14.
 capital stock earnings per share authorized to issue 250 million shares preferred stock none issued or outstanding as of december 31 , 2009.
 numerator for basic and diluted earnings per share is net earnings available to common stockholders.
 denominator for basic earnings per share is weighted average number of common shares outstanding period.
 denominator diluted earnings per share is weighted average shares outstanding adjusted for effect of dilutive stock options and other equity awards.
 reconciliation of weighted average shares for basic and diluted share computations for years ending december 31 ( in millions ) :.
 weighted average shares outstanding for basic net earnings per share 215. 0 227. 3 235. 5 effect of dilutive stock options and other equity awards 0. 8 1. 0 2. 0 weighted average shares outstanding for diluted net earnings per share 215. 8 228. 3 237. 5 year ended december 31 , 2009 average of 14. 3 million options to purchase shares common stock not included in computation diluted earnings per share exercise prices options greater than average market price common stock.
 years ended december 31 , 2008 and 2007  average of 11. 2 million and 3. 1 million options not included.
 during 2009  repurchased approximately 19. 8 million shares common stock at average price $ 46. 56 per share for total cash outlay of $ 923. 7 million  including commissions.
 april 2008 board of directors authorized $ 1. 25 billion share repurchase program to expire december 31 , 2009.
 september 2009 board extended program to december 31 , 2010.
 approximately $ 211. 1 million remains authorized for future repurchases.
.
segment data we design , develop  manufacture market orthopaedic reconstructive implants , dental implants  spinal implants  trauma products related surgical products include surgical supplies instruments to aid in surgical procedures post-operation rehabilitation.
 we also provide other healthcare-related services.
 revenue related to these services represents less than 1 percent of our total net sales.
 manage operations through three major geographic segments 2013 americas , principally of united states includes other north, central south american markets ; europe  principally europe includes middle east and africa ; asia pacific  primarily of japan includes other asian and pacific markets.
 this structure is basis for reportable segment information below.
 management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations corporate expenses  share-based compensation expense  settlement , certain claims  acquisition , integration , realignment other expenses  net curtailment settlement  inventory step-up  in-process research and development write-offs intangible asset amortization expense.
 global operations include research , development engineering  medical education  brand management  corporate legal , finance  human resource functions.
 puerto rico-based manufacturing operations and logistics.
 intercompany transactions eliminated from segment operating profit.
 management reviews accounts receivable , inventory  property  plant and equipment  goodwill intangible assets by reportable segment exclusive of.
 puerto rico-based manufacturing operations logistics corporate assets.
 o l d i n g s n.
2 0 0 9 f o r m 1 0 - a l r e p t notes consolidated financial statements continued ) %%transmsg*** transmitting job : c55340 pcn : 060000000%pcmsg|60 |00007|yes|no|02/24/2010 01:32|0|0|page valid no graphics color : d|

| 2009  | 2008  | 2007
---------------------------------------------------------------------- | ----- | ----- | -----
weighted average shares outstanding for basic net earnings per share   | 215.0 | 227.3 | 235.5
effect of dilutive stock options and other equity awards               | 0.8   | 1.0   | 2.0
weighted average shares outstanding for diluted net earnings per share | 215.8 | 228.3 | 237.5


edwards lifesciences corporation notes to consolidated financial statements continued ) 7.
 acquisitions continued ) transaction closed january 23 , 2017  consideration paid included issuance of approximately 2. 8 million shares of company 2019s common stock ( fair value $ 266. 5 million ) and cash of $ 86. 2 million.
 company recognized in 201ccontingent consideration liabilities 201d $ 162. 9 million liability for estimated fair value of contingent milestone payments.
 fair value contingent milestone payments remeasured each quarter  changes fair value recognized within operating expenses on consolidated statements of operations.
 for further information on fair value contingent milestone payments see note 10.
 connection with acquisition  company placed $ 27. 6 million of purchase price into escrow to satisfy claims for indemnification merger agreement.
 funds remaining 15 months after acquisition date disbursed to valtech 2019s former shareholders.
 acquisition-related costs of $ 0. 6 million and $ 4. 1 million recorded in 201cselling , general  and administrative expenses during years ended december 31 , 2017 and 2016 .
 prior to close transaction valtech spun off early- stage transseptal mitral valve replacement technology program.
 concurrent closing company entered agreement for exclusive option to acquire program and associated intellectual property for approximately $ 200. 0 million  subject to certain adjustments plus additional $ 50. 0 million if european regulatory approval obtained within 10 years of acquisition closing date.
 option expires two years after closing date transaction can be extended by up to one year depending on results of clinical trials.
 valtech is developer of transcatheter mitral and tricuspid valve repair system.
 company plans to add this technology to portfolio of mitral and tricuspid repair products.
 acquisition accounted for as business combination.
tangible and intangible assets acquired recorded based on estimated fair values at acquisition date.
 excess of purchase price over fair value of net assets acquired recorded to goodwill.
 following table summarizes fair values of assets acquired liabilities assumed ( in millions ) :.
 goodwill includes expected synergies other benefits company believes result from acquisition.
 goodwill assigned to company 2019s rest of world segment not deductible for tax purposes.
 ipr&d capitalized at fair value as intangible asset with indefinite life assessed for impairment in subsequent periods.
 fair value of ipr&d determined using income approach.
 approach determines fair value based on cash flow projections discounted to present value using risk-adjusted rate of return.
 discount rates fair value ipr&d ranged from 18. 0% ( 18. 0 % ) to 20. 0% ( 20. 0 % ).
 completion of successful design developments, bench testing  pre-clinical studies

current assets                            | $ 22.7
----------------------------------------- | --------------
property and equipment net                | 1.2
goodwill                                  | 316.5
developed technology                      | 109.2
ipr&d                                     | 87.9
other assets                              | 0.8
current liabilities assumed               | -5.1 ( 5.1 )
deferred income taxes                     | -17.6 ( 17.6 )
total purchase price                      | 515.6
less : cash acquired                      | -4.3 ( 4.3 )
total purchase price net of cash acquired | $ 511.3


impairment of long-lived assets , goodwill intangible assets - assess long-lived assets for impairment based on statement 144 , 201caccounting for impairment or disposal of long-lived assets. 201d long-lived asset tested for impairment whenever events or changes circumstances indicate its carrying amount may exceed fair value.
 fair values based on sum undiscounted future cash flows expected from use and eventual disposition of assets.
 assess goodwill and intangible assets for impairment annually based on statement 142 , 201cgoodwill other intangible assets. 201d no impairment charges from july 1, 2007, impairment tests no events indicating impairment occurred subsequent to that date.
 initial assessment made by comparing fair value of operations with goodwill  determined in accordance with statement 142 , to book value of each reporting unit.
 if fair value less than book value , impairment is indicated must perform second test to measure amount impairment.
 second test calculate implied fair value of goodwill by deducting fair value of all tangible and intangible net assets of operations with goodwill from fair value determined in step one assessment.
 if carrying value of goodwill exceeds calculated implied fair value of goodwill , will record impairment charge.
 at december 31 , 2007  had $ 600. 7 million of goodwill recorded on consolidated balance sheet as shown below.
 thousands dollars ) intangible assets with finite useful life are amortized over estimated useful life, intangible assets with indefinite useful life not amortized.
 all intangible assets subject to impairment testing.
 oneok partners segment had $ 443. 0 million of intangible assets recorded on consolidated balance sheet as of december 31 , 2007 , of which $ 287.5 million amortized over period 40 years remaining balance has indefinite life.
 during 2006  recorded goodwill and asset impairment related to oneok partners 2019 black mesa pipeline of $ 8. 4 million and $ 3. 6 million  respectively recorded as depreciation and amortization.
 reduction to net income net of minority interests and income taxes was $ 3. 0 million.
 in third quarter of 2005  decision to sell spring creek power plant  in oklahoma exit power generation business.
 in october 2005  concluded spring creek power plant impaired recorded impairment expense of $ 52. 2 million.
 conclusion based on statement 144 impairment analysis of results of operations for plant through september 30 , 2005 net sales proceeds from anticipated sale plant.
 sale completed on october 31 , 2006.
 component of business accounted for as discontinued operations in accordance with statement 144.
 see 201cdiscontinued operations 201d on page 46 for additional information.
 total unamortized excess cost over underlying fair value of net assets accounted for under equity method was $ 185. 6 million as of december 31 , 2007 and 2006.
 based on statement 142  amount referred as equity method goodwill  should continue to be recognized in accordance with apb opinion no.
 18 , 201cthe equity method of accounting for investments in common stock. 201d included amount in investment in unconsolidated affiliates on consolidated balance sheets.
 pension and postretirement employee benefits - defined benefit retirement plans covering certain full-time employees.
 sponsor welfare plans provide postretirement medical and life insurance benefits to certain employees retire with five years of service.
 actuarial consultant calculates expense and liability related to plans uses statistical factors to anticipate future events.
factors include assumptions about discount rate expected return on plan assets rate future compensation increases age employment periods.
 in determining projected benefit obligations costs assumptions can change from period to period result in material changes in costs liabilities.
 see note j of notes to consolidated financial statements in annual report on form 10-k for additional information.

| ( thousands of dollars )
--------------- | ------------------------
oneok partners  | $ 431418
distribution    | 157953
energy services | 10255
other           | 1099
total goodwill  | $ 600725


29 annual report 2012 duke realty corporation  indirect costs not allocated to or absorbed by operations charged to general and administrative expenses.
 regularly review total overhead cost structure relative to leasing , development construction volume adjust level total overhead through changes in level staffing in various functional departments necessary to control overall general and administrative expense.
 administrative expenses increased from $ 43. 1 million in 2011 to $ 46. 4 million in 2012.
 table sets factors led to increase in general administrative expenses from 2011 to 2012 ( in millions ) :.
 1 reduced total pool of overhead costs through staff reductions other measures result of changes in product mix anticipated future levels of third-party construction , leasing management other operational activities.
 increased focus on development of wholly-owned properties significantly increased leasing activity during 2012 resulted in increased absorption of overhead costs.
 capitalized $ 30. 4 million and $ 20. 0 million of total overhead costs to leasing and development  for consolidated properties during 2012  compared to capitalizing $ 25. 3 million and $ 10. 4 million of such costs  for 2011.
 combined overhead costs capitalized to leasing and development totaled 31. 1% ( 31. 1 % ) and 20. 6% ( 20. 6 % ) of overall pool of overhead costs for 2012 and 2011 .
 reduction in allocation of overhead costs to service operations and rental operations resulted from reduced volumes of third-party construction projects due to reducing overall investment in office properties more management intensive.
 interest expense expense allocable to continuing operations increased from $ 220. 5 million in 2011 to $ 245. 2 million in 2012.
 had $ 47.4 million interest expense allocated to discontinued operations in 2011  associated with properties disposed of during 2011 compared to allocation of only $ 3. 1 million interest expense to discontinued operations for 2012.
 total interest expense  combined for continuing and discontinued operations decreased from $ 267. 8 million in 2011 to $ 248. 3 million in 2012.
 reduction total interest expense result of lower weighted average borrowing rate in 2012 due to refinancing higher rate bonds in 2011 and 2012 slight decrease in average level of borrowings compared to 2011.
 due to increase in properties under development from 2011  met criteria for capitalization of interest financed in part by common equity issuances during 2012 $ 5. 0 million increase in capitalized interest contributed to decrease in total interest expense in 2012.
 acquisition-related activity during 2012 recognized approximately $ 4. 2 million in acquisition costs compared to $ 2. 3 million costs in 2011.
 increase from 2011 to 2012 result of acquiring higher volume of medical office properties  higher level of acquisition costs incurred other property types in 2012.
 during 2011 recognized $ 1. 1 million gain related to acquisition of building from 50%-owned unconsolidated joint ventures.
 discontinued operations subject to certain criteria results of operations for properties sold during year to unrelated parties or classified as held-for-sale at end of period required to be classified as discontinued operations.
 property specific components of earnings classified as discontinued operations include rental revenues  rental expenses  real estate taxes  allocated interest expense and depreciation expense net gain or loss on disposition of properties.
 operations of 150 buildings currently classified as discontinued operations.
150 buildings consist 114 office 30 industrial four retail two medical office properties.
 result classified operating losses  before gain on sales of $ 1. 5 million , $ 1. 8 million $ 7. 1 million in discontinued operations for years ended december 31 , 2012 , 2011 and 2010  respectively.
 properties  28 sold during 2012 , 101 properties sold during 2011 19 properties sold during 2010.
 gains on disposal of properties of $ 13. 5 million , $ 100. 9 million $ 33. 1 million for years ended december 31, 2012, 2011

general and administrative expenses - 2011                                             | $ 43.1
-------------------------------------------------------------------------------------- | --------------
reduction to overall pool of overhead costs ( 1 )                                      | -11.0 ( 11.0 )
increased absorption of costs by wholly-owned development and leasing activities ( 2 ) | -14.7 ( 14.7 )
reduced allocation of costs to service operations and rental operations ( 3 )          | 29.0
general and administrative expenses - 2012                                             | $ 46.4


international networks segment owns operates regional television networks  reached following number subscribers and viewers via pay and fta or broadcast networks  as of december 31 , 2017 : television service international subscribers/viewers ( millions ).
 ) number of subscribers corresponds to sum of subscribers to nordic broadcast networks in sweden , norway  finland denmark subject to retransmission agreements with pay-tv providers.
 nordic broadcast networks include kanal 5 , kanal 9  kanal 11 in sweden , tv norge , max , fem and vox in norway  tv 5, kutonen , frii in finland  kanal 4 , kanal 5 , 6'eren , canal 9 in denmark.
 similar to.
 significant source of revenue for international networks relates to fees charged to operators distribute our linear networks.
 such operators include cable and dth satellite service providers  internet protocol television ( "iptv ) over-the-top operators ( ).
 international television markets vary in stages of development.
 some markets. are more advanced digital television markets others remain in analog environment with varying degrees of investment from operators to expand channel capacity or convert to digital technologies.
 common practice in international markets results in long-term contractual distribution relationships with terms generally shorter than similar customers in.
 distribution revenue for international networks segment dependent on number of subscribers receive our networks or content , rates negotiated in distributor agreements market demand for content.
 other significant source of revenue for international networks relates to advertising sold on our television networks and across other distribution platforms similar.
.
advertising revenue dependent upon factors including development of pay and fta television markets number of subscribers and viewers channels viewership demographics popularity of programming ability to sell commercial time over all media platforms.
 in certain markets our advertising sales business operates with in-house sales teams rely on external sales representation services in other markets.
 during 2017  distribution , advertising and other revenues were 57% ( 57 % ), 41% ( 41 % ) and 2% ( 2 % )  of total net revenues for this segment.
 company traditionally operated cable networks in increasing portion of company international advertising revenue generated by fta or broadcast networks unlike.
 networks.
 during 2017  fta or broadcast networks generated 54% ( 54 % ) of international networks' advertising revenue and pay-tv networks generated 46% ( 46 % ) of international networks' advertising revenue.
 international networks' largest cost is content expense for localized programming via more 400 unique distribution feeds.
 international networks segment maximizes use of programming from.
 networks also develop local programming tailored to individual market preferences license rights to air films  television series sporting events from third parties.
 international networks amortizes cost of capitalized content rights based on proportion current estimated revenues relative to estimated remaining total lifetime revenues results in accelerated method or straight-line method over estimated useful lives of content of up to five years.
 content acquired from.
 networks and content developed locally airing on same network is amortized similarly amortization rates vary by network.
 more than half of international networks' content is amortized using accelerated amortization method remainder amortized on straight-line basis.
costs for multi-year sports programming arrangements expensed when event broadcast based on estimated relative value of each component arrangement.
 international networks and u. s.
 networks have similarities with nature of operations  generation of revenue categories of expense , international networks have lower segment margin due to lower economies of scale from in over 220 markets requiring additional cost for localization to market variations.
 international networks include sports and fta broadcast channels drive higher costs from sports rights and production and investment in broad entertainment programming for broadcast networks.
 on june 23 , 2016  u. k.
 held referendum voters approved exit from european union ( 201ce. u. 201d )  referred to as 201cbrexit. 201d after preliminary phase of negotiations end of 2017  u. k.
 government and e. u.
 will in 2018 negotiate main principles of u. k. 2019s future relationship with e. u.  transitional period.
 brexit may have adverse impact on advertising  subscribers distributors employees  described in item 1a risk factors .
 continue to monitor situation plan for potential effects to distribution and licensing agreements unusual foreign currency exchange rate fluctuations changes to legal and regulatory landscape.
 education and other education generated revenues of $ 158 million during 2017 represented 2% ( 2 % ) of our total consolidated revenues.
 education is of curriculum-based product and service offerings generates revenues primarily from subscriptions to k-12 schools for access to online suite of curriculum-based vod tools  professional development services  digital textbooks student assessments publication of hard copy curriculum-based content.
 other of our wholly-owned production studio  provides services to u. s.
 networks and international networks segments at cost.
february 26 , 2018 , company announced planned sale of controlling equity stake in education business in first half of 2018  to francisco partners for cash of $ 120 million.
 no loss expected upon sale.
 company will retain equity interest.
 company have ongoing license agreements considered to at fair value.
 as of december 31 , 2017  company determined education business did not meet held for sale criteria management not committed to plan to sell assets.
 april 28 , 2017  company sold raw and betty to all3media.
 all3media is u. k.
 based television , film and digital production and distribution company.
 company owns 50% ( 50 % ) of all3media accounts for investment in all3media under equity method of accounting.
 raw and betty were components of studios operating segment reported with education other.
 november 12 , 2015  paid $ 195 million to acquire 5 million shares , or approximately 3% ( 3 % ), of lions gate entertainment corp.
 ( "lionsgate" )  entertainment company involved in production of movies and television accounted for as available-for-sale ( "afs" ) security.
 during 2016  determined decline in value of investment in lionsgate is other- than-temporary in nature cost basis adjusted to fair value of investment as of september 30 , 2016.
 ( see note 4 to accompanying consolidated financial statements. ) content development content development strategy designed to increase viewership  maintain innovation and quality leadership provide value for network distributors and advertising customers.
 content sourced from wide range of third-party producers include world 2019s leading nonfiction production companies  independent producers and wholly-owned production studios.
 production arrangements fall into three categories : produced , coproduced and licensed.
produced content includes content we engage third parties or wholly owned production studios to develop produce.
 we retain editorial control own most or all rights , in exchange for paying development production costs.
 production of digital-first content virtual reality short-form video typically done through wholly-owned production studios.
 coproduced content refers to program rights collaborated with third parties to finance develop world-wide rights not available for acquisition or save costs by collaborating with third parties.
 licensed content comprised of films or

| television service | internationalsubscribers/viewers ( millions )
------------------------------- | ------------------ | ---------------------------------------------
quest                           | fta                | 66
dsport                          | fta                | 43
nordic broadcast networks ( a ) | broadcast          | 34
quest red                       | fta                | 27
giallo                          | fta                | 25
frisbee                         | fta                | 25
focus                           | fta                | 25
k2                              | fta                | 25
nove                            | fta                | 25
discovery hd world              | pay                | 17
dkiss                           | pay                | 15
shed                            | pay                | 12
discovery hd theater            | pay                | 11
discovery history               | pay                | 10
discovery civilization          | pay                | 8
discovery world                 | pay                | 6
discovery en espanol ( u.s. )   | pay                | 6
discovery familia ( u.s. )      | pay                | 6
discovery historia              | pay                | 6


discussion analysis of financial condition results of operations 2014liquidity capital resources 2014 factors affecting sources liquidity. 201d recent sales of unregistered securities year ended december 31 , 2005  issued aggregate of 4670335 shares of our class a common stock upon conversion of $ 57. 1 million principal amount of 3. 25% ( 3. 25 % ) notes.
 terms indenture holders of 3. 25% ( 3. 25 % ) notes received 81. 808 shares of class a common stock for every $ 1000 principal amount of notes converted.
 shares issued noteholders in reliance on exemption from registration section 3 ( a ) ( 9 ) of securities act of 1933 , as amended.
 no underwriters engaged connection such issuances.
 conversion paid holders aggregate of $ 4. 9 million , calculated based on accrued unpaid interest on notes discounted value of future interest payments on notes.
 subsequent to december 31 , 2005  issued shares of class a common stock upon conversions of additional 3. 25% ( 3. 25 % ) notes  in item 9b of annual report under caption 201cother information. 201d year ended december 31 , 2005  issued aggregate of 398412 shares of class a common stock upon exercises of 55729 warrants assumed in merger with spectrasite , inc.
 august 2005  merger spectrasite. assumed approximately 1. 0 million warrants to purchase shares of spectrasite , inc.
 common stock.
 upon completion merger each warrant to purchase shares spectrasite  inc.
 common stock converted into warrant to purchase 7. 15 shares of class a common stock at exercise price of $ 32 per warrant.
 net proceeds from warrant exercises approximately $ 1. 8 million.
shares of class a common stock issued to warrantholders upon exercise of warrants issued in reliance on exemption from registration in section 3 ( a ) ( 9 ) of securities act of 1933 , as amended.
 no underwriters engaged with issuances.
 subsequent to december 31 , 2005  we issued shares of class a common stock upon exercises of additional warrants in item 9b of this annual report under caption 201cother information. 201d issuer purchases of equity securities in november 2005 board of directors approved stock repurchase program intend to repurchase up to $ 750. 0 million of our class a common stock through december 2006.
 during fourth quarter of 2005  repurchased 2836519 shares of class a common stock for aggregate of $ 76. 6 million stock repurchase program as : period total number of shares purchased ( 1 average price paid per share total number of shares purchased as part of publicly announced plans or programs ( 1 ) approximate dollar value of shares may yet be purchased under plans or programs ( in millions ).
 ( 1 all issuer repurchases made to stock repurchase program announced in november 2005.
 program intend to repurchase up to $ 750. 0 million of our class a common stock during period november 2005 through december 2006.
 under program management authorized to purchase shares in open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements subject to market conditions and other factors.
 to facilitate repurchases entered into trading plan under rule 10b5-1 of securities exchange act of 1934  allows us to repurchase shares during periods prevented from under insider trading laws or self- imposed trading blackout periods.
program may be discontinued any time.
 since december 31 , 2005  continued to repurchase shares our class a common stock stock repurchase program.
 between january 1 , 2006 and march 9 , 2006  repurchased 3. 9 million shares of class common stock for aggregate of $ 117. 4 million stock repurchase program.

period                 | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs ( 1 ) | approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions )
---------------------- | -------------------------------------- | ---------------------------- | -------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------
11/17/05 2013 11/30/05 | 874306                                 | $ 26.25                      | 874306                                                                                | $ 727.0
12/1/05 2013 12/31/05  | 1962213                                | $ 27.29                      | 1962213                                                                                | $ 673.4
total fourth quarter   | 2836519                                | $ 26.97                      | 2836519                                                                                | $ 673.4


guarantees to third parties.
 issued guar- antees and comfort letters of $ 171 million for debt and other obligations of unconsolidated affiliates, primarily for cpw.
 off-balance sheet arrangements limited to future payments under noncancelable operating leases totaled $ 408 million at may 28  may 28  2006 invested in four variable interest entities ( vies ).
 primary beneficiary ( pb ) of general mills capital , inc.
 ( gm capital ) , a subsidiary we consolidate in note eight to consoli- dated financial statements on pages 43 and 44 in item eight of report.
 interest in contract manufacturer at our former facility in geneva .
 not consolidated this entity because not material to our results of oper- ations , financial condition , or liquidity at may 28 , 2006.
 this entity had property and equipment of $ 50 million and long-term debt of $ 50 million at may 28 , 2006.
 not the pb of remaining two vies.
 maximum exposure to loss from these vies limited to $ 150 million minority interest in gm capital , contract manufactur- er 2019s debt and our $ 6 million of equity investments in two remaining vies.
 following table summarizes future estimated cash payments under existing contractual obligations including payments due by period.
 majority of purchase obligations represent commitments for raw mate- rial and packaging in normal course of business and for consumer-directed marketing commit- ments support our brands.
 net fair value of our interest rate and equity swaps was $ 159 million at may 28 , 2006 based on market values.
 future changes in market values will impact amount of cash paid or received to settle those instruments in future.
long-term obligations consist of income taxes , accrued compensation and benefits miscella- neous liabilities.
 unable to estimate timing of payments for these items.
 not significant statutory or contractual funding requirements for defined-benefit retirement and other postretirement benefit plans.
 further information on these plans including expected contributions for fiscal 2007  set in note thirteen to consolidated financial statements on pages 47 through 50 in item eight of report.
 in millions  payments due by fiscal year total 2007 2008-09 2010-11 2012 and thereafter.
 significant accounting estimates for complete description of significant accounting policies see note one to consolidated financial statements on pages 35 through 37 in item eight report.
 significant accounting estimates meaningful impact on reporting of financial condition and results of operations.
 poli- cies include accounting for trade and consumer promotion activities ; goodwill intangible asset impairments ; income taxes ; pension other postretirement benefits.
 trade and consumer promotion activities report sales net of certain coupon and trade promotion costs.
 consumer coupon costs recorded as reduction of sales based on estimated redemption value of coupons determined by historical patterns of coupon redemption consideration of current market conditions competitive activity in product categories.
 trade promotion costs include payments to customers to perform merchandising activities on behalf advertising in-store displays  discounts to list prices to lower retail shelf prices payments to gain distribution of new products.
 cost of these activi- ties recognized as related revenue is recorded precedes actual cash expenditure.
 recog- nition of these costs requires estimation of customer participation and performance levels.
 estimates made based on quantity of customer sales  timing forecasted costs of promotional activities other factors.
differences between estimated expenses and actual costs normally insignificant recognized as change in management estimate in subsequent period.
 accrued trade and consumer promotion liability was $ 339 million as of may 28 , 2006 , and $ 283 million as of may 29 , 2005.
 unit volume in last week of each quarter- higher than average for preceding weeks quarter.
 in comparison to average daily shipments in first 12 weeks quarter, final week of each quarter has approximately two to four days 2019 of incre- mental shipments ( based on five-day week ) reflecting increased promotional activity end of quarter.
 increased activity includes promotions to assure customers have sufficient inventory to support major marketing events or increased seasonal demand early next quarter promotions to help achieve interim unit volume targets.
 if due to quarter-end promotions or other reasons customers purchase more product in any reporting period than end-consumer demand require in future periods sales level in future reporting periods could be adversely affected.

in millionspayments dueby fiscal year | total  | 2007   | 2008-09 | 2010-11 | 2012 andthereafter
------------------------------------- | ------ | ------ | ------- | ------- | ------------------
long-term debt                        | $ 4546 | $ 2131 | $ 971   | $ 55    | $ 1389
accrued interest                      | 152    | 152    | 2013    | 2013    | 2013
operating leases                      | 408    | 92     | 142     | 89      | 85
purchaseobligations                   | 2351   | 2068   | 144     | 75      | 64
total                                 | $ 7457 | $ 4443 | $ 1257  | $ 219   | $ 1538


five-year performance comparison 2013 graph indicator of cumulative total shareholder returns for corporation compared to peer group index ) , dj trans  s&p 500.
 graph assumes $ 100 invested in common stock of union pacific corporation and each index on december 31 , 2012 all dividends reinvested.
 information historical not indicative of future performance.
 purchases of equity securities 2013 during 2017  repurchased 37122405 shares of common stock at average price of $ 110. 50.
 table presents common stock repurchases during each month for fourth quarter of 2017 : period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plan or program maximum number of shares remaining under plan or program.
 total number of shares purchased during quarter includes approximately 323670 shares delivered or attested to upc by employees to pay stock option exercise prices, satisfy excess tax withholding obligations for stock option exercises or vesting of retention units  pay withholding obligations for vesting of retention shares.
 effective january 1 , 2017  board of directors authorized repurchase of up to 120 million shares of common stock by december 31 , 2020.
 repurchases may be made on open market or through other transactions.
 management has sole discretion determining timing and amount of transactions.

period                   | total number of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]
------------------------ | ------------------------------------ | ---------------------------- | ----------------------------------------------------------------------------------- | ----------------------------------------------------------------
oct . 1 through oct . 31 | 3831636                              | $ 113.61                     | 3800000                                                                             | 89078662
nov . 1 through nov . 30 | 3005225                              | 117.07                       | 2937410                                                                             | 86141252
dec . 1 through dec . 31 | 2718319                              | 130.76                       | 2494100                                                                             | 83647152
total                    | 9555180                              | $ 119.58                     | 9231510                                                                             | n/a


disclosure of  issuance of certain guarantees.
 adoption of fasb interpretation no.
 45 signif- icant impact on net income or equity of company.
 in january 2003  fasb interpretation no.
 46 , 201cconsolidation of variable interest entities  interpretation of arb 51 , 201d issued.
 primary objectives of interpretation to provide guidance on identification and consolidation of variable interest entities entities for control achieved through means other than voting rights.
 company completed analysis of this interpretation determined it any vies.
 4.
 acquisitions family health plan , inc.
 effective january 1, 2004  company commenced opera- tions in ohio through acquisition from family health plan , inc.
 of certain medicaid-related assets for purchase price of approximately $ 6800.
 cost to acquire medicaid-related assets allocated to assets acquired and liabilities assumed according to estimated fair values.
 hmo blue texas effective august 1, 2003  company acquired certain medicaid-related contract rights of hmo blue texas in san antonio , texas market for $ 1045.
 purchase price allocated to acquired contracts amor- tized on straight-line basis over period five years expected period benefit.
 group practice affiliates during 2003  company acquired 100% ( ) ownership interest in group practice affiliates , llc  behavioral healthcare services company ( 63. 7% ( 63. 7 % ) in march 2003 and 36. 3% ( 36. 3 % ) in august 2003 ).
 consolidated financial state- ments include results of operations of gpa since march 1 , 2003.
 company paid $ 1800 for purchase of gpa.
cost to acquire ownership interest allocated to assets acquired liabilities assumed according to estimated fair values subject to adjustment when additional information asset liability valuations finalized.
 preliminary allocation resulted in goodwill of approximately $ 3895.
 goodwill not amortized not deductible for tax purposes.
 pro forma disclosures related to acquisition excluded as immaterial.
 scriptassist in march 2003  company purchased contract and name rights of scriptassist , llc ( scriptassist ) medication com- pliance company.
 purchase price of $ 563 allocated to acquired contracts amortized straight-line basis over period five years expected period benefit.
 investor group held membership interests in scriptassist included one of company 2019s executive officers.
 university health plans , inc.
 on december 1 , 2002 company purchased 80% ( 80 % ) of outstanding capital stock of university health plans , inc.
 uhp in new jersey.
 october 2003  company exercised option to purchase remaining 20% ( 20 % ) of outstanding capital stock.
 centene paid total purchase price of $ 13258.
 results of operations for uhp included in consolidated financial statements since december 1 , 2002.
 acquisition of uhp resulted in identified intangible assets of $ 3800  representing purchased contract rights provider network.
 intangibles amortized over ten-year period.
 goodwill of $ 7940 not amortized not deductible for tax purposes.
 changes during 2003 to preliminary purchase price allocation consisted of purchase of remaining 20% ( 20 % ) of outstanding stock recognition of intangible assets and related deferred tax liabilities.
 unaudited pro forma information presents results of operations of centene and subsidiaries as if uhp acquisition occurred as of january 1 , 2001.
pro forma results may not- reflect actual results of operations achieved nor necessarily indicative of future results operations.
 diluted earnings per common share 1. 48 1. 00 texas universities health plan in june 2002  company purchased schip contracts in three texas service areas.
 cash purchase price of $ 595 recorded as purchased contract rights amortized straight-line basis over five years expected period of benefit.
 bankers reserve in march 2002  company acquired bankers reserve life insurance company of wisconsin for cash purchase price of $ 3527.
 company allocated purchase price to net tangible and identifiable intangible assets based on fair value.
 centene allocated $ 479 to identifiable intangible assets representing value assigned to acquired licenses  amortized straight-line basis over notes to consolidated financial statements ( continued ) centene corporation and subsidiaries

| 2002     | 2001
--------------------------------- | -------- | --------
revenue                           | $ 567048 | $ 395155
net earnings                      | 25869    | 11573
diluted earnings per common share | 1.48     | 1.00


table of contents valero energy corporation subsidiaries notes to consolidated financial statements continued ) commodity price risk exposed to market risks related to volatility in price of crude oil , refined products ( primarily gasoline distillate ) grain ( primarily corn )  natural gas used in our operations.
 to reduce impact of price volatility on results operations cash flows  use commodity derivative instruments  including futures , swaps  options.
 use futures markets for available liquidity provides greater flexibility in transacting hedging trading operations.
 use swaps to manage price exposure.
 positions in commodity derivative instruments monitored managed daily by risk control group ensure compliance with risk management policy approved by board of directors.
 for risk management purposes use fair value hedges , cash flow hedges  economic hedges.
 in addition to use derivative instruments to manage commodity price risk enter into certain commodity derivative instruments for trading purposes.
 objective for entering into each type of hedge or trading derivative described below.
 fair value hedges fair hedges used to hedge price volatility in certain refining inventories firm commitments to purchase inventories.
 level of activity for fair value hedges based on level operating inventories represents amount by inventories differ from previous year-end lifo inventory levels.
 as of december 31 , 2012 , had following outstanding commodity derivative instruments entered into to hedge crude oil refined product inventories commodity derivative instruments related to physical purchase of crude oil refined products at fixed price.
 information presents notional volume of outstanding contracts by type of instrument year of maturity ( volumes in thousands of barrels ).
 notional contract volumes by year of maturity derivative instrument 2013.

derivative instrument           | notionalcontractvolumes byyear ofmaturity 2013
------------------------------- | ----------------------------------------------
crude oil and refined products: |
futures 2013 long               | 1052
futures 2013 short              | 4857
physical contracts - long       | 3805


mandatorily redeemable securities of subsidiary trusts total qualify as tier 1 capital were $ 23. 899 billion at december 31 , 2008 compared to $ 23. 594 billion at december 31 , 2007.
 in 2008 citigroup issue new enhanced trust preferred securities.
 frb issued final rule effective date of april 11 , 2005 retains trust preferred securities in tier 1 capital of bank holding companies with stricter quantitative limits clearer qualitative standards.
 after five-year transition period aggregate amount of trust preferred securities and other restricted core capital elements included in tier 1 capital of internationally active banking organizations citigroup limited to 15% ( 15 % ) of total core capital elements net of goodwill less deferred tax liability.
 amount trust preferred securities and certain other elements in excess of limit could be included in tier 2 capital  subject to restrictions.
 at december 31 , 2008  citigroup had approximately 11. 8% ( 11. 8 % ) against limit.
 company expects to be within restricted core capital limits prior to implementation date of march 31 , 2009.
 frb permits additional securities equity units sold to adia be included in tier 1 capital up to 25% ( 25 % ) ( including restricted core capital elements in 15% ( 15 % ) limit ) of total core capital elements net of goodwill less deferred tax liability.
 at december 31 , 2008 citigroup had approximately 16. 1% ( 16. 1 % ) against limit.
 frb granted interim capital relief for impact of adopting sfas 158 at december 31 , 2008 and december 31 , 2007.
 frb and ffiec may propose amendments to issue interpretations of risk-based capital guidelines and reporting instructions.
may affect reported capital ratios net risk-weighted assets.
 capital resources of citigroup 2019s depository institutions subsidiary depository institutions in united states subject to risk-based capital guidelines issued by primary federal bank regulatory agencies similar to frb 2019s guidelines.
 to be 201cwell capitalized 201d under federal bank regulatory agency definitions citigroup 2019s depository institutions must have tier 1 capital ratio at least 6% ( 6 % ) total capital ( 1 + 2 capital ) ratio at least 10% ( 10 % ) leverage ratio at least 5% ( 5 % ) not subject to regulatory directive to meet maintain higher capital levels.
 at december 31 , 2008 all citigroup 2019s subsidiary depository institutions were 201cwell capitalized 201d under federal regulatory agencies 2019 definitions including citigroup 2019s primary depository institution  citibank , n. as noted in table :.
 components of capital ratios under regulatory guidelines in billions of dollars at year end 2008 2007.
 leverage ratio ( 1 ) 5. 82 6. 65 ( 1 ) tier 1 capital divided by adjusted average assets.
 citibank n.
 had net loss for 2008 to $ 6. 2 billion.
 during 2008 citibank.
 received contributions from parent company of $ 6. 1 billion.
.
 did not issue additional subordinated notes in 2008.
 total subordinated notes issued to citicorp holdings inc.
 outstanding at december 31 , 2008 december 31 , 2007 included in citibank. 2019s tier 2 capital  amounted to $ 28. 2 billion.
 citibank.
 received additional $ 14. 3 billion in capital contribution from parent company in january 2009.
 impact of contribution not reflected in table.
substantial events in 2008 impacting capital citigroup , potential future events discussed page 94 under 201ccitigroup regulatory capital ratios , 201d affected or could affect citibank , n. a.

in billions of dollars at year end        | 2008             | 2007
----------------------------------------- | ---------------- | ----------------
tier 1 capital                            | $ 71.0           | $ 82.0
total capital ( tier 1 and tier 2 )       | 108.4            | 121.6
tier 1 capital ratio                      | 9.94% ( 9.94 % ) | 8.98% ( 8.98 % )
total capital ratio ( tier 1 and tier 2 ) | 15.18            | 13.33
leverage ratio ( 1 )                      | 5.82             | 6.65


table of contents adobe inc.
 notes to consolidated financial statements continued ) certain states foreign jurisdictions to utilize available tax credits other attributes.
 deferred tax assets offset by valuation allowance likely than not not expected to be realized.
 provide.
 income taxes on earnings of foreign subsidiaries unless subsidiaries 2019 earnings considered permanently reinvested outside united states or exempted from taxation new territorial tax system.
 foreign earnings previously as permanently reinvested repatriated related.
 tax liability may be reduced by foreign income taxes paid on these earnings.
 as of november 30 , 2018  cumulative amount of earnings upon.
 income taxes not provided is approximately $ 275 million.
 unrecognized deferred tax liability for these earnings is approximately $ 57. 8 million.
 as of november 30 , 2018 net operating loss carryforwards of approximately $ 881. 1 million for federal and $ 349. 7 million for state.
 federal , state and foreign tax credit carryforwards of approximately $ 8. 8 million , $ 189. 9 million $ 14. 9 million  respectively.
 net operating loss carryforward assets and tax credits expire in various years from fiscal 2019 through 2036.
 state tax credit carryforwards and portion of federal net operating loss carryforwards can be carried forward indefinitely.
 net operating loss carryforward assets and certain credits reduced by valuation allowance subject to annual limitation under internal revenue code section 382 carrying amount expected to be fully realized.
 as of november 30 , 2018 valuation allowance of $ 174. 5 million established for certain deferred tax assets related to certain state and foreign assets.
 for fiscal 2018  total change in valuation allowance was $ 80. 9 million.
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in total gross unrecognized tax benefits summarized as ( in thousands ) :.
 combined accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24. 6 million and $ 23. 6 million for fiscal 2018 and 2017 , respectively.
 these amounts included in long-term income taxes payable in respective years.
 we file income tax returns in united states federal basis and in many.
 state and foreign jurisdictions.
 subject to continual examination of income tax returns by irs domestic and foreign tax authorities.
 major tax jurisdictions are ireland , california and united states.
 for earliest fiscal years open for examination are 2008 , 2014 and 2015 .
 we regularly assess likelihood of outcomes from these examinations to determine adequacy of provision for income taxes and reserved for potential adjustments from examinations.
 believe such estimates to be reasonable ; no assurance that final determination of these examinations will not have adverse effect on our operating results and financial position.
 timing of resolution of income tax examinations highly uncertain as are amounts and timing of tax payments part of audit settlement process.
 these events could cause large fluctuations in balance of short-term and long- term assets , liabilities and income taxes payable.
 believe within next 12 months possible that certain audits will conclude or statutes of limitations on certain income tax examination periods will expire  or both.
 given uncertainties described can only determine range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million.

| 2018             | 2017
---------------------------------------------------------------------------- | ---------------- | ----------------
beginning balance                                                            | $ 172945         | $ 178413
gross increases in unrecognized tax benefits 2013 prior year tax positions   | 16191            | 3680
gross decreases in unrecognized tax benefits 2013 prior year tax positions   | -4000 ( 4000 )   | -30166 ( 30166 )
gross increases in unrecognized tax benefits 2013 current year tax positions | 60721            | 24927
settlements with taxing authorities                                          | 2014             | -3876 ( 3876 )
lapse of statute of limitations                                              | -45922 ( 45922 ) | -8819 ( 8819 )
foreign exchange gains and losses                                            | -3783 ( 3783 )   | 8786
ending balance                                                               | $ 196152         | $ 172945


transfer agent and registrar for common stock for is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable.
 repurchase of equity securities table provides information regarding our purchases of equity securities during period from october 1 , 2015 to december 31 , 2015.
 total number of shares units ) purchased 1 average price paid per share unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number approximate dollar value ) of shares units ) be purchased under plans or programs 3.
 1 included shares of common stock , par value $ 0. 10 per share , withheld under grants employee stock-based compensation plans to offset tax withholding obligations upon vesting release of restricted shares ( 201cwithheld shares 201d ).
 repurchased 1004 withheld shares in october 2015  1777 in november 2015 9342 withheld shares in december 2015.
 2 average price per share for each months fiscal quarter three-month period calculated by dividing sum of applicable period aggregate value of tax withholding obligations and aggregate amount paid for shares acquired under stock repurchase program  described in note 5 to consolidated financial statements , by sum of number of withheld shares and number of shares acquired in stock repurchase program.
 3 in february 2015  board authorized share repurchase program to repurchase up to $ 300. 0 million , excluding fees  of our common stock ( 201c2015 share repurchase program 201d ).
 on february 12 , 2016  announced board approved new share repurchase program to repurchase up to $ 300.0 million  excluding fees  of common stock.
 new authorization in addition to amounts remaining for repurchase under 2015 share repurchase program.
 no expiration date associated with share repurchase programs.

| total number ofshares ( or units ) purchased1 | average price paidper share ( or unit ) 2 | total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3 | maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs3
--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------
october 1 - 31  | 2140511                                       | $ 20.54                                   | 2139507                                                                                | $ 227368014
november 1 - 30 | 1126378                                       | $ 22.95                                   | 1124601                                                                                | $ 201557625
december 1 - 31 | 1881992                                       | $ 22.97                                   | 1872650                                                                                | $ 158553178
total           | 5148881                                       | $ 21.96                                   | 5136758                                                                                |


entergy texas , inc.
 and subsidiaries management 2019s financial discussion analysis contractual obligations entergy texas expects to contribute approximately $ 17 million to qualified pension plans approximately $ 3. 2 million to other postretirement health care and life insurance plans in 2017  2017 required pension contributions known with more certainty when january 1 , 2017 valuations completed expected by april 1 , 2017.
 see 201ccritical accounting estimates - qualified pension and other postretirement benefits 201d below for discussion of qualified pension other postretirement benefits funding.
 contractual obligations entergy texas has $ 15. 6 million of unrecognized tax benefits and interest net of unused tax attributes payments 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.
 routine capital spending to maintain operations  planned capital investment estimate for entergy texas includes specific investments montgomery county power station ; transmission projects reliability reduce congestion  economic growth ; distribution spending reliability improve service customers  initial investment support advanced metering ; system improvements ; other investments.
 estimated capital expenditures subject to periodic review modification may vary based on effects regulatory constraints requirements , environmental compliance , business opportunities  market volatility  economic trends  business restructuring changes in project plans ability to access capital.
 management provides more information on long-term debt in note 5 to financial statements.
 discussed in 201ccapital structure , 201d entergy texas evaluates ability to pay dividends to entergy corporation from earnings.
sources capital entergy texas 2019s sources meet capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred stock issuances ; 2022 bank financing under new or existing facilities.
 entergy texas may refinance  redeem retire debt prior to maturity extent market conditions interest dividend rates favorable.
 all debt and common preferred stock issuances by entergy texas require prior regulatory approval.
 debt issuances subject to issuance tests in bond indenture other agreements.
 entergy texas has sufficient capacity under these tests to meet foreseeable capital needs.
 entergy texas 2019s 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 money pool.
 entergy texas has credit facility in $ 150 million scheduled to expire in august 2021.
 credit facility allows entergy to issue letters of credit against 50% ( 50 % ) of borrowing capacity facility.
 as of december 31, 2016 no cash borrowings $ 4. 7 million of letters of credit outstanding under credit facility.
 entergy texas is party to uncommitted letter of credit facility to post collateral

2016             | 2015             | 2014             | 2013
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 681            | ( $ 22068 )      | $ 306            | $ 6287


increased by $ 105. 6 million , or 3. 4% (. 4 % )  from 2006 to 2007.
 table reflects components our revenue growth for years ended december 31 , 2008 , 2007 and 2006:.
 ( 1 ) core volume growth for year ended december 31 , 2006 includes. 8% (. 8 % ) associated with hauling waste from city of toronto to our landfills in michigan.
 hauling service provided city at rate approximates our cost.
 ( 2 ) includes impact of acquisition of allied in december 2008.
 ( 3 ) represents new taxes levied on landfill volumes in certain states passed on to customers.
 2008 : year ended december 31, 2008 core revenue growth continued benefit from broad-based pricing initiative.
 14. 7% ( 14. 7 % ) of revenue growth due to acquisition of allied in december 2008.
 revenue growth benefited from higher fuel surcharges and environmental fees.
 during 2008 experienced lower prices for commodities.
 decrease in core volumes primarily due to lower commercial and industrial collection volumes and lower landfill volumes from slowdown in economy.
 expect to continue to experience lower volumes until economic conditions improve.
 2007 : year ended december 31, 2007 revenue growth from core pricing continued benefit from broad-based pricing initiative.
 benefited from higher prices for commodities.
 experienced decrease in core volume growth primarily due to lower industrial collection and landfill volumes from slowdown in residential construction.
 2006 : year ended december 31 , 2006  revenue growth continued benefit from broad-based pricing initiative.
 experienced core volume growth in collection and landfill lines of business.
 growth partially offset by hurricane clean-up efforts during fourth quarter of 2005.
 2009 outlook anticipate internal revenue from core operations to decrease approximately 4. 0% ( 4. 0 % ) during 2009.
decrease is expected net growth in core pricing approximately 4. 0% ( 4. 0 % ) expected decrease in volume approximately 8. 0% ( 8. 0 % ).
 projections assume no deterioration or improvement in overall economy from fourth quarter 2008.
 internal growth may remain flat or decline in 2009 depending on economic conditions success implementing pricing initiatives.
 cost of operations.
 cost was $ 2. 4 billion , $ 2. 0 billion $ 1. 9 billion  as percentage of revenue , 65. 6% ( 65. 6 % ) , 63. 1% ( 63. 1 % ) 62. 7% ( 62. 7 % ) for years ended december 31 , 2008 , 2007 2006 .
 increase in cost of operations aggregate for year ended december 31 , 2008 versus comparable 2007 period primarily result of acquisition of allied in december 2008.
 remaining increase in cost operations increase percentage revenue primarily due to charges recorded during 2008 of $ 98. 0 million related to estimated costs to comply with f&os issued oepa aoc issued by epa response to environmental conditions at countywide facility in ohio  $ 21. 9 million related to environmental conditions at closed disposal facility %%transmsg*** transmitting job : p14076 pcn : 048000000 ***%pcmsg|46 |00044|yes|no|02/28/2009 17:08|0|0|page valid  no graphics -- color : d|

| 2008             | 2007           | 2006
-------------------------------------- | ---------------- | -------------- | --------------
core price                             | 4.0% ( 4.0 % )   | 4.2% ( 4.2 % ) | 3.4% ( 3.4 % )
fuel surcharges                        | 1.8              | .2             | 1.1
environmental fees                     | .4               | .2             | .4
recycling commodities                  | .1               | .9             | -.1 ( .1 )
total price                            | 6.3              | 5.5            | 4.8
core volume ( 1 )                      | -3.9 ( 3.9 )     | -1.5 ( 1.5 )   | 2.4
non-core volume                        | .1               | -.1 ( .1 )     | 2014
total volume                           | -3.8 ( 3.8 )     | -1.6 ( 1.6 )   | 2.4
total internal growth                  | 2.5              | 3.9            | 7.2
acquisitions net of divestitures ( 2 ) | 13.4             | -.5 ( .5 )     | -.1 ( .1 )
taxes ( 3 )                            | .1               | 2014           | .1
total revenue growth                   | 16.0% ( 16.0 % ) | 3.4% ( 3.4 % ) | 7.2% ( 7.2 % )


entergy corporation subsidiaries notes to financial statements liability to $ 60 million recorded $ 2. 7 million difference as credit to interest expense.
 $ 60 million remaining liability eliminated upon payment of cash portion of purchase price.
 as of december 31 , 2016 entergy louisiana  connection with waterford 3 lease obligation had future minimum lease payment ( reflecting interest rate of 8. 09% ( 8. 09 % ) ) of $ 57. 5 million  including $ 2. 3 million in interest due january 2017 recorded as long-term debt.
 in february 2017 leases terminated leased assets conveyed to entergy louisiana.
 grand gulf lease obligations in 1988 in two separate identical transactions system energy sold and leased back undivided ownership interests in grand gulf for aggregate sum of $ 500 million.
 initial term of leases expired in july 2015.
 system energy renewed leases for fair market value with renewal terms expiring in july 2036.
 end of new lease renewal terms system energy option to repurchase leased interests grand gulf or renew leases at fair market value.
 system energy not renew or purchase interests system energy surrender interests and associated entitlement of grand gulf 2019s capacity and energy.
 system energy required to report sale-leaseback as financing transaction in financial statements.
 for financial reporting system energy expenses interest portion of lease obligation plant depreciation.
 operating revenues include recovery of lease payments transactions accounted for as sale and leaseback for ratemaking purposes.
consistent with recommendation in ferc audit report , system energy recorded as net regulatory asset difference between recovery lease payments and amounts expensed for interest and depreciation continues to record difference as regulatory asset or liability ongoing resulting in zero net balance for regulatory asset at end of lease term.
 was net regulatory liability of $ 55. 6 million and $ 55. 6 million as of december 31 , 2016 and 2015 , respectively.
 as of december 31  2016 system energy  with grand gulf sale and leaseback transactions  had future minimum lease payments ( reflecting implicit rate of 5. 13% ( 5. 13 % ) ) recorded as long-term debt  as : amount ( in thousands ).

| amount ( in thousands )
------------------------------------------- | -----------------------
2017                                        | $ 17188
2018                                        | 17188
2019                                        | 17188
2020                                        | 17188
2021                                        | 17188
years thereafter                            | 257812
total                                       | 343752
less : amount representing interest         | 309393
present value of net minimum lease payments | $ 34359


note 17.
 accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes  consisted of:.
 reclassifications from other comprehensive earnings movements in accumulated other comprehensive losses related tax impact  for components due to current period activity and reclassifications to income statement shown on consolidated statements of comprehensive earnings for years ended december 31 , 2017 , 2016 , and 2015.
 for years, $ 2 million , $ ( 5 ) million and $ 1 million of net currency translation adjustment gains/ ( losses ) transferred from other comprehensive earnings to marketing , administration research costs in consolidated statements of earnings  upon liquidation of subsidiaries.
 for additional information  see note 13.
 benefit plans and note 15.
 financial instruments for disclosures related to pmi's pension and other benefits derivative financial instruments.
 note 18.
 contingencies : tobacco-related litigation legal proceedings wide range matters pending or threatened against us  our subsidiaries  our indemnitees in various jurisdictions.
 indemnitees include distributors , licensees others named as parties in certain cases we agreed to defend to pay costs and judgments  if entered against them.
 to terms of distribution agreement between altria group , inc.
 ( "altria" ) and pmi , pmi will indemnify altria and philip morris usa inc.
 ( "pm usa" )  u. s.
 tobacco subsidiary of altria , for tobacco product claims based on products manufactured by pmi or contract manufactured for pmi by pm usa  pm usa will indemnify pmi for tobacco product claims based on products manufactured by pm usa  excluding tobacco products contract manufactured for pmi.
possible could be adverse developments in pending cases against us and our subsidiaries.
 unfavorable outcome or settlement of pending tobacco-related litigation could encourage commencement of additional litigation.
 damages claimed in some tobacco-related litigation are significant and  in certain cases in brazil , canada and nigeria , range into billions of u. s.
 dollars.
 variability in pleadings in multiple jurisdictions , with actual experience of management in litigating claims , demonstrate monetary relief specified in lawsuit bears little relevance to ultimate outcome.
 much of tobacco-related litigation is in its early stages , litigation subject to uncertainty.
 however , discussed we have to date been largely successful in defending tobacco-related litigation.
 we and our subsidiaries record provisions in consolidated financial statements for pending litigation when we determine unfavorable outcome is probable and amount of loss can be reasonably estimated.
 at present time  reasonably possible unfavorable outcome in case may occur , after assessing information available ( management has not concluded it probable a loss incurred in any pending tobacco-related cases ; ( ii management unable to estimate possible loss or range of loss for any pending tobacco-related cases ; iii  no estimated loss accrued in consolidated financial statements for unfavorable outcomes in these cases , if any.
 legal defense costs are expensed as incurred.

( losses ) earnings ( in millions )          | ( losses ) earnings 2017 | ( losses ) earnings 2016 | 2015
-------------------------------------------- | ------------------------ | ------------------------ | ----------------
currency translation adjustments             | $ -5761 ( 5761 )         | $ -6091 ( 6091 )         | $ -6129 ( 6129 )
pension and other benefits                   | -2816 ( 2816 )           | -3565 ( 3565 )           | -3332 ( 3332 )
derivatives accounted for as hedges          | 42                       | 97                       | 59
total accumulated other comprehensive losses | $ -8535 ( 8535 )         | $ -9559 ( 9559 )         | $ -9402 ( 9402 )


hologic , inc.
 notes to consolidated financial statements ( continued ) ( in thousands  except per share data ) determination of measurement date for market price of acquirer securities issued in purchase business combination.
 components and allocation of purchase price  consists of following approximate amounts:.
 company begun to assess formulate plan to restructure r2 2019s historical activities.
 as of acquisition date company recorded liability of approximately $ 798 in accordance with eitf issue no.
 95-3 , recognition of liabilities in connection with purchase business combination  related to termination of certain employees and loss related to abandonment of lease space under plan approximately $ 46 paid as of september 30 , 2006.
 company believes plan will be finalized within one year from acquisition date record additional liabilities resulting in increase to goodwill.
 final purchase price allocations completed within one year of acquisition adjustments not expected to material impact on company 2019s financial position or results of operation.
 part of purchase price allocation  all intangible assets part of acquisition identified and valued.
 determined only customer relationships , trademarks and developed technology had separately identifiable values.
 customer relationships represent r2 2019s strong active customer base, dominant market position strong partnership with large companies.
 trademarks represent r2 product names company intends to continue to use.
 developed technology represents currently marketable purchased products company continues to resell utilize enhance incorporate into company 2019s existing products.
 estimated $ 10200 of purchase price allocated to in-process research and development projects related to r2s digital cad products.
 projects expected to add direct digital algorithm capabilities new platform technology to analyze images and breast density measurement.
 project is approximately 20% ( % ) complete company expects to spend approximately $ 3100 over the year to complete.
deferred income tax asset relates to tax effect of acquired net operating loss carry forwards company believes realizable partially offset by acquired identifiable intangible assets fair value adjustments to acquired inventory not deductible for tax.
 acquisition of suros surgical systems , inc.
 on july 27 , 2006  company completed acquisition suros. pursuant to agreement and plan of merger dated april 17 , 2006.
 results of operations for suros included in company 2019s consolidated financial statements from date of acquisition as part of mammography business segment.
 suros surgical  located in indianapolis , indiana develops manufactures sells minimally invasive interventional breast biopsy technology products for biopsy  tissue removal biopsy site marking.

net tangible assets acquired as of july 13 2006 | $ 800
----------------------------------------------- | --------
in-process research and development             | 10200
developed technology and know how               | 39500
customer relationship                           | 15700
trade name                                      | 3300
order backlog                                   | 800
deferred income taxes                           | 4400
goodwill                                        | 145900
estimated purchase price                        | $ 220600


notes to consolidated financial statements union pacific corporation subsidiary companies for this report  unless context otherwise requires references to 201ccorporation 201d , 201ccompany 201d , 201cupc 201d  201cwe 201d  201cus 201d  201cour 201d mean union pacific corporation and subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.
 1.
 nature of operations operations segmentation 2013 we are class i railroad operating in u. s.
 network includes 32084 route miles linking pacific coast gulf coast ports with midwest eastern u. s.
 gateways providing several corridors to key mexican gateways.
 own 26064 miles operate on remainder to trackage rights or leases.
 serve western two-thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast , pacific coast southeast southwest  canada  mexico.
 export and import traffic moved through gulf coast pacific coast ports across mexican and canadian borders.
 railroad , along with subsidiaries rail affiliates is our one reportable operating segment.
 provide analyze revenue by commodity group treat financial results of railroad as one segment due to integrated nature of rail network.
 following table provides freight revenue by commodity group:.
 revenues principally derived from customers domiciled in u. s. , ultimate points of origination or destination for some products transported outside u. s.
 each commodity groups includes revenue from shipments to and from mexico.
 included in above table are freight revenues from mexico business amounted to $ 2. 2 billion in 2015 , $ 2. 3 billion in 2014 , and $ 2.1 billion in 2013.
 basis presentation 2013 consolidated financial statements presented accordance with accounting principles accepted.
 codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).
 certain prior period amounts in statement of cash flows income tax footnote aggregated or disaggregated to conform current period financial presentation.
 2.
 significant accounting policies principles of consolidation 2013 consolidated financial statements include accounts of union pacific corporation subsidiaries.
 investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) accounted for using equity method accounting.
 intercompany transactions eliminated.
 no less than majority-owned investments require consolidation under variable interest entity requirements.
 cash cash equivalents 2013 cash equivalents consist investments with original maturities of three months or less.
 accounts receivable 2013 accounts receivable includes receivables reduced by allowance for doubtful accounts.
 allowance based upon historical losses credit worthiness of customers current

millions                 | 2015    | 2014    | 2013
------------------------ | ------- | ------- | -------
agricultural products    | $ 3581  | $ 3777  | $ 3276
automotive               | 2154    | 2103    | 2077
chemicals                | 3543    | 3664    | 3501
coal                     | 3237    | 4127    | 3978
industrial products      | 3808    | 4400    | 3822
intermodal               | 4074    | 4489    | 4030
total freight revenues   | $ 20397 | $ 22560 | $ 20684
other revenues           | 1416    | 1428    | 1279
total operating revenues | $ 21813 | $ 23988 | $ 21963


adobe systems incorporated notes to consolidated financial statements continued ) we review goodwill for impairment annually or more frequently if facts circumstances warrant review.
 completed annual impairment test in second quarter of fiscal 2013.
 elected to use step 1 quantitative assessment for three reporting units 2014digital media , digital marketing and print and publishing 2014and determined no impairment of goodwill.
 no significant risk of material goodwill impairment in reporting units based upon results of annual goodwill impairment test.
 we amortize intangible assets with finite lives over estimated useful lives and review them for impairment whenever impairment indicator exists.
 continually monitor events and changes in circumstances could indicate carrying amounts of long-lived assets including intangible assets may not be recoverable.
 when events changes circumstances occur assess recoverability by determining whether carrying value of assets will be recovered through undiscounted expected future cash flows.
 if future undiscounted cash flows less than carrying amount of assets recognize impairment loss based on excess of carrying amount over fair value of assets.
 did not recognize intangible asset impairment charges in fiscal 2013 , 2012 or 2011.
 intangible assets amortized over estimated useful lives of 1 to 14 years.
 amortization based on pattern in economic benefits of intangible asset consumed or on straight-line basis when consumption pattern not apparent.
 weighted average useful lives of intangible assets were as follows : weighted average useful life ( years ).
 software development costs capitalization of software development costs for software to be sold , leased or marketed begins upon establishment of technological feasibility generally completion of working prototype certified as having no critical bugs and release candidate.
amortization begins once software ready for intended use  generally based on pattern economic benefits consumed.
 to date , software development costs incurred between completion of working prototype and general availability of related product not material.
 internal use software we capitalize costs associated with customized internal-use software systems reached application development stage.
 such capitalized costs include external direct costs in developing or obtaining applications and payroll payroll-related expenses for employees  directly associated with development applications.
 capitalization of costs begins when preliminary project stage complete and ceases at point project substantially complete and ready for intended purpose.
 income taxes we use asset and liability method of accounting for income taxes.
 under method income tax expense recognized for amount of taxes payable or refundable for current year.
 in deferred tax assets and liabilities recognized for expected future tax consequences of temporary differences between financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards.
 we record valuation allowance to reduce deferred tax assets to amount for realization more likely than not.

| weighted averageuseful life ( years )
------------------------------------ | -------------------------------------
purchased technology                 | 6
customer contracts and relationships | 10
trademarks                           | 8
acquired rights to use technology    | 8
localization                         | 1
other intangibles                    | 3


note 18 2013 earnings per share ( eps ) basic eps calculated by dividing net earnings attributable to allegion plc by weighted-average number of ordinary shares outstanding for applicable period.
 diluted eps calculated after adjusting denominator basic eps calculation for effect all potentially dilutive ordinary shares  in includes shares issuable under share-based compensation plans.
 table summarizes weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations:.
 at december 31 , 2018 , 0. 1 million stock options excluded from computation of weighted-average diluted shares outstanding because effect including these shares would have been anti-dilutive.
 note 19 2013 net revenues recognized based on satisfaction of performance obligations under terms contract.
 performance obligation is promise contract to transfer control of distinct product or provide service  or bundle products services to customer unit of account under asc 606.
 company has two principal revenue streams , tangible product sales and services.
 approximately 99% ( 99 % ) of consolidated net revenues involve contracts with single performance obligation , transfer of control of product or bundle of products to customer.
 transfer of control typically occurs when goods shipped from company's facilities or at other predetermined control transfer points ( for destination terms ).
 net revenues measured as amount of consideration expected to received in exchange for transferring control of products takes into account variable consideration , as sales incentive programs including discounts and volume rebates.
 existence of these programs does not preclude revenue recognition but require company's best estimate of variable consideration based on expected activity items reserved for deduction to net revenues over time based on company's historical rates of providing incentives and annual forecasted sales volumes.
company offers standard warranty with most product sales value of warranty included in contractual price.
 corresponding cost of warranty obligation accrued as a liability ( see note 20 ).
 company's remaining net revenues involve services  including installation and consulting.
 unlike single performance obligation to ship product or bundle of products service revenue stream delays revenue recognition until service performance obligations satisfied.
 in some instances customer acceptance provisions included in sales arrangements to buyer ability to ensure service meets criteria established in order.
 revenue recognition deferred until performance obligations satisfied could include acceptance terms in arrangement fulfilled through customer acceptance or demonstration established criteria satisfied.
 during year ended december 31, 2018  no adjustments related to performance obligations satisfied in previous periods recorded.
 upon adoption of asc 606  company used practical expedients to omit disclosure of remaining performance obligations for contracts with original expected duration of one year or less and for contracts where company right to invoice for performance completed to date.
 transaction price not adjusted for effects of significant financing component , as time period between control transfer of goods and services less than one year.
 sales , value-added other similar taxes collected by company excluded from net revenues.
 company elected to account for shipping and handling activities after control of related goods transfers as fulfillment activities instead of performance obligations.
 these activities included in cost of goods sold in consolidated statements of comprehensive income.
 company 2019s payment terms generally consistent with industries in businesses operate.
 following table shows company's net revenues for years ended december 31 , based on two principal revenue streams, tangible product sales and services , disaggregated by business segment.
net revenues shown by tangible product sales services , as contract terms  conditions economic factors affecting nature amount timing uncertainty around revenue recognition cash flows substantially similar within each of two principal revenue streams:

in millions                                 | 2018 | 2017 | 2016
------------------------------------------- | ---- | ---- | ----
weighted-average number of basic shares     | 95.0 | 95.1 | 95.8
shares issuable under incentive stock plans | 0.7  | 0.9  | 1.1
weighted-average number of diluted shares   | 95.7 | 96.0 | 96.9


2022 international.
 in  our international markets less advanced current technologies for wireless services.
 demand for communications sites driven by continued voice network investments  new market entrants initial 3g data network deployments.
 for example in india  nationwide voice networks continue to deployed as wireless service providers beginning initial investments in 3g data networks  result of recent spectrum auctions.
 in mexico and brazil  where nationwide voice networks deployed, some incumbent wireless service providers continue to invest in 3g data networks recent spectrum auctions enabled other incumbent wireless service providers new market entrants to begin initial investments in 3g data networks.
 in markets chile and peru  recent spectrum auctions attracted new market entrants expected to begin investment in deploying nationwide voice and 3g data networks.
 believe demand for our tower sites will continue in international markets as wireless service providers seek to remain competitive by increasing coverage of networks investing in next generation data networks.
 rental and management operations new site revenue growth.
 during year ended december 31 , 2010  grew portfolio of communications sites through acquisitions and construction activities including acquisition and construction of approximately 7800 sites.
 continue to evaluate opportunities to acquire larger communications site portfolios domestically and internationally believe can effectively integrate into existing portfolio.
 majority of sites acquired or constructed internationally during 2010 and 2009 were in india newly launched operations in chile , colombia peru.
 network development services segment revenue growth.
 continue focus on growing rental and management operations anticipate network development services revenue will continue to represent small percentage of total revenues.
through our network development services segment  we offer tower-related services  including site acquisition  zoning permitting services structural analysis services primarily support our site leasing business addition of new tenants equipment on our sites.
 rental and management operations expenses.
 rental and management operations expenses include direct site level expenses consist primarily of ground rent  property taxes  repairs maintenance utilities.
 these segment level expenses exclude all segment and corporate level selling , general , administrative development expenses  aggregated into one line item entitled selling , general , administrative and development expense.
 rental and management segment level selling , general administrative expenses do not significantly increase of adding incremental tenants to legacy sites typically increase only modestly year-over-year.
 leasing additional space to new tenants on legacy sites provides significant incremental cash flow.
 in geographic areas where we recently launched operations or focused on materially expanding site footprint may incur additional segment level selling  general administrative expenses as we increase presence in these areas.
 profit margin growth positively impacted by addition of new tenants to legacy sites can be temporarily diluted by development activities.
 reit election.
 as review tax strategy assess utilization of federal and state nols actively considering election to reit for u. s.
 federal and  where applicable  state income tax purposes.
 may make determination to elect reit status for taxable year beginning january 1 , 2012  as early as second half of 2011  subject to approval of board of directors  no certainty to timing of reit election or whether make reit election at all.

new sites ( acquired or constructed ) | 2010 | 2009 | 2008
------------------------------------- | ---- | ---- | ----
domestic                              | 947  | 528  | 160
international ( 1 )                   | 6865 | 3022 | 801


discount rate assumption determined for pension and postretirement benefit plans independently.
 year-end 2011  company began using approach process settlement of obligations tailored to plans 2019 expected cash flows by matching plans 2019 cash flows to coupons expected maturity values of selected bonds.
 yield curve developed for universe containing majority of u. s. -issued aa-graded corporate bonds all non callable ( or callable with make-whole provisions ).
 historically for each plan discount rate developed as level equivalent rate same present value as using spot rates aligned with projected benefit payments.
 expected long-term rate of return on plan assets based on historical projected rates of return prior to administrative investment management fees for current planned asset classes in plans 2019 investment portfolios.
 assumed projected rates of return for each plans 2019 projected asset classes selected after analyzing historical experience future expectations of returns volatility of various asset classes.
 based on target asset allocation for each asset class overall expected rate of return for portfolio developed adjusted for historical expected experience of active portfolio management results compared to benchmark returns for effect of expenses paid from plan assets.
 company 2019s pension expense increases as expected return on assets decreases.
 in determination of year end 2014 projected benefit plan obligations company adopted new table based on society of actuaries rp 2014 mortality table including generational bb-2d projection scale.
 adoption resulted in significant increase to pension other postretirement benefit plans 2019 projected benefit obligations.
 assumed health care cost trend rates significant effect on amounts reported for other postretirement benefit plans.
 health care cost trend rate based on historical rates expected market conditions.
one-percentage-point change in assumed health care cost trend rates effects : increase decrease effect on total service and interest cost components.
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 $ 5943 $ ( 4887 ) effect on postretirement benefit obligation.
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 $ 105967 $ ( 86179 ).
 discount rate assumption determined for pension and postretirement benefit plans independently.
 year-end 2011 company began using approach process of settlement of obligations tailored to plans 2019 expected cash flows by matching plans 2019 cash flows to coupons and expected maturity values of selected bonds.
 yield curve developed for universe containing majority of. -issued aa-graded corporate bonds all non callable ( or callable with make-whole provisions ).
 for each plan discount rate developed as level equivalent rate same present value as using spot rates aligned with projected benefit payments.
 expected long-term rate of return on plan assets based on historical and projected rates of return  prior to administrative investment management fees for current planned asset classes in plans 2019 investment portfolios.
 assumed projected rates of return for plans 2019 projected asset classes selected after analyzing historical experience and future expectations of returns and volatility of asset classes.
 based on target asset allocation for each asset class overall expected rate of return for portfolio developed adjusted for historical and expected experience of active portfolio management results compared to benchmark returns and for effect of expenses paid from plan assets.
 company 2019s pension expense increases as expected return on assets decreases.
determination year end 2014 projected benefit plan obligations company adopted new table based society of actuaries 2014 mortality table including generational bb-2d projection scale.
 adoption resulted significant increase to pension other postretirement benefit plans 2019 projected benefit obligations.
 assumed health care cost trend rates significant effect on amounts reported other postretirement benefit plans.
 health care cost trend rate based historical rates expected market conditions.
 one-percentage-point change assumed health care cost trend rates effects increase decrease effect on total service interest cost components.
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 $ 5943 $ ( 4887 ) effect on other postretirement benefit obligation.
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 $ 105967 $ ( 86179 )

| one-percentage-point increase | one-percentage-point decrease
------------------------------------------------------- | ----------------------------- | -----------------------------
effect on total of service and interest cost components | $ 5943                        | $ -4887 ( 4887 )
effect on other postretirement benefit obligation       | $ 105967                      | $ -86179 ( 86179 )


aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010  and 2009 preliminary allocation of purchase price to fair value of assets acquired and liabilities assumed is as follows ( in millions ) :.
 at december 31 , 2011  assets acquired and liabilities assumed in acquisition were recorded at provisional amounts based on preliminary purchase price allocation.
 company in process of obtaining additional information to identify and measure all assets acquired and liabilities assumed in acquisition within measurement period could be up to one year from date of acquisition.
 provisional amounts will be retrospectively adjusted to reflect new information about facts and circumstances existed at acquisition date if affected measurement of amounts.
 key input assumptions and sensitivity to valuation of assets acquired and liabilities assumed being reviewed by management.
 likely value of generation business related property , plant and equipment , intangible asset related to electric security plan with regulated customers and long-term coal contracts , 4. 9% ( 4. 9 % ) equity ownership interest in ohio valley electric corporation , deferred taxes could change as valuation process is finalized.
 dpler , dpl 2019s wholly-owned competitive retail electric service ( 201ccres 201d ) provider , will likely have changes in initial purchase price allocation for valuation of intangible assets for trade name , customer relationships and contracts.
 in table preliminary purchase price allocation resulted in recognition of $ 2. 5 billion of goodwill.
 factors primarily contributing to price in excess of fair value of net tangible and intangible assets include ability to expand.
utility platform in mid-west market , ability to capitalize on utility management experience from ipl , enhanced ability to negotiate with suppliers of fuel and energy  ability to capture value associated with aes 2019 u. s.
 tax position , well- positioned generating fleet  ability of dpl to leverage assembled workforce advantage growth opportunities , etc.
 ability to realize benefit of dpl 2019s goodwill depends on realization of expected benefits from successful integration of dpl into aes 2019 existing operations and ability to respond to changes in ohio utility market.
 for example  utilities in ohio face downward pressure on operating margins due to evolving regulatory environment  moving towards market-based competitive pricing mechanism.
 declining energy prices reducing operating

cash                                      | $ 116
----------------------------------------- | --------------
accounts receivable                       | 278
inventory                                 | 124
other current assets                      | 41
property plant and equipment              | 2549
intangible assets subject to amortization | 166
intangible assets 2014indefinite-lived    | 5
regulatory assets                         | 201
other noncurrent assets                   | 58
current liabilities                       | -401 ( 401 )
non-recourse debt                         | -1255 ( 1255 )
deferred taxes                            | -558 ( 558 )
regulatory liabilities                    | -117 ( 117 )
other noncurrent liabilities              | -195 ( 195 )
redeemable preferred stock                | -18 ( 18 )
net identifiable assets acquired          | 994
goodwill                                  | 2489
net assets acquired                       | $ 3483


december 18 , 2007 issued additional 23182197 shares common stock to citadel.
 issuances exempt from registration section 4 ( 2 ) of securities act of 1933  each purchaser represented 201caccredited investor 201d as defined in regulation d promulgated under securities act of 1933  common stock acquired for investment.
 not engage in general solicitation or advertising issuances common stock not offered securities to public connection with issuances.
 see item 1.
 business 2014citadel investment.
 performance graph performance graph shows cumulative total return to holder of company 2019s common stock , assuming dividend reinvestment , compared with cumulative total return  assuming dividend reinvestment of standard & poor 2019s ( 201cs&p 201d ) 500 and s&p super cap diversified financials during period from december 31 , 2002 through december 31 , 2007.
 2022 $ 100 invested on 12/31/02 in stock or index-including reinvestment of dividends.
 fiscal year ending december 31.
 2022 copyright a9 2008 , standard & poor 2019s , division of mcgraw-hill companies , inc.
 all rights reserved.
 www. researchdatagroup. com/s&p. htm

| 12/02  | 12/03  | 12/04  | 12/05  | 12/06  | 12/07
------------------------------------ | ------ | ------ | ------ | ------ | ------ | ------
e*trade financial corporation        | 100.00 | 260.29 | 307.61 | 429.22 | 461.32 | 73.05
s&p 500                              | 100.00 | 128.68 | 142.69 | 149.70 | 173.34 | 182.87
s&p super cap diversified financials | 100.00 | 139.29 | 156.28 | 170.89 | 211.13 | 176.62