goldman sachs group , inc.
 and subsidiaries notes to consolidated financial statements firm unable to develop estimate of maximum payout under these guarantees and indemnifications.
 management believes unlikely firm will to make any material payments under these arrangements no material liabilities related to these guarantees and indemnifications recognized in consolidated statements of financial condition as of december 2017 and december 2016.
 other representations , warranties indemnifications.
 firm provides representations and warranties to counterparties in connection with variety of commercial transactions and occasionally indemnifies them against potential losses by breach of representations warranties.
 firm may provide indemnifications protecting against changes in or adverse application of certain u.
 tax laws in connection with ordinary-course transactions securities issuances borrowings or derivatives.
 in firm may provide indemnifications to some counterparties to protect them in event additional taxes owed or payments withheld due to change in or adverse application of certain non-u.
 tax laws.
 these indemnifications generally are standard contractual terms entered into in ordinary course of business.
 no stated or notional amounts included in these indemnifications contingencies triggering obligation to indemnify not expected to occur.
 firm unable to develop estimate of maximum payout under these guarantees and indemnifications.
 management believes unlikely firm will to make any material payments under these arrangements no material liabilities related to these arrangements recognized in consolidated statements of financial condition as of december 2017 and december 2016.
 guarantees of subsidiaries.
 group inc.
 fully unconditionally guarantees securities issued by gs finance corp. wholly-owned finance subsidiary of firm.
 group inc.
guaranteed payment obligations of goldman sachs & co.
 llc ( gs&co. ) and gs bank usa subject to certain exceptions.
 group inc.
 guarantees obligations of other consolidated subsidiaries transaction-by-transaction basis as negotiated with counterparties.
 group inc.
 unable to develop estimate of maximum payout under subsidiary guarantees ; guaranteed obligations are also obligations of consolidated subsidiaries group inc. 2019s liabilities as guarantor not separately disclosed.
 note 19.
 shareholders 2019 equity common equity as of december 2017 and december 2016 firm had 4. 00 billion authorized shares of common stock 200 million authorized shares of nonvoting common stock each with par value of $ 0. 01 per share.
 dividends declared per common share were $ 2. 90 in 2017 , $ 2. 60 in 2016 $ 2. 55 in 2015.
 january 16 , 2018 board of directors of group inc.
 declared dividend of $ 0. 75 per common share paid on march 29 , 2018 to common shareholders of record on march 1 , 2018.
 firm 2019s share repurchase program intended to maintain appropriate level of common equity.
 effected primarily through regular open-market purchases ( include repurchase plans designed to comply with rule 10b5-1 ) amounts and timing determined by firm 2019s current and projected capital position influenced by general market conditions prevailing price and trading volumes of firm 2019s common stock.
 prior to repurchasing common stock firm must receive confirmation frb does not object to such capital action.
 table below presents amount of common stock repurchased by firm under share repurchase program.
terms share-based compensation plans employees may remit shares to firm or firm may cancel rsus or stock options to satisfy minimum employee tax withholding requirements exercise price of stock options.
 under plans during 2017  2016 2015  12165 shares , 49374 shares 35217 shares remitted total value of $ 3 million , $ 7 million $ 6 million firm cancelled 8. 1 million , 6. 1 million 5. 7 million of rsus total value of $ 1. 94 billion , $ 921 million $ 1. 03 billion  respectively.
 under plans firm also cancelled 4. 6 million , 5. 5 million 2. 0 million of stock options total value $ 1. 09 billion , $ 1. 11 billion $ 406 million during 2017  2016 2015  respectively.
 166 goldman sachs 2017 form 10-k

in millions except per share amounts   | year ended december 2017 | year ended december 2016 | year ended december 2015
-------------------------------------- | ------------------------ | ------------------------ | ------------------------
common share repurchases               | 29.0                     | 36.6                     | 22.1
average cost per share                 | $ 231.87                 | $ 165.88                 | $ 189.41
total cost of common share repurchases | $ 6721                   | $ 6069                   | $ 4195


cannot assure gener restructuring will be completed or terms not changed materially.
 gener in restructuring debt of subsidiaries , termoandes s. a.
 ( 2018 2018termoandes 2019 2019 ) and interandes , s. a.
 ( 2018 2018interandes 2019 2019 ) expects maturities of obligations will be extended.
 under-performing businesses during 2003 sold or discontinued under-performing businesses and construction projects not meet investment criteria or not provide reasonable opportunities to restructure.
 anticipated less ongoing activity related to write-offs of development or construction projects and impairment charges in future.
 businesses  affected in 2003  listed below.
 impairment project name project type date location ( in millions ).
 ( 1 ) see note 4 2014discontinued operations.
 improving credit quality de-leveraging efforts reduced parent level debt by $ 1. 2 billion in 2003 ( including secured equity-linked loan previously issued by aes new york funding.
 refinanced and paid down near-term maturities by $ 3. 5 billion enhanced year-end liquidity to over $ 1 billion.
 average debt maturity extended from 2009 to 2012.
 at subsidiary level continue to pursue limited recourse financing to reduce parent credit risk.
 factors resulted in reduced cost of capital improved credit statistics expanded access to credit at both aes and subsidiaries.
 liquidity at aes parent level important factor for rating agencies in determining company 2019s credit quality improve.
 currency and political risk biggest variables to sustaining predictable cash flow.
 nature large contractual and concession-based cash flow from businesses mitigate these variables.
 in 2003  over 81% ( 81 % ) of cash distributions to parent company were from u.
 large utilities and worldwide contract generation.
february 4 , 2004  called for redemption of $ 155049000 aggregate principal amount of outstanding 8% ( 8 % ) senior notes due 2008  represents entire outstanding principal amount of 8% ( 8 % ) senior notes due 2008  $ 34174000 aggregate principal amount of outstanding 10% ( 10 % ) secured senior notes due 2005.
 8% ( 8 % ) senior notes due 2008 10% ( 10 % ) senior notes due 2005 redeemed march 8 , 2004 at redemption price equal to 100% ( 100 % ) principal amount plus accrued unpaid interest to redemption date.
 mandatory redemption of 10% ( 10 % ) secured senior notes due 2005 made with portion of 2018 2018adjusted free cash flow 2019 2019 ( defined indenture pursuant notes issued ) for fiscal year ended december 31 , 2003 required indenture made pro rata basis.
 february 13 , 2004 issued $ 500 million unsecured senior notes.
 unsecured senior notes mature march 1, 2014 callable at our option any time redemption price equal to 100% ( 100 % ) of principal amount unsecured senior notes plus make-whole premium.
 unsecured senior notes issued at price of 98. 288% ( 98. 288 % ) pay interest semi-annually annual

project name   | project type | date          | location           | impairment ( in millions )
-------------- | ------------ | ------------- | ------------------ | --------------------------
ede este ( 1 ) | operating    | december 2003 | dominican republic | $ 60
wolf hollow    | operating    | december 2003 | united states      | $ 120
granite ridge  | operating    | december 2003 | united states      | $ 201
colombia i     | operating    | november 2003 | colombia           | $ 19
zeg            | construction | december 2003 | poland             | $ 23
bujagali       | construction | august 2003   | uganda             | $ 76
el faro        | construction | april 2003    | honduras           | $ 20


guarantees and warranties in april 2015  we entered joint venture arrangements in saudi arabia.
 equity bridge loan provided to joint venture until 2020 to fund equity commitments we guaranteed repayment of our 25% ( 25 % ) share of loan.
 our venture partner guaranteed repayment of their share.
 maximum exposure under guarantee is approximately $ 100.
 as of 30 september 2015  recorded noncurrent liability of $ 67. 5 for obligation to make future equity contributions based on equity bridge loan.
 air products entered into sale of equipment contract with joint venture to engineer , procure construct industrial gas facilities supply gases to saudi aramco.
 provide bank guarantees to joint venture of up to $ 326 to support performance under contract.
 party to equity support agreement and operations guarantee related to air separation facility constructed in trinidad for venture we own 50% ( 50 % ).
 at 30 september 2015 maximum potential payments under joint and several guarantees were $ 30. 0.
 exposures under guarantee decline over time completely extinguished by 2024.
 first quarter of 2014  sold remaining portion of homecare business entered into operations guarantee related to obligations under certain homecare contracts transaction.
 maximum potential payment under guarantee is a320 million ( approximately $ 30 at 30 september 2015 ) exposure extinguished by 2020.
 no equity contributions or payments made since inception of guarantees.
 fair value of above guarantees not material.
 in normal course of business operations issued product warranties related to equipment sales.
 contracts often contain standard terms and conditions typically include warranty and indemnification to buyer that goods and services purchased do not infringe on third-party intellectual property rights.
 provision for estimated future costs relating to warranties not material to consolidated financial statements.
not expect any sum we to pay with guarantees warranties material adverse effect on our consolidated financial condition liquidity or results of operations.
 unconditional purchase obligations obligated to make future payments under unconditional purchase obligations as summarized below:.
 approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide syngas ) facilities.
 price of feedstock supply principally related to price of natural gas.
 long-term take-or-pay sales contracts to hyco customers generally matched to term feedstock supply obligations provide recovery of price increases in feedstock supply.
 due to matching long-term feedstock supply obligations to customer sales contracts not believe these purchase obligations material effect on our financial condition or results of operations.
 unconditional purchase obligations include other product supply purchase commitments and electric power natural gas supply purchase obligations primarily pass-through contracts with customers.
 purchase commitments to spend approximately $ 540 for additional plant and equipment included in unconditional purchase obligations in 2016.

2016       | $ 917
---------- | ------
2017       | 117
2018       | 63
2019       | 55
2020       | 54
thereafter | 164
total      | $ 1370


12.
 brokerage receivables brokerage payables citi has receivables payables for financial instruments sold to purchased from brokers  dealers customers  arise in ordinary course business.
 citi exposed to risk of loss from inability of brokers dealers customers to pay for purchases or deliver financial instruments sold  citi would to sell or purchase financial instruments at prevailing market prices.
 credit risk reduced to exchange or clearing organization acts as counterparty replaces broker  dealer customer in.
 citi to protect from risks customer activities by requiring customers to maintain margin collateral in compliance with regulatory internal guidelines.
 margin levels monitored daily customers deposit additional collateral as required.
 where customers meet collateral requirements  citi may liquidate sufficient underlying financial instruments to bring customer into compliance with required margin level.
 exposure to credit risk impacted by market volatility  may impair ability clients to satisfy obligations to citi.
 credit limits are established closely monitored for customers for brokers dealers engaged in forwards  futures other transactions credit sensitive.
 brokerage receivables and brokerage payables consisted of:.
 payables to brokers , dealers clearing organizations 22601 19915 total brokerage payables ( 1 ) $ 61342 $ 57152 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities accounted for in accordance with aicpa accounting guide for brokers dealers in securities as codified in asc 940-320.

in millions of dollars                                      | december 31 , 2017 | december 31 , 2016
----------------------------------------------------------- | ------------------ | ------------------
receivables from customers                                  | $ 19215            | $ 10374
receivables from brokers dealers and clearing organizations | 19169              | 18513
total brokerage receivables ( 1 )                           | $ 38384            | $ 28887
payables to customers                                       | $ 38741            | $ 37237
payables to brokers dealers and clearing organizations      | 22601              | 19915
total brokerage payables ( 1 )                              | $ 61342            | $ 57152


american tower corporation subsidiaries notes consolidated financial statements 2014 company selected december 1 date perform annual impairment test.
 2005 and 2004 testing company completed internal appraisal estimated fair value of rental and management reporting unit goodwill utilizing future discounted cash flows market information.
 based appraisals company determined goodwill in rental and management segment not impaired.
 company 2019s other intangible assets subject to amortization consist following as of december 31 ( in thousands ) :.
 company amortizes intangible assets over periods three to fifteen years.
 amortization intangible assets for years ended december 31 , 2005 and 2004 aggregated approximately $ 136. 0 million and $ 97. 8 million  ( excluding amortization of deferred financing costs included in interest expense.
 company expects to record amortization expense of approximately $ 183. 6 million , $ 178. 3 million , $ 174. 4 million , $ 172. 7 million $ 170. 3 million , for years ended december 31 , 2006 , 2007, 2008  2009 2010 .
 amounts subject to changes in estimates until preliminary allocation of spectrasite purchase price finalized.
 6.
 notes receivable in 2000  company loaned tv azteca , s. a.
 de c. v.
 tv azteca ) owner of major national television network in mexico , $ 119. 8 million.
 loan initially bore interest at 12. 87% ( 12. 87 % )  payable quarterly discounted by company fair value interest rate at date of loan determined to be 14. 25% ( 14. 25 % ).
 loan amended effective january 1, 2003 to increase original interest rate to 13. 11% (. 11 % ).
 as of december 31 , 2005 and 2004 , approximately $ 119. 8 million undiscounted ( $ 108.2 million discounted ) under loan outstanding included in notes receivable other long-term assets in accompanying consolidated balance sheets.
 term of loan is seventy years ; loan may be prepaid by tv azteca without penalty during last fifty years of agreement.
 discount on loan amortized to interest income 2014tv azteca , net , using effective interest method over seventy-year term of loan.
 simultaneous with signing loan agreement , company also entered seventy year economic rights agreement with tv azteca regarding space not used by tv azteca on approximately 190 of broadcast towers.
 in exchange for issuance of below market interest rate loan discussed annual payment of $ 1. 5 million to tv azteca ( under economic rights agreement ), company has right to market and lease unused tower space on broadcast towers ( economic rights ).
 tv azteca retains title to these towers responsible for operation and maintenance.
 company entitled to 100% ( 100 % ) of revenues from leases with tenants on unused space responsible for incremental operating expenses associated with tenants.

| 2005               | 2004
------------------------------------------------------- | ------------------ | ------------------
acquired customer base and network location intangibles | $ 2606546          | $ 1369607
deferred financing costs                                | 65623              | 89736
acquired licenses and other intangibles                 | 51703              | 43404
total                                                   | 2723872            | 1502747
less accumulated amortization                           | -646560 ( 646560 ) | -517444 ( 517444 )
other intangible assets net                             | $ 2077312          | $ 985303


deferred tax assets liabilities recorded in consolidated balance sheet under captions deferred income tax assets , deferred charges other assets accrued liabilities deferred income taxes.
 decrease in 2009 in deferred tax assets relates to tax impact of changes in qualified pension liabilities  minimum tax credit utilization increase in valuation allowance.
 decrease in deferred income tax liabilities relates to less tax depreciation on company 2019s assets purchased in 2009.
 valuation allowance for deferred tax assets as of december 31 , 2008 was $ 72 million.
 net change in total valuation allowance for year ended december 31, 2009  increase of $ 274 million.
 increase of $ 274 million consists of $ 211 million related to company 2019s french operations  including valuation allowance of $ 55 million against net deferred tax assets from current year operations $ 156 million second quarter of 2009 for valuation allowance against previously recorded deferred tax assets $ 10 million for net deferred tax assets from company 2019s united king- dom current year operations  3 $ 47 million related to reduction of previously recorded u. s.
 state deferred tax assets including $ 15 million fourth quarter of 2009 for louisiana recycling credits.
 effect on company 2019s effec- tive tax rate of $ 211 million and $ 10 million included in line item 201ctax rate permanent differences on non-u. s.
 earnings. 201d international paper adopted provisions new guidance under asc 740 , 201cincome taxes , 201d on jan- uary 1 , 2007 related to uncertain tax positions.
result of implementation of new guidance company recorded charge to beginning balance of retained earnings of $ 94 million , accounted for as reduction to january 1 , 2007 balance of retained earnings.
 reconciliation of beginning and ending amount unrecognized tax benefits for year ending december 31 , 2009 and 2008 is as follows : in millions 2009 2008 2007.
 included in balance at december 31 , 2009 and 2008 are $ 56 million and $ 9 million , respectively, for tax positions for ultimate benefits are highly certain , but for uncertainty about timing of benefits.
 except for possible effect penalties dis- allowance change timing of benefits would not affect annual effective tax rate, but accelerate payment of cash to taxing authority to earlier period.
 company accrues interest on unrecognized tax benefits as component of interest expense.
 penal- ties , if incurred are recognized as component of income tax expense.
 company had approx- imately $ 95 million and $ 74 million accrued for payment of estimated interest and penalties asso- ciated with unrecognized tax benefits at december 31 , 2009 and 2008 , respectively.
 major jurisdictions where company files income tax returns are united states , brazil , france , poland and russia.
 tax years 2002 through 2009 remain open and subject to examina- tion by relevant tax authorities.
 company is typically engaged in various tax examinations in united states and overseas.
 currently company engaged in discussions with u. s.
 internal revenue service regarding examination of tax years 2006 and 2007.
 result of discussions pending tax audit settle- ments expiration of statutes of limitation  company estimates amount unrecognized tax benefits could be reduced by up to $ 125 million during next twelve months.
2009  unrecognized tax benefits decreased by $ 127 million.
 company believes adequately accrued for possible audit adjustments , final resolution of examinations be determined could result in final settlements differ from current estimates.
 company 2019s 2009 income tax provision of $ 469 million included $ 279 million related to special items other charges  $ 534 million tax benefit related to restructuring other charges  $ 650 million tax expense for alternative fuel mixture credit  $ 163 million of tax-related adjustments including $ 156 million tax expense establish valuation allowance for net operating loss carryforwards in france $ 26 million tax benefit for effective settlement of federal tax audits  $ 15 million tax expense valuation allow- ance for louisiana recycling credits  $ 18 million other income tax adjustments.
 excluding impact of special items  tax provision was

in millions                                              | 2009           | 2008           | 2007
-------------------------------------------------------- | -------------- | -------------- | --------------
balance at january 1                                     | $ -435 ( 435 ) | $ -794 ( 794 ) | -919 ( 919 )
additions based on tax positions related to current year | -28 ( 28 )     | -14 ( 14 )     | -12 ( 12 )
additions for tax positions of prior years               | -82 ( 82 )     | -66 ( 66 )     | -30 ( 30 )
reductions for tax positions of prior years              | 72             | 67             | 74
settlements                                              | 174            | 352            | 112
expiration of statutes of limitations                    | 2              | 3              | 5
currency translation adjustment                          | -11 ( 11 )     | 17             | -24 ( 24 )
balance at december 31                                   | $ -308 ( 308 ) | $ -435 ( 435 ) | $ -794 ( 794 )


page 38 five years.
 amounts applied against offset agreements based on negotiations with customer require cash outlays represent fraction of original amount offset agreement.
 at december 31 , 2005  had outstanding offset agreements totaling $ 8. 4 bil- lion  primarily related to aeronautics segment extend through 2015.
 entered into purchase obligations at december 31 , 2005 satisfy offset agree- ments amounts included in preceding table.
 entered into standby letter of credit agreements and other arrangements with financial institutions and custom- ers mainly relating to advances received from customers/or guarantee of future performance on contracts.
 at december 31 , 2005  outstanding letters of credit , surety bonds guarantees  as follows : commitment expiration by period ( in millions ) commitment 1 year ( a ) years ( a ) standby letters of credit $ 2630 $ 2425 $ 171 $ 18 $ 16.
 approximately $ 2262 million and $ 49 million of standby letters of credit in 201cless than 1 year 201d and 201c1-3 year 201d periods  approximately $ 38 million of surety bonds in 201cless than 1 year 201d period expected to renew for additional periods until completion of contractual obligation.
 included in table above is approximately $ 200 million representing letter of credit and surety bond amounts for related obligations or liabilities recorded in bal- ance sheet as reductions of inventories customer advances amounts in excess of costs incurred or other liabilities.
 approximately $ 2 billion of standby letters of credit in table to secure advance payments received under f-16 contract from international cus- tomer.
 letters of credit available for draw down in nonperformance amount available reduced as certain events occur throughout period of performance in accordance with contract terms.
similar to letters of credit for f-16 contract other letters of credit and surety bonds available for draw down in nonperformance.
 at december 31 , 2005  no material off-balance sheet arrangements arrangements defined by securities and exchange commission ( sec ).
 quantitative qualitative disclosure of market risk main exposure to market risk relates to interest rates foreign currency exchange rates.
 financial instruments subject to interest rate risk include fixed- rate and floating rate long-term debt.
 if interest rates change by plus or minus 1% ( 1 % ) , interest expense would increase or decrease by approximately $ 10 million related to float- ing rate debt.
 estimated fair values of corporation 2019s long-term debt instruments at december 31 , 2005 aggregated approximately $ 6. 2 billion  compared with carrying amount of approximately $ 5. 0 billion.
 majority of long-term debt obligations not callable until maturity.
 used interest rate swaps in past to manage exposure to fixed and variable interest rates ; at year-end 2005  no such agreements in place.
 use forward foreign exchange contracts to manage exposure to fluctuations in foreign currency exchange rates qualify for hedge accounting treatment.
 these exchange contracts hedge fluctuations in cash flows associated with firm commitments or specific anticipated transactions contracted in foreign currencies or hedge exposure to rate changes affecting foreign currency denomi- nated assets or liabilities.
 related gains and losses on these contracts  to effective hedges recog- nized in income at hedged transaction recognized or when hedged asset or liability adjusted.
 hedges ineffective gains and losses on contracts recognized in current period.
 at december 31 , 2005  fair value of forward exchange con- tracts outstanding amounts of gains and losses recorded during year then ended were not material.
do not hold or issue derivative financial instruments for trad- ing or speculative purposes.
 recent accounting pronouncements december 2004 fasb issued fas 123 ( r ) , share- based payments impact net earnings earn- ings per share change classification of elements statement of cash flows.
 fas 123 ( r ) requires stock options share-based payments to employees accounted for as compensation expense recorded at fair lockheed martin corporation management 2019s discussion analysis of financial condition results of operations december 31, 2005

( in millions )           | commitment expiration by period total commitment | commitment expiration by period less than 1 year ( a ) | commitment expiration by period 1-3 years ( a ) | commitment expiration by period 3-5 years | commitment expiration by period after 5 years
------------------------- | ------------------------------------------------ | ------------------------------------------------------ | ----------------------------------------------- | ----------------------------------------- | ---------------------------------------------
standby letters of credit | $ 2630                                           | $ 2425                                                 | $ 171                                           | $ 18                                      | $ 16
surety bonds              | 434                                              | 79                                                     | 352                                             | 3                                         | 2014
guarantees                | 2                                                | 1                                                      | 1                                               | 2014                                      | 2014
total commitments         | $ 3066                                           | $ 2505                                                 | $ 524                                           | $ 21                                      | $ 16


volatility of capital markets or macroeconomic factors could adversely affect our business.
 changes in financial capital markets , including market disruptions  limited liquidity uncertainty regarding brexit interest rate volatility  including result of use or discontinued use of certain benchmark rates libor  may increase cost of financing risks of refinancing maturing debt.
 borrowing costs can be affected by short and long-term ratings by rating organizations.
 decrease in these ratings could limit access to capital markets increase borrowing costs could adversely affect our financial condition and operating results.
 some our customers and counterparties are highly leveraged.
 consolidations in industries customers operate have created larger customers some highly leveraged facing increased competition continued credit market volatility.
 these factors caused some customers to be less profitable  increasing exposure to credit risk.
 significant adverse change in financial and/or credit position of a customer or counterparty could require us to assume greater credit risk customer could limit our ability to collect receivables.
 could adverse impact on our financial condition and liquidity.
 item 1b.
 unresolved staff comments.
 item 2.
 properties.
 corporate co-headquarters are located in pittsburgh, pennsylvania and chicago , illinois.
 co-headquarters are leased house executive offices ,.
 business units  administrative , finance , legal , and human resource functions.
 maintain additional owned and leased offices throughout regions in we operate.
 manufacture our products in network of manufacturing and processing facilities throughout world.
 as of december 29 , 2018  operated 84 manufacturing and processing facilities.
 own 81 and lease three of facilities.
 manufacturing and processing facilities count by segment as of december 29 , 2018 was:.
maintain manufacturing processing facilities in good condition believe suitable adequate for present needs.
 enter co-manufacturing arrangements with third parties if determine advantageous to outsource production of products.
 in fourth quarter of 2018  announced plans to divest certain assets operations predominantly in canada india including one owned manufacturing facility in canada one owned one leased facility in india.
 see note 5 , acquisitions divestitures in item 8, financial statements supplementary data for additional information on transactions.
 item 3.
 legal proceedings.
 see note 18 , commitments contingencies  in item 8 , financial statements supplementary data.
 item 4.
 safety disclosures.
 not applicable.
 part ii item 5.
 market for registrant's common equity  related stockholder matters issuer purchases of equity securities.
 common stock listed on nasdaq under ticker symbol 201ckhc 201d.
 at june 5 , 2019  approximately 49000 holders of record of common stock.
 see equity and dividends in item 7 , management 2019s discussion analysis of financial condition results of operations  for discussion of cash dividends declared on common stock.

| owned | leased
------------- | ----- | ------
united states | 40    | 1
canada        | 2     | 2014
emea          | 12    | 2014
rest of world | 27    | 2


valuation allowance provided against deferred tax assets when more likely some portion or all deferred tax assets not be realized.
 changes to valuation allowance during year ended december 31 , 2017  2016 fiscal transition period years ended may 31 , 2016 2015 summarized below ( in thousands ) :.
 increase in valuation allowance related to net operating loss carryforwards of $ 10. 3 million for year ended december 31 , 2017 relates primarily to carryforward assets of acquisition of active network.
 increase in valuation allowance related to domestic net operating loss carryforwards of $ 1. 5 million and $ 4. 5 million for 2016 fiscal transition period and year ended may 31, 2016  relates to acquired carryforwards from merger with heartland.
 foreign net operating loss carryforwards of $ 43. 2 million and domestic net operating loss carryforwards of $ 28. 9 million at december 31 , 2017 expire between december 31 , 2026 and december 31 , 2037 if not utilized.
 conduct business globally file income tax returns in domestic federal jurisdiction state and foreign jurisdictions.
 subject to examination by taxing authorities around world.
 no longer subjected to state income tax examinations for years ended before may 31, 2008.
 federal income tax examinations for years ended before december 31 , 2013.
 federal income tax examinations for years ended before may 31 , 2014.
 2013 global payments inc.
 2017 form 10-k annual report

balance at may 31 2014                                                    | $ -7199 ( 7199 )
------------------------------------------------------------------------- | ------------------
utilization of foreign net operating loss carryforwards                   | 3387
other                                                                     | -11 ( 11 )
balance at may 31 2015                                                    | -3823 ( 3823 )
allowance for foreign income tax credit carryforward                      | -7140 ( 7140 )
allowance for domestic net operating loss carryforwards                   | -4474 ( 4474 )
allowance for domestic net unrealized capital loss                        | -1526 ( 1526 )
release of allowance of domestic capital loss carryforward                | 1746
other                                                                     | 98
balance at may 31 2016                                                    | -15119 ( 15119 )
allowance for domestic net operating loss carryforwards                   | -1504 ( 1504 )
release of allowance of domestic net unrealized capital loss              | 12
balance at december 31 2016                                               | -16611 ( 16611 )
allowance for foreign net operating loss carryforwards                    | -6469 ( 6469 )
allowance for domestic net operating loss carryforwards                   | -3793 ( 3793 )
allowance for state credit carryforwards                                  | -685 ( 685 )
rate change on domestic net operating loss and capital loss carryforwards | 3868
utilization of foreign income tax credit carryforward                     | 7140
balance at december 31 2017                                               | $ -16550 ( 16550 )


entergy new orleans , inc.
 subsidiaries management 2019s financial discussion analysis results of operations net income 2016 compared to 2015 net income increased $ 3. 9 million due to higher net revenue offset by higher depreciation amortization expenses higher interest expense lower other income.
 2015 compared to 2014 net income increased $ 13. 9 million due to lower other operation maintenance expenses higher net revenue offset by higher effective income tax rate.
 net revenue 2016 compared to 2015 consists of operating revenues net of 1 ) fuel  fuel-related expenses  gas purchased for resale 2 ) purchased power expenses 3 ) other regulatory charges.
 analysis of change in net revenue comparing 2016 to 2015.
 amount ( in millions ).
 retail electric price variance due to increase in purchased power capacity acquisition cost recovery rider  approved by city council effective with first billing cycle of march 2016 related to purchase of power block 1 of union power station.
 see note 14 to financial statements for discussion union power station purchase.
 net gas revenue variance due to effect of less favorable weather on residential commercial sales.
 volume/weather variance due to decrease of 112 gwh  or 2% ( 2 % ) in billed electricity usage offset by effect of favorable weather on commercial sales 2% ( 2 % ) increase in average number of electric customers.

| amount ( in millions )
--------------------- | ----------------------
2015 net revenue      | $ 293.9
retail electric price | 39.0
net gas revenue       | -2.5 ( 2.5 )
volume/weather        | -5.1 ( 5.1 )
other                 | -8.1 ( 8.1 )
2016 net revenue      | $ 317.2


undistributed earnings of $ 696. 9 million from foreign subsidiaries considered to permanently reinvested abroad not repatriated to united states in foreseeable future.
 earnings indefinitely reinvested no domestic federal or state deferred income taxes provided thereon.
 if distribution of portion earnings in form of dividends or otherwise subject to both u.
 income taxes ( subject to adjustment for foreign tax credits ) and withholding taxes payable to foreign jurisdictions.
 because of availability of.
 foreign tax credit carryforwards not practicable to determine domestic federal income tax liability payable if earnings no longer reinvested indefinitely.
 valuation allowance provided against deferred tax assets when more likely not some portion or all of deferred tax assets will not be realized.
 changes to valuation allowance during years ended may 31 , 2015 and 2014 summarized below ( in thousands ) :.
 net operating loss carryforwards of foreign subsidiaries totaling $ 12. 4 million and. s.
 net operating loss carryforwards previously acquired totaling $ 19. 8 million at may 31 , 2015 will expire between may 31, 2017 and may 31 , 2033 if not utilized.
 capital loss carryforwards of.
 subsidiaries totaling $ 4. 7 million will expire if not utilized by may 31 , 2017.
 tax credit carryforwards totaling $ 8. 4 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2023 if not utilized.
 conduct business globally and file income tax returns in u. s.
 federal jurisdiction and various state and foreign jurisdictions.
 business subject to examination by taxing authorities around world.
result of events occurred in fourth quarter of year ended may 31 , 2015 management concluded likely not tax positions in foreign jurisdiction, for we had recorded estimated liabilities of $ 65. 6 million in other noncurrent liabilities on consolidated balance sheet would be sustained on technical merits based on information available as of may 31 , 2015.
 liability and deferred tax assets eliminated as of may 31 , 2015.
 uncertain tax positions subject to ongoing examination in foreign jurisdiction by tax authority.
 discussions and correspondence between tax authority us during fourth quarter indicated likelihood of positions being sustained increased.
 subsequent to may 31 , 2015  received final closure notice examination resulting in no adjustments to taxable income related matter for tax returns filed for periods ended may 31 , 2010 through may 31 , 2013.
 unrecognized tax benefits settled with final closure notice.
 no longer subjected to state income tax examinations for years ended or before may 31 , 2008 ,.
 federal income tax examinations for fiscal years prior to 2012 and united kingdom federal income tax examinations for years ended or before may 31 , 2013.
 78 2013 global payments inc.
 | 2015 form 10-k annual report

balance at may 31 2013                                  | $ -28464 ( 28464 )
------------------------------------------------------- | ------------------
utilization of foreign net operating loss carryforwards | 2822
allowance for foreign tax credit carryforward           | 18061
other                                                   | 382
balance at may 31 2014                                  | -7199 ( 7199 )
utilization of foreign net operating loss carryforwards | 3387
other                                                   | -11 ( 11 )
balance at may 31 2015                                  | $ -3823 ( 3823 )


table shows reporting units with goodwill balances as of december 31 , 2010 , excess of fair value as percentage over allocated book value as of annual impairment test.
 in millions of dollars reporting unit ( 1 ) fair value as a % ( % ) of allocated book value goodwill.
 ( 1 ) local consumer lending 2014other is excluded from table as no goodwill allocated to it.
 no impairment noted in step one of citigroup 2019s local consumer lending 2014cards reporting unit impairment test at july 1, 2010 , goodwill in reporting unit may be sensitive to further deterioration as valuation unit dependent upon economic conditions affect consumer credit risk and behavior.
 citigroup engaged services of independent valuation specialist to assist in valuation of reporting unit at july 1 , 2010 , using combination of market approach and income approach consistent with valuation model used in past practice  considered impact of penalty fee provisions associated with credit card accountability responsibility and disclosure act of 2009 ( card act ) implemented during 2010.
 under market approach for valuing this reporting unit  key assumption is selected price multiple.
 selection multiple considers operating performance and financial condition of local consumer lending 2014cards operations compared with group of selected publicly traded guideline companies and group selected acquired companies.
 factors level and expected growth in return on tangible equity relative to guideline companies guideline transactions is considered.
 guideline company prices used are on minority interest basis  selection of multiple considers guideline acquisition prices  reflect control rights and privileges  arriving at multiple reflects appropriate control premium.
 for local consumer lending 2014cards valuation under income approach  assumptions used basis for model include cash flows for forecasted period  assumptions at estimation of terminal value and discount rate.
cash flows for forecasted period estimated based on management 2019s recent projections available as of testing date , giving consideration to targeted equity capital requirements based on selected public guideline companies for reporting unit.
 arriving at terminal value for local consumer lending 2014cards  using 2013 as terminal year , assumptions include long-term growth rate price-to-tangible book multiple based on selected public guideline companies for reporting unit.
 discount rate based on reporting unit 2019s estimated cost of equity capital computed under capital asset pricing model.
 embedded in key assumptions underlying valuation model  is inherent uncertainty regarding possibility economic conditions may deteriorate or other events impact business model for local consumer lending 2014cards.
 inherent uncertainty in assumptions management 2019s forecasts  company utilized discount rate at july 1 , 2010 believes reflects risk characteristics and uncertainty specific to management 2019s forecasts and assumptions for local consumer lending 2014cards reporting unit.
 two primary categories of events exist 2014economic conditions in u. s.
 and regulatory actions 2014which if occur could negatively affect key assumptions in valuation of local consumer lending 2014cards.
 small deterioration in assumptions in valuations , in particular discount-rate and growth-rate assumptions in net income projections  could affect citigroup 2019s impairment evaluation and  results.
 if future differ adversely from management 2019s best estimate of key economic assumptions  associated cash flows decrease by small margin , citi could potentially experience future material impairment charges with respect to $ 4560 million of goodwill remaining in local consumer lending 2014 cards reporting unit.
charges  not negatively affect citi 2019s tier 1 total capital regulatory ratios , tier 1 common ratio , tangible common equity or citi 2019s liquidity position.

reporting unit ( 1 )                    | fair value as a % (  % ) of allocated book value | goodwill
--------------------------------------- | ------------------------------------------------ | --------
north america regional consumer banking | 170% ( 170 % )                                   | $ 2518
emea regional consumer banking          | 168                                              | 338
asia regional consumer banking          | 344                                              | 6045
latin america regional consumer banking | 230                                              | 1800
securities and banking                  | 223                                              | 9259
transaction services                    | 1716                                             | 1567
brokerage and asset management          | 151                                              | 65
local consumer lending 2014cards        | 121                                              | 4560


sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business estimate sales by type of customer past three fiscal years were as follows:.
 ( 1 ) other includes cafeterias not stand-alone restaurants , bakeries , caterers  churches  civic and fraternal organizations  vending distributors  other distributors international exports.
 none of these types customers group exceeded 5% ( 5 % ) of total sales in any years for information presented.
 sources of supply purchase from thousands of suppliers  domestic and international  none individually accounts for more than 10% ( 10 % ) of purchases.
 suppliers consist generally of large corporations selling brand name and private label merchandise independent regional brand and private label processors and packers.
 provide specialty and seasonal products from small to mid-sized producers meet growing demand for locally sourced products.
 locally sourced products , including produce , meats  cheese other products help differentiate customers 2019 offerings satisfy demands for new products support local communities.
 purchasing carried out through centrally developed purchasing programs domestically and internationally and direct purchasing programs established by operating companies.
 administer consolidated product procurement program to develop  obtain ensure consistent quality food and non-food products.
 program covers purchasing and marketing of branded merchandise  products from national brand suppliers encompassing all product lines.
 some products purchased internationally within global procurement centers to build strategic relationships with international suppliers optimize supply chain network.
 sysco 2019s operating companies purchase product from suppliers participating in these consolidated programs and from other suppliers sysco brand products only available to operating companies through these consolidated programs.
focus on increasing profitability by lowering operating costs lowering aggregate inventory levels reduces future facility expansion needs at broadline operating companies providing greater value to suppliers customers.
 working capital practices growth funded through combination cash flow from operations , commercial paper issuances long-term borrowings.
 see discussion in item 7 201cmanagement 2019s discussion analysis of financial condition results of operations - liquidity and capital resources 201d regarding liquidity , financial position sources uses of funds.
 extend credit terms to customers vary from cash on delivery to 30 days or more based on assessment of each customer 2019s credit worthiness.
 monitor each customer 2019s account suspend shipments if necessary.
 majority of sales orders filled within 24 hours of customer orders placed.
 maintain inventory on hand to meet customer demand.
 level of inventory on hand vary by product depending on shelf-life  supplier order fulfillment lead times customer demand.
 make purchases of additional volumes of certain products based on supply or pricing opportunities.
 take advantage of suppliers 2019 cash discounts where appropriate receive payment terms from suppliers ranging from weekly to 45 days or more.
 corporate headquarters shared services center corporate staff makes available services to operating companies shared services center performs support services for employees , suppliers customers.
 members groups possess experience expertise in customer and vendor contract administration , accounting and finance, treasury , legal , information technology , payroll employee benefits  risk management insurance , sales and marketing , merchandising  inbound logistics , human resources , strategy tax compliance services.
 corporate office makes available supply chain expertise  in warehousing and distribution services  provide assistance in operational best practices  including space utilization , energy conservation  fleet management work flow.

type of customer      | 2019           | 2018           | 2017
--------------------- | -------------- | -------------- | --------------
restaurants           | 62% ( 62 % )   | 62% ( 62 % )   | 61% ( 61 % )
education government  | 9              | 8              | 9
travel leisure retail | 9              | 8              | 9
healthcare            | 8              | 9              | 9
other ( 1 )           | 12             | 13             | 12
totals                | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % )


two-class method.
 provisions of guidance required for fiscal years beginning after december 15 , 2008.
 company adopted this guidance for current period computations of earnings per share updated prior period computations of earnings per share.
 adoption of guidance in first quarter of 2009 material impact on company 2019s computation of earnings per share.
 refer to note 11 for further discussion.
 in june 2008  fasb issued accounting guidance addressing determination of whether provisions introduce adjustment features ( including contingent adjustment features ) prevent treating derivative contract or embedded derivative on company 2019s own stock as indexed solely to company 2019s stock.
 guidance effective for fiscal years beginning after december 15 , 2008.
 adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.
 in march 2008  fasb issued accounting guidance to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to investors to understand effects on entity 2019s financial position , financial performance  and cash flows.
 guidance effective for fiscal years and interim periods beginning after november 15 , 2008.
 adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.
 in december 2007  fasb issued replacement guidance requires acquirer of business to recognize and measure identifiable assets acquired  liabilities assumed  and non-controlling interest in acquired entity at fair value.
 replacement guidance requires transaction costs related to business combination to be expensed as incurred.
 effective for business combinations for acquisition date on or after start of fiscal year beginning after december 15 , 2008.
 adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.
december 2007 , fasb issued accounting guidance establishes accounting reporting standards for noncontrolling interest in subsidiary for deconsolidation of subsidiary.
 guidance effective for fiscal years beginning after december 15 , 2008.
 adoption of guidance in first quarter of 2009 impact on company 2019s consolidated financial statements.
 september 2006 , fasb issued accounting guidance defines fair value  establishes framework for measuring fair value with generally accepted accounting principles expands disclosures about fair value measurements.
 guidance effective for fiscal years beginning after november 15, 2007 , fasb delayed effective date to fiscal years beginning after november 15, 2008 for nonfinancial assets and nonfinancial liabilities  except items recognized or disclosed at fair value on annual or more frequent basis.
 adoption of guidance for nonfinancial assets liabilities in first quarter of 2009 not impact on company 2019s consolidated financial statements.
 3.
 inventories inventories consisted of following:.

( in thousands )     | december 31 , 2009 | december 31 , 2008
-------------------- | ------------------ | ------------------
finished goods       | $ 155596           | $ 187072
raw materials        | 785                | 731
work-in-process      | 71                 | 6
subtotal inventories | 156452             | 187809
inventories reserve  | -7964 ( 7964 )     | -5577 ( 5577 )
total inventories    | $ 148488           | $ 182232


n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries 20.
 statutory financial information company 2019s insurance and reinsurance subsidiaries subject to insurance laws regulations in jurisdictions they operate.
 regulations include restrictions limit dividends other distributions loans cash advances available to shareholders without prior approval of insurance regulatory authorities.
 no statutory restrictions on payment of dividends from retained earnings by bermuda subsidiaries minimum statutory capital surplus requirements satisfied by share capital additional paid-in capital of bermuda subsidiaries.
 company 2019s u. s.
 subsidiaries file financial statements prepared in with statutory accounting practices by insurance regulators.
 statutory accounting differs from in reporting of certain reinsurance contracts , investments  subsidiaries acquis- ition expenses fixed assets deferred income taxes  certain other items.
 statutory capital surplus of u.
 subsidiaries met regulatory requirements for 2009 , 2008  2007.
 dividends available to be paid in 2010  without prior approval from state insurance departments totals $ 733 million.
 combined statutory capital surplus statutory net income of bermuda and u. s.
 subsidiaries at for years ended december 31 , 2009 , 2008  2007  are as follows:.
 permitted by restructuring discussed in note 7 company 2019s u. s.
 subsidiaries discount certain a&e liabilities  increased statutory capital and surplus by approximately $ 215 million , $ 211 million  $ 140 million at december 31 , 2009 , 2008  2007  respectively.
company 2019s international subsidiaries prepare financial statements based local laws regulations.
 some jurisdictions impose complex regulatory requirements on insurance companies other jurisdictions impose fewer requirements.
 in some countries company must obtain licenses by governmental authorities to conduct local insurance business.
 these licenses may be subject to reserves minimum capital solvency tests.
 jurisdictions may impose fines censure criminal sanctions for violation of regulatory requirements.
 21.
 information provided connection with outstanding debt of subsidiaries following tables present condensed consolidating financial information at december 31 , 2009  december 31 , 2008  for years ended december 31, 2009, 2008  2007 for ace limited ( parent guarantor ) its 201csubsidiary issuer 201d , ace ina holdings , inc.
 subsidiary issuer is indirect 100 percent-owned subsidiary of parent guarantor.
 investments in subsidiaries accounted for by parent guarantor under equity method for.
 earnings of subsidiaries reflected in parent guarantor 2019s investment accounts earnings.
 parent guarantor guarantees certain debt of subsidiary issuer.

( in millions of u.s . dollars ) | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2007 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | 2007
-------------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------
statutory capital and surplus    | $ 9299                    | $ 6205                    | $ 8579                    | $ 5801                    | $ 5368                    | $ 5321
statutory net income             | $ 2472                    | $ 2196                    | $ 1535                    | $ 870                     | $ 818                     | $ 873


additional information on segment results see page 43.
 income from equity method investments increased $ 126 million in 2006 from 2005 increased $ 98 million in 2005 from 2004.
 income from lpg operations in equatorial guinea increased both due to higher sales volumes plant expansions completed in 2005.
 increase in 2005 included higher ptc income higher distillate gross margins.
 cost of revenues increased $ 4. 609 billion in 2006 from 2005 $ 7. 106 billion in 2005 from 2004.
 both increases primarily in rm&t segment resulted from increases in acquisition costs of crude oil refinery charge blend stocks purchased refined products.
 increase impacted by higher manufacturing expenses result higher contract services labor costs in 2006 higher purchased energy costs in 2005.
 purchases related to matching buy/sell transactions decreased $ 6. 968 billion in 2006 from 2005 increased $ 3. 314 billion in 2005 from 2004 mostly in rm&t segment.
 decrease in 2006 primarily related to change in accounting for matching buy/sell transactions.
 increase in 2005 primarily due to increased crude oil prices.
 depreciation  depletion amortization increased $ 215 million in 2006 from 2005 $ 125 million in 2005 from 2004.
 rm&t segment depreciation expense increased both years increase in asset value for acquisition of 38 percent interest in mpc on june 30 , 2005.
 detroit refinery expansion completed fourth quarter of 2005 contributed to rm&t depreciation expense increase in 2006.
 e&p segment depreciation expense for 2006 included $ 20 million impairment of capitalized costs related to camden hills field in gulf of mexico associated canyon express pipeline.
 natural gas production from camden hills field ended in 2006 increased water production from well.
selling general administrative expenses increased $ 73 million in 2006 from 2005 $ 134 million in 2005 from 2004.
 2006 increase primarily because personnel staffing costs increased variable compensation arrangements increased business activity.
 partially offsetting increases reductions in stock-based compensation expense.
 increase in 2005 result of increased stock-based compensation expense due to increase stock price increase in equity-based awards partially offset by decrease in expense severance pension plan curtailment charges start-up costs related to egholdings in 2004.
 exploration expenses increased $ 148 million in 2006 from 2005 $ 59 million in 2005 from 2004.
 exploration expense to dry wells other write-offs totaled $ 166 million , $ 111 million $ 47 million in 2006 2005 2004.
 exploration expense 2006 included $ 47 million for exiting cortland empire leases in nova scotia.
 net interest other financing costs income reflected net $ 37 million income for 2006 favorable change of $ 183 million from net $ 146 million expense in 2005.
 net interest other financing costs decreased $ 16 million in 2005 from 2004.
 favorable changes 2006 included increased interest income due to higher interest rates average cash balances foreign currency exchange gains adjustments to interest on tax issues greater capitalized interest.
 decrease in expense for 2005 result of increased interest income on higher average cash balances greater capitalized interest offset by increased interest on potential tax deficiencies higher foreign exchange losses.
 included in net interest other financing costs income foreign currency gains of $ 16 million losses of $ 17 million gains of $ 9 million for 2006  2005 2004.
 minority interest in income of mpc decreased $ 148 million in 2005 from 2004 due to acquisition of 38 percent interest in mpc on june 30 , 2005.
 provision for income taxes increased $ 2.308 billion in 2006 from 2005 $ 979 million 2005 from 2004 primarily due to $ 4. 259 billion and $ 2. 691 billion increases in income from continuing operations before income taxes.
 increase in effective income tax rate in 2006 result of income taxes related to libyan operations statutory income tax rate excess of 90 percent.
 analysis of effective income tax rates for continuing operations for 2006 , 2005 2004.
 see note 11 to consolidated financial statements for further discussion.

| 2006             | 2005             | 2004
-------------------------------------------------------------- | ---------------- | ---------------- | ----------------
statutory u.s . income tax rate                                | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % )
effects of foreign operations including foreign tax credits    | 9.9              | -0.8 ( 0.8 )     | 0.5
state and local income taxes net of federal income tax effects | 1.9              | 2.5              | 1.6
other tax effects                                              | -2.0 ( 2.0 )     | -0.4 ( 0.4 )     | -0.9 ( 0.9 )
effective income tax rate for continuing operations            | 44.8% ( 44.8 % ) | 36.3% ( 36.3 % ) | 36.2% ( 36.2 % )


$ 32 million federal tax payments deferred and paid in 2009 result allied acquisition.
 table summarizes activity in gross unrecognized tax benefits for years ended december 31:.
 new accounting guidance for business combinations effective for 2009 financial statements.
 new guidance changed treatment of acquired uncertain tax liabilities.
 under previous guidance changes in acquired uncertain tax liabilities recognized through goodwill.
 under new guidance subsequent changes in acquired tax liabilities recognized through income tax provision.
 as of december 31 , 2010  $ 206. 5 million of $ 222. 8 million unrecognized tax benefits related to tax positions taken by allied prior to 2008 acquisition.
 included in balance at december 31, 2010 and 2009 are approximately $ 209. 1 million and $ 217. 6 million unrecognized tax benefits ( net of federal benefit on state issues ) if recognized affect effective income tax rate in future periods.
 during 2010  irs concluded examination of 2005 and 2007 tax years.
 conclusion examination reduced gross unrecognized tax benefits by approximately $ 1. 9 million.
 resolved various state matters during 2010 reduced gross unrecognized tax benefits by approximately $ 10. 0 million.
 during 2009  settled outstanding tax dispute related to allied 2019s risk management companies ( with department of justice doj ) and internal revenue service ( irs ).
 settlement reduced gross unrecognized tax benefits by approximately $ 299. 6 million.
 during 2009 also settled with irs accounting method change outstanding tax dispute related to intercompany insurance premiums paid to allied 2019s captive insurance company.
 settlement reduced gross unrecognized tax benefits by approximately $ 62. 6 million.
addition to federal matters resolved state matters reduced gross unrecognized tax benefits during 2009 by approximately $ 5. 8 million.
 recognize interest and penalties incurred within provision for income taxes in consolidated statements of income.
 related to unrecognized tax benefits noted accrued interest of $ 19. 2 million during 2010 in total as of december 31 , 2010  recognized liability for penalties of $ 1. 2 million interest of $ 99. 9 million.
 during 2009  accrued interest of $ 24. 5 million total at december 31, 2009  recognized liability for penalties of $ 1. 5 million interest of $ 92. 3 million.
 during 2008  accrued penalties of $ 0. 2 million interest of $ 5. 2 million in total at december 31 , 2008  recognized liability for penalties of $ 88. 1 million interest of $ 180. 0 million.
 republic services , inc.
 notes to consolidated financial statements continued

| 2010           | 2009             | 2008
--------------------------------------------------------------------------- | -------------- | ---------------- | ------------
balance at beginning of year                                                | $ 242.2        | $ 611.9          | $ 23.2
additions due to the allied acquisition                                     | -              | 13.3             | 582.9
additions based on tax positions related to current year                    | 2.8            | 3.9              | 10.6
reductions for tax positions related to the current year                    | -              | -                | -5.1 ( 5.1 )
additions for tax positions of prior years                                  | 7.5            | 5.6              | 2.0
reductions for tax positions of prior years                                 | -7.4 ( 7.4 )   | -24.1 ( 24.1 )   | -1.3 ( 1.3 )
reductions for tax positions resulting from lapse of statute of limitations | -10.4 ( 10.4 ) | -0.5 ( 0.5 )     | -0.4 ( 0.4 )
settlements                                                                 | -11.9 ( 11.9 ) | -367.9 ( 367.9 ) | -
balance at end of year                                                      | $ 222.8        | $ 242.2          | $ 611.9


host hotels & resorts , inc.  l. p. subsidiaries notes to consolidated financial statements.
 summary of significant accounting policies description of business host hotels & resorts  inc.
 operates as self-managed self-administered real estate investment trust  operations conducted solely through host hotels & resorts , l. p.
 host hotels & resorts , l. p. delaware limited partnership  operates through umbrella partnership structure with host hotels & resorts , inc. a maryland corporation  as its sole general partner.
 in notes to consolidated financial statements use terms 201cwe 201d or 201cour 201d to refer to host hotels & resorts , inc.
 and host hotels & resorts , l. p.
 together unless context indicates otherwise.
 use term 201chost inc. 201d to refer specifically to host hotels & resorts , inc.
 term 201chost l. p. 201d to refer specifically to host hotels & resorts , l. p.
 distinguish between host inc.
 and host l. p.
 host inc.
 holds approximately 99% ( 99 % ) of host l. p. 2019s partnership interests .
 consolidated portfolio as of december 31, 2018  hotels in consolidated portfolio are in following countries:.
 basis of presentation principles of consolidation consolidated financial statements include consolidated accounts of host inc. , host l. p.
 their subsidiaries and controlled affiliates  including joint ventures and partnerships.
 consolidate subsidiaries when we ability to control them.
 for majority of our hotel and real estate investments  consider control rights to be approval or amendment of developments plans  financing decisions approval amendments of operating budgets  investment strategy decisions.
evaluate subsidiaries to determine if they are variable interest entities ( 201cvies 201d ).
 if subsidiary is a vie , subject to consolidation framework specifically for vies.
 typically entity power to direct activities significantly impact economic performance consolidates vie.
 we consider entity to be a vie if equity investors own interest therein not characteristics of controlling financial interest or if investors not have sufficient equity at risk for entity to finance activities without additional subordinated financial support.
 review subsidiaries and affiliates annually to determine if i should be considered vies, and change consolidation determination based on changes in characteristics.
 three partnerships are considered vie 2019s , as general partner maintains control over decisions significantly impact partnerships.
 first vie is operating partnership , host l. p. , consolidated by host inc. , of host inc.
 is general partner holds 99% ( 99 % ) of limited partner interests.
 host inc. 2019s sole significant asset is investment in host l. p.
 all of host inc. 2019s assets and liabilities represent assets liabilities of host l. p.
 all of host inc. 2019s debt is obligation of host l. p.
 may be settled only with assets of host l. p.
 consolidated partnership owns houston airport marriott at george bush intercontinental , of we are general partner and hold 85% ( 85 % ) of partnership interests , also is a vie.
 total assets of this vie at december 31 , 2018 are $ 48 million consist primarily of cash and

| hotels
------------- | ------
united states | 88
brazil        | 3
canada        | 2
total         | 93


first quarter of fiscal 2010 , company recorded additional charge of $ 4. 7 million related to cost reduction action.
 approximately $ 3. 4 million charge related to lease obligation costs for cambridge wafer fabrication facility, company ceased using in first quarter of fiscal 2010.
 remaining $ 1. 3 million charge related to clean-up and closure costs expensed as incurred.
 6.
 acquisitions in fiscal 2006  company acquired all outstanding stock of privately-held integrant technologies , inc.
 ( integrant ) of seoul , korea.
 acquisition enabled company to enter mobile tv market strengthened presence in asian region.
 company paid $ 8. 4 million related to purchase of shares from founder of integrant during period from july 2007 through july 2009.
 company recorded payments as additional goodwill.
 in fiscal 2006  company acquired all outstanding stock of privately-held audioasics a/s ( audioasics ) of roskilde , denmark.
 acquisition of audioasics allows company to continue developing low-power audio solutions  expanding presence in nordic and eastern european regions.
 company paid additional cash payments of $ 3. 1 million during fiscal 2009 for achievement of revenue-based milestones period october 2006 through january 2009 recorded as additional goodwill.
 company paid $ 3. 2 million during fiscal 2009 based on achievement of technological milestones period october 2006 through january 2009 recorded as compensation expense in fiscal 2008.
 all revenue and technological milestones related to acquisition met no additional payments will be made.
 company not provided pro forma results of operations for integrant and audioasics not material to company individual or aggregate basis.
 company included results of operations of each acquisition in consolidated statement of income from date of acquisition.
 7.
deferred compensation plan investments investments in analog devices ,.
 deferred compensation plan ) classified as trading.
 components of investments as of october 30 , 2010 and october 31 , 2009 were as follows:.
 fair values of investments based on published market quotes on october 30 , 2010 and october 31 , 2009.
 adjustments to fair value of  and income pertaining to deferred compensation plan investments recorded in operating expenses.
 gross realized and unrealized gains and losses from trading securities not material in fiscal 2010, 2009 or 2008.
 company recorded corresponding liability for amounts owed to deferred compensation plan participants ( see note 10 ).
 investments designated as available to company solely for purpose of paying benefits under deferred compensation plan.
 in company became insolvent investments available to all unsecured general creditors.
.
 other investments investments consist of equity securities and other long-term investments.
 investments stated at fair value  based on market quotes or on cost-basis  dependent on nature of investment  as appropriate.
 adjustments to fair value of investments classified as available-for-sale recorded as increase or decrease analog devices ,.
 notes to consolidated financial statements 2014 (

| 2010   | 2009
--------------------------------------------------------------------- | ------ | ------
money market funds                                                    | $ 1840 | $ 1730
mutual funds                                                          | 6850   | 6213
total deferred compensation plan investments 2014 short and long-term | $ 8690 | $ 7943


off-balance sheet transactions contractual obligations as of december 31 , 2017  contractual obligations with initial or remaining terms in excess of one year  including interest payments on long-term debt obligations , were as follows ( in thousands ) : table above does not include $ 0. 5 million of unrecognized tax benefits ( refer to notes consolidated financial statements note 201410 201cincome tax 201d ).
 certain service providers may require collateral in normal course business.
 amount of collateral may change based on terms and conditions.
 routine part of business depending on market conditions  exchange rates  pricing strategy for growth we regularly consider opportunities to enter contracts for building of additional ships.
 may consider sale of ships  potential acquisitions strategic alliances.
 if these transactions occur may be financed through incurrence of additional permitted indebtedness , cash flows from operations  or issuance of debt , equity or equity-related securities.
 funding sources certain debt agreements contain covenants require us to maintain minimum level of liquidity limit net funded debt-to-capital ratio maintain certain other ratios restrict ability to pay dividends.
 all ships and other property and equipment are pledged as collateral for certain debt.
 believe we were in compliance with these covenants as of december 31 , 2017.
 impact of changes in world economies global credit markets can create challenging environment may reduce future consumer demand for cruises adversely affect counterparty credit risks.
 in this environment deteriorates our business , financial condition results of operations could be adversely impacted.
believe cash on hand expected future operating cash inflows additional borrowings under new revolving loan facility ability to issue debt securities additional equity securities sufficient to fund operations debt payment requirements capital expenditures maintain compliance with covenants under debt agreements next twelve-month period.
 no assurance cash flows from operations additional financings available future to fund future obligations.
 less than 1 year 1-3 years 3-5 years more than 5 years long-term debt 1 ) $ 6424582 $ 619373 $ 1248463 $ 3002931 $ 1553815 operating leases 2 ) 131791 15204 28973 26504 61110 ship construction contracts 3 6138219 1016892 1363215 1141212 2616900 port facilities 4 ) 138308 30509 43388 23316 41095 interest 5 ) 947967 218150 376566 203099 150152 other 6 ) 168678 54800 73653 23870 16355.
 1 includes discount premiums aggregating $ 0. 5 million.
 includes capital leases.
 amount excludes deferred financing fees included in consolidated balance sheets offset to long-term debt.
 2 primarily for offices  motor vehicles office equipment.
 3 newbuild ships based on euro/u.
 dollar exchange rate of december 31 , 2017.
 export credit financing in place from syndicates of banks.
 4 primarily for usage of certain port facilities.
 5 includes fixed variable rates with libor held constant as of december 31 , 2017.
 6 future commitments for service  maintenance business enhancement capital expenditure contracts.

| total      | less than1 year | 1-3 years | 3-5 years | more than5 years
--------------------------------- | ---------- | --------------- | --------- | --------- | ----------------
long-term debt ( 1 )              | $ 6424582  | $ 619373        | $ 1248463 | $ 3002931 | $ 1553815
operating leases ( 2 )            | 131791     | 15204           | 28973     | 26504     | 61110
ship construction contracts ( 3 ) | 6138219    | 1016892         | 1363215   | 1141212   | 2616900
port facilities ( 4 )             | 138308     | 30509           | 43388     | 23316     | 41095
interest ( 5 )                    | 947967     | 218150          | 376566    | 203099    | 150152
other ( 6 )                       | 168678     | 54800           | 73653     | 23870     | 16355
total                             | $ 13949545 | $ 1954928       | $ 3134258 | $ 4420932 | $ 4439427


system energy resources , inc.
 management 2019s financial discussion analysis contractual obligations system energy has $ 382. 3 million of unrecognized tax benefits interest net of unused tax attributes payments for timing payments beyond 12 months estimated due to uncertainties in timing of effective settlement of tax positions.
 see note 3 financial statements for additional information regarding unrecognized tax benefits.
 routine spending maintain operations planned capital investment estimate includes specific investments initiatives nuclear fleet operational excellence initiative discussed in 201cnuclear matters, 201d plant improvements.
 as wholly-owned subsidiary system energy dividends earnings to entergy corporation at percentage determined monthly.
 sources of capital system energy sources meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt issuances ; 2022 bank financing under new existing facilities.
 system energy may refinance  redeem retire debt prior to maturity market conditions interest dividend rates favorable.
 all debt and common stock issuances by system energy require prior regulatory approval.
 debt issuances subject to issuance tests in bond indentures other agreements.
 system energy has sufficient capacity under these tests to meet foreseeable capital needs.
 system energy 2019s receivables from money pool were as follows as of december 31 for each following years.
 see note 4 to financial statements for description of money pool.
 system energy nuclear fuel company variable interest entity has credit facility $ 120 million to expire in may 2019.
 as of december 31 , 2016 , $ 66. 9 million in letters of credit outstanding credit facility to support like amount of commercial paper issued by system energy nuclear fuel company variable interest entity.
 see note 4 to financial statements for additional discussion of variable interest entity credit facility.
system energy obtained authorizations from ferc through october 2017 for : 2022 short-term borrowings not exceed $ 200 million outstanding ; 2022 long-term borrowings security issuances ; 2022 long-term borrowings by nuclear fuel company variable interest entity.
 see note 4 to financial statements for discussion of system energy 2019s short-term borrowing limits.

2016             | 2015             | 2014             | 2013
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 33809          | $ 39926          | $ 2373           | $ 9223


( 1 ) includes shares repurchased through publicly announced share repurchase program and shares tendered to pay exercise price and tax withholding on employee stock options.
 shareowner return performance graph performance graph related information not deemed 201csoliciting material 201d or 201cfiled 201d with securities and exchange commission , nor information incorporated into future filing under securities act of 1933 or securities exchange act of 1934 , each as amended except company specifically incorporates such information into filing.
 graph shows five-year comparison of cumulative total shareowners 2019 returns for class b common stock , s&p 500 index  dow jones transportation average.
 comparison of total cumulative return on investment  change in quarterly stock price plus reinvested dividends for quarterly periods assumes $ 100 invested on december 31, 2004 in s&p 500 index  dow jones transportation average  class b common stock.
 comparison of five year cumulative total return $ 40. 00 $ 60. 00 $ 80. 00 $ 100. 00 $ 120. 00 $ 140. 00 $ 160. 00 2004 20092008200720062005 s&p 500 ups dj transport.

| 12/31/04 | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09
-------------------------------- | -------- | -------- | -------- | -------- | -------- | --------
united parcel service inc .      | $ 100.00 | $ 89.49  | $ 91.06  | $ 87.88  | $ 70.48  | $ 75.95
s&p 500 index                    | $ 100.00 | $ 104.91 | $ 121.48 | $ 128.15 | $ 80.74  | $ 102.11
dow jones transportation average | $ 100.00 | $ 111.65 | $ 122.61 | $ 124.35 | $ 97.72  | $ 115.88


table illustrates pro forma effect on net income earnings per share if all outstanding and unvested stock options in 2005 accounted for using estimated fair value.
 2005year ended december 31.
 basic earnings per share calculated by dividing net income common shareholders by weighted-average number of common shares outstanding for period excludes unvested shares of restricted stock.
 diluted earnings per share calculated by dividing net income by weighted-average number of common shares outstanding for period and shares representing dilutive effect of stock options and awards other equity-related financial instruments.
 effect of stock options and restricted stock outstanding excluded from calculation of diluted earnings per share in periods in their effect antidilutive.
 special purpose entities : we involved with various legal forms of special purpose entities  business.
 use trusts to structure and sell certificated interests in pools tax-exempt investment-grade assets principally to mutual fund customers.
 trusts recorded in consolidated financial statements.
 transfer assets to these trusts  legally isolated from us from our investment securities portfolio at adjusted book value.
 trusts finance acquisition of assets by selling certificated interests issued by trusts to third-party investors.
 investment securities of trusts carried in investments securities available for sale at fair value.
 certificated interests carried in other short-term borrowings at amount owed to third-party investors.
 interest revenue and interest expense generated by investments and certificated interests recorded in net interest revenue when earned or incurred.

year ended december 31,                                                                                | 2005
----------------------------------------------------------------------------------------------------------------------- | ----------
( in millions except per share amounts )                                                                                |
net income as reported                                                                                | $ 838
add : stock option compensation expense included in reported net income net of related taxes                            | 20
deduct : total stock option compensation expense determined under fair value method for all awards net of related taxes | -27 ( 27 )
pro forma net income                                                                                | $ 831
earnings per share:                                                                                |
basic 2014as reported                                                                                | $ 2.53
basic 2014pro forma                                                                                | 2.51
diluted 2014as reported                                                                                | 2.50
diluted 2014pro forma                                                                                | 2.48


entergy corporation subsidiaries management's financial discussion analysis refer to 201cselected financial data - five-year comparison of entergy corporation subsidiaries 201d accompanies entergy corporation 2019s financial statements report for further information operating statistics.
 november 2007 board approved plan to pursue separation of entergy 2019s non-utility nuclear business from entergy through spin-off business to entergy shareholders.
 april 2010  entergy announced planned to unwind business infrastructure associated with proposed spin-off transaction.
 result plan unwind entergy recorded expenses in 2010 for write-off of certain capitalized costs incurred in with planned spin-off transaction.
 costs discussed in detail below section.
 net revenue utility following analysis of change in net revenue comparing 2010 to 2009.
 amount ( in millions ).
 volume/weather variance due to increase of 8362 gwh , or 8% ( 8 % ), in billed electricity usage in all retail sectors  including effect on residential sector of colder weather in first quarter 2010 compared to 2009 warmer weather in second and third quarters 2010 compared to 2009.
 industrial sector reflected strong sales growth signs economic recovery.
 improvement sector driven by inventory restocking strong exports with chemicals , refining , miscellaneous manufacturing sectors leading improvement.
 retail electric price variance due to : increases in formula rate plan riders at entergy gulf states louisiana effective november 2009 , january 2010 september 2010  entergy louisiana effective november 2009  entergy mississippi effective july 2009 ; base rate increase at entergy arkansas effective july 2010 ; rate actions at entergy texas , including base rate increases effective in may and august 2010 ; formula rate plan provision of $ 16.6 million recorded third quarter 2009 for refunds made to customers accordance with settlements approved by lpsc ; recovery 2009 by entergy arkansas of 2008 extraordinary storm costs , approved by apsc , ceased january 2010.
 recovery of storm costs offset in other operation and maintenance expenses.
 see note 2 to financial statements for further discussion of proceedings referred above.

| amount ( in millions )
------------------------------------ | ----------------------
2009 net revenue                     | $ 4694
volume/weather                       | 231
retail electric price                | 137
provision for regulatory proceedings | 26
rough production cost equalization   | 19
ano decommissioning trust            | -24 ( 24 )
fuel recovery                        | -44 ( 44 )
other                                | 12
2010 net revenue                     | $ 5051


2022 triggering obligation to make payments under financial guarantee , letter of credit or credit support provided to behalf of subsidiary ; 2022 causing us record loss in lender forecloses on assets ; 2022 triggering defaults in our outstanding debt at parent company.
 for our senior secured credit facility and outstanding debt securities at parent company include events of default for certain bankruptcy related events involving material subsidiaries.
 our revolving credit agreement at parent company includes events of default related to payment defaults accelerations of outstanding debt of material subsidiaries.
 some subsidiaries currently in default with all or portion of outstanding indebtedness.
 total non-recourse debt current in consolidated balance sheets amounts to $ 2. 2 billion.
 portion of current debt related to such defaults was $ 1 billion at december 31 , 2017  all was non-recourse debt related to three subsidiaries 2014 alto maipo , aes puerto rico , and aes ilumina.
 see note 10 2014debt in item 8. 2014financial statements supplementary data of form 10-k for additional detail.
 none of subsidiaries currently in default are subsidiaries met applicable definition of materiality under aes' corporate debt agreements as of december 31 , 2017 for defaults to trigger event of default or permit acceleration under aes' indebtedness.
 result of additional dispositions of assets  significant reductions in asset carrying values or matters future may impact financial position results of operations or financial position of individual subsidiary possible one or more of subsidiaries could fall within definition of "material subsidiary" upon acceleration trigger event of default and possible acceleration of indebtedness under parent company's outstanding debt securities.
material subsidiary defined in company's senior secured revolving credit facility as any business contributed 20% ) or more of parent company's total cash distributions for four most recently completed fiscal quarters.
 as of december 31 , 2017  none of defaults listed above or results or at risk of triggering cross-default under recourse debt of company.
 contractual obligations and parent company contingent contractual obligations summary of contractual obligations  commitments liabilities as of december 31, 2017 presented below excludes businesses discontinued operations or held-for-sale ( in millions ) : contractual obligations total less than 1 year more than 5 years footnote reference 4 ) debt obligations ( 1 ) $ 20404 $ 2250 $ 2431 $ 5003 $ 10720 $ 2014 10 interest payments on long-term debt ( 2 ) 9103 1172 2166 1719 4046 2014 n/a.
 includes recourse and non-recourse debt on consolidated balance sheet.
 amounts exclude capital lease obligations included in capital lease category.
 interest payments estimated based on final maturity dates of debt securities outstanding at december 31 , 2017 do not reflect anticipated future refinancing  early redemptions or new debt issuances.
 variable rate interest obligations estimated based on rates as of december 31 , 2017.
 amounts do not include current liabilities on balance sheet except for current portion of uncertain tax obligations.
 noncurrent uncertain tax obligations reflected in "other" column of table company not able to estimate timing of future payments.
amounts not include 1 ) regulatory liabilities ( see note 9 2014regulatory assets liabilities ) , 2 ) contingencies ( see note 12 2014contingencies ) 3 ) pension postretirement employee benefit liabilities ( see note 13 2014benefit plans ) 4 ) derivatives incentive compensation ( see note 5 2014derivative instruments hedging activities ) or 5 ) any taxes ( see note 20 2014income taxes ) except for uncertain tax obligations  company not able to estimate timing future payments.
 see indicated notes to consolidated financial statements in item 8 of form 10-k for additional information on items excluded.
 4 ) for further information see note referenced below in item 8. 2014financial statements supplementary data of form 10-k.

contractual obligations                                                                   | total   | less than 1 year | 1-3 years | 3-5 years | more than 5 years | other  | footnote reference ( 4 )
----------------------------------------------------------------------------------------- | ------- | ---------------- | --------- | --------- | ----------------- | ------ | ------------------------
debt obligations ( 1 )                                                                    | $ 20404 | $ 2250           | $ 2431    | $ 5003    | $ 10720           | $ 2014 | 10
interest payments on long-term debt ( 2 )                                                 | 9103    | 1172             | 2166      | 1719      | 4046              | 2014   | n/a
capital lease obligations                                                                 | 18      | 2                | 2         | 2         | 12                | 2014   | 11
operating lease obligations                                                               | 935     | 58               | 116       | 117       | 644               | 2014   | 11
electricity obligations                                                                   | 4501    | 581              | 948       | 907       | 2065              | 2014   | 11
fuel obligations                                                                          | 5859    | 1759             | 1642      | 992       | 1466              | 2014   | 11
other purchase obligations                                                                | 4984    | 1488             | 1401      | 781       | 1314              | 2014   | 11
other long-term liabilities reflected on aes' consolidated balance sheet under gaap ( 3 ) | 701     | 2014             | 284       | 118       | 277               | 22     | n/a
total                                                                                | $ 46505 | $ 7310           | $ 8990    | $ 9639    | $ 20544           | $ 22   |


investment advisory revenues on other investment portfolios decreased $ 44 million or 8. 5% (. 5 % ) to $ 477. 8 million in 2009.
 average assets in portfolios were $ 129. 5 billion 2009 down $ 12. 6 billion or 9% ( 9 % ) from 2008.
 other investment portfolio assets management increased $ 46. 7 billion 2009 including $ 36. 5 billion in market gains and income $ 10. 2 billion net inflows primarily from institutional investors.
 net inflows include $ 1. 3 billion transferred from stock and blended asset mutual funds 2009.
 administrative fees decreased $ 35 million or 10% ( 10 % ) to $ 319 million in 2009.
 change includes $ 4 million decrease in 12b-1 distribution and service fees on lower average assets advisor r classes sponsored mutual funds $ 31 million reduction in mutual fund servicing revenue attributable to cost reduction efforts in mutual fund retirement plan servicing functions.
 changes in administrative fees offset by similar changes in related operating expenses funds.
 largest expense , compensation related costs  decreased $ 42 million or 5% ( 5 % )  from 2008 to $ 773 million in 2009.
 largest part decrease attributable to $ 19 million reduction in annual bonus program.
 reductions in use of outside contractors lowered 2009 costs $ 14 million remainder cost savings attributable to workforce reduction lower employee benefits other employment expenses.
 average headcount in 2009 down 5. 4% ( 5. 4 % ) from 2008 due to attrition  retirements workforce reduction april 2009.
 advertising and promotion expenditures down $ 31 million or 30% ( 30 % ) versus 2008 due to decision to reduce spending to lower investor activity 2009 market environment.
 depreciation expense and other occupancy and facility costs increased $ 4 million  or 2. 5% ( 2.5 % ) compared to 2008  moderated or delayed capital spending facility growth plans.
 other operating expenses decreased $ 33 million or 18% ( 18 % ) from 2008  including decline of $ 4 million in distribution and service expenses on lower average assets under management in advisor r classes of mutual fund shares sourced from financial intermediaries.
 cost control efforts resulted in remaining expense reductions including lower professional fees travel related costs.
 non-operating investment activity resulted in net losses of $ 12. 7 million in 2009 and $ 52. 3 million in 2008.
 improvement of nearly $ 40 million attributable to reduction in other temporary impairments on investments in sponsored mutual funds in 2009 versus 2008.
 table details related mutual fund investment gains and losses ( in millions ) during two years ended december 31 , 2009.
 lower income of $ 16 million from money market holdings due to lower interest rate environment offset improvement with fund investments.
 2009 provision for income taxes as percentage of pretax income is 37. 1% ( 37. 1 % ) down from 38. 4% ( 38. 4 % ) in 2008.
 2009 provision includes reductions of prior years 2019 tax provisions discrete nonrecurring benefits lowered 2009 effective tax rate by 1. 0% ( 1. 0 % ).
 t a l r.
 during 2010  stockholders 2019 equity increased from $ 2. 9 billion to $ 3. 3 billion.
 repurchased nearly 5. 0 million common shares for $ 240. 0 million in 2010.
 tangible book value is $ 2. 6 billion at december 31 , 2010 cash and cash equivalents mutual fund investment holdings total more than $ 1. 5 billion.
 financial resources do not maintain available external source of liquidity.
.
 price group annual report 2010

| 2008             | 2009             | change
----------------------------------------------- | ---------------- | ---------------- | ------------
other than temporary impairments recognized     | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2
capital gain distributions received             | 5.6              | 2.0              | -3.6 ( 3.6 )
net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 )     | 7.4              | 11.9
net loss recognized on fund holdings            | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5