summary of company 2019s significant contractual obligations as of december 31 , 2015 : contractual obligations.
 long-term debt payments due in 2016 and 2017 include floating rate notes totaling $ 126 million ( current portion of long-term debt ) and $ 96 million ( separate floating rate note in long-term debt table ) respectively result of put provisions associated with debt instruments.
 interest projections on floating and fixed rate long-term debt  including effects of interest rate swaps based on effective interest rates as of december 31 , 2015.
 unconditional purchase obligations defined as agreement to purchase goods or services enforceable and legally binding on company.
 included in unconditional purchase obligations category are obligations related to take or pay contracts , capital commitments  service agreements utilities.
 estimates include unconditional purchase obligations with terms in excess of one year and normal ongoing purchase obligations with terms less than one year.
 many commitments relate to take or pay contracts  3m guarantees payment to ensure availability of products or services sold to customers.
 company expects to receive consideration products or services ) for these unconditional purchase obligations.
 contractual capital commitments included in preceding table commitments represent small part of company 2019s expected capital spending in 2016 and beyond.
 purchase obligation amounts not represent entire anticipated purchases future represent only those items for which company contractually obligated.
 majority of 3m 2019s products and services purchased as needed with no unconditional commitment.
 these amounts not provide reliable indicator of company 2019s expected future cash outflows stand-alone.
 other obligations  included in preceding table entitled 201cunconditional purchase obligations and other include current portion of liability for uncertain tax positions under asc 740  expected to be paid out in cash in next 12 months.
company not able to estimate timing long-term payments or amount liability increase or decrease over time ; long-term portion of net tax liability of $ 208 million excluded from preceding table.
 refer to note 8 for further details.
 discussed in note 11 company not have required minimum cash pension contribution obligation for u. s.
 plans in 2016 company contributions to u. s.
 and international pension plans expected to be largely discretionary in future years ; amounts related to these plans not included in preceding table.
 financial instruments company enters into foreign exchange forward contracts, options swaps to hedge against effect exchange rate fluctuations on cash flows in foreign currencies certain intercompany financing transactions.
 company manages interest rate risks using mix of fixed and floating rate debt.
 to manage borrowing costs company may enter into interest rate swaps.
 under arrangements company agrees to exchange  at specified intervals difference between fixed and floating interest amounts calculated by reference to agreed-upon notional principal amount.
 company manages commodity price risks through negotiated supply contracts  price protection agreements forward contracts.

( millions )                                         | total   | payments due by year 2016 | payments due by year 2017 | payments due by year 2018 | payments due by year 2019 | payments due by year 2020 | payments due by year after 2020
---------------------------------------------------- | ------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | -------------------------------
long-term debt including current portion ( note 10 ) | $ 9878  | $ 1125                    | $ 744                     | $ 993                     | $ 622                     | $ 1203                    | $ 5191
interest on long-term debt                           | 2244    | 174                       | 157                       | 153                       | 149                       | 146                       | 1465
operating leases ( note 14 )                         | 943     | 234                       | 191                       | 134                       | 86                        | 72                        | 226
capital leases ( note 14 )                           | 59      | 11                        | 6                         | 4                         | 3                         | 3                         | 32
unconditional purchase obligations and other         | 1631    | 1228                      | 160                       | 102                       | 54                        | 56                        | 31
total contractual cash obligations                   | $ 14755 | $ 2772                    | $ 1258                    | $ 1386                    | $ 914                     | $ 1480                    | $ 6945


stockholder return performance graph graph compares cumulative 5-year stockholder return on our common stock relative to return nasdaq composite index s&p 400 information technology index.
 graph assumes value investment in common stock on january 2 , 2010 and each index on december 31 , 2009 ( including reinvestment dividends ) was $ 100 tracks each year last day of cadence 2019s fiscal year through january 3 , 2015 for each index last day calendar comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index  s&p 400 information technology cadence design systems.
 nasdaq composite s&p 400 information technology 12/28/13 1/3/151/1/11 12/31/11 12/29/121/2/10 *$ 100 invested on 1/2/10 in stock or 12/31/09 in index  including reinvestment of dividends.
 indexes calculated on month-end basis.
 copyright a9 2014 s&p , division of mcgraw-hill companies inc.
 all rights reserved.
 stock price performance graph not indicative of future stock price performance.

| 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 | 12/28/2013 | 1/3/2015
------------------------------ | -------- | -------- | ---------- | ---------- | ---------- | --------
cadence design systems inc .   | 100.00   | 137.90   | 173.62     | 224.37     | 232.55     | 314.36
nasdaq composite               | 100.00   | 117.61   | 118.70     | 139.00     | 196.83     | 223.74
s&p 400 information technology | 100.00   | 128.72   | 115.22     | 135.29     | 173.25     | 187.84


offset by higher raw material energy costs ( $ 312 million ) increased market downtime ( $ 187 million ) other items ( $ 30 million ).
 pared with 2003 higher 2005 earnings in brazilian papers  u. s.
 coated papers.
 market pulp busi- nesses offset by lower earnings in u. s.
 un- coated papers european papers businesses.
 printing papers segment took 995000 tons of downtime in 2005 including 540000 tons of lack-of-order down- time to align production with customer demand.
 compared with 525000 tons downtime in 2004 65000 tons related to lack-of-orders.
 printing papers in 2005 2004 2003.
 uncoated papers sales totaled $ 4. 8 billion in 2005 compared with $ 5. 0 billion in 2004 and 2003.
 sales price realizations in united states averaged 4. 4% ( 4. 4 % ) higher in 2005 than 2004 4. 6% ( 4. 6 % ) higher than 2003.
 favorable pricing momentum began in 2004 carried over into beginning of 2005.
 demand weaken across grades year resulting in lower price realizations in second third quarters.
 prices stabilized as year ended.
 total shipments for year were 7. 2% ( 7. 2 % ) lower than 2004 4. 2% ( 4. 2 % ) lower than in 2003.
 matching productive capacity with customer demand business announced perma nent closure of three uncoated freesheet machines took significant lack-of-order downtime during period.
 demand showed improvement end of year bolstered by introduction new line of vision innovation paper products ( improved brightness white- ness.
 mill operations favorable compared to last year rebuild of no.
 1 machine at east- over , south carolina mill completed as planned in fourth quarter.
favorable impacts of improved mill operations lower overhead costs offset by high input costs for energy wood higher transportation costs compared to 2004.
 earnings decline in 2005 2003 due to lower shipments higher down- time increased costs for wood energy trans- portation partially offset by lower overhead costs favorable mill operations.
 average sales price realizations for european operations remained stable during 2005 averaged 1% ( 1 % ) lower than 2004 6% ( 6 % ) below 2003 levels.
 sales volumes rose slightly up 1% ( 1 % ) in 2005 2004 5% ( 5 % ) compared to 2003.
 earnings lower than 2004 reflecting higher wood energy costs compression of margins due to un- favorable foreign currency exchange movements.
 earn ings affected by downtime related to rebuild of three paper machines.
 coated papers sales in united states were $ 1. 6 bil- lion in 2005 compared with $ 1. 4 billion in 2004 $ 1. 3 billion in 2003.
 business reported operating profit in 2005 versus small operating loss in 2004.
 earnings improvement driven by higher average sales prices improved mill operations.
 price realiza- tions in 2005 averaged 13% ( 13 % ) higher than 2004.
 higher input costs for raw materials energy offset benefits from improved prices operations.
 sales volumes about 1% ( 1 % ) lower in 2005 versus 2004.
 market pulp sales from.
 european facilities totaled $ 757 million in 2005 compared with $ 661 mil- lion and $ 571 million in 2004 and 2003.
 operating profits in 2005 up 86% ( 86 % ) from 2004.
 operating loss reported in 2003.
 higher prices sales volumes lower overhead costs improved mill operations in 2005 offset in- creases in raw material  energy chemical costs.
.
softwood hardwood pulp prices improved 2005 first second quarters declined third quarter recovered year end.
 softwood pulp prices ended year 2% ( 2 % ) lower than 2004 15% ( 15 % ) higher than 2003 hardwood pulp prices ended year 15% ( 15 % ) higher than 2004 10% ( 10 % ) higher than 2003.
.
 pulp sales volumes 12% ( 12 % ) higher than 2004 19% ( 19 % ) higher than 2003 reflecting increased global demand.
 euro- pean pulp volumes increased 15% ( 15 % ) 2% ( 2 % ) compared with 2004 2003 average sales prices increased 4% ( 4 % ) 11% ( 11 % ) compared with 2004 2003.
 brazilian paper sales were $ 684 million in 2005 com pared with $ 592 million in 2004 $ 540 million in 2003.
 sales volumes for uncoated freesheet paper coated paper wood chips down from 2004 average price realizations improved for exported un- coated freesheet coated groundwood paper.
 favorable currency translation yearly average real exchange rates versus.
 dollar 17% ( 17 % ) higher in 2005 than 2004 positively impacted reported sales in.
 dollars.
 average sales prices for domestic un- coated paper declined 4% ( 4 % ) in local currency versus 2004 domestic coated paper prices down 3% ( 3 % ).
 operating profits in 2005 down 9% ( 9 % ) from 2004 up 2% ( 2 % ) from 2003.
 earnings 2005 neg- atively impacted by weaker product geographic sales mix for uncoated coated papers reflecting increased competition softer demand particularly in printing  commercial editorial market segments.

in millions      | 2005   | 2004   | 2003
---------------- | ------ | ------ | ------
sales            | $ 7860 | $ 7670 | $ 7280
operating profit | $ 552  | $ 581  | $ 464


note 9.
 commitments contingencies operating leases we obligated under noncancelable operating leases for corporate office space , warehouse distribution facilities , trucks certain equipment.
 future minimum lease commitments under these leases at december 31 , 2009 are as follows ( in thousands ) : years ending december 31:.
 rental expense for operating leases was approximately $ 57. 2 million , $ 49. 0 million $ 26. 6 million during years ended december 31 , 2009 , 2008 2007 , respectively.
 we guarantee residual values of majority of truck and equipment operating leases.
 residual values decline over lease terms to defined percentage of original cost.
 in event lessor not realize residual value when equipment sold we be responsible for portion of shortfall.
 if lessor realizes more than residual value when equipment sold we be paid amount realized over residual value.
 had terminated all operating leases subject to these guarantees at december 31, 2009 guaranteed residual value would have totaled approximately $ 27. 8 million.
 litigation related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with international trade commission against us others alleging certain aftermarket parts imported into u.
 infringed on ford design patents.
 parties settled matters in april 2009 settlement arrangement expires in september 2011.
 settlement we ( designees ) became sole distributor in united states of aftermarket automotive parts correspond to ford collision parts covered by united states design patent.
 paid ford upfront fee for these rights will pay royalty for each such part we sell.
 amortization of upfront fee and royalty expenses reflected in cost of goods sold on accompanying consolidated statements of income.
we have certain other contingencies from litigation  claims commitments subject to environmental pollution control laws regulations incident to ordinary course of business.
 expect resolution of contingencies not affect our financial position  results of operations or cash flows.
 note 10.
 business combinations on october 1 , 2009  we acquired greenleaf auto recyclers , llc ( 201cgreenleaf 201d ) from ssi for $ 38. 8 million , net of cash acquired.
 greenleaf is entity through ssi operated late model automotive parts recycling business.
 recorded gain on bargain purchase for greenleaf acquisition totaling $ 4. 3 million ,

2010                          | $ 55178
----------------------------- | --------
2011                          | 45275
2012                          | 36841
2013                          | 30789
2014                          | 22094
thereafter                    | 59263
future minimum lease payments | $ 249440


february 2018 had no remaining authority.
 at december 31 , 2018 , we had remaining authority to issue up to $ 6. 0 billion of debt securities under our shelf registration.
 receivables securitization facility 2013 as of december 31 , 2018 , and 2017 , recorded $ 400 million and $ 500 million  respectively  of borrowings under our receivables facility  as secured debt.
 ( see further discussion of receivables securitization facility in note 11 ).
 16.
 variable interest entities entered into various lease transactions structure leases contain variable interest entities ( vies ).
 these vies created solely for purpose of lease transactions ( principally involving railroad equipment and facilities ) no other activities , assets or liabilities outside lease transactions.
 within lease arrangements  right to purchase some or all assets at fixed prices.
 depending on market conditions  fixed-price purchase options in leases could potentially provide benefits to us ; benefits not expected to be significant.
 maintain and operate assets based on contractual obligations within lease arrangements  set specific guidelines consistent within railroad industry.
 no control over activities could materially impact fair value of leased assets.
 do not hold power to direct activities of vies do not control ongoing activities significant impact on economic performance of vies.
 do not have obligation to absorb losses of vies or right to receive benefits of vies potentially be significant to vies.
 not considered to primary beneficiary and do not consolidate these vies because our actions and decisions do not have most significant effect on vie 2019s performance and fixed-price purchase options not considered potentially significant to vies.
 future minimum lease payments associated with vie leases totaled $ 1. 7 billion as of december 31 , 2018.
 17.
leases lease locomotives freight cars other property.
 consolidated statements of financial position as of december 31 , 2018  and 2017 included $ 1454 million  net of $ 912 million of accumulated depreciation and $ 1635 million  net of $ 953 million of accumulated depreciation for properties under capital leases.
 charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements of income.
 future minimum lease payments for operating and capital leases with initial non-cancelable lease terms in excess of one year as of december 31, 2018 were follows : millions operating leases capital leases.
 approximately 97% ( 97 % ) of capital lease payments relate to locomotives.
 rent expense for operating leases with terms exceeding one month was $ 397 million in 2018 $ 480 million in 2017  $ 535 million in 2016.
 when cash rental payments not made straight-line basis recognize variable rental expense straight-line basis over lease term.
 contingent rentals sub-rentals not significant.
 18.
 commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us and subsidiaries.
 cannot fully determine effect of all asserted unasserted claims on consolidated results of operations  financial condition liquidity.
 recorded

millions                                | operatingleases | capitalleases
--------------------------------------- | --------------- | -------------
2019                                    | $ 419           | $ 148
2020                                    | 378             | 155
2021                                    | 303             | 159
2022                                    | 272             | 142
2023                                    | 234             | 94
later years                             | 1040            | 200
total minimum lease payments            | $ 2646          | $ 898
amount representing interest            | n/a             | -144 ( 144 )
present value of minimum lease payments | n/a             | $ 754


management 2019s discussion analysis jpmorgan chase & co.
 / 2008 annual report allowance for credit losses increased $ 13. 7 billion prior year to $ 23. 8 billion.
 increase included $ 4. 1 billion allowance noncredit-impaired loans acquired in washington mutual transaction related accounting conformity provision.
 excluding held-for-sale loans  loans carried at fair value pur- chased credit-impaired consumer loans allowance for loan losses represented 3. 62% ( 3. 62 % ) of loans at december 31 , 2008 compared with 1. 88% ( 1. 88 % ) at december 31 2007.
 consumer allowance for loan losses increased $ 10. 5 billion prior year washington mutual transaction increased allowance for loan loss in residential real estate credit card.
 increase included additions to allowance for loan losses of $ 4. 7 billion driven by higher estimated losses for residential mort- gage home equity loans weak labor market weak economic conditions resulted in increased delinquencies weak housing prices driven increase loss severity.
 allowance for loan losses related to credit card increased $ 4. 3 billion prior year due to acquired allowance conforming provision for loan loss related washington mutual bank acquisition increase in provision for loan losses of $ 2. 3 billion in 2008 over 2007 higher estimated net charge-offs expected current economic conditions.
 wholesale allowance for loan losses increase of $ 3. 4 billion from december 31  2007 reflected effect weakening credit envi- ronment transfer of $ 4. 9 billion of funded unfunded leveraged lending commitments to retained loans from held-for-sale.
provide for risk of loss in firm 2019s process extending credit allowance for lending-related commitments held for both wholesale and consumer reported in other lia- bilities.
 wholesale component computed using methodology similar to wholesale loan portfolio modified for expected maturities probabilities of drawdown has asset- specific component formula-based component.
 further discussion on allowance for lending-related commitment see note 15 on pages 178 2013180 of annual report.
 allowance for lending-related commitments for wholesale and consumer was $ 659 million and $ 850 million at december 31 , 2008 and 2007 .
 decrease reflects reduction in lending-related commitments at december 31 , 2008.
 more information see page 102 annual report.
 table presents allowance for loan losses net charge-offs ( recoveries ) by business segment at december 31 , 2008 and 2007.
 net charge-offs ( recoveries ) december 31  allowance for loan losses year ended.

december 31 , ( in millions )  | december 31 , 2008 | december 31 , 2007 | 2008     | 2007
------------------------------ | ------------------ | ------------------ | -------- | --------
investment bank                | $ 3444             | $ 1329             | $ 105    | $ 36
commercial banking             | 2826               | 1695               | 288      | 44
treasury & securities services | 74                 | 18                 | -2 ( 2 ) | 2014
asset management               | 191                | 112                | 11       | -8 ( 8 )
corporate/private equity       | 10                 | 2014               | 2014     | 2014
total wholesale                | 6545               | 3154               | 402      | 72
retail financial services      | 8918               | 2668               | 4877     | 1350
card services                  | 7692               | 3407               | 4556     | 3116
corporate/private equity       | 9                  | 5                  | 2014     | 2014
total consumer 2013 reported   | 16619              | 6080               | 9433     | 4466
credit card 2013 securitized   | 2014               | 2014               | 3612     | 2380
total consumer 2013 managed    | 16619              | 6080               | 13045    | 6846
total                          | $ 23164            | $ 9234             | $ 13477  | $ 6918


liquidity and capital resources expect to fund all cash requirements foreseeable for 2018  including scheduled debt repayments new investments business share repurchases dividend payments possible business acquisitions pension contributions with cash from operating activities as needed additional short-term and/or long-term borrowings.
 expect operating cash flow to remain strong.
 as of december 31 , 2017  had $ 211 million of cash and cash equivalents on hand $ 151 million held outside of as of december 31, 2016  had $ 327 million of cash and cash equivalents on hand $ 184 million held outside of.
 as of december 31 , 2015  had $ 26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with legacy nalco entities legacy champion entities intended to repatriate.
 liabilities recorded as part of purchase price accounting of each transaction.
 remaining foreign earnings repatriated in 2016 reducing deferred tax liabilities to zero at december 31 , 2016.
 as of december 31 , 2017 had $ 2. 0 billion multi-year credit facility expires in november 2022.
 credit facility established with diverse syndicate of banks.
 no borrowings under credit facility as of december 31 , 2017 or 2016.
 credit facility supports $ 2. 0 billion u.
 commercial paper program and $ 2. 0 billion european commercial paper program.
 combined borrowing under these two commercial paper programs may not exceed $ 2. 0 billion.
 at year-end no amount outstanding under european commercial paper program and no amount outstanding under u. s.
 commercial paper program.
 uncommitted credit lines of $ 660 million with major international banks and financial institutions to support general global funding needs.
 most lines used to support global cash pooling structures.
approximately $ 643 million credit lines available for use as of year-end 2017.
 bank supported letters of credit , surety bonds and guarantees total $ 198 million represent commercial business transactions.
 not other significant unconditional purchase obligations or commercial commitments.
 as of december 31 , 2017  short-term borrowing program rated a-2 by standard & poor 2019s and p-2 by moody 2019s.
 as of december 31 , 2017  standard & poor 2019s and moody 2019s rated long-term credit at a- ( stable outlook ) and baa1 ( stable outlook ) , respectively.
 reduction in credit ratings could limit or preclude ability to issue commercial paper under current programs or could affect ability to renew existing or negotiate new credit facilities in future could increase cost of facilities.
 we could seek additional sources of funding  including issuing additional term notes or bonds.
 ability at option to draw upon $ 2. 0 billion of committed credit facility.
 in compliance with debt covenants and other requirements of credit agreements and indentures.
 schedule of various obligations as of december 31 , 2017 summarized in following table:.
 * interest on variable rate debt calculated using interest rate at year-end 2017.
 during fourth quarter of 2017 recorded one-time transition tax related to enactment of tax act.
 expense primarily related to one-time transition tax  payable over eight years.
 in note 12 balance is provisional amount subject to adjustment during measurement period of up to one year following enactment of tax act  by recent sec guidance.
 as of december 31 , 2017  gross liability for uncertain tax positions was $ 68 million.
we not able to reasonably estimate amount by liability will increase or decrease over extended period of time or whether cash settlement liability will be required.
 therefore , these amounts excluded from schedule of contractual obligations.

( millions )              | total   | payments due by period less than 1 year | payments due by period 2-3 years | payments due by period 4-5 years | payments due by period more than 5 years
------------------------- | ------- | --------------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------
notes payable             | $ 15    | $ 15                                    | $ -                              | $ -                              | $ -
one-time transition tax   | 160     | 13                                      | 26                               | 26                               | 95
long-term debt            | 7303    | 549                                     | 696                              | 1513                             | 4545
capital lease obligations | 5       | 1                                       | 1                                | 1                                | 2
operating leases          | 617     | 131                                     | 211                              | 160                              | 115
interest*                 | 2753    | 242                                     | 436                              | 375                              | 1700
total                     | $ 10853 | $ 951                                   | $ 1370                           | $ 2075                           | $ 6457


note 9 2014goodwill and other intangibles , net goodwill table outlines activity in carrying value of company 2019s goodwill , all assigned to company 2019s trading and investing segment ( dollars in thousands ) :.
 goodwill evaluated for impairment annual basis when events or changes indicate carrying value of asset exceeds fair value and loss may not be recoverable.
 at december 31 , 2013 and 2012 , company 2019s trading and investing segment had two reporting units ; market making and retail brokerage.
 at end of june 2013 , company decided to exit market making business.
 based on decision in second quarter of 2013  company conducted interim goodwill impairment test for market making reporting unit , using expected sale structure of market making business.
 structure assumed shorter period of cash flows related to order flow arrangement  compared to prior estimates of fair value.
 based on results of first step of goodwill impairment test company determined carrying value of market making reporting unit , including goodwill , exceeded fair value for reporting unit as of june 30 , 2013.
 company proceeded to second step of goodwill impairment test to measure amount of goodwill impairment.
 result of evaluation  determined entire carrying amount of goodwill allocated to market making reporting unit was impaired company recognized $ 142. 4 million impairment of goodwill during second quarter of 2013.
 for year ended december 31 , 2013 , company performed annual goodwill assessment for retail brokerage reporting unit , to qualitatively assess whether more likely than not fair value was less than carrying value.
 result of assessment company determined first step of goodwill impairment test not necessary concluded goodwill was not impaired at december 31 , 2013.
december 31, 2013, goodwill net of accumulated impairment losses $ 142. 4 million related to trading and investing segment $ 101. 2 million balance sheet management segment.
 december 31 , 2012  goodwill net of accumulated impairment losses $ 101. 2 million balance sheet management segment.

| trading & investing
--------------------------- | -------------------
balance at december 31 2011 | $ 1934232
activity                    | 2014
balance at december 31 2012 | 1934232
impairment of goodwill      | -142423 ( 142423 )
balance at december 31 2013 | $ 1791809


maturities of debt scheduled maturities of outstanding debt balances  excluding debt fair value adjustments as of december 31 , 2014  summarized as ( in millions ) :.
 _______ interest rates , interest rate swaps contingent debt weighted average interest rate on borrowings was 5. 02% ( 5. 02 % ) during 2014 and 5. 08% ( 5. 08 % ) during 2013.
 information on interest rate swaps in note 13.
 for information about contingent debt agreements , see note 12.
 subsequent event to december 31 , 2014  additional ep trust i preferred securities converted primarily 969117 ep trust i preferred securities converted on january 14, 2015  into 697473 of class p common stock ; approximately $ 24 million in cash ; iii ) 1066028 in warrants.
 9.
 share-based compensation and employee benefits share-based compensation kinder morgan , inc.
 class p shares stock compensation plan for non-employee directors stock compensation plan for non-employee directors eligible non-employee directors participate.
 plan recognizes compensation paid to each eligible non-employee director fixed by board generally annually compensation payable in cash.
 in lieu of receiving or cash compensation each eligible non-employee director may elect to receive shares of class p common stock.
 each election at around first board meeting in january of each calendar year effective for entire calendar year.
 eligible director may make new election each calendar year.
 total number of shares of class p common stock authorized under plan is 250000.
 during 2014 , 2013 2012  made restricted class p common stock grants to non-employee directors of 6210 , 5710 and 5520  respectively.
grants valued at issuance at $ 220000, $ 210000 $ 185000  respectively.
 all restricted stock grants made to non-employee directors vest during six-month period.
 table of contents

year       | total
---------- | -------
2015       | $ 2717
2016       | 1684
2017       | 3059
2018       | 2328
2019       | 2819
thereafter | 28422
total      | $ 41029


equity compensation plan information table presents equity securities available for issuance under equity compensation plans as of december 31 , 2014.
 equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights 1 weighted-average exercise price of outstanding options , warrants and rights 2 number of securities remaining available for future issuance under plans ( excluding securities reflected in column ( a ) ) b ) c ) equity compensation plans approved by security holders 1955024 $ 36. 06 4078093 equity compensation plans not approved by security holders 3 2014.
 1 includes grants under huntington ingalls industries , inc.
 2012 long-term incentive stock plan ( "2012 plan" ) approved by stockholders on may 2 , 2012 and huntington ingalls industries , inc.
 2011 long-term incentive stock plan ( "2011 plan ) approved by sole stockholder prior to spin-off from northrop grumman corporation.
 shares 644321 subject to stock options  539742 subject to outstanding restricted performance stock rights  63022 were stock rights granted under 2011 plan.
 number includes 33571 stock rights , 11046 restricted stock rights and 663322 restricted performance stock rights granted under 2012 plan  assuming target performance achievement.
 2 weighted average exercise price of 644321 outstanding stock options only.
 3 no awards made under plans not approved by security holders.
 item 13.
 certain relationships and related transactions , and director independence information relationships transactions director independence will be incorporated by reference to proxy statement for 2015 annual meeting of stockholders to filed within 120 days after end of company 2019s fiscal year.
 item 14.
principal accountant fees and services information principal fees incorporated herein by reference to proxy statement for our 2015 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.
 this proof printed at 96% ( 96 % ) of original size line represents final trim will not print

plan category                                                    | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights ( 2 ) | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )
---------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------
equity compensation plans approved by security holders           | 1955024                                                                                | $ 36.06                                                                         | 4078093
equity compensation plans not approved by security holders ( 3 ) | 2014                                                                                | 2014                                                                            | 2014
total                                                            | 1955024                                                                                | $ 36.06                                                                         | 4078093


management 2019s discussion analysis jpmorgan chase & co. /2009 annual report 130 histogram illustrates daily market risk 2013related gains losses for ib consumer/cio positions for 2009.
 chart shows firm posted market risk 2013related gains on 227 out of 261 days period 69 days exceeding $ 160 million.
 inset graph looks days firm experienced losses depicts amount 95% ( 95 % ) confidence level var exceeded actual loss each days.
 losses sustained on 34 days during 2009 exceeded var measure one day due to high market volatility in first quarter of 2009.
 under 95% ( 95 % ) confidence interval firm expect incur daily losses greater than pre- dicted by var estimates about twelve times a year.
 table provides information about gross sensitivity of dva to one-basis-point increase in jpmorgan chase 2019s credit spreads.
 sensitivity represents impact from one-basis-point parallel shift in jpmorgan chase 2019s entire credit curve.
 credit curves not typically move parallel sensitivity multiplied by change in spreads at single maturity point may not be representative of actual revenue recognized.
 debit valuation adjustment sensitivity 1 basis point increase in ( in millions ) jpmorgan chase credit spread.
 loss advisories and drawdowns loss advisories tools highlight senior management trading losses above certain levels initiate discus- sion of remedies.
 economic value stress testing var reflects risk of loss due to adverse changes in normal markets stress testing captures firm 2019s exposure to unlikely plausible events in abnormal markets.
 firm conducts economic- value stress tests using multiple scenarios assume credit spreads widen equity prices decline significant changes in interest rates across major currencies.
 other scenar- ios focus on risks in individual business segments include scenarios focus potential for adverse movements in complex portfolios.
scenarios updated more frequently in 2009  in some cases redefined to reflect signifi- cant market volatility began in late 2008.
 with var , stress testing important in measuring controlling risk.
 stress testing enhances understanding of firm 2019s risk profile loss potential , stress losses monitored against limits.
 stress testing utilized in one-off approvals cross-business risk measurement  input to economic capital allocation.
 stress-test results , trends explanations based on current market risk positions reported to firm 2019s senior management and to lines of business to help them better measure manage risks understand event risk 2013sensitive positions.

( in millions )  | 1 basis point increase in jpmorgan chase credit spread
---------------- | ------------------------------------------------------
december 31 2009 | $ 39
december 31 2008 | $ 37


j. p.
 morgan chase & co.
 / 2003 annual report 49 off 2013balance sheet arrangements contractual cash obligations special-purpose entities entities ( 201cspes 201d ) , special-purpose vehicles ( 201cspvs 201d ) or variable-interest entities ( 201cvies 201d )  important part of financial markets  providing market liquidity facili- tating investors 2019 access to specific portfolios of assets and risks.
 spes not operating entities ; typically established for single  discrete purpose limited life no employees.
 basic spe structure involves company selling assets to spe.
 spe funds asset purchase by selling securities to investors.
 to insulate investors from creditors other entities including seller assets spes often structured to be bankruptcy-remote.
 spes critical to functioning of many investor markets including for market for mortgage-backed securities , other asset-backed securities commercial paper.
 jpmorgan chase involved with spes in three broad categories transactions : loan securi- tizations ( through 201cqualifying 201d spes ), multi-seller conduits  client intermediation.
 capital held  against all spe-related transactions related exposures deriva- tive transactions lending-related commitments.
 firm has no commitments to issue its own stock to support any spe transaction policies require transactions with spes conducted at arm 2019s length reflect market pric- ing.
 consistent policy no jpmorgan chase employee permitted to invest in spes with firm involved where investment would violate firm 2019s worldwide rules of conduct.
 these rules prohibit employees from self- dealing prohibit employees from acting on behalf of firm in transactions with family have significant financial interest.
for liquidity commitments to spes , firm could be required to provide funding if credit rating of jpmorgan chase bank downgraded below specific levels  primarily p-1 , a-1 and f1 for moody 2019s , standard & poor 2019s and fitch .
 liquidity commitments was $ 34. 0 billion at december 31 , 2003.
 if jpmorgan chase bank required to provide funding under commitments firm could be replaced as liquidity provider.
 multi-seller conduits structured commercial loan vehicles for jpmorgan chase bank has extended liq- uidity commitments bank could facilitate sale or refi- nancing of assets in spe to provide liquidity.
 liquidity commitments to spes , $ 27. 7 billion included in firm 2019s total other unfunded commitments to extend credit included in table page.
 result of consolidation of multi-seller conduits in with fin 46 , $ 6. 3 billion of commitments excluded from table underlying assets of spe included on firm 2019s consolidated balance sheet.
 table summarizes revenue information related to vies with firm has significant involvement qualifying spes:.
 ( a ) includes consolidated and nonconsolidated asset-backed commercial paper conduits for consistent presentation of 2003 results.
 revenue table represents primarily servicing fee income.
 firm has exposure to vie vehicles from derivative transactions with vies ; transactions recorded at fair value on firm 2019s consolidated balance sheet with changes in fair value (. mark-to-market gains and losses ) recorded in trading revenue.
 mtm gains and losses not included in revenue amounts reported in table above.
 for further discussion of spes and firm 2019s accounting for spes , see note 1 on pages 86 201387 , note 13 on pages 100 2013103 , and note 14 on pages 103 2013106 of this annual report.
contractual cash obligations normal course business firm enters into con- tractual obligations require future cash payments.
 contractual obligations at december 31 , 2003 include long-term debt  trust preferred capital securities  operating leases  contractual purchases capital expenditures other liabilities.
 further discussion long-term debt trust preferred capital securities see note 18 on pages 109 2013111 of annual report.
 discussion operating leases see note 27 on page 115 annual report.
 accompanying table summarizes jpmorgan chase 2019s off 2013 balance sheet lending-related financial instruments signifi cant contractual cash obligations by remaining maturity at december 31 , 2003.
 contractual purchases include commit- ments for future cash expenditures primarily for services contracts involving certain forward purchases of securities commodities.
 capital expenditures represent future cash payments for real estate 2013related obligations equip- ment.
 contractual purchases capital expenditures at december 31 , 2003 reflect minimum contractual obligation under legally enforceable contracts with contract terms fixed and determinable.
 excluded from table are obligations to be settled in cash  primarily in under one year.
 obligations reflected on firm 2019s consolidated balance sheet include deposits ; federal funds purchased securities sold under repurchase agreements ; other borrowed funds ; purchases of debt equity instruments settle within standard market timeframes.
 ; derivative payables do not require physical delivery underlying instrument certain purchases of instruments resulted in settlement failures.

year ended december 31 2003 ( in millions ) | year ended december 31 2003 vies | year ended december 31 2003 ( a ) | year ended december 31 2003 spes | total
------------------------------------------- | -------------------------------- | --------------------------------- | -------------------------------- | ------
revenue                                     | $ 79                             |                                   | $ 979                            | $ 1058


american tower corporation subsidiaries notes consolidated financial statements 2014 7. 50% ( 7. 50 % ) notes mature may 1 , 2012 interest payable semi-annually arrears may 1 november 1 each year beginning may 1 , 2004.
 company may redeem 7. 50% ( 7. 50 % ) notes after may 1 , 2008.
 initial redemption price on 7. 50% ( 7. 50 % ) notes is 103. 750% ( 103. 750 % ) of principal amount subject to ratable decline after may 1 following year to 100% ( 100 % ) of principal amount in 2010 thereafter.
 company may redeem up to 35% ( 35 % ) of 7. 50% ( 7. 50 % ) notes time prior to february 1, 2007 price equal to 107. 50% ( 107. 50 % ) of principal amount notes plus accrued unpaid interest net cash proceeds of certain public equity offerings within sixty days after closing offering.
 7. 50% ( 7. 50 % ) notes rank equally with 5. 0% ( 5. 0 % ) convertible notes 93 20448% ( 20448 % ) notes structurally junior to indebtedness outstanding under credit facilities , ati 12. 25% ( 12. 25 % ) notes ati 7. 25% ( 7. 25 % ) notes.
 indenture for 7. 50% ( 7. 50 % ) notes contains covenants restrict company ability to incur more debt ; guarantee indebtedness issue preferred stock pay dividends make certain investments merge , consolidate or sell assets enter transactions with affiliates sale leaseback transactions.
 6. 25% ( 6. 25 % ) notes redemption 2014in february 2004  company completed redemption of all outstanding $ 212. 7 million principal amount of 6. 25% ( 6. 25 % ) notes.
 6. 25% ( 6. 25 % ) notes redeemed terms indenture at 102. 083% ( 102.083 % ) principal amount plus unpaid accrued interest.
 total aggregate redemption price was $ 221. 9 million  including $ 4. 8 million accrued interest.
 company record charge of $ 7. 1 million first quarter of 2004 from loss on redemption write-off of deferred financing fees.
 other debt repurchases 2014from january 1 , 2004 to march 11 , 2004  company repurchased $ 36. 2 million principal amount 5. 0% ( 5. 0 % ) notes for approximately $ 36. 1 million cash made $ 21. 0 million voluntary prepayment of term loan a under credit facilities.
 giving effect to issuance of 7. 50% ( 7. 50 % ) notes use net proceeds to redeem outstanding 6. 25% ( 6. 25 % ) notes ; repurchases of $ 36. 2 million principal amount 5. 0% ( 5. 0 % ) notes ; voluntary prepayment of $ 21. 0 million term a loan under credit facilities ; company 2019s aggregate principal payments of long- term debt  including capital leases for next five years thereafter are as follows ( in thousands ) : year ending december 31.
 atc mexico holding 2014in january 2004  mr.
 gearon exercised right to require company to purchase 8. 7% ( 8. 7 % ) interest in atc mexico.
 effect january 2004 exercise of options company owns 88% ( 88 % ) interest in atc mexico  subsidiary through company conducts mexico operations.
 purchase price for mr.
 gearon 2019s interest in atc mexico subject to review by independent financial advisor payable in cash or shares of company 2019s class a common stock  company 2019s option.
 company intends to pay purchase price in shares class a common stock closing expected second quarter of 2004.
in addition , company expects payment of portion of purchase price contingent upon atc mexico meeting certain performance objectives.

2004                                                                          | $ 73684
----------------------------------------------------------------------------- | ------------------
2005                                                                          | 109435
2006                                                                          | 145107
2007                                                                          | 688077
2008                                                                          | 808043
thereafter                                                                    | 1875760
total cash obligations                                                        | 3700106
accreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes | -339601 ( 339601 )
accreted value of the related warrants                                        | -44247 ( 44247 )
total                                                                         | $ 3316258


holders of grupo gondi manage joint venture provide technical and commercial resources.
 believe joint venture helping us to grow our presence in attractive mexican market.
 included financial results of joint venture in corrugated packaging segment since date of formation.
 accounting for investment on equity method.
 on january 19 , 2016 , completed packaging acquisition.
 entities acquired provide value-added folding carton and litho-laminated display packaging solutions.
 believe transaction provided us with attractive complementary customers , markets facilities.
 included financial results of acquired entities in consumer packaging segment since date acquisition.
 on october 1, 2015 , completed sp fiber acquisition.
 transaction included acquisition of mills in dublin, ga and newberg , or, produce lightweight recycled containerboard and kraft and bag paper.
 newberg mill produced newsprint.
 part of transaction  acquired sp fiber's 48% ( 48 % ) interest in green power solutions of georgia, llc ( fffdgps fffd ), consolidate.
 gps is joint venture providing steam to dublin mill and electricity to georgia power.
 subsequent to transaction  announced permanent closure of newberg mill due to decline in market conditions of newsprint business need to balance supply and demand in containerboard system.
 included financial results of acquired entities in corrugated packaging segment since date acquisition.
 see fffdnote 2.
 mergers , acquisitions and investment fffdtt of notes to consolidated financial statements for additional information.
 see also item 1a.
 fffdrisk factors fffd fffdwe may be unsuccessful in making integrating mergers , acquisitions investments completing divestitures fffd.
 business.
 in fiscal 2018 , continued to pursue strategy of offering differentiated paper and packaging solutions help customers win.
executed strategy in fiscal 2018 changing cost price environment.
 net sales of $ 16285. 1 million for fiscal 2018 increased $ 1425. 4 million  or 9. 6% ( 9. 6 % )  compared to fiscal 2017.
 increase primarily result of increase in corrugated packaging segment sales driven by higher selling price/mix contributions from acquisitions increased consumer packaging segment sales primarily due to contribution from acquisitions ( primarily mps acquisition ).
 increases partially offset by absence of net sales from hh&b in fiscal 2018 due to sale of hh&b in april 2017 lower land and development segment sales due to timing of real estate sales portfolio lower merchandising display sales in consumer packaging segment.
 segment income increased $ 491. 5 million in fiscal 2018 compared to fiscal 2017 primarily due to increased corrugated packaging segment income.
 experienced higher levels cost inflation during fiscal 2018 compared to fiscal 2017 partially offset by recycled fiber deflation.
 primary inflationary items were freight costs chemical costs virgin fiber costs wage other costs.
 productivity improvements in fiscal 2018 offset net impact of cost inflation.
 difficult predict inflationary expect higher cost inflation to continue through fiscal 2019.
 corrugated packaging segment increased net sales by $ 695. 1 million in fiscal 2018 to $ 9103. 4 million from $ 8408. 3 million in fiscal 2017.
 increase net sales primarily due to higher corrugated selling price/mix higher corrugated volumes ( including acquisitions ) partially offset by lower net sales from recycling operations due to lower recycled fiber costs lower sales related to deconsolidation of foreign joint venture fiscal 2017 impact of foreign currency.
 north american box shipments increased 4. 1% ( 4. 1 % ) per day basis in fiscal 2018 compared to fiscal 2017.
income to corrugated packaging segment fiscal 2018 increased $ 454. 0 million to $ 1207. 9 million compared to $ 753. 9 million fiscal 2017.
 increase primarily due to higher selling price/mix lower recycled fiber costs productivity improvements partially offset by higher cost inflation items including increased depreciation amortization.
 consumer packaging segment increased net sales by $ 838. 9 million in fiscal 2018 to $ 7291. 4 million from $ 6452. 5 million fiscal 2017.
 increase net sales primarily due to increase sales from acquisitions ( primarily mps acquisition ) higher selling price/mix offset by absence of net sales from hh&b in fiscal 2018 due to hh&b sale april 2017 lower volumes.
 segment income to

( in millions ) | year ended september 30 , 2018 | year ended september 30 , 2017 | year ended september 30 , 2016
--------------- | ------------------------------ | ------------------------------ | ------------------------------
net sales       | $ 16285.1                      | $ 14859.7                      | $ 14171.8
segment income  | $ 1685.0                       | $ 1193.5                       | $ 1226.2


notes to consolidated financial statements 2014 ( continued ) ( amounts in millions  except per share amounts ) withholding taxes on temporary differences from earnings for certain foreign subsidiaries permanently reinvested outside u. s.
 not practicable to determine unrecognized deferred tax liability associated with these temporary differences.
 pursuant provisions of fasb interpretation no.
 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) table summarizes activity related to unrecognized tax benefits:.
 included total unrecognized tax benefits of $ 148. 8 as of december 31, 2008 , is $ 131. 8 of tax benefits if recognized impact effective tax rate and $ 17. 1 of tax benefits if recognized result in adjustments to other tax accounts  primarily deferred taxes.
 total amount accrued interest and penalties as of december 31 , 2008 and 2007 is $ 33. 5 and $ 33. 6 , of $ 0. 7 and $ 9. 2 included in 2008 and 2007 consolidated statement of operations .
 accounting policy interest and penalties accrued on unrecognized tax benefits classified as income taxes in consolidated statements of operations.
 not elected to change this classification with adoption of fin 48.
 all tax years open to examination by.
 federal state , local  non-u.
 tax authorities anticipate total unrecognized tax benefits will decrease by between $ 45. 0 and $ 55. 0 in next twelve months  portion will affect effective tax rate  primarily result of settlement of tax examinations and lapsing of statutes of limitation.
 net decrease related to various items of income and expense  including transfer pricing adjustments and restatement adjustments.
for purpose we expect to complete discussions with irs appeals division regarding years 1997 through 2004 within next twelve months.
 expect to settle  within next twelve months  uncertainties for 2005 and 2006.
 in december 2007  irs commenced examination for 2005 and 2006 tax years.
 in we have various tax years under examination by tax authorities in various countries  such as u. k. , and in various states  such as new york , in significant business operations.
 not yet known whether these examinations will result in paying additional taxes.
 we have established tax reserves believe to adequate in relation to potential for additional assessments in each jurisdictions in we subject to taxation.
 regularly assess likelihood of additional tax assessments in jurisdictions and adjust reserves as additional information or events require.
 on may 1 , 2007  irs completed examination of 2003 and 2004 income tax returns and proposed adjustments to taxable income.
 we appealed a number of these items.
 in during second quarter of 2007  were net reversals of tax reserves  primarily related to previously unrecognized tax benefits related to various items of income and expense  including approximately $ 80. 0 for certain worthless securities deductions associated with investments in consolidated subsidiaries  result of completion of tax examination.

| 2008           | 2007
-------------------------------------------------------------------- | -------------- | ----------------
balance at beginning of period                                       | $ 134.8        | $ 266.9
increases as a result of tax positions taken during a prior year     | 22.8           | 7.9
decreases as a result of tax positions taken during a prior year     | -21.3 ( 21.3 ) | -156.3 ( 156.3 )
settlements with taxing authorities                                  | -4.5 ( 4.5 )   | -1.0 ( 1.0 )
lapse of statutes of limitation                                      | -1.7 ( 1.7 )   | -2.4 ( 2.4 )
increases as a result of tax positions taken during the current year | 18.7           | 19.7
balance at end of period                                             | $ 148.8        | $ 134.8


aeronautics 2019 operating profit for 2012 increased $ 69 million or 4% ( 4 % ) compared to 2011.
 increase attributable to higher operating profit $ 105 million from c-130 programs due to increase in risk retirements ; $ 50 million from f-16 programs due to higher aircraft deliveries offset by decline in risk retirements ; $ 50 million from f-35 production contracts due to increased production volume risk retirements $ 50 million from completion of purchased intangible asset amortization on f-16 contracts.
 partially offsetting increases lower operating profit of $ 90 million from f-35 development contract due to reducing profit booking rate second quarter 2012 ; $ 50 million from decreased production volume risk retirements on f-22 program offset by resolution of contractual matter in second quarter 2012 approximately $ 45 million due to decrease in risk retirements on other sustainment activities offset by other aeronautics programs due to increased risk retirements volume.
 operating profit for c-5 programs comparable to 2011.
 adjustments not related to volume net profit booking rate adjustments approximately $ 30 million lower for 2012 compared to 2011.
 backlog backlog decreased in 2013 compared to 2012 due to lower orders on f-16 , c-5  c-130 programs offset by higher orders on f-35 program.
 backlog decreased in 2012 compared to 2011 due to lower orders on f-35 and c-130 programs partially offset by higher orders on f-16 programs.
 expect aeronautics 2019 net sales to increase in 2014 mid-single digit percentage range compared to 2013 due to increase in net sales from f-35 production contracts.
 operating profit expected to increase slightly from 2013  slight decrease in operating margins between years due to program mix.
information systems & global solutions is&gs business segment provides advanced technology systems expertise  integrated information technology solutions  management services across applications for civil  defense intelligence other government customers.
 is&gs has portfolio of smaller contracts.
 impacted by downturn in federal information technology budgets.
 is&gs 2019 operating results included ( in millions ) :.
 2013 compared to 2012 is&gs 2019 net sales decreased $ 479 million or 5% ( 5 % )  for 2013 compared to 2012.
 decrease attributable to lower net sales of $ 495 million due to decreased volume on various programs ( command and control programs for classified customers ngi programs ) approximately $ 320 million due to completion of certain programs ( total information processing support services transportation worker identification credential twic odin ).
 decrease partially offset by higher net sales of $ 340 million due to start-up of certain programs ( disa gsm-o national science foundation antarctic support ).
 is&gs 2019 operating profit decreased $ 49 million  or 6% ( 6 % )  for 2013 compared to 2012.
 decrease primarily attributable to lower operating profit of $ 55 million due to certain programs nearing end of lifecycles partially offset by higher operating profit of $ 15 million due to start-up of certain programs.
 adjustments not related to volume  including net profit booking rate adjustments other matters comparable for 2013 compared to 2012 2011 is&gs 2019 net sales for 2012 decreased $ 535 million  or 6% ( 6 % )  compared to 2011.
 decrease attributable to lower net sales of approximately $ 485 million due to substantial completion of various programs during 2011 ( primarily jtrs ; odin.
 census ) about $ 255 million due to lower volume on other programs ( primarily hanford

| 2013           | 2012           | 2011
------------------- | -------------- | -------------- | --------------
net sales           | $ 8367         | $ 8846         | $ 9381
operating profit    | 759            | 808            | 874
operating margins   | 9.1% ( 9.1 % ) | 9.1% ( 9.1 % ) | 9.3% ( 9.3 % )
backlog at year-end | 8300           | 8700           | 9300


management 2019s discussion analysis net interest income 2013 versus 2012.
 net interest income on consolidated statements of earnings was $ 3. 39 billion for 2013  13% ( 13 % ) lower than 2012.
 decrease 2012 primarily due to lower average yields on financial instruments owned at fair value partially offset by lower interest expense on financial instruments sold not yet purchased at fair value collateralized financings.
 2012 versus 2011.
 net interest income consolidated statements earnings was $ 3. 88 billion for 2012  25% ( 25 % ) lower than 2011.
 decrease 2011 primarily due to lower average yields on financial instruments owned at fair value collateralized agreements.
 see 201cstatistical disclosures 2014 distribution of assets , liabilities shareholders 2019 equity 201d for further information about sources of net interest income.
 operating expenses influenced by compensation  headcount levels business activity.
 compensation benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.
 discretionary compensation impacted by level net revenues  overall financial performance prevailing labor markets business mix  structure of share-based compensation programs external environment.
 table below presents operating expenses total staff ( includes employees  consultants temporary staff ).
.
 related revenues included in 201cmarket making 201d in consolidated statements of earnings.
 goldman sachs 2013 annual report 45

$ in millions                                    | year ended december 2013 | year ended december 2012 | year ended december 2011
------------------------------------------------ | ------------------------ | ------------------------ | ------------------------
compensation and benefits                        | $ 12613                  | $ 12944                  | $ 12223
brokerage clearing exchange anddistribution fees | 2341                     | 2208                     | 2463
market development                               | 541                      | 509                      | 640
communications and technology                    | 776                      | 782                      | 828
depreciation and amortization                    | 1322                     | 1738                     | 1865
occupancy                                        | 839                      | 875                      | 1030
professional fees                                | 930                      | 867                      | 992
insurance reserves1                              | 176                      | 598                      | 529
other expenses                                   | 2931                     | 2435                     | 2072
total non-compensation expenses                  | 9856                     | 10012                    | 10419
total operating expenses                         | $ 22469                  | $ 22956                  | $ 22642
total staff at period-end                        | 32900                    | 32400                    | 33300


stock performance graph * $ 100 invested 11/17/11 our stock or 10/31/11 relevant index  including reinvestment dividends.
 fiscal year ending december 31 , 2014.
 ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index  including american axle & manufacturing , borgwarner inc. cooper tire & rubber company  dana holding corp. delphi automotive plc  dorman products inc. federal-mogul corp. ford motor co. fuel systems solutions inc. general motors co. gentex corp. gentherm inc. genuine parts co. johnson controls inc. lkq corp. lear corp. meritor inc. remy international inc. standard motor products inc. stoneridge inc. superior industries international  trw automotive holdings corp. tenneco inc. tesla motors inc. goodyear tire & rubber co. tower international inc. visteon corp. wabco holdings inc.
 company index november 17 , december 31 , december 31.
 dividends february 26, 2013  board of directors approved initiation dividend payments company's ordinary shares.
 board of directors declared regular quarterly cash dividend $ 0. 17 per ordinary share paid each quarter of 2013.
 january 2014 board of directors increased quarterly dividend rate to $ 0. 25 per ordinary share  paid each quarter of 2014.
 january 2015 board of directors declared regular quarterly cash dividend $ 0. 25 per ordinary share  payable february 27 , 2015 to shareholders record close of business february 18 , 2015.

company index                        | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014
------------------------------------ | ---------------- | ---------------- | ---------------- | ---------------- | ----------------
delphi automotive plc ( 1 )          | $ 100.00         | $ 100.98         | $ 179.33         | $ 285.81         | $ 350.82
s&p 500 ( 2 )                        | 100.00           | 100.80           | 116.93           | 154.80           | 175.99
automotive supplier peer group ( 3 ) | 100.00           | 89.27            | 110.41           | 166.46           | 178.05


aes corporation notes to consolidated financial statements 2014 continued ) december 31 , 2011 , 2010 , 2009 1 ) weighted average interest rate at december 31 , 2011.
 company has interest rate swaps interest rate option agreements in aggregate notional principal amount of approximately $ 3. 6 billion on non-recourse debt outstanding at december 31 , 2011.
 swap agreements change variable interest rates on portion debt covered notional amounts to fixed rates from 1. 44% (. ) to 6. 98% (. 98 % ).
 option agreements fix interest rates range from 1. 00% (. 00 % ) to 7. 00% ( 7. 00 % ).
 agreements expire dates from 2016 through 2028.
 multilateral loans include loans funded guaranteed by bilaterals , multilaterals  development banks similar institutions.
 non-recourse debt of $ 704 million and $ 945 million as of december 31, 2011 and 2010  excluded from non-recourse debt included in current long-term liabilities of held for sale discontinued businesses in consolidated balance sheets.
 non-recourse debt as of december 31 , 2011 scheduled to reach maturity in table below : december 31 , annual maturities ( in millions ).
 as of december 31 , 2011  aes subsidiaries with facilities under construction had total approximately $ 1. 4 billion of committed but unused credit facilities available to fund construction related costs.
 excluding facilities under construction aes subsidiaries had approximately $ 1. 2 billion in available but unused committed revolving credit lines to support working capital , debt service reserves business needs.
 credit lines can be used in solely for borrowings ; for letters of credit ; or combination uses.
 weighted average interest rate on borrowings from these facilities was 14. 75% ( 14. 75 % ) at december 31 , 2011.
 october 3 , 2011  dolphin subsidiary ii .
 ( 201cdolphin ii 201d ) newly formed wholly-owned special purpose indirect subsidiary of aes entered into indenture 201cindenture 201d ) with wells fargo bank .
 201ctrustee 201d ) of issuance of $ 450 million principal amount 6. 50% ( 6. 50 % ) senior notes due 2016 ( 201c2016 notes 201d ) and $ 800 million principal amount 7. 25% ( 7. 25 % ) senior notes due 2021 201c7. 25%. 25 % 2021 notes 201d together with 2016 notes  201cnotes 201d finance acquisition 201cacquisition 201d ) of dpl.
 closing acquisition november 28, 2011 dolphin ii merged into dpl dpl surviving entity and obligor.
 2016 notes and 7. 25% ( 7. 25 % ) 2021 notes included under 201cnotes and bonds 201d in non-recourse detail table.
 see note 23 2014acquisitions dispositions for further information.
 interest on 2016 notes and 7. 25% ( 7. 25 % ) 2021 notes accrues at rate of 6. 50% ( 6. 50 % ) and 7. 25% ( 7. 25 % ) per year payable april 15 and october 15 of each year beginning april 15 , 2012.
 prior to september 15 , 2016 2016 notes and july 15 , 2021 7. 25% ( 7. 25 % ) 2021 notes dpl may redeem some or all of 2016 notes or 7. 25% ( 7. 25 % ) 2021 notes at par  plus 201cmake-whole 201d amount set forth in

december 31,            | annual maturities ( in millions )
----------------------- | ---------------------------------
2012                    | $ 2152
2013                    | 1389
2014                    | 1697
2015                    | 851
2016                    | 2301
thereafter              | 7698
total non-recourse debt | $ 16088


table of contents notes to consolidated financial statements of american airlines group inc.
 information generated by market transactions involving comparable assets  pricing guides other sources.
 current market for aircraft , maintenance condition aircraft expected proceeds from sale of assets  among other factors considered.
 market approach utilized to value certain intangible assets airport take off and landing slots when sufficient market information available.
 income approach primarily used to value intangible assets , including customer relationships  marketing agreements  international route authorities  us airways tradename.
 income approach indicates value for subject asset based on present value of cash flows projected to be generated by asset.
 projected cash flows discounted at required market rate of return reflects relative risk of achieving cash flows time value of money.
 cost approach  estimates value by determining current cost of replacing asset with another of equivalent economic utility , used for certain assets for market and income approaches not be applied due to nature of asset.
 cost to replace given asset reflects estimated reproduction or replacement cost for asset less allowance for loss in value due to depreciation.
 fair value of us airways 2019 dividend miles loyalty program liability determined based on weighted average equivalent ticket value of outstanding miles expected to be redeemed for future travel at december 9 , 2013.
 weighted average equivalent ticket value contemplates differing classes of service , domestic and international itineraries carrier providing award travel.
 pro-forma impact of merger company 2019s unaudited pro-forma results presented below include effects of merger as if consummated as of january 1 , 2012.
pro-forma results include depreciation amortization associated with acquired tangible and intangible assets , lease and debt fair value adjustments  elimination of deferred gains or losses  adjustments relating to reflecting fair value of loyalty program liability impact of income changes on profit sharing expense ,.
 in pro-forma results reflect impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots effective upon closing merger elimination of company 2019s reorganization items , net and merger transition costs.
 pro-forma results do not include anticipated synergies or other expected benefits of merger.
 unaudited pro-forma financial information below not necessarily indicative of future results of operations or results might have been achieved had acquisition consummated as of january 1 , 2012.
 december 31 , ( in millions ).
 5.
 basis of presentation summary of significant accounting policies presentation consolidated financial statements for full years of 2015 and 2014 and period from december 9, 2013 to december 31 , 2013 include accounts of company and its wholly-owned subsidiaries.
 for periods prior to december 9 , 2013 consolidated financial statements do not include accounts of us airways group.
 all significant intercompany transactions eliminated.
 preparation of financial statements in accordance with accounting principles generally accepted in united states ( ) requires management to make certain estimates and assumptions that affect reported amounts of assets liabilities , revenues expenses  disclosure of contingent assets and liabilities at date of financial statements.
 actual results could differ from estimates.
 most significant areas

| december 31 2013 ( in millions )
---------- | --------------------------------
revenue    | $ 40678
net income | 2526


securities historically returned approximately 10% ( 10 % ) annually over long periods time.
 debt securities returned approximately 6% ( 6 % ) annually over long periods.
 application of these historical returns to plan 2019s allocation ranges for equities and bonds produces result between 7. 25% ( 7. 25 % ) and 8. 75% ( 8. 75 % ) is one point of reference  among other factors consideration.
 we also examine plan 2019s actual historical returns over various periods and consider current economic environment.
 recent experience considered in evaluation with consideration especially for short time periods recent returns not reliable indicators of future returns.
 annual returns can vary significantly ( actual returns for 2012 , 2011  and 2010 were +15. 29% ( +15. 29 % ) , +. 11% ( +. 11 % )  and +14. 87% ( +14. 87 % ) , respectively ) selected assumption represents our estimated long-term average prospective returns.
 potentially wide range for assumption we annually examine assumption used by other companies with similar pension investment strategies ascertain whether our determinations differ from others.
 all cases this data informs our process places emphasis on qualitative judgment of future investment returns given conditions existing at each annual measurement date.
 expected long-term return on plan assets for determining net periodic pension cost for 2012 was 7. 75% ( 7. 75 % ) , same as for 2011.
 after considering views internal and external capital market advisors effects of recent economic environment on long-term prospective fixed income returns reducing expected long-term return on assets to 7. 50% ( 7. 50 % ) for determining pension cost for under current accounting rules difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods.
one percentage point difference in actual return compared with expected return causes expense in subsequent years to increase or decrease by up to $ 8 million as impact amortized into results operations.
 estimate pretax pension expense of $ 73 million in 2013 compared with pretax $ 89 million in 2012.
 year-over-year expected decrease reflects impact of favorable returns on plan assets experienced in 2012 effects of lower discount rate table below reflects estimated effects on pension expense of changes in annual assumptions using 2013 estimated expense as baseline.
 table 27 : pension expense - sensitivity analysis change in assumption ( a ) estimated increase to 2013 pension expense ( in millions ).
 a ) impact is effect of changing specified assumption while holding other assumptions constant.
 pension plan contribution requirements not particularly sensitive to actuarial assumptions.
 investment performance most impact on contribution requirements and will drive amount required contributions in future years.
 current law  including provisions pension protection act of 2006 sets limits to minimum and maximum contributions to plan.
 do not expect to be required by law to make contributions to plan during 2013.
 maintain other defined benefit plans less significant effect on financial results including nonqualified supplemental retirement plans for certain employees described in note 15 employee benefit plans in notes to consolidated financial statements in item 8 of report.
 pnc financial services group , inc.
 2013 form 10-k 77

change in assumption ( a )                                   | estimatedincrease to 2013pensionexpense ( in millions )
------------------------------------------------------------ | -------------------------------------------------------
.5% ( .5 % ) decrease in discount rate                       | $ 21
.5% ( .5 % ) decrease in expected long-term return on assets | $ 19
.5% ( .5 % ) increase in compensation rate                   | $ 2


management 2019s discussion analysis 120 jpmorgan chase & co. /2014 annual report wholesale credit portfolio firm 2019s wholesale businesses exposed to credit risk through underwriting  lending trading activities with for clients counterparties operating services cash management clearing activities.
 portion of loans originated or acquired by firm 2019s wholesale businesses retained on balance sheet.
 firm distributes significant percentage of loans into market syndicated loan business manage portfolio concentrations credit risk.
 wholesale credit environment remained favorable throughout 2014 driving increase in client activity.
 growth in loans retained driven by activity commercial banking growth in lending-related commitments reflected increased activity in corporate & investment bank commercial banking.
 discipline in underwriting across all areas lending key point of focus consistent with evolving market conditions firm 2019s risk management activities.
 wholesale portfolio actively managed by conducting ongoing in-depth reviews of client credit quality transaction structure inclusive of collateral applicable industry , product client concentrations.
 year wholesale criticized assets decreased from 2013  including reduction in nonaccrual loans by 40% ( 40 % ).
 wholesale credit portfolio december 31 , credit exposure nonperforming ( ).
 receivables from customers and other ( a ) 28972 26744 2014 2014 total wholesale credit- related assets 438861 414067 899 1459 lending-related commitments ) 472056 446232 103 206 total wholesale credit exposure $ 910917 $ 860299 $ 1002 $ 1665 credit portfolio management derivatives notional , net ( c ) $ ( 26703 ) $ ( 27996 ) $ 2014 $ ( 5 ) liquid securities other cash collateral held against derivatives ( 19604 ) ( 14435 ) na na receivables from customers other include $ 28. 8 billion and $ 26.5 billion margin loans at december 31 , 2014 and 2013  respectively to prime retail brokerage customers classified in accrued interest accounts receivable on consolidated balance sheets.
 ( b ) includes unused advised lines of credit of $ 105. 2 billion and $ 102. 0 billion as of december 31 , 2014 and 2013 .
 advised line of credit is revolving credit line specifies maximum amount firm may make available to obligor nonbinding basis.
 borrower receives written or oral advice facility.
 firm may cancel facility by providing borrower notice or some cases without notice as permitted by law.
 ( c ) represents net notional amount of protection purchased sold through credit derivatives to manage performing and nonperforming wholesale credit exposures ; derivatives not qualify for hedge accounting.
.
 for additional information see credit derivatives on page 127  note 6.
 ( d ) excludes assets acquired in loan satisfactions.

december 31 , ( in millions )                                        | december 31 , 2014 | december 31 , 2013 | 2014   | 2013
-------------------------------------------------------------------- | ------------------ | ------------------ | ------ | ----------
loans retained                                                       | $ 324502           | $ 308263           | $ 599  | $ 821
loans held-for-sale                                                  | 3801               | 11290              | 4      | 26
loans at fair value                                                  | 2611               | 2011               | 21     | 197
loans 2013 reported                                                  | 330914             | 321564             | 624    | 1044
derivative receivables                                               | 78975              | 65759              | 275    | 415
receivables from customers and other ( a )                           | 28972              | 26744              | 2014   | 2014
total wholesale credit-related assets                                | 438861             | 414067             | 899    | 1459
lending-related commitments ( b )                                    | 472056             | 446232             | 103    | 206
total wholesale credit exposure                                      | $ 910917           | $ 860299           | $ 1002 | $ 1665
credit portfolio management derivatives notional net ( c )           | $ -26703 ( 26703 ) | $ -27996 ( 27996 ) | $ 2014 | $ -5 ( 5 )
liquid securities and other cash collateral held against derivatives | -19604 ( 19604 )   | -14435 ( 14435 )   | na     | na


new accounting pronouncements information included in note 1 to consolidated financial statements.
 financial condition liquidity company generates significant ongoing cash flow.
 increases in long-term debt used to fund share repurchase activities and acquisitions.
 on november 15 , 2007 3m ( safety security protection services business ) announced definitive agreement for 3m 2019s acquisition of 100 percent of outstanding shares of aearo holding corp.
 e83a global leader in personal protection industry manufactures markets personal protection energy absorbing products for approximately $ 1. 2 billion.
 sale expected to close end of first quarter of 2008.
 at december 31.
 cash , cash equivalents marketable securities at december 31 , 2007 totaled approximately $ 3 billion helped by strong cash flow generation timing of debt issuances.
 at december 31 , 2006 cash balances higher due to significant pharmaceuticals sales proceeds received in december 2006.
 3m believes ongoing cash flows provide ample cash to fund expected investments capital expenditures.
 company has sufficient access to capital markets to meet anticipated growth and acquisition investment funding needs.
 company does not utilize derivative instruments linked to company 2019s stock.
 contingently convertible debt if conditions for conversion convertible into shares of 3m common stock ( refer to note 10 ).
 company 2019s financial condition and liquidity are strong.
 assets and liabilities including cash and short-term debt can fluctuate significantly month to month depending on short-term liquidity needs.
 working capital ( current assets minus liabilities ) totaled $ 4. 476 billion at december 31 , 2007 compared with $ 1. 623 billion at december 31 , 2006.
working capital higher due to increases in cash cash equivalents short-term marketable securities receivables inventories decreases in short-term debt accrued income taxes.
 company 2019s liquidity remains strong cash cash equivalents marketable securities at december 31 , 2007 totaling approximately $ 3 billion.
 primary short-term liquidity needs provided through u. s.
 commercial paper euro commercial paper issuances.
 as of december 31 , 2007 outstanding total commercial paper issued totaled $ 349 million averaged $ 1. 249 billion during 2007.
 company believes unlikely access to commercial paper market restricted.
 june 2007 company established medium-term notes program up to $ 3 billion medium-term notes offered remaining shelf borrowing capacity of $ 2. 5 billion as of december 31 , 2007.
 april 30 , 2007 company replaced $ 565-million credit facility with new $ 1. 5-billion five-year credit facility provisions for company to request increase facility up to $ 2 billion ( lenders 2019 discretion ) providing for up to $ 150 million in letters of credit.
 as of december 31 , 2007 $ 110 million in letters of credit drawn against facility.
 december 31 2007 available short-term committed lines of credit internationally totaled approximately $ 67 million $ 13 million utilized.
 debt covenants not restrict payment of dividends.
 company has "well-known seasoned issuer" shelf registration statement effective february 24, 2006 to register indeterminate amount of debt equity securities for future sales.
 company intends to use proceeds from future securities sales for general corporate purposes.
 december 31 , 2007 certain debt agreements ( $ 350 million of dealer remarketable securities $ 87 million of esop debt ) had ratings triggers ( bbb-/baa3 or lower ) require repayment of debt.
company has aa credit rating  stable outlook  from standard & poor 2019s and aa1 credit rating  negative outlook from moody 2019s investors service.
 under $ 1. 5-billion five-year credit facility agreement , 3m required to maintain ebitda to interest ratio end of each fiscal quarter at not less than 3. 0 to 1.
 this calculated defined in agreement ) as ratio of consolidated total ebitda for four consecutive quarters then ended to total interest expense on all funded debt for same period.
 at december 31 , 2007, ratio was approximately 35 to 1.

( millions )                                           | 2007   | 2006   | 2005
------------------------------------------------------ | ------ | ------ | ------
total debt                                             | $ 4920 | $ 3553 | $ 2381
less : cash cash equivalents and marketable securities | 2955   | 2084   | 1072
net debt                                               | $ 1965 | $ 1469 | $ 1309


july , 2002 , marathon received notice of enforcement from state of texas for alleged excess air emissions from yates gas plant production operations on kloh lease.
 settlement finalized in 2004  with marathon co-owners paying civil penalty of $ 74000 donation of land as supplemental environmental project in lieu of further penalty of $ 74000.
 marathon is owner of 38% ( 38 % ) interest in facilities.
 may , 2003  marathon received consolidated compliance order & notice potential penalty from state of louisiana for alleged air permit regulatory violations.
 matter settled for civil penalty of $ 148628 awaits formal closure with state.
 august 2004 west virginia department of environmental protection ( 2018 2018wvdep 2019 2019 ) submitted draft consent order to map regarding map 2019s handling of hazardous waste from tank cleanings west virginia.
 proposed order seeks civil penalty of $ 337900.
 map met with wvdep discussions ongoing to resolve matter.
 item 4.
 submission of matters to vote of security holders not applicable.
 part ii item 5.
 market for registrant 2019s common equity related stockholder matters issuer purchases of equity securities principal market on company 2019s common stock traded is new york stock exchange.
 2019s common stock also traded on chicago stock exchange pacific exchange.
 information concerning high and low sales prices for common stock reported in consolidated transaction reporting system frequency amount of dividends paid during last two years set forth in 2018 2018selected quarterly financial data ( unaudited ) 2019 2019 page f-41.
 as of january 31 , 2005  58340 registered holders of marathon common stock.
board of directors intends to declare pay dividends on marathon common stock based on financial condition results of operations of marathon oil corporation  no obligation under delaware law or restated certificate of incorporation.
 determining dividend policy marathon common board rely on financial statements of marathon.
 dividends on marathon common stock limited to legally available funds of marathon.
 table provides information about purchases by marathon affiliated purchaser during fourth quarter ended december 31, 2004 of equity securities registered by marathon pursuant section 12 of exchange act : issuer purchases of equity securities.
 ( 1 ) 42749 shares repurchased in open-market transactions under marathon oil corporation dividend reinvestment direct stock purchase plan ( 2018 2018plan 2019 2019 ) by administrator plan.
 stock needed to meet requirements plan purchased in open market or issued directly by marathon.
 ( 2 ) 2936 shares of restricted stock delivered by employees to marathon  vesting to satisfy tax withholding requirements.
 item 6.
 selected financial data see page f-49 through f-51.

| ( a )                                        | ( b )                        | ( c )                                                                                | ( d )
---------------------- | -------------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------
period                 | total number of shares purchased ( 1 ) ( 2 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( 1 ) | maximum number of shares that may yet be purchased under the plans or programs
10/01/04 2013 10/31/04 | 6015                                         | $ 40.51                      | n/a                                                                                | n/a
11/01/04 2013 11/30/04 | 5145                                         | $ 38.94                      | n/a                                                                                | n/a
12/01/04 2013 12/31/04 | 34526                                        | $ 37.07                      | n/a                                                                                | n/a
total:                 | 45686                                        | $ 37.73                      | n/a                                                                                | n/a


security ownership 5% ( 5 % ) holders  directors nominees executive officers shares common stock percent common stock name beneficial owner beneficially owned ( 1 ) outstanding.
 current executive officers directors group ( 14 persons ) 8352396 ( 13 ) 1. 00% 1. 00 % ) 1 ) represents shares company 2019s common stock held options held by individuals exercisable at table date or within 60 days thereafter.
 not include options restricted stock units vest more than 60 days after table date.
 ( 2 ) based form 13g/a filed february 14, 2007 fmr corp.
 corp.
 lists address 82 devonshire street  boston , ma 02109 filing.
 ( 3 ) includes 110000 shares company 2019s common stock mr.
 campbell right to acquire by exercise stock options.
 ( 4 ) excludes 600000 unvested restricted stock units.
 ( 5 ) includes 40000 shares company 2019s common stock mr.
 drexler holds indirectly 190000 shares company 2019s common stock mr.
 drexler right to acquire by exercise stock options.
 ( 6 ) includes 275 shares company 2019s common stock mr.
 fadell holds indirectly 165875 shares company 2019s common stock mr.
 fadell right to acquire by exercise stock options within 60 days after table date 1157 shares company 2019s common stock held by mr.
 fadell 2019s spouse 117375 shares company 2019s common stock mr.
 fadell 2019s spouse right to acquire by exercise stock options within 60 days after table date.
 excludes 210000 unvested restricted stock units held by mr.
 fadell 40000 unvested restricted stock units held by mr.
 fadell 2019s spouse.
 ( 7 ) consists 70000 shares company 2019s common stock mr.
gore right to acquire by exercise stock options.
 ( 8 ) includes 1300000 shares company 2019s common stock mr.
 johnson right to acquire stock options excludes 450000 unvested restricted stock units.
 ( 9 ) includes 2000 shares company 2019s common stock held by dr.
 levinson 2019s spouse 110000 shares company 2019s common stock dr.
 levinson right to acquire exercise stock options.
 ( 10 ) excludes 450000 unvested restricted stock units.

name of beneficial owner                                               | shares of common stock beneficially owned ( 1 ) |            | percent of common stock outstanding
---------------------------------------------------------------------- | ----------------------------------------------- | ---------- | -----------------------------------
fidelity investments                                                   | 56583870                                        | -2 ( 2 )   | 6.49% ( 6.49 % )
steven p . jobs                                                        | 5546451                                         |            | *
william v . campbell                                                   | 112900                                          | -3 ( 3 )   | *
timothy d . cook                                                       | 13327                                           | -4 ( 4 )   | *
millard s . drexler                                                    | 230000                                          | -5 ( 5 )   | *
tony fadell                                                            | 288702                                          | -6 ( 6 )   | *
albert a . gore jr .                                                   | 70000                                           | -7 ( 7 )   | *
ronald b . johnson                                                     | 1450620                                         | -8 ( 8 )   | *
arthur d . levinson                                                    | 365015                                          | -9 ( 9 )   | *
peter oppenheimer                                                      | 14873                                           | -10 ( 10 ) | *
eric e . schmidt                                                       | 12284                                           | -11 ( 11 ) | *
jerome b . york                                                        | 90000                                           | -12 ( 12 ) | *
all current executive officers and directors as a group ( 14 persons ) | 8352396                                         | -13 ( 13 ) | 1.00% ( 1.00 % )


contractual obligations summarize enforceable legally binding contractual obligations at september 30 , 2018  effect obligations expected on liquidity cash flow future periods in following table.
 certain amounts table based on management fffds estimates assumptions about obligations including duration  possibility of renewal anticipated actions by third parties other factors including estimated minimum pension plan contributions estimated benefit payments related to postretirement obligations  supplemental retirement plans deferred compensation plans.
 estimates assumptions subjective enforceable legally binding obligations pay future periods may vary from in table.
 ( 1 ) includes only principal payments owed on debt assuming all long-term debt held to maturity excluding scheduled payments.
 excluded $ 205. 2 million of fair value of debt step-up , deferred financing costs unamortized bond discounts from table to arrive at actual debt obligations.
 see fffdnote 13.
 debt fffd fffd of notes to consolidated financial statements for information on interest rates apply to various debt instruments.
 ( 2 ) see fffdnote 14.
 operating leases fffd of notes to consolidated financial statements for additional information.
 ( 3 ) fair value step-up of $ 18. 5 million excluded.
 see fffdnote 13.
 debt fffd fffd capital lease other indebtednesstt fffd of notes to consolidated financial statements for additional information.
 ( 4 ) purchase obligations include agreements to purchase goods or services enforceable legally binding specify all significant terms including fixed or minimum quantities to be purchased ; fixed , minimum or variable price provision approximate timing of transaction.
 purchase obligations exclude agreements cancelable without penalty.
( 5 ) included in table future estimated minimum pension plan contributions estimated benefit payments related to postretirement obligations  supplemental retirement plans deferred compensation plans.
 estimates based on factors discount rates expected returns on plan assets.
 future contributions subject to changes in underfunded status based on factors investment performance discount rates returns on plan assets changes in legislation.
 possible assumptions may change actual market performance may vary or may decide to contribute different amounts.
 excluded $ 247. 8 million of multiemployer pension plan withdrawal liabilities recorded as of september 30, 2018 due to lack of definite payout terms for certain obligations.
 see fffdnote 4.
 retirement plans fffd multiemployer plans of notes to consolidated financial statements for additional information.
 ( 6 ) not included following items in table : fffd item labeled fffdother long-term liabilities reflected on consolidated balance sheet liabilities not have definite pay-out scheme.
 fffd $ 158. 4 million from line item fffdpurchase obligations other fffd for certain provisions of financial accounting standards board fffds ( accounting standards codification ( fffdasc fffd ) 740 , fffdincome taxes associated with liabilities for uncertain tax positions due to uncertainty to amount and timing of payment .
 in addition to enforceable legally binding obligations presented in table above other obligations for goods services raw materials entered into in normal course of business.
 these contracts subject to change based on business decisions.
 expenditures for environmental compliance see item 1.
fffdbusiness fffd fffd governmental regulation fffd environmental other matters fffd , fffdbusiness fffd fffd governmental regulation fffd cercla remediation costs fffd fffd fffdbusiness fffd governmental regulation fffd climate change discussion expenditures environmental compliance.

( in millions )                                                                   | payments due by period total | payments due by period fiscal 2019 | payments due by period fiscal 2020and 2021 | payments due by period fiscal 2022and 2023 | payments due by period thereafter
--------------------------------------------------------------------------------- | ---------------------------- | ---------------------------------- | ------------------------------------------ | ------------------------------------------ | ---------------------------------
long-term debt including current portionexcluding capital lease obligations ( 1 ) | $ 6039.0                     | $ 726.6                            | $ 824.8                                    | $ 1351.0                                   | $ 3136.6
operating lease obligations ( 2 )                                                 | 615.8                        | 132.1                              | 199.9                                      | 118.4                                      | 165.4
capital lease obligations ( 3 )                                                   | 152.5                        | 5.0                                | 6.7                                        | 2.7                                        | 138.1
purchase obligations and other ( 4 ) ( 5 ) ( 6 )                                  | 2210.5                       | 1676.6                             | 224.1                                      | 114.9                                      | 194.9
total                                                                             | $ 9017.8                     | $ 2540.3                           | $ 1255.5                                   | $ 1587.0                                   | $ 3635.0