financing activities for 2014 included acquisition-related contingent consideration payment of $ 86 million to champion 2019s former shareholders.
 liquidity and capital resources expect to fund all cash requirements foreseeable for 2017  including scheduled debt repayments  new investments business  share repurchases  dividend payments  possible business acquisitions and 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 , 2016  had $ 327 million of cash and cash equivalents on hand of $ 184 million held outside of the u. s.
 as of december 31 , 2015  had $ 26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with legacy nalco entities and 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.
 consider remaining portion of foreign earnings to be indefinitely reinvested in foreign jurisdictions no intention to repatriate such funds.
 focused on building global business these funds available for use by international operations.
 extent remaining portion of foreign earnings be repatriated such amounts be subject to income tax or foreign withholding tax liabilities may be fully or partially offset by foreign tax credits in.
 and various applicable foreign jurisdictions.
 as of december 31 , 2016 had $ 2. 0 billion multi-year credit facility expires in december 2019.
 credit facility established with diverse syndicate of banks.
 no borrowings under credit facility as of december 31 , 2016 or 2015.
 credit facility supports our $ 2. 0 billion.
commercial paper program and $ 2. 0 billion european commercial paper program.
 increased european commercial paper program from $ 200 million during third quarter of 2016.
 combined borrowing under these two commercial paper programs may not exceed $ 2. 0 billion.
 as of december 31 , 2016 no amount outstanding under our u. s.
 or european commercial paper programs.
 other committed and uncommitted credit lines of $ 746 million with major international banks financial institutions to support general global funding needs including bank supported letters of credit , performance bonds and guarantees.
 approximately $ 554 million of these credit lines available for use as of year-end 2016.
 as of december 31 , 2016 short-term borrowing program rated a-2 by standard & poor 2019s and p-2 by moody 2019s.
 december 31 2016 2019s rated long-term credit at a- ( stable outlook ) and baa1 ( stable outlook ) .
 reduction in credit ratings could limit or preclude ability to issue commercial paper under current programs or affect ability to renew existing or negotiate new credit facilities future increase cost of these facilities.
 could seek additional sources of funding including issuing additional term notes or bonds.
 ability option to draw upon $ 2. 0 billion of committed credit facility prior to termination.
 in compliance with debt covenants and other requirements of credit agreements and indentures.
 schedule of obligations as of december 31 , 2016 under various notes payable , long-term debt agreements , operating leases with noncancelable terms in excess of one year and interest obligations summarized in following table:.
 interest on variable rate debt calculated using interest rate at year-end 2016.
 as of december 31 , 2016  gross liability for uncertain tax positions was $ 76 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             | $ 30   | $ 30                                    | $ -                              | $ -                              | $ -
commercial paper          | -      | -                                       | -                                | -                                | -
long-term debt            | 6652   | 510                                     | 967                              | 1567                             | 3608
capital lease obligations | 5      | 1                                       | 1                                | 1                                | 2
operating leases          | 431    | 102                                     | 153                              | 105                              | 71
interest*                 | 2261   | 218                                     | 396                              | 360                              | 1287
total                     | $ 9379 | $ 861                                   | $ 1517                           | $ 2033                           | $ 4968


adobe systems incorporated notes to consolidated financial statements continued ) we review goodwill for impairment annually or more frequently if facts circumstances warrant review.
 completed annual impairment test in second quarter of fiscal 2014.
 elected to use step 1 quantitative assessment for reporting units determined no impairment of goodwill.
 no significant risk of material goodwill impairment in reporting units based upon results of annual goodwill impairment test.
 we amortize intangible assets with finite lives over estimated useful lives and review them for impairment whenever impairment indicator exists.
 continually monitor events and changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.
 when such events or changes in circumstances occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.
 if future undiscounted cash flows less than carrying amount of assets recognize impairment loss based on excess of carrying amount over fair value of assets.
 did not recognize any intangible asset impairment charges in fiscal 2014 , 2013 or 2012.
 intangible assets are amortized over estimated useful lives of 1 to 14 years.
 amortization based on pattern in economic benefits of intangible asset will be consumed or on straight-line basis when consumption pattern not apparent.
 weighted average useful lives of intangible assets were as follows : weighted average useful life ( years ).
 software development costs capitalization of software development costs for software to be sold , leased or marketed begins upon establishment of technological feasibility generally completion of working prototype certified as no critical bugs and release candidate.
 amortization begins once software ready for intended use based on pattern in economic benefits will be consumed.
software development costs incurred between completion working prototype and general availability of related product not material.
 internal use software we capitalize costs associated with customized internal-use software systems reached application development stage.
 such capitalized costs include external direct costs in developing or obtaining applications and payroll payroll-related expenses for employees directly associated with development applications.
 capitalization of costs begins when preliminary project stage complete and ceases at project substantially complete and ready for intended purpose.
 income taxes we use asset and liability method of accounting for income taxes.
 under method income tax expense recognized for amount of taxes payable or refundable for current year.
 deferred tax assets and liabilities recognized for expected future tax consequences of temporary differences between financial reporting and tax bases of assets liabilities and for operating losses and tax credit carryforwards.
 we record valuation allowance to reduce deferred tax assets to amount for realization more likely than not.
 taxes collected from customers we net taxes collected from customers against those remitted to government authorities in financial statements.
 accordingly taxes collected from customers not reported as revenue.

| weighted averageuseful life ( years )
------------------------------------ | -------------------------------------
purchased technology                 | 6
customer contracts and relationships | 10
trademarks                           | 8
acquired rights to use technology    | 8
localization                         | 1
other intangibles                    | 3


notes to consolidated financial statements 2014 reconciliation of beginning and ending gross unrecognized tax benefits follows ( in thousands ) :.
 company 2019s major tax jurisdictions as of october 3 , 2008 for fin 48 are u. s. , california  iowa.
 for u. s. company has open tax years back to fiscal year 1998 due to carryforward of tax attributes.
 for california  company has open tax years back to fiscal year 2002 due to carryforward tax attributes.
 for iowa  company open tax years back to fiscal year 2002 due to carryforward tax attributes.
 year ended october 3, 2008 statute of limitations period expired to unrecognized tax benefit.
 expiration statute of limitations resulted in recognition of $ 0. 6 million of previously unrecognized tax benefit impacted effective tax rate $ 0. 5 million of accrued interest related to this tax position reversed during year.
 including reversal total year-to-date accrued interest related to company 2019s unrecognized tax benefits was benefit of $ 0. 4 million.
.
 stockholders 2019 equity common stock company authorized to issue ( 1 ) 525000000 shares of common stock par value $ 0. 25 per share ( 2 ) 25000000 shares of preferred stock without par value.
 holders of company 2019s common stock entitled to such dividends declared by company 2019s board of directors out of funds legally available for such purpose.
 dividends not be paid on common stock unless all accrued dividends on preferred stock paid or declared and set aside.
company 2019s liquidation , dissolution or winding up holders of common stock entitled to share pro rata in assets remaining after payment to creditors and payment liquidation preference plus unpaid dividends to holders outstanding preferred stock.
 each holder 2019s common stock entitled to one vote for each share outstanding in holder 2019s name.
 no holder common stock entitled to cumulate votes in voting for directors.
 company 2019s second certificate of incorporation provides unless otherwise determined by board directors no holder common stock has preemptive right to purchase or subscribe for any stock of any class company may issue or sell.
 in march 2007 , company repurchased approximately 4. 3 million of common shares for $ 30. 1 million authorized by company 2019s board of directors.
 company has no publicly disclosed stock repurchase plans.
 at october 3 , 2008 , company had 170322804 shares of common stock issued and 165591830 shares outstanding.
 preferred stock company 2019s second certificate of incorporation permits company to issue up to 25000000 shares of preferred stock in one or more series with rights and preferences fixed or designated by company 2019s board of directors without further action by 2019s stockholders.
 designation powers preferences rights qualifications limitations restrictions of preferred stock each skyworks solutions , inc.
 2008 annual report %%transmsg*** transmitting job : a51732 pcn : 099000000 ***%%pcmsg|103 |00005|yes|no|03/26/2009 13:34|0|0|page is valid , no graphics -- color : d|

balance at september 29 2007                                       | $ 7315
------------------------------------------------------------------ | ------------
increases based on positions related to prior years                | 351
increases based on positions related to current year               | 813
decreases relating to lapses of applicable statutes of limitations | -605 ( 605 )
balance at october 3 2008                                          | $ 7874


statistical bases.
 total expense for repairs and maintenance incurred was $ 2. 5 billion for 2015 , $ 2. 4 billion for 2014  $ 2. 3 billion for 2013.
 assets under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.
 amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.
 13.
 accounts payable and other current liabilities dec.
 31 , dec.
 31 , millions 2015 2014.
 beginning in 2015  timing of dividend declaration and payable dates aligned to occur within same quarter.
 2015 dividends paid amount includes fourth quarter 2014 dividend of $ 438 million paid january 2 , 2015  first quarter 2015 dividend of $ 484 million paid march 30 , 2015  second quarter 2015 dividend of $ 479 million  paid june 30 , 2015  third quarter 2015 dividend of $ 476 million  paid september 30 , 2015  fourth quarter 2015 dividend of $ 467 million  paid on december 30 , 2015.
 14.
 financial instruments strategy and risk 2013 may use derivative financial instruments in limited instances for other than trading purposes to assist managing exposure to fluctuations in interest rates fuel prices.
 not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.
 derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item being hedged at inception and throughout hedged period.
 document nature and relationships between hedging instruments and hedged items at inception risk- management objectives  strategies for undertaking hedge transactions  method of assessing hedge effectiveness.
changes in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.
 we may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates fuel prices ; use of derivative financial instruments may limit future benefits from favorable interest rate fuel price movements.
 market and credit risk 2013 address market risk related to derivative financial instruments by selecting instruments with value fluctuations correlate with underlying hedged item.
 manage credit risk related to derivative financial instruments minimal by requiring high credit standards for counterparties periodic settlements.
 at december 31 , 2015  2014  not required to provide collateral nor received collateral  relating to hedging activities.
 interest rate fair value hedges 2013 manage exposure to fluctuations in interest rates by adjusting proportion of fixed and floating rate debt instruments within debt portfolio over given period.
 manage mix of fixed and floating rate debt through issuance of targeted amounts of each as debt matures or require incremental borrowings.
 employ derivatives  primarily swaps  as tools to obtain targeted mix.
 obtain flexibility in managing interest costs and interest rate mix within debt portfolio by evaluating issuance of and managing outstanding callable fixed-rate debt securities.
 swaps allow to convert debt from fixed rates to variable rates hedge risk of changes in debt 2019s fair value attributable to changes in interest rates.
 account for swaps as fair value hedges using short-cut method ; not record ineffectiveness within our

millions                                             | dec . 31 2015 | dec . 31 2014
---------------------------------------------------- | ------------- | -------------
accounts payable                                     | $ 743         | $ 877
income and other taxes payable                       | 434           | 412
accrued wages and vacation                           | 391           | 409
interest payable                                     | 208           | 178
accrued casualty costs                               | 181           | 249
equipment rents payable                              | 105           | 100
dividends payable [a]                                | -             | 438
other                                                | 550           | 640
total accounts payable and other current liabilities | $ 2612        | $ 3303


compared with $ 6. 2 billion in 2013.
 operating profits in 2015 higher than 2014 and 2013.
 excluding facility closure costs  impairment costs special items operating profits 2015 3% ( 3 % ) lower than 2014 4% ( 4 % ) higher than 2013.
 benefits from lower input costs ( $ 18 million ) lower costs associated with closure of courtland , alabama mill ( $ 44 million ) favorable foreign exchange ( $ 33 million ) offset by lower average sales price realizations mix ( $ 52 million ) lower sales volumes ( $ 16 million ) higher operating costs ( $ 18 million ) higher planned maintenance downtime costs ( $ 26 million ).
 operating profits 2014 include special items costs of $ 554 million with closure of courtland , alabama mill.
 during 2013 company accelerated depreciation for certain courtland assets evaluated other assets for alternative uses.
 net book value of assets at december 31 , 2013 was approximately $ 470 million.
 first quarter of 2014 evaluation concluded no alternative uses for these assets.
 recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014.
 operating profits 2014 include charge of $ 32 million with foreign tax amnesty program gain of $ 20 million for resolution of legal contingency in india operating profits in 2013 included costs of $ 118 million with closure of courtland , alabama mill $ 123 million impairment charge associated with goodwill trade name intangible asset in india papers business.
 printing papers.
 north american printing papers net sales were $ 1. 9 billion in 2015  $ 2. 1 billion in 2014 $ 2. 6 billion in 2013.
operating profits 2015 were $ 179 million compared with loss of $ 398 million ( gain $ 156 million excluding costs shutdown courtland , alabama mill ) in 2014 gain $ 36 million ( $ 154 million excluding costs courtland mill shutdown ) in 2013.
 sales volumes 2015 decreased compared with 2014 primarily due to closure courtland mill 2014.
 shipments to domestic market increased export shipments declined.
 average sales price realizations decreased primarily in domestic market.
 input costs lower mainly for energy.
 planned maintenance downtime costs $ 12 million higher in 2015.
 operating profits 2014 negatively impacted by costs shutdown courtland , alabama mill.
 entering first quarter of 2016 sales volumes expected to be up slightly compared with fourth quarter 2015.
 average sales margins should flat reflecting lower average sales price realizations offset by more favorable product mix.
 input costs expected stable.
 planned maintenance downtime costs expected $ 14 million lower with outage scheduled in 2016 first quarter at georgetown mill compared with outages at eastover and riverdale mills in 2015 fourth quarter.
 january 2015 united steelworkers , domtar corporation packaging corporation of america  finch paper llc p.
.
 glatfelter company ( petitioners ) filed anti-dumping petition before united states international trade commission ( itc ) united states department of commerce doc ) alleging paper producers in china , indonesia  australia  brazil  portugal selling uncoated free sheet paper in sheet form products ) in violation of international trade rules.
 petitioners filed countervailing-duties petition with agencies regarding imports of products from china and indonesia.
 in january 2016 doc announced final countervailing duty rates on imports of products to united states from certain producers from china and indonesia.
in january 2016  doc announced final anti-dumping duty rates on imports products to united states from certain producers from australia brazil china indonesia portugal.
 february 2016 itc concluded anti- dumping countervailing duties investigations final determination u. s.
 market injured by imports products.
 doc 2019s previously announced countervailing duty rates anti-dumping duty rates in effect for minimum five years.
 do not believe impact of these rates material adverse effect on consolidated financial statements.
 brazilian papers net sales for 2015 were $ 878 million compared with $ 1. 1 billion in 2014 $ 1. 1 billion in 2013.
 operating profits for 2015 were $ 186 million compared with $ 177 million ( $ 209 million excluding costs tax amnesty program ) in 2014 $ 210 million in 2013.
 sales volumes in 2015 lower compared with 2014 reflecting weak economic conditions absence of 2014 one-time events.
 average sales price realizations improved for domestic uncoated freesheet paper due to price increases implemented in second half of 2015.
 margins unfavorably affected by increased proportion of sales to lower-margin export markets.
 raw material costs increased for energy and wood.
 operating costs higher than in 2014  planned maintenance downtime costs $ 4 million lower.

in millions               | 2015   | 2014       | 2013
------------------------- | ------ | ---------- | ------
sales                     | $ 5031 | $ 5720     | $ 6205
operating profit ( loss ) | 533    | -16 ( 16 ) | 271


customary conditions.
 we retain 20% ( 20 % ) equity interest in joint venture.
 as of december 31 , 2008  joint venture acquired seven properties from us we received year-to-date net sale proceeds and financing distributions of approximately $ 251. 6 million.
 january 2008  sold tract of land to unconsolidated joint venture we hold 50% ( 50 % ) equity interest received distribution  commensurate to partner 2019s 50% ( 50 % ) ownership interest of approximately $ 38. 3 million.
 november 2008  unconsolidated joint venture entered loan agreement with consortium banks distributed portion of loan proceeds to us and our partner our share of distribution totaling $ 20. 4 million.
 uses of liquidity principal uses of liquidity include : 2022 property investment ; 2022 recurring leasing/capital costs ; 2022 dividends and distributions to shareholders unitholders 2022 long-term debt maturities ; 2022 opportunistic repurchases of outstanding debt ; 2022 other contractual obligations.
 property investment evaluate development and acquisition opportunities based upon market outlook  supply long-term growth potential.
 ability to make future property investments dependent upon continued access to longer-term sources of liquidity including issuances of debt or equity securities disposing of selected properties.
 current economic conditions management evaluate investment priorities limiting new development expenditures.
 recurring expenditures principal uses of liquidity to fund recurring leasing/capital expenditures of real estate investments.
 summary of recurring capital expenditures for years ended december 31 , 2008 , 2007 2006  ( in thousands ) :.
 dividends and distributions to qualify as reit for federal income tax purposes must distribute at least 90% ( 90 % ) of taxable income to shareholders.
depreciation is non-cash expense cash flow typically greater than operating income.
 paid dividends per share of $ 1. 93 , $ 1. 91 $ 1. 89 for years ended december 31 , 2008 , 2007 2006  respectively.
 expect to continue to distribute taxable earnings to meet requirements maintain reit status.
 distributions declared at discretion of board of directors subject to actual cash available for distribution, financial condition  capital requirements other factors as board of directors deems relevant. in january 2009 board of directors resolved to decrease annual dividend from $ 1. 94 per share to $ 1. 00 per share to retain additional cash meet capital needs.
 anticipate retaining additional cash of approximately $ 145. 2 million per year  compared to annual dividend of $ 1. 94 per share  result action.
 at december 31 , 2008 had six series of preferred shares outstanding.
 annual dividend rates range between 6. 5% ( 6. 5 % ) and 8. 375% ( 8. 375 % ) paid in arrears quarterly.

| 2008    | 2007    | 2006
----------------------------- | ------- | ------- | -------
recurring tenant improvements | $ 36885 | $ 45296 | $ 41895
recurring leasing costs       | 28205   | 32238   | 32983
building improvements         | 9724    | 8402    | 8122
totals                        | $ 74814 | $ 85936 | $ 83000


market street commitments by credit rating ( a ) december 31 , 31.
 majority of our facilities not explicitly rated by rating agencies.
 all facilities structured to meet rating agency standards for applicable rating levels.
 we evaluated design of market street , its capital structure  note  relationships among variable interest holders.
 based on analysis under accounting guidance effective during 2009 and 2008  we not primary beneficiary assets and liabilities of market street not included on our consolidated balance sheet.
 considered changes to variable interest holders ( new expected loss note investors changes to program- level credit enhancement providers ), terms of expected loss notes new types of risks related to market street as reconsideration events.
 reviewed activities of market street quarterly basis to determine if reconsideration event occurred.
 tax credit investments we make certain equity investments in limited partnerships or limited liability companies ( llcs ) sponsor affordable housing projects utilizing low income housing tax credit ( lihtc ) pursuant to sections 42 and 47 of internal revenue code.
 purpose of these investments is to achieve satisfactory return on capital facilitate sale of additional affordable housing product offerings assist in achieving goals associated with community reinvestment act.
 primary activities of investments include identification , development operation of multi-family housing leased to qualifying residential tenants.
 these investments funded through combination of debt and equity.
 we typically invest in these partnerships as limited partner or non-managing member.
 we national syndicator of affordable housing equity ( with investments described 201clihtc investments 201d ).
 in syndication transactions we create funds in subsidiaries are general partner or managing member and sell limited partnership or non-managing member interests to third parties in some cases may also purchase limited partnership or non-managing member interest in fund.
purpose of business is to generate income from syndication of funds  generate servicing fees by managing funds earn tax credits to reduce tax liability.
 general partner or managing member activities include selecting  evaluating structuring negotiating closing fund investments in operating limited partnerships oversight of ongoing operations of fund portfolio.
 we evaluate our interests and third party interests in limited partnerships/llcs in determining primary beneficiary.
 primary beneficiary determination based on which party absorbs majority of variability.
 primary sources of variability in lihtc investments are tax credits tax benefits due to passive losses investments development operating cash flows.
 we have consolidated lihtc investments in we absorb majority of variability are considered primary beneficiary.
 assets primarily included in equity investments and other assets on consolidated balance sheet with liabilities classified in other liabilities third party investors 2019 interests included in equity section as noncontrolling interests.
 neither creditors nor equity investors in lihtc investments have recourse to our general credit.
 consolidated aggregate assets and liabilities of lihtc investments provided in consolidated vies 2013 pnc primary beneficiary table reflected in 201cother 201d business segment.
 also have lihtc investments in we not primary beneficiary but considered to have significant variable interest based on interests in partnership/llc.
 investments disclosed in non-consolidated vies 2013 significant variable interests table.
 table reflects maximum exposure to loss.
 maximum exposure to loss is equal to legally binding equity commitments adjusted for recorded impairment and partnership results.
 we use equity and cost methods to account for investment in these entities with investments reflected in equity investments on consolidated balance sheet.
, we increase recognized investments recognize liability for all legally binding unfunded equity commitments.
 these liabilities reflected in other liabilities on our consolidated balance sheet.
 credit risk transfer transaction national city bank , ( former pnc subsidiary merged into pnc bank , n. a.
 in november 2009 ) sponsored special purpose entity ( spe ) entered into credit risk transfer agreement with independent third party to mitigate credit losses on pool of nonconforming mortgage loans originated by former first franklin business unit.
 spe formed with small equity contribution structured as bankruptcy-remote entity creditors have no recourse to us.
 in exchange for perfected security interest in cash flows of nonconforming mortgage loans , spe issued to us asset-backed securities in form of senior , mezzanine , subordinated equity notes.
 spe deemed to be a vie as its equity not sufficient to finance activities.
 we determined to be primary beneficiary of spe absorb majority of expected losses of spe through our holding of asset-backed securities.
 accordingly spe consolidated all entity 2019s assets , liabilities , and

| december 31 2009 | december 312008
------- | ---------------- | ---------------
aaa/aaa | 14% ( 14 % )     | 19% ( 19 % )
aa/aa   | 50               | 6
a/a     | 34               | 72
bbb/baa | 2                | 3
total   | 100% ( 100 % )   | 100% ( 100 % )


five-year performance comparison 2013 graph indicator of cumulative total shareholder returns for corporation compared to peer group index  dow jones  s&p 500.
 graph assumes value investment in common stock of union pacific corporation and each index was $ 100 on december 31 , 2002  all dividends reinvested.
 comparison of five-year cumulative return 2002 2003 2004 2005 2006 2007 upc s&p 500 peer group dj trans purchases of equity securities 2013 during 2007 repurchased 13266070 shares of common stock average price $ 115. 66.
 first nine months of 2007  repurchased 10639916 shares common stock average price per share of $ 112. 68.
 table presents common stock repurchases each month for fourth quarter of 2007 : period number of shares purchased average paid per total number of shares purchased part of publicly announced plan or program maximum number of shares be purchased under plan or program.
 total number of shares purchased during quarter includes 228354 shares delivered or attested to upc by employees to pay stock option exercise prices satisfy excess tax withholding obligations for stock option exercises vesting of retention units pay withholding obligations for vesting of retention shares.
 on january 30 , 2007  board of directors authorized us to repurchase up to 20 million shares of common stock through december 31 , 2009.
 may make repurchases on open market or through other transactions.
 management has sole discretion determining timing and amount of transactions.

period                   | totalnumber ofsharespurchased[a] | averagepricepaid pershare | total number of sharespurchased as part of apublicly announcedplan orprogram | maximum number ofshares that may yetbe purchased underthe plan orprogram[b]
------------------------ | -------------------------------- | ------------------------- | ---------------------------------------------------------------------------- | ---------------------------------------------------------------------------
oct . 1 through oct . 31 | 99782                            | $ 128.78                  | -                                                                            | 9774279
nov . 1 through nov . 30 | 540294                           | 124.70                    | 528000                                                                       | 9246279
dec . 1 through dec . 31 | 1986078                          | 128.53                    | 1869800                                                                      | 7376479
total                    | 2626154                          | $ 127.75                  | 2397800                                                                      | n/a


cash flows from operations.
 in fiscal 2018 cash provided was $ 2. 8 billion compared to $ 2. 4 billion in fiscal 2017.
 $ 426 million increase driven by $ 462 million increase in net earnings $ 736 million change in current assets and liabilities offset by $ 688 million change in deferred income taxes.
 change in deferred income taxes related to $ 638 million provisional benefit from revaluing net.
 deferred tax liabilities to reflect new.
 corporate tax rate.
 $ 736 million change in current assets and liabilities due to changes in accounts payable of $ 476 million related to extension of payment terms and timing payments $ 264 million of changes in other current liabilities driven by changes in income taxes payable trade and advertising accruals incentive accruals.
 strive to grow core working capital at or below rate of growth in net sales.
 for fiscal 2018  core working capital decreased 27 percent compared to net sales increase of 1 percent.
 fiscal 2017 core working capital increased 9 percent compared to net sales decline of 6 percent in fiscal 2016 core working capital decreased 41 percent compared to net sales decline 6 percent.
 in fiscal 2017 operations generated $ 2. 4 billion of cash compared to $ 2. 8 billion in fiscal 2016.
 $ 349 million decrease driven by $ 493 million change in current assets and liabilities.
 $ 493 million change in current assets liabilities due to changes in current liabilities driven by changes in income taxes payable decrease in incentive accruals changes in trade and advertising accruals due to reduced spending.
 change in current assets liabilities impacted by timing of accounts payable.
, recorded $ 14 million loss on divestiture during fiscal 2017 , compared to $ 148 million net gain on divestitures fiscal 2016 , classified related cash flows as investing activities.

in millions                                                                                | fiscal year 2018 | fiscal year 2017 | fiscal year 2016
----------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------
net earnings including earnings attributable to redeemable and noncontrollinginterests          | $ 2163.0         | $ 1701.1         | $ 1736.8
depreciation and amortization                                                                   | 618.8            | 603.6            | 608.1
after-taxearnings from joint ventures                                                           | -84.7 ( 84.7 )   | -85.0 ( 85.0 )   | -88.4 ( 88.4 )
distributions of earnings from joint ventures                                                   | 113.2            | 75.6             | 75.1
stock-based compensation                                                                        | 77.0             | 95.7             | 89.8
deferred income taxes                                                                           | -504.3 ( 504.3 ) | 183.9            | 120.6
pension and other postretirement benefit plan contributions                                     | -31.8 ( 31.8 )   | -45.4 ( 45.4 )   | -47.8 ( 47.8 )
pension and other postretirement benefit plan costs                                             | 4.6              | 35.7             | 118.1
divestitures loss ( gain )                                                                      | -                | 13.5             | -148.2 ( 148.2 )
restructuring impairment and other exit costs                                                   | 126.0            | 117.0            | 107.2
changes in current assets and liabilities excluding the effects of acquisitions anddivestitures | 542.1            | -194.2 ( 194.2 ) | 298.5
other net                                                                                | -182.9 ( 182.9 ) | -86.3 ( 86.3 )   | -105.6 ( 105.6 )
net cash provided by operating activities                                                       | $ 2841.0         | $ 2415.2         | $ 2764.2


fair value of psu award at date of grant amortized to expense over performance period typically three years after date award or upon death  disability or reaching age of 58.
 as of december 31 , 2017  pmi had $ 34 million total unrecognized compensation cost related to non-vested psu awards.
 cost recognized over weighted-average performance cycle period of two years or upon death  disability or reaching age of 58.
 during years ended december 31 , 2017  and 2016  no psu awards vested.
 pmi did not grant psu awards during note 10.
 earnings per share unvested share-based payment awards contain non-forfeitable rights to dividends or dividend equivalents are participating securities included in pmi 2019s earnings per share calculation two-class method.
 basic and diluted earnings per share ( 201d ) calculated using following.
 for 2017 , 2016 and 2015 computations no antidilutive stock options.

( in millions )                                                                        | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015
-------------------------------------------------------------------------------------- | -------------------------------------- | -------------------------------------- | --------------------------------------
net earnings attributable to pmi                                                       | $ 6035                                 | $ 6967                                 | $ 6873
less distributed and undistributed earnings attributable to share-based payment awards | 14                                     | 19                                     | 24
net earnings for basic and diluted eps                                                 | $ 6021                                 | $ 6948                                 | $ 6849
weighted-average shares for basic eps                                                  | 1552                                   | 1551                                   | 1549
plus contingently issuable performance stock units ( psus )                            | 1                                      | 2014                                   | 2014
weighted-average shares for diluted eps                                                | 1553                                   | 1551                                   | 1549


entergy corporation notes to consolidated financial statements bonds subject to mandatory tender for purchase from holders at 100% ) of principal amount outstanding on october 1 , 2003 then remarketed.
 june 1 , 2002  entergy louisiana remarketed $ 55 million.
 charles parish pollution control revenue refunding bonds due 2030  resetting interest rate to 4. 9% ( 4. 9 % ) through may 2005.
 f bonds subject to mandatory tender for purchase from holders at 100% ( 100 % ) of principal amount outstanding on june 1, 2005 then remarketed.
 fair value excludes lease obligations long-term doe obligations  other long-term debt includes debt due within one year.
 determined using bid prices reported by dealer markets nationally recognized investment banking firms.
 annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002  for next five years as follows ( in thousands ) :.
 not included other sinking fund requirements of approximately $ 30. 2 million annually satisfied by cash or certification of property additions at rate of 167% ( 167 % ) of such requirements.
 december 2002  damhead creek project sold buyer project assumed all obligations under damhead creek credit facilities and damhead creek interest rate swap agreements.
 november 2000 entergy's non-utility nuclear business purchased fitzpatrick and indian point 3 power plants in seller-financed transaction.
 entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from date closing eight annual installments of $ 20 million commencing eight years from date closing.
 notes not have stated interest rate implicit interest rate of 4. 8% ( 4. 8 % ).
purchase agreement with nypa  purchase of indian point 2 resulted in entergy's non-utility nuclear business liable to nypa for additional $ 10 million per year for 10 years beginning september 2003.
 liability recorded upon purchase indian point 2 in september 2001.
 covenants in entergy corporation 7. 75% (. % ) notes require to maintain consolidated debt ratio of 65% ( 65 % ) or less of total capitalization.
 if entergy's debt ratio exceeds this limit or if entergy or domestic utility companies default on other credit facilities or in bankruptcy or insolvency proceedings acceleration of facility's maturity may occur.
 in january 2003  entergy paid in full at maturity outstanding debt relating to top of iowa wind project.
 capital funds agreement agreement creditors entergy corporation agreed to supply system energy with sufficient capital to maintain system energy's equity capital at minimum of 35% ( 35 % ) of total capitalization ( excluding short-term debt ) permit continued commercial operation of grand gulf 1 pay in full all system energy indebtedness for borrowed money when due enable system energy to make payments on specific system energy debt under supplements to agreement assigning system energy's rights agreement as security for specific debt.

2003 | $ 1150786
---- | ---------
2004 | $ 925005
2005 | $ 540372
2006 | $ 139952
2007 | $ 475288


item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities graph compares annual total return of our common stock  standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) our peer group ( 201cloews peer group 201d ) for five years ended december 31 , 2016.
 graph assumes value of investment in common stock  s&p 500 index loews peer group was $ 100 on december 31, 2011 all dividends reinvested.
 loews peer group consists of companies industry competitors of our principal operating subsidiaries : chubb limited ( name change from ace limited after acquired chubb corporation january 15, 2016 ) ,.
 berkley corporation , chubb corporation ( included through january 15 , 2016 acquired by ace limited ) energy transfer partners. ensco plc  hartford financial services group , inc. kinder morgan energy partners ,.
 included through november 26 , 2014 acquired by kinder morgan inc. noble corporation  spectra energy corp  transocean ltd.
 travelers companies , inc.
 dividend information paid quarterly cash dividends each year since 1967.
 regular dividends of $ 0. 0625 per share of loews common stock paid in each calendar quarter of 2016 and 2015.

| 2011  | 2012   | 2013   | 2014   | 2015   | 2016
---------------------- | ----- | ------ | ------ | ------ | ------ | ------
loews common stock     | 100.0 | 108.91 | 129.64 | 113.59 | 104.47 | 128.19
s&p 500 index          | 100.0 | 116.00 | 153.57 | 174.60 | 177.01 | 198.18
loews peer group ( a ) | 100.0 | 113.39 | 142.85 | 150.44 | 142.44 | 165.34


aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , 2015 total amount of unrecognized tax benefits anticipated to result in net decrease to tax benefits within 12 months of december 31 , 2017 estimated between $ 5 million and $ 15 million  primarily relating to statute of limitation lapses and tax exam settlements.
 following reconciliation of beginning and ending amounts of unrecognized tax benefits for periods indicated ( in millions ) :.
 company and subsidiaries currently under examination by relevant taxing authorities for various tax years.
 company regularly assesses potential outcome of examinations in taxing jurisdictions when determining adequacy of unrecognized tax benefit recorded.
 difficult to predict final outcome or timing of resolution of uncertain tax position, believe we have appropriately accrued for uncertain tax benefits.
 audit outcomes timing of audit settlements future events impact previously recorded unrecognized tax benefits and range of anticipated increases or decreases in unrecognized tax benefits subject to significant uncertainty.
 possible ultimate outcome of current or future examinations may exceed provision for current unrecognized tax benefits in amounts could be material cannot be estimated as of december 31 , 2017.
 effective tax rate and net income in future period could be materially impacted.
 21.
 discontinued operations due to portfolio evaluation in first half of 2016 , management decided to pursue strategic shift of distribution companies in brazil , sul and eletropaulo , to reduce company exposure to brazilian distribution market.
 eletropaulo 2014 in november 2017 , eletropaulo converted preferred shares into ordinary shares transitioned listing shares into novo mercado , listing segment of brazilian stock exchange with highest standards of corporate governance.
conversion of preferred shares into ordinary shares aes no longer controlled eletropaulo  but maintained significant influence over business.
 company deconsolidated eletropaulo.
 after deconsolidation company's 17% ( % ) ownership interest reflected as equity method investment.
 company recorded after-tax loss on deconsolidation of $ 611 million primarily consisted of $ 455 million to cumulative translation losses and $ 243 million to pension losses reclassified from aocl.
 in december 2017 remaining criteria met for eletropaulo to qualify as discontinued operation.
 results of operations and financial position reported as such in consolidated financial statements for all periods.
 eletropaulo's pre-tax loss attributable to aes including loss on deconsolidation for years ended december 31 , 2017 and 2016 was $ 633 million and $ 192 million respectively.
 pre-tax income attributable to aes for year ended december 31 , 2015 was $ 73 million.
 prior to classification as discontinued operations eletropaulo reported in brazil sbu reportable segment.
 sul 2014 company executed agreement for sale of sul , wholly-owned subsidiary in june 2016.
 results of operations and financial position of sul reported as discontinued operations in consolidated financial statements for all periods.
 meeting held-for-sale criteria company recognized after-tax loss of $ 382 million pre-tax impairment charge of $ 783 million offset by tax benefit of $ 266 million to impairment of sul long lived assets tax benefit of $ 135 million for deferred taxes related to investment in sul.
 prior to impairment charge carrying value of sul asset group of $ 1. 6 billion greater than approximate fair value less costs to sell.
impairment charge limited to carrying value of long lived assets of sul disposal group.
 on october 31 , 2016  company completed sale of sul received final proceeds less costs sell of $ 484 million  excluding contingent consideration.
 upon disposal of sul  company incurred additional after-tax

december 31,                                | 2017     | 2016       | 2015
------------------------------------------- | -------- | ---------- | ----------
balance at january 1                        | $ 352    | $ 364      | $ 384
additions for current year tax positions    | 2014     | 2          | 2
additions for tax positions of prior years  | 2        | 1          | 12
reductions for tax positions of prior years | -5 ( 5 ) | -1 ( 1 )   | -7 ( 7 )
effects of foreign currency translation     | 2014     | 2014       | -3 ( 3 )
settlements                                 | 2014     | -13 ( 13 ) | -17 ( 17 )
lapse of statute of limitations             | -1 ( 1 ) | -1 ( 1 )   | -7 ( 7 )
balance at december 31                      | $ 348    | $ 352      | $ 364


risks related to our common stock our stock price is extremely volatile.
 trading price common stock volatile may continue to be volatile in future.
 many factors could impact on our stock price  including fluctuations in our or competitors 2019 operating results , clinical trial results adverse events associated with our products , product development by us or competitors  changes in laws  including healthcare , tax intellectual property laws , intellectual property developments  changes in reimbursement or drug pricing  existence or outcome of litigation or government proceedings , including sec/doj investigation , failure to resolve , delays in resolving other developments with to issues raised in warning letter , acquisitions strategic transactions  perceptions of investors we not performing or meeting expectations.
 trading price of common stock of many biopharmaceutical companies  including ours  experienced extreme price and volume fluctuations unrelated to operating performance of companies stocks affected.
 anti-takeover provisions in our charter and bylaws under delaware law could make third-party acquisition difficult may frustrate attempt to remove or replace our current management.
 our corporate charter and by-law provisions may discourage certain transactions involving actual or potential change of control might beneficial to us our stockholders.
 bylaws provide special meetings of stockholders may be called only by chairman of board , president , secretary  or majority of board of directors , or upon written request of stockholders who own of record 25% ( 25 % ) of outstanding stock of all classes entitled to vote meeting.
 bylaws specify authorized number of directors may be changed only by resolution of board of directors.
 our charter does not include provision for cumulative voting for directors  may enabled minority stockholder holding sufficient percentage class shares to elect one or more directors.
under our charter  our board of directors has authority  without further action by stockholders to designate up to 5 shares of preferred stock in one or more series.
 rights of holders of common stock subject to  and may be adversely affected by rights of holders of any class or series of preferred stock issued in future.
 we are a delaware corporation  anti-takeover provisions of delaware law could make it difficult for third party to acquire control of us even if change in control beneficial to stockholders.
 we subject to provisions of section 203 of delaware general laws prohibits person owns in excess of 15% ( 15 % ) of our outstanding voting stock from merging or combining with us for three years after date of transaction person acquired excess 15% ( 15 % ) voting stock unless merger or combination is approved.
 item 1b.
 unresolved staff comments.
 item 2.
 properties.
 we conduct our primary operations at owned and leased facilities described below.
 location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 2030 dublin , ireland global supply chain , distribution , and administration offices 160000 owned.
 believe our administrative office space is adequate to meet needs for foreseeable future.
 research and development facilities and manufacturing facilities  with third party manufacturing facilities will adequate for on-going activities.
 in addition to locations we also lease space in other.
 locations and in foreign countries to support our operations as global organization.

location                | operations conducted                                                        | approximatesquare feet | leaseexpirationdates
----------------------- | --------------------------------------------------------------------------- | ---------------------- | --------------------
new haven connecticut   | corporate headquarters and executive sales research and development offices | 514000                 | 2030
dublin ireland          | global supply chain distribution and administration offices                 | 160000                 | owned
athlone ireland         | commercial research and development manufacturing                           | 80000                  | owned
lexington massachusetts | research and development offices                                            | 81000                  | 2019
bogart georgia          | commercial research and development manufacturing                           | 70000                  | owned
smithfield rhode island | commercial research and development manufacturing                           | 67000                  | owned
zurich switzerland      | regional executive and sales offices                                        | 69000                  | 2025


as of december 31 , 2015 , future minimum payments due under lease financing obligation were as follows ( in thousands ) : years ending december 31.
 upon completion of construction in 2013 , evaluated de-recognition of asset and liability under sale-leaseback accounting guidance.
 concluded we had continued economic involvement in facility did not meet with provisions for sale-leaseback accounting.
 lease is accounted for as a financing obligation lease payments attributed to 1 ) reduction of principal financing obligation ; 2 ) imputed interest expense ; and 3 ) land lease expense ( considered operating lease and component of cost of goods sold and operating expenses ) representing imputed cost to lease underlying land of building.
 underlying building asset is depreciated over building estimated useful life of 30 years.
 at conclusion of initial lease term we will de-recognize both net book values of asset and remaining financing obligation.
 purchase commitments outsource manufacturing and supply chain management operations to third-party contract manufacturers , who procure components and assemble products on our behalf based on forecasts to reduce manufacturing lead times ensure adequate component supply.
 issue purchase orders to contract manufacturers for finished product significant portion of orders consist of firm non- cancelable commitments.
 purchase strategic component inventory from certain suppliers under purchase commitments some non-cancelable  including integrated circuits consigned to contract manufacturers.
 as of december 31 , 2015  had non-cancelable purchase commitments of $ 43. 9 million to contract manufacturers and suppliers.
 provided restricted deposits to third-party contract manufacturers and vendors to secure obligations to purchase inventory.
 had $ 2. 3 million in restricted deposits as of december 31 , 2015 and december 31 , 2014.
restricted deposits classified in other assets in our accompanying consolidated balance sheets.
 guarantees entered agreements with direct customers and channel partners contain indemnification provisions relating to potential situations where claims alleged our products infringe intellectual property rights of third party.
 we have at our option expense ability to repair infringement , replace product with non-infringing equivalent-in-function product or refund customers

2016                                                | $ 5754
--------------------------------------------------- | ----------------
2017                                                | 5933
2018                                                | 6113
2019                                                | 6293
2020                                                | 6477
thereafter                                          | 18810
total payments                                      | 49380
less : interest and land lease expense              | -30463 ( 30463 )
total payments under facility financing obligations | 18917
property reverting to landlord                      | 23629
present value of obligation                         | 42546
less current portion                                | -1336 ( 1336 )
long-term portion of obligation                     | $ 41210


international networks segment owns operates following television networks  reached following number subscribers via pay television services as of december 31 , 2013 : global networks international subscribers ( millions ) regional networks international subscribers ( millions ).
 ( a ) number of subscribers corresponds to collective sum of total number subscribers to sbs nordic broadcast networks in sweden , norway denmark subject to retransmission agreements with pay television providers.
 ( b ) number of subscribers corresponds to dmax pay television networks in u. , austria  switzerland ireland.
 international networks segment owns operates free-to-air television networks reached 285 million cumulative viewers in europe middle east as of december 31 , 2013.
 free-to-air networks include dmax , fatafeat , quest , real time , giallo , frisbee , focus k2.
.
 primary sources of revenue for international networks are fees charged to operators distribute networks primarily include cable and dth satellite service providers , advertising sold on television networks.
 international television markets vary in stages of development.
 some markets. are more advanced digital television markets others remain in analog environment with varying degrees investment from operators to expand channel capacity or convert to digital technologies.
 common practice in some markets results in long-term contractual distribution relationships other markets renew contracts annually.
 distribution revenue for international networks segment dependent on number of subscribers receive our networks or content , rates negotiated in agreements  market demand for content provide.
advertising revenue dependent upon factors including development of pay and free-to-air television markets number of subscribers to viewers of channels viewership demographics popularity of programming ability to sell commercial time over channels.
 in certain markets our advertising sales business operates with in-house sales teams rely on external sales representation services in other markets.
 in developing television markets  expect advertising revenue growth from continued subscriber viewership growth localization strategy shift of advertising spending from traditional analog networks to channels multi-channel environment.
 in mature markets western europe  growth in advertising revenue from increasing viewership pricing of advertising on existing television networks launching of new services organic and through acquisitions.
 during 2013  distribution , advertising other revenues were 50% ( 50 % ) , 47% ( 47 % ) and 3% ( 3 % )  of total net revenues for this segment.
 on january 21 , 2014  entered agreement with tf1 to acquire controlling interest in eurosport international ( "eurosport )  leading pan-european sports media platform by increasing ownership stake from 20% ( 20 % ) to 51% ( 51 % ) for cash of approximately 20ac253 million ( $ 343 million ) subject to working capital adjustments.
 due to regulatory constraints acquisition excludes eurosport france  subsidiary of eurosport.
 retain 20% ( 20 % ) equity interest in eurosport france commitment to acquire another 31% ( 31 % ) ownership interest beginning 2015  contingent upon resolution of regulatory matters.
 flagship eurosport network focuses on regionally popular sports tennis  skiing cycling motor sports reaches 133 million homes across 54 countries in 20 languages.
eurosport 2019s brands platforms include eurosport hd ( high definition simulcast ) , eurosport 2  eurosport 2 hd high )  eurosport asia-pacific  eurosportnews.
 acquisition intended to increase growth of eurosport enhance pay television offerings in europe.
 tf1 right to put entirety remaining 49% ( 49 % ) non-controlling interest to us for approximately two and a half years after completion acquisition.
 put has floor value equal to fair value at acquisition date if exercised in 90 day period beginning july 1, 2015 subsequently priced at fair value if exercised in 90 day period beginning july 1 , 2016.
 expect acquisition to close in second quarter of 2014 subject to obtaining necessary regulatory approvals.

global networks discovery channel | internationalsubscribers ( millions ) 271 | regional networks discovery kids | internationalsubscribers ( millions ) 76
--------------------------------- | ----------------------------------------- | -------------------------------- | ----------------------------------------
animal planet                     | 200                                       | sbs nordic ( a )                 | 28
tlc real time and travel & living | 162                                       | dmax ( b )                       | 16
discovery science                 | 81                                        | discovery history                | 14
investigation discovery           | 74                                        | shed                             | 12
discovery home & health           | 64                                        | discovery en espanol ( u.s. )    | 5
turbo                             | 52                                        | discovery familia ( u.s. )       | 4
discovery world                   | 23                                        | gxt                              | 4


gain previously held equity interest 30 december 2014 acquired partner 2019s equity ownership interest in liquefied atmospheric industrial gases production joint venture in north america for $ 22. 6  increased ownership from 50% % ) to 100% ( 100 % ).
 transaction accounted for as business combination subsequent acquisition results consolidated within industrial gases 2013 americas segment.
 recorded gain of $ 17. 9 ( $ 11. 2 after-tax or $. 05 per share ) result revaluing held equity interest to fair value acquisition date.
 refer to note 6  business combination consolidated financial statements for additional details.
 other income ( expense )  net items recorded other income expense ) from transactions events not directly related to principal income earning activities.
 detail other income ( expense ) net presented in note 23  supplemental information consolidated financial statements.
 2017 vs.
 2016 other income ( expense ) net of $ 121. 0 increased $ 71. 6  due to income from transition services agreements with versum and evonik income from sale of assets and investments gain of $ 12. 2 ( $ 7. 6 after-tax or $. 03 per share ) from sale of parcel of land favorable foreign exchange impact.
 2016 vs.
 2015 other income ( expense ) net of $ 49. 4 increased $ 3. 9  due to lower foreign exchange losses favorable contract settlements receipt of government subsidy.
 fiscal year 2015 included gain of $ 33. 6 ( $ 28. 3 after tax or $. 13 per share ) from sale of two parcels of land.
 no other individual items significant comparison to fiscal year 2015.
 interest expense.
 2017 vs.
 2016 interest incurred decreased $ 8.impact from lower average debt balance of $ 26 partially offset by impact higher average interest rate on debt portfolio of $ 19.
 change in capitalized interest driven by decrease in carrying value of projects under construction primarily result of decision to exit from energy-from-waste business.
 2016 vs.
 2015 interest incurred decreased $ 4. 0.
 decrease resulted from stronger.
 dollar on translation of foreign currency interest of $ 6 , partially offset by higher average debt balance of $ 2.
 change in capitalized interest driven by decrease in carrying value of projects under construction result of exit from energy-from-waste business.
 other non-operating income ( expense )  net income  net of $ 29. 0 in fiscal year 2017 resulted from interest income on cash and time deposits proceeds from sale of pmd.
 interest income included in "other income ( expense ), net" in 2016 and 2015.
 interest income in previous periods not material.
 loss on extinguishment of debt on 30 september 2016 anticipation of spin-off of emd  versum issued $ 425. 0 of notes to air products  exchanged notes with financial institutions for $ 418. 3 of air products 2019 outstanding commercial paper.
 noncash exchange  excluded from consolidated statements of cash flows resulted in loss of $ 6. 9 ( $ 4. 3 after-tax  or $. 02 per share ).
 in september 2015  made payment of $ 146. 6 to redeem 3000000 unidades de fomento ( 201d ) series e 6. 30% (. % ) bonds due 22 january 2030 carrying value of $ 130. 0 resulted in net loss of $ 16. 6 ( $ 14. 2 after-tax  or $. 07 per share ).

| 2017    | 2016    | 2015
--------------------------- | ------- | ------- | -------
interest incurred           | $ 139.6 | $ 147.9 | $ 151.9
less : capitalized interest | 19.0    | 32.7    | 49.1
interest expense            | $ 120.6 | $ 115.2 | $ 102.8


entergy new orleans , inc.
 management's financial discussion analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges.
 analysis of change in net revenue comparing 2008 to 2007.
 amount ( in millions ).
 volume/weather variance due to increase in electricity usage in service territory in 2008 compared to 2007.
 entergy new orleans estimates approximately 141000 electric customers and 93000 gas customers returned since hurricane katrina taking service as of december 31, 2008 compared to 132000 electric customers 86000 gas customers as of december 31 , 2007.
 billed retail electricity usage increased total 184 gwh compared to same period 2007 increase of 4% ( 4 % ).
 net gas revenue variance due to increase in base rates in march and november 2007.
 refer to note 2 to financial statements for discussion of base rate increase.
 rider revenue variance due to higher total revenue storm reserve rider effective march 2007 city council's approval of settlement agreement in october 2006.
 approved storm reserve set to collect $ 75 million over ten-year period rider funds held in restricted escrow account.
 settlement agreement discussed in note 2 to financial statements.
 base revenue variance due to base rate recovery credit  effective january 2008.
 base rate credit discussed in note 2 financial statements.
 gross operating revenues fuel and purchased power expenses gross operating revenues increased due to increase of $ 58. 9 million in gross wholesale revenue due to increased sales to affiliated customers increase in average price of energy available for resale sales ; increase of $ 47.7 million electric fuel cost recovery revenues due to higher fuel rates increased electricity usage ; increase $ 22 million gross gas revenues due to higher fuel recovery revenues increases gas base rates in march 2007 november 2007.
 fuel purchased power increased primarily due to increases average market prices natural gas purchased power addition increase in demand.

| amount ( in millions )
---------------- | ----------------------
2007 net revenue | $ 231.0
volume/weather   | 15.5
net gas revenue  | 6.6
rider revenue    | 3.9
base revenue     | -11.3 ( 11.3 )
other            | 7.0
2008 net revenue | $ 252.7


december 31 , 2015 2014  had modest working capital surplus.
 reflects strong cash position provides enhanced liquidity in uncertain economic environment.
 believe adequate access to capital markets meet foreseeable cash requirements sufficient financial capacity to satisfy current liabilities.
 cash flows.
 operating activities cash operating activities decreased in 2015 compared to 2014 due to lower net income changes in working capital offset by timing of tax payments.
 federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments during 2011 50% ( 50 % ) bonus depreciation for qualified investments during 2012-2013.
 company deferred substantial portion of 2011-2013 income tax expense contributing to positive operating cash flow years.
 congress extended 50% ( 50 % ) bonus depreciation for 2014  extension occurred in december  related benefit realized in 2015  2014.
 december 2015 congress extended bonus depreciation through 2019 delayed benefit of 2015 bonus depreciation into 2016.
 bonus depreciation at rate of 50% ( 50 % ) for 2015 , 2016 2017  40% ( 40 % ) for 2018 30% ( 30 % ) for 2019.
 higher net income in 2014 increased cash provided by operating activities compared to 2013  despite higher income tax payments.
 2014 income tax payments higher than 2013 primarily due to higher income  paid taxes previously deferred by bonus depreciation.
 investing activities higher capital investments in locomotives freight cars  including $ 327 million in early lease buyouts due to favorable economic terms market conditions drove increase in cash used in investing activities in 2015 compared to 2014.
 higher capital investments  including early buyout of long-term operating lease of headquarters building for approximately $ 261 million drove increase in cash used in investing activities in 2014 compared to 2013.
significant investments made for new locomotives  freight cars containers  capacity commercial facility projects.
 capital investments in 2014 included $ 99 million for early buyout of locomotives freight cars under long-term operating leases exercised due to favorable economic terms market conditions.

millions                                | 2015           | 2014           | 2013
--------------------------------------- | -------------- | -------------- | --------------
cash provided by operating activities   | $ 7344         | $ 7385         | $ 6823
cash used in investing activities       | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 )
cash used in financing activities       | -3063 ( 3063 ) | -2982 ( 2982 ) | -3049 ( 3049 )
net change in cash and cash equivalents | $ -195 ( 195 ) | $ 154          | $ 369


railroad collected approximately $ 18. 8 billion and $ 16. 3 billion of receivables during years ended december 31 , 2011 and 2010 , respectively.
 upri used proceeds to purchase new receivables under facility.
 costs of receivables securitization facility include interest  vary based on prevailing commercial paper rates , program fees paid to banks  commercial paper issuing costs  and fees for unused commitment availability.
 costs receivables securitization facility included in interest expense were $ 4 million and $ 6 million for 2011 and 2010 , respectively.
 prior to adoption new accounting standard costs receivables securitization facility were included in other income were $ 9 million for 2009.
 investors have no recourse to railroad 2019s other assets except for customary warranty and indemnity claims.
 creditors railroad do not have recourse to assets of upri.
 in august 2011  receivables securitization facility renewed for additional 364-day period at comparable terms and conditions.
 contractual obligations and commercial commitments as described in notes to consolidated financial statements referenced in tables below  have contractual obligations commercial commitments may affect our financial condition.
 based on assessment of underlying provisions circumstances contractual obligations commercial commitments including material sources of off-balance sheet structured finance arrangements other than risks other companies face with to condition of capital markets ( described in item 1a of part ii report ) no known trend , demand , commitment , event , or uncertainty likely to occur material adverse effect on our consolidated results of operations , financial condition , or liquidity.
 our commercial obligations , financings  and commitments are customary transactions similar to those of other comparable corporations particularly within transportation industry.
tables identify material obligations commitments as of december 31 , 2011 : payments due by december 31  contractual obligations after millions total 2012 2013 2014 2015 2016 2016.
 [a] excludes capital lease obligations of $ 1874 million unamortized discount of $ 364 million.
 includes interest component of $ 5120 million.
 [b] includes leases for locomotives freight cars other equipment real estate.
 [c] represents total obligations including interest component of $ 685 million.
 [d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases  locomotives  ties ballast rail ; agreements to purchase other goods services.
 for amounts cannot estimate year of settlement reflected in other column.
 [e] includes estimated other post retirement  medical  life insurance payments payments under unfunded pension plan for next ten years.
 no amounts included for funded pension obligations no contributions currently required.
 [f] future cash flows for income tax contingencies reflect recorded liability for unrecognized tax benefits  including interest penalties as of december 31 , 2011.
 where can estimate years in liabilities may be settled shown in table.
 for amounts cannot estimate year of settlement reflected in other column.

contractual obligationsmillions    | total   | payments due by december 31 2012 | payments due by december 31 2013 | payments due by december 31 2014 | payments due by december 31 2015 | payments due by december 31 2016 | payments due by december 31 after 2016 | payments due by december 31 other
---------------------------------- | ------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------------- | ---------------------------------
debt [a]                           | $ 12516 | $ 538                            | $ 852                            | $ 887                            | $ 615                            | $ 652                            | $ 8972                                 | $ -
operating leases [b]               | 4528    | 525                              | 489                              | 415                              | 372                              | 347                              | 2380                                   | -
capital lease obligations [c]      | 2559    | 297                              | 269                              | 276                              | 276                              | 262                              | 1179                                   | -
purchase obligations [d]           | 5137    | 2598                             | 568                              | 560                              | 276                              | 245                              | 858                                    | 32
other post retirement benefits [e] | 249     | 26                               | 26                               | 26                               | 26                               | 26                               | 119                                    | -
income tax contingencies [f]       | 107     | 31                               | -                                | -                                | -                                | -                                | -                                      | 76
total contractualobligations       | $ 25096 | $ 4015                           | $ 2204                           | $ 2164                           | $ 1565                           | $ 1532                           | $ 13508                                | $ 108


( 1 ) cumulative total return assumes reinvestment of dividends.
 ( 2 ) total return weighted according to market capitalization of each company at beginning of each year.
 ( f ) purchases of equity securities by issuer and affiliated purchasers not repurchased common stock since company filed initial registration statement on march 16, g ) securities authorized for issuance under equity compensation plans description of securities incorporated herein by reference to proxy statement for 2012 annual meeting of stockholders filed within 120 days after end of company 2019s fiscal year.
 item 6.
 selected financial data.
 ( 1 ) long-term debt not include amounts payable to former parent as of before december 31, 2010 these amounts due upon demand and included in current liabilities.
 ( 2 ) free cash flow is non-gaap financial measure represents cash from operating activities less capital expenditures.
 see liquidity and capital resources in item 7 for more information.

( $ in millions except per share amounts ) | year ended december 31 2011 | year ended december 31 2010 | year ended december 31 2009 | year ended december 31 2008 | year ended december 31 2007
------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | ---------------------------
sales and service revenues                 | $ 6575                      | $ 6723                      | $ 6292                      | $ 6189                      | $ 5692
goodwill impairment                        | 290                         | 0                           | 0                           | 2490                        | 0
operating income ( loss )                  | 110                         | 248                         | 211                         | -2354 ( 2354 )              | 447
net earnings ( loss )                      | -94 ( 94 )                  | 135                         | 124                         | -2420 ( 2420 )              | 276
total assets                               | 6001                        | 5203                        | 5036                        | 4760                        | 7658
long-term debt ( 1 )                       | 1830                        | 105                         | 283                         | 283                         | 283
total long-term obligations                | 3757                        | 1559                        | 1645                        | 1761                        | 1790
free cash flow ( 2 )                       | 331                         | 168                         | -269 ( 269 )                | 121                         | 364
basic earnings ( loss ) per share          | $ -1.93 ( 1.93 )            | $ 2.77                      | $ 2.54                      | $ -49.61 ( 49.61 )          | $ 5.65
diluted earnings ( loss ) per share        | $ -1.93 ( 1.93 )            | $ 2.77                      | $ 2.54                      | $ -49.61 ( 49.61 )          | $ 5.65


visa indemnification payment services business issues acquires credit debit card transactions through visa. s.
 inc.
 card association affiliates ( visa ).
 in october 2007  visa completed restructuring issued shares of visa inc.
 common stock to financial institution members ( visa reorganization ) in initial public offering ( ipo ).
 part of visa reorganization we received proportionate share of class b visa inc.
 common stock allocated to u. s.
 members.
 prior to ipo u. s.
 members  included pnc obligated to indemnify visa for judgments settlements related to certain specified litigation.
 result of acquisition of national city  became party to judgment and loss sharing agreements with visa certain other banks.
 judgment loss sharing agreements designed to apportion financial responsibilities from potential adverse judgment or negotiated settlements related to specified litigation.
 in september 2014 visa funded $ 450 million into litigation escrow account reduced conversion rate of visa b to a shares.
 continue to obligation to indemnify visa for judgments settlements for remaining specified litigation.
 recourse repurchase obligations discussed in note 2 loan sale servicing activities variable interest entities pnc sold commercial mortgage  residential mortgage home equity loans/ lines of credit directly or indirectly through securitization loan sale transactions in continuing involvement.
 form continuing involvement includes recourse and loan repurchase obligations associated with transferred assets.
 commercial mortgage loan recourse obligations originate service certain multi-family commercial mortgage loans sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program.
 participated in similar program with fhlmc.
 under programs assume up to one-third risk of loss on unpaid principal balances through loss share arrangement.
at december 31 , 2014 and december 31  2013  unpaid principal balance outstanding of loans sold participant in programs was $ 12. 3 billion and $ 11. 7 billion respectively.
 potential maximum exposure under loss share arrangements was $ 3. 7 billion at december 31  2014 and $ 3. 6 billion at december 31 , 2013.
 maintain reserve for estimated losses based exposure.
 reserve for losses under programs totaled $ 35 million and $ 33 million as of december 31 2014 and 2013 included in other liabilities on consolidated balance sheet.
 if payment required under programs contractual interest in collateral underlying mortgage loans on losses occurred value of collateral taken into account in determining our share of losses.
 exposure and activity associated with recourse obligations reported in corporate & institutional banking segment.
 table 150 : analysis of commercial mortgage recourse obligations.
 residential mortgage loan and home equity loan/ line of credit repurchase obligations residential mortgage loans sold non-recourse basis assume certain loan repurchase obligations associated with mortgage loans sold to investors.
 loan repurchase obligations primarily relate to situations where pnc alleged to have breached origination covenants and representations and warranties made to purchasers loans in purchase sale agreements.
 repurchase obligation activity associated with residential mortgages reported in residential mortgage banking segment.
 in fourth quarter of 2013 pnc reached agreements with fnma and fhlmc to resolve repurchase claims loans sold between 2000 and 2008.
 pnc paid total of $ 191 million related to these settlements.
 pnc repurchase obligations include certain brokered home equity loans/lines of credit sold to limited number private investors financial services industry by national city prior to acquisition of national city.
pnc no longer engaged in brokered home equity lending business exposure under loan repurchase obligations limited to repurchases loans sold transactions.
 repurchase activity associated with brokered home equity loans/lines credit reported in non-strategic assets portfolio segment.
 214 pnc financial services group  inc.
 2013 form 10-k

in millions                                  | 2014 | 2013
-------------------------------------------- | ---- | --------
january 1                                    | $ 33 | $ 43
reserve adjustments net                      | 2    | -9 ( 9 )
losses 2013 loan repurchases and settlements |      | -1 ( 1 )
december 31                                  | $ 35 | $ 33


commitment expiration per period commercial commitments after millions of dollars total 2010 2011 2012 2013 2014 2014.
 none credit facility used as of december 31 , 2009.
 $ 400 million of sale of receivables program utilized at december 31 , 2009.
 includes guaranteed obligations related to headquarters building  equipment financings  affiliated operations.
 none letters of credit drawn upon as of december 31 , 2009.
 off-balance sheet arrangements sale of receivables 2013 railroad transfers accounts receivable to union pacific receivables , inc.
 ( upri ) bankruptcy-remote subsidiary part of sale of receivables facility.
 upri sells without recourse on 364-day revolving basis undivided interest in accounts receivable to investors.
 total capacity to sell undivided interests to investors under facility was $ 600 million and $ 700 million at december 31 , 2009 and 2008.
 value of outstanding undivided interest held by investors under facility was $ 400 million and $ 584 million at december 31 , 2009 and 2008.
 during 2009  upri reduced outstanding undivided interest held by investors due to decrease in available receivables.
 value of undivided interest held by investors not included in consolidated financial statements.
 value undivided interest supported by $ 817 million and $ 1015 million of accounts receivable held by upri at december 31 , 2009 and 2008.
 at december 31 , 2009 and 2008 value of interest retained by upri was $ 417 million and $ 431 million.
 retained interest included in accounts receivable in consolidated financial statements.
 interest sold to investors sold at carrying value  approximates fair value no gain or loss recognized from transaction.
value of outstanding undivided interest held by investors could fluctuate based upon availability of eligible receivables affected by changing business volumes credit risks , including default and dilution.
 if default or dilution ratios increase one percent , value of outstanding undivided interest investors not change as of december 31 , 2009.
 should our credit rating fall below investment grade , value of outstanding undivided interest investors would reduced  in certain cases investors right to discontinue facility.
 railroad services sold receivables ; railroad does not recognize servicing asset or liability  servicing fees compensate us for these responsibilities.
 railroad collected approximately $ 13. 8 billion and $ 17. 8 billion during years ended december 31 , 2009 and 2008 ,.
 upri used proceeds to purchase new receivables under facility.
 costs of sale of receivables program included in other income were $ 9 million , $ 23 million , and $ 35 million for 2009 , 2008 , and 2007 ,.
 costs include interest  vary based on prevailing commercial paper rates , program fees paid to banks  commercial paper issuing costs  fees for unused commitment availability.
 decrease in 2009 costs primarily attributable to lower commercial paper rates decrease in outstanding interest held by investors.

other commercial commitmentsmillions of dollars | total  | amount of commitment expiration per period 2010 | amount of commitment expiration per period 2011 | amount of commitment expiration per period 2012 | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period after 2014
----------------------------------------------- | ------ | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | ----------------------------------------------- | -----------------------------------------------------
credit facilities [a]                           | $ 1900 | $ -                                             | $ -                                             | $ 1900                                          | $ -                                             | $ -                                             | $ -
sale of receivables [b]                         | 600    | 600                                             | -                                               | -                                               | -                                               | -                                               | -
guarantees [c]                                  | 416    | 29                                              | 76                                              | 24                                              | 8                                               | 214                                             | 65
standby letters of credit [d]                   | 22     | 22                                              | -                                               | -                                               | -                                               | -                                               | -
total commercial commitments                    | $ 2938 | $ 651                                           | $ 76                                            | $ 1924                                          | $ 8                                             | $ 214                                           | $ 65


environmental liability includes costs for remediation restoration of sites for ongoing monitoring costs excludes anticipated recoveries from third parties.
 cost estimates based on information available for each site , financial viability of other potentially responsible parties existing technology  laws  regulations.
 we believe we have adequately accrued for our ultimate share of costs at sites subject to joint several liability.
 ultimate liability for remediation difficult to determine because of number of potentially responsible parties involved site-specific cost sharing arrangements with degree of contamination by wastes scarcity quality of volumetric data related to sites speculative nature of remediation costs.
 estimates may vary due to changes in federal state local laws governing environmental remediation.
 do not expect current obligations to have material adverse effect on our results of operations or financial condition.
 guarantees 2013 at december 31 , 2006  were contingently liable for $ 464 million in guarantees.
 recorded liability of $ 6 million for fair value of these obligations as of december 31 , 2006.
 entered into these contingent guarantees in normal course of business include guaranteed obligations related to headquarters building  equipment financings affiliated operations.
 final guarantee expires in 2022.
 not aware of any existing event of default require us to satisfy these guarantees.
 do not expect these guarantees have material adverse effect on our consolidated financial condition  results of operations  or liquidity.
 indemnities 2013 maximum potential exposure under indemnification arrangements  including certain tax indemnifications can range from specified dollar amount to unlimited amount  depending on nature of transactions and agreements.
due to uncertainty to whether claims will made or how resolved , we cannot reasonably determine probability of adverse claim or estimate adverse liability or total maximum exposure under indemnification arrangements.
 not reason to believe we will be required to make material payments under these indemnity provisions.
 income taxes 2013 as previously reported in form 10-q for quarter ended september 30 , 2005 , irs completed examinations and issued notices of deficiency for tax years 1995 through 2002.
 among proposed adjustments is disallowance of tax deductions claimed in connection with certain donations of property.
 in fourth quarter of 2005 , irs national office issued technical advice memorandum left unresolved whether deductions proper , pending further factual development.
 we continue to dispute donation issue  other proposed adjustments , will contest associated tax deficiencies through irs appeals process , and  if necessary , litigation.
 irs examining corporation 2019s federal income tax returns for tax years 2003 and 2004 should complete exam in 2007.
 do not expect ultimate resolution of examinations have material adverse effect on our consolidated financial statements.
 11.
 other income other income included following for years ended december 31 : millions of dollars 2006 2005 2004.

millions of dollars                          | 2006       | 2005       | 2004
-------------------------------------------- | ---------- | ---------- | ----------
rental income                                | $ 83       | $ 59       | $ 55
net gain on non-operating asset dispositions | 72         | 135        | 69
interest income                              | 29         | 17         | 10
sale of receivables fees                     | -33 ( 33 ) | -23 ( 23 ) | -11 ( 11 )
non-operating environmental costs and other  | -33 ( 33 ) | -43 ( 43 ) | -35 ( 35 )
total                                        | $ 118      | $ 145      | $ 88


goodwill reviewed annually during fourth quarter for impairment.
 company performs impairment analysis of other intangible assets based on occurrence of other factors.
 such factors include significant changes in membership  state funding  medical contracts provider networks contracts.
 impairment loss recognized if carrying value of intangible assets exceeds implied fair value.
 medical claims liabilities medical services costs include claims paid , claims reported but not yet paid  inventory , estimates for claims incurred but not yet received ibnr  estimates for costs necessary to process unpaid claims.
 estimates of medical claims liabilities developed using standard actuarial methods based upon historical data for payment patterns cost trends product mix sea- sonality utilization of healthcare services other rele- vant factors including product changes.
 estimates continually reviewed adjustments  if necessary reflected in period known.
 management did not change actuarial methods during years presented.
 management believes amount of medical claims payable reasonable adequate to cover company 2019s liability for unpaid claims as of december 31 , 2006 actual claim payments may differ from estimates.
 revenue recognition company 2019s medicaid managed care segment gener- ates revenues primarily from premiums received from states in it operates health plans.
 company receives fixed premium per member per month state contracts.
 company generally receives premium payments during month it provides services recognizes premium revenue during period in obligated to provide services to members.
 some states enact premium taxes or similar assessments premium taxes these taxes recorded as general and administrative expenses.
 some contracts allow for additional premium related to certain supplemen- tal services provided maternity deliveries.
 revenues recorded based on membership and eligibility data provided by states may be adjusted by states for updates data.
adjustments immaterial in relation to total revenue recorded reflected in period known.
 company 2019s specialty services segment generates revenues under contracts with state programs healthcare organizations commercial organizations from own subsidiaries market-based terms.
 revenues recognized when related services provided or as ratably earned over covered period of service.
 premium and services revenues collected in advance recorded as unearned revenue.
 for performance-based contracts company recognize revenue subject to refund until data sufficient to measure performance.
 premiums and service revenues due to company recorded as premium and related receivables recorded net of allowance based on historical trends management 2019s judgment on collectibility accounts.
 company generally receives payments during month in services provided allowance typically not significant in comparison to total revenues material impact on pres entation financial condition or results of operations.
 activity in allowance for uncollectible accounts for years ended december 31 summarized below:.
 centene receives majority of revenues under con- tracts or subcontracts with state medicaid managed care programs.
 contracts  expire on dates between june 30 , 2007 and december 31 , 2011 expected to be renewed.
 contracts with states of georgia , indiana  kansas  texas wisconsin each accounted for 15% ( 15 % ), 15% ( 15 % ), 10% ( 10 % ) , 17% ( 17 % ) 16% ( 16 % )  of company 2019s revenues for year ended december 31 , 2006.
 reinsurance centene purchased reinsurance from third parties to cover eligible healthcare services.
 current reinsurance program covers 90% ( ) of inpatient healthcare expenses in excess of annual deductibles of $ 300 to $ 500 per member up to annual maximum of $ 2000.
centene 2019s medicaid managed care subsidiaries responsible for inpatient charges in excess of average daily per diem.
 bridgeway participates in risk-sharing program contract with state of arizona for reimbursement of certain contract service costs beyond monetary threshold.
 reinsurance recoveries were $ 3674 , $ 4014 , $ 3730 , in 2006 , 2005  2004 ,.
 reinsurance expenses were approximately $ 4842 , $ 4105 , and $ 6724 in 2006  2005 2004 .
 reinsurance recoveries  net of expenses included in medical costs.
 other income ( expense ) consists principally of investment income and interest expense.
 investment income derived from company 2019s cash  cash equivalents restricted deposits investments.

| 2006         | 2005         | 2004
--------------------------------------- | ------------ | ------------ | ------------
allowances beginning of year            | $ 343        | $ 462        | $ 607
amounts charged to expense              | 512          | 80           | 407
write-offs of uncollectible receivables | -700 ( 700 ) | -199 ( 199 ) | -552 ( 552 )
allowances end of year                  | $ 155        | $ 343        | $ 462