reduced administrative expense.
 in connection with project  eliminated 749 positions.
 incurred $ 54. 7 million of net expenses most cash.
 recorded $ 0. 4 million of restructuring charges to action in fiscal 2018 , restructuring charges reduced by $ 0. 4 million in fiscal 2017  incurred $ 54. 7 million of restructuring charges in fiscal 2016.
 action completed in fiscal 2018.
 in fiscal 2015  announced project century ( century ) involved review of north american manufacturing and distribution network to streamline operations identify potential capacity reductions.
 in fiscal 2016  broadened scope of century to identify opportunities to streamline supply chain outside north america.
 century in second quarter of fiscal 2016 approved restructuring plan to close manufacturing facilities in europe & australia segment supply chain in berwick , united kingdom and east tamaki , new zealand.
 actions affected 287 positions incurred $ 31. 8 million of net expenses to actions $ 12 million was cash.
 recorded $ 1. 8 million of restructuring charges actions in fiscal 2017 and $ 30. 0 million in fiscal 2016.
 actions completed in fiscal 2017.
 of century in first quarter of fiscal 2016  approved restructuring plan to close west chicago, illinois cereal and dry dinner manufacturing plant in north america retail segment supply chain.
 action affected 484 positions  incurred $ 109. 3 million of net expenses action $ 21 million was cash.
 recorded $ 6. 9 million of restructuring charges action in fiscal 2018 , $ 23. 2 million in fiscal 2017 and $ 79. 2 million in fiscal 2016.
 action completed in fiscal 2018.
 part of century first quarter of fiscal 2016  approved restructuring plan to close joplin , missouri snacks plant in north america retail segment supply chain.
action affected 125 positions incurred $ 8. 0 million net expenses less than $ 1 million was cash.
 recorded $ 1. 4 million restructuring charges in fiscal 2018  $ 0. 3 million in fiscal 2017  $ 6. 3 million in fiscal 2016.
 action completed in fiscal 2018.
 paid cash related to restructuring initiatives of $ 53. 6 million in fiscal 2018  $ 107. 8 million in fiscal 2017  $ 122. 6 million in fiscal 2016.
 addition to restructuring charges expect to incur approximately $ 130 million project-related costs recorded in cost of sales all cash.
 recorded project-related costs in cost of sales of $ 11. 3 million in fiscal 2018  $ 43. 9 million in fiscal 2017 $ 57. 5 million in fiscal 2016.
 paid cash for project-related costs of $ 10. 9 million in fiscal 2018 , $ 46. 9 million in fiscal 2017  $ 54. 5 million in fiscal 2016.
 expect activities to completed in fiscal 2019.
 restructuring charges and project-related costs classified in consolidated statements of earnings.

in millions                                      | fiscal 2018 | fiscal 2017 | fiscal 2016
------------------------------------------------ | ----------- | ----------- | -----------
cost of sales                                    | $ 14.0      | $ 41.5      | $ 78.4
restructuring impairment and other exit costs    | 68.7        | 182.6       | 151.4
total restructuring charges                      | 82.7        | 224.1       | 229.8
project-related costs classified in cost ofsales | $ 11.3      | $ 43.9      | $ 57.5


46 d e v o n e n e r g y a n n u a l r e p o r t 2 0 0 4 contents of gas produced , transportation availability costs and demand for products derived from oil , natural gas and ngls.
 all devon 2019s revenues attributable to sales , processing transportation of these three commodities.
 our financial results resources influenced by price volatility.
 estimates for devon 2019s future production of oil , natural gas ngls based on assumption market demand and prices continue at levels allow for profitable production of these products.
 no assurance of such stability.
 most of canadian production subject to government royalties fluctuate with prices.
 price fluctuations can affect reported production.
 our international production governed by payout agreements with governments of countries in we operate.
 if payout under these agreements attained earlier than projected devon 2019s net production and proved reserves in could be reduced.
 estimates for future processing and transport of oil , natural gas ngls based on assumption market demand prices continue at levels allow for profitable processing transport of these products.
 no assurance of such stability.
 production , transportation  processing marketing of oil, natural gas ngls are complex processes subject to disruption from many causes.
 these causes include transportation processing availability , mechanical failure , human error  meteorological events including hurricanes  other factors.
 forward-looking statements prepared assuming demand , curtailment  producibility general market conditions for devon 2019s oil , natural gas and ngls during 2005 will be similar to those of 2004  unless otherwise noted.
 all following dollar amounts are expressed in u. s.
 dollars.
 amounts related to canadian operations converted to u. s.
dollars using projected average 2005 exchange rate of $ 0. 82 u.
 to $ 1. 00 canadian.
 actual 2005 exchange rate may vary from this estimate.
 variations could have material effect on following estimates.
 completed major property acquisitions and dispositions in recent years transactions are opportunity driven.
 forward-looking data excludes financial and operating effects of potential property acquisitions or divestitures except as discussed in 201cproperty acquisitions and divestitures , 201d during year 2005.
 timing and ultimate results of acquisition and divestiture activity difficult to predict may vary materially from discussed in report.
 geographic reporting areas for 2005 estimates of production , average price differentials capital expenditures provided separately for each geographic areas : 2022 united states onshore ; 2022 united states offshore  all oil and gas properties in gulf of mexico ; 2022 canada ; 2022 international  all oil and gas properties outside of united states and canada.
 year 2005 potential operating items estimates related to oil , gas and ngl production , operating costs dd&a based on estimates for devon 2019s properties other than those designated for possible sale ( see 201cproperty acquisitions and divestitures 201d ).
 estimates exclude results of potential sale properties for entire year.
 oil , gas and ngl production in paragraphs are individual estimates of devon 2019s oil , gas and ngl production for 2005.
 combined basis devon estimates 2005 oil , gas and ngl production will total 217 mmboe.
 of total  approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2004.
 oil production expect oil production in 2005 to total 60 mmbbls.
total , approximately 95% ( 95 % ) estimated to produced from reserves classified as 201cproved 201d at december 31 , 2004.
 expected production by area as follows:.
 oil prices 2013 fixed through price swaps , devon fixed price it receive in 2005 on portion of its oil production.
 following table includes information on fixed-price production by area.
 where necessary prices adjusted for certain transportation costs netted against prices recorded by devon.

| ( mmbbls )
---------------------- | ----------
united states onshore  | 12
united states offshore | 10
canada                 | 12
international          | 26


d u r l t y c o r p o r a t i o n 2 8 2 0 0 2 a n a l r e p o r t notes to consolidated financial statements company recognizes income on long-term construction contracts general contractor on percentage of completion method.
 profits recorded on company 2019s estimates of percentage of completion of individual contracts commencing when progress reaches experience sufficient to estimate final results with accuracy.
 portion of estimated earnings accrued on company 2019s estimates of percentage of completion based on contract expenditures incurred and work performed.
 property sales gains from sales of depreciated property recognized with financial accounting standards ( 201csfas 201d ) no.
 66  included in earnings from sales of land and depreciable property dispositions  net of impairment adjustment  in statement of operations if identified held for sale prior to adoption sfas 144 and discontinued operations if held for sale after adoption sfas 144.
 gains or losses from sale of property considered held for sale in dclp recognized in with sfas 66 included in construction management and development activity income in statement of operations.
 net income per common share basic net income per common share computed by dividing net income available for common shares by weighted average number of common shares outstanding for period.
 diluted net income per share computed by dividing sum of net income available for common shares and minority interest in earnings of unitholders by sum of weighted average number of common shares and units outstanding and dilutive potential common shares for period.
table reconciles components basic and diluted net income per share ( in thousands ) : series d convertible preferred stock and series g convertible preferred limited partner units were anti-dilutive for years ended december 31 , 2002 , 2001 2000 ; no conversion to common shares included in weighted dilutive potential common shares.
 in september 2002  company redeemed series g convertible preferred units at par value of $ 35. 0 million.
 joint venture partner in company 2019s unconsolidated companies has option to convert portion of ownership to company common shares ( see discussion in investments in unconsolidated companies section ).
 effect of option on earnings per share was dilutive for year ended december 31 , 2001 ; conversion to common shares included in weighted dilutive potential common shares.
 federal income taxes company elected to be taxed as real estate investment trust ( 201creit 201d ) under internal revenue code.
 to qualify as reit  company must meet organizational and operational requirements including requirement distribute at least 90% ( 90 % ) of taxable income to stockholders.
 management intends to continue to adhere to requirements maintain company 2019s reit status.
 as reit company entitled to tax deduction for some or all dividends it pays to shareholders.
 company generally not subject to federal income taxes as long as it distributes amount equal to or in excess of taxable income currently to stockholders.
 reit generally subject to federal income taxes on any taxable income not currently distributed to shareholders.
 if company fails to qualify as a reit in taxable year subject to federal income taxes may not able to qualify as a reit for four subsequent taxable years.
 reit qualification reduces but not eliminate amount of state and local taxes paid by company.
, company 2019s financial statements include operations of taxable corporate subsidiaries not entitled to dividends paid deduction subject to corporate federal , state and local income taxes.
 reit company may also be subject to certain federal excise taxes if it engages in certain types of transactions.

| 2002     | 2001     | 2000
----------------------------------------------------------------------------------- | -------- | -------- | --------
basic net income available for common shares                                        | $ 161272 | $ 229967 | $ 212958
joint venture partner convertible ownership net income                              | 2014     | 3423     | 2014
minority interest in earnings of common unitholders                                 | 18568    | 32463    | 32071
diluted net income available for common shares and dilutive potential common shares | $ 179840 | $ 265853 | $ 245029
weighted average number of common shares outstanding                                | 133981   | 129660   | 126836
weighted average partnership units outstanding                                      | 15442    | 18301    | 19070
joint venture partner convertible ownership common share equivalents                | 2014     | 2092     | 2014
dilutive shares for stock-based compensation plans                                  | 1416     | 1657     | 1535
weighted average number of common shares and dilutive potential common shares       | 150839   | 151710   | 147441


action commenced by california attorney general providing customers greater transparency into pricing of this product other alternatives for addressing foreign exchange requirements.
 believe disclosures will address customer interests for increased transparency over time action may result in pressure on our pricing product or in clients electing other foreign exchange execution options adverse impact on revenue from profitability of product for.
 we may be exposed to customer claims  financial loss  reputational damage regulatory scrutiny of transacting purchases and redemptions relating to unregistered cash collateral pools underlying our securities lending program at net asset value of $ 1. 00 per unit rather than lower net asset value based upon market value of underlying portfolios.
 portion of cash collateral received by customers under our securities lending program is invested in cash collateral pools we manage.
 interests in these cash collateral pools held by unaffiliated customers and by registered and unregistered investment funds that we manage.
 our cash collateral pools are money market funds registered under investment company act of 1940 required to maintain constant net asset value of $ 1. 00 per unit.
 remainder of cash collateral pools are collective investment funds not required to be registered under investment company act.
 unregistered cash collateral pools seek not required to maintain transact purchases and redemptions at constant net asset value of $ 1. 00 per unit.
 our securities lending operations consist of two components ; direct lending program for third-party investment managers and asset owners collateral pools for refer to as direct lending collateral pools ; investment funds with broad range of investment objectives managed by ssga engage in securities lending  refer to as ssga lending funds.
table shows aggregate net asset values of unregistered direct lending collateral pools and unregistered collateral pools underlying ssga lending funds  each case based on constant net asset value of $ 1. 00 per ( in billions ) december 31 , 2009 december 31 , 2008 december 31 , 2007 ( 1 ).
 ssga lending funds were participants in direct lending collateral pools until october 2008.
 direct lending collateral pool balances at december 31 , 2007 related to ssga lending funds included within ssga lending fund balances and excluded from direct lending collateral pool balances above.

( in billions )                                | december 31 2009 | december 31 2008 | december 31 2007 ( 1 )
---------------------------------------------- | ---------------- | ---------------- | ----------------------
direct lending collateral pools                | $ 85             | $ 85             | $ 150
collateral pools underlying ssga lending funds | 24               | 31               | 44


act of 1933 , amended section 1145 united states code.
 no underwriters engaged such issuances.
 during three months ended december 31 , 2008  issued aggregate of 7173456 shares common stock upon conversion of $ 147. 1 million principal amount of 3. 00% ( 3. 00 % ) notes.
 pursuant terms indenture  holders of 3. 00% ( 3. 00 % ) notes receive 48. 7805 shares common stock for every $ 1000 principal amount of notes converted.
 conversions paid holders aggregate approximately $ 3. 7 million , calculated based on accrued and unpaid interest on notes discounted value of future interest payments on notes.
 all shares issued in reliance exemption from registration in section 3 ( a ) ( 9 ) of securities act of 1933 , amended.
 no underwriters engaged such issuances.
 issuer purchases of equity securities during three months ended december 31, 2008 repurchased 2784221 shares common stock for aggregate of $ 79. 4 million , including commissions and fees pursuant publicly announced stock repurchase program  follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased part of publicly announced plans or programs approximate dollar value of shares may yet be purchased under plans or programs ( in millions ).
 ( 1 ) repurchases made pursuant $ 1. 5 billion stock repurchase program approved by board of directors in february 2008.
 under program management authorized to purchase shares time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws other legal requirements subject to market conditions other.
facilitate repurchases , we make purchases pursuant trading plan under rule 10b5-1 of exchange act , allows us to repurchase shares during periods might prevented from under insider trading laws or self-imposed trading blackout periods.
 program may be discontinued at any time.
 reflected in above table , in fourth quarter of 2008 , significantly reduced purchases of common stock under stock repurchase program based on downturn in economy disruptions in financial and credit markets.
 subsequent to december 31 , 2008 , repurchased approximately 28000 shares of common stock for aggregate of $ 0. 8 million , including commissions and fees , pursuant program.
 expect to continue to manage pacing program in future in response to general market conditions other relevant factors.

period               | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | approximate dollar value of shares that may yet be purchased under the plans orprograms ( in millions )
-------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------
october 2008         | 1379180                                | $ 30.51                      | 1379180                                                                          | $ 1005.3
november 2008        | 1315800                                | $ 26.51                      | 1315800                                                                          | $ 970.4
december 2008        | 89241                                  | $ 27.32                      | 89241                                                                            | $ 967.9
total fourth quarter | 2784221                                | $ 28.53                      | 2784221                                                                          | $ 967.9


fortron industries llc.
 fortron is a leading global producer of pps  sold under fortron ae brand used in automotive other applications especially those requiring heat chemical resistance.
 fortron's facility located in wilmington , north carolina.
 venture combines sales  marketing distribution compounding manufacturing expertise of celanese with pps polymer technology expertise of kureha america inc.
 cellulose derivatives strategic ventures.
 cellulose derivatives ventures fund operations using operating cash flow pay dividends based on ventures' performance in preceding year.
 in 2014 , 2013 2012 received cash dividends of $ 115 million , $ 92 million $ 83 million , respectively.
 ownership interest in each cellulose derivatives ventures exceeds 20% ( 20 % )  account for investments using cost method of accounting exercise significant influence over entities due to local government investment influence entities limitations on involvement in day-to-day operations inability of entities to provide timely financial information in accordance with generally accepted accounting principles in united states of america (.
 2022 other equity method investments infraservs.
 we hold indirect ownership interests in several german infraserv groups that own develop industrial parks provide on-site general administrative support to tenants.
 ownership interest in equity investments in infraserv affiliates are as follows : as of december 31 , 2014 ( percentages ).
 research and development our businesses are innovation-oriented conduct research and development activities to develop new  optimize existing production technologies develop commercially viable new products and applications.
 research and development expense was $ 86 million , $ 85 million and $ 104 million for years ended december 31 , 2014 , 2013 2012 , respectively.
consider amounts spent during last three fiscal years on research and development activities to sufficient to execute current strategic initiatives.
 intellectual property attach importance to protecting our intellectual property , including safeguarding confidential information through patents , trademarks copyrights , to preserve investment in research and development , manufacturing marketing.
 patents may cover processes , equipment , products  intermediate products product uses.
 also seek to register trademarks protecting brand names of company and products.
 patents.
 in most industrial countries , patent protection exists for new substances formulations, for certain unique applications production processes.
 however , we do business in regions world where intellectual property protection may be limited difficult to enforce.
 confidential information.
 maintain stringent information security policies and procedures wherever do business.
 such information security policies procedures include data encryption  controls over disclosure safekeeping of confidential information trade secrets  employee awareness training.
 trademarks.
aoplus ae , ae2  ae3 , ateva ae  avicor ae  britecoat ae  celanese ae  celanex ae  celcon ae  celfx 2122 , celstran ae  celvolit ae  clarifoil ae  duroset ae  ecovae ae  factor ae  fortron ae  gur ae  hostaform ae  impet ae  mowilith ae  nutrinova ae  qorus 2122 , riteflex ae  sunett ae  tcx 2122, thermx ae tufcor ae  vantage ae  vantageplus 2122 , vantage ae2 vectra ae  vinamul ae  vitaldose ae  zenite ae certain other branded products services in document are registered reserved trademarks service marks owned licensed by celanese.
 not exhaustive list of all registered trademarks service marks licensed by celanese.
 fortron ae registered trademark of fortron industries llc.

| as of december 31 2014 ( in percentages )
--------------------------------- | -----------------------------------------
infraserv gmbh & co . gendorf kg  | 39
infraserv gmbh & co . hoechst kg  | 32
infraserv gmbh & co . knapsack kg | 27


primary beneficiary of either entity deconsolidated both entities.
 at december 31 , 2010  held 36% ( 36 % ) interest in juniperus accounted for using equity method of accounting.
 potential loss at december 31 , 2010 limited to investment of $ 73 million in juniperus  recorded in investments in consolidated statements of financial position.
 not provided financing to juniperus other than previously contractually required amounts.
 juniperus and jchl had combined assets and liabilities of $ 121 million and $ 22 million  respectively at december 31 , 2008.
 for year ended december 31 , 2009 recognized $ 36 million of pretax income from juniperus and jchl.
 recognized $ 16 million of after-tax income after allocating share net income to non-controlling interests.
 previously owned 85% ( 85 % ) economic equity interest in globe re limited ( 2018 2018globe re 2019 2019 ) vie provided reinsurance coverage for defined portfolio of property catastrophe reinsurance contracts by third party for limited period ended june 1 , 2009.
 consolidated globe re primary beneficiary.
 winding up of operations globe re repaid $ 100 million of short-term debt and our equity investment from available cash in 2009.
 recognized $ 2 million of after-tax income from globe re in 2009  share net income attributable to non-controlling interests.
 globe re fully liquidated in third quarter of 2009.
 review by segment general serve clients through following segments : 2022 risk solutions ( formerly risk and insurance brokerage services ) acts as advisor and insurance and reinsurance broker  helping clients manage risks via consultation negotiation and placement of insurance risk with insurance carriers through global distribution network.
2022 hr solutions ( formerly consulting ) partners with organizations to solve complex benefits , talent related financial challenges  improve business performance by designing , implementing  communicating administering human capital , retirement , investment management  health care  compensation talent management strategies.
 risk solutions.
 demand for property and casualty insurance rises as economic activity increases falls as activity decreases , affecting commissions fees by our brokerage business.
 economic activity impacts property and casualty insurance is described as exposure units  closely correlated with employment levels  corporate revenue asset values.
 during 2010 continued to see 2018 2018soft market 2019 2019 , began in 2007 , in our retail brokerage product line.
 in soft market , premium rates flatten or decrease  along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity.
 changes in premiums direct potentially material impact on insurance brokerage industry , commission revenues based on percentage of

years ended december 31, | 2010             | 2009             | 2008
------------------------ | ---------------- | ---------------- | ----------------
revenue                  | $ 6423           | $ 6305           | $ 6197
operating income         | 1194             | 900              | 846
operating margin         | 18.6% ( 18.6 % ) | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % )


segment had operating earnings $ 709 million in 2007 compared to $ 787 million in 2006.
 decrease in operating earnings due to decrease in gross margin  driven by lower net sales of iden infrastructure equipment continued competitive pricing pressure in market for gsm infrastructure equipment offset by increased net sales of digital entertainment devices reversal of reorganization of business accruals recorded in 2006 relating to employee severance no longer needed.
 sg&a expenses increased due to expenses from recently acquired businesses partially offset by savings from cost-reduction initiatives.
 r&d expenditures decreased due to savings from cost- reduction initiatives partially offset by expenditures recently acquired businesses continued investment in digital entertainment devices and wimax.
 as percentage of net sales in 2007 compared to 2006 gross margin , sg&a expenses  r&d expenditures operating margin all decreased.
 in 2007 sales to segment 2019s top five customers represented approximately 43% ( 43 % ) of segment 2019s net sales.
 segment 2019s backlog was $ 2. 6 billion at december 31 , 2007 compared to $ 3. 2 billion at december 31 , 2006.
 in home business demand for segment 2019s products depends on capital spending by broadband operators for constructing  rebuilding upgrading communications systems for offering advanced services.
 during second quarter of 2007 segment began shipping digital set-tops support federal communications commission ( 201cfcc 201d ) 2014 mandated separable security requirement.
 fcc regulations mandating separation of security functionality from set-tops went into effect on july 1 , 2007.
 result of regulations cable service providers accelerated purchases of set-tops in first half of 2007.
in 2007 , our digital video customers increased purchases of segment 2019s products and services primarily due to increased demand for digital entertainment devices  particularly hd/dvr devices.
 during 2007  segment completed acquisitions of : i ) netopia , inc.  a broadband equipment provider for dsl customers allows for phone  tv fast internet connections  ii ) tut systems , inc. leading developer of edge routing and video encoders  iii ) modulus video , inc. provider of mpeg-4 advanced coding compression systems for delivery high-value video content in ip set-top devices for digital video  broadcast satellite marketplaces  iv ) terayon communication systems , inc. provider of real-time digital video networking applications to cable  satellite telecommunication service providers worldwide and v ) leapstone systems , inc. provider of intelligent multimedia service delivery and content management applications to networks operators.
 these acquisitions enhance our ability to provide complete end-to-end systems for delivery of advanced video , voice and data services.
 in december 2007 , motorola completed sale of ecc to emerson for $ 346 million in cash.
 enterprise mobility solutions segment designs , manufactures , sells  installs and services analog and digital two-way radio , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to range of enterprise markets  including government and public safety agencies referred to as 201cgovernment and public safety market 201d ) retail , energy and utilities , transportation , manufacturing , healthcare other commercial customers ( referred to as 201ccommercial enterprise market 201d ).
2008 segment 2019s net sales represented 27% ( 27 % ) of company 2019s consolidated net sales compared to 21% ( 21 % ) in 2007 13% ( 13 % ) in 2006.
 ( dollars in millions ) 2008 2007 2006 2008 20142007 2007 20142006 years ended december 31 percent change.
 segment results 20142008 compared to 2007 2008 segment 2019s net sales increased 5% ( 5 % ) to $ 8. 1 billion  compared to $ 7. 7 billion 2007.
 5% ( 5 % ) increase sales reflects 8% ( 8 % ) increase net sales to government public safety market offset by 2% ( 2 % ) decrease net sales commercial enterprise market.
 increase net sales government public safety market driven by increased net sales outside north america net sales generated by vertex standard co. , ltd. business company acquired controlling interest january 2008 partially offset by lower net sales in north america.
 geographic basis segment 2019s net sales higher in emea  asia latin america lower in north america.
 65management 2019s discussion analysis of financial condition results of operations %%transmsg*** transmitting job : c49054 pcn : 068000000 ***%pcmsg|65 |00024|yes|no|02/24/2009 12:31|0|0|page valid  no graphics -- color : n|

( dollars in millions ) | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2006 | years ended december 31 2008 20142007 | 2007 20142006
----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------
segment net sales       | $ 8093                       | $ 7729                       | $ 5400                       | 5% ( 5 % )                            | 43% ( 43 % )
operating earnings      | 1496                         | 1213                         | 958                          | 23% ( 23 % )                          | 27% ( 27 % )


page 22 of 100 to worldview-3  segment 2019s other high-profile contracts include james webb space telescope  successor to hubble space telescope ; joint polar satellite system  next-generation satellite weather monitoring system global precipitation measurement-microwave imager  essential role in earth 2019s weather environmental forecasting ; antennas and sensors for joint strike fighter.
 segment earnings in 2010 compared to 2009 increased by $ 8. 4 million due to favorable fixed-price program performance higher sales partially offset by program reductions.
 segment earnings in 2009 down $ 14. 8 million compared to 2008 attributable to winding down of large programs reduced program activity.
 february 15 , 2008 ball completed sale of shares in bsg to qinetiq pty ltd for approximately $ 10. 5 million  including cash sold of $ 1. 8 million.
 subsidiary provided services to australian department of defense related government agencies.
 after adjustment for working capital sale resulted in pretax gain of $ 7. 1 million.
 sales to u. s.
 government  prime contractor or subcontractor represented 96 percent of segment sales in 2010 , 94 percent in 2009 91 percent in 2008.
 contracted backlog for aerospace and technologies segment at december 31 , 2010 and 2009 was $ 989 million and $ 518 million  respectively.
 increase in backlog primarily due to worldview-3 and joint polar satellite system ( jpss ) contracts.
 comparisons of backlog not indicative of trend of future operations.
 discontinued operations 2013 plastic packaging , americas in august 2010 completed sale of plastics packaging business received gross proceeds of $ 280 million.
 amount included $ 15 million of contingent consideration recognized at closing did not include preliminary closing adjustments totaling $ 18. 5 million paid in fourth quarter.
sale of plastics packaging business included five u. s.
 plants manufactured polyethylene terephthalate ( pet ) bottles preforms polypropylene bottles , associated customer contracts other related assets.
 plastics business employed approximately 1000 people had sales of $ 635 million in 2009.
 manufacturing plants located in ames , iowa ; batavia , illinois ; bellevue, ohio ; chino , california ; delran , new jersey.
 research and development operations based in broomfield westminster , colorado.
 table summarizes operating results for discontinued operations for years ended december 31:.
 ( a ) includes net charges recorded reflect costs associated with closure of plastics packaging manufacturing plants.
 additional segment information for information segments see business segment information in note 2 accompanying consolidated financial statements item 8 report.
 charges recorded for business consolidation activities based on estimates by ball management developed from information available at time.
 if actual outcomes vary from estimates differences reflected in current period earnings in consolidated statement of earnings identified as business consolidation gains and losses.
 additional details about business consolidation activities associated costs provided in note 5 accompanying consolidated financial statements item 8.

( $ in millions )                               | 2010             | 2009           | 2008
----------------------------------------------- | ---------------- | -------------- | ------------
net sales                                       | $ 318.5          | $ 634.9        | $ 735.4
earnings from operations                        | $ 3.5            | $ 19.6         | $ 18.2
gain on sale of business                        | 8.6              | 2212           | 2212
loss on asset impairment                        | -107.1 ( 107.1 ) | 2212           | 2212
loss on business consolidation activities ( a ) | -10.4 ( 10.4 )   | -23.1 ( 23.1 ) | -8.3 ( 8.3 )
gain on disposition                             | 2212             | 4.3            | 2212
tax benefit ( provision )                       | 30.5             | -3.0 ( 3.0 )   | -5.3 ( 5.3 )
discontinued operations net of tax              | $ -74.9 ( 74.9 ) | $ -2.2 ( 2.2 ) | $ 4.6


item 12.
 security ownership beneficial owners management related stockholder matters.
 information required by item 12 included under heading 201csecurity ownership management beneficial owners 201d in 2017 proxy statement information incorporated by reference in form 10-k.
 equity compensation plan information table provides information equity compensation plans authorize issuance shares lockheed martin common stock to employees directors.
 information provided as of december 31 , 2016.
 plan category number of securities be issued exercise outstanding options  warrants rights weighted-average exercise price outstanding options  warrants rights number securities remaining available for future issuance under equity compensation ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ( 1 ) 5802673 $ 85. 82 6216471 equity compensation plans not approved by security holders ( 2 ) 1082347 2014 2481032.
 ( 1 ) column ( a ) includes as of december 31 , 2016 : 1747151 shares granted as restricted stock units ( rsus ) 936308 shares be earned grants of performance stock units ( psus ) maximum number psus earned payable end of three-year performance period ) 2967046 shares granted as options under lockheed martin corporation 2011 incentive performance award plan ( 2011 ipa plan ) predecessor plans prior to january 1 , 2013 23346 shares granted as options 128822 stock units payable in stock or cash under lockheed martin corporation 2009 directors equity plan ) predecessor plans for members former members ) board of directors.
column ( c ) includes as of december 31 , 2016  5751655 shares available for future issuance under 2011 ipa plan as options , stock appreciation rights ( sars ) restricted stock awards ( rsas ) rsus or psus and 464816 shares available for future issuance under directors equity plan as stock options and stock units.
 of 5751655 shares available for grant under 2011 ipa plan december 31 2016, 516653 and 236654 shares are issuable pursuant to grants made on january 26, 2017  of rsus and psus ( assuming maximum number of psus earned and payable at end of three-year performance period ).
 weighted average price not account shares issued to rsus or psus.
 shares represent annual incentive bonuses and long-term incentive performance ( ltip ) payments earned and voluntarily deferred by employees.
 deferred amounts payable under deferred management incentive compensation plan ( dmicp ).
 deferred amounts credited as phantom stock units at closing price of stock on date deferral effective.
 amounts equal to dividend credited as stock units at time pay dividend.
 following termination of employment number of shares of stock equal to number of stock units credited to employee 2019s dmicp account are distributed to employee.
 no discount or value transfer on stock distributed.
 distributions may be made from newly issued shares or shares purchased on open market.
 historically all distributions from shares held in separate trust do not dilute common shares outstanding.
 these shares not considered in calculating total weighted average exercise price in table.
 dmicp shares are outstanding should be included in denominator not numerator ) of dilution calculation.
 item 13.
relationships related transactions director independence.
 information required by item 13 included under captions 201ccorporate governance 2013 related person transaction policy , 201d 201ccorporate governance 2013 certain relationships related person transactions of directors , executive officers 5 percent stockholders , 201d 201ccorporate governance 2013 director independence 201d in 2017 proxy statement  information incorporated by reference in form 10-k.
 item 14.
 principal accountant fees services.
 information required item 14 included under caption 201cproposal 2 2013 ratification of appointment of independent auditors 201d in 2017 proxy statement  information incorporated by reference in form 10-k.

plan category                                                   | number of securities to beissued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exercise price of outstanding options warrants and rights ( b ) | number of securities remaining availablefor future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )
--------------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------
equity compensation plans approved by securityholders ( 1 )     | 5802673                                                                                | $ 85.82                                                                          | 6216471
equity compensation plans not approved bysecurity holders ( 2 ) | 1082347                                                                                | 2014                                                                             | 2481032
total                                                           | 6885020                                                                                | $ 85.82                                                                          | 8697503


28 2014 annual report performance graph chart presents comparison for five-year period ended june 30 , 2014 of market performance of company 2019s common stock with s & p 500 index and index of peer companies selected by company : comparison of 5 year cumulative total return among jack henry & associates , inc. s&p 500 index  peer group information depicts line graph with values:.
 comparison assumes $ 100 invested on june 30, 2009  assumes reinvestments of dividends.
 total returns calculated according to market capitalization of peer group members beginning each period.
 peer companies selected in providing specialized computer software  hardware related services to financial institutions other businesses.
 in fiscal 2014  changed peer group companies for analysis to maintain alignment with peer companies selected by compensation committee for determining compensation for executive management.
 companies in new peer group are aci worldwide , inc. bottomline technology , inc. broadridge financial solutions , cardtronics , inc. convergys corp. corelogic  inc. dst systems , inc. euronet worldwide  inc. fair isaac corp. fidelity national information services , inc. fiserv  inc. global payments , inc. heartland payment systems  inc. micros systems  inc. moneygram international , inc. ss&c technologies holdings  inc. total systems services , inc. tyler technologies  inc. verifone systems , inc. wex , inc.
 companies in old peer group are aci worldwide , inc. bottomline technology , inc. cerner corp. dst systems , inc. euronet worldwide , inc. fair isaac corp.fidelity national information services , inc. , fiserv ,., sei investments company  telecommunications systems ,. tyler technologies corp.

| 2009   | 2010   | 2011   | 2012   | 2013   | 2014
-------------- | ------ | ------ | ------ | ------ | ------ | ------
jkhy           | 100.00 | 116.85 | 148.92 | 173.67 | 240.25 | 307.57
old peer group | 100.00 | 112.45 | 150.77 | 176.12 | 220.42 | 275.73
new peer group | 100.00 | 115.50 | 159.31 | 171.86 | 198.72 | 273.95
s & p 500      | 100.00 | 114.43 | 149.55 | 157.70 | 190.18 | 236.98


unrecognized tax benefit related to permanent differences portion benefits relate to state tax matters.
 possible liability for uncertain tax positions could increase or decrease in next twelve months due to completion of tax authorities 2019 exams or expiration of statutes of limitations.
 management estimates liability for uncertain tax positions could decrease by $ 5 million within next twelve months.
 consolidated federal income tax returns of pnc financial services group , inc.
 and subsidiaries through 2003 audited by internal revenue service resolved all disputed matters through irs appeals division.
 internal revenue service currently examining 2004 through 2006 consolidated federal income tax returns of pnc financial services group  inc.
 subsidiaries.
 consolidated federal income tax returns of national city corporation and subsidiaries through 2004 audited by internal revenue service reached agreement in principle on resolution of all disputed matters through irs appeals division.
 agreement still subject to execution of closing agreement not treated as effectively settled.
 internal revenue service examining 2005 through 2007 consolidated federal income tax returns of national city corporation and subsidiaries expect 2008 federal income tax return to begin audited as soon as filed.
 new york , new jersey  maryland and new york city principally subject to state and local income tax prior to acquisition of national city.
 state of new york closing 2002 to 2004 audit will begin auditing years 2005 and 2006.
 new york city auditing 2004 and 2005.
 years 2002 and 2003 remain subject to examination by new york city pending completion of new york state audit.
 through 2006 blackrock included in new york and new york city combined tax filings constituted most of tax liability.
 years subsequent to 2004 remain subject to examination by new jersey and years subsequent to 2005 remain subject to examination by maryland.
national city subject to state local income tax in california  florida illinois indiana missouri.
 audits in process for states include : california ( 2003-2004 ) illinois ( 2004-2006 ) missouri ( 2003-2005 ).
 we now also principally subject to tax in those states.
 ordinary course of business routinely subject to audit by taxing authorities these states number of audits in process.
 policy to classify interest and penalties associated with income taxes as income taxes.
 at january 1 , 2008  accrued $ 91 million of interest related to tax positions most related to cross-border leasing transactions.
 total accrued interest and penalties at december 31 , 2008 was $ 164 million.
 leasing related interest decreased with payment to irs  $ 73 million net increase resulted from acquisition of national city.
 note 22 summarized financial information of blackrock as required by sec regulation s-x  summarized consolidated financial information of blackrock follows ( in millions ).
 note 23 regulatory matters subject to regulations of federal state agencies undergo periodic examinations by regulatory authorities.
 access to cost of funding new business initiatives including acquisitions  ability to pay dividends level of deposit insurance costs level nature of regulatory oversight depend on financial institution 2019s capital strength.
 minimum regulatory capital ratios are 4% ( 4 % ) for tier 1 risk-based , 8% ( 8 % ) for total risk- based 4% ( 4 % ) for leverage.
 regulators may require higher capital levels when particular circumstances warrant.
 qualify capitalized regulators require banks to maintain capital ratios of at least 6% ( 6 % ) for tier 1 risk-based  10% ( 10 % ) for total risk-based 5% ( 5 % ) for leverage.
december 31 , 2008 december 31  2007 , domestic bank subsidiaries met 201cwell capitalized 201d capital ratio requirements.

december 31                                                             | 2008         | 2007
----------------------------------------------------------------------- | ------------ | -------
total assets                                                            | $ 19924      | $ 22561
total liabilities                                                       | $ 7367       | $ 10387
non-controlling interest                                                | 491          | 578
stockholders 2019 equity                                                | 12066        | 11596
total liabilities non-controlling interest and stockholders 2019 equity | $ 19924      | $ 22561
year ended december 31                                                  | 2008         | 2007
total revenue                                                           | $ 5064       | $ 4845
total expenses                                                          | 3471         | 3551
operating income                                                        | 1593         | 1294
non-operating income ( expense )                                        | -574 ( 574 ) | 529
income before income taxes and non-controlling interest                 | 1019         | 1823
income taxes                                                            | 388          | 464
non-controlling interest                                                | -155 ( 155 ) | 364
net income                                                              | $ 786        | $ 995


vornado realty trust notes to consolidated financial statements continued ) 10.
 redeemable noncontrolling interests on consolidated balance sheets recorded at greater of carrying amount or redemption value end of each reporting period.
 changes in value from period to period charged to 201cadditional capital 201d in consolidated statements of changes in equity.
 table summarizing activity of redeemable noncontrolling interests.
 ( amounts in thousands ).
 redeemable noncontrolling interests exclude series g convertible preferred units series d-13 cumulative redeemable preferred units accounted for as liabilities in accordance with asc 480  distinguishing liabilities and equity possible settlement by issuing variable number of vornado common shares.
 fair value of these units included as component of 201cother liabilities 201d on consolidated balance sheets aggregated $ 54865000 and $ 55097000 as of december 31, 2011 and 2010  respectively.

balance at december 31 2009                                        | $ 1251628
------------------------------------------------------------------ | ------------------
net income                                                         | 55228
distributions                                                      | -53515 ( 53515 )
conversion of class a units into common shares at redemption value | -126764 ( 126764 )
adjustment to carry redeemable class a units at redemption value   | 191826
redemption of series d-12 redeemable units                         | -13000 ( 13000 )
other net                                                          | 22571
balance at december 31 2010                                        | 1327974
net income                                                         | 55912
distributions                                                      | -50865 ( 50865 )
conversion of class a units into common shares at redemption value | -64830 ( 64830 )
adjustment to carry redeemable class a units at redemption value   | -98092 ( 98092 )
redemption of series d-11 redeemable units                         | -28000 ( 28000 )
other net                                                          | 18578
balance at december 31 2011                                        | $ 1160677


notes consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) litigation settlement 2014 during may 2008  sec concluded investigation began in 2002 into our financial reporting practices resulting in settlement charge of $ 12. 0.
 investment impairments 2014 in 2007 realized other-than-temporary charge of $ 5. 8 relating to $ 12. 5 investment in auction rate securities  representing total investment in auction rate securities.
 for additional information see note 15.
 note 6 : intangible assets goodwill goodwill is excess purchase price remaining from acquisition after allocation of purchase price made to identifiable assets acquired and liabilities assumed based on estimated fair values.
 changes in carrying value of goodwill by segment for years ended december 31 , 2008 and 2007 follows:.
 during latter part of fourth quarter of 2008 stock price declined significantly after annual impairment review as of october 1 , 2008 market capitalization less than book value as of december 31 , 2008.
 considered events or circumstances indicative of triggering event determined decline in stock price during fourth quarter was event would likely reduce fair value of individual reporting units below book value requiring to perform interim impairment test for goodwill at reporting unit level.
 based on interim impairment test conducted concluded no impairment of goodwill as of december 31 , 2008.
 continue to monitor stock price reconciliation of market capitalization and fair values of individual reporting units throughout 2009.
 during annual impairment reviews as of october 1 , 2006 discounted future operating cash flow projections at one domestic advertising reporting units indicated implied fair value of goodwill at this reporting unit less than book value  primarily due to client losses resulting in goodwill impairment charge of $ 27.2 in 2006 ian segment.
 other intangible assets included assets with indefinite lives not subject to amortization assets with definite lives subject to amortization.
 assets include non-compete agreements license costs  trade names customer lists.
 intangible assets with definitive lives subject to amortization amortized on a

| ian              | cmg            | total
------------------------------------------------------- | ---------------- | -------------- | ----------------
balance as of december 31 2006                          | $ 2632.5         | $ 435.3        | $ 3067.8
current year acquisitions                               | 86.0             | 2014           | 86.0
contingent and deferred payments for prior acquisitions | 4.7              | 3.7            | 8.4
amounts allocated to business dispositions              | -5.7 ( 5.7 )     | 2014           | -5.7 ( 5.7 )
other ( primarily foreign currency translation )        | 72.2             | 2.9            | 75.1
balance as of december 31 2007                          | 2789.7           | 441.9          | 3231.6
current year acquisitions                               | 99.5             | 1.8            | 101.3
contingent and deferred payments for prior acquisitions | 28.9             | 1.1            | 30.0
amounts allocated to business dispositions              | -0.4 ( 0.4 )     | 2014           | -0.4 ( 0.4 )
other ( primarily foreign currency translation )        | -127.7 ( 127.7 ) | -13.9 ( 13.9 ) | -141.6 ( 141.6 )
balance as of december 31 2008                          | $ 2790.0         | $ 430.9        | $ 3220.9


n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited subsidiaries no statutory restrictions on payment of dividends from retained earnings by bermuda subsidiaries minimum statutory capital and surplus requirements satisfied by share capital and additional paid-in capital of bermuda subsidiaries.
 company 2019s.
 subsidiaries file financial statements in with statutory accounting practices permitted by insurance regulators.
 statutory accounting differs from in reporting of certain reinsurance contracts investments subsidiaries acquis- ition expenses fixed assets deferred income taxes other items.
 statutory capital and surplus of.
 subsidiaries met regulatory requirements for 2008 , 2007  2006.
 amount dividends available to paid in 2009  without prior approval from state insurance departments totals $ 835 million.
 combined statutory capital surplus statutory net income of bermuda and u. s.
 subsidiaries as of for years ended december 31 , 2008 , 2007  2006  are as:.
 permitted by restructuring in note 7 certain company 2019s.
 subsidiaries discount certain a&e liabilities increased statutory capital and surplus by approximately $ 211 million , $ 140 million  and $ 157 million as of december 31 , 2008 , 2007  2006 .
 company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations.
 some jurisdictions impose complex regulatory requirements on insurance companies other jurisdictions impose fewer requirements.
 some countries company must obtain licenses governmental authorities to conduct local insurance business.
 licenses may be subject to reserves minimum capital and solvency tests.
jurisdictions may impose fines, censure criminal sanctions for violation of regulatory requirements.
 other disclosures required by swiss law ( i ) expenses total personnel expenses amounted to $ 1. 4 billion for year ended december 31 , 2008 , and $ 1. 1 billion for each years ended december 31 , 2007 and 2006.
 amortization expense related to tangible property amounted to $ 90 million , $ 77 million  $ 64 million for years ended december 31 , 2008 , 2007  2006 , respectively.
 ( ii ) fire insurance values of property and equipment total fire insurance values property equipment amounted to $ 680 million and $ 464 million at december 31, 2008 and 2007 , respectively.
 ( iii ) risk assessment and management management of ace responsible for assessing risks related to financial reporting process for establishing maintaining internal control over financial reporting.
 internal control over financial reporting is process designed by under supervision of chief executive officer and chief financial officer to provide assurance regarding reliability of financial reporting preparation of ace 2019s consolidated financial statements for external purposes in accordance with gaap.
 board  operating through audit committee composed of directors not officers or employees provides oversight of financial reporting process safeguarding of assets against unauthorized acquisition  use disposition.
 audit committee meets with management independent registered public accountants internal auditor ; approves scope of audit work related fee arrangements reviews audit reports and findings.
 independent registered public accountants internal auditor meet separately with audit committee to discuss results of audits ; adequacy of company 2019s internal control quality of financial reporting safeguarding of assets against unauthorized acquisition  use dis- position.
 ace 2019s management responsible for assessing operational risks company sets policies to address such risks.
key areas addressed ace 2019s risk management processes follow.

( in millions of u.s . dollars ) | bermuda subsidiaries 2008 | bermuda subsidiaries 2007 | bermuda subsidiaries 2006 | bermuda subsidiaries 2008 | bermuda subsidiaries 2007 | 2006
-------------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------------------------- | ------
statutory capital and surplus    | $ 7001                    | $ 8579                    | $ 7605                    | $ 5337                    | $ 5321                    | $ 4431
statutory net income             | $ 684                     | $ 1535                    | $ 1527                    | $ 798                     | $ 873                     | $ 724


issuer purchases equity securities january 2017  board of directors authorized repurchase shares common stock value up to $ 525 million aggregate.
 as of december 29 , 2018  $ 175 million remained available authorization.
 february 2019  board of directors authorized additional repurchase shares common stock value up to $ 500. 0 million aggregate.
 actual timing amount repurchases subject to business market conditions corporate regulatory requirements stock price acquisition opportunities other factors.
 table presents repurchases under current authorization shares surrendered by employees satisfy income tax withholding obligations three months ended december 29, 2018 : period total number of shares purchased 1 ) average price paid per share ( 2 ) total number of shares purchased part of publicly announced plan or program maximum dollar value of shares authorized for repurchase publicly announced plan or program ( 1 ) ( in millions ) september 30 , 2018 2013 november 3 , 2018 543900 $ 42. 64 495543 $ 254 november 4 , 2018 2013 december 1 , 2018 650048 $ 44. 49 623692 $ 226 december 2 , 2018 2013 december 29 , 2018 1327657 $ 42. 61 1203690 $ 175.
 1 ) shares purchased not part of publicly announced repurchase programs represent employee surrender of shares restricted stock satisfy employee income tax withholding obligations due vesting do not reduce dollar value purchased under publicly announced repurchase programs.
 2 weighted average price paid per share common stock not include cost of commissions.

period                                 | total numberof sharespurchased ( 1 ) | averageprice paidper share ( 2 ) | total number ofshares purchasedas part ofpublicly announcedplan or program | maximum dollarvalue of sharesauthorized for repurchase underpublicly announcedplan or program ( 1 ) ( in millions )
-------------------------------------- | ------------------------------------ | -------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------
september 30 2018 2013 november 3 2018 | 543900                               | $ 42.64                          | 495543                                                                     | $ 254
november 4 2018 2013 december 1 2018   | 650048                               | $ 44.49                          | 623692                                                                     | $ 226
december 2 2018 2013 december 29 2018  | 1327657                              | $ 42.61                          | 1203690                                                                    | $ 175
total                                  | 2521605                              | $ 43.10                          | 2322925                                                                    |


entergy corporation subsidiaries management's financial discussion analysis net revenue utility following analysis of change in net revenue comparing 2011 to 2010.
 amount ( in millions ).
 mark-to-market tax settlement sharing variance results from regulatory charge portion of benefits of settlement with irs related to mark-to-market income tax treatment of power purchase contracts shared with customers slightly offset by amortization of portion of charge beginning in october 2011.
 see notes 3 and 8 to financial statements for additional discussion of settlement benefit sharing.
 purchased power capacity variance due to price increases for ongoing purchased power capacity additional capacity purchases.
 net wholesale revenue variance due to lower margins on co-owner contracts higher wholesale energy costs.
 volume/weather variance due to increase of 2061 gwh in weather-adjusted usage across all sectors.
 weather-adjusted residential retail sales growth reflected increase in number of customers.
 industrial sales growth continued since beginning of 2010.
 entergy 2019s service territory benefited from national manufacturing economy exports industrial facility expansions.
 increases offset by declines in paper , wood products  pipeline segments.
 increase partially offset by effect of less favorable weather on residential sales.
 ano decommissioning trust variance related to deferral of investment gains from ano 1 and 2 decommissioning trust in 2010 accordance with regulatory treatment.
 gains resulted in increase in interest and investment income in 2010 corresponding increase in regulatory charges no effect on net income.
 retail electric price variance due to : rate actions at entergy texas including base rate increase effective august 2010 additional increase beginning may 2011 ; formula rate plan increase at entergy louisiana effective may 2011 ; base rate increase at entergy arkansas effective july 2010.
partially offset by formula rate plan decreases at entergy new orleans effective october 2010 october 2011.
 see note 2 financial statements further discussion proceedings.

| amount ( in millions )
------------------------------------- | ----------------------
2010 net revenue                      | $ 5051
mark-to-market tax settlement sharing | -196 ( 196 )
purchased power capacity              | -21 ( 21 )
net wholesale revenue                 | -14 ( 14 )
volume/weather                        | 13
ano decommissioning trust             | 24
retail electric price                 | 49
other                                 | -2 ( 2 )
2011 net revenue                      | $ 4904


note 6 2014mergers acquisitions eldertrust merger february 5 , 2004 company consummated merger transaction all cash transaction valued at $ 184 million ( 201celdertrust transaction 201d ).
 eldertrust transaction adds nine assisted living facilities  one independent living facility  five skilled nursing facilities  two med- ical office buildings financial office building ( 201celdertrust properties 201d ) to company 2019s portfolio. eldertrust properties leased company to various operators under leases for aggregated annual cash base rent of approxi- mately $ 16. 2 million  subject to escalation leases. leases remaining terms from four to 11 years. closing eldertrust transaction company acquired all limited partnership units in eldertrust operating limited partnership ( 201cetop 201d ) directly from owners at $ 12. 50 per unit  excluding 31455 class c units in etop ( remain outstanding ).
 etop owns directly or indirectly all eldertrust properties.
 company funded $ 101 million equity portion of purchase price with cash on eldertrust 2019s balance sheet portion of $ 85 million proceeds from december 2003 sale of ten facilities to kindred draws on company 2019s revolving credit facility ( 201crevolving credit facility 201d ) under second amended restated security and guaranty agreement  dated april 17, 2002 ( 201c2002 credit agreement 201d ). company 2019s ownership of eldertrust properties subject to approximately $ 83 million of property level debt other liabilities. close of eldertrust transaction eldertrust had approximately $ 33. 5 million in unrestricted and restricted cash on hand.
 acquisition accounted for under purchase method.
 following table summarizes preliminary estimated fair values of assets acquired liabilities assumed at date of acquisition.
 estimates subject to refinement as additional valuation information received.
operations from merger reflected in company 2019s consolidated financial state- ments for periods subsequent to acquisition date of february 5 , 2004. company in of computing fair values allocation of purchase price subject to refinement.
 transaction with brookdale on january 29 , 2004 , company entered into 14 definitive purchase agreements ( each , 201cbrookdale purchase agreement 201d ) with affiliates of brookdale living communities , inc.
 201cbrookdale 201d ) to purchase 201cbrookdale acquisition 201d total of 14 independent living or assisted living facilities ( each 201cbrookdale facility 201d ) for aggregate purchase price of $ 115 million. affiliates of brookdale agreed to lease and operate brookdale facilities to one or more triple-net leases. all brookdale leases  initial term of 15 years guaranteed by brookdale provide for aggregated annual base rent of approximately $ 10 million , escalating each year by greater of i 1. 5% ( 1. 5 % ) or 75% ( 75 % ) of consumer price index.
 company expects to fund brookdale acquisitions by assuming aggregate of approximately $ 41 million of non- recourse property level debt on certain brookdale facilities balance to paid from cash on hand and/or draws on revolving credit facility. property level debt encumbers seven of brookdale facilities.
 on january 29 , 2004  company completed acquisitions of four brookdale facilities for aggregate purchase price of $ 37 million. company 2019s acquisition of remaining ten brookdale facilities expected to be completed shortly subject to customary closing conditions.
consummation of each brookdale acquisition not conditioned upon consummation any other brookdale acquisition no assurance  if remaining brookdale acquisitions will be consummated or when consummated.
 transactions with trans healthcare , inc.
 on november 4 , 2002  company , through wholly owned subsidiary ventas realty  completed $ 120. 0 million transaction ( 201cthi transaction 201d ) with trans healthcare , inc. privately owned long-term care and hospital company ( 201cthi 201d ). transaction structured as $ 53. 0 million sale leaseback trans- action ( 201cthi sale leaseback 201d ) and $ 67. 0 million loan ( 201cthi loan 201d ) comprised of first mortgage loan ( 201cthi senior loan 201d ) and mezzanine loan ( 201cthi mezzanine loan 201d ).
 following sale of senior loan in december 2002 ( ) company 2019s investment in thi was $ 70. 0 million.
 part of sale leasebackventas realty purchased 5 properties leasing them back to thi under 201ctriple-net 201d master lease ( 201cthi master lease 201d ). properties subject to sale leaseback are four skilled nursing facilities and one con- tinuing care retirement community. master lease  initial term of ten years provides for annual base rent of $ 5. 9 million. master lease provides if meets specified revenue parameters , annual base rent will escalate each year by greater of ( i ) three percent or ii ) 50% ( 50 % ) of consumer price index.
 ventas , inc.
 page 37 annual report 2003

| ( in millions )
---------------------------------------------- | ---------------
real estate investments                        | $ 162
cash and cash equivalents                      | 28
other assets                                   | 5
total assets acquired                          | $ 195
notes payable and other debt                   | 83
accounts payable and other accrued liabilities | 2
total liabilities assumed                      | 85
net assets acquired                            | $ 110


22 2002subsequent events january 2011  purchased cif 2019s 49. 9% ( 49. 9 % ) interest in 521 fifth avenue , assuming full ownership of building.
 transaction values consolidated interest at approximately $ 245. 7 a0million.
 in january 2011  repaid $ 84. 8 a0million , 5. 15% ( 5. 15 % ) unsecured notes at par on maturity date.
 january 2011  with moinian group completed recapitalization of 3 columbus circle.
 recapitalization included $ 138 a0million equity investment by sl a0green, portion in form of sl a0green operating partnership units.
 property now fully capitalized for all costs necessary to complete redevelop- ment and lease-up of building.
 previously existing mortgage refinanced with bridge loan by sl a0green and deutsche bank  intend to be further refinanced by third-party lenders later date.
 february a010 , 2011  company and operating partnership entered into atm equity offering sales agreements with merrill lynch , pierce , fenner a0& smith incorporated morgan stanley a0& a0co.
 incorporated to sell shares of company 2019s common stock  time to through $ 250. 0 a0 million 201cat market 201d equity offering program merrill lynch pierce fenner smith morgan stanley.
 acting sales agents.
 of february a022 , 2011  sold approximately 2. 0 a0million shares common stock through program for aggregate proceeds of $ 144. 1 a0million.
 2009 quarter ended december a031 september a030 june a030 march a031.
 88 sl green realty corp.
 2010 annual report notes to consolidated financial statements

2009 quarter ended                                                                           | december 31      | september 30     | june 30          | march 31
-------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ---------------- | ----------------
total revenues                                                                               | $ 243040         | $ 245769         | $ 248251         | $ 258787
income ( loss ) net of noncontrolling interests and before gains on sale                     | -380 ( 380 )     | 4099             | -10242 ( 10242 ) | -26600 ( 26600 )
equity in net gain ( loss ) on sale of interest in unconsolidated joint venture/ real estate | 2014             | -157 ( 157 )     | -2693 ( 2693 )   | 9541
gain on early extinguishment of debt                                                         | 606              | 8368             | 29321            | 47712
gain ( loss ) on equity investment in marketable securities                                  | -232 ( 232 )     | -52 ( 52 )       | 127              | -807 ( 807 )
net income from discontinued operations                                                      | 1593             | 1863             | 999              | 1319
gain ( loss ) on sale of discontinued operations                                             | -1741 ( 1741 )   | -11672 ( 11672 ) | 2014             | 6572
net income ( loss ) attributable to sl green                                                 | -154 ( 154 )     | 2449             | 17512            | 37737
preferred stock dividends                                                                    | -4969 ( 4969 )   | -4969 ( 4969 )   | -4969 ( 4969 )   | -4969 ( 4969 )
net income ( loss ) attributable to sl green common stockholders                             | $ -5123 ( 5123 ) | $ -2520 ( 2520 ) | $ 12543          | $ 32768
net income ( loss ) per common share-basic                                                   | $ -0.07 ( 0.07 ) | $ -0.03 ( 0.03 ) | $ 0.19           | $ 0.57
net income ( loss ) per common share-diluted                                                 | $ -0.07 ( 0.07 ) | $ -0.03 ( 0.03 ) | $ 0.18           | $ 0.57


natural gas prices average lower in 2009 than 2008 2007 prices 2008 hitting uniquely high levels.
 significant portion of natural gas production in lower 48 states u. s.
 sold at bid-week prices or first-of-month indices relative to specific producing areas.
 large portion of natural gas sales in alaska subject to term contracts.
 other major natural gas-producing regions are europe equatorial guinea  large portions of natural gas sales subject to term contracts making realized prices areas less volatile.
 sell larger quantities of natural gas from these regions fixed prices lower than prevailing prices reported average natural gas prices may be less than benchmark natural gas prices.
 oil sands mining oil segment revenues correlate with prevailing market prices for various qualities synthetic crude oil vacuum gas oil produce.
 roughly two-thirds of normal output mix track movements in wti one-third track movements in canadian heavy sour crude oil marker primarily western canadian select.
 output mix impacted by operational problems planned unit outages at mine upgrader.
 operating cost structure of oil sands mining operations predominantly fixed costs incurred in times full operation continue during production downtime.
 per-unit costs sensitive to production rates.
 key variable costs are natural gas and diesel fuel track commodity markets canadian aeco natural gas sales index and crude prices.
 table below shows average benchmark prices impact revenues and variable costs.
 western canadian select ( dollars per barrel ) ( a ) $ 52. 13 $ 79. 59 $ 49. 60 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 3. 49 $ 7. 74 $ 6. 06 ) monthly pricing based upon average wti adjusted for differentials unique to western canada.
 b ) alberta energy company day ahead index.
integrated gas strategy is to link stranded natural gas resources with areas where supply gap emerging due to declining production growing demand.
 integrated gas operations include marketing transportation of products manufactured from natural gas lng and methanol  primarily in west africa  u. s.
 europe.
 significant lng investment is 60 percent ownership in production facility in equatorial guinea sells lng under long-term contract at prices tied to henry hub natural gas prices.
 in 2009  gross sales plant were 3. 9 million metric tonnes  in 2008  first year operations plant sold 3. 4 million metric tonnes.
 industry estimates of 2009 lng trade are approximately 185 million metric tonnes.
 more lng production facilities and tankers under construction in 2009.
 result of sharp worldwide economic downturn in 2008 weak economies expected to lower natural gas consumption in countries affecting near-term demand for lng.
 long-term lng supply continues to in demand as markets seek benefits of clean burning natural gas.
 market prices for lng not reported or posted.
 lng delivered to u.
 tied to henry hub prices will track with changes in.
 natural gas prices lng sold in europe and asia is indexed to crude oil prices will track movement prices.
 we own 45 percent interest in methanol plant in equatorial guinea through investment in ampco.
 gross sales of methanol plant totaled 960374 metric tonnes in 2009 and 792794 metric tonnes in 2008.
 methanol demand impact on ampco 2019s earnings.
 global demand for methanol limited changes in supply-demand balance can significant impact on sales prices.
 2010 chemical markets associates , inc.
 estimates world demand for methanol in 2009 was 41 million metric tonnes.
 plant capacity is 1.1 million , 3 percent total demand.
 refining  marketing transportation rm&t segment income depends on refining wholesale marketing gross margin  refinery throughputs retail marketing gross margins for gasoline  distillates merchandise.

benchmark                                                | 2009    | 2008    | 2007
-------------------------------------------------------- | ------- | ------- | -------
wti crude oil ( dollars per barrel )                     | $ 62.09 | $ 99.75 | $ 72.41
western canadian select ( dollars per barrel ) ( a )     | $ 52.13 | $ 79.59 | $ 49.60
aeco natural gas sales index ( dollars per mmbtu ) ( b ) | $ 3.49  | $ 7.74  | $ 6.06


believe presentation of adjusted diluted earnings per share  excludes withdrawal costs 2013 multiemployer pension funds  restructuring charges  loss on extinguishment of debt  gain ) loss on business dispositions and impairments net provides understanding of operational activities before financial effect of certain items.
 use this measure  believe investors will find it helpful in understanding ongoing performance of operations separate from items disproportionate effect on results for particular period.
 incurred comparable charges and costs in prior periods similar adjustments can be expected to be recorded in future periods.
 definition of adjusted diluted earnings per share may not be comparable to similarly titled measures by other companies.
 property and equipment , net in 2017  anticipate receiving approximately $ 975 million of property and equipment  net of proceeds from sales of property and equipment.
 results of operations revenue generate revenue primarily from solid waste collection operations.
 remaining revenue from other services  including transfer station  landfill disposal  recycling  energy services.
 residential and small- container commercial collection operations in some markets based on long-term contracts with municipalities.
 certain municipal contracts have annual price escalation clauses tied to changes in underlying base index consumer price index.
 provide small-container commercial and large-container industrial collection services to customers under contracts with terms up to three years.
 transfer stations , landfills recycling facilities generate revenue from disposal or tipping fees charged to third parties.
 integrate recycling operations with collection operations obtain revenue from sale of recycled commodities.
 revenue from energy services consists mainly of fees charge for treatment of liquid and solid waste derived from production of oil and natural gas.
revenue consists primarily of revenue from national accounts  represents portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where waste handling services subcontracted to local operators.
 substantially all revenue is offset with related subcontract costs recorded in cost of operations.

trucks and equipment                                        | $ 350
----------------------------------------------------------- | ----------
landfill                                                    | 330
containers                                                  | 160
facilities and other                                        | 150
property and equipment received during 2017                 | 990
proceeds from sales of property and equipment               | -15 ( 15 )
property and equipment received net of proceeds during 2017 | $ 975


marathon oil corporation notes to consolidated financial statements stock-based performance unit awards 2013 during 2018 2017 2016 granted 754140 , 563631 1205517 stock- based performance unit awards to officers.
 at december 31 , 2018 1196176 units outstanding.
 total stock-based performance unit awards expense was $ 13 million in 2018 $ 8 million in 2017 $ 6 million in 2016.
 key assumptions used in monte carlo simulation determine fair value of stock-based performance units granted in 2018 2017 2016 were:.
 18.
 defined benefit postretirement plans defined contribution plan noncontributory defined benefit pension plans covering all domestic employees u.
 employees hired before april 2010.
 certain employees in e. g. u. s.
 or.
 based participate in plans.
 benefits under plans based on plan provisions specific to each plan.
 for.
 pension plan  principal employer plan trustees decision to close plan to future benefit accruals effective december 31 , 2015.
 defined benefit plans for other postretirement benefits covering.
 employees.
 health care benefits provided up to age 65 through comprehensive hospital , surgical major medical benefit provisions subject various cost- sharing features.
 post-age 65 health care benefits provided to certain.
 employees on defined contribution basis.
 life insurance benefits provided to certain retiree beneficiaries.
 other postretirement benefits not funded in advance.
 employees hired after 2016 not eligible for postretirement health care or life insurance benefits.

| 2018           | 2017           | 2016
------------------------------------------------------- | -------------- | -------------- | --------------
valuation date stock price                              | $ 14.17        | $ 14.17        | $ 14.17
expected annual dividend yield                          | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % )
expected volatility                                     | 39% ( 39 % )   | 43% ( 43 % )   | 52% ( 52 % )
risk-free interest rate                                 | 2.5% ( 2.5 % ) | 2.6% ( 2.6 % ) | 2.4% ( 2.4 % )
fair value of stock-based performance units outstanding | $ 19.60        | $ 19.45        | $ 21.51


part a0iii item a010.
 directors  executive officers corporate governance information required item a010 executive officers , see part a0i , item 1.
 report.
 other information required item a010  see 201celection of directors , 201d 201cnominees for election to board of directors , 201d 201ccorporate governance 201d 201csection a016 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2018 annual meeting information incorporated herein by reference.
 proxy statement 2018 annual meeting filed within 120 a0days after end of fiscal year annual report on form 10-k.
 item a011.
 executive compensation information required item a011  see 201ccompensation discussion analysis , 201d 201ccompensation committee report , 201d 201cexecutive compensation 201d proxy statement for 2018 annual meeting  information incorporated reference.
 item a012.
 security ownership of certain beneficial owners management related stockholder matters information required item a012 beneficial ownership of common stock , see 201csecurity ownership of certain beneficial owners management 201d proxy statement for 2018 annual meeting  information incorporated herein by reference.
 following table sets information as of december a031, 2017 equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of outstanding options , warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1708928 $ 113. 49 3629455 item a013.
certain relationships related transactions , director independence for information required by item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d proxy statement for 2018 annual meeting , information incorporated herein by reference.
 item a014.
 principal accounting fees services information required item a014 see 201caudit non-audit fees 201d and 201caudit committee pre-approval procedures 201d proxy statement for 2018 annual meeting  information incorporated herein by reference.
 part a0iii item a010.
 directors , executive officers corporate governance information required by item a010 executive officers , see part a0i , item 1.
 of report.
 other information required by item a010 , see 201celection of directors , 201d 201cnominees for election to board of directors, 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d proxy statement for 2018 annual meeting , information incorporated by reference.
 proxy statement for 2018 annual meeting filed within 120 a0days after end of fiscal year covered annual report on form 10-k.
 item a011.
 executive compensation information required by item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d proxy statement for 2018 annual meeting  information incorporated by reference.
 item a012.
 security ownership of certain beneficial owners management related stockholder matters information required by this item a012 beneficial ownership of common stock , see 201csecurity ownership of certain beneficial owners management 201d in proxy statement for 2018 annual meeting , information incorporated herein by reference.
table sets forth information as of december a031 , 2017 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants rights weighted-average exercise price of outstanding options  warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1708928 $ 113. 49 3629455 item a013.
 certain relationships related transactions  director independence for information item see 201ccertain transactions 201d and 201ccorporate governance 201d in proxy statement for 2018 annual meeting ,.
 item a014.
 principal accounting fees services for information item a014 see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in proxy statement for 2018 annual meeting ,.

plan category                                          | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )
------------------------------------------------------ | --------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------
equity compensation plans approved by security holders | 1708928                                                                                | $ 113.49                                                                 | 3629455


entergy corporation subsidiaries notes financial statements difference as regulatory asset liability ongoing basis resulting in zero net balance for regulatory asset end of lease term.
 amount net regulatory liability of $ 61. 6 million and $ 27. 8 million as of december 31 , 2013 and 2012 , respectively.
 as of december 31 , 2013  system energy had future minimum lease payments ( reflecting implicit rate of 5. 13% 5. 13 % ) recorded as long-term debt  : amount ( in thousands ).

| amount ( in thousands )
------------------------------------------- | -----------------------
2014                                        | $ 51637
2015                                        | 52253
2016                                        | 13750
2017                                        | 13750
2018                                        | 13750
years thereafter                            | 247500
total                                       | 392640
less : amount representing interest         | 295226
present value of net minimum lease payments | $ 97414


2007 annual report 61 warranties snap-on provides product warranties for specific product lines accrues estimated future warranty costs period sale recorded.
 see note 15 for further information on warranties.
 minority interests equity earnings ( loss ) of unconsolidated affiliates : 201cminority interests equity earnings ( loss ) net of tax 201d consolidated statements of earnings : ( amounts in millions ) 2007 2006 2005.
 minority interests in consolidated subsidiaries of $ 17. 3 million as of december 29 , 2007  $ 16. 8 million as of december 30, 2006 included in 201cother long-term liabilities 201d consolidated balance sheets.
 investments in unconsolidated affiliates of $ 30. 7 million as of december 29 , 2007 $ 30. 6 million as of december 30 , 2006 included in 201cother assets 201d consolidated balance sheets.
 foreign currency translation : financial statements of snap-on 2019s foreign subsidiaries translated into.
 dollars accordance with sfas no.
 52 , 201cforeign currency translation. 201d assets liabilities of foreign subsidiaries translated at current rates of exchange income expense items translated at average exchange rate for period.
 resulting translation adjustments recorded directly into 201caccumulated other comprehensive income ( loss ) 201d consolidated balance sheets.
 foreign exchange transactions in pretax losses of $ 1. 7 million in 2007 $ 1. 2 million in 2006 pretax gain of $ 0. 7 million in 2005.
 foreign exchange transaction gains losses reported in 201cother income ( expense ) - net 201d consolidated statements of earnings.
 income taxes : inherent uncertainty in quantifying income tax positions.
assess income tax positions record tax benefits for all years subject to examination based upon management evaluation of facts circumstances information available at reporting dates.
 for tax positions where more-likely-than-not tax benefit sustained record largest amount of tax benefit with greater than 50% ( 50 % ) likelihood of realized upon ultimate settlement with taxing authority full knowledge of relevant information.
 for those income tax positions where not more-likely-than-not tax benefit sustained  no tax benefit recognized in financial statements.
 when applicable associated interest penalties recognized as component of income tax expense.
 accrued interest penalties included within related tax liability in consolidated balance sheets.
 deferred income taxes provided for temporary differences from differences in bases assets liabilities for tax financial reporting purposes.
 deferred income taxes recorded on temporary differences using enacted tax rates in effect for year in temporary differences expected to reverse.
 effect of change in tax rates on deferred tax assets liabilities recognized in income in period includes enactment date.
 see note 8 for further information on income taxes.
 per share data : basic earnings per share calculations computed by dividing net earnings by corresponding weighted-average number of common shares outstanding for period.
 dilutive effect of potential exercise of outstanding options to purchase common shares calculated using treasury stock method.
 snap-on had dilutive shares as of year-end 2007 , 2006 2005 , of 731442 shares , 911697 shares 584222 shares , respectively.
options to purchase 493544 shares , 23000 shares 612892 shares of snap-on common stock for fiscal years ended 2007 , 2006 2005  not included in computation of diluted earnings per share as exercise prices of options greater than average market price of common stock for respective year effect on earnings per share anti-dilutive.
 stock-based compensation : effective january 1 , 2006  company adopted sfas no.
 123 ( r ) , 201cshare-based payment , 201d using modified prospective method.
 sfas no.
 123 ( r ) requires entities to recognize cost of employee services in exchange for awards of equity instruments based on grant-date fair value of awards ( with limited exceptions ).
 cost  based on estimated number of awards expected to vest recognized over period during employee required to provide service in exchange for award.
 no compensation cost recognized for awards for employees do not render requisite service.
 upon adoption  grant-date fair value of employee share options

( amounts in millions )             | 2007           | 2006           | 2005
----------------------------------- | -------------- | -------------- | --------------
minority interests                  | $ -4.9 ( 4.9 ) | $ -3.7 ( 3.7 ) | $ -3.5 ( 3.5 )
equity earnings ( loss ) net of tax | 2.4            | 2014           | 2.1
total                               | $ -2.5 ( 2.5 ) | $ -3.7 ( 3.7 ) | $ -1.4 ( 1.4 )


interest expense  net was $ 26. 4 million , $ 14. 6 million  $ 5. 3 million for years ended december 31 , 2016 , 2015 2014 .
 interest expense includes amortization of deferred financing costs  bank fees  capital built-to-suit lease interest interest expense under credit long term debt facilities.
 amortization of deferred financing costs was $ 1. 2 million , $ 0. 8 million  $ 0. 6 million for years ended december 31 , 2016 , 2015 2014 .
 company monitors financial health stability of lenders under credit long term debt facilities during significant instability in credit markets lenders could be negatively impacted ability to perform under facilities.
 6.
 commitments contingencies obligations under operating leases company leases warehouse space  office facilities space for brand factory house stores certain equipment under non-cancelable operating leases.
 leases expire dates through 2033  excluding extensions at company 2019s option include provisions for rental adjustments.
 table below includes executed lease agreements for brand factory house stores company not occupy as of december 31 , 2016 does not include contingent rent company may incur stores based on future sales above minimum payments for maintenance  insurance real estate taxes.
 schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2016 significant operating lease agreements entered during period after december 31 , 2016 through date report : ( in thousands ).
 included in selling , general administrative expense was rent expense of $ 109. 0 million , $ 83. 0 million $ 59. 0 million for years ended december 31 , 2016 , 2015 2014  under non-cancelable operating lease agreements.
 included in these amounts was contingent rent expense of $ 13.0 million , $ 11. 0 million and $ 11. 0 million for years ended december 31 , 2016 , 2015 2014 , respectively.
 sports marketing other commitments within normal course business , company enters into contractual commitments to promote company 2019s brand products.
 commitments include sponsorship agreements with teams athletes collegiate professional levels , official supplier agreements  athletic event sponsorships other marketing commitments.
 following schedule of company 2019s future minimum payments under sponsorship marketing agreements as of december 31

2017                                | $ 114857
----------------------------------- | ---------
2018                                | 127504
2019                                | 136040
2020                                | 133092
2021                                | 122753
2022 and thereafter                 | 788180
total future minimum lease payments | $ 1422426