notes to consolidated financial statements 2013 ( continued ) amounts in millions except per share amounts ) cash flows for 2010 expect to contribute $ 25. 2 and $ 9. 2 to foreign pension plans and domestic pension plans.
 significant portion of contributions to foreign pension plans relate to u. k.
 pension plan.
 modifying schedule of employer contributions for u. k.
 pension plan expect to finalize during 2010.
 expect contributions to foreign pension plans to increase from current levels in 2010 and subsequent years.
 during 2009  contributed $ 31. 9 to foreign pension plans contributions to domestic pension plan negligible.
 estimated future benefit payments reflect future service appropriate expected to be paid in years indicated below.
 domestic pension plans foreign pension plans postretirement benefit plans.
 estimated future payments for postretirement benefit plans before estimated federal subsidies received under medicare prescription drug , improvement and modernization act of 2003.
 federal subsidies estimated to range from $ 0. 5 in 2010 to $ 0. 6 in 2014 estimated to be $ 2. 4 for period 2015-2019.
 savings plans sponsor defined contribution plans ( 201csavings plans 201d ) cover all domestic employees.
 savings plans permit participants make contributions on pre-tax and/or after-tax basis allows participants choose among various investment alternatives.
 match portion of participant contributions based upon years of service.
 amounts expensed for savings plans for 2009 , 2008 2007 were $ 35. 1 , $ 29. 6 $ 31. 4 ,.
 expense includes discretionary company contribution of $ 3. 8 , $ 4. 0 and $ 4. 9 offset by participant forfeitures of $ 2. 7 , $ 7. 8 , $ 6. 0 in 2009 , 2008 2007 .
 maintain defined contribution plans in various foreign countries contributed $ 25.0 $ 28. 7 and $ 26. 7 to plans in 2009 , 2008 2007  respectively.
 deferred compensation and benefit arrangements deferred compensation arrangements permit key officers and employees to defer portion of salary or incentive compensation or require us to contribute amount to participant 2019s account.
 arrangements typically provide participant receive amounts deferred plus interest upon attaining certain conditions completing certain years of service or upon retirement or termination.
 as of december 31 , 2009 and 2008 deferred compensation liability balance was $ 100. 3 and $ 107. 6 ,.
 amounts expensed for deferred compensation arrangements in 2009 , 2008 2007 were $ 11. 6 , $ 5. 7 and $ 11. 9 ,.
 deferred benefit arrangements with certain key officers and employees provide participants annual payment payable when participant attains certain age and after participant 2019s employment has terminated.
 deferred benefit liability was $ 178. 2 and $ 182. 1 as of december 31 , 2009 and 2008 ,.
 amounts expensed for deferred benefit arrangements in 2009, 2008 2007 were $ 12. 0 , $ 14. 9 $ 15. 5 ,.
 purchased life insurance policies on participants 2019 lives to assist in funding of related deferred compensation and deferred benefit liabilities.
 as of december 31 , 2009 and 2008 cash surrender value of policies was $ 119. 4 and $ 100. 2 ,.
 in addition to life insurance policies certain investments are held for purpose paying deferred compensation and deferred benefit liabilities.
 investments life insurance policies held in separate revocable trust for purpose paying deferred compensation and deferred benefit

years          | domestic pension plans | foreign pension plans | postretirement benefit plans
-------------- | ---------------------- | --------------------- | ----------------------------
2010           | $ 17.2                 | $ 23.5                | $ 5.8
2011           | 11.1                   | 24.7                  | 5.7
2012           | 10.8                   | 26.4                  | 5.7
2013           | 10.5                   | 28.2                  | 5.6
2014           | 10.5                   | 32.4                  | 5.5
2015 2013 2019 | 48.5                   | 175.3                 | 24.8


state street bank issuances : has authority to issue $ 1 billion of subordinated fixed-rate, floating-rate zero-coupon bank notes with maturity of five to fifteen years.
 5. 25% (. 25 % ) subordinated bank notes due 2018 state bank required to make semi-annual interest payments on outstanding principal balance of notes on april 15 october 15 each year notes qualify as tier 2 capital under regulatory capital guidelines.
 5. 30% ( 5. 30 % ) subordinated notes due 2016 and floating-rate subordinated notes due 2015 state street bank required to make semi-annual interest payments on outstanding principal balance of 5. 30% ( 5. 30 % ) notes on january 15 july 15 each year beginning july 2006 quarterly interest payments on outstanding principal balance of floating-rate notes on march 8 june 8 september 8 december 8 of each year beginning march 2006.
 notes qualify as tier 2 capital under regulatory capital guidelines.
 note 10.
 commitments and contingencies off-balance sheet commitments contingencies : credit-related financial instruments include indemnified securities financing unfunded commitments to extend credit or purchase assets standby letters of credit.
 total potential loss on unfunded commitments  standby commercial letters of credit securities finance indemnifications is equal to total contractual amount not consider value of collateral.
 summary of contractual amount of credit-related , off-balance sheet financial instruments at december 31.
 amounts reported do not reflect participations to unrelated third parties.
 on behalf of customers we lend securities to creditworthy brokers other institutions.
 in certain circumstances may indemnify customers for fair market value of securities against failure of borrower to return securities.
 collateral funds received in connection with securities finance services held by us as agent not recorded in consolidated statement of condition.
require borrowers provide collateral amount equal to or excess of 100% ( ) of fair market value of securities borrowed.
 borrowed securities revalued daily to determine if additional collateral necessary.
 held cash and.
 government securities totaling $ 527. 37 billion and $ 387. 22 billion as collateral for indemnified securities on loan at december 31 , 2006 and 2005  respectively.
 approximately 81% ( 81 % ) of unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from date of issue.
 many commitments expected to expire or renew without drawn upon total commitment amounts not represent future cash requirements.
 normal business provide liquidity and credit enhancements to asset-backed commercial paper programs. conduits described in note 11.
 commercial paper issuances and commitments conduits to provide funding supported by liquidity asset purchase agreements and backup liquidity lines of credit  majority provided by us.
 provide direct credit support to conduits in form of standby letters of credit.
 commitments under liquidity asset purchase agreements and backup lines of credit totaled $ 23. 99 billion at december 31, 2006 included in preceding table.
 commitments under seq 83 copyarea : 38.
 x 54.
 trimsize : 8. 25 x 10. 75 typeset state street corporation serverprocess c:\\fc\\delivery_1024177\\2771-1-dm_p. pdf chksum : 0 cycle 1merrill corporation 07-2771-1 thu mar 01 17:10:46 2007 ( v 2. 247w--stp1pae18 )

( in millions )                       | 2006     | 2005
------------------------------------- | -------- | --------
indemnified securities financing      | $ 506032 | $ 372863
liquidity asset purchase agreements   | 30251    | 24412
unfunded commitments to extend credit | 16354    | 14403
standby letters of credit             | 4926     | 5027


alexion pharmaceuticals , inc.
 notes to consolidated financial statements for years ended december 31 , 2016 , 2015 and 2014 ( amounts in millions except per share amounts ) depending upon our consolidated net leverage ratio ( calculated in accordance with credit agreement ).
 at december 31 , 2016  interest rate on outstanding loans under credit agreement was 2. 52% ( 2. 52 % ).
 obligations under credit facilities guaranteed by alexion 2019s foreign and domestic subsidiaries secured by liens on certain alexion 2019s subsidiaries 2019 equity interests  subject to certain exceptions.
 credit agreement requires us to comply with financial covenants on quarterly basis.
 under covenants we required to deliver to administrative agent not 50 days after each fiscal quarter , our quarterly financial statements  within 5 days compliance certificate.
 in november 2016  obtained waiver from necessary lenders for requirement due date for delivery of third quarter 2016 financial statements and compliance certificate extended to january 18 , 2017.
 posting of third quarter report on form 10-q on website on january 4 , 2017 satisfied financial statement covenant  simultaneously delivered required compliance certificate  as required by lenders.
 credit agreement includes negative covenants , subject to exceptions  restricting or limiting our ability and ability subsidiaries to incur additional indebtedness  grant liens  engage in certain investment , acquisition disposition transactions.
 credit agreement contains customary representations warranties , affirmative covenants events of default , including payment defaults  breach of representations warranties  covenant defaults cross defaults.
 if event of default occurs interest rate would increase administrative agent entitled to take various actions including acceleration of amounts due under loan.
connection entering credit agreement , paid $ 45 in financing costs amortized as interest expense over life of debt.
 amortization expense associated with deferred financing costs for years ended december 31 , 2016 and 2015 was $ 10 and $ 6 , respectively.
 amortization expense with deferred financing costs for year ended december 31 , 2014 not material.
 acquisition of synageva in june 2015  borrowed $ 3500 under term loan facility and $ 200 under revolving facility used available cash for remaining cash consideration.
 made principal payments of $ 375 during year ended december 31 , 2016.
 december 31, 2016  had $ 3081 outstanding on term loan and zero outstanding on revolving facility.
 december 31 , 2016 open letters of credit of $ 15 , borrowing availability under revolving facility was $ 485.
 fair value of long term debt  measured using level 2 inputs  approximates book value.
 contractual maturities of long-term debt obligations due subsequent to december 31 , 2016 follows:.
 based intent ability to make payments during 2017  included $ 175 within current liabilities on consolidated balance sheet as of december 31 , 2016  net of current deferred financing costs.
 9.
 facility lease obligations new haven facility lease obligation in november 2012 entered lease agreement for office and laboratory space constructed in new haven , connecticut.
 term of lease commenced in 2015 expire in 2030  renewal option of 10 years.
 do not legally own premises deemed to be owner of building due to substantial improvements directly funded by us during construction period based on applicable accounting guidance for build-to-suit leases.
landlord 2019s costs constructing facility during construction period required to be capitalized as non-cash transaction offset by corresponding facility lease obligation in consolidated balance sheet.
 construction of new facility completed building placed into service in first quarter 2016.
 imputed interest rate on facility lease obligation as of december 31 , 2016 was approximately 11% ( % ).
 for year ended december 31 , 2016 and 2015  recognized $ 14 and $ 5  of interest expense associated with this arrangement.
 as of december 31 , 2016 and 2015 total facility lease obligation was $ 136 and $ 133  recorded within other current liabilities and facility lease obligation on consolidated balance sheets.

2017 | $ 2014
---- | ------
2018 | 150
2019 | 175
2020 | 2756


54| | duke realty corporation annual report 2010.
 weighted average number of common shares potential diluted securities 238920 201206 154553 criteria in fasb asc 360-20 related to terms of transactions continuing involvement in management or financial assistance from seller associated with properties.
 we make judgments based on specific terms of each transaction amount total profit from transaction recognize considering factors continuing ownership interest with buyer ( 201cpartial sales 201d ) level of future involvement with property or buyer acquires assets.
 if full accrual sales criteria not met , we defer gain recognition account for continued operations of property by applying finance , installment or cost recovery methods  as appropriate until full accrual sales criteria met.
 estimated future costs incurred after completion each sale included in determination of gain on sales.
 extent property had operations prior to sale  not continuing involvement with property, gains from sales of depreciated property included in discontinued operations proceeds from sale of these held-for-rental properties classified in investing activities section of consolidated statements of cash flows.
 gains or losses from sale of properties developed or repositioned with intent to sell not for long-term rental ( 201cbuild-for-sale 201d properties ) classified as gain on sale of properties in consolidated statements of operations.
 other rental properties do not meet criteria for presentation as discontinued operations also classified as gain on sale of properties in consolidated statements of operations.
 net income ( loss ) per common share basic net income ( loss ) per common share computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share- based awards expected to vest , by weighted average number of common shares outstanding for period.
diluted net income ( loss ) per common share computed by dividing sum of basic net income ( loss ) attributable to common shareholders and noncontrolling interest in earnings allocable to units not owned by us ( to extent units dilutive ) , by sum of weighted average number of common shares outstanding and dilutive partnership units outstanding  potential dilutive securities for period.
 during first quarter of 2009  adopted new accounting standard ( fasb asc 260-10 ) on participating securities  applied retrospectively to prior period calculations of basic and diluted earnings per common share.
 to new standard certain share-based awards considered participating securities earn dividend equivalents not forfeited even if underlying award does not vest.
 following table reconciles components of basic and diluted net income ( loss ) per common share ( in thousands ) :

| 2010               | 2009                 | 2008
-------------------------------------------------------------------------- | ------------------ | -------------------- | --------------
net income ( loss ) attributable to common shareholders                    | $ -14108 ( 14108 ) | $ -333601 ( 333601 ) | $ 50408
less : dividends on share-based awards expected to vest                    | -2513 ( 2513 )     | -1759 ( 1759 )       | -1631 ( 1631 )
basic net income ( loss ) attributable to common shareholders              | -16621 ( 16621 )   | -335360 ( 335360 )   | 48777
noncontrolling interest in earnings of common unitholders                  | -                  | -                    | 2640
diluted net income ( loss ) attributable to common shareholders            | $ -16621 ( 16621 ) | $ -335360 ( 335360 ) | $ 51417
weighted average number of common shares outstanding                       | 238920             | 201206               | 146915
weighted average partnership units outstanding                             | -                  | -                    | 7619
other potential dilutive shares                                            | -                  | -                    | 19
weighted average number of common shares and potential dilutive securities | 238920             | 201206               | 154553


part ii.
 item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities common stock traded on nasdaq global select market under symbol cdns.
 as of february 2 , 2019 523 registered stockholders approximately 56000 beneficial owners common stock.
 stockholder return performance graph graph compares cumulative 5-year total stockholder return common stock relative to cumulative total return nasdaq composite index s&p 500 index s&p 500 information technology index.
 graph assumes value investment in common stock each index on december 28, 2013 ( including reinvestment dividends ) was $ 100 tracks each year last day of fiscal year through december 29, 2018 for each index  last day of calendar year.
 comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index s&p 500 index s&p 500 information technology index 12/29/181/2/16 12/30/1712/28/13 12/31/161/3/15 *$ 100 invested on 12/28/13 in stock or index  including reinvestment of dividends.
 fiscal year ending december 29.
 copyright a9 2019 standard & poor 2019s  division of s&p global.
 all rights reserved.
 nasdaq compositecadence design systems , inc.
 s&p 500 s&p 500 information technology.
 stock price performance graph not indicative of future stock price performance.

| 12/28/2013 | 1/3/2015 | 1/2/2016 | 12/31/2016 | 12/30/2017 | 12/29/2018
------------------------------ | ---------- | -------- | -------- | ---------- | ---------- | ----------
cadence design systems inc .   | $ 100.00   | $ 135.18 | $ 149.39 | $ 181.05   | $ 300.22   | $ 311.13
nasdaq composite               | 100.00     | 112.60   | 113.64   | 133.19     | 172.11     | 165.84
s&p 500                        | 100.00     | 110.28   | 109.54   | 129.05     | 157.22     | 150.33
s&p 500 information technology | 100.00     | 115.49   | 121.08   | 144.85     | 201.10     | 200.52


abiomed , inc.
 subsidiaries notes to consolidated financial statements 2014 continued ) note 8.
 stock award plans stock-based compensation continued ) restricted stock units table summarizes restricted stock unit activity for fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ).
 remaining unrecognized compensation expense for outstanding restricted stock units  including performance-based awards as of march 31 , 2012 was $ 7. 1 million weighted-average period over cost recognized is 2. 2 years.
 weighted average grant-date fair value for restricted stock stock units granted during years ended march 31 , 2012 , 2011 , 2010 was $ 18. 13 , $ 10. 00 $ 7. 67 per share , respectively.
 total fair value of restricted stock units vested in fiscal years 2012 , 2011 , 2010 was $ 1. 5 million , $ 1. 0 million $ 0. 4 million , respectively.
 performance-based awards included in restricted stock units activity are certain awards granted in fiscal years 2012 , 2011 2010 vest subject to certain performance-based criteria.
 in june 2010 , 311000 shares of restricted stock performance-based award for potential issuance of 45000 shares of common stock issued to executive officers members senior management company vest upon achievement of prescribed service milestones by award recipients performance milestones by company.
 during year ended march 31 , 2011  company determined met prescribed performance targets portion of shares and stock options vested.
 remaining shares will vest upon satisfaction of prescribed service conditions by award recipients.
three months ended june 30 , 2011  company determined should have using graded vesting method instead of straight-line method to expense stock-based compensation for performance-based awards issued in june 2010.
 resulted in additional stock based compensation expense of approximately $ 0. 6 million recorded during three months ended june 30 , 2011 should have been recorded during year ended march 31 , 2011.
 company believes amount not material to march 31 , 2011 consolidated financial statements recorded adjustment in quarter ended june 30 , 2011.
 three months ended june 30 , 2011  performance-based awards of restricted stock units for potential issuance of 284000 shares of common stock issued to executive officers and senior management  would vest upon achievement of prescribed service milestones by award recipients and revenue performance milestones by company.
 as of march 31 , 2012  company determined met prescribed targets for 184000 shares underlying awards believes probable prescribed performance targets will be met for remaining 100000 shares  compensation expense recognized accordingly.
 year ended march 31 , 2012  company recorded $ 3. 3 million in stock-based compensation expense for equity awards in which prescribed performance milestones achieved or probable of achieved.
 remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3. 6 million based on company 2019s current assessment of probability of achieving performance milestones.
 weighted-average period over which cost will be recognized is 2. 1 years.

| number of shares ( in thousands ) | weighted average grant date fair value ( per share )
---------------------------------------------------------------- | --------------------------------- | ----------------------------------------------------
restricted stock and restricted stock units at beginning of year | 407                               | $ 9.84
granted                                                          | 607                               | 18.13
vested                                                           | -134 ( 134 )                      | 10.88
forfeited                                                        | -9 ( 9 )                          | 13.72
restricted stock and restricted stock units at end of year       | 871                               | $ 15.76


part ii item 5.
 market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of our common stock on new york stock exchange ( 201cnyse 201d ) for years 2008 and 2007.
 on february 13 , 2009  closing price of common stock was $ 28. 85 per share reported nyse.
 as of february 13 , 2009 had 397097677 outstanding shares common stock 499 registered holders.
 dividends never paid dividend on common stock.
 anticipate may retain future earnings to fund development growth business.
 indentures governing our 7. 50% ( 7. 50 % ) senior notes due 2012 ( 201c7. 50% 201c7. 50 % ) notes 201d ) 7. 125% ( 7. 125 % ) senior notes due 2012 201c7. 125 % 201d ) may prohibit us from paying dividends to stockholders unless satisfy certain financial covenants.
 loan agreement for revolving credit facility and term loan  indentures governing terms of 7. 50% ( 7. 50 % ) notes 7. 125% ( 7. 125 % ) notes contain covenants restrict ability to pay dividends unless certain financial covenants satisfied.
 spectrasite and subsidiaries classified as unrestricted subsidiaries under indentures for 7. 50% ( 7. 50 % ) notes 7. 125% ( 7. 125 % ) notes  certain spectrasite 2019s subsidiaries subject to restrictions on amount of cash they can distribute under loan agreement related to securitization transaction.
more information about restrictions under loan agreement for revolving credit facility term loan , notes indentures loan agreement related to securitization transaction , see item 7 annual report under caption 201cmanagement 2019s discussion analysis of financial condition results of operations 2014liquidity capital resources 2014factors affecting sources of liquidity 201d note 6 to consolidated financial statements included in annual report.

2008                       | high    | low
-------------------------- | ------- | -------
quarter ended march 31     | $ 42.72 | $ 32.10
quarter ended june 30      | 46.10   | 38.53
quarter ended september 30 | 43.43   | 31.89
quarter ended december 31  | 37.28   | 19.35
2007                       | high    | low
quarter ended march 31     | $ 41.31 | $ 36.63
quarter ended june 30      | 43.84   | 37.64
quarter ended september 30 | 45.45   | 36.34
quarter ended december 31  | 46.53   | 40.08


visa inc.
 notes to consolidated financial statements 2014 ( continued ) september 30 , 2008 ( in millions , except as noted ) volume and support incentives company has agreements with customers for programs to build sales volume increase acceptance of payment products.
 these agreements  original terms from one to thirteen years , provide card issuance , marketing program support based on specific performance requirements.
 agreements designed to encourage customer business increase visa-branded payment volume  reducing unit transaction processing costs increasing brand awareness for visa customers.
 payments made obligations incurred under programs included on company 2019s consolidated balance sheets.
 company 2019s obligation under customer agreements amortized as reduction to revenue in same period as related revenues earned  based on management 2019s estimate of customer 2019s performance compared to terms of incentive agreement.
 agreements may or may not limit amount of customer incentive payments.
 excluding anticipated revenue from higher payments transaction volumes agreements company 2019s potential exposure under agreements with and without limits to incentive payments  estimated as follows at september 30 , 2008 : fiscal ( in millions ) volume support incentives.
 ultimate amounts to be paid under agreements may be greater than or less than estimates above.
 agreements increases in incentive payments driven by increased payment transaction volume  in event incentive payments exceed estimate payments not expected to have material effect on company 2019s financial condition , results of operations or cash flows.
 indemnification under framework agreement in connection with framework agreement between visa inc.
 and visa europe , visa europe indemnifies visa inc.
 for claims of provision of services brought by visa europe 2019s member banks against visa inc. , visa inc.
 indemnifies visa europe for any claims of provision of services brought against visa europe by visa inc.2019s customer financial institutions.
 based on current known facts, company assessed probability of loss future as remote.
 estimated maximum probability-weighted liability considered insignificant no liability accrued.
 for further information company 2019s commitments contingencies see note 4 2014visa europe , note 5 2014retrospective responsibility plan, note 11 2014debt , note 13 2014settlement guarantee management note 23 2014legal matters.

fiscal ( in millions ) | volume and support incentives
---------------------- | -----------------------------
2009                   | $ 1088
2010                   | 1105
2011                   | 945
2012                   | 798
2013                   | 1005
thereafter             | 3
total                  | $ 4944


table of content part ii item 5.
 market for registrant's common equity  related stockholder matters issuer purchases of equity securities common stock traded on new york stock exchange under trading symbol 201chfc. 201d in september 2018  board of directors approved $ 1 billion share repurchase program replaced all existing share repurchase programs authorizing us to repurchase common stock in open market or privately negotiated transactions.
 timing amount of stock repurchases depend on market conditions corporate , regulatory other relevant considerations.
 program may be discontinued by board of directors.
 table includes repurchases under program during fourth quarter of 2018.
 period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum dollar value of shares be purchased under plans or programs.
 during quarter ended december 31 , 2018  102360 shares withheld from executives employees under terms share-based compensation agreements provide funds for payment of payroll income taxes due at vesting of restricted stock awards.
 as of february 13 , 2019  had approximately 97419 stockholders  including beneficial owners holding shares in street name.
 intend to consider declaration of dividend quarterly basis no assurance to future dividends dependent upon future earnings , capital requirements  financial condition other factors.

period                             | total number ofshares purchased | average pricepaid per share | total number ofshares purchasedas part of publicly announced plans or programs | maximum dollarvalue of sharesthat may yet bepurchased under the plans or programs
---------------------------------- | ------------------------------- | --------------------------- | ------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------
october 2018                       | 1360987                         | $ 66.34                     | 1360987                                                                        | $ 859039458
november 2018                      | 450000                          | $ 61.36                     | 450000                                                                         | $ 831427985
december 2018                      | 912360                          | $ 53.93                     | 810000                                                                         | $ 787613605
total for october to december 2018 | 2723347                         |                             | 2620987                                                                        |


redemptions resulted in early extinguishment charge of $ 5 million.
 on march 22 , 2010  redeemed $ 175 million of 6. 5% ( 6. 5 % ) notes due april 15 , 2012.
 redemption resulted in early extinguishment charge of $ 16 million in first quarter of 2010.
 november 1 , 2010  redeemed all $ 400 million of outstanding 6. 65% ( 6. 65 % ) notes due january 15 , 2011.
 redemption resulted in $ 5 million early extinguishment charge.
 receivables securitization facility 2013 as of december 31 , 2011 and 2010  recorded $ 100 million as secured debt under receivables securitization facility.
 ( see further discussion of receivables securitization facility in note 10 ).
 15.
 variable interest entities entered into various lease transactions structure leases contain variable interest entities ( vies ).
 vies created solely for purpose of doing lease transactions ( principally involving railroad equipment and facilities  including headquarters building ) have no other activities , assets or liabilities outside of lease transactions.
 within lease arrangements right to purchase some or all assets at fixed prices.
 depending on market conditions  fixed-price purchase options in leases could potentially provide benefits ; benefits not expected to be significant.
 maintain and operate assets based on contractual obligations within lease arrangements set specific guidelines consistent within railroad industry.
 no control over activities could materially impact fair value of leased assets.
 do not hold power to direct activities of vies and do not control ongoing activities significant impact on economic performance of vies.
we do not have obligation to absorb losses vies or right to receive benefits potentially significant not primary beneficiary do not consolidate these vies our actions decisions not significant effect on vie 2019s performance our fixed-price purchase price options not potentially significant to vie 2019s.
 future minimum lease payments with vie leases totaled $ 3. 9 billion as of december 31 , 2011.
 16.
 leases we lease certain locomotives , freight cars  other property.
 consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million, net of $ 915 million of accumulated depreciation and $ 2520 million , net of $ 901 million of accumulated depreciation respectively for properties held under capital leases.
 charge to income from depreciation for assets capital leases included within depreciation expense in consolidated statements of income.
 future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 were follows : millions operating leases capital leases.
 majority of capital lease payments relate to locomotives.
 rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010  $ 686 million in 2009.
 when cash rental payments not made straight-line basis recognize variable rental expense straight-line over lease term.
 contingent rentals and sub-rentals not significant.

millions                               | operatingleases | capitalleases
-------------------------------------- | --------------- | -------------
2012                                   | $ 525           | $ 297
2013                                   | 489             | 269
2014                                   | 415             | 276
2015                                   | 372             | 276
2016                                   | 347             | 262
later years                            | 2380            | 1179
total minimum leasepayments            | $ 4528          | $ 2559
amount representing interest           | n/a             | -685 ( 685 )
present value of minimum leasepayments | n/a             | $ 1874


fourth quarter 2010  schlumberger issued 20ac1. 0 billion 2. 75% ( 2. 75 % ) guaranteed notes due under program.
 schlumberger entered agreements to swap euro notes for us dollars date issue until maturity  making us denominated debt schlumberger pay interest in us dollars rate 2. 56% ( 2. 56 % ).
 first quarter 2009  schlumberger issued 20ac1. 0 billion 4. 50% ( 4. 50 % ) guaranteed notes due 2014 under program.
 schlumberger entered agreements to swap euro notes for us dollars date issue until maturity making us dollar denominated debt schlumberger pay interest in us dollars at rate 4. 95% ( 4. 95 % ).
 april 17 , 2008  schlumberger board directors approved $ 8 billion share repurchase program for shares schlumberger common stock acquired open market before december 31 , 2011.
 july 21 , 2011 schlumberger board directors approved extension of repurchase program to december 31 , 2013.
 schlumberger repurchased $ 7. 12 billion shares program as of december 31 , 2012.
 following table summarizes activity under share repurchase program during 2012, 2011 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share.
 0160 cash flow provided by operations was $ 6. 8 billion in 2012 , $ 6. 1 billion in 2011 $ 5. 5 billion in 2010.
 recent years schlumberger actively managed activity levels in venezuela relative accounts receivable balance recently experienced increased delay in payment from national oil company customer.
 schlumberger operates in approximately 85 countries.
at december 31 , 2012 five countries ( including venezuela ) accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance only one , united states  represented greater than 10% ( 10 % ).
 0160 dividends paid during 2012 , 2011 2010 were $ 1. 43 billion , $ 1. 30 billion and $ 1. 04 billion  respectively.
 on january 17 , 2013 , schlumberger board of directors approved increase in quarterly dividend of 13. 6% (. 6 % )  to $ 0. 3125.
 january 19 , 2012 , schlumberger board directors approved increase quarterly dividend of 10% ( 10 % ) , to $ 0. 275.
 january 21, 2011  schlumberger board directors approved increase in quarterly dividend of 19% ( 19 % ) , to $ 0. 25.
 0160 capital expenditures were $ 4. 7 billion in 2012 , $ 4. 0 billion in 2011 $ 2. 9 billion in 2010.
 capital expenditures expected to approach $ 3. 9 billion for full year 2013.
 during 2012 , 2011 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million  to postretirement benefit plans.
 us pension plans were 82% ( 82 % ) funded at december 31 , 2012 projected.
 compares to 87% ( 87 % ) funded at december 31 , 2011.
 schlumberger 2019s international defined benefit pension plans are combined 88% ( 88 % ) funded at december 31 , 2012.
.
 schlumberger anticipates contributing approximately $ 650 million to postretirement benefit plans in 2013 subject to market and business conditions.
 0160 $ 321 million outstanding series b debentures at december 31 , 2009.
 during 2010  remaining $ 320 million of 2.125% ( 2. 125 % ) series b convertible debentures due june 1  2023 converted into 8. 0 million shares schlumberger common stock remaining $ 1 million series b debentures redeemed for cash.

| total cost of shares purchased | total number of shares purchased | average price paid per share
---- | ------------------------------ | -------------------------------- | ----------------------------
2012 | $ 971883                       | 14087.8                          | $ 68.99
2011 | $ 2997688                      | 36940.4                          | $ 81.15
2010 | $ 1716675                      | 26624.8                          | $ 64.48


defined contribution plan company subsidiaries have defined contribution plans all eligible employees may participate.
. 401 ( k ) plan is contributory plan.
 matching contributions based upon employees 2019 contributions.
 after temporarily suspending all matching contributions effective july 1 , 2010 company reinstated matching contributions provides dollar for dollar ( 100% ) match on first 4% ( 4 % ) of employee contributions.
 maximum matching contribution for 2010 pro-rated to account for number of months remaining after reinstatement.
 company 2019s expenses for material defined contribution plans for years ended december 31, 2012, 2011 and 2010 were $ 42 million , $ 48 million and $ 23 million .
 beginning january 1 , 2012  company may make additional discretionary 401 ( k ) plan matching contribution to eligible employees.
 for year ended december 31 , 2012  company made no discretionary matching contributions.
.
 share-based compensation plans incentive plans stock options  stock appreciation rights employee stock purchase plan company grants options to acquire shares of common stock to certain employees existing option holders of acquired companies merging of option plans following acquisition.
 each option granted stock appreciation right has exercise price of no less than 100% ( 100 % ) of fair market value of common stock on date of grant.
 awards have contractual life of five to ten years vest over two to four years.
 stock options and stock appreciation rights assumed or replaced with comparable stock options stock appreciation rights with change in control of company only become exercisable if holder involuntarily terminated or quits for good reason within 24 months of change in control.
 employee stock purchase plan allows eligible participants to purchase shares of company 2019s common stock through payroll deductions of up to 20% ( 20 % ) of eligible compensation on after-tax basis.
plan participants purchase more than $ 25000 of stock in any calendar year.
 price employee pays per share is 85% ( 85 % ) of lower fair market value of company 2019s stock on close of first trading day or last trading day of purchase period.
 plan has two purchase periods first from october 1 through march 31 and second from april 1 through september 30.
 for years ended december 31 , 2012 , 2011 2010  employees purchased 1. 4 million , 2. 2 million 2. 7 million shares  at purchase prices of $ 34. 52 and $ 42. 96 , $ 30. 56 $ 35. 61 , $ 41. 79 and $ 42. 00 ,.
 company calculates value of each employee stock option  estimated on date of grant using black-scholes option pricing model.
 weighted-average estimated fair value of employee stock options granted during 2012, 2011 2010 was $ 9. 60 , $ 13. 25 $ 21. 43  using weighted-average assumptions:.
 company uses implied volatility for traded options on company 2019s stock as expected volatility assumption required in black-scholes model.
 selection of implied volatility approach based upon availability of actively traded options on company 2019s stock assessment implied volatility more representative of future stock price trends than historical volatility.
 risk-free interest rate assumption based upon average daily closing rates year for u. s.
 treasury notes life approximates expected life of option.
 dividend yield assumption based on company 2019s future expectation of dividend payouts.
 expected life of employee stock options represents average of contractual term of options weighted-average vesting period for all option tranches.
 company has applied forfeiture rates  estimated based on historical data of 13%-50% ( ) to option fair values calculated by black-scholes option pricing model.
 estimated forfeiture rates applied to grants based remaining vesting term may be revised subsequent periods if actual forfeitures differ from estimates.

| 2012             | 2011             | 2010
----------------------- | ---------------- | ---------------- | ----------------
expected volatility     | 24.0% ( 24.0 % ) | 28.8% ( 28.8 % ) | 41.7% ( 41.7 % )
risk-free interest rate | 0.8% ( 0.8 % )   | 2.1% ( 2.1 % )   | 2.1% ( 2.1 % )
dividend yield          | 2.2% ( 2.2 % )   | 0.0% ( 0.0 % )   | 0.0% ( 0.0 % )
expected life ( years ) | 6.1              | 6.0              | 6.1


retail and hnw investors excluding investments ishares ) long-term aum by asset class client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total.
 blackrock serves retail hnw investors globally through separate accounts open-end closed-end funds unit trusts private investment funds.
 at december 31 , 2012 long-term assets managed for retail hnw investors totaled $ 403. 5 billion  up 11% ( 11 % )  or $ 40. 1 billion  versus year-end 2011.
 net inflows of $ 11. 6 billion in long-term products augmented by market valuation improvements of $ 28. 3 billion.
 retail hnw investors served principally through intermediaries including broker-dealers banks trust companies insurance companies independent financial advisors.
 clients invest primarily in mutual funds totaled $ 322. 4 billion  or 80% ( 80 % ) of retail hnw long-term aum at year-end remainder invested in private investment funds separately managed accounts.
 product mix well diversified 41% ( 41 % ) of long-term aum in equities 34% ( 34 % ) in fixed income 23% ( 23 % ) in multi-asset class 2% ( 2 % ) in alternatives.
 majority ( 98% ( 98 % ) ) of long-term aum invested in active products partially inflated by ishares shown separately.
 client base diversified geographically 74% ( 74 % ) of long-term aum managed for investors based in americas 19% ( 19 % ) in emea 7% ( 7 % ) in asia-pacific at year- end 2012.
 2022.
 retail and hnw long-term inflows of $ 9.8 billion driven by demand for u.
 sector- specialty municipal fixed income mutual fund offerings income-oriented equity.
 2012 broadened distribution of alternatives funds to bring higher alpha institutional quality hedge fund products to retail investors three mutual funds launched end of 2011 gained traction acceptance raising close to $ 0. 8 billion assets.
.
 retail alternatives aum crossed $ 5. 0 billion threshold in 2012.
 year included launch of blackrock municipal target term trust ( 201d ) with $ 2. 1 billion assets raised largest municipal fund ever launched largest overall industry offering since 2007.
 leading u. s.
 manager by aum of separately managed accounts second largest closed-end fund manager top-ten manager of long-term open-end mutual funds2.
 2022 international retail net inflows of $ 1. 8 billion in 2012 driven by fixed income net inflows of $ 5. 2 billion.
 investor demand remained risk-off in 2012 driven by macro political economic instability trends toward de-risking.
 equity net outflows of $ 2. 9 billion predominantly from sector-specific regional country- specific equity strategies due to uncertainty in european markets.
 international retail hnw offerings include luxembourg cross-border fund families blackrock global funds blackrock strategic funds with $ 83. 1 billion and $ 2. 4 billion of aum at year-end 2012 range of retail funds in united kingdom.
 contained 67 funds registered in 35 jurisdictions at year-end 2012.
 over 60% ( 60 % ) of funds rated by s&p.
 2012 ranked as third largest cross border fund provider3.
united kingdom , we ranked among five largest fund managers3 known for innovative product offerings  especially within natural resources  european equity  asian equity equity income.
 global clientele footprint in regions reflects strong relationships with intermediaries established ability to deliver global investment expertise in funds other products tailored to local regulations requirements.
 2 simfund , cerulli 3 lipper feri

( dollar amounts in millions ) | americas | emea    | asia-pacific | total
------------------------------ | -------- | ------- | ------------ | --------
equity                         | $ 94805  | $ 53140 | $ 16803      | $ 164748
fixed income                   | 121640   | 11444   | 5341         | 138425
multi-asset class              | 76714    | 9538    | 4374         | 90626
alternatives                   | 4865     | 3577    | 1243         | 9685
long-term retail/hnw           | $ 298024 | $ 77699 | $ 27761      | $ 403484


management 2019s discussion analysis sensitivity measures certain portfolios individual positions not included in var not most appropriate risk measure.
 other sensitivity measures analyze market risk described below.
 10% ( 10 % ) sensitivity measures.
 table below presents market risk for inventory positions not included in var.
 market risk determined by estimating potential reduction in net revenues of 10% ( 10 % ) decline in underlying asset value.
 equity positions relate to private restricted public equity securities interests in funds invest in corporate equities real estate interests in hedge funds included in 201cfinancial instruments owned  fair value. 201d debt positions include interests in funds invest in corporate mezzanine senior debt instruments loans backed by commercial residential real estate corporate bank loans other corporate debt acquired portfolios of distressed loans.
 debt positions included in 201cfinancial instruments owned  fair value. 201d see note 6 to consolidated financial statements for further information about cash instruments.
 measures not reflect diversification benefits across asset categories or other market risk measures.
 asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2013 2012 equity 1 $ 2256 $ 2471.
 1.
 december 2012 includes $ 208 million related to investment in ordinary shares of icbc sold in first half of 2013.
 credit spread sensitivity on derivatives borrowings.
 var excludes impact of changes in counterparty our own credit spreads on derivatives changes our own credit spreads on unsecured borrowings for fair value option elected.
 estimated sensitivity to one basis point increase in credit spreads on derivatives gain of $ 4 million and $ 3 million ( including hedges ) as of december 2013 december 2012.
estimated sensitivity to one basis point increase in credit spreads on unsecured borrowings for fair value option elected was a gain of $ 8 million and $ 7 million ( including hedges ) as of december 2013 and december 2012 ,.
 actual net impact of change in credit spreads is also affected by liquidity  duration convexity ( sensitivity not linear to changes in yields ) of unsecured borrowings for fair value option elected  relative performance of hedges undertaken.
 interest rate sensitivity.
 as of december 2013 and december 2012  firm had $ 14. 90 billion and $ 6. 50 billion  of loans held for investment accounted for at amortized cost and included in 201creceivables from customers and counterparties  all had floating interest rates.
 as of december 2013 and december 2012  estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 136 million and $ 62 million  of additional interest income over a 12-month period  not potential impact of increase in costs to fund such loans.
 see note 8 to consolidated financial statements for further information about loans held for investment.
 goldman sachs 2013 annual report 95

asset categories | asset categories |
---------------- | ---------------- | ------
in millions      | 2013             | 2012
equity1          | $ 2256           | $ 2471
debt             | 1522             | 1676
total            | $ 3778           | $ 4147


technical and research personnel lab facilities  expanded portfolio of patents available to via license and through cooperative development program.
 in we acquired a 20 percent interest in grt , inc.
 gtftm technology protected by intellectual property protection program.
 u. s.
 granted 17 patents for technology , another 22 pending.
 worldwide  over 300 patents issued or pending  covering over 100 countries including regional and direct foreign filings.
 another innovative technology we developing focuses on reducing processing and transportation costs of natural gas by artificially creating natural gas hydrates , more easily transportable than natural gas in gaseous form.
 like lng , gas hydrates regasified upon delivery to receiving market.
 active pilot program in place to test develop proprietary natural gas hydrates manufacturing system.
 discussion of integrated gas segment contains forward-looking statements with respect to possible expansion of lng production facility.
 factors could potentially affect possible expansion lng production facility include partner and government approvals , access to sufficient natural gas volumes through exploration or commercial negotiations with other resource owners access to sufficient regasification capacity.
 foregoing factors ( ) could cause actual results to differ materially from in forward-looking statements.
 refining , marketing and transportation refining , marketing transportation operations concentrated primarily in midwest , upper great plains , gulf coast southeast regions of u. s.
 rank as fifth largest crude oil refiner in the u. s.
 largest in midwest.
 operations include seven-plant refining network integrated terminal and transportation system supplies wholesale and marathon-brand customers our own retail operations.
wholly-owned retail marketing subsidiary speedway superamerica llc ( 201cssa 201d ) is third largest chain of company-owned -operated retail gasoline convenience stores in u. s.
 largest in midwest.
 refining own operate seven refineries with aggregate refining capacity of 1. 188 million barrels per day ( ) of crude oil as of december 31 , 2009.
 during 2009 refineries processed 957 mbpd of crude oil 196 mbpd of other charge and blend stocks.
 table below sets location daily crude oil refining capacity of each refineries as of december 31 , 2009.
 crude oil refining capacity ( thousands of barrels per day ) 2009.
 refineries include crude oil atmospheric vacuum distillation  fluid catalytic cracking  catalytic reforming  desulfurization sulfur recovery units.
 refineries process wide variety of crude oils produce numerous refined products from transportation fuels reformulated gasolines blend- grade gasolines ultra-low sulfur diesel fuel to heavy fuel oil asphalt.
 manufacture aromatics , cumene , propane , propylene  sulfur maleic anhydride.
 garyville , louisiana refinery located along mississippi river in southeastern louisiana between new orleans and baton rouge.
 refinery predominantly processes heavy sour crude oil into products

( thousands of barrels per day ) | 2009
-------------------------------- | ----
garyville louisiana              | 436
catlettsburg kentucky            | 212
robinson illinois                | 206
detroit michigan                 | 106
canton ohio                      | 78
texas city texas                 | 76
st . paul park minnesota         | 74
total                            | 1188


goodwill reviewed annually during fourth quarter for impairment.
 company performs impairment analysis of other intangible assets based on occurrence of other factors.
 such factors include signifi- cant changes in membership  state funding medical contracts provider networks contracts.
 impairment loss rec- ognized if carrying value of intangible assets exceeds implied fair value.
 company recognize impair- ment losses for periods presented.
 medical claims liabilities medical services costs include claims paid claims reported but not yet paid ( inventory ) estimates for claims incurred but not yet received ( ibnr ) estimates for costs necessary to process unpaid claims.
 estimates of medical claims liabilities developed using standard actuarial methods based upon historical data for payment patterns cost trends product mix seasonality utiliza- tion of healthcare services other relevant factors including product changes.
 estimates continually reviewed adjustments if necessary reflected in period known.
 management not change actuarial methods during years presented.
 management believes amount of medical claims payable reasonable adequate to cover company 2019s liabil- ity for unpaid claims as of december 31 , 2005 actual claim payments may differ from estimates.
 revenue recognition majority of company 2019s medicaid managed care premi- um revenue received monthly based on fixed rates per member as determined by state contracts.
 some contracts allow for addi- tional premium related to certain supplemental services maternity deliveries.
 revenue recognized as earned over covered period of services.
 revenues recorded based on membership and eligibility data provided by states may be adjusted by states for updates membership eligibility.
 adjustments immaterial in relation to total revenue recorded reflected in period known.
 premiums collected in advance recorded as unearned revenue.
specialty services segment generates revenue under con- tracts with state local government entities health plans third-party customers.
 revenues for services recognized when services provided or as ratably earned over cov- ered period services.
 for performance-based contracts company recognize revenue subject to refund until data sufficient to measure performance.
 such amounts recorded as unearned revenue.
 revenues due to company recorded as premium related receivables net of allowance for uncol- lectible accounts based on historical trends management judgment on collectibility.
 activity in allowance for uncollectible accounts for years ended december 31 summarized below.
 significant customers centene receives majority of revenues under contracts subcontracts with state medicaid managed care programs.
 contracts expire dates between june 30, 2006 and august 31 , 2008 expected to be renewed.
 contracts with states of indiana  kansas texas wisconsin each accounted for 18% ( 18 % ) 12% ( 12 % )  22% ( 22 % ) 23% ( 23 % )  of company revenues for year ended december 31 , 2005.
 reinsurance centene purchased reinsurance from third parties to cover eligible healthcare services.
 current reinsurance program covers 90% ( ) of inpatient healthcare expenses in excess of annual deductibles of $ 300 per member up to lifetime maximum of $ 2000.
 medicaid managed care subsidiaries respon- sible for inpatient charges in excess of average daily per diem.
 reinsurance recoveries were $ 4014 , $ 3730  $ 5345 , in 2005  2004  2003 .
 reinsurance expenses were approximately $ 4105 , $ 6724 , $ 6185 in 2005  2004  2003 .
 reinsurance recoveries  net of expenses included in medical costs.
other income ( expense ) consists principally of investment income interest expense.
 investment income derived from company 2019s cash  cash equivalents  restricted deposits investments.
 interest expense relates to borrowings under credit facility  mortgage interest  interest on capital leases credit facility fees.
 income taxes deferred tax assets liabilities recorded for future tax consequences attributable to differences between financial statement carrying amounts existing assets liabilities tax bases.
 deferred tax assets liabilities measured using enacted tax rates expected to apply to taxable income in years in temporary differences expected to be recovered or settled.
 effect on deferred tax assets liabilities of change in tax rates recognized in income in period includes enactment date of tax rate change.
 valuation allowances provided when considered more likely that deferred tax assets will not be realized.
 in determining if deductible temporary difference or net operating loss can be realized company considers future reversals of

| 2005         | 2004         | 2003
--------------------------------------- | ------------ | ------------ | ----------
allowances beginning of year            | $ 462        | $ 607        | $ 219
amounts charged to expense              | 80           | 407          | 472
write-offs of uncollectible receivables | -199 ( 199 ) | -552 ( 552 ) | -84 ( 84 )
allowances end of year                  | $ 343        | $ 462        | $ 607


transaction and commercial issues in many our businesses.
 these skills are valuable resource as we monitor regulatory tariff schemes to determine capital budgeting needs integrate acquisitions.
 company expects to realize cost reduction performance improvement benefits in both earnings and cash flows ; no assurance that reductions and improvements will continue inability to sustain reductions improvements may result in less than expected earnings and cash flows in 2004 and beyond.
 asset sales during 2003 , continued initiative to sell all or part of certain company 2019s subsidiaries.
 this initiative designed to decrease company 2019s dependence on access to capital markets improve strength of balance sheet by reducing financial leverage improving liquidity.
 following chart details asset sales closed during 2003.
 sales proceeds project name date completed ( in millions ) location.
 company continues to evaluate portfolio business performance may decide to dispose of additional businesses in future.
 given improvements in liquidity lower emphasis on asset sales in future for improving liquidity strengthening balance sheet.
 for any sales in future  no guarantee that proceeds from such sale transactions will cover entire investment in subsidiaries.
 depending on businesses sold , entire or partial sale of business may change current financial characteristics of company 2019s portfolio results of operations.
 future sales may impact recurring earnings and cash flows company expect to achieve.
 subsidiary restructuring during 2003 , completed initiated restructuring transactions for several south american businesses.
 efforts focused on improving businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities.
 businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil gener in chile.
 brazil eletropaulo.
 aes has owned interest in eletropaulo since april 1998 , when company was privatized.
february 2002 aes acquired controlling interest business started consolidate it.
 aes financed significant portion acquisition eletropaulo  including common preferred shares through loans deferred purchase price financing arrangements provided brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) wholly-owned subsidiary , bndes participac 0327o 0303es s.
 ( 2018 2018bndespar 2019 2019 )  aes 2019s subsidiaries , aes elpa s. a.
 ( 2018 2018aes elpa 2019 2019 ) aes transgas empreendimentos , s.
 ( 2018 2018aes transgas 2019 2019 ).

project name                                       | date completed | sales proceeds ( in millions ) | location
-------------------------------------------------- | -------------- | ------------------------------ | -------------------
cilcorp/medina valley                              | january 2003   | $ 495                          | united states
aes ecogen/aes mt . stuart                         | january 2003   | $ 59                           | australia
mountainview                                       | march 2003     | $ 30                           | united states
kelvin                                             | march 2003     | $ 29                           | south africa
songas                                             | april 2003     | $ 94                           | tanzania
aes barry limited                                  | july 2003      | a340/$ 62                      | united kingdom
aes haripur private ltd/aes meghnaghat ltd         | december 2003  | $ 145                          | bangladesh
aes mtkvari/aes khrami/aes telasi                  | august 2003    | $ 23                           | republic of georgia
medway power limited/aes medway operations limited | november 2003  | a347/$ 78                      | united kingdom
aes oasis limited                                  | december 2003  | $ 150                          | pakistan/oman


part ii item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities common stock listed on nasdaq global select market under symbol adi.
 information regarding equity compensation plans securities authorized for issuance in item 12 of annual report on form 10-k.
 issuer purchases of equity securities table below summarizes activity related stock repurchases for three months ended november 2 , 2019.
 period total number shares purchased ( 1 ) average price paid per share 2 ) total number of shares purchased part of publicly announced plans or programs 3 ) approximate dollar value of shares be purchased under plans or programs.
 1 ) includes 81832 shares withheld from employees to satisfy employee tax obligations upon vesting of restricted stock units/ awards granted employees under equity compensation plans.
 2 ) average price paid for shares connection with vesting of restricted stock units/awards are averages of closing stock price at vesting date used to calculate number of shares to be withheld.
 3 ) shares repurchased stock repurchase program publicly announced on august 12 , 2004.
 august 21 , 2018  board of directors approved increase to current authorization for stock repurchase program by additional $ 2. 0 billion to $ 8. 2 billion aggregate.
 under repurchase program may repurchase outstanding shares of common stock time in open market through privately negotiated transactions.
 unless terminated earlier by resolution board of directors repurchase program expire when repurchased all shares authorized for repurchase under repurchase program.
 number of holders of record of common stock at november 22 , 2019 was 2059.
number include shareholders shares held in 201cnominee 201d or 201cstreet 201d name.
 on november 1 , 2019  last reported sales price of common stock on nasdaq global select market was $ 109. 37 per share.

period                                     | total number ofshares purchased ( 1 ) | average price paidper share ( 2 ) | total number of sharespurchased as part ofpublicly announcedplans or programs ( 3 ) | approximate dollarvalue of shares thatmay yet be purchasedunder the plans or programs
------------------------------------------ | ------------------------------------- | --------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------
august 4 2019 through august 31 2019       | 199231                                | $ 109.00                          | 194849                                                                              | $ 2213017633
september 1 2019 through september 28 2019 | 342313                                | $ 113.39                          | 338534                                                                              | $ 2174639499
september 29 2019 through november 2 2019  | 1023202                               | $ 109.32                          | 949531                                                                              | $ 2070927831
total                                      | 1564746                               | $ 110.17                          | 1482914                                                                             | $ 2070927831


state street corporation | 52 shareholder return performance presentation graph compares cumulative total shareholder return on state street's common stock to cumulative total return of s&p 500 index s&p financial index kbw bank index over five-year period.
 cumulative total shareholder return assumes investment of $ 100 in state street common stock in each index on december 31 , 2012.
 also assumes reinvestment of common stock dividends.
 s&p financial index is publicly available  capitalization-weighted index of 67 of standard & poor 2019s 500 companies 27 diversified financial services companies 23 insurance companies 17 banking companies.
 kbw bank index modified cap-weighted index of 24 exchange-listed stocks representing national money center banks leading regional institutions.

| 2012  | 2013  | 2014  | 2015  | 2016  | 2017
------------------------ | ----- | ----- | ----- | ----- | ----- | -----
state street corporation | $ 100 | $ 159 | $ 172 | $ 148 | $ 178 | $ 227
s&p 500 index            | 100   | 132   | 151   | 153   | 171   | 208
s&p financial index      | 100   | 136   | 156   | 154   | 189   | 230
kbw bank index           | 100   | 138   | 151   | 151   | 195   | 231


consolidated financial statements related to change in unrealized gain ( loss ) on derivatives for years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively.
 19.
 employee savings plan ppg 2019s employee savings plan ( plan 201d ) covers all.
 employees.
 company makes matching contributions to savings plan based upon participants 2019 savings subject to certain limitations.
 for most participants not covered by collective bargaining agreement company-matching contributions established each year at discretion of company applied to maximum of 6% ( 6 % ) of eligible participant compensation.
 for those participants whose employment covered by collective bargaining agreement level of company- matching contribution determined by collective bargaining agreement.
 company-matching contribution was 100% ( % ) for 2008 and for first two months of 2009.
 company- matching contribution suspended from march 2009 through june 2010 as cost savings measure in recognition of adverse impact of global recession.
 effective july 1, 2010  company match reinstated at 50% ( 50 % ) on first 6% ( 6 % ) contributed for most employees eligible for company-matching contribution.
.
 on january 1 , 2011  company match increased to 75% ( 75 % ) on first 6% ( 6 % ) contributed by these eligible employees.
 compensation expense and cash contributions related to company match of participant contributions to savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million .
 portion of savings plan qualifies under as employee stock ownership plan.
 tax deductible dividends on ppg shares held by savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively.
.
earnings ( millions ) 2010 2009 2008.
 total $ 214 $ 178 $ 165 21.
 stock-based compensation company 2019s compensation includes stock options  restricted stock units ( 201crsus 201d ) grants of contingent shares earned based on achieving targeted levels total shareholder return.
 current grants of stock options  rsus contingent shares made under ppg industries , inc.
 omnibus incentive plan ( 201cppg omnibus plan 201d ).
 shares available for future grants under ppg omnibus plan were 4. 1 million as of december 31 , 2010.
 total stock-based compensation cost was $ 52 million, $ 34 million $ 33 million in 2010, 2009 2008  respectively.
 total income tax benefit in consolidated statement of income related to stock-based compensation was $ 18 million , $ 12 million $ 12 million in 2010 , 2009 2008 .
 stock options ppg has outstanding stock option awards granted under two stock option plans : ppg industries , inc.
 stock plan ( 201cppg stock plan 201d ) ppg omnibus plan.
 employees granted options to purchase shares of common stock at prices equal to fair market value of shares on date options granted.
 options exercisable from six to 48 months after granted maximum term of 10 years.
 upon exercise stock option shares of company stock issued from treasury stock.
 ppg stock plan includes restored option provision for options originally granted prior to january 1 , 2003 allows optionee to exercise options satisfy option price by certifying ownership of mature shares of ppg common stock with equivalent market value.
 fair value of stock options issued to employees measured on date of grant recognized as expense over requisite service period.
 ppg estimates fair value of stock options using black-scholes option pricing model.
risk-free interest rate determined by using u. s.
 treasury yield curve at date of grant using maturity equal to expected life of option.
 expected life of options calculated using average of vesting term and maximum term , as prescribed by accounting guidance on use of simplified method for determining expected term of employee share option.
 this method used as vesting term of stock options changed to three years in 2004 and , result , historical exercise data not provide reasonable basis to estimate expected life of options.
 expected dividend yield and volatility based on historical stock prices and dividend amounts over past time periods equal in length to expected life of options.
 66 2010 ppg annual report and form 10-k

( millions )                                                       | 2010  | 2009     | 2008
------------------------------------------------------------------ | ----- | -------- | -----
interest income                                                    | $ 34  | $ 28     | $ 26
royalty income                                                     | 58    | 45       | 52
share of net earnings ( loss ) of equity affiliates ( see note 6 ) | 45    | -5 ( 5 ) | 3
gain on sale of assets                                             | 8     | 36       | 23
other                                                              | 69    | 74       | 61
total                                                              | $ 214 | $ 178    | $ 165


table presents net periodic pension and opeb cost/ ( benefit ) for years ended december 31 : millions 2013 2012 2011 2010.
 net periodic pension cost expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012.
 increase driven mainly by decrease in discount rate to 3. 78% ( 3. 78 % )  net periodic opeb expense expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012.
 increase in net periodic opeb cost primarily driven by decrease in discount rate to 3. 48% ( 3. 48 % ).
 cautionary information certain statements in this report  statements in other reports or information filed with sec ( information in oral statements or other written statements made ) are be forward-looking statements as defined by securities act of 1933 and securities exchange act of 1934.
forward-looking statements information include ( a ) statements in ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; statements information under captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , b ) other statements information in this report ( including information incorporated by reference ) regarding : expectations to financial performance , revenue growth cost savings ; time by goals , targets  objectives achieved ; projections , predictions  expectations estimates forecasts business , financial operational results  future economic performance  general economic conditions ; expectations operational or service performance improvements ; expectations effectiveness of steps taken to to improve operations/or service , including capital expenditures for infrastructure improvements equipment acquisitions , strategic business acquisitions , modifications to transportation plans ( including statements in item 2 expectations related to planned capital expenditures ) ; expectations existing or proposed new products and services ; expectations impact of new regulatory activities or legislation on operations or financial results ; estimates of costs to environmental remediation restoration ; estimates expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments  contingent liabilities , labor negotiations agreements  or other matters will not have material adverse effect on our consolidated results of operations , financial condition  liquidity and other similar expressions concerning matters not historical facts.
forward-looking statements identified by use of forward-looking terminology  such as 201cbelieves , 201d 201cexpects  201d 201cmay  201d 201cshould  201d 201cwould  201d 201cwill  201d 201cintends  201d 201cplans  201d 201cestimates  201d 201canticipates  201d 201cprojects 201d similar words  phrases or expressions.
 forward-looking statements not read as guarantee of future performance or results not necessarily accurate indications of times by such performance or results achieved.
 forward-looking statements and information subject to risks and uncertainties could cause actual performance or results to differ from expressed in statements information.
 forward-looking statements information reflect good faith consideration by management of available information may be based on underlying assumptions reasonable under circumstances.
 such information and assumptions ( forward-looking statements and information ) may be subject to variables or unknown unforeseeable events circumstances over management has little or no influence or control.
 risk factors in item 1a of this report could affect future results cause results outcomes to differ materially from those expressed or implied in forward-looking statements or information.
 to circumstances require necessary  we will update or amend these risk factors in form 10-q , form 8-k or subsequent form 10-k.
 all forward-looking statements qualified by should be read in conjunction with these risk factors.
 forward-looking statements speak only as of the date statement was made.
 we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information.
 if we do update one or more forward-looking

millions                            | est.2013 | 2012 | 2011     | 2010
----------------------------------- | -------- | ---- | -------- | ----------
net periodic pension cost           | $ 111    | $ 89 | $ 78     | $ 51
net periodic opeb cost/ ( benefit ) | 15       | 13   | -6 ( 6 ) | -14 ( 14 )


note 21.
 expenses during fourth quarter of 2008  elected to provide support to investment accounts managed by ssga through purchase of asset- and mortgage-backed securities cash infusion  resulted in charge of $ 450 million.
 ssga manages investment accounts  offered to retirement plans , allow participants to purchase and redeem units at constant net asset value regardless of volatility in underlying value of assets held by account.
 accounts enter into contractual arrangements with independent third-party financial institutions agree to make up shortfall in account if all units are redeemed at constant net asset value.
 financial institutions right  under certain circumstances, to terminate guarantee future investments in account.
 during 2008 , liquidity pricing issues in fixed-income markets adversely affected market value of securities in accounts to third-party guarantors considered terminating financial guarantees with accounts.
 not statutorily contractually obligated to elected to purchase approximately $ 2. 49 billion of asset- and mortgage-backed securities from accounts identified as presenting increased risk in current market environment to contribute aggregate of $ 450 million to accounts to improve ratio of market value of accounts 2019 portfolio holdings to book value of accounts.
 no ongoing commitment or intent to provide support to these accounts.
 securities are carried in investment securities available for sale in consolidated statement of condition.
 components of other expenses were as follows for years ended december 31:.
 in september and october 2008 , lehman brothers holdings inc.  lehman brothers  and certain affiliates filed for bankruptcy or other insolvency proceedings.
 no unsecured financial exposure to lehman brothers or affiliates  indemnified certain customers in connection with these other collateralized repurchase agreements with lehman brothers entities.
in then current market environment , market value of underlying collateral declined.
 during third quarter of 2008 , extent declines resulted in collateral value falling below indemnification obligation , we recorded a reserve to provide for estimated net exposure.
 reserve , totaled $ 200 million , based on cost of satisfying indemnification obligation net of fair value of collateral , purchased during fourth quarter of 2008.
 collateral , composed of commercial real estate loans discussed in note 5, recorded in loans and leases in consolidated statement of condition.

( in millions )                     | 2008  | 2007  | 2006
----------------------------------- | ----- | ----- | -----
customer indemnification obligation | $ 200 |       |
securities processing               | 187   | $ 79  | $ 37
other                               | 505   | 399   | 281
total other expenses                | $ 892 | $ 478 | $ 318


notes to consolidated financial statements continued ) note 1 2014summary of significant accounting policies continued ) present value accreted over life of related lease as operating expense.
 company 2019s existing asset retirement obligations associated with commitments to return property subject to operating leases to original condition upon lease termination.
 table reconciles changes in company 2019s asset retirement liabilities for fiscal 2006 and 2005 ( in millions ) :.
 long-lived assets including goodwill other acquired intangible assets company reviews property  plant  equipment certain identifiable intangibles excluding goodwill for impairment in accordance with sfas no.
 144 , accounting for impairment of long-lived assets for long-lived assets to be disposed of.
 long-lived assets reviewed for impairment whenever events changes circumstances indicate carrying amount asset may not be recoverable.
 recoverability assets measured by comparison carrying amount to future undiscounted cash flows assets expected generate.
 if property  plant  equipment certain identifiable intangibles impaired impairment recognized equals amount carrying value of assets exceeds fair market value.
 for three fiscal years ended september 30 , 2006  company had no material impairment of long-lived assets except for impairment of certain assets in connection with restructuring actions described in note 6 notes to consolidated financial statements.
 sfas no.
 142 , goodwill and other intangible assets requires goodwill assets with indefinite useful lives not be amortized but tested for impairment annually or sooner whenever events changes circumstances indicate may be impaired.
 company performs goodwill impairment tests on or about august 30 of each year.
 company did not recognize goodwill or intangible asset impairment charges in 2006 , 2005  or 2004.
company established reporting units current reporting structure.
 for testing goodwill for impairment goodwill allocated to reporting units to extent relates to each reporting sfas no.
 142 requires intangible assets with definite lives be amortized over estimated useful lives reviewed for impairment accordance with sfas no.
 144.
 company currently amortizing acquired intangible assets with definite lives over periods 3 to 10 years.
 foreign currency translation company translates assets and liabilities of international non-u. s.
 functional currency subsidiaries into u. s.
 dollars using exchange rates effect at end of each period.
 revenue and expenses for subsidiaries translated using rates approximate in effect during period.
 gains and losses from translations credited or charged to foreign currency translation

asset retirement liability as of september 25 2004 | $ 8.2
-------------------------------------------------- | ------
additional asset retirement obligations recognized | 2.8
accretion recognized                               | 0.7
asset retirement liability as of september 24 2005 | $ 11.7
additional asset retirement obligations recognized | 2.5
accretion recognized                               | 0.5
asset retirement liability as of september 30 2006 | $ 14.7


access to liquidity by issuing bonds to public private investors based on assessment of current condition credit markets.
 at december 31 , 2009  working capital surplus of approximately $ 1. 0 billion reflects decision to maintain additional cash reserves enhance liquidity response to difficult economic conditions.
 at december 31 , 2008 working capital deficit of approximately $ 100 million.
 historically working capital deficit common in industry not indicate lack of liquidity.
 maintain adequate resources when necessary access to capital to meet daily short-term cash requirements sufficient financial capacity to satisfy current liabilities.
 cash flows millions of dollars 2009 2008 2007.
 operating activities lower net income in 2009 reduction of $ 184 million in outstanding balance accounts receivable securitization program higher pension contributions of $ 72 million  changes to working capital decrease cash provided by operating activities compared to 2008.
 higher net income changes in working capital increase cash provided operating activities in 2008 compared to 2007.
 accelerated tax deductions in 2008 on new operating assets resulted in lower income tax payments in 2008 versus 2007.
 voluntary pension contributions in 2008 totaling $ 200 million other pension contributions of $ 8 million offset year-over-year increase versus 2007.
 investing activities lower capital investments higher proceeds from asset sales drove decrease in cash used in investing activities in 2009 versus 2008.
 increased capital investments lower proceeds from asset sales drove increase in cash used in investing activities in 2008 compared to 2007.

millions of dollars                     | 2009           | 2008           | 2007
--------------------------------------- | -------------- | -------------- | --------------
cash provided by operating activities   | $ 3234         | $ 4070         | $ 3277
cash used in investing activities       | -2175 ( 2175 ) | -2764 ( 2764 ) | -2426 ( 2426 )
cash used in financing activities       | -458 ( 458 )   | -935 ( 935 )   | -800 ( 800 )
net change in cash and cash equivalents | $ 601          | $ 371          | $ 51


entergy texas , inc.
 subsidiaries management 2019s financial discussion analysis plan to spin off utility 2019s transmission business see 201cplan to spin off utility 2019s transmission business 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis for discussion matter including planned retirement of debt preferred securities.
 results of operations net income 2011 compared to 2010 net income increased by $ 14. 6 million due to higher net revenue  offset by higher taxes income higher other operation maintenance expenses  higher depreciation amortization expenses.
 2010 compared to 2009 net income increased by $ 2. 4 million due to higher net revenue lower interest expense offset by lower other income  higher taxes higher operation maintenance expenses.
 net revenue 2011 compared to 2010 net revenue consists of operating revenues net of fuel , fuel-related expenses  gas purchased for resale  2 purchased power expenses  3 ) other regulatory charges ( credits ).
 analysis of change in net revenue comparing 2011 to 2010.
 amount ( in millions ).
 retail electric price variance due to rate actions  annual base rate increase of $ 59 million beginning august 2010  additional increase of $ 9 million beginning may 2011 result of settlement of december 2009 rate case.
 see note 2 to financial statements for discussion of rate case settlement.
 volume/weather variance due to increase of 721 gwh , or 4. 5% ( 4. 5 % )  in billed electricity usage  effect of favorable weather on residential commercial sales compared to last year.
 usage in industrial sector increased 8. 2% ( 8. 2 % ) in chemicals and refining industries.
 purchased power capacity variance due to price increases for ongoing purchased power capacity additional capacity purchases.

| amount ( in millions )
------------------------ | ----------------------
2010 net revenue         | $ 540.2
retail electric price    | 36.0
volume/weather           | 21.3
purchased power capacity | -24.6 ( 24.6 )
other                    | 4.9
2011 net revenue         | $ 577.8


edwards lifesciences corporation notes consolidated financial statements continued 12.
 common stock company maintains nonemployee directors stock incentive compensation program ( 2018 2018nonemployee directors program 2019 ).
 under nonemployee directors program each nonemployee director may receive annually up to 10000 stock options or 4000 restricted stock units of company 2019s common stock or combination no total value of combined annual award exceed $ 0. 2 million.
 each nonemployee director may elect to receive all or portion of annual cash retainer entitled through issuance of stock options or restricted stock units.
 each option and restricted stock unit award granted in 2011 or prior vests in three equal annual installments.
 each option and restricted stock unit award granted after 2011 vests after one year.
 upon director 2019s initial election to board director receives initial grant of restricted stock units equal to fair market value on grant date of $ 0. 2 million  not to exceed 10000 shares.
 grants vest over three years from date of grant.
 under nonemployee directors program aggregate of 1. 4 million shares of company 2019s common stock authorized for issuance.
 company has employee stock purchase plan for united states employees and plan for international employees ( 2018 2018espp 2019 2019 ).
 under espp eligible employees may purchase shares of company 2019s common stock at 85% ( 85 % ) of lower fair market value of edwards lifesciences common stock on effective date of subscription or date of purchase.
 under espp employees can authorize company to withhold up to 12% ( 12 % ) of compensation for common stock purchases subject to certain limitations.
 espp available to all active employees company paid from united states payroll and eligible employees company outside united states extent permitted by local law.
espp for united states employees qualified under section 423 of internal revenue code.
 number of shares common stock authorized for issuance under espp was 6. 6 million shares.
 fair value of each option award and employee stock purchase subscription estimated on date of grant using black-scholes option valuation model uses assumptions in following tables.
 risk-free interest rate estimated using u. s.
 treasury yield curve based on expected term of award.
 expected volatility estimated based on blend of weighted-average of historical volatility of edwards 2019 stock and implied volatility from traded options on edwards 2019 stock.
 expected term of awards granted estimated from vesting period of award, historical exercise behavior  represents period of time that awards granted expected to be outstanding.
 company uses historical data to estimate forfeitures estimated annual forfeiture rate of 5. 1% ( 5. 1 % ).
 black-scholes option pricing model used with following weighted-average assumptions for options granted during following periods : option awards.

| 2013           | 2012           | 2011
------------------------------- | -------------- | -------------- | --------------
average risk-free interest rate | 0.8% ( 0.8 % ) | 0.7% ( 0.7 % ) | 1.7% ( 1.7 % )
expected dividend yield         | none           | none           | none
expected volatility             | 31% ( 31 % )   | 31% ( 31 % )   | 27% ( 27 % )
expected life ( years )         | 4.6            | 4.6            | 4.5
fair value per share            | $ 19.47        | $ 23.93        | $ 22.78


system energy resources , inc.
 management 2019s financial discussion analysis sources of capital system energy sources to meet capital requirements include : internally generated funds ; cash on hand ; debt issuances ; bank financing under new existing facilities.
 system energy may refinance redeem retire debt prior to maturity market conditions interest dividend rates favorable.
 all debt and common stock issuances by system energy require prior regulatory approval.
 debt issuances subject to issuance tests in bond indentures other agreements.
 system energy has sufficient capacity under these tests to meet foreseeable capital needs.
 in february 2012 system energy issued $ 50 million of 4. 02% ( 4. 02 % ) series h notes due february 2017.
 system energy used proceeds to purchase additional nuclear fuel.
 system obtained short-term borrowing authorization from ferc may borrow through october 2013 up to aggregate amount outstanding of $ 200 million.
 see note 4 to financial statements for discussion of system energy 2019s short-term borrowing limits.
 system energy obtained order from ferc authorizing long-term securities issuances.
 current long-term authorization extends through july 2013.
 system energy 2019s receivables from money pool were as as of december 31 for each following years:.
 see note 4 to financial statements for description of money pool.
 nuclear matters system energy owns and operates grand gulf.
 system energy subject to risks related to owning operating nuclear plant.
include risks from use  storage handling disposal of high- level and low-level radioactive materials  regulatory requirement changes  including changes from events at other plants  limitations on amounts types of insurance commercially available for losses nuclear operations  technological and financial uncertainties related to decommissioning nuclear plants at end of licensed lives , including sufficiency of funds in decommissioning trusts.
 in unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning.
 after nuclear incident in japan from march 2011 earthquake and tsunami nrc established task force to review of processes regulations to nuclear facilities in united states.
 task force issued near term ( 90-day ) report in july 2011 made recommendations , currently being evaluated by nrc.
 anticipated nrc will issue orders and requests for information to nuclear plant licensees by end of first quarter 2012 will begin to implement task force 2019s recommendations.
 orders may require u. s.
 nuclear operators  including entergy , to undertake plant modifications or perform additional analyses could result in increased costs and capital requirements with operating entergy 2019s nuclear plants.

2011             | 2010             | 2009             | 2008
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 120424         | $ 97948          | $ 90507          | $ 42915


management 2019s discussion analysis of financial condition results of operations in 2008  sales to segment 2019s top five customers represented 45% ( 45 % ) of segment 2019s net sales.
 segment 2019s backlog was $ 2. 3 billion at december 31 , 2008  compared to $ 2. 6 billion at december 31 , 2007.
 in 2008  digital video customers increased purchases of segment 2019s products services primarily due to increased demand for digital entertainment devices  particularly ip hd/dvr devices.
 in february 2008  segment acquired assets related to digital cable set-top products of zhejiang dahua digital technology co. , ltd hangzhou image silicon ( known as dahua digital ), developer  manufacturer marketer of cable set-tops related low-cost integrated circuits for emerging chinese cable business.
 acquisition helped segment strengthen position in growing cable market in china.
 enterprise mobility solutions segment designs  manufactures  sells  installs services analog digital two-way radios , wireless lan security products  voice data communications products systems for private networks  wireless broadband systems end-to-end enterprise mobility solutions to wide range of customers  including government public safety agencies ( distributors referred to as 2018 2018government public safety market 2019 ) retail  energy utilities  transportation  manufacturing  healthcare commercial customers ( referred 2018 2018commercial enterprise market 2019 2019 ).
 in 2009  segment 2019s net sales represented 32% ( 32 % ) of company 2019s consolidated net sales  compared to 27% ( 27 % ) in 2008 21% ( 21 % ) in 2007.
 years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007.
 segment results 20142009 compared to 2008 in 2009  segment 2019s net sales were $ 7.0 billion decrease of 13% ( 13 % ) compared to net sales $ 8. 1 billion in 2008.
 13% ( 13 % ) decrease net sales reflects 21% ( 21 % ) decrease in net sales commercial enterprise market 10% ( 10 % ) decrease in net sales government and public safety market.
 decrease in net sales to commercial enterprise market reflects decreased net sales in all regions.
 decrease in net sales to government public safety market driven by decreased net sales in emea  north america latin america partially offset by higher net sales in asia.
 segment 2019s overall net sales lower in north america  emea latin america higher in asia segment had operating earnings of $ 1. 1 billion in 2009 decrease of 29% ( 29 % ) compared to earnings $ 1. 5 billion in 2008.
 decrease due to decrease in gross margin driven by 13% ( 13 % ) decrease in net sales unfavorable product mix.
 contributing to decrease increase in reorganization of business charges higher employee severance costs.
 factors partially offset by decreased sg&a expenses r&d expenditures related to savings from cost-reduction initiatives.
 percentage of net sales in 2009 compared 2008 gross margin decreased r&d expenditures sg&a expenses increased.
 net sales in north america significant portion of segment 2019s business accounting for approximately 58% ( 58 % ) of segment 2019s net sales in 2009 compared to 57% ( 57 % ) in 2008.
 regional shift in 2009 2008 reflects 16% ( 16 % ) decline in net sales outside of north america 12% ( 12 % ) decline in net sales in north america.
 segment 2019s backlog was $ 2. 4 billion at both december 31 , 2009 and december 31 , 2008.
 in government and public safety market continued emphasis on mission-critical communication and homeland security solutions.
2009 , led market innovation through continued success of mototrbo line delivery of apx fffd family of products.
 while spending by end customers in segment 2019s government public safety market affected by government budgets at national , state local levels , continue see demand for large-scale mission critical communications systems.
 2009 , had significant wins across globe  including several city statewide communications systems in united states  continued success winning competitive projects with tetra systems in europe  middle east

( dollars in millions ) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007
----------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | -------------
segment net sales       | $ 7008                       | $ 8093                       | $ 7729                       | ( 13 ) % (  % )                       | 5% ( 5 % )
operating earnings      | 1057                         | 1496                         | 1213                         | ( 29 ) % (  % )                       | 23% ( 23 % )