34| | duke realty corporation annual report 2009 property investment we evaluate development acquisition opportunities based upon market outlook  supply long-term growth potential.
 ability to make future property investments dependent upon continued access to longer-term sources liquidity including issuances of debt or equity securities generating cash flow by disposing of selected properties.
 in light current economic conditions  management continues evaluate investment priorities focused on accretive growth.
 continued operate at substantially reduced level of new development activity compared to recent years focused on core operations of existing base of properties.
 recurring expenditures principal uses of liquidity is to fund recurring leasing/capital expenditures of real estate investments.
 summary of recurring capital expenditures for years ended december 31 , 2009 , 2008 2007  ( in thousands ) : dividends and distributions required to meet distribution requirements of internal revenue code of 1986 , as amended ( 201ccode 201d ) to maintain reit status.
 depreciation and impairments are non-cash expenses  cash flow typically be greater than operating income.
 paid dividends per share of $ 0. 76 , $ 1. 93 and $ 1. 91 for years ended december 31 , 2009 , 2008 2007 .
 expect to continue to distribute at least amount equal to taxable earnings meet requirements to maintain reit status additional amounts as determined by board of directors.
 distributions declared at discretion of board of directors subject to actual cash available for distribution  financial condition  capital requirements other factors as board of directors deems relevant.
 at december 31 , 2009 had six series of preferred shares outstanding.
 annual dividend rates on preferred shares range between 6. 5% ( 6. 5 % ) and 8. 375% ( 8. 375 % ) paid in arrears quarterly.

| 2009    | 2008    | 2007
----------------------------- | ------- | ------- | -------
recurring tenant improvements | $ 29321 | $ 36885 | $ 45296
recurring leasing costs       | 40412   | 28205   | 32238
building improvements         | 9321    | 9724    | 8402
totals                        | $ 79054 | $ 74814 | $ 85936


home equity repurchase obligations pnc 2019s repurchase obligations include obligations certain brokered home equity loans/lines sold to limited private investors in financial services industry by national city prior to our acquisition of national city.
 pnc no longer engaged in brokered home equity lending business  our exposure under these loan repurchase obligations limited to repurchases of loans sold in these transactions.
 repurchase activity associated with brokered home equity lines/loans is reported in non- strategic assets portfolio segment.
 loan covenants and representations and warranties established through loan sale agreements with investors to assurance that loans pnc sold to investors are of sufficient investment quality.
 key aspects of covenants representations warranties include loan 2019s compliance with applicable loan criteria established for transaction  including underwriting standards  delivery of all required loan documents to investor designated party sufficient collateral valuation  validity of lien securing loan.
 alleged breaches of contractual obligations , investors may request pnc to indemnify against losses on certain loans or to repurchase loans.
 we investigate every investor claim loan by loan basis to determine existence of legitimate claim all other conditions for indemnification or repurchase met prior to settlement with investor.
 indemnifications for loss or loan repurchases typically occur when  after review claim agree insufficient evidence exists to dispute investor 2019s claim that breach of loan covenant and representation and warranty occurred breach not cured  effect of breach deemed to had material and adverse effect on value of transferred loan.
 depending on sale agreement and upon proper notice from investor we typically respond to home equity indemnification and repurchase requests within 60 days , final resolution claim may take longer time.
home equity sale agreements provide for penalties remedies if not respond timely to investor indemnification or repurchase requests.
 investor indemnification repurchase claims typically settled individual loan basis through make-whole payments or loan repurchases ; on occasion we may negotiate pooled settlements with investors.
 typically do not repurchase loans consummation of transactions results in no longer having indemnification repurchase exposure with investor transaction.
 table details unpaid principal balance of unresolved home equity indemnification and repurchase claims at december 31, 2012 and december 31, 2011 .
 table 31 : analysis of home equity unresolved asserted indemnification and repurchase claims in millions december 31 december 31.
 ( a ) activity relates to brokered home equity loans/lines sold through loan sale transactions occurred during 2005-2007.
 pnc financial services group , inc.
 2013 form 10-k 81

in millions              | december 31 2012 | december 31 2011
------------------------ | ---------------- | ----------------
home equity loans/lines: |                  |
private investors ( a )  | $ 74             | $ 110


leases , was $ 92 million , $ 80 million  and $ 72 million in 2002 , 2001  and 2000 , respectively.
 future minimum lease payments under noncancelable operating leases remaining terms in excess of one year as of september 28 , 2002 , are as follows ( in millions ) : concentrations in available sources of supply of materials and product certain components essential to company business are generally available from multiple sources , other key components ( including microprocessors and application-specific integrated circuits , or ( "asics" ) ) currently obtained by company from single or limited sources.
 some other key components , available from multiple sources, subject to industry- wide availability and pricing pressures.
 in company uses some components not common to personal computer industry new products often initially utilize custom components obtained from only one source until company evaluated need for and qualifies additional suppliers.
 if supply of key single-sourced component company delayed or curtailed or key manufacturing vendor delays shipments of completed products company company's ability to ship related products in desired quantities and in timely manner could be adversely affected.
 company's business and financial performance could be adversely affected depending on time required to obtain sufficient quantities from original source , or to identify and obtain sufficient quantities from alternative source.
 continued availability of these components may be affected if producers to concentrate on production of common components instead of components customized to company requirements.
 significant portions of company's cpus , logic boards , and assembled products are now manufactured by outsourcing partners  majority in various parts of asia.
 company works closely with outsourcing partners on manufacturing schedules and levels company's operating results could be adversely affected if outsourcing partners unable to meet production obligations.
contingencies beginning september 27 , 2001  three shareholder class action lawsuits filed in united states district court for northern district of california against company and chief executive officer.
 lawsuits substantially identical purport to bring suit on behalf of persons purchased company's publicly traded common stock between july 19 , 2000  and september 28 , 2000.
 complaints allege violations of 1934 securities exchange act seek unspecified compensatory damages and other relief.
 company believes these claims without merit intends to defend them vigorously.
 company filed motion to dismiss on june 4, 2002 heard by court on september 13 , 2002.
 december 11 , 2002  court granted company's motion to dismiss for failure to state cause of action with leave to plaintiffs to amend complaint within thirty days.
 company subject to certain other legal proceedings and claims arisen in ordinary course of business not fully adjudicated.
 in opinion of management company does not have potential liability related to current legal proceedings and claims material adverse effect on financial condition , liquidity or results of operations.
 results of legal proceedings cannot be predicted with certainty.
 should company fail to prevail in legal matters or several legal matters resolved against company in same reporting period operating results of particular reporting period could be materially adversely affected.
 parliament of european union working on finalizing waste electrical and electronic equipment directive ( directive ).
 directive makes producers of electrical goods  including personal computers  financially responsible for collection , recycling  safe disposal of past and future products.
 directive must be approved and implemented by individual european union governments by june 2004 producers' financial obligations scheduled to start june 2005.
company's potential liability from directive related to past sales products and expenses with future sales product may be substantial.
  because likely specific laws , regulations , enforcement policies will vary significantly between individual european member states , not currently possible to estimate company's existing liability or future expenses from directive.
 as european union and individual member states clarify specific requirements and policies with respect to directive , company will continue to assess potential financial impact.
 similar legislation may be enacted in other geographies , including federal and state legislation in united states , cumulative impact could be significant.
 fiscal years.

2003                         | $ 83
---------------------------- | -----
2004                         | 78
2005                         | 66
2006                         | 55
2007                         | 42
later years                  | 140
total minimum lease payments | $ 464


vertex pharmaceuticals incorporated notes to consolidated financial statements continued ).
 altus investment continued offering held 450000 shares of redeemable preferred stock not convertible into common stock redeemable for $ 10. 00 per share plus annual dividends of $ 0. 50 per share accruing since redeemable preferred stock issued in 1999 at vertex 2019s option on or after december 31 , 2010 or by altus any time.
 company restricted from trading altus securities for six months following initial public offering.
 altus securities trading restrictions expired company sold 817749 shares of altus common stock for approximately $ 11. 7 million in realized gain of approximately $ 7. 7 million in august 2006.
 restrictions expired company began accounting for altus warrants as derivative instruments under financial accounting standards board statement no.
 fas 133 , 201caccounting for derivative instruments and hedging activities 201d ( 201cfas 133 201d ).
 in accordance with fas 133 in third quarter of 2006 company recorded altus warrants on consolidated balance sheet at fair market value of $ 19. 1 million recorded unrealized gain on fair market value altus warrants of $ 4. 3 million.
 in fourth quarter of 2006 company sold altus warrants for approximately $ 18. 3 million in realized loss of $ 0. 7 million.
 result of company 2019s sales of altus common stock and altus warrrants in 2006 company recorded realized gain on sale of investment of $ 11. 2 million.
accordance with company 2019s policy , outlined in note b , 201caccounting policies , 201d company assessed investment in altus , accounts for using cost method  determined adjustments to fair values of investment require company to write down investment basis of asset , in 2005 and 2006.
 company 2019s cost basis carrying value in outstanding equity and warrants of altus was $ 18. 9 million at december 31 , 2005.
.
 accrued expenses and other current liabilities consist of following at december 31 ( in thousands ) :.
 company leases facilities and certain equipment under non-cancelable operating leases.
 company 2019s leases have terms through april 2018.
 term of kendall square lease began january 1 , 2003 lease payments commenced in may 2003.
 company obligation under kendall square lease staged through 2006 , to build-out space into finished laboratory and office space.
 lease will expire in 2018  company option to extend term for two consecutive terms of ten years each expiring in 2038.
 company occupies and uses for operations approximately 120000 square feet of kendall square facility.
 company has sublease arrangements in place for remaining rentable square footage square facility with initial terms expires in april 2011 and august 2012.
 see note e , 201crestructuring 201d for further information.
 research and development contract costs $ 57761 $ 20098 payroll and benefits 25115 15832 professional fees 3848 4816 4635 1315 $ 91359 $ 42061

| 2006    | 2005
--------------------------------------- | ------- | -------
research and development contract costs | $ 57761 | $ 20098
payroll and benefits                    | 25115   | 15832
professional fees                       | 3848    | 4816
other                                   | 4635    | 1315
total                                   | $ 91359 | $ 42061


2022 higher 2017 sales volumes , incremental year-over-year cost savings with restructuring productivity improvement initiatives  costs with growth investments in 2016 changes in currency exchange rates  partially offset by incremental year-over-year costs with product development sales marketing growth investments : 60 basis points year-over-year operating profit margin comparisons unfavorably impacted by : 2022 incremental year-over-year net dilutive effect of acquired businesses : 20 basis points 2016 compared to 2015 year-over-year price increases in segment contributed 0. 3% ( 0. 3 % ) to sales growth 2016 compared to 2015 reflected as component of change in sales from existing businesses.
 sales from existing businesses in segment 2019s transportation technologies businesses grew at high-single digit rate during 2016 compared to 2015 due to strong demand for dispenser , payment point-of-sale systems  environmental compliance products vehicle fleet management products offset by weaker year-over-year demand for compressed natural gas products.
 expected  second half of 2016  business reduced emv-related demand for indoor point-of-sale solutions as customers upgraded to products indoor emv requirements prior year in response to indoor liability shift.
  demand increased year-over-year for dispensers payment systems as customers in united states continued to upgrade equipment driven by emv deadlines related to outdoor payment systems.
 geographically sales from existing businesses continued to increase year-over-year in united states lesser extent in asia and western europe.
 sales from existing businesses in segment 2019s automation & specialty components business declined at low-single digit rate during 2016 as compared to 2015.
 businesses experienced sequential year-over-year improvement in demand during second half of 2016 first half 2016.
2016  year-over-year demand declined for engine retarder products due to weakness in north american heavy-truck market offset by strong growth in china europe.
 year-over demand declined in medical and defense related end markets offset by increased demand for industrial automation products particularly in china.
 sales from businesses in segment 2019s automation & specialty components businesses declined in north america offset by growth in western europe china.
 sales from businesses in segment 2019s franchise distribution business grew at mid-single digit rate 2016  compared to 2015 due to net increases in franchisees growth in demand for professional tool products tool storage products primarily in united states.
 growth partly offset by year- over-year declines in wheel service equipment sales 2016.
 operating profit margins increased 70 basis points 2016 compared to 2015.
 factors favorably impacted year operating profit margin comparisons : 2022 higher 2016 sales volumes  pricing improvements incremental year-over-year cost savings associated with restructuring productivity improvement initiatives favorable impact of impairment of tradenames used in segment in 2015 2016 net of costs associated with growth investments  product development sales marketing growth investments  higher year-over-year costs associated with restructuring actions changes in currency exchange rates : 65 basis points 2022 incremental net accretive effect in 2016 of acquired businesses : 5 basis points cost of sales and gross profit.
 year-over-year increase in cost of sales during 2017 compared to 2016 due to impact higher year- over-year sales volumes changes in currency exchange rates partly offset by incremental year-over-year cost savings

( $ in millions )   | for the year ended december 31 2017 | for the year ended december 31 2016 | for the year ended december 31 2015
------------------- | ----------------------------------- | ----------------------------------- | -----------------------------------
sales               | $ 6656.0                            | $ 6224.3                            | $ 6178.8
cost of sales       | -3357.5 ( 3357.5 )                  | -3191.5 ( 3191.5 )                  | -3178.8 ( 3178.8 )
gross profit        | 3298.5                              | 3032.8                              | 3000.0
gross profit margin | 49.6% ( 49.6 % )                    | 48.7% ( 48.7 % )                    | 48.6% ( 48.6 % )


table of contents cdw corporation subsidiaries 6.
 goodwill other intangible assets changes in goodwill by reportable segment : ( in millions ) corporate business ( 2 ) public other ( 4 ) consolidated balance at december 31 , 2014 ( 1 ) $ 1045. 9 $ 185. 9 $ 911. 3 $ 74. 5 $ 2217. 6.
 balances as of december 31 , 2017 ( 1 ) $ 1074. 1 $ 185. 9 $ 929. 6 $ 290. 0 $ 2479. 6 ( 1 ) goodwill net of accumulated impairment losses of $ 1571 million , $ 354 million $ 28 million related to corporate , public other segments.
 ( 2 ) amounts recast to present small business as own operating reportable segment.
 ( 3 ) effective january 1, 2016  cdw advanced services business included in company's corporate public segments.
 ( 4 ) other comprised of canada and cdw uk operating segments.
 establishment of small business as own reporting unit company performed quantitative analysis to allocate goodwill between corporate small business.
 based results quantitative analysis as of january 1 , 2017 company determined fair values of corporate small business reporting units exceeded carrying values by 227% ( 227 % ) and 308% ( 308 % ) no impairment existed.
 december 1 , 2017 impairment analysis company completed annual impairment analysis as of december 1 , 2017.
 for corporate , small business uk reporting units company performed qualitative analysis.
 determined more-likely individual fair values of corporate small business uk reporting units exceeded carrying values quantitative impairment analysis deemed unnecessary.
uncertainty regarding impact of referendum on uk 2019s membership of european union ( 201ceu 201d ) , advising for exit of uk from eu ( referred to as 201cbrexit 201d ) still exists in current year , company does not believe to additional risk indicate quantitative analysis performed in prior year have different result.
 , qualitative analysis deemed appropriate for uk reporting unit.
 company performed quantitative analysis of public and canada reporting units.
 based on results of quantitative analysis , company determined fair value of public and canada reporting units exceeded carrying values by 179% ( 179 % ) and 153% ( 153 % ), respectively , and no impairment existed.
 december 1 , 2016 impairment analysis company completed annual impairment analysis as of december 1 , 2016.
 for corporate (  of december 1 , 2016  included small business ) , public and canada reporting units , company performed qualitative analysis.
 company determined more-likely-than-not individual fair values of corporate , public and canada reporting units exceeded respective carrying values.
 as result of determination , quantitative impairment analysis deemed unnecessary.
 due to substantial uncertainty regarding impact of brexit , company performed quantitative analysis of cdw uk reporting unit.
 based on results of quantitative analysis  company determined fair value of cdw uk reporting unit exceeded its carrying value and no impairment existed.

( in millions )                        | corporate | small business ( 2 ) | public  | other ( 4 )    | consolidated
-------------------------------------- | --------- | -------------------- | ------- | -------------- | --------------
balance at december 31 2014 ( 1 )      | $ 1045.9  | $ 185.9              | $ 911.3 | $ 74.5         | $ 2217.6
foreign currency translation           | 2014      | 2014                 | 2014    | -22.4 ( 22.4 ) | -22.4 ( 22.4 )
acquisition                            | 2014      | 2014                 | 2014    | 305.2          | 305.2
balance at december 31 2015 ( 1 )      | 1045.9    | 185.9                | 911.3   | 357.3          | 2500.4
foreign currency translation           | 2014      | 2014                 | 2014    | -45.4 ( 45.4 ) | -45.4 ( 45.4 )
cdw advanced services allocation ( 3 ) | 28.2      | 2014                 | 18.3    | -46.5 ( 46.5 ) | 2014
balance at december 31 2016 ( 1 )      | 1074.1    | 185.9                | 929.6   | 265.4          | 2455.0
foreign currency translation           | 2014      | 2014                 | 2014    | 24.6           | 24.6
balances as of december 31 2017 ( 1 )  | $ 1074.1  | $ 185.9              | $ 929.6 | $ 290.0        | $ 2479.6


page 31 of 94 liquidity items cash payments for long-term debt maturities rental payments under noncancellable operating leases purchase obligations commitments effect at december 31 , 2007 summarized in table:.
 total payments on contractual obligations $ 9517. 7 $ 2918. 1 $ 3985. 2 $ 1947. 0 $ 667. 4 ( a ) amounts reported in local currencies translated at year-end exchange rates.
 b ) for variable rate facilities  amounts based on interest rates at year end not contemplate effects of hedging instruments.
 company 2019s purchase obligations include contracted amounts for aluminum  steel plastic resin direct materials.
 included are commitments for purchases of natural gas and electricity  aerospace and technologies contracts other less significant items.
 variable prices usage involved management 2019s best estimates used.
 on circumstances early termination of contracts may not result in penalties actual payments could vary significantly.
 contributions to company 2019s defined benefit pension plans  not including unfunded german plans expected to be $ 49 million in 2008.
 estimate may change based on plan asset performance.
 benefit payments related to these plans expected to be $ 66 million , $ 70 million $ 74 million  $ 77 million $ 82 million for years ending december 31 , 2008 through 2012  total of $ 473 million for years 2013 through 2017.
 payments to participants in unfunded german plans expected to be approximately $ 26 million in each years 2008 through 2012 total of $ 136 million for years 2013 through 2017.
 accordance with united kingdom pension regulations ball provided a38 million guarantee to plan for defined benefit plan in united kingdom.
if company 2019s credit rating falls below specified levels, ball required to 1 ) contribute additional a38 million to plan ; 2 ) provide letter of credit to plan or 3 ) if imposed by regulatory agency provide lien on company assets for benefit plan.
 guarantee can be removed upon approval by ball and pension plan trustees.
 share repurchase program in 2007 was $ 211. 3 million , net of issuances  compared to $ 45. 7 million net repurchases in 2006 and $ 358. 1 million in 2005.
 net repurchases included $ 51. 9 million settlement on january 5, 2007  of forward contract entered in december 2006 for repurchase of 1200000 shares.
 2007 net repurchases did not include forward contract in december 2007 for repurchase of 675000 shares.
 contract settled on january 7 , 2008  for $ 31 million in cash.
 on december 12 , 2007  in privately negotiated transaction ball entered into accelerated share repurchase agreement to buy $ 100 million of common shares using cash on hand and available borrowings.
 company advanced $ 100 million on january 7 , 2008  received approximately 2 million shares represented 90 percent of total shares as calculated using previous day 2019s closing price.
 exact number of shares to be repurchased under agreement determined on settlement date ( no later than june 5 , 2008 )  subject to adjustment based on weighted average price calculation for period between initial purchase date and settlement date.
 company has option to settle contract in either cash or shares.
 including settlements of forward share purchase contract and accelerated share repurchase agreement expect to repurchase approximately $ 300 million of common shares , net of issuances, in 2008.
annual cash dividends on common stock 40 cents per share in 2007 , 2006 2005.
 total dividends $ 40. 6 million 2007  $ 41 million 2006 $ 42. 5 million 2005.

( $ in millions )                         | payments due by period ( a ) total | payments due by period ( a ) less than 1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years
----------------------------------------- | ---------------------------------- | --------------------------------------------- | -------------------------------------- | -------------------------------------- | ----------------------------------------------
long-term debt                            | $ 2302.6                           | $ 126.1                                       | $ 547.6                                | $ 1174.9                               | $ 454.0
capital lease obligations                 | 4.4                                | 1.0                                           | 0.8                                    | 0.5                                    | 2.1
interest payments on long-term debt ( b ) | 698.6                              | 142.9                                         | 246.3                                  | 152.5                                  | 156.9
operating leases                          | 218.5                              | 49.9                                          | 71.7                                   | 42.5                                   | 54.4
purchase obligations ( c )                | 6092.6                             | 2397.2                                        | 3118.8                                 | 576.6                                  | 2013
common stock repurchase agreements        | 131.0                              | 131.0                                         | 2013                                   | 2013                                   | 2013
legal settlement                          | 70.0                               | 70.0                                          | 2013                                   | 2013                                   | 2013
total payments on contractual obligations | $ 9517.7                           | $ 2918.1                                      | $ 3985.2                               | $ 1947.0                               | $ 667.4


united parcel service , inc.
 subsidiaries management's discussion analysis of financial condition results of operations liquidity capital resources as of december 31 , 2017  had $ 4. 069 billion in cash , cash equivalents marketable securities.
 believe current cash position  access to long-term debt capital markets cash flow from operations should be adequate for operating requirements to enable complete capital expenditure programs fund dividend payments share repurchases long-term debt payments next years.
 have funds available from commercial paper program ability to obtain alternative sources of financing.
 regularly evaluate opportunities to optimize capital structure  including through issuances of debt refinance existing debt fund ongoing cash needs.
 cash flows from operating activities summary of significant sources ( uses ) of cash from operating activities ( amounts in millions ) :.
 ( 1 ) represents depreciation amortization  gains losses on derivative transactions foreign exchange  deferred income taxes  provisions for uncollectible accounts  pension and postretirement benefit expense  stock compensation expense other non-cash items.
 cash from operating activities remained strong throughout 2015 to 2017.
 most of variability in operating cash flows during 2015 to 2017 relates to funding of company-sponsored pension and postretirement benefit plans ( related cash tax deductions ).
 except for discretionary accelerated fundings plans contributions to company- sponsored pension plans varied based on minimum funding requirements present for individual pension plans.
 2022 made discretionary contributions to three primary company-sponsored.
 pension plans totaling $ 7. 291 , $ 2. 461 and $ 1. 030 billion in 2017 , 2016 and 2015 .
 remaining contributions from 2015 to 2017 largely due to contributions to international pension plans and.
 postretirement medical benefit plans.
transactions described operating cash flow impacted by changes in working capital position  payments for income taxes changes in hedge margin payables and receivables.
 cash payments for income taxes were $ 1. 559 , $ 2. 064 and $ 1. 913 billion for 2017 , 2016 2015  primarily impacted by timing of current tax deductions.
 net hedge margin collateral ( paid ) /received from derivative counterparties was $ ( 732 ), $ ( 142 ) and $ 170 million during 2017, 2016 2015  due to settlements changes in fair value of derivative contracts used in currency and interest rate hedging programs.
 as of december 31 , 2017  total worldwide holdings of cash , cash equivalents marketable securities were $ 4. 069 billion  of approximately $ 1. 800 billion held by foreign subsidiaries.
 amount of cash cash equivalents marketable securities held by.
 foreign subsidiaries fluctuates throughout year due to factors including timing of cash receipts and disbursements in normal course of business.
 cash provided by operating activities in.
 continues to be primary source of funds to finance domestic operating needs capital expenditures  share repurchases dividend payments to shareowners.
 result of tax act all cash  cash equivalents marketable securities held by foreign subsidiaries generally available for distribution to u. s.
 without.
 federal income taxes.
 distributions may be subject to foreign withholding and.
 state taxes.
 when amounts earned by foreign subsidiaries expected to be indefinitely reinvested no accrual for taxes provided.

| 2017           | 2016           | 2015
----------------------------------------------------------------------- | -------------- | -------------- | --------------
net income                                                              | $ 4910         | $ 3431         | $ 4844
non-cash operating activities ( 1 )                                     | 5776           | 6444           | 4122
pension and postretirement plan contributions ( ups-sponsored plans )   | -7794 ( 7794 ) | -2668 ( 2668 ) | -1229 ( 1229 )
hedge margin receivables and payables                                   | -732 ( 732 )   | -142 ( 142 )   | 170
income tax receivables and payables                                     | -550 ( 550 )   | -505 ( 505 )   | -6 ( 6 )
changes in working capital and other non-current assets and liabilities | -178 ( 178 )   | -62 ( 62 )     | -418 ( 418 )
other operating activities                                              | 47             | -25 ( 25 )     | -53 ( 53 )
net cash from operating activities                                      | $ 1479         | $ 6473         | $ 7430


notes consolidated financial statements jpmorgan chase & co.
 162.
 2007 annual report note 25 2013 accumulated other comprehensive income ( loss ) includes after-tax change in sfas 115 unrealized gains losses on afs securities sfas 52 foreign currency translation adjustments impact of related derivatives ) sfas 133 cash flow hedging activities sfas 158 net loss prior service cost ( credit ) related to firm 2019s defined benefit pension opeb plans.
 net loss accumulated translation prior service ( credit ) other unrealized gains ( losses ) adjustments  cash defined benefit pension comprehensive in millions ) on afs securities net of hedges flow hedges opeb plans income ( loss ) balance at december 31, 2004 $ ( 61 ) $ ( 8 ) $ ( 139 ) $ 2014 $ ( 208 ) net change ( 163 ) ( b ) 2014 ( 255 ) 2014 ( 418 ) balance at december 31 , 2005 ( 224 ) ( 8 ) ( 394 ) 2014 ( 626 ) net change 253 ( c ) 13 ( 95 ) 2014 171 adjustment to initially apply sfas 158  net of taxes 2014 ( 1102 ) ( 1102 ).
 net change 352 ( d ) 3 ( 313 ) 599 641 balance at december 31 , 2007 $ 380 $ 8 $ ( 802 ) $ ( 503 ) $ ( 917 ) represents after-tax difference between fair value amortized cost of afs securities portfolio retained interests in securitizations other assets.
 net change 2005 due to higher interest rates offset by reversal of unrealized losses from securities sales.
 net change 2006 due to reversal of unrealized losses from securities sales.
 net change 2007 due to decline in interest rates.
 further discussion of sfas 158  see note 9 pages 124 2013130 of annual report.

( in millions )                                                    | unrealized gains ( losses ) on afs securities ( a ) | translation adjustments net of hedges | cash flow hedges | net loss andprior service ( credit ) of defined benefit pension and opeb plans ( e ) | accumulated other comprehensive income ( loss )
------------------------------------------------------------------ | --------------------------------------------------- | ------------------------------------- | ---------------- | ------------------------------------------------------------------------------------ | -----------------------------------------------
balance at december 31 2004                                        | $ -61 ( 61 )                                        | $ -8 ( 8 )                            | $ -139 ( 139 )   | $ 2014                                                                               | $ -208 ( 208 )
net change                                                         | ( 163 ) ( b )                                       | 2014                                  | -255 ( 255 )     | 2014                                                                                | -418 ( 418 )
balance at december 31 2005                                        | -224 ( 224 )                                        | -8 ( 8 )                              | -394 ( 394 )     | 2014                                                                                | -626 ( 626 )
net change                                                         | 253 ( c )                                           | 13                                    | -95 ( 95 )       | 2014                                                                                | 171
adjustment to initially apply sfas 158 net of taxes                | 2014                                                | 2014                                  | 2014             | -1102 ( 1102 )                                                                       | -1102 ( 1102 )
balance at december 31 2006                                        | 29                                                  | 5                                     | -489 ( 489 )     | -1102 ( 1102 )                                                                       | -1557 ( 1557 )
cumulative effect of changes in accounting principles ( sfas 159 ) | -1 ( 1 )                                            | 2014                                  | 2014             | 2014                                                                                | -1 ( 1 )
balance at january 1 2007 adjusted                                 | 28                                                  | 5                                     | -489 ( 489 )     | -1102 ( 1102 )                                                                       | -1558 ( 1558 )
net change                                                         | 352 ( d )                                           | 3                                     | -313 ( 313 )     | 599                                                                                | 641
balance at december 31 2007                                        | $ 380                                               | $ 8                                   | $ -802 ( 802 )   | $ -503 ( 503 )                                                                       | $ -917 ( 917 )


advance auto parts , inc.
 subsidiaries notes to consolidated financial statements december 31 , 2016, january 2 , 2016 january 3 , 2015 ( in thousands  except per share data ) 2.
 inventories  net : merchandise inventory company used lifo method accounting for approximately 89% ( 89 % ) of inventories at december 31  2016 and january 2 , 2016.
 under lifo  company 2019s cost of sales reflects costs most recently purchased inventories inventory carrying balance represents costs for inventories purchased in 2016 and prior years.
 utilizing lifo company recorded reduction to cost of sales of $ 40711 and $ 42295 in 2016 and 2015  increase to cost of sales of $ 8930 in 2014.
 historically company 2019s overall costs to acquire inventory for same or similar products decreased as growth execution merchandise strategies.
 increase in cost of sales for 2014 result of increase in supply chain costs.
 product cores remaining inventories of product cores , non-consumable portion of certain parts and batteries inventory of certain subsidiaries valued under first-in , first-out ( 201cfifo 201d ) method.
 product cores included as part of company 2019s merchandise costs passed on to customer or returned to vendor.
 product cores not subject to frequent cost changes like other merchandise inventory no material difference when applying lifo or fifo valuation method.
 inventory overhead costs purchasing and warehousing costs included in inventory as of december 31 , 2016 and january 2 , 2016  were $ 395240 and $ 359829 , respectively.
 inventory balance and inventory reserves inventory balances at end of 2016 and 2015 were as follows : december 31 , january 2.
inventory quantities tracked through perpetual inventory system.
 company completes physical inventories other targeted inventory counts in store locations to ensure accuracy of perpetual inventory quantities of merchandise and core inventory.
 in distribution centers branches  company uses cycle counting program to ensure accuracy of perpetual inventory quantities of merchandise product core inventory.
 reserves for estimated shrink established based on results of physical inventories company other targeted inventory counts in stores , results from recent cycle counts in distribution facilities historical and current loss trends.
 company establishes reserves for potentially excess and obsolete inventories based on i current inventory levels ii historical analysis of product sales iii ) current market conditions.
 company has return rights with many vendors majority of excess inventory returned to vendors for full credit.
 in certain situations , company establishes reserves when less than full credit expected from vendor or when liquidating product result in retail prices below recorded costs.

| december 312016 | january 22016
---------------------------------------- | --------------- | -------------
inventories at fifo net                  | $ 4120030       | $ 4009641
adjustments to state inventories at lifo | 205838          | 165127
inventories at lifo net                  | $ 4325868       | $ 4174768


june 2011  fasb issued asu no.
 2011-05 201ccomprehensive income 2013 presentation comprehensive income. 201d asu 2011-05 requires comprehensive income  components of net income  components other comprehensive income in single continuous statement comprehensive income or two separate consecutive statements.
 both choices entity required to present each component of net income with total net income , each component of other comprehensive income total for other comprehensive income  total amount for comprehensive income.
 update eliminates option to present components of other comprehensive income as part of statement changes in stockholders' equity.
 amendments update do not change items must reported in other comprehensive income or item other comprehensive income reclassified to net income.
 amendments update applied retrospectively effective for interim annual reporting periods beginning after december 15 , 2011.
 company adopted guidance first quarter of 2012.
 adoption of asu 2011-05 for presentation purposes only no material impact on company 2019s consolidated financial statements.
 3.
 inventories , net : merchandise inventory company used lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 29, 2012 and december 31 , 2011.
 under lifo  company 2019s cost of sales reflects costs most recently purchased inventories inventory carrying balance represents costs for inventories purchased in fiscal 2012 and prior years.
 company recorded reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010  respectively.
 result utilizing lifo  company recorded increase to cost of sales of $ 24708 for fiscal 2011  due to increase in supply chain costs and inflationary pressures affecting certain product categories.
company 2019s costs to acquire inventory for same or similar products decreased historically as company growth merchandise strategies supply chain efficiencies.
 product cores remaining inventories comprised of product cores , non-consumable portion of certain parts and batteries valued under first-in , first-out ( "fifo" ) method.
 product cores included as part of company's merchandise costs either passed on to customer or returned to vendor.
 product cores not subject to frequent cost changes like other merchandise inventory no material difference when applying lifo or fifo valuation method.
 inventory overhead costs purchasing and warehousing costs included in inventory at december 29, 2012 and december 31 , 2011  were $ 134258 and $ 126840 , respectively.
 inventory balance and inventory reserves inventory balances at end of fiscal 2012 and 2011 were as follows : december 29 , december 31.
 inventory quantities tracked through perpetual inventory system.
 company completes physical inventories targeted inventory counts in store locations to ensure accuracy of perpetual inventory quantities of merchandise and core inventory in.
 in distribution centers and pdq aes  company uses cycle counting program to ensure accuracy of perpetual inventory quantities of merchandise product core inventory.
 reserves advance auto parts , inc.
 subsidiaries notes to consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands  except per share data )

| december 292012 | december 312011
---------------------------------------- | --------------- | ---------------
inventories at fifo net                  | $ 2182419       | $ 1941055
adjustments to state inventories at lifo | 126190          | 102103
inventories at lifo net                  | $ 2308609       | $ 2043158


compensation cost recognized over stated vesting period consistent with terms arrangement (. straight-line or graded-vesting basis ).
 expense recognition accelerated for retirement-eligible individuals meet requirements for vesting awards upon retirement.
 as of 30 september 2018 no unrecognized compensation cost all stock option awards fully vested.
 cash received from option exercises during fiscal year 2018 was $ 76. 2.
 total tax benefit realized from stock option exercises fiscal year 2018 was $ 25. 8 $ 19. 0 was excess tax benefit.
 restricted stock grant-date fair value of restricted stock estimated on date of grant based on closing price stock compensation cost amortized to expense straight-line basis over vesting period during employees perform related services.
 expense recognition accelerated for retirement-eligible individuals meet requirements for vesting awards retirement.
 elected to account for forfeitures as they occur rather than estimate.
 forfeitures not significant historically.
 issued shares of restricted stock to certain officers.
 participants entitled to cash dividends and vote shares.
 restrictions on shares lift in one to four years or upon earlier of retirement , death  or disability.
 shares nontransferable while subject to forfeiture.
 summary of restricted stock activity presented below : restricted stock shares ( 000 ) weighted average grant- date fair value.
 as of 30 september 2018  $. 1 of unrecognized compensation cost related to restricted stock awards.
 cost expected to be recognized over weighted average period of 0. 5 years.
 total fair value of restricted stock vested during fiscal years 2018 , 2017  and 2016 was $ 2. 2 , $ 4. 1 , and $ 4. 3 , respectively.
discussed in note 3 discontinued operations air products completed spin-off of versum on 1 october 2016.
 connection spin-off company adjusted deferred stock units stock options pursuant existing anti-dilution provisions ltip to preserve intrinsic value of awards before and after separation.
 outstanding awards continue to vest over original vesting period defined at grant date.
 outstanding awards at time spin-off primarily converted into awards of holders' employer following separation.
 stock awards held upon separation adjusted based conversion ratio of air products' new york stock exchange ( 201cnyse 201d ) volume weighted-average closing stock price 30 september 2016 ( $ 150. 35 ) to nyse volume weighted-average opening stock price on 3 october 2016 ( $ 140. 38 ) , or 1. 071.
 adjustment to awards did not result in incremental fair value no incremental compensation expense recorded related to conversion of awards.

restricted stock                 | shares ( 000 ) | weighted averagegrant-date fair value
-------------------------------- | -------------- | -------------------------------------
outstanding at 30 september 2017 | 56             | $ 135.74
vested                           | ( 14 )         | 121.90
outstanding at 30 september 2018 | 42             | $ 140.28


entergy arkansas , inc.
 subsidiaries management 2019s financial discussion analysis results of operations net income 2017 compared to 2016 income decreased $ 27. 4 million due to higher nuclear refueling outage expenses higher depreciation amortization expenses  higher taxes other than income taxes higher interest expense  partially offset by higher other income.
 2016 compared to 2015 net income increased $ 92. 9 million due to higher net revenue lower other operation maintenance expenses offset by higher effective income tax rate higher depreciation amortization expenses.
 net revenue 2017 compared to 2016 consists of operating revenues net of : 1 fuel  fuel-related expenses gas purchased for resale 2 purchased power expenses 3 ) other regulatory charges ( credits ). analysis of change in net revenue comparing 2017 to 2016.
 amount ( in millions ).
 retail electric price variance due to implementation of formula rate plan rates effective first billing cycle of january 2017 increase in base rates effective february 24, 2016 approved by apsc.
 significant portion of base rate increase related to purchase of power block 2 of union power station in march 2016.
 increase partially offset by decreases in energy efficiency rider  approved by apsc effective april 2016 january 2017.
 see note 2 to financial statements for discussion of rate case formula rate plan filings.
 see note 14 to financial statements for discussion union power station purchase.
 opportunity sales variance results from estimated net revenue effect of 2017 and 2016 ferc orders in opportunity sales proceeding attributable to wholesale customers.
 see note 2 to financial statements for discussion of opportunity sales proceeding.

| amount ( in millions )
--------------------------- | ----------------------
2016 net revenue            | $ 1520.5
retail electric price       | 33.8
opportunity sales           | 5.6
asset retirement obligation | -14.8 ( 14.8 )
volume/weather              | -29.0 ( 29.0 )
other                       | 6.5
2017 net revenue            | $ 1522.6


information.
 company 2019s annual reports on form 10-k , quarterly reports form 10-q , current reports on form 8- k  proxy statements amendments reports available free of charge through company 2019s internet website at http://www. everestregroup. com as soon after reports electronically filed with securities and exchange commission ( 201csec 201d ).
 item 1a.
 risk factors in to other information report following risk factors should be considered when evaluating investment in our securities.
 if circumstances by individual risk factors materialize , our business , financial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.
 risks to business fluctuations in financial markets could result in investment losses.
 prolonged severe disruptions in overall public debt and equity markets , occurred during 2008 , could result in significant realized and unrealized losses in investment portfolio.
 financial markets improved since 2008 , could deteriorate in future.
 could disruption in individual market sectors , as occurred in energy sector during fourth quarter of 2014.
 declines in financial markets could result in significant realized unrealized losses on investments material adverse impact on results of operations , equity , business insurer financial strength debt ratings.
 results could be adversely affected by catastrophic events.
 exposed to unpredictable catastrophic events , including weather-related other natural catastrophes  acts of terrorism.
 material reduction in operating results caused by one or more catastrophes could inhibit ability to pay dividends or to meet interest and principal payment obligations.
 subsequent to april 1 , 2010  define a catastrophe as event causes loss on property exposures before reinsurance of at least $ 10. 0 million , before corporate level reinsurance and taxes.
prior to april 1 , 2010  used threshold of $ 5. 0 million.
 illustration during past five calendar years  pre-tax catastrophe losses  net of contract specific reinsurance before cessions under corporate reinsurance programs were as follows:.
 losses from future catastrophic events could exceed projections.
 use projections of possible losses from future catastrophic events varying types magnitudes as strategic underwriting tool.
 use loss projections to estimate potential catastrophe losses in certain geographic areas decide on placement of retrocessional coverage or other actions to limit extent potential losses in geographic area.
 loss projections are approximations reliant on mix of quantitative and qualitative processes actual losses may exceed projections by material amount resulting in material adverse effect on financial condition results of operations.

calendar year:          | pre-tax catastrophe losses
----------------------- | --------------------------
( dollars in millions ) |
2014                    | $ 62.2
2013                    | 195.0
2012                    | 410.0
2011                    | 1300.4
2010                    | 571.1


entergy mississippi , inc.
 management 2019s financial discussion analysis plan to spin off utility 2019s transmission business see 201cplan to spin off utility 2019s transmission business 201d section of entergy corporation subsidiaries management 2019s financial discussion analysis discussion matter including planned retirement of debt preferred securities.
 results operations net income 2011 compared to 2010 net income increased $ 23. 4 million due to lower effective income tax rate.
 2010 compared to 2009 net income increased $ 6. 0 million due to higher net revenue higher other income offset by higher taxes higher depreciation amortization expenses higher interest expense.
 net revenue 2011 compared to 2010 net revenue consists of operating revenues net of 1 fuel , fuel-related expenses  gas purchased for resale  2 ) purchased power expenses  3 ) other regulatory charges ( credits ).
 analysis of change in net revenue comparing 2011 to 2010.
 amount ( in millions ).
 volume/weather variance due to decrease of 97 gwh in weather-adjusted usage in residential commercial sectors decrease in sales volume in unbilled sales period.
 transmission equalization variance due to addition in 2011 of transmission investments subject to equalization.
 gross operating revenues fuel purchased power expenses gross operating revenues increased due to increase of $ 57. 5 million in gross wholesale revenues due to increase in sales to affiliated customers offset by decrease of $ 26. 9 million in power management rider revenue.
 fuel purchased power expenses increased due to increase in deferred fuel expense higher fuel revenues due to higher fuel rates offset by decrease in average market prices of natural gas purchased power.

| amount ( in millions )
------------------------- | ----------------------
2010 net revenue          | $ 555.3
volume/weather            | -4.5 ( 4.5 )
transmission equalization | 4.5
other                     | -0.4 ( 0.4 )
2011 net revenue          | $ 554.9


note 2 2013 earnings per share weighted average number of shares outstanding used to compute earnings per common share as follows ( in millions ) :.
 compute basic and diluted earnings per common share by dividing net earnings by weighted average number of common shares outstanding for periods presented.
 calculation of diluted earnings per common share includes dilutive effects for assumed exercise of stock options and vesting of restricted stock units based on treasury stock method.
 computation diluted earnings per share excluded 8. 0 million , 13. 4 million  14. 7 million stock options for years ended december 31 , 2012, 2011  2010 because inclusion anti-dilutive due to exercise prices exceeding average market price of common stock during each reporting period.
 note 3 2013 information on business segments organize business segments based on nature of products and services offered.
 effective december 31 , 2012  operate in five business segments : aeronautics , information systems & global solutions ( is&gs ) missiles and fire control ( mfc ) mission systems and training ( mst )  space systems.
 structure reflects reorganization of former electronic systems business segment into new mfc and mst business segments to streamline operations enhance customer alignment.
 with reorganization management layers at former electronic systems business segment and former global training and logistics ( gtl ) business eliminated former gtl business split between two new business segments.
 operating results for sandia corporation  manages sandia national laboratories for.
 department of energy equity interest in.
 atomic weapons establishment joint venture transferred from former electronic systems business segment to space systems business segment.
 amounts  discussion presentation of business segments reflect this reorganization for all years presented in annual report on form 10-k.
brief description of activities our business segments : 2030 aeronautics 2013 engaged in research  design  development  manufacture  integration  sustainment  support  upgrade of advanced military aircraft  including combat and air mobility aircraft  unmanned air vehicles  related technologies.
 2030 information systems & global solutions 2013 provides management services  integrated information technology solutions  advanced technology systems expertise broad spectrum applications for civil  defense  intelligence  other government customers.
 2030 missiles and fire control 2013 provides air and missile defense systems ; tactical missiles air-to-ground precision strike weapon systems ; fire control systems ; mission operations support  readiness  engineering support  integration services ; logistics technical services ; manned and unmanned ground vehicles.
 2030 mission systems and training 2013 provides surface ship submarine combat systems ; sea land-based missile defense systems ; radar systems ; mission systems sensors for rotary fixed-wing aircraft ; littoral combat ships ; simulation and training services ; unmanned technologies and platforms ; ship systems integration ; military and commercial training systems.
 2030 space systems 2013 in research development  design engineering production of satellites  strategic defensive missile systems  space transportation systems.
 space systems responsible for classified systems services in support of vital national security systems.
 operating results for space systems business segment include equity interests in united launch alliance  expendable launch services for u. s.
 government , united space alliance , provided processing activities for space shuttle program space joint venture manages u. k. 2019s atomic weapons establishment program.

| 2012  | 2011  | 2010
--------------------------------------------------------------------------- | ----- | ----- | -----
weighted average common shares outstanding for basic computations           | 323.7 | 335.9 | 364.2
weighted average dilutive effect of stock options and restricted stockunits | 4.7   | 4.0   | 4.1
weighted average common shares outstanding for diluted computations         | 328.4 | 339.9 | 368.3


2018 ppg annual report form 10-k 59 other acquisitions in 2018 , 2017  2016  company completed several smaller business acquisitions.
 total consideration paid for acquisitions net of cash acquired , debt assumed post closing adjustments was $ 108 million , $ 74 million $ 43 million , respectively.
 january 2018  ppg acquired procoatings  leading architectural paint and coatings wholesaler in netherlands.
 procoatings  established in 2001 distributes large portfolio of well-known professional paint brands network of 23 multi-brand stores.
 company employs nearly 100 people.
 results of business since acquisition reported within architectural coatings americas asia pacific business performance coatings reportable segment.
 january 2017  ppg acquired assets of automotive refinish coatings company futian xinshi ( 201cfutian 201d ) guangdong province of china.
 futian distributes products in china through network more than 200 distributors.
 january 2017  ppg completed acquisition of deutek s. a. , leading romanian paint architectural coatings manufacturer from emerging europe accession fund.
 deutek  established in 1993  manufactures markets large portfolio of well-known professional consumer paint brands including oskar and danke!.
 company 2019s products sold in more than 120 do-it-yourself stores 3500 independent retail outlets in romania.
 divestitures glass segment in 2017  ppg completed multi-year strategic shift in company business portfolio resulting in exit of all glass operations global fiber glass business , ppg's ownership interest in two asian fiber glass joint ventures flat glass business.
 results of operations  including gains on divestitures  cash flows recast as discontinued operations for all periods presented.
ppg has two reportable business segments.
 net sales and income from discontinued operations related to former glass segment for three years ended december 31 , 2018 , 2017  2016 were follows:.
 during 2018  ppg released $ 13 million of recorded accruals and contingencies with divestitures of businesses within former glass segment result of completed actions new information updated estimates.
 during 2018  ppg made final payment of $ 20 million to vitro s. b.
. related to transfer of pension obligations upon sale of former flat glass business.
 north american fiber glass business on september 1, 2017 ppg completed sale of north american fiber glass business to nippon electric glass co.
 ltd.
.
 cash proceeds from sale were $ 541 million  in pre-tax gain of $ 343 million net of accruals and contingencies with divestiture.
 ppg 2019s fiber glass operations included manufacturing facilities in chester , south carolina lexington and shelby , north carolina ; administrative and research-and-development operations in shelby and harmar , pennsylvania  near pittsburgh.
 business  employed more than 1000 people had net sales of approximately $ 350 million in 2016  supplies transportation  energy  infrastructure consumer markets.
 flat glass business in october 2016  ppg completed sale of flat glass manufacturing and glass coatings operations to vitro s. b.
. v.
 ppg received approximately $ 740 million in cash proceeds recorded pre-tax gain of $ 421 million on sale.
terms agreement  ppg divested entire flat glass manufacturing glass coatings operations including production sites in fresno  california ; salem , oregon carlisle  pennsylvania wichita falls , texas ; four distribution/fabrication facilities across canada ; research-and-development center in harmar , pennsylvania.
 ppg 2019s flat glass business included approximately 1200 employees.
 business manufactures glass fabricated into products used primarily in commercial residential construction.
 notes to consolidated financial statements

( $ in millions )                              | 2018   | 2017  | 2016
---------------------------------------------- | ------ | ----- | -----
net sales                                      | $ 2014 | $ 217 | $ 908
income from operations                         | $ 21   | $ 30  | $ 111
net gains on the divestitures of businesses    | 2014   | 343   | 421
income tax expense                             | 5      | 140   | 202
income from discontinued operations net of tax | $ 16   | $ 233 | $ 330


segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31, operating earnings return on common equity 2013 goodwill ( c ).
 jpmorgan chase & co.
 / 2005 annual report 35 retained in corporate.
 retained expenses include parent company costs not incurred if segments stand-alone businesses ; adjustments to align corporate staff , technology operations allocations with market prices ; other one-time items not aligned with business segments.
 during 2005  firm refined cost allocation methodologies related to corporate functions  technology operations expenses to improve transparency consistency accountability costs allocated across business segments.
 prior periods not revised to reflect new cost allocation methodologies.
 capital allocation each business segment allocated capital by consideration stand- alone peer comparisons  economic risk measures regulatory capital requirements.
 amount of capital assigned to each business referred to as equity.
 at time of merger  goodwill  associated capital  allocated solely to corporate.
 effective january 2006  firm expects to refine methodology for allocating capital to business segments to include goodwill associated with line of business-directed acquisitions since merger.
.
 requires allocation of goodwill to business segments for impairment testing ( see critical accounting estimates used firm note 15 on pages 81 2013 83 114 2013116  of this annual report ).
 see capital management section on page 56 of annual report for discussion of equity framework.
 credit reimbursement tss reimburses ib for credit portfolio exposures ib manages on behalf of clients segments share.
 at time of merger  reimbursement methodology revised based upon pre-tax earnings net of cost of capital related to exposures.
prior to merger  credit reimbursement based upon pre-tax earnings plus allocated capital associated with shared clients.
 tax-equivalent adjustments segment and firm results reflect revenues on tax-equivalent basis for segment reporting purposes.
 refer to explanation reconciliation of firm 2019s non-gaap financial measures on page 31 of annual report for additional details.
 description of business segment reporting methodology results business segments intended to reflect each segment as if stand-alone business.
 management reporting process results allocates income and expense using market-based methodologies.
 effective with merger on july 1, 2004  allocation methodologies revised  noted below.
 prior periods not revised to reflect these new methodologies not comparable to presentation of periods beginning with third quarter of 2004.
 firm continues to assess assumptions  methodologies reporting reclassifications used for segment reporting further refinements may be implemented in future periods.
 revenue sharing when business segments join efforts to sell products services to firm 2019s clients participating business segments agree to share revenues from transactions.
 revenue-sharing agreements revised on merger date to provide consistency across lines of business.
 funds transfer pricing funds transfer pricing ( 201cftp 201d ) used to allocate interest income and expense to each business transfer primary interest rate risk exposures to corporate.
 allocation process unique to each business considers interest rate risk , liquidity risk regulatory requirements of stand- alone peers.
 business segments may retain certain interest rate exposures  subject to management approval  expected in normal operation of similar peer business.
 in third quarter of 2004  ftp revised to conform policies of combined firms.
expense allocation where business segments use services provided by support units within firm , costs of support units allocated to business segments.
 expenses allocated based upon actual cost , or lower of actual cost or market cost , upon usage of services provided.
 effective with third quarter of 2004 , cost allocation methodologies of heritage firms aligned to provide consistency across business segments.
 in  expenses related to certain corporate functions , technology operations ceased to be allocated to business segments

year ended december 31 , ( in millions except ratios ) | year ended december 31 , 2005 | year ended december 31 , 2004 | year ended december 31 , change | 2005         | 2004
------------------------------------------------------ | ----------------------------- | ----------------------------- | ------------------------------- | ------------ | ------------
investment bank                                        | $ 3658                        | $ 2948                        | 24% ( 24 % )                    | 18% ( 18 % ) | 17% ( 17 % )
retail financial services                              | 3427                          | 2199                          | 56                              | 26           | 24
card services                                          | 1907                          | 1274                          | 50                              | 16           | 17
commercial banking                                     | 1007                          | 608                           | 66                              | 30           | 29
treasury & securities services                         | 1037                          | 440                           | 136                             | 55           | 17
asset & wealth management                              | 1216                          | 681                           | 79                              | 51           | 17
corporate                                              | -1731 ( 1731 )                | 61                            | nm                              | nm           | nm
total                                                  | $ 10521                       | $ 8211                        | 28% ( 28 % )                    | 17% ( 17 % ) | 16% ( 16 % )


cgmhi has substantial borrowing arrangements facilities advised available no contractual lending obligation exists.
 these arrangements are reviewed ongoing to ensure flexibility in meeting cgmhi 2019s short-term requirements.
 company issues fixed and variable rate debt in range of currencies.
 uses derivative contracts  primarily interest rate swaps to convert portion fixed rate debt to variable rate debt variable rate debt to fixed rate debt.
 maturity structure of derivatives corresponds to maturity structure debt being hedged.
 company uses other derivative contracts to manage foreign exchange impact of certain debt issuances.
 at december 31, 2008  company 2019s overall weighted average interest rate for long-term debt was 3. 83% ( 3. 83 % ) on contractual basis and 4. 19% ( 4. 19 % ) 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 : in millions of dollars 2009 2010 2011 2012 2013.
 long-term debt at december 31 , 2008 and december 31 , 2007 includes $ 24060 million and $ 23756 million  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% ( 6. 50 % ) enhanced trust preferred securities of citigroup capital xv before september 15, 2056 , ) the 6.45% ( 6. 45 % ) enhanced trust preferred securities citigroup capital xvi before december 31 , 2046  iii 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 citigroup 2019s current 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 report 8-k filed july 2 , 2007  exhibit 4. 02 report 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                  | 2009    | 2010    | 2011    | 2012    | 2013    | thereafter
--------------------------------------- | ------- | ------- | ------- | ------- | ------- | ----------
citigroup parent company                | $ 13463 | $ 17500 | $ 19864 | $ 21135 | $ 17525 | $ 102794
other citigroup subsidiaries            | 55853   | 16198   | 18607   | 2718    | 4248    | 11691
citigroup global markets holdings inc . | 1524    | 2352    | 1487    | 2893    | 392     | 11975
citigroup funding inc .                 | 17632   | 5381    | 2154    | 1253    | 3790    | 7164
total                                   | $ 88472 | $ 41431 | $ 42112 | $ 27999 | $ 25955 | $ 133624


vornado realty trust72 ( 6 ) june 21 , 2002 , one lenders purchased other participant 2019s interest in loan.
 loan extended for one year  with certain modifications including i risk of loss due to terrorism not covered by insurance recourse company ii granting of two 1-year renewal options company.
 7 ) november 25 , 2003  company completed offering of $ 200000, aggregate principal amount of 4. 75% ( 4. 75 % ) senior unsecured notes due december 1 , 2010.
 interest on notes payable semi-annually on june 1st and december 1st  commencing 2004.
 notes priced at 99. 869% ( 99. 869 % ) of face amount to yield 4. 772% ( 4. 772 % ).
 notes contain same financial covenants in company 2019s notes issued in june 2002  except maximum ratio of secured debt to total assets now 50% ( 50 % ) ( previously 55% ( 55 % ) ).
 net proceeds of approximately $ 198500 used primarily to repay existing mortgage debt.
 8 ) july 3, 2003  company entered into new $ 600000 unsecured revolving credit facility replaced $ 1 billion unsecured revolving credit facility to mature in july 2003.
 new facility has three-year term  one-year extension option bears interest at libor plus. 65% (. 65 % ).
 company ability under new facility to seek up to $ 800000 of commitments during facility 2019s term.
 new facility contains financial covenants similar to prior facility.
 net carrying amount of properties collateralizing notes and mortgages amounted to $ 4557065000 at december 31 , 2003.
 december 31 2003 principal repayments required for next five years and thereafter are as follows : ( amounts in thousands ).
 8.
shareholders 2019 equity common shares of beneficial interest on february 25 , 2002  company sold 1398743 common shares closing price $ 42. 96 nyse.
 net proceeds company approximately $ 56453000.
 series a preferred shares of beneficial interest holders series a shares entitled to receive dividends amount equivalent to $ 3. 25 per annum per share.
 dividends cumulative payable quarterly in arrears.
 series a preferred shares convertible any time at option of respective holders at conversion rate of 1. 38504 common shares per series a preferred share  subject to adjustment in certain circumstances.
 satisfaction of certain conditions company  at option may redeem $ 3. 25 series a preferred shares at current conversion rate of 1. 38504 common shares per series a preferred share subject to adjustment in certain circumstances.
 no time series a preferred shares redeemable for cash.
 series b preferred shares of beneficial interest holders series b preferred shares entitled to receive dividends at annual rate of 8. 5% ( 8. 5 % ) of liquidation preference , or $ 2. 125 per series b preferred share per annum.
 dividends cumulative payable quarterly in arrears.
 series b preferred shares not convertible into or exchangeable for any other property or other securities company at election of holders.
 subject to certain limitations relating to source of funds used in connection with redemption on or after march 17 , 2004 ( or sooner under limited circumstances ) company  at option may redeem series b preferred shares at redemption price of $ 25. 00 per share  plus accrued and unpaid dividends through date of redemption.
 series b preferred shares have no maturity date remain outstanding indefinitely unless redeemed by company.
february 17 , 2004 company called for redemption of outstanding series b preferred shares.
 shares redeemed march 17 , 2004 redemption price $ 25. 00 per share aggregating $ 85000000 plus accrued dividends.
 redemption amount exceeds carrying amount $ 2100000  representing original issuance costs.
 notes to consolidated financial statements sr-176_fin_l02p53_82v1. qxd 4/8/04 2:17 pm page 72

year ending december 31, | amount
------------------------ | --------
2004                     | $ 296184
2005                     | 357171
2006                     | 551539
2007                     | 807784
2008                     | 378841
thereafter               | 1672866


table of contents notional amounts for outstanding derivative instruments provide measure of transaction volume outstanding not represent company 2019s exposure to credit or market loss.
 credit risk amounts represent company 2019s gross exposure to potential accounting loss on derivative instruments outstanding or unsettled if all counterparties failed to perform according to terms contract  based on then-current currency or interest rates at each date.
 company 2019s exposure to credit loss and market risk vary over time as currency and interest rates change.
 table reflects notional and credit risk amounts of company 2019s derivative instruments not reflect gains or losses associated with exposures and transactions instruments intended to hedge.
 amounts realized upon settlement of financial instruments with gains and losses exposures depend on actual market conditions during remaining life of instruments.
 company enters into master netting arrangements  to reduce credit risk by permitting net settlement of transactions with same counterparty.
 limit credit risk company enters into collateral security arrangements provide for collateral to be received or posted when net fair value of financial instruments fluctuates from contractually established thresholds.
 company presents derivative assets and derivative liabilities at gross fair values in consolidated balance sheets.
 net cash collateral received by company related to derivative instruments under collateral security arrangements was $ 1. 0 billion as of september 26 , 2015 and $ 2. 1 billion as of september 27 , 2014.
 under master netting arrangements with counterparties to company 2019s derivative contracts company allowed to net settle transactions with single net amount payable by one party to other.
 as of september 26 , 2015 and 27 , 2014 potential effects of these rights of set-off associated with company 2019s derivative contracts  including effects collateral would be a reduction to both derivative assets and derivative liabilities of $ 2.2 billion and $ 1. 6 billion  respectively resulting in net derivative liabilities of $ 78 million and $ 549 million.
 accounts receivable receivables company has trade receivables outstanding with third-party cellular network carriers  wholesalers retailers value-added resellers small mid-sized businesses education enterprise government customers.
 company generally not require collateral from customers ; will require collateral in certain instances to limit credit risk.
 possible company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing  loans or leases to support credit exposure.
 credit-financing arrangements directly between third-party financing company and end customer.
 company does not assume recourse or credit risk sharing related to arrangements.
 as of september 26 , 2015  company had one customer represented 10% ( 10 % ) or more of total trade receivables accounted for 12% ( 12 % ).
 of september 27 , 2014  company had two customers represented 10% ( 10 % ) or more of total trade receivables one accounted for 16% ( 16 % ) and other 13% ( 13 % ).
 company 2019s cellular network carriers accounted for 71% ( 71 % ) and 72% ( 72 % ) of trade receivables as of september 26 , 2015 and september 27 , 2014.
 vendor non-trade receivables company has non-trade receivables from manufacturing vendors from sale of components to vendors manufacture sub-assemblies final products company.
 company purchases these components directly from suppliers.
vendor non-trade receivables from three company 2019s vendors accounted 38% ( 38 % 18% ( 18 % ) 14% ( 14 % ) total receivables as september 26 , 2015 three vendors accounted 51% ( 51 % ) 16% ( 16 % ) 14% ( 14 % ) total vendor non-trade receivables as september 27 , 2014.
 note 3 2013 consolidated financial statement details tables show company 2019s consolidated financial statement details as september 26  2015 september 27 , 2014 ( in millions ) : property  plant equipment  net.
 apple inc.
 | 2015 form 10-k | 53

| 2015             | 2014
--------------------------------------------- | ---------------- | ----------------
land and buildings                            | $ 6956           | $ 4863
machinery equipment and internal-use software | 37038            | 29639
leasehold improvements                        | 5263             | 4513
gross property plant and equipment            | 49257            | 39015
accumulated depreciation and amortization     | -26786 ( 26786 ) | -18391 ( 18391 )
total property plant and equipment net        | $ 22471          | $ 20624


american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) customer leases 2014the company 2019s lease agreements with customers vary depending industry.
 television and radio broadcasters prefer long-term leases wireless communications providers favor leases five to ten years.
 most leases contain renewal options.
 escalation clauses in operating leases  excluding tied to cpi  straight-lined over term of lease.
 future minimum rental receipts expected from customers under noncancelable operating lease agreements in effect at december 31 , 2002 are as follows ( in thousands ) : year ending december 31.
 acquisition commitments 2014as of december 31 , 2002  company party to agreement relating acquisition of tower assets from third party for estimated aggregate purchase price of approximately $ 74. 0 million.
 company may pursue acquisitions of other properties businesses in new existing locations no definitive material agreements.
 build-to-suit agreements 2014as december 31  2002 company party to various arrangements relating to construction of tower sites under existing build-to-suit agreements.
 under terms agreements company obligated to construct up to 1000 towers over five year period includes 650 towers in mexico 350 towers in brazil over next three years.
 company process of renegotiating several agreements to reduce overall commitment ; no assurance successful.
 atc separation 2014the company was wholly owned subsidiary of american radio systems corporation ( american radio ) until consummation of spin-off of company from american radio on june 4 , 1998 atc separation ).
 on june 4 , 1998  merger of american radio and subsidiary of cbs corporation ( cbs ) consummated.
result of merger , all outstanding shares of company 2019s common stock owned by american radio were distributed or reserved for distribution to american radio stockholders , company ceased to be a subsidiary of , or to affiliated with  american radio.
 from company began operating as an independent publicly traded company.
 in connection with atc separation , company agreed to reimburse cbs for tax liabilities incurred by american radio of transaction.
 upon completion of final american radio tax returns , amount of these tax liabilities determined and paid by company.
 company continues to be obligated under a tax indemnification agreement with cbs  until june 30 , 2003 , subject to extension of federal and state statutes of limitations.
 company aware internal revenue service ( irs ) in of auditing certain tax returns filed by cbs and predecessors , including those relate to american radio and atc separation transaction.
 in irs imposes additional tax liabilities on american radio relating to atc separation , company would be obligated to reimburse cbs for such liabilities.
 company cannot anticipate or estimate potential additional tax liabilities , if may be imposed by irs , such amounts could be material to company 2019s consolidated financial position and results of operations.
 company not aware of material obligations relating to this tax indemnity as of december 31 , 2002.
 accordingly no amounts provided for in consolidated financial statements relating to this indemnification.

2003       | $ 459188
---------- | ---------
2004       | 439959
2005       | 409670
2006       | 363010
2007       | 303085
thereafter | 1102597
total      | $ 3077509


changes from december 31 2008 to 2009 in level 3 assets liabilities due to net decrease in trading securities of $ 10. 8 billion driven by 2022 net transfers of $ 6. 5 billion due to transfer of debt 2013 securities from level 3 to level 2 to increased liquidity pricing transparency net settlements of $ 5. 8 billion due to liquidations of 2013 subprime securities of $ 4. 1 billion.
 change in net trading derivatives driven by 2022 net loss of $ 4. 9 billion to complex derivative contracts  2013 credit.
 losses include realized and unrealized losses during 2009 partially offset by gains in instruments classified in levels 1 and 2 net increase in derivative assets of $ 4. 3 billion includes cash 2013 settlements of derivative contracts in unrealized loss position linked to subprime exposures.
 decrease in level 3 investments of $ 6. 9 billion primarily 2022 from reduction of $ 5. 0 billion  due to paydowns on debt 2013 securities sales of private equity investments ; net transfer of investment securities from level 3 to level 2 2013 of $ 1. 5 billion  due to increased availability of observable pricing inputs net losses of $ 0. 4 billion due to losses on non- 2013 marketable equity securities including write-downs on private equity investments.
 decrease in securities sold under agreements to repurchase of 2022 $ 9. 1 billion driven by $ 8. 6 billion net transfers from level 3 to level 2 maturity dates structured repos shortened.
 decrease in long-term debt of $ 1. 5 billion driven by 2022 $ 1. 3 billion of net terminations of structured notes.
transfers between level 1 and level 2 of fair value hierarchy company have significant transfers of assets or liabilities between levels 1 and 2 fair value during 2010.
 items measured at fair value on nonrecurring basis certain assets and liabilities measured at fair value nonrecurring basis not included in tables above.
 these include assets measured at cost written down to fair value during periods result of impairment.
 these assets include loans held-for-sale measured at locom recognized at fair value below cost at end of period.
 fair value of loans measured on locom basis is determined using quoted secondary-market prices.
 such loans generally classified as level 2 of fair value hierarchy given level of activity in market and frequency of available quotes.
 if no such quoted price exists , fair value of loan is determined using quoted prices for similar asset or assets , adjusted for specific attributes of loan.
 following table presents all loans held-for-sale carried at locom as of december 31 , 2010 and 2009 : in billions of dollars aggregate cost fair value level 2 level 3.

in billions of dollars | aggregate cost | fair value | level 2 | level 3
---------------------- | -------------- | ---------- | ------- | -------
december 31 2010       | $ 3.1          | $ 2.5      | $ 0.7   | $ 1.8
december 31 2009       | $ 2.5          | $ 1.6      | $ 0.3   | $ 1.3


investments prior to acquisition of keystone on october 12 , 2007  held common shares of keystone  classified as available-for-sale investment security.
 accordingly investment included in other assets at fair value  unrealized gain excluded from earnings included in accumulated other comprehensive income  net of applicable taxes.
 upon acquisition of keystone october 12 , 2007  unrealized gain removed from accumulated other comprehensive income  net of taxes original cost of common shares considered component of purchase price.
 fair value of financial instruments debt reflected on balance sheet at cost.
 based current market conditions  interest rate margins below rate available in market causes fair value of debt to fall below carrying value.
 fair value of term loans ( see note 6 , 201clong-term obligations 201d ) is approximately $ 570 million at december 31 , 2009  compared to carrying value of $ 596 million.
 estimated fair value of term loans by calculating upfront cash payment market participant would require to assume obligations.
 upfront cash payment , excluding issuance costs is amount market participant would able to lend at december 31 , 2009 to entity with credit rating similar to ours achieve sufficient cash inflows to cover scheduled cash outflows under term loans.
 carrying amounts of cash and equivalents , net trade receivables accounts payable approximate fair value.
 apply market approach to value financial assets and liabilities  include cash surrender value of life insurance  deferred compensation liabilities interest rate swaps.
 market approach utilizes available market information to estimate fair value.
 required fair value disclosures included in note 8 , 201cfair value measurements. 201d accrued expenses self-insure portion of employee medical benefits under employee health insurance program.
 purchase certain stop-loss insurance to limit liability exposure.
we self-insure portion of property casualty risk  includes automobile liability general liability workers 2019 compensation property under deductible insurance programs.
 insurance premium costs expensed over contract periods.
 reserve for liabilities associated with these losses established for claims filed claims incurred but not yet reported based upon estimate of ultimate cost calculated using analyses historical data.
 monitor new claims claim development trends related to claims incurred but not reported to assess adequacy of insurance reserves.
 self-insurance reserves on consolidated balance sheets are net of claims deposits of $ 0. 7 million and $ 0. 8 million , at december 31, 2009 and 2008 , respectively.
 not expect amounts ultimately paid to differ significantly from estimates, insurance reserves expenses could be affected if future claim experience differs significantly from historical trends assumptions.
 product warranties some mechanical products sold with standard six-month warranty against defects.
 record estimated warranty costs at time of sale using historical warranty claim information to project future warranty claims activity related expenses.
 changes in warranty reserve are as follows ( in thousands ) :.

balance as of january 1 2008   | $ 580
------------------------------ | --------------
warranty expense               | 3681
warranty claims                | -3721 ( 3721 )
balance as of december 31 2008 | 540
warranty expense               | 5033
warranty claims                | -4969 ( 4969 )
balance as of december 31 2009 | $ 604


defined benefit pension plans 2019 trust $ 130 million to retiree medical plans reduce cash funding requirements for 2007 and 2008.
 in 2007  expect no contributions to defined benefit pension plans expect contribute $ 175 million to retiree medical and life insurance plans after consideration 2006 prepayments.
 following benefit payments reflect expected future service  appropriate expected to be paid : ( in millions ) pension benefits benefits.
 sponsor nonqualified defined benefit plans provide benefits in excess of qualified plan limits.
 aggregate liabilities for these plans at december 31 , 2006 were $ 641 million.
 expense associated with plans totaled $ 59 million in 2006  $ 58 million in 2005 $ 61 million in 2004.
 sponsor small number of foreign benefit plans.
 liabilities and expenses plans not material to results of operations financial position or cash flows.
 note 13 2013 leases total rental expense under operating leases was $ 310 million , $ 324 million $ 318 million for 2006 , 2005 2004 .
 future minimum lease commitments at december 31 , 2006 for all operating leases remaining term of more than one year were $ 1. 1 billion ( $ 288 million in 2007 , $ 254 million in 2008 , $ 211 million in 2009 , $ 153 million in 2010  $ 118 million in 2011 $ 121 million in later years ).
 certain major plant facilities and equipment furnished by u. s.
 government under short-term or cancelable arrangements.
 note 14 2013 legal proceedings , commitments contingencies party to or property subject to litigation other proceedings including matters under provisions relating to protection of environment.
 believe probability is remote outcome of matters material adverse effect on corporation.
 cannot predict outcome of legal proceedings with certainty.
matters include following items all previously reported : march 27 , 2006 , received subpoena issued by grand jury in united states district court for northern district of ohio.
 subpoena requests documents related to our application for patents issued in united states and united kingdom relating to missile detection and warning technology.
 cooperating with government 2019s investigation.
 on february 6 , 2004  submitted certified contract claim to united states requesting contractual indemnity for remediation and litigation costs ( past and future ) related to our former facility in redlands , california.
 submitted claim consistent with claim sponsorship agreement with boeing company ( boeing )  executed in 2001  in boeing 2019s role as prime contractor on short range attack missile ( sram ) program.
 contract for sram program formed significant portion of our work at redlands facility had special contractual indemnities from u.
 air force  authorized by public law 85-804.
 august 31 , 2004 , united states denied claim.
 appeal of decision pending with armed services board of contract appeals.
 on august 28 , 2003 , department of justice ( doj ) filed complaints in partial intervention in two lawsuits filed under provisions of civil false claims act in united states district court for western district of kentucky united states ex.
 natural resources defense council .
 lockheed martin corporation  united states ex rel.
 john d.
.
 lockheed martin energy systems , inc.
 doj alleges we committed violations of resource conservation and recovery act at paducah gaseous diffusion plant by not properly handling , storing

( in millions )      | pensionbenefits | otherbenefits
-------------------- | --------------- | -------------
2007                 | $ 1440          | $ 260
2008                 | 1490            | 260
2009                 | 1540            | 270
2010                 | 1600            | 270
2011                 | 1660            | 270
years 2012 2013 2016 | 9530            | 1260