notes consolidated financial statements jpmorgan chase & co. /2009 annual report 168 nonrecurring fair value changes table presents total change in value of financial instruments fair value adjustment included in consolidated statements income for years ended december 31 , 2009  2008 2007  related to financial instru- ments held dates.
 year ended december 31.
 accounts payable other liabilities 31 ( 285 ) 2 total nonrecurring fair value gains/ ( losses ) $ ( 4012 ) $ ( 4857 ) $ ( 879 ) table loans include 1 write-downs of delinquent mortgage home equity loans impairment based on fair value underlying collateral ; 2 ) change in fair value for leveraged lending loans consolidated balance sheets at lower of cost or fair value.
 accounts payable other liabilities include change in fair value for unfunded lending-related commitments within leveraged lending portfolio.
 level 3 analysis level 3 assets including assets measured fair value nonre- curring basis ) were 6% ( 6 % ) of total firm assets at december 31 , 2009 and 2008.
 level 3 assets were $ 130. 4 billion at december 31 , 2009  decrease of $ 7. 3 billion in 2009  due to net decrease of $ 6. 3 billion in gross derivative receivables  driven by tightening of credit spreads.
 offset- ting portion decrease net transfers into level 3 year transfer into level 3 of $ 41. 3 billion of structured credit derivative receivables  transfer out of level 3 of $ 17. 7 billion of single-name cds on abs.
 fair value of receivables transferred into level 3 year was $ 22. 1 billion at december 31 , 2009.
fair value of struc- tured credit derivative payables with similar risk profile to previously noted receivables classified in level 3  was $ 12. 5 billion at december 31 , 2009.
 de- rivatives payables offset receivables modeled valued same way with same parameters inputs as assets.
 2022 net decrease of $ 3. 5 billion in loans  driven by sales of leveraged loans transfers of similar loans to level 2  due to increased price transparency for.
 leveraged loans typically classified as held-for-sale measured at lower of cost or fair value included in nonre- curring fair value assets.
 2022 net decrease of $ 6. 3 billion in trading assets 2013 debt and equity instruments  primarily in loans residential- commercial- mbs  principally driven by sales markdowns sales unwinds of structured transactions with hedge funds.
 declines partially offset by transfer from level 2 to level 3 of structured notes reflecting lower liquidity less pricing ob- servability increases in fair value of other abs.
 2022 net increase of $ 6. 1 billion in msrs  due to increases in fair value of asset  related to market interest rate changes affecting firm's estimate of future pre- payments sales in of originated loans for servicing rights retained.
 increases offset par tially by servicing portfolio runoff.
 2022 net increase of $ 1. 9 billion in accrued interest and accounts receivable related to increases in subordinated retained interests from firm 2019s credit card securitization activities.
 gains and losses losses included in tables for 2009 and 2008 included 2022 $ 11. 4 billion of net losses on derivatives primarily related to tightening of credit spreads.
2022 net losses on trading 2013debt equity instruments $ 671 million $ 2. 1 billion losses primarily related to residential commercial loans mbs driven by markdowns sales partially offset by gains $ 1. 4 billion reflecting increases in fair value other abs.
 further discussion gains losses on mortgage-related expo- sures inclusive risk management activities see 201cmort- gage-related exposures carried at fair value 201d discussion below. 2022 $ 5. 8 billion gains on msrs.
 2022 $ 1. 4 billion losses related to structured note liabilities due to volatility in equity markets.
 2022 losses on trading-debt equity instruments approximately $ 12. 8 billion principally from mortgage-related transactions auction-rate securities.
 2022 losses of $ 6. 9 billion on msrs.
 losses approximately $ 3. 9 billion on leveraged loans.
 2022 net gains of $ 4. 6 billion related to derivatives principally due to changes in credit spreads rate curves.
 2022 gains of $ 4. 5 billion related to structured notes due to significant volatility in fixed income commodities eq- uity markets.
 2022 private equity losses $ 638 million.
 further information on changes fair value msrs see note 17 on pages 223 2013224 of annual.

( in millions )                               | 2009             | 2008             | 2007
--------------------------------------------- | ---------------- | ---------------- | --------------
loans retained                                | $ -3550 ( 3550 ) | $ -1159 ( 1159 ) | $ -218 ( 218 )
loans held-for-sale                           | -389 ( 389 )     | -2728 ( 2728 )   | -502 ( 502 )
total loans                                   | -3939 ( 3939 )   | -3887 ( 3887 )   | -720 ( 720 )
other assets                                  | -104 ( 104 )     | -685 ( 685 )     | -161 ( 161 )
accounts payable andother liabilities         | 31               | -285 ( 285 )     | 2
total nonrecurringfairvalue gains/ ( losses ) | $ -4012 ( 4012 ) | $ -4857 ( 4857 ) | $ -879 ( 879 )


entergy corporation notes consolidated financial statements sale leaseback transactions waterford 3 lease obligations in 1989  entergy louisiana sold leased back 9. 3% ( 9. 3 % ) of interest in waterford 3 for aggregate sum of $ 353. 6 million.
 lease has approximate term of 28 years.
 lessors financed sale-leaseback through issuance waterford 3 secured lease obligation bonds.
 lease payments entergy louisiana sufficient to service debt.
 in 1994  entergy louisiana not exercise option to repurchase 9. 3% ( 9. 3 % ) interest in waterford 3.
 entergy louisiana issued $ 208. 2 million of non-interest bearing first mortgage bonds as collateral for equity portion of certain amounts payable under lease.
 in 1997  lessors refinanced outstanding bonds finance purchase of waterford 3 at lower interest rates reduced annual lease payments.
 occurrence of certain events entergy louisiana may be obligated to assume outstanding bonds finance purchase unit pay amount sufficient to withdraw from lease transaction.
 such events include lease events of default  events loss  deemed loss events certain adverse "financial events. events include failure by entergy louisiana following expiration of applicable grace or cure period to maintain total equity capital ( including preferred stock ) at least equal to 30% ( 30 % ) of adjusted capitalization or fixed charge coverage ratio of at least 1. 50 rolling 12 month basis.
 as of december 31 , 2003  entergy louisiana's total equity capital ( including preferred stock ) was 49. 82% ( 49. 82 % ) of adjusted capitalization fixed charge coverage ratio for 2003 was 4. 06.
of december 31, 2003, entergy louisiana had future minimum lease payments ( reflecting overall implicit rate of 7. 45% ( 7. 45 % ) ) in connection with waterford 3 sale and leaseback transactions recorded as long-term debt .
 grand gulf 1 lease obligations in december 1988  system energy sold 11. 5% ( 11. 5 % ) of undivided ownership interest in grand gulf 1 for aggregate sum of $ 500 million.
 system energy leased back interest in unit for term 26-1/2 years.
 system energy has option of terminating lease and repurchasing 11. 5% (. 5 % ) interest in unit at certain intervals during lease.
 end of lease term system energy has option of renewing lease or repurchasing 11. 5% ( 11. 5 % ) interest in grand gulf 1.
 system energy required to report sale-leaseback as financing transaction in financial statements.
 for financial reporting system energy expenses interest portion of lease obligation and plant

| ( in thousands )
------------------------------------------- | ----------------
2004                                        | $ 31739
2005                                        | 14554
2006                                        | 18262
2007                                        | 18754
2008                                        | 22606
years thereafter                            | 366514
total                                       | 472429
less : amount representing interest         | 209895
present value of net minimum lease payments | $ 262534


generate cash without additional external financings.
 free cash flow should be considered in addition to than substitute for cash provided by operating activities.
 following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2014 2013 2012.
 2015 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : employees , customers  shareholders communities we serve.
 continue using multi-faceted approach to safety  utilizing technology  risk assessment quality control  training employee engagement  targeted capital investments.
 continue using expanding deployment of total safety culture and courage to care throughout operations identify implement best practices for employee and operational safety.
 continue efforts to increase detection of rail defects improve close crossings educate public and law enforcement agencies about crossing safety through combination our own programs ( including risk assessment strategies ) industry programs local community activities across network.
 f0b7 network operations 2013 in 2015 , continue to add resources to support growth  improve service  replenish surge capability.
 f0b7 fuel prices 2013 with dramatic drop in fuel prices at end of 2014  more uncertainty around projections of fuel prices.
 could see volatile fuel prices during year  sensitive to global.
 domestic demand  refining capacity  geopolitical events weather conditions other factors.
 as prices fluctuate timing impact on earnings fuel surcharge programs trail fluctuations in fuel price by approximately two months.
 lower fuel prices could have positive impact on economy by increasing consumer discretionary spending increase demand for various consumer products transport.
 alternatively lower fuel prices will likely negative impact on other commodities coal , frac sand and crude oil shipments.
 f0b7 capital plan 2013 in 2015 , expect our capital plan to be approximately $ 4.3 billion  including expenditures for ptc and 218 locomotives.
 capital plan may be revised if business conditions warrant or new laws or regulations affect ability generate sufficient returns on investments.
 ( see further discussion in item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 expect overall u. s.
 economy to continue improve at moderate pace.
 biggest uncertainties is outlook for energy markets  bring challenges and opportunities.
 on balance  expect see positive volume growth for 2015 versus prior year.
 current environment expect continued margin improvement driven by continued pricing opportunities ongoing productivity initiatives ability to leverage resources improve fluidity of network.

millions                              | 2014           | 2013           | 2012
------------------------------------- | -------------- | -------------- | --------------
cash provided by operating activities | $ 7385         | $ 6823         | $ 6161
cash used in investing activities     | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 )
dividends paid                        | -1632 ( 1632 ) | -1333 ( 1333 ) | -1146 ( 1146 )
free cash flow                        | $ 1504         | $ 2085         | $ 1382


management 2019s discussion analysis net revenues in equities were $ 8. 21 billion for 2012 , unchanged compared with 2011.
 net revenues in securities services significantly higher compared with 2011  reflecting gain of $ 494 million on sale of hedge fund administration business.
 equities client execution net revenues higher than 2011  primarily reflecting higher results in cash products due to increased client activity.
 increases offset by lower commissions and fees reflecting declines in united states  europe asia.
 average daily volumes during 2012 lower in each regions compared with 2011  consistent with listed cash equity market volumes.
 during 2012  equities operated in environment characterized by increase in global equity prices lower volatility levels.
 net loss attributable to impact of changes in credit spreads on borrowings for fair value option elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency commodities client execution equities client execution ) for 2012  compared with net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency commodities client execution equities client execution ) for 2011.
 during 2012  institutional client services operated in environment characterized by continued broad market concerns uncertainties  positive developments improve market conditions.
 developments included central bank actions to ease monetary policy address funding risks for european financial institutions.
 u. s.
 economy posted stable improving economic data including favorable developments in unemployment housing.
 improvements resulted in tighter credit spreads higher global equity prices lower levels volatility.
 concerns about outlook for global economy continued political uncertainty  particularly political debate in united states surrounding fiscal cliff  resulted in client risk aversion lower activity levels.
 uncertainty over financial regulatory reform persisted.
operating expenses were $ 12. 48 billion for 2012  3% ( 3 % ) lower than 2011 primarily due to lower brokerage  clearing  exchange distribution fees lower impairment charges offset by higher net provisions for litigation regulatory proceedings.
 pre- tax earnings were $ 5. 64 billion in 2012 27% ( 27 % ) higher than 2011.
 investing & lending includes investing activities origination of loans provide financing to clients.
 investments  some consolidated loans typically longer-term.
 make investments directly indirectly through funds manage in debt securities loans public private equity securities real estate entities.
 table presents operating results of investing & lending segment.
 2013 versus 2012.
 net revenues in investing & lending were $ 7. 02 billion for 2013 19% ( 19 % ) higher than 2012 reflecting significant increase in net gains from investments in equity securities driven by company-specific events stronger corporate performance higher global equity prices.
 net gains net interest income from debt securities loans slightly higher other net revenues related to consolidated investments lower compared with 2012.
 if equity markets decline or credit spreads widen net revenues in investing & lending likely be negatively impacted.
 operating expenses were $ 2. 68 billion for 2013  unchanged compared with 2012.
 operating expenses 2013 included lower impairment charges lower operating expenses related to consolidated investments offset by increased compensation and benefits expenses due to higher net revenues 2012.
 pre-tax earnings were $ 4. 33 billion in 2013 34% ( 34 % ) higher than 2012.
 52 goldman sachs 2013 annual report

in millions                | year ended december 2013 | year ended december 2012 | year ended december 2011
-------------------------- | ------------------------ | ------------------------ | ------------------------
equity securities          | $ 3930                   | $ 2800                   | $ 603
debt securities and loans  | 1947                     | 1850                     | 96
other                      | 1141                     | 1241                     | 1443
total net revenues         | 7018                     | 5891                     | 2142
operating expenses         | 2684                     | 2666                     | 2673
pre-tax earnings/ ( loss ) | $ 4334                   | $ 3225                   | $ -531 ( 531 )


marathon oil corporation notes to consolidated financial statements changes in carrying amount of goodwill for years ended december 31 , 2007  and 2008 , were as follows : ( in millions ) e&p osm rm&t total.
 ( a ) adjustments related to prior period income tax and royalty adjustments.
 ( b ) goodwill allocated to norwegian outside-operated properties sold in 2008.
 17.
 fair value measurements as defined in sfas no.
 157  fair value is price received to sell asset or paid to transfer liability in orderly transaction between market participants at measurement date.
 sfas.
 157 describes three approaches to measuring fair value of assets and liabilities : market approach , income approach cost approach , each includes multiple valuation techniques.
 market approach uses prices and other relevant information by market transactions involving identical or comparable assets or liabilities.
 income approach uses valuation techniques to measure fair value by converting future amounts cash flows or earnings into single present value amount using current market expectations about future amounts.
 cost approach based on amount currently required to replace service capacity of asset.
 referred to as current replacement cost.
 cost approach assumes fair value not exceed cost market participant to acquire or construct substitute asset of comparable utility adjusted for obsolescence.
.
 157 does not prescribe valuation technique used when measuring fair value does not prioritize among techniques.
.
 157 establishes fair value hierarchy prioritizes inputs used in applying various valuation techniques.
 inputs refer to assumptions market participants use to make pricing decisions including assumptions about risk.
 level 1 inputs given highest priority in fair value hierarchy level 3 inputs lowest priority.
 three levels of fair value hierarchy are as follows.
2022 level 1 2013 observable inputs reflect unadjusted quoted prices for identical assets or liabilities in active markets as of reporting date.
 active markets are those which transactions for asset or liability occur in sufficient frequency and volume to provide pricing information ongoing basis.
 2022 level 2 2013 observable market-based inputs or unobservable inputs corroborated by market data.
 inputs other than quoted prices in active markets included in level 1 either directly or indirectly observable reporting date.
 2022 level 3 2013 unobservable inputs not corroborated by market data used with internally developed methodologies result in management 2019s best estimate of fair value.
 use market or income approach for recurring fair value measurements endeavor to use best information available.
 valuation techniques maximize use of observable inputs favored.
 financial assets and liabilities classified entirety based on lowest priority level of input significant to fair value measurement.
 assessment of significance of particular input fair value measurement requires judgment may affect placement of assets and liabilities within levels fair value hierarchy.

( in millions )                | e&p        | osm            | rm&t     | total
------------------------------ | ---------- | -------------- | -------- | --------------
balance as of december 31 2006 | $ 519      | $ 2013         | $ 879    | $ 1398
acquired                       | 71         | 1437           | 2013     | 1508
adjusted ( a )                 | 2013       | 2013           | -7 ( 7 ) | -7 ( 7 )
balance as of december 31 2007 | 590        | 1437           | 872      | 2899
adjusted ( a )                 | -17 ( 17 ) | -25 ( 25 )     | 7        | -35 ( 35 )
impaired                       | 2013       | -1412 ( 1412 ) | 2013     | -1412 ( 1412 )
disposed ( b )                 | -5 ( 5 )   |                | 2013     | -5 ( 5 )
balance as of december 31 2008 | $ 568      | $ 2013         | $ 879    | $ 1447


performance graph table compares cumulative total shareholder return on our common stock with return of standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) standard & poor 2019s industrials index ( index 201d ) standard & 2019s consumer durables & apparel index ( 201d )  from december 31  2005 through december 31  2010 , when closing price our common stock was $ 12. 66.
 graph assumes investments of $ 100 on december 31 , 2005 in our common stock and in each three indices and reinvestment of dividends.
 performance graph 201020092008200720062005 s&p 500 index s&p industrials index s&p consumer durables & apparel index table sets forth value  as of december 31 for each years of $ 100 investment made on december 31 , 2005 in each our common stock , s&p 500 index  s&p industrials index s&p consumer durables & apparel index and includes reinvestment of dividends.
 in july 2007  board of directors authorized purchase of up to 50 million shares of common stock in open-market transactions or.
 at december 31 , 2010  had remaining authorization to repurchase up to 27 million shares.
 during 2010  repurchased and retired three million shares of common stock for cash aggregating $ 45 million to offset dilutive impact of 2010 grant of three million shares of long-term stock awards.
 did not purchase any shares during three months ended december 31 , 2010.

| 2006     | 2007     | 2008    | 2009    | 2010
------------------------------------- | -------- | -------- | ------- | ------- | --------
masco                                 | $ 101.79 | $ 76.74  | $ 42.81 | $ 54.89 | $ 51.51
s&p 500 index                         | $ 115.61 | $ 121.95 | $ 77.38 | $ 97.44 | $ 111.89
s&p industrials index                 | $ 113.16 | $ 126.72 | $ 76.79 | $ 92.30 | $ 116.64
s&p consumer durables & apparel index | $ 106.16 | $ 84.50  | $ 56.13 | $ 76.51 | $ 99.87


net impairment recognized $ 16. 9 million and $ 14. 9 million of net impairment during years ended december 31 , 2012 and 2011 on certain securities in our non-agency cmo portfolio due to continued deterioration in expected credit performance of underlying loans in specific securities.
 gross other-than-temporary impairment ( 201cotti 201d ) and noncredit portion of otti  previously recorded through other comprehensive income ( loss ) shown in table below ( dollars in millions ) : year ended december 31 , 2012 2011.
 provision for loan losses decreased 20% ( 20 % ) to $ 354. 6 million for year ended december 31, 2012 compared to 2011.
 decrease in provision for loan losses driven primarily by improving credit trends evidenced by lower levels of delinquent loans in one- to four-family and home equity loan portfolios loan portfolio run-off.
 decrease partially offset by $ 50 million in charge-offs associated with newly identified bankruptcy filings during third quarter of 2012 approximately 80% ( 80 % ) related to prior years.
 utilize third party loan servicers to obtain bankruptcy data on borrowers third quarter of 2012 identified increase in bankruptcies reported by one specific servicer.
 researching increase discovered servicer not reporting historical bankruptcy data timely basis.
 implemented enhanced procedure around servicer reporting to corroborate bankruptcy reporting with independent third party data.
 additional process approximately $ 90 million of loans identified in which servicers failed to report bankruptcy filing to us approximately 90% ( 90 % ) of were current at end of third quarter of 2012.
 these loans written down to estimated current value of underlying property less estimated selling costs or approximately $ 40 million  during third quarter of 2012.
charge-offs resulted in increase to provision for loan losses of $ 50 million for year ended december 31 , 2012.
 provision for loan losses declined four consecutive years  down 78% ( 78 % ) from peak of $ 1. 6 billion for year ended december 31 , 2008.
 expect provision for loan losses to continue decline long term, subject to variability quarter.

| year ended december 31 2012 | 2011
-------------------------------------------------------------------------------------------------------------- | --------------------------- | ----------------
other-than-temporary impairment ( 201cotti 201d )                                                              | $ -19.8 ( 19.8 )            | $ -9.2 ( 9.2 )
less : noncredit portion of otti recognized into ( out of ) other comprehensive income ( loss ) ( before tax ) | 2.9                         | -5.7 ( 5.7 )
net impairment                                                                                | $ -16.9 ( 16.9 )            | $ -14.9 ( 14.9 )


physical transaction occurs.
 not qualified commodity derivative instruments used in our osm or rm&t segments for hedge accounting.
 we recognize in net income all changes in fair value of derivative instruments used in operations.
 open commodity derivative positions as of december 31 , 2008 sensitivity analysis december our e&p segment held open derivative contracts to mitigate price risk on natural gas held in storage or purchased to be marketed with our own natural gas production in amounts in line with normal levels activity.
 at december 31 , 2008 no significant open derivative contracts related to future sales of liquid hydrocarbons and natural gas remained substantially exposed to market prices of these commodities.
 osm segment holds crude oil options purchased by western for three year period ( january 2007 to december 2009 ).
 premiums for purchased put options partially offset through sale of call options for same three-year period resulting in net premium liability.
 payment of net premium liability deferred until settlement of option contracts.
 as of december 31 , 2008 following put and call options outstanding:.
 in first quarter of 2009 sold derivative instruments at average exercise price of $ 50. 50 offset open put options for remainder of 2009.
 at december 31 , 2008 number of open derivative contracts held by rm&t segment lower than in previous periods.
 starting in second quarter of 2008 decreased use of derivatives to mitigate crude oil price risk between domestic spot crude oil purchases priced and refined into salable petroleum products.
 addressing price risk through other means including changes in contractual terms and crude oil acquisition practices.
in previous periods  certain contracts in our rm&t segment for purchase or sale of commodities not qualified as normal purchase or normal sales under accepted accounting principles accounted for as derivative instruments.
 during second quarter of 2008 , we decreased use of derivatives  began to designate such contracts for normal purchase and normal sale exclusion.

option expiration date                          | 2009
----------------------------------------------- | -------
option contract volumes ( barrels per day ) :   |
put options purchased                           | 20000
call options sold                               | 15000
average exercise price ( dollars per barrel ) : |
put options                                     | $ 50.50
call options                                    | $ 90.50


table presents net unrealized losses on securities available for sale as of december 31:.
 net unrealized amounts above excluded remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity.
 these unrealized losses related to reclassifications totaled $ 303 million  or $ 189 million after-tax , and $ 523 million  or $ 317 million after-tax , as of december 31 , 2011 and 2010  respectively recorded in accumulated other comprehensive income .
 refer to note 12 to consolidated financial statements under item 8.
 decline in remaining after-tax unrealized losses related to reclassifications from december 31, 2010 to december 31 , 2011 resulted primarily from amortization.
 we conduct periodic reviews of individual securities to assess other-than-temporary impairment exists.
 other-than-temporary impairment identified impairment is broken into credit component and non-credit component.
 credit component recorded in consolidated statement of income  non-credit component is recorded in oci not intend to sell security.
 assessment of other-than-temporary impairment involves evaluation  in note 3  of economic and security-specific factors.
 such factors based on estimates derived by management contemplate current market conditions and security-specific performance.
 market conditions worse than management 2019s expectations other-than-temporary impairment could increase  in credit component be recorded in our consolidated statement of income.
 given exposure of investment securities portfolio particularly mortgage- and asset-backed securities to residential mortgage and other consumer credit risks performance of.
 housing market is a significant driver of portfolio 2019s credit performance.
our assessment of other-than-temporary impairment relies on estimates of trends in national housing prices.
 indices measure trends in national housing prices are published in arrears.
 as of september 30 , 2011 , national housing prices  according to case-shiller national home price index , had declined by approximately 31. 3% ( 31. 3 % ) peak-to-current.
 management 2019s expectation  for as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough.
 performance of certain mortgage products and vintages of securities to deteriorate.
 management continues to believe housing prices will decline further.
 combination of these factors led to increase in management 2019s overall loss expectations.
 our investment portfolio to sensitive to management 2019s estimates of future cumulative losses.
 other-than- temporary impairment is based on specific cusip-level detailed analysis of unique characteristics of each security.
 we perform sensitivity analysis across each significant product type within non-agency.
 residential mortgage-backed portfolio.
 we estimate for other-than-temporary impairment of investment portfolio could increase by approximately $ 10 million to $ 50 million  if national housing prices to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough  compared to management 2019s expectation of 35% ( 35 % ) above.
 this sensitivity estimate is based on factors including level of housing prices and timing of defaults.
 to such factors differ substantially from management 2019s current expectations resulting loss estimates may differ materially from stated.
 excluding securities for which other-than-temporary impairment was recorded in 2011  management considers aggregate decline in fair value of remaining

( in millions )               | 2011           | 2010
----------------------------- | -------------- | --------------
fair value                    | $ 99832        | $ 81881
amortized cost                | 100013         | 82329
net unrealized loss pre-tax   | $ -181 ( 181 ) | $ -448 ( 448 )
net unrealized loss after-tax | $ -113 ( 113 ) | $ -270 ( 270 )


cost amount could have material adverse effect on our business.
 changes may include for increase or reduction in number of persons enrolled or eligible to enroll due to federal government 2019s decision to increase or decrease.
 military presence.
 government reimbursements decline from projected failure to reduce health care costs associated with programs could adverse effect on our business.
 during 2004  completed contractual transition of tricare business.
 on july 1 , 2004 , regions 2 and 5 contract servicing approximately 1. 1 million tricare members became part of new north region  awarded to another contractor.
 on august 1 , 2004  regions 3 and 4 contract became part of new south region contract.
 on november 1 , 2004 , region 6 contract with approximately 1 million members became part of south region contract.
 members added with region 6 contract offset members lost four months earlier with expiration of regions 2 and 5 contract.
 for year ended december 31 , 2005  tricare premium revenues were approximately $ 2. 4 billion , or 16. 9% (. 9 % ) of total premiums and aso fees.
 tricare transition during 2004 included carve out of tricare senior pharmacy and tricare for life program.
 june 1 , 2004 and august 1 , 2004 administrative services under these programs transferred to another contractor.
 for year ended december 31 , 2005  tricare administrative services fees totaled $ 50. 1 million , or 0. 4% ( 0. 4 % ) of total premiums and aso fees.
 products marketed to commercial segment employers and members consumer-choice products developed and offered various commercial products designed to provide options and choices to employers facing substantial premium increases driven by double-digit medical cost inflation.
consumer-choice products , offered on fully insured or aso basis  provided coverage to approximately 371100 members at december 31 , 2005 , representing approximately 11. 7% ( 11. 7 % ) of our total commercial medical membership detailed below.
 consumer-choice membership other commercial membership commercial medical membership.
 products often offered to employer groups as 201cbundles 201d , subscribers offered various hmo and ppo options  with various employer contribution strategies as determined by employer.
 paramount to consumer-choice product strategy developed group of innovative consumer products  styled as 201csmart 201d products , believe will be long-term solution for employers.
 this new generation of products provides more choices for individual consumer  transparency of provider costs  3 benefit designs engage consumers in costs and effectiveness of health care choices.
 innovative tools and technology available to assist consumers with decisions including trade-offs between higher premiums and point-of-service costs at time consumers choose plans to suggest ways consumers maximize individual benefits at use plans.
 believe when consumers can make informed choices about cost and effectiveness of health care  sustainable long term solution for employers can be realized.
 smart products , accounted for approximately 65. 1% ( 65. 1 % ) of enrollment in all our consumer-choice plans as of december 31 , 2005, only sold to employers who use humana as their sole health insurance carrier.

| consumer-choice membership | other commercial membership | commercial medical membership
---------------------------- | -------------------------- | --------------------------- | -----------------------------
fully insured                | 184000                     | 1815800                     | 1999800
administrative services only | 187100                     | 983900                      | 1171000
total commercial medical     | 371100                     | 2799700                     | 3170800


valuation of 4199466 performance-based options granted in 2005 : risk free interest rate was 4. 2% ( 4. 2 % ) volatility factor for expected market price common stock was 44% ( 44 % ) expected dividend yield zero objective time to exercise was 4. 7 years objective in money assumption of 2. 95 years.
 expected initial public offering assumption occur within 9 month period from grant date.
 fair value of performance-based options calculated to $ 5. 85.
 fair value for fis options granted in 2006 estimated at date of grant using black-scholes option- pricing model with weighted average assumptions.
 risk free interest rates calculation are rate corresponds to weighted average expected life of option.
 risk free interest rate used for options granted during 2006 was 4. 9% ( 4. 9 % ).
 volatility factor for expected market price common stock of 30% ( 30 % ) used for options 2006.
 expected dividend yield for 2006 was 0. 5% ( 0. 5 % ).
 weighted average expected life of 6. 4 years used for 2006.
 weighted average fair value of each option granted during 2006 was $ 15. 52.
 at december 31 , 2006 total unrecognized compensation cost related to non-vested stock option grants is $ 86. 1 million  expected to recognized in pre-tax income over weighted average period of 1. 9 years.
 company intends to limit dilution caused by option exercises by repurchasing shares on open market or in privately negotiated transactions.
 during 2006 company repurchased 4261200 shares at average price of $ 37. 60.
 october 25 , 2006 company 2019s board of directors approved plan authorizing repurchase of to additional $ 200 million worth company 2019s common stock.
defined benefit plans certegy pension plan connection with certegy merger  company announced will terminate settle certegy. s.
 retirement income plan ( usrip ).
 estimated impact of settlement reflected in purchase price allocation as increase in pension liability  less fair value of pension plan assets based on estimates of total cost to settle liability through purchase of annuity contracts or lump sum settlements to beneficiaries.
 final settlement not occur until after irs determination obtained expected to be received in 2007.
 addition to net pension plan obligation of $ 21. 6 million  company assumed liabilities of $ 8. 0 million for certegy 2019s supplemental executive retirement plan ( 201cserp 201d ) and $ 3. 0 mil- lion for postretirement benefit plan.
 reconciliation of changes in fair value of plan assets of usrip for period from february 1, 2006 through december 31 , 2006 as follows ( in thousands ) :.
 benefits paid table include only amounts paid directly from plan assets.
 as of december 31 , 2006 for 2007 through pay out pension liability assets invested in.
 treasury bonds due to short duration until final payment.
 fidelity national information services , inc.
 subsidiaries affiliates consolidated and combined financial statements notes to consolidated combined financial statements 2014 (

| 2006
--------------------------------------------- | ------------
fair value of plan assets at acquisition date | $ 57369
actual return on plan assets                  | 8200
benefits paid                                 | -797 ( 797 )
fair value of plan assets at end of year      | $ 64772


aes corporation notes to consolidated financial statements 2014 continued ) december 31 , 2010 , 2009  2008 recourse debt as of december 31 , 2010 scheduled to reach maturity in table below : december 31 , annual maturities ( in millions ).
 recourse debt transactions during 2010  company redeemed $ 690 million aggregate principal of 8. 75% (. 75 % ) second priority senior secured notes due 2013 ( 2013 notes 201d ).
 2013 notes redeemed at redemption price equal to 101. 458% ( 101. 458 % ) of principal amount redeemed.
 company recognized pre-tax loss on redemption of 2013 notes of $ 15 million for year ended december 31 , 2010  included in 201cother expense 201d in accompanying consolidated statement of operations.
 july 29 , 2010  company entered second amendment ( 201camendment no.
 2 201d ) to fourth amended and restated credit and reimbursement agreement  dated july 29 , 2008  among company , subsidiary guarantors lending institutions ( 201cexisting credit agreement 201d ) amends restates existing credit agreement ( amended and restated by amendment no.
 2 , 201cfifth amended and restated credit agreement 201d ).
 fifth amended and restated credit agreement adjusted terms and conditions of existing credit agreement changes : 2022 aggregate commitment for revolving credit loan facility increased to $ 800 million ; final maturity date of revolving credit loan facility extended to january 29 , 2015 ; 2022 changes to facility fee applicable revolving credit loan facility ; interest rate margin credit loan facility based on credit rating assigned to loans under credit agreement pricing at libor + 3. 00% ( 3. 00 % ) ; 2022 undrawn fee of 0. 625% ( 0.625 % ) per annum ; 2022 company may incur combination additional term loan and revolver commitments total term loan revolver commitments ( including currently outstanding ) not exceed $ 1. 4 billion ; 2022 negative pledge (. cap on first lien debt ) of $ 3. 0 billion.
 recourse debt covenants and guarantees certain company 2019s obligations under senior secured credit facility guaranteed by direct subsidiaries company owns interests in aes shady point , aes hawaii , aes warrior run aes eastern energy businesses.
 company 2019s obligations under senior secured credit facility  subject to exceptions  secured by : i ) all capital stock of domestic subsidiaries owned directly by company and 65% ( 65 % ) of capital stock of certain foreign subsidiaries owned directly or indirectly by company ;

december 31,        | annual maturities ( in millions )
------------------- | ---------------------------------
2011                | $ 463
2012                | 2014
2013                | 2014
2014                | 497
2015                | 500
thereafter          | 3152
total recourse debt | $ 4612


table of contents performance graph not 201csoliciting material , 201d not filed with sec  not to incorporated into valero 2019s filings under securities act of 1933 or securities exchange act of 1934 , as amended.
 performance graph and related textual information based on historical data not indicative of future performance.
 line graph compares cumulative total return 1 on investment in our common stock against cumulative total return of s&p 500 composite index and index of peer companies selected ) for five-year period commencing december 31 , 2008 and ending december 31 , 2013.
 peer group comprises 11 companies : alon usa energy , inc. bp plc ; cvr energy , inc. delek us holdings , inc.
 dk hollyfrontier corporation ; marathon petroleum corporation ; pbf energy inc.
 pbf phillips 66 ; royal dutch shell plc ; tesoro corporation ; western refining , inc.
 peer group previously included hess corporation  exited refining business replaced by dk and pbf also engaged in refining operations.
 comparison of 5 year cumulative total return1 among valero energy corporation , s&p 500 index , old peer group  and new peer group.
 1 assumes investment in valero common stock and each index was $ 100 on december 31 , 2008.
 201ccumulative total return 201d based on share price appreciation plus reinvestment of dividends from december 31, 2008 through december 31 , 2013.

| 12/2008  | 12/2009 | 12/2010  | 12/2011  | 12/2012  | 12/2013
------------------- | -------- | ------- | -------- | -------- | -------- | --------
valero common stock | $ 100.00 | $ 79.77 | $ 111.31 | $ 102.57 | $ 170.45 | $ 281.24
s&p 500             | 100.00   | 126.46  | 145.51   | 148.59   | 172.37   | 228.19
old peer group      | 100.00   | 126.98  | 122.17   | 127.90   | 138.09   | 170.45
new peer group      | 100.00   | 127.95  | 120.42   | 129.69   | 136.92   | 166.57


jpmorgan chase & co.
 / 2007 annual report 117 nonrecurring fair value changes table presents total change in value of financial instruments for fair value adjustment included in consolidated statement of income for year ended december 31 , 2007  related to financial instruments held at december 31 , 2007.
 year ended december 31 , 2007 ( in millions ) 2007.
 table loans include changes in fair value for loans balance sheet at lower of cost or fair value ; accounts payable , accrued expense other liabilities includes change in fair value for unfunded lending-related commitments within leveraged lending portfolio.
 level 3 assets analysis level 3 assets ( including assets measured at lower of cost or fair value ) were 5% ( 5 % ) of total firm assets at december 31 , 2007.
 assets increased during 2007 principally during second half of year when liquidity in mortgages and credit products fell dra.
 increase due to increase in leveraged loan balances within level 3 as ability firm to syndicate risk to third parties limited by credit environment.
 transfers from level 2 to level 3 during 2007.
 transfers principally for instruments within mortgage market where inputs significant to valuation became unob- servable during year.
 subprime and alt-a whole loans , subprime home equity securities , commercial mortgage-backed mezzanine loans credit default swaps to asset-backed securities majority of affected instruments reflecting significant decline in liquidity in these instruments in third and fourth quarters of 2007 as new issue activity nonexistent independent pric- ing information no longer available for assets.
transition initial adoption of sfas 157 , firm recorded on january 1 , 2007 : 2022 cumulative effect increase to retained earnings of $ 287 million  primarily related to release of profit previously deferred eitf 02-3 ; 2022 increase to pretax income of $ 166 million ( $ 103 million after-tax ) related to incorporation firm 2019s creditworthiness in valuation of liabilities recorded at fair value ; 2022 increase to pretax income of $ 464 million ( $ 288 million after-tax ) related to valuations of nonpublic private equity investments.
 prior to adoption sfas 157  firm applied provisions of eitf 02-3 to derivative portfolio.
 eitf 02-3 precluded recogni- tion of initial trading profit in absence of quoted market prices , observable prices of other current market transactions or c ) other observable data supporting valuation technique.
 with eitf 02-3  firm recognized deferred profit in principal transactions revenue on systematic basis ( typically straight- line amortization over life of instruments ) when observ- able market data became available.
 prior to adoption sfas 157 firm did not incorporate adjustment into valuation of liabilities carried at fair value on consolidated balance sheet.
 commencing january 1 , 2007 , with requirements sfas 157 , adjustment made to valuation of liabilities measured at fair value to reflect credit quality of firm.
 prior to adoption sfas 157  privately held investments were initially valued based upon cost.
 carrying values investments adjusted from cost to reflect positive and neg- ative changes by financing events with third-party capital providers.
 investments subject to ongoing impairment reviews by private equity senior investment professionals.
increase in pretax income related to nonpublic private equity investments in with adoption of sfas 157 due to sufficient market evidence to support increase in fair values using sfas 157 methodology not actual third-party market transaction related to such investments.
 financial disclosures required by sfas 107 sfas 107 requires disclosure of estimated fair value of certain financial instruments and methods significant assumptions used to estimate fair values.
 many not all financial instruments held by firm recorded at fair value on consolidated balance sheets.
 financial instruments within scope sfas 107 not carried at fair value on consolidated balance sheets discussed below.
 certain financial instruments and all nonfinancial instruments excluded from scope sfas 107.
 fair value disclosures required by sfas 107 provide only partial estimate of fair value of jpmorgan chase.
 for firm developed long-term relationships with customers through deposit base and credit card accounts core deposit intangibles credit card relationships.
 in management these items add significant value to jpmorgan chase  but fair value not disclosed in this note.
 financial instruments for which fair value approximates carrying value certain financial instruments not carried at fair value on consolidated balance sheets carried at amounts approxi- mate fair value due to short-term nature negligi- ble credit risk.
 these instruments include cash and due from banks , deposits with banks , federal funds sold , securities purchased under resale agreements with short-dated maturities , securities borrowed , short-term receivables accrued interest receivable  commercial paper  federal funds purchased  securities sold under repurchase agreements with short-dated maturities  other borrowed funds  accounts payable and accrued liabilities.
sfas 107 requires fair value for deposit liabilities with no stated matu- rity ( i. e.  demand savings certain money market deposits ) equal to their carrying value.
 sfas 107 allow for recog- nition of inherent funding value of these instruments.

year ended december 31 2007 ( in millions )            | 2007
------------------------------------------------------ | --------------
loans                                                  | $ -720 ( 720 )
other assets                                           | -161 ( 161 )
accounts payable accrued expense and other liabilities | 2
total nonrecurring fair value gains ( losses )         | $ -879 ( 879 )


long-term product offerings include active and index strategies.
 active strategies seek to earn attractive returns excess market benchmark performance hurdle while maintaining appropriate risk profile.
 offer two types of active strategies : rely on fundamental research and utilize quantitative models portfolio construction.
 contrast index strategies track returns of corresponding index by investing in same underlying securities within index or subset securities similar risk return profile index.
 index strategies include non-etf index products and ishares etfs.
 althoughmany clients use both active and index strategies  application strategies may differ.
 for clients may use index products to gain exposure to market or asset class.
 institutional non-etf index assignments large ( multi-billion dollars ) reflect low fee rates.
 potential to exaggerate significance of net flows in institutional index products on blackrock 2019s revenues earnings.
 equity year-end 2014 equity aum of $ 2. 451 trillion increased by $ 133. 4 billion , or 6% ( 6 % ), from end of 2013 due to net new business of $ 52. 4 billion and net market appreciation and foreign exchange movements of $ 81. 0 billion.
 net inflows driven by $ 59. 6 billion and $ 17. 7 billion into ishares and non-etf index accounts .
 index inflows offset by active net outflows of $ 24. 9 billion  with outflows of $ 18. 0 billion and $ 6. 9 billion from fundamental and scientific active equity products .
 blackrock 2019s effective fee rates fluctuate due to changes in aummix.
 approximately half of blackrock 2019s equity aum tied to international markets including emerging markets tend have higher fee rates than similar.
 equity strategies.
fluctuations in international equity markets not consistently tandemwith.
 markets may impact on blackrock 2019s equity fee rates revenues.
 fixed income income aum ended 2014 at $ 1. 394 trillion  increasing $ 151. 5 billion  or 12% ( 12 % )  from december 31 , 2013.
 increase reflected $ 96. 4 billion in net new business $ 55. 1 billion in net market appreciation foreign exchange movements.
 in 2014 net new business diversified across fixed income offerings strong flows into our unconstrained total return high yield products.
 flagship funds include unconstrained strategic income opportunities and fixed income global opportunities funds with net inflows of $ 13. 3 billion and $ 4. 2 billion  total return fund $ 2. 1 billion high yield bond fund with net inflows of $ 2. 1 billion.
 fixed income net inflows positive across investment styles with ishares  non- etf index  active net inflows of $ 40. 0 billion , $ 28. 7 billion $ 27. 7 billion .
 multi-asset class blackrock 2019s multi-asset class teammanages balanced funds bespoke mandates for diversified client base leverages investment expertise in global equities currencies bonds commodities extensive risk management capabilities.
 investment solutions might include long-only portfolios alternative investments tactical asset allocation overlays.
 component changes in multi-asset class aum for 2014 presented below.
 ( in millions ) december 31 , 2013 net inflows ( outflows ) market change impact december 31 , 2014.
 flows reflected ongoing institutional demand for our solutions-based advice with $ 15. 1 billion  or 52% ( 52 % )  of net inflows from institutional clients.
contribution plans of institutional clients significant driver of flows contributed $ 12. 8 billion to institutional multi- asset class net new business in 2014 primarily into target date target risk product offerings.
 retail net inflows of $ 13. 4 billion driven by demand for our multi- asset income fund  raised $ 6. 3 billion in 2014.
 company 2019s multi-asset strategies include : 2022 asset allocation balanced products represented 48% ( 48 % ) of multi-asset class aum at year-end growth in aum driven by net new business of $ 18. 4 billion.
 strategies combine equity  fixed income alternative components for investors seeking tailored solution specific benchmark risk budget.
 strategies minimize downside risk through diversification derivatives strategies tactical asset allocation decisions.
 flagship products include global allocation andmulti-asset income suites.
 2022 target date and target risk products grew 10% ( 10 % ) organically in 2014.
 institutional investors represented 90% ( 90 % ) of target date target risk aum  defined contribution plans for over 80% ( 80 % ) of aum.
 remaining 10% ( 10 % ) of target date target risk aum of retail client investments.
 flows driven by defined contribution investments in lifepath lifepath retirement income ae offerings.
 lifepath products utilize proprietary asset allocation model balance risk and return over investment based on investor 2019s expected retirement timing.
 2022 fiduciary management services are complex mandates pension plan sponsors endowments foundations retain assume responsibility for aspects planmanagement.
 services require partnership with clients 2019 investment staff trustees to tailor investment strategies to meet client-specific risk budgets return objectives.

( in millions )               | december 31 2013 | net inflows ( outflows ) | market change  | fx impact          | december 31 2014
----------------------------- | ---------------- | ------------------------ | -------------- | ------------------ | ----------------
asset allocation and balanced | $ 169604         | $ 18387                  | $ -827 ( 827 ) | $ -4132 ( 4132 )   | $ 183032
target date/risk              | 111408           | 10992                    | 7083           | -872 ( 872 )       | 128611
fiduciary                     | 60202            | -474 ( 474 )             | 14788          | -8322 ( 8322 )     | 66194
multi-asset                   | $ 341214         | $ 28905                  | $ 21044        | $ -13326 ( 13326 ) | $ 377837


table summarizes future estimated cash payments under existing contractual obligations including payments due by period:.
 ( a ) amounts represent expected cash payments of long-term debt not include $ 0. 3 million for capital leases or $ 72. 0 million for net unamortized debt issuance costs , premiums discounts  fair value adjustments.
 ( b ) operating leases represents minimum rental commitments under non-cancelable operating leases.
 ( c ) majority of purchase obligations represent commitments for raw material packaging in normal course business for consumer marketing spending commitments support brands.
 arrangements are considered purchase obligations if contract specifies significant terms including fixed or minimum quantities purchased pricing structure approximate timing of transaction.
 most arrangements cancelable without significant penalty with short notice ( usually 30 days ).
 amounts reflected on consolidated balance sheets as accounts payable and accrued liabilities excluded from table.
 ( d ) fair value of foreign exchange  equity  commodity  grain derivative contracts with payable position to counterparty was $ 17. 3 million as of may 26 , 2019  based on fair market values.
 future changes in market values will impact amount of cash paid or received to settle instruments in future.
 other long-term obligations mainly consist of liabilities for accrued compensation and benefits  including underfunded status of defined benefit pension , other postretirement benefit  postemployment benefit plans  miscellaneous liabilities.
 expect to pay approximately $ 20 million of benefits from unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020.
 unable to reliably estimate amount these payments beyond fiscal 2020.
as of may 26 , 2019  total liability for uncertain tax positions accrued interest penalties was $ 165. 1 million.
 significant accounting estimates for complete description significant accounting policies see note 2 to consolidated financial statements in item 8 report.
 significant accounting estimates meaningful impact on reporting financial condition results of operations.
 estimates include accounting for promotional expenditures  valuation of long-lived assets  intangible assets  redeemable interest  stock-based compensation  income taxes  defined benefit pension  other postretirement benefit  postemployment benefit plans.
 revenue recognition revenues are reported net of variable consideration consideration payable to customers including trade promotion  consumer coupon redemption other costs  estimated allowances for returns  unsalable product , prompt pay discounts.
 trade promotions recorded using significant judgment of estimated participation performance levels for offered programs at time of sale.
 differences between estimated expenses and actual costs recognized as change in management estimate in subsequent period.
 accrued trade liabilities were $ 484 million as of may 26 , 2019  and $ 500 million as of may 27 , 2018.
 amounts significant  if estimates inaccurate to make adjustments in subsequent periods could significant effect on results of operations.

in millions                       | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter
--------------------------------- | --------------------------------- | -------------------------------- | ------------------------------------ | ------------------------------------ | -----------------------------------------------
long-term debt ( a )              | $ 13093.0                         | $ 1396.3                         | $ 3338.4                             | $ 2810.2                             | $ 5548.1
accrued interest                  | 92.6                              | 92.6                             | -                                    | -                                    | -
operating leases ( b )            | 482.6                             | 120.0                            | 186.7                                | 112.9                                | 63.0
capital leases                    | 0.3                               | 0.2                              | 0.1                                  | -                                    | -
purchase obligations ( c )        | 2961.8                            | 2605.1                           | 321.9                                | 27.6                                 | 7.2
total contractual obligations     | 16630.3                           | 4214.2                           | 3847.1                               | 2950.7                               | 5618.3
other long-term obligations ( d ) | 1302.4                            | -                                | -                                    | -                                    | -
total long-term obligations       | $ 17932.7                         | $ 4214.2                         | $ 3847.1                             | $ 2950.7                             | $ 5618.3


stock performance graph * $ 100 invested 11/17/11 our stock or 10/31/11 relevant index including reinvestment dividends.
 fiscal year ending december 31 , 2013.
 ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index  including american axle & manufacturing , borgwarner inc. cooper tire & rubber company  dana holding corp. delphi automotive plc dorman products inc. federal-mogul corp. ford motor co. fuel systems solutions inc. general motors co. gentex corp. gentherm inc. genuine parts co. johnson controls inc. lkq corp. lear corp. meritor inc. remy international inc. standard motor products inc. stoneridge inc. superior industries international  trw automotive holdings corp. tenneco inc. tesla motors inc. goodyear tire & rubber co. tower international inc. visteon corp. wabco holdings inc.
 company index november 17 , december 31  december.
 dividends february 26, 2013 board of directors approved initiation dividend payments company's ordinary shares.
 board of directors declared regular quarterly cash dividend $ 0. 17 per ordinary share paid each quarter of 2013.
 january 2014  board of directors declared regular quarterly cash dividend $ 0. 25 per ordinary share payable february 27 , 2014 shareholders record close of business february 18 , 2014.
october 2011 , board of managers delphi automotive llp approved distribution approximately $ 95 million  paid december 5 , 2011  principally in respect of taxes  to members delphi automotive llp held membership interests as of close of business october 31 , 2011.

company index                        | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013
------------------------------------ | ---------------- | ---------------- | ---------------- | ----------------
delphi automotive plc ( 1 )          | $ 100.00         | $ 100.98         | $ 179.33         | $ 285.81
s&p 500 ( 2 )                        | 100.00           | 100.80           | 116.93           | 154.80
automotive supplier peer group ( 3 ) | 100.00           | 89.27            | 110.41           | 166.46


table of contents company concluded acquisition of sentinelle medical not represent material business combination no pro forma financial information provided herein.
 subsequent to acquisition date  company 2019s results of operations include results of sentinelle medical , included within company 2019s breast health reporting segment.
 company accounted for sentinelle medical acquisition as purchase of business under asc 805.
 purchase price comprised of $ 84. 8 million cash payment  net of certain adjustments, plus three contingent payments up to maximum of additional $ 250. 0 million in cash.
 contingent payments based on multiple of incremental revenue growth during two-year period following completion acquisition : six months after acquisition , 12 months after acquisition  and 24 months after acquisition.
 pursuant to asc 805  company recorded estimate of fair value of contingent consideration liability based on future revenue projections of sentinelle medical business under various potential scenarios and weighted probability assumptions of outcomes.
 as of date of acquisition  cash flow projections discounted using rate of 16. 5% ( 16. 5 % ).
 discount rate based on weighted-average cost of capital of acquired business plus credit risk premium for non-performance risk related to liability pursuant to asc 820.
 analysis resulted in initial contingent consideration liability of $ 29. 5 million , adjusted periodically as component of operating expenses based on changes in fair value of liability driven by accretion of liability for time value of money and changes in assumptions pertaining to achievement of defined revenue growth milestones.
 fair value measurement based on significant inputs not observable in market represented level 3 measurement as defined in asc during each quarter in fiscal 2011  company re-evaluated assumptions updated revenue and probability assumptions for future earn-out periods and lowered projections.
result of adjustments partially offset by accretion of liability using current discount rate of approximately 17. 0% ( 17. 0 % )  company recorded reversal of expense of $ 14. 3 million in fiscal 2011 to record contingent consideration liability at fair value.
 during second quarter of fiscal 2011  first earn-out period ended company adjusted fair value of contingent consideration liability for actual results during earn-out period.
 payment of $ 4. 3 million made in third quarter of fiscal 2011.
 at september 24 , 2011  fair value of liability is $ 10. 9 million.
 company did not issue equity awards in with acquisition.
 company incurred third-party transaction costs of $ 1. 2 million  expensed within general and administrative expenses in fiscal 2010.
 purchase price was as follows:.
 source : hologic inc , 10-k , november 23, 2011 powered by morningstar ae document research 2120 information may not be copied, adapted or distributed not warranted to be accurate  complete or timely.
 user assumes all risks for damages or losses from use of information except extent damages or losses cannot be limited or excluded by applicable law.
 past financial performance no guarantee of future results.

cash                     | $ 84751
------------------------ | --------
contingent consideration | 29500
total purchase price     | $ 114251


synopsys , inc.
 notes to consolidated financial statements 2014continued acquired identifiable intangible assets of $ 107. 3 million  total goodwill of $ 257. 6 million.
 intangible assets amortized over three to eight years.
 acquisition-related costs attributable to business combination were $ 6. 6 million for fiscal 2012 expensed as incurred in consolidated statements of operations.
 costs primarily of employee separation costs professional services.
 acquisition of magma design automation , inc.
 magma ) on february 22, 2012 company acquired magma chip design software provider at per- share price of $ 7. 35.
 company assumed unvested restricted stock units and stock options 201cequity awards. aggregate purchase price was approximately $ 550. 2 million.
 acquisition enables company to meet needs of leading-edge semiconductor designers for sophisticated design tools.
 company allocated total purchase consideration of $ 550. 2 million ( including $ 6. 8 million related to equity awards assumed ) to assets acquired and liabilities assumed based on fair values at acquisition date including acquired identifiable intangible assets of $ 184. 3 million  total goodwill of $ 316. 3 million.
 identifiable intangible assets amortized over three to ten years.
 acquisition-related costs attributable to business combination totaling $ 33. 5 million for fiscal 2012 expensed as in consolidated statements of operations primarily of employee separation costs  contract terminations , professional services  facilities closure costs.
 other fiscal 2012 acquisitions during fiscal 2012 company acquired five other companies  including emulation & verification engineering .
 for cash allocated total purchase consideration of $ 213.2 million to assets acquired liabilities assumed based fair values resulting in total goodwill $ 118. 1 million.
 acquired identifiable intangible assets totaling $ 73. 3 million valued using appropriate valuation methods income or cost methods amortized over useful lives one to eight years.
 during fiscal 2012  acquisition-related costs totaling $ 6. 8 million expensed incurred in consolidated statements of operations.
 fiscal 2011 acquisitions fiscal 2011  company completed two acquisitions for cash allocated total purchase consideration of $ 37. 4 million to assets liabilities acquired fair values at acquisition date resulting in goodwill of $ 30. 6 million.
 acquired identifiable intangible assets of $ 9. 3 million amortized over two to ten years.
 note 4.
 goodwill intangible assets goodwill:.

| ( in thousands )
-------------------------- | ----------------
balance at october 31 2011 | $ 1289286
additions                  | 687195
other adjustments ( 1 )    | 506
balance at october 31 2012 | $ 1976987
additions                  | 2014
other adjustments ( 1 )    | -1016 ( 1016 )
balance at october 31 2013 | $ 1975971


shares excluded from calculation average shares outstanding 2013 diluted as effect anti- dilutive ( shares in millions ).
 average exercise price of options per share was $ 26. 79 , $ 33. 32  $ 26. 93 for 2018  2017 2016 .
 in 2017  arconic generated sufficient net income  30 million  14 million  5 million  1 million potential shares of common stock related to mandatory convertible preferred stock , convertible notes stock awards stock options would have included in diluted average shares outstanding.
 mandatory convertible preferred stock converted on october 2 , 2017 ( see note i ).
 in 2016  arconic generated sufficient net income  28 million  10 million  4 million  1 million potential shares of common stock related to mandatory convertible preferred stock , convertible notes  stock awards  stock options would have included in diluted average shares outstanding.

| 2018 | 2017 | 2016
------------------------------------- | ---- | ---- | ----
mandatory convertible preferred stock | n/a  | 39   | 39
convertible notes                     | 2014 | 14   | 14
stock options ( 1 )                   | 9    | 11   | 13
stock awards                          | 2014 | 7    | 8


table of contents.
 company issued 35000 , 115485 39900 performance-based restricted stock awards during 2016  2015 2014 .
 cumulative performance stock awards issued defined operating metrics assigned to 63462 , 51795 20667 awards with grant-date fair values of $ 84. 61 , $ 86. 38 $ 81. 52 during 2016  2015 2014.
 grant-date fair value of awards recorded from grant date through conclusion of measurement period with each operating metric based on management's estimates probability of vesting.
 as of december 31 , 2016 , 7625 units of total 2014 awards granted were earned will be issued in 2017.
 total compensation expense with awards for years ended december 31 , 2016  2015 2014 was $ 0. 4 million , $ 0. 4 million $ 0. 1 million .
 in 2016 , 2015 2014  company granted restricted stock units of 488622 , 344500 364150  will vest over three- or four-year period with weighted-average grant-date fair values of $ 88. 51 , $ 86. 34 $ 82. 13 ,.
 during 2016 and 2015 , 162019 and 85713 shares vested and released.
 as of december 31 , 2016  2015 2014 , 838327 , 571462 344750 units were outstanding.
 total compensation expense recorded over service period was $ 19. 1 million , $ 12. 5 million $ 5. 8 million for years ended december 31 , 2016  2015 2014.
 with 2015 acquisition  ansys issued 68451 shares of replacement restricted stock with weighted-average grant-date fair value of $ 90. 48.
 of $ 6. 2 million grant-date fair value , $ 3.5 million  related to partially vested awards recorded as non-cash purchase price consideration.
 remaining fair value recognized as stock compensation expense through conclusion of service period.
 during years ended december 31 , 2016 and 2015  company recorded $ 1. 2 million and $ 0. 6 million  of stock compensation expense related to awards.
 in conjunction with 2011 acquisition company granted performance-based restricted stock awards.
 vesting determined based on achievements revenue and operating income targets entity post-acquisition.
 total compensation expense with awards recorded for year ended december 31, 2014 was $ 4. 7 million.
 company granted deferred stock awards to non-affiliate independent directors rights to receive shares of common stock upon termination of service as director.
 in 2015 and prior deferred stock awards granted quarterly in arrears vested immediately upon grant.
 company established non-qualified 409 ( a ) deferred compensation plan with assets under rabbi trust to provide directors opportunity to diversify vested awards.
 during open trading windows elective option directors may convert company shares into non-company-stock investment options to diversify holdings.
 as of december 31 , 2016  5000 shares diversified and 184099 undiversified deferred stock awards vested with underlying shares remaining unissued until service termination of director owners.
 in may 2016  company granted 38400 deferred stock awards will vest in full on one-year anniversary of grant.
 total compensation expense associated with awards recorded for years ended december 31 , 2016 , 2015 and 2014 was $ 1. 9 million , $ 4. 0 million and $ 3. 5 million  respectively.

assumptions used in monte carlo lattice pricing model | year ended december 31 , 2016 | year ended december 31 , 2015 | year ended december 31 , 2014
----------------------------------------------------- | ----------------------------- | ----------------------------- | -----------------------------
risk-free interest rate                               | 1.0% ( 1.0 % )                | 1.1% ( 1.1 % )                | 0.7% ( 0.7 % )
expected dividend yield                               | 2014% ( 2014 % )              | 2014% ( 2014 % )              | 2014% ( 2014 % )
expected volatility 2014ansys stock price             | 21% ( 21 % )                  | 23% ( 23 % )                  | 25% ( 25 % )
expected volatility 2014nasdaq composite index        | 16% ( 16 % )                  | 14% ( 14 % )                  | 15% ( 15 % )
expected term                                         | 2.8 years                     | 2.8 years                     | 2.8 years
correlation factor                                    | 0.65                          | 0.60                          | 0.70


sales competitive supply gross margin declined in south america europe/africa caribbean remained flat in north america asia.
 large utilities gross margin increased $ 201 million or 37% ( 37 % ) to $ 739 million in 2001 from $ 538 million in 2000.
 excluding businesses acquired commenced operations during 2001 2000 large utilities gross margin increased 10% ( 10 % ) to $ 396 million in 2001.
 large utilities gross margin as percentage of revenues increased to 30% ( 30 % ) in 2001 from 25% ( 25 % ) in 2000.
 caribbean venezuela large utility gross margin increased $ 166 million due to full year contribution from edc acquired in june 2000.
 north america gross margin contributions from ipalco and cilcorp increased.
 growth distribution gross margin increased $ 165 million or 126% ( 126 % ) to $ 296 million in 2001 from $ 131 million in 2000.
 excluding businesses acquired during 2001 2000 growth distribution gross margin increased 93% ( 93 % ) to $ 268 million in 2001.
 growth distribution gross margin percentage of revenue increased to 18% ( 18 % ) in 2001 from 10% ( 10 % ) in 2000.
 growth distribution business gross margin percentage of sales increased in south america caribbean decreased in europe/africa asia.
 south america growth distribution margin increased $ 157 million 38% ( 38 % ) of revenues.
 increase due to sul 2019s sales of excess energy into southeast market rationing.
 caribbean growth distribution margin increased $ 39 million 5% ( 5 % ) of revenues.
 increase due to lower losses at ede este increase in contribution from caess.
 europe/africa growth distribution margin decreased $ 10 million negative due to losses at sonel.
 in asia growth distribution margin decreased $ 18 million negative due to increase in losses at telasi.
 breakdown of aes 2019s gross margin for years ended december 31 , 2001 2000 based on geographic region earned below.
 includes venezuela and colombia.
 selling  general administrative expenses increased $ 38 million or 46% ( 46 % ) to $ 120 million in 2001 from $ 82 million in 2000.
 selling general administrative expenses percentage of revenues remained constant at 1% ( 1 % ) in 2001 and 2000.
 overall increase in selling general administrative expenses due to increased development activities.
 interest net interest expense increased $ 327 million or 29% ( 29 % ) to $ 1. 5 billion in 2001 from $ 1. 1 billion in 2000.
 net interest expense percentage of revenues increased to 16% ( 16 % ) in 2001 from 15% ( 15 % ) in 2000.
 net interest expense increased primarily due to new businesses additional corporate interest expense from senior debt issued during 2001 to finance new investments mark-to-market losses on interest rate related derivative instruments.

north america | 2001 $ 912 million | % (  % ) of revenue 25% ( 25 % ) | 2000 $ 844 million | % (  % ) of revenue 25% ( 25 % ) | % (  % ) change 8% ( 8 % )
------------- | ------------------ | -------------------------------- | ------------------ | -------------------------------- | --------------------------
south america | $ 522 million      | 30% ( 30 % )                     | $ 416 million      | 36% ( 36 % )                     | 25% ( 25 % )
caribbean*    | $ 457 million      | 25% ( 25 % )                     | $ 226 million      | 21% ( 21 % )                     | 102% ( 102 % )
europe/africa | $ 310 million      | 22% ( 22 % )                     | $ 371 million      | 29% ( 29 % )                     | ( 16% ( 16 % ) )
asia          | $ 101 million      | 15% ( 15 % )                     | $ 138 million      | 22% ( 22 % )                     | ( 27% ( 27 % ) )


purchase asset  we capitalize all costs necessary to make asset ready for intended use.
 many assets are self-constructed.
 large portion of capital expenditures for track structure expansion ( capacity projects ) and replacement ( program projects ) typically performed by employees.
 approximately 13% ( 13 % ) of full-time equivalent employees dedicated to construction of capital assets.
 costs directly attributable or overhead costs relate directly to capital projects capitalized.
 direct costs capitalized of self-constructed assets include material  labor  work equipment.
 indirect costs capitalized if clearly relate to construction asset.
 costs allocated using appropriate statistical bases.
 capitalization of indirect costs consistent with fasb statement no.
 67  accounting for costs initial rental operations of real estate projects.
 general and administrative expenditures expensed as incurred.
 normal repairs and maintenance also expensed as incurred costs incurred that extend useful life of asset improve safety operations or improve operating efficiency are capitalized.
 assets held under capital leases recorded at lower of net present value of minimum lease payments or fair value of leased asset at inception of lease.
 amortization expense computed using straight-line method over shorter of estimated useful lives of assets or period of related lease.
 10.
 accounts payable other current liabilities dec.
 31 .
 31 millions of dollars 2008 2007.
 11.
 fair value measurements during first quarter of 2008 adopted fasb statement no.
 157 , fair value measurements ( fas 157 ).
 fas 157 established framework for measuring fair value expanded disclosures about fair value measurements.
 adoption of fas 157 no impact on financial position or results of operations.
 fas 157 applies to all assets and liabilities measured and reported on fair value basis.
enables reader financial statements to assess inputs to develop measurements by establishing hierarchy for ranking quality reliability of information to determine fair values.
 statement requires each asset and liability carried at fair value classified into following categories : level 1 : quoted market prices in active markets for identical assets or liabilities.
 level 2 : observable market based inputs or unobservable inputs corroborated by market data.
 level 3 : unobservable inputs not corroborated by market data.

millions of dollars                                  | dec . 31 2008 | dec . 31 2007
---------------------------------------------------- | ------------- | -------------
accounts payable                                     | $ 629         | $ 732
accrued wages and vacation                           | 367           | 394
accrued casualty costs                               | 390           | 371
income and other taxes                               | 207           | 343
dividends and interest                               | 328           | 284
equipment rents payable                              | 93            | 103
other                                                | 546           | 675
total accounts payable and other current liabilities | $ 2560        | $ 2902


entergy new orleans , inc.
 management's financial discussion analysis includes approximately $ 30 million annually for maintenance capital  planned spending on routine capital projects necessary to support reliability of service , equipment systems support normal customer growth.
 purchase obligations represent minimum purchase obligation or cancellation charge for contractual obligations to purchase goods or services.
 for entergy new orleans  almost total consists of unconditional fuel and purchased power obligations  including obligations under unit power sales agreement discussed in note 8 to financial statements.
 addition contractual obligations entergy new orleans expects to make payments of approximately $ 113 million for years 2009-2011 related to hurricane katrina and hurricane gustav restoration work and gas rebuild project of $ 32 million expected to be incurred in 2009.
 entergy expects to contribute $ 1. 7 million to pension plan and $ 5. 9 million to other postretirement plans in 2009.
 guidance pension protection act of 2006 rules  effective for 2008 may affect level entergy orleans' pension contributions in future.
 addition to contractual obligations entergy new orleans has $ 26. 1 million of unrecognized tax benefits and interest for timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in timing of effective settlement of tax positions.
 see note 3 to financial statements for additional information regarding unrecognized tax benefits.
 planned capital investment estimate for entergy new orleans reflects capital required to support existing business.
 estimated capital expenditures subject to periodic review modification may vary based on regulatory constraints environmental compliance market volatility economic trends ability to access capital.
 management provides more information on long-term debt and preferred stock maturities in notes 5 and 6 and to financial statements.
sources of capital entergy new orleans' sources to meet capital requirements include : internally generated funds ; cash on hand ; debt preferred stock issuances.
 entergy orleans' receivables from ( payables to ) money pool were as follows as of december 31 for each following years:.
 see note 4 to financial statements for description of money pool.
 discussed in "bankruptcy proceedings" entergy new orleans issued notes due in three years in satisfaction of affiliate prepetition accounts payable , including indebtedness to entergy system money pool of $ 37. 2 million.
 entergy new orleans obtained short-term borrowing authorization from ferc may borrow through march 2010  up to aggregate amount outstanding of $ 100 million.
 see note 4 to financial statements for discussion of entergy new orleans' short-term borrowing limits.
 long- term securities issuances limited to amounts authorized by city council  current authorization extends through august 2010.

2008             | 2007             | 2006             | 2005
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 60093          | $ 47705          | ( $ 37166 )      | ( $ 37166 )


note 5 loans , commitments to extend credit concentrations of credit risk loans outstanding were follows:.
 concentrations of credit risk exist when changes in economic industry geographic factors affect groups of counterparties aggregate exposure material in relation to our total credit exposure.
 loans outstanding and related unfunded commitments concentrated in our primary geographic markets.
 at december 31 , 2007  no specific industry concentration exceeded 5% ( 5 % ) of total commercial loans outstanding and unfunded commitments.
 normal business we originate or purchase loan products whose contractual features concentrated may increase our exposure as holder servicer loan.
 possible product terms features may create concentration of credit risk include loan products permit negative amortization  high loan-to-value ratio features may expose borrower to future increases in repayments above increases market interest rates below-market interest rates interest-only loans .
 we originate interest-only loans to commercial borrowers.
 these products standard in financial services industry features products considered during underwriting process to mitigate increased risk of product feature in borrowers not able to make interest and principal payments when due.
 we do not believe these product features create concentration of credit risk.
 we also originate home equity loans and lines of credit that result in credit concentration of high loan-to-value ratio loan products at time of origination.
 these loans concentrated in our primary geographic markets.
 at december 31 , 2007 , $ 2. 7 billion of $ 14. 4 billion of home equity loans ( included in 201cconsumer 201d table ) had loan-to-value ratio greater than 90% ( 90 % ).
 these loans collateralized primarily by 1-4 family residential properties.
 we also periodically purchase residential mortgage loans collateralized by 1-4 family residential properties.
december 31 , 2007  $ 3. 0 billion of $ 9. 6 billion residential mortgage loans were interest- only loans.
 realized net gains from sales commercial mortgages $ 39 million 2007  $ 55 million 2006 $ 61 million 2005.
 gains on sales education loans totaled $ 24 million 2007  $ 33 million 2006 $ 19 million 2005.
 loans held for sale reported separately on consolidated balance sheet not included in table.
 interest income from total loans for sale was $ 184 million for 2007  $ 157 million 2006 $ 104 million 2005 included in other interest income consolidated income statement.

december 31 - in millions          | 2007         | 2006
---------------------------------- | ------------ | ------------
commercial                         | $ 28607      | $ 20584
commercial real estate             | 8906         | 3532
consumer                           | 18326        | 16515
residential mortgage               | 9557         | 6337
lease financing                    | 3500         | 3556
other                              | 413          | 376
total loans                        | 69309        | 50900
unearned income                    | -990 ( 990 ) | -795 ( 795 )
total loans net of unearned income | $ 68319      | $ 50105


goldman sachs group , inc.
 subsidiaries notes to consolidated financial statements table below presents summary of level 3 financial assets.
 level 3 financial assets as of december 2018 increased compared with december 2017 primarily reflecting increase in level 3 cash instruments.
 see notes 6 through 8 for further information about level 3 financial assets ( including information unrealized gains and losses related level 3 financial assets financial liabilities  transfers in and out of level 3 ).
 note 6.
 cash instruments include.
 government and agency obligations  non-u.
 government agency obligations  mortgage-backed loans securities corporate debt instruments equity securities investments in funds at nav other non-derivative financial instruments owned financial instruments sold but not yet purchased.
 see below for types of cash instruments included in each level of fair value hierarchy valuation techniques significant inputs to determine fair values.
 see note 5 for overview of firm 2019s fair value measurement policies.
 level 1 cash instruments include certain money market instruments .
 government obligations  non-u.
 government obligations certain government agency obligations corporate debt instruments actively traded listed equities.
 instruments valued using quoted prices for identical unrestricted instruments in active markets.
 firm defines active markets for equity instruments based on average daily trading volume and relative market capitalization for instrument.
 firm defines active markets for debt instruments based on average daily trading volume number of days with trading activity.
 level 2 cash instruments include most money market instruments  government agency obligations  certain non-u. s.
government obligations  mortgage-backed loans securities corporate debt instruments state municipal obligations other debt obligations restricted or less liquid listed equities commodities certain lending commitments.
 valuations of level 2 cash instruments be verified to quoted prices recent trading activity for identical similar instruments broker or dealer quotations alternative pricing sources with reasonable levels price transparency.
 consideration given to nature of quotations (. indicative or firm ) relationship of recent market activity to prices from alternative pricing sources.
 valuation adjustments typically made to level 2 cash instruments i ) if cash instrument subject to transfer restrictions/or ii ) for other premiums liquidity discounts market participant require to arrive at fair value.
 valuation adjustments generally based on market evidence.
 level 3 cash instruments level 3 cash instruments have one or more significant valuation inputs not observable.
 absent evidence to contrary level 3 cash instruments initially valued at transaction price considered best initial estimate of fair value.
 subsequently firm uses other methodologies to determine fair value vary based on type of instrument.
 valuation inputs and assumptions changed when corroborated by substantive observable evidence including values realized on sales.
 valuation techniques and significant inputs of level 3 cash instruments valuation techniques of level 3 cash instruments vary by instrument generally based on discounted cash flow techniques.
 valuation techniques nature of significant inputs used to determine fair values of each type level 3 cash instrument described below : loans and securities backed by commercial real estate.
 loans securities commercial real directly or indirectly collateralized by single commercial real estate property or portfolio of properties may include tranches of varying levels of subordination.
significant inputs determined based on relative value analyses include : 2030 market yields implied by transactions of similar related assets current levels changes in market indices cmbx ( index tracks performance of commercial mortgage bonds ) ; 118 goldman sachs 2018 form 10-k

$ in millions          | as of december 2018 | as of december 2017
---------------------- | ------------------- | -------------------
cash instruments       | $ 17227             | $ 15395
derivatives            | 4948                | 3802
other financial assets | 6                   | 4
total                  | $ 22181             | $ 19201


item 15.
 exhibits financial statement schedules.
 continued kinder morgan , inc.
 form 10-k.
 result of implementation of asu 2009-17  effective january 1 , 2010 include transactions balances of business trust , k n capital trust i k n capital trust iii in consolidated financial statements no longer include junior subordinated deferrable interest debentures issued to capital trusts ( see note 18 accounting pronouncements 201d ).
 kmp issued $ 500 million principal amount of 9. 00% ( 9. % ) senior notes due february 1, 2019 december 2008.
 each holder of notes right to require kmp to repurchase all or portion of notes owned by holder on february 1 , 2012 at purchase price equal to 100% ( ) of principal amount of notes tendered by holder plus accrued unpaid interest excluding repurchase date.
 on after february 1, 2012  interest cease to accrue on notes tendered for repayment.
 holder 2019s exercise repurchase option irrevocable.
 kinder morgan kansas , inc.
 2028 and 2098 debentures 2012 and 2015 senior notes redeemable in whole or in part at kinder morgan kansas , inc. 2019s option any time at redemption prices defined in associated prospectus supplements.
 2027 debentures redeemable in whole or in part at kinder morgan kansas , inc. 2019s option after november 1 , 2004 at redemption prices defined in associated prospectus supplements.
 on september 2 , 2010  kinder morgan kansas , inc.
 paid remaining $ 1. 1 million principal balance outstanding on kinder morgan kansas , inc. 2019s 6. 50% ( 6. 50 % ) series debentures  due 2013.
kinder morgan finance company , llc december 20 , 2010 wholly owned subsidiary of kinder morgan kansas , inc. completed public offering of senior notes.
 issued total $ 750 million principal amount 6. 00% ( 6. 00 % ) senior notes due january 15 , 2018.
 net proceeds from issuance notes after underwriting discounts commissions $ 744. 2 million  used to retire principal amount of 5. 35% ( 5. 35 % ) senior notes matured january 5 , 2011.
 2011 , 2016, 2018 2036 senior notes issued by kinder morgan finance redeemable whole or in part at kinder morgan kansas , inc. 2019s option any time at redemption prices defined in associated prospectus supplements.
 each series notes fully unconditionally guaranteed by kinder morgan kansas , inc.
 senior unsecured basis principal , interest additional amounts required paid withholding or deduction for canadian taxes.
 capital trust securities kinder morgan kansas , inc. 2019s business trusts , k n capital trust i and k n capital trust iii obligated for $ 12. 7 million of 8. 56% ( 8. 56 % ) capital trust securities maturing on april 15 , 2027 and $ 14. 4 million of 7. 63% ( 7. 63 % ) capital trust securities maturing on april 15 , 2028  guarantees.
 2028 securities redeemable in whole or in part  at kinder morgan kansas , inc. 2019s option any time at redemption prices as defined in associated prospectus.
 2027 securities redeemable in whole or in part at kinder morgan kansas , inc.2019s option at any time certain limited circumstances occurrence of certain events at prices  defined in associated prospectus supplements.
 upon redemption by kinder morgan kansas , inc.
 maturity of junior subordinated deferrable interest debentures  must use proceeds to make redemptions of capital trust securities pro rata basis.

kinder morgan liquids terminals llc-n.j . development revenue bonds due january 15 2018 kinder morgan columbus llc-5.50% ( llc-5.50 % ) ms development revenue note due september 1 2022 | 25.0 8.2           | 25.0 8.2
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ----------------
kinder morgan operating l.p . 201cb 201d-jackson-union cos . il revenue bonds due april 1 2024                                                                                | 23.7               | 23.7
international marine terminals-plaquemines la revenue bonds due march 15 2025                                                                                | 40.0               | 40.0
other miscellaneous subsidiary debt                                                                                | 1.3                | 1.3
unamortized debt discount on long-term debt                                                                                | -20.3 ( 20.3 )     | -21.2 ( 21.2 )
current maturities of long-term debt                                                                                | -1263.3 ( 1263.3 ) | -596.6 ( 596.6 )
total long-term debt 2013 kmp                                                                                | $ 10282.8          | $ 10007.5


reporting unit 2019s related goodwill assets.
 in 2013 recorded non-cash goodwill impairment charge of $ 195 million net of state tax benefits.
 see 201ccritical accounting policies - goodwill 201d management 2019s discussion analysis of financial condition results of operations 201cnote 1 2013 significant accounting policies 201d for more information on impairment charge.
 changes in.
 foreign tax laws  including possibly retroactive effect audits by tax authorities could result in unanticipated increases in tax expense affect profitability cash flows.
 proposals to lower.
 corporate income tax rate require reduce net deferred tax assets upon enactment related tax legislation one-time increase to income tax expense income tax expense and payments materially reduced in subsequent years.
 actual financial results could differ from judgments estimates.
 refer to 201ccritical accounting policies 201d in management 2019s discussion analysis of financial condition results of operations 201cnote 1 2013 significant accounting policies 201d of consolidated financial statements for complete discussion of significant accounting policies use of estimates.
 item 1b.
 unresolved staff comments.
 item 2.
 properties.
 at december 31, 2013  owned or leased building space ( including offices manufacturing plants warehouses service centers laboratories other facilities ) at 518 locations primarily in u.
 manage or occupy various.
 government-owned facilities under lease other arrangements.
 at december 31 , 2013 had significant operations in following locations : 2022 aeronautics 2013 palmdale , california ; marietta , georgia ; greenville , south carolina ; fort worth and san antonio , texas ; montreal , canada.
2022 information systems & global solutions 2013 goodyear , arizona ; sunnyvale , california ; colorado springs denver , colorado ; gaithersburg rockville , maryland ; valley forge , pennsylvania houston , texas.
 2022 missiles and fire control 2013 camden , arkansas orlando , florida lexington , kentucky grand prairie , texas.
 2022 mission systems training 2013 orlando , florida baltimore , maryland moorestown/mt.
 laurel , new jersey ; owego syracuse , new york ; akron , ohio manassas , virginia.
 2022 space systems 2013 huntsville , alabama ; sunnyvale , california denver , colorado albuquerque, new mexico ; newtown , pennsylvania.
 2022 corporate activities 2013 lakeland , florida bethesda , maryland.
 in november 2013  committed to plan to vacate leased facilities in goodyear , arizona akron , ohio close owned facility in newtown , pennsylvania certain owned buildings at sunnyvale , california facility.
 expect closures include approximately 2. 5 million square feet of facility space complete by middle of 2015.
 for information see 201cnote 2 2013 restructuring charges 201d consolidated financial statements.
 summary of square feet of floor space by business segment at december 31 , 2013 inclusive of facilities plan to vacate mentioned above ( in millions ) : owned leased.
 government- owned total.
 believe facilities in good condition adequate for current use.
 may improve  replace reduce facilities as appropriate to meet needs operations.

| owned | leased | u.s . government- owned | total
-------------------------------------- | ----- | ------ | ----------------------- | -----
aeronautics                            | 5.8   | 2.7    | 14.2                    | 22.7
information systems & global solutions | 2.5   | 5.7    | 2014                    | 8.2
missiles and fire control              | 4.2   | 5.1    | 1.3                     | 10.6
mission systems and training           | 5.8   | 5.3    | 0.4                     | 11.5
space systems                          | 8.5   | 1.6    | 7.9                     | 18.0
corporate activities                   | 3.0   | 0.9    | 2014                    | 3.9
total                                  | 29.8  | 21.3   | 23.8                    | 74.9