35. 2 million years ended december 31 , 2018 2017  respectively $ 17. 2 million 2016 fiscal transition period $ 28. 8 million year ended may 31 , 2016.
 as of december 31, 2018 $ 62. 7 million unrecognized compensation expense related to unvested restricted stock performance awards expect recognize over weighted-average period 2. 0 years.
 restricted stock performance award plans provide accelerated vesting under certain conditions.
 94 2013 global payments inc.
 | 2018 form 10-k annual report

| shares ( in thousands ) | weighted-averagegrant-datefair value
---------------------------- | ----------------------- | ------------------------------------
unvested at may 31 2015      | 1848                    | $ 28.97
granted                      | 461                     | 57.04
vested                       | -633 ( 633 )            | 27.55
forfeited                    | -70 ( 70 )              | 34.69
unvested at may 31 2016      | 1606                    | 37.25
granted                      | 348                     | 74.26
vested                       | -639 ( 639 )            | 31.38
forfeited                    | -52 ( 52 )              | 45.27
unvested at december 31 2016 | 1263                    | 49.55
granted                      | 899                     | 79.79
vested                       | -858 ( 858 )            | 39.26
forfeited                    | -78 ( 78 )              | 59.56
unvested at december 31 2017 | 1226                    | 78.29
granted                      | 650                     | 109.85
vested                       | -722 ( 722 )            | 60.08
forfeited                    | -70 ( 70 )              | 91.47
unvested at december 31 2018 | 1084                    | $ 108.51


use of estimates preparation of financial statements requires management to make estimates assumptions affect reported assets liabilities disclosure of contingent assets liabilities at date of financial statements reported revenues expenses during period.
 actual results could differ from estimates.
 3 ) significant acquisitions and dispositions acquisitions acquired total income producing real estate related assets of $ 219. 9 million , $ 948. 4 million and $ 295. 6 million in 2007 , 2006 2005 , respectively.
 in december 2007  to establish property positions around strategic port locations  purchased portfolio of five industrial buildings in seattle , virginia houston  approximately 161 acres of undeveloped land 12-acre container storage facility in houston.
 total price was $ 89. 7 million financed in part through assumption secured debt fair value of $ 34. 3 million.
 of total purchase price , $ 66. 1 million allocated to in-service real estate assets  $ 20. 0 million allocated to undeveloped land and container storage facility  $ 3. 3 million allocated to lease related intangible assets  remaining amount allocated to acquired working capital related assets and liabilities.
 allocation of purchase price based on fair value of assets acquired is preliminary.
 results of operations for acquired properties since date acquisition included in continuing rental operations in consolidated financial statements.
 in february 2007  completed acquisition of bremner healthcare real estate ( 201cbremner 201d )  national health care development and management firm.
 primary reason for acquisition was to expand development capabilities within health care real estate market.
 initial consideration paid to sellers totaled $ 47. 1 million  sellers may be eligible for further contingent payments over next three years.
 approximately $ 39.0 million of total purchase price allocated to goodwill attributable to value of bremner 2019s development capabilities in-place workforce.
 results of operations for bremner since acquisition included in continuing operations consolidated financial statements.
 in february 2006  acquired majority of washington , d.
 metropolitan area portfolio of suburban office light industrial properties ( 201cmark winkler portfolio 201d ).
 assets acquired for purchase price of approximately $ 867. 6 million comprised of 32 in-service properties with approximately 2. 9 million square feet for rental , 166 acres of undeveloped land certain related assets of mark winkler company , real estate management company.
 acquisition financed primarily through assumed mortgage loans new borrowings.
 assets acquired and liabilities assumed recorded at estimated fair value at date of acquisition summarized below ( in thousands ) :.
 purchase price , net of assumed liabilities $ 713202

operating rental properties               | $ 602011
----------------------------------------- | ------------------
land held for development                 | 154300
total real estate investments             | 756311
other assets                              | 10478
lease related intangible assets           | 86047
goodwill                                  | 14722
total assets acquired                     | 867558
debt assumed                              | -148527 ( 148527 )
other liabilities assumed                 | -5829 ( 5829 )
purchase price net of assumed liabilities | $ 713202


hii expects to incur higher costs to complete ships under construction in avondale due to anticipated reductions in productivity.
 in second quarter of 2010  company increased estimates to complete lpd-23 and lpd-25 by approximately $ 210 million.
 company recognized $ 113 million pre-tax charge to operating income for these contracts in second quarter 2010.
 hii exploring alternative uses of avondale facility including alternative opportunities for workforce.
 result decision to wind down shipbuilding operations at avondale  louisiana facility company began incurring paying related employee severance and incentive compensation liabilities and expenditures asset retirement obligation liabilities reasonably estimable amounts owed for not meeting certain requirements under cooperative endeavor agreement with state of louisiana.
 company anticipates will incur substantial other restructuring and facilities shutdown related costs including severance expense relocation expense  asset write-downs related to avondale facilities.
 these costs expected to be allowable expenses under government accounting standards should be recoverable in future years 2019 overhead costs.
 future costs could approximate $ 271 million  based on management 2019s current estimate.
 costs should be recoverable under existing flexibly priced contracts or future negotiated contracts in accordance with federal acquisition regulation ( 201cfar 201d ) provisions relating to treatment of restructuring and shutdown related costs.
 company in discussions with u. s.
 navy regarding cost submission to support recoverability of these costs under applicable contracts submission subject to review and acceptance by u. s.
 navy.
defense contract audit agency ( 201cdcaa 201d ) , dod agency , prepared initial audit report on company 2019s cost proposal for restructuring and shutdown related costs of $ 310 million , stated proposal not adequately supported for dcaa conclusion questioned approximately $ 25 million , or 8% ( 8 % ), of costs submitted by company.
 dcaa did not accept proposal as submitted.
 company submitted revised proposal to address concerns dcaa reflect revised estimated total cost of $ 271 million.
 should company 2019s revised proposal be challenged by u. s.
 navy , company would likely pursue dispute resolution alternatives to resolve challenge.
 process would create uncertainty to timing and eventual allowability of costs related to wind down of avondale facility.
 company anticipates discussions with u. s.
 navy will result in agreement in accordance with management 2019s cost recovery expectations.
 hii treated these costs as allowable costs in determining earnings performance on contracts in process.
 actual restructuring expenses related to wind down may be greater than company 2019s current estimate , inability to recover such costs could result in material effect on company 2019s consolidated financial position , results of operations or cash flows.
 company evaluated effect wind down of avondale facilities might have on benefit plans in hii employees participate.
 hii determined potential impact of curtailment in these plans not material to consolidated financial position , results of operations or cash flows.
 table below summarizes company 2019s liability for restructuring and shutdown related costs associated with winding down avondale facility.
 as of december 31 , 2011 and 2010 , these costs are comprised primarily of employee severance and retention and incentive bonuses.
 amounts capitalized in inventoried costs  will be recognized as expenses in cost of product sales beginning in 2014.
 $ millions ) employee compensation accruals total.

( $ in millions )           | employee compensation | other accruals | total
--------------------------- | --------------------- | -------------- | ----------
balance at january 1 2010   | $ 0                   | $ 0            | $ 0
accrual established         | 27                    | 39             | 66
payments                    | 0                     | 0              | 0
adjustments                 | 0                     | 0              | 0
balance at december 31 2010 | $ 27                  | $ 39           | $ 66
accrual established         | 0                     | 0              | 0
payments                    | -24 ( 24 )            | -36 ( 36 )     | -60 ( 60 )
adjustments                 | 47                    | -3 ( 3 )       | 44
balance at december 31 2011 | $ 50                  | $ 0            | $ 50


notes to consolidated financial statements 2014 ( continued ) becton , dickinson company ( b ) reclassifications recorded to interest expense cost of products sold.
 additional details regarding company's cash flow hedges in note 13.
 on august 25 , 2016  anticipation of proceeds from divestiture of respiratory solutions business in first quarter of fiscal year 2017  company entered accelerated share repurchase ( "asr" ) agreement.
 subsequent to end of company's fiscal year 2016 terms asr agreement company received approximately 1. 3 million shares of common stock recorded as $ 220 million increase to common stock in treasury.
 note 4 2014 earnings per share weighted average common shares used in computations of basic and diluted earnings per share ( shares thousands ) for years ended september 30 were:.
 average common and common equivalent shares outstanding 2014 assuming dilution 217536 207509 197709 upon closing acquisition of carefusion corporation ( 201ccarefusion 201d ) on march 17, 2015  company issued approximately 15. 9 million of common shares purchase consideration.
 additional disclosures regarding acquisition in note 9.
 options to purchase shares of common stock excluded from calculation of diluted earnings per share when inclusion anti-dilutive effect on calculation.
 for years ended september 30 , 2016 , 2015 2014 no options to purchase shares of common stock excluded from diluted earnings per share calculation.

| 2016   | 2015   | 2014
------------------------------------------------------------------------------ | ------ | ------ | ------
average common shares outstanding                                              | 212702 | 202537 | 193299
dilutive share equivalents from share-based plans                              | 4834   | 4972   | 4410
average common and common equivalent shares outstanding 2014 assuming dilution | 217536 | 207509 | 197709


affiliated company.
 loss recorded on sale was approximately $ 14 million recorded as loss on sale of assets and asset impairment expenses in consolidated statements operations.
 second quarter of 2002  company recorded impairment charge of approximately $ 40 million after income taxes on equity method investment in telecommunications company in latin america held by edc.
 impairment charge resulted from poor operating performance recent funding problems at invested company.
 2001  company lost operational control of central electricity supply corporation ( 2018 2018cesco 2019 2019 ) distribution company in orissa , india.
 cesco accounted for as cost method investment.
 may 2000  company completed acquisition of 100% ( % ) of tractebel power ltd ( 2018 2018tpl 2019 2019 ) for $ 67 million assumed liabilities of approximately $ 200 million.
 tpl owned 46% ( 46 % ) of nigen.
 company acquired additional 6% ( 6 % ) interest in nigen from minority stockholders year ended december 31, 2000 approximately 99000 common shares of aes stock valued at approximately $ 4. 9 million.
 company owns 98% ( 98 % ) of nigen 2019s common stock began consolidating financial results may 12 , 2000.
 approximately $ 100 million of purchase price allocated to excess of costs over net assets acquired amortized through january 1 , 2002 company adopted sfas no.
 142 ceased amortization of goodwill.
 august 2000  subsidiary of company acquired 49% ( 49 % ) interest in songas limited ( 2018 2018songas 2019 2019 ) for approximately $ 40 million.
 company acquired additional 16. 79% ( 16. 79 % ) of songas for approximately $ 12. 5 million company began consolidating entity in 2002.
 songas owns songo songo gas-to-electricity project in tanzania.
december 2002  company signed sales purchase agreement to sell songas.
 sale expected close early 2003.
 see note 4 for further discussion transaction.
 following table presents summarized comparative financial information ( in millions ) for company 2019s investments in 50% ( 50 % ) or less owned investments accounted using equity method.
 2002 , 2001 2000  results of operations financial position of cemig negatively impacted by devaluation brazilian real impairment charge recorded 2002.
 brazilian real devalued 32% ( 32 % ), 19% ( 19 % ) 8% ( 8 % ) for years ended december 31, 2002  2001 2000  respectively.
 company recorded $ 83 million , $ 210 million  $ 64 million pre-tax non-cash foreign currency transaction losses on investments in brazilian equity method affiliates during 2002  2001 2000 .

as of and for the years ended december 31, | 2002   | 2001   | 2000
------------------------------------------ | ------ | ------ | ------
revenues                                   | $ 2832 | $ 6147 | $ 6241
operating income                           | 695    | 1717   | 1989
net income                                 | 229    | 650    | 859
current assets                             | 1097   | 3700   | 2423
noncurrent assets                          | 6751   | 14942  | 13080
current liabilities                        | 1418   | 3510   | 3370
noncurrent liabilities                     | 3349   | 8297   | 5927
stockholder's equity                       | 3081   | 6835   | 6206


table summarized status company 2019s non-vested performance share unit awards changes for period indicated : weighted- average grant date performance share unit awards shares fair value.
 19.
 segment reporting u. s.
 reinsurance operation writes property casualty reinsurance specialty lines of business  including marine , aviation  surety accident and health ( 201ca&h 201d ) business on treaty and facultative basis through reinsurance brokers directly with ceding companies primarily within u. s.
 international operation writes non-u. s.
 property casualty reinsurance through everest re 2019s branches in canada singapore offices in brazil  miami new jersey.
 bermuda operation provides reinsurance insurance to worldwide property casualty markets through brokers directly with ceding companies from bermuda office reinsurance to united kingdom european markets through uk branch ireland re.
 insurance operation writes property casualty insurance directly through general agents  brokers surplus lines brokers within u. s.
 canada.
 mt.
 logan re segment represents business written for segregated accounts of mt.
 logan re  formed on july 1 , 2013.
 mt.
 logan re business represents diversified set catastrophe exposures diversified by risk/peril across different geographical regions globally.
 these segments exception mt.
 logan re  managed independently conform with corporate guidelines pricing  risk management  control of aggregate catastrophe exposures  capital  investments support operations.
 management monitors evaluates financial performance of operating segments based upon underwriting results.
 mt.
 logan re segment managed independently seeks to write diverse portfolio of catastrophe risks for each segregated account to achieve desired risk and return criteria.
underwriting results include earned premium less losses loss adjustment expenses ( 201clae 201d ) incurred , commission brokerage expenses other underwriting expenses.
 we measure underwriting results using ratios , in particular loss , commission brokerage other underwriting expense ratios , divide incurred losses  commissions brokerage other underwriting expenses by premiums earned.
 mt.
 logan re 2019s business is sourced through operating subsidiaries of company ; activity only reflected in mt.
 logan re segment.
 for other inter-affiliate reinsurance, business generally reported within segment in business was first produced consistent with how business managed.
 except for mt.
 logan re company does not maintain separate balance sheet data for operating segments.
 company does not review evaluate financial results of operating segments based upon balance sheet data.

performance share unit awards | year ended december 31 2015 shares | year ended december 31 2015 weighted- average grant date fair value
----------------------------- | ---------------------------------- | -------------------------------------------------------------------
outstanding at january 1,     | -                                  | $ -
granted                       | 10705                              | 178.84
vested                        | -                                  | -
forfeited                     | -                                  | -
outstanding at december 31,   | 10705                              | 178.84


schlumberger limited subsidiaries shares common stock issued treasury shares outstanding stated millions ).
 see notes consolidated financial statements part ii , item 8

| issued | in treasury  | shares outstanding
------------------------------------------------ | ------ | ------------ | ------------------
balance january 1 2008                           | 1334   | -138 ( 138 ) | 1196
shares sold to optionees less shares exchanged   | 2013   | 5            | 5
shares issued under employee stock purchase plan | 2013   | 2            | 2
stock repurchase program                         | 2013   | -21 ( 21 )   | -21 ( 21 )
issued on conversions of debentures              | 2013   | 12           | 12
balance december 31 2008                         | 1334   | -140 ( 140 ) | 1194
shares sold to optionees less shares exchanged   | 2013   | 4            | 4
vesting of restricted stock                      | 2013   | 1            | 1
shares issued under employee stock purchase plan | 2013   | 4            | 4
stock repurchase program                         | 2013   | -8 ( 8 )     | -8 ( 8 )
balance december 31 2009                         | 1334   | -139 ( 139 ) | 1195
acquisition of smith international inc .         | 100    | 76           | 176
shares sold to optionees less shares exchanged   | 2013   | 6            | 6
shares issued under employee stock purchase plan | 2013   | 3            | 3
stock repurchase program                         | 2013   | -27 ( 27 )   | -27 ( 27 )
issued on conversions of debentures              | 2013   | 8            | 8
balance december 31 2010                         | 1434   | -73 ( 73 )   | 1361


december 31 , 2007  2006 2005  included ( in millions ) :.
 in-process research and development charges for 2007 related to acquisitions of endius orthosoft.
 included in gain/loss on disposition impairment of acquired assets obligations for 2006 sale of former centerpulse austin land and facilities for gain of $ 5. 1 million favorable settlement of two pre- acquisition contingent liabilities.
 gains offset by $ 13. 4 million impairment charge for certain centerpulse tradename trademark intangibles in europe operating segment.
 cash and equivalents 2013 consider all highly liquid investments with original maturity three months or less to be cash equivalents.
 carrying amounts reported in balance sheet for cash equivalents valued at cost approximates fair value.
 restricted cash primarily of cash held in escrow related to certain insurance coverage.
 inventories 2013 inventories net of allowances for obsolete slow-moving goods stated at lower of cost or market cost determined on first-in first-out basis.
 property , plant and equipment 2013 property equipment carried at cost less accumulated depreciation.
 depreciation computed using straight-line method based on estimated useful lives of ten to forty years for buildings improvements three to eight years for machinery and equipment five years for instruments.
 maintenance repairs expensed as incurred.
 accordance with statement of financial accounting standards ( 201csfas 201d ).
 144 201caccounting for impairment or disposal of long-lived assets review property , plant equipment for impairment whenever events changes circumstances indicate carrying value of asset may not be recoverable.
 impairment loss recognized when estimated future undiscounted cash flows asset less than carrying amount.
impairment loss measured as amount carrying amount of asset exceeds fair value.
 software costs 2013 we capitalize certain computer software and software development costs incurred in with developing or obtaining computer software for internal use when preliminary project stage completed probable software used as intended.
 capitalized software costs include external direct costs of materials services in developing obtaining computer software compensation related benefits for employees directly associated with software project.
 capitalized software costs included in property  plant equipment on balance sheet amortized straight-line basis when placed into service over estimated useful lives of software approximate three to seven years.
 instruments 2013 instruments are hand held devices used by orthopaedic surgeons during total joint replacement other surgical procedures.
 instruments recognized as long-lived assets included in property  plant equipment.
 undeployed instruments carried at cost  net of allowances for excess and obsolete instruments.
 instruments in field carried at cost less accumulated depreciation.
 depreciation computed using straight-line method based on average estimated useful lives determined in reference to associated product life cycles primarily five years.
 review instruments for impairment in accordance with sfas no.
 144.
 depreciation of instruments recognized as selling , general administrative expense.
 goodwill 2013 account for goodwill in accordance with sfas no.
 142 , 201cgoodwill other intangible assets 201d.
 goodwill not amortized but subject to annual impairment tests.
 goodwill assigned to reporting units consistent with operating segments.
 perform annual impairment tests by comparing each reporting unit 2019s fair value to carrying amount to determine potential impairment.
 perform test in fourth quarter of year.
fair value of reporting unit less than carrying value , impairment loss recorded to extent implied fair value of reporting unit goodwill less than carrying value goodwill.
 fair value reporting unit and implied fair value goodwill determined based upon market multiples.
 intangible assets 2013 account for intangible assets in accordance with sfas no.
 142.
 intangible assets initially measured at fair value.
 determined fair value intangible assets either by fair value consideration exchanged for intangible asset  or estimated after-tax discounted cash flows expected from intangible asset.
 intangible assets with indefinite life  including certain trademarks and trade names not amortized.
 useful lives of indefinite life intangible assets assessed annually to determine events circumstances continue support indefinite life.
 intangible assets with finite life  including core and developed technology , certain trademarks trade names, z i m m e r h o l d i n g s , i n c.
 2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued )

| 2007           | 2006             | 2005
------------------------------------------------------------------------------ | -------------- | ---------------- | ------
( gain ) /loss on disposition or impairment of acquired assets and obligations | $ -1.2 ( 1.2 ) | $ -19.2 ( 19.2 ) | $ 3.2
consulting and professional fees                                               | 1.0            | 8.8              | 5.6
employee severance and retention                                               | 1.6            | 3.3              | 13.3
information technology integration                                             | 2.6            | 3.0              | 6.9
in-process research & development                                              | 6.5            | 2.9              | 2013
integration personnel                                                          | 2013           | 2.5              | 3.1
facility and employee relocation                                               | 2013           | 1.0              | 6.2
distributor acquisitions                                                       | 4.1            | 2013             | 2013
sales agent and lease contract terminations                                    | 5.4            | 0.2              | 12.7
other                                                                          | 5.2            | 3.6              | 5.6
acquisition integration and other                                              | $ 25.2         | $ 6.1            | $ 56.6


product management business development client service.
 alternatives products fall into two main categories 2013 core  hedge funds funds of funds private equity ) real estate offerings currency commodities.
 products under bai umbrella described below.
 2022 hedge funds ended year with $ 26. 6 billion in aum  down $ 1. 4 billion net inflows into single- strategy hedge funds of $ 1. 0 billion offset by return of capital on opportunistic funds.
 market valuation gains contributed $ 1. 1 billion to aum growth.
 hedge fund aum includes single-strategy multi-strategy global macro portable alpha  distressed opportunistic offerings.
 products include open-end hedge funds similar products closed-end funds specific opportunities over longer- term investment horizon.
 2022 funds of funds aum increased $ 6. 3 billion  or 28% ( 28 % ), to $ 29. 1 billion at december 31 , 2012  including $ 17. 1 billion in funds of hedge funds hybrid vehicles $ 12. 0 billion in private equity funds funds.
 growth reflected $ 6. 2 billion of assets from srpep expanded fund of funds product offerings engage in european asian markets.
 2022 real estate hard assets aum totaled $ 12. 7 billion , down $ 0. 1 billion  or 1% ( 1 % )  reflecting $ 0. 6 billion in client net redemptions distributions $ 0. 5 billion in portfolio valuation gains.
 offerings include high yield debt core  value-added opportunistic equity portfolios renewable power funds.
 expand real estate platform product offerings with launch of first u. s.
 real estate investment trust ( 201creit 201d ) mutual fund addition infrastructure debt team to increase diversify offerings within global infrastructure investing.
 currency commodities.
 aum in currency and commodities strategies totaled $ 41. 4 billion at year-end 2012  flat from year-end 2011 reflecting net outflows of $ 1. 5 billion  primarily from active currency currency overlays $ 0. 8 billion of market and foreign exchange gains.
 claymore contributed $ 0. 9 billion of aum.
 currency and commodities products include range active and passive products.
 ishares commodities products represented $ 24. 3 billion of aum including $ 0. 7 billion acquired from claymore not eligible for performance fees.
 cash management aum totaled $ 263. 7 billion at december 31, 2012 up $ 9. 1 billion  or 4% ( 4 % ) from year-end 2011.
 cash management products include taxable and tax-exempt money market funds customized separate accounts.
 portfolios may be denominated in.
 dollar  euro or british pound.
 at year-end 2012 84% ( 84 % ) of cash aum managed for institutions 16% ( 16 % ) for retail and hnw investors.
 investor base predominantly in americas 69% ( 69 % ) of aum managed for investors in americas 31% ( 31 % ) for clients in other regions mostly emea-based.
 generated net inflows of $ 5. 0 billion during 2012  reflecting uncertainty around future regulatory changes challenging investing environment.
 meet investor needs sought to provide new solutions choices for clients by launching short duration products in united states address challenge of low interest rate environment important investment options should regulatory changes occur.
 in emea business  for euro product set  taken action to ensure provide effective cash management solutions in potentially negative yield environment by launch new products re-engineer existing product set.
 industry-leading.
international ishares etp suite discussed.
 component changes aum 2013 ishares dollar amounts millions ) 12/31/2011 net new business acquired market /fx app dep 12/31/2012.

( dollar amounts in millions ) | 12/31/2011 | net new business | net acquired | market /fx app ( dep ) | 12/31/2012
------------------------------ | ---------- | ---------------- | ------------ | ---------------------- | ----------
equity                         | $ 419651   | $ 52973          | $ 3517       | $ 58507                | $ 534648
fixed income                   | 153802     | 28785            | 3026         | 7239                   | 192852
multi-asset class              | 562        | 178              | 78           | 51                     | 869
alternatives                   | 19341      | 3232             | 701          | 1064                   | 24338
long-term                      | $ 593356   | $ 85168          | $ 7322       | $ 66861                | $ 752707


table details growth in global weighted average berths and global , north american european asia/pacific cruise guests over past five years ( in thousands  except berth data ) : weighted- average supply of berths marketed globally ( 1 ) caribbean cruises ltd.
 total berths ( 2 ) global cruise guests ( 1 ) american cruise guests ( 1 ) ( 3 ) european cruise guests ( 1 ) ( 4 ) asia/pacific cruise guests ( 1 ) ( 5 ).
 _______________________________________________________________________________ ( 1 ) source : our estimates of number of global cruise guests and weighted-average supply of berths marketed globally based on combination of data from various publicly available cruise industry trade information sources.
 use data from seatrade insider  cruise industry news company press releases to estimate weighted-average supply of berths.
 estimate cruise guest information.
 estimates incorporate our own statistical analysis utilizing same publicly available cruise industry data as base.
 2 ) total berths include our berths related to global brands and partner brands.
 ( 3 ) estimates include united states canada.
 ( 4 ) estimates include european countries relevant to industry (. nordics germany france italy spain united kingdom ).
 ( 5 ) estimates include southeast asia (. singapore thailand philippines ) east asia (. china japan ) south asia. india pakistan ) oceanian (. australia fiji islands ) regions.
 north america majority of industry cruise guests sourced from north america  represented approximately 52% ( 52 % ) of global cruise guests in 2016.
 compound annual growth rate in cruise guests sourced from this market was approximately 2% ( 2 % ) from 2012 to 2016.
europe industry cruise guests from europe represented 27% ( 27 % ) of global cruise guests in 2016.
 compound annual growth rate cruise guests was approximately 1% ( 1 % ) from 2012 to 2016.
 asia/pacific industry cruise guests from region represented 15% ( 15 % ) of global cruise guests in 2016.
 compound annual growth rate cruise guests from was approximately 25% ( 25 % ) from 2012 to 2016.
 asia/pacific region experiencing highest growth rate of major regions small sector compared to north america.
 competition compete with cruise lines.
 principal competitors are carnival corporation & plc , owns aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , p&o cruises  princess cruises and seabourn ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd  owns norwegian cruise line , oceania cruises regent seven seas cruises.
 cruise lines compete with

year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths ( 2 ) | globalcruiseguests ( 1 ) | north american cruise guests ( 1 ) ( 3 ) | european cruise guests ( 1 ) ( 4 ) | asia/pacific cruise guests ( 1 ) ( 5 )
---- | ----------------------------------------------------- | ------------------------------------------------ | ------------------------ | ---------------------------------------- | ---------------------------------- | --------------------------------------
2012 | 425000                                                | 98650                                            | 20813                    | 11641                                    | 6225                               | 1474
2013 | 432000                                                | 98750                                            | 21343                    | 11710                                    | 6430                               | 2045
2014 | 448000                                                | 105750                                           | 22039                    | 12269                                    | 6387                               | 2382
2015 | 469000                                                | 112700                                           | 23000                    | 12004                                    | 6587                               | 3129
2016 | 493000                                                | 123270                                           | 24000                    | 12581                                    | 6542                               | 3636