measurement point december 31 priceline nasdaq index s&p 500 rdg internet.

measurement pointdecember 31 | the priceline group inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite
---------------------------- | ------------------------- | --------------------- | ------------ | ---------------------
2011                         | 100.00                    | 100.00                | 100.00       | 100.00
2012                         | 132.64                    | 116.41                | 116.00       | 119.34
2013                         | 248.53                    | 165.47                | 153.58       | 195.83
2014                         | 243.79                    | 188.69                | 174.60       | 192.42
2015                         | 272.59                    | 200.32                | 177.01       | 264.96
2016                         | 313.45                    | 216.54                | 198.18       | 277.56


part ii item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.
 equity compensation plans 2019 information incorporated by reference from part iii  item 12 , 201csecurity ownership of certain beneficial owners management related stockholder matters 201d document integral part of item 5.
 at january 31 , 2016 84607 shareholders record.
 3m 2019s stock listed on new york stock exchange .
 chicago stock exchange . swx swiss exchange.
 cash dividends declared paid totaled $ 1. 025 per share for second  third fourth quarters of 2015.
 cash dividends declared fourth quarter of 2014 included dividend paid november 2014 of $ 0. 855 per share dividend paid march 2015 of $ 1. 025 per share.
 cash dividends declared paid totaled $ 0. 855 per share for second third quarters of 2014.
 cash dividends declared fourth quarter of 2013 include dividend paid march 2014 of $ 0. 855 per share.
 stock price comparisons follow stock price comparisons ( nyse composite transactions ).
 issuer purchases of equity securities repurchases of 3m common stock support company 2019s stock-based employee compensation plans for other corporate purposes.
 february 2014 3m 2019s board of directors authorized repurchase of up to $ 12 billion of 3m 2019s outstanding common stock no pre-established end date.
 february 2016 3m 2019s board of directors replaced company february 2014 repurchase program with new repurchase program.
 new program authorizes repurchase of up to $ 10 billion of 3m 2019s outstanding common stock no pre-established end date.

( per share amounts ) | first quarter | second quarter | third quarter | fourth quarter | total
--------------------- | ------------- | -------------- | ------------- | -------------- | --------
2015 high             | $ 170.50      | $ 167.70       | $ 157.94      | $ 160.09       | $ 170.50
2015 low              | 157.74        | 153.92         | 134.00        | 138.57         | 134.00
2014 high             | $ 139.29      | $ 145.53       | $ 147.87      | $ 168.16       | $ 168.16
2014 low              | 123.61        | 132.02         | 138.43        | 130.60         | 123.61


management 2019s discussion analysis operating expenses operating expenses influenced by compensation  headcount business activity.
 in see 201cuse of estimates 201d for expenses from litigation regulatory proceedings.
 compensation and benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.
 discretionary compensation impacted by net revenues  overall financial performance labor markets business mix structure of share-based compensation programs external environment.
 table below presents operating expenses total staff ( includes employees consultants temporary staff ).
 1.
 consists of changes in reserves related to americas reinsurance business  including interest credited to policyholder account balances  expenses related to property catastrophe reinsurance claims.
 in april 2013 completed sale of majority stake in americas reinsurance business no longer consolidate this business.
 2014 versus 2013.
 operating expenses on consolidated statements earnings were $ 22. 17 billion for 2014 , unchanged compared with 2013.
 compensation and benefits expenses on consolidated earnings were $ 12. 69 billion for 2014  unchanged compared with 2013.
 ratio of compensation and benefits to net revenues for 2014 was 36. 8% ( 36. 8 % ) compared with 36. 9% ( 36. 9 % ) for 2013.
 total staff increased 3% ( 3 % ) during 2014.
 non-compensation expenses on consolidated earnings were $ 9. 48 billion for 2014 , 4% ( 4 % ) lower than 2013.
 decrease compared with 2013 included decrease in other expenses due to lower net provisions for litigation regulatory proceedings lower operating expenses related to consolidated investments decline in insurance reserves reflecting sale of americas reinsurance business in 2013.
decreases partially offset by increase in brokerage  clearing  exchange distribution fees.
 net provisions for litigation and regulatory proceedings for 2014 were $ 754 million compared with $ 962 million for 2013 ( primarily net provisions for mortgage-related matters.
 2014 included charitable contribution of $ 137 million to goldman sachs gives donor-advised fund.
 compensation reduced to fund this charitable contribution.
 firm asks managing directors to make recommendations regarding potential charitable recipients for contribution.
 2013 versus 2012.
 operating expenses on consolidated earnings were $ 22. 47 billion for 2013 2% ( 2 % ) lower than 2012.
 compensation and benefits expenses were $ 12. 61 billion for 2013 3% ( 3 % ) lower compared with $ 12. 94 billion for 2012.
 ratio of compensation and benefits to net revenues for 2013 was 36. 9% (. 9 % ) compared with 37. 9% ( 37. 9 % ) for 2012.
 total staff increased 2% ( 2 % ) during 2013.
 non-compensation expenses were $ 9. 86 billion for 2013 2% ( 2 % ) lower than 2012.
 decrease compared with 2012 included decline in insurance reserves sale of americas reinsurance business decrease in depreciation and amortization expenses reflecting lower impairment charges lower operating expenses related to consolidated investments.
 decreases partially offset by increase in other expenses due to higher net provisions for litigation and regulatory proceedings higher brokerage  clearing  exchange distribution fees.
 net provisions for litigation regulatory proceedings for 2013 were $ 962 million for mortgage-related matters compared with $ 448 million for 2012 ( including settlement with board of governors of federal reserve system board ) regarding independent foreclosure review ).
2013 included charitable contribution $ 155 million to goldman sachs gives  our donor-advised fund.
 compensation reduced to fund this charitable contribution.
 firm asks participating managing directors make recommendations potential charitable recipients for this contribution.
 38 goldman sachs 2014 annual report

$ in millions                                    | year ended december 2014 | year ended december 2013 | year ended december 2012
------------------------------------------------ | ------------------------ | ------------------------ | ------------------------
compensation and benefits                        | $ 12691                  | $ 12613                  | $ 12944
brokerage clearing exchange anddistribution fees | 2501                     | 2341                     | 2208
market development                               | 549                      | 541                      | 509
communications and technology                    | 779                      | 776                      | 782
depreciation and amortization                    | 1337                     | 1322                     | 1738
occupancy                                        | 827                      | 839                      | 875
professional fees                                | 902                      | 930                      | 867
insurance reserves1                              | 2014                     | 176                      | 598
other expenses                                   | 2585                     | 2931                     | 2435
total non-compensation expenses                  | 9480                     | 9856                     | 10012
total operating expenses                         | $ 22171                  | $ 22469                  | $ 22956
total staff at period-end                        | 34000                    | 32900                    | 32400


stock total return performance graph compares our total return to stockholders with returns standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and dow jones us select health care providers index ( 201cpeer group 201d ) for five years ended december 31 , 2018.
 graph assumes investment of $ 100 in each our common stock , s&p 500  peer group on december 31 , 2013  dividends reinvested when paid.
 stock price performance graph not indicative of future stock price performance.

| 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018
---------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
hum        | $ 100      | $ 140      | $ 176      | $ 202      | $ 247      | $ 287
s&p 500    | $ 100      | $ 114      | $ 115      | $ 129      | $ 157      | $ 150
peer group | $ 100      | $ 128      | $ 135      | $ 137      | $ 173      | $ 191


goldman sachs group  inc.
 subsidiaries management 2019s discussion analysis investing & lending lending includes investing activities origination of loans including relationship lending activities provide financing to clients.
 investments and loans typically longer-term.
 make investments some consolidated including through merchant banking business special situations group in debt securities and loans  public and private equity securities infrastructure real estate entities.
 some investments made indirectly through funds we manage.
 make unsecured and secured loans to retail clients through digital platforms marcus and goldman sachs private bank select ( gs select ).
 table below presents operating results of investing & lending segment.
 operating environment.
 during 2017  higher global equity prices tighter credit spreads contributed to favorable environment for equity and debt investments.
 results reflected net gains from company- specific events including sales  corporate performance.
 environment contrasts with 2016  first quarter 2016 market conditions difficult corporate performance particularly in energy sector impacted by challenging macroeconomic environment.
 market conditions improved during rest of 2016 as macroeconomic concerns moderated.
 if macroeconomic concerns negatively affect company-specific events or corporate performance or global equity markets decline credit spreads widen net revenues in investing & lending likely negatively impacted.
 2017 versus 2016.
 net revenues in investing & lending were $ 6. 58 billion for 2017 , 61% ( 61 % ) higher than 2016.
 net revenues in equity securities were $ 4. 58 billion  including $ 3. 82 billion of net gains from private equities and $ 762 million in net gains from public equities.
revenues in equity securities 78% ( 78 % ) higher than 2016 reflecting increase in net gains from private equities impacted by company- specific events corporate performance.
 net gains from public equities higher global equity prices increased.
 $ 4. 58 billion net revenues in equity securities 60% ( 60 % ) driven by gains from company-specific events sales public equities.
 net revenues in debt securities and loans $ 2. 00 billion 33% ( 33 % ) higher than 2016 reflecting higher net interest income 2017 included $ 1. 80 billion net interest income.
 net revenues in debt securities loans 2017 included impairment of $ 130 million secured operating expenses were $ 2. 80 billion for 2017 17% ( 17 % ) higher than 2016 due to increased compensation benefits expenses higher net revenues increased expenses related to consolidated investments expenses related to marcus.
 pre-tax earnings $ 3. 79 billion in 2017 compared with $ 1. 69 billion in 2016.
 2016 versus 2015.
 net revenues in investing & lending were $ 4. 08 billion for 2016 25% ( 25 % ) lower than 2015.
 net revenues in equity securities $ 2. 57 billion  including $ 2. 17 billion net gains from private equities $ 402 million net gains from public equities.
 net revenues equity securities 32% ( 32 % ) lower than 2015 decrease in net gains from private equities driven by company-specific events corporate performance.
 net revenues in debt securities loans $ 1. 51 billion  9% ( 9 % ) lower than 2015 lower net revenues related to relationship lending activities due to impact of changes in credit spreads on economic hedges.
 losses related to hedges were $ 596 million in 2016 compared with gains of $ 329 million in 2015.
decrease offset by higher net gains from investments debt instruments higher net interest income.
 see note 9 consolidated financial statements information economic hedges relationship lending activities.
 operating expenses were $ 2. 39 billion for 2016 unchanged compared with 2015.
 pre-tax earnings $ 1. 69 billion 2016 44% ( 44 % ) lower than 2015.
 goldman sachs 2017 form 10-k 61

$ in millions             | year ended december 2017 | year ended december 2016 | year ended december 2015
------------------------- | ------------------------ | ------------------------ | ------------------------
equity securities         | $ 4578                   | $ 2573                   | $ 3781
debt securities and loans | 2003                     | 1507                     | 1655
total net revenues        | 6581                     | 4080                     | 5436
operating expenses        | 2796                     | 2386                     | 2402
pre-taxearnings           | $ 3785                   | $ 1694                   | $ 3034


year ended december 31 , 2011 granted 354660 performance share units fair value based on grant date closing stock price of $ 28. 79.
 units payable in stock subject to financial performance criteria.
 fair value performance share unit awards based on grant date closing stock price of each award grant apply to number of units ultimately awarded.
 number of shares ultimately issued for each award based on financial performance compared to peer group companies performance period range from zero to 200% ( ).
 as of december 31 , 2011  estimated share payouts for outstanding non-vested performance share unit awards ranged from 150% ( 150 % ) to 195% ( 195 % ).
 legacy frontier performance share units assumed at july 1, 2011  performance based on market performance criteria calculated as total shareholder return achieved by hollyfrontier stockholders compared with average shareholder return by equally-weighted peer group of independent refining companies over three-year period.
 share unit awards payable in stock based on share price performance relative to defined peer group range from zero to 125% ( 125 % ) of initial target award.
 performance share units valued at july 1 , 2011 using monte carlo valuation model simulates future stock price movements using inputs including grant date measurement date stock prices  expected stock price performance  expected rate of return volatility of stock price relative to peer group over three-year performance period.
 fair value of performance share units at july 1 , 2011 was $ 8. 6 million.
 $ 7. 3 million relates to post-merger services recognized ratably over remaining service period through 2013.
 summary of performance share unit activity and changes year ended december 31 , 2011 presented below.
1 includes 225116 non-vested performance share grants under legacy frontier plan outstanding retained by hollyfrontier at july 1 , 2011.
 for year ended december 31 , 2011 issued 178148 shares of common stock fair value of $ 2. 6 million related to vested performance share units.
 based on weighted average grant date fair value of $ 20. 71 $ 11. 7 million total unrecognized compensation cost related to non-vested performance share units.
 cost expected to be recognized over weighted-average period of 1. 1 years.
 note 7 : cash cash equivalents investments in marketable securities investment portfolio at december 31, 2011 consisted of cash  cash equivalents investments in debt securities primarily issued by government and municipal entities.
 hold 1000000 shares of connacher oil and gas limited common stock received as partial consideration upon sale of montana refinery invest in highly-rated marketable debt securities primarily issued by government municipal entities maturities at date of purchase greater than three months.
 invest in other marketable debt securities with maximum maturity date not greater than two years from date of purchase.
 all instruments including investments in equity securities classified as available- for-sale.
 reported at fair value using quoted market prices.
 interest income recorded as earned.
 unrealized gains and losses  net of related income taxes reported as component of accumulated other comprehensive income.
 upon sale realized gains and losses on sale of marketable securities computed based on specific identification of underlying cost of securities sold unrealized gains and losses previously reported in comprehensive income reclassified to current earnings.

performance share units                         | grants
----------------------------------------------- | ------------------
outstanding at january 1 2011 ( non-vested )    | 556186
granted ( 1 )                                   | 354660
vesting and transfer of ownership to recipients | -136058 ( 136058 )
outstanding at december 31 2011 ( non-vested )  | 774788


part i item 1.
 business company founded in 1886 american water works company , inc. ( 201ccompany , 201d 201camerican water 201d or 201caww 201d ) is delaware holding company.
 american water most geographically diversified largest publicly-traded united states water and wastewater utility company measured by operating revenues and population served.
 as holding company conduct all business operations through subsidiaries.
 approximately 6400 employees provide estimated 15 million people with drinking water , wastewater other water-related services in 47 states one canadian province.
 operating segments report results of operations in two operating segments : regulated businesses and market- based operations.
 additional information operating segment results included in section entitled 201citem 7 2014management 2019s discussion and analysis of financial condition and results of operations , 201d note 18 of consolidated financial statements.
 regulated businesses primary business involves ownership of subsidiaries provide water and wastewater utility services to residential  commercial industrial other customers including sale for resale public authority customers.
 report results of business in regulated businesses segment.
 subsidiaries provide services subject to economic regulation by state commissions or other entities economic regulation referred public utility commissions  or 201cpucs 201d states in operate.
 federal and state governments also regulate environmental , health and safety  water quality matters.
 regulated businesses segment operating revenues were $ 2674. 3 million for 2014 , $ 2539. 9 for 2013 , $ 2564. 4 million for 2012  accounting for 88. 8% ( 88. 8 % ) , 90. 1% ( 90. 1 % ) and 89. 9% ( 89. 9 % )  of total operating revenues for same periods.
table sets regulated businesses operating revenues  number customers estimate population served as of december 31 , 2014 : operating revenues ( in millions ) % ( % ) of total number customers % % ) total estimated population served ( in millions ) % ( % ) of total.
 ( a ) includes illinois-american water company  as ilawc and american lake water company regulated subsidiary in illinois.

new jersey                    | operatingrevenues ( in millions ) $ 652.3 | % (  % ) of total 24.5% ( 24.5 % ) | number ofcustomers 648066 | % (  % ) of total 20.2% ( 20.2 % ) | estimatedpopulationserved ( in millions ) 2.7 | % (  % ) of total 22.7% ( 22.7 % )
----------------------------- | ----------------------------------------- | ---------------------------------- | ------------------------- | ---------------------------------- | --------------------------------------------- | ----------------------------------
pennsylvania                  | 605.4                                     | 22.6% ( 22.6 % )                   | 666415                    | 20.7% ( 20.7 % )                   | 2.2                                           | 18.5% ( 18.5 % )
missouri                      | 270.2                                     | 10.1% ( 10.1 % )                   | 464498                    | 14.4% ( 14.4 % )                   | 1.5                                           | 12.7% ( 12.7 % )
illinois ( a )                | 262.3                                     | 9.8% ( 9.8 % )                     | 312017                    | 9.7% ( 9.7 % )                     | 1.3                                           | 10.9% ( 10.9 % )
california                    | 209.8                                     | 7.8% ( 7.8 % )                     | 174198                    | 5.4% ( 5.4 % )                     | 0.6                                           | 5.0% ( 5.0 % )
indiana                       | 200.6                                     | 7.5% ( 7.5 % )                     | 293666                    | 9.1% ( 9.1 % )                     | 1.2                                           | 10.1% ( 10.1 % )
west virginia ( b )           | 127.0                                     | 4.7% ( 4.7 % )                     | 170371                    | 5.3% ( 5.3 % )                     | 0.6                                           | 5.0% ( 5.0 % )
subtotal ( top seven states ) | 2327.6                                    | 87.0% ( 87.0 % )                   | 2729231                   | 84.8% ( 84.8 % )                   | 10.1                                          | 84.9% ( 84.9 % )
other ( c )                   | 346.7                                     | 13.0% ( 13.0 % )                   | 489961                    | 15.2% ( 15.2 % )                   | 1.8                                           | 15.1% ( 15.1 % )
total regulated businesses    | $ 2674.3                                  | 100.0% ( 100.0 % )                 | 3219192                   | 100.0% ( 100.0 % )                 | 11.9                                          | 100.0% ( 100.0 % )


management 2019s discussion analysis of financial condition results operations state street corporation | 89 $ 65. 35 billion and $ 87. 20 billion as of december 31 , 2017 december 31 , 2016  respectively.
 table 29 : components of average hqla by type ( in millions ) december 31 , 31.
 respect highly liquid short-term investments preceding table due to elevated level client deposits as of december 31 , 2017 maintained cash balances in excess of regulatory requirements governing deposits with federal reserve of approximately $ 33. 58 billion at federal reserve , ecb other non-u.
 central banks  compared to $ 48. 40 billion as december 31 , 2016.
 lower levels of deposits with central banks as december 31, 2017 compared to december 31  2016 due to normal deposit volatility.
 liquid securities in asset liquidity include securities pledged without advances from frbb  fhlb  other non- u.
 central banks.
 state street bank member of fhlb.
 membership allows for advances of liquidity varying terms against high-quality collateral facilitate asset-and-liability management.
 access to primary  intra-day contingent liquidity provided by utilities important source contingent liquidity utilization subject to underlying conditions.
 as of december 31 , 2017 december 31 , 2016 no outstanding primary credit borrowings from frbb discount window or other central bank facility same dates no fhlb advances outstanding.
 addition securities included asset liquidity significant amounts of other unencumbered investment securities.
 aggregate fair value of securities was $ 66. 10 billion as of december 31 , 2017 compared to $ 54. 40 billion as of december 31 , 2016.
 these securities available sources of liquidity not as rapidly deployed as included in asset liquidity.
measures liquidity include lcr , nsfr tlac described in "supervision and regulation" under item 1 , business  of form 10-k.
 uses of liquidity significant uses liquidity could result from : withdrawals of client deposits ; draw- downs of unfunded commitments to extend credit or purchase securities  generally provided through lines of credit ; short-duration advance facilities.
 circumstances arise under stress conditions including deterioration in credit ratings.
 recurring significant use of liquidity involves deployment of hqla from investment portfolio to post collateral to financial institutions participants in agency lending program as sources of securities under enhanced custody program.
 unfunded commitments to extend credit with gross contractual amounts totaling $ 26. 49 billion and $ 26. 99 billion as of december 31 , 2017 and december 31 , 2016 .
 amounts do not reflect value of collateral.
 as of december 31 , 2017 approximately 72% ( 72 % ) of unfunded commitments to extend credit expire within one year.
 commitments expected to expire or renew without drawn upon gross contractual amounts do not represent future cash requirements.
 information about resolution planning impact actions resolution plans on liquidity provided in "supervision and regulation" under item 1.
 business , of form 10-k.
 funding deposits provide products and services including custody  accounting administration  daily pricing foreign exchange services cash management financial asset management  securities finance investment advisory services.
 generate client deposits provided stable  low-cost source of funds.
 as global custodian clients place deposits with state street entities in various currencies.
 as of december 31 , 2017 and december 31 , 2016  approximately 60% ( 60 % ) of average client deposit balances were denominated in u. s.
dollars  approximately 20% ( 20 % ) in eur  10% ( 10 % ) in gbp 10% ( 10 % ) in all other currencies.
 for past several years frequently experienced higher client deposit inflows end of each fiscal quarter or end fiscal year.
 believe average client deposit balances more reflective of ongoing funding than period-end balances.

( in millions )              | december 31 2017 | december 31 2016
---------------------------- | ---------------- | ----------------
excess central bank balances | $ 33584          | $ 48407
u.s . treasuries             | 10278            | 17770
other investment securities  | 13422            | 15442
foreign government           | 8064             | 5585
total                        | $ 65348          | $ 87204


american tower corporation subsidiaries notes to consolidated financial statements assessments in tax jurisdictions examinations.
 company believes adequate provisions made for income taxes for all periods through december 31 , 2010.
 12.
 stock-based compensation company recognized stock-based compensation of $ 52. 6 million , $ 60. 7 million $ 54. 8 million for years ended december 31 , 2010 , 2009 2008 .
 stock-based compensation for year ended december 31 , 2009 included $ 6. 9 million related to modification of vesting exercise terms for certain employee 2019s equity awards.
 company did not capitalize any stock-based compensation during years ended december 31, 2010 and 2009.
 summary of stock-based compensation plans 2014the company maintains equity incentive plans for grant of stock-based awards to directors  officers employees.
 under 2007 equity incentive plan ( 201c2007 plan 201d ) provides for grant of non-qualified incentive stock options restricted stock units  restricted stock other stock-based awards  exercise prices non-qualified incentive stock options not less than fair market value of underlying common stock on date of grant.
 equity awards vest ratably over various periods generally four years expire ten years from date of grant.
 stock options 2014as of december 31 , 2010  company had ability to grant stock-based awards aggregate of 22. 0 million shares of common stock under 2007 plan.
 fair value of each option grant estimated on date of grant using black-scholes option pricing model based on assumptions in table below.
 risk-free treasury rate based on.
 treasury yield in effect at accounting measurement date.
 expected life ( estimated period of time outstanding ) estimated using vesting term and historical exercise behavior of company employees.
expected volatility based on historical volatility for period equal to expected life of stock options.
 key assumptions pricing model.
 weighted average grant date fair value per share years ended december 31 , 2010 , 2009 2008 was $ 15. 03 , $ 8. 90 $ 9. 55  respectively.
 intrinsic value of stock options exercised years ended december 31, 2010  2009 2008 was $ 62. 7 million , $ 40. 1 million $ 99. 1 million  respectively.
 as of december 31, 2010  total unrecognized compensation expense related to unvested stock options was approximately $ 27. 7 million expected to be recognized over weighted average period of approximately two years.
 cash received from exercise stock options was approximately $ 129. 1 million during year ended december 31 , 2010.
 year ended december 31 2010 company realized approximately $ 0. 3 million of state tax benefits from exercise stock options.

| 2010                                       | 2009                                       | 2008
-------------------------------------------------------------- | ------------------------------------------ | ------------------------------------------ | ------------------------------------------
range of risk-free interest rate                               | 1.41% ( 1.41 % ) 2013 2.39% ( 2.39 % )     | 1.41% ( 1.41 % ) 2013 2.04% ( 2.04 % )     | 1.44% ( 1.44 % ) 2013 3.05% ( 3.05 % )
weighted average risk-free interest rate                       | 2.35% ( 2.35 % )                           | 1.71% ( 1.71 % )                           | 1.89% ( 1.89 % )
expected life of option grants                                 | 4.60 years                                 | 4.00 years                                 | 4.00 years
range of expected volatility of underlying stock price         | 37.11% ( 37.11 % ) 2013 37.48% ( 37.48 % ) | 36.00% ( 36.00 % ) 2013 36.63% ( 36.63 % ) | 28.51% ( 28.51 % ) 2013 35.30% ( 35.30 % )
weighted average expected volatility of underlying stock price | 37.14% ( 37.14 % )                         | 36.23% ( 36.23 % )                         | 29.10% ( 29.10 % )
expected annual dividends                                      | n/a                                        | n/a                                        | n/a


assumed health care cost trend rates for u. s.
 retiree health care benefit plan as of december 31 are.
 one percentage point increase or decrease in health care cost trend rates over future periods would have increased or decreased accumulated postretirement benefit obligation for.
 retiree health benefit plan as of december 31 , 2017  by $ 1 million.
 service cost and interest cost components of 2017 plan expense increased or decreased by less than $ 1 million.
 deferred compensation arrangements deferred compensation plan allows.
 employees base salary and management responsibility exceed certain level to defer receipt of portion of cash compensation.
 payments made based on participant 2019s distribution election and plan balance.
 participants can earn return on deferred compensation based on notional investments in same investment funds in defined contribution plans.
 as of december 31, 2017  liability to participants of deferred compensation plans was $ 255 million recorded in other long-term liabilities on consolidated balance sheets.
 amount reflects accumulated participant deferrals and earnings as of date.
 as of december 31 , 2017  held $ 236 million in mutual funds related to plans recorded in long-term investments on consolidated balance sheets serve as economic hedge against changes in fair values of other deferred compensation liabilities.
 record changes in fair value of liability and related investment in sg&a in note 8.
 11.
 debt and lines of credit short-term borrowings maintain line of credit to support commercial paper borrowings provide additional liquidity through bank loans.
 as of december 31 , 2017 variable-rate revolving credit facility from consortium of investment-grade banks allows to borrow up to $ 2 billion until march 2022.
interest rate on borrowings under credit facility if drawn indexed to london interbank offered rate ( libor ).
 as of december 31 , 2017 credit facility undrawn no commercial paper outstanding.
 long-term debt retired $ 250 million of maturing debt in march 2017 another $ 375 million in june 2017.
 in may 2017 issued aggregate $ 600 million of fixed-rate , long-term debt.
 offering consisted of reissuance of $ 300 million of 2. 75% ( 2. 75 % ) notes due in 2021 at premium issuance of $ 300 million of 2. 625% ( 2. 625 % ) notes due in 2024 at discount.
 incurred $ 3 million of issuance and other related costs.
 proceeds of offerings were $ 605 million  net of original issuance discount and premium used for repayment of maturing debt and general corporate purposes.
 in november 2017 issued principal $ 500 million of fixed-rate , long-term debt due in 2027.
 incurred $ 3 million of issuance and other related costs.
 proceeds offering were $ 494 million  net of original issuance discount used for general corporate purposes.
 in may 2016 issued $ 500 million of fixed-rate long-term debt due in 2022.
 incurred $ 3 million of issuance other related costs.
 proceeds offering were $ 499 million  net of original issuance discount used toward repayment of portion of $ 1. 0 billion of maturing debt retired in may 2016.
 in may 2015 issued principal $ 500 million of fixed-rate , long-term debt due in 2020.
 incurred $ 3 million of issuance and other related costs.
 proceeds of offering were $ 498 million  net of original issuance discount used toward repayment of portion of debt matured in august 2015.
retired 250 million maturing debt april 2015 $ 750 million august 2015.
 texas instruments 2022 2017 form 10-k 51

| 2017             | 2016
------------------------------------------------- | ---------------- | ----------------
assumed health care cost trend rate for next year | 7.50% ( 7.50 % ) | 6.75% ( 6.75 % )
ultimate trend rate                               | 5.00% ( 5.00 % ) | 5.00% ( 5.00 % )
year in which ultimate trend rate is reached      | 2028             | 2024


internal revenue code.
 cash needed to execute strategy invest in new properties pay debt at maturity must come from or sources : 2022 cash not distributed to shareholders , 2022 proceeds of property dispositions  or 2022 proceeds from issuance of new debt or equity securities.
 management 2019s intention continually have access to capital resources necessary to expand develop business.
 intend to operate with maintain conservative capital structure maintain strong debt service coverage and fixed-charge coverage ratios of commitment to investment-grade debt ratings.
 may  seek to obtain funds by means : 2022 additional equity offerings  2022 unsecured debt financing and/or mortgage financings 2022 other debt and equity alternatives  including formation of joint ventures consistent with intention to operate conservative debt structure.
 cash and cash equivalents were $ 30. 5 million and $ 35. 0 million at december 31 , 2004 and december 31 , 2003 .
 summary of cash flows for year ended december 31 , 2004 ( in thousands ).
 cash provided by operating activities primarily attributable to operation of properties and change in working capital related to operations.
 used cash of $ 154. 3 million during twelve months ended december 31 , 2004 in investing activities including : 2022 $ 101. 7 million for acquisition of westgate mall , shaw 2019s plaza and several parcels of land  2022 capital expenditures of $ 59. 2 million for development and redevelopment of properties including santana row , 2022 maintenance capital expenditures of approximately $ 36. 9 million , 2022 $ 9. 4 million capital contribution to real estate partnership  2022 additional $ 3. 2 million net advance under existing mortgage note receivable ; offset by 2022 $ 41. 8 million in net sale proceeds from sale of properties

| for the year ended december 31 2004 ( in thousands )
--------------------------------------------- | ----------------------------------------------------
cash provided by operating activities         | $ 161113
cash used in investing activities             | -154273 ( 154273 )
cash used by financing activities             | -11333 ( 11333 )
decrease in cash and cash equivalents         | -4493 ( 4493 )
cash and cash equivalents beginning of period | 34968
cash and cash equivalents end of period       | $ 30475


( c ) includes effects of items not considered in assessment operating performance business increased operating profit by $ 230 million , $ 150 million after tax ( $ 0. 34 per share ).
 includes expenses of $ 16 million , $ 11 million after tax ( $ 0. 03 per share ) for debt exchange  reduction in income tax expense of $ 62 million ( $ 0. 14 per share ) from tax benefit related to claims for additional extraterritorial income exclusion ( eti ) tax benefits.
 combined these items increased earnings by $ 201 million after tax ( $ 0. 45 per share ).
 ( d ) includes effects of items not considered in assessment operating performance increased operating profit by $ 173 million , $ 113 million after tax ( $ 0. 25 per share ).
 ( e ) includes effects of items not considered in decreased operating profit by $ 61 million , $ 54 million after tax ( $ 0. 12 per share ).
 includes charge of $ 154 million , $ 100 million after tax ( $ 0. 22 per share ) for early repayment of debt  reduction in income tax expense from closure of internal revenue service examination of $ 144 million ( $ 0. 32 per share ).
 combined these items reduced earnings by $ 10 million after tax ( $ 0. 02 per share ).
 ( f ) includes effects of items not considered in assessment operating performance decreased operating profit by $ 7 million , $ 6 million after tax ( $ 0. 01 per share ).
 includes charge of $ 146 million , $ 96 million after tax ( $ 0. 21 per share ) for early repayment of debt.
define return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) after adjusting stockholders 2019 equity by adding adjustments related to postretirement benefit plans.
 reporting roic provides investors visibility into capital invested in operations.
 use roic to evaluate multi-year investment decisions long-term performance measure factor in evaluating management performance under incentive compensation plans.
 roic not a measure of financial performance under accepted accounting principles may not be defined and calculated by other companies same.
 roic not considered in isolation or alternative to net earnings indicator performance.
 calculate roic as follows : ( in millions ) 2007 2006 2005 2004 2003.
 1 represents after-tax interest expense utilizing federal statutory rate of 35% ( 35 % ).
 2 debt consists of long-term debt  including current maturities long-term debt short-term borrowings.
 3 equity includes non-cash adjustments for unrecognized benefit plan actuarial losses and prior service costs in 2007 and 2006  adjustment for adoption of fas 158 in 2006 additional minimum pension liability in years prior to 2007.
 average benefit plan adjustments reflect cumulative value of entries in statement of stockholders equity under captions 201cpostretirement benefit plans , 201d 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability. total of annual benefit plan adjustments to equity were : 2007 = $ 1706 million ; 2006 = ( $ 1883 ) million 2005 = ( $ 105 ) million 2004 = ( $ 285 ) million 2003 = $ 331 million 2002 = $ 1537 million ) 2001 = ( $ 33 million ).
entries recorded in fourth quarter , value added back to average equity in given year is cumulative impact of all prior year entries plus 20% ( 20 % ) of current year entry value.
 5 yearly averages calculated using balances at start of year and end of each quarter.

( in millions )                                   | 2007             | 2006             | 2005             | 2004             | 2003
------------------------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | --------------
net earnings                                      | $ 3033           | $ 2529           | $ 1825           | $ 1266           | $ 1053
interest expense ( multiplied by 65% ( 65 % ) ) 1 | 229              | 235              | 241              | 276              | 317
return                                            | $ 3262           | $ 2764           | $ 2066           | $ 1542           | $ 1370
average debt2 5                                   | $ 4416           | $ 4727           | $ 5077           | $ 5932           | $ 6612
average equity3 5                                 | 7661             | 7686             | 7590             | 7015             | 6170
average benefit plan adjustments3 4 5             | 3171             | 2006             | 1545             | 1296             | 1504
average invested capital                          | $ 15248          | $ 14419          | $ 14212          | $ 14243          | $ 14286
return on invested capital                        | 21.4% ( 21.4 % ) | 19.2% ( 19.2 % ) | 14.5% ( 14.5 % ) | 10.8% ( 10.8 % ) | 9.6% ( 9.6 % )


table of contents configuration , amenities to passengers  loyalty programs  automation of travel agent reservation systems onboard products  markets served other services.
 compete with major network airlines and low-cost carriers throughout network.
 international in to extensive domestic service provide international service to canada  central and south america  asia  europe australia new zealand.
 providing international air transportation  compete with u. s.
 airlines , foreign investor-owned airlines foreign state- owned or state-affiliated airlines  including carriers based in middle east three largest benefit from significant government subsidies.
 to increase ability to compete for international air transportation service subject to extensive government regulation u.
 foreign carriers entered into marketing relationships  alliances  cooperation agreements jbas to exchange traffic between each other flights route networks.
 see 201cticket distribution and marketing agreements 201d above for further discussion.
 employees labor relations airline business is labor intensive.
 in 2016  mainline regional salaries , wages benefits were largest expense represented approximately 35% ( 35 % ) of total operating expenses.
 labor relations in air transportation industry regulated under railway labor act ( rla )  vests in national mediation board ( nmb ) functions with respect to disputes between airlines and labor unions relating to union representation collective bargaining agreements ( cbas ).
 when rla cba becomes amendable if either party to agreement wishes to modify terms must notify other party manner prescribed under rla as agreed by parties.
 under rla parties must meet for direct negotiations if no agreement reached either party may request nmb to appoint federal mediator.
 rla prescribes no set timetable for direct negotiation and mediation process.
not unusual for processes to last for many months even for several years.
 if no agreement reached in mediation , nmb in discretion may declare under rla impasse exists  if impasse declared , nmb proffers binding arbitration to parties.
 either party may decline to submit to binding arbitration.
 if arbitration rejected by either party , initial 30-day 201ccooling off 201d period commences.
 following conclusion of 30-day 201ccooling off 201d period , if no agreement reached , 201cself-help 201d ( described below ) can begin unless presidential emergency board ( peb ) is established.
 peb examines parties 2019 positions recommends solution.
 peb process lasts for 30 days ( if no resolution reached ) followed by another 201ccooling off 201d period of 30 days.
 at end of 201ccooling off 201d period ( unless agreement reached , peb established or action taken by congress ), labor organization may exercise 201cself-help , 201d as strike  airline may resort to its own 201cself-help , 201d including imposition of proposed amendments to cba hiring of new employees to replace striking workers.
 table below presents approximate number of active full-time equivalent employees as of december 31 , 2016.
 mainline operations wholly-owned regional carriers total.

| mainline operations | wholly-owned regional carriers | total
------------------------------------------- | ------------------- | ------------------------------ | ------
pilots and flight crew training instructors | 13400               | 3400                           | 16800
flight attendants                           | 24700               | 2200                           | 26900
maintenance personnel                       | 14900               | 2000                           | 16900
fleet service personnel                     | 16600               | 3500                           | 20100
passenger service personnel                 | 15900               | 7100                           | 23000
administrative and other                    | 16000               | 2600                           | 18600
total                                       | 101500              | 20800                          | 122300


marathon oil corporation notes consolidated financial statements restricted stock awards summary of restricted stock award activity.
 awards weighted-average grant date fair value.
 vesting date fair value of restricted stock awards vested during 2009 , 2008 2007 was $ 24 million , $ 38 million $ 29 million.
 weighted average grant date fair value of restricted stock awards was $ 44. 89 , $ 47. 72 , $ 39. 87 for awards unvested at december 31, 2009 , 2008 2007.
 as of december 31, 2009 $ 43 million unrecognized compensation cost related to restricted stock awards expected to be recognized over average period 1. 6 years.
 stock-based performance awards all awards vested or forfeited.
 vesting date fair value of stock performance awards vested during 2007 was $ 38.
 24.
 stockholders 2019 equity in each year  2009 and 2008  issued 2 million in common stock upon redemption of exchangeable shares addition to treasury shares issued for employee stock-based awards.
 board of directors authorized repurchase of up to $ 5 billion of marathon common stock.
 purchases under program may be in open market transactions block purchases or privately negotiated transactions.
 use cash on hand cash generated from operations proceeds from potential asset sales cash from available borrowings to acquire shares.
 program may be changed based financial condition or changes market conditions subject to termination prior completion.
 repurchase program not include specific price targets or timetables.
 as of december 31 , 2009 acquired 66 million common shares at cost of $ 2922 million program.
 no shares acquired since august 2008.
 securities exchangeable into marathon common stock 2013 acquired all outstanding shares of western on october 18 , 2007.
western shareholders canadian residents received at election , cash , marathon common stock , securities exchangeable into marathon common stock ( 201cexchangeable shares 201d ) or combination thereof.
 western shareholders elected to receive 5 million exchangeable shares as part of acquisition consideration.
 exchangeable shares are shares of indirect canadian subsidiary of marathon at acquisition date exchangeable on one-for-one basis into marathon common stock.
 subsequent to acquisition  exchange ratio adjusted to reflect cash dividends  paid on marathon common stock and cash dividends paid on exchangeable shares.
 exchange ratio at december 31, 2009  was 1. 06109 common shares for each exchangeable share.
 exchangeable shares exchangeable at option of holder at any time automatically redeemable on october 18 , 2011.
 holders of exchangeable shares entitled to instruct trustee to vote ( or obtain proxy from trustee to vote directly ) on all matters submitted to holders of marathon common stock.
 number of votes to each holder entitled equal to whole number of shares of marathon common stock into which holder 2019s exchangeable shares exchangeable based on exchange ratio in effect on record date for vote.
 voting right is attached to voting preferred shares of marathon issued to trustee in amount

| awards             | weighted-averagegrant datefair value
---------------------------- | ------------------ | ------------------------------------
unvested at december 31 2008 | 2049255            | $ 47.72
granted                      | 251335             | 24.74
vested                       | -762466 ( 762466 ) | 46.03
forfeited                    | -96625 ( 96625 )   | 43.56
unvested at december 31 2009 | 1441499            | 44.89


construction cvn-79 john f.
 kennedy  construction u. s.
 coast guard 2019s fifth national security cutter ( unnamed )  advance planning efforts cvn-72 uss abraham lincoln rcoh  continued execution cvn-71 uss theodore roosevelt rcoh.
 2010 2014the value new contract awards year ended december 31 , 2010 approximately $ 3. 6 billion.
 significant new awards included $ 480 million for construction u. s.
 coast guard 2019s fourth national security cutter hamilton $ 480 million for design long-lead material procurement activities cvn-79 john f.
 kennedy aircraft carrier  $ 377 million for cvn-78 gerald r.
 ford  $ 224 million for lha-7 ( unnamed )  $ 184 million for lpd-26 john p.
 murtha  $ 114 million for ddg-114 ralph johnson $ 62 million for long-lead material procurement activities lpd-27 ( unnamed ).
 liquidity capital resources ensure efficient conversion operating results into cash for deployment operating businesses maximizing stockholder value.
 use financial measures assist capital deployment decision making including net cash provided by operating activities free cash flow.
 measures useful investors assessing financial performance.
 table below summarizes key components cash flow provided used operating activities:.
 cash flows discuss major operating , investing financing activities for each three years period ended december 31 , 2011  classified consolidated statements of cash flows.
 operating activities 2011 2014cash provided by operating activities was $ 528 million in 2011 compared with $ 359 million in 2010.
 increase $ 169 million due to increased earnings net of impairment charges lower pension contributions offset by increase in trade working capital.
 net cash paid by northrop grumman behalf for u. s.
 federal income tax obligations was $ 53 million.
 expect cash from operations for 2012 sufficient to service debt meet contract obligations finance capital expenditures.
 2012 cash from operations expected sufficient service obligations, may borrow funds under credit facility to accommodate timing differences in cash flows.
 2010 2014net cash provided by operating activities was $ 359 million in 2010 compared with cash used $ 88 million in 2009.
 change of $ 447 million due to decrease in discretionary pension contributions $ 97 million decrease in trade working capital $ 299 million  decrease in deferred income taxes $ 79 million.
 in 2009  trade working capital balances included unfavorable impact of delayed customer billings with negative performance adjustments on lpd-22 through lpd-25 contract due to projected cost increases at completion.
 see note 7 : contract charges in item 8.
 change in deferred taxes due to timing of contract related deductions.
.
 federal income tax payments by northrop grumman behalf $ 89 million in 2010.

( $ in millions )                                          | year ended december 31 2011 | year ended december 31 2010 | year ended december 31 2009
---------------------------------------------------------- | --------------------------- | --------------------------- | ---------------------------
net earnings ( loss )                                      | $ -94 ( 94 )                | $ 135                       | $ 124
goodwill impairment                                        | 290                         | 0                           | 0
deferred income taxes                                      | 27                          | -19 ( 19 )                  | -98 ( 98 )
depreciation and amortization                              | 190                         | 183                         | 186
stock-based compensation                                   | 42                          | 0                           | 0
retiree benefit funding less than ( in excess of ) expense | 122                         | 33                          | -28 ( 28 )
trade working capital decrease ( increase )                | -49 ( 49 )                  | 27                          | -272 ( 272 )
net cash provided by ( used in ) operating activities      | $ 528                       | $ 359                       | $ -88 ( 88 )


masco corporation notes to consolidated financial statements ( continued ) t.
 other commitments and contingencies litigation.
 we subject to claims , charges  litigation other proceedings in ordinary course of our business, including those arising from related to contractual matters  intellectual property  personal injury  environmental matters  product liability  construction defect  insurance coverage  personnel and employment disputes other matters  including class actions.
 we believe we have adequate defenses in these matters outcome of matters not likely to have material adverse effect on us.
 no assurance we will prevail in matters could future incur judgments , enter into settlements of claims or revise expectations regarding outcome matters could impact results of operations.
 in july 2012  company reached settlement agreement related to columbus drywall litigation.
 company insulation installation companies named in suit agreed to pay $ 75 million in return for dismissal with prejudice full release of all claims.
 company and insulation installation companies continue to deny challenged conduct unlawful admit no wrongdoing part of settlement.
 settlement reached to eliminate considerable expense and uncertainty of lawsuit.
 company recorded settlement expense in second quarter of 2012 amount paid in fourth quarter of 2012.
 warranty.
 at time of sale  company accrues warranty liability for estimated cost to provide products , parts or services to repair or replace products in satisfaction of warranty obligations.
 during third quarter of 2012 business in other specialty products segment recorded $ 12 million increase in expected future warranty claims resulting from completion of analysis prepared by company based upon periodic assessment of recent business unit specific operating trends including home ownership demographics  sales volumes  manufacturing quality  analysis of recent warranty claim activity estimate of current costs to service anticipated claims.
changes in company 2019s warranty liability follows  in millions:.
 investments.
 company 2019s investments in private equity funds  company had at december 31 , 2012 , commitments to contribute up to $ 19 million additional capital to such funds representing company 2019s aggregate capital commitment to funds less capital contributions made to date.
 company contractually obligated to make additional capital contributions to certain private equity funds upon receipt of capital call from private fund.
 company has no control over when or if capital calls occur.
 capital calls funded in cash result in increase in carrying value of company 2019s investment in private equity fund when paid.

| 2012       | 2011
---------------------------------------------------- | ---------- | ----------
balance at january 1                                 | $ 102      | $ 107
accruals for warranties issued during the year       | 42         | 28
accruals related to pre-existing warranties          | 16         | 8
settlements made ( in cash or kind ) during the year | -38 ( 38 ) | -38 ( 38 )
other net ( including currency translation )         | -4 ( 4 )   | -3 ( 3 )
balance at december 31                               | $ 118      | $ 102


discounted cash flow model ( dcf ) to estimate current fair value of reporting units when testing for impairment , management believes forecasted cash flows best indicator of fair value.
 significant assumptions and estimates involved in application dcf model to forecast operating cash flows , including sales growth ( volumes pricing ) , production costs , capital spending  discount rate.
 assumptions vary significantly among reporting units.
 cash flow forecasts based on approved business unit operating plans for early years and historical relationships in later years.
 wacc rate for individual reporting units estimated with assistance of valuation experts.
 arconic recognize impairment charge for amount carrying amount exceeds reporting unit 2019s fair value without exceeding total amount of goodwill allocated to reporting unit.
 in connection with interim impairment evaluation of long-lived assets for disks operations ( asset group within aen business unit ) in second quarter of 2018  resulted from decline in forecasted financial performance for business in connection with updated three-year strategic plan  company also performed interim impairment evaluation of goodwill for aen reporting unit.
 estimated fair value of reporting unit substantially in excess of carrying value ; no impairment of goodwill.
 goodwill impairment tests in 2017 and 2016 indicated goodwill not impaired for any company 2019s reporting units  except for arconic forgings and extrusions ( afe ) business whose estimated fair value lower than carrying value.
 arconic recorded impairment for full amount of goodwill in afe reporting unit of $ 719.
 decrease in afe fair value primarily due to unfavorable performance impacting operating margins higher discount rate due to increase in risk-free rate of return , carrying value increased compared to prior year.
 other intangible assets.
intangible assets with indefinite useful lives not amortized intangible assets with finite useful lives amortized generally on straight-line basis over periods benefited.
 following table details weighted- average useful lives of software and other intangible assets by reporting segment ( numbers in years ) :.
 revenue recognition.
 company's contracts with customers of acknowledged purchase orders incorporating company 2019s standard terms and conditions or for larger customers may include terms under negotiated multi-year agreements.
 contracts with customers typically consist of manufacture of products represent single performance obligations satisfied upon transfer of control of product to customer.
 company produces fastening systems ; seamless rolled rings ; investment castings  airfoils forged jet engine components ; extruded, machined formed aircraft parts ; aluminum sheet and plate ; integrated aluminum structural systems ; architectural extrusions ; forged aluminum commercial vehicle wheels.
 transfer of control assessed based on alternative use of products produce and enforceable right to payment for performance to date under contract terms.
 transfer of control and revenue recognition occur upon shipment or delivery of product when title , ownership risk of loss pass to customer based on applicable shipping terms.
 shipping terms vary across businesses depend on product  country of origin type of transportation ( truck train vessel ).
 invoice for payment issued at time of shipment.
 company 2019s objective is to have net 30-day terms.
 business units set commercial terms on arconic sells products to customers.
 terms influenced by industry custom  market conditions  product line ( other considerations.
 in certain circumstances arconic receives advanced payments from customers for product to delivered in future periods.
 these advanced payments recorded as deferred revenue until product delivered and title and risk of loss passed to customer in accordance with terms of contract.
deferred revenue included in current liabilities and noncurrent liabilities deferred credits on accompanying consolidated balance sheet.
 environmental matters.
 expenditures for current operations expensed or capitalized  as appropriate.
 expenditures relating to existing conditions caused by past operations not contribute to future revenues are expensed.
 liabilities recorded when remediation costs probable reasonably estimated.
 liability may include costs as site investigations consultant fees feasibility studies outside contractors monitoring expenses.
 estimates not discounted or reduced by potential claims for recovery.
 claims for recovery recognized when probable as agreements reached with third parties.
 estimates include costs related to other potentially responsible parties to extent arconic reason to believe such parties will not fully pay their proportionate share.
 liability continuously reviewed and adjusted to reflect current remediation progress prospective estimates of required activity other factors relevant including changes in technology or regulations.
 litigation matters.
 for asserted claims assessments  liabilities recorded when unfavorable outcome of matter

| software | other intangible assets
----------------------------------------- | -------- | -----------------------
engineered products and solutions         | 5        | 33
global rolled products                    | 5        | 9
transportation and construction solutions | 5        | 16


table of contents our ownership interest in our cellulose derivatives ventures exceeds 20% ( 20 % )  we account for these investments using cost method of accounting exercise significant influence over entities due to local government investment influence limitations on our involvement in day-to-day operations inability entities to provide timely financial information in accordance with accepted accounting principles in united states of america ( "us gaap" ).
 other equity method investments infraservs.
 we hold indirect ownership interests in several german infraserv groups own develop industrial parks provide on-site general administrative support to tenants.
 our ownership interest in equity investments in infraserv affiliates are as follows : as of december 31 , 2016 ( in percentages ).
 research and development our businesses are innovation-oriented conduct research and development activities to develop new optimize existing production technologies develop commercially viable new products and applications.
 research and development expense was $ 78 million , $ 119 million and $ 86 million for years ended december 31 , 2016 , 2015 and 2014 ,.
 we consider amounts spent during last three fiscal years on research and development activities to sufficient to execute our current strategic initiatives.
 intellectual property we attach importance to protecting our intellectual property  including safeguarding confidential information through patents , trademarks copyrights  to preserve our investment in research and development  manufacturing marketing.
 patents may cover processes , equipment  products intermediate products product uses.
 seek to register trademarks protecting brand names of our company products.
 patents.
 in most industrial countries  patent protection exists for new substances formulations for certain unique applications production processes.
 we do business in regions where intellectual property protection may be limited difficult to enforce.
 confidential information.
 we maintain stringent information security policies procedures business.
 information security policies procedures include data encryption controls over disclosure safekeeping of confidential information trade secrets employee awareness training.
 trademarks.
 aoplus ae  ateva ae  avicor ae  britecoat ae  celanese ae  celanex ae  celcon ae  celfx ae  celstran ae  celvolit ae  clarifoil ae  duroset ae  ecovae ae  factor ae  fortron ae  gur ae  hostaform ae  impet ae  mowilith ae  metalx ae  mt ae  nutrinova ae  qorus ae  riteflex ae  slidex 2122, sunett ae  tcx ae  thermx ae  tufcor ae  vantage ae  vantageplus 2122  vectra ae  vinamul ae  vitaldose ae  zenite ae other branded products services named in document are registered reserved trademarks service marks owned licensed by celanese.
 not intended exhaustive comprehensive list of all registered reserved trademarks service marks owned licensed by celanese.
 fortron ae registered trademark of fortron industries llc.
 hostaform ae registered trademark of hoechst gmbh.
 mowilith ae registered trademark of celanese in most european countries.
 we monitor competitive developments defend against infringements on intellectual property rights.
 neither celanese nor business segment dependent upon any one patent , trademark  copyright trade secret.
 environmental other regulation matters discussed in item 1a.
 risk factors  note 2 - summary of accounting policies note 16 - environmental note 24 - commitments contingencies in accompanying consolidated financial statements.

| as of december 31 2016 ( in percentages )
--------------------------------- | -----------------------------------------
infraserv gmbh & co . gendorf kg  | 39
infraserv gmbh & co . hoechst kg  | 32
infraserv gmbh & co . knapsack kg | 27


issuer purchases of equity securities table provides information regarding purchases of our common stock made by during fourth quarter of 2011.
 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 purchased under plans or programs ( ( in millions ).
 in may 2010  board of directors approved $ 3. 5 billion share repurchase program.
 completed this program in fourth quarter of 2011.
 total repurchased 49. 2 million common shares for $ 3. 5 billion , or $ 71. 18 per share  under program.
 during fourth quarter of 2011  repurchased 672326 shares from company employees for payment of personal income tax withholdings from restricted stock vesting and stock option exercises.
 repurchases in addition to $ 3. 5 billion repurchase program.
 under devon energy corporation incentive savings plan ( 201cplan 201d ) eligible employees may purchase shares of our common stock through investment in devon stock fund ( 201cstock 201d ) administered by independent trustee fidelity management trust company.
 eligible employees purchased approximately 45000 shares of our common stock in 2011  at then-prevailing stock prices held through ownership in stock fund.
 acquired shares common stock sold under plan through open-market purchases.
 filed registration statement on form s-8 on january 26 , 2012 registering any offers and sales of interests in plan or stock fund and of underlying shares of common stock purchased by plan participants after that date.
 under devon canada corporation savings plan ( 201ccanadian plan 201d ) eligible canadian employees may purchase shares of our common stock through investment in canadian plan administered by independent trustee  sun life assurance company of canada.
eligible canadian employees purchased approximately 9000 shares our common stock in 2011 at then-prevailing stock prices  they held through ownership in canadian plan.
 we acquired shares sold under canadian plan through open-market purchases.
 these shares and interest in canadian plan were offered and sold in reliance on exemptions for offers and sales of securities outside u. s.  including under regulation s for offers and sales securities to employees employee benefit plan established administered in with law of country other than u. s.

period                      | total number of shares purchased ( 2 ) | average price paid per share | total number of shares purchased as part ofpublicly announced plans or programs ( 1 ) | maximum dollar value of shares that may yetbe purchased under the plans or programs ( 1 ) ( in millions )
--------------------------- | -------------------------------------- | ---------------------------- | ------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------
october 1 2013 october 31   | 3228557                                | $ 58.52                      | 3227800                                                                               | $ 108
november 1 2013 november 30 | 1813994                                | $ 66.38                      | 1618110                                                                               | $ 2014
december 1 2013 december 31 | 475685                                 | $ 64.68                      | 2014                                                                                | $ 2014
total                       | 5518236                                | $ 61.64                      | 4845910                                                                               |


hartford financial services group , inc.
 notes to consolidated financial statements continued ).
 sales inducements accounting policy company offers enhanced crediting rates or bonus payments to contract holders on certain individual and group annuity products.
 expense associated with offering bonus is deferred and amortized over life of related contract pattern consistent with amortization of deferred policy acquisition costs.
 amortization expense associated with expenses previously deferred is recorded over remaining life of contract.
 consistent with unlock company unlocked amortization of sales inducement asset.
 see note 7 for more information unlock.
 changes in deferred sales inducement activity as follows for years ended december 31:.
 11.
 reserves for future policy benefits unpaid losses loss adjustment expenses life insurance products accounting policy liabilities for future policy benefits calculated by net level premium method using interest  withdrawal mortality assumptions appropriate at time policies issued.
 methods in determining liability for unpaid losses future policy benefits are standard actuarial methods recognized by american academy of actuaries.
 for tabular reserves discount rates based on company 2019s earned investment yield morbidity/mortality tables are standard industry tables modified to reflect company 2019s actual experience when appropriate.
 for company 2019s group disability known claim reserves  morbidity table for early durations of claim based exclusively on company 2019s experience incorporating factors gender  elimination period diagnosis.
 reserves computed expected to meet company 2019s future policy obligations.
 future policy benefits computed at amounts that with additions from estimated premiums received and with interest on reserves compounded annually at certain assumed rates expected to be sufficient to meet company 2019s policy obligations at maturities or in event of insured 2019s death.
changes in or deviations from assumptions for mortality , morbidity  expected future premiums interest can affect company 2019s reserve levels related future operations provisions for adverse deviation are built into long-tailed liability assumptions.
 liabilities for company 2019s group life and disability contracts  individual term life insurance policies  include amounts for unpaid losses and future policy benefits.
 liabilities for unpaid losses include estimates of amounts to fully settle known reported claims , claims related to insured events company estimates incurred but not yet reported.
 these reserve estimates are based on known facts interpretations of circumstances  consideration of internal factors including hartford 2019s experience with similar cases  historical trends involving claim payment patterns  loss payments  pending levels of unpaid claims  loss control programs product mix.
 in reserve estimates are influenced by external factors including court decisions  economic conditions public attitudes.
 effects of inflation are implicitly considered in reserving process.

| 2011       | 2010     | 2009
------------------------------ | ---------- | -------- | ------------
balance beginning of year      | $ 459      | $ 438    | $ 553
sales inducements deferred     | 20         | 31       | 59
amortization charged to income | -17 ( 17 ) | -8 ( 8 ) | -105 ( 105 )
amortization 2014 unlock       | -28 ( 28 ) | -2 ( 2 ) | -69 ( 69 )
balance end of year            | $ 434      | $ 459    | $ 438


2011 compared to 2010 mfc 2019s net sales 2011 increased $ 533 million or 8% ( 8 % ) compared to 2010.
 increase attributable to higher volume $ 420 million on air and missile defense programs ( primarily pac-3 thaad ) $ 245 million from fire control systems programs related to sof clss program began late third quarter of 2010.
 partially offsetting increases were lower net sales due to decreased volume $ 75 million from various services programs $ 20 million from tactical missile programs ( primarily mlrs jassm ).
 mfc 2019s operating profit 2011 increased $ 96 million  or 10% ( 10 % ) compared to 2010.
 increase attributable to higher operating profit $ 60 million for air and missile defense programs primarily pac-3 thaad ) increased volume retirement of risks $ 25 million for various services programs.
 adjustments not related to volume including net profit rate adjustments approximately $ 35 million higher in 2011 compared to 2010.
 backlog backlog increased 2012 2011 due to increased orders lower sales on fire control systems programs lantirn ae sniper ae ) various services programs offset by lower orders higher sales volume on tactical missiles programs.
 backlog increased 2011 due to increased orders on air and missile defense programs ( primarily thaad ).
 expect mfc 2019s net sales for 2013 comparable with 2012.
 expect low double digit percentage growth in air and missile defense programs offset by expected decline in volume on logistics services programs.
 operating profit and margin expected comparable with 2012 results.
 mission systems training mst business segment provides surface ship submarine combat systems ; sea land-based missile defense systems ; radar systems ; mission systems sensors for rotary fixed-wing aircraft ; littoral combat ships ; simulation training services ; unmanned technologies platforms ; ship systems integration ; military commercial training systems.
mst 2019s major programs include aegis mk-41 vertical launching system vls tpq-53 radar system mh-60 lcs ptds.
 2019s operating results included in millions ) :.
 2012 compared to 2011 mst 2019s net sales for 2012 increased $ 447 million  or 6% ( 6 % )  compared to 2011.
 increase sales attributable to higher volume risk retirements of $ 395 million from ship and aviation system programs ( primarily ptds lcs vls mh-60 ) $ 115 million for training and logistics solutions programs due to net sales from sim industries acquired in fourth quarter 2011 approximately $ 30 million increased volume on integrated warfare systems sensors programs ( primarily aegis ).
 partially offsetting increases were lower net sales of $ 70 million from undersea systems programs due to lower volume on international combat system program towed array systems about $ 25 million due to lower volume on other programs.
 mst 2019s operating profit for 2012 increased $ 92 million  or 14% ( 14 % ) compared to 2011.
 increase attributable to higher operating profit of $ 175 million from ship and aviation system programs reflects higher volume risk retirements on certain programs primarily vls ptds mh-60 lcs reserves of about $ 55 million for contract cost matters on ship and aviation system programs in fourth quarter of 2011 including terminated presidential helicopter program ).
 partially offsetting increase was lower operating profit of $ 40 million from undersea systems programs due to reduced profit booking rates programs lower volume on international combat system program towed array systems about $ 40 million due to lower volume on other programs.
 adjustments not related to volume  including net profit booking rate adjustments other matters approximately $ 150 million higher for 2012 compared to 2011.

| 2012           | 2011           | 2010
------------------- | -------------- | -------------- | --------------
net sales           | $ 7579         | $ 7132         | $ 7443
operating profit    | 737            | 645            | 713
operating margins   | 9.7% ( 9.7 % ) | 9.0% ( 9.0 % ) | 9.6% ( 9.6 % )
backlog at year-end | 10700          | 10500          | 10600


research and development committed to investing in productive research and development capabilities  particularly in electro-mechanical systems.
 research and development ( "r&d" ) expenditures were approximately $ 48. 3 million , $ 47. 3 million and $ 45. 2 million for years ended december 31 , 2017 , 2016 2015  respectively.
 concentrate on developing technology innovations deliver growth through introduction of new products and solutions  driving continuous improvements in product cost , quality  safety sustainability.
 manage r&d team as global group with emphasis on global collaborative approach to identify develop new technologies and worldwide product platforms.
 organized on regional basis to leverage expertise in local standards and configurations.
 in addition to regional engineering centers in each geographic region also operate global engineering center of excellence in bangalore , india.
 seasonality business experiences seasonality varies by product line.
 more construction and do-it-yourself projects occur during second and third calendar quarters of each year in northern hemisphere security product sales  typically higher in those quarters than first and fourth calendar quarters.
 interflex business typically experiences higher sales in fourth calendar quarter due to project timing.
 revenue by quarter for years ended december 31 , 2017 , 2016 2015 are as follows:.
 employees currently have approximately 10000 employees.
 environmental regulation dedicated environmental program designed to reduce utilization generation of hazardous materials during manufacturing process to remediate identified environmental concerns.
 currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former production facilities.
 company regularly evaluates remediation programs considers alternative remediation methods in addition to replacement of currently utilized based upon enhanced technology and regulatory changes.
 sometimes a party to environmental lawsuits and claims received notices of potential violations of environmental laws and regulations from.
environmental protection agency ( "epa" ) similar state authorities.
 we identified as potentially responsible party ( "prp" ) for cleanup costs with off-site waste disposal at federal superfund state remediation sites.
 for all sites other prps instances our involvement is minimal.
 in estimating liability we assumed we will not bear entire cost of remediation of any site to exclusion of other prps be jointly severally liable.
 ability of other prps to participate taken into account based on our understanding of parties 2019 financial condition probable contributions on per site basis.
 additional lawsuits and claims involving environmental matters likely to arise in future.
 incurred $ 3. 2 million , $ 23. 3 million  $ 4. 4 million of expenses during years ended december 31 , 2017 , 2016 2015  for environmental remediation at sites presently or formerly owned or leased by us.
 as of december 31 , 2017 2016  recorded reserves for environmental matters of $ 28. 9 million and $ 30. 6 million.
 these amounts $ 8. 9 million and $ 9. 6 million  relate to remediation of sites previously disposed by us.
 evolving nature of environmental laws , regulations technology ultimate cost of future compliance is uncertain.

| first quarter | second quarter | third quarter | fourth quarter
---- | ------------- | -------------- | ------------- | --------------
2017 | 23% ( 23 % )  | 26% ( 26 % )   | 25% ( 25 % )  | 26% ( 26 % )
2016 | 22% ( 22 % )  | 26% ( 26 % )   | 26% ( 26 % )  | 26% ( 26 % )
2015 | 22% ( 22 % )  | 25% ( 25 % )   | 26% ( 26 % )  | 27% ( 27 % )


notes to consolidated financial statements sumitomo mitsui financial group , inc.
 ( smfg ) provides firm credit loss protection on approved loan commitments ( primarily investment-grade commercial lending commitments ).
 notional amount of loan commitments was $ 32. 41 billion and $ 31. 94 billion as of december 2012 and december 2011 .
 credit loss protection on loan commitments by smfg limited to 95% ( 95 % ) of first loss firm realizes on commitments up to maximum of approximately $ 950 million.
 subject to satisfaction conditions upon firm 2019s request smfg will provide protection for 70% ( % ) of additional losses on commitments up to maximum of $ 1. 13 billion  of $ 300 million protection provided as of december 2012 and december 2011.
 firm uses other financial instruments to mitigate credit risks commitments not covered by smfg.
 instruments include credit default swaps reference same or similar underlying instrument or entity or credit swaps reference market index.
 warehouse financing.
 firm provides financing to clients who warehouse financial assets.
 arrangements secured by warehoused assets primarily of commercial mortgage loans.
 contingent and forward starting resale and securities borrowing agreements/forward starting repurchase secured lending agreements firm enters into resale securities borrowing agreements repurchase secured agreements settle future date.
 firm enters commitments to provide contingent financing to clients counterparties through resale agreements.
 firm 2019s funding of commitments depends on satisfaction of contractual conditions to resale agreement commitments can expire unused.
 investment commitments firm 2019s investment commitments consist of commitments to invest in private equity , real estate other assets directly and through funds firm raises and manages.
 commitments include $ 872 million and $ 1.62 billion of december 2012 and december 2011 related to real estate private investments $ 6. 47 billion and $ 7. 50 billion december 2012 2011 related to corporate and other private investments.
 amounts , $ 6. 21 billion and $ 8. 38 billion december 2012 2011 relate to commitments to invest in funds managed by firm funded at market value on date of investment.
 leases firm has contractual obligations under long-term noncancelable lease agreements principally for office space expiring dates through 2069.
 certain agreements subject to periodic escalation provisions for increases in real estate taxes other charges.
 table presents future minimum rental payments net of minimum sublease rentals.
 in millions december 2012.
 rent charged to operating expense for years ended december 2012, december 2011 december 2010 was $ 374 million , $ 475 million $ 508 million  respectively.
 operating leases include office space held in excess of current requirements.
 rent expense to space held for growth included in 201coccupancy. 201d firm records liability  based on fair value of remaining lease rentals reduced by potential or existing sublease rentals for leases where firm has ceased using space and management concluded firm not derive future economic benefits.
 costs to terminate lease before end of term recognized and measured at fair value on termination.
 goldman sachs 2012 annual report 175

in millions       | as of december 2012
----------------- | -------------------
2013              | $ 439
2014              | 407
2015              | 345
2016              | 317
2017              | 306
2018 - thereafter | 1375
total             | $ 3189


22 2016 annual report performance graph chart presents comparison for five-year period ended june 30 , 2016 of market performance of company 2019s common stock with s&p 500 index and index of peer companies selected by company : comparison of 5 year cumulative total return among jack henry & associates , inc. s&p 500 index  peer group information depicts line graph with values:.
 comparison assumes $ 100 invested on june 30 , 2011  assumes reinvestments of dividends.
 total returns calculated according to market capitalization of peer group members beginning of each period.
 peer companies selected providing specialized computer software  hardware related services to financial institutions other businesses.
 companies in peer group are aci worldwide , inc. bottomline technology , inc. broadridge financial solutions  cardtronics , inc. convergys corp. corelogic , inc. dst systems , inc. euronet worldwide  inc. fair isaac corp. fidelity national information services , inc. fiserv , inc. global payments , inc. moneygram international  inc. ss&c technologies holdings  inc. total systems services  inc. tyler technologies  inc. verifone systems  inc. wex , inc.
 heartland payment systems , inc.
 removed from peer group as merged with global payments  inc.
 in april 2016.

| 2011   | 2012   | 2013   | 2014   | 2015   | 2016
---------- | ------ | ------ | ------ | ------ | ------ | ------
jkhy       | 100.00 | 116.62 | 161.33 | 206.53 | 228.24 | 312.11
peer group | 100.00 | 107.65 | 126.89 | 174.28 | 219.46 | 251.24
s&p 500    | 100.00 | 105.45 | 127.17 | 158.46 | 170.22 | 177.02


proceeds from sale of equity securities.
 we raise funds through public offerings equity securities.
 we receive proceeds from sales equity securities stock option and stock purchase plans.
 for year ended december 31 , 2004  received approximately $ 40. 6 million in proceeds from sales of shares our class a common stock and common stock of atc mexico stock option stock purchase plans.
 financing activities year ended december 31 , 2004 took actions to increase financial flexibility reduce interest costs.
 new credit facility.
 in may 2004  refinanced previous credit facility with new $ 1. 1 billion senior secured credit facility.
 closing received $ 685. 5 million of net proceeds from borrowings under new facility after deducting expenses and fees approximately $ 670. 0 million used to repay principal and interest under previous credit facility.
 used remaining net proceeds of $ 15. 5 million for general corporate purposes including repurchase of other outstanding debt securities.
 new credit facility consists of : 2022 $ 400. 0 million in undrawn revolving loan commitments  against approximately $ 19. 3 million of undrawn letters of credit outstanding at december 31 , 2004 , maturing on february 28, 2011 ; 2022 a $ 300. 0 million term loan a , fully drawn , maturing on february 28 , 2011 ; and 2022 a $ 398. 0 million term loan b , fully drawn  maturing on august 31 , 2011.
 new credit facility extends previous credit facility maturity dates from 2007 to 2011 for majority of borrowings outstanding subject to earlier maturity upon certain events allows us to use credit facility borrowings and internally generated funds to repurchase other indebtedness without additional lender approval.
 new credit facility is guaranteed by us secured by pledge of all our assets.
maturity date for term loan a outstanding revolving loans accelerated to august 15, 2008 maturity date term loan b accelerated to october 31 , 2008 if prior to august 1, 2008  93 20448% ( 20448 % ) senior notes not refinanced with parent company indebtedness maturity date february 28 , 2012 or later or with loans under new credit facility or repaid , prepaid  redeemed repurchased or retired consolidated leverage ratio ( total parent company debt to annualized operating cash flow ) at june 30, 2008 greater than 4. 50 to 1. 00.
 if payments due in 2008 for term loan a and term loan b be $ 225. 0 million and $ 386. 0 million , respectively.
 offerings.
 during 2004  raised approximately $ 1. 1 billion in net proceeds from sale of debt securities through institutional private placements in millions ) : debt security date of offering principal amount approximate net proceeds.
 2022 7. 50% ( 7. 50 % ) senior notes offering.
 in february 2004  sold $ 225. 0 million principal amount of 7. 50% ( 7. 50 % ) senior notes due 2012 through institutional private placement.
 7. 50% ( 7. 50 % ) senior notes mature on may 1 , 2012 interest payable semiannually in arrears on may 1 and november 1 of each year.

debt security                                         | date of offering | principal amount | approximate net proceeds
----------------------------------------------------- | ---------------- | ---------------- | ------------------------
7.50% ( 7.50 % ) senior notes due 2012                | february 2004    | $ 225.0          | $ 221.7
3.00% ( 3.00 % ) convertible notes due august 15 2012 | august 2004      | 345.0            | 335.9
7.125% ( 7.125 % ) senior notes due 2012              | october 2004     | 300.0            | 292.8
7.125% ( 7.125 % ) senior notes due 2012              | december 2004    | 200.0            | 199.8
total                                                 |                  | $ 1070.0         | $ 1050.2


contractual commitments we have contractual obligations commitments in form of capital leases , operating leases  debt obligations , purchase commitments  certain other liabilities.
 intend to satisfy these obligations through use of cash flow from operations.
 following table summarizes expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2010 ( in millions ) :.
 capital lease obligations relate primarily to leases on aircraft.
 capital leases , operating leases purchase commitments  debt principal obligations discussed in note 7 to consolidated financial statements.
 amount of interest on debt calculated as contractual interest payments due on fixed-rate debt in addition to interest on variable rate debt calculated based on interest rates as of december 31 , 2010.
 calculations of debt interest take account effect of interest rate swap agreements.
 for debt denominated in foreign currency.
 dollar equivalent principal amount of debt at end of year used as basis to calculate future interest payments.
 purchase commitments represent contractual agreements to purchase goods or services legally binding largest of are orders for aircraft , engines  parts.
 as of december 31 , 2010 firm commitments to purchase 20 boeing 767-300er freighters to delivered between 2011 and 2013  two boeing 747-400f aircraft scheduled for delivery during 2011.
 these aircraft purchase orders provide for replacement of existing capacity and anticipated future growth.
 pension fundings represent anticipated required cash contributions to qualified pension plans.
 contributions include those to ups ibt pension plan  established upon ratification of national master agreement with teamsters ups pension plan.
 these plans discussed in note 5 to consolidated financial statements.
pension funding requirements estimated under provisions pension protection act of 2006 and employee retirement income security act of 1974 , using discount rates  asset returns other assumptions appropriate for these plans.
 to extent funded status of plans in future years differs from current projections, actual contributions in future years could differ from amounts shown in table above.
 not included minimum funding requirements beyond 2015 , because projected contributions not reasonably determinable.
 not subject to minimum funding requirement for cash contributions in 2011 in ups retirement plan or ups pension plan.
 amount of minimum funding requirement  applicable for these plans could change significantly in future periods , depending on factors  including future plan asset returns discount rates.
 sustained significant decline in world equity markets  impact on pension assets investment returns could result in domestic pension plans subject to significantly higher minimum funding requirements.
 outcome could have material adverse impact on financial position and cash flows in future periods.
 contractual payments due for 201cother liabilities 201d primarily include commitment payments related to investment in certain partnerships.
 table above does not include approximately $ 284 million of liabilities for

commitment type      | 2011   | 2012   | 2013   | 2014   | 2015  | after 2016 | total
-------------------- | ------ | ------ | ------ | ------ | ----- | ---------- | -------
capital leases       | $ 18   | $ 19   | $ 19   | $ 20   | $ 21  | $ 112      | $ 209
operating leases     | 348    | 268    | 205    | 150    | 113   | 431        | 1515
debt principal       | 345    | 2014   | 1750   | 1000   | 100   | 7363       | 10558
debt interest        | 322    | 321    | 300    | 274    | 269   | 4940       | 6426
purchase commitments | 642    | 463    | 425    | 16     | 2014  | 2014       | 1546
pension fundings     | 1200   | 196    | 752    | 541    | 274   | 2014       | 2963
other liabilities    | 69     | 67     | 64     | 58     | 43    | 38         | 339
total                | $ 2944 | $ 1334 | $ 3515 | $ 2059 | $ 820 | $ 12884    | $ 23556