at december 31 , 2013  total future minimum commitments under existing non-cancelable operating leases purchase obligations were follows:.
 ( a ) includes $ 3. 3 billion to fiber supply agreements at time of company 2019s 2006 transformation plan forestland sales 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging recycling business.
 rent expense was $ 215 million , $ 231 million $ 205 million for 2013 , 2012 2011 , respectively.
 guarantees in connection with sales of businesses , property  equipment  forestlands other assets  international paper makes representations warranties relating to such businesses assets may agree to indemnify buyers with tax environmental liabilities  breaches of representations warranties  other matters.
 where liabilities for matters probable subject to reasonable estimation accrued liabilities recorded at time of sale as cost of transaction.
 environmental proceedings international paper named as potentially responsible party in environmental remediation actions under various federal state laws  including comprehensive environmental response , compensation and liability act ( cercla ).
 many proceedings involve cleanup of hazardous substances at large commercial landfills received waste from many different sources.
 joint several liability authorized under cercla equivalent state laws liability for cercla cleanups typically allocated among many potential responsible parties.
 remedial costs are recorded in consolidated financial statements when become probable reasonably estimable.
 international paper estimated probable liability associated with these matters to be approximately $ 94 million in aggregate at december 31 , 2013.
 cass lake : matters referenced above is closed wood treating facility in cass lake , minnesota.
 during 2009  with environmental site remediation action under cercla international paper submitted to epa site remediation feasibility study.
in june 2011 , epa selected published proposed soil remedy at site with estimated cost of $ 46 million.
 overall remediation reserve for site is currently $ 51 million to address this selection alternative for soil remediation component overall site remedy.
 october 2011 , epa released public statement indicating final soil remedy decision would be delayed.
 in unlikely event epa changes proposed soil remedy approves more expensive clean-up alternative , remediation costs could be material , significantly higher than amounts currently recorded.
 october 2012, natural resource trustees for site provided notice to international paper other potentially responsible parties of intent to perform natural resource damage assessment.
 premature to predict outcome of assessment or to estimate loss or range of loss , if any  may be incurred.
 other : in addition to other remediation costs typically associated with cleanup of hazardous substances at company 2019s current , closed or formerly-owned facilities  recorded as liabilities in balance sheet , totaled approximately $ 42 million at december 31 , 2013.
 other completion of required remedial actions not expected to have material effect on consolidated financial statements.
 kalamazoo river : company is potentially responsible party with respect to allied paper , inc. / portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan.
 epa asserts site is contaminated primarily by pcbs result of discharges from various paper mills along kalamazoo river , including paper mill formerly owned by st.
 regis paper company ( st.
 regis ).
 company successor in interest to st.
 regis.
 company has not received orders from epa respect to site continues to collect information from epa other parties relative to site to evaluate extent of liability , if any  respect to site.
premature to estimate loss or range loss with respect to this site.
 in connection with kalamazoo river superfund site  company named as defendant by georgia-pacific consumer products lp , fort james corporation georgia pacific llc in contribution and cost recovery action for alleged pollution at site.
 suit seeks contribution under cercla for $ 79 million in costs expended by plaintiffs as of filing complaint and for future remediation costs.
 suit alleges a mill , allegedly owned operated by st.
 regis , discharged pcb contaminated solids and paper residuals from paper de-inking and recycling.
 also named as defendants in suit are ncr corporation weyerhaeuser company.
 in mid-2011  suit transferred from district court for eastern district of wisconsin to district court for western

in millions                | 2014   | 2015  | 2016  | 2017  | 2018  | thereafter
-------------------------- | ------ | ----- | ----- | ----- | ----- | ----------
lease obligations          | $ 171  | $ 133 | $ 97  | $ 74  | $ 59  | $ 162
purchase obligations ( a ) | 3170   | 770   | 642   | 529   | 453   | 2404
total                      | $ 3341 | $ 903 | $ 739 | $ 603 | $ 512 | $ 2566


marathon oil corporation notes consolidated financial statements preferred shares 2013 connection with acquisition of western discussed in note 6 , board of directors authorized class of voting preferred stock of 6 million shares.
 upon completion acquisition issued 5 million shares voting preferred stock to trustee  holds shares for benefit of holders of exchangeable shares discussed above.
 each share of voting preferred stock entitled to one vote on all matters submitted to holders of marathon common stock.
 each holder of exchangeable shares may direct trustee to vote number of shares of voting preferred stock equal to number of shares marathon common stock issuable upon exchange of exchangeable shares held by holder.
 no event will aggregate number of votes entitled cast by trustee outstanding shares of voting preferred stock exceed number of votes entitled cast outstanding exchangeable shares.
 except otherwise provided in restated certificate of incorporation or by applicable law common stock and voting preferred stock will vote together as single class in election of directors of marathon on all other matters submitted to vote of stockholders marathon.
 voting preferred stock no other voting rights except required by law.
 other than dividends payable solely in shares of voting preferred stock  no dividend or other distribution  paid or payable to holder of voting preferred stock.
 event liquidation , dissolution or winding up of marathon  holder of shares of voting preferred stock not entitled to receive assets of marathon available for distribution to stockholders.
 voting preferred stock not convertible into other class or series of capital stock of marathon or into cash , property or other rights  may not be redeemed.
 26.
 leases we lease wide variety of facilities and equipment under operating leases  including land and building space  office equipment  production facilities transportation equipment.
long-term leases include renewal options certain purchase options.
 future minimum commitments for capital lease obligations ( including sale-leasebacks for as financings ) operating lease obligations initial noncancelable lease terms in excess of one year are as follows : ( in millions ) capital obligations ( a ) operating obligations.
 ) capital lease obligations includes $ 335 million related to assets under construction as of december 31 , 2008.
 leases currently reported in long-term debt based on percentage of construction completed at $ 126 million.
 connection with past sales of plants operations assigned purchasers assumed leases of major equipment used in divested plants operations of united states steel.
 in default by purchasers united states steel assumed these obligations ; we remain primarily obligated for payments under these leases.
 minimum lease payments under operating lease obligations of $ 21 million included above equal amount reported as sublease rentals.
 of $ 459 million present value of net minimum capital lease payments, $ 69 million related to obligations assumed by united states steel under financial matters agreement.

( in millions )                             | capital lease obligations ( a ) | operating lease obligations
------------------------------------------- | ------------------------------- | ---------------------------
2009                                        | $ 40                            | $ 181
2010                                        | 45                              | 133
2011                                        | 47                              | 110
2012                                        | 60                              | 100
2013                                        | 39                              | 85
later years                                 | 426                             | 379
sublease rentals                            | 2013                            | -21 ( 21 )
total minimum lease payments                | $ 657                           | $ 967
less imputed interest costs                 | -198 ( 198 )                    |
present value of net minimum lease payments | $ 459                           |


goldman sachs group , inc.
 subsidiaries management 2019s discussion analysis in table total net inflows/ outflows ) for 2017 included $ 23 billion inflows ( $ 20 billion in long- term aus and $ 3 billion in liquidity products ) with acquisition of portion verus investors 2019 outsourced chief investment officer business ( verus acquisition ) and $ 5 billion equity asset outflows with divestiture of local australian- focused investment capabilities and fund platform ( australian divestiture ).
 table presents average monthly assets under supervision by asset class.
 for year ended december $ in billions 2018 2017 2016.
 operating environment.
 during 2018 assets under supervision increased reflecting net inflows in liquidity products  fixed income assets equity assets.
 increase partially offset by depreciation in client assets  primarily in equity assets as global equity prices decreased in 2018 end of year.
 mix of average assets under supervision between long-term assets under supervision and liquidity products during 2018 unchanged compared with 2017.
 future if asset prices decline investors favor assets lower fees or investors withdraw assets net revenues in investment management likely be negatively impacted.
 during 2017  investment management operated in environment higher asset prices in appreciation in equity and fixed income assets.
 long-term assets under supervision increased from net inflows primarily in fixed income and alternative investment assets.
 increases partially offset by net outflows in liquidity products.
 mix of average assets under supervision during 2017 shifted slightly from liquidity products to long-term assets under supervision compared to mix end of 2016.
 2018 versus 2017.
 net revenues in investment management were $ 7. 02 billion for 2018 , 13% ( 13 % ) higher than 2017 primarily due to higher incentive fees result harvesting.
management fees higher reflecting higher average assets under supervision impact recently adopted revenue recognition standard offset by shifts in mix client assets strategies.
 transaction revenues higher.
 see note 3 consolidated financial statements for information asu no.
 2014-09 , 201crevenue from contracts with customers ( topic 606 ). 201d during 2018  total assets under supervision increased $ 48 billion to $ 1. 54 trillion.
 long-term assets supervision decreased $ 4 billion including net market depreciation of $ 41 billion primarily in equity assets offset by net inflows of $ 37 billion primarily in fixed income equity assets.
 liquidity products increased $ 52 billion.
 operating expenses $ 5. 27 billion for 2018 10% ( 10 % ) higher than 2017 due to impact recently adopted revenue recognition standard increased compensation benefits expenses reflecting higher net revenues.
 pre-tax earnings $ 1. 76 billion in 2018 24% ( 24 % ) higher than 2017.
 see note 3 consolidated financial statements for information asu no.
 2014-09  201crevenue from contracts with customers ( topic 606 ). 201d 2017 versus 2016.
 net revenues in investment management $ 6. 22 billion for 2017 7% ( 7 % ) higher than 2016 due to higher management other fees higher average assets supervision higher transaction revenues.
 2017 total assets under supervision increased $ 115 billion to $ 1. 49 trillion.
 long-term assets supervision increased $ 128 billion including net market appreciation of $ 86 billion primarily in equity fixed income assets net inflows of $ 42 billion ( includes $ 20 billion inflows verus acquisition $ 5 billion equity asset outflows australian divestiture ) primarily in fixed income alternative investment assets.
 liquidity products decreased $ 13 billion includes $ 3 billion inflows verus acquisition ).
operating expenses $ 4. 80 billion 2017  3% ( % ) higher than 2016 due to increased compensation benefits expenses reflecting higher net revenues.
 pre-tax earnings $ 1. 42 billion 2017  25% ( % ) higher than geographic data see note 25 consolidated financial statements summary total net revenues pre-tax earnings net earnings by geographic region.
 62 goldman sachs 2018 form 10-k

$ in billions           | average for theyear ended december 2018 | average for theyear ended december 2017 | average for theyear ended december 2016
----------------------- | --------------------------------------- | --------------------------------------- | ---------------------------------------
alternative investments | $ 171                                   | $ 162                                   | $ 149
equity                  | 329                                     | 292                                     | 256
fixed income            | 665                                     | 633                                     | 578
total long-term aus     | 1165                                    | 1087                                    | 983
liquidity products      | 352                                     | 330                                     | 326
total aus               | $ 1517                                  | $ 1417                                  | $ 1309


management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions  except per share amounts ) financing activities net cash used financing activities during 2015 related to repurchase of common stock payment of dividends.
 repurchased 13. 6 shares common stock for aggregate cost of $ 285. 2  including fees made dividend payments of $ 195. 5 on common stock.
 net cash used in financing activities during 2014 related to purchase of long-term debt repurchase of common stock payment of dividends.
 redeemed all $ 350. 0 in aggregate principal amount of 6. 25% ( 6. 25 % ) notes repurchased 14. 9 shares common stock for aggregate cost of $ 275. 1  including fees made dividend payments of $ 159. 0 on common stock.
 offset by issuance of $ 500. 0 in aggregate principal amount of 4. 20% ( 4. 20 % ) notes.
 foreign exchange rate changes effect foreign rate on cash cash equivalents consolidated statements cash flows resulted in decrease of $ 156. 1 in 2015.
 decrease result of u. s.
 dollar stronger than several foreign currencies  including australian dollar  brazilian real canadian dollar euro south african rand as of december 31 , 2015 compared to december 31 , 2014.
 effect of foreign exchange rate changes on cash cash equivalents consolidated statements cash flows resulted in decrease of $ 101. 0 in 2014.
 decrease result of u. s.
 dollar stronger than foreign currencies  including australian dollar  brazilian real canadian dollar euro as of december 31 , 2014 compared to december 31 , 2013.
 liquidity outlook expect cash flow from operations , cash cash equivalents to sufficient to meet anticipated operating requirements minimum for next twelve months.
we have committed corporate credit facility uncommitted facilities available to support operating needs.
 we continue maintain disciplined approach to managing liquidity , with flexibility over significant uses of cash , including capital expenditures , cash for new acquisitions , common stock repurchase program common stock dividends.
 from time to  we evaluate market conditions financing alternatives for opportunities to raise additional funds or improve liquidity profile  enhance financial flexibility manage market risk.
 ability to access capital markets depends on factors  include those specific to us  our credit rating , related to financial markets , amount or terms of available credit.
 no guarantee we to access new sources of liquidity on commercially reasonable terms , or at all.
 funding requirements most significant funding requirements include operations , non-cancelable operating lease obligations , capital expenditures , acquisitions , common stock dividends  taxes  debt service contributions to pension and postretirement plans.
 may be required to make payments to minority shareholders in certain subsidiaries if they exercise options to sell us equity interests.

balance sheet data                              | december 31 , 2015 | december 31 , 2014
----------------------------------------------- | ------------------ | ------------------
cash cash equivalents and marketable securities | $ 1509.7           | $ 1667.2
short-term borrowings                           | $ 150.1            | $ 107.2
current portion of long-term debt               | 1.9                | 2.1
long-term debt                                  | 1610.3             | 1612.9
total debt                                      | $ 1762.3           | $ 1722.2


table presents estimated future amortization of deferred stock compensation reported in cost of revenue and operating expenses : fiscal year ( in thousands ).
 impairment of intangible assets.
 in fiscal 2002  recognized aggregate impairment charge of $ 3. 8 million to reduce certain intangible assets associated with prior acquisitions to estimated fair value.
 approximately $ 3. 7 million and $ 0. 1 million included in integration expense and amortization of intangible assets on consolidated statement of operations.
 impairment charge attributable to certain technology acquired from and goodwill related to acquisition of stanza , inc.
 ( stanza in 1999.
 during fiscal 2002  determined not allocate future resources to assist in market growth of this technology as products acquired in merger with avant! provided superior capabilities.
 not anticipate future sales of stanza product.
 in fiscal 2001  recognized aggregate impairment charge of $ 2. 2 million to reduce certain intangible assets associated with prior acquisitions to estimated fair value.
 approximately $ 1. 8 million and $ 0. 4 million included in cost of revenues and amortization of intangible assets on consolidated statement of operations.
 impairment charge attributable to certain technology acquired from and goodwill related to acquisition of eagle design automation , inc.
 eagle in 1997.
 during fiscal 2001  determined not allocate future resources to assist in market growth of this technology.
 do not anticipate future sales of eagle product.
 no impairment charges during fiscal 2003.
 other ( expense ) income , net.
 income  was $ 24. 1 million in fiscal 2003 consisted primarily of realized gain on investments of $ 20. 7 million ; rental income of $ 6. 3 million ; interest income of $ 5.2 million ; iv ) impairment charges related to assets in venture portfolio ( $ 4. 5 ) million ; vii foundation contributions ( $ 2. 1 ) million ; viii ) interest expense ( $ 1. 6 ) million.
 other expense ) net other income was ( $ 208. 6 ) million in fiscal 2002 primarily of i ( $ 240. 8 ) million expense due to settlement of cadence design systems , inc.
 cadence ) litigation ; ii ( $ 11. 3 ) million in impairment charges related assets venture portfolio ; iii realized gains on investments $ 22. 7 million ; iv gain of $ 3. 1 million for termination fee on ikos systems , inc.
 ikos ) merger agreement ; v rental income $ 10. 0 million ; vi interest income $ 8. 3 million ; vii other miscellaneous expenses including amortization of premium forwards foreign exchange gains and losses fiscal year of ( $ 0. 6 ) million.
 other income , net was $ 83. 8 million in fiscal 2001 primarily of gain of $ 10. 6 million on sale of silicon libraries business to artisan components , inc. ii ( $ 5. 8 ) million in impairment charges related certain assets venture portfolio iii realized gains on investments of $ 55. 3 million ; iv rental income of $ 8. 6 million ; v interest income $ 12. 8 million ; vi other miscellaneous income including amortization of premium forwards foreign exchange gains and losses recognized fiscal year of $ 2. 3 million.
 termination of agreement to acquire ikos systems , inc.
 on july 2 , 2001  entered agreement plan of merger and reorganization ( ikos merger agreement ) with ikos systems , inc.
 ikos merger agreement provided for acquisition of all outstanding shares of ikos common stock by synopsys.

fiscal year                                                        | ( in thousands )
------------------------------------------------------------------ | ----------------
2004                                                               | $ 3677
2005                                                               | 2403
2006                                                               | 840
2007                                                               | 250
total estimated future amortization of deferred stock compensation | $ 7170


company encountered quality issues on aircraft carrier construction overhaul programs virginia-class submarine construction program at newport news location.
 primarily involve matters related to filler metal in pipe welds identified in 2007 , issues associated with non-nuclear weld inspection installation of weapons handling equipment on certain submarines  purchased material quality issues identified in 2009.
 company not believe resolution of these issues material effect upon consolidated financial position  results of operations or cash flows.
 environmental matters 2014the estimated cost to complete environmental remediation accrued where probable company will incur costs in future to address environmental conditions at currently or formerly owned or leased operating facilities or at sites where named potentially responsible party ( 201cprp 201d ) by environmental protection agency or designated by another environmental agency costs can be estimated by management.
 accruals do not include litigation costs related to environmental matters  nor include amounts asset retirement obligations.
 to assess potential impact on company 2019s consolidated financial statements  management estimates range of reasonably possible remediation costs could be incurred company account currently available facts on each site current state of technology prior experience in remediating contaminated sites.
 estimates reviewed periodically adjusted to reflect changes in facts technical legal circumstances.
 management estimates as of december 31 , 2011  probable future costs for environmental remediation is $ 3 million  accrued in other current liabilities.
 factors could result in changes to company 2019s estimates include : modification of planned remedial actions  increases or decreases in estimated time required to remediate  changes to determination of legally responsible parties  discovery of more extensive contamination than anticipated  changes in laws and regulations affecting remediation requirements improvements in remediation technology.
other prps not pay allocable share of remediation costs , company may incur costs exceeding those already estimated and accrued.
 in certain potential remediation sites where costs remediation cannot be reasonably estimated.
 management cannot predict whether new information projects progress affect estimated liability, management does not believe future remediation expenditures material effect on company 2019s consolidated financial position , results of operations or cash flows.
 financial arrangements 2014in business , hii uses standby letters of credit issued by commercial banks and surety bonds issued by insurance companies to support company 2019s self-insured workers 2019 compensation plans.
 at december 31 , 2011 , $ 121 million of standby letters of credit issued but undrawn and $ 297 million of surety bonds outstanding related to hii.
 u. s.
 government claims 2014from time to  u. s.
 government advises company of claims and penalties concerning potential disallowed costs.
 when such findings presented  company and u. s.
 government representatives engage in discussions to evaluate merits of claims to assess amounts claimed.
 company does not believe outcome of any such matters will material effect on its consolidated financial position , results of operations or cash flows.
 collective bargaining agreements 2014the company believes it maintains good relations with approximately 38000 employees of which approximately 50% ( 50 % ) are covered by total of 10 collective bargaining agreements.
 company expects to renegotiate renewals of of collective bargaining agreements between 2013 and 2015 as they approach expiration.
 collective bargaining agreements generally expire after three to five years subject to renegotiation.
 not expected results of these negotiations  individually or, material effect on company 2019s consolidated results of operations.
operating leases 2014rental expense was $ 44 million 2011, $ 44 million 2010  $ 48 million 2009.
 amounts net of immaterial amounts sublease rental income.
 minimum rental commitments under long- term non-cancellable operating leases next five years thereafter are : ( $ in millions ).

2012       | $ 21
---------- | -----
2013       | 17
2014       | 15
2015       | 13
2016       | 10
thereafter | 48
total      | $ 124


z i m m e r h o l d i n g s , i n c.
 a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k contractual obligations company entered into contracts with third parties business require future payments.
 table illustrates company 2019s contractual obligations : than 1 1 - 3 4 - 5 after 5 contractual obligations total year years.
 critical accounting policies equipment based on historical patterns of use physical and technological characteristics of assets  financial results company affected by appropriate.
 in accordance with statement of financial selection and application of accounting policies and methods.
 accounting standards ( 2018 2018sfas 2019 2019 ) no.
 144 , 2018 2018accounting for significant accounting policies require impairment or disposal of long-lived assets  2019 management 2019s judgment discussed below.
 company reviews property , plant equipment for revenue recognition 2013 significant portion of com- impairment whenever events or changes in circumstances 2019s revenue recognized for field based product carrying value of asset may not be notification product implanted or used.
 recoverable.
 impairment loss recognized for all other transactions  company recognizes when estimated future cash flows relating to asset revenue when title passed to customers  generally less than its carrying amount.
 upon shipment.
 estimated returns and allowances are derivative financial instruments 2013 critical aspects recorded as reduction of sales when revenue is company 2019s accounting policy for derivative financial recognized.
 instruments include conditions require critical inventories 2013 company must determine each terms of hedging instrument same as balance sheet date how much  of inventory may hedged forecasted transaction.
 important ele- prove to be unsaleable or unsaleable policy requires formal documentation be carrying cost.
 reserves established to maintained as required by sfas no.
133 , 2018 2018accounting adjust inventory to net realizable value.
 for derivative instruments and hedging activities. 2019 fail- determine appropriate level of reserves company comply with conditions result in evaluates current stock levels in relation to historical requirement to recognize changes in market value of expected patterns of demand for all products.
 hedge instruments in earnings as occur.
 manage- algorithms applied to data to assist ment monitors significant estimates  assump- management in evaluation.
 management evaluates tions judgments associated with derivative need for changes to valuation reserves based on market instruments compliance with formal documentation conditions competitive offerings other factors on requirements.
 regular basis.
 further information about inventory stock compensation 2013 company applies provi- reserves provided in notes to consolidated financial sions of apb opinion no.
 25 , 2018 2018accounting for stock statements.
 issued to employees , 2019 in accounting for stock-based instruments 2013 company  customary in compensation no compensation expense industry , consigns surgical instruments for use in recognized for fixed stock option plans as orthopaedic procedures with company 2019s products.
 options granted at fair market value.
 sfas no.
 123 , company 2019s accounting policy requires full 2018 2018accounting for stock-based compensation 2019 provides cost of instruments be recognized as expense in alternative method of accounting for stock options based year in instruments placed in service.
 on option pricing model  black-scholes.
 alternative to method is to depreciate the cost of company adopted disclosure requirements of instruments over useful lives.
 company may sfas no.
 123 no.
 148 , 2018 2018accounting for stock- consider change in accounting for based compensation-transition and disclosure.2019 informa- instruments align accounting policy with tion compensation expense under alterna- certain company competitors.
 tive method provided in notes to consolidated financial statements.
 property , plant equipment 2013 company deter- mines estimated useful lives of property  plant

contractual obligations       | total   | less than 1 year | 1 - 3 years | 4 - 5 years | after 5 years
----------------------------- | ------- | ---------------- | ----------- | ----------- | -------------
short-term debt               | $ 156.7 | $ 156.7          | $ 2013      | $ 2013      | $ 2013
operating leases              | 36.9    | 8.3              | 12.7        | 7.3         | 8.6
minimum purchase commitments  | 25.0    | 25.0             | 2013        | 2013        | 2013
total contractual obligations | $ 218.6 | $ 190.0          | $ 12.7      | $ 7.3       | $ 8.6


significant portion of natural gas production in lower 48 states u. s.
 is sold at bid-week prices or first-of-month indices relative to specific producing areas.
 average settlement date henry hub natural gas prices relatively stable for periods this report ; decline began in september 2011 continued in 2012 with february averaging $ 2. 68 per mmbtu.
 should.
 natural gas prices remain depressed impairment charge related to natural gas assets may be necessary.
 other major natural gas-producing regions are europe and eg.
 natural gas prices in europe significantly higher than u. s.
 eg natural gas sales subject to term contracts making realized prices less volatile.
 natural gas sales from eg at fixed prices ; worldwide reported average natural gas realized prices may not fully track market price movements.
 oil sands mining osm segment revenues correlate with prevailing market prices for various qualities synthetic crude oil.
 roughly two-thirds of normal output mix will track movements in wti one-third track movements in canadian heavy sour crude oil marker primarily western canadian select.
 output mix can be impacted by operational problems or planned unit outages at mines upgrader.
 operating cost structure of oil sands mining operations is predominantly fixed costs incurred in times full operation continue during production downtime.
 per-unit costs sensitive to production rates.
 key variable costs are natural gas and diesel fuel track commodity markets canadian alberta energy company ( 201caeco 201d ) natural gas sales index and crude oil prices.
 recently aeco prices declined henry hub prices.
 expect significant continued declined in natural gas prices to favorable impact on osm operating costs.
 table below shows average benchmark prices impact revenues and variable costs.
 wti crude oil ( dollars per bbl ) $ 95.11 $ 79. 61 $ 62. 09 western canadian select ( dollars per bbl ) ( a ) 77. 97 65. 31 52. 13 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 3. 68 $ 3. 89 $ 3. 49 a ) monthly pricing based average wti adjusted for differentials unique to western canada.
 b ) monthly average day ahead index.
 integrated gas operations include production marketing of products from natural gas lng and methanol.
 world lng trade in 2011 estimated to be 241 mmt.
 long-term lng continues in demand as markets seek benefits of clean burning natural gas.
 market prices for lng not reported or posted.
 lng delivered to u. s.
 tied to henry hub prices track with changes in.
 natural gas prices lng sold in europe and asia indexed to crude oil prices track movement prices.
 60 percent ownership in lng production facility in equatorial guinea sells lng under long-term contract at prices tied to henry hub natural gas prices.
 gross sales from plant were 4. 1 mmt , 3. 7 mmt 3. 9 mmt in 2011 , 2010 2009.
 own 45 percent interest in methanol plant in equatorial guinea investment ampco.
 gross sales of methanol plant totaled 1039657 , 850605 960374 metric tonnes in 2011 , 2010 2009.
 methanol demand impact on ampco 2019s earnings.
 global demand for methanol limited changes in supply-demand balance can impact on sales prices.
 world demand for methanol in 2011 estimated to be 55. 4 mmt.
 plant capacity of 1. 1 mmt about 2 percent of total demand.
operating financial highlights operating highlights during 2011 include : 2022 completed spin-off downstream business on june 30 , 2011 2022 acquired significant operated position in eagle ford shale play south texas 2022 added net proved reserves for e&p and osm segments combined of 307 mmboe  excluding dispositions for 212 percent reserve replacement ratio

benchmark                                                | 2011    | 2010    | 2009
-------------------------------------------------------- | ------- | ------- | -------
wti crude oil ( dollars per bbl )                        | $ 95.11 | $ 79.61 | $ 62.09
western canadian select ( dollars per bbl ) ( a )        | 77.97   | 65.31   | 52.13
aeco natural gas sales index ( dollars per mmbtu ) ( b ) | $ 3.68  | $ 3.89  | $ 3.49


biomet holdings , inc.
 2015 form 10-k annual report notes to consolidated financial statements continued interest to date of redemption.
 merger notes and 3. 375% ( 3. 375 % ) senior notes due 2021 may be redeemed at option without make-whole premium at specified dates one month to six months in advance of scheduled maturity date.
 between closing date and june 30 , 2015 repaid biomet senior notes assumed in merger.
 fair value of principal amount plus interest was $ 2798. 6 million.
 senior notes required pay call premium in excess of fair value notes when repaid.
 recognized $ 22. 0 million in non-operating other expense related to call premium.
 estimated fair value of senior notes as of december 31 , 2015 based on quoted prices for specific securities transactions over-counter markets level 2 ) was $ 8837. 5 million.
 estimated fair value of japan term loan as of december 31, 2015  based publicly market yield curves terms of debt level 2 ) was $ 96. 4 million.
 carrying value of.
 term loan approximates fair value as bears interest at short-term variable market rates.
 entered into interest rate swap agreements as fair value hedges of underlying fixed- rate obligations on senior notes due 2019 and 2021.
 see note 14 for additional information interest rate swap agreements.
 available uncommitted credit facilities totaling $ 35. 8 million.
 at december 31 , 2015 and 2014 weighted average interest rate for long-term borrowings was 2. 9 percent and 3. 5 percent .
 paid $ 207. 1 million , $ 67. 5 million and $ 68. 1 million in interest during 2015 , 2014 and 2013  respectively.
 13.
accumulated comprehensive ( loss ) income oci refers to gains and losses under gaap included in comprehensive income excluded from net earnings amounts initially recorded as adjustment to stockholders 2019 equity.
 amounts in oci may be reclassified to net earnings upon occurrence certain events.
 oci comprised of foreign currency translation adjustments  unrealized gains losses on cash flow hedges  unrealized gains losses on available-for-sale securities amortization of prior service costs unrecognized gains and losses in actuarial assumptions on defined benefit plans.
 foreign currency translation adjustments reclassified to net earnings upon sale or complete liquidation of investment in foreign entity.
 unrealized gains and losses on cash flow hedges reclassified to net earnings when hedged item affects net earnings.
 unrealized gains and losses on available-for-sale securities reclassified to net earnings if sell security before maturity or if unrealized loss considered other-than-temporary.
 amounts related to defined benefit plans in oci reclassified over service periods of employees in plan.
 reclassification amounts allocated to all employees in plans reclassified amounts may become part of inventory considered direct labor costs.
 see note 15 for more information on defined benefit plans.
 following table shows changes in components of oci , net of tax ( in millions ) : foreign currency translation hedges unrealized gains on securities defined.

| foreign currency translation | cash flow hedges | unrealized gains on securities | defined benefit plan items
---------------------------- | ---------------------------- | ---------------- | ------------------------------ | --------------------------
balance december 31 2014     | $ 111.8                      | $ 70.1           | $ -0.4 ( 0.4 )                 | $ -143.4 ( 143.4 )
oci before reclassifications | -305.2 ( 305.2 )             | 52.7             | -0.2 ( 0.2 )                   | -30.6 ( 30.6 )
reclassifications            | 2013                         | -93.0 ( 93.0 )   | 2013                           | 9.2
balance december 31 2015     | $ -193.4 ( 193.4 )           | $ 29.8           | $ -0.6 ( 0.6 )                 | $ -164.8 ( 164.8 )


intangible assets amortized straight-line basis over estimated useful lives or accelerated method amortization expected reflect estimated pattern economic use.
 remaining amortization expense recognized over weighted-average period of approximately 0. 9 years.
 amortization expense from continuing operations  related to intangibles was $ 7. 4 million , $ 9. 3 million and $ 9. 2 million in fiscal 2009 , 2008 2007  respectively.
 company expects annual amortization expense for intangible assets to be:.
 g.
 grant accounting company 2019s foreign subsidiaries received grants from governmental agencies.
 grants include capital , employment research and development grants.
 capital grants for acquisition of property equipment netted against related capital expenditures amortized as credit to depreciation expense over useful life of related asset.
 employment grants relate to employee hiring training research and development grants recognized in earnings in period related expenditures incurred by company.
 h.
 translation of foreign currencies functional currency for company 2019s foreign sales research development operations is applicable local currency.
 gains and losses from translation of foreign currencies into u. s.
 dollars recorded in accumulated other comprehensive ( loss ) income.
 transaction gains and losses remeasurement of foreign currency denominated assets liabilities included in income currently including at company 2019s principal foreign manufacturing operations where functional currency is u. s.
 dollar.
 foreign currency transaction gains or losses included in other expenses net not material in fiscal 2009 , 2008 or 2007.
 i.
 derivative instruments hedging agreements foreign exchange exposure management 2014 company enters into forward foreign currency exchange contracts to offset operational balance sheet exposures from impact changes in foreign currency exchange rates.
 such exposures result from portion company 2019s operations, assets liabilities denominated in currencies other than u.s.
 dollar , primarily euro ; other exposures include philippine peso british pound.
 foreign currency exchange contracts entered into to support transactions in normal course of business not speculative in nature.
 contracts for periods consistent with terms of underlying transactions generally one year or less.
 hedges related to anticipated transactions designated and documented at inception hedges as cash flow hedges evaluated for effectiveness monthly.
 derivative instruments employed to eliminate or minimize certain foreign currency exposures be confidently identified and quantified.
 as terms of contract and underlying transaction matched at inception forward contract effectiveness calculated by comparing change in fair value of contract to change in forward value of anticipated transaction with effective portion of gain or loss on derivative instrument reported as component of accumulated other comprehensive ( loss ) income ( oci ) in shareholders 2019 equity reclassified into earnings in same period during hedged transaction affects earnings.
 any residual change in fair value of instruments or ineffectiveness recognized immediately in other income/expense.
 company enters into forward foreign currency contracts that economically hedge gains and losses generated by remeasurement of certain recorded assets and liabilities in non-functional currency.
 changes in fair value of these undesignated hedges recognized in other income/expense immediately as offset to changes in fair value of asset or liability being hedged.
 analog devices  inc.
 notes to consolidated financial statements 2014 ( continued )

fiscal years | amortization expense
------------ | --------------------
2010         | $ 5425
2011         | $ 1430


american tower corporation subsidiaries notes consolidated financial statements 2014 continued ) of assets liabilities under interest rate swap agreements held as of december 31 , 2006 entered first half of 2007.
 company paid $ 8. 0 million to treasury rate lock agreement settled year ended december 31 , 2008.
 cost of treasury rate lock recognized as additional interest expense over 10-year term of 7. 00% ( 7. 00 % ) notes.
 year ended december 31 , 2007 company received $ 3. 1 million in cash upon settlement of assets liabilities under ten forward starting interest rate swap agreements aggregate notional amount of $ 1. 4 billion  designated as cash flow hedges to manage exposure to variability in cash flows forecasted interest payments in connection with certificates issued in securitization in may 2007.
 settlement recognized as reduction in interest expense over five-year period for interest rate swaps designated as hedges.
 company received $ 17. 0 million in cash upon settlement of assets liabilities under thirteen additional interest rate swap agreements aggregate notional amount of $ 850. 0 million managed exposure to variability of interest rates under credit facilities not considered cash flow hedges for accounting purposes.
 gain included in other income in consolidated statement of operations for year ended december 31 , 2007.
 as of december 31 , 2008 and 2007  other comprehensive ( loss ) income included items related to derivative financial instruments ( in thousands ) :.
 years ended december 31 , 2008 2007 company recorded aggregate net unrealized loss of approximately $ 15. 8 million and $ 3. 2 million , ( net of tax provision of approximately $ 10. 2 million and $ 2. 0 million , ) other comprehensive loss for change in fair value of interest rate swaps designated as cash flow hedges reclassified aggregate of $ 0.1 million and $ 6. 2 million , respectively ( net of income tax provision of $ 2. 0 million and income tax benefit of $ 3. 3 million , respectively ) into results of operations.
 9.
 fair valuemeasurements company determines fair market values of financial instruments based on fair value hierarchy in sfas no.
 157 , requires to maximize use of observable inputs minimize unobservable inputs when measuring fair value.
 standard describes three levels of inputs to measure fair value.
 level 1 quoted prices in active markets for identical assets or liabilities company ability access at measurement date.
 company 2019s level 1 assets consist of available-for-sale securities traded on active markets certain brazilian treasury securities highly liquid actively traded in over-the-counter markets.
 level 2 observable inputs other than level 1 prices, quoted prices for similar assets or liabilities ; quoted prices in markets not active ; or other inputs observable or corroborated by observable market data for full term of assets or liabilities.

| 2008             | 2007
----------------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------------
deferred loss on the settlement of the treasury rate lock net of tax                                                          | $ -4332 ( 4332 ) | $ -4901 ( 4901 )
deferred gain on the settlement of interest rate swap agreements entered into in connection with the securitization net oftax | 1238             | 1636
unrealized losses related to interest rate swap agreements net of tax                                                         | -16349 ( 16349 ) | -486 ( 486 )


jpmorgan chase & co.
 / 2008 annual report 85 of $ 1. 0 billion required to notify securities and exchange commission ( 201csec 201d ) tentative net capital less than $ 5. 0 billion with market and credit risk standards of appendix e of net capital rule.
 as of december 31 , 2008 jpmorgan securities had tentative net capital in excess of minimum notification requirements.
 on october 1 , 2008  j.
 morgan securities inc.
 merged with into bear , stearns & co.
 inc. surviving entity changed name to j. p.
 morgan securities inc.
.
 morgan clearing corp. subsidiary of jpmorgan securities provides clearing and settlement services.
 december 31 , 2008 j.
 morgan clearing corp. 2019s net capital  defined net capital rule of $ 4. 7 billion exceeded minimum requirement by $ 3. 3 billion.
 dividends february 23, 2009  board of directors reduced firm's quar- terly common stock dividend from $ 0. 38 to $ 0. 05 per share  dividend payable april 30, 2009 to shareholders of record april 6 , 2009.
 jpmorgan chase declared quarterly cash dividends common stock $ 0. 38 for each quarter of 2008 second  third fourth quarters of 2007  $ 0. 34 per share for first quarter of 2007 each quarter of 2006.
 firm 2019s common stock dividend policy reflects jpmorgan chase 2019s earnings outlook desired dividend payout ratios need maintain adequate capital level alternative investment opportunities.
 firm 2019s ability to pay dividends subject to restrictions.
 for information regarding restrictions see page 84 note 24 and note 29 on pages 205 2013206 211  of annual report additional information regarding reduction dividend  see page 44.
table shows common dividend payout ratio based upon reported net income.
.
 firm issued $ 6. 0 billion and $ 1. 8 billion of noncumulative preferred stock on april 23 , 2008  and august 21 , 2008  respectively.
 pursuant capital purchase program october 28, 2008  firm issued to.
 treasury $ 25. 0 billion of cumu- lative preferred stock and warrant to purchase up to 88401697 shares of firm 2019s common stock.
 for additional information preferred stock see note 24 on pages 205 2013206 of annual report.
 on september 30 , 2008  firm issued $ 11. 5 billion  or 284 million shares of common stock at $ 40. 50 per share.
 for additional infor- mation common stock see note 25 on pages 206 2013207 of annual report.
 stock repurchases during year ended december 31 , 2008 firm did not repur- chase any shares of common stock.
 during 2007  under respective stock repurchase programs firm repur- chased 168 million shares for $ 8. 2 billion at average price per share of $ 48. 60.
 board of directors approved in april 2007  stock repurchase program authorizes repurchase of up to $ 10. 0 billion of firm 2019s common shares superseded $ 8. 0 billion stock repur- chase program approved in 2006.
 $ 10. 0 billion authorization includes shares to be repurchased to offset issuances under firm 2019s employee stock-based plans.
 actual number of shares may be repurchased subject to various factors including market conditions ; legal considerations affecting amount timing repurchase activity ; firm 2019s capital position internal capital generation alternative potential investment opportunities.
repurchase program include specific price targets timetables may be executed through open market purchases privately negotiated transactions rule 10b5-1 programs may be suspended at any time.
 rule 10b5-1 repurchase plan allows firm to repurchase shares during periods not repurchasing com- mon stock 2013 during internal trading 201cblack-out peri- ods. 201d all purchases under rule 10b5-1 plan must be made to predefined plan established when firm not aware of material nonpublic information.
 as of december 31 , 2008  $ 6. 2 billion authorized repurchase capacity remained under current stock repurchase program.
 discussion of restrictions on stock repurchases see capital purchase program on page 84 note 24 on pages 205 2013206 of annual report.
 additional information regarding repurchases of firm 2019s equity securities see part ii , item 5 , market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities page 17 of jpmorgan chase 2019s 2008 form 10-k.

year ended december 31,      | 2008           | 2007         | 2006
---------------------------- | -------------- | ------------ | ------------
common dividend payout ratio | 114% ( 114 % ) | 34% ( 34 % ) | 34% ( 34 % )


part ii item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.
 company 2019s common stock listed on new york stock exchange.
 prior to separation of alcoa corporation from company company 2019s common stock traded under symbol 201caa. 201d connection with separation november 1, 2016  company changed stock symbol common stock began trading under symbol 201carnc. 201d on october 5 , 2016 company 2019s common shareholders approved 1-for-3 reverse stock split of company 2019s outstanding authorized shares common stock ( 201creverse stock split 201d ).
 result reverse stock split every 3 shares of issued and outstanding common stock combined into one issued outstanding share common stock without change in par value per share.
 reverse stock split reduced shares common stock outstanding from approximately 1. 3 billion shares to approximately 0. 4 billion shares decreased number authorized shares common stock from 1. 8 billion to 0. 6 billion shares.
 company 2019s common stock began trading on reverse stock split-adjusted basis on october 6 , 2016.
 november 1 , 2016  company completed separation business into two independent publicly traded companies : company and alcoa corporation.
 separation effected by pro rata distribution company of 80. 1% (. % ) of outstanding shares of alcoa corporation common stock to company 2019s shareholders.
 company 2019s shareholders of record as of close of business on october 20 , 2016 ( 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of company 2019s common stock held as of record date.
 company retained 19. 9% (. % ) of outstanding common stock of alcoa corporation following separation.
following table sets forth for periods indicated high and low sales prices quarterly dividend amounts per share of company 2019s common stock as reported on new york stock exchange  adjusted to account reverse stock split effected on october 6 , 2016.
 prices listed below for fourth quarter of 2016 not reflect adjustment for impact of separation of alcoa corporation from company on november 1, 2016 not comparable to pre-separation prices from earlier periods.
 number of holders of record common stock was approximately 12885 as of february 23 , 2017.

quarter                                           | 2016 high | 2016 low | 2016 dividend | 2016 high | 2016 low | dividend
------------------------------------------------- | --------- | -------- | ------------- | --------- | -------- | --------
first                                             | $ 30.66   | $ 18.42  | $ 0.09        | $ 51.30   | $ 37.95  | $ 0.09
second                                            | 34.50     | 26.34    | 0.09          | 42.87     | 33.45    | 0.09
third                                             | 32.91     | 27.09    | 0.09          | 33.69     | 23.91    | 0.09
fourth ( separation occurred on november 1 2016 ) | 32.10     | 16.75    | 0.09          | 33.54     | 23.43    | 0.09
year                                              | $ 34.50   | $ 16.75  | $ 0.36        | $ 51.30   | $ 23.43  | $ 0.36


capital resources liquidity capital resources overview capital generated via earnings from operating businesses.
 augmented through issuance of common stock , convertible preferred stock , preferred stock  subordinated debt  equity issued through awards under employee benefit plans.
 capital used primarily to support assets in company 2019s businesses absorb unexpected market  credit operational losses.
 company 2019s uses of capital  particularly to pay dividends repurchase common stock  became restricted during latter half of 2008.
 see 201cthe company , 201d 201cmanagement 2019s discussion and analysis 2013 events in 2008 , 201d 201ctarp other regulatory programs , 201d 201crisk factors 201d and 201ccommon equity 201d on pages 2, 9 , 44 , 47 95 ,.
 citigroup 2019s capital management framework designed to ensure citigroup principal subsidiaries maintain sufficient capital consistent with company 2019s risk profile  applicable regulatory standards guidelines  external rating agency considerations.
 capital management process overseen by senior management reviewed at consolidated , legal entity  country level.
 senior management oversees capital management process of citigroup principal subsidiaries through citigroup 2019s finance and asset liability committee ( finalco ).
 committee composed of senior-most management of citigroup for engaging management in decision-making related discussions on capital liquidity items.
 committee 2019s responsibilities include : determining financial structure of citigroup principal subsidiaries ; ensuring citigroup regulated entities adequately capitalized determining appropriate asset levels return hurdles for citigroup individual businesses reviewing funding capital markets plan for citigroup monitoring interest-rate risk  corporate bank liquidity  impact of currency translation on non-u. s.
 earnings capital.
 finalco established capital targets for citigroup and for significant subsidiaries.
december 31 , 2008  targets exceeded regulatory standards.
 common and preferred stock issuances discussed under 201cevents 2008 201d page 9 2008  company issued $ 45 billion in preferred stock and warrants $ 12. 5 billion convertible preferred stock in private offering $ 11. 7 billion non-convertible preferred stock in public offerings $ 3. 2 billion convertible preferred stock in public offerings $ 4. 9 billion common stock in public offerings.
 january 23 , 2009  prior agreement with purchasers of $ 12. 5 billion convertible preferred stock issued in private offering conversion price reset from $ 31. 62 per share to $ 26. 35 per share.
 reset result in citigroup 2019s issuing approximately 79 million additional common shares if converted.
 no impact to net income  total stockholders 2019 equity or capital ratios due to reset.
 reset result in reclassification from retained earnings to additional paid-in capital of $ 1. 2 billion reflect benefit of reset to preferred stockholders.
 capital ratios citigroup subject to risk-based capital ratio guidelines by federal reserve board ( frb ).
 capital adequacy measured via two risk- based ratios  tier 1 and total capital ( tier 1 + tier 2 capital ).
 tier 1 capital considered core capital total capital includes other items subordinated debt loan loss reserves.
 both measures of capital stated as percentage of risk-weighted assets.
 risk-weighted assets measured primarily on perceived credit risk include certain off-balance-sheet exposures unfunded loan commitments letters of credit  notional amounts of derivative and foreign- exchange contracts.
 citigroup subject to leverage ratio requirement non-risk-based asset ratio defined as tier 1 capital as percentage of adjusted average assets.
be 201cwell capitalized 201d under federal bank regulatory agency definitions, bank holding company must have tier 1 capital ratio at least 6% ( 6 % ) , total capital ratio at least 10% ( 10 % ) leverage ratio at least 3% ( 3 % ) not subject to frb directive to maintain higher capital levels.
 noted table citigroup maintained 201cwell capitalized 201d position during 2008 and 2007.
 citigroup regulatory capital ratios at year end 2008 2007.
 leverage ( 1 ) 6. 08 4. 03 ( 1 ) tier 1 capital divided by adjusted average assets.
 events during 2008  including transactions with u. s.
 government affected citigroup 2019s capital ratios additional u. s.
 government financial involvement with company could impact company 2019s capital ratios.
 future operations affect capital levels changes fasb proposed regarding off-balance-sheet assets , consolidation and sale treatment could impact on capital ratios.
 see note 23 to consolidated financial statements on page 175  including 201cfunding liquidity facilities and subordinate interests. 201d

at year end                         | 2008               | 2007
----------------------------------- | ------------------ | ----------------
tier 1 capital                      | 11.92% ( 11.92 % ) | 7.12% ( 7.12 % )
total capital ( tier 1 and tier 2 ) | 15.70              | 10.70
leverage ( 1 )                      | 6.08               | 4.03


direct activities of vies do not control ongoing activities significant impact on economic performance vies.
 we not have obligation to absorb losses vies or right to receive benefits vies potentially significant not primary beneficiary do not consolidate vies our actions decisions not significant effect on vie 2019s performance fixed-price purchase options not potentially significant to vies.
 future minimum lease payments associated with vie leases totaled $ 3. 0 billion as of december 31 , 2014.
 17.
 leases we lease certain locomotives , freight cars  other property.
 consolidated statements of financial position as of december 31 , 2014 and 2013 included $ 2454 million , net of $ 1210 million of accumulated depreciation and $ 2486 million , net of $ 1092 million of accumulated depreciation respectively for properties held under capital leases.
 charge to income from depreciation for assets under capital leases included within depreciation expense in consolidated statements of income.
 future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2014 were follows : millions operating leases capital leases.
 approximately 95% ( 95 % ) of capital lease payments relate to locomotives.
 rent expense for operating leases with terms exceeding one month was $ 593 million in 2014 , $ 618 million in 2013  $ 631 million in 2012.
 when cash rental payments not made straight-line basis recognize variable rental expense on straight-line basis over lease term.
 contingent rentals and sub-rentals not significant.
 18.
 commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits pending against us and our subsidiaries.
cannot fully determine effect of all asserted and unasserted claims on our consolidated results of operations financial condition or liquidity ; to extent possible where asserted claims considered probable and claims reasonably estimated we recorded liability.
 do not expect any known lawsuits , claims environmental costs commitments contingent liabilities or guarantees have material adverse effect on our consolidated results of operations financial condition or liquidity after taking account liabilities and insurance recoveries previously recorded for.
 personal injury 2013 cost of personal injuries to employees related activities charged to expense based on estimates of ultimate cost and number of incidents each year.
 use actuarial analysis to measure expense and liability  including unasserted claims.
 federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.
 under fela damages assessed based on finding of fault through litigation or out-of-court settlements.
 offer comprehensive variety of services and rehabilitation programs for employees injured at work.
 personal injury liability not discounted to present value due to uncertainty surrounding timing of future payments.
 approximately 93% ( 93 % ) of recorded liability related to asserted claims approximately 7% ( 7 % ) related to unasserted claims at december 31 , 2014.
 because of uncertainty

millions                               | operatingleases | capitalleases
-------------------------------------- | --------------- | -------------
2015                                   | $ 508           | $ 253
2016                                   | 484             | 249
2017                                   | 429             | 246
2018                                   | 356             | 224
2019                                   | 323             | 210
later years                            | 1625            | 745
total minimum leasepayments            | $ 3725          | $ 1927
amount representing interest           | n/a             | -407 ( 407 )
present value of minimum leasepayments | n/a             | $ 1520


1 2 4 effective january 1 , 2011 all u. s.
 employees  including.
 legacy bgi employees participate in brsp.
 all plan assets in two legacy bgi plans including 401k plan and retirement plan merged into brsp on january 1 , 2011.
 under combined brsp  employee contributions of up to 8% ( 8 % ) of eligible compensation  defined by plan subject to irc limitations matched by company at 50% ( 50 % ).
 company continue to make annual retirement contribution to eligible participants equal to 3-5% ( 3-5 % ) of eligible compensation.
 blackrock institutional trust company 401 ( k ) savings plan ( formerly bgi 401 ( k ) savings plan ) company assumed 401 ( k ) plan ( 201cbgi plan 201d ) covering employees of former bgi result of bgi transaction.
 bgi employee contributions for participants with at least one year of service matched at 200% ( % ) of participants 2019 pre-tax contributions up to 2% ( 2 % ) of base salary and overtime matched 100% ( 100 % ) of next 2% ( 2 % ) of base salary and overtime defined by plan subject to irc limitations.
 maximum matching contribution participant is equal to 6% ( 6 % ) of base salary up to irc limitations.
 bgi plan expense was $ 12 million for year ended december 31 , 2010 to company 2019s consolidated financial statements for year ended december 31 , 2009.
 effective january 1 , 2011 net assets of this plan merged into brsp.
 blackrock institutional trust company retirement plan ( formerly bgi retirement plan ) company assumed a defined contribution money purchase pension plan ( 201cbgi retirement plan 201d ) as result of bgi transaction.
salaried employees of former bgi and participating affiliates were u.
 residents on.
 payroll were eligible to participate.
 for participants earning less than $ 100000 base salary company contributed 6% ( 6 % ) of participant 2019s total compensation ( base salary , overtime performance bonus ) up to $ 100000.
 for participants earning $ 100000 or more base salary company contributed 6% ( 6 % ) of participant 2019s base salary and overtime up to $ 245000 in 2010.
 contributions were 25% ( 25 % ) vested once participant completed two years of service vested at 25% ( 25 % ) for each additional year of service completed.
 employees with five or more years of service under retirement plan were 100% ( 100 % ) vested in entire balance.
 retirement plan expense was $ 13 million for year ended december 31 , 2010 consolidated for year december 31 2009.
 effective january 1 , 2011 net assets plan merged into.
 blackrock group personal pension plan blackrock investment management ( uk ) limited ( ) wholly-owned subsidiary of company contributes to blackrock group personal pension plan defined contribution plan for all employees bim.
 bim contributes between 6% ( 6 % ) and 15% ( 15 % ) of each employee 2019s eligible compensation.
 expense for plan was $ 22 million , $ 13 million and $ 16 million for years ended december 31 , 2010 , 2009 2008.
 defined benefit plans in 2009 prior to bgi transaction company had several defined benefit pension plans in japan , germany  luxembourg jersey.
 all accrued benefits under these defined benefit plans currently frozen plans closed to new participants.
 in 2008  defined benefit pension values in luxembourg transferred into new defined contribution plan for employees removing future liabilities.
participant benefits under plans change with salary increases or additional years of service.
 through bgi transaction company assumed defined benefit pension plans in japan and germany closed to new participants.
 during 2010  plans merged into legacy blackrock plans in japan ( 201cjapan plan 201d ) and germany.
 at december 31 , 2010 and 2009  plan assets for plans were approximately $ 19 million and $ 10 million unfunded obligations less than $ 6 million and $ 3 million recorded in accrued compensation and benefits on consolidated statements of financial condition.
 benefit payments for next five years five years not expected to be material.
 defined benefit plan assets for japan plan of approximately $ 16 million invested using total return investment approach mix of equity securities debt securities other investments used to preserve asset values diversify risk achieve target investment return benchmark.
 investment strategies and asset allocations based on plan liabilities and funded status of plan.
 investment performance asset allocation measured and monitored ongoing basis.
 current target allocations for plan assets are 45-50% ( % ) for.
 international equity securities 50-55% 50-55 % ) for.
 international fixed income securities 0-5% ( 0-5 % ) for cash and cash equivalents.
 table below provides fair value of defined benefit japan plan assets at december 31 , 2010 by asset category.
 table identifies level of inputs used to determine fair value of assets in each category.
 quoted prices significant in active other markets for observable identical assets inputs december 31 , ( dollar amounts in millions ) level 1 ) level 2 ) 2010.
 assets and unfunded obligation for defined benefit pension plan in germany and jersey immaterial to company 2019s consolidated financial statements at december 31 , 2010.
post-retirement benefit plans prior to bgi transaction  company had requirements to deliver post-retirement medical benefits to closed population in united kingdom through bgi transaction  company assumed post-retirement benefit plan to closed population of former bgi employees in united kingdom.
 for years ended december 31 , 2010 , 2009 2008 , expenses and unfunded obligations for these benefits immaterial to company 2019s consolidated financial statements.
 through bgi transaction  company assumed requirement to deliver post-retirement medical benefits to

( dollar amounts in millions ) | quoted prices inactive marketsfor identical assets ( level 1 ) | significant other observable inputs ( level 2 ) | december 31 2010
------------------------------ | -------------------------------------------------------------- | ----------------------------------------------- | ----------------
cash and cash equivalents      | $ 9                                                            | $ 2014                                          | $ 9
equity securities              | 4                                                              | 2014                                            | 4
fixed income securities        | 2014                                                           | 3                                               | 3
fair value of plan assets      | $ 13                                                           | $ 3                                             | $ 16


jpmorgan chase & co. /2016 annual report 103 risk in derivatives portfolio.
 firm 2019s risk management process potential impact of wrong-way risk , defined as potential for increased correlation between firm 2019s exposure to counterparty ( avg ) and counterparty 2019s credit quality.
 many factors may influence nature and magnitude of these correlations over time.
 correlations identified firm may adjust cva associated with counterparty 2019s avg.
 firm risk manages exposure to changes in cva by entering into credit derivative transactions  interest rate , foreign exchange  equity and commodity derivative transactions.
 graph shows exposure profiles to firm 2019s current derivatives portfolio over next 10 years as calculated by peak , dre and avg metrics.
 three measures show exposure will decline after first year  if no new trades added to portfolio.
 exposure profile of derivatives measures december 31 , 2016 ( in billions ) table summarizes ratings profile by derivative counterparty of firm 2019s derivative receivables  including credit derivatives , net of all collateral  at dates indicated.
 ratings scale based on firm 2019s internal ratings  correspond to ratings as defined by s&p and moody 2019s.
 ratings profile of derivative receivables rating equivalent 2016 2015 ( a ) december 31, ( in millions , except ratios ) exposure net of all collateral % ( % ) of exposure net of all collateral exposure net of all collateral % ( % exposure net all collateral.
 prior period amounts revised to conform with current period presentation.
 firm uses collateral agreements to mitigate counterparty credit risk.
percentage firm 2019s derivatives transactions subject to collateral agreements 2014 excluding foreign exchange spot trades not typically covered by collateral due to short maturity 2014 was 90% ( 90 % ) as of december 31 , 2016  largely unchanged compared with 87% ( 87 % ) as of december 31 , 2015.
 credit derivatives firm uses credit derivatives for two purposes : market-maker  and second end-user to manage firm 2019s own credit risk associated with various exposures.
 detailed description of credit derivatives see credit derivatives in note 6.
 credit portfolio management activities included in firm 2019s end-user activities are credit derivatives to mitigate credit risk with traditional lending activities ( loans unfunded commitments ) and derivatives counterparty exposure in firm 2019s wholesale businesses ( collectively , 201ccredit portfolio management 201d activities ).
 information on credit portfolio management activities provided in table below.
 further information on derivatives used credit portfolio management activities see credit derivatives in note 6.
 firm also uses credit derivatives end-user to manage other exposures  including credit risk from certain securities held in firm 2019s market-making businesses.
 these credit derivatives not included in credit portfolio management activities ; for further information on these credit derivatives market-maker derivatives see credit derivatives in note 6.

rating equivalent december 31 ( in millions except ratios ) | rating equivalent exposure net of all collateral | rating equivalent % (  % ) of exposure netof all collateral | exposure net of all collateral | % (  % ) of exposure netof all collateral
----------------------------------------------------------- | ------------------------------------------------ | ----------------------------------------------------------- | ------------------------------ | -----------------------------------------
aaa/aaa to aa-/aa3                                          | $ 11449                                          | 28% ( 28 % )                                                | $ 10371                        | 24% ( 24 % )
a+/a1 to a-/a3                                              | 8505                                             | 20                                                          | 10595                          | 25
bbb+/baa1 to bbb-/baa3                                      | 13127                                            | 32                                                          | 13807                          | 32
bb+/ba1 to b-/b3                                            | 7308                                             | 18                                                          | 7500                           | 17
ccc+/caa1 and below                                         | 984                                              | 2                                                           | 824                            | 2
total                                                       | $ 41373                                          | 100% ( 100 % )                                              | $ 43097                        | 100% ( 100 % )


institutions.
 international paper monitors positions credit quality of financial institutions not expect non- performance counterparties.
 note 14 capital stock authorized capital stock at december 31 , 2006 and 2005  consisted of 990850000 shares common stock , $ 1 par value ; 400000 shares cumulative $ 4 preferred stock  without par value ( stated value $ 100 per share ) ; 8750000 shares serial preferred stock , $ 1 par value.
 serial preferred stock issuable in one or more series by board of directors without further shareholder action.
 july 2006  planned use projected proceeds from company 2019s trans- formation plan international paper 2019s board of direc- tors authorized share repurchase program to acquire up to $ 3. 0 billion of company 2019s stock.
 modified 201cdutch auction 201d tender offer completed in september 2006  international paper purchased 38465260 shares common stock at price $ 36. 00 per share  plus costs to acquire shares for total cost approximately $ 1. 4 billion.
 december 2006  company purchased addi- tional 1220558 shares common stock in open market at average price $ 33. 84 per share  plus costs to acquire shares for total cost of approximately $ 41 million.
 following completion share repurchases international paper had approximately 454 million shares of common stock issued outstanding.
 note 15 retirement plans.
 defined benefit plans international paper maintains pension plans provide retirement benefits to all domestic employees hired prior to july 1 , 2004.
 employees eligible to participate plans upon completion one year of service attainment age 21.
 employees hired after june 30 , 2004 not eligible for pension plans receive additional company contribution to savings plan ( see 201cother plans 201d on page 83 ).
plans provide defined benefits based on years credited service final average earnings ( salaried employees hourly job rates or specified benefit rates ( hourly union employees ).
 for qualified defined benefit pension plan  interna- tional paper makes contributions sufficient to fund actuarially determined costs equal to minimum amounts required by employee retirement income security act ( erisa ).
 international paper made volun- tary contributions of $ 1. 0 billion to qualified defined benefit plan in 2006 expect to make contributions in 2007.
 company has two unfunded nonqualified defined benefit pension plans : pension restoration plan to employees hired prior to july 1, 2004 provides retirement benefits based on eligible compensation in excess of limits set by internal revenue service and supplemental retirement plan for senior managers alternative retirement plan for senior vice presi- dents and above designated by chief executive officer participants.
 these nonqualified plans only funded to extent of benefits paid expected to be $ 41 million in 2007.
 net periodic pension expense service cost is actuarial present value of benefits attributed by plans 2019 benefit formula to services rendered by employees during year.
 interest cost represents increase in projected benefit obli- gation discounted amount due to passage of time.
 expected return on plan assets reflects computed current year earn- ings from investment of plan assets using estimated long-term rate of return.
 net periodic pension expense for qualified and nonqualified.
 defined benefit plans comprised following : in millions 2006 2005 2004.
 excludes $ 9. 1 million , $ 6. 5 million $ 3. 4 million in 2006 , 2005 and 2004  in curtailment losses  $ 8. 7 million , $ 3. 6 million and $ 1.4 million in 2006 , 2005 2004  of termination benefits connection with cost reduction programs facility rationalizations recorded in restructuring other charges in con- solidated statement of operations.
 excludes $ 77. 2 million $ 14. 3 million in 2006 2005  in curtailment losses $ 18. 6 million $ 7. 6 million of termination bene- fits in 2006 2005  related to certain divest- itures recorded in net losses on sales impairments of businesses held for sale in consolidated statement of oper- ations.

in millions                        | 2006         | 2005         | 2004
---------------------------------- | ------------ | ------------ | ------------
service cost                       | $ 141        | $ 129        | $ 115
interest cost                      | 506          | 474          | 467
expected return on plan assets     | -540 ( 540 ) | -556 ( 556 ) | -592 ( 592 )
actuarial loss                     | 243          | 167          | 94
amortization of prior service cost | 27           | 29           | 27
net periodic pension expense ( a ) | $ 377        | $ 243        | $ 111


consumer loan balances  net unearned income.
 in billions of dollars 2008 2007 2006 on-balance-sheet 1 ) $ 515. 7 $ 557. 8 $ 478. 2 $ 548. 8 $ 516. 4 $ 446. 2 securitized receivables all in na cards ) 105. 9 108. 1 99. 6 106. 9 98. 9 96. 4 credit card receivables held-for-sale 2 2014 1. 0 2014 0. 5 3. 0 0. 3 total managed $ 621. 6 $ 666. 9 $ 577. 8 $ 656. 2 $ 618. 3 $ 542. 9 total loans average loans exclude interest fees on credit cards of approximately $ 3 billion and $ 2 billion , for 2008 , $ 3 billion $ 2 billion 2007  $ 2006  included in consumer loans on consolidated balance sheet.
 2 included in other assets on consolidated balance sheet.
 3 table presents loan information on held basis impact of securitization to managed basis.
 managed-basis reporting is non-gaap measure.
 held-basis reporting related gaap measure.
 discussion managed-basis reporting on page 57.
 citigroup 2019s total allowance for loans , leases unfunded lending commitments of $ 30. 503 billion to absorb probable credit losses in entire portfolio.
 analytical purposes portion citigroup 2019s allowance for loan losses consumer portfolio was $ 22. 366 billion at december 31 , 2008 , $ 12. 393 billion at december 31 , 2007 $ 6. 006 billion at december 31 , 2006.
 increase in allowance for loan losses from december 31 , 2007 of $ 9. 973 billion included net builds of $ 11. 034 billion.
 builds consisted of $ 10. 785 billion in global cards and consumer banking ( $ 8.216 billion in north america $ 2. 569 billion in regions outside north america ) $ 249 million in global wealth management.
 build of $ 8. 216 billion in north america reflected increase in estimate of losses across all portfolios based on weakening leading credit indicators including increased delinquencies on first second mortgages  unsecured personal loans credit cards auto loans.
 build reflected trends in.
 macroeconomic environment  including housing market downturn  rising unemployment portfolio growth.
 build of $ 2. 569 billion in regions outside north america reflected portfolio growth impact of recent acquisitions  credit deterioration in mexico , brazil, u. k. spain greece india colombia.
 on-balance-sheet consumer loans of $ 515. 7 billion decreased $ 42. 1 billion , or 8% ( 8 % ), from december 31 , 2007  driven by decrease in residential real estate lending in north america consumer banking impact of foreign currency translation across global cards consumer banking.
 citigroup mortgage foreclosure moratoriums on february 13, 2009  citigroup announced initiation of foreclosure moratorium on all citigroup-owned first mortgage loans principal residence of owner all loans serviced by company where company reached understanding with owner.
 moratorium effective february 12 , 2009  extend until earlier.
 government 2019s loan modification program ( described ) or march 12 , 2009.
 company will not initiate or complete new foreclosures on eligible owners during this time.
above foreclosure moratorium expands on company 2019s current foreclosure moratorium citigroup will not initiate or complete foreclosure sale on any eligible owner where citigroup owns mortgage and owner seeking to stay in home ( owner 2019s primary residence ) working in good faith with company has sufficient income for affordable mortgage payments.
 since start housing crisis in 2007  citigroup worked successfully with approximately 440000 homeowners to avoid potential foreclosure on combined mortgages totaling approximately $ 43 billion.
 proposed u. s.
 mortgage modification legislation in january 2009 , u. s.
 senate and house of representatives introduced legislation ( legislation ) give bankruptcy courts authority to modify mortgage loans originated on borrowers 2019 principal residences in chapter 13 bankruptcy.
 support for some version of legislation endorsed by obama administration.
 modification provisions of legislation require mortgage loan to be modified be originated prior to effective date of legislation , debtor receive notice of foreclosure attempt to contact mortgage lender/servicer regarding modification of loan.
 difficult to project impact legislation on company 2019s consumer secured and unsecured lending portfolio and capital market positions.
 impact dependent on numerous factors  including final form of legislation , implementation guidelines for administration 2019s housing plan  number of borrowers file for bankruptcy after enactment legislation response of markets and credit rating agencies.
 consumer credit outlook consumer credit losses in 2009 expected to increase from prior-year levels due to : 2022 continued deterioration in u. s.
 housing and labor markets and higher levels of bankruptcy filings expected to drive higher losses in secured and unsecured portfolios.
 2022 negative economic outlook globe notably in emea  lead to higher credit costs in global cards and consumer banking.

in billions of dollars                      | end of period 2008 | end of period 2007 | end of period 2006 | end of period 2008 | end of period 2007 | 2006
------------------------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ------------------ | -------
on-balance-sheet ( 1 )                      | $ 515.7            | $ 557.8            | $ 478.2            | $ 548.8            | $ 516.4            | $ 446.2
securitized receivables ( all inna cards )  | 105.9              | 108.1              | 99.6               | 106.9              | 98.9               | 96.4
credit card receivables held-for-sale ( 2 ) | 2014               | 1.0                | 2014               | 0.5                | 3.0                | 0.3
total managed ( 3 )                         | $ 621.6            | $ 666.9            | $ 577.8            | $ 656.2            | $ 618.3            | $ 542.9


table of contents notes to consolidated financial statements of american airlines group inc.
 secured financings collateralized by assets  primarily aircraft , engines  simulators  rotable aircraft parts  airport leasehold rights  route authorities airport slots.
 at december 31 , 2015 , company operating 35 aircraft under capital leases.
 leases renewed at rates based on fair market value at end of lease term for additional years.
 at december 31 , 2015  maturities of long-term debt and capital lease obligations as follows ( in millions ) :.
 ) 2013 credit facilities on june 27 , 2013, american and aag entered credit and guaranty agreement ( amended restated 2013 credit agreement ) with deutsche bank ag new york branch , as administrative agent  certain lenders provided for $ 1. 9 billion term loan facility scheduled to mature on june 27 , 2019 ( 2013 term loan facility ) and $ 1. 0 billion revolving credit facility scheduled to mature on june 27 , 2018 ( 2013 revolving facility ).
 maturity of term loan facility extended to june 2020 revolving credit facility commitments increased to $ 1. 4 billion with extended maturity date of october 10 , 2020  further described below.
 on may 21 , 2015 , american amended and restated 2013 credit agreement refinanced 2013 term loan facility ( $ 1. 9 billion 2015 term loan facility with 2013 revolving facility 2013 credit facilities ) to extend maturity date to june 2020 reduce libor margin from 3. 00% (. % ) to 2. 75% ( 2. 75 % ).
 american entered into amendments to reflect ability for american to make future modifications to collateral pledged , subject to certain restrictions.
 $ 1.9 billion 2015 term loan facility repayable in annual installments first installment equal to 1. 25% (. 25 % ) of principal amount commencing june 27 , 2016 installments thereafter equal to 1. 0% ( 1. 0 % ) of principal amount unpaid balance due on maturity date.
 as of december 31 , 2015  $ 1. 9 billion principal outstanding under $ 1. 9 billion 2015 term loan facility.
 voluntary prepayments may be made by american any time.
 october 10 , 2014  american and aag amended 2013 credit agreement to extend maturity date 2013 revolving facility to october 10, 2019 increased commitments to aggregate principal amount of $ 1. 4 billion reducing letter of credit commitments to $ 300 million.
 october 26 , 2015  american , aag , us airways group us airways amended 2013 credit agreement to extend maturity date 2013 revolving facility to october 10 , 2020.
 2013 revolving facility provides american may borrow  repay reborrow loans have letters of credit issued.
 as of december 31 , 2015 no borrowings or letters of credit outstanding under 2013 revolving facility.
 2013 credit facilities bear interest at index rate plus applicable index margin or american 2019s option , libor ( subject to floor of 0. 75% ( 0. 75 % )  $ 1. 9 billion 2015 term loan facility ) plus libor margin of 3. 00% ( 3. 00 % ) with 2013 revolving facility 2. 75% ( 2. 75 % ) with to $ 1. 9 billion 2015 term loan facility american 2019s corporate credit rating is ba3 or higher from moody 2019s and bb- or higher from s&p  applicable libor margin 2. 50% ( 2. 50 % ) for $ 1. 9 billion 2015 term loan

2016                | $ 2266
------------------- | -------
2017                | 1598
2018                | 2134
2019                | 3378
2020                | 3587
2021 and thereafter | 7844
total               | $ 20807


liquidity monitoring and measurement stress testing liquidity stress testing performed for each citi 2019s major entities  operating subsidiaries/or countries.
 stress testing and scenario analyses intended to quantify potential impact of adverse liquidity event on balance sheet and liquidity position identify viable funding alternatives.
 scenarios include assumptions about significant changes in key funding sources market triggers ( credit ratings ) potential uses of funding geopolitical and macroeconomic conditions.
 conditions include expected and stressed market conditions company-specific events.
 liquidity stress tests conducted to ascertain potential mismatches between liquidity sources and uses over variety of time horizons different stressed conditions.
 liquidity limits set accordingly.
 to monitor liquidity entity stress tests and potential mismatches calculated with varying frequencies several tests performed daily.
 range of potential stresses citi maintains contingency funding plans on consolidated basis for individual entities.
 plans specify wide range of readily available actions for variety of adverse market conditions or idiosyncratic stresses.
 short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal liquidity stress metrics citi developed for 30-day stress scenario citi also monitors liquidity by reference to lcr  calculated to. s.
 lcr rules.
 lcr designed to ensure banks maintain adequate level of hqla to meet liquidity needs under acute 30-day stress scenario.
 lcr calculated by dividing hqla by estimated net outflows over stressed 30-day period net outflows determined by applying prescribed outflow factors to various categories of liabilities deposits unsecured and secured wholesale borrowings unused lending commitments derivatives- related exposures partially offset by inflows from assets maturing within 30 days.
banks required to calculate add-on to address potential maturity mismatches between contractual cash outflows and inflows within 30-day period in determining total net outflows.
 minimum lcr requirement is 100% ( 100 % )  effective january 2017.
 pursuant to federal reserve board 2019s final rule regarding lcr disclosures effective april 1 , 2017  citi began to disclose lcr in prescribed format.
 table below sets forth components of citi 2019s lcr calculation and hqla in excess of net outflows for periods indicated : in billions of dollars dec.
 31 , sept.
 30 , dec.
 31.
 note : amounts in table are presented on average basis.
 citi 2019s lcr increased year- over-year  increase in hqla ( more than offset increase in modeled net outflows.
 increase in modeled net outflows primarily driven by changes in assumptions including changes in methodology to align citi 2019s outflow assumptions with in resolution planning.
 citi 2019s lcr remained unchanged.
 long-term liquidity measurement : net stable funding ratio ( nsfr ) in 2016 , federal reserve board , fdic and occ issued proposed rule to implement basel iii nsfr requirement.
. -proposed nsfr consistent with basel committee 2019s final nsfr rules.
 nsfr assesses availability of bank 2019s stable funding against required level.
 bank 2019s available stable funding would include portions of equity , deposits and long-term debt required stable funding based on liquidity characteristics of assets , derivatives and commitments.
 prescribed factors required to be applied to various categories of asset and liabilities classes.
ratio of available stable funding to required stable funding required greater than 100% ( 100 % ).
 while citi believes it compliant with proposed u. s.
 nsfr rules as of december 31 , 2017 , will need to evaluate final version of rules , expected to be released during 2018.
 citi expects nsfr final rules implementation period will communicated with final version of rules.

in billions of dollars         | dec . 31 2017  | sept . 30 2017 | dec . 31 2016
------------------------------ | -------------- | -------------- | --------------
hqla                           | $ 446.4        | $ 448.6        | $ 403.7
net outflows                   | 364.3          | 365.1          | 332.5
lcr                            | 123% ( 123 % ) | 123% ( 123 % ) | 121% ( 121 % )
hqla in excess of net outflows | $ 82.1         | $ 83.5         | $ 71.3


annual report on form 10-k 108 fifth third bancorp part ii item 5.
 market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities information required by item included in corporate information on inside back cover discussion of dividend limitations subsidiaries can pay to bancorp discussed in note 26 notes to consolidated financial statements.
 as of december 31 , 2008  bancorp had approximately 60025 shareholders of record.
 issuer purchases of equity securities period shares purchased average paid per shares purchased as part of publicly announced plans or programs maximum shares purchased under plans or programs.
 ( a ) bancorp repurchased 25394, 7526 40 shares during october , november december of 2008 connection with various employee compensation plans bancorp.
 purchases not included against maximum number of shares be purchased under board of directors authorization.

period        | sharespurchased ( a ) | averagepricepaid pershare | sharespurchasedas part ofpubliclyannouncedplans orprograms | maximumshares thatmay bepurchasedunder theplans orprograms
------------- | --------------------- | ------------------------- | ---------------------------------------------------------- | ----------------------------------------------------------
october 2008  | 25394                 | $ -                       | -                                                          | 19201518
november 2008 | 7526                  | -                         | -                                                          | 19201518
december 2008 | 40                    | -                         | -                                                          | 19201518
total         | 32960                 | $ -                       | -                                                          | 19201518


see note 8 notes to consolidated financial statements in item 8.
 financial statements supplementary data for discussion of transactions.
 capital resources outlook for 2007 international paper expects to meet pro- jected capital expenditures service existing debt meet working capital dividend requirements during 2007 through current cash balances cash from operations divestiture proceeds supple mented by existing credit facilities.
 international paper has approximately $ 3. 0 billion of committed liquidity adequate to cover expected operating cash flow variability during industry 2019s economic cycles.
 in march 2006 international paper replaced matur- ing $ 750 million revolving bank credit agreement with 364-day $ 500 million fully committed revolv- ing bank credit agreement expires march 2007 facility fee of 0. 08% ( 0. 08 % ) payable quarterly  replaced $ 1. 25 billion revolving bank credit agreement with $ 1. 5 billion fully committed revolv- ing bank credit agreement expires march 2011 facility fee of 0. 10% ( 0. % ) payable quarterly.
 in october 2006 company amended receivables securitization program for up to $ 1. 2 billion commercial paper- based financings with facility fee of 0. 20% (. % ) expiration date in november 2007 to provide up to $ 1. 0 billion available commercial paper-based financings with facility fee of 0. 10% ( 0. % ) expira- tion date of october 2009.
 at december 31 , 2006 no borrowings under bank credit agreements or receivables securitization program.
 international paper investments ( luxembourg ) s. wholly-owned subsidiary of international paper  has $ 100 million bank credit agreement maturing in december 2007 with $ 40 million in borrowings outstanding as of december 31 , 2006.
 company will continue rely upon debt and capital markets for majority of necessary long-term funding not provided by operating cash flow or divestiture proceeds.
funding decisions guided by capital structure planning liability management practices.
 primary goals company planning to maximize financial flexibility preserve liquidity while reducing interest expense.
 majority of international paper 2019s debt accessed through global public capital markets wide base of investors.
 company in compliance with all debt covenants at december 31 , 2006.
 principal financial covenants include minimum net worth  sum common stock paid-in capital retained earnings less treasury stock plus goodwill impairment charges of $ 9 billion maximum total debt to capital ratio as total debt divided by debt plus net worth maintaining investment grade credit rating important element of 2019s financing strategy.
 third quarter of 2006  standard & poor 2019s reaffirmed company long-term credit rating of bbb  revised ratings outlook from neg- ative to stable  upgraded short-term credit rating from a-3 to a-2.
 at december 31 , 2006 company held long-term credit ratings of baa3 stable outlook ) short-term credit rating of p-3 from moody 2019s investor services.
 contractual obligations for future payments under existing debt lease commitments purchase obligations at december 31 , 2006 were as follows : in millions 2007 2008 2009 2010 2011 thereafter.
 total debt includes scheduled principal payments only.
 b ) included in amounts are $ 76 million of lease obligations related to discontinued operations businesses held for sale due as : 2007 - $ 23 million ; 2008 - $ 19 million ; 2009 - $ 15 million ; 2010 - $ 7 million ; 2011 - $ 5 million ; thereafter - $ 7 million.
 ( c ) included in amounts are $ 1.3 billion purchase obliga- tions related to discontinued operations businesses for sale due : 2007 - $ 335 million ; 2008 - $ 199 million ; 2009 - $ 157 million ; 2010 - $ 143 million ; 2011 - $ 141 million ; thereafter - $ 331 million.
 ( d ) includes $ 2. 2 billion fiber supply agreements transformation plan forestland sales.
 transformation plan in july 2005  company announced plan to focus business portfolio on two key global businesses : uncoated papers ( dis- tribution ) packaging.
 plan 2019s elements include exploring strategic options for other busi- nesses including possible sale or spin-off  returning value to shareholders strengthening balance sheet selective reinvestment to strengthen paper

in millions                 | 2007   | 2008  | 2009   | 2010   | 2011  | thereafter
--------------------------- | ------ | ----- | ------ | ------ | ----- | ----------
total debt ( a )            | $ 692  | $ 129 | $ 1143 | $ 1198 | $ 381 | $ 3680
lease obligations ( b )     | 144    | 117   | 94     | 74     | 60    | 110
purchase obligations ( cd ) | 2329   | 462   | 362    | 352    | 323   | 1794
total                       | $ 3165 | $ 708 | $ 1599 | $ 1624 | $ 764 | $ 5584