aeronautics segment includes fewer programs larger sales and operating results than in other segments.
 due to large number of smaller programs in remaining segments discussion of results of operations of business segments focuses on lines of business within segment than specific programs.
 following tables of financial information and related discussion of results of operations of business segments consistent with presentation segment information in note 5 to financial statements.
 number of programs classified by u. s.
 government cannot be specifically described.
 operating results of classified programs included in our consolidated and business segment results subjected to same oversight internal controls as other programs.
 aeronautics aeronautics business segment is engaged in research  design  development manufacture  integration  sustainment  support  upgrade of advanced military aircraft  including combat and air mobility aircraft  unmanned air vehicles  related technologies.
 key combat aircraft programs include f-35 lightning ii , f-16 fighting falcon  f-22 raptor fighter aircraft.
 key air mobility programs include c-130j super hercules c-5m super galaxy.
 aeronautics provides logistics support , sustainment  upgrade modification services for aircraft.
 aeronautics 2019 operating results included : ( in millions ) 2010 2009 2008.
 net sales for aeronautics increased by 8% ( 8 % ) in 2010 compared to 2009.
 sales increased in all three lines of business during year.
 $ 800 million increase in air mobility attributable to higher volume on c-130 programs  deliveries support activities higher volume on c-5 reliability enhancement and re-engining program ( rerp.
 25 c-130j deliveries in 2010 compared to 16 in 2009.
$ 179 million increase in combat aircraft due to higher volume on f-35 production contracts offset by lower volume on f-35 sdd contract decline in volume on f-16  f-22 other combat aircraft programs.
 20 f-16 deliveries in 2010 compared to 31 in 2009.
 $ 55 million increase in other aeronautics programs due to higher volume on p-3 advanced development programs offset by decline in volume on sustainment activities.
 net sales for aeronautics increased by 6% ( 6 % ) in 2009 compared to 2008.
 sales increased in all three lines of business.
 increase of $ 296 million in air mobility 2019s sales attributable to higher volume on c-130 programs deliveries support.
 16 c-130j deliveries in 2009 and 12 in 2008.
 combat aircraft sales increased $ 316 million due to higher volume on f-35 program increases in f-16 deliveries offset by lower volume on f-22 other combat aircraft programs.
 31 f-16 deliveries in 2009 compared to 28 in 2008.
 $ 116 million increase in other aeronautics programs due to higher volume on p-3 programs advanced development programs  offset by declines in sustainment activities.
 operating profit for segment decreased by 5% ( 5 % ) in 2010 compared to 2009.
 decline in operating profit in combat aircraft offset by increases in other aeronautics programs air mobility.
 $ 149 million decrease in combat aircraft 2019s operating profit due to lower volume decrease in level of favorable performance adjustments on f-22 program  f-35 sdd contract f-16 other combat aircraft programs in 2010.
 these decreases offset increased operating profit from higher volume improved performance on f-35 production contracts in 2010.
 $ 35 million increase in other aeronautics programs attributable to higher volume improved performance on p-3 advanced development programs increase in level of favorable performance adjustments on sustainment activities in 2010.
$ 19 million increase in air mobility operating profit primarily due to higher volume improved performance in 2010 on c-130j support activities offset decrease in operating profit due to lower level favorable performance adjustments on c-130j deliveries in 2010.
 remaining change in operating profit attributable to increase in other income , net between comparable periods.
 aeronautics 2019 2010 operating margins decreased compared to 2009.
 operating margin decrease reflects life cycles of significant programs.
 aeronautics performing more development initial production work on f-35 program performing less work on mature programs f-22 and f-16.
 development and initial production contracts yield lower profits than mature full rate programs.
 accordingly net sales increased in 2010 relative to 2009, operating profit decreased operating margins declined.

( in millions )     | 2010             | 2009             | 2008
------------------- | ---------------- | ---------------- | ----------------
net sales           | $ 13235          | $ 12201          | $ 11473
operating profit    | 1502             | 1577             | 1433
operating margin    | 11.3% ( 11.3 % ) | 12.9% ( 12.9 % ) | 12.5% ( 12.5 % )
backlog at year-end | 27500            | 26700            | 27200


table of contents cdw corporation subsidiaries notes to consolidated financial statements company realized benefits of deductions.
 arrangement accounted for as contingent consideration.
 pre-2009 business combinations accounted for under former accounting standard precluded recognition of contingent consideration as of business combination date.
 instead under former accounting standard contingent consideration accounted for as additional purchase price ( goodwill ) at time contingency resolved.
 as of december 31 , 2013  company accrued $ 20. 9 million related to arrangement within other current liabilities company realized tax benefit of compensation deductions during 2013 tax year.
 company made related cash contribution during first quarter of 2014.
 12.
 earnings per share numerator for basic and diluted earnings per share is net income.
 denominator for basic earnings per share is weighted-average shares outstanding during period.
 reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding as follows:.
 effect of dilutive securities ( 2 ) 1. 5 2. 2 2. 1 diluted weighted-average shares outstanding ( 3 ) 171. 8 172. 8 158. 7 ( 1 ) 2013 basic weighted-average shares outstanding impacted by common stock issued during ipo underwriters 2019 exercise overallotment option granted in connection with ipo.
 common stock issued on july 2, 2013 and july 31 , 2013  shares only partially reflected in 2013 basic weighted-average shares outstanding.
 shares fully reflected in 2015 and 2014 basic weighted-average shares outstanding.
 for additional discussion of ipo see note 10 ( stockholders 2019 equity ).
2 dilutive effect of outstanding stock options restricted stock units  stock coworker stock purchase plan units mpk plan units reflected in diluted weighted-average shares outstanding using treasury stock method.
 3 0. 4 million potential common shares excluded from diluted weighted-average shares outstanding for year ended december 31 , 2015 insignificant amount of potential common shares excluded from shares for years ended december 31 , 2014 and 2013  inclusion would have had anti-dilutive effect.
 13.
 coworker retirement other compensation benefits profit sharing plan other savings plans company has profit sharing plan includes salary reduction feature established under internal revenue code section 401 ( k ) covering all coworkers in united states.
 coworkers outside u. s.
 participate in other savings plans.
 company contributions to profit sharing other savings plans are made in cash determined at discretion of board of directors.
 for years ended december 31 , 2015 , 2014 2013  amounts expensed for these plans were $ 19. 8 million , $ 21. 9 million $ 17. 3 million  respectively.
 coworker stock purchase plan on january 1 , 2014 first offering period under company 2019s coworker stock purchase plan ( 201ccspp 201d ) commenced.
 cspp provides opportunity for eligible coworkers to acquire shares of company 2019s common stock at 5% ( % ) discount from closing market price on final day of offering period.
 no compensation expense associated with cspp.
 restricted debt unit plan on march 10 , 2010  company established restricted debt unit plan ( 201crdu plan 201d ) unfunded nonqualified deferred compensation plan.

( in millions )                                   | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 ( 1 )
------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------------
basic weighted-average shares outstanding         | 170.3                          | 170.6                          | 156.6
effect of dilutive securities ( 2 )               | 1.5                            | 2.2                            | 2.1
diluted weighted-average shares outstanding ( 3 ) | 171.8                          | 172.8                          | 158.7


operating leases require property taxes insurance maintenance costs addition to rent payments.
 contingent escalation rent in excess of minimum rent payments sublease income netted in rent expense insignificant.
 noncancelable future lease commitments are : in millions operating leases capital leases.
 depreciation on capital leases recorded as depreciation expense in results of operations.
 as of may 27 , 2018 issued guarantees and comfort letters of $ 540. 8 million for debt obligations of consolidated subsidiaries guarantees comfort letters of $ 167. 3 million for debt obligations of non-consolidated affiliates mainly cpw.
 off-balance sheet arrangements limited to future payments under non-cancelable operating leases totaled $ 559. 3 million as of may 27 , 2018.
 note 16.
 business segment geographic information operate in packaged foods industry.
 on april 24 , 2018 acquired blue buffalo  became our pet operating segment.
 in third quarter of fiscal 2017 announced new global organization structure to streamline leadership enhance global scale drive improved operational agility maximize growth capabilities.
 global reorganization required to reevaluate operating segments.
 under new organization structure chief operating decision maker assesses performance makes decisions about resources allocated to operating segments : north america retail ; convenience stores & foodservice ; europe & australia ; asia & latin america ; pet.
 north america retail operating segment reflects business with variety of grocery stores  mass merchandisers  membership stores  natural food chains  drug , dollar and discount chains  e-commerce grocery providers.
product categories in this business segment are ready-to-eat cereals  refrigerated yogurt  soup  meal kits  refrigerated frozen dough products dessert baking mixes  frozen pizza pizza snacks  grain  fruit savory snacks organic products including refrigerated yogurt  nutrition bars  meal kits salty snacks ready-to-eat cereal  grain snacks.
 major product categories in convenience stores & foodservice operating segment are ready-to-eat cereals  snacks  refrigerated yogurt frozen meals unbaked fully baked frozen dough products baking mixes.
 many products sell are branded to consumer nearly all branded to our customers.
 sell to distributors operators in many customer channels including foodservice  convenience stores vending  supermarket bakeries in united states.
 europe & australia operating segment reflects retail foodservice businesses in greater europe australia regions.
 product categories include refrigerated yogurt  meal kits  super-premium ice cream  refrigerated frozen dough products shelf stable vegetables  grain snacks  dessert and baking mixes.

in millions                                      | operating leases | capital leases
------------------------------------------------ | ---------------- | --------------
fiscal 2019                                      | $ 137.4          | $ 0.3
fiscal 2020                                      | 115.7            | 0.2
fiscal 2021                                      | 92.3             | -
fiscal 2022                                      | 70.9             | -
fiscal 2023                                      | 51.8             | -
after fiscal 2023                                | 91.2             | -
total noncancelable future lease commitments     | $ 559.3          | $ 0.5
less : interest                                  |                  | -0.2 ( 0.2 )
present value of obligations under capitalleases |                  | $ 0.3


we maintain operate assets based on contractual obligations within lease arrangements , set specific guidelines consistent within railroad industry.
 have no control over activities impact fair value of leased assets.
 do not hold power to direct activities of vies do not control ongoing activities significant impact on economic performance vies.
 not have obligation to absorb losses vies or right to receive benefits vies potentially significant to not considered primary beneficiary do not consolidate these vies because our actions decisions not most significant effect on vie 2019s performance fixed-price purchase options not potentially significant to vies.
 future minimum lease payments associated with vie leases totaled $ 2. 6 billion as of december 31 , 2015.
 17.
 leases we lease certain locomotives , freight cars , other property.
 consolidated statements of financial position as of december 31 , 2015 and 2014 included $ 2273 million , net of $ 1189 million of accumulated depreciation, and $ 2454 million , net of $ 1210 million of accumulated depreciation  respectively for properties held under capital leases.
 charge to income resulting from depreciation for assets under capital leases included within depreciation expense in consolidated statements of income.
 future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2015  were as follows : millions operating leases capital leases.
 approximately 95% ( 95 % ) of capital lease payments relate to locomotives.
 rent expense for operating leases with terms exceeding one month was $ 590 million in 2015 , $ 593 million in 2014 , $ 618 million in 2013.
 when cash rental payments not made straight-line basis recognize variable rental expense on straight-line basis over lease term.
contingent rentals sub-rentals not significant.
 18.
 commitments contingencies asserted and unasserted claims 2013 various claims lawsuits pending against us certain our subsidiaries.
 cannot fully determine effect of all asserted unasserted claims on our consolidated results of operations , financial condition liquidity.
 to extent possible we recorded liability where asserted unasserted claims considered probable where claims can be reasonably estimated.
 do not expect any known lawsuits , claims  environmental costs commitments contingent liabilities guarantees have material adverse effect on our consolidated results of operations financial condition liquidity after taking into account liabilities insurance recoveries previously recorded for.
 personal injury 2013 cost of personal injuries to employees others related to our activities charged to expense based on estimates of ultimate cost number of incidents each year.
 use actuarial analysis to measure expense liability including unasserted claims.
 federal employers 2019 liability act ( fela ) governs compensation for work-related accidents.
 under fela damages assessed based on finding of fault through litigation or out-of-court settlements.
 offer comprehensive variety of services rehabilitation programs for employees injured at work.
 personal injury liability not discounted to present value due to uncertainty surrounding timing of future payments.
 approximately 94% ( 94 % ) of recorded liability related to asserted claims

millions                                | operatingleases | capitalleases
--------------------------------------- | --------------- | -------------
2016                                    | $ 491           | $ 217
2017                                    | 446             | 220
2018                                    | 371             | 198
2019                                    | 339             | 184
2020                                    | 282             | 193
later years                             | 1501            | 575
total minimum lease payments            | $ 3430          | $ 1587
amount representing interest            | n/a             | -319 ( 319 )
present value of minimum lease payments | n/a             | $ 1268


purchase commitments company entered into purchase agreements for minimum pulpwood processing and energy over one to twenty years at fixed prices.
 total purchase commitments are as follows:.
 these purchase agreements not marked to market.
 company purchased $ 37. 3 million , $ 29. 4 million  and $ 14. 5 million during years ended december 31 , 2009 , 2008 and 2007  respectively under these purchase agreements.
 litigation pca is party to legal actions arising in ordinary course of business.
 these legal actions cover broad variety of claims spanning entire business.
 of company believes not reasonably possible that resolution of these legal actions will or have material adverse effect on financial position , results of operations  or cash flows.
 environmental liabilities potential costs for environmental matters uncertain due to factors unknown magnitude of possible cleanup costs  complexity evolving nature of governmental laws and regulations interpretations  timing , varying costs and effectiveness of alternative cleanup technologies.
 from 1994 through 2009  remediation costs at company 2019s mills and corrugated plants totaled approximately $ 3. 2 million.
 as of december 31 , 2009  company maintained environmental reserve of $ 9. 1 million relating to on-site landfills ( see note 13 ) and surface impoundments ongoing and anticipated remedial projects.
 liabilities recorded for environmental contingencies are estimates of probable costs based upon available information assumptions.
 of uncertainties pca 2019s estimates may change.
 of company believes not reasonably possible that future environmental expenditures and asset retirement obligations above $ 9. 1 million accrued as of december 31 , 2009  will have material impact on its financial condition , results of operations  or cash flows.
sale to pca of containerboard corrugated products business, pactiv agreed to retain liability for former facilities sites associated with pre-closing off-site waste disposal environmental liabilities related to closed landfill near company 2019s filer city mill.
 13.
 asset retirement obligations consist primarily of landfill capping closure post-closure costs.
 pca required to perform capping closure post-closure care on landfills at each company 2019s mills.
 in accordance with asc 410 , 201c asset retirement environmental obligations , 201d pca recognizes fair value of liabilities as asset retirement obligation for each landfill capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009

| ( in thousands )
---------- | ----------------
2010       | $ 6951
2011       | 5942
2012       | 3659
2013       | 1486
2014       | 1486
thereafter | 25048
total      | $ 44572


option to purchase class a interests for consideration equal to current capital account value  plus unpaid preferred return and prescribed make-whole amount.
 if purchase interests change in third-party holder 2019s capital account from original value charged directly to retained earnings increase or decrease net earnings used to calculate eps period.
 off-balance sheet arrangements and contractual obligations as of may 28 , 2017 issued guarantees and comfort letters of $ 505 million for debt obligations of consolidated subsidiaries guarantees comfort letters of $ 165 million for debt obligations of non-consolidated affiliates  mainly cpw.
 off-balance sheet arrangements limited to future payments under non-cancelable operating leases totaled $ 501 million as of may 28 , 2017.
 of may 28 2017 invested in five variable interest entities ( vies ).
 none vies material to results of operations , financial condition or liquidity of for fiscal year ended may 28 , 2017.
 defined benefit plans in united states subject to requirements of pension protection act ( ppa ).
 future ppa may require to additional contributions to domestic plans.
 do not expect to be required to make any contribu- tions in fiscal 2017.
 table summarizes future estimated cash payments under existing contractual obligations including payments due by period:.
 total contractual obligations 12067. 3 3112. 0 3437. 5 1934. 1 3583. 7 other long-term obligations ( d ) 1372. 7 2014 2014 total long-term obligations $ 13440. 0 $ 3112. 0 $ 3437. 5 $ 1934. 1 $ 3583. 7 ( a ) amounts represent expected cash payments of long-term debt do not include $ 1. 2 million for capital leases or $ 44.4 million for net unamortized debt issuance costs  premiums discounts  fair value adjustments.
 ( b ) operating leases represents minimum rental commitments under non-cancelable operating leases.
 ( c ) majority of purchase obligations represent commitments for raw material packaging utilized in normal course business for consumer marketing spending commitments support brands.
 for arrangements considered purchase obliga- tions if contract specifies all significant terms including fixed minimum quantities purchased pricing structure approximate timing of transaction.
 most arrangements cancelable without significant penalty with short notice ( usually 30 days ).
 any amounts reflected on consolidated balance sheets as accounts payable accrued liabilities excluded from table.
 ( d ) fair value of foreign exchange  equity commodity grain derivative contracts with payable position to counterparty was $ 24 million as of may 28 , 2017  based on fair market values.
 future changes in market values will impact amount of cash paid or received to settle instruments in future.
 other long-term obligations mainly consist of liabilities for accrued compensation bene- fits  including underfunded status of certain defined benefit pen- sion  other postretirement benefit  postemployment benefit plans miscellaneous liabilities.
 expect to pay $ 21 million of benefits from unfunded postemployment benefit plans $ 14. 6 million of deferred com- pensation in fiscal 2018.
 unable to reliably estimate amount these payments beyond fiscal 2018.
 as of may 28 , 2017 total liability for uncertain tax positions accrued interest penalties was $ 158. 6 million.
 significant accounting estimates for complete description of significant account- ing policies see note 2 to consolidated financial statements on page 51 of report.
significant accounting estimates impact on reporting of our financial condition and results of operations.
 estimates include accounting for promotional expenditures  valuation of long-lived assets  intangible assets  redeemable interest  stock-based compensation  income taxes  defined benefit pension  other postretirement benefit  pos- temployment benefit plans.
 promotional expenditures promotional activi- ties conducted through customers directly or indirectly with end consumers.
 activities include : payments to customers to perform merchan- dising activities behalf advertising in-store displays ; discounts to list prices to lower retail shelf prices ; payments to gain distribution of new products ; coupons  contests other incentives ; media and advertising expenditures.
 recognition of costs requires estimation of customer participa- tion performance levels.
 estimates based annual report 29

in millions                       | payments due by fiscal year total | payments due by fiscal year 2018 | payments due by fiscal year 2019 -20 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 and thereafter
--------------------------------- | --------------------------------- | -------------------------------- | ------------------------------------ | ------------------------------------ | -----------------------------------------------
long-term debt ( a )              | $ 8290.6                          | 604.2                            | 2647.7                               | 1559.3                               | 3479.4
accrued interest                  | 83.8                              | 83.8                             | 2014                                 | 2014                                 | 2014
operating leases ( b )            | 500.7                             | 118.8                            | 182.4                                | 110.4                                | 89.1
capital leases                    | 1.2                               | 0.4                              | 0.6                                  | 0.1                                  | 0.1
purchase obligations ( c )        | 3191.0                            | 2304.8                           | 606.8                                | 264.3                                | 15.1
total contractual obligations     | 12067.3                           | 3112.0                           | 3437.5                               | 1934.1                               | 3583.7
other long-term obligations ( d ) | 1372.7                            | 2014                             | 2014                                 | 2014                                 | 2014
total long-term obligations       | $ 13440.0                         | $ 3112.0                         | $ 3437.5                             | $ 1934.1                             | $ 3583.7


ventas , inc.
 notes to consolidated financial statements 2014 continued if we experience changes of control issuers must offer to repurchase senior notes  or part at purchase price in cash equal to 101% ( 101 % ) of principal amount of senior notes plus accrued and unpaid interest to date of purchase ; event moody 2019s and s&p confirmed ratings at ba3 or higher and bb- or higher on senior notes other conditions met repurchase obligation not apply.
 mortgages at december 31, 2006 had outstanding 53 mortgage loans assumed in with acquisitions.
 outstanding principal balances loans ranged from $ 0. 4 million to $ 114. 4 million as of december 31 , 2006.
 loans bear interest at fixed rates from 5. 6% ( 5. 6 % ) to 8. 5% ( 8. 5 % ) per annum except eight loans with principal balances from $ 0. 4 million to $ 114. 4 million  bear interest at lender 2019s variable rates from 3. 6% ( 3. 6 % ) to 8. 5% ( 8. 5 % ) per annum at december 31 , 2006.
 fixed rate debt bears interest at weighted average annual rate of 7. 06% ( 7. 06 % ) variable rate debt bears interest at average annual rate of 5. 61% ( 5. 61 % ) as of december 31 , 2006.
 loans had weighted average maturity of eight years as of december 31 , 2006.
 $ 114. 4 variable mortgage debt repaid in january 2007.
 scheduled maturities of borrowing arrangements provisions as of december 31, 2006 indebtedness has following maturities ( in thousands ) :.
provisions of our long-term debt contain covenants limit our ability and ability of our subsidiaries to  : ( i ) incur debt ; ii ) make certain dividends , distributions investments ; iii ) enter into certain transactions iv ) merge , consolidate transfer assets ; v ) sell assets.
 we and subsidiaries required to maintain total unencumbered assets of at least 150% ( 150 % ) of this group 2019s unsecured debt.
 derivatives and hedging in normal business , we are exposed to effect of interest rate changes.
 we limit these risks by following established risk management policies and procedures including use of derivatives.
 for interest rate exposures derivatives are used primarily to fix rate on debt based on floating-rate indices manage cost of borrowing obligations.
 we currently have an interest rate swap to manage interest rate risk ( 201cswap 201d ).
 we prohibit use of derivative instruments for trading or speculative purposes.
 we have policy of only entering contracts with major financial institutions based upon their credit ratings and other factors.
 derivative designed to hedge  we do not anticipate any material adverse effect on our net income or financial position in future from use of derivatives.

2007                                           | $ 130206
---------------------------------------------- | --------------
2008                                           | 33117
2009                                           | 372725
2010                                           | 265915
2011                                           | 273761
thereafter                                     | 1261265
total maturities                               | 2336989
less unamortized commission fees and discounts | -7936 ( 7936 )
senior notes payable and other debt            | $ 2329053


long term debt in december 2012  company entered $ 50. 0 million recourse loan collateralized by land  buildings tenant improvements company 2019s corporate headquarters.
 loan has seven year term maturity date of december 2019.
 loan bears interest at one month libor plus margin of 1. 50% ( 1. 50 % )  allows for prepayment without penalty.
 loan includes covenants events of default consistent with company 2019s credit agreement.
 loan requires prior approval of lender for certain matters related to property including transfers of interest property.
 as of december 31 , 2017 and 2016 outstanding balance loan was $ 40. 0 million and $ 42. 0 million ,.
 weighted average interest rate loan was 2. 5% ( 2. 5 % ) and 2. 0% ( 2. 0 % ) for years ended december 31 , 2017 2016 .
 scheduled maturities of long term debt as of december 31 , 2017 : ( in thousands ).
 interest expense , net was $ 34. 5 million , $ 26. 4 million  $ 14. 6 million for years ended december 31 , 2017, 2016 2015 .
 interest expense includes amortization of deferred financing costs  bank fees  capital built-to-suit lease interest interest expense under credit other long term debt facilities.
 amortization of deferred financing costs was $ 1. 3 million , $ 1. 2 million  $ 0. 8 million for years ended december 31 , 2017 , 2016 2015.
 company monitors financial health stability of lenders under credit other long term debt facilities during period significant instability in credit markets lenders could be negatively impacted in ability to perform under facilities.
.
commitments contingencies obligations under operating leases company leases warehouse space  office facilities  space for brand factory house stores certain equipment under non-cancelable operating leases.
 leases expire various dates through 2033  excluding extensions at company 2019s option  include provisions for rental adjustments.
 table below includes executed lease agreements for brand factory house stores company not yet occupy as of december 31 , 2017 not include contingent rent company may incur at stores based on future sales above specified minimum or payments for maintenance  insurance real estate taxes.
 schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31, 2017

2018                                         | $ 27000
-------------------------------------------- | --------
2019                                         | 63000
2020                                         | 25000
2021                                         | 86250
2022                                         | 2014
2023 and thereafter                          | 600000
total scheduled maturities of long term debt | $ 801250
current maturities of long term debt         | $ 27000


amortization expense  included in selling  general administrative expenses was $ 13. 0 million , $ 13. 9 million and $ 8. 5 million for years ended december 31 , 2016 , 2015 2014 , respectively.
 estimated amortization expense for company 2019s intangible assets as of december 31 , 2016 : ( in thousands ).
 at december 31 , 2016 , 2015 2014  company determined goodwill and indefinite- lived intangible assets not impaired.
 5.
 credit facility other long term debt credit facility company is party to credit agreement provides revolving commitments for up to $ 1. 25 billion of borrowings  term loan commitments  maturing in january 2021.
 as of december 31 , 2016 no outstanding balance under revolving credit facility $ 186. 3 million of term loan borrowings remained outstanding.
 at company 2019s request lender 2019s consent  revolving and or term loan borrowings may be increased by up to $ 300. 0 million in aggregate subject to certain conditions in credit agreement.
 incremental borrowings are uncommitted availability depend on market conditions at time company seeks to incur such borrowings.
 borrowings under revolving credit facility have maturities of less than one year.
 up to $ 50. 0 million of facility may be used for issuance of letters of credit.
 were $ 2. 6 million of letters of credit outstanding as of december 31 , 2016.
 credit agreement contains negative covenants that limit ability of company and subsidiaries to  incur additional indebtedness make restricted payments pledge assets as security  make investments , loans  advances  guarantees acquisitions undergo fundamental changes enter into transactions with affiliates.
company required to maintain ratio of consolidated ebitda , defined in credit agreement to consolidated interest expense of not less than 3. 50 to 1. 00 not permitted to allow ratio of consolidated total indebtedness to consolidated ebitda greater than 3. 25 to 1. 00 ( 201cconsolidated leverage ratio 201d ).
 as of december 31 , 2016 , company in compliance with these ratios.
 credit agreement contains events of default customary for facility of this nature includes cross default provision event of default under other material indebtedness  defined in credit agreement considered event of default under credit agreement.
 borrowings under credit agreement bear interest at rate per annum equal to , at company 2019s option , either ) alternate base rate , or ( b ) rate based on rates applicable for deposits in interbank market for u. s.
 dollars or applicable currency in which loans are made ( 201cadjusted libor 201d ), plus in each case applicable margin.
 applicable margin for loans will

2017                                      | $ 10509
----------------------------------------- | -------
2018                                      | 9346
2019                                      | 9240
2020                                      | 7201
2021                                      | 5318
2022 and thereafter                       | 16756
amortization expense of intangible assets | $ 58370


goldman sachs group , inc.
 subsidiaries notes to consolidated financial statements 2030 purchased interests represent senior subordinated interests  purchased in connection with secondary market-making activities  in securitization entities in firm holds retained interests.
 2030 all total outstanding principal amount and total retained interests relate to securitizations during 2014 and as of december 2018  and securitizations 2012 of december 2017.
 2030 fair value of retained interests was $ 3. 28 billion as of december 2018 and $ 2. 13 billion of december 2017.
 in addition to interests in table firm had other continuing involvement in derivative transactions commitments with certain nonconsolidated vies.
 carrying value of derivatives commitments was net asset of $ 75 million as of december 2018 and $ 86 million of december 2017 , notional amount of derivatives commitments was $ 1. 09 billion as of december 2018 and $ 1. 26 billion of december 2017.
 notional amounts of derivatives commitments included in maximum exposure to loss in nonconsolidated vie table in note 12.
 table below presents information about weighted average key economic assumptions measuring fair value of mortgage-backed retained interests.
 table : 2030 amounts do not reflect benefit of other financial instruments held to mitigate risks in retained interests.
 2030 changes in fair value based on adverse variation in assumptions cannot be extrapolated relationship of change in assumptions to change in fair value not usually linear.
 2030 impact of change in particular assumption calculated independently of changes in other assumption.
 simultaneous changes in assumptions might magnify or counteract sensitivities disclosed above.
 2030 constant prepayment rate included only for positions for key assumption in determination of fair value.
 2030 discount rate for retained interests relate to u. s.
government agency-issued collateralized mortgage obligations include credit loss.
 expected credit loss assumptions reflected in discount rate for remainder of retained interests.
 firm has other retained interests not reflected in table above with fair value of $ 133 million weighted average life of 4. 2 years as of december 2018 fair value $ 56 million weighted average life of 4. 5 years as of december 2017.
 due to nature and fair value of certain retained interests weighted average assumptions for constant prepayment and discount rates and related sensitivity to adverse changes not meaningful as of december 2018 and december 2017.
 firm 2019s maximum exposure to adverse changes in value these interests is carrying value of $ 133 million as of december 2018 and $ 56 million as of december 2017.
 note 12.
 variable interest entities variable interest in vie is investment (. debt or equity ) or other interest (. derivatives loans lending commitments ) absorb portions vie 2019s expected losses/or receive portions vie expected residual returns.
 firm 2019s variable interests in vies include senior and subordinated debt ; loans lending commitments ; limited and general partnership interests ; preferred and common equity ; derivatives include foreign currency  equity credit risk ; guarantees ; certain fees firm receives from investment funds.
 certain interest rate , foreign currency and credit derivatives firm enters into with vies are not variable interests because create absorb risk.
 vies finance purchase of assets by issuing debt and equity securities collateralized by or indexed to assets held by vie.
 debt and equity securities issued vie may include varying levels of subordination.
 firm 2019s involvement with vies includes securitization of financial assets described in note 11 investments in and loans to other types of vies described below.
see note 11 further information securitization activities including definition of beneficial interests.
 see note 3 firm 2019s consolidation policies including definition of vie.
 goldman sachs 2018 form 10-k 149

$ in millions                         | as of december 2018 | as of december 2017
------------------------------------- | ------------------- | -------------------
fair value of retained interests      | $ 3151              | $ 2071
weighted average life ( years )       | 7.2                 | 6.0
constant prepayment rate              | 11.9% ( 11.9 % )    | 9.4% ( 9.4 % )
impact of 10% ( 10 % ) adverse change | $ -27 ( 27 )        | $ -19 ( 19 )
impact of 20% ( 20 % ) adverse change | $ -53 ( 53 )        | $ -35 ( 35 )
discount rate                         | 4.7% ( 4.7 % )      | 4.2% ( 4.2 % )
impact of 10% ( 10 % ) adverse change | $ -75 ( 75 )        | $ -35 ( 35 )
impact of 20% ( 20 % ) adverse change | $ -147 ( 147 )      | $ -70 ( 70 )


issuer purchases of equity securities table provides information about repurchases of common stock during three-month period ended december 31 , 2007.
 period total number of shares purchased average price paid per total number shares purchased part of publicly announced program ( a ) maximum number of shares be purchased under program b ).
 repurchased total of 2957300 shares of common stock during quarter ended december 31 , 2007 under share repurchase program announced in october 2002.
 b ) board of directors approved share repurchase program for repurchase of up to 128 million shares common stock from time-to-time including 20 million shares approved for repurchase by board directors in september 2007.
 under program management has discretion to determine number price of shares to be repurchased  timing of repurchases  in compliance with applicable law and regulation.
 as of december 31 , 2007  had repurchased total of 95. 3 million shares under program.
 in 2007  not make any unregistered sales of equity securities.

period   | total number ofshares purchased | average pricepaid pershare | total number of sharespurchased as part ofpubliclyannouncedprogram ( a ) | maximum number ofshares that may yet bepurchased under theprogram ( b )
-------- | ------------------------------- | -------------------------- | ------------------------------------------------------------------------ | -----------------------------------------------------------------------
october  | 127100                          | $ 108.58                   | 127100                                                                   | 35573131
november | 1504300                         | 109.07                     | 1504300                                                                  | 34068831
december | 1325900                         | 108.78                     | 1325900                                                                  | 32742931


economic useful life is duration of time asset expected to be productively employed by us may be less than its physical life.
 assumptions on factors affect determination of estimated economic useful life : wear and tear , obsolescence  technical standards  contract life  market demand  competitive position  raw material availability  geographic location.
 estimated economic useful life of asset is monitored to determine appropriateness especially in changed business circumstances.
 for changes in technology , changes in estimated future demand for products  or excessive wear and tear may result in shorter estimated useful life than anticipated.
 in these we depreciate remaining net book value over new estimated remaining life , increasing depreciation expense per year prospective basis.
 if estimated useful life is increased adjustment to useful life decreases depreciation expense per year prospective.
 numerous long-term customer supply contracts  particularly in gases on-site business within tonnage gases segment.
 contracts principally have initial contract terms of 15 to 20 years.
 also long-term customer supply contracts associated with tonnage gases business within electronics and performance materials segment.
 contracts have initial terms of 10 to 15 years.
 several customer supply contracts within equipment and energy segment with contract terms primarily five to 10 years.
 depreciable lives of assets within this segment can be extended to 20 years for certain redeployable assets.
 depreciable lives of production assets related to long-term contracts are matched to contract lives.
 extensions to contract term of supply frequently occur prior to expiration of initial term.
 as contract terms are extended depreciable life of remaining net book value of production assets is adjusted to match new contract term  does not exceed physical life of asset.
 depreciable lives of production facilities within merchant gases segment are principally 15 years.
customer contracts associated with products at these facilities typically have shorter term.
 depreciable lives of production facilities within electronics and performance materials segment , not associated long-term supply agreement, range from 10 to 15 years.
 these depreciable lives determined based on historical experience with judgment on future assumptions technological advances potential obsolescence competitors 2019 actions.
 management monitors assumptions and may need to adjust depreciable life as circumstances change.
 a change in depreciable life by one year for production facilities within merchant gases and electronics and performance materials segments for not associated long-term customer supply agreement would impact annual depreciation expense as below : decrease life by 1 year increase life by 1 year.
 impairment of assets plant and equipment plant equipment held for use is grouped for impairment testing at lowest level for identifiable cash flows.
 impairment testing of asset group occurs whenever events or changes in circumstances indicate carrying amount of assets may not be recoverable.
 such circumstances would include significant decrease in market value of long-lived asset grouping significant adverse change in asset grouping used or physical condition history of operating or cash flow losses with asset grouping or changes in expected useful life of long assets.
 if such circumstances determined to exist estimate of undiscounted future cash flows by asset group is compared to carrying value to determine whether impairment exists.
 if asset group determined to be impaired loss is measured based on difference between asset group 2019s fair value and its carrying value.
 estimate of asset group 2019s fair value is based on discounted value of its estimated cash flows.
 assets to be disposed of by sale are reported at lower of carrying amount or fair value less cost to sell.
assumptions underlying cash flow projections represent management 2019s best estimates at impairment review.
 factors management must estimate include industry market conditions  sales volume prices  costs to produce inflation .
 changes in key assumptions or conditions differ from estimates could result in impairment charge.
 use reasonable supportable assumptions when performing

| decrease lifeby 1 year | increase life by 1 year
------------------------------------- | ---------------------- | -----------------------
merchant gases                        | $ 32                   | $ -24 ( 24 )
electronics and performance materials | $ 12                   | $ -11 ( 11 )


management 2019s discussion analysis 110 jpmorgan chase & co. /2013 annual report 2012 compared with 2011 net loss $ 2. 0 billion compared with net income $ 919 million prior year.
 private equity reported net income $ 292 million compared with net income $ 391 million prior year.
 net revenue $ 601 million compared with $ 836 million prior year due to lower unrealized and realized gains on private investments offset by higher unrealized gains on public securities.
 noninterest expense $ 145 million down from $ 238 million prior year.
 treasury and cio reported net loss of $ 2. 1 billion compared with net income $ 1. 3 billion prior year.
 net revenue loss of $ 3. 1 billion compared with net revenue $ 3. 2 billion prior year.
 current year loss reflected $ 5. 8 billion losses incurred by cio from synthetic credit portfolio for six months ended june 30 , 2012 $ 449 million losses from retained index credit derivative positions for three months ended september 30 , 2012.
 losses partially offset by securities gains of $ 2. 0 billion.
 current year revenue reflected $ 888 million extinguishment gains related to redemption of trust preferred securities included in all other income above table.
 extinguishment gains related to adjustments applied to cost basis of trust preferred securities during period qualified hedge accounting relationship.
 net interest income negative $ 683 million compared with $ 1. 4 billion prior year reflecting impact of lower portfolio yields higher deposit balances across firm.
 other corporate reported net loss of $ 221 million compared with net loss $ 821 million prior year.
 noninterest revenue of $ 1. 8 billion driven by $ 1.1 billion benefit for washington mutual bankruptcy settlement included in all other income in above table $ 665 million gain from recovery on bear stearns-related subordinated loan.
 noninterest expense of $ 3. 8 billion up $ 1. 0 billion compared with prior year.
 current year included expense of $ 3. 7 billion for additional litigation reserves largely for mortgage-related matters.
 prior year included expense of $ 3. 2 billion for additional litigation reserves.
 treasury and cio overview treasury responsible for measuring monitoring reporting managing firm 2019s liquidity  funding structural interest rate foreign exchange risks executing firm 2019s capital plan.
 risks managed by treasury and cio arise from activities by firm 2019s four major reportable business segments serve client bases generate on- and off-balance sheet assets and liabilities.
 cio achieves firm 2019s asset-liability management objectives by investing in high-quality securities managed for longer-term part of firm 2019s afs and htm investment securities portfolios ( 201cinvestment securities portfolio 201d ).
 cio uses derivatives securities not classified as afs or htm  to meet firm 2019s asset-liability management objectives.
 for further information on derivatives see note 6 on pages 220 2013233 of annual report.
 for further information about securities not classified within afs or htm portfolio see note 3 on pages 195 2013215 of annual report.
 treasury and cio investment securities portfolio primarily consists of.
 non-u.
 government securities  agency and non-agency mortgage-backed securities other asset-backed securities  corporate debt securities obligations of.
 states and municipalities.
december 31, 2013  total treasury and cio investment securities portfolio was $ 347. 6 billion ; average credit rating securities was aa+ ( based upon external ratings available not available based primarily internal ratings correspond to ratings defined by s&p and moody 2019s ).
 see note 12 on pages 249 2013254 annual report for further information details firm 2019s investment securities portfolio.
 further information on liquidity funding risk  see liquidity risk management on pages 168 2013173 annual report.
 information on interest rate  foreign exchange other risks  treasury and cio value-at-risk ( 201cvar 201d ) firm 2019s structural interest rate-sensitive revenue at risk  see market risk management on pages 142 2013148 annual report.
 selected income statement and balance sheet data for year ended december 31 , ( in millions ) 2013 2012 2011.
 ( ) period-end investment securities included held-to-maturity balance of $ 24. 0 billion at december 31 , 2013.
 held-to-maturity balances for other periods not material.

as of or for the year ended december 31 ( in millions )  | 2013   | 2012   | 2011
-------------------------------------------------------- | ------ | ------ | ------
securities gains                                         | $ 659  | $ 2028 | $ 1385
investment securities portfolio ( average )              | 353712 | 358029 | 330885
investment securities portfolio ( period 2013end ) ( a ) | 347562 | 365421 | 355605
mortgage loans ( average )                               | 5145   | 10241  | 13006
mortgage loans ( period-end )                            | 3779   | 7037   | 13375


abiomed , inc.
 2005 annual report : financials page 15 notes to consolidated financial statements 2014 march 31 , 2005 addition to compensation expense related to stock option grants pro forma compensation expense in table above includes compensation expense related to stock issued under company 2019s employee stock purchase plan of approximately $ 44000 , $ 19000 and $ 28000 for fiscal 2003 , 2004 2005 .
 pro forma compensation expense may not be representative of amount expected future years may vary based upon number of options granted and shares purchased.
 pro forma tax effect of employee compensation expense not considered due to company 2019s reported net losses.
 translation of foreign currencies u.
 dollar is functional currency for company 2019s single foreign subsidiary abiomed b. v.
 financial statements b.
 remeasured into u.
 dollars using current rates of exchange for monetary assets and liabilities and historical rates of exchange for nonmonetary assets.
 foreign exchange gains and losses included in results of operations other income net.
 recent accounting pronouncements in november 2004  financial accounting standards board ( fasb ) issued sfas no.
 151 , inventory costs ( fas 151 ) adopts wording from international accounting standards board 2019s ( iasb ) standard no.
 2 , inventories to improve comparability of international financial reporting.
 new standard indicates abnormal freight , handling costs wasted materials ( spoilage ) required be treated as current period charges than portion of inventory cost.
 standard clarifies fixed production overhead be allocated based on normal capacity of production facility.
 statement effective for company beginning in first quarter of fiscal year 2007.
 adoption not expected to material impact on company 2019s results of operations , financial position or cash flows.
december 2004  fasb issued sfas no.
 153 , exchanges of nonmonetary assets ( fas 153 ) eliminates exception from fair value measurement for nonmonetary exchanges of similar productive assets replaces with general exception from fair value measurement for exchanges of nonmonetary assets not commercial substance.
 company required to adopt fas 153 for nonmonetary asset exchanges second quarter of fiscal year 2006 adoption not expected significant impact on company 2019s consolidated financial statements.
 december 2004 fasb issued revised statement of financial accounting standard ( sfas ) no.
 123 , share-based payment ( fas 123 ( r ) ).
 fas 123 ( r ) requires public entities to measure cost of employee services received in exchange for award of equity instruments based on grant-date fair value award recognize cost over period during employee required to provide service in exchange for award.
 april 2005  fair value per share of options granted during fiscal 2003 , 2004 2005 computed as $ 1. 69 , $ 1. 53 and $ 3. 94 , per share  calculated using black-scholes option-pricing model with following assumptions.

| 2003             | 2004             | 2005
------------------------------ | ---------------- | ---------------- | ----------------
risk-free interest rate        | 2.92% ( 2.92 % ) | 2.56% ( 2.56 % ) | 3.87% ( 3.87 % )
expected dividend yield        | 2014             | 2014             | 2014
expected option term in years  | 5.0 years        | 5.3 years        | 7.5 years
assumed stock price volatility | 85% ( 85 % )     | 86% ( 86 % )     | 84% ( 84 % )


management 2019s discussion analysis of financial condition results of operations 2013 ( continued ) ( amounts in millions  except per share amounts ) corporate other expenses decreased slightly 2012 by $ 4. 7 to $ 137. 3 compared to 2011  primarily due to lower office general expenses partially offset by increase in temporary help support information-technology system-upgrade initiatives.
 liquidity capital resources cash flow overview tables summarize key financial data relating to liquidity  capital resources uses of capital.
 1 reflects net income adjusted for depreciation amortization of fixed assets intangible assets amortization of restricted stock non-cash compensation non-cash loss related to early extinguishment of debt deferred income taxes.
 2 reflects changes in accounts receivable expenditures billable to clients current assets accounts payable accrued liabilities.
 operating activities net cash provided by operating activities during 2013 was $ 592. 9 , increase of $ 235. 7 compared to 2012  primarily result of improvement in working capital usage of $ 283. 6  offset by decrease in net income.
 due to seasonality of business typically generate cash from working capital second half of year use cash from working capital in first half year largest impacts in first and fourth quarters.
 improvement in working capital in 2013 impacted by media businesses ongoing focus on working capital management at agencies.
 net cash provided by operating activities during 2012 was $ 357. 2 , increase of $ 83. 7 compared to 2011  primarily result of decrease in working capital usage of $ 66. 2.
 net working capital usage 2012 impacted by media businesses.
 timing of media buying on behalf of clients affects working capital operating cash flow.
 most businesses agencies enter into commitments to pay production media costs on behalf of clients.
extent possible we pay production media charges after received funds from clients.
 amounts involved exceed revenues primarily affect level of accounts receivable , expenditures billable to clients  accounts payable accrued liabilities.
 our assets include cash received accounts receivable from clients for pass-through arrangements, liabilities include amounts owed on behalf of clients to media production suppliers.
 accrued liabilities affected by timing of certain other payments.
 for example annual cash incentive awards accrued throughout year, generally paid during first quarter of subsequent year.
 investing activities net cash used in investing activities during 2013 primarily relates to payments for capital expenditures acquisitions.
 capital expenditures of $ 173. 0 relate primarily to computer hardware software leasehold improvements.
 made payments of $ 61. 5 related to acquisitions completed during 2013.

cash flow data                                                                           | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011
---------------------------------------------------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------
net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 598.4                        | $ 697.2                        | $ 735.7
net cash used in working capital b2                                                      | -9.6 ( 9.6 )                   | -293.2 ( 293.2 )               | -359.4 ( 359.4 )
changes in other non-current assets and liabilities using cash                           | 4.1                            | -46.8 ( 46.8 )                 | -102.8 ( 102.8 )
net cash provided by operating activities                                                | $ 592.9                        | $ 357.2                        | $ 273.5
net cash used in investing activities                                                    | -224.5 ( 224.5 )               | -210.2 ( 210.2 )               | -58.8 ( 58.8 )
net cash ( used in ) provided by financing activities                                    | -1212.3 ( 1212.3 )             | 131.3                          | -541.0 ( 541.0 )


note 10 loan sales securitizations sell residential commercial mortgage loans in loan securitization transactions sponsored by government national mortgage association ( gnma ) , fnma  fhlmc in certain instances to other third-party investors.
 gnma , fnma  fhlmc securitize transferred loans into mortgage-backed securities for sale secondary market.
 retain interest in transferred loans other than mortgage servicing rights.
 refer to note 9 goodwill other intangible assets for discussion on residential commercial mortgage servicing rights assets.
 during 2009 , residential commercial mortgage loans sold totaled $ 19. 8 billion and $ 5. 7 billion  respectively.
 during 2008 , commercial mortgage loans sold totaled $ 3. 1 billion.
 no residential mortgage loans sales in 2008 activities obtained through acquisition of national city.
 continuing involvement in loan sales consists primarily of servicing limited repurchase obligations for loan servicer breaches in representations warranties.
 hold cleanup call repurchase option for loans sold with servicing retained to other third-party investors.
 certain circumstances servicer advance principal interest payments to gses other third-party investors may make collateral protection advances.
 risk of loss in servicing advances minimal.
 maintain liability for estimated losses on loans expected to be repurchased result of breaches in loan servicer representations warranties.
 entered into recourse arrangements associated with commercial mortgage loans sold to fnma fhlmc.
 refer to note 25 commitments guarantees for discussion on repurchase liability recourse arrangements.
 maximum exposure to loss in loan sale activities limited to these repurchase and recourse obligations.
for certain loans transferred in gnma and fnma transactions we hold option to repurchase delinquent loans meet certain criteria.
 without prior authorization from gses option gives pnc ability to repurchase delinquent loan at par.
 under gaap once unilateral ability to repurchase delinquent loan control over loan regained we required to recognize loan and corresponding repurchase liability on balance sheet regardless of intent to repurchase loan.
 at december 31 , 2009 and december 31, 2008  balance of our repurchase option asset and liability totaled $ 577 million and $ 476 million  respectively.
 securitizations loans typically transferred to qualifying special purpose entity ( qspe ) distinct from transferor to transfer risk from our consolidated balance sheet.
 qspe is bankruptcy-remote trust allowed to perform certain passive activities.
 these entities are self-liquidating structured as real estate mortgage investment conduits ( remics ) for tax purposes.
 qspes financed by issuing certificates for levels senior and subordinated tranches.
 qspes exempt from consolidation provided certain conditions met.
 securitization activities primarily obtained through acquisition of national city.
 credit card receivables , automobile , and residential mortgage loans securitized through qspes sponsored by ncb.
 these qspes financed primarily through issuance and sale of beneficial interests to independent third parties not consolidated on our balance sheet at december 31 , 2009 or december 31 , 2008.
 see note 1 accounting policies regarding accounting guidance impacts accounting for these qspes effective january 1 , 2010.
 qualitative and quantitative information about securitization qspes and our retained interests in these transactions follow.
summarizes assets liabilities of securitization qspes associated with securitization transactions outstanding at december 31 , 2009.
 ( a ) represents period-end outstanding principal balances of loans transferred to securitization qspes.
 credit card loans at december 31 , 2009  credit card securitization series 2005-1 , 2006-1 , 2007-1  2008-3 outstanding.
 during fourth quarter of 2009 , 2008-1 and 2008-2 credit card securitization series matured.
 continuing involvement in securitized credit card receivables consists primarily of servicing holding of certain retained interests.
 servicing fees earned approximate current market rates for servicing fees ; no servicing asset or liability recognized.
 hold clean-up call repurchase option securitization series extends past scheduled note principal payoff date.
 clean-up call option triggered when principal balance of asset- backed notes series reaches 5% ( 5 % ) of initial principal balance of asset-backed notes issued at securitization

in millions  | december 31 2009 credit card | december 31 2009 mortgage | december 31 2009 credit card | mortgage
------------ | ---------------------------- | ------------------------- | ---------------------------- | --------
assets ( a ) | $ 2368                       | $ 232                     | $ 2129                       | $ 319
liabilities  | 1622                         | 232                       | 1824                         | 319


part ii item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities market information common stock listed traded on new york stock exchange under symbol 201cipg 201d.
 as of february 13 , 2019  approximately 10000 registered holders of outstanding common stock.
 february 13 , 2019  announced board of directors ( 201cboard 201d ) declared common stock cash dividend of $ 0. 235 per share  payable march 15 , 2019 to holders of record as of close of business march 1 , 2019.
 board 2019s current intention to declare pay future dividends no assurance additional dividends will be declared paid.
 amount declaration at discretion of board depend upon factors earnings  financial position cash requirements.
 equity compensation plans see item 12 for information equity compensation plans.
 transfer agent registrar for common stock stock 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.
 repurchases of equity securities table provides information regarding purchases of equity securities during period from october 1 , 2018 to december 31 , 2018.
 total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares units ) purchased as part of publicly announced plans or programs 3 maximum number ( approximate dollar value ) of shares ( or units ) be purchased under plans or programs 3.
 1 total number of shares of common stock , par value $ 0. 10 per share , repurchased withheld under terms grants under employee stock- based compensation plans to offset tax withholding obligations upon vesting release of restricted shares ( 201cwithheld shares 201d ).
2 average price per share for each months in fiscal quarter and for three-month period calculated by dividing sum in applicable period of aggregate value of tax withholding obligations by sum of number of withheld shares.
 3 in february 2017 , board authorized share repurchase program to repurchase time to time up to $ 300. 0 million , excluding fees , of our common stock ( 201c2017 share repurchase program 201d ).
 in february 2018 , board authorized share repurchase program to repurchase to up to $ 300. 0 million , excluding fees , of our common stock , in addition to amounts remaining under 2017 share repurchase program.
 on july 2, 2018 , in connection with announcement of acxiom acquisition , announced share repurchases will be suspended for period time to reduce increased debt levels incurred with acquisition , no shares repurchased pursuant to share repurchase programs in periods reflected.
 no expiration dates 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 ( orapproximate dollar value ) of shares ( or units ) that may yet be purchasedunder the plans orprograms3
--------------- | --------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------
october 1 - 31  | 3824                                          | $ 23.30                                   | 2014                                                                                | $ 338421933
november 1 - 30 | 1750                                          | $ 23.77                                   | 2014                                                                                | $ 338421933
december 1 - 31 | 2014                                          | 2014                                      | 2014                                                                                | $ 338421933
total           | 5574                                          | $ 23.45                                   | 2014                                                                                |


vornado realty trust notes to consolidated financial statements continued ) 17.
 leases as lessor : we lease space to tenants under operating leases.
 most leases provide for payment of fixed base rentals payable monthly in advance.
 office building leases require tenants to reimburse for operating costs real estate taxes above base year costs.
 shopping center leases provide for pass-through to tenants tenant 2019s share of real estate taxes  insurance maintenance.
 leases provide for payment lessee of additional rent based on percentage tenants 2019 sales.
 as of december 31 , 2011 future base rental revenue under non-cancelable operating leases excluding rents for leases original term less than one year rents from exercise renewal options is as follows : ( amounts in thousands ) year ending december 31:.
 amounts do not include percentage rentals based on tenants 2019 sales.
 percentage rents approximated $ 8482000 , $ 7912000 $ 8394000  for years ended december 31 , 2011  2010 2009  respectively.
 none tenants accounted for more than 10% ( 10 % ) of total revenues in years ended december 31  2011  2010 2009.
 former bradlees locations master agreement guaranty dated may 1 , 1992 due $ 5000000 per annum of additional rent from stop & shop allocated to certain bradlees former locations.
 on december 31 , 2002  prior to expiration leases rent reallocated rent to other former bradlees leases also guaranteed by stop & shop.
 stop & shop contesting right to reallocate claims we no longer entitled to additional rent.
november 7 , 2011  court determined we continuing right to allocate annual rent to unexpired leases covered by master agreement guaranty directed entry judgment our favor ordering stop & shop to pay unpaid annual rent ( see note 20 2013 commitments contingencies 2013 litigation ).
 as of december 31 , 2011  have $ 41983000 receivable from stop and shop.

2012       | $ 1807885
---------- | ---------
2013       | 1718403
2014       | 1609279
2015       | 1425804
2016       | 1232154
thereafter | 6045584


part ii item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities table presents reported quarterly high and low per share sale prices of common stock on nyse for years 2016 and 2015.
 february 17 , 2017  closing price common stock was $ 108. 11 per share reported nyse.
 as of february 17 , 2017  had 427195037 outstanding shares common stock 153 registered holders.
 dividends as reit  must annually distribute to stockholders amount equal to least 90% ( 90 % ) of reit taxable income ( determined before deduction for distributed earnings excluding net capital gain ).
 distributed expect to continue to distribute all or substantially all reit taxable income after consideration utilization of net operating losses ( 201d ).
 two series of preferred stock outstanding , 5. 25% ( 5. 25 % ) mandatory convertible preferred stock , series a preferred stock 201d ) issued may 2014  dividend rate of 5. 25% ( 5. 25 % ) 5. 50% ( 5. 50 % ) mandatory convertible preferred stock , series b ( 201cseries b preferred stock 201d ) issued in march 2015 dividend rate of 5. 50% ( 5. 50 % ).
 dividends payable quarterly in arrears subject to declaration by board of directors.
amount , timing frequency of future distributions at sole discretion of our board of directors depend upon various factors , number may beyond our control , including our financial condition operating cash flows , amount required to maintain our qualification for taxation as a reit reduce income and excise taxes required to pay , limitations on distributions in existing future debt and preferred equity instruments , ability to utilize nols to offset distribution requirements  limitations on ability to fund distributions using cash generated through our trss other factors board of directors may deem relevant.
 distributed aggregate of approximately $ 3. 2 billion to common stockholders , including dividend paid in january 2017 , primarily subject to taxation as ordinary income.

2016                       | high     | low
-------------------------- | -------- | -------
quarter ended march 31     | $ 102.93 | $ 83.07
quarter ended june 30      | 113.63   | 101.87
quarter ended september 30 | 118.26   | 107.57
quarter ended december 31  | 118.09   | 99.72
2015                       | high     | low
quarter ended march 31     | $ 101.88 | $ 93.21
quarter ended june 30      | 98.64    | 91.99
quarter ended september 30 | 101.54   | 86.83
quarter ended december 31  | 104.12   | 87.23


american tower corporation subsidiaries notes consolidated financial statements as of december 31 , 2010 total unrecognized compensation expense related to unvested restricted stock units granted under 2007 plan was $ 57. 5 million expected recognized over average period approximately two years.
 employee stock purchase plan 2014the company maintains employee stock purchase plan ( 201cespp 201d ) for all eligible employees.
 under shares of company 2019s common stock purchased during bi-annual offering periods at 85% ( 85 % ) of lower fair market value on first or last day of each offering period.
 employees purchase shares value not exceeding 15% ( 15 % ) of gross compensation during offering period not purchase more than $ 25000 worth stock in a calendar year ( based on market values beginning each offering period ).
 offering periods run from june 1 through november 30 december 1 through may 31 each year.
 during 2010 , 2009 2008 offering periods employees purchased 75354, 77509 55764 shares  at average prices per share of $ 34. 16 , $ 23. 91 $ 30. 08 .
 fair value of espp offerings estimated on offering period commencement date using black-scholes pricing model expense recognized over expected life  six month offering period employees accumulate payroll deductions to purchase company 2019s common stock.
 weighted average fair value for espp shares purchased during 2010 , 2009 and 2008 was $ 9. 43 , $ 6. 65 $ 7. 89 ,.
 at december 31 , 2010 , 8. 7 million shares remain reserved for future issuance under plan.
 key assumptions apply pricing model for years ended december 31 .
 13.
 stockholders 2019 equity warrants 2014in august 2005 company completed merger with spectrasite .
assumed outstanding warrants to purchase shares of spectrasite , inc.
 common stock.
 as of merger completion date each warrant exercisable for two shares of spectrasite .
 common stock at exercise price of $ 32 per warrant.
 upon completion merger each warrant to purchase shares spectrasite.
 common stock automatically converted into warrant to purchase shares company 2019s common stock upon exercise each warrant holder has right to receive 3. 575 shares of company 2019s common stock in lieu of each share of spectrasite , inc.
 common stock receivable under each warrant prior to merger.
 upon completion company 2019s merger with spectrasite. warrants exercisable for approximately 6. 8 million shares of common stock.
 warrants warrants to purchase approximately none and 1. 7 million shares of common stock remained outstanding as of december 31 , 2010 and 2009 .
 warrants expired on february 10 , 2010.
 stock repurchase program 2014during year ended december 31 , 2010  company repurchased aggregate of approximately 9. 3 million shares of common stock for aggregate of $ 420. 8 million , including commissions and fees $ 418. 6 million paid in cash prior to december 31 , 2010 and $ 2. 2 million included in accounts payable and accrued expenses in consolidated balance sheet as of december 31 , 2010 to publicly announced stock repurchase program.

| 2010                                    | 2009                                    | 2008
-------------------------------------------------------------- | --------------------------------------- | --------------------------------------- | ---------------------------------------
range of risk-free interest rate                               | 0.22% ( 0.22 % ) - 0.23% ( 0.23 % )     | 0.29% ( 0.29 % ) - 0.44% ( 0.44 % )     | 1.99% ( 1.99 % ) - 3.28% ( 3.28 % )
weighted average risk-free interest rate                       | 0.22% ( 0.22 % )                        | 0.38% ( 0.38 % )                        | 2.58% ( 2.58 % )
expected life of shares                                        | 6 months                                | 6 months                                | 6 months
range of expected volatility of underlying stock price         | 35.26% ( 35.26 % ) - 35.27% ( 35.27 % ) | 35.31% ( 35.31 % ) - 36.63% ( 36.63 % ) | 27.85% ( 27.85 % ) - 28.51% ( 28.51 % )
weighted average expected volatility of underlying stock price | 35.26% ( 35.26 % )                      | 35.83% ( 35.83 % )                      | 28.51% ( 28.51 % )
expected annual dividends                                      | n/a                                     | n/a                                     | n/a


awards.
 granted under 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon closing merger.
 awards may be granted under 2006 plan as amended restated after december 5, 2008 only to employees and consultants of allied waste industries , inc.
 subsidiaries not employed by republic services , inc.
 prior to date.
 at december 31 , 2009  approximately 15. 3 million shares of common stock reserved for future grants under 2006 plan.
 stock options use lattice binomial option-pricing model to value stock option grants.
 recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award or to employee 2019s retirement eligible date.
 expected volatility based on weighted average of most recent one-year volatility and historical rolling average volatility of stock over expected life of option.
 risk-free interest rate based on federal reserve rates for bonds with maturity dates equal to expected term of option.
 use historical data to estimate future option exercises forfeitures expected life of options.
 separate groups of employees similar historical exercise behavior considered separately for valuation purposes.
 weighted- average estimated fair values of stock options granted during years ended december 31, 2009 , 2008 and 2007 were $ 3. 79 , $ 4. 36 and $ 6. 49 per option  calculated using weighted-average assumptions:.
 republic services , inc.
 subsidiaries notes to consolidated financial statements

| 2009             | 2008             | 2007
----------------------------- | ---------------- | ---------------- | ----------------
expected volatility           | 28.7% ( 28.7 % ) | 27.3% ( 27.3 % ) | 23.5% ( 23.5 % )
risk-free interest rate       | 1.4% ( 1.4 % )   | 1.7% ( 1.7 % )   | 4.8% ( 4.8 % )
dividend yield                | 3.1% ( 3.1 % )   | 2.9% ( 2.9 % )   | 1.5% ( 1.5 % )
expected life ( in years )    | 4.2              | 4.2              | 4.0
contractual life ( in years ) | 7                | 7                | 7
expected forfeiture rate      | 3.0% ( 3.0 % )   | 3.0% ( 3.0 % )   | 5.0% ( 5.0 % )


eog utilized average prices per acre from market transactions estimated discounted cash flows basis for determining fair value of unproved proved properties received in non-cash property exchanges.
 see note 10.
 fair value of debt.
 at december 31 , 2018 2017  eog had outstanding $ 6040 million and $ 6390 million aggregate principal of senior notes estimated fair values of approximately $ 6027 million and $ 6602 million .
 estimated fair value of debt based upon quoted market prices not available other observable ( level 2 ) inputs regarding interest rates available to eog at year-end.
 14.
 accounting for long-lived assets eog reviews proved oil and gas properties for impairment purposes by comparing expected undiscounted future cash flows at depreciation depletion amortization group level to unamortized capitalized cost of asset.
 carrying values for assets determined to be impaired adjusted to estimated fair value using income approach described in fair value measurement topic.
 eog utilizes accepted offers from third-party purchasers basis for determining fair value.
 during 2018  proved oil and gas properties with carrying amount $ 139 million written down to fair value of $ 18 million pretax impairment charges of $ 121 million.
 2017 , proved oil and gas properties with carrying amount $ 370 million written down to fair value of $ 146 million pretax impairment charges of $ 224 million.
 impairments in 2018 , 2017 2016 included domestic legacy natural gas assets.
 amortization impairments of unproved oil and gas property costs including amortization of capitalized interest were $ 173 million , $ 211 million $ 291 million during 2018  2017 2016.
.
asset retirement obligations table presents reconciliation of beginning ending aggregate amounts short-term and long-term legal obligations associated with retirement of property , plant equipment for years ended december 31 , 2018 2017 ( in thousands ) :.
 ( 1 ) includes settlements related to asset sales.
 current and noncurrent portions of eog's asset retirement obligations included in current liabilities - other liabilities on consolidated balance sheets.

| 2018             | 2017
-------------------------------------- | ---------------- | ----------------
carrying amount at beginning of period | $ 946848         | $ 912926
liabilities incurred                   | 79057            | 54764
liabilities settled ( 1 )              | -70829 ( 70829 ) | -61871 ( 61871 )
accretion                              | 36622            | 34708
revisions                              | -38932 ( 38932 ) | -9818 ( 9818 )
foreign currency translations          | 1611             | 16139
carrying amount at end of period       | $ 954377         | $ 946848
current portion                        | $ 26214          | $ 19259
noncurrent portion                     | $ 928163         | $ 927589


performance graph comparison of five-year cumulative total return graph table compare cumulative total return citi 2019s common stock , listed on nyse under ticker symbol 201cc 201d held by 65691 common stockholders record as of january 31 , 2018 , with cumulative total return s&p 500 index s&p financial index over five-year period through december 31 , 2017.
 graph table assume $ 100 invested on december 31 , 2012 in citi 2019s common stock , s&p 500 index s&p financial index  all dividends reinvested.
 comparison of five-year cumulative total return for years ended date citi s&p 500 financials.

date        | citi  | s&p 500 | s&p financials
----------- | ----- | ------- | --------------
31-dec-2012 | 100.0 | 100.0   | 100.0
31-dec-2013 | 131.8 | 132.4   | 135.6
31-dec-2014 | 137.0 | 150.5   | 156.2
31-dec-2015 | 131.4 | 152.6   | 153.9
31-dec-2016 | 152.3 | 170.8   | 188.9
31-dec-2017 | 193.5 | 208.1   | 230.9


notes to consolidated financial statements competitive environment general economic and business conditions , among other factors.
 pullmantur is a brand targeted primarily at spanish , portu- guese latin american markets pullmantur diversified passenger sourcing past years, spain still represents pullmantur 2019s largest market.
 as disclosed during 2012 european economies continued to demonstrate insta- bility in of heightened concerns over sovereign debt issues impact of proposed auster- ity measures on certain markets.
 spanish econ- omy more severely impacted than many other economies significant uncertainty to when it will recover.
 in impact of costa concordia incident more lingering effect than expected impact in future years is uncertain.
 these factors identified in past as significant risks could lead to impairment of pullmantur 2019s goodwill.
 recently spanish economy progressively worsened forecasts suggest challenging operating environment will continue for extended period of time.
 unemployment rate in spain reached 26% ( 26 % ) during fourth quarter of 2012 expected to rise further in 2013.
 international monetary fund , projected gdp growth of 1. 8% ( 1. 8 % ) a year ago, revised 2013 gdp projections downward for spain to contraction of 1. 3% ( 1. 3 % ) during fourth quarter of 2012 reduced it to contraction of 1. 5% ( 1. 5 % ) in january of 2013.
 during latter half of 2012 new austerity measures , increases to value added tax  cuts to benefits  phasing out of exemptions suspension of government bonuses implemented by spanish government.
 believe these austerity measures larger impact on consumer confidence discretionary spending than previously anticipated.
 result significant deterioration in bookings from guests sourced from spain during 2013 wave season.
combination of factors caused us to negatively adjust cash flow projections especially closer-in net yield assumptions expectations regarding future capacity growth for brand.
 based on updated cash flow projections determined implied fair value of goodwill for pullmantur reporting unit was $ 145. 5 million rec- ognized impairment charge of $ 319. 2 million.
 impairment charge recognized in earnings during fourth quarter of 2012 reported within impairment of pullmantur related assets within consolidated statements of comprehensive income ( loss ).
 no goodwill impairment charges related to pullmantur reporting unit in prior periods.
 see note 13.
 fair value measurements derivative instruments for further discussion.
 if spanish economy weakens further or recovers more slowly or if economies of other markets (.
 brazil latin america ) perform worse than contemplated in discounted cash flow model or if material changes to projected future cash flows in impair- ment analyses especially in net yields additional impairment charge of pullmantur reporting unit 2019s goodwill may be required.
 note 4.
 intangible assets assets reported in other assets in consolidated balance sheets consist of follow- ing ( in thousands ) :.
 during fourth quarter of 2012  performed annual impairment review of trademarks and trade names using discounted cash flow model and relief-from-royalty method.
 royalty rate used based on comparable royalty agreements in tourism and hospitality industry.
 trademarks and trade names relate to pullmantur used discount rate comparable to rate used in valuing pullmantur reporting unit in goodwill impairment test.
 as described in note 3.
goodwill deterioration spanish economy caused us to negatively adjust cash flow projections for pullmantur reporting unit especially closer-in net yield assumptions timing of future capacity growth for brand.
 based on updated cash flow projections determined fair value of pullmantur 2019s trademarks and trade names no longer exceeded carrying value.
 recog- nized impairment charge of approximately $ 17. 4 million to write down trademarks trade names to fair value of $ 204. 9 million.
 impairment charge recognized in earnings fourth quarter of 2012 reported within impairment of pullmantur related assets within consolidated statements of comprehensive income ( loss ).
 see note 13.
 fair value measurements derivative instruments for further discussion.
 if spanish economy weakens or recovers more slowly or if economies of other markets (.
 france  brazil latin america ) 0494. indd 76 3/27/13 12:53 pm

| 2012             | 2011
-------------------------------------------------------------------------- | ---------------- | --------------
indefinite-life intangible asset 2014pullmantur trademarks and trade names | $ 218883         | $ 225679
impairment charge                                                          | -17356 ( 17356 ) | 2014
foreign currency translation adjustment                                    | 3339             | -6796 ( 6796 )
total                                                                      | $ 204866         | $ 218883


abiomed , inc.
 subsidiaries notes to consolidated financial statements 2014 ( continued ) note 14.
 income taxes ( continued ) transition defines criteria met for benefits of tax position to be recognized.
 result of adoption of fin no.
 48  company recorded cumulative effect of change in accounting principle of $ 0. 3 million as decrease to opening retained earnings increase to other long-term liabilities as of april 1 , 2007.
 adjustment relates to state nexus for failure to file tax returns in various states for years ended march 31 , 2003 , 2004  2005.
 company initiated voluntary disclosure plan.
 company elected to recognize interest/or penalties related to income tax matters in income tax expense in consolidated statements of operations.
 as of april 1 , 2007 accrued interest not significant recorded as part of $ 0. 3 million adjustment to opening balance of retained earnings.
 as of march 31 , 2008 no penalties accrued consistent with company 2019s discussions with states connection with company 2019s voluntary disclosure plan.
 quarterly basis company accrues for effects of uncertain tax positions related potential penalties and interest.
 company recorded liability for unrecognized tax benefits in other liabilities including accrued interest  of $ 0. 2 million at march 31 , 2008.
 possible amount of unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during next 12 months ; not expected change significant effect on company 2019s results of operations or financial position.
 reconciliation of beginning and ending balance of unrecognized tax benefits , excluding accrued interest recorded at march 31 , 2008 ( in thousands ) as follows:.
 company and subsidiaries subject to u. s.
federal income tax  income tax of multiple state and foreign jurisdictions.
 company accumulated significant losses since inception in 1981.
 all tax years remain subject to examination by major tax jurisdictions including federal government and commonwealth of massachusetts.
 company has net operating loss and tax credit carry forwards be utilized in future years to offset taxable income those years may be subject to review by relevant taxing authorities if carry forwards utilized.
 note 15.
 commitments and contingencies company 2019s acquisition of impella provides abiomed may be required to make additional contingent payments to impella 2019s former shareholders : 2022 upon fda approval of impella 2. 5 device , payment of $ 5583333 , and 2022 upon fda approval of impella 5. 0 device , payment of $ 5583333 if average market price per share of abiomed 2019s common stock  determined in purchase agreement as of date of one milestones achieved is $ 22 or more, no additional contingent consideration required milestone.
 if average market price is between $ 18 and $ 22 on date of company 2019s achievement of milestone relevant milestone payment will be reduced.
 milestone payments may be made at company 2019s option with cash or stock or by combination of cash or stock no more than aggregate of approximately $ 9. 4 million of milestone payments may be made in form of stock.
 if contingent payments made result in increase in carrying value of goodwill.
 in june 2008  company received 510 ( k ) clearance of impella 2. 5  triggering obligation to pay $ 5. 6 million of contingent payments related to may 2005 acquisition of impella.
contingent payments may be made at company 2019s option with cash or stock or by combination cash stock under circumstances described in purchase agreement related to 2019s impella acquisition approximately $ 1. 8 million of remaining $ 11. 2 million potential contingent payments must be made in cash.
 company 2019s intent to satisfy impella 2. 5 510 ( k ) clearance contingent payment through issuance of common shares company stock.

balance at april 1 2007                                                           | $ 224
--------------------------------------------------------------------------------- | ----------
reductions for tax positions for closing of the applicable statute of limitations | -56 ( 56 )
balance at march 31 2008                                                          | $ 168


contributions expected benefit payments funding of qualified defined benefit pension plans determined accordance with erisa  amended by ppa  consistent with cas internal revenue code rules.
 no contributions to legacy qualified defined benefit pension plans during 2016.
 do not plan to make contributions to legacy pension plans in 2017 none required using current assumptions investment returns on plan assets.
 made $ 23 million contributions during 2016 to established sikorsky pension plan expect to make $ 45 million contributions plan during 2017.
 table presents estimated future benefit payments reflect expected future employee service  as of december 31 , 2016 ( in millions ) :.
 defined contribution plans maintain defined contribution plans most with 401 ( k ) features cover substantially all employees.
 provisions 401 k ) plans match most employees 2019 eligible contributions at rates specified in plan documents.
 contributions were $ 617 million in 2016  $ 393 million in 2015 $ 385 million in 2014 majority funded in common stock.
 defined contribution plans held approximately 36. 9 million and 40. 0 million shares of common stock as of december 31 , 2016 and 2015.
 note 12 2013 stockholders 2019 equity at december 31, 2016 and 2015 authorized capital of 1. 5 billion shares of common stock 50 million shares of series preferred stock.
 290 million shares of common stock issued outstanding as of december 31 , 2016 , 289 million shares considered outstanding for consolidated balance sheet presentation purposes remaining shares held in separate trust.
 305 million shares of common stock issued outstanding as of december 31 , 2015 , 303 million shares considered outstanding for consolidated balance sheet presentation purposes remaining shares held in separate trust.
 no shares of preferred stock issued and outstanding at december 31 , 2016 or 2015.
 repurchases of common stock during 2016  repurchased 8.9 million shares common stock for $ 2. 1 billion.
 during 2015 and 2014  paid $ 3. 1 billion and $ 1. 9 billion to repurchase 15. 2 million and 11. 5 million shares common stock.
 september 22 , 2016 board of directors approved $ 2. 0 billion increase to share repurchase program.
 inclusive increase total remaining authorization for future common share repurchases program was $ 3. 5 billion as of december 31 , 2016.
 repurchase common shares reduce common stock for $ 1 of par value shares repurchased excess purchase price over par value recorded as reduction of additional paid-in capital.
 due to volume repurchases share repurchase program additional paid-in capital reduced to zero remainder excess purchase price over par value of $ 1. 7 billion and $ 2. 4 billion recorded as reduction of retained earnings in 2016 and 2015.
 paid dividends totaling $ 2. 0 billion ( $ 6. 77 per share ) in 2016 $ 1. 9 billion ( $ 6. 15 per share ) in 2015 $ 1. 8 billion ( $ 5. 49 per share ) in 2014.
 increased quarterly dividend rate each last three years including 10% ( 10 % ) increase in quarterly dividend rate in fourth quarter of 2016.
 declared quarterly dividends of $ 1. 65 per share first three quarters of 2016 $ 1. 82 per share fourth quarter of 2016 ; $ 1. 50 per share first three quarters of 2015 $ 1. 65 per share fourth quarter of 2015 ; $ 1. 33 per share first three quarters of 2014 $ 1. 50 per share fourth quarter of 2014.

| 2017   | 2018   | 2019   | 2020   | 2021   | 2022 2013 2026
---------------------------------------- | ------ | ------ | ------ | ------ | ------ | --------------
qualified defined benefit pension plans  | $ 2260 | $ 2340 | $ 2420 | $ 2510 | $ 2590 | $ 13920
retiree medical and life insurance plans | 180    | 180    | 190    | 190    | 190    | 870


entergy mississippi , inc.
 management's financial discussion analysis net wholesale revenue variance due to lower profit on joint account sales reduced capacity revenue from municipal energy agency of mississippi.
 gross operating revenues , fuel purchased power expenses  other regulatory charges gross operating revenues increased due to increase of $ 152. 5 million in fuel cost recovery revenues due to higher fuel rates offset by decrease of $ 43 million in gross wholesale revenues due to decrease in net generation purchases excess decreased net area demand less energy for resale sales decrease in system agreement remedy receipts.
 fuel purchased power expenses increased due to increases in average market prices of natural gas purchased power offset by decreased demand decreased recovery from customers of deferred fuel costs.
 other regulatory charges increased due to increased recovery through grand gulf rider of grand gulf capacity costs due to higher rates increased recovery of costs associated with power management recovery rider.
 no material effect on net income due to quarterly adjustments to power management recovery rider.
 2007 compared to 2006 net revenue consists of operating revenues net of fuel , fuel-related expenses gas purchased for resale 2 purchased power expenses 3 other regulatory charges credits ).
 analysis of change in net revenue comparing 2007 to 2006.
 amount ( in millions ).
 base revenue variance due to formula rate plan increase effective july 2007.
 formula rate plan discussed in "state local rate regulation".
 volume/weather variance due to increased electricity usage in residential commercial sectors effect of more favorable weather on billed electric sales in 2007 compared to 2006.
 billed electricity usage increased 214 gwh.
 increase usage offset by decreased usage in industrial sector.
 transmission revenue variance due to higher rates addition of new transmission customers in late 2006.
transmission equalization variance due to revision 2006 of transmission equalization receipts among entergy companies.
 reserve equalization variance primarily due to revision 2006 of reserve equalization payments among entergy companies due to ferc ruling regarding inclusion of interruptible loads in reserve

| amount ( in millions )
------------------------- | ----------------------
2006 net revenue          | $ 466.1
base revenue              | 7.9
volume/weather            | 4.5
transmission revenue      | 4.1
transmission equalization | 4.0
reserve equalization      | 3.8
attala costs              | -10.2 ( 10.2 )
other                     | 6.7
2007 net revenue          | $ 486.9