aeronautics business segment 2019s results operations discussion.
 increase in consolidated net adjustments for 2011 compared to 2010 due to increase in profit booking rate adjustments at is&gs and aeronautics business segments.
 aeronautics engaged in research  design  development manufacture integration sustainment support upgrade of advanced military aircraft  combat air mobility aircraft  unmanned air vehicles  related technologies.
 aeronautics 2019 major programs include f-35 lightning ii joint strike fighter f-22 raptor  f-16 fighting falcon c-130 hercules  c-5m super galaxy.
 aeronautics 2019 operating results included ( in millions ) :.
 2012 compared to 2011 aeronautics 2019 net sales for 2012 increased $ 591 million  or 4% ( 4 % )  compared to 2011.
 increase attributable to higher net sales of $ 745 million from f-35 lrip contracts due to increased production volume ; $ 285 million from f-16 programs due to higher aircraft deliveries ( 37 f-16 aircraft delivered in 2012 compared to 22 2011 ) partially offset by lower volume on sustainment activities due to completion modification programs for international customers approximately $ 140 million from c-5 programs due to higher aircraft deliveries ( four c-5m aircraft delivered in 2012 compared to two 2011 ).
 partially offsetting increases lower net sales of approximately $ 365 million from decreased production volume lower risk retirements on f-22 program final aircraft deliveries completed second quarter 2012 ; $ 110 million from f-35 development contract due to reducing profit booking rate second quarter 2012 lower volume ; about $ 95 million from decrease in volume on other sustainment activities partially offset by other aeronautics programs due to higher volume.
 net sales for c-130 programs comparable to 2011 decline in sustainment activities offset by increased aircraft deliveries.
aeronautics 2019 operating profit 2012 increased $ 69 million or 4% ( 4 % ) compared to 2011.
 increase attributable to higher operating profit $ 105 million from c-130 programs due to increase in risk retirements ; $ 50 million from f-16 programs due to higher aircraft deliveries offset by decline in risk retirements ; $ 50 million from f-35 lrip contracts due to increased production volume risk retirements $ 50 million from completion of purchased intangible asset amortization on f-16 contracts.
 partially offsetting increases lower operating profit of $ 90 million from f-35 development contract due to reducing profit booking rate second quarter 2012 ; $ 50 million from decreased production volume risk retirements on f-22 program offset by resolution of contractual matter second quarter 2012 $ 45 million due to decrease in risk retirements on other sustainment activities partially offset by other aeronautics programs due to increased risk retirements volume.
 operating profit for c-5 programs comparable to 2011.
 adjustments not related to volume including net profit booking rate adjustments other matters approximately $ 30 million lower for 2012 compared to 2011.
 2011 compared 2010 aeronautics 2019 net sales for 2011 increased $ 1. 3 billion  or 10% ( 10 % )  compared to 2010.
 growth due to higher volume of $ 850 million for work f-35 lrip contracts production increased ; higher volume $ 745 million for c-130 programs due to increase in deliveries ( 33 c-130j aircraft delivered in 2011 compared to 25 2010 ) support activities ; $ 425 million for f-16 support activities increase in aircraft deliveries ( 22 f-16 aircraft delivered 2011 compared to 20 2010 ) $ 90 million for higher volume on c-5 programs ( two c-5m aircraft delivered in 2011 compared to one 2010 ).
increases partially offset by decline in net sales approximately $ 675 million due to lower volume f-22 program lower net sales $ 155 million for f-35 development contract as development work decreased.

| 2012             | 2011             | 2010
------------------- | ---------------- | ---------------- | ----------------
net sales           | $ 14953          | $ 14362          | $ 13109
operating profit    | 1699             | 1630             | 1498
operating margins   | 11.4% ( 11.4 % ) | 11.3% ( 11.3 % ) | 11.4% ( 11.4 % )
backlog at year-end | 30100            | 30500            | 27500


regulatory balancing accounts accumulate differences between revenues recognized and authorized revenue requirements until collected from customers or refunded.
 accounts include low income programs purchased power and water accounts.
 debt expense amortized over lives of respective issues.
 call premiums on redemption of long- term debt unamortized debt expense deferred and amortized to recovered through future service rates.
 result of american water capital corp. 2019s prepayment of 5. 62% ( 5. 62 % ) series c senior notes due december 21, 2018 ( 201cseries c senior notes 201d ) and 5. 77% ( 5. 77 % ) series d senior notes due december 21, 2021 ( 201cseries d senior notes 201d ) payment of make-whole premium amount to holders of $ 34 million  company recorded $ 6 million charge from early extinguishment of debt at parent company.
 substantially all early debt extinguishment costs to company 2019s utility subsidiaries recorded as regulatory assets believes probable of recovery in future rates.
 approximately $ 1 million of early debt extinguishment costs subsidiaries amortized in 2017.
 purchase premium recoverable through rates is primarily recovery of acquisition premiums related to asset acquisition by company 2019s california utility subsidiary during 2002  and acquisitions in 2007 by company 2019s new jersey utility subsidiary.
 as authorized for recovery by california new jersey costs amortized to depreciation and amortization in consolidated statements of operations through november 2048.
 tank painting costs generally deferred and amortized to operations and maintenance expense in consolidated statements of operations straight-line over periods two to fifteen years as authorized by regulatory authorities in determination of rates charged for service.
regulatory assets include construction costs for treatment facilities property tax stabilization  employee-related costs deferred postretirement benefit expense business services project expenses coastal water project costs rate case expenditures environmental remediation costs.
 these costs are deferred because amounts recovered in rates or probable of recovery through rates in future periods.
 regulatory liabilities liabilities generally represent amounts probable of being credited or refunded to customers through rate-making process.
 if costs expected to be incurred in future currently being recovered through rates company records expected future costs as regulatory liabilities.
 table summarizes composition of regulatory liabilities as of december 31:.
 income taxes recovered through rates relate to deferred taxes will likely be refunded to company 2019s customers.
 on december 22 , 2017  tcja signed into law  enacted significant complex changes to internal revenue code of 1986 including reduction in maximum.
 federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) as of january 1 , 2018.
 tcja created significant

| 2017   | 2016
----------------------------------------------------------- | ------ | ------
income taxes recovered through rates                        | $ 1242 | $ 2014
removal costs recovered through rates                       | 315    | 316
pension and other postretirement benefit balancing accounts | 48     | 55
other                                                       | 59     | 32
total regulatory liabilities                                | $ 1664 | $ 403


republic services , inc.
 notes to consolidated financial statements 2014 ( continued ) 12.
 share repurchases and dividends activity during years ended december 31 , 2018 and 2017 follows ( in millions except per share amounts ) :.
 as of december 31 , 2018 no repurchased shares pending settlement.
 in october 2017  board of directors added $ 2. 0 billion to existing share repurchase authorization extends through december 31 , 2020.
 share repurchases under program may be made through open market purchases or privately negotiated transactions federal securities laws.
 board of directors approved program timing of purchases prices number of shares common stock purchased determined by management depend upon market conditions other factors.
 share repurchase program may be extended suspended or discontinued.
 as of december 31 , 2018 remaining authorized purchase capacity under october 2017 repurchase program was $ 1. 1 billion.
 dividends in october 2018  board of directors approved quarterly dividend of $ 0. 375 per share.
 cash dividends declared were $ 468. 4 million , $ 446. 3 million and $ 423. 8 million for years ended december 31 , 2018 , 2017 and 2016 .
 as of december 31 , 2018 recorded quarterly dividend payable of $ 121. 0 million to shareholders record at close of business on january 2 , 2019.
.
 earnings per share computed by dividing net income attributable to republic services , inc.
 by weighted average number of common shares ( including vested but unissued rsus ) outstanding during period.
diluted earnings per share based on combined weighted average number of common shares and share equivalents outstanding include appropriate assumed exercise of employee stock options  unvested rsus unvested psus at expected attainment levels.
 use treasury stock method in computing diluted earnings per share.

| 2018    | 2017
------------------------------- | ------- | -------
number of shares repurchased    | 10.7    | 9.6
amount paid                     | $ 736.9 | $ 610.7
weighted average cost per share | $ 69.06 | $ 63.84


commodities purchased for use in supply chain.
 manage exposures through combination purchase orders , long-term contracts with suppliers  exchange-traded futures and options  over-the-counter options and swaps.
 offset exposures based on current projected market conditions seek to acquire inputs at close to planned cost possible.
 use derivatives to manage exposure to changes in commodity prices.
 not perform assessments required to hedge accounting for commodity derivative positions.
 changes in values of derivatives recorded in cost of sales in consolidated statements of earnings.
 not meet criteria for cash flow hedge accounting , believe these instruments effective in objective of providing certainty in future price of commodities purchased for in supply chain.
 for measuring segment operating performance gains and losses reported in unallocated corporate items outside of segment operating results until exposure managing affects earnings.
 reclassify gain or loss from unallocated corporate items to segment operating profit  allowing operating segments to realize economic effects of derivative without experiencing mark-to-market volatility  remains in unallocated corporate items.
 unallocated corporate items for fiscal 2019 , 2018 and 2017 included:.
 net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ ( 36. 0 ) $ 32. 1 $ 13. 9 as of may 26 , 2019 , net notional value of commodity derivatives was $ 312. 5 million , of $ 242. 9 million related to agricultural inputs and $ 69. 6 million related to energy inputs.
 contracts relate to inputs generally be utilized within next 12 months.
 interest rate risk exposed to interest rate volatility with future issuances of fixed-rate debt , existing and future issuances of floating-rate debt.
 primary exposures include u..
 treasury rates  libor euribor  commercial paper rates in united states europe.
 we use interest rate swaps  forward-starting interest rate swaps treasury locks to hedge exposure to interest rate changes reduce volatility financing costs achieve desired proportion of fixed rate versus floating-rate debt  based on current projected market conditions.
 under swaps agree with counterparty to exchange difference between fixed-rate and floating-rate interest amounts based on agreed notional principal amount.
 floating interest rate exposures 2014 floating-to-fixed interest rate swaps as cash flow hedges all hedges of forecasted issuances debt.
 effectiveness assessed based on perfectly effective hypothetical derivative method or changes in present value of interest payments on underlying debt.
 effective gains and losses deferred to aoci reclassified into earnings over life of associated debt.
 ineffective gains and losses recorded as net interest.
 amount hedge ineffectiveness was less than $ 1 million in fiscal 2019  $ 2. 6 million loss in fiscal 2018  less than $ 1 million in fiscal 2017.
 fixed interest rate exposures 2014 fixed-to-floating interest rate swaps as fair value hedges with effectiveness assessed based on changes in fair value of underlying debt and derivatives

in millions                                                                                | fiscal year 2019 | fiscal year 2018 | fiscal year 2017
-------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ----------------
net gain ( loss ) onmark-to-marketvaluation of commodity positions                                       | $ -39.0 ( 39.0 ) | $ 14.3           | $ -22.0 ( 22.0 )
net loss on commodity positions reclassified from unallocated corporate items to segmentoperating profit | 10.0             | 11.3             | 32.0
netmark-to-marketrevaluation of certain grain inventories                                                | -7.0 ( 7.0 )     | 6.5              | 3.9
netmark-to-marketvaluation of certain commodity positions recognized in unallocated corporate items      | $ -36.0 ( 36.0 ) | $ 32.1           | $ 13.9


net decrease in 2016 effective tax rate due to 2016 asset impairments in u. s.
 and current year benefit related to restructuring of brazilian businesses increases tax basis in long-term assets.
 2015 rate impacted by items described below.
 see note 20 2014asset impairment expense for additional information 2016.
 asset impairments.
 income tax expense increased $ 101 million  or 27% ( 27 % ) , to $ 472 million in 2015.
 company's effective tax rates were 41% ( 41 % ) and 26% ( 26 % ) for years ended december 31, 2015 and 2014 .
 net increase in 2015 effective tax rate due to nondeductible 2015 impairment of goodwill at u. s.
 utility , dp&l and chilean withholding taxes offset by release of valuation allowance at businesses in brazil , vietnam u. s.
 2014 rate impacted by sale of approximately 45% ( 45 % ) of company 2019s interest in masin aes pte ltd. company 2019s business interests in philippines and 2014 sale of company 2019s interests in four u.
 wind operating projects.
 neither transactions gave rise to income tax expense.
 see note 15 2014equity for additional information sale of approximately 45% ( 45 % ) of company 2019s interest in masin-aes pte ltd.
 see note 23 2014dispositions for information sale of company 2019s interests in four u.
 wind operating projects.
 effective tax rate reflects tax effect of significant operations outside u. s.  generally taxed at rates lower than u. s.
 statutory rate of 35% ( 35 % ).
 future proportionate change in composition of income before income taxes from foreign and domestic tax jurisdictions could impact periodic effective tax rate.
company benefits from reduced tax rates in countries satisfying specific commitments regarding employment capital investment.
 see note 21 2014income taxes for additional information reduced rates.
 foreign currency transaction gains ( losses ) gains losses ) in millions were as follows:.
 total ( 1 ) $ ( 15 ) $ 107 $ 11 ( 1 ) includes gains of $ 17 million , $ 247 million $ 172 million on foreign currency derivative contracts for years ended december 31 , 2016 , 2015 2014  respectively.
 company recognized net foreign currency transaction loss of $ 15 million for year ended december 31, 2016 due to losses of $ 50 million at aes corporation due to remeasurement losses on intercompany notes  losses on swaps and options.
 loss partially offset by gains of $ 37 million in argentina  due to favorable impact of foreign currency derivatives related to government receivables.
 company recognized net foreign currency transaction gain of $ 107 million for year ended december 31 , 2015 primarily due to gains of : 2022 $ 124 million in argentina  due to favorable impact from foreign currency derivatives related to government receivables partially offset by losses from devaluation of argentine peso associated with.
 dollar denominated debt  losses at termoandes.
 dollar currency subsidiary ) associated with cash and accounts receivable balances in local currency  2022 $ 29 million in colombia due to depreciation of colombian peso  impacting chivor.
 currency subsidiary ) due to liabilities denominated in colombian pesos 2022 $ 11 million in united kingdom  due to depreciation of pound sterling  in gains at ballylumford holdings.
 currency subsidiary associated with intercompany notes payable denominated in pound sterling

years ended december 31, | 2016         | 2015         | 2014
------------------------ | ------------ | ------------ | ------------
aes corporation          | $ -50 ( 50 ) | $ -31 ( 31 ) | $ -34 ( 34 )
chile                    | -9 ( 9 )     | -18 ( 18 )   | -30 ( 30 )
colombia                 | -8 ( 8 )     | 29           | 17
mexico                   | -8 ( 8 )     | -6 ( 6 )     | -14 ( 14 )
philippines              | 12           | 8            | 11
united kingdom           | 13           | 11           | 12
argentina                | 37           | 124          | 66
other                    | -2 ( 2 )     | -10 ( 10 )   | -17 ( 17 )
total ( 1 )              | $ -15 ( 15 ) | $ 107        | $ 11


management 2019s discussion analysis 120 jpmorgan chase & co. /2010 annual report wholesale credit portfolio as december 31 , 2010 wholesale exposure ( ib , cb  tss am ) increased by $ 36. 9 billion from december 31  2009.
 increase driven by increases $ 23. 5 billion loans $ 16. 8 billion receivables from customers offset by decreases in interests purchase receivables lending-related commitments of $ 2. 5 billion and $ 1. 1 billion.
 de- crease lending-related commitments increase in loans related to january 1, 2010 adoption accounting guidance vies resulted elimination net $ 17. 7 billion lending-related commitments between firm administrated multi-seller conduits upon consolidation.
 assets consolidated conduits included $ 15. 1 billion wholesale loans at january 1 , 2010.
 excluding effect accounting guidance lending-related commitments loans have increased by $ 16. 6 billion and $ 8. 4 billion mainly related to in- creased client activity.
 increase in loans included pur- chase of $ 3. 5 billion loan portfolio in cb during third quarter of 2010.
 increase of $ 16. 8 billion in receivables from customers due to increased client activity predominantly prime services.
 wholesale.
 net credit derivative hedges notional ( d ) $ ( 23108 ) $ ( 48376 ) $ ( 55 ) $ ( 139 ) liquid securities other cash collateral held against derivatives ( e ) ( 16486 ) ( 15519 ) na a ) represents margin loans to prime retail brokerage customers included in accrued interest accounts receivable on consolidated balance sheets.
b ) represents ownership interest in cash flows of pool receivables transferred by third-party seller into bankruptcy-remote entity generally trust.
 c ) amounts nonperforming represent unfunded commitments risk rated as nonaccrual.
 d ) represents net notional amount of protection purchased and sold of single-name portfolio credit derivatives to manage performing and nonperform- ing credit exposures ; derivatives not qualify for hedge accounting under u. s.
 gaap.
 additional information see credit derivatives on pages 126 2013128 note 6 on pages 191 2013199 of annual report.
 e ) represents other liquid securities collateral and cash collateral held by firm.
 f ) excludes assets acquired in loan satisfactions.
 table presents summaries of maturity ratings profiles of wholesale portfolio as of december 31 , 2010 and 2009.
 ratings scale based on firm 2019s internal risk ratings correspond to ratings defined by s&p and moody 2019s.
 included in table is notional value of net credit derivative hedges ; counterparties hedges are predominantly investment grade banks and finance companies.

december 31 , ( in millions )                                              | december 31 , 2010 | december 31 , 2009 | 2010         | 2009
-------------------------------------------------------------------------- | ------------------ | ------------------ | ------------ | --------------
loans retained                                                             | $ 222510           | $ 200077           | $ 5510       | $ 6559
loans held-for-sale                                                        | 3147               | 2734               | 341          | 234
loans at fair value                                                        | 1976               | 1364               | 155          | 111
loans 2013 reported                                                        | 227633             | 204175             | 6006         | 6904
derivative receivables                                                     | 80481              | 80210              | 34           | 529
receivables from customers ( a )                                           | 32541              | 15745              | 2014         | 2014
interests in purchased receivables ( b )                                   | 391                | 2927               | 2014         | 2014
total wholesale credit-related assets                                      | 341046             | 303057             | 6040         | 7433
lending-related commitments ( c )                                          | 346079             | 347155             | 1005         | 1577
total wholesale credit exposure                                            | $ 687125           | $ 650212           | $ 7045       | $ 9010
net credit derivative hedges notional ( d )                                | $ -23108 ( 23108 ) | $ -48376 ( 48376 ) | $ -55 ( 55 ) | $ -139 ( 139 )
liquid securities and other cash collateral held against derivatives ( e ) | -16486 ( 16486 )   | -15519 ( 15519 )   | na           | na


74 2012 ppg annual report form 10-k 25.
 separation and merger transaction on january , 28 , 2013  company completed announced separation of commodity chemicals business merger of wholly-owned subsidiary  eagle spinco inc. with subsidiary of georgia gulf corporation in tax efficient reverse morris trust transaction ( 201ctransaction 201d ).
 pursuant merger eagle spinco  entity holding ppg's former commodity chemicals business now wholly-owned subsidiary of georgia gulf.
 closing merger followed expiration of related exchange offer satisfaction of certain other conditions.
 combined company formed by uniting georgia gulf with ppg's former commodity chemicals business named axiall corporation ( 201caxiall 201d ).
 ppg holds no ownership interest in axiall.
 ppg received necessary ruling from internal revenue service transaction generally tax free to ppg shareholders.
 terms exchange offer 35249104 shares of eagle spinco common stock available for distribution in exchange for shares of ppg common stock accepted offer.
 following merger each share of eagle spinco common stock converted into right to receive one share of axiall corporation common stock.
 ppg shareholders tendered shares of ppg common stock offer received 3. 2562 shares of axiall common stock for each share of ppg common stock accepted for exchange.
 ppg able to accept maximum of 10825227 shares of ppg common stock for exchange offer reduced outstanding shares by approximately 7% ( 7 % ).
 under terms transaction  ppg received $ 900 million of cash and 35. 2 million shares of axiall common stock ( market value of $ 1. 8 billion on january 25, 2013 ) distributed to ppg shareholders by exchange offer described.
cash consideration subject to customary post-closing adjustment including working capital adjustment.
 in transaction  ppg transferred environmental remediation liabilities  defined benefit pension plan assets liabilities other post-employment benefit liabilities related to commodity chemicals business to axiall.
 ppg report gain on transaction reflecting excess of cash proceeds received and cost ( closing stock price on january 25 , 2013 ) of ppg shares tendered and accepted in exchange for 35. 2 million shares of axiall common stock over net book value of net assets of ppg's former commodity chemicals business.
 transaction in net partial settlement loss associated with spin out and termination of defined benefit pension liabilities transfer of other post-retirement benefit liabilities under terms transaction.
 during 2012  company incurred $ 21 million of pretax expense  primarily for professional services related to transaction.
 additional transaction-related expenses incurred in 2013.
 ppg report results of commodity chemicals business for january 2013 net gain on transaction as results from discontinued operations reports results for quarter ending march 31 , 2013.
 in ppg results for prior periods for comparative with first quarter 2013 results of former commodity chemicals business reclassified from continuing operations presented as results from discontinued operations.
 net sales and income before income taxes of commodity chemicals business reclassified reported as discontinued operations presented in table below for years ended december 31 , 2012 , 2011 and 2010:.
 income before income taxes for year ended december 31 , 2012 , 2011 and 2010 is $ 4 million lower , $ 6 million higher and $ 2 million lower  than segment earnings for ppg commodity chemicals segment reported for these periods.
differences due to inclusion of certain gains  losses expenses associated with chlor-alkali derivatives business not reported in ppg commodity chemicals segment earnings accordance with accounting guidance on segment reporting.
 table of contents notes to consolidated financial statements

millions                   | year-ended 2012 | year-ended 2011 | year-ended 2010
-------------------------- | --------------- | --------------- | ---------------
net sales                  | $ 1700          | $ 1741          | $ 1441
income before income taxes | $ 368           | $ 376           | $ 187


table of contents notes to consolidated financial statements of american airlines , inc.
 certificate of incorporation ( ) contains transfer restrictions applicable to certain substantial stockholders.
 purpose transfer restrictions to prevent ownership change, no assurance ownership change will not occur even with transfer restrictions.
 copy of certificate of incorporation attached as exhibit 3. 1 to current report on form 8-k filed by aag with sec on december 9 , 2013.
 reorganization items  net reorganization items refer to revenues  expenses ( including professional fees )  realized gains and losses provisions for losses realized or incurred in chapter 11 cases.
 table summarizes components included in reorganization items , net on consolidated statement of operations for year ended december 31 , 2013 ( in millions ) : december 31.
 in exchange for employees 2019 contributions to successful reorganization  including agreeing reductions in pay and benefits  american agreed plan to provide each employee group a deemed claim , used to provide distribution of portion of equity of reorganized entity to employees.
 each employee group received deemed claim amount based upon portion of value of cost savings provided by group through reductions to pay and benefits certain work rule changes.
 total value of deemed claim was approximately $ 1. 7 billion.
 2 amounts include allowed claims ( claims approved by bankruptcy court ) and estimated allowed claims relating to rejection or modification of financings related to aircraft entry of orders treated as unsecured claims with respect facility agreements supporting certain issuances of special facility revenue bonds.
debtors recorded estimated claim associated with rejection or modification of financing or facility agreement when applicable motion filed with bankruptcy court to reject or modify financing agreement debtors believed probable motion would be approved sufficient information to estimate claim.
 ( 3 ) pursuant to plan debtors agreed to allow post-petition unsecured claims on obligations.
 during year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to 1990 and 1994 series of special facility revenue bonds financed improvements at john f.
 kennedy international airport ( jfk ) , and rejected bonds financed certain improvements at chicago o 2019hare international airport ( ord )  included in table above.
 ( 4 plan allowed unsecured creditors receiving aag series a preferred stock a conversion discount of 3. 5% ( 3. 5 % ).
 american recorded fair value of discount upon confirmation of plan by bankruptcy court.

| december 31 2013
------------------------------------------------------------------------- | ----------------
labor-related deemed claim ( 1 )                                          | $ 1733
aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 320
fair value of conversion discount ( 4 )                                   | 218
professional fees                                                         | 199
other                                                                     | 170
total reorganization items net                                            | $ 2640


10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 10/28/18 applied materials , inc.
 s&p 500 rdg semiconductor composite part ii item 5 : market for registrant 2019s common equity  related stockholder matters issuer purchases equity securities market information applied 2019s common stock traded nasdaq global select market under symbol amat.
 as of december 7 , 2018 2854 registered holders applied common stock.
 performance graph shows five-year cumulative total stockholder return on applied common stock period october 27, 2013 through october 28 , 2018.
 compared with cumulative total return of standard & poor 2019s 500 stock index rdg semiconductor composite index same period.
 comparison assumes $ 100 invested october 27 , 2013 in applied common stock each foregoing indices assumes reinvestment of dividends .
 dollar amounts graph rounded to nearest whole dollar.
 performance represents past performance not indication of future performance.
 comparison of 5 year cumulative total return* among applied materials , inc. s&p 500 index rdg semiconductor composite index *assumes $ 100 invested 10/27/13 in stock or 10/31/13 in index  including reinvestment of dividends.
 indexes calculated month-end basis.
 copyright a9 2018 standard & poor 2019s , division of s&p global.
 all rights reserved.

| 10/27/2013 | 10/26/2014 | 10/25/2015 | 10/30/2016 | 10/29/2017 | 10/28/2018
--------------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
applied materials                 | 100.00     | 121.04     | 96.67      | 171.69     | 343.16     | 198.27
s&p 500 index                     | 100.00     | 117.27     | 123.37     | 128.93     | 159.40     | 171.11
rdg semiconductor composite index | 100.00     | 128.42     | 126.26     | 154.41     | 232.29     | 221.61


february 2008  issued $ 300. 0 million of 8. 375% ( 8. 375 % ) series o cumulative redeemable preferred shares.
 indentures ( related supplemental indentures ) governing our outstanding series notes require to comply with financial ratios other covenants regarding operations.
 in compliance with all covenants as of december 31 , 2007.
 sale of real estate assets utilize sales real estate assets as additional source of liquidity.
 pursue opportunities to sell real estate assets at favorable prices capture value created improve quality of portfolio by recycling sale proceeds into new properties with greater value creation opportunities.
 uses of liquidity principal uses liquidity include : 2022 property investments ; 2022 recurring leasing/capital costs ; 2022 dividends distributions to shareholders unitholders ; 2022 long-term debt maturities ; 2022 other contractual obligations property investments evaluate development acquisition opportunities based upon market outlook supply long-term growth potential.
 recurring expenditures principal uses of liquidity to fund recurring leasing/capital expenditures of real estate investments.
 summary of recurring capital expenditures for years ended december 31, 2007 , 2006 2005  ( in thousands ) :.
 dividends and distributions to qualify as reit for federal income tax purposes must distribute at least 90% ( 90 % ) of taxable income to shareholders.
 paid dividends per share of $ 1. 91 , $ 1. 89 and $ 1. 87 for years ended december 31 , 2007 , 2006 2005 .
 paid one-time special dividend of $ 1. 05 per share in 2005 result of significant gain from industrial portfolio sale.
 expect to continue to distribute taxable earnings to meet requirements maintain reit status.
distributions declared at discretion of board of directors subject to actual cash available for distribution financial condition capital requirements other factors board directors deems relevant.
 debt maturities debt outstanding at december 31 , 2007 totaled $ 4. 3 billion weighted average interest rate of 5. 74% ( 5. 74 % ) maturing various dates through 2028.
 had $ 3. 2 billion of unsecured notes $ 546. 1 million outstanding on unsecured lines of credit $ 524. 4 million secured debt outstanding at december 31 , 2007.
 scheduled principal amortization maturities debt totaled $ 249. 8 million for year ended december 31, 2007 $ 146. 4 million secured debt transferred to unconsolidated subsidiaries contribution of properties in 2007.

| 2007    | 2006    | 2005
----------------------------- | ------- | ------- | --------
recurring tenant improvements | $ 45296 | $ 41895 | $ 60633
recurring leasing costs       | 32238   | 32983   | 33175
building improvements         | 8402    | 8122    | 15232
totals                        | $ 85936 | $ 83000 | $ 109040


expected durations less than one year.
 company offers twelve-month warranty for products.
 company 2019s warranty policy provides for replacement of defective products.
 specific accruals recorded forff known product warranty issues.
 transaction price : transaction price reflects company 2019s expectations about consideration from customer may include fixed or variable amounts.
 fixed consideration includes sales to direct customers and sales to distributors in both sale to distributor and sale to end customer occur within same reporting period.
 variable consideration includes sales in amount of consideration company receive unknown as of end of reporting period.
 consideration includes credits issued to distributor due to price protection and sales made to distributors under agreements allow certain rights of return , referred to as stock rotation.
 price protection represents price discounts granted to certain distributors to allow distributor to earn appropriate margin on sales negotiated with certain customers in event price decrease subsequent to date product shipped and billed to distributor.
 stock rotation allows distributors limited levels returns to reduce slow-moving , discontinued or obsolete product from inventory.
 liability for distributor credits covering variable consideration made based on company's estimate of historical experience rates considering economic conditions and contractual terms.
 actual distributor claims activity consistent with provisions company made based on historical estimates.
 for years ended november 2 , 2019 and november 3, 2018  sales to distributors were $ 3. 4 billion in both periods , net of variable consideration for liability balances as of november 2 , 2019 and november 3 , 2018 were $ 227. 0 million and $ 144. 9 million , respectively.
 contract balances : accounts receivable represents company 2019s unconditional right to receive consideration from customers.
 payments typically due within 30 to 45 days of invoicing do not include significant financing component.
 to no material impairment losses on accounts receivable.
no material contract assets or contract liabilities recorded on consolidated balance sheets in periods presented.
 company warrants products meet published specifications company repair or replace defective products for twelve-months from date title passes to customer.
 specific accruals recorded for known product warranty issues.
 product warranty expenses during fiscal 2019 , fiscal 2018 fiscal 2017 not material.
.
 accumulated other compcc rehensive ( loss ) income comprehensive ( loss ) income ( aoci ) includes certain transactions reported in consolidated statement of shareholders 2019 equity.
 components of aoci at november 2, 2019 and november 3, 2018 consisted of following net of tax : foreign currency translation adjustment unrealized holding gains ( losses ) on available for sale securities unrealized holding ( losses ) on derivatives pension plans total.
 november 2 , 2019 $ ( 30076 ) $ 2014 $ ( 118015 ) $ ( 39708 ) $ ( 187799 ) ( ) ( ) analog devices  inc.
 notes to consolidated financial statements 2014 (

| foreign currency translation adjustment | unrealized holding gains ( losses ) on available for sale securities | unrealized holding gains ( losses ) on derivatives | pension plans      | total
------------------------------------------------------------ | --------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------- | ------------------ | --------------------
november 3 2018                                              | $ -28711 ( 28711 )                      | $ -10 ( 10 )                                                         | $ -14355 ( 14355 )                                 | $ -15364 ( 15364 ) | $ -58440 ( 58440 )
other comprehensive ( loss ) income before reclassifications | -1365 ( 1365 )                          | 10                                                                   | -140728 ( 140728 )                                 | -31082 ( 31082 )   | -173165 ( 173165 )
amounts reclassified out of other comprehensive loss         | 2014                                    | 2014                                                                 | 9185                                               | 1004               | 10189
tax effects                                                  | 2014                                    | 2014                                                                 | 27883                                              | 5734               | 33617
other comprehensive ( loss ) income                          | -1365 ( 1365 )                          | 10                                                                   | -103660 ( 103660 )                                 | -24344 ( 24344 )   | -129359 ( 129359 )
november 2 2019                                              | $ -30076 ( 30076 )                      | $ 2014                                                               | $ -118015 ( 118015 )                               | $ -39708 ( 39708 ) | $ -187799 ( 187799 )


tax returns for 2001 and beyond open for examination under statute.
 unrecognized tax benefits not expected to change significantly over next 12 months.
 19.
 stock-based management compensation plans in april 2009  company approved global incentive plan replaces company 2019s 2004 stock incentive plan.
 2009 global incentive plan ( 201cgip 201d ) enables compensation committee board of directors to award incentive nonqualified stock options  stock appreciation rights  shares of series a common stock  restricted stock restricted stock units ( 201crsus 201d ) incentive bonuses be paid in cash or stock combination ) performance-based  with vesting other award provisions provide effective incentive to company employees including officers ) non-management directors service providers.
 under 2009 gip  company no longer can grant rsus with right to participate in dividends or dividend equivalents.
 maximum number of shares be issued under 2009 gip equal to 5350000 shares plus ( a ) any shares of series a common stock available for issuance under 2004 stock incentive plan ( 201csip 201d ) ( not including shares of series common stock subject to outstanding awards under 2004 sip or shares series stock issued pursuant to awards under 2004 sip ) b ) any awards under 2004 stock incentive plan remain outstanding cease for any reason to be subject to such awards ( other than by reason exercise or settlement of award award exercised for or settled in vested non-forfeitable shares ).
 as of december 31 , 2010  total shares available for awards and total shares subject to outstanding awards as follows : shares available for awards shares subject to outstanding awards.
termination of participant 2019s employment with company by death or disability or company without cause ( as defined in award agreements )  award amount equal to ( i ) value of award granted multiplied by ( ii ) a fraction , ( x ) numerator is number of full months between grant date and date of termination  and ( y ) denominator is term of award  product rounded down to nearest whole number  reduced by ( iii ) value of any award previously vested  immediately vest and become payable to participant.
 upon termination of participant 2019s employment company for any other reason unvested portion of award forfeited and cancelled without consideration.
 $ 19 million and $ 0 million of tax benefit realized from stock option exercises and vesting of rsus during years ended december 31 , 2010 and 2009 .
 during year ended december 31 , 2008 company reversed $ 8 million of $ 19 million tax benefit realized during year ended december 31 , 2007.
 deferred compensation in april 2007  certain participants in company 2019s 2004 deferred compensation plan elected to participate in revised program includes cash awards and restricted stock units ( ).
 based on participation in revised program company expensed $ 9 million , $ 10 million and $ 8 million during years ended december 31 , 2010 , 2009 and 2008  related to revised program made payments of $ 4 million during year ended december 31 , 2010 to participants who left company and $ 28 million to active employees during december 2010.
 as of december 31 , 2010  $ 1 million remains to be paid during 2011 under revised program.
 as of december 31 , 2009 no deferred compensation payable remaining associated with 2004 deferred compensation plan.
company recorded expense participants 2004 deferred %%transmsg*** transmitting job : d77691 pcn : 132000000 ***%%pcmsg|132 |00011|yes|no|02/09/2011 18:22|0|0|page valid no graphics color : n|

| shares available for awards | shares subject to outstanding awards
-------------------------- | --------------------------- | ------------------------------------
2009 global incentive plan | 2322450                     | 2530454
2004 stock incentive plan  | -                           | 5923147


table provides information as of may 31 , 2014 concerning shares company 2019s common stock issued under existing equity compensation plans.
 for more information see note 11 to notes to consolidated financial statements.
 plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options  warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders 766801 $ 40. 85 8945694 equity plans not approved by security holders 2014.
 information in table includes shares of common stock available for issuance other than upon exercise of option , warrant or right under employee stock purchase plan and 2011 incentive plan.
 includes 977296 shares authorized under amended and restated 2005 incentive plan and 584004 shares under 2000 long-term incentive plan.
 we not intend to issue shares under amended and restated 2005 incentive plan or 2000 long-term incentive plan.
 item 13 2014 certain relationships and related transactions , director independence incorporate in item 13 information regarding certain relationships and related transactions between us and affiliates and independence of directors contained under headings 201ccertain relationships and related transactions 201d and 201cboard independence 201d from proxy statement connection with 2014 annual meeting of shareholders.
 item 14 2014principal accounting fees and services incorporate item 14 information regarding principal accounting fees and services under heading 201cratification of reappointment of auditors 201d from proxy statement in connection with 2014 annual meeting of shareholders.

plan category                                              | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exerciseprice of outstanding options warrants and rights ( b ) | number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )
---------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------
equity compensation plans approved by security holders     | 766801                                                                                | $ 40.85                                                                         | 8945694
equity compensation plans not approved by security holders | 2014                                                                                | 2014                                                                            | 2014
total                                                      | 766801                                                                                | $ 40.85                                                                         | 8945694


property investmentp our strategy is to continue increase investment in quality industrial properties in existing and new markets and increase investment in on-campus or hospital affiliated medical offf fice properties.
 we evaluate development and acquisition opportunities based upon market outlook  including general economic conditions supply and long-term growth potential.
 ability to make future property investments is dependent upon identifying suitable acquisition and development opportunities continued access to longer-term sources of liquidity including issuances of debt or equity securities generating cash flow by disposing of selected properties.
 leasing/capital costsg p tenant improvements and lease-related costs pertaining to initial leasing of newly completed space or vacant space in acquired properties are referred to as first generation expenditures.
 first generation expenditures for tenant improvements included within "development of real estate investments" in consolidated statements of cash flows expenditures for lease-related costs included within "other deferred leasing costs. cash expenditures related to construction of building's shell  associated site improvements also included within "development of real estate investments" in consolidated statements of cash flows.
 tenant improvements and leasing costs to re-let rental space previously leased to tenants are referred to as tt second generation expenditures.
 building improvements not specific to any tenant improve integral components of real estate properties are also second generation expenditures.
 principal uses of liquidity is to fund second generation leasing/capital expenditures of real estate investments.
 following table summarizes second generation capital expenditures by type of expenditure capital expenditures for development of real estate investments and for other deferred leasing costs ( in thousands ) :.
second generation capital expenditures lower during 2016 2015  compared to 2014 result of significant dispositions of office properties more capital intensive to re-lease than industrial properties.
 wholly owned properties under development expected cost $ 713. 1 million at december 31 , 2016 compared to projects expected cost $ 599. 8 million and $ 470. 2 million at december 31 , 2015 2014 .
 capital expenditures table include capitalization of internal overhead costs.
 capitalized $ 24. 0 million , $ 21. 7 million $ 23. 9 million overhead costs related to leasing activities including first and second generation leases during years ended december 31 , 2016 , 2015 2014.
 capitalized $ 25. 9 million , $ 23. 8 million $ 28. 8 million of overhead costs related to development activities including development tenant improvement projects on first and second generation space  during years ended december 31 , 2016  2015 2014.
 combined overhead costs capitalized to leasing and development totaled 33. 5% ( 33. 5 % ) , 29. 0% ( 29. 0 % ) 31. 4% ( 31. 4 % ) of overall pool of overhead costs at december 31 , 2016 , 2015 2014 .
 further discussion of capitalization of overhead costs in year-to-year comparisons of general and administrative expenses critical accounting policies sections of item 7.

| 2016     | 2015     | 2014
-------------------------------------------- | -------- | -------- | --------
second generation tenant improvements        | $ 24622  | $ 28681  | $ 51699
second generation leasing costs              | 27029    | 24471    | 37898
building improvements                        | 7698     | 8748     | 9224
total second generation capital expenditures | $ 59349  | $ 61900  | $ 98821
development of real estate investments       | $ 401442 | $ 370466 | $ 446722
other deferred leasing costs                 | $ 38410  | $ 30790  | $ 31503


table summarizes changes in company 2019s valuation allowance:.
 note 14 : employee benefits pension and other postretirement benefits company maintains noncontributory defined benefit pension plans covering eligible employees of regulated utility and shared services operations.
 benefits under plans based on employee 2019s years of service and compensation.
 pension plans closed for most employees hired after january 1 , 2006.
 union employees hired after january 1 , 2001 had accrued benefit frozen receive benefit as lump sum upon termination or retirement.
 union employees hired after january 1 , 2001 and non-union employees hired after january 1 , 2006 provided with 5. 25% (. % ) of base pay defined contribution plan.
 company not participate in multiemployer plan.
 company funding policy is to contribute greater of minimum amount required by employee retirement income security act of 1974 or normal cost additional contribution if needed to avoid 201cat risk 201d status and benefit restrictions under pension protection act of 2006.
 company may increase contributions if appropriate to tax and cash position plan funded position.
 pension plan assets invested in actively managed indexed investments including equity and bond mutual funds fixed income securities guaranteed interest contracts with insurance companies.
 pension expense in excess of amount contributed to pension plans deferred by regulated subsidiaries pending future recovery in rates charged for utility services contributions made to plans.
 see note 6 company also has several unfunded noncontributory supplemental non-qualified pension plans provide additional retirement benefits to certain employees.
 company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees.
 retiree welfare plans closed for union employees hired after january 1 , 2006.
 plans previously closed for non-union employees hired or after january 1 , 2002.
company 2019s policy is to fund other postretirement benefit costs for rate-making purposes.
 plan assets invested in equity and bond mutual funds , fixed income securities  real estate investment trusts ( 201creits 201d ) emerging market funds.
 obligations plans dominated by obligations for active employees.
 timing of expected benefit payments far in future size of plan assets small relative to company 2019s assets  investment strategy is to allocate significant percentage of assets to equities , company believes provide highest return over long-term period.
 fixed income assets invested in long duration debt securities may be invested in fixed income instruments  futures and options in to better match duration of plan liability.

balance at january 1 2010                 | $ 25621
----------------------------------------- | --------------
increases in current period tax positions | 907
decreases in current period tax positions | -2740 ( 2740 )
balance at december 31 2010               | $ 23788
increases in current period tax positions | 1525
decreases in current period tax positions | -3734 ( 3734 )
balance at december 31 2011               | $ 21579
increases in current period tax positions | 0
decreases in current period tax positions | -2059 ( 2059 )
balance at december 31 2012               | $ 19520


note 12 2013 stock-based compensation 2013  2012 2011  recorded non-cash stock-based compensation expense totaling $ 189 million  $ 167 million  $ 157 million  included component of other unallocated costs on statements of earnings.
 net impact to earnings for years was $ 122 million , $ 108 million  $ 101 million.
 as of december 31 , 2013  $ 132 million unrecognized compensation cost related to nonvested awards expected to be recognized over average period 1. 5 years.
 received cash from exercise of stock options totaling $ 827 million  $ 440 million $ 116 million during 2013  2012 2011.
 income tax liabilities for 2013  2012 2011 reduced by $ 158 million , $ 96 million $ 56 million due to recognized tax benefits on stock-based compensation arrangements.
 stock-based compensation plans plans approved by stockholders authorized to grant key employees stock-based incentive awards  including options to purchase common stock stock appreciation rights restricted stock units ( rsus ) performance stock units ( psus ) other stock units.
 exercise price of options to purchase common stock not less than fair market value of stock on date of grant.
 no award of stock options fully vested prior to third anniversary of grant no portion of stock option grant become vested in less than one year.
 minimum vesting period for restricted stock or stock units payable in stock is three years.
 award agreements may provide for shorter or pro-rated vesting periods vesting following termination of employment in case of death  disability divestiture retirement change of control layoff.
 maximum term of stock option or other award is 10 years.
 at december 31 , 2013  inclusive of shares reserved for outstanding stock options , rsus and psus  had 20.4 million shares reserved for issuance under plans.
 at december 31 , 2013  4. 7 million shares for remained available for grant under stock-based compensation plans.
 we issue new shares upon exercise of stock options or when restrictions on rsus and psus satisfied.
 table summarizes activity related to nonvested rsus during 2013 : number of rsus ( in thousands ) weighted average grant-date fair value per share.
 rsus valued based on fair value of common stock on date of grant.
 employees granted rsus receive right to receive shares stock after completion vesting period shares not issued employees cannot sell or transfer shares prior to vesting no voting rights until rsus vest  generally three years from date of award.
 employees granted rsus receive dividend-equivalent cash payments only upon vesting.
 for awards grant-date fair value equal to closing market price of common stock on date of grant less discount to reflect delay in payment of dividend-equivalent cash payments.
 recognize grant-date fair value of rsus  less estimated forfeitures as compensation expense over requisite service period beginning with rsus granted in 2013 shorter than vesting period if employee is retirement eligible on date of grant or become retirement eligible before end of vesting period.
 stock options recognize compensation cost for stock options over three-year vesting period.
 at december 31 , 2013 and 2012  10. 2 million ( weighted average exercise price $ 83. 65 ) and 20. 6 million ( weighted average exercise price of $ 83. 15 ) stock options outstanding.
 stock options outstanding at december 31 , 2013 have weighted average remaining contractual life of approximately five years and aggregate intrinsic value of $ 663 million expect nearly all stock options to vest.
 of stock options outstanding, 7.7 million ( weighted average exercise price $ 84. 37 ) vested as of december 31, 2013 stock options weighted average remaining contractual life approximately four years aggregate intrinsic value $ 497 million.
 10. 1 million weighted average exercise price $ 82. 72 ) stock options exercised during 2013.
 not grant stock options to employees during 2013.

| number of rsus ( in thousands ) | weighted average grant-date fair value pershare
----------------------------- | ------------------------------- | -----------------------------------------------
nonvested at december 31 2012 | 4822                            | $ 79.10
granted                       | 1356                            | 89.24
vested                        | -2093 ( 2093 )                  | 79.26
forfeited                     | -226 ( 226 )                    | 81.74
nonvested at december 31 2013 | 3859                            | $ 82.42


table shows impact of catastrophe losses related reinstatement premiums impact prior period development on consolidated loss and loss expense ratio for periods indicated.
 recorded net pre-tax catastrophe losses of $ 366 million in 2010 compared with net losses $ 137 million and $ 567 million in 2009 and 2008  respectively.
 catastrophe losses for 2010 primarily related to weather- related events in u. s.  earthquakes in chile  mexico new zealand storms in australia and europe.
 catastrophe losses for 2009 primarily related to earthquake in asia  floods in europe several weather-related events in u. s.  european windstorm.
 for 2008 catastrophe losses primarily related to hurricanes gustav and ike.
 prior period development arises from changes to loss estimates in current year relate to loss reserves reported in previous calendar years excludes effect of losses from development of earned premium from pre- vious accident years.
 experienced $ 503 million of net favorable prior period development in p&c segments in 2010.
 compares with net favorable prior period development in of $ 576 million and $ 814 million in 2009 and 2008  respectively.
 refer to 201cprior period development 201d for more information.
 adjusted loss and loss expense ratio declined in 2010 compared with 2009 primarily due to impact of crop settlements  non-recurring premium adjustment reduction in assumed loss portfolio business higher loss ratios.
 policy acquisition costs include commissions  premium taxes  underwriting  other costs vary with related to production of premium.
 administrative expenses include all other operating costs.
 policy acquis- ition cost ratio increased in 2010  compared with 2009.
increase primarily related to impact of crop settlements generated higher profit-share commissions lower adjustment to net premiums earned impact of reinstatement premiums expensed in with catastrophe activity changes in business mix.
 administrative expense ratio increased in 2010  primarily due to impact of crop settlements reinstatement premiums expensed increased costs in international operations.
 crop settlements generate minimal administrative expenses resulted in lower adjustment to net premiums earned in 2010  compared with 2009.
 administrative expenses in 2010 partially offset by higher net results generated by third party claims administration business , esis results included within administrative expenses.
 esis generated $ 85 million in net results in 2010  compared with $ 26 million in 2009.
 increase primarily from non-recurring sources.
 policy acquisition cost ratio stable in 2009  compared with 2008 increases in combined insurance operations offset by more favorable final crop year settlement of profit share commissions.
 administrative expenses increased in 2009  primarily due to inclusion of administrative expenses related to combined insurance for full year costs associated with new product expansion in domestic retail operation and personal lines business.
 effective income tax rate  as income tax expense divided by income before income tax depend- ent upon mix of earnings from different jurisdictions with various tax rates.
 change in geographic mix of earnings change effective income tax rate.
 effective income tax rate was 15 percent in 2010  compared with 17 percent and 24 percent in 2009 and 2008 .
 decrease in effective income tax rate in 2010 primarily due to change in mix of earnings to lower tax-paying jurisdictions decrease in amount of unrecognized tax benefits result of settlement with u. s.
internal revenue service appeals division federal tax returns for years 2002-2004  recognition of non-taxable gain related to acquisition of rain and hail.
 2009 year included reduction of deferred tax valuation allowance related to investments.
 for 2008  effective income tax rate adversely impacted by change in mix of earnings due to impact catastrophe losses in lower tax-paying jurisdictions.
 prior period development favorable prior period development  inclusive life segment , of $ 512 million during 2010 net result of sev underlying favorable and adverse movements.
 ace 2019s crop business  ace receives reports from managing general agent ( mga ) previous crop year ( s ) in subsequent calendar quarters typically results

| 2010             | 2009             | 2008
----------------------------------------------------- | ---------------- | ---------------- | ----------------
loss and loss expense ratio as reported               | 59.2% ( 59.2 % ) | 58.8% ( 58.8 % ) | 60.6% ( 60.6 % )
catastrophe losses and related reinstatement premiums | ( 3.2 ) % (  % ) | ( 1.2 ) % (  % ) | ( 4.7 ) % (  % )
prior period development                              | 4.6% ( 4.6 % )   | 4.9% ( 4.9 % )   | 6.8% ( 6.8 % )
large assumed loss portfolio transfers                | ( 0.3 ) % (  % ) | ( 0.8 ) % (  % ) | 0.0% ( 0.0 % )
loss and loss expense ratio adjusted                  | 60.3% ( 60.3 % ) | 61.7% ( 61.7 % ) | 62.7% ( 62.7 % )


table of contents part ii item 5.
 market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.
 price range common stock trades on nasdaq global select market under symbol 201cmktx 201d.
 range of closing price information for common stock reported by nasdaq : on february 20 , 2013  last reported closing price common stock nasdaq global select market was $ 39. 60.
 holders 33 holders of record of common stock as of february 20 , 2013.
 dividend policy initiated regular quarterly dividend in fourth quarter of 2009.
 during 2012 and 2011  paid quarterly cash dividends of $ 0. 11 per share and $ 0. 09 per share.
 december 27 , 2012  paid special dividend of $ 1. 30 per share.
 january 2013 board of directors approved quarterly cash dividend of $ 0. 13 per share payable on february 28 , 2013 to stockholders of record as of close of business on february 14 , 2013.
 future declaration payment of dividends at sole discretion of board of directors.
 board of directors may take into account general business conditions  financial results  capital requirements contractual , legal regulatory restrictions on payment of dividends to stockholders subsidiaries parent other factors board of directors deem relevant.
 recent sales of unregistered securities securities authorized for issuance under equity compensation plans see section entitled 201cequity compensation plan information 201d in item 12.

2012:                              | high    | low
---------------------------------- | ------- | -------
january 1 2012 to march 31 2012    | $ 37.79 | $ 29.26
april 1 2012 to june 30 2012       | $ 37.65 | $ 26.22
july 1 2012 to september 30 2012   | $ 34.00 | $ 26.88
october 1 2012 to december 31 2012 | $ 35.30 | $ 29.00
2011:                              | high    | low
january 1 2011 to march 31 2011    | $ 24.19 | $ 19.78
april 1 2011 to june 30 2011       | $ 25.22 | $ 21.00
july 1 2011 to september 30 2011   | $ 30.75 | $ 23.41
october 1 2011 to december 31 2011 | $ 31.16 | $ 24.57


item 7.
 management 2019s discussion analysis of financial condition results of operations we are international energy company with operations in u. s.  canada africa middle east europe.
 operations organized into three reportable segments : 2022 e&p explores for produces markets liquid hydrocarbons natural gas worldwide basis.
 2022 osm mines extracts transports bitumen from oil sands deposits in alberta  canada  upgrades bitumen to produce market synthetic crude oil vacuum gas oil.
 2022 ig produces markets products from natural gas lng methanol  e. g.
 certain sections management 2019s discussion analysis of financial condition results operations include forward- looking statements concerning trends events potentially affecting business.
 statements typically contain words "anticipates" "believes" "estimates" "expects" "targets "plans" "projects" "could" "may" "should" "would" similar words indicating future outcomes uncertain.
 in accordance with "safe harbor" provisions of private securities litigation reform act of 1995  statements accompanied by cautionary language identifying important factors not all could cause future outcomes to differ from forward-looking statements.
 for additional risk factors affecting business  see item 1a.
 risk factors in annual report on form 10-k.
 management 2019s discussion analysis of financial condition results of operations should be read in conjunction with information under item 1.
 business , item 1a.
 risk factors item 8.
 financial statements supplementary data found in annual report on form 10-k.
 spin-off downstream business on june 30 , 2011  spin-off of marathon 2019s downstream business completed creating two independent energy companies : marathon oil and mpc.
marathon stockholders at close of business record date june 27, 2011 received one share mpc common stock for every two shares marathon common stock held.
 private letter tax ruling received june 2011 from irs affirmed tax-free nature of spin-off.
 activities related to downstream business treated as discontinued operations in 2011 and 2010 ( see item 8.
 financial statements supplementary data 2013 note 3 to consolidated financial statements for additional information ).
 overview 2013 market conditions exploration production prevailing prices for various grades crude oil and natural gas impact revenues cash flows.
 following table lists benchmark crude oil and natural gas price annual averages for past three years.
 henry hub natural gas ( dollars per mmbtu ) ( a ) $ 2. 79 $ 4. 04 $ 4. 39 ( ) settlement date average.
 liquid hydrocarbon 2013 prices of crude oil volatile recent years less so when comparing annual averages for 2012 and 2011.
 in 2011  crude prices increased over 2010 levels  increases in brent averages outstripping those in wti.
 quality , location composition of liquid hydrocarbon production mix cause u. s.
 liquid hydrocarbon realizations to differ from wti benchmark.
 in 2012 , 2011 2010  percentage of.
 crude oil and condensate production sour averaged 37 percent, 58 percent and 68 percent.
 sour crude contains more sulfur heavier than light sweet crude oil refining more costly produces lower value products ; sour crude considered lower quality typically sells at discount to wti.
 percentage of.
 crude and condensate production sour decreasing as onshore production from eagle ford and bakken shale plays increases production from gulf of mexico declines.
 recent years crude oil sold along u. s.
gulf coast priced at premium to wti because louisiana light sweet benchmark tracking brent, production from inland areas farther from large refineries discount to wti.
 ngls were 10 percent , 7 percent 6 percent of our u.
 liquid hydrocarbon sales in 2012 , 2011 and 2010.
 in 2012  sales of ngls increased due to development of.
 unconventional liquids-rich plays.

benchmark                                         | 2012     | 2011     | 2010
------------------------------------------------- | -------- | -------- | -------
wti crude oil ( dollars per bbl )                 | $ 94.15  | $ 95.11  | $ 79.61
brent ( europe ) crude oil ( dollars per bbl )    | $ 111.65 | $ 111.26 | $ 79.51
henry hub natural gas ( dollars per mmbtu ) ( a ) | $ 2.79   | $ 4.04   | $ 4.39


for marketing.
 several methods used to determine estimated fair value of ipr&d acquired in business combination.
 we utilized 201cincome method , 201d applies probability weighting to estimated future net cash fl ows derived from projected sales revenues and estimated costs.
 projec- tions based on relevant market size , patent protection historical pricing of similar products expected industry trends.
 estimated future net cash fl ows discounted to present value using appropriate discount rate.
 analysis performed for each project independently.
 in accordance with fin 4, applicability of fasb statement no.
 2 to business combinations accounted for by purchase method acquired ipr&d intangible assets totaling $ 4. 71 billion and $ 340. 5 million in 2008 and 2007 expensed immediately subsequent to acquisition because products had no alternative future use.
 ongoing activities with products in development not material to research and development expenses.
 in addition to acquisitions of businesses also acquired several products in development.
 acquired ipr&d related to these products of $ 122. 0 million and $ 405. 1 million in 2008 and 2007  respectively writ- ten off by charge to income immediately upon acquisition because products had no alternative future use.
 imclone acquisition on november 24 , 2008 acquired all outstanding shares of imclone systems inc.
 ( imclone ) biopharma- ceutical company focused on advancing oncology care  for total purchase price of approximately $ 6. 5 billion  fi nanced through borrowings.
 strategic combination offer targeted therapies and oncolytic agents pipeline spanning all phases of clinical development.
 combination expands our bio- technology capabilities.
 acquisition accounted for as business combination under purchase method of accounting resulting in goodwill of $ 419. 5 million.
no portion of goodwill expected be deductible for tax purposes.
 allocation of purchase price currently determining fair values of signifi cant portion of net assets.
 purchase price preliminarily allocated based on estimate of fair value of assets acquired and liabilities assumed as of date of acquisition.
 fi nal determination of fair values will completed as soon as possible no later than one year from acquisition date.
 fi nal determination may result in asset and liability fair values different than preliminary estimates not expected differences material to fi nancial results.
 estimated fair value at november 24 , 2008.
 intangible asset amortized straight-line basis through 2023 in u. s.
 and 2018 in rest of world.
 all estimated fair value of acquired ipr&d attributable to oncology-related products in develop- ment including $ 1. 33 billion to line extensions for erbitux.
 signifi cant portion ( 81 percent ) of remaining value of acquired ipr&d attributable to two compounds in phase iii clinical testing and one compound in phase ii clini- cal testing  all targeted to treat various forms of cancers.
 discount rate used in valuing acquired ipr&d projects was 13. 5 percent  charge for acquired ipr&d of $ 4. 69 billion recorded in fourth quarter of 2008  not deductible for tax purposes.
 pro forma financial information following unaudited pro forma fi nancial information presents combined results of operations with

cash and short-term investments              | $ 982.9
-------------------------------------------- | ----------------
inventories                                  | 136.2
developed product technology ( erbitux ) 1   | 1057.9
goodwill                                     | 419.5
property and equipment                       | 339.8
debt assumed                                 | -600.0 ( 600.0 )
deferred taxes                               | -315.0 ( 315.0 )
deferred income                              | -127.7 ( 127.7 )
other assets and liabilities 2014 net        | -72.1 ( 72.1 )
acquired in-process research and development | 4685.4
total purchase price                         | $ 6506.9


note 11.
 commitments contingencies commitments leases company fffds corporate headquarters located in danvers , massachusetts.
 facility encompasses company fffds.
 operations , including research and development  manufacturing  sales and marketing general administrative departments.
 in october 2017  acquired corporate headquarters for approximately $ 16. 5 million terminated existing lease arrangement ( see note 6 ).
 future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately follows : fiscal years ending march 31 , operating leases ( in $ 000s ).
 in february 2017  company entered lease agreement for additional 21603 square feet of office space in danvers , massachusetts expires on july 31 , 2022.
 december 2017 company amendment to lease to extend term through august 31 , 2025 add additional 6607 square feet of space rent begin around june 1 , 2018.
 amendment allows company right of first offer to purchase property from january 1 , 2018 through august 31 , 2035  if lessor sell building or receives offer to purchase building from third-party buyer.
 in march 2018  company entered amendment to lease to add additional 11269 square feet of space for rent begin on around june 1, 2018 through august 31 , 2025.
 annual rent expense for lease agreement estimated to be $ 0. 4 million.
 in september 2016  company entered lease agreement in berlin , germany commenced in may 2017 expires in may 2024.
 annual rent expense for lease estimated to be $ 0. 3 million.
 in october 2016  company entered lease agreement for office in tokyokk japan expires in september 2021.
office houses administrative , regulatory  training personnel in connection with company fffds commercial launch in japan.
 annual rent expense for lease estimated to be $ 0. 9 million.
 license agreements in april 2014 , company entered exclusive license agreement for rights to certain optical sensor technologies in field cardio-circulatory assist devices.
 pursuant to terms license agreement  company agreed to make potential payments of $ 6. 0 million.
 through march 31 , 2018 , company made $ 3. 5 million in milestones payments included $ 1. 5 million upfront payment upon execution of agreement.
 potential future milestone payment amounts not included in contractual obligations table due to uncertainty related to successful achievement of these milestones.
 contingencies from time to  company involved in legal administrative proceedings and claims of various types.
 in some actions  claimants seek damages  other relief , if granted require significant expenditures.
 company records liability in consolidated financial statements for these matters when loss is known or considered probable amount can be reasonably estimated.
 company reviews estimates each accounting period as additional information known adjusts loss provision when appropriate.
 if matter probable to result in liability and amount of loss can be reasonably estimated , company estimates and discloses possible loss or range of loss.
 if loss not probable or cannot be reasonably estimated , liability not recorded in consolidated financial statements.

fiscal years ending march 31, | operating leases ( in $ 000s )
----------------------------- | ------------------------------
2019                          | $ 2078
2020                          | 1888
2021                          | 1901
2022                          | 1408
2023                          | 891
thereafter                    | 1923
total minimum lease payments  | $ 10089


digital media business consists of websites mobile video-on-demand ( 201cvod 201d ) services.
 websites include network branded websites discovery. com  tlc. com animalplanet. com  other websites howstuffworks. com  online source of explanations world works ; treehugger. com  comprehensive source for 201cgreen 201d news  solutions product information ; petfinder. com , leading pet adoption destination.
 these websites attracted average of 24 million cumulative unique monthly visitors  according to comscore , inc.
 in 2011.
 international networks international networks segment consists of national pan-regional television networks.
 segment generates revenues primarily from fees charged to operators distribute networks include cable dth satellite service providers  from advertising sold on television networks websites.
 discovery channel , animal planet tlc lead international networks 2019 portfolio of television networks distributed in virtually every pay-television market through infrastructure includes operational centers in london  singapore miami.
 international networks has one of largest international distribution platforms of networks with one to twelve networks in more than 200 countries territories.
 at december 31 , 2011  international networks operated over 150 unique distribution feeds in over 40 languages with channel feeds customized according to language needs advertising sales opportunities.
 international networks segment owns operates following television networks reached following number of subscribers as of december 31 , 2011 : education and other education other segment includes sale of curriculum-based product service offerings postproduction audio services.
 segment generates revenues primarily from subscriptions charged to k-12 schools for access to online suite of curriculum-based vod tools  professional development services  lesser student assessment publication of hardcopy curriculum-based content.
education business participates in corporate partnerships  global brand content licensing business with leading non-profits foundations trade associations.
 other businesses include postproduction audio services provided to major motion picture studios independent producers  broadcast networks cable channels advertising agencies  interactive producers.
 content development content development strategy designed to increase viewership maintain innovation quality leadership provide value for network distributors advertising customers.
 substantially all content is sourced from wide range of third-party producers includes world 2019s leading nonfiction production companies with developed long-standing relationships independent producers.
 production arrangements fall into three categories : produced , coproduced licensed.
 all produced content includes programming we engage third parties to develop produce while we retain editorial control own most or rights in exchange for paying all development production costs.
 coproduced content refers to program rights acquired we collaborated with third parties to finance develop.
 coproduced programs are typically high-cost projects for neither we nor coproducers wish to bear entire cost or productions in producer has already taken on international broadcast partner.
 licensed content is comprised of films or series previously produced by third parties.
 global networks international subscribers ( millions ) regional networks international subscribers ( millions ).

global networks discovery channel | international subscribers ( millions ) 213 | regional networks dmax        | international subscribers ( millions ) 47
--------------------------------- | ------------------------------------------ | ----------------------------- | -----------------------------------------
animal planet                     | 166                                        | discovery kids                | 37
tlc real time and travel & living | 150                                        | liv                           | 29
discovery science                 | 66                                         | quest                         | 23
discovery home & health           | 48                                         | discovery history             | 13
turbo                             | 37                                         | shed                          | 12
discovery world                   | 27                                         | discovery en espanol ( u.s. ) | 5
investigation discovery           | 23                                         | discovery famillia ( u.s. )   | 4
hd services                       | 17                                         |                               |


devon energy corporation subsidiaries notes to consolidated financial statements 2013 continued ) debt maturities as of december 31 , 2013  excluding premiums discounts are as follows ( in millions ) :.
 credit lines devon has $ 3. 0 billion syndicated  unsecured revolving line of credit ( 201csenior credit facility 201d ) matures on october 24 , 2018.
 prior to maturity date devon option to extend maturity for up to one additional one-year period subject to approval lenders.
 amounts borrowed under senior credit facility may election devon bear interest at fixed rate options for up to twelve months.
 such rates generally less than prime rate.
 devon may elect to borrow at prime rate.
 senior credit facility provides for annual facility fee of $ 3. 8 million payable quarterly in arrears.
 as of december 31 , 2013 no borrowings under senior credit facility.
 senior credit facility contains one material financial covenant.
 covenant requires devon 2019s ratio of total funded debt to total capitalization defined in credit agreement be no greater than 65 percent.
 credit agreement contains definitions of total funded debt total capitalization include adjustments to respective amounts reported in accompanying financial statements.
 total capitalization adjusted to add back noncash financial write-downs full cost ceiling impairments goodwill impairments.
 as of december 31 , 2013 devon in compliance with this covenant with debt-to- capitalization ratio of 25. 7 percent.
 commercial paper devon has access to $ 3. 0 billion of short-term credit under commercial paper program.
 commercial paper debt has maturity of between 1 and 90 days can up to 365 days bears interest at rates agreed to at time of borrowing.
interest rate based on standard index federal funds rate, libor or money market rate in commercial paper market.
 as of december 31 , 2013  devon 2019s weighted average borrowing rate on commercial paper borrowings was 0. 30 percent.
 other debentures and notes following are descriptions of debentures notes outstanding at december 31 , 2013 , as listed in table at beginning note.
 geosouthern debt in december 2013  with planned geosouthern acquisition  devon issued $ 2. 25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately

2014                | $ 4067
------------------- | -------
2015                | 2014
2016                | 500
2017                | 750
2018                | 125
2019 and thereafter | 6600
total               | $ 12042


table summarizes total contractual amount of credit-related off-balance sheet financial instruments at december 31.
 amounts reported not reflect participations to independent third parties.
 approximately 81% ( 81 % ) of unfunded commitments to extend credit expire within one year from date of issue.
 many commitments expected to expire or renew without drawn upon total commitment amounts not represent future cash requirements.
 securities finance : on behalf of customers we lend securities to creditworthy brokers and other institutions.
 indemnify customers for fair market value of securities against failure borrower to return securities.
 collateral funds received in with securities finance services held by us as agent not recorded in our consolidated statement of condition.
 require borrowers to provide collateral in amount equal to or in excess of 100% ( 100 % ) of fair market value of securities borrowed.
 borrowed securities revalued daily to determine if additional collateral necessary.
 we held  as agent cash.
 government securities with aggregate fair value of $ 333. 07 billion and $ 572. 93 billion as collateral for indemnified securities on loan at december 31, 2008 and 2007 presented in table.
 collateral held by us invested on behalf of customers.
 in certain cases collateral invested in third-party repurchase agreements for we indemnify customer against loss of principal invested.
 require repurchase agreement counterparty to provide collateral in amount equal to or in excess of 100% ( % ) of amount repurchase agreement.
 indemnified repurchase agreements and related collateral not recorded in our consolidated statement of condition.
 collateral of $ 333. 07 billion at december 31 , 2008 and $ 572. 93 billion at december 31 , 2007 referenced above , $ 68.37 billion at december 31 , 2008 $ 106. 13 billion at december 31 , 2007 invested in indemnified repurchase agreements.
 we held  as agent , cash and securities with aggregate fair value of $ 71. 87 billion and $ 111. 02 billion as collateral for indemnified investments in repurchase agreements at december 31  2008 december 31 2007 respectively.
 asset-backed commercial paper program : we provide liquidity credit enhancement to asset-backed commercial paper program sponsored administered by us described in note 12.
 commercial paper issuances commitments of commercial paper conduits to provide funding supported by liquidity asset purchase agreements back-up liquidity lines of credit majority provided by us.
 we provide direct credit support to conduits in form of standby letters of credit.
 commitments under liquidity asset purchase agreements and back-up lines of credit totaled $ 23. 59 billion at december 31 , 2008 included in preceding table.
 commitments under standby letters of credit totaled $ 1. 00 billion at december 31 , 2008  also included in preceding table.
 legal proceedings : several customers filed litigation claims against us some putative class actions on behalf of customers invested in state street global advisors 2019  ssga 2019s  active fixed-income strategies.
 claims related to investment losses in ssga 2019s strategies included sub-prime investments.
 in 2007  we established reserve of approximately $ 625 million to address legal exposure associated with under-performance of certain active fixed-income strategies managed by ssga customer concerns execution strategies consistent with customers 2019 investment intent.
 strategies adversely impacted by exposure to , lack of liquidity

( in millions )                       | 2008     | 2007
------------------------------------- | -------- | --------
indemnified securities financing      | $ 324590 | $ 558368
liquidity asset purchase agreements   | 28800    | 35339
unfunded commitments to extend credit | 20981    | 17533
standby letters of credit             | 6061     | 4711


item 11 2014executive compensation incorporate reference item 11 information relating to executive director compensation under headings 201cother information about board committees , 201d 201ccompensation other benefits 201d 201creport of compensation committee 201d from proxy statement connection 2007 annual meeting of shareholders held september 26 , 2007.
 item 12 2014security ownership of certain beneficial owners andmanagement related stockholdermatters incorporate reference item 12 information relating ownership of common stock by certain persons under headings 201ccommon stock ownership of management 201d 201ccommon stock ownership by certain other persons 201d from proxy statement 2007 annual meeting of shareholders held september 26, 2007.
 four compensation plans equity securities authorized for issuance.
 global payments inc.
 amended restated 2000 long-term incentive plan , global payments inc.
 amended restated 2005 incentive plan non-employee director stock option plan employee stock purchase plan approved by security holders.
 information in table below as of may 31 , 2007.
 for more information on plans see note 8 to notes consolidated financial statements.
 plan category number of securities be issued upon exercise of outstanding options warrants rights weighted- average exercise price of outstanding options warrants rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders:.
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 5171000 $ 25 7779000 ( 1 ) equity compensation plans not approved by security holders:.
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 5171000 $ 25 7779000 ( 1 ) ( 1 ) also includes shares of common stock available for issuance upon exercise of option , warrant or right under amended restated 2000 non-employee director stock option plan , amended restated 2005 incentive plan amended restated 2000 employee stock purchase item 13 2014certain relationships related transactions, director independence incorporate reference in item 13 information regarding certain relationships related transactions between us affiliates independence of board of directors contained under headings 201ccertain relationships related transactions 201d and 201cother information about board and its committees 2014director independence 201d from proxy statement in connection with 2007 annual meeting of shareholders held september 26, 2007.
 item 14 2014principal accounting fees and services incorporate reference in item 14 information regarding principal accounting fees services under heading 201cauditor information 201d from proxy statement connection with 2007 annual meeting of shareholders held september 26 , 2007.
 item 11 2014executive compensation incorporate reference in this item 11 information relating to executive and director compensation contained under headings 201cother information about board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of compensation committee 201d from proxy statement delivered in connection with 2007 annual meeting of shareholders held on september 26 , 2007.
item 12 2014security ownership certain beneficial owners andmanagement related stockholdermatters incorporate reference item 12 information relating ownership common stock by certain persons under headings 201ccommon stock ownership management 201d 201ccommon stock ownership by certain other persons 201d proxy statement delivered connection 2007 annual meeting shareholders held september 26, 2007.
 four compensation plans under equity securities authorized for issuance.
 global payments inc.
 amended restated 2000 long-term incentive plan global payments inc.
 amended restated 2005 incentive plan non-employee director stock option plan employee stock purchase plan approved by security holders.
 information table below as may 31 , 2007.
 more information plans see note 8 notes consolidated financial statements.
 plan category number of securities issued exercise outstanding options, warrants rights weighted- average exercise price outstanding options warrants rights number securities remaining available for future issuance under equity compensation plans excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders:.
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 5171000 $ 25 7779000 ( 1 ) equity compensation plans not approved by security holders.
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5171000 $ 25 7779000 ( 1 ) ( 1 ) includes shares of common stock available for issuance other than upon exercise of option , warrant or right under amended restated 2000 non-employee director stock option plan , amended restated 2005 incentive plan and amended restated 2000 employee stock purchase item 13 2014certain relationships and related transactions , director independence incorporate reference in item 13 information regarding certain relationships and related transactions between us and affiliates and independence of board of directors under headings 201ccertain relationships and related transactions 201d and 201cother information about board and committees 2014director independence 201d from proxy statement in connection with 2007 annual meeting of shareholders on september 26 , 2007.
 item 14 2014principal accounting fees and services incorporate reference in item 14 information regarding principal accounting fees and services under heading 201cauditor information 201d from proxy statement in connection with 2007 annual meeting of shareholders on september 26 , 2007.

plan category                                               | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted- average exercise price of outstanding options warrants and rights ( b ) | number of securities remaining available for futureissuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) |
----------------------------------------------------------- | ------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | --------
equity compensation plans approved by security holders:     | 5171000                                                                                | $ 25                                                                              | 7779000                                                                                | -1 ( 1 )
equity compensation plans not approved by security holders: | 2014                                                                                | 2014                                                                              | 2014                                                                                |
total                                                       | 5171000                                                                                | $ 25                                                                              | 7779000                                                                                | -1 ( 1 )