comparison five-year cumulative total return graph compares cumulative total return citigroup 2019s common stock with s&p 500 index s&p financial index over five-year period through december 31 , 2009.
 graph assumes $ 100 invested december 31 , 2004 in citigroup 2019s common stock  s&p 500 index s&p financial index all dividends reinvested.
 citigroup s&p 500 index s&p financial index 2005 2006 2007 2008 2009 comparison five-year cumulative total return for years ended.

december 31 | citigroup | s&p 500 index | s&p financial index
----------- | --------- | ------------- | -------------------
2005        | 104.38    | 104.83        | 106.30
2006        | 124.02    | 121.20        | 126.41
2007        | 70.36     | 127.85        | 103.47
2008        | 18.71     | 81.12         | 47.36
2009        | 9.26      | 102.15        | 55.27


category target allocation prices active markets identical assets level observable inputs level inputs.
 balance january 2017.
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 december 31.
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$ 278 company 2019s postretirement benefit plans have different levels of funded status assets held under various trusts.
 investments and risk mitigation strategies for plans tailored specifically for each trust.
 in setting new strategic asset mixes , consideration given to likelihood that selected asset allocation will fund projected plan liabilities and meet risk tolerance criteria company.
 company periodically updates long-term strategic asset allocations for plans through asset liability studies uses analytics to determine optimal asset allocation.
 considerations include plan liability characteristics , liquidity needs  funding requirements  expected rates of return distribution of returns.
 in 2012 , company implemented de-risking strategy for american water pension plan after conducting asset-liability study to reduce volatility of funded status of plan.
 of de-risking strategy  company revised asset allocations to increase matching characteristics of fixed- income assets relative to liabilities.
 fixed income portion of portfolio designed to match bond-

| level 3
--------------------------------------- | ----------
balance as of january 1 2018            | $ 278
actual return on assets                 | -23 ( 23 )
purchases issuances and settlements net | -25 ( 25 )
balance as of december 31 2018          | $ 230


liquidity capital resources past three years had sufficient financial resources to meet operating requirements fund capital spending share repurchases pension plans pay increasing dividends to shareholders.
 cash from operating activities was $ 1436 million , $ 1310 million  $ 1345 million in 2011 , 2010  2009  respectively.
 higher earnings increased cash from operations in 2011 compared 2010 increase reduced by cash used fund increase in working capital of $ 212 million driven by sales growth in 2011.
 cash provided by working capital greater in 2009 than 2010 decline offset by cash from higher 2010 earnings.
 operating working capital subset of total working capital represents 1 ) trade receivables-net allowance for doubtful accounts plus 2 ) inventories first-in, first-out ( 201cfifo 201d ) basis less 3 ) trade creditors 2019 liabilities.
 see note 3, 201cworking capital detail 201d under item 8 form 10-k for further information components company operating working capital.
 operating working capital represents key components of working capital under operating control businesses.
 operating working capital at december 31 , 2011 2010 was $ 2. 7 billion and $ 2. 6 billion  respectively.
 key metric to measure working capital management is operating working capital as percentage of sales ( fourth quarter sales annualized ).
 ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( ) of sales 19. 5% ( 19. 5 % ) 19. 2% ( 19. 2 % ) change in operating working capital elements excluding impact currency acquisitions was increase of $ 195 million year ended december 31 , 2011.
 increase net result of increase in receivables from customers associated with 2011 increase in sales increase in fifo inventory slightly offset by increase in trade creditors 2019 liabilities.
trade receivables from customers net percentage of fourth quarter sales annualized for 2011 was 17. 9 percent  down slightly from 18. 1 percent for 2010.
 days sales outstanding was 66 days in 2011 level with 2010.
 inventories on fifo basis percentage of fourth quarter sales annualized for 2011 was 13. 1 percent level with 2010.
 inventory turnover was 5. 0 times in 2011 4. 6 times in 2010.
 total capital spending  including acquisitions was $ 446 million $ 341 million $ 265 million in 2011  2010 2009 .
 spending related to modernization productivity improvements expansion of existing businesses environmental control projects was $ 390 million , $ 307 million $ 239 million in 2011 2010 2009 expected to in range of $ 450-$ 550 million during 2012.
 capital spending  excluding acquisitions percentage of sales was 2. 6% ( 2. 6 % ) , 2. 3% ( 2. 3 % ) and 2. 0% ( 2. 0 % ) in 2011  2010 2009.
 capital spending related to business acquisitions to $ 56 million  $ 34 million  $ 26 million in 2011 2010 2009.
 continue to evaluate acquisition opportunities expect to use cash in 2012 to fund small to mid-sized acquisitions balanced deployment cash support growth in earnings.
 in january 2012 company closed acquisitions of colpisa  colombian producer of automotive oem refinish coatings and dyrup  european architectural coatings company.
 cost of acquisitions including assumed debt was $ 193 million.
 dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011  2010 2009 .
ppg paid uninterrupted annual dividends since 1899 2011 marked 40th consecutive year of increased annual dividend payments to shareholders.
 mandatory contribution to u. s.
 defined benefit pension plans in 2011 ; made voluntary contributions to plans in 2011 totaling $ 50 million.
 in 2010 and 2009  made voluntary contributions to u. s.
 defined benefit pension plans of $ 250 and $ 360 million ( $ 100 million made in ppg stock ).
 expect to voluntary contributions to u. s.
 defined benefit pension plans in 2012 of up to $ 60 million.
 contributions made to non-u. s.
 defined benefit pension plans of $ 71 million, $ 87 million and $ 90 million ( approximately $ 20 million made in ppg stock ) for 2011 , 2010 2009  some required by local funding requirements.
 expect to make mandatory contributions to non-u. s.
 plans in 2012 of approximately $ 90 million.
 company 2019s share repurchase activity in 2011 , 2010 2009 was 10. 2 million shares at cost of $ 858 million , 8. 1 million shares cost $ 586 million and 1. 5 million shares cost $ 59 million.
 expect to make share repurchases in 2012 as part of cash deployment focused on earnings growth.
 amount spending depend on level acquisition spending and other uses of cash expect to spend $ 250 million to $ 500 million on share repurchases in 2012.
 can repurchase about 9 million shares under current authorization from board of directors.
 26 2011 ppg annual report and form 10-k.
 liquidity capital resources during past three years sufficient financial resources to meet operating requirements fund capital spending , share repurchases and pension plans pay increasing dividends to shareholders.
cash from operating activities was $ 1436 million , $ 1310 million  $ 1345 million in 2011  2010 2009 .
 higher earnings increased cash from operations in 2011 compared to 2010 increase reduced by cash increase in working capital of $ 212 million driven by sales growth in 2011.
 cash provided by working capital greater in 2009 than 2010 decline offset by cash from higher 2010 earnings.
 operating working capital is subset of total working capital represents 1 ) trade receivables-net of allowance for doubtful accounts plus 2 ) inventories on first-in, first-out ( 201cfifo 201d ) basis less 3 ) trade creditors 2019 liabilities.
 see note 3 , 201cworking capital detail 201d under item 8 of form 10-k for further information components company operating working capital.
 operating working capital represents key components of working capital under operating control businesses.
 operating working capital at december 31 , 2011 and 2010 was $ 2. 7 billion and $ 2. 6 billion .
 key metric to measure working capital management is operating working capital as percentage of sales ( fourth quarter sales annualized ).
 millions 2011 2010 operating working capital $ 2739 $ 2595 as % ) of sales 19. 5%. 5 %. 2% (. 2 % ) change in operating working capital elements excluding impact of currency and acquisitions was increase of $ 195 million during year ended december 31 , 2011.
 increase net result of increase in receivables from customers associated with 2011 increase in sales increase in fifo inventory offset by increase in trade creditors 2019 liabilities.
 trade receivables from customers net as percentage of fourth quarter sales  annualized for 2011 was 17. 9 percent  down slightly from 18. 1 percent for 2010.
 days sales outstanding was 66 days in 2011 level with 2010.
inventories on fifo basis as percentage of fourth quarter sales  annualized for 2011 was 13. 1 percent level with 2010.
 inventory turnover was 5. 0 times in 2011 4. 6 times in 2010.
 total capital spending  including acquisitions  was $ 446 million , $ 341 million $ 265 million in 2011 , 2010 2009 .
 spending related to modernization productivity improvements  expansion of existing businesses environmental control projects was $ 390 million, $ 307 million $ 239 million in 2011 2010 2009  expected to range of $ 450-$ 550 million during 2012.
 capital spending  excluding acquisitions percentage of sales was 2. 6% ( 2. 6 % ) , 2. 3% ( 2. 3 % ) 2. 0% ( 2. 0 % ) in 2011 , 2010 2009 .
 capital spending related to business acquisitions to $ 56 million , $ 34 million  $ 26 million in 2011  2010 2009.
 continue to evaluate acquisition opportunities expect to use cash in 2012 to fund small to mid-sized acquisitions balanced deployment cash to support growth in earnings.
 in january 2012 company closed acquisitions of colpisa , colombian producer of automotive oem refinish coatings and dyrup , european architectural coatings company.
 cost of acquisitions including assumed debt was $ 193 million.
 dividends paid to shareholders totaled $ 355 million , $ 360 million $ 353 million in 2011 , 2010 2009 .
 ppg paid uninterrupted annual dividends since 1899 2011 marked 40th consecutive year of increased annual dividend payments to shareholders.
 mandatory contribution to.
 defined benefit pension plans in 2011 ; made voluntary contributions to these plans in 2011 totaling $ 50 million.
2010 and 2009  made voluntary contributions to u. s.
 defined benefit pension plans of $ 250 and $ 360 million ( $ 100 million made in ppg stock ) respectively.
 expect to make voluntary contributions to u. s.
 defined benefit pension plans in 2012 up to $ 60 million.
 contributions made to non-u. s.
 defined benefit pension plans of $ 71 million , $ 87 million $ 90 million ( approximately $ 20 million made in ppg stock ) for 2011 , 2010 2009  some required by local funding requirements.
 expect make mandatory contributions to non-u. s.
 plans in 2012 of approximately $ 90 million.
 company 2019s share repurchase activity in 2011, 2010 2009 was 10. 2 million shares cost of $ 858 million , 8. 1 million shares cost $ 586 million 1. 5 million shares cost $ 59 million.
 expect to make share repurchases in 2012 part of cash deployment focused on earnings growth.
 amount spending depend on level acquisition spending and other uses of cash expect to spend range $ 250 million to $ 500 million on share repurchases in 2012.
 can repurchase about 9 million shares under current authorization from board of directors.
 26 2011 ppg annual report and form 10-k

( millions )                                   | 2011             | 2010   |
---------------------------------------------- | ---------------- | ------ | --------
operating working capital                      | $ 2739           | $ 2595 |
operating working capital as % (  % ) of sales | 19.5% ( 19.5 % ) | 19.2   | % (  % )


contracts valued as of april 1 , 2002 asset corresponding gain of $ 127 million  net of income taxes recorded as cumulative effect of change in accounting principle in second quarter of 2002.
 majority of gain relates to warrior run contract asset value of deepwater contract on april 1 , 2002 less than $ 1 million.
 warrior run contract qualifies designated as cash flow hedge defined by sfas no.
 133 hedge accounting applied for contract subsequent to april 1 , 2002.
 contract valuations performed using current forward electricity and gas price quotes current market data for other contract variables.
 forward curves to value contracts include certain assumptions including projections of future electricity gas prices future prices not quoted.
 fluctuations in market prices impact on assumptions cause value of contracts to change.
 fluctuations increase volatility of company reported results of operations.
 11.
 commitments  contingencies risks operating leases 2014as of december 31 , 2002 company obligated under long-term non-cancelable operating leases primarily for office rental and site leases.
 rental expense for operating leases  excluding amounts related to sale/leaseback was $ 31 million $ 32 million and $ 13 million in years ended december 31, 2002 , 2001and 2000  including commitments of businesses classified as discontinued amounting to $ 6 million in 2002 , $ 16 million in 2001 and $ 6 million in 2000.
 future minimum lease commitments under these leases are as follows ( in millions ) : discontinued total operations.
 sale/leaseback 2014in may 1999  subsidiary of company acquired six electric generating stations from new york state electric and gas 2018 2019 2019.
subsidiary sold two plants to unrelated third party for $ 666 million simultaneously entered leasing arrangement with unrelated party.
 transaction accounted for as sale/leaseback with operating lease treatment.
 rental expense was $ 54 million , $ 58 million and $ 54 million in 2002 , 2001 and 2000 , respectively.
 future minimum lease commitments are as follows ( in millions ) : connection with lease of two power plants , subsidiary required to maintain rent reserve account equal to maximum semi-annual payment with sum basic rent ( other deferrable basic rent ) and fixed charges expected to due in succeeding three-year period.
 at december 31 , 2002 , 2001 2000 , amount deposited in rent reserve account approximated

| total | discontinued operations
---------- | ----- | -----------------------
2003       | $ 30  | $ 4
2004       | 20    | 4
2005       | 15    | 3
2006       | 11    | 1
2007       | 9     | 1
thereafter | 84    | 1
total      | $ 169 | $ 14


with apb no.
 25.
 instead, companies required to account for transactions using fair-value method recognize related expense associated with share-based payments in statement of operations.
 sfas 123r effective for us as of january 1 , 2006.
 historically accounted for share-based payments to employees under apb no.
 25 2019s intrinsic value method.
 generally not recognized compensation expense for options granted to employees.
 will adopt provisions of sfas 123r under modified prospective method , compensation cost for all share-based payments granted or modified after effective date recognized based upon requirements of sfas 123r, compensation cost for all awards granted to employees prior to effective date unvested as of effective date of sfas 123r recognized based on sfas 123.
 tax benefits recognized related to cost for share-based payments to extent equity instrument result in future tax deduction under existing law.
 tax expense recognized to write off excess deferred tax assets when tax deduction upon settlement of vested option less than expense recorded in statement of operations ( to extent not offset by prior tax credits for settlements where tax deduction greater than fair value cost ).
 estimate recognize equity-based compensation expense of approximately $ 35 million to $ 38 million for year ending december 31 , 2006.
 amount subject to revisions as finalize certain assumptions related to 2006 , including size and nature of awards and forfeiture rates.
 sfas 123r requires benefits of tax deductions in excess of recognized compensation cost reported as financing cash flow rather than as operating cash flow previously required.
 cannot estimate future tax benefits amounts depend on future employee stock option exercises.
 due to tax loss position  no operating cash inflow realized for december 31 , 2005 and 2004 for such excess tax deductions.
march 2005 , sec issued staff accounting bulletin ( sab ) no.
 107 regarding staff 2019s interpretation of sfas 123r.
 interpretation provides staff 2019s views regarding interactions between sfas 123r certain sec rules regulations provides interpretations of valuation of share-based payments for public companies.
 interpretive guidance intended to assist companies applying provisions of sfas 123r investors users of financial statements analyzing information provided.
 follow guidance in sab no.
 107 connection with adoption of sfas 123r.
 information presented indentures of 7. 50% ( 7. 50 % ) notes, 7. 125% ( 7. 125 % ) notes ati 7. 25% ( 7. 25 % ) following table sets forth information address certain tower cash flow reporting requirements in indentures for 7. 50% ( 7. 50 % ) notes , 7. 125% ( 7. 125 % ) notes ati 7. 25% ( 7. 25 % ) notes.
 information in note 19 to consolidated financial statements presented address certain reporting requirements in indenture for ati 7. 25% ( 7. 25 % ) notes.
 following table presents tower cash flow , adjusted consolidated cash flow non-tower cash flow for company restricted subsidiaries as defined in indentures for applicable notes ( in thousands ) :.

tower cash flow for the three months ended december 31 2005                   | $ 139590
----------------------------------------------------------------------------- | ------------------
consolidated cash flow for the twelve months ended december 31 2005           | $ 498266
less : tower cash flow for the twelve months ended december 31 2005           | -524804 ( 524804 )
plus : four times tower cash flow for the three months ended december 31 2005 | 558360
adjusted consolidated cash flow for the twelve months ended december 31 2005  | $ 531822
non-tower cash flow for the twelve months ended december 31 2005              | $ -30584 ( 30584 )


31mar201122064257 positions required to be capitalized.
 no positions anticipate could change materially within next twelve months.
 liquidity and capital resources.
 ( ) not include restricted cash balances cash flow from operating activities : cash operating activities net income adjusted for certain non-cash items changes in assets and liabilities.
 for fiscal year 2010 generated $ 223. 0 million cash flow from operations increase of $ 4. 2 million compared to $ 218. 8 million fiscal year 2009.
 fiscal year 2010 net income increased by $ 42. 3 million to $ 137. 3 million compared to fiscal year 2009.
 despite increase in net income net cash operating activities remained consistent.
 primarily due to 2022 fiscal year 2010 net income included deferred tax expense of $ 38. 5 million compared to $ 24. 9 million deferred tax benefit in 2009 net income due to release tax valuation allowance in fiscal year 2009.
 fiscal year 2010 company invested in working capital higher business activity.
 compared to fiscal year 2009 accounts receivable , inventory accounts payable increased by $ 60. 9 million , $ 38. 8 million and $ 42. 9 million  respectively.
 cash flow from investing activities primarily of capital expenditures and acquisitions.
 net cash outflows of $ 95. 3 million in fiscal year 2010 compared to $ 49. 5 million in fiscal year 2009.
 increase primarily due to increase of $ 49. 8 million in capital expenditures.
 anticipate capital spending to be consistent in fiscal year 2011 maintain projected growth rate.
 cash flow from financing activities : primarily of cash transactions related to debt and equity.
 fiscal year 2010 net cash outflows of $ 38. 6 million  compared to $ 30. 2 million in fiscal year 2009.
 year significant transactions : 2022 retired $ 53.0 million aggregate principal amount carrying value $ 51. 1 million ) 2007 convertible notes $ 80. 7 million  included $ 29. 6 million premium paid equity component instrument.
 2022 received net proceeds from employee stock option exercises $ 40. 5 million fiscal year 2010 compared $ 38. 7 million fiscal year 2009.
 skyworks / 2010 annual report 103

( dollars in thousands )                         | fiscal years ended october 1 2010 | fiscal years ended october 2 2009 | fiscal years ended october 3 2008
------------------------------------------------ | --------------------------------- | --------------------------------- | ---------------------------------
cash and cash equivalents at beginning of period | $ 364221                          | $ 225104                          | $ 241577
net cash provided by operating activities        | 222962                            | 218805                            | 182673
net cash used in investing activities            | -95329 ( 95329 )                  | -49528 ( 49528 )                  | -94959 ( 94959 )
net cash used in financing activities            | -38597 ( 38597 )                  | -30160 ( 30160 )                  | -104187 ( 104187 )
cash and cash equivalents at end of period ( 1 ) | $ 453257                          | $ 364221                          | $ 225104


58 2016 annual report note 12.
 business acquisition bayside business solutions , inc.
 effective july 1 , 2015  company acquired equity interests of bayside business solutions  alabama-based company provides technology solutions payment processing services for financial services industry for $ 10000 paid in cash.
 acquisition funded using existing operating cash.
 acquisition bayside business solutions expanded company presence in commercial lending industry.
 management completed purchase price allocation of bayside business solutions assessment of fair value of acquired assets and liabilities assumed.
 recognized amounts of identifiable assets acquired liabilities assumed based fair values as of july 1, 2015 set below.
 goodwill of $ 6099 from acquisition consists of growth potential synergies economies of scale expected from combining operations company with bayside business solutions value of bayside business solutions 2019 assembled workforce.
 goodwill from acquisition allocated to banking systems and services segment.
 goodwill not expected to be deductible for income tax purposes.
 identifiable intangible assets from acquisition consist of customer relationships of $ 3402 , $ 659 of computer software other intangible assets of $ 944.
 weighted average amortization period for acquired customer relationships  acquired computer software other intangible assets is 15 years , 5 years 20 years .
 current assets inclusive of cash acquired of $ 1725.
 fair value of current assets acquired included accounts receivable of $ 178.
 gross amount of receivables was $ 178  none expected to be uncollectible.
 during fiscal year 2016  company incurred $ 55 in costs related to acquisition of bayside business solutions.
 costs included fees for legal , valuation other fees.
 costs included within general and administrative expenses.
results of bayside business solutions 2019 operations in company 2019s consolidated statement of income for twelve months ended june 30 , 2016 included revenue $ 4273 after-tax net income $ 303.
 accompanying consolidated statements of income for fiscal year ended june 30 , 2016 include revenues expenses related to this acquisition prior to acquisition date.
 impact of acquisition considered immaterial to current and prior periods consolidated financial statements pro forma financial information not provided.
 banno , llc effective march 1 , 2014  company acquired equity interests of banno , iowa-based company provides web transaction marketing services focus on mobile medium , for $ 27910 paid in cash.
 acquisition funded using existing operating cash.
 acquisition of banno expanded company 2019s presence in online mobile technologies industry.
 during fiscal year 2014  company incurred $ 30 in costs related to acquisition banno.
 costs included fees for legal , valuation other fees.
 costs included within general administrative expenses.
 results of banno's operations in company's consolidated statements of income for year ended june 30, 2016 included revenue $ 6393 after-tax net loss of $ 1289.
 for year ended june 30 , 2015  consolidated statements of income included revenue $ 4175 after-tax net loss $ 1784 attributable to banno.
 results of banno 2019s operations in company 2019s consolidated statement of operations from acquisition date to june 30 , 2014 included revenue $ 848 after-tax net loss of $ 1121.
 accompanying consolidated statements of income for twelve month period ended june 30 , 2016 not include revenues expenses related to this acquisition prior to acquisition date.
 impact of acquisition considered immaterial to current and prior periods consolidated financial statements and pro forma financial information not provided.

current assets                 | $ 1922
------------------------------ | --------------
long-term assets               | 253
identifiable intangible assets | 5005
total liabilities assumed      | -3279 ( 3279 )
total identifiable net assets  | 3901
goodwill                       | 6099
net assets acquired            | $ 10000


item 6.
 selected financial data table represents selected financial data.
 table read conjunction with item 7 and 8 report.
 table reflects immaterial error corrections in note 2 : summary of significant accounting policies in item 8.
 basic earnings ( loss ) per share ( 3 ) $ 2. 96 $ ( 2. 05 ) $ 2. 68 $ 2. 44 $ ( 49. 14 ) diluted earnings ( loss ) per share ( 3 ) $ 2. 91 $ ( 2. 05 ) $ 2. 68 $ 2. 44 $ ( 49. 14 ) long-term debt include amounts payable to former parent before december 31, 2010 amounts due upon demand included in current liabilities.
 free cash flow non-gaap financial measure represents cash from operating activities less capital expenditures.
 see liquidity and capital resources in item 7 for more information.
 3 ) march 30 , 2011  record date of stock distribution with spin-off from northrop grumman approximately 48. 8 million shares of $ 0. 01 par value common stock distributed to northrop grumman stockholders.
 share amount utilized for calculation of basic and diluted earnings ( loss ) per share for three months ended march 31 , 2011  prior periods no common stock company existed prior to march 30, 2011  impact of dilutive securities in three month period ended march 31 , 2011 not meaningful.

( $ in millions except per share amounts ) | year ended december 31 2012 | year ended december 31 2011 | year ended december 31 2010 | year ended december 31 2009 | year ended december 31 2008
------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | ---------------------------
sales and service revenues                 | $ 6708                      | $ 6575                      | $ 6723                      | $ 6292                      | $ 6189
goodwill impairment                        | 2014                        | 290                         | 2014                        | 2014                        | 2465
operating income ( loss )                  | 358                         | 100                         | 241                         | 203                         | -2332 ( 2332 )
net earnings ( loss )                      | 146                         | -100 ( 100 )                | 131                         | 119                         | -2397 ( 2397 )
total assets                               | 6392                        | 6069                        | 5270                        | 5097                        | 4821
long-term debt ( 1 )                       | 1779                        | 1830                        | 105                         | 283                         | 283
total long-term obligations                | 4341                        | 3838                        | 1637                        | 1708                        | 1823
free cash flow ( 2 )                       | 170                         | 331                         | 168                         | -269 ( 269 )                | 121
dividends declared per share               | $ 0.10                      | $ 2014                      | $ 2014                      | $ 2014                      | $ 2014
basic earnings ( loss ) per share ( 3 )    | $ 2.96                      | $ -2.05 ( 2.05 )            | $ 2.68                      | $ 2.44                      | $ -49.14 ( 49.14 )
diluted earnings ( loss ) per share ( 3 )  | $ 2.91                      | $ -2.05 ( 2.05 )            | $ 2.68                      | $ 2.44                      | $ -49.14 ( 49.14 )


item 2.
 properties summary of significant locations at december 31 , 2007 shown in following table.
 all facilities leased  except for 166000 square feet of our office in alpharetta , georgia.
 square footage amounts are net of space sublet or part of facility restructuring.
 all facilities used by retail and institutional segments.
 in addition to significant facilities above we also lease all 27 e*trade financial branches  ranging space from 2500 to 13000 square feet.
 all other leased facilities with space less than 25000 square feet not listed by location.
 believe facilities space adequate to meet needs in 2008.
 item 3.
 legal proceedings in june 2002  company acquired from marketxt holdings , inc.
 formerly known as 201ctradescape corporation 201d ) entities : tradescape securities, llc ; tradescape technologies , llc ; and momentum securities , llc.
 disputes arose between parties regarding responsibility for liabilities known company after sale.
 on april 8 , 2004  marketxt filed complaint in united states district court for southern district of new york against company , officers and directors other third parties including softbank investment corporation ( 201csbi 201d ) and softbank corporation  alleging defendants preventing plaintiffs from obtaining contingent payments due claiming damages of $ 1. 5 billion.
 on april 9 , 2004  company filed complaint in united states district court for southern district of new york against directors and officers of marketxt seeking declaratory relief and unspecified monetary damages for defendants 2019 fraud in connection with 2002 sale  including presented company with fraudulent financial statements regarding condition of momentum securities , llc during due diligence process.
marketxt placed into bankruptcy company filed adversary proceeding against marketxt others in january 2005  seeking declaratory relief  compensatory punitive damages in chapter 11 bankruptcy proceedings in united states bankruptcy court for southern district of new york entitled , 201cin re marketxt holdings corp. , debtor. 201d same court company filed separate adversary proceeding against omar amanat in chapter 7 bankruptcy proceedings entitled , 201cin re amanat , omar shariff. 201d in october 2005  marketxt answered company 2019s adversary proceeding asserted its counterclaims amending claims in 2006 to add $ 326. 0 million claim for 201cpromissory estoppel 201d market xt alleged company breached prior promise to purchase acquired entities in 1999-2000.
 in april 2006  omar amanat answered company 2019s separate adversary proceeding against him asserted his counterclaims.
 in separate motions before bankruptcy court company moved to dismiss certain counterclaims brought by marketxt including described above  certain counterclaims brought by mr.
 amanat.
 in ruling dated september 29 , 2006  bankruptcy court in marketxt case granted company 2019s motion to dismiss four of six bases marketxt asserts fraud claims against company ; conversion claim ; demand for punitive damages.
 in same ruling  bankruptcy court denied entirety marketxt 2019s competing motion to dismiss company 2019s claims.
 on october 26 , 2006  bankruptcy court dismissed marketxt 2019s 201cpromissory estoppel 201d claim.
 by order dated december 18 , 2007 , united states bankruptcy

location                 | approximate square footage
------------------------ | --------------------------
alpharetta georgia       | 219000
arlington virginia       | 196000
jersey city new jersey   | 107000
charlotte north carolina | 83000
menlo park california    | 79000
sandy utah               | 77000
toronto canada           | 75000
new york new york        | 60000
chicago illinois         | 29000


table 20 : pro forma transitional basel iii tier 1 common capital ratio dollars in millions december 31.
 estimated basel iii transitional tier 1 common capital ( with 2014 phase-ins ) $ 28886 basel i risk-weighted assets calculated applicable for 2014 272321 pro forma basel iii transitional tier 1 common capital ratio ( with 2014 phase-ins ) 10. 6% ( 10. 6 % ) ( a ) represents net adjustments related to accumulated comprehensive income for available for sale securities pension postretirement benefit plans.
 pnc utilizes fully implemented transitional basel iii capital ratios to assess capital position comparison to similar estimates other financial institutions.
 basel iii capital estimates likely impacted by additional regulatory guidance  continued analysis by pnc application of rules to pnc  case of ratios calculated using advanced approaches  ongoing evolution  validation regulatory approval of pnc 2019s models integral to calculation advanced approaches risk-weighted assets.
 access to cost of funding for new business initiatives ability to undertake new business initiatives acquisitions  ability engage in expanded business activities ability to pay dividends repurchase shares other capital instruments level deposit insurance costs level nature regulatory oversight depend on financial institution 2019s capital strength.
 additional information regarding enhanced capital requirements potential impacts on pnc in item 1 business 2013 supervision and regulation , item 1a risk factors note 22 regulatory matters in notes to consolidated financial statements in item 8 of report.
 off-balance sheet arrangements variable interest entities engage in variety of activities involve unconsolidated entities not reflected in consolidated balance sheet generally referred to as 201coff-balance sheet arrangements.201d additional information on these activities included in sections of report : 2022 commitments , including contractual obligations and other commitments , included within risk management section of item 7 , 2022 note 3 loan sale and servicing activities and variable interest entities in notes to consolidated financial statements in item 8 report , 2022 note 14 capital securities of subsidiary trusts and perpetual trust securities in notes to consolidated financial statements in item 8 report  and 2022 note 24 commitments and guarantees in notes to consolidated financial statements in item 8 report.
 pnc consolidates variable interest entities ( vies ) when we deemed to be primary beneficiary.
 primary beneficiary of vie determined party meets criteria : i ) has power to make decisions affect economic performance of vie ; obligation to absorb losses or right to receive benefits potentially be significant to vie.
 summary of vies , including those consolidated and those hold variable interests but not consolidated into financial statements , as of december 31 , 2013 and december 31 , 2012 included in note 3 in notes to consolidated financial statements included in item 8 of report.
 trust preferred securities and reit preferred securities subject to certain restrictions , including restrictions on dividend payments , in connection with $ 206 million in principal amount of outstanding junior subordinated debenture associated with $ 200 million of trust preferred securities ( both amounts as of december 31 , 2013 ) issued by pnc capital trust c , a subsidiary statutory trust.
generally , if i ) event of default under debenture , ii ) pnc to defer interest on debenture iii ) pnc defer payments on related trust preferred security issued by statutory trust  or iv ) default under pnc 2019s guarantee of payment obligations , as specified in applicable governing documents, pnc subject during period default or deferral to restrictions on dividends and other provisions protecting status of debenture holders similar to or more restrictive than under exchange agreement with pnc preferred funding trust ii.
 see note 14 capital securities of subsidiary trusts and perpetual trust securities in notes to consolidated financial statements in item 8 of report for additional information on contractual limitations on dividend payments from securities issued by pnc preferred funding trust i and pnc trust ii.
 see liquidity risk management portion of risk management section of item 7 for additional information regarding first quarter 2013 redemption of reit preferred securities issued by pnc preferred funding trust iii and additional discussion of redemptions of trust preferred securities.
 48 pnc financial services group , inc.
 2013 form 10-k

dollars in millions                                                                 | december 31 2013
----------------------------------------------------------------------------------- | ----------------
basel i tier 1 common capital                                                       | $ 28484
less phased-in regulatory capital adjustments:                                      |
basel iii quantitative limits                                                       | -228 ( 228 )
accumulated other comprehensive income ( a )                                        | 39
other intangibles                                                                   | 381
all other adjustments                                                               | 210
estimated basel iii transitional tier 1 common capital ( with 2014 phase-ins )      | $ 28886
basel i risk-weighted assets calculated as applicable for 2014                      | 272321
pro forma basel iii transitional tier 1 common capital ratio ( with 2014phase-ins ) | 10.6% ( 10.6 % )


risk and insurance brokerage services.
 during 2009 continued see soft market , began in 2007 , in our retail brokerage product line.
 in 2007  experienced soft market in many business lines many geographic areas.
 in 2018 2018soft market , 2019 2019 premium rates flatten or decrease  with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity.
 changes in premiums direct potentially material impact on insurance brokerage industry , commission revenues based on percentage of premiums paid by insureds.
 prices fell throughout 2007  greatest declines seen in large and middle-market accounts.
 prices continued to decline during 2008, rate decline slowed end of year.
 in reinsurance brokerage product line  pricing overall during 2009 was also down , portion of year was flat to up slightly.
 beginning in late 2008 continuing throughout 2009 faced difficult conditions result of unprecedented disruptions in global economy , repricing of credit risk deterioration of financial markets.
 continued volatility further deterioration in credit markets reduced customers 2019 demand for retail brokerage and reinsurance brokerage products  negatively hurt operational results.
 overall capacity in industry could decrease if significant insurer fails or withdraws from writing insurance coverages clients.
 failure could reduce revenues and profitability  no longer have access to certain lines and types of insurance.
 risk and insurance brokerage services generated approximately 83% ( 83 % ) of consolidated total revenues in 2009.
 revenues generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies  investment income on funds held on behalf of clients.
revenues vary from quarter to quarter result of timing of clients 2019 policy renewals net effect of new and lost business  timing of services provided to clients income on investments  influenced by short-term interest rates.
 we operate in competitive industry compete with many retail insurance brokerage and agency firms with individual brokers , agents  direct writers of insurance coverage.
 address specialized product development and risk management needs of commercial enterprises , professional groups  insurance companies  governments  healthcare providers  non-profit groups  ; provide affinity products for professional liability , life , disability income  personal lines for individuals  associations  businesses ; provide reinsurance services to insurance and reinsurance companies other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services  including mergers and acquisitions financial advisory services  capital raising  contingent capital financing  insurance-linked securitizations derivative applications ; provide managing underwriting to independent agents and brokers corporate clients ; provide actuarial , loss prevention  administrative services to businesses consumers manage captive insurance companies.
 in november 2008 expanded product offerings through merger with benfield , leading independent reinsurance intermediary.
 benfield products integrated with our existing reinsurance products in 2009.
 in february 2009  completed sale of u. s.
 operations of cananwill , our premium finance business.
 in june and july of 2009  entered into agreements with third parties with to our

years ended december 31,        | 2009             | 2008             | 2007
------------------------------- | ---------------- | ---------------- | ----------------
segment revenue                 | $ 6305           | $ 6197           | $ 5918
segment operating income        | 900              | 846              | 954
segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % )


112 / sl green realty corp.
 2017 annual report 20.
 commitments contingencies legal proceedings as of december a031 , 2017 , company and operating partnership not involved in material litigation nor to management 2019s knowledge any material litigation threat- ened against us or our portfolio if adversely determined could have material adverse impact on us.
 environmental matters management believes properties in compliance with federal , state local ordinances regulations regarding environmental issues.
 management not aware of environmental liability materially adverse impact on our financial position , results of operations or cash flows.
 management unaware of instances incur significant envi- ronmental cost if properties were sold.
 employment agreements entered into employment agreements with certain exec- utives  expire between december a02018 and february a02020.
 minimum cash-based compensation , including base sal- ary guaranteed bonus payments  associated with employment agreements total $ 5. 4 a0million for 2018.
 employment agreements provide for deferred compen- sation awards based on stock price valued at $ 1. 6 a0million on grant date.
 value of awards may change based on fluctuations in stock price.
 insurance maintain 201call-risk 201d property and rental value coverage ( includ- ing coverage perils of flood , earthquake terrorism  excluding nuclear , biological, chemical  radiological terrorism ( 201cnbcr 201d ) )  within three property insurance programs and liability insurance.
 separate property and liability coverage may be purchased stand-alone basis for certain assets  development of one vanderbilt.
our captive insurance company , belmont insurance company  belmont pro- vides coverage for nbcr terrorist acts above a specified trigger if belmont required to pay a claim under our policies we would record loss to extent of belmont 2019s required payment.
 no assurance in future we will to procure coverage at reasonable cost.
 if we experience losses uninsured or exceed policy limits we could lose capital invested in damaged properties anticipated future cash flows from plan trustees adopted a rehabilitation plan consistent with requirement.
 no surcharges paid to pension plan as of december a031 , 2017.
 for pension plan years ended june a030 , 2017 , 2016  and 2015  plan received contributions from employers totaling $ 257. 8 a0million , $ 249. 5 a0million , and $ 221. 9 a0million.
 our contributions to pension plan represent less than 5. 0% ( 5. 0 % ) of total contributions to plan.
 health plan established under collective bargaining agreements between union , realty advisory board on labor relations , inc.
 and other employees.
 health plan provides health and other benefits to eligible participants employed in building service industry covered under collective bargaining agreements or agreements with union.
 health plan administered by board of trustees with equal representation by employ- ers and union operates under employer identification number a013-2928869.
 health plan receives contributions in accordance with collective bargaining agreements or participa- tion agreements.
 these agreements provide employers contribute to health plan at fixed rate on behalf of each covered employee.
 for health plan years ended  june a030 , 2017 , 2016  and 2015  plan received contributions from employers totaling $ 1. 3 a0billion , $ 1.2 a0billion and $ 1. 1 a0billion  respectively.
 contributions to health plan represent less than 5. 0% ( 5. 0 % ) of total contributions to plan.
 contributions to multi-employer plans for years ended december a031 , 2017 , 2016 2015 included in table below ( in thousands ) :.
 401 ( k ) plan in august a01997  implemented 401 ( k ) a0savings/retirement plan to cover eligible employees designated affiliate.
 401 ( k ) a0plan permits employees to defer up to 15% ( 15 % ) of annual compensation subject to limitations by code.
 employees 2019 elective deferrals immediately vested non-forfeitable upon contribution to 401 ( k ) a0plan.
 during a02003  amended 401 ( k ) a0plan to pro for discretionary matching contributions only.
 for 2017 , 2016 2015  matching contribution equal to 50% ( 50 % ) of first 6% ( 6 % ) of annual compensation made.
 year ended december a031 , 2017  made matching contribution of $ 728782.
 for years ended december a031 , 2016 2015  made matching contribu- tions of $ 566000 and $ 550000  respectively.

benefit plan             | 2017    | 2016    | 2015
------------------------ | ------- | ------- | -------
pension plan             | $ 3856  | $ 3979  | $ 2732
health plan              | 11426   | 11530   | 8736
other plans              | 1463    | 1583    | 5716
total plan contributions | $ 16745 | $ 17092 | $ 17184


transfer agent and registrar for common stock for is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable.
 repurchase of equity securities table provides information regarding our purchases of equity securities during period from october 1 , 2014 to december 31 , 2014.
 total number of shares units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number approximate dollar value ) of shares units ) be purchased under plans or programs 3.
 1 included shares of common stock , par value $ 0. 10 per share , withheld under grants employee stock-based compensation plans to offset tax withholding obligations upon vesting release of restricted shares ( 201cwithheld shares 201d ).
 repurchased 5413 withheld shares in october 2014  4266 shares in november 2014 105 withheld shares in december 2014.
 2 average price per share for each months fiscal quarter three-month period calculated by dividing sum of applicable period aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under stock repurchase program  described in note 5 to consolidated financial statements , by sum of number of withheld shares and number of shares acquired in stock repurchase program.
 3 in february 2014  board authorized new share repurchase program to repurchase up to $ 300. 0 million , excluding fees  of our common stock ( 201c2014 share repurchase program 201d ).
 on february 13 , 2015  announced board approved new share repurchase program to repurchase up to $ 300.0 million  excluding fees of common stock.
 new authorization in addition to amounts remaining available for repurchase under 2014 share repurchase program.
 no expiration date associated with share repurchase programs.

| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( or approximate dollar value ) of shares ( or units ) that mayyet be purchased under theplans or programs3
--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------
october 1 - 31  | 5854930                                       | $ 18.93                                   | 5849517                                                                                | $ 159819370
november 1 - 30 | 4266                                          | $ 20.29                                   | 2014                                                                                | $ 159819370
december 1 - 31 | 826744                                        | $ 19.67                                   | 826639                                                                                | $ 143559758
total           | 6685940                                       | $ 19.02                                   | 6676156                                                                                |


american tower corporation subsidiaries notes consolidated financial statements 2014 continued at december 31, 2005  company had net federal state operating loss carryforwards available to reduce future taxable income of approximately $ 2. 2 billion and $ 2. 4 billion  respectively.
 if not utilized company 2019s net operating loss carryforwards expire in thousands ) :.
 sfas no.
 109, 201caccounting for income taxes , 201d requires companies record valuation allowance when 201cmore likely some portion or all deferred tax assets not be realized. 201d at december 31, 2005 company provided valuation allowance of approximately $ 422. 4 million  including approximately $ 249. 5 million attributable to spectrasite primarily related to net operating loss and capital loss carryforwards.
 approximately $ 237. 8 million of spectrasite valuation allowance assumed as of acquisition date.
 balance of valuation allowance relates to net state deferred tax assets.
 company not provided valuation allowance for remaining deferred tax assets primarily federal net operating loss carryforwards management believes company sufficient time to realize federal net operating loss carryforwards during twenty-year tax carryforward period.
 company intends to recover portion of deferred tax asset through federal income tax refund claims related to carry back of certain federal net operating losses.
 in june 2003 and october 2003  company filed federal income tax refund claims irs relating to carry back of $ 380. 0 million of net operating losses generated prior to 2003 company initially anticipated receiving approximately $ 90. 0 million.
 preliminary discussions tax authorities company revised estimate of net realizable value of federal income tax refund claims anticipates receiving refund of approximately $ 65. 0 million claims by end of 2006.
no assurances with respect to specific amount and timing of refund.
 recoverability of company 2019s remaining net deferred tax asset assessed utilizing stable state ( no growth ) projections based on current operations.
 projections show significant decrease in depreciation and interest expense in later years of carryforward period result of significant portion of assets fully depreciated during first fifteen years carryforward period and debt repayments reducing interest expense.
 recoverability of net deferred tax asset not dependent on material improvements to operations , material asset sales or other non-routine transactions.
 based on current outlook of future taxable income during carryforward period management believes net deferred tax asset will be realized.
 realization of company 2019s deferred tax assets as of december 31 , 2005 dependent upon its ability to generate approximately $ 1. 3 billion in taxable income from january 1 , 2006 to december 31 , 2025.
 if company unable to generate sufficient taxable income in future , or carry back losses  it will be required to reduce net deferred tax asset through charge to income tax expense , result in corresponding decrease in stockholders 2019 equity.
 from time to time company subject to examination by tax authorities in jurisdictions in company has significant business operations.
 company regularly assesses likelihood of additional assessments in tax jurisdictions resulting from these examinations.
 during year ended

years ended december 31, | federal   | state
------------------------ | --------- | ---------
2006 to 2010             | $ 5248    | $ 469747
2011 to 2015             | 10012     | 272662
2016 to 2020             | 397691    | 777707
2021 to 2025             | 1744552   | 897896
total                    | $ 2157503 | $ 2418012


estimated future pension benefit payments for next ten years under plan ( in millions ) are as follows : future payments:.
 bfi post retirement healthcare plan acquired obligations under bfi plan as part of acquisition of allied.
 plan provides continued medical coverage for certain former employees following retirement including some employees subject to collective bargaining agreements.
 eligibility for plan limited to certain employees ten or more years of service age 55 or older as of december 31, 1998 , and certain employees in california hired before december 31 , 2005 retire after age 55 with least thirty years of service.
 liabilities acquired for plan were $ 1. 2 million and $ 1. 3 million , respectively  at acquisition date and at december 31 , 2008.
 multi-employer pension plans we contribute to 25 multi-employer pension plans under collective bargaining agreements covering union- represented employees.
 acquired responsibility for contributions for portion of these plans as part of acquisition of allied.
 approximately 22% ( 22 % ) of our total current employees are participants in such multi- employer plans.
 these plans provide retirement benefits to participants based on service to contributing employers.
 we do not administer these multi-employer plans.
 plans managed by board of trustees with unions appointing certain trustees contributing employers plan appointing certain members.
 generally not represented on board of trustees.
 not have current plan financial information from plans 2019 administrators but possible that some multi-employer plans we contribute may be underfunded.
 pension protection act , enacted in august 2006 requires underfunded pension plans to improve funding ratios within intervals based on level of underfunding.
until plan trustees develop funding improvement plans or rehabilitation plans required by pension protection act  we unable to determine amount of assessments subject to if.
 determine impact pension protection act on our consolidated financial position  results of operations or cash flows.
 under current law regarding multi-employer benefit plans , plan 2019s termination  voluntary withdrawal or mass withdrawal of all contributing employers from under-funded multi-employer pension plan would require us to payments to plan for our proportionate share of multi employer plan 2019s unfunded vested liabilities.
 possible mass withdrawal of employers contributing to plans or plans may terminate in near future.
 could have adjustments to estimates for near term could material effect on our consolidated financial condition  results of operations or cash flows.
 pension expense for multi-employer plans was $ 21. 8 million , $ 18. 9 million and $ 17. 3 million for years ended december 31 , 2008 , 2007 and 2006  respectively.
 republic services , inc.
 and subsidiaries notes to consolidated financial statements %%transmsg*** transmitting job : p14076 pcn : 133000000 ***%%pcmsg|131 |00027|yes|no|02/28/2009 21:12|0|0|page is valid , no graphics -- color : d|

2009              | $ 14.9
----------------- | ------
2010              | 15.9
2011              | 16.2
2012              | 19.2
2013              | 21.9
2014 through 2018 | 142.2


measurement point december 31 priceline nasdaq index s&p 500 rdg internet.

measurement pointdecember 31 | the priceline group inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite
---------------------------- | ------------------------- | --------------------- | ------------ | ---------------------
2010                         | 100.00                    | 100.00                | 100.00       | 100.00
2011                         | 117.06                    | 100.53                | 102.11       | 102.11
2012                         | 155.27                    | 116.92                | 118.45       | 122.23
2013                         | 290.93                    | 166.19                | 156.82       | 199.42
2014                         | 285.37                    | 188.78                | 178.29       | 195.42
2015                         | 319.10                    | 199.95                | 180.75       | 267.25


goldman sachs group , inc.
 subsidiaries notes to consolidated financial statements commercial lending.
 firm 2019s commercial lending commitments extended to investment-grade and non- investment-grade corporate borrowers.
 commitments to investment-grade corporate borrowers principally used for operating liquidity general corporate purposes.
 firm extends lending commitments in with contingent acquisition financing other corporate lending commercial real estate financing.
 commitments extended for contingent acquisition financing often intended short-term borrowers seek to replace with other funding sources.
 sumitomo mitsui financial group , inc.
 ( smfg ) provides firm credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ).
 notional amount of such loan commitments was $ 27. 03 billion and $ 27. 51 billion as of december 2015 and december 2014 .
 credit loss protection on loan commitments by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.
 subject to conditions upon firm 2019s request smfg will provide protection for 70% ( ) of additional losses on commitments up to maximum of $ 1. 13 billion  of $ 768 million of protection provided as of december 2015 and december 2014.
 firm uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg.
 instruments include credit default swaps reference same or similar underlying instrument or entity or credit default swaps reference market index.
 warehouse financing.
 firm provides financing to clients who warehouse financial assets.
 arrangements secured by warehoused assets primarily of consumer and corporate loans.
contingent forward starting resale securities borrowing agreements/forward repurchase secured lending agreements firm enters into resale securities agreements lending agreements settle at future date generally within three business days.
 firm enters commitments to provide contingent financing to clients counterparties through resale agreements.
 firm 2019s funding commitments depends on satisfaction contractual conditions resale agreement commitments can expire unused.
 letters of credit firm has commitments under letters of credit issued by banks provides to counterparties in lieu of securities or cash to satisfy collateral margin deposit requirements.
 investment commitments firm 2019s investment commitments of $ 6. 05 billion and $ 5. 16 billion as of december 2015 december 2014 include commitments to invest in private equity real estate other assets directly through funds firm raises manages.
 amounts  $ 2. 86 billion and $ 2. 87 billion as of december 2015 2014 relate to commitments to invest in funds managed by firm.
 if commitments called funded at market value on date of investment.
 leases firm has contractual obligations under long-term noncancelable lease agreements for office space expiring dates through 2069.
 certain agreements subject to periodic escalation provisions for increases in real estate taxes other charges.
 table below presents future minimum rental payments  net of minimum sublease rentals.
 $ in millions december 2015.
 rent charged to operating expense was $ 249 million for 2015 $ 309 million for 2014 $ 324 million for 2013.
 operating leases include office space held in excess of current requirements.
 rent expense relating to space held for growth included in 201coccupancy.201d firm records liability , based on fair value of remaining lease rentals reduced by potential or existing sublease rentals , for leases where firm ceased using space management concluded firm will not derive future economic benefits.
 costs to terminate lease before end of term recognized and measured at fair value on termination.
 176 goldman sachs 2015 form 10-k

$ in millions     | as of december 2015
----------------- | -------------------
2016              | $ 317
2017              | 313
2018              | 301
2019              | 258
2020              | 226
2021 - thereafter | 1160
total             | $ 2575


notes to consolidated financial statements note 9.
 collateralized agreements financings are securities purchased under to resell resale or reverse repurchase agreements ) securities borrowed.
 collateralized financings are securities sold under agreements to repurchase ) securities loaned other secured financings.
 firm enters into transactions to facilitate client activities invest excess cash acquire securities cover short positions finance firm activities.
 collateralized agreements financings presented on net-by-counterparty basis when legal right of setoff exists.
 interest on collateralized agreements financings recognized over life of transaction included in 201cinterest income 201d and 201cinterest expense .
 see note 23 for information about interest income interest expense.
 table presents carrying value of resale repurchase agreements securities borrowed loaned transactions.
 in millions 2012 2011 securities purchased under agreements to resell 1 $ 141334 $ 187789 securities borrowed 2 136893 153341 securities sold under agreements to repurchase 1 171807 164502 securities loaned 2 13765 7182 1.
 all resale and repurchase agreements carried at fair value under fair value option.
 see note 8 for information about valuation techniques significant inputs determine fair value.
.
 as of december 2012 and december 2011 , $ 38. 40 billion and $ 47. 62 billion of securities borrowed  $ 1. 56 billion and $ 107 million of securities loaned were at fair value  respectively.
resale and repurchase agreements resale agreement is transaction firm purchases financial instruments from seller , typically in exchange for cash , and simultaneously enters agreement to resell same or substantially same financial instruments to seller at stated price plus accrued interest at future date.
 repurchase agreement is transaction firm sells financial instruments to buyer , typically in exchange for cash , simultaneously enters agreement to repurchase same or substantially same financial instruments from buyer at stated price plus accrued interest at future date.
 financial instruments purchased or sold in resale and repurchase agreements typically include u. s.
 government and federal agency , investment-grade sovereign obligations.
 firm receives financial instruments purchased under resale agreements, makes delivery of financial instruments sold under repurchase agreements , monitors market value of financial instruments daily basis delivers or obtains additional collateral due to changes in market value financial instruments  as appropriate.
 for resale agreements  firm typically requires delivery of collateral with fair value approximately equal to carrying value of relevant assets in consolidated statements of financial condition.
 repurchase and resale agreements involve legal transfer of ownership of financial instruments , accounted for as financing arrangements because require financial instruments to be repurchased or resold at maturity of agreement.
 , 201crepos to maturity 201d are accounted for as sales.
 a repo to maturity is transaction in firm transfers security under agreement to repurchase security where maturity date of repurchase agreement matches maturity date of underlying security.
 firm no longer has repurchase obligation and relinquished control over underlying security accounts for transaction as a sale.
 firm had no repos to maturity outstanding as of december 2012 or december 2011.
goldman 2012 annual report

in millions                                     | as of december 2012 | as of december 2011
----------------------------------------------- | ------------------- | -------------------
securities purchased under agreements toresell1 | $ 141334            | $ 187789
securities borrowed2                            | 136893              | 153341
securities sold under agreements torepurchase1  | 171807              | 164502
securitiesloaned2                               | 13765               | 7182


global brand concepts american living american living first brand developed under newglobal brand concepts group.
 american living full lifestyle brand  featuring menswear womenswear childrenswear accessories home furnishings focus on timeless authentic american classics for every day.
 american living available exclusively at jcpenney in u. s.
 online at jcp. com.
 wholesale segment wholesale segment sells products to leading upscale mid-tier department stores , specialty stores golf and pro shops  domestically and internationally.
 focused on elevating brand improving productivity by reducing unproductive doors within department stores products sold improving in-store product assortment presentation improving full-price sell-throughs to consumers.
 as of march 29 , 2008  end of fiscal 2008  products sold through 10806 doors worldwide during fiscal 2008  invested approximately $ 49 million in shop-within-shops dedicated to products primarily in domestic and international department stores.
 effected selective price increases on basic products introduced new fashion offerings at higher price points.
 department stores major wholesale customers in north america.
 in europe  wholesale sales are varying mix of sales to both department stores and specialty shops depending on country.
 collection brands 2014 women 2019s ralph lauren collection black label men 2019s purple label collection black label 2014 distributed through limited number of premier fashion retailers.
 sell excess and out- of-season products through secondary distribution channels including retail factory stores.
 in japan  products distributed primarily through shop-within-shops at premiere department stores.
 mix of business weighted to polo ralph lauren inmen 2019s andwomen 2019s blue label.
distribution of men 2019s and women 2019s black label expanding through shop-within-shop presentations in top tier department stores across japan.
 worldwide distribution channels table presents approximate number of doors by geographic location products distributed by our wholesale segment sold to consumers as of march 29 , 2008 : location number of doors ( a ).
 in asia/pacific excluding japan ) our products distributed by licensing partners.
 following department store chains werewholesale customers purchases represented more than 10% ( 10 % ) of worldwide wholesale net sales for year ended march 29, 2008 : 2022 macy 2019s , inc.
 formerly federated department stores. represented approximately 24% ( 24 % ) ; 2022 dillard department stores , inc. represented approximately 12% ( 12 % ).
 our product brands sold primarily through own sales forces.
 wholesale segment maintains primary showrooms in new york city.
 maintain regional showrooms in atlanta  chicago  dallas  los angeles milan  paris london munich  madrid stockholm.

location                 | number of doors ( a )
------------------------ | ---------------------
united states and canada | 8611
europe                   | 2075
japan                    | 120
total                    | 10806


2022 financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 financial safeguard package for cleared over-the-counter interest rate swap contracts.
 in unlikely event of payment default by clearing firm , we first apply assets of defaulting clearing firm to satisfy payment obligation.
 these assets include defaulting firm 2019s guaranty fund contributions , performance bonds other available assets , assets required for membership and associated trading rights.
 in addition make demand for payment pursuant to applicable guarantee provided by parent company of clearing firm.
 thereafter if payment default remains unsatisfied, use corporate contributions designated for respective financial safeguard package.
 then use guaranty fund contributions of other clearing firms within financial safeguard package and funds collected through assessment against solvent clearing firms within financial safeguard package to satisfy deficit.
 maintain $ 5. 0 billion 364-day multi-currency line of credit with consortium of domestic and international banks used in certain situations by cme clearing.
 option to request increase in line from $ 5. 0 billion to $ 7. 0 billion.
 may use proceeds to provide temporary liquidity in unlikely event of clearing firm default , event of liquidity constraint or default by depositary ( custodian of collateral ) or event temporary disruption with payments systems delay payment of settlement variation between us and clearing firms.
 credit agreement requires us to pledge certain assets to line of credit custodian prior to drawing on line of credit.
 pledged assets may include clearing firm guaranty fund deposits held by us.
 treasury or agency securities , select money market mutual funds approved for our select interest earning facility ( ief ) programs.
 performance bond collateral of defaulting clearing firm may be used to secure draw on line.
addition 364-day multi- currency line of credit option to use $ 1. 8 billion multi-currency revolving senior credit facility provide liquidity for clearing house in unlikely event default.
 aggregate performance bond deposits for clearing firms for three cme financial safeguard packages $ 86. 8 billion  including $ 5. 6 billion cash performance bond deposits $ 4. 2 billion letters of credit.
 defaulting firm 2019s performance bond deposits used in event default clearing firm.
 following shows available assets at december 31, 2012 event payment default by clearing firm for base financial safeguard package after utilizing defaulting firm 2019s available assets : ( millions ) cme clearing available assets designated corporate contributions for futures and options 1 ).
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 $ 100. 0 guaranty fund contributions 2 ).
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 2899. 5 assessment powers 3 ).
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 7973. 6 minimum total assets available for default 4 ).
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 $ 10973. 1 1 ) cme clearing designates $ 100. 0 million of corporate contributions to satisfy clearing firm default in event defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy deficit.
 2 guaranty fund contributions of clearing firms include required do not include excess deposits held direction clearing firms.
( 3 ) in event of clearing firm default , if loss continues exist after utilization of assets defaulted firm, our designated working capital non-defaulting clearing firms 2019 guaranty fund contributions , we right to assess all non-defaulting clearing members as defined in rules governing guaranty fund.
 ( 4 ) represents aggregate minimum resources available to satisfy obligations not met by defaulting firm subsequent to liquidation of defaulting firm 2019s performance bond collateral.
 2022 financial safeguard package for cleared over-the-counter credit default swap contracts , 2022 financial safeguard package for cleared over-the-counter interest rate swap contracts.
 in unlikely event of payment default by clearing firm , we first apply assets of defaulting clearing firm to satisfy payment obligation.
 these assets include defaulting firm 2019s guaranty fund contributions , performance bonds other available assets assets required for membership associated trading rights.
 in we make demand for payment pursuant to any applicable guarantee provided by parent company of clearing firm.
 if payment default remains unsatisfied use corporate contributions for respective financial safeguard package.
 then use guaranty fund contributions of other clearing firms within financial safeguard package and funds collected through assessment against solvent clearing firms within financial safeguard package to satisfy deficit.
 we maintain a $ 5. 0 billion 364-day multi-currency line of credit with consortium of domestic and international banks used in certain situations by cme clearing.
 option to request increase in line from $ 5. 0 billion to $ 7. 0 billion.
use proceeds to provide temporary liquidity in unlikely clearing firm default liquidity constraint or default by depositary ( custodian collateral ) or temporary disruption with payments systems delay payment of settlement variation between us clearing firms.
 credit agreement requires to pledge assets to line of credit custodian prior to drawing line of credit.
 pledged assets may include clearing firm guaranty fund deposits u. s.
 treasury or agency securities select money market mutual funds approved for select interest earning facility ) programs.
 performance bond collateral of defaulting clearing firm may be used to secure draw on line.
 addition to 364-day multi- currency line of credit  option to use $ 1. 8 billion multi-currency revolving senior credit facility to provide liquidity for clearing house in unlikely event default.
 aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86. 8 billion  including $ 5. 6 billion of cash performance bond deposits and $ 4. 2 billion of letters of credit.
 defaulting firm 2019s performance bond deposits can be used in event default of clearing firm.
 following shows available assets at december 31, 2012 in payment default by clearing firm for base financial safeguard package after first utilizing defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ).
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 $ 100. 0 guaranty fund contributions 2 ).
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 2899. 5 assessment powers 3 ).
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 7973. 6 minimum total assets available for default 4 ).
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.
.
 $ 10973. 1 ( 1 ) cme clearing designates $ 100. 0 million corporate contributions to satisfy clearing firm default in defaulting clearing firm 2019s guaranty contributions performance bonds not satisfy deficit.
 ( 2 ) guaranty fund contributions of clearing firms include contributions required , do not include excess deposits held by us direction clearing firms.
 ( 3 ) in event clearing firm default , if loss continues exist after utilization of assets defaulted firm , our designated working capital non-defaulting clearing firms 2019 guaranty fund contributions , we right to assess all non-defaulting clearing members as defined in rules governing guaranty fund.
 ( 4 ) represents aggregate minimum resources available to satisfy obligations not met by defaulting firm subsequent to liquidation of defaulting firm 2019s performance bond collateral.

( in millions )                                                  | cme clearingavailable assets
---------------------------------------------------------------- | ----------------------------
designated corporate contributions for futures and options ( 1 ) | $ 100.0
guaranty fund contributions ( 2 )                                | 2899.5
assessment powers ( 3 )                                          | 7973.6
minimum total assets available for default ( 4 )                 | $ 10973.1


assessment of impairment recorded gross other-than-temporary impairment of $ 1. 15 billion for 2009  compared to $ 122 million for 2008.
 total recorded , $ 227 million related to credit recognized in consolidated statement of income.
 remaining $ 928 million related to factors other than credit  discussed below recognized  net of related taxes in oci in consolidated statement of condition.
 $ 227 million composed of $ 151 million associated with expected credit losses , $ 54 million related to management 2019s decision to sell impaired securities prior to recovery in value $ 22 million related to adverse changes in timing of expected future cash flows from securities.
 majority of impairment losses related to non-agency securities collateralized by mortgages for management concluded had experienced credit losses based on present value of securities 2019 expected future cash flows.
 these securities classified as asset-backed securities in investment securities tables.
 note 1 management periodically reviews fair values of investment securities to determine if other-than-temporary impairment occurred.
 review encompasses all investment securities includes quantitative factors as current and expected future interest rates length of time security 2019s cost basis exceeded fair value includes investment securities for issuer- specific concerns regardless of quantitative factors.
 gains and losses related to investment securities were as follows for years ended december 31:.
 losses recognized as component of oci ; see note 12.
 conduct periodic reviews to evaluate each security impaired.
 impairment exists when current fair value of individual security below amortized cost basis.
for debt securities available for sale held to maturity, other-than-temporary impairment recorded in consolidated statement of income when management intends to sell ( or required to sell ) securities before they recover in value or when management expects present value of cash flows expected to collected to less than amortized cost of impaired security ( a credit loss ).
 review of impaired securities includes : 2022 identification and evaluation of securities indications of possible other-than-temporary impairment issuer-specific concerns including deteriorating financial condition or bankruptcy ; 2022 analysis of expected future cash flows of securities based on quantitative and qualitative factors ; 2022 analysis of collectability of future cash flows  including information about past events  current conditions reasonable supportable forecasts ; analysis of individual impaired securities including consideration of length of time security in unrealized loss position anticipated recovery period ; 2022 discussion of evidential matter  evaluation of factors or triggers cause individual securities to be deemed other-than-temporarily impaired those not support other-than-temporary impairment ; 2022 documentation of results of analyses.
 factors considered in determining impairment other than temporary include : 2022 length of time security been impaired;

( in millions )                                          | 2009           | 2008         | 2007
-------------------------------------------------------- | -------------- | ------------ | ------------
gross gains from sales of available-for-sale securities  | $ 418          | $ 100        | $ 24
gross losses from sales of available-for-sale securities | -50 ( 50 )     | -32 ( 32 )   | -17 ( 17 )
gross losses from other-than-temporary impairment        | -1155 ( 1155 ) | -122 ( 122 ) | -34 ( 34 )
losses not related to credit ( 1 )                       | 928            | 2014         | 2014
net impairment losses                                    | -227 ( 227 )   | -122 ( 122 ) | -34 ( 34 )
gains ( losses ) related to investment securities net    | $ 141          | $ -54 ( 54 ) | $ -27 ( 27 )


item 7a.
 quantitative and qualitative disclosures about market risk ( amounts in millions ) normal course business exposed to market risks related to interest rates foreign currency rates certain balance sheet items.
 use derivative instruments established guidelines policies to manage these risks.
 derivative instruments in hedging activities viewed as risk management tools not used for trading or speculative purposes.
 interest rates exposure to market risk for changes in interest rates relates primarily to fair market value cash flows of debt obligations.
 majority of debt ( approximately 89% ( 89 % ) and 93% ( 93 % ) as of december 31, 2013 and 2012  ) bears interest at fixed rates.
 have debt with variable interest rates 10% ( 10 % ) increase or decrease in interest rates not material to interest expense or cash flows.
 fair market value of debt sensitive to changes in interest rates impact of 10% ( 10 % ) change in interest rates summarized below.
 increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10 % ) decrease in interest rates.
 used interest rate swaps for risk management purposes to manage exposure to changes in interest rates.
 interest rate swaps outstanding as of december 31 , 2013.
 had $ 1642. 1 of cash , cash equivalents marketable securities as of december 31, 2013 generally invest in conservative  short-term bank deposits or securities.
 interest income from investments subject to domestic and foreign interest rate movements.
 during 2013 and 2012  had interest income of $ 24. 7 and $ 29. 5 , respectively.
 based on 2013 results 100-basis-point increase or decrease in interest rates would affect interest income by approximately $ 16. 4  assuming all cash cash equivalents marketable securities impacted same balances remain constant from year-end 2013 levels.
foreign currency rates subject to translation transaction risks related to changes in foreign currency exchange rates.
 report revenues and expenses in.
 dollars changes in exchange rates may positively or negatively affect consolidated revenues and expenses ( expressed in.
 dollars ) from foreign operations.
 primary foreign currencies impacted results during 2013 were australian dollar  brazilian real  euro  japanese yen south african rand.
 based on 2013 exchange rates operating results if.
 dollar strengthen or weaken by 10% ( 10 % ) estimate operating income would decrease or increase between 3% ( 3 % ) and 4% ( 4 % ) assuming all currencies impacted same international revenue and expenses remain constant at 2013 levels.
 functional currency of foreign operations is generally respective local currency.
 assets and liabilities translated at exchange rates in effect at balance sheet date revenues and expenses translated at average exchange rates during period presented.
 resulting translation adjustments recorded as component of accumulated other comprehensive loss  net of tax in stockholders 2019 equity section of consolidated balance sheets.
 foreign subsidiaries collect revenues pay expenses in functional currency  mitigating transaction risk.
 certain subsidiaries may enter into transactions in currencies other than functional currency.
 assets and liabilities denominated in currencies other than functional currency susceptible to movements in foreign currency until final settlement.
 currency transaction gains or losses from transactions in currencies other than functional currency included in office and general expenses.
 not entered into material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge effects of potential adverse fluctuations in foreign currency exchange rates.

as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
------------------ | ---------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------
2013               | $ -26.9 ( 26.9 )                                                                   | $ 27.9
2012               | -27.5 ( 27.5 )                                                                     | 28.4


stock price performance following graph shows comparison of cumulative total return on our common stock , standard & poor 2019s 500 index standard & poor 2019s retail index.
 graph assumes value of investment in our common stock and each index was $ 100 on january 3 , 2009 , dividends reinvested.
 comparison based on historical data not intended to forecast possible future performance of common stock.
 comparison of cumulative total return among advance auto parts , inc. , s&p 500 index s&p retail index company/index january 3 , january 2 , january 1 , december 31 , december 29 , december 28.

company/index      | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011 | december 29 2012 | december 28 2013
------------------ | -------------- | -------------- | -------------- | ---------------- | ---------------- | ----------------
advance auto parts | $ 100.00       | $ 119.28       | $ 195.80       | $ 206.86         | $ 213.14         | $ 327.63
s&p 500 index      | 100.00         | 119.67         | 134.97         | 134.96           | 150.51           | 197.62
s&p retail index   | 100.00         | 141.28         | 174.70         | 179.79           | 219.77           | 321.02


stock performance graph graph provides comparison of five year cumulative total stockholder returns of teleflex common stock , standard & poor 2019s ( s&p ) 500 stock index s&p 500 healthcare equipment & supply index.
 annual changes for five-year period based on assumption $ 100 invested in teleflex common stock and each index on december 31, 2010 all dividends reinvested.
 market performance.
 s&p 500 healthcare equipment & supply index 100 99 116 148 187 199

company / index                             | 2010 | 2011 | 2012 | 2013 | 2014 | 2015
------------------------------------------- | ---- | ---- | ---- | ---- | ---- | ----
teleflex incorporated                       | 100  | 117  | 138  | 185  | 229  | 266
s&p 500 index                               | 100  | 102  | 118  | 157  | 178  | 181
s&p 500 healthcare equipment & supply index | 100  | 99   | 116  | 148  | 187  | 199


uncertain tax positions reconciliation of company's beginning and ending amount uncertain tax positions ( in millions ) :.
 company's liability for uncertain tax positions as of december 31 , 2015 , 2014 , and 2013  includes $ 180 million , $ 154 million , and $ 141 million , respectively related to amounts impact effective tax rate if recognized.
 possible unrecognized tax benefits may change in next twelve months ; not expect change significant impact on consolidated statements of income or consolidated balance sheets.
 changes may be result of settlements of ongoing audits.
 estimate of range reasonably possible outcomes within twelve months cannot be made.
 company recognizes interest and penalties related to uncertain tax positions in provision for income taxes.
 company accrued potential interest and penalties of $ 2 million , $ 4 million , and $ 2 million in 2015 , 2014 , and 2013 ,.
 company recorded liability for interest and penalties of $ 33 million , $ 31 million , and $ 27 million as of december 31, 2015 , 2014 , and 2013 ,.
 company and subsidiaries file income tax returns in respective jurisdictions.
 company concluded all.
 federal income tax matters for years through 2007.
.
 state and local income tax jurisdiction examinations concluded for years through 2005.
 company concluded income tax examinations in primary non-u. s.
 jurisdictions through 2005.
.
 shareholders' equity distributable reserves as.
 incorporated company company required under.
 law to have available "distributable reserves" to make share repurchases or pay dividends to shareholders.
 distributable reserves may be created through earnings of u. k.
parent company methods through reduction in share capital approved by english companies.
 distributable reserves not linked to.
 reported amount (. retained earnings ).
 as of december 31 , 2015 and 2014  company had distributable reserves excess of $ 2. 1 billion and $ 4. 0 billion .
 ordinary shares in april 2012 board of directors authorized share repurchase program up to $ 5. 0 billion of class ordinary shares may be repurchased ( "2012 share repurchase program" ).
 november 2014 board authorized new $ 5. 0 billion share repurchase program addition to existing program ( "2014 share repurchase program" "repurchase programs" ).
 each program shares may be repurchased through open market or in privately negotiated transactions based on prevailing market conditions funded from available capital.
 during 2015  company repurchased 16. 0 million shares at average price per share of $ 97. 04 for total cost of $ 1. 6 billion under repurchase programs.
 during 2014  repurchased 25. 8 million shares at average price per share of $ 87. 18 for total cost of $ 2. 3 billion under 2012 share repurchase plan.
 in august 2015 $ 5 billion of class a ordinary shares authorized under 2012 share repurchase program exhausted.
 at december 31 , 2015 remaining authorized amount for share repurchase under 2014 share repurchase program is $ 4. 1 billion.
 under repurchase programs company repurchased total of 78. 1 million shares for aggregate cost of $ 5. 9 billion.

| 2015       | 2014
------------------------------------------------------------ | ---------- | ----------
balance at january 1                                         | $ 191      | $ 164
additions based on tax positions related to the current year | 31         | 31
additions for tax positions of prior years                   | 53         | 10
reductions for tax positions of prior years                  | -18 ( 18 ) | -6 ( 6 )
settlements                                                  | -32 ( 32 ) | 2014
business combinations                                        | 2014       | 5
lapse of statute of limitations                              | -5 ( 5 )   | -11 ( 11 )
foreign currency translation                                 | -2 ( 2 )   | -2 ( 2 )
balance at december 31                                       | $ 218      | $ 191


determined primarily subject to ietu in future periods recorded tax expense of approximately $ 20 million in 2007 for deferred tax effects of new ietu system.
 as of december 31 , 2007 company had us federal net operating loss carryforwards of approximately $ 206 million begin to expire in 2023.
 amount  $ 47 million relates to pre-acquisition period subject to limitation.
 remaining $ 159 million subject to limitation result of change in stock ownership in may 2006.
 limitation not expected material impact on utilization of net operating loss carryforwards.
 company had foreign net operating loss carryforwards as of december 31, 2007 of approximately $ 564 million for canada , germany mexico other foreign jurisdictions with various expiration dates.
 net operating losses in canada have various carryforward periods began expiring in 2007.
 net operating losses in germany no expiration date.
 net operating losses in mexico have ten year carryforward period begin expire in 2009.
 these losses not available for use under new ietu tax regulations in mexico.
 ietu primary system company subject to tax in future periods no deferred tax asset reflected in balance sheet as of december 31 , 2007 for these income tax loss carryforwards.
 company adopted provisions of fin 48 effective january 1 , 2007.
 fin 48 clarifies accounting for income taxes prescribing minimum recognition threshold tax benefit required to meet before recognized in financial statements.
 fin 48 provides guidance on derecognition , measurement  classification  interest and penalties  accounting in interim periods  disclosure transition.
 result of implementation of fin 48 company increased retained earnings by $ 14 million decreased goodwill by $ 2 million.
tax liabilities for unrecognized tax benefits related potential penalties and interest reclassified from current to long-term liabilities.
 liabilities for unrecognized tax benefits as of december 31 , 2007 relate to various us and foreign jurisdictions.
 reconciliation of beginning and ending amount of unrecognized tax benefits : year ended december 31 , 2007 ( in $ millions ).
 included in unrecognized tax benefits of $ 200 million as of december 31 2007 is $ 56 million of tax benefits if recognized would reduce company 2019s effective tax rate.
 company recognizes interest and penalties related to unrecognized tax benefits in provision for income taxes.
 as of december 31 , 2007 company recorded liability of approximately $ 36 million for interest and penalties.
 includes increase of approximately $ 13 million for year ended december 31 , 2007.
 company operates in united states germany approximately 40 other foreign jurisdictions including canada  china france mexico singapore.
 examinations ongoing in jurisdictions including significantly in germany for years 2001 to 2004.
 during quarter ended march 31 , 2007 company received final assessments in germany for prior examination period  1997 to 2000.
 effective settlement of examinations resulted in reduction to goodwill of approximately $ 42 million with net expected cash outlay of $ 29 million.
 company 2019s corporation and subsidiaries notes to consolidated financial statements 2014 (%transmsg*** transmitting job : y48011 pcn : 122000000 ***%pcmsg|f-49 |00023|yes|no|02/26/2008 22:07|0|0|page valid  no graphics -- color : d|

| year ended december 31 2007 ( in $ millions )
----------------------------------------------- | ---------------------------------------------
balance as of january 1 2007                    | 193
increases in tax positions for the current year | 2
increases in tax positions for prior years      | 28
decreases in tax positions of prior years       | -21 ( 21 )
settlements                                     | -2 ( 2 )
balance as of december 31 2007                  | 200


intangible asset amortization expense to $ 12 million , $ 4 million $ 4 million for years ended december 31 , 2018 , 2017 2016 .
 estimated amortization expense next five years subsequent to december 31 , 2018 follows.
 note 9 : shareholders 2019 equity common stock under dividend reinvestment direct stock purchase plan ( 201cdrip 201d ) may reinvest cash dividends purchase additional company common stock to certain limits through plan administrator without commission fees.
 shares purchased may be newly issued shares treasury shares at company 2019s election shares purchased by plan administrator in open market or privately negotiated transactions.
 purchases made credited to drip accounts once each week.
 as of december 31 , 2018 approximately 4. 2 million shares available for future issuance under drip.
 anti-dilutive stock repurchase program in february 2015 company 2019s board of directors authorized anti-dilutive stock repurchase program allowed company to purchase up to 10 million shares of outstanding common stock over unrestricted period of time.
 company repurchased 0. 6 million shares and 0. 7 million shares common stock in open market at aggregate cost of $ 45 million and $ 54 million under program for years ended december 31 , 2018 and 2017 .
 as of december 31 , 2018  5. 5 million shares of common stock available for purchase under program.

| amount
---- | ------
2019 | $ 15
2020 | 13
2021 | 11
2022 | 10
2023 | 7