performance graph graph compares cumulative total shareholder return on pmi's common stock with cumulative total return for same period of pmi's compensation survey group and s&p 500 index.
 graph assumes investment of $ 100 as of december 31 , 2010  in pmi common stock ( at prices quoted on new york stock exchange ) and indices as of market close and reinvestment of dividends quarterly basis.
 date pmi pmi compensation survey group ( 12 ) s&p 500 index.
 ( 1 ) pmi compensation survey group consists of companies with substantial global sales direct competitors ; or similar market capitalization ; primarily focused on consumer products ( excluding high technology and financial services ) companies for comparative executive compensation data available : bayer ag , british american tobacco p. coca-cola company  diageo plc  glaxosmithkline  heineken n. imperial brands plc ( formerly imperial tobacco group plc ) johnson & johnson  mcdonald's corp. international , inc. nestl. novartis ag pepsico  inc. pfizer inc. roche holding ag unilever nv plc vodafone group plc.
 on october 1 , 2012  international , inc.
 nasdaq : mdlz ) formerly kraft foods inc. announced completed spin-off of north american grocery business kraft foods group  inc.
 nasdaq : krft.
 international  inc.
 retained in pmi compensation survey group index because of global footprint.
 pmi compensation survey group index total cumulative return calculation weights international , inc. 's total shareholder return at 65% ( 65 % ) of historical kraft foods inc.'s market capitalization december 31 , 2010 based on international inc. 's initial market capitalization relative to combined market capitalization international  inc.
 kraft foods group.
 october 2 , 2012.
 note : figures rounded to nearest $ 0. 10.

date             | pmi      | pmi compensation survey group ( 12 ) | s&p 500 index
---------------- | -------- | ------------------------------------ | -------------
december 31 2010 | $ 100.00 | $ 100.00                             | $ 100.00
december 31 2011 | $ 139.80 | $ 114.10                             | $ 102.10
december 31 2012 | $ 154.60 | $ 128.00                             | $ 118.50
december 31 2013 | $ 167.70 | $ 163.60                             | $ 156.80
december 31 2014 | $ 164.20 | $ 170.10                             | $ 178.30
december 31 2015 | $ 186.20 | $ 179.20                             | $ 180.80


black-scholes option-pricing model used for estimating fair value of state street 2019s employee stock options at grant date.
 following weighted average assumptions for years ended december 31 , 2001 , 2000 1999 , : risk-free interest rates of 3. 99% ( 3. 99 % ) , 5. 75% ( 5. 75 % ) and 5. 90% ( 5. 90 % ) ; dividend yields of 1. 08% ( 1. 08 % ) ,. 73% (. 73 % ) and. 92% (. 92 % ) ; volatility factors of expected market price of state street common stock of. 30 ,. 30 and. 30.
 estimated weighted average life of stock options granted was 4. 1 years for years ended december 31 , 2001 , 2000 and 1999.
 ( l s ) at december 31  components of other unrealized comprehensive income ( loss ), net of related taxes  as follows:.
 note j shareholders 2019 rights plan in 1988 , state street declared dividend of one preferred share purchase right for each outstanding share of common stock.
 in 1998 , rights agreement amended and restated in 2001  rights plan impacted by 2-for-1 stock split.
 right may be exercised  under certain conditions to purchase one eight-hundredths share of series of participating preferred stock at exercise price of $ 132. 50 , subject to adjustment.
 rights become exercisable if party acquires or obtains right to acquire 10% ( 10 % ) or more of state street 2019s common stock or after commencement or public announcement of offer for 10% ( 10 % ) or more of state street 2019s common stock.
 when exercisable  under certain conditions each right entitles holder to purchase shares of common stock  of either state street or acquirer , having market value of two times then-current exercise price of right.
 rights expire september 2008 may be redeemed at price $. 00125 per right subject to adjustment time prior to expiration or acquisition of 10% ( 10 % ) of state street 2019s common stock.
 under certain circumstances rights may be redeemed after become exercisable subject to automatic redemption.
 note k regulatory matters r e g u l a t o r y c a p i t a l state street subject to regulatory capital requirements by federal banking agencies.
 failure to meet minimum capital requirements can initiate mandatory discretionary actions by regulators could direct effect on state street 2019s financial condition.
 under capital adequacy guidelines state street must meet specific capital guidelines quantitative measures of state street 2019s assets  liabilities off-balance sheet items calculated under regulatory accounting practices.
 state street 2019s capital amounts classification subject to qualitative judgments by regulators about components risk weightings other factors.
 42 state street

( dollars in millions )                          | 2001       | 2000
------------------------------------------------ | ---------- | ----------
unrealized gain on available-for-sale securities | $ 96       | $ 19
foreign currency translation                     | -27 ( 27 ) | -20 ( 20 )
other                                            | 1          |
total                                            | $ 70       | $ -1 ( 1 )


performance company 2019s obligations under senior notes , including repurchase obligations from change of control  unconditionally guaranteed jointly severally unsecured by each hii 2019s existing and future domestic restricted subsidiaries that guarantees debt under credit facility ( 201csubsidiary guarantors 201d ).
 guarantees rank equally with all other unsecured unsubordinated indebtedness of guarantors.
 subsidiary guarantors are each directly or indirectly 100% ( 100 % ) owned by hii.
 no significant restrictions on ability of hii or subsidiary guarantor to obtain funds from subsidiaries by dividend or loan.
 mississippi economic development revenue bonds 2014as of december 31 , 2011 and 2010  company had $ 83. 7 million outstanding from industrial revenue bonds issued by mississippi business finance corporation.
 bonds accrue interest at fixed rate of 7. 81% ( 7. 81 % ) per annum ( payable semi-annually ) mature in 2024.
 repayment of principal and interest guaranteed by northrop grumman systems corporation  hii agreed to indemnify northrop grumman systems corporation for losses related to guaranty.
 proceeds used to finance construction , reconstruction  and renovation of company 2019s interest in certain ship manufacturing and repair facilities  located in state of mississippi.
 gulf opportunity zone industrial development revenue bonds 2014as of december 31 , 2011 and 2010  company had $ 21. 6 million outstanding from gulf opportunity zone industrial development revenue bonds ( 201cgo zone irbs 201d ) issued by mississippi business finance corporation.
 go zone irbs initially issued in principal amount of $ 200 million , in november 2010  spin-off hii purchased $ 178 million of bonds using proceeds from $ 178 million intercompany loan from northrop grumman.
note 20 : related party transactions former parent company equity.
 remaining bonds accrue interest at fixed rate of 4. 55% ( 4. 55 % ) per annum ( payable semi-annually )  mature in 2028.
 in accordance with terms bonds proceeds used to finance construction , reconstruction renovation of company 2019s interest in certain ship manufacturing and repair facilities  portions located in state of mississippi.
 estimated fair value of company 2019s total long-term debt , including current portions, at december 31 , 2011 and 2010 , was $ 1864 million and $ 128 million , respectively.
 fair value total long-term debt calculated based on recent trades for most company 2019s debt instruments or based interest rates prevailing on debt with substantially similar risks , terms maturities.
 aggregate amounts of principal payments due on long-term debt for each next five years thereafter are : ( $ in millions ).
 14.
 investigations , claims , litigation company involved in legal proceedings before various courts administrative agencies periodically subject to government examinations , inquiries investigations.
 pursuant to fasb accounting standard codification 450 contingencies company has accrued for losses associated with investigations , claims litigation when extent loss amounts related to investigations  claims litigation probable can be reasonably estimated.
 actual losses might be incurred to resolve such investigations  claims litigation may be higher or lower than amounts accrued.
 for matters where material loss is probable or reasonably possible amount loss cannot be reasonably estimated company able to reasonably estimate range of possible losses  estimated range required to be disclosed in these notes.
 estimated range based on information currently available company involve elements of judgment and significant uncertainties.
estimated range of possible loss not represent company 2019s maximum possible loss exposure.
 for matters company not able to reasonably estimate possible loss or range of loss , company required to indicate reasons why unable to estimate possible loss or range of loss.
 for matters not specifically described in these notes , company does not believe , based on information currently available , it reasonably possible that liabilities , if any , arising from

2012                 | $ 29
-------------------- | ------
2013                 | 50
2014                 | 79
2015                 | 108
2016                 | 288
thereafter           | 1305
total long-term debt | $ 1859


management 2019s discussion analysis of financial condition results of operations indemnification provisions : company may provide indemnifications for losses from breach of general warranties in certain commercial , intellectual property divestiture agreements.
 historically  company not made significant payments under these agreements nor significant claims asserted against company.
 increasing risk in to intellectual property indemnities given current legal climate.
 in indemnification cases  payment by company is conditioned on other party making claim to procedures in contract  procedures allow company to challenge other party 2019s claims.
 company 2019s obligations under agreements for indemnification based on breach of representations warranties are limited in duration typically not more than 24 months for amounts not in excess of contract value in some instances company may have recourse against third parties for certain payments made by company.
 legal matters : company is a defendant in various lawsuits , claims actions  arise in normal course of business.
 in opinion management  ultimate disposition of these matters not have material adverse effect on company 2019s consolidated financial position  liquidity or results of operations.
 segment information commentary should be read in conjunction with financial results of each operating business segment as detailed in note 12 , 2018 2018information by segment geographic region , 2019 2019 to company 2019s consolidated financial statements.
 net sales operating results for company 2019s three operating business segments for 2009 , 2008 2007 presented below.
 mobile devices segment mobile devices segment designs  manufactures  sells services wireless handsets , including smartphones  with integrated software accessory products  licenses intellectual property.
 in 2009  segment 2019s net sales represented 32% ( 32 % ) of company 2019s consolidated net sales  compared to 40% ( 40 % ) in 2008 and 52% ( 52 % ) in 2007.
segment results 20142009 compared to 2008 in 2009 segment 2019s net sales were $ 7. 1 billion , decrease of 41% ( 41 % ) compared to net sales of $ 12. 1 billion in 2008.
 41% ( 41 % ) decrease in net sales driven by 45% ( 45 % ) decrease in unit shipments  offset by 8% ( 8 % ) increase in average selling price ( 2018 2018asp 2019 2019 ).
 segment 2019s net sales negatively impacted by reduced product offerings in large market segments  particularly 3g products  including smartphones  segment 2019s limited product offerings in low-tier products.
 product technology basis  net sales decreased substantially for gsm , cdma and 3g technologies  offset by increase in net sales for iden technology.
 geographic basis net sales decreased in latin america  europe  middle east and african region 2018 2019 and asia and lesser decreased in north america.
 segment incurred operating loss of $ 1. 1 billion in 2009  improvement of 51% ( 51 % ) compared to operating loss of $ 2. 2 billion in 2008.
 decrease in operating loss due to decreases in : selling , general and administrative ( 2018 2019 ) expenses  due to lower marketing expenses and savings from cost-reduction initiatives  research and development ( 2018&d 2019 ) expenditures  savings cost-reduction lower excess inventory and other related charges in 2009 than in 2008  charges included $ 370 million charge due to decision to consolidate software and silicon platforms  absence in 2009 of comparable $ 150 million charge in 2008 related to settlement of purchase commitment  partially offset by decrease in gross margin  driven by 41% ( 41 % ) decrease in net sales.
percentage of net sales in 2009 compared to 2008 , gross margin and r&d expenditures increased sg&a expenses decreased.
 segment 2019s industry typically experiences short life cycles for new products.
 vital to segment 2019s success that new , compelling products continually introduced.
 strong commitment to

( dollars in millions )     | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007
--------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ------------------------------------- | ---------------
segment net sales           | $ 7146                       | $ 12099                      | $ 18988                      | ( 41 ) % (  % )                       | ( 36 ) % (  % )
operating earnings ( loss ) | -1077 ( 1077 )               | -2199 ( 2199 )               | -1201 ( 1201 )               | ( 51 ) % (  % )                       | 83% ( 83 % )


page 15 of 100 shareholder return performance line graph compares annual percentage change ball corporation 2019s cumulative total shareholder return common stock with cumulative total return dow jones containers & packaging index s&p composite 500 stock index for five-year period ended december 31 , 2010.
 assumes $ 100 invested december 31 , 2005  all dividends reinvested.
 dow jones containers & packaging index total return weighted by market capitalization.
 total return analysis.

| 12/31/05                                                                                | 12/31/06                                                                                | 12/31/07                                                                                | 12/31/08                                                                                | 12/31/09                                                                                | 12/31/10
------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------
ball corporation                                                                                | $ 100.00                                                                                | $ 110.86                                                                                | $ 115.36                                                                                | $ 107.58                                                                                | $ 134.96                                                                                | $ 178.93
dj containers & packaging index                                                                                | $ 100.00                                                                                | $ 112.09                                                                                | $ 119.63                                                                                | $ 75.00                                                                                | $ 105.34                                                                                | $ 123.56
s&p 500 index                                                                                | $ 100.00                                                                                | $ 115.80                                                                                | $ 122.16                                                                                | $ 76.96                                                                                | $ 97.33                                                                                | $ 111.99
copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm )
copyright a9 2011 dow jones & company . all rights reserved .                                                                                | copyright a9 2011 dow jones & company . all rights reserved .                                                                                | copyright a9 2011 dow jones & company . all rights reserved .                                                                                | copyright a9 2011 dow jones & company . all rights reserved .                                                                                | copyright a9 2011 dow jones & company . all rights reserved .                                                                                | copyright a9 2011 dow jones & company . all rights reserved .                                                                                | copyright a9 2011 dow jones & company . all rights reserved .


notes to consolidated financial statements of annual compensation made.
 for years ended december 31 , 2009 , 2008 2007  made matching contributions of approxi- mately $ 450000 , $ 503000 and $ 457000  respectively.
 note 17 / commitments contingencies we and operating partnership not involved in mate- rial litigation nor any material litigation threatened against us or properties other than routine litigation ordinary course business.
 management believes costs incurred by operating partnership related to litigation not affect our financial position operating results or liquidity.
 entered employment agreements with executives expire between june 2010 and january 2013.
 minimum cash-based compensation  including base salary and guaran- teed bonus payments associated with employment agreements totals approximately $ 7. 8 million for 2010.
 in march 1998 acquired operating sub-leasehold posi- tion at 420 lexington avenue.
-leasehold position required annual ground lease payments totaling $ 6. 0 million and sub- leasehold position payments totaling $ 1. 1 million ( excluding operating sub-lease position purchased january 1999 ).
 in june 2007 renewed and extended maturity date of ground lease at 420 lexington avenue through december 31 , 2029  option for further exten- sion through 2080.
 ground lease rent payments through 2029 total approximately $ 10. 9 million per year.
 thereafter ground lease subject to revaluation by parties.
 in june 2009 acquired operating sub-leasehold posi- tion at 420 lexington avenue for approximately $ 7. 7 million.
 sub-leasehold positions scheduled to mature in december 2029.
 in october 2009 acquired remaining sub-leasehold position for $ 7. 6 million.
property at 711 third avenue operates under operating sub-lease  expires in 2083.
 sub-lease we responsible for ground rent payments of $ 1. 55 million annually through july 2011 on 50% ( 50 % ) portion of fee we do not own.
 ground rent is reset after july 2011 based on estimated fair market value of property.
 option to buy out sub-lease at fixed future date.
 property at 461 fifth avenue operates under ground lease ( approximately $ 2. 1 million annually ) term expiration date of 2027 two options to renew for additional 21 years each followed by third option for 15 years.
 option to purchase ground lease for fixed price on specific date.
 property at 625 madison avenue operates under ground lease ( approximately $ 4. 6 million annually ) term expiration date of 2022 two options to renew for additional 23 years.
 property at 1185 avenue of the americas oper- ates under ground lease ( approximately $ 8. 5 million in 2010 and $ 6. 9 million annually thereafter ) term expiration of 2020 option to renew for additional 23 years.
 in april 1988  sl green predecessor entered into lease agreement for property at 673 first avenue  capitalized for financial statement purposes.
 land estimated to be approximately 70% ( 70 % ) of fair market value of property.
 portion of lease attributed to land classified as operating lease remainder as capital lease.
 initial lease term is 49 years option for additional 26 years.
 beginning in lease years 11 and 25  lessor is entitled to additional rent as defined by lease agreement.
 we continue to lease 673 first avenue property classified as a capital lease with cost basis of $ 12. 2 million cumulative amortization of $ 5. 5 million and $ 5.2 million at december 31 , 2009 and 2008  respectively.
 schedule of future minimum lease payments under capital leases and noncancellable operating leases with initial terms excess of one year as of december 31 , 2009 ( in thousands ) : non-cancellable december 31 , capital lease operating leases.
 note 18 / financial instruments : derivatives and hedging recognize all derivatives on balance sheet at fair value.
 derivatives not hedges must be adjusted to fair value through income.
 if derivative is hedge  depending nature hedge changes in fair value derivative offset against change in fair value hedged asset , liability  firm commitment through earn- ings  or recognized in other comprehensive income until hedged item recognized in earnings.
 ineffective portion of derivative 2019s change in fair value immediately recognized in earnings.
 reported net income stockholders 2019 equity may increase or decrease depending on future interest rates other variables affecting fair values of derivative instruments hedged items no effect on cash flows.

december 31,                                | capital lease    | non-cancellable operating leases
------------------------------------------- | ---------------- | --------------------------------
2010                                        | $ 1451           | $ 31347
2011                                        | 1555             | 28929
2012                                        | 1555             | 28179
2013                                        | 1555             | 28179
2014                                        | 1555             | 28179
thereafter                                  | 45649            | 580600
total minimum lease payments                | 53320            | $ 725413
less amount representing interest           | -36437 ( 36437 ) |
present value of net minimum lease payments | $ 16883          |


aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2018 , 2017 , 2016 reconciliation of beginning and ending amounts of unrecognized tax benefits for periods indicated ( in millions ) :.
 company and subsidiaries currently under examination by relevant taxing authorities for various tax years.
 company regularly assesses potential outcome of examinations in each taxing jurisdictions when determining adequacy of unrecognized tax benefit recorded.
 difficult to predict final outcome or timing of resolution of uncertain tax position , we believe we have appropriately accrued for our uncertain tax benefits.
 audit outcomes timing of audit settlements future events impact previously recorded unrecognized tax benefits and range of anticipated increases or decreases in unrecognized tax benefits subject to significant uncertainty.
 possible that ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts could be material cannot be estimated as of december 31 , 2018.
 effective tax rate and net income in future period could be materially impacted.
 22.
 discontinued operations due to portfolio evaluation in first half of 2016  management decided to pursue strategic shift of distribution companies in brazil , sul and eletropaulo , to reduce company's exposure to brazilian distribution market.
 disposals of sul and eletropaulo completed in october 2016 and june 2018 ,.
 eletropaulo 2014 in november 2017, eletropaulo converted preferred shares into ordinary shares transitioned listing shares to novo mercado , listing segment of brazilian stock exchange with highest standards of corporate governance.
 upon conversion of preferred shares into ordinary shares aes no longer controlled eletropaulo  but maintained significant influence over business.
 company deconsolidated eletropaulo.
after deconsolidation company's 17% ( % ) ownership interest reflected as equity method investment.
 company recorded after-tax loss on deconsolidation of $ 611 million primarily consisted of $ 455 million cumulative translation losses $ 243 million to pension losses reclassified from aocl.
 december 2017 remaining criteria met for eletropaulo to qualify as discontinued operation.
 results of operations and financial position reported as such in consolidated financial statements for all periods.
 june 2018 company completed sale of entire 17% ( 17 % ) ownership interest in eletropaulo through bidding process by brazilian securities regulator , cvm.
 gross proceeds of $ 340 million received at subsidiary in brazil subject to payment of taxes.
 disposal of eletropaulo company recorded pre-tax gain on sale of $ 243 million ( after-tax $ 199 million ).
 excluding gain on sale eletropaulo's pre-tax loss attributable to aes immaterial for year ended december 31 , 2018.
 pre-tax loss attributable to aes including loss on deconsolidation for years ended december 31 , 2017 and 2016 was $ 633 million and $ 192 million  respectively.
 prior to classification as discontinued operations eletropaulo reported in south america sbu reportable segment.
 sul 2014 company executed agreement for sale of sul , wholly-owned subsidiary in june 2016.
 results of operations financial position of sul reported as discontinued operations in consolidated financial statements for all periods.
meeting held-for-sale criteria , company recognized after-tax loss of $ 382 million of pre-tax impairment charge of $ 783 million, offset by tax benefit of $ 266 million related to impairment of sul long lived assets and tax benefit of $ 135 million for deferred taxes related to investment in sul.
 prior to impairment charge carrying value of sul asset group of $ 1. 6 billion greater than approximate fair value less costs to sell.
 impairment charge limited to carrying value of long lived assets of sul disposal group.

| 2018   | 2017  | 2016
------------------------------------------- | ------ | ----- | ------
balance at january 1                        | $ 348  | $ 352 | $ 364
additions for current year tax positions    | 2      | 2014  | 2
additions for tax positions of prior years  | 146    | 2     | 1
reductions for tax positions of prior years | ( 26 ) | ( 5 ) | ( 1 )
settlements                                 | 2014   | 2014  | ( 13 )
lapse of statute of limitations             | ( 7 )  | ( 1 ) | ( 1 )
balance at december 31                      | $ 463  | $ 348 | $ 352


american tower corporation subsidiaries notes consolidated financial statements 2014 ( continued ) 19.
 subsequent events 12. 25% ( 12. 25 % ) senior subordinated discount notes warrants offering 2014in january 2003  company issued 808000 units each consisting of 1 ) $ 1000 principal amount at maturity of 12. 25% ( 12. 25 % ) senior subordinated discount notes due 2008 of wholly owned subsidiary company ( ati notes ) 2 ) warrant to purchase 14. 0953 shares of class a common stock company for gross proceeds of $ 420. 0 million.
 gross offering proceeds allocated between ati notes ( $ 367. 4 million ) fair value of warrants ( $ 52. 6 million ).
 net proceeds from offering aggregated approximately $ 397. 0 million used for purposes described below under amended restated loan agreement.
 ati notes accrue no cash interest.
 accreted value of each ati note increase between date original issuance and maturity ( august 1, 2008 ) at rate of 12. 25% ( 12. 25 % ) per annum.
 808000 warrants issued together with ati notes each represent right to purchase 14. 0953 shares of class a common stock at $ 0. 01 per share.
 warrants exercisable any time on or after january 29, 2006 expire august 1 , 2008.
 issuance date warrants represented approximately 5. 5% ( 5. 5 % ) of company 2019s outstanding common stock assuming exercise all warrants ).
 indenture governing ati notes contains covenants limit ability issuer subsidiary guarantors to incur guarantee additional indebtedness  create liens pay dividends make other equity distributions enter agreements restricting restricted subsidiaries 2019 ability to pay dividends  purchase redeem capital stock  make investments sell assets consolidate merge with into other companies.
ati notes rank junior in right of payment to all existing future senior indebtedness including all indebtedness outstanding under credit facilities structurally senior right of payment to all existing future indebtedness company.
 amended restated loan agreement 2014on february 21 , 2003  company completed amendment to credit facilities.
 amendment provides for : 2022 prepayment of portion of outstanding term loans.
 company agreed to prepay aggregate of $ 200. 0 million of term loans outstanding under credit facilities from portion net proceeds of ati notes offering completed in january 2003.
 prepayment consisted of $ 125. 0 million prepayment of term loan a $ 75. 0 million prepayment of term loan b  each applied to reduce future scheduled principal payments.
 giving effect to prepayment of $ 200. 0 million of term loans under credit facility issuance of ati notes discussed paydown of debt from net proceeds of sale of mtn ( $ 24. 5 million in february 2003 ) company 2019s aggregate principal payments of long- term debt including capital leases for next five years thereafter are as follows ( in thousands ) : year ending december 31.

2003       | $ 268496
---------- | ---------
2004       | 131262
2005       | 195082
2006       | 538479
2007       | 1065437
thereafter | 1408783
total      | $ 3607539


table of contents recoverability of goodwill measured at reporting unit level begins with qualitative assessment to determine if more likely not fair value of each reporting unit is less than its carrying amount as basis for determining necessary to perform two-step goodwill impairment test prescribed by gaap.
 for those reporting units where required , first step compares carrying amount reporting unit to its estimated fair value.
 if estimated fair value of reporting unit exceeds its carrying amount , goodwill of reporting unit not impaired second step of impairment test not necessary.
 to extent carrying value of reporting unit exceeds estimated fair value , second step is performed , wherein reporting unit's carrying value of goodwill is compared to implied fair value of goodwill.
 to extent carrying value exceeds implied fair value , impairment exists and must be recognized.
 calculation of estimated fair value based on two valuation techniques , discounted cash flow model ( income approach ) and market adjusted multiple of earnings and revenues ( market approach ) , with each method weighted in calculation.
 implied fair value of goodwill determined in same manner as amount of goodwill recognized in business combination.
 estimated fair value of reporting unit allocated to all assets and liabilities of reporting unit ( including unrecognized intangible assets ) as if reporting unit had acquired in business combination fair value of reporting unit , as determined in first step goodwill impairment test, was price paid to acquire reporting unit.
 recoverability of other intangible assets with indefinite useful lives (.
 trademarks ) determined on relief from royalty methodology ( income approach )  based on implied royalty paid , at appropriate discount rate , to license use of asset rather than owning asset.
present value of after-tax cost savings (.
 royalty relief ) indicates estimated fair value of asset.
 excess of carrying value over estimated fair value recognized as impairment loss equal to excess.
 intangible assets patents , customer-related intangible assets other intangible assets with finite useful lives amortized on straight-line basis over estimated economic lives.
 weighted-average useful lives approximate following:.
 recoverability of intangible assets with finite useful lives assessed same manner as property , plant equipment.
 income taxes : for company 2019s consolidated financial statements for periods prior to spin-off  income tax expense recorded as if company filed tax returns stand-alone basis separate from ingersoll rand.
 separate return methodology applies accounting guidance for income taxes to stand-alone financial statements as if company stand-alone enterprise for periods prior to spin-off.
 cash tax payments and items of current and deferred taxes may not be reflective of company 2019s actual tax balances prior to or subsequent to spin-off.
 cash paid for income taxes for year ended december 31 , 2015 was $ 80. 6 million.
 income tax accounts reflected in consolidated balance sheets as of december 31, 2015 and 2014 include income taxes payable and deferred taxes allocated to company at time of spin-off.
 calculation of company 2019s income taxes involves judgment use of estimates and allocations.
 deferred tax assets and liabilities determined based on temporary differences between financial reporting and tax bases of assets and liabilities applying enacted tax rates expected to in effect for year in which differences are expected to reverse.
 company recognizes future tax benefits  net operating losses and tax credits to extent realizing these benefits is considered more likely than not.
company regularly reviews recoverability of deferred tax assets considering historic profitability , projected future taxable income  timing of reversals of existing temporary differences feasibility of tax planning strategies.
 where appropriate  company records valuation allowance with respect to future tax benefit.
 product warranties : standard product warranty accruals recorded at time of sale estimated based upon product warranty terms historical experience.
 company assesses adequacy of liabilities make adjustments as necessary based on known or anticipated warranty claims or as new information available.

customer relationships       | 25 | years
---------------------------- | -- | -----
trademarks                   | 25 | years
completed technology/patents | 10 | years
other                        | 25 | years


operating administrative expenses increased slightly in 2015 due to increased expenses larger film slate.
 operating administrative expenses increased in 2014 primarily due to inclusion of fandango  previously presented in cable networks segment.
 advertising , marketing promotion expenses advertising promotion expenses consist primarily of expenses associated with advertising for theatrical releases marketing of films on dvd digital formats.
 incur significant marketing expenses before throughout release film in movie theaters.
 typically incur losses on film prior to during film exhibition in movie theaters may not realize profits until film generates home entertainment content licensing revenue.
 costs associated with producing marketing films increased in recent years may continue to increase in future.
 advertising , marketing promotion expenses increased in 2015 primarily due to higher promotional costs with larger 2015 film slate increased advertising expenses for fandango.
 advertising  marketing promotion expenses decreased in 2014 due to fewer major film releases compared to theme parks segment results of operations year ended december 31 ( in millions ) 2015 2014 2013 % ( % ) change 2014 to 2015 % ( % ) change 2013 to 2014.
 operating income before depreciation amortization $ 1464 $ 1096 $ 943 33. 5% ( 33. 5 % ) 16. 3% ( 16. 3 % ) theme parks segment 2013 revenue in 2015 theme parks segment revenue generated primarily from ticket sales guest spending at universal theme parks in orlando, florida hollywood , california licensing other fees.
 in november 2015 nbcuniversal acquired 51% ( 51 % ) interest in universal studios japan.
 guest spending includes in-park spending on food  beverages merchandise.
 guest attendance at theme parks guest spending depend on general environment for travel tourism including consumer spend- ing on travel recreational activities.
licensing fees relate to agreements with third parties own operate universal studios singapore theme park  from universal studios japan theme park , to license right to use universal studios brand name intellectual property.
 theme parks segment revenue increased in 2015 and 2014 due to increases guest attendance increases guest spending at orlando and hollywood theme parks.
 increase in 2015 due to continued success of attractions  including wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando fast & furious 2122 2014 supercharged 2122 studio tour simpson 2019s springfield attraction in hollywood  both opened in 2015.
 theme parks segment revenue in 2015 includes $ 169 million revenue attributable to universal studios japan for period from november 13 , 2015 to december 31 , 2015.
 increase in 2014 primarily due to new attractions  wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando  opened in july 2014 despicable me : minion mayhem in hollywood.
 59 comcast 2015 annual report on form 10-k

year ended december 31 ( in millions )                | 2015   | 2014   | 2013   | % (  % ) change 2014 to 2015 | % (  % ) change 2013 to 2014
----------------------------------------------------- | ------ | ------ | ------ | ---------------------------- | ----------------------------
revenue                                               | $ 3339 | $ 2623 | $ 2235 | 27.3% ( 27.3 % )             | 17.3% ( 17.3 % )
operating costs and expenses                          | 1875   | 1527   | 1292   | 22.8                         | 18.1
operating income before depreciation and amortization | $ 1464 | $ 1096 | $ 943  | 33.5% ( 33.5 % )             | 16.3% ( 16.3 % )


summary cash flows for each period were : years ended ( in millions ) dec 30 , dec 31  dec 26.
 operating activities cash is net income adjusted for non-cash items changes in assets liabilities.
 2017 compared to 2016 $ 302 million increase in cash operating activities due to changes to working capital partially offset by adjustments for non-cash items lower net income.
 tax reform impact on 2017 cash operating activities.
 increase in cash driven by increased income before taxes $ 1. 0 billion receipts of customer deposits.
 increases partially offset by increased inventory accounts receivable.
 income taxes paid  net of refunds 2017 compared to 2016 were $ 2. 9 billion higher due to higher income before taxes taxable gains on sales of asml taxes on isecg divestiture.
 expect approximately $ 2. 0 billion of additional customer deposits in 2018.
 2016 compared to 2015 $ 2. 8 billion increase in cash operating activities due to adjustments for non-cash items changes in working capital partially offset by lower net income.
 adjustments for non-cash items higher in 2016 due to restructuring other charges change in deferred taxes partially offset by lower depreciation.
 investing activities cash flows consist of capital expenditures ; investment purchases  sales maturities disposals ; proceeds from divestitures cash used for acquisitions.
 capital expenditures were $ 11. 8 billion in 2017 ( $ 9. 6 billion in 2016 $ 7. 3 billion in 2015 ).
 decrease in cash used for investing activities in 2017 compared 2016 primarily due to higher net activity of available-for sale-investments 2017 proceeds from divestiture of isecg 2017 higher maturities and sales of trading assets 2017.
 activity partially offset by higher capital expenditures in 2017.
increase in cash used for investing activities in 2016 compared to 2015 due to completed acquisition of altera net purchases of trading assets 2016 higher capital expenditures in 2016.
 increase offset by lower investments in non-marketable equity investments.
 financing activities cash flows consist primarily of repurchases of common stock payment of dividends issuance and repayment of short-term and long-term debt proceeds from sale of shares common stock through employee equity incentive plans.
 increase in cash used for financing activities in 2017 compared to 2016 due to net long-term debt activity use of cash in 2017 2016.
 during 2017 repurchased $ 3. 6 billion of common stock under authorized common stock repurchase program compared to $ 2. 6 billion in 2016.
 as of december 30 , 2017 $ 13. 2 billion remained available for repurchasing common stock under existing repurchase authorization limit.
 base level of common stock repurchases on internal cash management decisions level may fluctuate.
 proceeds from sale of common stock through employee equity incentive plans totaled $ 770 million in 2017 compared to $ 1. 1 billion in 2016.
 total dividend payments were $ 5. 1 billion in 2017 compared to $ 4. 9 billion in 2016.
 paid cash dividend in each of past 101 quarters.
 in january 2018 board of directors approved increase to cash dividend to $ 1. 20 per share annual basis.
 board declared quarterly cash dividend of $ 0. 30 per share of common stock for q1 2018.
 dividend payable on march 1 , 2018 to stockholders of record on february 7 , 2018.
 cash used for financing activities in 2016 compared to 2015 primarily due to fewer debt issuances and repayment of debt in 2016.
activity partially offset by repayment commercial paper 2015 fewer common stock repurchases 2016.
 md&a - results of operations consolidated results analysis 37

years ended ( in millions )                            | dec 302017       | dec 312016       | dec 262015
------------------------------------------------------ | ---------------- | ---------------- | --------------
net cash provided by operating activities              | $ 22110          | $ 21808          | $ 19018
net cash used for investing activities                 | -15762 ( 15762 ) | -25817 ( 25817 ) | -8183 ( 8183 )
net cash provided by ( used for ) financing activities | -8475 ( 8475 )   | -5739 ( 5739 )   | 1912
net increase ( decrease ) in cash and cash equivalents | $ -2127 ( 2127 ) | $ -9748 ( 9748 ) | $ 12747


selling , general  administrative expenses increased to $ 65. 2 million in 2010 from $ 52. 9 million in 2009 due to increases in compensation expense and recruitment costs  with higher headcount in 2010  increase in non-cash compensation expense for.
 cost of goods sold cost in 2010 and 2009 was $ 2. 1 million and $ 1. 7 million  respectively consisted primarily of royalties and other period costs related to arcalyst ae commercial supplies.
 arcalyst ae shipments to customers primarily consisted of supplies of inventory manufactured and expensed as research and development costs prior to fda approval in 2008 ; costs of these supplies not included in costs of goods sold.
 other income and expense investment income decreased to $ 2. 1 million in 2010 from $ 4. 5 million in 2009  due to lower yields on lower average balances of cash and marketable securities.
 interest expense increased to $ 9. 1 million in 2010 from $ 2. 3 million in 2009.
 interest expense primarily attributable to imputed interest portion of payments to landlord  third quarter 2009 to lease newly constructed laboratory and office facilities in tarrytown , new york.
 income tax expense ( benefit ) in 2010  did not recognize any income tax expense or benefit.
 in 2009  recognized a $ 4. 1 million income tax benefit  primarily of $ 2. 7 million from provision in worker , homeownership , and business assistance act of 2009 to claim refund of.
 federal alternative minimum tax paid in 2008  and ii ) $ 0. 7 million from provision in american recovery and reinvestment act of 2009 claim refund for portion of unused pre-2006 research tax credits.
years ended december 31 , 2009 and 2008 net loss regeneron reported net loss $ 67. 8 million  or $ 0. 85 per share ( basic diluted ) for year ended december 31 , 2009  compared to net loss $ 79. 1 million  or $ 1. 00 per share ( ) for 2008.
 decrease in net loss in 2009 due to higher collaboration revenue antibody collaboration with sanofi-aventis , receipt of $ 20. 0 million performance milestone payment vegf trap-eye collaboration with bayer healthcare higher arcalyst ae sales  partly offset by higher research and development expenses  detailed below.
 revenues revenues in 2009 and 2008 consist following:.

( in millions )                     | 2009    | 2008
----------------------------------- | ------- | -------
collaboration revenue               |         |
sanofi-aventis                      | $ 247.2 | $ 154.0
bayer healthcare                    | 67.3    | 31.2
total collaboration revenue         | 314.5   | 185.2
technology licensing revenue        | 40.0    | 40.0
net product sales                   | 18.4    | 6.3
contract research and other revenue | 6.4     | 7.0
total revenue                       | $ 379.3 | $ 238.5


reviewing earnings per share operating cash flow results against performance objectives in table personnel committee set entergy achievement multiplier at 140% ( 140 % ) of target.
 under terms executive incentive plan  entergy achievement multiplier automatically increased by 25 percent for members of office of chief executive ( including mr.
 denault mr.
 smith  not other named executive officers ) subject to personnel committee's discretion to adjust automatic multiplier downward or eliminate it altogether.
 in accordance with section 162 ( m ) of internal revenue code  multiplier entergy refers to as management effectiveness factor is intended to provide committee negative discretion mechanism to consideration specific achievement factors relating to overall performance of entergy corporation.
 in january 2009  committee exercised negative discretion to eliminate management effectiveness factor reflecting personnel committee's determination that entergy achievement multiplier  without management effectiveness factor  consistent with performance levels achieved by management.
 annual incentive award for named executive officers ( other than mr.
 leonard , mr.
 denault mr.
 smith ) awarded from incentive pool approved by committee.
 from each named executive officer's supervisor determines annual incentive payment based on entergy achievement multiplier.
 supervisor has discretion to increase or decrease multiple used to determine incentive award based on individual business unit performance.
 incentive awards subject to approval of entergy's chief executive officer.
 following table shows executive and management incentive plans payments as percentage of base salary for 2008 : named exeutive officer target percentage base salary 2008 annual incentive award.
 while ms.
 shanks and mr.
 lewis are no longer ceo-entergy mississippi and principal financial officer for subsidiaries   ms.
 shanks continues to participate in executive incentive plan  mr.
lewis continues to participate in management incentive plan remain employees of entergy since contemplated enexus separation not occurred enexus remains a subsidiary of entergy.
 nuclear retention plan some of entergy's executives , not named executive officers , participate in special retention plan for officers leaders with special expertise in nuclear industry.
 committee authorized plan to attract retain management talent in nuclear power field , field requires unique technical other expertise in great demand in utility industry.
 plan provides for bonuses paid over three-year employment period.
 subject to continued employment with participating company , participating employee eligible to receive special cash bonus consisting of three payments , each amount from 15% ( 15 % ) to 30% ( 30 % ) of participant's base salary.

named exeutive officer    | target         | percentage base salary | 2008 annual incentive award
------------------------- | -------------- | ---------------------- | ---------------------------
j . wayne leonard         | 120% ( 120 % ) | 168% ( 168 % )         | $ 2169720
leo p . denault           | 70% ( 70 % )   | 98% ( 98 % )           | $ 617400
richard j . smith         | 70% ( 70 % )   | 98% ( 98 % )           | $ 632100
e . renae conley          | 60% ( 60 % )   | 102% ( 102 % )         | $ 415000
hugh t . mcdonald         | 50% ( 50 % )   | 50% ( 50 % )           | $ 160500
joseph f . domino         | 50% ( 50 % )   | 72% ( 72 % )           | $ 230000
roderick k . west         | 40% ( 40 % )   | 80% ( 80 % )           | $ 252000
haley fisackerly          | 40% ( 40 % )   | 46% ( 46 % )           | $ 125700
theodore h . bunting jr . | 60% ( 60 % )   | 117% ( 117 % )         | $ 400023
carolyn shanks            | 50% ( 50 % )   | 72% ( 72 % )           | $ 229134
jay a . lewis             | 40% ( 40 % )   | 60% ( 60 % )           | $ 128505


september 2006  fasb issued sfas 158 , 201cemployers 2019 accounting for defined benefit pension postretirement plans amendment of fasb statements no.
 87 , 88  106  132 ( r ). 201d sfas 158 requires companies recognize over-funded under-funded status of defined benefit pension postretire- ment plans as assets or liabilities on balance sheets.
 changes in funded status must be recognized through other comprehensive income in shareholders 2019 equity year changes occur.
 adopted sfas 158 september 28 , 2007.
 accordance with transition rules in sfas 158  standard adopted prospective basis.
 adoption of sfas 158 resulted in immaterial adjustment to balance sheet no impact on net earnings or cash flows.
 comprehensive income ( loss ) company accounts for comprehensive income ( loss ) with provisions of sfas no.
 130 , 201creporting comprehensive income 201d ( 201csfas no.
 130 201d ).
 sfas no.
 130 financial statement presentation standard requires company to disclose non-owner changes included in equity not included in net income or loss.
 accumulated comprehensive loss in financial statements consists of adjustments to company 2019s minimum pension liability ( in thousands ) : pension adjustments accumulated comprehensive.
 issued accounting pronouncements fin 48 july 2006 fasb issued fasb interpretation no.
 48 , 201caccounting for uncertainty in income taxes 2014 interpretation of fasb statement no.
 109 201d ( fin 48 )  clarifies accounting and disclosure for uncertainty in tax positions.
 fin 48 seeks reduce diversity in practice associated with aspects recognition measurement related to accounting for income taxes.
 interpretation effective for fiscal years beginning after december 15 , 2006  effective for company in fiscal year 2008.
evaluating impact adopting fin 48 on company 2019s financial position results of operations company not expect impact to materially affect results from operations or financial position.
 sfas 157 in september 2006 fasb issued sfas no.
 157 , 201cfair value measurements 201d ( 201csfas 157 201d ) defines fair value establishes framework for measuring fair value in accepted accounting principles expands disclosures about fair value measurements.
 sfas 157 effective for financial statements issued for fiscal years after november 15, 2007 interim periods within fiscal years.
 company not determined impact sfas 157 on results from operations or financial position.
 sab 108 in september 2006 securities and exchange commission issued staff accounting bulletin no.
 108 , 201cconsidering effects of prior year misstatements quantifying misstatements in current year financial statements 201d ( 201csab 108 201d ) provides interpretive guidance on effects of carryover or reversal of skyworks solutions.
 2007 annual report.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 notes to consolidated financial statements 2014 continued

| pension adjustments | accumulated other comprehensive loss
-------------------------------------- | ------------------- | ------------------------------------
balance as of september 30 2005        | -1137 ( 1137 )      | -1137 ( 1137 )
change in period                       | 538                 | 538
balance as of september 29 2006        | $ -599 ( 599 )      | $ -599 ( 599 )
pension adjustment                     | 159                 | 159
adjustment to initially apply sfas 158 | 226                 | 226
balance as of september 28 2007        | $ -214 ( 214 )      | $ -214 ( 214 )


entergy gulf states louisiana , l. c.
 management 2019s financial discussion analysis all debt and common preferred equity/membership interest issuances by require prior regulatory approval.
 preferred equity/membership interest debt issuances subject to issuance tests in bond indentures and other agreements.
 entergy gulf louisiana has sufficient capacity under these tests to meet foreseeable capital needs.
 entergy 2019s receivables from money pool were as follows as of december 31 for each following years:.
 see note 4 to financial statements for description of money pool.
 entergy gulf states louisiana has credit facility in $ 100 million scheduled to expire in august 2012.
 no borrowings outstanding under credit facility as of december 31 , 2011.
 entergy obtained short-term borrowing authorization from ferc may borrow through october 2013 up to aggregate amount one time outstanding of $ 200 million.
 see note 4 to financial statements for discussion of entergy gulf states louisiana 2019s short-term borrowing limits.
 entergy obtained order from ferc authorizing long-term securities issuances through july 2013.
 hurricane gustav and hurricane ike in september 2008 caused catastrophic damage to entergy gulf states louisiana 2019s service territory.
 storms resulted in widespread power outages  significant damage to distribution , transmission  generation infrastructure  loss of sales during power outages.
 in october 2008  entergy gulf states louisiana drew all of $ 85 million funded storm reserve.
 on october 15 , 2008 lpsc approved entergy gulf states louisiana 2019s request to defer and accrue carrying cost on unrecovered storm expenditures during period company seeks regulatory recovery.
approval without prejudice to ultimate resolution of total prudently incurred storm cost or final carrying cost rate.
 entergy gulf states louisiana entergy louisiana filed hurricane gustav and hurricane ike storm cost recovery case with lpsc in may 2009.
 in september 2009 entergy louisiana utilities restoration corporation ( lurc ) instrumentality of state of louisiana filed with lpsc application requesting lpsc grant financing orders authorizing financing of entergy gulf states louisiana 2019s entergy louisiana 2019s storm costs  storm reserves issuance costs pursuant to act 55 of louisiana regular session of 2007 ( act 55 financings ).
 entergy gulf states louisiana 2019s louisiana 2019s hurricane katrina hurricane rita storm costs financed primarily by act 55 financings.
 entergy entergy louisiana filed application requesting lpsc approval for ancillary issues including mechanism to flow charges act 55 financing savings to customers via storm cost offset rider.
 in december 2009 entergy gulf states louisiana entergy louisiana entered stipulation agreement with lpsc staff provides for total recoverable costs of approximately $ 234 million for entergy gulf states louisiana and $ 394 million for entergy louisiana  including carrying costs.
 under stipulation entergy gulf states louisiana agrees not to recover $ 4. 4 million entergy louisiana agrees not to recover $ 7. 2 million of storm restoration spending.
 stipulation permits replenishing entergy gulf states louisiana's storm reserve $ 90 million and entergy louisiana's storm reserve $ 200 million when act 55 financings accomplished.
march april 2010 , entergy gulf states louisiana , entergy louisiana  other parties proceeding filed with lpsc uncontested stipulated settlement includes these terms includes entergy gulf states louisiana 2019s entergy louisiana's proposals under act 55 financings  includes commitment to pass on to customers minimum of $ 15. 5

2011             | 2010             | 2009             | 2008
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 23596          | $ 63003          | $ 50131          | $ 11589


information on oil and gas producing activities unaudited ) 2017 proved reserves decreased by 647 mmboe due to : 2022 revisions previous estimates increased by 49 mmboe due to acceleration of higher economic wells in bakken into 5-year plan increase of 44 mmboe remainder due to revisions across business.
 2022 extensions , discoveries  additions increased by 116 mmboe due to increase 97 mmboe expansion of proved areas wells to sales from unproved categories in oklahoma.
 2022 purchases of reserves in place increased by 28 mmboe from acquisitions of assets in northern delaware basin new mexico.
 2022 production decreased by 145 mmboe.
 2022 sales of reserves in place decreased by 695 mmboe including 685 mmboe with sale of canadian business 10 mmboe with divestitures of conventional assets in oklahoma and colorado.
 see item 8.
 financial statements supplementary data - note 5 consolidated financial statements for information dispositions.
 2016 proved reserves decreased by 67 mmboe due to 2022 revisions previous estimates increased by 63 mmboe due to increase of 151 mmboe acceleration of higher economic wells in u. s.
 resource plays into 5-year plan decrease of 64 mmboe due to u. s.
 technical revisions.
 2022 extensions , discoveries  additions increased by 60 mmboe expansion of proved areas new wells to sales from unproven categories in oklahoma.
 2022 purchases of reserves in place increased by 34 mmboe from acquisition of stack assets in oklahoma.
 2022 production decreased by 144 mmboe.
 2022 sales of reserves in place decreased by 84 mmboe with divestitures of wyoming and gulf of mexico assets.
2015 proved reserves decreased by 35 mmboe due to : 2022 revisions of previous estimates decreased by 2 mmboe from increase of 105 mmboe with drilling programs in.
 resource plays increase of 67 mmboe in discontinued operations due to technical reevaluation lower royalty percentages to lower realized prices offset by decrease of 173 mmboe due to reductions to capital development program adherence to sec 5-year rule.
 2022 extensions , discoveries other additions increased by140 mmboe drilling programs in.
 resource plays.
 2022 production decreased by 157 mmboe.
 2022 sales of reserves in place.
 conventional assets sales contributed to decrease of 18 mmboe.
 changes in proved undeveloped reserves as of december 31, 2017 , 546 mmboe of proved undeveloped reserves reported decrease of 6 mmboe from december 31 , 2016.
 table shows changes in proved undeveloped reserves for 2017 : ( mmboe ).
 revisions of prior estimates.
 increased 5 mmboe during 2017  due to 44 mmboe increase in bakken from acceleration of higher economic wells into 5-year plan offset by decrease of 40 mmboe in oklahoma due to removal of less economic wells from 5-year plan.
 extensions , discoveries other additions.
 increased 57 mmboe through expansion of proved areas in oklahoma.

beginning of year                          | 552
------------------------------------------ | ----------
revisions of previous estimates            | 5
improved recovery                          | 2014
purchases of reserves in place             | 15
extensions discoveries and other additions | 57
dispositions                               | 2014
transfers to proved developed              | -83 ( 83 )
end of year                                | 546


increase in property operating expenses from large market same store group result of increases in real estate taxes $ 3. 2 million  personnel expenses $ 1. 9 million  water expenses approximately $ 1. 0 million  cable expenses $ 0. 5 million  waste removal expenses $ 0. 2 million.
 increase in property operating expenses from secondary market same store group result of increases in other operating expenses of $ 1. 5 million  real estate taxes $ 1. 1 million  personnel expenses $ 1. 2 million.
 decrease in property operating expenses from non-same store other group result of decreases in personnel expenses $ 2. 4 million utility expenses $ 1. 7 million.
 depreciation and amortization table shows depreciation and amortization expense by segment for years ended december 31 , 2015 and december 31 , 2014 ( dollars in thousands ) : year ended december 31 , 2015 year december 31 , 2014 increase percentage increase.
 decrease in depreciation and amortization expense due to decrease of $ 19. 4 million related to amortization of fair value of in-place leases and resident relationships acquired result of merger from year december 31 , 2014 to december 31  2015.
 decrease partially offset by increase in depreciation expense of $ 11. 7 million driven by increase in gross real estate assets from 2014 to 2015.
 property management expenses expenses for year ended december 31 , 2015 were approximately $ 31. 0 million  decrease of $ 1. 1 million from year december 31 , 2014.
 majority of decrease related to decrease in state franchise taxes of $ 2. 1 million  partially offset by increase in insurance expense of $ 0. 6 million  increase in payroll expense $ 0. 3 million  increase in incentive expense $ 0. 3 million.
general administrative expenses for year ended december 31 , 2015 were approximately $ 25. 7 million  increase of $ 4. 8 million from year december 31 2014.
 majority increase related to increases legal fees of $ 2. 7 million and stock option expenses of $ 1. 6 million.
 merger and integration related expenses no merger or integration related expenses for year ended december 31 , 2015 expenses related primarily to severance  legal professional  temporary systems staffing facilities costs for acquisition and integration of colonial.
 year ended december 31 2014 merger and integration related expenses were approximately $ 3. 2 million and $ 8. 4 million  respectively.
 interest expense expense for year ended december 31 , 2015 was approximately $ 122. 3 million  decrease of $ 1. 6 million from year december 31 2014.
 decrease result of decrease in amortization of deferred financing cost from 2014 to 2015 of approximately $ 0. 9 million.
 overall debt balance decreased from $ 3. 5 billion to $ 3. 4 billion  decrease of $ 85. 1 million.
 average effective interest rate remained at 3. 7% ( 3. 7 % ) average years to rate maturity increased from 4. 4 years to 4. 8 years.
 job title mid-america apartment 10-k revision 1 serial <12345678> date sunday , march 20, 2016 job number 304352-1 type page no.
 50 operator abigaels

| year ended december 31 2015 | year ended december 31 2014 | increase         | percentage increase
--------------------------- | --------------------------- | --------------------------- | ---------------- | -------------------
large market same store     | $ 168872                    | $ 174957                    | $ -6085 ( 6085 ) | ( 3.5 ) % (  % )
secondary market same store | 85008                       | 86058                       | -1050 ( 1050 )   | ( 1.2 ) % (  % )
same store portfolio        | 253880                      | 261015                      | -7135 ( 7135 )   | ( 2.7 ) % (  % )
non-same store and other    | 40640                       | 40797                       | -157 ( 157 )     | ( 0.4 ) % (  % )
total                       | $ 294520                    | $ 301812                    | $ -7292 ( 7292 ) | ( 2.4 ) % (  % )


dish network corporation notes to consolidated financial statements - continued future minimum lease payments under capital lease obligations  present value of net minimum lease payments as of december 31 , 2015 are as follows ( in thousands ) : for years ended december 31.
 summary of future maturities of outstanding long-term debt as of december 31 , 2015 included in commitments table in note 15.
 11.
 income taxes accounting for uncertainty in income taxes income tax policy is to record estimated future tax effects of temporary differences between tax bases of assets and liabilities amounts reported on consolidated balance sheets probable operating loss , tax credit other carryforwards.
 deferred tax assets offset by valuation allowances when believe more likely net deferred tax assets not be realized.
 periodically evaluate need for valuation allowance.
 determining necessary valuation allowances requires assessments about historical financial information timing of future events probability of expected future taxable income available tax planning opportunities.
 file consolidated tax returns in u. s.
 income taxes of domestic and foreign subsidiaries not included in u.
 tax group presented in consolidated financial statements on separate return basis for each tax paying entity.
 as of december 31 , 2015  no net operating loss carryforwards ( 201d ) for federal income tax purposes and $ 39 million of nol benefit for state income tax purposes partially offset by valuation allowance.
 state nols begin to expire in year 2017.
 $ 61 million of tax benefits related to credit carryforwards partially offset by valuation allowance.
 state credit carryforwards began to expire in

2016                                                                                | $ 76676
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------
2017                                                                                | 75874
2018                                                                                | 75849
2019                                                                                | 50320
2020                                                                                | 48000
thereafter                                                                                | 64000
total minimum lease payments                                                                                | 390719
less : amount representing lease of the orbital location and estimated executory costs ( primarily insurance and maintenance ) including profit thereon included in total minimum lease payments | -186742 ( 186742 )
net minimum lease payments                                                                                | 203977
less : amount representing interest                                                                                | -37485 ( 37485 )
present value of net minimum lease payments                                                                                | 166492
less : current portion                                                                                | -30849 ( 30849 )
long-term portion of capital lease obligations                                                                                | $ 135643


company stock performance graph shows five-year comparison of cumulative total shareholder return  calculated on dividend reinvested basis for company , s&p 500 composite index  s&p computer hardware index  dow jones u. s.
 technology index.
 graph assumes $ 100 invested in each company 2019s common stock , s&p 500 composite index s&p computer hardware index  dow jones u. s.
 technology index as of market close on september 30 , 2007.
 data points on graph are annual.
 historic stock price performance not indicative of future stock price performance.
 sep-11sep-10sep-09sep-08sep-07 sep-12 apple inc.
 s&p 500 s&p computer hardware dow jones us technology comparison of 5 year cumulative total return* among apple inc. , s&p 500 index  s&p computer hardware index dow jones us technology index *$ 100 invested on 9/30/07 in stock or index including reinvestment of dividends.
 fiscal year ending september 30.
 copyright a9 2012 s&p , division of mcgraw-hill companies inc.
 all rights reserved.
 september 30 , september 30.

| september 30 2007 | september 30 2008 | september 30 2009 | september 30 2010 | september 30 2011 | september 30 2012
----------------------- | ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | -----------------
apple inc .             | $ 100             | $ 74              | $ 121             | $ 185             | $ 248             | $ 437
s&p 500                 | $ 100             | $ 78              | $ 73              | $ 80              | $ 81              | $ 105
s&p computer hardware   | $ 100             | $ 84              | $ 99              | $ 118             | $ 134             | $ 214
dow jones us technology | $ 100             | $ 76              | $ 85              | $ 95              | $ 98              | $ 127


weighted average grant date fair value of options granted during 2012  2011 2010 was $ 13  $ 19 $ 20 per share .
 total intrinsic value of options exercised during years ended december 31, 2012 2011 2010  was $ 19. 0 million  $ 4. 2 million $ 15. 6 million , respectively.
 in 2012  company granted 931340 shares of restricted class common stock 4048 shares restricted stock units.
 restricted stock units have vesting period 2 to 4 years.
 fair value related to grants was $ 54. 5 million  recognized as compensation expense on accelerated basis over vesting period.
 beginning with restricted stock grants in september 2010 dividends accrued on restricted class common stock restricted stock units paid once restricted stock vests.
 in 2012  company granted 138410 performance shares.
 fair value related to these grants was $ 7. 7 million  recognized as compensation expense on accelerated straight-lined basis over vesting period.
 vesting shares contingent on meeting stated performance market conditions.
 table summarizes restricted stock  units performance shares activity for 2012 : number shares weighted average grant date fair value outstanding at december 31 , 2011.
.
.
.
.
.
.
.
.
.
.
.
.
.
 1432610 $ 57.
 at december 31 , 2012.
.
.
.
.
.
.
.
.
.
.
.
.
.
 1913527 total fair value of restricted stock  units  performance shares vested during years ended december 31 , 2012 2011 2010 , was $ 20. 9 million  $ 11. 6 million $ 10. 3 million , respectively.
employees may acquire shares of class a common stock using after-tax payroll deductions during consecutive offering periods of six months.
 shares purchased at end of each offering period at price 90% ( 90 % ) of closing price class common stock as reported on nasdaq global select market.
 compensation expense recognized on dates of purchase for discount from closing price.
 in 2012 , 2011 2010  total of 27768 , 32085 21855 shares  of class a common stock issued to participating employees.
 shares subject to six-month holding period.
 annual expense of $ 0. 1 million , $ 0. 2 million $ 0. 1 million for purchase discount recognized in 2012 , 2011 2010 .
 non-executive directors receive annual award of class a common stock with value equal to $ 75000.
 non directors may elect to receive some or all cash portion of annual stipend  up to $ 25000  in shares of stock based on closing price at date of distribution.
 40260 , 40585 37350 shares of class a common stock issued to non-executive directors during 2012 , 2011 2010 .
 shares not subject to vesting restrictions.
 expense of $ 2. 2 million , $ 2. 1 million and $ 2. 4 million related to stock-based payments recognized for years ended december 31 , 2012 , 2011 2010 .
.
 fair value measurements company uses quoted prices in active markets for identical assets to determine fair value of marketable securities and equity investments.
 level 1 assets include.
 treasury securities  equity securities listed in active markets investments in publicly traded mutual funds with quoted market prices.
 if quoted prices not available determine fair value company uses other inputs directly observable.
assets in level 2 consist of asset- backed securities municipal bonds  u. s.
 government agency securities interest rate swap contracts.
 asset-backed securities bonds.
 securities measured at fair value based on matrix pricing using prices of similar securities with similar inputs maturity dates interest rates credit ratings.
 company determined fair value of interest rate swap contracts using standard valuation models with market-based observable inputs including forward and spot exchange rates interest rate curves.

| number of shares   | weightedaveragegrant datefair value
------------------------------- | ------------------ | -----------------------------------
outstanding at december 31 2011 | 1432610            | $ 57
granted                         | 1073798            | 54
vested                          | -366388 ( 366388 ) | 55
cancelled                       | -226493 ( 226493 ) | 63
outstanding at december 31 2012 | 1913527            | 54


58 2018 ppg annual report 10-k crown group on october 2 , 2017  ppg acquired crown group ( 201ccrown 201d ) , u. s. -based coatings application services business  reported part of ppg's industrial coatings reportable segment.
 crown leading component product finishers in north america.
 crown applies coatings to customers 2019 manufactured parts assembled products at 11 u. s.
 sites.
 most of crown 2019s facilities  provide assembly , warehousing sequencing services located at customer facilities or near customer manufacturing sites.
 company serves manufacturers in automotive , agriculture  construction  heavy truck alternative energy industries.
 pro-forma impact on ppg's sales results of operations  including pro forma effect events directly attributable to acquisition not significant.
 results of business since date of acquisition reported within industrial coatings business industrial coatings reportable segment.
 taiwan chlorine industries taiwan chlorine industries ( 201ctci 201d ) established in 1986 joint venture between ppg and china petrochemical development corporation ( 201ccpdc 201d ) to produce chlorine-based products in taiwan ppg owned 60 percent of venture.
 2013 separation of commodity chemicals business ppg conveyed to axiall corporation ( "axiall" ) 60% ( 60 % ) ownership interest in tci.
 under ppg 2019s agreement with cpdc if post-closing conditions not met following three year anniversary separation cpdc option to sell 40% ( 40 % ) ownership interest in tci to axiall for $ 100 million.
 axiall right to designate ppg as designee to purchase 40% ( 40 % ) ownership interest of cpdc.
april 2016  axiall announced cpdc decided sell ownership interest in tci to axiall.
 june 2016 axiall designated ppg to purchase 40% ( 40 % ) ownership interest in tci.
 august 2016 westlake chemical corporation acquired axiall became wholly-owned subsidiary of westlake.
 april 2017 ppg finalized purchase of cpdc 2019s 40% ( 40 % ) ownership interest in tci.
 difference between acquisition date fair value and purchase price of ppg 2019s 40% ( 40 % ) ownership interest tci recorded as loss in discontinued operations year-ended december 31 , 2017.
 ppg 2019s ownership in tci accounted for as equity method investment related equity earnings reported within other income in consolidated statement of income legacy in note 20 , 201creportable business segment information. 201d metokote corporation july 2016 ppg completed acquisition of metokote corporation ( "metokote" ) u. s. -based coatings application services business.
 metokote applies coatings to customers' manufactured parts assembled products.
 operates on- site coatings services several customer manufacturing locations regional service centers throughout u. s.  canada mexico united kingdom germany hungary czech republic.
 customers ship parts to metokote service centers treated to enhance paint adhesion painted with electrocoat  powder or liquid coatings technologies.
 coated parts shipped to customer 2019s next stage of assembly.
 metokote coats average of more than 1. 5 million parts per day.
 following table summarizes estimated fair value of assets acquired liabilities assumed in final purchase price allocation for metokote.
 ( $ in millions ).
( a ) net deferred income tax liability included in assets due to company's tax jurisdictional netting.
 pro-forma impact on ppg's sales and results of operations , including pro forma effect of events directly attributable to acquisition , not significant.
 while calculating this impact  no cost savings or operating synergies from acquisition included.
 results of this business since date acquisition reported within industrial coatings business within industrial coatings reportable segment.
 notes to consolidated financial statements

current assets                                   | $ 38
------------------------------------------------ | ----------
property plant and equipment                     | 73
identifiable intangible assets with finite lives | 86
goodwill                                         | 166
deferred income taxes ( a )                      | -12 ( 12 )
total assets                                     | $ 351
current liabilities                              | -23 ( 23 )
other long-term liabilities                      | -22 ( 22 )
total liabilities                                | ( $ 45 )
total purchase price net of cash acquired        | $ 306


corporate expenses in 2016 benefited from absence of transaction costs associated with norcraft acquisition ( $ 15. 1 million in 2015 ).
 benefit offset by higher employee-related costs lower defined benefit plan income.
 ( in millions ) 2016 2015.
 ( a ) represents external costs related to acquisition of norcraft includes expenditures for banking  legal  accounting similar services.
 future periods company may record in corporate segment material expense or income associated with actuarial gains and losses from periodic remeasurement of liabilities for defined benefit plans.
 minimum company will remeasure defined benefit plan liabilities in fourth quarter of each year.
 remeasurements due to plan amendments settlements may occur in interim periods during year.
 remeasurement of liabilities attributable to updating liability discount rates and expected return on assets may result in material income or expense recognition.
 liquidity and capital resources primary liquidity needs to support working capital requirements fund capital expenditures service indebtedness finance acquisitions  repurchase shares common stock pay dividends to stockholders.
 principal sources of liquidity are cash on hand , cash flows from operating activities  availability under credit facility debt issuances in capital markets.
 operating income generated by subsidiaries.
 no restrictions on ability subsidiaries to pay dividends or make other distributions to fortune brands.
 in december 2017 board of directors increased quarterly cash dividend by 11% ( 11 % ) to $ 0. 20 per share of common stock.
 board of directors will continue to evaluate dividend payment opportunities quarterly basis.
no assurance to when if future dividends be paid  at what level , payment of dividends dependent on our financial condition  results of operations  cash flows  capital requirements other factors relevant by our board of directors.
 we periodically review portfolio of brands evaluate potential strategic transactions to increase shareholder value.
 we cannot predict whether when we enter into acquisitions  joint ventures dispositions  make purchases of shares common stock under share repurchase program pay dividends  or impact such transactions on results of operations  cash flows or financial condition , result of issuance of debt or equity securities or otherwise.
 our cash flows from operations  borrowing availability overall liquidity are subject to certain risks and uncertainties including those described in section 201citem 1a.
 risk factors. 201d in june 2016  company amended and restated credit agreement to combine rollover existing revolving credit facility and term loan into new standalone $ 1. 25 billion revolving credit facility.
 this amendment restatement credit agreement was non-cash transaction for company.
 terms and conditions of credit agreement  including total commitment amount remained same as under 2011 credit agreement.
 revolving credit facility will mature in june 2021 borrowings used for general corporate purposes.
 on december 31 , 2017 and december 31 , 2016  outstanding borrowings under facilities were $ 615. 0 million and $ 540. 0 million , respectively.
 at december 31 , 2017 december 31  2016  current portion of long- term debt was zero.
 interest rates under facility variable based on libor at time of

( in millions )                                      | 2016             | 2015
---------------------------------------------------- | ---------------- | ----------------
general and administrative expense                   | $ -80.9 ( 80.9 ) | $ -70.1 ( 70.1 )
defined benefit plan income                          | 2.9              | 6.1
defined benefit plan recognition of actuarial losses | -1.9 ( 1.9 )     | -2.5 ( 2.5 )
norcraft transaction costs ( a )                     | 2014             | -15.1 ( 15.1 )
total corporate expenses                             | $ -79.9 ( 79.9 ) | $ -81.6 ( 81.6 )


westrock company notes consolidated financial statements 2014 results of operations for fiscal years ended september 30 , 2019 , 2018 2017 include share-based compensation expense of $ 64. 2 million , $ 66. 8 million $ 60. 9 million  respectively including $ 2. 9 million in gain on sale of hh&b in fiscal 2017.
 share-based compensation expense fiscal 2017 reduced by $ 5. 4 million for rescission of shares granted to ceo inadvertently granted in excess of plan limits in fiscal 2014 and 2015.
 total income tax benefit in results operations share-based compensation was $ 16. 3 million, $ 19. 4 million $ 22. 5 million for fiscal years ended september 30 , 2019 , 2018 2017 .
 cash received from share-based payment arrangements fiscal years ended september 30  2019 2018 2017 was $ 61. 5 million , $ 44. 4 million $ 59. 2 million .
 equity awards issued connection with acquisitions kapstone acquisition  replaced outstanding awards of restricted stock units under kapstone long-term incentive plan with westrock stock options restricted stock units.
 no additional shares granted under kapstone plan.
 kapstone equity awards replaced with awards with identical terms utilizing approximately 0. 83 conversion factor described in merger agreement.
 acquisition consideration included approximately $ 70. 8 million related to outstanding kapstone equity awards related service prior to effective date kapstone acquisition 2013 balance related service after effective date expensed over remaining service period of awards.
 part kapstone acquisition issued 2665462 options valued at weighted average fair value of $ 20. 99 per share using black-scholes option pricing model.
 weighted average significant assumptions used were.
connection with mps acquisition , replaced outstanding awards of restricted stock units granted under mps long-term incentive plan with westrock restricted stock units.
 no additional shares granted under mps plan.
 mps equity awards replaced with identical terms utilizing approximately 0. 33 conversion factor as described in merger agreement.
 part of mps acquisition  granted 119373 awards of restricted stock units , contain service conditions valued at $ 54. 24 per share.
 acquisition consideration included approximately $ 1. 9 million related to outstanding mps equity awards related to service prior to effective date of mps acquisition 2013 balance related to service after effective date expensed over remaining service period of awards.
 stock options and stock appreciation rights stock options granted under our plans generally have exercise price equal to closing market price on date of grant vest in three years , in one tranche or in approximately one-third increments have 10-year contractual terms.
 portion of grants subject to earlier expense recognition due to retirement eligibility rules.
 other than circumstances death disability retirement grants include provision requiring change of control and termination of employment to accelerate vesting.
 of grant estimate fair value of stock options granted using black-scholes option pricing model.
 use historical data to estimate option exercises and employee terminations in determining expected term in years for stock options.
 expected volatility calculated based on historical volatility of stock.
 risk-free interest rate based on u. s.
 treasury securities in effect at date of grant of stock options.
 dividend yield estimated based on historic annual dividend payments and current expectations for future.
 other than connection with replacement awards with acquisitions did not grant any stock options in fiscal 2019 , 2018 and 2017.

| 2019
----------------------- | ----------------
expected term in years  | 3.1
expected volatility     | 27.7% ( 27.7 % )
risk-free interest rate | 3.0% ( 3.0 % )
dividend yield          | 4.1% ( 4.1 % )


consolidated financial statements fifth third bancorp 81 vii held trust vii bear fixed rate interest of 8. 875% ( 8. 875 % ) until may 15 , 2058.
 notes pay floating rate at three-month libor plus 500 bp.
 bancorp entered interest rate swap to convert $ 275 million fixed-rate debt into floating.
 december 31 , 2008  rate paid swap was 6. 05% ( 6. 05 % ).
 jsn vii may be redeemed at option bancorp or after may 15, 2013  or other limited circumstances at redemption price of 100% ( 100 % ) principal amount plus accrued unpaid interest.
 redemptions subject to conditions require approval by federal reserve board.
 subsidiary long-term borrowings senior fixed-rate bank notes due from 2009 to 2019 are obligations of subsidiary bank.
 maturities face value senior notes : $ 36 million in 2009, $ 800 million in 2010 $ 275 million in 2019.
 bancorp entered interest rate swaps to convert $ 1. 1 billion fixed-rate debt into floating rates.
 december 31 , 2008 rates paid swaps were 2. 19% ( 2. 19 % ) on $ 800 million and 2. 20% ( 2. 20 % ) on $ 275 million.
 august 2008  $ 500 million senior fixed-rate bank notes issued in july 2003 matured paid.
 long-term bank notes issued to third-party investors at fixed rate of 3. 375% ( 3. 375 % ).
 senior floating-rate bank notes due in 2013 are obligations of subsidiary bank.
 notes pay floating rate at three-month libor plus 11 bp.
 senior extendable notes consist of $ 797 million pay interest at three-month libor plus 4 bp and $ 400 million pay at federal funds open rate plus 12 bp.
subordinated fixed-rate bank notes due in 2015 are obligations of subsidiary bank.
 bancorp entered interest rate swaps to convert fixed-rate debt into floating rate.
 december 31, 2008 weighted-average rate paid on swaps was 3. 29% ( 3. 29 % ).
 junior subordinated floating-rate bank notes due in 2032 and 2033 assumed by bancorp subsidiary acquisition of crown in november 2007.
 two notes pay floating at three-month libor plus 310 and 325 bp.
 third note pays at six-month libor plus 370 bp.
 three-month libor plus 290 bp three-month libor plus 279 bp junior subordinated debentures due in 2033 and 2034 assumed by subsidiary bancorp acquisition of first national bank.
 obligations issued to fnb statutory trusts i and ii.
 junior subordinated floating-rate bank notes due in 2035 assumed by bancorp subsidiary acquisition of first charter in may 2008.
 obligations issued to first charter capital trust i and ii .
 notes first charter capital trust i pay floating at three-month libor plus 169 bp and 142 bp .
 bancorp fully unconditionally guaranteed all obligations under acquired trust preferred securities.
 december 31 2008 fhlb advances have rates from 0% ( 0 % ) to 8. 34% ( 8. 34 % ) interest payable monthly.
 advances secured by residential mortgage loans and securities totaling $ 8. 6 billion.
 at december 31  2008 $ 2. 5 billion of fhlb advances are floating rate.
 bancorp has interest rate caps notional of $ 1. 5 billion  held against fhlb advance borrowings.
 $ 3. 6 billion in advances mature as follows : $ 1.5 billion in 2009 , $ 1 million in 2010 , $ 2 million in 2011 , $ 1 billion in 2012 $ 1. 1 billion in 2013.
 medium-term senior notes and subordinated bank notes with maturities from one year to 30 years issued by two subsidiary banks  $ 3. 8 billion outstanding at december 31 , 2008 with $ 16. 2 billion available for future issuance.
 no other medium-term senior notes outstanding on either two subsidiary banks as of december 31 , 2008.
 15.
 commitments , contingent liabilities guarantees bancorp  normal business, enters into financial instruments agreements to meet financing needs of customers.
 bancorp enters into transactions agreements to manage interest rate prepayment risks  provide funding , equipment locations for operations invest in communities.
 these instruments agreements involve varying degrees elements credit risk , counterparty risk market risk in excess of amounts recognized in bancorp 2019s consolidated balance sheets.
 creditworthiness for all instruments agreements evaluated case-by-case basis accordance with bancorp 2019s credit policies.
 bancorp 2019s significant commitments , contingent liabilities guarantees in excess of amounts recognized in consolidated balance sheets summarized as : commitments bancorp has certain commitments to make future payments under contracts.
 summary of significant commitments at december 31:.
 commitments to extend credit are agreements to lend , typically fixed expiration dates or termination clauses may require payment fee.
 many commitments to extend credit may expire without drawn upon total commitment amounts do not necessarily represent future cash flow requirements.
 bancorp exposed to credit risk in nonperformance for amount of contract.
fixed-rate commitments subject to market risk from fluctuations interest rates bancorp 2019s exposure limited to replacement value of commitments.
 as of december 31 , 2008 and 2007  bancorp had reserve for unfunded commitments totaling $ 195 million and $ 95 million included in other liabilities in consolidated balance sheets.
 standby and commercial letters of credit are conditional commitments to guarantee performance of customer to third party.
 at december 31 , 2008  approximately $ 3. 3 billion of letters of credit expire within one year ( including $ 57 million issued commercial customers trade payments in dollars and foreign currencies ) $ 5. 3 billion expire between one to five years $ 0. 4 billion expire thereafter.
 standby letters of credit considered guarantees in accordance with fasb interpretation no.
 45 , 201cguarantor 2019s accounting and disclosure requirements for guarantees including indirect guarantees of indebtedness.
 at december 31 , 2008  reserve related to standby letters of credit was $ 3 million.
 approximately 66% ( 66 % ) and 70% ( 70 % ) of total standby letters of credit secured as of december 31 , 2008 and 2007.
 in of nonperformance customers bancorp has rights to underlying collateral commercial real estate physical plant and property  inventory  receivables cash marketable securities.
 bancorp monitors credit risk with standby letters of credit using same dual risk rating system

( $ in millions )                                         | 2008    | 2007
--------------------------------------------------------- | ------- | -----
commitments to extend credit                              | $ 49470 | 49788
letters of credit ( including standby letters of credit ) | 8951    | 8522
forward contracts to sell mortgage loans                  | 3235    | 1511
noncancelable lease obligations                           | 937     | 734
purchase obligations                                      | 81      | 52
capital expenditures                                      | 68      | 94