2014 , company closed thirteen acquisitions regulated water wastewater systems for total aggregate purchase price $ 9.
 assets acquired principally plant , totaled $ 17.
 liabilities assumed totaled $ 8  including $ 5 contributions in aid of construction assumed debt $ 2.
 2013  company closed fifteen acquisitions regulated water wastewater systems for total aggregate net purchase price $ 24.
 assets acquired primarily utility plant  totaled $ 67.
 liabilities assumed totaled $ 43  including $ 26 contributions in aid construction assumed debt $ 13.
 included in totals was company 2019s november 14, 2013 acquisition of capital stock of dale service corporation ( 201cdale 201d ) regulated wastewater utility company  for total cash purchase price $ 5 ( net of cash acquired $ 7 )  plus assumed liabilities.
 dale acquisition accounted for as business combination ; operating results from november 14, 2013 included in company 2019s results of operations.
 purchase price allocated to net tangible and intangible assets based upon estimated fair values at date of acquisition.
 company 2019s regulatory practice followed property , plant equipment ( rate base ) considered fair value for business combination purposes.
 regulatory assets liabilities acquired recorded at book value subject to regulatory approval where applicable.
 acquired debt valued consistent with company 2019s level 3 debt.
 see note 17 2014fair value of financial instruments.
 non-cash assets acquired in dale acquisition  primarily utility plant , totaled $ 41 ; liabilities assumed totaled $ 36  including debt assumed $ 13 contributions $ 19.
 divestitures in november 2014  company completed sale of terratec , previously included in market-based businesses.
post-close adjustments  net proceeds from sale totaled $ 1 , company recorded pretax loss on sale of $ 1.
 table summarizes operating results of discontinued operations in consolidated statements operations for years ended december 31:.
 provision for income taxes of discontinued operations includes recognition of tax expense related to difference between tax basis and book basis of assets upon sales of terratec resulted in taxable gains  election made under section 338 ( h ) ( 10 ) of internal revenue code to treat sales as asset sales.
 no assets or liabilities of discontinued operations in consolidated balance sheets as of december 31 , 2015 and 2014.

| 2014       | 2013
----------------------------------------------------- | ---------- | ----------
operating revenues                                    | $ 13       | $ 23
total operating expenses net                          | 19         | 26
loss from discontinued operations before income taxes | -6 ( 6 )   | -3 ( 3 )
provision ( benefit ) for income taxes                | 1          | -1 ( 1 )
loss from discontinued operations net of tax          | $ -7 ( 7 ) | $ -2 ( 2 )


april 2009  fasb issued additional guidance under asc 820 provides guidance on estimat- ing fair value of asset or liability ( financial or nonfinancial ) when volume and level of activity for asset liability significantly decreased on identifying transactions not orderly.
 application of requirements guidance not material effect on accompanying consolidated financial statements.
 august 2009 fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d amends asc 820 providing clarification for cir- cumstances in quoted price in active market for identical liability not available.
 company included disclosures required by guidance in consolidated financial statements.
 accounting for uncertainty in income taxes june 2006  fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ).
 guid- ance prescribes recognition threshold and measurement attribute for financial statement recognition and measurement of tax position taken or expected to be taken in tax returns.
 financial statement effects of tax position may be recognized only when determined it is 201cmore likely than not 201d based on technical merits tax position will be sustained upon examination by relevant tax authority.
 amount recognized measured as largest amount of tax benefits exceed 50% ( 50 % ) probability of being recognized.
 guidance expands income tax disclosure requirements.
 international paper applied provisions of guidance begin ning in first quarter of 2007.
 adoption guidance resulted in charge to beginning bal- ance of retained earnings of $ 94 million at date of adoption.
 note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 presented on pages 47 and 48.
january 1, 2008  company changed method allocating overhead expenses to business segments to increase expense amounts allocated in reports reviewed chief executive officer facilitate performance comparisons with other companies.
 company revised presentation of industry segment operat- ing profit to reflect change allocation method adjusted comparative prior period information.
 note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations computed by dividing earnings by weighted average number of common shares outstanding.
 diluted earnings per common share computed assuming all potentially dilutive securities including 201cin-the-money 201d stock options converted into common shares at beginning of each year.
 computation of diluted earnings per share reflects inclusion of contingently convertible securities in periods when dilutive.
 reconciliation of amounts included in computation basic earnings per common share from continuing operations diluted earnings per common share operations as fol in millions except per share amounts 2009 2008 2007.
 average common shares outstanding 2013 assuming dilution 428. 0 421. 0 433. 0 basic earnings ( loss ) per common share from continuing operations $ 1. 56 $ ( 3. 02 ) $ 2. 83 diluted earnings ( loss ) per common share from continuing operations $ 1. 55 $ ( 3. 02 ) $ 2. 81 ) securities not included in table in periods when anti- dilutive.
 b ) options to purchase 22. 2 million , 25. 1 million 17. 5 million shares for years ended december 31 , 2009 , 2008 2007  not included in computation of diluted common shares outstanding because exercise price exceeded average market price of company 2019s common stock for each reporting date.
note 5 restructuring other charges footnote discusses restructuring other charges recorded for each three years included in period ended december 31 , 2009.

in millions except per share amounts                                  | 2009   | 2008             | 2007
--------------------------------------------------------------------- | ------ | ---------------- | ------
earnings ( loss ) from continuing operations                          | $ 663  | $ -1269 ( 1269 ) | $ 1215
effect of dilutive securities ( a )                                   | 2013   | 2013             | 2013
earnings ( loss ) from continuing operations 2013 assumingdilution    | $ 663  | $ -1269 ( 1269 ) | $ 1215
average common shares outstanding                                     | 425.3  | 421.0            | 428.9
effect of dilutive securities restricted performance share plan ( a ) | 2.7    | 2013             | 3.7
stock options ( b )                                                   | 2013   | 2013             | 0.4
average common shares outstanding 2013 assuming dilution              | 428.0  | 421.0            | 433.0
basic earnings ( loss ) per common share from continuing operations   | $ 1.56 | $ -3.02 ( 3.02 ) | $ 2.83
diluted earnings ( loss ) per common share from continuing operations | $ 1.55 | $ -3.02 ( 3.02 ) | $ 2.81


stockholder return performance graph graph compares cumulative 5-year stockholder return on our common stock relative to cumulative return nasdaq composite index s&p 400 information technology index.
 graph assumes value investment in common stock and each index on december 31, 2011 ( including reinvestment dividends ) was $ 100 tracks each year last day of fiscal year through december 31 , 2016 for each index last day of calendar year.
 comparison of 5 year cumulative total return* among cadence design systems , inc. nasdaq composite index s&p 400 information technology cadence design systems  inc.
 nasdaq composite s&p 400 information technology 12/31/1612/28/13 1/2/1612/31/11 1/3/1512/29/12 *$ 100 invested on 12/31/11 in stock or index  including reinvestment of dividends.
 indexes calculated on month-end basis.
 copyright a9 2017 standard & poor 2019s  division of s&p global.
 all rights reserved.
 stock price performance graph not indicative of future stock price performance.

| 12/31/2011 | 12/29/2012 | 12/28/2013 | 1/3/2015 | 1/2/2016 | 12/31/2016
------------------------------ | ---------- | ---------- | ---------- | -------- | -------- | ----------
cadence design systems inc .   | 100.00     | 129.23     | 133.94     | 181.06   | 200.10   | 242.50
nasdaq composite               | 100.00     | 116.41     | 165.47     | 188.69   | 200.32   | 216.54
s&p 400 information technology | 100.00     | 118.41     | 165.38     | 170.50   | 178.74   | 219.65


part ii item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities at january 25 , 2019  26812 holders record of our common stock par value $ 1 per share.
 common stock traded on new york stock exchange ( nyse ) under symbol lmt.
 information dividends paid on lockheed martin common stock past two years : common stock - dividends paid per share.
 stockholder return performance graph graph compares total return cumulative basis of $ 100 invested in lockheed martin common stock december 31, 2013 to standard and poor 2019s ( s&p ) 500 index s&p aerospace & defense index.
 s&p aerospace & defense index comprises arconic inc. general dynamics corporation harris corporation huntington ingalls industries  l3 technologies , inc. lockheed martin corporation northrop grumman corporation raytheon company textron inc. boeing company transdigm group inc. united technologies corporation.
 stockholder return performance graph not guarantee of future performance.

quarter | dividends paid per share 2018 | dividends paid per share 2017
------- | ----------------------------- | -----------------------------
first   | $ 2.00                        | $ 1.82
second  | 2.00                          | 1.82
third   | 2.00                          | 1.82
fourth  | 2.20                          | 2.00
year    | $ 8.20                        | $ 7.46


subject to fluctuation amount realized in subsequent sale of investment may differ from current reported value.
 fluctuations in market price of security may result from perceived changes in underlying economic characteristics of issuer relative price of alternative investments general market conditions.
 table below summarizes equity investments subject to equity price fluctuations at december 31 , 2012.
 equity investments included in other assets in consolidated balance sheets.
 ( in millions ) carrying unrealized net tax.
 do not hedge against equity price risk.
 equity investments assessed for other-than- temporary impairment on quarterly basis.

( in millions )                            | costbasis | fairvalue | carryingvalue | unrealizedgainnet of tax
------------------------------------------ | --------- | --------- | ------------- | ------------------------
bm&fbovespa s.a .                          | $ 262.9   | $ 690.6   | $ 690.6       | $ 271.4
bolsa mexicana de valores s.a.b . de c.v . | 17.3      | 29.3      | 29.3          | 7.6
imarex asa                                 | 2014      | 1.8       | 1.8           | 1.1


e d u l e i v ace limited subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c n c e r n n n s u r e premiums earned years ended december 31, 2009  2008 2007 ( in millions u. s.
 dollars  except percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed.

for the years ended december 31 2009 2008 and 2007 ( in millions of u.s . dollars except for percentages ) | direct amount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net
---------------------------------------------------------------------------------------------------------- | ------------- | ------------------------ | ---------------------------- | ---------- | -----------------------------------
2009                                                                                | $ 15415       | $ 5943                   | $ 3768                       | $ 13240    | 28% ( 28 % )
2008                                                                                | $ 16087       | $ 6144                   | $ 3260                       | $ 13203    | 25% ( 25 % )
2007                                                                                | $ 14673       | $ 5834                   | $ 3458                       | $ 12297    | 28% ( 28 % )


2015  management actions primarily sale or transfer to held-for-sale of approximately $ 1. 5 billion of delinquent residential first mortgages including $ 0. 9 billion in fourth quarter associated with transfer of citifinancial loans to held-for-sale primary driver of improvement in delinquencies within citi holdings 2019 residential first mortgage portfolio.
 credit performance quarter to quarter could impacted by delinquent loan sales or transfers to held-for-sale overall trends in hpi and interest rates.
 north america residential first mortgages 2014state delinquency trends tables set six.
 states regions with highest concentration of citi 2019s residential first mortgages.
 total ( 5 ) $ 51. 5 100% ( 100 % ) 0. 7% ( 0. 7 % ) 1% ( 1 % ) 738 $ 60. 1 100% ( 100 % ) 2. 1% ( 2. 1 % ) 4% ( 4 % ) 715 totals may not sum due to rounding.
 1 states included as part of region based on citi 2019s view of similar hpi region.
 2 ending net receivables.
 excludes loans in canada and puerto rico  loans guaranteed by.
 government agencies loans recorded at fair value loans subject to long term standby commitments.
 excludes balances for which fico or ltv data unavailable.
 ltv ratios ( loan balance divided by appraised value ) calculated at origination updated by applying market price data.
 new york , new jersey  connecticut  florida illinois are judicial states.
 improvement in state trends 2015 primarily due to sale or transfer to held-for-sale of residential first mortgages including transfer of citifinancial residential first mortgages to held-for-sale in fourth quarter of 2015.
foreclosures majority of citi 2019s foreclosure inventory residential first mortgages.
 at december 31 , 2015 citi foreclosure inventory included approximately $ 0. 1 billion  or 0. 2% (. 2 % )  of total residential first mortgage portfolio compared to $ 0. 6 billion  or 0. 9% ( 0. 9 % )  at december 31, 2014 based on dollar amount of ending net receivables of loans in foreclosure inventory excluding loans guaranteed by u. s.
 government agencies loans subject to ltscs.
 north america consumer mortgage quarterly credit trends 2014net credit losses delinquencies 2014home equity citi 2019s home equity loan portfolio fixed-rate home equity loans and loans extended under home equity lines of credit.
 fixed-rate home equity loans are fully amortizing.
 home equity lines of credit allow for amounts drawn for period with payment interest only end draw period-outstanding amount converted to amortizing loan interest-only payment feature during revolving period standard.
 after conversion home equity loans typically have 20-year amortization period.
 as of december 31 , 2015  citi 2019s home equity loan portfolio of $ 22. 8 billion consisted of $ 6. 3 billion of fixed-rate home equity loans and $ 16. 5 billion of loans extended under home equity lines of credit.

in billions of dollars state ( 1 ) | in billions of dollars enr ( 2 ) | in billions of dollars enrdistribution | in billions of dollars 90+dpd% ( 90+dpd % ) | in billions of dollars %ltv >100% ( >100 % ) ( 3 ) | in billions of dollars refreshedfico | in billions of dollars enr ( 2 ) | in billions of dollars enrdistribution | in billions of dollars 90+dpd% ( 90+dpd % ) | %ltv >100% ( >100 % ) ( 3 ) | refreshedfico
---------------------------------- | -------------------------------- | -------------------------------------- | ------------------------------------------- | -------------------------------------------------- | ------------------------------------ | -------------------------------- | -------------------------------------- | ------------------------------------------- | --------------------------- | -------------
ca                                 | $ 19.2                           | 37% ( 37 % )                           | 0.2% ( 0.2 % )                              | 1% ( 1 % )                                         | 754                                  | $ 18.9                           | 31% ( 31 % )                           | 0.6% ( 0.6 % )                              | 2% ( 2 % )                  | 745
ny/nj/ct ( 4 )                     | 12.7                             | 25                                     | 0.8                                         | 1                                                  | 751                                  | 12.2                             | 20                                     | 1.9                                         | 2                           | 740
va/md                              | 2.2                              | 4                                      | 1.2                                         | 2                                                  | 719                                  | 3.0                              | 5                                      | 3.0                                         | 8                           | 695
il ( 4 )                           | 2.2                              | 4                                      | 1.0                                         | 3                                                  | 735                                  | 2.5                              | 4                                      | 2.5                                         | 9                           | 713
fl ( 4 )                           | 2.2                              | 4                                      | 1.1                                         | 4                                                  | 723                                  | 2.8                              | 5                                      | 3.0                                         | 14                          | 700
tx                                 | 1.9                              | 4                                      | 1.0                                         | 2014                                               | 711                                  | 2.5                              | 4                                      | 2.7                                         | 2014                        | 680
other                              | 11.0                             | 21                                     | 1.3                                         | 2                                                  | 710                                  | 18.2                             | 30                                     | 3.3                                         | 7                           | 677
total ( 5 )                        | $ 51.5                           | 100% ( 100 % )                         | 0.7% ( 0.7 % )                              | 1% ( 1 % )                                         | 738                                  | $ 60.1                           | 100% ( 100 % )                         | 2.1% ( 2.1 % )                              | 4% ( 4 % )                  | 715


3.
 discontinued operations second quarter of 2012  board of directors authorized sale of homecare business  previously reported as part of merchant gases operating segment.
 business accounted for as discontinued operation.
 third quarter of 2012  sold majority of homecare business to linde group for sale proceeds of 20ac590 million ( $ 777 ) recognized gain of $ 207. 4 ( $ 150. 3 after-tax , or $. 70 per share ).
 sale proceeds included 20ac110 million ( $ 144 ) contingent on outcome of retender arrangements.
 proceeds reflected in payables and accrued liabilities on consolidated balance sheet as of 30 september 2013.
 based on outcome retenders contractually required to return proceeds to linde group.
 fourth quarter of 2014 made payment to settle liability recognized gain of $ 1. 5.
 third quarter of 2012 impairment charge of $ 33. 5 ( $ 29. 5 after-tax , or $. 14 per share ) recorded to write down remaining business primarily in united kingdom and ireland to estimated net realizable value.
 fourth quarter of 2013  additional charge of $ 18. 7 ( $ 13. 6 after-tax , or $. 06 per share ) recorded to update estimate of net realizable value.
 first quarter of 2014  sold remaining portion of homecare business for a36. 1 million ( $ 9. 8 ) recorded gain on sale of $ 2. 4.
 entered into operations guarantee related to obligations under certain homecare contracts assigned connection with transaction.
 refer to note 16 , commitments and contingencies  for additional information.
 results of discontinued operations summarized below:.
 assets and liabilities classified as discontinued operations for homecare business at 30 september 2013 consisted of $ 2.5 trade receivables , net , $ 2. 4 payables accrued liabilities.
 as 30 september 2014  no assets or liabilities classified discontinued operations.

| 2014  | 2013             | 2012
---------------------------------------------------------------------- | ----- | ---------------- | -------
sales                                                                  | $ 8.5 | $ 52.3           | $ 258.0
income before taxes                                                    | $ .7  | $ 3.8            | $ 68.1
income tax provision                                                   | 2014  | .2               | 20.8
income from operations of discontinued operations                      | .7    | 3.6              | 47.3
gain ( loss ) on sale of business and impairment/write-down net of tax | 3.9   | -13.6 ( 13.6 )   | 120.8
income ( loss ) from discontinued operations net of tax                | $ 4.6 | $ -10.0 ( 10.0 ) | $ 168.1


federal realty investment trust schedule iii summary real estate accumulated depreciation three years ended december 31 2006 reconciliation accumulated depreciation amortization thousands ).

balance december 31 2003                                             | $ 514177
-------------------------------------------------------------------- | ----------------
additions during period 2014depreciation and amortization expense    | 82551
deductions during period 2014disposition and retirements of property | -1390 ( 1390 )
balance december 31 2004                                             | 595338
additions during period 2014depreciation and amortization expense    | 83656
deductions during period 2014disposition and retirements of property | -15244 ( 15244 )
balance december 31 2005                                             | 663750
additions during period 2014depreciation and amortization expense    | 89564
deductions during period 2014disposition and retirements of property | -12807 ( 12807 )
balance december 31 2006                                             | $ 740507


management 2019s discussion analysis 130 jpmorgan chase & co. /2013 annual report wholesale credit portfolio credit environment remained favorable 2013 driving increase in commercial client activity.
 discipline in underwriting across all areas lending key point focus consistent with evolving market conditions firm 2019s risk management activities.
 wholesale portfolio actively managed by conducting ongoing in-depth reviews of credit quality industry  product client concentrations.
 year wholesale criticized assets nonperforming assets decreased from higher levels 2012 including reduction in nonaccrual loans by 39% ( 39 % ).
 as of december 31, 2013 wholesale exposure ( primarily cib , cb am ) increased by $ 13. 7 billion from december 31  2012 driven by increases of $ 11. 4 billion in lending-related commitments $ 8. 4 billion in loans reflecting increased client activity primarily in cb and am.
 increases partially offset by $ 9. 2 billion decrease in derivative receivables.
 derivative receivables decreased due to reductions in interest rate derivatives increase interest rates reductions in commodity derivatives market movements.
 decreases partially offset by increase in equity derivatives rise in equity markets.
 wholesale credit portfolio december 31 , credit exposure nonperforming ( d ).
receivables from customers other b ) 26744 23648 2014 2014 total wholesale credit- related assets 414067 411814 1459 1956 lending-related commitments 446232 434814 206 355 total wholesale credit exposure $ 860299 $ 846628 $ 1665 $ 2311 credit portfolio management derivatives notional  net ( c ) $ ( 27996 ) $ ( 27447 ) $ ( 5 ) $ ( 25 ) liquid securities cash collateral against derivatives ( 14435 ) ( 15201 ) ) during 2013 certain loans from restructurings previously classified performing reclassified as nonperforming loans.
 prior periods revised to conform current presentation.
 b ) receivables from customers includes margin loans to prime retail brokerage customers classified in accrued interest accounts receivable on consolidated balance sheets.
 ( c ) represents net notional amount of protection purchased sold through credit derivatives manage performing nonperforming wholesale credit exposures derivatives not qualify for hedge accounting.
.
 excludes synthetic credit portfolio.
 additional information see credit derivatives on pages 137 2013138 note 6 on pages 220 2013233 annual report.
 d ) excludes assets acquired in loan satisfactions.

december 31 , ( in millions )                                        | december 31 , 2013 | december 31 , 2012 | 2013       | 2012
-------------------------------------------------------------------- | ------------------ | ------------------ | ---------- | ------------
loans retained                                                       | $ 308263           | $ 306222           | $ 821      | $ 1434
loans held-for-sale                                                  | 11290              | 4406               | 26         | 18
loans at fair value ( a )                                            | 2011               | 2555               | 197        | 265
loans 2013 reported                                                  | 321564             | 313183             | 1044       | 1717
derivative receivables                                               | 65759              | 74983              | 415        | 239
receivables from customers and other ( b )                           | 26744              | 23648              | 2014       | 2014
total wholesale credit-related assets                                | 414067             | 411814             | 1459       | 1956
lending-related commitments                                          | 446232             | 434814             | 206        | 355
total wholesale credit exposure                                      | $ 860299           | $ 846628           | $ 1665     | $ 2311
credit portfolio management derivatives notional net ( c )           | $ -27996 ( 27996 ) | $ -27447 ( 27447 ) | $ -5 ( 5 ) | $ -25 ( 25 )
liquid securities and other cash collateral held against derivatives | -14435 ( 14435 )   | -15201 ( 15201 )   | na         | na


devon energy corporation subsidiaries notes consolidated financial statements 2013 continued proved undeveloped reserves table presents changes in devon 2019s total proved undeveloped reserves during 2013 in mmboe ).
 at december 31 , 2013 devon had 701 mmboe of proved undeveloped reserves.
 17 percent decrease compared to 2012 24 percent of total proved reserves.
 drilling development activities increased devon 2019s proved undeveloped reserves 95 mmboe resulted in conversion of 147 mmboe 18 percent of 2012 proved undeveloped reserves to proved developed reserves.
 costs incurred related to development conversion of devon 2019s undeveloped reserves were $ 1. 9 billion for 2013.
 revisions other than price decreased devon 2019s proved undeveloped reserves 78 mmboe due to evaluations of certain.
 onshore dry-gas areas not expect develop next five years.
 largest revisions relate to dry-gas areas in cana-woodford shale western oklahoma carthage east texas barnett shale north texas.
 significant amount of devon 2019s proved undeveloped reserves at end of 2013 related to jackfish operations.
 at december 31 , 2013 and 2012  devon 2019s jackfish proved undeveloped reserves were 441 mmboe and 429 mmboe  respectively.
 development schedules for jackfish reserves controlled by need to keep processing plants at 35000 barrel daily facility capacity.
 processing plant capacity controlled by factors total steam processing capacity steam-oil ratios air quality discharge permits.
 reserves classified as proved undeveloped for more than five years.
 development schedule for reserves extends though year 2031.
 price revisions 2013 2013 reserves increased 94 mmboe due to higher gas prices.
increase , 43 mmboe related barnett shale 19 mmboe rocky mountain area.
 2012 2013 reserves decreased 171 mmboe due to lower gas prices.
 decrease , 100 mmboe related barnett shale 25 mmboe rocky mountain area.
 2011 2013 reserves decreased 21 mmboe due to lower gas prices higher oil prices.
 higher oil prices increased devon 2019s canadian royalty burden reduced devon 2019s oil reserves.
 revisions other than price total revisions other than price for 2013, 2012 2011 primarily related to devon 2019s evaluation certain dry gas regions largest revisions in cana-woodford shale , barnett shale carthage

| u.s .        | canada     | total
-------------------------------------------------- | ------------ | ---------- | ------------
proved undeveloped reserves as of december 31 2012 | 407          | 433        | 840
extensions and discoveries                         | 57           | 38         | 95
revisions due to prices                            | 1            | -10 ( 10 ) | -9 ( 9 )
revisions other than price                         | -91 ( 91 )   | 13         | -78 ( 78 )
conversion to proved developed reserves            | -116 ( 116 ) | -31 ( 31 ) | -147 ( 147 )
proved undeveloped reserves as of december 31 2013 | 258          | 443        | 701


item 1b.
 unresolved staff comments item 2.
 properties table below provides summary containerboard mills principal products produced each mill 2019s year-end 2011 annual practical maximum capacity based paper machines 2019 production capabilities  reported af&pa location function capacity ( tons ) counce  tn.
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 kraft linerboard mill 1043000 valdosta  ga.
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 kraft linerboard mill 556000 tomahawk  wi.
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 semi-chemical medium mill 538000 filer city .
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 semi-chemical medium mill 438000.
 own four containerboard mills 44 corrugated manufacturing operations ( 37 corrugated plants seven sheet plants ).
 own one warehouse miscellaneous other property includes sales offices woodlands management offices.
 sales offices woodlands management offices one four employees serve administrative offices.
 pca leases space four corrugated plants, 23 sheet plants  six regional design centers other distribution centers warehouses facilities.
 equipment leased facilities virtually all cases  owned by pca except forklifts other rolling stock generally leased.
we lease cutting rights to approximately 88000 acres of timberland near our valdosta mill ( 77000 acres ) and counce mill ( 11000 acres ).
 average  cutting rights agreements have terms with approximately 12 years remaining.
 our corporate headquarters located in lake forest , illinois.
 headquarters facility leased for next ten years with provisions for two additional five year lease extensions.
 item 3.
 legal proceedings during september and october 2010 , pca and eight other u. s.
 and canadian containerboard producers named as defendants in five class action lawsuits in united states district court for northern district of illinois, alleging violations of sherman act.
 lawsuits consolidated in single complaint under caption kleen products llc v packaging corp.
 of america et al.
 consolidated complaint alleges defendants conspired to limit supply of containerboard  purpose conspiracy was to artificially increase prices of containerboard products during period from august 2005 to time of filing complaints.
 complaint filed as class action suit on behalf of all purchasers of containerboard products during period.
 complaint seeks treble damages and costs  including attorney 2019s fees.
 defendants 2019 motions to dismiss complaint denied by court in april 2011.
 pca believes allegations without merit and will defend lawsuit vigorously.
 lawsuit in early stages of discovery  pca unable to predict ultimate outcome or estimate range of reasonably possible losses.
 pca party to various other legal actions in ordinary course of our business.
 these legal actions cover broad variety of claims spanning our entire business.
 of date of filing believe not reasonably possible that resolution of these legal actions will or have material adverse effect on our financial condition , results of operations or cash flows.

location      | function kraft linerboard mill kraft linerboard mill semi-chemical medium mill semi-chemical medium mill | capacity ( tons ) 1043000 556000 538000 438000
------------- | -------------------------------------------------------------------------------------------------------- | ----------------------------------------------
counce tn     | valdosta ga                                                                                | tomahawk wi
filer city mi | filer city mi                                                                                | filer city mi
total         |                                                                                | 2575000


liquidity monitoring and measurement stress testing liquidity stress testing performed for each citi 2019s major entities , operating subsidiaries/or countries.
 stress testing and scenario analyses intended to quantify potential impact of liquidity event on balance sheet and liquidity position  identify viable funding alternatives.
 scenarios include assumptions about significant changes in key funding sources  market triggers ( credit ratings )  potential uses of funding political and economic conditions in certain countries.
 conditions include expected and stressed market conditions company- specific events.
 liquidity stress tests conducted to ascertain potential mismatches between liquidity sources and uses over variety of time horizons ( overnight one week two weeks one month three months one year ) over variety of stressed conditions.
 liquidity limits are set accordingly.
 to monitor liquidity entity stress tests and potential mismatches calculated with varying frequencies several tests performed daily.
 given range of potential stresses citi maintains contingency funding plans on consolidated basis for individual entities.
 these plans specify wide range of readily available actions for variety of adverse market conditions or idiosyncratic stresses.
 short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal measures citi developed for 30-day stress scenario citi also monitors liquidity by reference to lcr  calculated to. s.
 lcr rules.
 lcr designed to ensure banks maintain adequate level of hqla to meet liquidity needs under acute 30-day stress scenario.
lcr calculated by dividing hqla by estimated net outflows over stressed 30-day period net outflows determined by applying prescribed outflow factors to various categories of liabilities deposits  unsecured and secured wholesale borrowings unused lending commitments derivatives- related exposures partially offset by inflows from assets maturing within 30 days.
 banks required to calculate add-on to address potential maturity mismatches between contractual cash outflows and inflows within 30-day period in determining total net outflows.
 minimum lcr requirement is 100% ( 100 % ) effective january 2017.
 in december 2016 federal reserve board adopted final rules require additional disclosures relating to lcr of large financial institutions including citi.
 final rules require citi to disclose components of its average hqla , lcr and inflows and outflows each quarter.
 final rules require disclosure of citi 2019s calculation of maturity mismatch add-on other qualitative disclosures.
 effective date for these disclosures is april 1 , 2017.
 table below sets forth components of citi 2019s lcr calculation and hqla in excess of net outflows for periods indicated : in billions of dollars dec.
 31 , sept.
 30 , dec.
 31.
 amounts set in table are presented on average basis.
 citi 2019s lcr increased year-over-year and sequentially.
 increase year-over-year driven by increase in hqla and reduction in net outflows.
 sequentially  increase driven by slight reduction in net outflows hqla remained largely unchanged.
long-term liquidity measurement : net stable funding ratio ( nsfr ) in second quarter of 2016 , federal reserve board , fdic and occ issued proposed rule to implement basel iii nsfr requirement.
 u. s. -proposed nsfr consistent with basel committee 2019s final nsfr rules.
 nsfr assesses availability of bank 2019s stable funding against required level.
 bank 2019s available stable funding include portions of equity, deposits long-term debt , required stable funding based on liquidity characteristics of assets , derivatives commitments.
 standardized weightings required to applied to various asset and liabilities classes.
 ratio of available stable funding to required stable funding required to be greater than 100% ( 100 % ).
 citi believes compliant with proposed u. s.
 nsfr rules as of december 31 , 2016 , will need to evaluate any final version of rules , expected to be released during 2017.
 proposed rules require full implementation of u. s.
 nsfr beginning january 1 , 2018.

in billions of dollars         | dec . 31 2016  | sept . 30 2016 | dec . 31 2015
------------------------------ | -------------- | -------------- | --------------
hqla                           | $ 403.7        | $ 403.8        | $ 389.2
net outflows                   | 332.5          | 335.3          | 344.4
lcr                            | 121% ( 121 % ) | 120% ( 120 % ) | 113% ( 113 % )
hqla in excess of net outflows | $ 71.3         | $ 68.5         | $ 44.8


entity transfers of inventory income tax effects continue deferred until inventory sold to third party.
 cadence adopted new standard first day of fiscal 2018 using modified retrospective transition approach recorded cumulative-effect adjustment to decrease retained earnings $ 8. 3 million.
 adjustment includes write-off of income tax consequences deferred from prior intra-entity transfers assets other than inventory and new deferred tax assets for amounts not recognized under u.
.
 anticipate potential for increased volatility in future effective tax rates from adoption guidance.
 stock-based compensation in may 2017  fasb issued asu 2017-09 , 201ccompensation 2014stock compensation ( topic 718 ) : scope of modification accounting , 201d guidance about changes to terms or conditions of share-based payment award require entity to apply modification accounting.
 cadence adopted standard first day of fiscal 2018.
 adoption standard impact cadence 2019s consolidated financial statements or related disclosures.
 cumulative effect adjustments to retained earnings table presents cumulative effect adjustments net of income tax effects to beginning retained earnings for new accounting standards adopted by cadence first day of fiscal 2018 : retained earnings ( in thousands ).
 cumulative effect adjustment from adoption of revenue from contracts with customers ( topic 606 ) net of related income tax effect of $ 17. 5 million.
 new accounting standards not yet adopted leases in february 2016  fasb issued asu 2016-02 , 201cleases ( topic 842 ) , 201d requiring recognition of lease liabilities and right-of-use assets on balance sheet by lessees for all leases with term longer than 12 months.
 new standard effective for cadence in first quarter of fiscal 2019.
modified retrospective approach required  applying new standard to leases existing as of date of initial application.
 entity may choose to apply standard as of either effective date or beginning of earliest comparative period presented in financial statements.
 cadence adopted new standard on december 30 , 2018 , first day of fiscal 2019  used effective date as date of initial application.
 consequently financial information not be updated and disclosures required under new standard not provided for dates and periods prior to first quarter of fiscal 2019.
 cadence elected certain practical expedients permitted under transition guidance within new standard  allowed cadence to carry forward prior conclusions about lease identification and classification.

| retained earnings ( in thousands )
--------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------
balance december 30 2017 as previously reported                                                                                | $ 341003
cumulative effect adjustment from the adoption of new accounting standards:                                                       |
revenue from contracts with customers ( topic 606 ) *                                                                             | 91640
financial instruments 2014overall ( subtopic 825-10 ) : recognition and measurement of financial assets and financial liabilities | 2638
income taxes ( topic 740 ) : intra-entity transfers of assets other than inventory                                                | -8349 ( 8349 )
balance december 30 2017 as adjusted                                                                                | 426932
net income                                                                                | 345777
balance december 29 2018                                                                                | $ 772709


credit commitments lines of credit table summarizes citigroup 2019s credit commitments as of december 31 , 2009 and december 31 , 2008 : in millions of dollars u.
 outside of december 31 , december 31.
 majority of unused commitments contingent upon customers 2019 maintaining specific credit standards.
 commercial commitments have floating interest rates fixed expiration dates may require payment of fees.
 such fees ( net of certain direct costs ) are deferred and  upon exercise commitment , amortized over life of loan or if exercise remote amortized over commitment period.
 commercial and similar letters of credit commercial letter of credit is instrument citigroup substitutes its credit for that customer to customer finance purchase of goods or incur other commitments.
 citigroup issues letter on behalf of client to supplier agrees to pay supplier upon presentation of documentary evidence supplier has performed in accordance with terms of letter of credit.
 when letter of credit drawn, customer required to reimburse citigroup.
 one- to four-family residential mortgages one- to four-family residential mortgage commitment is written confirmation from citigroup to seller of property that bank will advance specified sums enabling buyer to complete purchase.
 revolving open-end loans secured by one- to four-family residential properties revolving-end loans properties are essentially home equity lines of credit.
 home equity line of credit is a loan secured by primary residence or second home to extent of excess of fair market value over debt outstanding for first mortgage.
 commercial real estate , construction and land development commercial real estate  construction land development include unused portions of commitments to extend credit for financing commercial and multifamily residential properties land development projects.
 both secured-by-real-estate and unsecured commitments included in line  undistributed loan proceeds , where obligation to advance for construction progress payments.
this line includes extensions of credit once funded classified as total loans , net on consolidated balance sheet.
 credit card lines citigroup provides credit to customers by issuing credit cards.
 credit card lines are unconditionally cancellable by issuer.
 commercial and other consumer loan commitments commercial loan commitments include overdraft and liquidity facilities commercial commitments to make or purchase loans purchase third-party receivables provide note issuance or revolving underwriting facilities invest in form of equity.
 amounts include $ 126 billion and $ 170 billion with original maturity of less than one year at december 31, 2009 and december 31 , 2008 , respectively.
 included in line item are highly leveraged financing commitments , agreements provide funding to borrower with higher levels of debt ( measured by ratio of debt capital to equity capital borrower ) than normal for other companies.
 this type of financing commonly employed in corporate acquisitions , management buy-outs similar transactions.

in millions of dollars                                                         | u.s .    | outside of u.s . | december 31 2009 | december 31 2008
------------------------------------------------------------------------------ | -------- | ---------------- | ---------------- | ----------------
commercial and similar letters of credit                                       | $ 1321   | $ 5890           | $ 7211           | $ 8215
one- to four-family residential mortgages                                      | 788      | 282              | 1070             | 937
revolving open-end loans secured by one- to four-family residential properties | 20914    | 3002             | 23916            | 25212
commercial real estate construction and land development                       | 1185     | 519              | 1704             | 2702
credit card lines                                                              | 649625   | 135870           | 785495           | 1002437
commercial and other consumer loan commitments                                 | 167510   | 89832            | 257342           | 309997
total                                                                          | $ 841343 | $ 235395         | $ 1076738        | $ 1349500


management 2019s discussion analysis institutional client services institutional client services segment comprised of : fixed income  currency commodities client execution.
 includes client execution activities related to making markets in interest rate products  credit products mortgages  currencies commodities.
 2030 interest rate products.
 government bonds  money market instruments commercial paper  treasury bills repurchase agreements highly liquid securities instruments  interest rate swaps  options derivatives.
 2030 credit products.
 investment-grade corporate securities  high-yield securities  credit derivatives  bank bridge loans municipal securities  emerging market distressed debt  trade claims.
 2030 mortgages.
 commercial mortgage-related securities  loans derivatives residential mortgage-related securities , loans and derivatives ( including.
 government agency-issued collateralized mortgage obligations  other prime  subprime alt-a securities loans ) asset-backed securities , loans derivatives.
 2030 currencies.
 most currencies including growth-market currencies.
 2030 commodities.
 crude oil petroleum products  natural gas  base  precious other metals  electricity  coal  agricultural other commodity products.
 equities.
 includes client execution activities related making markets in equity products commissions fees from executing clearing institutional client transactions on major stock  options futures exchanges worldwide otc transactions.
 equities includes securities services business  provides financing  securities lending prime brokerage services to institutional clients including hedge funds  mutual funds pension funds foundations generates revenues primarily in form of interest rate spreads fees.
 table below presents operating results of institutional client services segment.
.
net revenues related to americas reinsurance business were $ 317 million for 2013 $ 1. 08 billion 2012.
 april 2013 completed sale of majority stake americas reinsurance business no longer consolidate business.
 42 goldman sachs 2014 annual report

$ in millions                                          | year ended december 2014 | year ended december 2013 | year ended december 2012
------------------------------------------------------ | ------------------------ | ------------------------ | ------------------------
fixed income currency and commodities client execution | $ 8461                   | $ 8651                   | $ 9914
equities client execution1                             | 2079                     | 2594                     | 3171
commissions and fees                                   | 3153                     | 3103                     | 3053
securities services                                    | 1504                     | 1373                     | 1986
total equities                                         | 6736                     | 7070                     | 8210
total net revenues                                     | 15197                    | 15721                    | 18124
operating expenses                                     | 10880                    | 11792                    | 12490
pre-tax earnings                                       | $ 4317                   | $ 3929                   | $ 5634


required under terms preferred stock to pay scheduled quarterly dividends subject to legally available funds.
 for preferred stock remains outstanding we will not declare  pay or set apart funds for payment any dividend or other distribution any junior stock or parity stock neither we nor subsidiaries will subject to exceptions , redeem  purchase or acquire for consideration junior stock or parity stock through sinking fund or otherwise unless we paid or set apart funds for payment of all accumulated and unpaid dividends shares preferred stock and parity stock for all preceding dividend periods.
 pursuant to policy paid quarterly dividends of $ 0. 265625 per share on preferred stock on february 1 , 2009 , may 1 , 2009  august 3 , 2009 and november 2 , 2009 similar quarterly dividends during each quarter of 2008.
 annual cash dividend declared and paid during years ended december 31 , 2009 and 2008 were $ 10 million and $ 10 million  respectively.
 on january 5 , 2010  declared cash dividend of $ 0. 265625 per share on preferred stock amounting to $ 3 million and cash dividend of $ 0. 04 per share on series common stock amounting to $ 6 million.
 both cash dividends for period from november 2 , 2009 to january 31 , 2010 paid on february 1, 2010 to holders of record as of january 15 , 2010.
 february 1 , 2010 announced would elect to redeem all outstanding preferred stock on february 22 , 2010.
 holders preferred stock have right to convert shares time prior to 5:00 p. m. , new york city time  on february 19 , 2010 , business day preceding february 22 , 2010 redemption date.
based on number of outstanding shares as of december 31 , 2009 considering redemption of preferred stock , cash dividends paid in 2010 expected to result in annual dividend payments less than paid 2009.
 amount available pay cash dividends restricted by senior credit agreement.
 decision to declare pay dividends future at discretion of board of directors depend on results of operations  cash requirements  financial condition  contractual restrictions other factors board directors relevant.
 celanese purchases of equity securities table below information regarding repurchases of series a common stock during three months ended december 31 , 2009 : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased part of publicly announced program approximate dollar value of shares remaining be purchased under program.
 ( 1 ) relates to shares employees elected withheld to cover statutory minimum withholding requirements for personal income taxes related to vesting of restricted stock units.
 no shares purchased during three months ended december 31 , 2009 under previously announced stock repurchase plan.
 %%transmsg*** transmitting job : d70731 pcn : 033000000 ***%%pcmsg|33 |00012|yes|no|02/10/2010 05:41|0|0|page is valid , no graphics -- color : n|

period             | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced program | approximate dollar value of shares remaining that may be purchased under the program
------------------ | -------------------------------------- | ---------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------
october 1-31 2009  | 24980                                  | $ 24.54                      | -                                                                      | $ 122300000.00
november 1-30 2009 | -                                      | $ -                          | -                                                                      | $ 122300000.00
december 1-31 2009 | 334                                    | $ 32.03                      | -                                                                      | $ 122300000.00


part ii item 5 2013 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities ( a ) 1 ) our common stock listed on new york stock exchange traded under symbol 201cpnc. 201d at close of business february 15 , 2013  75100 common shareholders of record.
 holders pnc common stock entitled to receive dividends when declared by board of directors out of funds legally available for purpose.
 board of directors may not pay or set apart dividends on common stock until dividends for all past dividend periods on series outstanding preferred stock paid or declared set apart for payment.
 board intends to continue policy of paying quarterly cash dividends.
 amount future dividends depend on economic market conditions  financial condition operating results  other factors including contractual restrictions applicable government regulations policies ( relating ability of bank non- bank subsidiaries to pay dividends to parent company regulatory capital limitations ).
 amount of dividend subject to results federal reserve 2019s 2013 comprehensive capital analysis and review ( ccar ) supervisory assessment of capital adequacy described under 201csupervision and regulation 201d in item 1 report.
 federal reserve power to prohibit us from paying dividends without approval.
 for further information concerning dividend restrictions restrictions on loans  dividends advances from bank subsidiaries to parent company  see 201csupervision and regulation 201d in item 1 report , 201cfunding and capital sources 201d in consolidated balance sheet review section , 201cliquidity risk management 201d risk management section  201ctrust preferred securities 201d in off-balance sheet arrangements variable interest entities section of item 7 report  note 14 capital securities of subsidiary trusts perpetual trust securities note 22 regulatory matters in notes to consolidated financial statements in item 8 report  include here by reference.
include reference additional information relating pnc common stock under caption 201ccommon stock prices/dividends declared 201d in statistical information ( unaudited ) section of item 8 report.
 include reference information regarding compensation plans under pnc equity securities authorized for issuance as of december 31 , 2012 in table ( with introductory paragraph notes ) in item 12 of report.
 registrar , stock transfer agent , dividend disbursing agent is : computershare trust company , n.
 250 royall street canton , ma 02021 800-982-7652 include reference information under caption 201ccommon stock performance graph 201d at end of item 5.
 ) ( 2 ) none.
 b ) not applicable.
 c ) details of repurchases of pnc common stock during fourth quarter of 2012 included in following table : in thousands , except per share data 2012 period ( a ) total shares purchased b ) average paid per total shares purchased part of publicly announced programs c ) maximum number of shares yet be purchased under programs.
 in addition to repurchases of pnc common stock during fourth quarter of 2012 included table pnc redeemed all 5001 shares of series m preferred stock on december 10 , 2012 described below.
 part of national city transaction  established pnc non-cumulative perpetual preferred stock , series m ( 201cseries m preferred stock 201d )  mirrored former national city non-cumulative perpetual preferred stock , series e.
 on december 10 , 2012 pnc issued $ 500. 1 million aggregate liquidation amount ( 5001 shares ) of series m preferred stock to national city preferred capital trust i ( 201ctrust 201d ) as required pursuant to settlement of stock purchase contract agreement between trust and pnc dated as of january 30 , 2008.
upon issuance  pnc redeemed all 5001 shares of series m preferred stock from trust december 10 , 2012 at redemption price equal to $ 100000 per share.
 ( b ) includes pnc common stock purchased under program referred to in note ( c ) table and pnc common stock purchased connection with employee benefit plans.
 note 15 employee benefit plans and note 16 stock based compensation plans in notes consolidated financial statements in item 8 report include additional information regarding employee benefit plans use pnc common stock.
 ( c ) current stock repurchase program allows to purchase up to 25 million shares on open market or in privately negotiated transactions.
 program authorized october 4, 2007 remain in effect until fully utilized or modified , superseded or terminated.
 extent timing of share repurchases program depend on factors including market general economic conditions  economic capital regulatory capital considerations  alternative uses of capital  potential impact on credit ratings  contractual regulatory limitations  including impact of federal reserve 2019s supervisory assessment of capital adequacy program.
 pnc financial services group , inc.
 2013 form 10-k 27

2012 period ( a )  | total sharespurchased ( b ) | averagepricepaid pershare | total sharespurchased aspartofpubliclyannouncedprograms ( c ) | maximumnumber ofshares thatmay yet bepurchasedundertheprograms ( c )
------------------ | --------------------------- | ------------------------- | ------------------------------------------------------------- | --------------------------------------------------------------------
october 1 2013 31  | 13                          | $ 60.05                   |                                                               | 22552
november 1 2013 30 | 750                         | $ 55.08                   | 750                                                           | 21802
december 1 2013 31 | 292                         | $ 55.74                   | 251                                                           | 21551
total              | 1055                        | $ 55.32                   | 1001                                                          |


impairments recorded in income from continuing operations.
 statement provides guidance for testing goodwill for impairment.
 company had $ 3. 2 billion of goodwill at december 31 , 2001.
 goodwill amortization was $ 62 million for year ended december 31 , 2001.
 company assessing impact of sfas no.
 142 on financial position and results of operations.
 in june 2001  fasb issued sfas no.
 143 , 2018 2018accounting for asset retirement obligations , 2019 2019 addresses financial accounting and reporting for obligations associated with retirement of tangible long-lived assets and associated asset retirement costs.
 statement effective for financial statements for fiscal years after june 15 , 2002.
 statement requires recognition of legal obligations associated with retirement of long-lived asset except for certain obligations of lessees.
 company assessing impact of sfas no.
 143 on financial position and results of operations.
 in december 2001 fasb revised earlier conclusion , derivatives implementation group ( 2018 2018dig 2019 2019 ) issue c-15  related to contracts involving purchase or sale of electricity.
 contracts for purchase or sale electricity forward and option contracts including capacity contracts may qualify for normal purchases and sales exemption not required to be accounted for as derivatives under sfas no.
 133.
 for contracts to qualify for exemption must meet criteria include requirement for physical delivery of electricity to purchased or sold under contract only in normal course of business.
 contracts price based on underlying not clearly related to electricity sold or or denominated in currency foreign to buyer or seller not considered normal purchases and normal sales required to be accounted for as derivatives under sfas no.
 133.
 revised conclusion effective beginning april 1 , 2002.
company assessing impact of revised dig issue c-15 on financial condition results operations.
 2001 compared to 2000 revenues increased $ 1. 8 billion  or 24% ( 24 % ) to $ 9. 3 billion in 2001 from $ 7. 5 billion in 2000.
 increase revenues due to acquisition of new businesses new operations from greenfield projects positive improvements from existing operations.
 excluding businesses acquired or commenced commercial operations in 2001 or 2000 revenues increased 5% ( 5 % ) to $ 7. 1 billion in 2001.
 table shows revenue each segment:.
 contract generation revenues increased $ 800 million  or 47% ( 47 % ) to $ 2. 5 billion in 2001 from $ 1. 7 billion in 2000 principally from addition of revenues to businesses acquired during 2001 or 2000.
 excluding businesses 2001 contract generation revenues increased 2% ( 2 % ) to $ 1. 7 billion in 2001.
 increase in contract generation revenues due primarily to increases in south america  europe/africa asia.
 south america contract generation revenues increased $ 472 million due to acquisition of gener full year of operations at uruguaiana offset by reduced revenues at from electricity rationing in brazil.
 europe/africa contract generation revenues increased $ 88 million acquisition of controlling interest in kilroot during 2000 largest contributor to increase.
 in asia contract generation segment revenues increased $ 96 million increased operations from ecogen peaking plant most significant contributor

| 2001          | 2000          | % (  % ) change
------------------- | ------------- | ------------- | ---------------
contract generation | $ 2.5 billion | $ 1.7 billion | 47% ( 47 % )
competitive supply  | $ 2.7 billion | $ 2.4 billion | 13% ( 13 % )
large utilities     | $ 2.4 billion | $ 2.1 billion | 14% ( 14 % )
growth distribution | $ 1.7 billion | $ 1.3 billion | 31% ( 31 % )


estimate future cash flows beyond 12 months due to uncertainties in timing tax audit outcomes.
 remaining unrecognized tax liability classified in other liabilities.
 report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense.
 for fiscal 2017  recognized net benefit of $ 5. 6 million tax-related net interest and penalties had $ 23. 1 million of accrued interest and penalties as of may 28 , 2017.
 fiscal 2016 recognized net benefit of $ 2. 7 million tax-related net interest penalties had $ 32. 1 million of accrued interest and penalties as of may 29 , 2016.
.
 leases  other commitments contingencies company leases for warehouse space equipment.
 rent expense under all operating leases from continuing operations was $ 188. 1 million in fiscal 2017  $ 189. 1 million in fiscal 2016  $ 193. 5 million in fiscal 2015.
 some operating leases require property taxes  insurance  maintenance costs in addition to rent payments.
 contingent escalation rent in excess of minimum rent payments sublease income in rent expense insignificant.
 noncancelable future lease commitments are operating capital in millions leases.
 depreciation on capital leases recorded as deprecia- tion expense in results of operations.
 as of may 28 , 2017 issued guarantees and comfort letters of $ 504. 7 million for debt other obligations of consolidated subsidiaries guarantees comfort letters of $ 165. 3 million for debt obligations of non-consolidated affiliates.
 off-balance sheet arrangements limited to future payments under non-cancelable operating leases totaled $ 500. 7 million as of may 28 , 2017.
 note 16.
business segment geographic information operate in consumer foods industry.
 third quarter of fiscal 2017  announced new global orga- nization structure to streamline leadership enhance global scale drive improved operational agility maximize growth capabilities.
 result of global reorganization beginning third quarter of fiscal 2017  reported results for four operating segments : north america retail , 65. 3 percent of fiscal 2017 consolidated net sales ; convenience stores & foodservice , 12. 0 percent of fiscal 2017 consolidated net sales ; europe & australia , 11. 7 percent of fiscal 2017 consolidated net sales ; asia & latin america , 11. 0 percent of fiscal 2017 consoli- dated net sales.
 restated net sales by seg- ment and segment operating profit amounts to reflect new operating segments.
 segment changes no effect on previously reported consolidated net sales  operating profit net earnings attributable to general mills or earnings per share.
 north america retail operating segment consists of former u. s.
 retail operating units canada region.
 north america retail operating seg ment former.
 meals operating unit.
 baking operating unit combined into one operating unit.
 meals & baking.
 convenience stores & foodservice operating segment unchanged.
 europe & australia operating segment consists of former europe region.
 asia & latin america operating segment former asia/pacific and latin america regions.
 under new organization structure chief operating decision maker assesses performance makes decisions about resources allocated to segments at north america retail , convenience stores & foodservice , europe & australia  asia & latin america operating segment level.
north america retail operating segment reflects business with wide variety of grocery stores mass merchandisers membership stores natural food chains drug , dollar discount chains e-commerce gro- cery providers.
 product categories in business 84 general mills

in millions                                       | operating leases | capital leases
------------------------------------------------- | ---------------- | --------------
fiscal 2018                                       | $ 118.8          | $ 0.4
fiscal 2019                                       | 101.7            | 0.4
fiscal 2020                                       | 80.7             | 0.2
fiscal 2021                                       | 60.7             | 0.1
fiscal 2022                                       | 49.7             | 2014
after fiscal 2022                                 | 89.1             | 0.1
total noncancelable future lease commitments      | $ 500.7          | $ 1.2
less : interest                                   |                  | -0.1 ( 0.1 )
present value of obligations under capital leases |                  | $ 1.1


table of contents ( 4 decline in cash flows driven by timing of inventory purchases at end of 2014 versus 2013.
 to manage working capital and operating cash needs we monitor cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable based on rolling three-month average.
 components of cash conversion cycle are:.
 ( 1 ) represents rolling three-month average of balance of trade accounts receivable  net period divided by average daily net sales for same three-month period.
 incorporates components other miscellaneous receivables.
 ( 2 ) represents rolling three-month average of balance of merchandise inventory end period divided by average daily cost of goods sold for same three-month period.
 ( 3 ) represents rolling three-month average of combined balance of accounts payable-trade , excluding cash overdrafts and accounts payable-inventory financing end period divided by average daily cost of goods sold for same three-month period.
 cash conversion cycle remained at 21 days at december 31 , 2015 and december 31 , 2014.
 increase in dso driven by higher accounts receivable balance at december 31 , 2015 higher public segment sales longer to pay corporate slower government payments in certain states due to budget issues increase in net sales and related accounts receivable for third-party services such as software assurance and warranties.
 these services have unfavorable impact on dso as receivable recognized on balance sheet on gross basis corresponding sales amount in statement of operations recorded on net basis.
services have favorable impact on dpo as payable recognized on balance sheet without corresponding cost of sale in statement of operations cost paid to vendor or third-party service provider recorded as reduction to net sales.
 impact services on dpo dpo increased due to mix of payables with vendors longer payment terms.
 cash conversion cycle decreased to 21 days at december 31 , 2014 compared to 23 days december 31 2013 primarily driven by improvement in dso.
 decline in dso driven by improved collections and early payments from certain customers.
 timing of inventory receipts at end of 2014 favorable impact on dio unfavorable impact on dpo.
 investing activities net cash used investing increased $ 189. 6 million in 2015 compared to 2014.
 increase due to completion acquisition of kelway by purchasing remaining 65% ( 65 % ) of outstanding common stock on august 1 , 2015.
 capital expenditures increased $ 35. 1 million to $ 90. 1 million from $ 55. 0 million for 2015 and 2014 for new office location increase in spending related to improvements to information technology systems.
 net cash used in investing activities increased $ 117. 7 million in 2014 compared to 2013.
 paid $ 86. 8 million in fourth quarter of 2014 to acquire 35% ( 35 % ) non-controlling interest in kelway.
 capital expenditures increased $ 7. 9 million to $ 55. 0 million from $ 47. 1 million in 2014 and 2013 primarily for improvements to information technology systems.
 financing activities net cash used financing increased $ 114. 5 million in 2015 compared to 2014.
 increase driven by share repurchases during year ended december 31 , 2015 resulted in increase in cash used for financing activities of $ 241. 3 million.
more information on share repurchase program see item 5 , 201cmarket for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities. 201d increase partially offset by changes in accounts payable-inventory financing resulted in increase in cash for financing activities $ 20. 4 million  net impact of debt transactions resulted in cash outflows $ 7. 1 million $ 145. 9 million during years

( in days )                                 | december 31 , 2015 | december 31 , 2014 | december 31 , 2013
------------------------------------------- | ------------------ | ------------------ | ------------------
days of sales outstanding ( dso ) ( 1 )     | 48                 | 42                 | 44
days of supply in inventory ( dio ) ( 2 )   | 13                 | 13                 | 14
days of purchases outstanding ( dpo ) ( 3 ) | -40 ( 40 )         | -34 ( 34 )         | -35 ( 35 )
cash conversion cycle                       | 21                 | 21                 | 23


table of contents tceq harris county pollution control services department ( hcpcs ) ( houston terminal ).
 outstanding noe from tceq outstanding vn from hcpcs alleging excess emissions from tank 003 during hurricane harvey.
 working with pertinent authorities to resolve these matters.
 item 4.
 mine safety disclosures part ii item 5.
 market for registrant 2019s common equity , related stockholder matters issuer purchases of equity securities our common stock trades on nyse under trading symbol 201cvlo. 201d as of january 31 , 2019 5271 holders of record of common stock.
 dividends considered quarterly by board of directors paid only when approved by board depend on financial condition  results of operations cash flows  prospects industry conditions capital requirements other factors restrictions board deems relevant.
 no assurance will pay dividend at rates paid historically or in future.
 following table discloses purchases of shares of common stock made by us or on our behalf during fourth quarter of 2018.
 period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares may yet be purchased under plans or programs ( b ).
 shares reported in column represent purchases settled in fourth quarter of 2018 relating to i purchases of shares in open-market transactions to meet obligations under stock-based compensation plans ii purchases of shares from employees and non-employee directors in connection with exercise of stock options  vesting of restricted stock  other stock compensation transactions in accordance with terms of stock-based compensation plans.
( b ) january 23, 2018 , announced board of directors authorized purchase of up to $ 2. 5 billion of outstanding common stock ( 2018 program ) no expiration date in addition to remaining amount available under $ 2. 5 billion program authorized september 21 , 2016 ( 2016 program ).
 during fourth quarter of 2018  completed purchases under 2016 program.
 as of december 31 , 2018  had $ 2. 2 billion remaining available for purchase under 2018 program.

period        | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )
------------- | ------------------------------ | -------------------------- | -------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------
october 2018  | 939957                         | $ 87.23                    | 8826                                                                                | 931131                                                                       | $ 2.7 billion
november 2018 | 3655945                        | $ 87.39                    | 216469                                                                                | 3439476                                                                      | $ 2.4 billion
december 2018 | 3077364                        | $ 73.43                    | 4522                                                                                | 3072842                                                                      | $ 2.2 billion
total         | 7673266                        | $ 81.77                    | 229817                                                                                | 7443449                                                                      | $ 2.2 billion


exposed to market risk from changes in interest foreign exchange rates commod- ity equity prices.
 changes in these factors could cause fl uctuations in our earnings and cash fl.
 in normal course of business we actively manage exposure to these market risks by entering into vari- ous hedging transactions , authorized under established policies clear controls on activities.
 counterparties in transactions are generally highly rated institutions.
 establish credit limits for each counterparty.
 hedging transactions include not limited to variety of derivative fi nancial instruments.
 for information on interest rate  foreign exchange  commodity price equity instrument risk  see note 7 to consolidated financial statements on page 61 of this report.
 value at risk estimates in table below intended to mea- sure maximum potential fair value we could lose in one day from adverse changes in market interest rates foreign exchange rates commodity prices equity prices under normal market conditions.
 monte carlo value-at-risk ( var ) methodology used to quantify market risk for exposures.
 models assumed normal market conditions used 95 percent confi - dence level.
 var calculation used historical interest for- eign exchange rates  commodity equity prices from past year to estimate potential volatility correlation of rates in future.
 market data drawn from riskmetrics 2122 data set.
 calculations not intended to represent actual losses in fair value expect to incur.
 hedging instrument ( derivative ) inversely cor- relates with underlying exposure expect any loss or gain in fair value of derivatives would be generally off set by increase or decrease in fair value of underlying exposure.
 positions included in calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; com- modity swaps , futures and options ; equity instru- ments.
calculations do not include underlying foreign exchange commodities or equity-related positions off set by market-risk-sensitive instruments.
 table below presents estimated maximum potential var from one-day loss in fair value for interest rate  foreign currency commodity equity market-risk-sensitive instruments outstanding as of may 28 , 2017 , may 29 , 2016 , average fair value impact during year ended may 28 , 2017.
 quantitative and qualitative disclosures about market risk 44 general mills

in millions                  | fair value impact may 28 2017 | fair value impact averageduringfiscal 2017 | fair value impact may 29 2016
---------------------------- | ----------------------------- | ------------------------------------------ | -----------------------------
interest rate instruments    | $ 25.1                        | $ 26.5                                     | $ 33.3
foreign currency instruments | 24.6                          | 22.9                                       | 27.6
commodity instruments        | 3.2                           | 2.5                                        | 3.3
equity instruments           | 1.3                           | 1.4                                        | 1.7


unusual , ( ii ) is material in amount ( iii ) varies significantly from retirement profile identified through depreciation studies.
 gain or loss recognized in other income when we sell land or dispose of assets not part of railroad operations.
 when we purchase asset  we capitalize all costs necessary to make asset ready for intended use.
 many our assets are self-constructed.
 large portion of capital expenditures for replacement of existing road infrastructure assets ( program projects ) typically performed by employees for track line expansion ( capacity projects ).
 costs directly attributable or overhead costs relate directly to capital projects are capitalized.
 direct costs capitalized as part of self-constructed assets include material labor work equipment.
 indirect costs capitalized if relate to construction of asset.
 costs allocated using appropriate statistical bases.
 general and administrative expenditures expensed as incurred.
 normal repairs and maintenance also expensed as incurred costs incurred that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.
 assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.
 amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.
.
 accounts payable and other current liabilities dec.
 31 .
 millions of dollars 2009 2008.
 12.
 financial instruments strategy and risk 2013 may use derivative financial instruments in limited instances for other than trading purposes to assist in managing exposure to fluctuations in interest rates fuel prices.
 not a party to leveraged derivatives by policy do not use derivative financial instruments for speculative purposes.
derivative financial instruments qualifying for hedge accounting must maintain specified level of effectiveness between hedging instrument and item hedged , at inception and throughout hedged period.
 we document nature and relationships between hedging instruments and hedged items at inception our risk-management objectives  strategies for hedge transactions  method of assessing hedge effectiveness.
 changes in fair market value of derivative financial instruments not qualify for hedge accounting are charged to earnings.
 we may use swaps , collars futures forward contracts to mitigate risk of adverse movements in interest rates and fuel prices ; use of these instruments may limit future benefits from favorable interest rate and fuel price movements.

millions of dollars                                  | dec . 31 2009 | dec . 31 2008
---------------------------------------------------- | ------------- | -------------
accounts payable                                     | $ 612         | $ 629
accrued wages and vacation                           | 339           | 367
accrued casualty costs                               | 379           | 390
income and other taxes                               | 224           | 207
dividends and interest                               | 347           | 328
equipment rents payable                              | 89            | 93
other                                                | 480           | 546
total accounts payable and other current liabilities | $ 2470        | $ 2560


item 2.
 properties principal offices located in boston , southborough and woburn , massachusetts ; atlanta , georgia ; cary , north carolina ; mexico city , mexico ; sao paulo , brazil.
 details of offices provided below:.
 facility in woburn contains total 163000 square feet of space.
 approximately 57100 square feet space occupied by lease administration office and broadcast division , we lease remaining space to unaffiliated tenants.
 in addition to principal offices maintain 15 regional area offices in united states operate tower leasing and services businesses.
 believe owned and leased facilities suitable and adequate to meet anticipated needs.
 established office in delhi , india pursue business opportunities in india and southeast asia  international business development group based in london , england.
 interests in communications sites of variety of ownership interests , including leases created by long-term ground lease agreements , easements , licenses or rights-of-way granted by government entities.
 pursuant to loan agreement for securitization  tower sites subject to securitization are subject to mortgages , deeds of trust and deeds to secure loan.
 typical tower site consists of compound enclosing tower site , tower structure , one or more equipment shelters house variety of transmitting , receiving switching equipment.
 three principal types of towers : guyed , self- supporting lattice , and monopole.
 guyed tower includes series of cables attaching separate levels tower to anchor foundations in ground.
 guyed tower can reach heights of up to 2000 feet.
 guyed tower site for typical broadcast tower can consist of tract of land of up to 20 acres.
2022 lattice tower tapers from bottom up has three or four legs.
 lattice tower can reach heights up to 1000 feet.
 depending on height tower , lattice tower site for wireless communications tower can consist of tract of land of 10000 square feet for rural site or less than 2500 square feet for metropolitan site.
 2022 monopole is tubular structure used to address space constraints or aesthetic concerns.
 monopoles have heights from 50 to 200 feet.
 monopole tower site used in metropolitan areas for wireless communications tower can consist of tract of land of less than 2500 square feet.

location            | function                                                                                | size ( square feet ) | property interest
------------------- | ------------------------------------------------------------------------------------------------------- | -------------------- | -----------------
boston ma           | corporate headquarters us tower division headquarters and american tower international headquarters     | 19600                | leased
southborough ma     | information technology data center                                                                      | 13900                | leased
woburn ma           | us tower division lease administration site leasing management and broadcast division headquarters      | 57800                | owned ( 1 )
atlanta ga          | us tower division accounting services headquarters                                                      | 21400                | leased
cary north carolina | us tower division new site development site operations and structural engineering services headquarters | 17500                | leased
mexico city mexico  | mexico headquarters                                                                                | 11000                | leased
sao paulo brazil    | brazil headquarters                                                                                | 5200                 | leased


interest rate to variable interest rate based on three-month libor plus 2. 05% ( 2. 05 % ) ( 2. 34% ( 2. 34 % ) as of october 31 , 2009 ).
 if libor changes by 100 basis points , our annual interest expense would change by $ 3. 8 million.
 foreign currency exposure described in note 2i.
 notes to consolidated financial statements in item 8 of annual report on form 10-k  we regularly hedge non-u. s.
 dollar-based exposures by entering forward foreign currency exchange contracts.
 terms contracts for periods matching duration underlying exposure range from one month to twelve months.
 largest foreign currency exposure is the euro  because european operations have highest proportion of local currency denominated expenses.
 relative to foreign currency exposures at october 31 , 2009 and november 1, 2008 , 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over year not expose us to significant losses in earnings or cash flows because we hedge high proportion of year-end exposures against fluctuations in foreign currency exchange rates.
 market risk associated with derivative instruments results from currency exchange rate or interest rate movements expected to offset market risk of underlying transactions , assets and liabilities hedged.
 counterparties to agreements foreign exchange instruments consist major international financial institutions with high credit ratings.
 not believe significant risk of nonperformance by counterparties because continually monitor credit ratings counterparties.
 contract or notional amounts of derivative financial instruments provide one measure of volume of transactions do not represent our exposure to credit risk.
amounts potentially subject to credit risk ( from possible inability of counterparties to meet terms contracts ) limited to amounts  counterparties 2019 obligations under contracts exceed our obligations to counterparties.
 table illustrates effect 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates relative to.
 dollar  on fair value of forward exchange contracts as of october 31 , 2009 and november 1, 2008:.
 fair value of forward exchange contracts after 10% ( 10 % ) unfavorable movement in foreign currency exchange rates liability.
.
.
.
.
.
.
.
.
 $ 20132 $ ( 9457 ) fair value of forward exchange contracts after 10% ( 10 % ) favorable movement in foreign currency exchange rates.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
 $ ( 6781 ) $ ( 38294 ) calculation assumes each exchange rate would change in same direction relative to u.
 dollar.
 direct effects of changes in exchange rates changes affect volume of sales or foreign currency sales price as competitors 2019 products become more or less attractive.
 sensitivity analysis of effects of changes in foreign currency exchange rates not factor in potential change in sales levels or local currency selling prices.

| october 31 2009  | november 1 2008
----------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ------------------
fair value of forward exchange contracts asset ( liability )                                                                              | $ 6427           | $ -23158 ( 23158 )
fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ) | $ 20132          | $ -9457 ( 9457 )
fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability             | $ -6781 ( 6781 ) | $ -38294 ( 38294 )


note 17.
 accumulated other comprehensive losses : pmi's accumulated comprehensive losses , net of taxes consisted of following:.
 reclassifications from other comprehensive earnings movements in accumulated other comprehensive losses related tax impact  for components due to current period activity and reclassifications to income statement shown on consolidated statements of comprehensive earnings for years ended december 31 , 2015  2014  2013.
 movement in currency translation adjustments for year ended december 31  2013  impacted by purchase of remaining shares of mexican tobacco business.
 $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains transferred from other comprehensive earnings to marketing , administration and research costs in consolidated statements of earnings for years ended december 31 , 2015 , 2014 and 2013  upon liquidation of subsidiaries.
 for additional information see note 13.
 benefit plans and note 15.
 financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments.
 note 18.
 colombian investment and cooperation agreement : on june 19 , 2009 pmi announced signed agreement with republic of colombia  departments of colombia and capital district of bogota to promote investment and cooperation colombian tobacco market fight counterfeit and contraband tobacco products.
 investment cooperation agreement provides $ 200 million in funding to colombian governments over 20-year period to address issues mutual interest combating illegal cigarette trade threat of counterfeit tobacco products increasing quality and quantity of locally grown tobacco.
 result of investment cooperation agreement pmi recorded pre-tax charge of $ 135 million in operating results of latin america & canada segment during second quarter of 2009.
december 31 , 2015 and 2014  pmi had $ 73 million and $ 71 million  respectively discounted liabilities associated with colombian investment cooperation agreement.
 discounted liabilities primarily reflected in other long-term liabilities on consolidated balance sheets expected paid through 2028.
 note 19.
 rbh legal settlement : july 31 , 2008  rothmans inc.
 ( "rothmans ) announced finalization of cad 550 million settlement ( or approximately $ 540 million based prevailing exchange rate ) between itself rothmans , benson & hedges inc.
 ( "rbh" ) one government of canada all 10 provinces  other.
 settlement resolved royal canadian mounted police's investigation relating to products exported from canada by rbh during 1989-1996 period.
 rothmans' sole holding was 60% ( 60 % ) interest in rbh.
 remaining 40% ( 40 % ) interest rbh owned by pmi.

( losses ) earnings ( in millions )          | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013
-------------------------------------------- | ------------------------ | ------------------------ | ----------------
currency translation adjustments             | $ -6129 ( 6129 )         | $ -3929 ( 3929 )         | $ -2207 ( 2207 )
pension and other benefits                   | -3332 ( 3332 )           | -3020 ( 3020 )           | -2046 ( 2046 )
derivatives accounted for as hedges          | 59                       | 123                      | 63
total accumulated other comprehensive losses | $ -9402 ( 9402 )         | $ -6826 ( 6826 )         | $ -4190 ( 4190 )


cgmhi committed long-term financing facilities with unaffiliated banks.
 at december 31 , 2010  cgmhi had drawn down full $ 900 million available under facilities $ 150 million guaranteed by citigroup.
 bank can terminate facilities by giving cgmhi one-year prior notice.
 company issues fixed and variable rate debt in range of currencies.
 uses derivative contracts  primarily interest rate swaps to convert portion of fixed rate debt to variable rate debt variable rate debt to fixed rate debt.
 maturity structure of derivatives corresponds to maturity structure of debt being hedged.
 company uses other derivative contracts to manage foreign exchange impact of certain debt issuances.
 at december 31 , 2010 company overall weighted average interest rate for long-term debt was 3. 53% ( 3. 53 % ) on contractual basis and 2. 78% ( 2. 78 % ) including effects of derivative contracts.
 aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows : long-term debt at december 31, 2010 and december 31, 2009 includes $ 18131 million and $ 19345 million  respectively of junior subordinated debt.
 company formed statutory business trusts under laws of state of delaware.
 trusts exist for exclusive purposes of issuing trust securities representing undivided beneficial interests in assets trust ; investing gross proceeds trust securities in junior subordinated deferrable interest debentures ) of parent engaging in only those activities necessary or incidental.
 upon approval from federal reserve citigroup has right to redeem these securities.
 citigroup contractually agreed not to redeem or purchase 6. 50% (. 50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056  6.45% ( 6. 45 % ) enhanced trust preferred securities citigroup capital xvi before december 31 , 2046  6. 35% ( 6. 35 % ) enhanced trust securities citigroup capital xvii before march 15 , 2057  6. 829% ( 6. 829 % ) fixed rate/floating rate enhanced trust securities citigroup capital xviii before june 28 , 2047  7. 250% ( 7. 250 % ) enhanced trust securities citigroup capital xix before august 15 , 2047  7. 875% ( 7. 875 % ) enhanced trust securities citigroup capital xx before december 15, 2067  8. 300% ( 8. 300 % ) fixed rate/floating rate enhanced trust securities citigroup capital xxi before december 21 , 2067  unless certain conditions  described in exhibit 4. 03 to citigroup 2019s current report on form 8-k filed september 18 , 2006  exhibit 4. 02 2019s report form 8-k filed november 28 , 2006  exhibit 4. 02 citigroup 2019s current report form 8-k filed march 8 , 2007  exhibit 4. 02 citigroup current report form 8-k filed july 2 , 2007  exhibit 4. 02 citigroup report form 8-k filed august 17 , 2007  exhibit 4. 2 to citigroup 2019s current report form 8-k filed november 27 , 2007  and exhibit 4. 2 to citigroup 2019s current report form 8-k filed december 21 , 2007  met.
 agreements for benefit of holders of citigroup 2019s 6. 00% ( 6. 00 % ) junior subordinated deferrable interest debentures due 2034.
 citigroup owns all voting securities of these subsidiary trusts.
subsidiary trusts have no assets , operations revenues cash flows other than related to issuance  administration  repayment of subsidiary trusts subsidiary trusts 2019 common securities.
 subsidiary trusts 2019 obligations are fully unconditionally guaranteed by citigroup.

in millions of dollars | 2011    | 2012    | 2013    | 2014    | 2015    | thereafter
---------------------- | ------- | ------- | ------- | ------- | ------- | ----------
bank                   | $ 35066 | $ 38280 | $ 8013  | $ 7620  | $ 6380  | $ 17875
non-bank               | 15213   | 25950   | 7858    | 5187    | 3416    | 18381
parent company         | 21194   | 30004   | 21348   | 19096   | 12131   | 88171
total                  | $ 71473 | $ 94234 | $ 37219 | $ 31903 | $ 21927 | $ 124427