table of contents ended december 31 , 2015 and 2014 .
 increase in cash provided by accounts payable-inventory financing due to new vendor added to existing inventory financing agreement.
 for description inventory financing transactions impacting each period see note 6 ( inventory financing agreements ) to consolidated financial statements.
 for description debt transactions impacting each period see note 8 ( long-term debt ) consolidated financial statements.
 net cash used in financing activities decreased $ 56. 3 million in 2014 compared to 2013.
 decrease driven by debt refinancing transactions and july 2013 ipo , generated net proceeds of $ 424. 7 million after deducting underwriting discounts , expenses transaction costs.
 net impact of debt transactions resulted in cash outflows of $ 145. 9 million and $ 518. 3 million during 2014 and 2013  cash used each period to reduce total long-term debt.
 for description of debt transactions impacting each period see note 8 ( long-term debt ) to consolidated financial statements.
 long-term debt financing arrangements as of december 31 , 2015  total indebtedness of $ 3. 3 billion  $ 1. 6 billion was secured indebtedness.
 at december 31 , 2015  in compliance with covenants under credit agreements and indentures.
 amount of cdw 2019s restricted payment capacity under senior secured term loan facility was $ 679. 7 million at december 31 , 2015.
 for further details debt transactions see note 8 ( long-term debt ) to consolidated financial statements.
 during year ended december 31 , 2015  following events occurred debt structure : 2022 on august 1, 2015  consolidated kelway 2019s term loan and kelway 2019s revolving credit facility.
 kelway 2019s term loan denominated in british pounds.
kelway revolving credit facility multi-currency kelway permitted to borrow aggregate amount a350. 0 million ( $ 73. 7 million ) as of december 31 , 2015.
 2022 on march 3 , 2015  completed issuance of $ 525. 0 million principal amount 5. 0% ( 5. 0 % ) senior notes due 2023 mature on september 1 , 2023.
 2022 march 3 , 2015  redeemed remaining $ 503. 9 million aggregate principal amount of 8. 5% ( 8. 5 % ) senior notes due 2019  plus accrued unpaid interest through date of redemption , april 2 , 2015.
 inventory financing agreements entered agreements with financial intermediaries facilitate purchase of inventory from suppliers under certain terms and conditions.
 amounts classified separately as accounts payable-inventory financing on consolidated balance sheets.
 incur interest expense agreements balances paid when due.
 for further details see note 6 ( inventory financing agreements ) to accompanying consolidated financial statements.
 contractual obligations future obligations under contracts relating to debt and interest payments  operating leases asset retirement obligations.
 estimated future payments  based on undiscounted amounts under contractual obligations existed as of december 31 , 2015  follows:.

( in millions )                    | payments due by period total | payments due by period < 1 year | payments due by period 1-3 years | payments due by period 4-5 years | payments due by period > 5 years
---------------------------------- | ---------------------------- | ------------------------------- | -------------------------------- | -------------------------------- | --------------------------------
term loan ( 1 )                    | $ 1703.4                     | $ 63.9                          | $ 126.3                          | $ 1513.2                         | $ 2014
kelway term loan ( 1 )             | 90.9                         | 13.5                            | 77.4                             | 2014                             | 2014
senior notes due 2022 ( 2 )        | 852.0                        | 36.0                            | 72.0                             | 72.0                             | 672.0
senior notes due 2023 ( 2 )        | 735.1                        | 26.3                            | 52.5                             | 52.5                             | 603.8
senior notes due 2024 ( 2 )        | 859.7                        | 31.6                            | 63.3                             | 63.3                             | 701.5
operating leases ( 3 )             | 143.2                        | 22.5                            | 41.7                             | 37.1                             | 41.9
asset retirement obligations ( 4 ) | 1.8                          | 0.8                             | 0.5                              | 0.3                              | 0.2
total                              | $ 4386.1                     | $ 194.6                         | $ 433.7                          | $ 1738.4                         | $ 2019.4


pollutants discharged to waters united states remediation of waters affected by discharge.
 we in compliance with all material requirements with various regulations.
 united states congress considering legislation to reduce emissions of greenhouse gases  including carbon dioxide and methane.
 state and regional initiatives to regulate greenhouse gas emissions underway.
 we monitoring federal and state legislation to assess potential impact on our operations.
 recent calculation of direct greenhouse gas emissions for oneok and oneok partners estimated to be less than 6 million metric tons of carbon dioxide equivalents annual basis.
 will continue efforts to quantify direct greenhouse gas emissions report emissions as required by mandatory reporting rule including rules anticipated to be issued by epa in mid-2009.
 superfund - comprehensive environmental response , compensation and liability act  known as cercla superfund imposes liability  without regard to fault or legality original act on certain classes of persons contributed to release of hazardous substance into environment.
 these persons include owner or operator of facility where release companies that disposed or arranged for disposal of hazardous substances found at facility.
 under cercla persons may be liable for costs of cleaning up hazardous substances released environment damages to natural resources costs of certain health studies.
 chemical site security - united states department of homeland security ) released interim rule in april 2007 requires companies to provide reports on sites where certain chemicals  including many hydrocarbon products stored.
 we completed homeland security assessments our facilities assigned to one of four risk-based tiers from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk.
 majority of our facilities were not tiered.
waiting for homeland security 2019s analysis to determine if tiered facilities require site security plans possible physical security enhancements.
 climate change - our environmental climate change strategy focuses on steps to minimize impact of operations on environment.
 strategies include : developing maintaining accurate greenhouse gas emissions inventory  according to rules anticipated to issued by epa in mid-2009 ; ii improving efficiency of pipelines  natural gas processing facilities natural gas liquids fractionation facilities ; iii developing technologies for emission control ; iv developing technologies to capture carbon dioxide reaching atmosphere v ) analyzing options for future energy investment.
 subsidiaries of oneok partners participate in processing transmission sectors ldcs in distribution segment participate in distribution sector of epa 2019s natural gas star program to voluntarily reduce methane emissions.
 subsidiary in our oneok partners 2019 segment honored in 2008 as 201cnatural gas star gathering and processing partner of the year 201d for efforts to address environmental issues through voluntary implementation of emission-reduction opportunities.
 continue to focus on maintaining low rates of lost-and- unaccounted-for methane gas through expanded implementation of best practices to limit release of methane during pipeline facility maintenance operations.
 recent calculation of annual lost-and-unaccounted-for natural gas , for all business operations  is less than 1 percent of total throughput.
 employees employed 4742 people at january 31 , 2009 , including 739 people employed by kansas gas service , subject to collective bargaining contracts.
 following table sets forth contracts with collective bargaining units at january 31 , employees contract expires.

union                                           | employees | contract expires
----------------------------------------------- | --------- | ----------------
united steelworkers of america                  | 414       | june 30 2009
international union of operating engineers      | 13        | june 30 2009
international brotherhood of electrical workers | 312       | june 30 2010


2022 lower 2008 storage margins related to storage risk management positions impact of changes in natural gas prices ; 2022 fewer opportunities to optimize storage capacity due to significant decline in natural gas prices second half of 2008 ; decrease of $ 9. 7 million in physical storage margins due to lower cost market write-down on natural gas inventory decrease of $ 2. 1 million due to colder weather market conditions increased supply cost of managing peaking and load-following services fewer opportunities to increase margins through optimization activities first quarter of 2008 ; offset by increase of $ 15. 8 million from changes in unrealized fair value of derivative instruments associated with storage marketing activities improved marketing margins benefited from price movements optimization activities.
 operating costs decreased due to lower employee-related costs depreciation expense.
 2007 vs.
 2006 - net margin decreased due to : 2022 decrease of $ 22. 0 million in transportation margins  net of hedging activities  associated with changes in unrealized fair value of derivative instruments impact of force majeure event on cheyenne plains gas pipeline ; 2022 decrease of $ 5. 0 million in retail activities from lower physical margins due to market conditions increased competition ; 2022 decrease of $ 4. 3 million in financial trading margins partially offset by 2022 increase of $ 4. 9 million in storage and marketing margins  net of hedging activities related to increase in physical storage margins  net hedging activity due to higher realized seasonal storage spreads optimization activities partially offset by decrease in marketing margins net increase in cost associated with managing peaking and load following services slightly offset by higher demand fees collected for services.
 in september 2007  portion of volume contracted under firm transportation agreement with cheyenne plains gas pipeline company curtailed due to fire at cheyenne plains pipeline compressor station.
fire damaged instrumentation electrical wiring causing cheyenne plains gas pipeline company to declare force majeure event on pipeline.
 firm commitment hedged in with statement 133.
 discontinuance of fair value hedge accounting on portion firm commitment impacted by force majeure event resulted in loss of approximately $ 5. 5 million recognized in third quarter of 2007 $ 2. 4 million insurance proceeds recovered recognized in first quarter of 2008.
 cheyenne plains gas pipeline company resumed full operations in november 2007.
 operating costs decreased due to decreased legal employee-related costs reduced ad-valorem tax expense.
 selected operating information - table sets selected operating information for energy services segment for periods indicated.
 natural gas in storage at december 31 , 2008  was 81. 9 bcf  compared with 66. 7 bcf at december 31 , 2007.
 december 31 , 2008 total natural gas storage capacity under lease was 91 bcf  compared with 96 bcf at december 31 natural gas volumes marketed decreased slightly during 2008  compared with 2007 due to increased injections in third quarter of 2008.
 demand for natural gas impacted by weather-related events in third quarter of 2008 including 15 percent decrease in cooling degree-days demand disruption caused by hurricane ike.

operating information               | years ended december 31 , 2008 | years ended december 31 , 2007 | years ended december 31 , 2006
----------------------------------- | ------------------------------ | ------------------------------ | ------------------------------
natural gas marketed ( bcf )        | 1160                           | 1191                           | 1132
natural gas gross margin ( $ /mcf ) | $ 0.07                         | $ 0.19                         | $ 0.22
physically settled volumes ( bcf )  | 2359                           | 2370                           | 2288


future payments not paid early redemption discounted at fixed spread over comparable treasury security.
 unamortized discount and debt issuance costs amortized over remaining term of 2022 notes.
 2021 notes.
 in may 2011 company issued $ 1. 5 billion aggregate unsecured unsubordinated obligations.
 notes issued as two separate series of senior debt securities including $ 750 million of 4. 25% ( 4. 25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes repaid in may 2013 at maturity.
 net proceeds to fund repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co.
 interest on 4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually on may 24 and november 24 each year commenced november 24 , 2011 approximately $ 32 million per year.
 2021 notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.
 unamortized discount and debt issuance costs amortized over remaining term of 2021 notes.
 2019 notes.
 december 2009 company issued $ 2. 5 billion unsecured unsubordinated obligations.
 notes issued as three separate series of senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes  repaid in december 2014 at maturity $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2019 ( 201c2019 notes 201d ).
proceeds of offering used to repay borrowings under cp program finance acquisition of barclays global investors from on december 1 , 2009 for general corporate purposes.
 interest on 2019 notes of approximately $ 50 million per year payable semi-annually arrears on june 10 and december 10 each year.
 notes may be redeemed prior to maturity in whole or part at option company at 201cmake-whole 201d redemption price.
 unamortized discount and debt issuance costs amortized over remaining term of 2019 notes.
 2017 notes.
 in september 2007  company issued $ 700 million principal amount of 6. 25% ( 6. 25 % ) senior unsecured unsubordinated notes maturing on september 15 , 2017 ( 201c2017 notes 201d ).
 portion of net proceeds of 2017 notes used to fund initial cash payment for acquisition of fund-of-funds business of quellos remainder used for general corporate purposes.
 interest payable semi-annually arrears on march 15 and september 15 each year or approximately $ 44 million per year.
 2017 notes may be redeemed prior to maturity whole or part at option of company at 201cmake-whole 201d redemption price.
 unamortized discount and debt issuance costs amortized over remaining term of 2017 notes.
 13.
 commitments contingencies operating lease commitments company leases primary office spaces under agreements expire through 2035.
 future minimum commitments under operating leases : ( in millions ).
 rent expense and certain office equipment expense under lease agreements amounted to $ 134 million , $ 136 million and $ 132 million in 2016 , 2015 2014  respectively.
 investment commitments.
 at december 31 , 2016  company had $ 192 million of capital commitments to fund sponsored investment funds including consolidated vies.
funds include private equity funds real assets funds opportunistic funds.
 amount excludes additional commitments by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have legal obligation to fund respective commitments of such funds funds.
 in addition to capital commitments of $ 192 million  company had approximately $ 12 million of contingent commitments for certain funds investment periods expired.
 timing of funding of commitments unknown commitments callable on demand at any time prior to expiration of commitment.
 unfunded commitments not recorded on consolidated statements of financial condition.
 commitments do not include potential future commitments approved by company not yet legally binding.
 company intends to make additional capital commitments to fund additional investment products for  with  clients.
 contingencies contingent payments related to business acquisitions.
 in with certain acquisitions blackrock required to make contingent payments  subject to achieving specified performance targets may include revenue related to acquired contracts or new capital commitments for certain products.
 fair value of remaining aggregate contingent payments at december 31 , 2016 totaled $ 115 million included in other liabilities on consolidated statement of financial condition.
 other contingent payments.
 company acts as portfolio manager in series derivative transactions has maximum potential exposure of $ 17 million between company and counterparty.
 see note 7 , derivatives and hedging  for further discussion.
 legal proceedings.
 blackrock receives subpoenas or other requests for information from various.
 federal , state governmental domestic international regulatory authorities

year       | amount
---------- | ------
2017       | 142
2018       | 135
2019       | 125
2020       | 120
2021       | 112
thereafter | 404
total      | $ 1038


refinance indebtedness matured fourth quarter of 2014.
 interest payable semi-annually arrears march 18 and september 18 each year or approximately $ 35 million per year.
 2024 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.
 unamortized discount and debt issuance costs amortized over remaining term of 2024 notes.
 2022 notes.
 in may 2012  company issued $ 1. 5 billion aggregate principal amount unsecured unsubordinated obligations.
 notes issued as two separate series of senior debt securities including $ 750 million of 1. 375% ( 1. 375 % ) notes  repaid june 2015 at maturity and $ 750 million of 3. 375% ( 3. 375 % ) notes maturing june 2022 ( 201c2022 notes 201d ).
 net proceeds to fund repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates for general corporate purposes.
 interest on 2022 notes approximately $ 25 million per year payable semi-annually june 1 and december 1 each year.
 2022 notes may be redeemed prior to maturity in whole or in part option company at 201cmake-whole 201d redemption price.
 201cmake-whole 201d redemption price represents price  subject to specific terms of 2022 notes related indenture greater of ( a ) par value and ( b ) present value of future payments not be paid because of early redemption discounted at fixed spread over comparable treasury security.
 unamortized discount and debt issuance costs amortized over remaining term of 2022 notes.
 2021 notes.
 in may 2011  company issued $ 1. 5 billion in aggregate principal amount of unsecured unsubordinated obligations.
notes issued as two series senior debt securities including $ 750 million of 4. 25% ( 4. 25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes repaid may 2013 at maturity.
 net proceeds fund repurchase of blackrock 2019s series b from affiliates merrill lynch & co. .
 interest on 4. 25% ( 4. 25 % ) notes due in 2021 ( 201c2021 notes 201d ) payable semi-annually on may 24 and november 24 each year approximately $ 32 million per year.
 2021 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.
 unamortized discount and debt issuance costs amortized over remaining term of 2021 notes.
 2019 notes.
 in december 2009  company issued $ 2. 5 billion in unsecured and unsubordinated obligations.
 notes issued as three separate series of senior debt securities including $ 0. 5 billion of 2. 25% ( 2. 25 % ) notes  repaid in december 2012 , $ 1. 0 billion of 3. 50% ( 3. 50 % ) notes  repaid december 2014 at maturity $ 1. 0 billion of 5. 0% ( 5. 0 % ) notes maturing in december 2019 ( 201c2019 notes 201d ).
 net proceeds used to repay borrowings under cp program finance portion acquisition of barclays global investors from barclays december 1 , 2009 for general corporate purposes.
 interest on 2019 notes of approximately $ 50 million per year payable semi-annually arrears on june 10 and december 10 each year.
 notes may be redeemed prior to maturity in whole or in part at option company at 201cmake-whole 201d redemption price.
unamortized discount and debt issuance costs amortized over remaining term of 2019 notes.
 13.
 commitments contingencies operating lease commitments company leases primary office spaces under agreements expire through 2043.
 future minimum commitments under operating leases as follows : ( in millions ).
 in may 2017  company entered agreement with 50 hymc owner llc  for lease of approximately 847000 square feet of office space at 50 hudson yards, new york .
 term of lease is twenty years from rental payments begin expected to occur in may 2023  option to renew for specified term.
 lease requires annual base rental payments of approximately $ 51 million per year during first five years lease term increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1. 2 billion in base rent over twenty-year term ).
 lease classified as operating lease not recorded as liability on consolidated statements of financial condition.
 rent expense certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million $ 136 million in 2017 , 2016 2015  respectively.
 investment commitments.
 at december 31 , 2017  company had $ 298 million of various capital commitments to fund sponsored investment funds including consolidated vies.
 funds include private equity funds  real assets funds  opportunistic funds.
 amount excludes additional commitments by consolidated funds of funds to underlying third-party funds third-party noncontrolling interest holders have legal obligation to fund commitments funds.
 timing of funding of commitments unknown commitments callable on demand at any time prior to expiration of commitment.
 unfunded commitments not recorded on consolidated statements of financial condition.
commitments not include potential future commitments approved by company not yet legally binding.
 company intends to make additional capital commitments to fund additional investment products for with clients.
 contingencies contingent payments related to business acquisitions.
 with certain acquisitions blackrock required to make contingent payments subject to achieving specified performance targets may include revenue related to acquired contracts or new capital commitments for certain products.
 fair value of remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million  including $ 128 million related to first reserve transaction included in other liabilities on consolidated statements of financial condition.

year       | amount
---------- | ------
2018       | 141
2019       | 132
2020       | 126
2021       | 118
2022       | 109
thereafter | 1580
total      | $ 2206


noted above result of sales regulated subsidiaries presented as discontinued operations for all periods.
 amounts statistics tables in section refer only to on-going operations unless otherwise noted.
 following table sets forth regulated businesses operating revenue for 2012 number of customers from continuing operations estimate of population served as of december 31 , 2012 : operating revenues ( in millions ) % ( % ) of total number of customers % ) of total estimated population served ( in millions ) % ( % ) of total.
 ( a ) includes illinois-american water company ilawc american lake water company  regulated subsidiary in illinois.
 ( b ) west virginia-american water company  wvawc  subsidiary bluefield valley water works company.
 ( c ) includes data from operating subsidiaries in states : georgia , hawaii , iowa , kentucky, maryland , michigan, new york  tennessee virginia.
 approximately 87. 7% ( 87. 7 % ) of operating revenue from regulated businesses in 2012 generated from approximately 2. 7 million customers in seven largest states operating revenues.
 in fiscal year 2012  no single customer accounted for more than 10% ( 10 % ) of annual operating revenue.
 overview networks facilities water supply regulated businesses operate in approximately 1500 communities in 16 states in united states.
 primary operating assets include 80 surface water treatment plants  500 groundwater treatment plants  1000 groundwater wells  100 wastewater treatment facilities  1200 treated water storage facilities 1300 pumping stations  90 dams 46000 miles of mains and collection pipes.
 regulated utilities own all assets used by regulated businesses.
 generally own land and physical assets used to store  extract treat source water.
typically  we do not own water itself , held in public trust allocated to us through contracts allocation rights by federal state agencies or through ownership of water rights to local law.
 maintaining reliability of our networks is a key activity of our regulated businesses.
 we have ongoing infrastructure renewal programs in all states in our regulated businesses operate.
 these programs consist of rehabilitation of existing mains and replacement of mains end of useful service lives.
 our ability to meet existing future water demands of customers depends on adequate supply of water.
 drought  governmental restrictions  overuse of sources of water  protection of threatened species or habitats or other factors may limit availability of ground and surface water.
 we employ variety of measures to ensure adequate sources of water supply  short-term and long-term.
 geographic diversity of our service areas to mitigate economic effect of weather extremes

new jersey                    | operating revenues ( in millions ) $ 639.0 | % (  % ) of total 24.9% ( 24.9 % ) | number of customers 639838 | % (  % ) of total 20.3% ( 20.3 % ) | estimated population served ( in millions ) 2.5 | % (  % ) of total 21.9% ( 21.9 % )
----------------------------- | ------------------------------------------ | ---------------------------------- | -------------------------- | ---------------------------------- | ----------------------------------------------- | ----------------------------------
pennsylvania                  | 557.7                                      | 21.7% ( 21.7 % )                   | 658153                     | 20.8% ( 20.8 % )                   | 2.2                                             | 19.3% ( 19.3 % )
missouri                      | 279.5                                      | 10.9% ( 10.9 % )                   | 455730                     | 14.4% ( 14.4 % )                   | 1.5                                             | 13.2% ( 13.2 % )
illinois ( a )                | 256.4                                      | 10.0% ( 10.0 % )                   | 308014                     | 9.8% ( 9.8 % )                     | 1.2                                             | 10.5% ( 10.5 % )
indiana                       | 198.7                                      | 7.8% ( 7.8 % )                     | 289068                     | 9.2% ( 9.2 % )                     | 1.2                                             | 10.5% ( 10.5 % )
california                    | 193.3                                      | 7.5% ( 7.5 % )                     | 174188                     | 5.5% ( 5.5 % )                     | 0.6                                             | 5.3% ( 5.3 % )
west virginia ( b )           | 125.0                                      | 4.9% ( 4.9 % )                     | 172159                     | 5.4% ( 5.4 % )                     | 0.6                                             | 5.3% ( 5.3 % )
subtotal ( top seven states ) | 2249.6                                     | 87.7% ( 87.7 % )                   | 2697150                    | 85.4% ( 85.4 % )                   | 9.8                                             | 86.0% ( 86.0 % )
other ( c )                   | 314.8                                      | 12.3% ( 12.3 % )                   | 461076                     | 14.6% ( 14.6 % )                   | 1.6                                             | 14.0% ( 14.0 % )
total regulated businesses    | $ 2564.4                                   | 100.0% ( 100.0 % )                 | 3158226                    | 100.0% ( 100.0 % )                 | 11.4                                            | 100.0% ( 100.0 % )


notes to consolidated financial statements derivatives with credit-related contingent features firm 2019s derivatives transacted under bilateral agreements with counterparties may require firm to post collateral or terminate transactions based on changes in firm 2019s credit ratings.
 firm assesses impact of bilateral agreements by determining collateral or termination payments assuming downgrade by all rating agencies.
 downgrade by any one rating agency  depending on agency 2019s relative ratings firm at time downgrade may have impact comparable to impact downgrade by all rating agencies.
 table below presents aggregate fair value of net derivative liabilities under agreements ( excluding application collateral posted to reduce liabilities ) related aggregate fair value of assets posted as collateral  additional collateral or termination payments could have called at reporting date by counterparties in one-notch and two-notch downgrade in firm 2019s credit ratings.
 additional collateral or termination payments for one-notch downgrade 1534 1303 additional collateral or termination payments for two-notch downgrade 2500 2183 credit derivatives firm enters into broad array of credit derivatives in locations around world to facilitate client transactions manage credit risk associated with market- making investing lending activities.
 credit derivatives actively managed based on firm 2019s net risk position.
 credit derivatives are individually negotiated contracts can have various settlement and payment conventions.
 credit events include failure to pay  bankruptcy  acceleration of indebtedness  restructuring  repudiation dissolution of reference entity.
 credit default swaps.
 single-name credit default swaps protect buyer against loss of principal on bonds  loans or mortgages ( reference obligations ) in event issuer ( reference entity ) of reference obligations suffers a credit event.
buyer of protection pays initial or periodic premium to seller and receives protection for period of contract.
 if no credit event , defined in contract, seller of protection makes no payments to buyer of protection.
 if credit event occurs , seller of protection required to make payment to buyer of protection , calculated in accordance with terms of contract.
 credit indices , baskets and tranches.
 credit derivatives may reference basket of single-name credit default swaps or broad-based index.
 if credit event occurs in underlying reference obligations, protection seller pays protection buyer.
 payment is typically a pro-rata portion of transaction 2019s total notional amount based on underlying defaulted reference obligation.
 in certain transactions , credit risk of basket or index is separated into various portions ( tranches ) each having different levels of subordination.
 most junior tranches cover initial defaults once losses exceed notional amount of junior tranches , excess loss covered by next most senior tranche in capital structure.
 total return swaps.
 total return swap transfers risks relating to economic performance of reference obligation from protection buyer to protection seller.
 typically protection buyer receives from protection seller floating rate of interest and protection against reduction in fair value of reference obligation  in return protection seller receives cash flows associated with reference obligation  plus any increase in fair value of reference obligation.
 credit options.
 in credit option , option writer assumes obligation to purchase or sell reference obligation at specified price or credit spread.
 option purchaser buys right  but does not assume obligation to sell reference obligation to or purchase from  option writer.
 payments on credit options depend either on particular credit spread or price of reference obligation.
firm economically hedges exposure to written credit derivatives primarily by offsetting purchased credit derivatives with identical underlyings.
 substantially all firm 2019s purchased credit derivative transactions are with financial institutions subject to stringent collateral thresholds.
 in , upon of specified trigger event , firm may take possession of reference obligations underlying particular written credit derivative , may , upon liquidation reference obligations recover amounts on underlying reference obligations in event of default.
 140 goldman sachs 2012 annual report

in millions                                                             | as of december 2012 | as of december 2011
----------------------------------------------------------------------- | ------------------- | -------------------
net derivative liabilities under bilateral agreements                   | $ 27885             | $ 35066
collateral posted                                                       | 24296               | 29002
additional collateral or termination payments for a one-notch downgrade | 1534                | 1303
additional collateral or termination payments for a two-notch downgrade | 2500                | 2183


assumptions constant table reflects one hundred basis point increase and decrease in estimated long-term rate of return on plan assets on estimated 2011 pension expense ( in millions ) : change in long-term rate of return on plan assets.
 estimated future contributions estimate contributions of approximately $ 403 million in 2011 compared with $ 288 million in goodwill and other intangible assets goodwill represents excess of cost over fair market value of net assets acquired.
 classify intangible assets acquired as trademarks , customer relationships , technology  non-compete agreements  or other purchased intangibles.
 goodwill and other intangible balances at december 31 , 2010 increased to $ 8. 6 billion and $ 3. 6 billion  respectively compared to $ 6. 1 billion and $ 791 million  respectively at december 31 , 2009 primarily result of hewitt acquisition.
 goodwill not amortized we test it for impairment annually in fourth quarter.
 quarter also test acquired trademarks ( not amortized ) for impairment.
 test more frequently if indicators of impairment or business circumstances suggest carrying value of goodwill or trademarks may not be recoverable.
 indicators may include sustained significant decline in share price and market capitalization decline in expected future cash flows significant adverse change in legal factors or business climate.
 no events occurred during 2010 or 2009 indicate existence of impairment with respect to reported goodwill or trademarks.
 perform impairment reviews at reporting unit level.
 reporting unit is operating segment or one level below operating segment ( referred to as 2018 2018component 2019 ).
 component of operating segment is reporting unit if component constitutes business for which discrete financial information is available and segment management regularly reviews operating results of component.
operating segment deemed to be a reporting unit if all components similar , if none of components is a reporting unit , or if segment comprises only a single component.
 goodwill impairment test is a two step analysis.
 step one requires fair value of each reporting unit to compared to its book value.
 management must apply judgment in determining estimated fair value of reporting units.
 if fair value of reporting unit determined greater than carrying value reporting unit , goodwill and trademarks deemed not to be impaired no further testing necessary.
 if fair value of reporting unit less than carrying value, we perform step two.
 step two uses calculated fair value of reporting unit to perform hypothetical purchase price allocation to fair value of assets and liabilities of reporting unit.
 difference between fair value of reporting unit calculated in step one and fair value of underlying assets and liabilities reporting unit is implied fair value of reporting unit 2019s goodwill.
 charge recorded in financial statements if carrying value of reporting unit 2019s goodwill greater than implied fair value.

increase ( decrease ) in expense | change in long-term rateof return on plan assets increase | change in long-term rateof return on plan assets decrease
-------------------------------- | --------------------------------------------------------- | ---------------------------------------------------------
u.s . plans                      | $ -14 ( 14 )                                              | $ 14
u.k . plans                      | -35 ( 35 )                                                | 35
the netherlands plan             | -5 ( 5 )                                                  | 5
canada plans                     | -2 ( 2 )                                                  | 2


working on site.
 company resolved five of eight pending lawsuits from matter believes has adequate insurance to resolve remaining matters.
 company believes settlement of lawsuits not have material adverse effect on consolidated financial statements.
 during 2009 third quarter , in connection with environmental site remediation action under cer- cla , international paper submitted to epa a feasibility study for this site.
 epa intends to select proposed remedial action alternative from study present proposal for public comment.
 not currently possible to determine final remedial action required company has accrued  as of december 31 , 2009 , estimate of minimum costs could required for this site.
 when remediation plan finalized by epa possible remediation costs could be sig- nificantly higher than amounts currently recorded.
 exterior siding and roofing litigation international paper established reserves relating to settlement  during 1998 and 1999 , of three nationwide class action lawsuits against com- pany and masonite corp. former wholly-owned subsidiary of company.
 settlements relate to 1 ) exterior hardboard siding installed during 1980 2019s and 1990 2019s hardboard claims ) ; 2 ) omniwood siding installed during 1990 2019s ( omniwood claims ) ; and 3 ) woodruf roofing installed during 1980 2019s and 1990 2019s ( woodruf claims ).
 all hardboard claims required to be made by january 15 , 2008  all omniwood and woodruf claims required made by jan- uary 6 , 2009.
 following table presents analysis of total reserve activity related to hardboard , omniwood and woodruf settlements for years ended december 31 , 2009 , 2008 and 2007 : in millions total.
 company believes aggregate reserve balance remaining at december 31 , 2009 is adequate to cover final settlement of remaining claims.
company involved in inquiries , administrative proceedings litigation relating to contracts  sales of property intellectual property environmental safety matters tax  personal injury labor employment other matters  some allege substantial monetary damages.
 proceeding litigation uncertainty, company believes outcome of lawsuits or claims pending or threatened all combined not have material adverse effect on its consolidated financial statements.
 note 12 variable interest entities preferred securities of subsidiaries variable interest entities in connection with 2006 sale of approximately 5. 6 million acres of forestlands  international paper received installment notes ( timber notes ) total- ing approximately $ 4. 8 billion.
 timber notes  do not require principal payments prior to august 2016 maturity supported by irrev- ocable letters of credit obtained by buyers forestlands.
 during 2006 fourth quarter  interna- tional paper contributed timber notes to newly formed entities ( borrower entities ) in exchange for class a and class b interests in entities.
 subsequently international paper contributed $ 200 million class a interests in borrower enti- ties  along with approximately $ 400 million of international paper promissory notes to other newly formed entities ( investor entities ) in exchange for class a and class b interests in entities simultaneously sold its class a interest in investor entities to third party investor.
 at december 31 , 2006 , international paper held class b interests in borrower entities and class b interests in investor entities valued at approx- imately $ 5. 0 billion.
 international paper has no obligation to make further capital contributions to entities did not provide financial or other support during 2009 , 2008 or 2007 not previously contractually required.
based on analysis of these entities under guidance considers potential magnitude of variability in structure and which party bears majority of gains or losses , international paper determined it not primary beneficiary of these entities

in millions              | total
------------------------ | ----------
balance december 31 2006 | $ 124
payments                 | -78 ( 78 )
balance december 31 2007 | 46
additional provision     | 82
payments                 | -87 ( 87 )
balance december 31 2008 | 41
payments                 | -38 ( 38 )
balance december 31 2009 | $ 3


duke realty corporation annual report , 200844 estimated with reasonable accuracy.
 percentage of completion estimates based on comparison of contract expenditures incurred to estimated final costs.
 changes in job performance , job conditions and estimated profitability may result in revisions to costs and income recognized in period revisions determined.
 unbilled receivables on construction contracts totaled $ 22. 7 million and $ 33. 1 million at december 31 , 2008 and 2007 , respectively.
 property sales gains on sales of all properties recognized in accordance with sfas 66.
 specific timing of sale measured against criteria in sfas 66 related to terms of transactions continuing involvement in management or financial assistance from seller associated with properties.
 we make judgments based on specific terms of each transaction amount total profit from transaction recognize considering factors continuing ownership interest with buyer ( 201cpartial sales 201d ) level of future involvement with property or buyer acquires assets.
 if sales criteria not met  defer gain recognition account for continued operations of property by applying finance , installment or cost recovery methods  appropriate until full accrual sales criteria met.
 estimated future costs incurred after completion of each sale included in determination of gain on sales.
 gains from sales of depreciated property included in discontinued operations proceeds from sale of held-for-rental properties classified in investing activities section of consolidated statements of cash flows.
 gains or losses from sale of properties developed or repositioned with intent to sell and not for long-term rental ( 201cbuild-for- sale 201d properties ) classified as gain on sale of build-for-sale properties in consolidated statements of operations.
 all activities and proceeds received from development and sale of these buildings classified in operating activities section of consolidated statements of cash flows.
net income per common share basic net income computed by dividing net income available for common shareholders by weighted average number of common shares outstanding for period.
 diluted net income share computed by dividing sum net income available for common shareholders and minority interest in earnings to units not owned by us by sum of weighted average number of common shares outstanding and minority units outstanding including potential dilutive securities for period.
 table reconciles components of basic and diluted net income per common share ( in thousands ) :.
 weighted average number of common shares and potential dilutive securities 155041 149614 149393 ( 1 ) excludes ) 7731 , 780 and 719 of anti-dilutive shares for years ended december 31 , 2008 , 2007 2006 .
 also excludes 3. 75% ( 3. 75 % ) exchangeable senior notes due november 2011 ( 201cexchangeable notes 201d ) issued in 2006  anti-dilutive effect on earnings per share for years ended december 31, 2008 , 2007 2006.
 joint venture partner in option to convert portion of ownership to our common shares.
 effect of option on earnings per share was anti-dilutive for years ended december 31 , 2008 , 2007 and 2006.

| 2008    | 2007     | 2006
-------------------------------------------------------------------------- | ------- | -------- | --------
basic net income available for common shareholders                         | $ 56616 | $ 217692 | $ 145095
minority interest in earnings of common unitholders                        | 2968    | 14399    | 14238
diluted net income available for common shareholders                       | $ 59584 | $ 232091 | $ 159333
weighted average number of common shares outstanding                       | 146915  | 139255   | 134883
weighted average partnership units outstanding                             | 7619    | 9204     | 13186
dilutive shares for stock-based compensation plans ( 1 )                   | 507     | 1155     | 1324
weighted average number of common shares and potential dilutive securities | 155041  | 149614   | 149393


management 2019s discussion analysis net interest income 2012 versus 2011.
 net interest income on consolidated statements of earnings was $ 3. 88 billion for 2012 , 25% ( 25 % ) lower than 2011.
 decrease 2011 primarily due to lower average yields on financial instruments owned  at fair value  collateralized agreements.
 2011 versus 2010.
 net interest income on consolidated statements earnings was $ 5. 19 billion for 2011 , 6% ( 6 % ) lower than 2010.
 decrease 2010 primarily due to higher interest expense to long-term borrowings higher dividend expense to financial instruments sold not yet purchased partially offset by increase in interest income from higher yielding collateralized agreements.
 operating expenses operating expenses influenced by compensation , headcount business activity.
 compensation benefits includes salaries  discretionary compensation  amortization of equity awards other items benefits.
 discretionary compensation impacted by level net revenues overall financial performance prevailing labor markets business mix structure of share-based compensation programs external environment.
 in context difficult economic financial conditions firm launched initiative during second quarter of 2011 to identify areas operate more efficiently reduce operating expenses.
 during 2012 and 2011  announced targeted annual run rate compensation and non-compensation reductions of approximately $ 1. 9 billion in aggregate.
 table below presents operating expenses total staff.
 total staff at period-end 2 32400 33300 35700 1.
 related revenues included in 201cmarket making 201d on consolidated statements of earnings.
.
 includes employees , consultants temporary staff.
 48 goldman sachs 2012 annual report

$ in millions                                    | year ended december 2012 | year ended december 2011 | year ended december 2010
------------------------------------------------ | ------------------------ | ------------------------ | ------------------------
compensation and benefits                        | $ 12944                  | $ 12223                  | $ 15376
u.k . bank payrolltax                            | 2014                     | 2014                     | 465
brokerage clearing exchange anddistribution fees | 2208                     | 2463                     | 2281
market development                               | 509                      | 640                      | 530
communications and technology                    | 782                      | 828                      | 758
depreciation and amortization                    | 1738                     | 1865                     | 1889
occupancy                                        | 875                      | 1030                     | 1086
professional fees                                | 867                      | 992                      | 927
insurance reserves1                              | 598                      | 529                      | 398
other expenses                                   | 2435                     | 2072                     | 2559
total non-compensation expenses                  | 10012                    | 10419                    | 10428
total operating expenses                         | $ 22956                  | $ 22642                  | $ 26269
total staff atperiod-end2                        | 32400                    | 33300                    | 35700


pnc financial services group , inc.
 2013 form 10-k 155 other legal proceedings material adverse effect on our financial position.
 we cannot now determine whether not claims asserted against us or others indemnification obligations , in proceedings or other matters described or otherwise material adverse effect on our results of operations in future reporting period  depend on amount loss from claim and amount income reported for reporting period.
 note 20 commitments in normal course of business  have various commitments outstanding  certain not included on our consolidated balance sheet.
 following table presents our outstanding commitments to extend credit with significant other commitments as of december 31 , 2018 and 2017 , respectively.
 table 94 : commitments to extend credit and other commitments in millions december 31 december 31.
 commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions.
 commitments have fixed expiration dates may require payment fee  contain termination clauses in customer 2019s credit quality deteriorates.
 net outstanding standby letters of credit we issue standby letters of credit and share in risk of standby letters of credit issued by other financial institutions  to support obligations of customers to third parties , insurance requirements and facilitation of transactions involving capital markets product execution.
 approximately 91% ( 91 % ) of our net outstanding standby letters of credit were rated as pass at both december 31 , 2018 and 2017 , remainder rated as criticized.
 internal credit rating of pass indicates expected risk of loss low , rating of criticized indicates higher degree of risk.
if customer fails to meet financial or performance obligation to third party under terms contract or need to support remarketing program , upon draw by beneficiary , subject to terms letter of credit , we obligated to make payment.
 standby letters of credit outstanding on december 31 , 2018 had terms ranging from less than one year to six years.
 as of december 31 , 2018  assets of $ 1. 1 billion secured certain specifically identified standby letters of credit.
 portion of remaining standby letters of credit issued on behalf of specific customers secured by collateral or guarantees secure customers 2019 other obligations to us.
 carrying amount of liability for obligations related to standby letters of credit and participations letters credit was $. 2 billion at december 31 , 2018 included in other liabilities on consolidated balance sheet.

in millions                                              | december 31 2018 | december 312017
-------------------------------------------------------- | ---------------- | ---------------
commitments to extend credit                             |                  |
total commercial lending                                 | $ 120165         | $ 112125
home equity lines of credit                              | 16944            | 17852
credit card                                              | 27100            | 24911
other                                                    | 5069             | 4753
total commitments to extend credit                       | 169278           | 159641
net outstanding standby letters of credit ( a )          | 8655             | 8651
reinsurance agreements ( b )                             | 1549             | 1654
standby bond purchase agreements ( c )                   | 1000             | 843
other commitments ( d )                                  | 1130             | 1732
total commitments to extend credit and other commitments | $ 181612         | $ 172521


notes to consolidated financial statements credit agreement provides loans bear interest at rates based at company 2019s option , on one of two specified base rates plus margin based on certain formulas defined in credit agreement.
 credit agreement contains commitment fee on amount unused commitment credit agreement ranging from 0. 125% ( 0. 125 % ) to 0. 625% ( 0. 625 % ) per annum.
 applicable interest rate and commitment fee vary depending on ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc.
 for company 2019s non-credit enhanced , long- term , senior , unsecured debt.
 credit agreement contains usual restrictive covenants for facilities type include limitations on company 2019s ability to create liens or other encumbrances enter into sale and leaseback transactions enter consolidations , mergers or transfers of all or assets.
 credit agreement requires company to maintain ratio of total indebtedness to total capitalization  credit of sixty percent or less.
 credit agreement contains customary events of default permit lenders to accelerate repayment of loans including failure to make timely payments credit agreement or other material indebtedness failure to satisfy covenants credit agreement change in control of company specified events of bankruptcy and insolvency.
 no amounts outstanding under credit agreement at december 31 , on november 12 , 2010 , ppg completed public offering of $ 250 million in aggregate principal amount of its 1. 900% ( 1. 900 % ) notes due 2016 ( 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of 3. 600% ( 3. 600 % ) notes due 2020 ( 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of its 5. 500% ( 5.500 % ) notes due 2040 ( 201c2040 notes 201d ).
 notes issued pursuant to indenture dated march 18 , 2008 ( 201coriginal indenture 201d ) between company and bank of new york mellon trust company , n. a. , as trustee ( 201ctrustee 201d ) supplemented by first supplemental indenture dated march 18 , 2008 between company trustee ( 201cfirst supplemental indenture 201d ) and second supplemental indenture november 12, 2010 between company and trustee ( 201csecond supplemental indenture 201d and  together with original indenture and first supplemental indenture , 201cindenture 201d ).
 company may issue additional debt original indenture.
 indenture governing these notes contains covenants limit company 2019s ability to  incur liens securing indebtedness  engage in sale-leaseback transactions  enter into consolidations , mergers , conveyances , transfers or leases of all or all company 2019s assets.
 terms of notes require company to make offer to repurchase notes upon change of control triggering event ( as defined in second supplemental indenture ) at price equal to 101% ( 101 % ) of principal amount plus accrued and unpaid interest.
 cash proceeds from this notes offering was $ 983 million ( net of discount and issuance costs ).
 discount and issuance costs related to notes  totaled $ 17 million  will be amortized to interest expense over respective terms of notes.
 ppg 2019s non-u. s.
 operations have uncommitted lines of credit totaling $ 791 million of $ 31 million was used as of december 31 , 2010.
 these uncommitted lines of credit subject to cancellation not subject to commitment fees.
short-term debt outstanding as of december 31 , 2010 and 2009  was : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0. 8% ( 0. 8 % ) as of dec.
 31 , 2009 $ 2014 $ 110 other weighted average 3. 39% ( 3. 39 % ) as of dec.
 31 , 2010 and 2. 2% ( 2. 2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg in compliance with restrictive covenants under credit agreements, loan agreements indentures.
 company 2019s revolving credit agreements include financial ratio covenant.
 covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related to pensions and postretirement benefit adjustments.
 as of december 31 , 2010  total indebtedness was 45% ( 45 % ) of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related pensions postretirement benefit adjustments.
 all company 2019s debt agreements contain cross- default provisions.
 default on debt service payment of $ 10 million or more for longer than grace period usually 10 days ) under one agreement may result in default under other agreements.
 none of company 2019s primary debt obligations secured or guaranteed by company 2019s affiliates.
 interest payments in 2010 , 2009 and 2008 totaled $ 189 million , $ 201 million and $ 228 million .
 2010 annual report form 10-k 43.
 credit agreement provides loans will bear interest at rates based at company 2019s option on one of two specified base rates plus margin based on certain formulas defined in credit agreement.
 credit agreement contains commitment fee on unused commitment credit agreement ranging from 0. 125%. to 0. 625% ( 0.625 % ) per annum.
 applicable interest rate commitment fee vary depending on ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc.
 for company 2019s non-credit enhanced , long- term , senior , unsecured debt.
 credit agreement contains usual restrictive covenants for facilities its type include limitations on company 2019s ability to create liens other encumbrances  enter into sale and leaseback transactions enter consolidations , mergers or transfers of all or assets.
 credit agreement requires company to maintain ratio of total indebtedness to total capitalization  of sixty percent or less.
 credit agreement contains customary events of default permit lenders to accelerate repayment of loans , including failure to make timely payments due credit agreement other material indebtedness  failure to satisfy covenants in credit agreement change in control of company specified events of bankruptcy and insolvency.
 no amounts outstanding under credit agreement at december 31 , on november 12 , 2010 , ppg completed public offering of $ 250 million in aggregate principal amount of 1. 900% ( 1. 900 % ) notes due 2016 ( 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of 3. 600% ( 3. 600 % ) notes due 2020 ( 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of 5. 500% ( 5. 500 % ) notes due 2040 ( 201c2040 notes 201d ).
 these notes issued pursuant to indenture dated of march 18 , 2008 ( 201coriginal indenture 201d ) between company and bank of new york mellon trust company .trustee ( 201ctrustee 201d ) supplemented by first supplemental indenture dated march 18 , 2008 between company trustee ( 201cfirst supplemental indenture 201d ) and second supplemental indenture november 12 , 2010 between company trustee ( 201csecond supplemental indenture 201d  together with original indenture and first supplemental indenture , 201cindenture 201d ).
 company may issue additional debt pursuant original indenture.
 indenture governing these notes contains covenants limit company 2019s ability to incur liens securing indebtedness  engage in sale-leaseback transactions  enter consolidations , mergers  conveyances  transfers or leases of all or company 2019s assets.
 terms of notes require company to make offer to repurchase notes upon change of control triggering event ( defined in second supplemental indenture ) at price equal to 101% ( 101 % ) of principal amount plus accrued and unpaid interest.
 cash proceeds from notes offering was $ 983 million ( net of discount and issuance costs ).
 discount and issuance costs related to notes totaled $ 17 million  will be amortized to interest expense over terms of notes.
 ppg 2019s non-u.
 operations have uncommitted lines of credit totaling $ 791 million of $ 31 million used as of december 31 , 2010.
 uncommitted lines of credit subject to cancellation not subject to commitment fees.
 short-term debt outstanding as of december 31 , 2010 and 2009  was as follows : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0. 8% ( 0. 8 % ) as of dec.
 31 , 2009 $ 2014 $ 110 other  weighted average 3. 39% ( 3. 39 % ) as of dec.
 31 , 2010 and 2. 2% ( 2.2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg in compliance with restrictive covenants under credit agreements , loan agreements indentures.
 company 2019s revolving credit agreements include financial ratio covenant.
 covenant requires total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding accumulated other comprehensive income loss ) related to pensions postretirement benefit adjustments.
 as of december 31 , 2010 , total indebtedness was 45% ( 45 % ) of company 2019s total capitalization excluding other income loss ) related pensions postretirement benefit adjustments.
 all company 2019s debt agreements contain cross- default provisions.
 provisions provide default on debt service payment of $ 10 million or more for longer than grace period ( usually 10 days ) one agreement may result in default under other agreements.
 none of company 2019s primary debt obligations secured or guaranteed by company 2019s affiliates.
 interest payments in 2010 , 2009 2008 totaled $ 189 million , $ 201 million $ 228 million , respectively.
 2010 ppg annual report and form 10-k 43

( millions )                                                                                | 2010   | 2009
----------------------------------------------------------------------------------------------------- | ------ | -----
20ac650 million revolving credit facility 0.8% ( 0.8 % ) as of dec . 31 2009                          | $ 2014 | $ 110
other weighted average 3.39% ( 3.39 % ) as of dec . 31 2010 and 2.2% ( 2.2 % ) as of december 31 2009 | 24     | 158
total                                                                                | $ 24   | $ 268


( $ 125 million ) higher maintenance outage costs ( $ 18 million ).
 operating profits 2012 include costs $ 184 million acquisition integration of temple-inland mill divestiture costs $ 91 million costs restructuring of european packaging busi ness $ 17 million $ 3 million gain for other items operating costs in 2011 included costs signing agreement to acquire temple-inland $ 20 million gain $ 7 million for other items.
 industrial packaging.
 north american industr packaging net sales were $ 11. 6 billion in 2012 compared with $ 8. 6 billion in 2011 $ 8. 4 billion in 2010.
 operating profits in 2012 were $ 1. 0 billion ( $ 1. 3 billion exclud- ing costs acquisition integration of temple-inland mill divestiture costs ) compared with $ 1. 1 billion ( including excluding costs signing agree- ment to acquire temple-inland in 2011 $ 763 million ( $ 776 million excluding facility closure costs ) in 2010.
 sales volumes for legacy business flat in 2012 compared with 2011.
 average sales price lower due to export containerboard sales prices bottomed out first quarter climbed steadily rest of year.
 input costs lower for recycled fiber  wood natural gas higher for starch.
 freight costs increased.
 plan- ned maintenance downtime costs higher than 2011.
 operating costs higher due to routine inventory valuation adjustments operating profits 2012 benefited from $ 235 million of temple-inland synergies.
 market-related downtime in 2012 was about 570000 tons compared with 380000 tons in 2011.
 operating profits 2012 included $ 184 million costs acquisition integration of temple-inland $ 91 million costs divestiture of three containerboard mills.
 operating profits in 2011 included charges $ 20 million for costs signing agreement to acquire temple- inland.
to 2013  sales volumes first quarter compared with fourth quarter 2012 expected to increase slightly for boxes due to higher shipping days.
 average sales price realizations reflect pass-through to box customers of containerboard price increase implemented 2012.
 input costs expected higher for recycled fiber  wood starch.
 planned maintenance downtime costs expected $ 26 million higher with outages scheduled at eight mills compared with six mills 2012 fourth quarter.
 manufacturing operating costs expected lower.
 european industr packaging net sales were $ 1. 0 billion in 2012 compared with $ 1. 1 billion in 2011 $ 990 million in 2010.
 operating profits 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding gain for bargain purchase price adjustment on acquisition joint venture in turkey costs closure of etienne mill in france in 2009 ) in 2011 $ 70 mil- lion ( $ 73 million before closure costs for etienne mill ) in 2010.
 sales volumes 2012 lower than 2011 reflecting decreased demand for packaging industrial market due to weaker economic environment in southern europe.
 demand for pack- aging in agricultural markets flat year- over-year.
 average sales margins increased due to sales price increases 2011 2012 lower board costs.
 other input costs higher primarily for energy and distribution.
 operat- ing profits 2012 included net gain of $ 10 million for insurance settlement offset by addi- tional operating costs related to earthquakes in northern italy affected san felice box plant.
 first quarter of 2013 sales volumes expected stable reflecting seasonal decrease in market demand in agricultural markets offset by increase in industrial markets.
 average sales margins expected to improve due to lower input costs for containerboard.
 other input costs about flat.
operating costs expected higher reflecting absence earthquake insurance settlement received in 2012 fourth quar- asian industr ia l packaging net sales operating profits include results sca pack- aging since acquisition june 30 , 2010 includ impact incremental integration costs.
 net sales for packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 $ 255 million in 2010.
 operating profits packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 loss of $ 7 million ( loss $ 4 million excluding facility closure costs ) in 2010.
 operating profits impacted by higher average sales margins 2012 compared 2011 benefit offset by lower sales volumes higher raw material costs operating costs.
 first quarter of 2013 sales volumes average sales margins expected decrease due to seasonality.
 net sales distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 $ 240 million in 2010.
 operating profits $ 3 million in 2012 compared with $ 3 million in 2011 about breakeven in 2010.

in millions      | 2012    | 2011    | 2010
---------------- | ------- | ------- | ------
sales            | $ 13280 | $ 10430 | $ 9840
operating profit | 1066    | 1147    | 826


part i item 1 entergy corporation , utility operating companies  system energy asbestos litigation ( entergy arkansas , entergy gulf states louisiana  entergy louisiana  entergy mississippi  entergy new orleans  entergy texas ) numerous lawsuits filed in federal and state courts primarily in texas and louisiana  primarily by contractor employees worked in 1940-1980s timeframe against entergy gulf states louisiana entergy texas  lesser extent other utility operating companies  as premises owners of power plants for damages caused by alleged exposure to asbestos.
 many other defendants named in lawsuits.
 currently approximately 500 lawsuits involving approximately 5000 claimants.
 management believes adequate provisions established to cover exposure.
 negotiations continue with insurers to recover reimbursements.
 management believes loss exposure will continue to be handled ultimate resolution of matters not material to financial position or results of operation of utility operating companies.
 employment and labor-related proceedings ( entergy corporation , entergy arkansas  entergy gulf states louisiana  entergy louisiana entergy mississippi  entergy new orleans entergy texas  system energy ) registrant subsidiaries other entergy subsidiaries responding to various lawsuits in state and federal courts other labor-related proceedings filed by current and former employees.
 amount of damages sought not specified in these proceedings.
actions include allegations of wrongful employment actions ; wage disputes claims under fair labor standards act or state counterparts ; claims of race , gender disability discrimination ; disputes under collective bargaining agreements ; unfair labor practice proceedings administrative proceedings before national labor relations board ; claims of retaliation ; claims for benefits under entergy corporation sponsored plans.
 entergy and registrant subsidiaries responding to suits proceedings deny liability to claimants.
 employees employees integral part of entergy 2019s commitment to serving customers.
 as of december 31 , 2011  entergy subsidiaries employed 14682 people.
 utility.
 approximately 5300 employees represented by international brotherhood of electrical workers  utility workers union of america  international brotherhood of teamsters  united government security officers of america  international union , security , police , fire professionals of america.

entergy arkansas              | 1357
----------------------------- | -----
entergy gulf states louisiana | 805
entergy louisiana             | 937
entergy mississippi           | 736
entergy new orleans           | 342
entergy texas                 | 674
system energy                 | -
entergy operations            | 2867
entergy services              | 3138
entergy nuclear operations    | 3709
other subsidiaries            | 117
total entergy                 | 14682


standardized maintenance based industry trade publication  we operate eighth largest vocational fleet in united states.
 as of december 31 , 2014  average fleet age in years  by line of business  was : approximate number of vehicles approximate average age.
 through standardization of core functions  we believe we can minimize variability in maintenance processes in higher vehicle quality extending service life of fleet.
 believe operating more reliable , safer efficient fleet will lower operating costs.
 implemented standardized maintenance programs for approximately 60% ( 60 % ) of fleet maintenance operations as of december 31 , 2014.
 cash utilization strategy key components cash utilization strategy include increasing free cash flow improving return on invested capital.
 definition of free cash flow  not measure determined with united states generally accepted accounting principles.
 is cash provided by operating activities less purchases of property and equipment plus proceeds from sales of property and equipment in consolidated statements of cash flows.
 for discussion reconciliation of free cash flow  read 201cfree cash flow 201d section of management 2019s discussion and analysis of financial condition and results of operations in item 7 of form 10-k.
 believe free cash flow drives shareholder value provides useful information regarding recurring cash provided by operations.
 free cash flow demonstrates ability to execute cash utilization strategy includes investments in acquisitions returning majority of free cash flow to shareholders through dividends and share repurchases.
 committed to efficient capital structure maintaining investment grade credit ratings.
 manage free cash flow by ensuring capital expenditures and operating asset levels appropriate in light existing business and growth opportunities closely managing working capital  consists primarily of accounts receivable , accounts payable , accrued landfill and environmental costs.
dividends july 2003 board of directors initiated quarterly cash dividend of $ 0. 04 per share.
 quarterly dividend increased time to time latest increase july 2014 to $ 0. 28 per share representing 7. 7% ( 7. 7 % ) increase over prior year.
 last 5 years dividend increased at compounded annual growth rate of 8. 1% ( 8. 1 % ).
 expect to continue paying quarterly cash dividends may consider additional dividend increases if enhance shareholder value.
 share repurchases october 2013  board of directors added $ 650 million to existing share repurchase authorization originally approved november 2010.
 from november 2010 to december 31, 2014 used $ 1439. 5 million to repurchase 46. 6 million shares of common stock at weighted average cost per share of $ 30. 88.
 as of december 31 , 2014 $ 360. 2 million remaining under share repurchase authorization.
 during 2015  expect to use remaining authorization to repurchase more of outstanding common stock.

| approximate number of vehicles | approximate average age
----------- | ------------------------------ | -----------------------
residential | 7600                           | 7
commercial  | 4300                           | 7
industrial  | 3900                           | 9
total       | 15800                          | 7.5


notes consolidated financial statements march 18 , 2008  ppg completed public offering $ 600 million aggregate principal amount 5. 75% ( 5. 75 % ) notes due 2013 ( 201c2013 notes 201d ), $ 700 million aggregate principal amount 6. 65% ( 6. 65 % ) notes due 2018 ( 201c2018 notes 201d ) $ 250 million aggregate principal amount 7. 70% ( 7. 70 % ) notes due 2038 ( 201c2038 notes 201d together 2013 notes and 2018 notes , 201cnotes 201d ).
 notes offered company pursuant existing shelf registration.
 proceeds of offering $ 1538 million ( net of discount and issuance costs ) additional borrowings $ 195 million under 20ac650 million revolving credit facility used to repay existing debt including certain short-term debt amounts outstanding under 20ac1 billion bridge loan.
 no further amounts can be borrowed under 20ac1 billion bridge loan.
 discount and issuance costs related to notes  totaled $ 12 million  amortized to interest expense over respective lives of notes.
 short-term debt outstanding as of december 31 , 2008 and 2007  follows : ( millions ) 2008 2007.
 total $ 784 $ 1818 ( 1 ) borrowings under facility have term of 30 days rolled over monthly until facility expires 2010.
 ppg compliance with restrictive covenants under various credit agreements, loan agreements indentures.
 company 2019s revolving credit agreements include financial ratio covenant.
 covenant requires amount total indebtedness not exceed 60% ( 60 % ) of company 2019s total capitalization excluding portion accumulated other comprehensive income ( loss ) related to pensions postretirement benefit adjustments.
of december 31, 2008 total indebtedness was 45% ( 45 % ) of company 2019s total capitalization excluding accumulated other comprehensive income ( loss ) related to pensions postretirement benefit adjustments.
 all company 2019s debt agreements contain cross- default provisions.
 default on debt service payment of $ 10 million or more for longer than grace period usually 10 days ) one agreement may result in default under other agreements.
 none company 2019s primary debt obligations secured or guaranteed by 2019s affiliates.
 interest payments in 2008 , 2007 2006 totaled $ 228 million , $ 102 million $ 90 million.
 rental expense for operating leases was $ 267 million , $ 188 million $ 161 million in 2008  2007 2006.
 primary leased assets include paint stores  transportation equipment  warehouses distribution facilities office space  including company 2019s corporate headquarters in pittsburgh , pa.
 minimum lease commitments for operating leases initial or remaining lease terms in excess of one year as of december 31 , 2008 are in millions $ 126 in 2009 , $ 107 in 2010 , $ 82 in 2011 , $ 65 in 2012  $ 51 in 2013 $ 202 thereafter.
 company had outstanding letters of credit of $ 82 million as of december 31 , 2008.
 letters of credit secure company 2019s performance to third parties under self-insurance programs other commitments in ordinary of business.
 as of december 31 , 2008 and 2007 guarantees outstanding were $ 70 million.
 guarantees relate primarily to debt of certain entities in which ppg has ownership interest selected customers of company 2019s businesses.
 portion of debt secured by assets of related entities.
carrying values guarantees were $ 9 million and $ 3 million as of december 31 , 2008 and 2007  fair values were $ 40 million and $ 17 million  as of december 31 , 2008 2007.
 company believe loss related to letters of credit or guarantees likely.
 10.
 financial instruments  excluding derivative financial instruments included in ppg 2019s financial instrument portfolio are cash cash equivalents  cash held in escrow  marketable equity securities  company-owned life insurance short- long-term debt instruments.
 fair values financial instruments approximated carrying values except for long-term debt ( excluding capital lease obligations ) had carrying and fair values totaling $ 3122 million and $ 3035 million  respectively as of december 31 , 2008.
 corresponding amounts as of december 31 , 2007  were $ 1201 million and $ 1226 million .
 fair values debt instruments based on discounted cash flows interest rates available for instruments same remaining maturities.
 2008 ppg annual report and form 10-k 45

( millions )                                                                                | 2008   | 2007
--------------------------------------------------------------------------------------------------- | ------ | ------
20ac1 billion bridge loan agreement 5.2% ( 5.2 % )                                                  | $ 2014 | $ 1047
u.s . commercial paper 5.3% ( 5.3 % ) as of dec . 31 2008                                           | 222    | 617
20ac650 million revolving credit facility weighted average 2.9% ( 2.9 % ) as of dec . 31 2008 ( 1 ) | 200    | 2014
other weighted average 4.0% ( 4.0 % ) as of dec . 31 2008                                           | 362    | 154
total                                                                                | $ 784  | $ 1818


notes to financial statements reduction of debt or accrued interest.
 new esop shares released considered outstanding computing earnings per common share.
 unreleased new shares not outstanding.
 pensions other postretirement benefits in september 2006 fasb issued sfas no.
 158 , 201cemployers 2019 accounting for defined benefit pension postretirement plans amendment of fasb statements no.
 87 , 88  106  132 ( r ). 201d under new standard company must recognize net liability asset to report funded status of defined benefit pension postretirement benefit plans on balance sheets recognize changes in funded status year changes through charges credits to comprehensive income.
 sfas no.
 158 change how pensions postretirement benefits accounted for reported in income statement.
 ppg adopted recognition disclosure provisions of sfas no.
 158 as of dec.
 31 , 2006.
 table presents impact of applying sfas no.
 158 on individual line items in balance sheet as of dec.
 31 , 2006 : ( millions ) balance sheet caption : before application of sfas no.
 158 ( 1 ) adjustments application of sfas no.
 158.
 other postretirement benefits ( 619 ) ( 409 ) ( 1028 ) accumulated comprehensive loss 480 505 985 ( 1 ) represents balances recorded under accounting standards prior to adoption of sfas no.
 158.
 see note 13 , 201cpensions other postretirement benefits , 201d for additional information.
 derivative financial instruments hedge activities company recognizes all derivative instruments as assets or liabilities at fair value on balance sheet.
 accounting for changes in fair value of derivative depends on use of derivative.
extent derivative effective as cash flow hedge of exposure to future changes in value, change in fair value derivative deferred in accumulated other comprehensive ( loss ) income.
 any portion ineffective reported in earnings immediately.
 derivative effective as hedge of exposure to future changes in fair value change in derivative 2019s fair value offset in statement of income by change in fair value of item being hedged.
 derivative or financial instrument effective as hedge of net investment in foreign operation change in derivative 2019s fair value deferred as unrealized currency translation adjustment in accumulated other comprehensive ( loss ) income.
 product warranties company accrues for product warranties at time associated products are sold based on historical claims experience.
 as of dec.
 31 , 2006 and 2005  reserve for product warranties was $ 10 million and $ 4 million , respectively.
 pretax charges against income for product warranties in 2006 , 2005 and 2004 totaled $ 4 million , $ 5 million and $ 4 million.
 cash outlays related to product warranties were $ 5 million , $ 4 million and $ 4 million in 2006 , 2005 and 2004 .
 $ 7 million of warranty obligations assumed as part of company 2019s 2006 business acquisitions.
 asset retirement obligations asset retirement obligation represents legal obligation associated with retirement of tangible long-lived asset incurred upon acquisition , construction , development or normal operation of long-lived asset.
 recognize asset retirement obligations in period in they incurred if reasonable estimate of fair value can be made.
 asset retirement obligation adjusted for changes in fair value.
 associated estimated asset retirement costs capitalized as part of carrying amount of long-lived asset and depreciated over its useful life.
ppg 2019s asset retirement obligations associated with closure of certain assets used in chemicals manufacturing process.
 as of dec.
 31 , 2006 and 2005 accrued asset retirement obligation was $ 10 million as of dec.
 31 , 2004 it was $ 9 million.
 in march 2005 , fasb issued fasb interpretation ( 201cfin 201d ) no.
 47 , 201caccounting for conditional asset retirement obligations , interpretation of fasb statement no.
 143 201d.
 fin no.
 47 clarifies term conditional asset retirement obligation as used in sfas no.
 143 , 201caccounting for asset retirement obligations 201d  provides guidance to when entity sufficient information to estimate fair value of asset retirement obligation.
 effective dec.
 31 , 2005 , ppg adopted provisions of fin no.
 47.
 only conditional asset retirement obligation relates to possible future abatement of asbestos in certain ppg production facilities.
 asbestos in production facilities arises from application of normal customary building practices past when facilities constructed.
 asbestos encapsulated in place no current legal requirement to abate.
 no requirement to abate current plans or intention to abate timing , method and cost of future abatement if are not 40 2006 ppg annual report and form 10-k 4282_txt

( millions ) balance sheet caption:  | before application of sfas no . 158 ( 1 ) | adjustments  | after application of sfas no . 158
------------------------------------ | ----------------------------------------- | ------------ | ----------------------------------
other assets                         | $ 494                                     | $ 105        | $ 599
deferred income tax liability        | -193 ( 193 )                              | 57           | -136 ( 136 )
accrued pensions                     | -371 ( 371 )                              | -258 ( 258 ) | -629 ( 629 )
other postretirement benefits        | -619 ( 619 )                              | -409 ( 409 ) | -1028 ( 1028 )
accumulated other comprehensive loss | 480                                       | 505          | 985


table contents valero energy corporation notes to consolidated financial statements continued ) 11.
 equity share activity activity in number of shares of common stock and treasury stock follows ( in millions ) : common treasury.
 preferred stock 20 million shares of preferred stock authorized par value of $ 0. 01 per share.
 no shares preferred stock outstanding as of december 31 , 2018 or 2017.
 treasury stock purchase shares of common stock as authorized under common stock purchase program described below ) meet obligations under employee stock-based compensation plans.
 july 13 , 2015  board of directors authorized to purchase $ 2. 5 billion outstanding common stock no expiration date completed program during 2017.
 september 21 , 2016  board of directors authorized purchase of additional $ 2. 5 billion no expiration date completed program during 2018.
 january 23 , 2018  board of directors authorized purchase of additional $ 2. 5 billion ( 2018 program ) with no expiration date.
 years ended december 31 , 2018 , 2017  and 2016  purchased $ 1. 5 billion , $ 1. 3 billion , and $ 1. 3 billion  of common stock under programs.
 as of december 31 , 2018  approval under 2018 program to purchase approximately $ 2. 2 billion of common stock.
 common stock dividends january 24 , 2019  board of directors declared quarterly cash dividend of $ 0. 90 per common share payable on march 5 , 2019 to holders of record at close of business on february 13 , 2019.
 valero energy partners lp units on september 16 , 2016  vlp entered equity distribution agreement vlp offered and sold common units aggregate offering price of up to $ 350 million based on amounts prices terms determined by market conditions other factors at time of

| commonstock | treasurystock
------------------------------------------------------------- | ----------- | -------------
balance as of december 31 2015                                | 673         | -200 ( 200 )
transactions in connection withstock-based compensation plans | 2014        | 1
stock purchases under purchase program                        | 2014        | -23 ( 23 )
balance as of december 31 2016                                | 673         | -222 ( 222 )
transactions in connection withstock-based compensation plans | 2014        | 1
stock purchases under purchase programs                       | 2014        | -19 ( 19 )
balance as of december 31 2017                                | 673         | -240 ( 240 )
stock purchases under purchase programs                       | 2014        | -16 ( 16 )
balance as of december 31 2018                                | 673         | -256 ( 256 )


4 4 m a n a g e m e n t 2019 s d i s c u s s i o n notes to table ( continued ) ( a ) ) management believes operating income  adjusted and operating margin  are effective indicators of blackrock 2019s financial performance over time.
 management believes operating income  operating margin  provide useful disclosure to investors.
 operating income  adjusted : bgi transaction and integration costs recorded in 2010 and 2009 consist of advisory payments , compensation expense  legal fees  marketing promotional , occupancy consulting expenses with bgi transaction.
 restructuring charges recorded in 2009 and 2008 consist of compensation costs , occupancy costs professional fees.
 expenses associated with restructuring transaction integration costs deemed non-recurring by management excluded from operating income  adjusted to enhance comparability information to current reporting periods.
 management believes operating margins exclusive of these costs are useful measures in evaluating blackrock 2019s operating performance for respective periods.
 portion of compensation expense associated with long-term incentive plans ( 201cltip 201d ) funded through distribution to participants of shares of blackrock stock held by pnc and a merrill lynch cash compensation contribution  portion of received excluded because these charges do not impact blackrock 2019s book value.
 compensation expense associated with appreciation/ ( depreciation ) on investments related to certain blackrock deferred compensation plans excluded as returns on investments set for these plans offset this expense  are reported in non-operating income ( expense ).
 operating margin , as adjusted : operating income used for measuring operating margin  adjusted is equal to operating income  as adjusted , excluding impact of closed-end fund launch costs and commissions.
management believes excluding such costs and commissions useful because these costs can fluctuate revenues associated with expenditure costs not fully impact company 2019s results until future periods.
 operating margin , adjusted allows company to compare performance period-to-period by adjusting for items may not recur recur infrequently or fluctuate based on market movements , restructuring charges  transaction integration costs  closed-end fund launch costs commissions paid to certain employees as compensation fluctua- tions in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans.
 company uses operating margin  adjusted to monitor corporate performance efficiency benchmark to compare performance to other companies.
 management uses both gaap and non-gaap financial measures in evaluating financial performance of blackrock.
 non-gaap measure may pose limitations does not include all company 2019s revenues and expenses.
 revenue used for operating margin  adjusted excludes distribution servicing costs paid to related parties other third parties.
 management believes excluding such costs useful to blackrock creates consistency in treatment for certain contracts for similar services  accounted for under gaap on net basis within investment advisory , administration fees securities lending revenue.
 amortization of deferred sales commissions excluded from revenue used for operating margin measurement  adjusted because such costs over time offset distribution fee revenue earned by company.
 reimbursable property management compensation represented com- pensation and benefits paid to personnel of metric property management , inc.
 201cmetric 201d ) subsidiary of blackrock realty advisors , inc.
 201crealty 201d ).
 prior to transfer in 2008 employees retained on metric 2019s payroll when certain properties acquired by realty 2019s clients.
related compensation benefits reimbursed by realty 2019s clients excluded from revenue for operating margin  not bear economic cost to blackrock.
 for blackrock excludes from revenue for operating margin costs related to these items as proxy for offsetting revenues.
 ( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests  adjusted non net income loss ) interests ( 201cnci 201d ) equals non-operating income ( expense )  gaap basis less net income ( loss ) attributable to nci  gaap adjusted for compensation expense associated with depreciation/ appreciation ) on investments related to certain blackrock deferred compensation plans.
 compensation expense offset recorded in operating income.
 compensation expense included in non-operating income ( expense )  less net income ( loss ) attributable to nci  to offset returns on investments set aside for these plans  reported in non-operating income ( expense ) , gaap basis.
 non-operating income ( expense ) ( 1 ) 36 ( 28 ) ( 422 ) compensation expense related to ( appreciation ) / depreciation on deferred compensation plans ( 11 ) ( 18 ) 38 non-operating income ( expense )  less net income ( loss ) attributable to nci  adjusted $ 25 ( $ 46 ) ( $ 384 ) ( 1 ) net of net income ( loss ) attributable to non-controlling interests.
 management believes non-operating income ( expense )  less net income ( loss ) attributable to nci  adjusted provides for comparability of information to prior periods effective measure for reviewing blackrock 2019s non-operating contribution to results.
compensation expense associated with appreciation ) /depreciation on investments related to deferred compensation plans included in operating income offsets gain/ ( loss ) on investments set aside for these plans management believes non-operating income ( expense ) less net income ( loss ) attributable to nci  as adjusted provides useful measure for management and investors of blackrock 2019s non-operating results impact book value.

( dollar amounts in millions )                                                                | yearended december 31 , 2010 | yearended december 31 , 2009 | yearended december 31 , 2008
--------------------------------------------------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------
non-operating income ( expense ) gaap basis                                                   | $ 23                         | $ -6 ( 6 )                   | $ -577 ( 577 )
less : net income ( loss ) attributable to nci                                                | -13 ( 13 )                   | 22                           | -155 ( 155 )
non-operating income ( expense ) ( 1 )                                                        | 36                           | -28 ( 28 )                   | -422 ( 422 )
compensation expense related to ( appreciation ) /depreciation on deferred compensation plans | -11 ( 11 )                   | -18 ( 18 )                   | 38
non-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted     | $ 25                         | $ -46 ( 46 )                 | $ -384 ( 384 )


repurchase equity securities table provides information purchases equity securities during fourth quarter 2008 : number of shares purchased average paid per share2 total number of shares purchased part publicly announced plans or programs maximum number of shares yet be purchased under plans programs.
 total1.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 47022 $ 5. 18 2014 2014 1 consists restricted shares common stock withheld under terms grants under employee stock compensation plans offset tax withholding obligations occurred upon vesting release restricted shares during each month fourth quarter 2008 ( 201cwithheld shares 201d ).
 2 average price per month of withheld shares calculated by dividing aggregate value tax withholding obligations each month by aggregate number of shares common stock withheld each month.

| total number of shares purchased | average price paid per share2 | total number of shares purchased as part of publicly announced plans or programs | maximum number ofshares that may yet be purchased under the plans or programs
------------- | -------------------------------- | ----------------------------- | -------------------------------------------------------------------------------- | -----------------------------------------------------------------------------
october 1-31  | 29704                            | $ 5.99                        | 2014                                                                             | 2014
november 1-30 | 4468                             | $ 3.24                        | 2014                                                                             | 2014
december 1-31 | 12850                            | $ 3.98                        | 2014                                                                             | 2014
total1        | 47022                            | $ 5.18                        | 2014                                                                             | 2014