corporate income taxes withholding taxes on certain investment income and premium excise taxes.
 if group or bermuda subsidiaries subject to u. s.
 income tax , could be material adverse effect on company 2019s financial condition  results of operations cash flows.
 united kingdom.
 bermuda re 2019s uk branch conducts business in uk subject to taxation in uk.
 bermuda re believes it has operated will continue to operate bermuda operation in not cause them to subject to uk taxation.
 if bermuda re 2019s bermuda operations subject to uk income tax, could be material adverse impact on company 2019s financial condition  results of operations cash flow.
 ireland.
 holdings ireland and ireland re conduct business in ireland subject to taxation in ireland.
 available information.
 company 2019s annual reports on form 10-k , quarterly reports on form 10-q  current reports on form 8- k  proxy statements amendments to reports available free of charge through company 2019s internet website at http://www. everestregroup. com after reports electronically filed with securities and exchange commission ( 201csec 201d ).
 item 1a.
 risk factors in other information in report following risk factors should be considered when evaluating investment in our securities.
 if circumstances by individual risk factors materialize , our business, financial condition results of operations could be materially adversely affected trading price of common shares could decline significantly.
 risks to business fluctuations in financial markets could result in investment losses.
 prolonged severe disruptions in public debt and equity markets  occurred during 2008  could result in significant realized and unrealized losses in investment portfolio.
 although financial markets improved since 2008 , could deteriorate in future.
declines in financial markets could result in significant realized unrealized losses on investments material adverse impact on our results of operations , equity business insurer financial strength debt ratings.
 our results could be adversely affected by catastrophic events.
 exposed to unpredictable catastrophic events  including weather-related natural catastrophes acts of terrorism.
 material reduction in operating results caused by one more catastrophes could inhibit ability to pay dividends or meet interest principal payment obligations.
 subsequent to april 1, 2010  define a catastrophe as event causes loss on property exposures before reinsurance of at least $ 10. 0 million , before corporate level reinsurance and taxes.
 prior to april 1 , 2010  used threshold of $ 5. 0 million.
 illustration during past five calendar years  pre-tax catastrophe losses , net of contract specific reinsurance before cessions under corporate reinsurance programs  were as follows:.

calendar year:          | pre-tax catastrophe losses
----------------------- | --------------------------
( dollars in millions ) |
2013                    | $ 195.0
2012                    | 410.0
2011                    | 1300.4
2010                    | 571.1
2009                    | 67.4


investment tax credits deferred by regulated utility subsidiaries amortized to income over average estimated service lives of related assets.
 company recognizes accrued interest and penalties related to tax positions as component of income tax expense and accounts for sales tax collected from customers remitted to taxing authorities on net basis.
 see note 14 2014income taxes for additional information.
 allowance for funds used during construction afudc is non-cash credit to income with corresponding charge to utility plant represents cost of borrowed funds or return on equity funds devoted to plant under construction.
 regulated utility subsidiaries record afudc to extent permitted by pucs.
 portion of afudc attributable to borrowed funds shown as reduction of interest , net on consolidated statements of operations.
 any portion of afudc attributable to equity funds included in other , net on consolidated statements of operations.
 afudc provided in following table for years ended december 31:.
 environmental costs company 2019s water and wastewater operations and operations of market-based businesses subject to.
 federal , state  local foreign requirements to environmental protection company periodically becomes subject to environmental claims in normal course of business.
 environmental expenditures relate to current operations or provide future benefit expensed or capitalized as appropriate.
 remediation costs relate to existing condition caused by past operations accrued  on undiscounted basis  when probable costs will be incurred and can be reasonably estimated.
 conservation agreement by subsidiary of company with national oceanic and atmospheric administration in 2010 amended in 2017 required subsidiary to implement measures to protect steelhead trout and habitat in carmel river watershed in state of california.
subsidiary agreed to pay $ 1 million annually commencing 2010 final payment made 2021.
 remediation costs accrued amounted to $ 4 million and $ 6 million as of december 31 , 2018 and 2017 , respectively.
 derivative financial instruments company uses derivative financial instruments for hedging exposures to fluctuations interest rates.
 derivative contracts entered into for periods consistent with related underlying exposures not constitute positions independent of exposures.
 company not enter derivative contracts for speculative purposes not use leveraged instruments.
 all derivatives recognized on balance sheet at fair value.
 on date derivative contract entered company may designate derivative as hedge of fair value of recognized asset or liability ( fair-value hedge ) or hedge of forecasted transaction or variability of cash flows received or paid related to recognized asset or liability ( cash-flow hedge ).
 changes in fair value of fair-value hedge  with gain or loss on underlying hedged item recorded in current-period earnings.
 gains and losses on effective portion of cash-flow hedges recorded in other comprehensive income  until earnings affected by variability of cash flows.
 ineffective portion of designated cash-flow hedges recognized in current-period earnings.

| 2018 | 2017 | 2016
----------------------------------------------------- | ---- | ---- | ----
allowance for other funds used during construction    | $ 24 | $ 19 | $ 15
allowance for borrowed funds used during construction | 13   | 8    | 6


asbestos claims company and subsidiaries are defendants in asbestos cases.
 during year ended december 31 , 2010 , asbestos case activity is follows:.
 cases involve numerous plaintiffs company subject to claims in excess of number of actual cases.
 company has reserves for defense costs related claims matters.
 award proceedings in relation to domination agreement and squeeze-out on october 1 , 2004, celanese gmbh and company 2019s subsidiary , bcp holdings gmbh ( 201cbcp holdings 201d ), german limited liability company entered domination agreement bcp holdings obligated to offer to acquire all outstanding celanese gmbh shares from minority shareholders in return for payment of fair cash compensation ( 201cpurchaser offer 201d ).
 amount of fair cash compensation determined to be a41. 92 per share in accordance with applicable german law.
 all minority shareholders who elected not to sell shares to bcp holdings under purchaser offer entitled to remain shareholders celanese gmbh receive from bcp holdings gross guaranteed annual payment of a3. 27 per celanese gmbh share less certain corporate taxes in lieu of dividend.
 as of march 30 , 2005 , several minority shareholders celanese gmbh initiated special award proceedings seeking court 2019s review of amounts of fair cash compensation and guaranteed annual payment offered in purchaser offer under domination agreement.
 in purchaser offer , 145387 shares tendered at fair cash compensation of a41. 92 , 924078 shares remained outstanding entitled to guaranteed annual payment under domination agreement.
result of proceedings , fair cash consideration and guaranteed annual payment paid under domination agreement could be increased by court so all minority shareholders , including those tendered shares in purchaser offer for fair cash compensation, could claim higher amounts.
 on december 12 , 2006 , court of first instance appointed expert to assist court in determining value of celanese gmbh.
 on may 30 , 2006 majority shareholder of celanese gmbh adopted squeeze-out resolution under all outstanding shares by minority shareholders should be transferred to bcp holdings for fair cash compensation of a66. 99 per share ( 201csqueeze-out 201d ).
 shareholder resolution was challenged by shareholders but squeeze-out became effective after disputes settled on december 22 , 2006.
 award proceedings filed by 79 shareholders against bcp holdings with frankfurt district court requesting court to set higher amount for squeeze-out compensation.
 pursuant to settlement agreement between bcp holdings and certain former celanese gmbh shareholders  if court sets higher value for fair cash compensation or guaranteed payment under purchaser offer or squeeze-out compensation , former celanese gmbh shareholders who ceased to be shareholders due to squeeze-out will entitled to claim for shares higher of compensation amounts determined by court in proceedings purchaser offer squeeze-out.
 if fair cash compensation determined by court is higher than squeeze-out compensation of a 66. 99 , then 1069465 shares will be entitled to adjustment.
court confirms fair cash compensation under domination agreement determines higher value for squeeze-out compensation, 924078 shares %%transmsg*** transmitting job : d77691 pcn : 148000000 ***%%pcmsg|148 |00010|yes|no|02/08/2011 16:10|0|0|page valid no graphics -- color : n|

| asbestos cases
---------------------- | --------------
as of december 31 2009 | 526
case adjustments       | 2
new cases filed        | 41
resolved cases         | -70 ( 70 )
as of december 31 2010 | 499


management 2019s discussion analysis of financial conditionand results of operations d u k e r e a l t y c o r p o r a t i o n 1 3 2 0 0 2 a n n u a l r e p o r t $ 19. 5 million decrease in interest expense attributable to lower outstanding balances on company 2019s lines of credit associated with financing of company 2019s investment operating activities.
 company maintained significantly lower balance on lines of credit throughout 2001 compared to 2000  result of property dispositions proceeds to fund future development  lower development level slower economy.
 company paid off $ 128. 5 million of secured mortgage loans throughout 2001  $ 85 million unsecured term loan.
 decreases partially offset by increase in interest expense on unsecured debt company issuing $ 175. 0 million of debt in february 2001  decrease in amount of interest capitalized in 2001 versus 2000  because of decrease in development activity company.
 earnings from rental operations increased $ 28. 9 million from $ 225. 2 million for year ended december 31 , 2000  to $ 254. 1 million for year ended december 31 , 2001.
 service operations service operations revenues decreased from $ 82. 8 million for 2000 to $ 80. 5 million for year ended december 31 , 2001.
 company experienced decrease of $ 4. 3 million in net general contractor revenues from third party jobs because of decrease in volume of construction in 2001  compared to 2000  slightly lower profit margins.
 decrease is effect of businesses delaying or terminating plans to expand in slowed economy.
 property management , maintenance and leasing fee revenues decreased approximately $ 2. 7 million because of decrease in landscaping maintenance revenue associated with sale of landscape business in third quarter of 2001 ( see discussion below ).
construction management development activity income represents construction development fees on projects company acts as construction manager profits from company 2019s held for sale program company develops property for sale upon completion.
 increase in revenues of $ 2. 2 million in 2001 primarily because of increase in profits on sale of properties from held for sale program.
 other income increased approximately $ 2. 4 million in 2001 over 2000 ; due to $ 1. 8 million gain company recognized on sale of landscape business in third quarter of 2001.
 sale landscape business resulted in total net profit of over $ 9 million after deducting expenses.
 gain recognized in varying amounts over next seven years because company has on-going contract to purchase future services from buyer.
 service operations expenses decreased by $ 4. 7 million for year ended december 31 , 2001  compared to same period in 2000 company reduced total overhead costs throughout 2001 to minimize effects of decreased construction development activity.
 primary savings experienced in employee salary related costs through personnel reductions reduced overhead costs from sale of landscaping business.
 earnings from service operations increased from $ 32. 8 million for year ended december 31 2000 to $ 35. 1 million for year ended december 31 , 2001.
 general and administrative expense decreased from $ 21. 1 million in 2000 to $ 15. 6 million for year ended december 31 , 2001 through overhead cost reduction efforts.
 in late 2000 throughout 2001 company introduced cost cutting measures to reduce overhead including personnel reductions centralization of responsibilities reduction of employee costs travel entertainment.
 other income expenses gain on sale of land depreciable property dispositions  net of impairment adjustment comprised of following amounts in 2001 and 2000 : gain on sales of depreciable properties represent sales of previously held for investment rental properties.
beginning 2000 continuing 2001  company pursued opportunities to dispose of real estate assets no longer meet long-term investment objectives.
 gain on land sales represents sales undeveloped land owned company.
 company pursues opportunities to dispose land in markets high concentration of undeveloped land markets where land no longer meets strategic development plans company.
 company recorded $ 4. 8 million asset impairment adjustment in 2001 on single property sold in 2002.
 other expense for year ended december 31, 2001 includes $ 1. 4 million expense related to interest rate swap not qualify for hedge accounting.
 net income available for common shares net income shares for year ended december 31, 2001 was $ 230. 0 million compared to $ 213. 0 million for year ended december 31 , 2000.
 increase results from operating result fluctuations in rental service operations earnings from sales of real estate assets explained.

| 2001           | 2000
--------------------------------------- | -------------- | ------------
gain on sales of depreciable properties | $ 45428        | $ 52067
gain on land sales                      | 5080           | 9165
impairment adjustment                   | -4800 ( 4800 ) | -540 ( 540 )
total                                   | $ 45708        | $ 60692


through current cash balances and cash from oper- ations.
 company has existing credit facilities totaling $ 2. 5 billion.
 company in compliance with debt covenants at december 31 , 2012.
 company 2019s financial covenants require minimum net worth of $ 9 billion total debt-to- capital ratio of less than 60% ( 60 % ).
 net worth defined as sum of common stock paid-in capital retained earnings less treasury stock plus cumulative goodwill impairment charges.
 excludes accumulated other compre- hensive income/loss nonrecourse financial liabilities of special purpose entities.
 total debt- to-capital ratio defined as total debt divided by sum total debt plus net worth.
 at december 31 , 2012 international paper 2019s net worth was $ 13. 9 bil- lion  total-debt-to-capital ratio was 42% ( 42 % ).
 company will rely upon debt and capital markets for majority of necessary long-term funding not by operating cash flows.
 funding decisions guided by capi- tal structure planning objectives.
 primary goals structure planning are to maximize financial flexibility preserve liquidity while reducing interest expense.
 majority of international paper 2019s debt accessed through global public capital markets wide base of investors.
 maintaining investment grade credit rating important element of financing strategy.
 at december 31, 2012 company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s.
 contractual obligations for future payments under existing debt lease commitments purchase obligations at december 31 , 2012 were as follows:.
 total debt includes scheduled principal payments only.
( b ) represents debt obligations borrowed from non-consolidated variable interest entities for international paper has intends to legal right to offset obligations with investments held in entities.
 in con- solidated balance sheet at december 31 , 2012  international paper has offset approximately $ 5. 2 billion of interests in entities against $ 5. 2 billion of debt obligations held by entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8.
 financial statements and supplementary data ).
 ( c ) includes $ 3. 6 billion relating to fiber supply agreements at 2006 transformation plan forest- land sales and 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business.
 ( d ) not included in table due to uncertainty amount and timing of payment are unrecognized tax bene- fits of approximately $ 620 million.
 consider undistributed earnings of for- eign subsidiaries as of december 31, 2012 indefinitely reinvested no.
 income taxes provided thereon.
 as of december 31 2012 amount cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million.
 do not anticipate need to repatriate funds to united states to sat isfy domestic liquidity needs in ordinary course business including liquidity needs with domestic debt service requirements.
 pension obligations and funding at december 31 , 2012  projected benefit obliga- tion for company 2019s.
 defined benefit plans.
 was approximately $ 4. 1 billion higher than fair value of plan assets.
 approximately $ 3. 7 billion of this amount relates to plans subject to minimum funding require- ments.
current irs funding rules  calcu- lation of minimum funding requirements differs from calculation present value of plan benefits ( projected benefit obligation ) for accounting purposes.
 in december 2008 , worker , retiree and employer recovery act of 2008 ( wera ) passed by u. s.
 congress provided for pension funding relief and technical corrections.
 funding contributions depend on funding method selected by company , timing of implementation  actual demo- graphic data targeted funding level.
 company continually reassesses amount timing of discretionary contributions elected to make voluntary contributions totaling $ 44 million and $ 300 million for years ended december 31, 2012 and 2011 , respectively.
 expect required contributions to plans in 2013 will be approximately $ 31 million, company may elect to make future voluntary contributions.
 timing and amount of future contributions  could material depend on factors  including actual earnings changes in values of plan assets changes in interest rates.
 ilim holding s. a.
 shareholder 2019s agreement in october 2007  in connection with for- mation of ilim holding s. a.
 joint venture , international paper entered into share- holder 2019s agreement includes provisions relating to reconciliation of disputes among partners.
 agreement provides at

in millions                                 | 2013   | 2014   | 2015   | 2016   | 2017   | thereafter
------------------------------------------- | ------ | ------ | ------ | ------ | ------ | ----------
maturities of long-term debt ( a )          | $ 444  | $ 708  | $ 479  | $ 571  | $ 216  | $ 7722
debt obligations with right of offset ( b ) | 2014   | 2014   | 2014   | 5173   | 2014   | 2014
lease obligations                           | 198    | 136    | 106    | 70     | 50     | 141
purchase obligations ( c )                  | 3213   | 828    | 722    | 620    | 808    | 2654
total ( d )                                 | $ 3855 | $ 1672 | $ 1307 | $ 6434 | $ 1074 | $ 10517


management 2019s discussion analysis fully phased-in capital ratios table below presents estimated ratio of cet1 to rwas calculated under basel iii advanced rules standardized capital rules on fully phased-in basis.
 fully phased-in capital ratios not applicable until 2019  believe estimated ratios table meaningful measures we regulators investors use to assess ability meet future regulatory capital requirements.
 estimated fully phased-in basel iii advanced standardized cet1 ratios are non-gaap measures as of december 2014 and december 2013 may not be comparable to similar non-gaap measures by other companies dates ).
 estimated ratios based on current interpretation  expectations understanding of revised capital framework may evolve as discuss interpretation application with regulators.
 see note 20 to consolidated financial statements for information about transitional capital ratios  represent binding ratios as of december 2014.
 table above : 2030 deduction for goodwill and identifiable intangible assets  net of deferred tax liabilities represents goodwill of $ 3. 65 billion and $ 3. 71 billion as of december 2014 and december 2013  identifiable intangible assets of $ 515 million and $ 671 million as of december 2014 and december 2013  net of associated deferred tax liabilities of $ 964 million and $ 908 million as of december 2014 and december 2013 .
 2030 deduction for investments in nonconsolidated financial institutions represents amount by investments in capital of nonconsolidated financial institutions exceed certain prescribed thresholds.
 decrease from december 2013 to december 2014 reflects reductions in fund investments.
2030 adjustments include overfunded defined benefit pension plan obligation net associated deferred tax liabilities disallowed deferred tax assets credit valuation adjustments on derivative liabilities debt valuation adjustments other required credit risk-based deductions.
 supplementary leverage ratio revised capital framework introduces new supplementary leverage ratio for advanced approach banking organizations.
 under amendments revised capital framework.
 federal bank regulatory agencies approved final rule implements supplementary leverage ratio aligned with definition of leverage by basel committee.
 supplementary leverage ratio compares tier 1 capital to measure leverage exposure as sum of quarterly average assets less certain deductions plus off-balance-sheet exposures including derivatives exposures commitments.
 revised capital framework requires minimum supplementary leverage ratio of 5. 0% ( 5. 0 % ) ( comprised of minimum requirement of 3. 0% ( 3. 0 % ) and 2. 0% ( 2. 0 % ) buffer ) for.
 banks g-sibs effective on january 1 , 2018.
 certain disclosures regarding supplementary leverage ratio required beginning in first quarter of 2015.
 as of december 2014 estimated supplementary leverage ratio was 5. 0% ( 5. 0 % )  including tier 1 capital on fully phased-in basis of $ 73. 17 billion ( of $ 64. 26 billion plus perpetual non-cumulative preferred stock of $ 9. 20 billion less other adjustments of $ 290 million ) divided by total leverage exposure of $ 1. 45 trillion ( total quarterly average assets of $ 873 billion plus adjustments of $ 579 billion primarily of off-balance-sheet exposure related to derivatives and commitments ).
 estimated supplementary leverage ratio is meaningful measure regulators investors use to assess ability to meet future regulatory capital requirements.
supplementary leverage ratio non-gaap measure may not comparable to similar non-gaap measures used by other companies.
 estimated supplementary leverage ratio based on current interpretation understanding of u. s.
 federal bank regulatory agencies 2019 final rule may evolve as discuss interpretation application with regulators.
 60 goldman sachs 2014 annual report

$ in millions                                                                              | as of december 2014 | as of december 2013
------------------------------------------------------------------------------------------ | ------------------- | -------------------
common shareholders 2019 equity                                                            | $ 73597             | $ 71267
deductions for goodwill and identifiable intangible assets net of deferred tax liabilities | -3196 ( 3196 )      | -3468 ( 3468 )
deductions for investments in nonconsolidated financial institutions                       | -4928 ( 4928 )      | -9091 ( 9091 )
other adjustments                                                                          | -1213 ( 1213 )      | -489 ( 489 )
cet1                                                                                | $ 64260             | $ 58219
basel iii advanced rwas                                                                    | $ 577869            | $ 594662
basel iii advanced cet1 ratio                                                              | 11.1% ( 11.1 % )    | 9.8% ( 9.8 % )
standardized rwas                                                                          | $ 627444            | $ 635092
standardized cet1 ratio                                                                    | 10.2% ( 10.2 % )    | 9.2% ( 9.2 % )


remitted to u. s.
 due to foreign tax credits exclusions available at time of remittance.
 december 31 , 2010  aon had domestic federal operating loss carryforwards of $ 56 million expire dates from 2011 to 2024  state operating loss carryforwards of $ 610 million expire 2011 to 2031  foreign operating and capital loss carryforwards of $ 720 million and $ 251 million nearly all subject to indefinite carryforward.
 unrecognized tax provisions reconciliation of company 2019s beginning and ending amount unrecognized tax benefits ( in millions ) :.
 as of december 31, 2010  $ 85 million of unrecognized tax benefits would impact effective tax rate if recognized.
 aon not expect unrecognized tax positions to change significantly over next twelve months except for potential reduction of unrecognized tax benefits $ 10-$ 15 million relating to anticipated audit settlements.
 company recognizes penalties and interest related to unrecognized income tax benefits in provision for income taxes.
 aon accrued potential penalties of less than $ 1 million during 2010 , 2009 2008.
 accrued interest of less than $ 1 million in 2010 , $ 2 million during 2009 less than $ 1 million in 2008.
 recorded liability for penalties of $ 5 million for interest of $ 18 million for both december 31 , 2010 and 2009.
 aon subsidiaries file income tax returns in.
 federal jurisdiction various state and international jurisdictions.
 aon concluded all.
 federal income tax matters for years through 2006.
.
 state and local income tax jurisdiction examinations concluded for years through 2002.
 concluded income tax examinations in primary international jurisdictions through 2004.

| 2010     | 2009
------------------------------------------------------------ | -------- | ----------
balance at january 1                                         | $ 77     | $ 86
additions based on tax positions related to the current year | 7        | 2
additions for tax positions of prior years                   | 4        | 5
reductions for tax positions of prior years                  | -7 ( 7 ) | -11 ( 11 )
settlements                                                  | -1 ( 1 ) | -10 ( 10 )
lapse of statute of limitations                              | -5 ( 5 ) | -3 ( 3 )
acquisitions                                                 | 26       | 6
foreign currency translation                                 | -1 ( 1 ) | 2
balance at december 31                                       | $ 100    | $ 77


z i m m e r h o l d i n g s , i n c.
 a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements continued ) rating as of december 31 , 2002 met requirement.
 fair value commitments under credit facility subject to certain carrying value of company 2019s borrowings approxi- fees including facility and utilization fee.
 fair value due to short-term maturities uncommitted credit facilities variable interest rates.
 company has $ 26 million uncommitted unsecured 8.
 derivative financial instruments revolving line of credit.
 purpose credit line to support working capital needs letters of credit company exposed to market risk due to changes overdraft needs for company.
 uncommitted credit in currency exchange rates.
 company utilizes agreement contains customary affirmative negative cove- foreign exchange forward contracts to offset effect of events of default exchange rate fluctuations on anticipated foreign currency restrictive to operation business.
 transactions intercompany sales and purchases uncommitted credit agreement provides for unconditional expected occur within next twelve to twenty-four irrevocable guarantees by company.
 months.
 company does not hold financial instruments company 2019s long-term debt ratings standard and for trading or speculative purposes.
 for derivatives poor 2019s ratings services moody 2019s investor 2019s service . qualify as hedges of future cash flows effective portion fall below bb- and ba3  company may be required of changes in fair value temporarily recorded to repay outstanding contingent obligations.
 comprehensive income  recognized in earnings when company 2019s credit rating as of december 31 , 2002 met hedged item affects earnings.
 ineffective portion of requirement.
uncommitted credit line matures on derivative 2019s change in fair value reported in july 31 , 2003.
 outstanding borrowings under uncommit- earnings.
 net amount recognized in earnings during ted line of credit as of december 31 , 2002 were $ 0. 5 million years ended december 31 , 2002 and 2001 due to ineffective- weighted average interest rate of 6. 35 percent.
 amounts excluded from assessment of hedge company also has $ 15 million uncommitted effectiveness not significant.
 revolving unsecured line of credit.
 purpose of line outstanding foreign exchange credit is to support short-term working capital needs of forward contracts principally japanese yen and euro company.
 agreement for uncommitted unsecured entered into with third parties at december 31 , 2002 line of credit contains customary covenants none of which $ 252 million.
 fair value of derivative instruments recorded considered restrictive to operation business.
 accrued liabilities at december 31 , 2002 was $ 13. 8 million  uncommitted line matures on july 31 , 2003.
 $ 8. 5 million net of taxes  deferred in other no borrowings under uncommitted line of credit as comprehensive income expected to be reclassified to december 31 , 2002.
 earnings over next two years  $ 7. 7 million , company has $ 20 million uncommitted revolving $ 4. 8 million , net of taxes expected to be reclassified to unsecured line of credit.
 purpose of line of credit is earnings over next twelve months.
 support short-term working capital needs of company.
 pricing based upon money market rates.
 agree- 9.
capital stock earnings per share ment for uncommitted unsecured line of credit contains discussed in note 14 , all shares of company customary covenants  none considered restrictive common stock distributed at distribution by to operation of business.
 uncommitted line former parent to stockholders in form of dividend matures on july 31 , 2003.
 no borrowings under one share of company common stock associated uncommitted line of credit as of december 31 , 2002.
 preferred stock purchase right  for every ten shares of company in compliance with all covenants common stock of former parent.
 in july 2001 board under all three uncommitted credit facilities directors company adopted rights agreement december 31 , 2002.
 company had no long-term debt anti-takeover effects.
 under agreement as of december 31 , 2002.
 one right attaches to each share of company common stock.
 outstanding debt as of december 31 , 2002 and 2001  rights not become exercisable until earlier of : consist of following ( in millions ) : a ) company learns person or group acquired , or 2002 2001 obtained right to acquire , beneficial ownership of securi- credit facility $ 156. 2 $ 358. 2 ties representing more than 20 percent of shares of uncommitted credit facilities 0. 5 5. 7 company common stock then outstanding  or b ) such date  if any designated by board of directorstotal debt $ 156. 7 $ 363. 9 following commencement of , or first public disclosure of company paid $ 13. 0 million and $ 4. 6 million in intention to commence  tender offer or exchange offer interest charges during 2002 and 2001  respectively.
 n s.
a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements continued ) rating as of december 31 , 2002 met requirement.
 fair value commitments under credit facility subject to carrying value company 2019s borrowings approxi- fees including facility and utilization fee.
 fair value due to short-term maturities uncommitted credit facilities variable interest rates.
 company has $ 26 million uncommitted unsecured 8.
 derivative financial instruments revolving line of credit.
 purpose credit line to support working capital needs letters of credit company exposed to market risk due to changes overdraft needs for company.
 uncommitted credit in currency exchange rates.
 company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset effect of nants events of default none exchange rate fluctuations on anticipated foreign currency restrictive to operation business.
 transactions intercompany sales and purchases uncommitted credit agreement provides for unconditional expected occur within next twelve to twenty-four irrevocable guarantees by company.
 months.
 company does not hold financial instruments company 2019s long-term debt ratings standard and for trading or speculative purposes.
 for derivatives poor 2019s ratings services moody 2019s investor 2019s service . qualify as hedges of future cash flows effective portion fall below bb- and ba3  company may be required of changes in fair value temporarily recorded in to repay all outstanding and contingent obligations.
 comprehensive income  recognized in earnings when company 2019s credit rating as of december 31 , 2002 met hedged item affects earnings.
 ineffective portion of requirement.
uncommitted credit line matures on derivative 2019s change in fair value reported in july 31 , 2003.
 outstanding borrowings under uncommit- earnings.
 net amount recognized in earnings during ted line of credit as of december 31 , 2002 were $ 0. 5 million years ended december 31 , 2002 and 2001 due to ineffective- weighted average interest rate of 6. 35 percent.
 amounts excluded from assessment of hedge company also has $ 15 million uncommitted effectiveness not significant.
 revolving unsecured line of credit.
 purpose of line outstanding foreign exchange credit is to support short-term working capital needs of forward contracts principally japanese yen and euro company.
 agreement for uncommitted unsecured entered into with third parties at december 31 , 2002 line of credit contains customary covenants none of which $ 252 million.
 fair value of derivative instruments recorded considered restrictive to operation business.
 accrued liabilities at december 31 , 2002 was $ 13. 8 million  uncommitted line matures on july 31 , 2003.
 $ 8. 5 million net of taxes  deferred in other no borrowings under uncommitted line of credit as comprehensive income expected to be reclassified to december 31 , 2002.
 earnings over next two years  $ 7. 7 million , company has $ 20 million uncommitted revolving $ 4. 8 million , net of taxes expected to be reclassified to unsecured line of credit.
 purpose of line of credit is earnings over next twelve months.
 support short-term working capital needs of company.
 pricing based upon money market rates.
 agree- 9.
capital stock earnings per share for uncommitted unsecured line of credit contains discussed in note 14  all shares of company customary covenants none considered restrictive common stock distributed at distribution by operation business.
 uncommitted line former parent to stockholders in form of dividend matures on july 31 , 2003.
 no borrowings under one share of company common stock associated uncommitted line of credit as of december 31 , 2002.
 preferred stock purchase right  for every ten shares company in compliance with all covenants common stock of former parent.
 in july 2001 board under three uncommitted credit facilities directors company adopted rights agreement december 31 , 2002.
 company no long-term debt anti-takeover effects.
 under agreement as of december 31 , 2002.
 one right attaches to each share of company common stock.
 outstanding debt as of december 31 , 2002 and 2001 rights not become exercisable until earlier of : consist following ( in millions ) : a ) company learns person or group acquired  or 2002 2001 obtained right to acquire , beneficial ownership of securi- credit facility $ 156. 2 $ 358. 2 ties representing more than 20 percent of shares of uncommitted credit facilities 0. 5 5. 7 company common stock then outstanding  or b ) such date designated by board of directorstotal debt $ 156. 7 $ 363. 9 following commencement of  first public disclosure of company paid $ 13. 0 million and $ 4. 6 million in intention to commence  tender offer or exchange offer interest charges during 2002 and 2001  respectively.

| 2002    | 2001
----------------------------- | ------- | -------
credit facility               | $ 156.2 | $ 358.2
uncommitted credit facilities | 0.5     | 5.7
total debt                    | $ 156.7 | $ 363.9


operations extended to four additional years for each unit by mutual agreement of entergy and new york state based on exigent reliability need for indian point generation.
 in accordance with ferc-approved tariff of new york independent system operator ( nyiso ), entergy submitted to nyiso notice of generator deactivation based on dates in settlement ( no later than april 30 , 2020 for indian point unit 2 and april 30 , 2021 for indian point unit 3 ).
 in december 2017  nyiso issued report stating not system reliability need following deactivation of indian point.
 nyiso advised will perform analysis of potential competitive impacts of proposed retirement under provisions tariff.
 deadline for nyiso to withholding determination in dispute pending before ferc.
 contractually agreeing to cease commercial operations early  in february 2017 entergy filed with nrc amendment to license renewal application changing term of requested licenses to coincide with latest possible extension by mutual agreement based exigent reliability needs : april 30, 2024 for indian point 2 and april 30 , 2025 for indian point 3.
 if entergy determines nrc treat amendment as routine amendment , entergy may withdraw amendment.
 other provisions settlement include termination of all then-existing investigations of indian point by agencies signing agreement include new york state department of environmental conservation  new york state department of state  new york state department of public service  new york state department of health new york state attorney general.
 settlement recognizes right of new york state agencies to pursue new investigations enforcement actions with new circumstances or existing conditions materially exacerbated.
 provision settlement obligates entergy to establish $ 15 million fund for environmental projects community support.
 apportionment allocation of funds to beneficiaries determined by mutual agreement of new york state and entergy.
 settlement recognizes new york state 2019s right to perform annual inspection of indian point  scope and timing determined by mutual agreement.
 in may 2017 plaintiff filed two parallel state court appeals challenging new york state 2019s actions in signing implementing indian point settlement with entergy basis state failed to perform sufficient environmental analysis actions.
 all signatories to settlement agreement including entergy affiliates hold nrc licenses for indian point  named.
 appeals voluntarily dismissed in november 2017.
 entergy corporation and subsidiaries management 2019s financial discussion analysis liquidity capital resources section discusses entergy 2019s capital structure capital spending plans other uses of capital  sources of capital  cash flow activity in cash flow statement.
 capital structure entergy 2019s capitalization balanced between equity and debt  as shown in following table.
 increase in debt to capital ratio for entergy as of december 31 , 2017 primarily due to increase in commercial paper outstanding in 2017 compared to 2016.
 calculation excludes arkansas , louisiana  new orleans  texas securitization bonds non- recourse to entergy arkansas entergy louisiana  entergy new orleans  texas .

| 2017               | 2016
------------------------------------------------------------ | ------------------ | ------------------
debt to capital                                              | 67.1% ( 67.1 % )   | 64.8% ( 64.8 % )
effect of excluding securitization bonds                     | ( 0.8% ( 0.8 % ) ) | ( 1.0% ( 1.0 % ) )
debt to capital excluding securitization bonds ( a )         | 66.3% ( 66.3 % )   | 63.8% ( 63.8 % )
effect of subtracting cash                                   | ( 1.1% ( 1.1 % ) ) | ( 2.0% ( 2.0 % ) )
net debt to net capital excluding securitization bonds ( a ) | 65.2% ( 65.2 % )   | 61.8% ( 61.8 % )


jpmorgan chase & co. /2018 form 10-k 41 five-year stock performance table and graph compare five-year cumulative total return for jpmorgan chase & co.
 ( 201cjpmorgan chase 201d or 201cfirm 201d ) common stock with cumulative return of s&p 500 index  kbw bank index s&p financial index.
 s&p 500 index is commonly referenced equity benchmark in united states of america ( 201cu. 201d ) leading companies from different economic sectors.
 kbw bank index performance of banks and thrifts publicly traded in u. s.
 composed of leading national money center regional banks and thrifts.
 s&p financial index is index of financial companies all components of s&p 500.
 firm component of all three industry indices.
 table and graph assume simultaneous investments of $ 100 on december 31, 2013, in jpmorgan chase common stock in each above indices.
 comparison assumes all dividends are reinvested.
 december 31 , ( in dollars ) 2013 2014 2015 2016 2017 2018.
 december 31, ( in dollars

december 31 ( in dollars ) | 2013     | 2014     | 2015     | 2016     | 2017     | 2018
-------------------------- | -------- | -------- | -------- | -------- | -------- | --------
jpmorgan chase             | $ 100.00 | $ 109.88 | $ 119.07 | $ 160.23 | $ 203.07 | $ 189.57
kbw bank index             | 100.00   | 109.36   | 109.90   | 141.23   | 167.49   | 137.82
s&p financial index        | 100.00   | 115.18   | 113.38   | 139.17   | 169.98   | 147.82
s&p 500 index              | 100.00   | 113.68   | 115.24   | 129.02   | 157.17   | 150.27


assets ( including trade receivables ) in scope of update.
 asu 2016-13 made amendments to current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees.
 guidance effective for on january 1 , 2020.
 early adoption permitted for periods beginning on or after january 1 , 2019.
 evaluating effect of asu 2016-13 on consolidated financial statements.
 note 2 2014 acquisitions transactions accounted for as business combinations requires record assets acquired and liabilities assumed at fair value as of acquisition date.
 on october 17 , 2018 we acquired sicom systems , inc.
 ( 201csicom 201d ) for total purchase consideration of $ 409. 2 million  funded with cash on hand and by drawing on revolving credit facility ( described in 201cnote 8 2014 long-term debt and lines of credit 201d ).
 sicom is provider of end-to-end enterprise , cloud-based software solutions other technologies to quick service restaurants and food service management companies.
 sicom 2019s technologies complementary to our existing xenial solutions believe acquisition will expand software-driven payments strategy increase capabilities expand existing presence in restaurant vertical market.
 prior to acquisition  sicom was indirectly owned by private equity investment firm one of board members is partner and investor.
 his direct interest in transaction was approximately $ 1. 1 million  amount distributed to based on his investment interest in fund of private equity firm sold sicom.
 based on audit committee of board of directors recommended board approve acquisition of sicom .
 provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed as of december 31 , 2018  including reconciliation to total purchase consideration  were as follows ( in thousands ) :.
as of december 31 , 2018 , considered balances to provisional still in process of determining final purchase consideration , subject to adjustment pursuant to purchase agreement , gathering and reviewing information to support valuations of assets acquired and liabilities assumed.
 goodwill from acquisition of $ 264. 8 million , included in north america segment  attributable to expected growth opportunities , assembled workforce potential synergies from combining existing businesses.
 expect approximately $ 50 million of goodwill from acquisition deductible for income tax purposes.
 74 2013 global payments inc.
 | 2018 form 10-k annual report

cash and cash equivalents     | $ 7540
----------------------------- | ----------------
property and equipment        | 5943
identified intangible assets  | 188294
other assets                  | 22278
deferred income taxes         | -48448 ( 48448 )
other liabilities             | -31250 ( 31250 )
total identifiable net assets | 144357
goodwill                      | 264844
total purchase consideration  | $ 409201


jpmorgan chase & co. /2010 annual report 59 consolidated results operations section provides comparative discussion of jpmorgan chase 2019s consolidated results operations for three-year period ended december 31 , 2010.
 factors related to single business segment discussed detail within business segment.
 discussion critical accounting estimates firm affect consolidated results operations see pages 149 2013 154 of annual report.
 revenue year ended december 31 , ( in millions ) 2010 2009 2008.
 2010 compared with 2009 total net revenue for 2010 was $ 102. 7 billion  up by $ 2. 3 billion  or 2% ( 2 % )  from 2009.
 results 2010 driven by higher securities gains private equity gains in corporate equity higher asset management fees am administration fees in tss  higher other income in several businesses offset by lower credit card income.
 investment banking fees decreased from 2009 due to lower equity underwriting and advisory fees offset by higher debt underwriting fees.
 competitive markets flat industry-wide equity underwriting completed m&a volumes resulted in lower equity underwriting advisory fees strong industry-wide loan syndication high-yield bond volumes drove record debt underwriting fees in ib.
 additional information on investment banking fees recorded in ib  see ib segment results on pages 69 201371 of annual report.
 principal transactions revenue  revenue from firm 2019s trading and private equity investing activities increased compared with 2009.
 driven by private equity business  significant private equity gains in 2010  compared with small loss in 2009 reflecting improvements in market conditions.
 trading revenue decreased  lower results in corporate  offset by higher revenue in ib reflecting gains from widening firm 2019s credit spread on certain structured derivative liabilities.
additional information on principal transactions revenue see ib corporate/private equity segment results on pages 69 201371 89 2013 90  note 7 on pages 199 2013200 annual report.
 lending- and deposit-related fees decreased in 2010 from 2009 levels reflecting lower deposit-related fees in rfs associated with newly-enacted legislation related to non-sufficient funds overdraft fees partially offset by higher lending- related service fees in ib  primarily from growth in business volume  in cb  from higher commitment letter-of-credit fees.
 for additional information on lending- deposit-related fees mostly recorded in ib , rfs  cb tss , see segment results for ib on pages 69 201371 , rfs on pages 72 201378 , cb pages 82 201383 tss on pages 84 201385 annual report.
 asset management , administration commissions revenue increased from 2009.
 increase reflected higher asset management fees in am  higher market levels  net inflows products higher margins higher performance fees ; higher administration fees in tss  reflecting effects higher market levels net inflows of assets under custody.
 increase partially offset by lower brokerage commissions in ib  result of lower market volumes.
 for additional information on fees and commissions see segment discussions for am on pages 86 201388 tss on pages 84 201385 annual report.
 securities gains significantly higher in 2010 compared with 2009  resulting from repositioning of portfolio in response to changes interest rate environment rebalance exposure.
 for additional information on securities gains mostly recorded in firm 2019s corporate segment  see corporate/private equity segment discussion on pages 89 201390 of annual report.
mortgage fees related income increased in 2010 compared with 2009 driven by higher mortgage production revenue reflecting increased mortgage origination volumes in rfs am  wider margins particularly in rfs.
 increase offset by higher repurchase losses in rfs ( recorded as contra- revenue ) attributable to higher estimated losses related to repurchase demands predominantly from gses.
 for additional information on mortgage fees related income recorded primarily in rfs  see rfs 2019s mortgage banking , auto consumer lending discussion on pages 74 201377 annual report.
 additional information on repurchase losses see repurchase liability discussion on pages 98 2013101 note 30 on pages 275 2013280 annual report.
 credit card income decreased 2010 due to impact accounting guidance related to vies , effective january 1 , 2010 required firm to consolidate assets liabilities firm-sponsored credit card securitization trusts.
 adoption new guidance resulted in elimination of all servicing fees from firm-sponsored credit card securitization trusts ( offset by related increases in net

year ended december 31 ( in millions )         | 2010     | 2009     | 2008
---------------------------------------------- | -------- | -------- | ----------------
investment banking fees                        | $ 6190   | $ 7087   | $ 5526
principal transactions                         | 10894    | 9796     | -10699 ( 10699 )
lending- and deposit-related fees              | 6340     | 7045     | 5088
asset management administrationand commissions | 13499    | 12540    | 13943
securities gains                               | 2965     | 1110     | 1560
mortgage fees and related income               | 3870     | 3678     | 3467
credit card income                             | 5891     | 7110     | 7419
other income                                   | 2044     | 916      | 2169
noninterest revenue                            | 51693    | 49282    | 28473
net interest income                            | 51001    | 51152    | 38779
total net revenue                              | $ 102694 | $ 100434 | $ 67252


company presents total net 201ceconomic 201d investment exposure  net of deferred compensation investments and hedged investments reflect gauge for investors economic impact of investments deferred compensation arrangements offset by change in compensation expense impact of hedged investments mitigated by total return swap hedges.
 carried interest capital allocations excluded no impact to blackrock 2019s stockholders 2019 equity until amounts realized as performance fees.
 company 2019s regulatory investment in federal reserve bank stock not subject to market or interest rate risk excluded from company 2019s net economic investment exposure.
 ( dollar amounts in millions ) december 31 , 31.
 total 201ceconomic 201d investment exposure.
.
.
 $ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million  respectively of blackrock 2019s total gaap investments maintained in sponsored investment funds controlled by blackrock in gaap consolidated blackrock may not own majority of funds.
 decrease of $ 239 million related to lower holding requirement of federal reserve bank stock held by blackrock institutional trust company .
 ( 201cbtc 201d ).
 total investments  adjusted at december 31 , 2012 increased $ 137 million from december 31 , 2011  from $ 765 million of purchases/capital contributions $ 185 million from positive market valuations and earnings from equity method investments $ 64 million from net additional carried interest capital allocations partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments.

( dollar amounts in millions )                                   | december 31 2012 | december 31 2011
---------------------------------------------------------------- | ---------------- | ----------------
total investments gaap                                           | $ 1750           | $ 1631
investments held by consolidated sponsored investmentfunds ( 1 ) | -524 ( 524 )     | -587 ( 587 )
net exposure to consolidated investment funds                    | 430              | 475
total investments as adjusted                                    | 1656             | 1519
federal reserve bank stock ( 2 )                                 | -89 ( 89 )       | -328 ( 328 )
carried interest                                                 | -85 ( 85 )       | -21 ( 21 )
deferred compensation investments                                | -62 ( 62 )       | -65 ( 65 )
hedged investments                                               | -209 ( 209 )     | -43 ( 43 )
total 201ceconomic 201d investment exposure                      | $ 1211           | $ 1062


maturities of long-term debt next five years and beyond are as follows:.
 on 4 february 2013  issued $ 400. 0 senior fixed-rate 2. 75% ( 2. 75 % ) note matures 3 february 2023.
 additionally 7 august 2013  issued 2. 0% ( 2. 0 % ) eurobond for 20ac300 million ( $ 397 ) matures 7 august 2020.
 various debt agreements we are party include financial covenants restrictions including restrictions to ability to create property liens enter certain sale and leaseback transactions.
 as of 30 september 2013  in compliance with all financial covenants under debt agreements.
 as of 30 september 2013  classified commercial paper of $ 400. 0 maturing in 2014 as long-term debt ability and intent to refinance debt under $ 2500. 0 committed credit facility maturing in 2018.
 current intent is to refinance debt via u.
 public or private placement markets.
 30 april 2013  entered five-year $ 2500. 0 revolving credit agreement with syndicate of banks ( 201c2013 credit agreement 201d ) senior unsecured debt available to us and certain our subsidiaries.
 2013 credit agreement provides source liquidity supports commercial paper program.
 agreement increases existing facility by $ 330. 0 , extends maturity date to 30 april 2018 modifies financial covenant to maximum ratio of total debt to total capitalization ( total debt plus total equity plus redeemable noncontrolling interest ) no greater than 70% ( 70 % ).
 no borrowings outstanding under 2013 credit agreement as of 30 september 2013.
 2013 credit agreement terminates and replaces previous $ 2170.revolving credit agreement dated 8 july 2010 subsequently amended mature 30 june 2015 financial covenant of long-term debt divided by sum long-term debt plus equity no greater than 60% ( 60 % ).
 no borrowings outstanding under previous agreement at time termination no early termination penalties incurred.
 effective 11 june 2012 entered into offshore chinese renminbi ( rmb ) syndicated credit facility of rmb1000. 0 million ( $ 163. 5 )  maturing june 2015.
 rmb250. 0 million ( $ 40. 9 ) outstanding borrowings under commitment at 30 september 2013.
 additional commitments totaling $ 383. 0 maintained by foreign subsidiaries $ 309. 0 borrowed and outstanding at 30 september 2013.

2014       | $ 907.4
---------- | --------
2015       | 453.0
2016       | 433.0
2017       | 453.8
2018       | 439.9
thereafter | 2876.6
total      | $ 5563.7


year ended december 31 , 2004 compared to 2003 historical results of operations pca for years ended december 31  2004 and 2003 below year ended december 31 ( in millions ) 2004 2003 change.
 net sales increased by $ 154. 6 million  or 8. 9% ( 8. 9 % ) , for year ended december 31  2004 2003.
 net sales increased due to improved sales volumes prices of corrugated products and containerboard compared to 2003.
 total corrugated products volume sold increased 6. 6% ( 6. 6 % ) to 29. 9 billion square feet in 2004 compared to 28. 1 billion square feet in 2003.
 comparable shipment-per-workday basis corrugated products sales volume increased 7. 0% ( 7. 0 % ) in 2004 from 2003.
 excluding pca 2019s acquisition of acorn in february 2004 volume was 5. 3% ( 5. 3 % ) higher in 2004 than 2003 up 5. 8% ( 5. 8 % ) compared to 2003 shipment-per-workday basis.
-per-workday calculated by dividing total corrugated products volume year by number workdays year.
 larger percentage increase due to 2004 had one less workday ( 251 days ) not weekend or holiday than 2003 ( 252 days ).
 containerboard sales volume to domestic export customers increased 6. 8% ( 6. 8 % ) to 475000 tons for year ended december 31 , 2004 from 445000 tons in 2003.
 income before interest and taxes increased by $ 43. 6 million  or 45. 1% ( 45. 1 % )  for year ended december 31  2004 compared to 2003.
 income before interest and taxes 2004 income of $ 27. 8 million , net of expenses attributable to dividend paid to pca by stv , timberlands joint venture pca owns 311 20443% ( 20443 % ) ownership interest.
income before interest taxes for year ended december 31 , 2003 is $ 3. 3 million charge for fees expenses related to company 2019s debt refinancing completed july 2003 fourth quarter charge of $ 16. 0 million to settle benefits related matters with pactiv corporation back to april 12 , 1999 when pca became stand-alone company.
 fourth quarter 2003  pactiv notified pca owed pactiv additional amounts for hourly pension benefits workers 2019 compensation liabilities back to april 12 , 1999.
 settlement of $ 16. 0 million negotiated between pactiv pca december 2003.
 full amount settlement accrued fourth quarter of 2003.
 excluding special items operating income decreased $ 3. 4 million in 2004 compared to 2003.
 $ 3. 4 million decrease in income before interest taxes attributable to increased energy transportation costs ( $ 19. 2 million ) higher recycled wood fiber costs ( $ 16. 7 million ) increased salary expenses related to annual increases new hires ( $ 5. 7 million ) increased contractual hourly labor costs ( $ 5. 6 million ) partially offset by increased sales volume sales prices ( $ 44. 3 million ).

( in millions )                        | for the year ended december 31 , 2004 | for the year ended december 31 , 2003 | change
-------------------------------------- | ------------------------------------- | ------------------------------------- | --------------
net sales                              | $ 1890.1                              | $ 1735.5                              | $ 154.6
income before interest and taxes       | $ 140.5                               | $ 96.9                                | $ 43.6
interest expense net                   | -29.6 ( 29.6 )                        | -121.8 ( 121.8 )                      | 92.2
income ( loss ) before taxes           | 110.9                                 | -24.9 ( 24.9 )                        | 135.8
( provision ) benefit for income taxes | -42.2 ( 42.2 )                        | 10.5                                  | -52.7 ( 52.7 )
net income ( loss )                    | $ 68.7                                | $ -14.4 ( 14.4 )                      | $ 83.1


total shareholder return of entergy corporation measured over nine-year period between mr.
 leonard's appointment as ceo in january 1999 and january 24 , 2008 grant date exceeded all industry peer group companies other u. s.
 utility companies.
 for additional information regarding stock options awarded in 2008 to named executive officers see 2008 grants of plan-based awards table.
 under equity ownership plans all options must have exercise price equal to closing fair market value of entergy corporation common stock on date of grant.
 in 2008  entergy corporation implemented guidelines require executive officer to achieve maintain entergy corporation stock ownership equal to multiple of his salary.
 until executive officer achieves multiple ownership position entergy common stock executive officer ( including named executive officer ) upon exercising any stock option granted on or after january 1, 2003 must retain at least 75% ( 75 % ) of after-tax net profit from stock option exercise in entergy corporation common stock.
 entergy corporation not adopted formal policy regarding granting of options at times when in possession of material non-public information.
 generally grants options to named executive officers only during january in connection with annual executive compensation decisions.
 on occasion may grant options to newly hired employees or existing employees for retention or other limited purposes.
 restricted units units granted under equity ownership plans represent phantom shares of entergy corporation common stock (. non-stock interests economic value equivalent to share of entergy corporation common stock ).
 entergy corporation occasionally grants restricted units for retention purposes to offset forfeited compensation from previous employer or other limited purposes.
 if all conditions of grant satisfied restrictions on restricted units lift at end of restricted period and cash equivalent value of restricted units is paid.
settlement price equal to number of restricted units multiplied by closing price of entergy corporation common stock on date restrictions lift.
 restricted units not entitled to dividends or voting rights.
 restricted units are generally time-based awards for restrictions lift  subject to continued employment  over two- to five-year period.
 in january 2008  committee granted mr.
 denault , entergy corporation's chief financial officer , 24000 restricted units.
 committee determined in strategic challenges facing entergy ( including challenges with completion of entergy's pending separation of non- utility nuclear business ) essential entergy retain mr.
 denault's continued services as executive officer entergy.
 committee took into account competitive market for chief financial officers and mr.
 denault's broader role in leadership entergy.
 in determining size of grant  committee consulted independent consultant to confirm grant consistent with market practices.
 committee chose restricted units over other retention instruments because believes restricted stock units better align interest of officer with entergy corporation's shareholders in growing shareholder value and increasing shareholder returns on equity.
 committee noted on advice independent consultant such grants are commonly used market technique for retention purposes.
 restricted units will vest on following dates:.

vesting date    | restricted stock units
--------------- | ----------------------
january 25 2011 | 8000
january 25 2012 | 8000
january 25 2013 | 8000


asia-pacific acquisition on july 24 , 2006  completed purchase of fifty-six percent ownership interest in merchant acquiring business of hongkong and shanghai banking corporation limited , or hsbc.
 business provides card payment processing services to merchants in asia-pacific region.
 business includes hsbc 2019s payment processing operations in ten countries and territories : brunei , china , hong kong , india , macau , malaysia , maldives , singapore , sri lanka taiwan.
 under terms agreement  initially paid hsbc $ 67. 2 million in cash to acquire ownership interest.
 paid additional $ 1. 4 million agreement during fiscal 2007  for total purchase price of $ 68. 6 million to acquire ownership interest.
 conjunction with acquisition entered transition services agreement with hsbc may be terminated at any time.
 under agreement expect hsbc will continue to perform payment processing operations and related support services until we integrate functions into our own operations  expect completed in 2010.
 operating results of acquisition included in consolidated statements of income from date of acquisition.
 business description leading payment processing and consumer money transfer company.
 high-volume processor of electronic transactions enable merchants , multinational corporations , financial institutions , consumers , government agencies other profit and non-profit business enterprises to facilitate payments to purchase goods and services or further other economic goals.
 role is to serve as intermediary in exchange of information and funds between parties payment transaction or money transfer can be completed.
 incorporated in georgia as global payments inc.
 in september 2000  spun-off from former parent company on january 31 , 2001.
 former parent company provided transaction processing services since 1967.
market products services throughout united states canada europe asia-pacific region.
 operate in two business segments , merchant services money transfer  offer various products through these segments.
 merchant services segment targets customers in many vertical industries including financial institutions  gaming  government  health care  professional services restaurants retail universities utilities.
 money transfer segment targets immigrants in united states europe.
 see note 10 in notes to consolidated financial statements for additional segment information 201citem 1a 2014risk factors 201d for discussion of risks with international operations.
 total revenues from merchant services money transfer segments , by geography sales channel , are as follows ( amounts in thousands ) :.

| 2007      | 2006     | 2005
--------------------------- | --------- | -------- | --------
domestic direct             | $ 558026  | $ 481273 | $ 410047
canada                      | 224570    | 208126   | 175190
asia-pacific                | 48449     | 2014     | 2014
central and eastern europe  | 51224     | 47114    | 40598
domestic indirect and other | 46873     | 51987    | 62033
merchant services           | 929142    | 788500   | 687868
domestic                    | 115416    | 109067   | 91448
europe                      | 16965     | 10489    | 5015
money transfer              | 132381    | 119556   | 96463
total revenues              | $ 1061523 | $ 908056 | $ 784331


depreciation and amortization in operating segment profit for years ended december 31 , 2008 , 2007 2006 was as follows ( in millions ) :.
 15.
 leases future minimum rental commitments under non- cancelable operating leases effect as of december 31 , 2008 were $ 38. 2 million for 2009  $ 30. 1 million for 2010  $ 20. 9 million for 2011  $ 15. 9 million for 2012  $ 14. 3 million for 2013 $ 29. 9 million thereafter.
 total rent expense for years ended december 31, 2008 , 2007 2006 aggregated $ 41. 4 million , $ 37. 1 million $ 31. 1 million ,.
 16.
 commitments contingencies intellectual property product liability-related litigation in july 2008  temporarily suspended marketing distribution of durom bb acetabular component ( durom cup ) in u. s.
 to allow update product labeling provide detailed surgical technique instructions to surgeons implement surgical training program.
 following announcement product liability lawsuits other claims asserted against us some settled.
 claims still pending expect additional claims be submitted.
 recorded provision of $ 47. 5 million in third quarter of 2008  management estimate of durom cup-related claims.
 increased provision by $ 21. 5 million in fourth quarter of 2008.
 provision limited to revisions within two years of original surgery prior to july 2008.
 parameters consistent with data cup loosenings associated with surgical technique likely to occur within that time period.
 claims outside of these defined parameters managed in normal course reflected in standard product liability accruals.
 on february 15 , 2005  howmedica osteonics corp.
 filed action against us and unrelated party in united states district court for district of new jersey alleging infringement of u. s.
patent nos.
 6174934 ; 6372814 ; 6664308 ; 6818020.
 on june 13 , 2007  court granted motion for summary judgment on invalidity of asserted claims of u. s.
 patent nos.
 6174934 ; 6372814 ; 6664308 ruling all asserted claims invalid for indefiniteness.
 august 19 , 2008  court granted motion for summary judgment of non- infringement of certain claims of u. s.
 patent no.
 6818020  reducing number of claims issue in suit to five.
 believe defenses against infringement of remaining claims are valid and meritorious intend to defend this lawsuit vigorously.
 in addition to certain claims related to durom cup discussed subject to product liability and other claims lawsuits arising in ordinary course of business for maintain insurance  subject to self- insured retention limits.
 establish accruals for product liability other claims with outside counsel based on current information and historical settlement information for open claims  related fees claims incurred but not reported.
 not possible to predict with certainty outcome of cases opinion of management upon ultimate resolution liabilities from these cases in excess of recorded will not have material adverse effect on consolidated financial position  results of operations or cash flows.
 government investigations in march 2005 , u. s.
 department of justice through u. s.
 attorney 2019s office in newark , new jersey commenced investigation of us and four other orthopaedic companies pertaining to consulting contracts , professional service agreements other agreements by remuneration provided to orthopaedic surgeons.
 on september 27 , 2007  reached settlement with government to resolve all claims related to investigation.
 part of settlement entered into settlement agreement with u. s.
 through u. s.
department of justice office of inspector general of department of health and human services ( 201coig-hhs 201d ).
 entered deferred prosecution agreement ( 201cdpa 201d ) with u. s.
 attorney 2019s office for district of new jersey ( 201cu. s.
 attorney 201d ) corporate integrity agreement ( 201ccia 201d ) with oig- hhs.
 did not admit wrongdoing , plead guilty to criminal charges or pay criminal fines part of settlement.
 settled all civil and administrative claims related to federal investigation by making settlement payment to u. s.
 government of $ 169. 5 million.
 under terms dpa  u. s.
 attorney filed criminal complaint in u. s.
 district court for district of new jersey charging us with conspiracy to commit violations of anti-kickback statute ( 42 u. s. c.
 a7 1320a-7b ) during years 2002 through 2006.
 court deferred prosecution of criminal complaint during 18-month term of dpa.
 u. s.
 attorney will seek dismissal of criminal complaint after 18-month period if comply with provisions of dpa.
 dpa provides for oversight by federally-appointed monitor.
 under cia , term of five years  agreed to continue operation of enhanced corporate compliance program  promote compliance with federal healthcare program z s i n c.
 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 060000000 ***%%pcmsg|60 |00012|yes|no|02/24/2009 06:10|0|0|page is valid , no graphics -- color : d|

| 2008    | 2007    | 2006
----------------------------------------- | ------- | ------- | -------
americas                                  | $ 78.5  | $ 66.9  | $ 56.7
europe                                    | 57.0    | 60.7    | 46.5
asia pacific                              | 25.6    | 22.7    | 18.7
global operations and corporate functions | 114.0   | 79.7    | 75.5
total                                     | $ 275.1 | $ 230.0 | $ 197.4


item 7.
 management 2019s discussion analysis of financial condition results of operations executive summary international paper 2019s operating results in 2006 bene- fited from strong gains in pricing sales volumes lower operating costs.
 average paper packaging prices in 2006 increased faster than costs for first time in four years.
 improve- ment in sales volumes reflects increased uncoated papers  corrugated box  coated paperboard european papers shipments improved revenues from xpedx distribution business.
 manufacturing operations made solid cost reduction improvements.
 lower interest expense  reflecting debt repayments in 2005 and 2006  positive factor.
 improvements offset effects of high raw material distribution costs lower real estate sales higher net corporate expenses lower con- tributions from businesses forestlands divested during 2006.
 looking forward to 2007  expect seasonally higher sales volumes in first quarter.
 average paper price realizations should improve implement announced price increases in europe brazil.
 input costs for energy , fiber chemicals expected to be mixed  slightly higher in first quarter.
 operating results benefit from recently completed international paper/sun paperboard joint ventures in china addition of luiz anto- nio paper mill to operations in brazil.
 result of lower real estate sales in first quarter  anticipate earnings from continuing operations somewhat lower than 2006 fourth quarter.
 significant steps taken in 2006 execution company 2019s transformation plan.
 completed sales of u. s.
 brazilian coated papers businesses 5. 6 million acres of u. s.
 forestlands  announced definitive sale agreements for kraft papers , beverage pack- aging arizona chemical businesses majority of wood products business  all expected to close during 2007.
 through december 31 , 2006  received approximately $ 9. 7 billion of estimated proceeds from divest- itures announced under this plan of approximately $ 11.3 billion  balance to be received as remaining divestitures completed in first half of 2007.
 strengthened balance sheet by reducing debt by $ 6. 2 billion  returned value to shareholders by repurchasing 39. 7 million shares common stock for approximately $ 1. 4 billion.
 made $ 1. 0 billion voluntary contribution to.
 qualified pension fund.
 identified selective reinvestment opportunities totaling approx- $ 2. 0 billion  including opportunities in china  brazil russia.
 remain focused on three-year $ 1. 2 billion target for non-price profit- ability improvements $ 330 million realized during 2006.
 more remains to be done in 2007 made substantial progress toward achiev- ing objectives announced outset plan in july 2005.
 results of operations industry segment operating profits used by inter- national paper management to measure earn- ings performance businesses.
 management believes measure allows better under- standing of trends in costs  operating efficiencies  prices volumes.
 industry segment operating profits defined as earnings before taxes minority interest  interest expense  corporate items corporate special items.
 industry segment oper- ating profits defined by securities and exchange commission as non-gaap financial measure not gaap alternatives to net income or other operating measure accounting principles united states.
 international paper operates in six segments : print- ing papers  industrial packaging  consumer pack- aging  distribution  forest products specialty businesses.
 table shows components of net earnings ( loss ) for each last three years : in millions 2006 2005 2004.
 corporate special items include gains on transformation plan forestland sales  goodwill impairment charges  restructuring other charges  net losses on sales impairments of businesses  insurance recoveries reversals of reserves no longer required.

in millions                        | 2006           | 2005         | 2004
---------------------------------- | -------------- | ------------ | ------------
industry segment operating profits | $ 2074         | $ 1622       | $ 1703
corporate items net                | -746 ( 746 )   | -607 ( 607 ) | -477 ( 477 )
corporate special items*           | 2373           | -134 ( 134 ) | -141 ( 141 )
interest expense net               | -521 ( 521 )   | -595 ( 595 ) | -712 ( 712 )
minority interest                  | -9 ( 9 )       | -9 ( 9 )     | -21 ( 21 )
income tax ( provision ) benefit   | -1889 ( 1889 ) | 407          | -114 ( 114 )
discontinued operations            | -232 ( 232 )   | 416          | -273 ( 273 )
net earnings ( loss )              | $ 1050         | $ 1100       | $ -35 ( 35 )


republic services , inc.
 notes to consolidated financial statements 2014 ( continued ) 11.
 employee benefit plans stock-based compensation february 2007  board of directors approved 2007 stock incentive plan ( 2007 plan ) may 2007 shareholders ratified 2007 plan.
 march 2011 board of directors approved amended and restated 2007 stock incentive plan may 2011 shareholders ratified amended restated 2007 stock incentive plan.
 march 2013  board of directors approved republic services , inc.
 amended and restated 2007 stock incentive plan amended restated plan ) may 2013 shareholders ratified amended and restated plan.
 approximately 15. 6 million shares of common stock reserved for future grants under amended and restated plan.
 options granted under 2007 plan and amended and restated plan non-qualified granted at price equal to fair market value of common stock at date of grant.
 options granted have term of seven to ten years from date of grant vest in increments of 25% ( 25 % ) per year over period four years beginning on first anniversary date of grant.
 options granted to non-employee directors have term of ten years fully vested at grant date.
 december 2008  board of directors amended and restated republic services , inc.
 2006 incentive stock plan ( formerly known as allied waste industries , inc.
 2006 incentive stock plan ) ( 2006 plan ).
 allied shareholders approved 2006 plan in may 2006.
 2006 plan amended and restated in december 2008 to reflect republic as new sponsor of plan reflect references to shares of common stock are shares of common stock of republic adjust outstanding awards and number of shares available under plan to reflect allied acquisition.
2006 plan  amended restated provided for grant of non- qualified stock options incentive stock options shares of restricted stock shares phantom stock  stock bonuses restricted stock units stock appreciation rights performance awards dividend equivalents cash awards other stock-based awards.
 awards granted under 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon closing of allied acquisition.
 no further awards made under 2006 stock options use lattice binomial option-pricing model to value stock option grants.
 recognize compensation expense on straight-line basis over requisite service period for each separately vesting portion of award or to employee 2019s retirement eligible date earlier.
 expected volatility based on weighted average of most recent one year volatility and historical rolling average volatility of stock over expected life of option.
 risk-free interest rate based on federal reserve rates for bonds with maturity dates equal to expected term of option.
 use historical data to estimate future option exercises forfeitures ( at 3. 0% 3. 0 % ) for 2014 2013 ) expected life of options.
 when appropriate separate groups of employees similar historical exercise behavior considered separately for valuation purposes.
 did not grant stock options during year ended december 31 , 2015.
 weighted-average estimated fair values of stock options granted during years ended december 31 , 2014 and 2013 were $ 5. 74 and $ 5. 27 per option calculated using following weighted-average assumptions:.

| 2014             | 2013
----------------------------- | ---------------- | ----------------
expected volatility           | 27.5% ( 27.5 % ) | 28.9% ( 28.9 % )
risk-free interest rate       | 1.4% ( 1.4 % )   | 0.7% ( 0.7 % )
dividend yield                | 3.2% ( 3.2 % )   | 3.2% ( 3.2 % )
expected life ( in years )    | 4.6              | 4.5
contractual life ( in years ) | 7.0              | 7.0


entergy corporation and subsidiaries notes to financial statements computed on rolling 12 month basis.
 as of december 31 , 2008  entergy louisiana in compliance with provisions.
 of december 31 2008 entergy louisiana had future minimum lease payments ( reflecting overall implicit rate of 7. 45% ( 7. 45 % ) ) in connection with waterford 3 sale and leaseback transactions recorded as long-term debt  follows : amount ( in thousands ).
 grand gulf lease obligations in december 1988  in two separate identical transactions system energy sold and leased back undivided ownership interests in grand gulf for aggregate sum of $ 500 million.
 interests represent approximately 11. 5% ( 11. 5 % ) of grand gulf.
 leases expire in 2015.
 under certain circumstances system entergy may repurchase leased interests prior to end of term leases.
 end of lease terms system energy option to repurchase leased interests in grand gulf at fair market value or renew leases for fair market value or under certain conditions fixed rate.
 in may 2004  system energy caused grand gulf lessors to refinance outstanding bonds issued to finance purchase of undivided interest in grand gulf.
 refinancing at lower interest rate system energy's lease payments reduced to reflect lower interest costs.
 system energy required to report sale-leaseback as financing transaction in financial statements.
 for financial reporting system energy expenses interest portion of lease obligation and plant depreciation.
 operating revenues include recovery of lease payments transactions accounted for as sale and leaseback for ratemaking purposes.
consistent with recommendation in ferc audit report , system energy recorded as net regulatory asset difference between recovery lease payments and amounts expensed for interest and depreciation continues to record this difference as regulatory asset or liability ongoing basis  resulting in zero net balance for regulatory asset at end of lease term.
 amount net regulatory asset was $ 19. 2 million and $ 36. 6 million as of december 31 , 2008 and 2007 , respectively.

| amount ( in thousands )
------------------------------------------- | -----------------------
2009                                        | $ 32452
2010                                        | 35138
2011                                        | 50421
2012                                        | 39067
2013                                        | 26301
years thereafter                            | 137858
total                                       | 321237
less : amount representing interest         | 73512
present value of net minimum lease payments | $ 247725


exposed to gains losses from fluctuations in foreign currency exchange rates on transactions by international subsidiaries in currencies other than local currencies.
 gains losses primarily driven by inter-company transactions.
 exposures included in other income ( expense )  net on consolidated statements income.
 since 2007  used foreign currency forward contracts to reduce risk from exchange rate fluctuations on inter-company transactions projected inventory purchases for our canadian subsidiary.
 beginning in december 2008  began using foreign currency forward contracts to reduce risk with foreign currency exchange rate fluctuations on inter-company transactions for european subsidiary.
 do not enter into derivative financial instruments for speculative or trading purposes.
 foreign currency forward contracts of december 31, 2009 receive us dollars in exchange for canadian dollars at average contractual foreign currency exchange rate of 1. 04 cad per $ 1. 00 us dollars in exchange for euros at exchange rate of 0. 70 eur per $ 1. 00.
 as of december 31 , 2009  notional value of outstanding foreign currency forward contracts for canadian subsidiary was $ 15. 4 million with contract maturities of 1 month value contracts for european subsidiary was $ 56. 0 million with contract maturities of 1 month.
 foreign currency forward contracts not designated as cash flow hedges changes in fair value recorded in other income ( expense )  net on consolidated statements of income.
 fair value of foreign currency forward contracts was $ 0. 3 million and $ 1. 2 million as of december 31 , 2009 and 2008 .
 amounts included in prepaid expenses other current assets on consolidated balance sheet.
 refer to note 9 for discussion of fair value measurements.
 other income ( expense )  net included following amounts related to changes in foreign currency exchange rates derivative foreign currency forward contracts:.
we entered into foreign currency forward contracts to minimize impact of foreign currency exchange rate fluctuations on future cash flows , cannot be assured foreign currency exchange rate fluctuations not material adverse impact on our financial condition results of operations.
 inflation inflationary factors as increases in cost of product and overhead costs may adversely affect operating results.
 not believe inflation material impact on our financial position or results of operations to date , high rate of inflation in future may have adverse effect on ability to maintain current levels of gross margin selling , general administrative expenses as percentage of net revenues if selling prices of products do not increase with increased costs.

year ended december 31 , ( in thousands )                  | year ended december 31 , 2009 | year ended december 31 , 2008 | 2007
---------------------------------------------------------- | ----------------------------- | ----------------------------- | ------------
unrealized foreign currency exchange rate gains ( losses ) | $ 5222                        | $ -5459 ( 5459 )              | $ 2567
realized foreign currency exchange rate gains ( losses )   | -261 ( 261 )                  | -2166 ( 2166 )                | 174
unrealized derivative gains ( losses )                     | -1060 ( 1060 )                | 1650                          | -243 ( 243 )
realized derivative losses                                 | -4412 ( 4412 )                | -204 ( 204 )                  | -469 ( 469 )


blackrock n 96 n notes april 2009  company acquired $ 2 million finite- lived management contracts five-year estimated useful life associated with acquisition r3 capital partners funds.
 december 2009 , conjunction bgi trans- action  company acquired $ 163 million finite- lived management contracts weighted-average estimated useful life approximately 10 years.
 estimated amortization expense for finite-lived intangible assets for each five succeeding years follows : ( dollar amounts in millions ).
 indefinite-lived acquired management contracts september 29, 2006 conjunction with mlim transaction , company acquired indefinite-lived man- agement contracts valued $ 4477 million $ 4271 million for all retail mutual funds $ 206 million for alternative investment products.
 october 1 , 2007  conjunction quellos transaction  company acquired $ 631 million indefinite-lived management contracts alternative investment products.
 october 1 , 2007  company purchased remain- ing 20% ( 20 % ) of investment manager of fund of hedge funds.
 conjunction transaction company recorded $ 8 million additional indefinite-lived management contracts associated alternative investment products.
 december 1 , 2009 , conjunction bgi transaction  company acquired $ 9785 million indefinite-lived management contracts valued primarily for exchange traded funds common and collective trusts.
 indefinite-lived acquired trade names/trademarks december 1 , 2009 , conjunction with bgi transaction  company acquired trade names/ trademarks primarily related to ishares valued at $ 1402. 5 million.
 fair value determined using royalty rate based primarily on normalized marketing and promotion expenditures to develop support brands globally.
 13.
borrowings short-term borrowings 2007 facility august 2007  company entered five-year $ 2. 5 billion unsecured revolving credit facility ( 201c2007 facility 201d ) permits company to request additional $ 500 million borrowing capacity subject to lender credit approval up to maximum $ 3. 0 billion.
 2007 facility requires company not to exceed maximum leverage ratio ( ratio of net debt to earnings before interest , taxes  depreciation amortiza- tion net debt equals total debt less domestic unrestricted cash ) of 3 to 1 satisfied with ratio less than 1 to 1 at december 31, 2009.
 2007 facility provides back-up liquidity funds ongoing working capital for general corporate purposes funds various investment opportunities.
 december 31 , 2009 company had $ 200 million outstanding under 2007 facility interest rate of 0. 44% ( 0. 44 % ) maturity date february 2010.
 february 2010 company rolled over $ 100 million in borrowings interest rate of 0. 43% ( 0. 43 % ) maturity date in may 2010.
 lehman commercial paper inc.
 has $ 140 million participation under 2007 facility ; blackrock not expect lehman commercial paper inc.
 will honor commitment to fund additional amounts.
 bank of america , related party has $ 140 million participation under 2007 facility.
 december 2007 to support two enhanced cash funds blackrock manages blackrock elected to procure two letters of credit under existing 2007 facility aggregate amount of $ 100 million.
 decem- ber 2008  letters of credit terminated.
 commercial paper program october 14 , 2009 blackrock established com- mercial paper program ( 201ccp program 201d ) company may issue unsecured commercial paper notes ( 201ccp notes 201d ) private placement basis up to maximum aggregate amount outstanding $ 3 billion.
proceeds of commercial paper issuances used for financing of portion bgi transaction.
 subsidiaries of bank of america and barclays other third parties act as dealers under cp program.
 cp program supported by 2007 facility.
 company began issuance of cp notes under program on november 4 , 2009.
 as of december 31 , 2009 blackrock had approximately $ 2 billion of out- standing cp notes with weighted average interest rate 0. 20% (. ) average maturity 23 days.
 since december 31 2009 company repaid approxi $ 1. 4 billion of cp notes with proceeds from long-term notes issued in december 2009.
 as of march 5, 2010 blackrock had $ 596 million of outstanding cp notes with weighted average interest rate of 0. 18% (. 18 % ) average maturity of 38 days.
 japan commitment-line in june 2008 blackrock japan co. ltd. wholly owned subsidiary company entered five billion japanese yen commitment-line agreement with bank- ing institution ( 201cjapan commitment-line 201d ).
 term japan commitment-line was one year interest accrued at applicable japanese short-term prime rate.
 in june 2009 blackrock japan.
 renewed japan commitment-line for one year.
 japan commitment-line intended to provide liquid- ity and flexibility for operating requirements in japan.
 at december 31 , 2009 company had no borrowings outstanding on japan commitment-line.
 convertible debentures in february 2005 company issued $ 250 million aggregate principal amount of convertible debentures ( 201cdebentures 201d ) due in 2035 bearing interest at rate of 2. 625% ( 2. 625 % ) per annum.
 interest payable semi- annually in arrears on february 15 and august 15 each year commenced august 15 , 2005.
prior to february 15 , 2009 , debentures could have been convertible at option of holder at decem- ber 31 , 2008 conversion rate of 9. 9639 shares of common stock per one dollar principal amount of debentures under certain circumstances.
 debentures would have convertible into cash and  in some situations , additional shares of company 2019s common stock , if during five business day period after five consecutive trading day period trading price per debenture for each day is less than 103% ( 103 % ) of product last reported sales price of blackrock 2019s common stock and conversion rate of debentures on each day or upon occurrence of certain other corporate events , distribution to holders blackrock common stock of certain rights , assets debt securities , if company becomes party to merger , consolidation or transfer of all or assets or change of control of company.
 on february 15 , 2009 , debentures became convertible into cash any time prior to maturity at option of holder and  in some situations, additional shares of company 2019s common stock at current conversion rate.
 at time debentures tendered for conver- sion , for each one dollar principal amount of debentures converted , holder entitled to receive cash and shares of blackrock common stock  if aggregate value ( 201cconversion value 201d ) deter- mined by multiplying applicable conversion rate by average of daily volume weighted average price of blackrock common stock for each of ten consecutive trading days beginning on second trading day following day debentures tendered for conversion ( 201cten-day weighted average price 201d ).
company deliver conversion value to holders as follows : ( 1 ) amount in cash ( 201cprincipal return 201d ) equal to lesser of ( a ) aggregate conversion value of debentures to converted and ( b ) aggregate principal amount of debentures converted , ( 2 ) if aggregate conversion value of debentures converted is greater than principal return , amount in shares ( 201cnet shares 201d ) , determined below, equal to aggregate conversion value less principal return ( 201cnet share amount 201d ).
 number of net shares to be paid determined by dividing net share amount by ten-day weighted average price.
 in lieu of delivering fractional shares , company deliver cash based on ten-day weighted average price.
 conversion rate for debentures subject to adjustments upon occurrence of certain corporate events , such as change of control of company , 193253ti_txt. indd 96 4/2/10 1:18 pm

2010 | $ 160
---- | -----
2011 | 157
2012 | 156
2013 | 155
2014 | 149