kimco realty corporation and subsidiaries notes to consolidated financial statements  continued units consisted of i ) approximately 81. 8 million preferred a units par value $ 1. 00 per unit  pay holder return of 7. 0% ( 7. 0 % ) per annum on preferred a par value redeemable for cash holder after one year or callable company after six months contain promote feature based upon increase in net operating income of properties capped at 10. 0% ( 10. 0 % ) increase  ( ii ) 2000 class a preferred units , par value $ 10000 per unit  pay holder return equal to libor plus 2. 0% ( 2. 0 % ) per annum class a preferred par value redeemable for cash holder after november 30 , 2010  ( iii ) 2627 class b-1 preferred units , par value $ 10000 per unit  pay holder return equal to 7. 0% ( 7. 0 % ) per annum on class b-1 preferred par value redeemable holder after november 30 , 2010 , for cash or at company 2019s option , shares of company 2019s common stock  equal to cash redemption amount  defined iv ) 5673 class b-2 preferred units , par value $ 10000 per unit  pay holder return equal to 7. 0% ( 7. 0 % ) per annum on class b-2 preferred par value redeemable for cash by holder after november 30 , 2010  v ) 640001 class c downreit units  valued at issuance price of $ 30. 52 per unit pay holder return rate equal to company 2019s common stock dividend redeemable holder after november 30 , 2010 , for cash or at company 2019s option , shares of company 2019s common stock equal to class c cash amount , as defined.
units redeemed as of december 31 , 2010 : redeemed par value redeemed ( in millions ) redemption type.
 noncontrolling interest to remaining units was $ 110. 4 million and $ 113. 1 million as of december 31 , 2010 and 2009.
 during 2006  company acquired two shopping center properties in bay shore and centereach , ny.
 noncontrolling interests approximately $ 41. 6 million  including discount of $ 0. 3 million and fair market value adjustment of $ 3. 8 million  in redeemable units ( 201credeemable units 201d ) issued by company in connection with transactions.
 prop- erties acquired through issuance $ 24. 2 million of redeemable units redeemable at option of holder ; approximately $ 14. 0 million of fixed rate redeemable units assumption of approximately $ 23. 4 million of non-recourse debt.
 redeemable units consist of ( ) 13963 class a units  par value $ 1000 per unit  pay holder return of 5% ( 5 % ) per annum of class a par value redeemable for cash by holder after april 3 , 2011 , or callable by company after april 3 , 2016 ) 647758 class b units  valued at issuance price of $ 37. 24 per unit  pay holder return rate equal to company 2019s common stock dividend redeemable by holder after april 3 , 2007 , for cash or at option of company for common stock at ratio of 1:1 , or callable by company after april 3 , 2026.
 company restricted from disposing of assets other than through tax free transaction until april 2016 and april 2026 for centereach , ny and bay shore , ny , assets .
 during 2007 , 30000 units , or $ 1.1 million par value  theclass bunits redeemed by holder in cash at option of company.
 noncontrolling interest relating to units was $ 40. 4 million and $ 40. 3 million as of december 31 , 2010 and 2009  respectively.
 noncontrolling interests includes 138015 convertible units issued during 2006  by company  valued at approxi- mately $ 5. 3 million  including fair market value adjustment of $ 0. 3 million  related to interest acquired in office building in albany , ny.
 units redeemable at option holder after one year for cash or option of company for company 2019s common stock at ratio of 1:1.
 holder entitled to distribution equal to dividend rate of company 2019s common stock.
 company restricted from disposing assets other than through tax free transaction until january 2017.

type                      | units redeemed | par value redeemed ( in millions ) | redemption type
------------------------- | -------------- | ---------------------------------- | ----------------------------
preferred a units         | 2200000        | $ 2.2                              | cash
class a preferred units   | 2000           | $ 20.0                             | cash
class b-1 preferred units | 2438           | $ 24.4                             | cash
class b-2 preferred units | 5576           | $ 55.8                             | cash/charitable contribution
class c downreit units    | 61804          | $ 1.9                              | cash


management 2019s discussion analysis of financial conditionand results of operations d u y c o r p o r a t i o n 1 1 2 0 0 2 a n n u a l r e p o r t 2022 interest expense on company 2019s secured debt decreased from $ 30. 8 million in 2001 to $ 22. 9 million in 2002 company paid off $ 13. 5 million of secured debt throughout 2002 experienced lower borrowings on secured line of credit during 2002 compared to 2001.
 company paid off approximately $ 128. 5 million of secured debt throughout 2001.
 2022 interest expense on company 2019s $ 500 million unsecured line of credit decreased by approximately $ 1. 1 million in 2002 compared to 2001 company maintained lower balances on line throughout 2002.
 earnings from rental operations decreased $ 35. 0 million from $ 254. 1 million year 2001 to $ 219. 1 million for year december 31 , 2002.
 service operations service operations consist of leasing , management construction development services for joint venture properties properties owned by third parties.
 service operations revenues decreased from $ 80. 5 million for 2001 to $ 68. 6 million for year december 31  2002.
 effect of slow economy primary factor in overall decrease in revenues.
 company experienced decrease of $ 12. 7 million in net general contractor revenues decrease in volume of construction in 2002  compared to 2001  slightly lower profit margins.
 property management , maintenance leasing fee revenues decreased from $ 22. 8 million in 2001 to $ 14. 3 million in 2002 primarily because of decrease in landscaping maintenance revenue from sale of landscaping operations in third quarter of 2001.
 construction management development activity income represents construction development fees earned on projects company acts as construction manager profits from company 2019s held for sale program company develops property for sale upon completion.
increase in revenues of $ 10. 3 million in 2002 primarily due to increase in volume sale of properties from held for sale program.
 service operations expenses decreased from $ 45. 3 million in 2001 to $ 38. 3 million in 2002.
 decrease attributable to decrease in construction and development activity and reduced overhead costs of sale of landscape business in 2001.
 earnings from service operations decreased from $ 35. 1 million for year december 31 , 2001 to $ 30. 3 million for year december 31 , 2002.
 general and administrative expense expense increased from $ 15. 6 million in 2001 to $ 25. 4 million for year ended december 31 , 2002.
 company successful reducing total operating and administration costs ; reduced construction and development activities resulted in greater overhead charged to general and administrative expense instead of capitalized into development projects or service operations.
 other income and expenses gain on sale of land and depreciable property dispositions  net of impairment adjustment comprised of following amounts in 2002 and 2001 : gain on sales of depreciable properties represent sales of previously held for investment rental properties.
 2000 2001 company pursued opportunities to dispose of real estate assets no longer met long-term investment objectives.
 in 2002  company reduced this property sales program until business climate improves provides better investment opportunities for sale proceeds.
 gain on land sales represents sales of undeveloped land owned by company.
 company pursues opportunities to dispose of land in markets with high concentration of undeveloped land markets land no longer meets strategic development plans company.
 company recorded $ 9. 4 million adjustment in 2002 associated with six properties determined to have impairment of book value.
 company analyzed in-service properties determined no additional valuation adjustments need to be made as of december 31 , 2002.
 company recorded adjustment of $ 4.8 million in 2001 for one property company contracted to sell price less than book value.
 other revenue for year ended december 31 , 2002 includes $ 1. 4 million gain related to interest rate swap not qualify for hedge accounting.

| 2002           | 2001
--------------------------------------- | -------------- | --------------
gain on sales of depreciable properties | $ 4491         | $ 45428
gain on land sales                      | 4478           | 5080
impairment adjustment                   | -9379 ( 9379 ) | -4800 ( 4800 )
total                                   | $ -410 ( 410 ) | $ 45708


allowance for doubtful accounts follows:.
 discontinued operations during fourth quarter of 2009 , schlumberger recorded net $ 22 million charge related to resolution of customs assessment former offshore contract drilling business , resolution of certain contingencies associated with other previously disposed businesses.
 amount included in income ( loss ) from discontinued operations in consolidated statement of income.
 first quarter of 2008 , schlumberger recorded gain of $ 38 million related to resolution of contingency with previously disposed business.
 gain included in income ( loss ) from discon- tinued operations in consolidated statement of income.
 part ii , item 8

| 2010       | 2009       | 2008
---------------------------- | ---------- | ---------- | ----------
balance at beginning of year | $ 160      | $ 133      | $ 86
provision                    | 38         | 54         | 65
amounts written off          | -13 ( 13 ) | -27 ( 27 ) | -18 ( 18 )
balance at end of year       | $ 185      | $ 160      | $ 133


zimmer biomet holdings , inc.
 2015 form 10-k annual report through february 25, 2016 repurchased approximately $ 415. 0 million shares common stock includes $ 250. 0 million shares repurchased from certain selling stockholders on february 10 , 2016.
 achieve operational synergies expect cash outlays related to integration plans approximately $ 290. 0 million in 2016.
 cash outlays necessary to achieve integration goals of net annual pre-tax operating profit synergies of $ 350. 0 million by end of third year post-closing date.
 discussed in note 20 to consolidated financial statements as of december 31, 2015 short-term liability of $ 50. 0 million and long-term liability of $ 264. 6 million related to durom cup product liability claims recorded on consolidated balance sheet.
 expect to continue paying claims next few years.
 expect to reimbursed portion of payments for product liability claims from insurance carriers.
 of december 31 , 2015 received portion of insurance proceeds estimate will recover.
 long-term receivable of $ 95. 3 million remaining for future expected reimbursements from insurance carriers.
 short-term liability of $ 33. 4 million related to biomet metal-on-metal hip implant claims.
 at december 31 , 2015 ten tranches of senior notes outstanding ( dollars in millions ) principal interest rate maturity date.
 issued $ 7. 65 billion of senior notes in march 2015 ( 201cmerger notes 201d ) proceeds used to finance portion of cash consideration payable in biomet merger  pay merger related fees and expenses pay portion of biomet 2019s funded debt.
 on june 24 , 2015  borrowed $ 3. 0 billion on u. s.
 term loan ( 201cu. s.
 term loan 201d ) to fund biomet merger.
 we may at our option redeem senior notes  in whole or part any time upon payment of principal , applicable make-whole premium  and accrued and unpaid interest to date of redemption.
 merger notes and 3. 375% ( 3. 375 % ) senior notes due 2021 may be redeemed option without make-whole premium at specified dates from one month to six months in advance of scheduled maturity date.
 we have $ 4. 35 billion credit agreement ( 201ccredit agreement 201d ) contains : 5-year unsecured u. s.
 term loan facility ( 201cu.
 201d ) in principal amount of $ 3. 0 billion  and ii ) 5-year unsecured multicurrency revolving facility ( 201cmulticurrency facility 201d ) in principal amount of $ 1. 35 billion.
 multicurrency revolving facility will mature in may 2019  with two one-year extensions available at our option.
 borrowings under multicurrency revolving facility may be used for general corporate purposes.
 no borrowings outstanding under multicurrency revolving facility as of december 31 , 2015.
 u. s.
 term loan facility will mature in june 2020  principal payments due beginning september 30, 2015 as : $ 75. 0 million quarterly first three years  $ 112. 5 million quarterly fourth year $ 412. 5 million quarterly fifth year.
 in 2015  paid $ 500. 0 million in principal under u. s.
 term loan facility  resulting in $ 2. 5 billion in outstanding borrowings as of december 31  we and wholly owned foreign subsidiaries are borrowers under credit agreement.
borrowings under credit agreement bear interest at floating rates based indices determined by currency borrowings plus applicable margin determined by to senior unsecured long-term credit rating or at alternate base rate or in of borrowings under multicurrency revolving facility only at fixed rate determined through competitive bid process.
 credit agreement contains customary affirmative and negative covenants events of default for unsecured financing arrangement including limitations on consolidations  mergers sales of assets.
 financial covenants include consolidated indebtedness to consolidated ebitda ratio of no greater than 5. 0 to 1. 0 through june 24, 2016 no greater than 4. 5 to 1. 0 thereafter.
 if credit rating falls below investment grade  additional restrictions result including restrictions on investments and payment of dividends.
 in compliance with all covenants under credit agreement as of december 31 , 2015.
 commitments under credit agreement subject to certain fees.
 on multicurrency revolving facility pay facility fee at rate determined by to senior unsecured long-term credit rating.
 japan term loan agreement with one under credit agreement for 11. 7 billion japanese yen mature on may 31 , 2018.
 borrowings under japan term loan bear interest at fixed rate of 0. 61 percent per annum until maturity.
 other available uncommitted credit facilities totaling $ 35. 8 million.
 place cash and cash equivalents in highly-rated financial institutions limit credit exposure to any one entity.
 invest only in high-quality financial instruments in accordance with internal investment policy.
 as of december 31 , 2015 had short-term and long-term investments in debt securities with fair value of $ 273. 1 million.
 these investments are in debt securities of many different issuers no significant concentration of risk with single issuer.
these debt securities remain highly rated we believe risk of default by issuers is low.

principal | interest rate      | maturity date
--------- | ------------------ | ----------------
$ 500.0   | 1.450% ( 1.450 % ) | april 1 2017
1150.0    | 2.000              | april 1 2018
500.0     | 4.625              | november 30 2019
1500.0    | 2.700              | april 1 2020
300.0     | 3.375              | november 30 2021
750.0     | 3.150              | april 1 2022
2000.0    | 3.550              | april 1 2025
500.0     | 4.250              | august 15 2035
500.0     | 5.750              | november 30 2039
1250.0    | 4.450              | august 15 2045


operating expenses millions 2012 2011 2010 % ( % ) change 2012 v 2011 change 2011 v 2010.
 operating expenses increased $ 348 million in 2012 versus 2011.
 depreciation  wage benefit inflation  higher fuel prices volume- related trucking services purchased by logistics subsidiaries contributed to higher expenses year.
 efficiency gains  volume related fuel savings ( 2% ( 2 % ) fewer gallons fuel consumed ) $ 38 million weather related expenses in 2011 comparison partially offset cost increase.
 operating expenses increased $ 1. 8 billion in 2011 versus 2010.
 fuel price per gallon rose 36% ( 36 % ) during 2011 accounting for $ 922 million of increase.
 wage benefit inflation  volume-related costs  depreciation property taxes contributed to higher expenses.
 expenses increased $ 20 million for costs related to flooding in midwest $ 18 million due to impact of severe heat and drought in south .
 cost savings from productivity improvements better resource utilization offset increases.
 $ 45 million one-time payment transaction with csx intermodal , inc ( ) increased operating expenses first quarter of 2010 affects comparison of operating expenses 2011 to 2010.
 compensation and benefits 2013 compensation benefits include wages  payroll taxes  health and welfare costs  pension costs other postretirement benefits  incentive costs.
 expenses in 2012 flat versus 2011 as operational improvements cost reductions offset general wage benefit inflation higher pension other postretirement benefits.
 weather related costs increased expenses in 2011.
 combination of general wage benefit inflation , volume-related expenses  higher training costs associated with new hires  additional crew costs due to speed restrictions midwest flooding heat and drought south higher pension expense drove increase during 2011 compared to 2010.
fuel 2013 fuel includes locomotive fuel gasoline for highway non-highway vehicles heavy equipment.
 higher locomotive diesel fuel prices averaged $ 3. 22 per gallon including taxes transportation costs in 2012  compared to $ 3. 12 2011 increased expenses $ 105 million.
 volume  measured gross ton-miles decreased 2% ( 2 % ) in 2012 versus 2011 driving expense down.
 fuel consumption rate flat year-over-year.
 higher locomotive diesel fuel prices averaged $ 3. 12 including taxes in 2011 compared to $ 2. 29 per gallon in 2010 increased expenses $ 922 million.
 higher gasoline prices for highway non-highway vehicles increased year-over-year.
 volume  measured by gross ton-miles increased 5% ( 5 % ) 2011 versus 2010 driving expense up by $ 122 million.
 purchased services materials 2013 expense for purchased services materials includes costs services purchased from outside contractors other service providers including equipment 2012 operating expenses

millions                         | 2012    | 2011    | 2010    | % (  % ) change 2012 v 2011 | % (  % ) change 2011 v 2010
-------------------------------- | ------- | ------- | ------- | --------------------------- | ---------------------------
compensation and benefits        | $ 4685  | $ 4681  | $ 4314  | -% ( - % )                  | 9% ( 9 % )
fuel                             | 3608    | 3581    | 2486    | 1                           | 44
purchased services and materials | 2143    | 2005    | 1836    | 7                           | 9
depreciation                     | 1760    | 1617    | 1487    | 9                           | 9
equipment and other rents        | 1197    | 1167    | 1142    | 3                           | 2
other                            | 788     | 782     | 719     | 1                           | 9
total                            | $ 14181 | $ 13833 | $ 11984 | 3% ( 3 % )                  | 15% ( 15 % )


s&p supercap data processing outsourced 100. 00 68. 26 99. 41 97. 33 118. 68 151. 90 item 6.
 selected financial data.
 below constitutes historical financial data of fis read in conjunction with item 7 , management 2019s discussion analysis of financial condition results of operations , item 8 , financial statements supplementary data  included elsewhere in report.
 on october 1 , 2009  completed acquisition of metavante technologies , inc.
 ( "metavante" ).
 results of operations financial position of metavante included in consolidated financial statements since date acquisition.
 july 2, 2008 , completed spin-off of lender processing services , inc. former wholly-owned subsidiary ( "lps" ).
 for accounting purposes results of lps presented as discontinued operations.
 all prior periods restated to present results of fis on stand alone basis include results of lps up to july 2 , 2008  as discontinued operations.

| 12/07  | 12/08 | 12/09  | 12/10  | 12/11  | 12/12
-------------------------------------------------- | ------ | ----- | ------ | ------ | ------ | ------
fidelity national information services inc .       | 100.00 | 70.08 | 101.93 | 120.01 | 117.34 | 157.38
s&p 500                                            | 100.00 | 63.00 | 79.67  | 91.67  | 93.61  | 108.59
s&p supercap data processing & outsourced services | 100.00 | 68.26 | 99.41  | 97.33  | 118.68 | 151.90


part ii item 5.
 market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our common stock on new york stock exchange ( 201cnyse 201d ) for years 2010 and 2009.
 on february 11 , 2011  closing price of common stock was $ 56. 73 per share reported on nyse.
 as of february 11 , 2011  had 397612895 outstanding shares of common stock 463 registered holders.
 dividends not historically paid a dividend on common stock.
 payment of dividends in future  when if authorized by board of directors  depend upon many factors  including earnings financial condition  restrictions under applicable law current future loan agreements  debt service requirements capital expenditure requirements other factors board of directors may deem relevant including potential determination to elect reit status.
 loan agreement for revolving credit facility and term loan contain covenants restrict ability to pay dividends unless certain financial covenants satisfied.
 for more information about restrictions under loan agreement for revolving credit facility term loan  notes indentures loan agreement related to securitization see item 7 of annual report under caption 201cmanagement 2019s discussion and analysis of financial condition results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d note 6 to consolidated financial statements included in annual report.

2010                       | high    | low
-------------------------- | ------- | -------
quarter ended march 31     | $ 44.61 | $ 40.10
quarter ended june 30      | 45.33   | 38.86
quarter ended september 30 | 52.11   | 43.70
quarter ended december 31  | 53.14   | 49.61
2009                       | high    | low
quarter ended march 31     | $ 32.53 | $ 25.45
quarter ended june 30      | 34.52   | 27.93
quarter ended september 30 | 37.71   | 29.89
quarter ended december 31  | 43.84   | 35.03


stockholder return performance graphs graph compares cumulative 5-year stockholder return common stock relative to cumulative return nasdaq composite index s&p 400 information technology index.
 graph assumes value investment in common stock each index ( including reinvestment dividends ) was $ 100 on december 29, 2007 tracks through december 29 , 2012.
 comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index  s&p 400 information technology cadence design systems.
 nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index including reinvestment dividends.
 indexes calculated on month-end basis.
 copyright a9 2013 s&p , division of mcgraw-hill companies inc.
 all rights reserved.
 stock price performance graph not necessarily indicative of future stock price performance

| 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012
------------------------------ | ---------- | -------- | -------- | -------- | ---------- | ----------
cadence design systems inc .   | 100.00     | 22.55    | 35.17    | 48.50    | 61.07      | 78.92
nasdaq composite               | 100.00     | 59.03    | 82.25    | 97.32    | 98.63      | 110.78
s&p 400 information technology | 100.00     | 54.60    | 82.76    | 108.11   | 95.48      | 109.88


expense  net decreased $ 6. 2 million  or 50. 0% (. )  for year ended december 31 , 2004 compared to 2003.
 decrease due to reduction in charges on disposal transfer costs of fixed assets facility closure costs of $ 3. 3 million , reduced legal charges $ 1. 5 million  reduction in expenses of $ 1. 4 million insignificant items.
 interest expense income taxes interest expense decreased in 2004 by $ 92. 2 million  or 75. 7% ( 75. 7 % )  from 2003.
 decrease included $ 73. 3 million expenses related to company 2019s debt refinancing completed july 2003.
 $ 73. 3 million expenses consisted of $ 55. 9 million in premiums for tender of 95 20448% ( 20448 % ) senior subordinated notes $ 17. 4 million non-cash charge for write-off of deferred financing fees related to 95 20448% ( 20448 % ) notes pca 2019s original revolving credit facility.
 excluding $ 73. 3 million charge interest expense was $ 18. 9 million lower than 2003 lower interest rates company 2019s july 2003 refinancing lower debt levels.
 pca 2019s effective tax rate was 38. 0% (. 0 % ) for year ended december 31 , 2004 42. 3% ( 42. 3 % ) for year ended december 31 , 2003.
 higher tax rate in 2003 due to stable permanent items over lower book income ( loss ).
 both years 2004 and 2003 tax rates higher than federal statutory rate of 35. 0% ( 35. 0 % ) due to state income taxes.
 year ended december 31 , 2003 compared to december 31 2002 historical results of operations of pca for years ended december 31  2003 2002 below year december millions ) 2003 2002 change.
 net sales decreased by $ 0. 4 million  or 0.0% ( 0. 0 % )  year ended december 31, 2003 from december 31  2002.
 net sales increased due to improved sales volumes compared 2002 increase offset by lower sales prices.
 total corrugated products volume sold increased 2. 1% ( 2. 1 % ) to 28. 1 billion square feet in 2003 compared to 27. 5 billion square feet in 2002.
 comparable shipment-per-workday basis corrugated products sales volume increased 1. 7% ( 1. 7 % ) in 2003 from 2002.
 shipments-per-workday calculated by dividing total corrugated products volume year by number of workdays year.
 lower percentage increase due to 2003 had one more workday ( 252 days ) not weekend or holiday than 2002 ( 251 days ).
 containerboard sales volume to external domestic and export customers decreased 6. 7% ( 6. 7 % ) to 445000 tons year ended december 31 , 2003 from 477000 tons comparable period 2002.
 income before interest and taxes decreased by $ 48. 4 million  or 33. 3% ( 33. 3 % ) year ended december 31 , 2003 compared to 2002.
 income before interest taxes twelve months

( in millions )                        | 2003             | 2002           | change
-------------------------------------- | ---------------- | -------------- | ----------------
net sales                              | $ 1735.5         | $ 1735.9       | $ -0.4 ( 0.4 )
income before interest and taxes       | $ 96.9           | $ 145.3        | $ -48.4 ( 48.4 )
interest expense net                   | -121.8 ( 121.8 ) | -67.7 ( 67.7 ) | -54.1 ( 54.1 )
income ( loss ) before taxes           | -24.9 ( 24.9 )   | 77.6           | -102.5 ( 102.5 )
( provision ) benefit for income taxes | 10.5             | -29.4 ( 29.4 ) | 39.9
net income ( loss )                    | $ -14.4 ( 14.4 ) | $ 48.2         | $ -62.6 ( 62.6 )


valuation techniques 2013 cash equivalents mostly short-term money-market instruments valued at cost approximates fair value.
.
 equity securities and international equity securities categorized as level 1 traded on active national international exchanges valued at closing prices last trading day of year.
 for.
 equity securities international equity securities not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor broker or investment manager.
 securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor or categorized level 3 if custodian obtains uncorroborated quotes from broker or investment manager.
 commingled equity funds categorized as level 1 traded on active national international exchanges valued at closing prices on last trading day of year.
 for commingled equity funds not traded on active exchange or if closing price not available trustee obtains indicative quotes from pricing vendor  broker or investment manager.
 securities categorized as level 2 if custodian obtains corroborated quotes from pricing vendor.
 fixed income investments categorized as level 2 valued by trustee using pricing models use verifiable observable market data (. interest rates yield curves observable at commonly quoted intervals credit spreads ) bids provided by brokers or dealers or quoted prices of securities with similar characteristics.
 fixed income investments categorized as level 3 when valuations using observable inputs unavailable.
 trustee obtains pricing based on indicative quotes or bid evaluations from vendors brokers or investment manager.
 certain other fixed income investments categorized as level 3 valued using discounted cash flow approach.
 significant inputs include projected annuity payments and discount rate applied to payments.
commingled equity funds , equity mutual funds valued using nav.
 nav valuations based on underlying investments typically redeemable within 90 days.
 private equity funds consist of partnership and co-investment funds.
 nav based on valuation models of underlying securities includes unobservable inputs cannot be corroborated using verifiable observable market data.
 these funds typically have redemption periods between eight and 12 years.
 real estate funds consist of partnerships  most closed-end funds  for nav based on valuation models and periodic appraisals.
 funds have redemption periods between eight and 10 years.
 hedge funds consist of direct hedge funds for nav generally based on valuation of underlying investments.
 redemptions in hedge funds based on specific terms of each fund range from minimum of one month to several months.
 contributions expected benefit payments funding of qualified defined benefit pension plans determined in accordance with erisa , as amended by ppa , consistent with cas and internal revenue code rules.
 made contributions of $ 5. 0 billion to qualified defined benefit pension plans in 2018  including required and discretionary contributions.
 do not expect to make contributions to qualified defined benefit pension plans in 2019.
 table presents estimated future benefit payments  reflect expected future employee service  as of december 31 , 2018 ( in millions ) :.
 defined contribution plans maintain number of defined contribution plans  most with 401 ( k ) features  cover substantially all employees.
 under provisions 401 k ) plans match most employees 2019 eligible contributions at rates specified in plan documents.
 contributions were $ 658 million in 2018 , $ 613 million in 2017 and $ 617 million in 2016  majority funded using common stock.
 defined contribution plans held approximately 33.3 million 35. 5 million shares common stock as december 31 , 2018 2017.

| 2019   | 2020   | 2021   | 2022   | 2023   | 2024 2013 2028
---------------------------------------- | ------ | ------ | ------ | ------ | ------ | --------------
qualified defined benefit pension plans  | $ 2350 | $ 2390 | $ 2470 | $ 2550 | $ 2610 | $ 13670
retiree medical and life insurance plans | 170    | 180    | 180    | 180    | 170    | 810


consumer foods net sales increased $ 303 million or 5% ( 5 % ) for year to $ 6. 8 billion.
 results reflect increase three percentage points from improved net pricing product mix two percentage points improvement from higher volumes.
 net pricing volume improvements achieved in company 2019s priority investment enabler brands.
 impact of product recalls partially offset improvements.
 company implemented significant price increases for consumer foods products during fourth quarter of fiscal 2008.
 continued net sales improvements expected into fiscal 2009 benefit of pricing actions.
 sales of significant brands  including chef boyardee ae david ae  egg beaters ae healthy choice ae hebrew national ae hunt 2019s ae marie callender 2019s manwich ae orville redenbacher 2019s ae pam ae  ro*tel ae  rosarita ae  snack pack ae swiss miss ae wesson ae  wolf ae grew in fiscal 2008.
 sales of act ii ae  andy capp ae  banquet ae  crunch 2018n munch ae  kid cuisine ae  parkay ae  pemmican ae  reddi-wip ae  slim jim ae declined in fiscal 2008.
 net sales in consumer foods segment not comparable across periods due to factors.
 company initiated peanut butter recall in third quarter of fiscal 2007 reintroduced peter pan ae peanut butter products in august 2007.
 sales of all peanut butter products branded private label in fiscal 2008 were $ 14 million lower than comparable amounts in fiscal 2007.
 consumer foods net sales adversely impacted by recall of banquet ae and private label pot pies in second quarter of fiscal 2008.
net sales of pot pies lower $ 22 million in fiscal 2008 relative due to product returns lost sales of banquet ae private label pot pies.
 sales from alexia foods lincoln snacks  businesses acquired fiscal 2008 totaled $ 66 million fiscal 2008.
 company divested refrigerated pizza business first half fiscal 2007.
 sales from business were $ 17 million fiscal food and ingredients net sales $ 4. 1 billion in fiscal 2008 increase of $ 706 million or 21% ( 21 % ).
 increased sales reflective of higher sales prices in company 2019s milling operations due higher grain prices price volume increases in company 2019s potato dehydrated vegetable operations.
 fiscal 2007 divestiture of oat milling operation resulted in reduction of sales $ 27 million fiscal 2008 offset by increased sales $ 18 million from acquisition of watts brothers february 2008.
 international foods net sales increased $ 65 million to $ 678 million.
 strengthening of foreign currencies relative.
 dollar accounted for $ 36 million increase.
 segment achieved 5% ( 5 % ) increase in sales volume in fiscal 2008 reflecting increased unit sales in canada mexico  modest increases in net pricing.
 gross profit ( net sales less cost of goods sold ) ( $ in millions ) reporting segment fiscal 2008 gross profit fiscal 2007 gross profit % ( % ) increase/ decrease ).
 company 2019s gross profit for fiscal 2008 was $ 2. 7 billion  increase of $ 23 million or 1% ( 1 % ) over prior year.
 increase gross profit driven by results in food and ingredients segment higher margins in company 2019s milling specialty potato operations offset by reduced gross profits in consumer foods segment.
 costs company 2019s restructuring plans reduced gross profit by $ 4 million and $ 46 million in fiscal 2008 and fiscal 2007.

reporting segment    | fiscal 2008 gross profit | fiscal 2007 gross profit | % (  % ) increase/ ( decrease )
-------------------- | ------------------------ | ------------------------ | -------------------------------
consumer foods       | $ 1802                   | $ 1923                   | ( 6 ) % (  % )
food and ingredients | 724                      | 590                      | 23% ( 23 % )
international foods  | 190                      | 180                      | 6% ( 6 % )
total                | $ 2716                   | $ 2693                   | 1% ( 1 % )


entergy corporation subsidiaries management 2019s financial discussion analysis palisades plants related assets to fair values.
 see note 14 financial statements for discussion of impairment related charges.
 result of entergy louisiana entergy gulf states louisiana business combination results of operations for 2015 include two items occurred in october 2015 : 1 ) deferred tax asset net increase in tax basis of approximately $ 334 million 2 ) regulatory liability of $ 107 million ( $ 66 million net-of-tax ) result of customer credits realized by electric customers of entergy louisiana consistent with terms stipulated settlement in business combination proceeding.
 see note 2 to financial statements for discussion of business combination customer credits.
 results operations for 2015 include sale in december 2015 of 583 mw rhode island state energy center for realized gain of $ 154 million ( $ 100 million net-of-tax ) on sale $ 77 million ( $ 47 million net-of-tax ) write-off regulatory charges recognize portion of assets associated with waterford 3 replacement steam generator project no longer probable of recovery.
 see note 14 financial statements for discussion of rhode island state energy center sale.
 see note 2 financial statements for discussion waterford 3 write-off.
 net revenue utility following analysis of change in net revenue comparing 2016 to 2015.
 amount ( in millions ).
 retail electric price variance primarily due to : 2022 increase in base rates at entergy arkansas  approved by apsc.
 new rates effective february 24 , 2016 began billing with first billing cycle of april 2016.
 increase includes interim base rate adjustment surcharge effective with first billing cycle of april 2016 to recover incremental revenue requirement for period february 24 , 2016 through march 31 , 2016.
significant portion increase related to purchase of power block 2 of union power station ; 2022 increase in purchased power and capacity acquisition cost recovery rider for entergy new orleans , approved by city council  effective with first billing cycle march 2016  primarily related to purchase of power block 1 union power station ; 2022 increase in formula rate plan revenues for entergy louisiana  implemented with first billing cycle march 2016  collect estimated first-year revenue requirement related to purchase of power blocks 3 and 4 union power station ; 2022 increase in revenues at entergy mississippi  approved by mpsc  effective with first billing cycle of july 2016  increase in revenues collected through storm damage rider.
 see note 2 to financial statements for discussion rate proceedings.
 see note 14 financial statements for discussion union power station purchase.
 louisiana business combination customer credits variance due to regulatory liability of $ 107 million recorded by entergy in october 2015 result of entergy gulf states louisiana and entergy louisiana business

| amount ( in millions )
----------------------------------------------- | ----------------------
2015 net revenue                                | $ 5829
retail electric price                           | 289
louisiana business combination customer credits | 107
volume/weather                                  | 14
louisiana act 55 financing savings obligation   | -17 ( 17 )
other                                           | -43 ( 43 )
2016 net revenue                                | $ 6179


table contents part ii item 8 schlumberger limited schlumberger n. v. incorporated netherlands antilles ) subsidiary companies shares common stock issued treasury shares outstanding.
 see notes consolidated financial statements 39 / slb 2003 form 10-k

| issued    | in treasury            | shares outstanding
---------------------------- | --------- | ---------------------- | ------------------
balance january 1 2001       | 667085793 | -94361099 ( 94361099 ) | 572724694
employee stock purchase plan | 2013      | 1752833                | 1752833
shares granted to directors  | 2013      | 4800                   | 4800
shares sold to optionees     | 8385      | 1399686                | 1408071
balance december 31 2001     | 667094178 | -91203780 ( 91203780 ) | 575890398
employee stock purchase plan | 2013      | 2677842                | 2677842
shares granted to directors  | 2013      | 3500                   | 3500
shares sold to optionees     | 10490     | 2243400                | 2253890
acquisition of technoguide   | 2013      | 1347485                | 1347485
balance december 31 2002     | 667104668 | -84931553 ( 84931553 ) | 582173115
employee stock purchase plan | 2013      | 2464088                | 2464088
shares granted to directors  | 2013      | 3500                   | 3500
shares sold to optionees     | 1320      | 1306305                | 1307625
balance december 31 2003     | 667105988 | -81157660 ( 81157660 ) | 585948328


management 2019s discussion analysis of financial condition results of operations continued detail our investment portfolio as of december 31 , 2014 2013 provided in note 3 to consolidated financial statements under item 8 of form 10-k.
 loans leases averaged $ 15. 91 billion for year ended 2014  up from $ 13. 78 billion in 2013.
 increase related to mutual fund lending investment in senior secured bank loans.
 mutual fund lending bank loans averaged approximately $ 9. 12 billion and $ 1. 40 billion  respectively for year ended december 31 , 2014 compared to $ 8. 16 billion and $ 170 million for year ended december 31, 2013.
 average loans leases include short- duration advances.
 table 13 :.
 non-u.
 short-duration advances years ended december 31.
 average.
 short-duration advances $ 2355 $ 2356 $ 1972 average non-u.
 short-duration advances 1512 1393 1393 average total short-duration advances $ 3867 $ 3749 $ 3365 average short-durance advances to average loans leases 24% ( 24 % ) 27% ( 27 % ) 29% ( 29 % ) decline in proportion of average daily short-duration advances to average loans leases due to growth in other segments of loan lease portfolio.
 short-duration advances provide liquidity to clients support investment activities.
 average short-duration advances for year ended december 31 , 2014 increased compared to december 31 2013 average advances remained low relative to historical levels mainly result of clients hold higher levels liquidity.
 average other interest-earning assets increased to $ 15. 94 billion for year ended december 31 , 2014 from $ 11. 16 billion year ended december 31  2013.
 increased levels result of higher levels cash collateral enhanced custody business.
average interest-bearing deposits increased to $ 130. 30 billion for year ended december 31 , 2014 from $ 109. 25 billion for 2013.
 higher levels result of increases in u. s.
 and non-u. s.
 transaction accounts and time deposits.
 future transaction account levels influenced by asset servicing business market conditions including general levels u. s.
 and non-u. s.
 interest rates.
 average other short-term borrowings increased to $ 4. 18 billion for year ended december 31  2014 from $ 3. 79 billion year 2013.
 increase result of higher client demand for commercial paper.
 decline in rates paid from 1. 6% (. 6 % ) in 2013 to 0. 1% ( 0. 1 % ) in 2014 resulted from reclassification of derivative contracts hedge interest-rate risk on assets reduced interest revenue and interest expense.
 average long-term debt increased to $ 9. 31 billion for year ended december 31, 2014 from $ 8. 42 billion december 31 2013.
 increase reflected issuance of $ 1. 5 billion of senior and subordinated debt in may 2013  $ 1. 0 billion of senior debt in november 2013  and $ 1. 0 billion senior debt in december 2014.
 partially offset by maturities of $ 500 million of senior debt in may 2014 and $ 250 million of senior debt in march 2014.
 average other interest-bearing liabilities increased to $ 7. 35 billion for year ended december 31 , 2014 from $ 6. 46 billion for 2013 result of higher levels cash collateral received from clients enhanced custody business.
 several factors could affect future levels net interest revenue and margin including mix of client liabilities ; actions of central banks changes in u. s.
 and non-u. s.
interest rates ; changes in yield curves ; revised proposed regulatory capital or liquidity standards  interpretations ; discount accretion generated by former conduit securities remain in our investment securities portfolio ; yields earned on securities purchased compared to yields on securities sold or matured.
 based on market conditions other factors , we continue to reinvest majority of proceeds from pay-downs and maturities of investment securities in highly-rated securities , as u. s.
 treasury and agency securities  municipal securities  federal agency mortgage-backed securities and u. s.
 non-u. s.
 mortgage- and asset-backed securities.
 pace we to reinvest and types of investment securities purchased will depend on impact of market conditions other factors over time.
 expect these factors and levels global interest rates to influence effect our reinvestment program on future our net interest revenue and net interest margin.

( in millions )                                            | 2014         | 2013         | 2012
---------------------------------------------------------- | ------------ | ------------ | ------------
average u.s . short-duration advances                      | $ 2355       | $ 2356       | $ 1972
average non-u.s . short-duration advances                  | 1512         | 1393         | 1393
average total short-duration advances                      | $ 3867       | $ 3749       | $ 3365
average short-durance advances to average loans and leases | 24% ( 24 % ) | 27% ( 27 % ) | 29% ( 29 % )


note 9.
 retirement plan maintain defined contribution pension plan covering full-time shoreside employees completed minimum period of continuous service.
 annual contributions plan based on fixed percentages of participants 2019 salaries and years of service not to exceed certain maximums.
 pension cost was $ 13. 9 million , $ 12. 8 million and $ 12. 2 million for years ended december 31 , 2006 , 2005 2004  respectively.
 note 10.
 income taxes we majority of subsidiaries exempt from united states corporate tax on income from international opera- tion of ships section 883 of internal revenue code.
 income tax expense related to remaining subsidiaries not significant for years ended december 31 , 2006 , 2005 2004.
 final regulations under section 883 published on august 26, 2003  effective for year ended december 31 , 2005.
 regulations confirmed qualify for exemption section 883  narrowed scope of activities considered internal revenue service to be incidental to international operation of ships.
 activities listed in regula- tions not incidental to international operation of ships include income from sale of air other transportation transfers , shore excursions pre and post cruise tours.
 extent income from such activities earned from sources within united states income subject to united states taxa- tion.
 application new regulations reduced net income for years ended december 31 , 2006 and december 31 , 2005 by approximately $ 6. 3 million and $ 14. 0 million , respectively.
 note 11.
 financial instruments estimated fair values of financial instruments are as follows ( in thousands ) :.
long-term debt ( including current portion long-term debt ) ( 5474988 ) ( 4368874 ) foreign currency forward contracts in net ( loss ) gain position 104159 ( 115415 ) interest rate swap agreements net receivable position 5856 8456 fuel swap agreements net payable position ( 20456 ) ( 78 ) reported fair values based on variety factors assumptions.
 fair values may not represent actual values of financial instruments realized as of december 31 , 2006 or 2005  or realized future not include expenses incurred in actual sale or settlement.
 financial instruments not held for trading or speculative purposes.
 exposure under foreign currency contracts, interest rate fuel swap agreements limited to cost of replacing contracts in non-performance by counterparties contracts  all currently our lending banks.
 to minimize risk select counterparties with credit risks acceptable limit exposure to individual counterparty.
 all foreign currency forward contracts denominated in primary currencies.
 cash and cash equivalents carrying amounts of cash and cash equivalents approximate fair values due to short maturity of instruments.
 long-term debt fair values of senior notes and senior debentures esti- mated by obtaining quoted market prices.
 fair values of all other debt estimated using discounted cash flow analyses based on market rates available for similar debt same remaining maturities.
 foreign currency contracts fair values of foreign currency forward contracts esti- mated using current market prices for similar instruments.
 expo- sure to market risk for fluctuations in foreign currency exchange rates relates to six ship construction contracts forecasted transactions.
 use foreign currency forward contracts to mitigate impact of fluctuations in foreign currency exchange rates.
 as of december 31 , 2006 , had foreign currency forward contracts in notional amount of $ 3. 8 billion maturing through 2009.
december 31 , 2006 fair value of foreign currency forward contracts to six ship construction contracts designated fair value hedges net unrealized gain of approximately $ 106. 3 mil- lion.
 at december 31 , 2005 , fair value of foreign currency for- ward contracts three ship construction contracts fair value hedges net unrealized loss of approx- imately $ 103. 4 million.
 fair value foreign currency forward contracts other ship construction contract at december 31 , 2005  designated cash flow hedge  unre- alized loss  approximately $ 7. 8 million.
 at december 31 , 2006  approximately 11% ( 11 % ) of aggregate cost of ships exposed to fluctuations in euro exchange rate.
 r o y a l c a r i b b e a n c r u i s e s l t d.
 3 5 notes to consolidated financial statements ( continued ) 51392_financials-v9. qxp 6/7/07 3:40 pm page 35

| 2006                 | 2005
------------------------------------------------------------------ | -------------------- | --------------------
cash and cash equivalents                                          | $ 104520             | $ 125385
long-term debt ( including current portion of long-term debt )     | -5474988 ( 5474988 ) | -4368874 ( 4368874 )
foreign currency forward contracts in a net ( loss ) gain position | 104159               | -115415 ( 115415 )
interest rate swap agreements in a net receivable position         | 5856                 | 8456
fuel swap agreements in a net payable position                     | -20456 ( 20456 )     | -78 ( 78 )


leveraged performance units year ended may 31 , 2015 executives granted performance units as 201cleveraged performance units , 201d or 201clpus. 201d lpus contain market condition based 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 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 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 lpu award.
 following table summarizes changes in unvested restricted stock and performance awards for year ended december 31 , 2017 , 2016 fiscal transition period years ended may 31 , 2016 and 2015 : shares weighted-average grant-date fair value ( in thousands ).
 total fair value of restricted stock and performance awards vested was $ 33. 7 million for year ended december 31 , 2017 , $ 20. 0 million for 2016 fiscal transition period $ 17. 4 million and $ 15. 0 million  for years ended may 31 , 2016 and 2015.
 for restricted stock and performance awards recognized compensation expense of $ 35. 2 million for year ended december 31 , 2017 , $ 17. 2 million for 2016 fiscal transition period $ 28. 8 million and $ 19. 8 million  respectively for years ended may 31 , 2016 and 2015.
 as of december 31 , 2017  $ 46.1 million unrecognized compensation expense related to unvested restricted stock performance awards expect recognize over weighted-average period 1. 8 years.
 restricted stock performance award plans provide for accelerated vesting under certain conditions.
 stock options stock options granted with exercise price equal to 100% ( ) fair market value common stock on date of grant have term of ten years.
 stock options granted before year ended may 31, 2015 vest in equal installments on first four anniversaries of grant date.
 stock options granted during year ended may 31, 2015 thereafter vest equal installments on first three anniversaries of grant date.
 stock option plans provide for accelerated vesting under certain conditions.
 global payments inc.
 2017 form 10-k annual report 2013 91

| shares ( in thousands ) | weighted-averagegrant-datefair value
---------------------------- | ----------------------- | ------------------------------------
unvested at may 31 2014      | 1754                    | $ 22.72
granted                      | 954                     | 36.21
vested                       | -648 ( 648 )            | 23.17
forfeited                    | -212 ( 212 )            | 27.03
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


entergy louisiana , llc 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 ( credits.
 following analysis of change in net revenue comparing 2007 to 2006.
 amount ( in millions ).
 base revenues variance due to increases effective september 2006 for 2005 formula rate plan filing to recover lpsc-approved incremental deferred ongoing capacity costs.
 see "state and local rate regulation" below note 2 to financial statements for formula rate plan filing.
 volume/weather variance due to increased electricity usage including electricity sales during unbilled service period.
 billed retail electricity usage increased total of 666 gwh in all sectors compared to 2006.
 see "critical accounting estimates" below note 1 to financial statements for accounting for unbilled revenues.
 transmission revenue variance due to higher rates.
 purchased power capacity variance due to higher purchased power capacity charges amortization of capacity charges effective september 2006 formula rate plan filing in may 2006.
 portion of purchased power capacity costs offset in base revenues due to base rate increase to recover incremental deferred ongoing purchased power capacity charges.
 see "state and local rate regulation" below note 2 to financial statements for discussion formula rate plan filing.
 gross operating revenues , fuel , purchased power expenses other regulatory charges credits ) operating revenues increased due to increase of $ 143. 1 million in fuel cost recovery revenues due to higher fuel rates usage ; increase of $ 78. 4 million in base revenues  increase of $ 37. 5 million related to volume/weather .
fuel purchased power expenses increased due to increase in net area demand increase in deferred fuel expense result of higher fuel rates , discussed above.
 other regulatory credits decreased due to deferral of capacity charges in 2006 in to amortization of capacity charges in 2007 result of may 2006 formula rate plan filing ( for 2005 test year ) with lpsc to recover costs through base rates effective september 2006.
 see note 2 to financial statements for discussion of formula rate plan storm cost recovery filings with lpsc.

| amount ( in millions )
------------------------ | ----------------------
2006 net revenue         | $ 942.1
base revenues            | 78.4
volume/weather           | 37.5
transmission revenue     | 9.2
purchased power capacity | -80.0 ( 80.0 )
other                    | 3.9
2007 net revenue         | $ 991.1


westrock company notes to consolidated financial statements 2014 continued ) note 20.
 stockholders 2019 equity capitalization capital stock consists of common stock.
 holders common stock entitled to one vote per share.
 amended restated certificate of incorporation authorizes preferred stock  no shares issued.
 terms provisions of shares determined by board of directors upon issuance shares accordance certificate of incorporation.
 stock repurchase plan july 2015 board of directors authorized repurchase program of up to 40. 0 million shares of common stock representing approximately 15% ( 15 % ) of outstanding common stock as of july 1 , 2015.
 shares common stock may be repurchased over indefinite period time at discretion of management.
 fiscal 2019  repurchased approximately 2. 1 million shares common stock for aggregate cost of $ 88. 6 million.
 fiscal 2018  repurchased approximately 3. 4 million shares common stock for aggregate cost of $ 195. 1 million.
 fiscal 2017  repurchased approximately 1. 8 million shares common stock for aggregate cost of $ 93. 0 million.
 as of september 30 , 2019  remaining authorization under repurchase program authorized in july 2015 to purchase approximately 19. 1 million shares of common stock.
 note 21.
 share-based compensation share compensation plans annual meeting of stockholders february 2 , 2016 stockholders approved westrock company 2016 incentive stock plan.
 2016 incentive stock plan amended and restated on february 2 , 2018 201camended and restated 2016 incentive stock plan 201d ).
 amended restated 2016 incentive stock plan allows for granting of options , restricted stock sars restricted stock units to certain key employees directors.
table shows approximate number of shares : available for issuance , for future grant  issued if restricted awards granted with performance condition recorded at target achieve maximum award if new grants plan expected be issued each as adjusted as necessary for corporate actions ( in millions ).
 shares available issuance shares for future shares issued if performance achieved at maximum expect awards amended and restated 2016 incentive stock plan ( 1 ) 11. 7 5. 1 2. 3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15. 8 3. 1 0. 0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12. 8 9. 0 0. 0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7. 9 5. 9 0. 0 no ( 1 ) separation equity-based incentive awards adjusted to maintain intrinsic value awards prior to separation.
 number of unvested restricted stock awards and unexercised stock options and sars at time separation increased by exchange factor of approximately 1. 12.
 exercise price of unexercised stock options and sars at separation converted to decrease exercise price by exchange factor of approximately 1. 12.
 2 ) in combination westrock assumed all rocktenn and mwv equity incentive plans.
 issued awards to certain key employees and directors rocktenn 2004 incentive stock plan  amended and mwv 2005 performance incentive plan  amended.
 awards converted into westrock awards using conversion factor as described in business combination agreement.
 ) in connection with smurfit-stone acquisition  assumed smurfit-stone equity incentive plan  renamed the rock-tenn company ( sscc ) equity incentive plan.
awards converted into shares of rocktenn common stock, options restricted stock units applicable using conversion factor described in merger agreement.
 westrock company notes to consolidated financial statements 2014 continued ) note 20.
 stockholders 2019 equity capitalization capital stock consists solely of common stock.
 holders common stock entitled to one vote per share.
 amended restated certificate of incorporation authorizes preferred stock  of no shares issued.
 terms provisions of shares determined by board of directors upon issuance of shares with certificate of incorporation.
 stock repurchase plan in july 2015 board of directors authorized repurchase program of up to 40. 0 million shares of common stock representing approximately 15% ( 15 % ) of outstanding common stock as of july 1 , 2015.
 shares common stock may be repurchased over indefinite period time at discretion of management.
 in fiscal 2019  repurchased approximately 2. 1 million shares common stock for aggregate cost of $ 88. 6 million.
 in fiscal 2018  repurchased approximately 3. 4 million shares common stock for aggregate cost of $ 195. 1 million.
 in fiscal 2017  repurchased approximately 1. 8 million shares common stock for aggregate cost of $ 93. 0 million.
 as of september 30 , 2019  remaining authorization under repurchase program authorized in july 2015 to purchase approximately 19. 1 million shares of common stock.
 note 21.
 share-based compensation plans at annual meeting of stockholders on february 2 , 2016 stockholders approved westrock company 2016 incentive stock plan.
 2016 incentive stock plan amended and restated on february 2, 2018 201camended restated 2016 incentive stock plan 201d ).
amended restated 2016 incentive stock plan allows for granting of options  restricted stock  sars restricted stock units to certain key employees directors.
 table shows approximate number of shares : available for issuance  for future grant , issued if restricted awards granted with performance condition recorded at target achieve maximum award  if new grants expected to be issued  each as adjusted as necessary for corporate actions ( in millions ).
 shares available issuance shares available for future shares issued if performance achieved at maximum expect awards amended restated 2016 incentive stock plan ( 1 ) 11. 7 5. 1 2. 3 yes 2004 incentive stock plan ( 1 ) ( 2 ) 15. 8 3. 1 0. 0 no 2005 performance incentive plan ( 1 ) ( 2 ) 12. 8 9. 0 0. 0 no rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 ) 7. 9 5. 9 0. 0 no ( 1 ) of separation, equity-based incentive awards adjusted to maintain intrinsic value awards prior to separation.
 number of unvested restricted stock awards unexercised stock options sars at time of separation increased by exchange factor of approximately 1. 12.
 exercise price of unexercised stock options and sars at separation converted to decrease exercise price by exchange factor of approximately 1. 12.
 2 ) combination westrock assumed all rocktenn and mwv equity incentive plans.
 issued awards to certain key employees directors rocktenn 2004 incentive stock plan  amended mwv 2005 performance incentive plan  amended.
 awards converted into westrock awards using conversion factor as described in business combination agreement.
( 3 ) in connection with smurfit-stone acquisition  assumed smurfit-stone equity incentive plan renamed rock-tenn company ( sscc ) equity incentive plan.
 awards converted into shares of rocktenn common stock , options restricted stock units  as applicable using conversion factor described in merger agreement.

| shares available for issuance | shares available for future grant | shares to be issued if performance is achieved at maximum | expect to make new awards
---------------------------------------------------- | ----------------------------- | --------------------------------- | --------------------------------------------------------- | -------------------------
amended and restated 2016 incentive stock plan ( 1 ) | 11.7                          | 5.1                               | 2.3                                                       | yes
2004 incentive stock plan ( 1 ) ( 2 )                | 15.8                          | 3.1                               | 0.0                                                       | no
2005 performance incentive plan ( 1 ) ( 2 )          | 12.8                          | 9.0                               | 0.0                                                       | no
rocktenn ( sscc ) equity inventive plan ( 1 ) ( 3 )  | 7.9                           | 5.9                               | 0.0                                                       | no


note 8.
 acquisitions during fiscal 2017  cadence completed two business combinations for total cash consideration of $ 142. 8 million  after cash acquired of $ 4. 2 million.
 total purchase consideration allocated to assets acquired and liabilities assumed based on estimated fair values on acquisition dates.
 cadence recorded total $ 76. 4 million of acquired intangible assets ( $ 71. 5 million represents in-process technology ) $ 90. 2 million of goodwill $ 19. 6 million of net liabilities primarily deferred tax liabilities.
 cadence will make payments to certain employees subject to continued employment performance-based conditions through fourth quarter of fiscal 2020.
 during fiscal 2016  cadence completed two business combinations for total cash consideration of $ 42. 4 million  after cash acquired of $ 1. 8 million.
 total purchase consideration allocated to assets acquired and liabilities assumed based on estimated fair values on acquisition dates.
 cadence recorded total $ 23. 6 million of goodwill  $ 23. 2 million of acquired intangible assets $ 2. 6 million of net liabilities primarily deferred revenue.
 cadence will make payments to certain employees subject to continued employment other conditions through second quarter of fiscal trust for benefit of children of lip-bu tan  cadence 2019s chief executive officer and director owned less than 3% ( 3 % ) of nusemi inc  companies acquired in 2017 less than 2% ( 2 % ) of rocketick technologies ltd. companies acquired in 2016.
.
 tan and his wife serve as co-trustees of trust disclaim pecuniary economic interest in trust.
 board of directors of cadence reviewed transactions concluded best interests of cadence to proceed with transactions.
.
tan recused from board of directors 2019 discussion valuation of nusemi inc rocketick technologies ltd.
 whether proceed with transactions.
 acquisition-related transaction costs no direct transaction costs associated with acquisitions during fiscal 2018.
 transaction costs associated acquisitions were $ 0. 6 million and $ 1. 1 million during fiscal 2017 and 2016, respectively.
 costs consist of professional fees administrative costs expensed incurred in cadence 2019s consolidated income statements.
 note 9.
 goodwill acquired intangibles goodwill changes in carrying amount of goodwill during fiscal 2018 and 2017 : gross carrying amount ( in thousands ).
 cadence completed annual goodwill impairment test third quarter of fiscal 2018 determined fair value of cadence 2019s single reporting unit exceeded carrying amount net assets no impairment existed.

| gross carryingamount ( in thousands )
-------------------------------------- | -------------------------------------
balance as of december 31 2016         | $ 572764
goodwill resulting from acquisitions   | 90218
effect of foreign currency translation | 3027
balance as of december 30 2017         | 666009
effect of foreign currency translation | -3737 ( 3737 )
balance as of december 29 2018         | $ 662272


notes to consolidated financial statements 2014 reconciliation of beginning and ending gross unrecognized tax benefits follows ( in thousands ) :.
 company 2019s major tax jurisdictions as of september 30 , 2011 are united states , california  iowa singapore canada.
 for united states company has open tax years back to fiscal year 1998 due to carry forward tax attributes.
 for california and iowa company open tax years to fiscal year 2002 carry forward tax attributes.
 for singapore company open tax years back to fiscal year 2011.
 for canada company open tax years back to fiscal year 2004.
 during year ended september 30 , 2011 company did not recognize significant amount of previously unrecognized tax benefits related to expiration of statute of limitations.
 company 2019s policy is to recognize accrued interest and penalties  if incurred on unrecognized tax benefits as component of income tax expense.
 company recognized $ 0. 5 million of accrued interest or penalties related to unrecognized tax benefits during fiscal year 2011.
 11.
 stockholders 2019 equity common stock at september 30 , 2011 company authorized to issue 525000000 shares of common stock par value $ 0. 25 per share 195407396 shares issued and 186386197 shares outstanding.
 holders company 2019s common stock entitled to such dividends as declared by company 2019s board of directors out of funds legally available for such purpose.
 dividends not be paid on common stock unless all accrued dividends on preferred stock paid or declared and set aside.
 in company 2019s liquidation , dissolution or winding up holders of common stock entitled to share pro rata in assets remaining after payment to creditors after payment liquidation preference plus unpaid dividends to holders of outstanding preferred stock.
each holder of company 2019s common stock entitled to one vote for each share outstanding in holder 2019s name.
 no holder stock entitled to cumulate votes in voting for directors.
 company 2019s second certificate of incorporation provides unless otherwise determined by 2019s board of directors no holder common stock has preemptive right to purchase or subscribe for any stock of any class company may issue or sell.
 on august 3 , 2010  board of directors approved stock repurchase program company authorized to repurchase up to $ 200. 0 million of company 2019s common stock on open market or in privately negotiated transactions as permitted by securities laws and legal requirements.
 during fiscal year ended september 30 , 2011  company paid approximately $ 70. 0 million ( including commissions ) repurchase of 2768045 shares common stock ( average price of $ 25. 30 per share ).
 as of september 30 , 2011 , $ 130. 0 million remained available under existing share repurchase program.
 page 110 skyworks / annual report 2011

balance at october 1 2010                                          | $ 19900
------------------------------------------------------------------ | ----------
increases based on positions related to prior years                | 935
increases based on positions related to current year               | 11334
decreases relating to settlements with taxing authorities          | 2014
decreases relating to lapses of applicable statutes of limitations | -33 ( 33 )
balance at september 30 2011                                       | $ 32136


devon energy corporation subsidiaries notes to consolidated financial statements 2013 ( continued ) other debentures and notes following descriptions of other debentures notes outstanding at december 31 , 2014 2013  as listed in table presented at beginning note.
 geosouthern debt in december 2013  with planned geosouthern acquisition , devon issued $ 2. 25 billion aggregate principal amount of fixed and floating rate senior notes in cash proceeds of approximately $ 2. 2 billion , net of discounts and issuance costs.
 floating rate senior notes due in 2015 bear interest at rate equal to three-month libor plus 0. 45 percent  rate reset quarterly.
 floating rate senior notes due in 2016 bears interest at rate equal to three-month libor plus 0. 54 percent  rate reset quarterly.
 schedule below summarizes key terms of these notes ( in millions ).
 1 ) 1. 20% ( 1. 20 % ) $ 650 million note due december 15, 2016 redeemed on november 13 , 2014.
 senior notes classified as short-term debt on devon 2019s consolidated balance sheet as of december 31 , 2013 due to certain redemption features geosouthern acquisition not completed on or prior to june 30 , 2014.
 on february 28 , 2014  geosouthern acquisition closed senior notes classified as long-term debt.
 during december 2013  devon entered term loan agreement with group major financial institutions devon could draw up to $ 2. 0 billion to finance geosouthern acquisition pay transaction costs.
 in february 2014  devon drew $ 2. 0 billion of term loans for geosouthern transaction  amount repaid on june 30 , 2014 with canadian divestiture proceeds repatriated to u.
 in june 2014 , term loan terminated.

floating rate due december 15 2015          | $ 500
------------------------------------------- | --------
floating rate due december 15 2016          | 350
1.20% ( 1.20 % ) due december 15 2016 ( 1 ) | 650
2.25% ( 2.25 % ) due december 15 2018       | 750
discount and issuance costs                 | -2 ( 2 )
net proceeds                                | $ 2248


borrowings under credit facility bear interest based on daily balance outstanding at libor ( no rate floor ) plus applicable margin ( varying from 1. 25% ( 1. 25 % ) to 1. 75% ( 1. 75 % ) ) or in certain cases base rate ( based on lending institution 2019s prime rate or specified in credit agreement no rate floor ) plus applicable margin ( varying from 0. 25% ( 0. 25 % ) to 0. 75% ( 0. 75 % ) ).
 credit facility carries commitment fee equal to unused borrowings multiplied by applicable margin ( varying from 0. 25% ( 0. 25 % ) to 0. 35% ( 0. 35 % ) ).
 applicable margins calculated quarterly vary based on company 2019s leverage ratio in credit agreement.
 upon credit facility in march 2011 company terminated prior $ 200. 0 million revolving credit facility.
 prior credit facility collateralized by all company 2019s assets other than trademarks included covenants conditions terms similar to company new credit facility.
 in may 2011 company borrowed $ 25. 0 million under term loan facility to finance portion acquisition of company corporate headquarters.
 interest rate on term loan was 1. 5% ( 1. 5 % ) during year ended december 31 , 2011.
 maturity date of term loan is march 2015 end of credit facility term.
 company expects to refinance term loan in early 2013 with loan assumed in acquisition of company corporate headquarters.
 during three months ended september 30 , 2011 company borrowed $ 30. 0 million under revolving credit facility to fund seasonal working capital requirements and repaid during three months ended december 31 , 2011.
 interest rate under revolving credit facility was 1. 5% ( 1. 5 % ) during year ended december 31, 2011 no balance outstanding as of december 31 , 2011.
no balances outstanding under prior revolving credit facility during year ended december 31 , 2010.
 long term debt company has long term debt agreements with lenders to finance acquisition or lease of qualifying capital investments.
 loans under agreements collateralized by first lien on related assets acquired.
 agreements not committed facilities each advance subject to approval by lenders.
 agreements include cross default provision event of default under other debt obligations including company 2019s credit facility considered event of default under these agreements.
 agreements require prepayment fee if company pays outstanding amounts ahead of scheduled terms.
 terms credit facility limit total additional financing under agreements to $ 40. 0 million  of $ 21. 5 million available for additional financing as of december 31 , 2011.
 at december 31 , 2011 and 2010 outstanding principal balance under agreements was $ 14. 5 million and $ 15. 9 million .
 advances under agreements bear interest rates fixed at time of each advance.
 weighted average interest rates on outstanding borrowings were 3. 5% ( 3. 5 % ) , 5. 3% ( 5. 3 % ) and 5. 9% ( 5. 9 % ) for years ended december 31 , 2011, 2010 and 2009 .
 scheduled maturities of long term debt as of december 31 , 2011 : ( in thousands ).
 ( 1 ) includes repayment of $ 25. 0 million borrowed under term loan facility due in march 2015 planned to be refinanced in early 2013 with loan assumed in acquisition of company 2019s corporate headquarters.

2012                                         | $ 6882
-------------------------------------------- | --------------
2013 ( 1 )                                   | 65919
2014                                         | 2972
2015                                         | 1951
2016                                         | 2014
total scheduled maturities of long term debt | 77724
less current maturities of long term debt    | -6882 ( 6882 )
long term debt obligations                   | $ 70842


software give company comprehensive design-to-silicon flow links into semiconductor manufacturing process.
 integrating hpl 2019s yield management test chip technologies into company 2019s industry-leading dfm portfolio expected to enable customers increase productivity improve profitability in design manufacture of advanced semiconductor devices.
 purchase price.
 company paid $ 11. 0 million in cash for all outstanding shares of hpl.
 company had prior investment in hpl of approximately $ 1. 9 million.
 total purchase consideration consisted of.
 acquisition-related costs of $ 2. 8 million primarily legal , tax accounting fees of $ 1. 6 million  $ 0. 3 million estimated facilities closure costs related charges $ 0. 9 million in employee termination costs.
 as of october 31, 2006 company paid $ 2. 2 million of acquisition related costs $ 1. 1 million for professional services costs $ 0. 2 million for facilities closure costs $ 0. 9 million for employee termination costs.
 $ 0. 6 million balance remaining at october 31, 2006 of professional tax-related service fees facilities closure costs.
 assets acquired.
 company acquired $ 8. 5 million of intangible assets $ 5. 1 million in core developed technology $ 3. 2 million in customer relationships $ 0. 2 million in backlog be amortized over two to four years.
 approximately $ 0. 8 million of purchase price represents fair value of acquired in-process research and development projects not reached technological feasibility no alternative future use.
 amount immediately expensed included in company 2019s condensed consolidated statement of operations for first quarter of fiscal year 2006.
 company acquired tangible assets of $ 14. 0 million assumed liabilities of $ 10. 9 million.
goodwill  excess purchase price over fair value net tangible intangible assets acquired in merger was $ 3. 4 million.
 goodwill resulted primarily from company 2019s expectation of synergies from integration of hpl 2019s technology with company 2019s technology operations.
.
 during fiscal year 2006  company completed asset acquisition for cash consideration of $ 1. 5 million.
 acquisition not material to company 2019s consolidated balance sheet and results of operations.
 fiscal 2005 acquisitions nassda corporation ( nassda ) company acquired nassda on may 11 , 2005.
 for acquisition.
 company believes nassda 2019s full-chip circuit simulation analysis software will broaden offerings of transistor-level circuit simulation tools particularly in mixed-signal and memory design.
 purchase price.
 company acquired all outstanding shares of nassda for total cash consideration of $ 200. 2 million  or $ 7. 00 per share.
 required by merger agreement certain nassda officers  directors employees were defendants in preexisting litigation

| ( in thousands )
------------------------- | ----------------
cash paid                 | $ 11001
prior investment in hpl   | 1872
acquisition-related costs | 2831
total purchase price      | $ 15704


note 18 2013 earnings per share ( eps ) basic eps calculated by dividing net earnings attributable to allegion plc by weighted-average number of ordinary shares outstanding for applicable period.
 diluted eps calculated after adjusting denominator of basic eps calculation for effect all potentially dilutive ordinary shares in company case includes shares issuable under share-based compensation plans.
 following table summarizes weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations.
 at december 31 , 2017 , 0. 1 million stock options excluded from computation of weighted average diluted shares outstanding because effect including these shares would have been anti-dilutive.
 note 19 2013 commitments and contingencies company involved in various litigations  claims administrative proceedings including related to environmental and product warranty matters.
 amounts recorded for identified contingent liabilities are estimates reviewed periodically adjusted to reflect additional information when available.
 subject to uncertainties in estimating future costs for contingent liabilities except as expressly set forth in note management believes any liability result from these legal matters not material adverse effect on financial condition  results of operations  liquidity or cash flows of company.
 environmental matters company dedicated to environmental program to reduce utilization generation of hazardous materials during manufacturing process remediate identified environmental concerns.
 company currently engaged in site investigations remediation activities to address environmental cleanup from past operations at current and former production facilities.
 company regularly evaluates remediation programs considers alternative remediation methods in addition to replacement of utilized based upon enhanced technology and regulatory changes.
 changes to company remediation programs may result in increased expenses and increased environmental reserves.
company sometimes party to environmental lawsuits claims received notices of potential violations of environmental laws regulations from u. s.
 environmental protection agency similar state authorities.
 identified as potentially responsible party ( "prp ) for cleanup costs with off-site waste disposal at federal superfund state remediation sites.
 for all sites other prps in most instances company 2019s involvement is minimal.
 in estimating liability company assumed will not bear entire cost of remediation of any site to exclusion of other prps may be jointly severally liable.
 ability of other prps to participate taken into account based on understanding of parties 2019 financial condition probable contributions per site basis.
 additional lawsuits claims involving environmental matters likely to arise in future.
 company incurred $ 3. 2 million , $ 23. 3 million  $ 4. 4 million of expenses during years ended december 31 , 2017, 2016 2015  for environmental remediation at sites presently or formerly owned or leased by company.
 in fourth-quarter of 2016  with collaboration approval of state regulators company launched proactive , alternative approach to remediate two sites in united states.
 this approach allow company to more aggressively address environmental conditions at sites reduce impact of potential changes in regulatory requirements.
 company recorded $ 15 million charge for environmental remediation in fourth quarter of 2016.
 environmental remediation costs recorded in costs of goods sold within consolidated statements of comprehensive income.
 as of december 31 , 2017 and 2016  company recorded reserves for environmental matters of $ 28. 9 million and $ 30. 6 million.
 total reserve at december 31 , 2017 and 2016 included $ 8. 9 million and $ 9. 6 million related to remediation of sites previously disposed by company.
environmental reserves classified as accrued expenses current liabilities or noncurrent liabilities based on expected term.
 company's total current environmental reserve at december 31, 2017 and 2016 was $ 12. 6 million and $ 6. 1 million remainder classified as noncurrent.
 evolving nature of environmental laws  regulations technology ultimate cost of future compliance uncertain.

in millions                                 | 2017 | 2016 | 2015
------------------------------------------- | ---- | ---- | ----
weighted-average number of basic shares     | 95.1 | 95.8 | 95.9
shares issuable under incentive stock plans | 0.9  | 1.1  | 1.0
weighted-average number of diluted shares   | 96.0 | 96.9 | 96.9


years 2002 , 2003  2004  first two quarters of fiscal 2005.
 restatement related to tax matters.
 company provided information to sec staff facts circumstances surrounding restatement.
 july 28 , 2006  company filed amendment to annual report on form 10-k for fiscal year ended may 29 , 2005.
 filing amended item 6.
 selected financial data exhibit 12 , computation of ratios of earnings to fixed charges  for fiscal year 2001  restated financial information for fiscal years 1999 and 2000  related to application of company 2019s reserves for three years fiscal year 1999 income tax expense.
 company provided information to sec staff facts circumstances surrounding amended filing.
 company reached agreement with sec staff concerning matters associated amended filings.
 proposed settlement approved by securities and exchange commission on july 17 , 2007.
 july 24 , 2007 sec filed complaint against company in united states district court for district of colorado  followed by executed consent  without company admitting or denying allegations complaint reflects terms of settlement  including payment by company of civil penalty of $ 45 million company 2019s agreement to be permanently enjoined from violating provisions federal securities laws.
 company made approximately $ 2 million in indemnity payments on behalf of former employees concluding separate settlements with sec.
 company recorded charges of $ 25 million in fiscal 2004 , $ 21. 5 million in third quarter of fiscal 2005  $ 1. 2 million in first quarter of fiscal 2007 in connection with expected settlement matters.
 three class actions filed in united states district court for nebraska , rantala v.
 conagra foods , inc. , et.
 al. , case no.
 805cv349 , bright v.
 conagra foods , inc. , et.
al. , case no.
 805cv348 on july 18 , 2005  boyd v.
 conagra foods , inc. .
 al. , case no.
 805cv386 on august 8 , 2005.
 lawsuits against company , directors employee benefits committee behalf of participants in company 2019s employee retirement income savings plans.
 lawsuits allege violations of employee retirement income security act ( erisa ) connection with events in company 2019s april 2005 restatement of financial statements related matters.
 company reached settlement with plaintiffs actions subject to court approval.
 settlement includes $ 4 million payment most paid by insurer.
 company agreed to make prospective changes to benefit plans part of settlement.
 2006 vs.
 2005 net sales ( $ in millions ) reporting segment fiscal 2006 net sales fiscal 2005 net sales % ( % ) increase/ ( decrease ).
 overall  company net sales increased $ 98 million to $ 11. 5 billion in fiscal 2006 reflecting favorable results in food and ingredients international foods segments.
 price increases driven by higher input costs for potatoes, wheat milling dehydrated vegetables food and ingredients segment  strength of foreign currencies international foods segment enhanced net sales.
 increases partially offset by volume declines in consumer foods segment related to certain shelf stable brands declines in trading and merchandising segment related to decreased volumes certain divestitures closures.

reporting segment         | fiscal 2006 net sales | fiscal 2005 net sales | % (  % ) increase/ ( decrease )
------------------------- | --------------------- | --------------------- | -------------------------------
consumer foods            | $ 6504                | $ 6598                | ( 1 ) % (  % )
food and ingredients      | 3189                  | 2986                  | 7% ( 7 % )
trading and merchandising | 1186                  | 1224                  | ( 3 ) % (  % )
international foods       | 603                   | 576                   | 5% ( 5 % )
total                     | $ 11482               | $ 11384               | 1% ( 1 % )


insurance arrangement.
 result adoption of new guidance company recorded liability representing actuarial present value of future death benefits employees 2019 expected retirement date of $ 45 million offset reflected as cumulative-effect adjustment to january 1 , 2008 retained earnings and accumulated other comprehensive income ( loss ) $ 4 million and $ 41 million respectively in company 2019s consolidated statement of stockholders 2019 equity.
 expected minimal further cash payments required to fund these policies.
 net periodic cost for split-dollar life insurance arrangements was $ 6 million in years ended december 31, 2009 and 2008.
 company recorded liability representing actuarial present value of future death benefits employees 2019 expected retirement date of $ 48 million and $ 47 million as of december 31 , 2009 and december 31 , 2008.
 defined contribution plan company and certain subsidiaries have various defined contribution plans all eligible employees participate.
. 401 ( k ) plan is contributory plan.
 matching contributions based upon amount employees 2019 contributions.
 effective january 1 , 2005  newly hired employees have higher maximum matching contribution at 4% ( 4 % ) on first 5% ( 5 % ) of employee contributions compared to 3% ( 3 % ) on first 6% ( 6 % ) employee contributions for employees hired prior to january 2005.
 effective january 1 , 2009 company temporarily suspended all matching contributions to motorola 401 ( k ) plan.
 company 2019s expenses  primarily relating to employer match  for all defined contribution plans for years ended december 31 , 2009 , 2008 and 2007 were $ 8 million , $ 95 million and $ 116 million  respectively.
.
share-based compensation plans incentive plans stock options  stock appreciation rights employee stock purchase plan company grants options to acquire shares common stock to certain employees existing option holders with merging of option plans following acquisition.
 each option granted stock appreciation right has exercise price no less than 100% ( ) of fair market value of common stock on date of grant.
 awards have contractual life five to ten years vest over two to four years.
 stock options stock appreciation rights assumed or replaced with comparable stock options rights with change in control become exercisable if holder involuntarily terminated for cause ) or quits for good reason within 24 months of change in control.
 employee stock purchase plan allows participants to purchase shares company 2019s common stock through payroll deductions of up to 10% ( 10 % ) of eligible compensation after-tax basis.
 plan participants cannot purchase more than $ 25000 of stock in any calendar year.
 price employee pays per share is 85% ( 85 % ) of lower fair market value of company 2019s stock on close of first trading day or last trading day of purchase period.
 plan has two purchase periods first from october 1 through march 31 second from april 1 through september 30.
 for years ended december 31 , 2009 , 2008 2007  employees purchased 29. 4 million , 18. 9 million 10. 2 million shares  at purchase prices of $ 3. 60 and $ 3. 68 , $ 7. 91 and $ 6. 07 , $ 14. 93 and $ 15. 02 ,.
 company calculates value of each employee stock option estimated on date of grant using black-scholes option pricing model.
 weighted-average estimated fair value of employee stock options granted during 2009, 2008 2007 was $ 2. 78 , $ 3. 47 $ 5. 95 , using weighted-average assumptions : 2009 2008 2007.

| 2009             | 2008             | 2007
----------------------- | ---------------- | ---------------- | ----------------
expected volatility     | 57.1% ( 57.1 % ) | 56.4% ( 56.4 % ) | 28.3% ( 28.3 % )
risk-free interest rate | 1.9% ( 1.9 % )   | 2.4% ( 2.4 % )   | 4.5% ( 4.5 % )
dividend yield          | 0.0% ( 0.0 % )   | 2.7% ( 2.7 % )   | 1.1% ( 1.1 % )
expected life ( years ) | 3.9              | 5.5              | 6.5


12feb201521095992 performance graph graph compares performance our common stock with s&p 500 index s&p 500 healthcare equipment index.
 cumulative total return assumes initial investment $ 100 december 31 , 2009 reinvestment of dividends.
 comparison of 5 year cumulative total return rs $ 200 2009 2010 2011 201420132012 edwards lifesciences corporation s&p 500 500 healthcare equipment december 31.

total cumulative return            | 2010     | 2011     | 2012     | 2013     | 2014
---------------------------------- | -------- | -------- | -------- | -------- | --------
edwards lifesciences               | $ 186.16 | $ 162.81 | $ 207.65 | $ 151.43 | $ 293.33
s&p 500                            | 115.06   | 117.49   | 136.30   | 180.44   | 205.14
s&p 500 healthcare equipment index | 96.84    | 102.07   | 120.66   | 153.85   | 194.33


changes in benchmark index component of 10-year treasury yield.
 company def signated these derivatives as cash flow hedges.
 on october 13 , 2015  with pricing of $ 4. 5 billion senior notes companyr terminated treasury lock contracts for cash settlement payment of $ 16 million recorded as component of other comprehensive earnings reclassified as adjustment to interest expense over ten years related interest payments hedged recognized in income.
 foreign currency risk exposed to foreign currency risks from normal business operations.
 risks include translation of local currency balances of foreign subsidiaries transaction gains and losses associated with intercompany loans with foreign subsidiaries transactions denominated in currencies other than location's functional currency.
 manage exposure to these risks through combination of normal operating activities and use of foreign currency forward contracts.
 contracts denominated in currtt encies of major industrial countries.
 exposure to foreign currency exchange risks arises from non-u.
 operations conducted ind local currency.
 changes in foreign currency exchange rates affect translations of revenues denominated in currencies other than u.
 dollar.
 during years ended december 31 , 2016 , 2015 and 2014  generated approximately $ 1909 million, $ 1336 million and $ 1229 million  respectively in revenues denominated in currencies other than u.
 dollar.
 major currencies to revenues exposed are brazilian real  euro  british pound sterling indian rupee.
 10% ( 10 % ) move in average exchange rates for these currencies ( assuming simultaneous immediate 10% ( 10 % ) change in all rates for relevant period ) would have resulted in following increase or ( decrease ) in our reported revenues for years ended december 31 , 2016 , 2015 and 2014 ( in millions ) :.
results of operations impacted by currency fluctuations, international operations' revenues and expenses generally denominated in local currency reduces economic exposure to foreign exchange risk in jurisdictions.
 revenues included $ 100 million and $ 243 million net earnings included $ 10 million  $ 31 million  respectively of unfavorable foreign currency impact during 2016 and 2015 from stronger u. s.
 dollar compared to preceding year.
 in 2017  expect continued unfavorable foreign currency impact on operating income from continued strengthening of u. s.
 dollar vs.
 other currencies.
 foreign exchange risk management policy permits use of derivative instruments forward contracts and options to reduce volatility in results operations cash flows from foreign exchange rate fluctuations.
 do not enter into foreign currency derivative instruments for trading or engage in speculative activitr y.
 periodically enter foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.
 as of december 31, 2016  notional amount of these derivatives was approximately $ 143 million fair value was nominal.
 derivatives intended to hedge foreign exchange risks related to intercompany loans not designated as hedges for accounting purposes.
 use currency forward contracts to manage exposure to fluctuations in costs caused by variations in indian rupee ( "inr" ) exchange rates.
 as of december 31 , 2016  notional amount of derivatives was approximately $ 7 million fair value less than $ 1 million.
 these inr forward contracts designated as cash flow hedges.
 fair value of currency forward contracts determined using currency exchange market rates from reliable independent third m party banks at balance sheet date.
 fair value of forward contracts subject to changes in currency exchange rates.
 company has no ineffectiveness related to use of currency forward contracts in connection with inr cash flow hedges.
 conjunction with entering definitive agreement to acquire clear2pay in september 2014  initiated foreign currency forward contract to purchase euros sell u. s.
 dollars to manage risk from fluctuations in exchange rates until closing purchase price stated in euros.
 derivative did not qualify for hedge accounting recorded charge of $ 16 million in other income ( expense ) net during third quarter of 2014.
 forward contract settled on october 1 , 2014.

currency       | 2016  | 2015  | 2014
-------------- | ----- | ----- | -----
pound sterling | $ 47  | $ 34  | $ 31
euro           | 38    | 33    | 30
real           | 32    | 29    | 38
indian rupee   | 12    | 10    | 8
total impact   | $ 129 | $ 106 | $ 107