entergy louisiana , inc.
 management's financial discussion analysis setting rates.
 use of proceeds reduced rate base no change in rate base reflected for ratemaking purposes.
 sec approval for additional return of equity capital expired.
 entergy louisiana's receivables from payables to money pool were as of december 31 for each following years:.
 money pool activity used $ 81. 9 million of operating cash flow in 2004 provided $ 60. 2 million in 2003 used $ 15. 0 million in 2002.
 see note 4 to domestic utility companies system energy financial statements for description of money pool.
 investing activities decrease of $ 25. 1 million in net cash used investing in 2004 due to decreased spending on customer service projects offset by increases in spending on transmission projects and fossil plant projects.
 increase of $ 56. 0 million in net cash investing activities in 2003 due to increased spending on customer service , transmission  nuclear projects.
 financing activities decrease of $ 404. 4 million in net cash used financing activities in 2004 due to 2022 net issuance of $ 98. 0 million of long-term debt in 2004 compared to retirement of $ 261. 0 million in 2022 principal payment of $ 14. 8 million in 2004 for waterford lease obligation compared to principal payment of $ 35. 4 million in 2003 ; 2022 decrease of $ 29. 0 million in common stock dividends paid.
 decrease of $ 105. 5 million in net cash used by financing activities in 2003 due to 2022 decrease of $ 125. 9 million in common stock dividends paid ; 2022 repurchase of $ 120 million of common stock from entergy corporation in 2002.
 decrease in net cash used in 2003 partially offset by 2022 retirement in 2003 of $ 150 million of 8. 5% ( 8.5 % ) series first mortgage bonds compared net retirement $ 134. 6 million first mortgage bonds 2002 ; 2022 principal payments $ 35. 4 million 2003 waterford 3 lease obligation compared to principal payments $ 15. 9 million 2002.
 see note 5 domestic utility companies system energy financial statements for details long-term debt.
 uses capital entergy louisiana requires capital resources for 2022 construction other capital investments ; 2022 debt preferred stock maturities ; 2022 working capital purposes including financing fuel purchased power costs ; 2022 dividend interest payments.

2004             | 2003             | 2002             | 2001
---------------- | ---------------- | ---------------- | ----------------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 40549          | ( $ 41317 )      | $ 18854          | $ 3812


advance auto parts , inc.
 subsidiaries notes consolidated financial statements december 28 , 2013 , december 29 , 2012 december 31 , 2011 ( in thousands except per share data ) in july 2012  fasb issued asu no.
 2012-02 201cintangible-goodwill other 2013 testing indefinite-lived intangible assets for impairment. 201d asu 2012-02 modifies requirement to test intangible assets not subject to amortization based on events or changes in circumstances indicate asset is impaired requiring test only if more likely than not asset is impaired.
 asu 2012-02 provides entities option of performing qualitative assessment to determine if more likely fair value of intangible asset less than carrying amount basis for determining necessary quantitative impairment test.
 asu 2012-02 effective for fiscal years after september 15 , 2012 early adoption permitted.
 adoption asu 2012-02 no impact on company 2019s consolidated financial condition  results of operations or cash flows.
 3.
 inventories , net : merchandise inventory company used lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 28 , 2013 and december 29 , 2012.
 lifo company 2019s cost of sales reflects costs of most recently purchased inventories inventory carrying balance represents costs for inventories purchased in fiscal 2013 and prior years.
 company recorded reduction to cost of sales of $ 5572 and $ 24087 in fiscal 2013 and fiscal 2012 .
 company 2019s overall costs to acquire inventory for same or similar products generally decreased historically as company leverage continued growth execution merchandise strategies supply chain efficiencies.
 in fiscal 2011  company recorded increase to cost of sales of $ 24708 due to increase in supply chain costs and inflationary pressures affecting certain product categories.
product cores remaining inventories comprised of product cores , non-consumable portion of certain parts and batteries valued under first-in , first-out ( 201cfifo 201d ) method.
 product cores included as part of company 2019s merchandise costs either passed to customer or returned to vendor.
 product cores not subject to frequent cost changes like company 2019s other merchandise inventory no material difference when applying lifo or fifo valuation method.
 inventory overhead costs purchasing and warehousing costs included in inventory as of december 28 , 2013 and december 29, 2012 were $ 161519 and $ 134258 , respectively.
 inventory balance and inventory reserves inventory balances at end of fiscal 2013 and 2012 were as follows : december 28 , december 29.
 inventory quantities tracked through perpetual inventory system.
 company completes physical inventories and other targeted inventory counts in store locations to ensure accuracy of perpetual inventory quantities of merchandise and core inventory locations.
 distribution centers pdq company uses cycle counting program to ensure accuracy of perpetual inventory quantities of merchandise and product core inventory.
 reserves for estimated shrink established based on results of physical inventories conducted by company with independent third party in all company 2019s stores over year other targeted inventory counts in stores results from recent cycle counts in distribution facilities and historical and current loss trends.

| december 282013 | december 292012
---------------------------------------- | --------------- | ---------------
inventories at fifo net                  | $ 2424795       | $ 2182419
adjustments to state inventories at lifo | 131762          | 126190
inventories at lifo net                  | $ 2556557       | $ 2308609


nike , inc.
 notes to consolidated financial statements 2014 ( continued ) such agreements in place.
 based on company 2019s historical experience and estimated probability of future loss, company determined fair value of such indemnifications not material to company 2019s financial position or results of operations.
 business company involved in various legal proceedings involving contractual and employment relationships  product liability claims , trademark rights , other matters.
 company does not believe any pending legal proceedings material impact on company 2019s financial position or results of operations.
 note 16 2014 restructuring charges during fourth quarter of fiscal 2009  company took necessary steps to streamline management structure enhance consumer focus drive innovation quickly to market establish scalable , long-term cost structure.
 result company reduced global workforce by approximately 5% ( 5 % ) incurred pre-tax restructuring charges of $ 195 million  primarily of severance costs related to workforce reduction.
 nearly all restructuring activities completed in fourth quarter of fiscal 2009 , company does not expect to recognize additional costs in future periods to actions.
 restructuring charge reflected in corporate expense line in segment presentation of pre-tax income in note 19 2014 operating segments related information.
 activity in restructuring accrual for year ended may 31 , 2009 is as follows ( in millions ) :.
 accrual balance as of may 31 , 2009 will be relieved throughout fiscal year 2010 and early 2011 , as severance payments are completed.
 restructuring accrual included in accrued liabilities in consolidated balance sheet.
 as part of restructuring activities company reorganized nike brand operations geographic structure.
 in fiscal 2009 , 2008 and 2007  nike brand operations organized into four geographic regions :., europe  middle east and africa ( collectively 201cemea 201d ) , asia pacific  americas.
 fourth quarter of 2009  company initiated reorganization of nike brand business into new operating model.
 result reorganization beginning first quarter of fiscal 2010  nike brand operations will consist of six geographies : north america western europe central/eastern europe greater china japan  emerging markets.
 note 17 2014 divestitures on december 17 , 2007  company completed sale of starter brand business to iconix brand group  inc.
 for $ 60. 0 million in cash.
 transaction resulted in gain of $ 28. 6 million during year ended may 31 , 2008.

restructuring accrual 2014 june 1 2008             | $ 2014
-------------------------------------------------- | --------------
severance and related costs                        | 195.0
cash payments                                      | -29.4 ( 29.4 )
non-cash stock option and restricted stock expense | -19.5 ( 19.5 )
foreign currency translation and other             | 3.5
restructuring accrual 2014 may 31 2009             | $ 149.6


h e d u l e i v ace limited subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c n c r n n n s u e premiums earned years ended december 31, 2010  2009  2008 ( in millions u. s.
 dollars  except percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed.

for the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages ) | directamount | ceded to other companies | assumed from other companies | net amount | percentage of amount assumed to net
---------------------------------------------------------------------------------------------------------- | ------------ | ------------------------ | ---------------------------- | ---------- | -----------------------------------
2010                                                                                | $ 15780      | $ 5792                   | $ 3516                       | $ 13504    | 26% ( 26 % )
2009                                                                                | $ 15415      | $ 5943                   | $ 3768                       | $ 13240    | 28% ( 28 % )
2008                                                                                | $ 16087      | $ 6144                   | $ 3260                       | $ 13203    | 25% ( 25 % )


graph compares 5-year return to shareholders cadence design systems , inc. 2019s common stock relative to returns s & p 500 index nasdaq composite index s & p information technology index.
 graph assumes value investment in company 2019s common stock indexes ( including reinvestment dividends ) was $ 100 on december 29 , 2001 tracks through december 30 , 2006.
 comparison of 5 year cumulative return* among cadence design systems  inc. s & p 500 index  nasdaq composite index s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems .
 nasdaq composite s information technology s p 500 * $ 100 invested on 12/29/01 in stock or 12/31/01 in index-incuding reinvestment of dividends.
 indexes calculated on month-end basis.
 copyright b7 2007 , standard & poor 2019s  division of mcgraw-hill companies .
 rights reserved.
 www. researchdatagroup. com/s&p. htm december 29 , december 28 , january 3 , 1  december 31  december 30.

| december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006
---------------------------- | ---------------- | ---------------- | -------------- | -------------- | ---------------- | ----------------
cadence design systems inc . | 100.00           | 54.38            | 81.52          | 61.65          | 75.54            | 79.96
s & p 500                    | 100.00           | 77.90            | 100.24         | 111.15         | 116.61           | 135.03
nasdaq composite             | 100.00           | 71.97            | 107.18         | 117.07         | 120.50           | 137.02
s & p information technology | 100.00           | 62.59            | 92.14          | 94.50          | 95.44            | 103.47


liabilities related insurance receivables applicable make estimates for matters previously not susceptible of reasonable estimates significant judicial ruling judgment significant settlement significant regulatory development changes in applicable law.
 future adverse ruling, settlement unfavorable development could result in future charges material adverse effect on company 2019s results operations cash flows particular period.
 specific factor could increase company 2019s estimate of future asbestos-related liabilities is pending congressional consideration of legislation to reform asbestos- related litigation pertinent information from process.
 for detailed discussion of legal proceedings involving company associated accounting estimates see discussion in note 11 to consolidated financial statements of annual report on form 10-k.
 item 1b.
 unresolved staff comments.
 item 2.
 properties.
 3m 2019s general offices corporate research laboratories division laboratories located in st.
 paul , minnesota.
 in united states 3m has 15 sales offices in 12 states operates 59 manufacturing facilities in 23 states.
 internationally 3m has 173 sales offices.
 operates 80 manufacturing converting facilities in 29 countries outside united states.
 3m owns substantially all of physical properties.
 3m 2019s physical facilities suitable for purposes for designed.
 3m is global enterprise by substantial intersegment cooperation properties often used by multiple business segments.
 item 3.
 legal proceedings.
 discussion of legal matters incorporated by reference from part ii , item 8 , note 11 , 201ccommitments and contingencies 201d  of document considered integral part of part i , item 3 , 201clegal proceedings 201d.
 item 4.
 submission of matters to vote of security holders.
 in quarter ended december 31 , 2005.
 part ii item 5.
market for registrant 2019s common equity  related stockholder matters issuer purchases of equity securities.
 equity compensation plans 2019 information incorporated by reference from part iii  item 12  security ownership of certain beneficial owners management document integral part of item 5.
 at january 31 , 2006 approximately 125823 shareholders of record.
 3m 2019s stock listed on new york stock exchange .
 pacific exchange . chicago stock exchange . swx swiss exchange.
 cash dividends declared paid totaled $. 42 per share for each quarter of 2005 $. 36 per share each quarter of 2004.
 stock price comparisons follow : stock price comparisons ( nyse composite transactions ) ( per share amounts ) quarter second quarter quarter fourth quarter year.

( per share amounts ) | first quarter | second quarter | third quarter | fourth quarter | year
--------------------- | ------------- | -------------- | ------------- | -------------- | -------
2005 high             | $ 87.45       | $ 86.21        | $ 76.74       | $ 79.84        | $ 87.45
2005 low              | 80.73         | $ 72.25        | 70.41         | 69.71          | 69.71
2004 high             | $ 86.20       | $ 90.29        | $ 90.11       | $ 83.03        | $ 90.29
2004 low              | 74.35         | 80.90          | 77.20         | 73.31          | 73.31


consolidated financial statements 2014 continued ) fiscal years ended may 27 , 2007 , may 28 , 2006  may 29 , 2005 columnar amounts in millions except per share amounts 6.
 impairment of debt and equity securities during fiscal 2005  company determined carrying values of investments in two unrelated equity method investments bio-fuels venture and malt venture were-than-temporarily impaired recognized pre-tax impairment charges totaling $ 71. 0 million ( $ 65. 6 million after tax ).
 fiscal 2006  company recognized additional impairment charges totaling $ 75. 8 million ( $ 73. 1 million after tax ) of investments in malt venture and unrelated investment in foreign prepared foods business due to declines in estimated proceeds from disposition of investments.
 investment in foreign prepared foods business disposed of in fiscal 2006.
 extent of impairments determined based upon company 2019s assessment of recoverability of investments expected proceeds of planned dispositions investments.
 fiscal 2007  company completed disposition of equity method investment in malt venture for proceeds of approximately $ 24 million  including notes other receivables totaling approximately $ 7 million.
 transaction resulted in pre-tax gain of approximately $ 4 million  related tax benefit of approximately $ 4 million.
 charges subsequent gain on disposition reflected in equity method investment earnings ( loss ) in consolidated statements of earnings.
 company held at may 28 , 2006 , subordinated notes in original principal amount of $ 150 million plus accrued interest of $ 50. 4 million from swift foods.
 during company fourth quarter of fiscal 2005  swift foods effected changes in capital structure.
 company determined fair value of subordinated notes impaired.
date company initially determined value of notes impaired through second quarter of fiscal 2006  company believed impairment available-for-sale security to be temporary.
 company reduced carrying value note by $ 35. 4 million recorded cumulative after-tax charges of $ 21. 9 million in accumulated other comprehensive income as of end of second quarter of fiscal 2006.
 during second half of fiscal 2006  due to company 2019s consideration of current conditions related to debtor 2019s business and changes in company 2019s intended holding period for investment company determined impairment was other-than-temporary.
 company reduced carrying value of notes to approximately $ 117 million recognized impairment charges totaling $ 82. 9 million in selling , general and administrative expenses including reclassification of cumulative after-tax charges of $ 21. 9 million from accumulated other comprehensive income  in fiscal 2006.
 during second quarter of fiscal 2007  company closed on sale of notes for approximately $ 117 million  net of transaction expenses no additional gain or loss.
 7.
 inventories major classes of inventories:.
 raw materials and packaging includes grain , fertilizer , crude oil , other trading and merchandising inventory of $ 691. 0 million and $ 542. 1 million as of end of fiscal year 2007 and 2006  respectively.

| 2007     | 2006
--------------------------- | -------- | --------
raw materials and packaging | $ 1154.2 | $ 985.0
work in progress            | 95.2     | 97.4
finished goods              | 1008.1   | 923.6
supplies and other          | 91.0     | 124.6
total                       | $ 2348.5 | $ 2130.6


january 2016 , company issued $ 800 million debt securities $ 400 million aggregate principal three year fixed rate note with coupon rate of 2. 00% ( 2. 00 % ) and $ 400 million aggregate principal seven year fixed rate note coupon rate of 3. 25% ( 3. 25 % ).
 proceeds used to repay portion of company 2019s outstanding commercial paper , repay remaining term loan balance , for general corporate purposes.
 company 2019s public notes and 144a notes may be redeemed by company at its option at redemption prices include accrued and unpaid interest make-whole premium.
 upon occurrence change of control accompanied downgrade of notes below investment grade rating , within specified time period , company required to offer to repurchase public notes and 144a notes at price equal to 101% ( 101 % ) of aggregate principal amount , plus accrued and unpaid interest to date of repurchase.
 public notes and 144a notes are senior unsecured unsubordinated obligations of company rank equally with all other senior and unsubordinated indebtedness company.
 company entered into registration rights agreement in connection with issuance of 144a notes.
 subject to certain limitations in registration rights agreement  company agreed to ) file registration statement ( 201cexchange offer registration statement 201d ) with respect to registered offers to exchange 144a notes for exchange notes ( 201cexchange notes 201d ) , terms identical material respects to new 10-year notes and new 30-year notes , applicable , except exchange notes not contain transfer restrictions not provide for increase in interest rate in certain circumstances ) use commercially reasonable efforts to cause exchange offer registration statement to be declared effective within 270 days after date of issuance of 144a notes.
until time exchange offer registration statement declared effective , 144a notes may only be sold in accordance with rule 144a or regulation s of securities act of 1933 , as amended.
 private notes company 2019s private notes may be redeemed by company at its option at redemption prices include accrued and unpaid interest and make-whole premium.
 upon specified changes of control involving company company required to offer to repurchase private notes at price equal to 100% ( % ) of aggregate principal amount plus accrued and unpaid interest to date of repurchase.
 company required to make similar offer to repurchase private notes upon specified merger events or asset sales involving company, when accompanied by downgrade of private notes below investment grade rating  within specified time period.
 private notes are unsecured senior obligations of company rank equal in right of payment with all other senior indebtedness of company.
 private notes unconditionally guaranteed by subsidiaries company in certain circumstances as described in note purchase agreements as amended.
 other debt during 2015  company acquired beneficial interest in trust owning leased naperville facility resulting in debt assumption of $ 100. 2 million and addition of $ 135. 2 million in property , plant and equipment.
 certain administrative , divisional  and research and development personnel based at naperville facility.
 cash paid of transaction was $ 19. 8 million.
 assumption of debt and majority of property , plant and equipment addition represented non-cash financing and investing activities.
 remaining balance on assumed debt settled in december 2017 reflected in "other" line of table above at december 31 , 2016.
 covenants future maturities company in compliance with all covenants under company 2019s outstanding indebtedness at december 31 , 2017.
of december 31 , 2017  aggregate annual maturities long-term debt next five years were : ( millions ).

2018 | $ 550
---- | -----
2019 | 397
2020 | 300
2021 | 1017
2022 | 497


part ii item 5 2014market for registrant 2019s common equity related stockholder matters ( a ) market information.
 common stock company traded on new york stock exchange ( nyse ) under symbol 2018 2018aes 2019 2019.
 following tables set forth high and low sale prices for common stock as reported by nyse for periods indicated.
 price range of common stock.
 ( b ) holders.
 as of march 2 , 2002  9967 record holders of company 2019s common stock , par value $ 0. 01 per share.
 ( c ) dividends.
 under terms company 2019s corporate revolving loan and letters of credit facility of $ 850 million entered with commercial bank syndicate other bank agreements company limited in amount of cash dividends allowed to pay.
 company precluded from paying cash dividends on common stock under terms guaranty to utility customer in connection with aes thames project in event certain net worth and liquidity tests company not met.
 company met these tests all times since guaranty.
 ability of company 2019s project subsidiaries to declare pay cash dividends company subject to limitations in project loans , governmental provisions other agreements entered by project subsidiaries.
 limitations permit payment of cash dividends out of current cash flow for quarterly , semiannual or annual periods only at end of such periods after payment of principal and interest on project loans due at end of such periods  in certain cases after providing for debt service reserves.

2001 first quarter | high $ 60.15 | low $ 41.30 | 2000 first quarter | high $ 44.72 | low $ 34.25
------------------ | ------------ | ----------- | ------------------ | ------------ | -----------
second quarter     | 52.25        | 39.95       | second quarter     | 49.63        | 35.56
third quarter      | 44.50        | 12.00       | third quarter      | 70.25        | 45.13
fourth quarter     | 17.80        | 11.60       | fourth quarter     | 72.81        | 45.00


2022 selling costs increased $ 5. 4 million to $ 17. 1 million in 2005 from $ 11. 7 million in 2004.
 increase due to increased headcount sales force and startup costs with international growth initiatives.
 percentage of net revenues selling costs increased to 6. 1% ( 6. 1 % ) in 2005 from 5. 7% ( 5. 7 % ) in 2004 due to increased costs.
 2022 payroll and related costs ( excluding marketing and selling ) increased $ 8. 6 million to $ 26. 9 million in 2005 from $ 18. 3 million in 2004.
 increase 2005 due to initiatives : build team to design and source footwear line for fall 2006 season added personnel to information technology team company-wide initiative upgrade information systems incurred equity compensation costs added personnel to operate 3 new retail outlet stores invested in personnel to enhance compliance function operate as public company.
 percentage of net revenues payroll and related costs ( excluding marketing selling ) increased to 9. 6% ( 9. 6 % ) in 2005 from 8. 9% ( 8. 9 % ) in 2004 due.
 2022 other corporate costs increased $ 7. 2 million to $ 25. 5 million in 2005  from $ 18. 3 million in 2004.
 increase attributable to higher costs support footwear initiative  freight and duty related to increased canada sales  expansion of leased corporate office space and distribution facility  necessary costs associated with being public company.
 percentage of net revenues other corporate costs were 9. 1% ( 9. 1 % ) in 2005 slight increase from 8. 9% ( 8. 9 % ) in 2004 due to items.
 income from operations increased $ 10. 5 million  or 41. 4% ( 41. 4 % ) to $ 35. 9 million in 2005 from $ 25. 4 million in 2004.
 income from operations as percentage of net revenues increased to 12. 7% ( 12.7 % ) in 2005 from 12. 4% (. 4 % ) in 2004.
 increase result of increase gross margin offset by increase selling general administrative expenses percentage of net revenues.
 interest expense net increased $ 1. 6 million to $ 2. 9 million in 2005 from $ 1. 3 million in 2004.
 increase due to higher average borrowings higher effective interest rate under revolving credit facility repaid in november 2005 with proceeds from initial public offering.
 provision for income taxes increased $ 5. 5 million to $ 13. 3 million in 2005 from $ 7. 8 million in 2004.
 year ended december 31, 2005 effective tax rate was 40. 2% ( 40. 2 % ) compared to 32. 3% ( 32. 3 % ) in 2004.
 increase due to increase effective state tax rate reduced state tax credits income before taxes.
 net income increased $ 3. 4 million to $ 19. 7 million in 2005 from $ 16. 3 million in 2004 result of factors.
 year ended december 31 , 2004 compared to december 31 2003 net revenues increased $ 89. 8 million  or 77. 8% ( 77. 8 % )  to $ 205. 2 million in 2004 from $ 115. 4 million in 2003.
 increase result of increases in net sales and license revenues in product category table.

( in thousands )   | year ended december 31 , 2004 | year ended december 31 , 2003 | year ended december 31 , $ change | year ended december 31 , % (  % ) change
------------------ | ----------------------------- | ----------------------------- | --------------------------------- | ----------------------------------------
mens               | $ 151962                      | $ 92197                       | $ 59765                           | 64.8% ( 64.8 % )
womens             | 28659                         | 10968                         | 17691                             | 161.3% ( 161.3 % )
youth              | 12705                         | 8518                          | 4187                              | 49.2% ( 49.2 % )
accessories        | 7548                          | 2072                          | 5476                              | 264.3% ( 264.3 % )
total net sales    | 200874                        | 113755                        | 87119                             | 76.6% ( 76.6 % )
license revenues   | 4307                          | 1664                          | 2643                              | 158.8% ( 158.8 % )
total net revenues | $ 205181                      | $ 115419                      | $ 89762                           | 77.8% ( 77.8 % )


reconciliation of total unrecognized tax benefits for year : ( in thousands ).
 included in balance of unrecognized tax benefits at december 31 , 2008 are $ 5. 6 million of tax benefits if recognized  affect effective tax rate.
 also included in tax benefits december 2008 are $ 5. 0 million of tax benefits if recognized  result in decrease to goodwill recorded in purchase business combinations  and $ 1. 9 million of tax benefits if recognized result in adjustments to other tax accounts  primarily deferred taxes.
 company believes possible that uncertain tax positions of approximately $ 2. 6 million as of december 31 , 2008 will be resolved within next twelve months.
 company recognizes interest and penalties related to unrecognized tax benefits as income tax expense.
 company recorded interest of $ 171000 during 2008.
 penalties recorded during 2008 were insignificant.
 in total as of december 31 , 2008 company recognized liability for penalties of $ 498000 and interest of $ 1. 8 million.
 company subject to taxation in u. s.
 various states and foreign jurisdictions.
 company 2019s 2005 through 2008 tax years open to examination by internal revenue service.
 2005 and 2006 federal returns under examination.
 company has various foreign subsidiaries with tax filings under examination numerous foreign and state tax filings subject to examination for various years.
.
 pension and profit-sharing plans company has 401 ( k ) /profit-sharing plans for all qualifying full-time domestic employees permit participants make contributions by salary reduction pursuant to section 401 ( k ) of internal revenue code.
company makes matching contributions on behalf each eligible participant amount equal to 100% ( 100 % ) of first 3% ( 3 % ) and additional 25% ( 25 % ) of next 5% ( 5 % ) , for maximum total of 4. 25% ( 4. 25 % ) of employee 2019s compensation.
 company may make discretionary profit sharing contribution 0% ( 0 % ) to 5% ( 5 % ) based on participant 2019s eligible compensation , provided employee is employed at end of year worked at least 1000 hours.
 qualifying domestic employees of company 2019s ansoft subsidiary , acquired on july 31 , 2008, participate in 401 ( k ) plan.
 no matching employer contribution associated with this plan.
 company maintains defined contribution pension arrangements for international employees.
 expenses related to company 2019s retirement programs were $ 3. 7 million in 2008 , $ 4. 7 million in 2007 $ 4. 1 million in 2006.
 11.
 non-compete and employment agreements employees company signed agreements agreed not to disclose trade secrets or confidential information legally permitted restrict engagement in or connection with any business competitive with company while employed by company (

unrecognized tax benefit 2014january 1 2008                        | $ 7928
------------------------------------------------------------------ | --------------
ansoft unrecognized tax benefit 2014acquired july 31 2008          | 3525
gross increases 2014tax positions in prior period                  | 2454
gross decreases 2014tax positions in prior period                  | -1572 ( 1572 )
gross increases 2014tax positions in current period                | 2255
reductions due to a lapse of the applicable statute of limitations | -1598 ( 1598 )
changes due to currency fluctuation                                | -259 ( 259 )
settlements                                                        | -317 ( 317 )
unrecognized tax benefit 2014december 31 2008                      | $ 12416


pension plan assets pension assets include public equities  government corporate bonds  cash cash equivalents private real estate funds private partnerships hedge funds other assets.
 plan assets held in a master trust overseen by company's investment committee.
 all assets externally managed through active and passive strategies.
 managers may only invest in asset classes for they appointed.
 investment committee responsible for setting policy framework for management of plan assets.
 investment committee set minimum and maximum permitted values for each asset class in company's pension plan master trust for year ended december 31 , 2018 as.
 general objectives of company's pension asset strategy are to earn rate of return over time to satisfy benefit obligations plans meet minimum erisa funding requirements maintain sufficient liquidity to pay benefits address other cash requirements within master trust.
 specific investment objectives include reducing volatility of pension assets to benefit obligations achieving competitive  total investment return diversification between within asset classes managing other risks.
 investment objectives for each asset class determined based on specific risks and investment opportunities identified.
 decisions regarding investment policies and asset allocation made with understanding of historical and prospective return and risk characteristics of various asset classes effect of asset allocations on funded status  future company contributions  projected expenditures  including benefits.
 company updates asset allocations periodically.
 company uses various analytics to determine optimal asset mix considers plan obligation characteristics , duration  liquidity characteristics  funding requirements  expected rates of return  regular rebalancing  distribution of returns.
allocations to each asset class could vary from target allocations due to investment strategy changes short-term market value fluctuations  length of time to fully implement investment allocation positions real estate alternative investments timing of benefit payments and company contributions.
 taking account asset allocation ranges company determines specific allocation of master trust's investments within various asset classes.
 master trust utilizes select investment strategies  executed through separate account or fund structures with external investment managers experience and expertise in appropriate asset classes and styles.
 selection of investment managers is done with evaluation of performance and risk  fiduciary responsibility  investment management experience review of investment managers' policies and processes.
 investment performance is monitored frequently against benchmarks tracked to compliance guidelines with assistance third party consultants and performance evaluation tools and metrics.
 plan assets are stated at fair value.
 company employs variety of pricing sources to estimate fair value of pension plan assets including independent pricing vendors  dealer or counterparty-supplied valuations  third- party appraisals  appraisals prepared by company's investment managers or other experts.
 investments in equity securities , common and preferred are valued at last reported sales price when active market exists.
 securities for which official or last trade pricing on active exchange is available are classified as level 1.
 if closing prices not available , securities valued at last trade price , if reasonable or broker's quote in non-active market typically categorized as level 2.
 investments in fixed-income securities generally valued by independent pricing services or dealers markets in such securities.
 pricing methods based upon market transactions for comparable securities and relationships between securities recognized by institutional traders fixed-income securities typically categorized as level 2.

u.s . equities          | range 15 | range - | range 36% ( 36 % )
----------------------- | -------- | ------- | ------------------
international equities  | 10       | -       | 29% ( 29 % )
fixed income securities | 25       | -       | 50% ( 50 % )
alternative investments | 10       | -       | 25% ( 25 % )


fiscal 2013 , we entered asr with financial institution to repurchase $ 125 million of our common stock.
 in exchange for up-front payment of $ 125 million  financial institution committed to deliver shares during asr 2019s purchase period ended march 30 , 2013.
 total shares delivered under asr was 2. 5 million at average price $ 49. 13 per share.
 fiscal 2013  in addition to shares repurchased under asr we repurchased and retired 1. 1 million shares of our common stock at cost of $ 50. 3 million  average $ 44. 55 per share  including commissions.
 note 10 2014share-based awards and options non-qualified stock options and restricted stock granted to officers  key employees directors under global payments inc.
 2000 long-term incentive plan  amended and restated ( 201c2000 plan 201d ) global payments inc.
 amended and restated 2005 incentive plan ( 201c2005 plan 201d ) amended restated 2000 non-employee director stock option plan ( 201cdirector stock option plan 201d ) global payments inc.
 2011 incentive plan ( 201c2011 plan 201d ) collectively 201cplans 201d ).
 no further grants made under 2000 plan after 2005 plan effective director stock option plan expired terms on february 1 , 2011.
 no future grants under 2000 plan , 2005 plan or director stock option 2011 plan permits grants of equity to employees  officers  directors consultants.
 total of 7. 0 million shares of our common stock reserved and made available for issuance pursuant to awards granted under 2011 plan.
table summarizes share-based compensation expense related income tax benefit recognized for stock options  restricted stock  performance units tsr units  shares issued under our employee stock purchase plan ( each as described below ).
 2015 2014 2013 ( in millions ).
 we grant share-based awards to plans under our 201clong-term incentive plan. 201d awards held in escrow released upon grantee 2019s satisfaction of conditions of award certificate.
 restricted stock and restricted stock units we grant restricted stock restricted stock units.
 restricted stock awards vest over a period of time  if grantee not employed by us on vesting date shares are forfeited.
 restricted shares cannot be sold or transferred until they vested.
 restricted stock granted before fiscal 2015 vests in equal installments on each first four anniversaries of grant date.
 restricted stock granted during fiscal 2015 will either vest in equal installments on each first three anniversaries of grant date or cliff vest at end of three-year service period.
 grant date fair value of restricted stock  based on quoted market value of our common stock at closing of award date recognized as share-based compensation expense on straight-line basis over vesting period.
 performance units certain executives granted up to three types of performance units under our long-term incentive plan.
 performance units are performance-based restricted stock units after performance period convert into common shares.
 number of shares dependent upon achievement of certain performance measures during performance period.
 target number of performance units and market-based performance measures ( 201cat threshold , 201d 201ctarget  201d 201cmaximum 201d ) set by compensation committee of our board of directors.
performance units converted after compensation committee certifies performance pre-established goals.
 80 2013 global payments inc.
 2015 form 10-k annual report

| 2015           | 2014 ( in millions ) | 2013
-------------------------------- | -------------- | -------------------- | --------------
share-based compensation expense | $ 21.1         | $ 29.8               | $ 18.4
income tax benefit               | $ -6.9 ( 6.9 ) | $ -7.1 ( 7.1 )       | $ -5.6 ( 5.6 )


september 2015  company entered into treasury lock hedges with total notional amount $ 1. 0 billion  reducing risk of changes in benchmark index component of 10-year treasury yield.
 company designated derivatives as cash flow hedges.
 october 13 , 2015  conjunction with pricing of $ 4. 5 billion senior notes  company terminated treasury lock contracts for cash settlement payment of $ 16 million recorded as component of other comprehensive earnings reclassified as adjustment to interest expense over ten years related interest payments hedged recognized in income.
 foreign currency risk exposed to foreign currency risks from normal business operations.
 risks include translation of local currency balances of foreign subsidiaries  transaction gains and losses associated with intercompany loans with foreign subsidiaries transactions denominated in currencies other than location's functional currency.
 manage exposure to risks through combination of normal operating activities use of foreign currency forward contracts and non- derivative investment hedges.
 contracts denominated in currencies of major industrial countries.
 exposure to foreign currency exchange risks generally arises from non-u. s.
 operations  extent conducted in local currency.
 changes in foreign currency exchange rates affect translations of revenues denominated in currencies other than u. s.
 dollar.
 during years ended december 31 , 2017 , 2016 2015  generated approximately $ 1830 million , $ 1909 million and $ 1336 million  respectively in revenues denominated in currencies other than u. s.
 dollar.
 major currencies to revenues exposed are brazilian real , euro  british pound sterling indian rupee.
10% ( 10 % ) move in average exchange rates for these currencies ( assuming simultaneous immediate 10% % change in all rates for relevant period ) would resulted in increase or ( decrease ) in reported revenues for years ended december 31 , 2017 , 2016 2015 ( in millions ) :.
 results operations impacted by currency fluctuations, international operations' revenues and expenses generally denominated in local currency reduces economic exposure to foreign exchange risk in jurisdictions.
 revenues included $ 16 million favorable and $ 100 million unfavorable net earnings included $ 2 million favorable and $ 10 million unfavorable respectively of foreign currency impact during 2017 and 2016 resulting from changes in u. s.
 dollar years compared preceding year.
 in 2018  expect minimal foreign currency impact on earnings.
 foreign exchange risk management policy permits use of derivative instruments  forward contracts options , to reduce volatility in results operations cash flows from foreign exchange rate fluctuations.
 do not enter into foreign currency derivative instruments for trading purposes or engage in speculative activity.
 periodically enter into foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans.
 not have these derivatives as of december 31 , 2017.
 company utilizes non-derivative net investment hedges to reduce volatility in income statement caused by changes in foreign currency exchange rates ( see note 11 of notes to consolidated financial statements ).

currency                   | 2017  | 2016  | 2015
-------------------------- | ----- | ----- | -----
pound sterling             | $ 42  | $ 47  | $ 34
euro                       | 35    | 38    | 33
real                       | 39    | 32    | 29
indian rupee               | 14    | 12    | 10
total increase or decrease | $ 130 | $ 129 | $ 106


interest payments increased in 2015 due to higher level debt outstanding.
 interest payments remained flat in 2014.
 increase in income tax payments 2015 due to higher taxable income from operations offset by timing of tax deductions.
 decrease in income tax payments 2014 due to settlement of tax disputes repatriation of foreign earnings in 2013.
 decrease partially offset by higher taxable income from operations net impact of economic stimulus legis- lation 2014.
 expect income tax payments to increase in 2016 due to higher taxable income from operations.
 investing activities net cash used in investing activities in 2015 consisted of cash paid for capital expenditures, intangible assets  acquisitions purchases of investments partially offset by proceeds from sales of businesses investments.
 net cash used in investing activities 2014 consisted primarily of cash paid for capital expenditures intangible assets.
 net cash used investing activities 2013 sisted primarily of cash paid for capital expenditures  acquisitions construction of real estate properties purchases of investments cash paid for intangible assets.
 capital expenditures most significant recurring investing activity capital expenditures in cable communications segment  expect this will continue in future.
 table below summarizes capital expenditures incurred in cable communications segment in 2015 , 2014 2013.
 cable communications capital expenditures increased in 2015 and 2014 due to increased spending on customer premise equipment related x1 platform wireless gateways  continued investment in network infrastructure capacity increased investment in support capital expand cloud-based initiatives investment expand business services.
 capital expenditures in nbcuniversal segments increased 13. 5% ( 13. 5 % ) to $ 1. 4 billion in 2015 and 5. 3% ( 5. 3 % ) to $ 1.2 billion in 2014 due to continued investment in universal theme parks including purchase of land in 2015.
 capital expenditures for 2016 focused on continued deployment of x1 platform and cloud dvr technology  acceleration of wireless gateways  network infrastructure to increase network capacity expansion of business services.
 capital expenditures for subsequent years depend on numerous factors including acquisitions  competition  changes in technology  regulatory changes timing rate of deployment of new services  capacity required for existing services.
 expect to con- tinue to invest in existing and new attractions at universal theme parks.
 developing universal theme park in beijing , china.
 expect development park to continue in 2016.
 cash paid for intangible assets in 2015 , 2014 2013  cash consisted primarily of expenditures for software.
 comcast 2015 annual report on form 10-k 64

year ended december 31 ( in millions ) | 2015   | 2014   | 2013
-------------------------------------- | ------ | ------ | ------
cable distribution system              | $ 2424 | $ 2047 | $ 1819
customer premise equipment             | 3698   | 3397   | 2990
other equipment                        | 756    | 613    | 527
buildings and building improvements    | 156    | 97     | 67
total                                  | $ 7034 | $ 6154 | $ 5403


aon has contractual contingent guarantees for premium payments owed by clients to insurance companies.
 maximum exposure to contractual guarantees was approximately $ 48 million at december 31 , 2011.
 aon has provided commitments to fund limited partnerships in it has interest in general partners request funding.
 some these commitments have specific expiration dates maximum potential funding under commitments was $ 64 million at december 31 , 2011.
 during 2011  company funded $ 15 million of these commitments.
 aon expects as prudent business interests additional guarantees and indemnifications may be issued.
 17.
 related party transactions during 2011  company  provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity controlled by one of company 2019s stockholders.
 these transactions were negotiated at arms-length basis and contain customary terms and conditions.
 during 2011  commissions and fee revenue from these transactions was approximately $ 9 million.
 18.
 segment information company has two reportable operating segments : risk solutions and hr solutions.
 unallocated income and expenses  combined with operating segments and after elimination of intersegment revenues and expenses total to amounts in consolidated financial statements.
 reportable operating segments determined using management approach consistent with basis aon 2019s chief operating decision maker ( 2018 2019 ) uses financial information for allocating resources and assessing performance.
 codm assesses performance based on operating segment operating income and accounts for intersegment revenue as if revenue from third parties and at management believes current market prices.
 company does not present net assets by segment as this information not reviewed by codm.
risk solutions acts as advisor insurance reinsurance broker , helping clients manage risks  via consultation negotiation placement of insurance risk with insurance carriers through aon 2019s global distribution network.
 hr solutions partners with organizations to solve complex benefits , talent related financial challenges improve business performance by designing  implementing  communicating administering human capital , retirement  investment management health care  compensation talent management strategies.
 aon 2019s total revenue is as follows ( in millions ) :.

years ended december 31  | 2011       | 2010       | 2009
------------------------ | ---------- | ---------- | ----------
risk solutions           | $ 6817     | $ 6423     | $ 6305
hr solutions             | 4501       | 2111       | 1267
intersegment elimination | -31 ( 31 ) | -22 ( 22 ) | -26 ( 26 )
total operating segments | 11287      | 8512       | 7546
unallocated              | 2014       | 2014       | 49
total revenue            | $ 11287    | $ 8512     | $ 7595


shareholder return performance line graph compares annual percentage change ball corporation fffds cumulative total shareholder return common stock with cumulative total return dow jones containers & packaging index s&p composite 500 stock index for five-year period ended december 31 , 2012.
 assumes $ 100 invested december 31, 2007  all dividends reinvested.
 dow jones containers & packaging index total return weighted by market capitalization.
 total return to stockholders assumes $ 100 investment 12/31/07 ) total return analysis.
 source : bloomberg l. p.
 aecharts

| 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011 | 12/31/2012
---------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ----------
ball corporation             | $ 100.00   | $ 93.28    | $ 117.01   | $ 155.14   | $ 164.09   | $ 207.62
dj us containers & packaging | $ 100.00   | $ 61.55    | $ 84.76    | $ 97.78    | $ 96.27    | $ 107.76
s&p 500                      | $ 100.00   | $ 61.51    | $ 75.94    | $ 85.65    | $ 85.65    | $ 97.13


notes to consolidated financial statements union pacific corporation and subsidiary companies for this report unless context otherwise requires references to 201ccorporation 201d , 201cupc 201d , 201cwe 201d  201cus 201d  201cour 201d mean union pacific corporation and subsidiaries  including union pacific railroad company  separately referred to as 201cuprr 201d or 201crailroad 201d.
 1.
 nature of operations operations and segmentation 2013 we are class i railroad operates in united states.
 32094 route miles  linking pacific coast gulf coast ports with midwest eastern united states gateways several corridors to key mexican gateways.
 serve western two- thirds of country maintain coordinated schedules with other rail carriers for handling of freight to from atlantic coast  pacific coast  southeast southwest  canada  mexico.
 export and import traffic moved through gulf coast pacific coast ports across mexican canadian borders.
 railroad , along with subsidiaries rail affiliates is our one reportable operating segment.
 revenues analyzed by commodity group analyze net financial results of railroad as one segment due to integrated nature of rail network.
 following table provides revenue by commodity group : millions of dollars 2009 2008 2007.
 revenues principally derived from customers domiciled in united states ultimate points of origination or destination for some products transported outside united.
 basis presentation 2013 consolidated financial statements presented in accordance with accounting principles generally accepted in united states of america ( gaap ) as codified in financial accounting standards board ( fasb ) accounting standards codification ( asc ).
subsequent events evaluation 2013 evaluated effects of all subsequent events through february 5 , 2010  date of this report concurrent with date file report with u.
 securities and exchange commission ( sec ).
 2.
 significant accounting policies change in accounting principle 2013 historically accounted for rail grinding costs as capital asset.
 beginning first quarter of 2010  change accounting policy for rail grinding costs

millions of dollars      | 2009    | 2008    | 2007
------------------------ | ------- | ------- | -------
agricultural             | $ 2666  | $ 3174  | $ 2605
automotive               | 854     | 1344    | 1458
chemicals                | 2102    | 2494    | 2287
energy                   | 3118    | 3810    | 3134
industrial products      | 2147    | 3273    | 3077
intermodal               | 2486    | 3023    | 2925
total freight revenues   | $ 13373 | $ 17118 | $ 15486
other revenues           | 770     | 852     | 797
total operating revenues | $ 14143 | $ 17970 | $ 16283


note 11 2013 stock-based compensation 2014 , 2013 2012 recorded non-cash stock-based compensation expense totaling $ 164 million  $ 189 million $ 167 million  included component of other unallocated net on statements of earnings.
 net impact to earnings for respective years was $ 107 million , $ 122 million $ 108 million.
 as of december 31 , 2014 $ 91 million unrecognized compensation cost related to nonvested awards expected to be recognized over period 1. 6 years.
 received cash from exercise stock options totaling $ 308 million $ 827 million $ 440 million during 2014 , 2013 2012.
 income tax liabilities for 2014 , 2013 2012 reduced by $ 215 million , $ 158 million $ 96 million due to recognized tax benefits on stock-based compensation arrangements.
 stock-based compensation plans approved by stockholders authorized to grant key employees stock-based incentive awards including options to purchase common stock stock appreciation rights  restricted stock units ( rsus ) performance stock units ( psus ) other stock units.
 exercise price of options to purchase common stock not less than fair market value of stock on date of grant.
 no award of stock options fully vested prior to third anniversary of grant no portion of stock option grant become vested in less than one year.
 minimum vesting period for restricted stock or stock units payable in stock is three years.
 award agreements provide for shorter or pro-rated vesting periods vesting following termination of employment death  disability  divestiture  retirement change of control layoff.
 maximum term of stock option or other award is 10 years.
 at december 31 , 2014  inclusive shares reserved for outstanding stock options , rsus psus  had 19 million shares reserved for issuance under plans.
at december 31 , 2014 , 7. 8 million shares reserved for issuance remained available for grant under stock-based compensation plans.
 we issue new shares upon exercise of stock options or when restrictions on rsus and psus satisfied.
 table summarizes activity related to nonvested rsus during 2014 : number of rsus ( in thousands ) weighted average grant-date fair value per share.
 rsus valued based on fair value of common stock on date of grant.
 employees granted rsus receive right to receive shares of stock after completion vesting period ; shares not issued employees cannot sell or transfer shares prior to vesting no voting rights until rsus vest  generally three years from date award.
 employees granted rsus receive dividend-equivalent cash payments only upon vesting.
 for awards grant-date fair value equal to closing market price of common stock on date of grant less discount to reflect delay in payment of dividend-equivalent cash payments.
 recognize grant-date fair value of rsus  less estimated forfeitures, as compensation expense ratably over requisite service period beginning with rsus granted in 2013 shorter than vesting period if employee is retirement eligible on date of grant or become retirement eligible before end of vesting period.

| number of rsus ( in thousands ) | weighted average grant-date fair value pershare
----------------------------- | ------------------------------- | -----------------------------------------------
nonvested at december 31 2011 | 4302                            | $ 78.25
granted                       | 1987                            | 81.93
vested                        | -1299 ( 1299 )                  | 80.64
forfeited                     | -168 ( 168 )                    | 79.03
nonvested at december 31 2012 | 4822                            | $ 79.10
granted                       | 1356                            | 89.24
vested                        | -2093 ( 2093 )                  | 79.26
forfeited                     | -226 ( 226 )                    | 81.74
nonvested at december 31 2013 | 3859                            | $ 82.42
granted                       | 745                             | 146.85
vested                        | -2194 ( 2194 )                  | 87.66
forfeited                     | -84 ( 84 )                      | 91.11
nonvested at december 31 2014 | 2326                            | $ 97.80


abiomed , inc.
 subsidiaries notes to consolidated financial statements 2014 continued ) note 8.
 goodwill in-process research and development continued ) company has no accumulated impairment losses on goodwill.
 company performed step 0 qualitative assessment during annual impairment review for fiscal 2015 as of october 31 , 2014 concluded not likely not fair value of company 2019s single reporting unit less than carrying amount.
 two-step goodwill impairment test for reporting unit not necessary in fiscal 2015.
 described in note 3.
 201cacquisitions , 201d in july 2014 company acquired ecp and ais recorded $ 18. 5 million of ipr&d.
 estimated fair value of ipr&d determined using probability-weighted income approach discounts expected future cash flows to present value.
 projected cash flows from expandable catheter pump technology based on certain key assumptions including estimates of future revenue and expenses account stage of development of technology at acquisition date time and resources needed to complete development.
 company used discount rate of 22. 5% ( 22. 5 % ) cash flows probability adjusted to reflect risks of product commercialization company believes appropriate representative of market participant assumptions.
 carrying value of company 2019s ipr&d assets and change in balance for year ended march 31, 2015 as follows : march 31 , ( in $ 000 2019s ).
 note 9.
 stockholders 2019 equity class b preferred stock company authorized 1000000 shares of class b preferred stock , $. 01 par value  board of directors can set designation rights privileges.
 no shares of class b preferred stock issued or outstanding.
 stock repurchase program in november 2012 company 2019s board of directors authorized stock repurchase program for up to $ 15. 0 million of common stock.
company financed stock repurchase program with available cash.
 year ended march 31 , 2013 company repurchased 1123587 shares for $ 15. 0 million open market purchases at average cost $ 13. 39 per share including commission expense.
 company completed purchase of common stock under stock repurchase program in january 2013.
 note 10.
 stock award plans compensation stock award plans company grants stock options restricted stock awards to employees others.
 all outstanding stock options as of march 31 , 2015 granted with exercise price equal to fair market value on date of grant.
 outstanding stock options if not exercised expire 10 years from date of grant.
 company 2019s 2008 stock incentive plan ( 201cplan 201d ) authorizes grant of variety of equity awards to company officers  directors employees consultants advisers including awards of unrestricted and restricted stock  restricted stock units  incentive nonqualified stock options to purchase shares common stock performance share awards stock appreciation rights.
 plan provides options only granted at current market value on date of grant.
 each share of stock issued pursuant to stock option or stock appreciation right counts as one share against maximum number of shares issuable under plan each share stock issued

| march 31 2015 ( in $ 000 2019s )
----------------------------------- | --------------------------------
beginning balance                   | $ 2014
additions                           | 18500
foreign currency translation impact | -3789 ( 3789 )
ending balance                      | $ 14711


possible such matters resolved in next twelve months , but do not anticipate resolution matters material impact on our results operations or financial position.
 foreign jurisdictions have statutes of limitations ranging from 3 to 5 years.
 years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 canada ( 2002 onward france ( 2006 ) germany ( 2005 italy ( 2005 japan ( 2002 onward puerto rico ( 2005 singapore ( 2003 switzerland ( 2006 onward ) united kingdom ( 2006 onward ).
 our tax returns currently under examination in various foreign jurisdictions.
 most significant foreign tax jurisdiction under examination is united kingdom.
 possible such audits resolved in next twelve months, but not anticipate resolution audits material impact on our results operations or financial position.
 13.
 capital stock and earnings per share authorized to issue 250 million shares of preferred stock , none issued or outstanding as of december 31 , 2008.
 numerator for basic and diluted earnings per share is net earnings available to common stockholders.
 denominator for basic earnings per share is weighted average number of common shares outstanding during period.
 denominator for diluted earnings per share is weighted average shares outstanding adjusted for effect of dilutive stock options and other equity awards.
 following reconciliation of weighted average shares for basic and diluted share computations for years ending december 31 ( in millions ) :.
 weighted average shares outstanding for basic net earnings per share 227. 3 235. 5 243. 0 effect of dilutive stock options and other equity awards 1. 0 2. 0 2. 4 weighted average shares outstanding for diluted net earnings per share 228. 3 237. 5 245.for year ended december 31 , 2008  average of 11. 2 million options to purchase shares common stock not included in computation diluted earnings per share as exercise prices options greater than average market price of common stock.
 years ended december 31 , 2007 and 2006 , average of 3. 1 million and 7. 6 million options  respectively not included.
 during 2008  repurchased approximately 10. 8 million shares of common stock at average price $ 68. 72 per share for total cash outlay of $ 737. 0 million , including commissions.
 in april 2008  board of directors authorized $ 1. 25 billion share repurchase program expires december 31 , 2009.
 approximately $ 1. 13 billion remains authorized under plan.
.
 segment data design , develop , manufacture and market orthopaedic and dental reconstructive implants , spinal implants , trauma products related surgical products include surgical supplies instruments to aid in orthopaedic surgical procedures post-operation rehabilitation.
 provide other healthcare-related services.
 revenue related to these services represents less than 1 percent of total net sales.
 manage operations through three major geographic segments americas  principally united states includes north, central south american markets ; europe  principally europe includes middle east and africa ; asia pacific  primarily japan includes other asian and pacific markets.
 structure basis for reportable segment information.
 management evaluates operating segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration and other expenses  inventory step-up , in-process research and development write-offs intangible asset amortization expense.
global operations include research development engineering medical education brand management corporate legal finance human resource functions u. s.
 puerto rico-based manufacturing operations logistics.
 intercompany transactions eliminated from segment operating profit.
 management reviews accounts receivable inventory property plant equipment goodwill intangible assets by reportable segment exclusive of u. s puerto rico-based manufacturing operations logistics corporate assets.
 z m e r h o l d i n g s  c.
 2 0 0 8 f o r m 1 0 - a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 058000000 ***%pcmsg|58 |00011|yes|no|02/24/2009 19:25|0|0|page valid no graphics color : d|

| 2008  | 2007  | 2006
---------------------------------------------------------------------- | ----- | ----- | -----
weighted average shares outstanding for basic net earnings per share   | 227.3 | 235.5 | 243.0
effect of dilutive stock options and other equity awards               | 1.0   | 2.0   | 2.4
weighted average shares outstanding for diluted net earnings per share | 228.3 | 237.5 | 245.4


fleet automation 66% ( 66 % ) of residential routes converted to automated single driver trucks.
 by converting residential routes to automated service we reduce labor costs improve driver productivity create safer work environment for employees.
 communities using automated vehicles have higher participation rates in recycling programs complementing our initiative to expand recycling capabilities.
 fleet conversion to compressed natural gas ( cng ) 12% ( 12 % ) of our fleet operates on natural gas.
 we expect to continue gradual fleet conversion to cng , preferred alternative fuel technology as part of ordinary annual fleet replacement process.
 believe gradual fleet conversion is prudent to realize full value of previous fleet investments.
 approximately 50% ( 50 % ) of replacement vehicle purchases during 2013 were cng vehicles.
 believe using cng vehicles provides competitive advantage in communities with strict clean emission objectives environment.
 upfront costs higher expect using natural gas will reduce overall fleet operating costs through lower fuel expenses.
 standardized maintenance industry trade publication we operate eighth largest vocational fleet in united states.
 as of december 31 , 2013  average fleet age in years , by line of business  was : approximate number of vehicles average age.
 through standardization of core functions  believe we can minimize variability in maintenance processes resulting in higher vehicle quality extending service life of fleet.
 believe operating more reliable , safer efficient fleet will lower operating costs.
 completed implementation of standardized maintenance programs for approximately 45% ( 45 % ) of fleet maintenance operations as of december 31 , 2013.
 cash utilization strategy components cash utilization strategy include increasing free cash flow improving return on invested capital.
 definition of free cash flow not measure determined in with united states accepted accounting principles.
gaap ) , is cash provided by operating activities less purchases of property equipment , plus proceeds from sales of property equipment presented in consolidated statements of cash flows.
 for discussion reconciliation of free cash flow  read 201cfree cash flow 201d section of management 2019s discussion and analysis of financial condition results of operations in item 7 of form 10-k.
 believe free cash flow drives shareholder value provides useful information regarding recurring cash by operations.
 free cash flow demonstrates our ability to execute cash utilization strategy  includes investments in acquisitions returning majority of free cash flow to shareholders through dividends share repurchases.
 committed to efficient capital structure maintaining investment grade rating.
 manage free cash flow by ensuring capital expenditures and operating asset levels are appropriate in light existing business and growth opportunities closely managing working capital  consists primarily of accounts receivable , accounts payable  accrued landfill and environmental costs.

| approximate number of vehicles | average age
----------- | ------------------------------ | -----------
residential | 7600                           | 7
commercial  | 4300                           | 6
industrial  | 3600                           | 9
total       | 15500                          | 7


stock price performance graph shows comparison of cumulative total return on our common stock , standard & poor's 500 index standard & poor's 500 retail index.
 graph assumes value of investment in common stock each index was $ 100 on december 30 , 2006  dividends reinvested.
 comparison based on historical data not to forecast possible future performance common stock.
 comparison of cumulative total return among advance auto parts , inc. s&p 500 index s&p 500 retail index company/index advance auto parts s&p 500 index retail index december 30, $ 100. 00 100. 00 100. 00 december 29 , $ 108. 00 104. 24 january 3 , $ 97. 26 january 2, $ 116. 01 january 1 , $ 190. 41 101. 84 december 31 , $ 201. 18 104. 81.
 stock price performance graph shows comparison of cumulative total return on common stock  standard & poor's 500 index standard poor's 500 retail index.
 graph assumes value of investment in common stock each index was $ 100 on december 30 , 2006 dividends reinvested.
 comparison based solely on historical data not intended to forecast possible future performance of common stock.
 comparison of cumulative total return among advance auto parts , inc. s&p 500 index s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100. 00 100. 00 100. 00 december 29 , $ 108. 00 104. 24 january 3 , $ 97. 26 january 2 , $ 116. 01 january 1 , $ 190. 41 101. 84 december 31 , $ 201. 18 104. 81

company/index      | december 30 2006 | december 29 2007 | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011
------------------ | ---------------- | ---------------- | -------------- | -------------- | -------------- | ----------------
advance auto parts | $ 100.00         | $ 108.00         | $ 97.26        | $ 116.01       | $ 190.41       | $ 201.18
s&p 500 index      | 100.00           | 104.24           | 65.70          | 78.62          | 88.67          | 88.67
s&p retail index   | 100.00           | 82.15            | 58.29          | 82.36          | 101.84         | 104.81


entergy corporation subsidiaries management 2019s financial discussion analysis result of entergy louisiana and entergy gulf states louisiana business combination  results of operations for 2015 include two items occurred in october 2015 : 1 ) deferred tax asset net increase in tax basis of approximately $ 334 million 2 ) regulatory liability of $ 107 million ( $ 66 million net-of-tax ) of customer credits realized by electric customers of entergy louisiana  consistent with terms stipulated settlement in business combination proceeding.
 see note 2 to financial statements for discussion of business combination customer credits.
 results operations for 2015 include sale in december 2015 of 583 mw rhode island state energy center for realized gain of $ 154 million ( $ 100 million net-of-tax ) on sale $ 77 million ( $ 47 million net-of-tax ) write-off regulatory charges recognize portion of assets associated with waterford 3 replacement steam generator project no longer probable of recovery.
 see note 14 to financial statements for discussion rhode island state energy center sale.
 see note 2 financial statements for discussion waterford 3 write-off.
 results of operations for 2014 include $ 154 million ( $ 100 million net-of-tax ) of charges related to vermont yankee from effects updated decommissioning cost study completed third quarter 2014 reassessment of assumptions regarding timing of decommissioning cash flows severance employee retention costs.
 see note 14 to financial statements for discussion of charges.
 results operations for 2014 include $ 56. 2 million ( $ 36. 7 million net-of-tax ) write-off in 2014 of entergy mississippi 2019s regulatory asset associated with new nuclear generation development costs result of joint stipulation with mississippi public utilities staff  approved by mpsc  entergy mississippi agreed not to pursue recovery of costs deferred by mpsc order in new nuclear generation docket.
 see note 2 to financial statements for discussion new nuclear generation development costs joint stipulation.
 net revenue utility following analysis of change in net revenue comparing 2015 to 2014.
 amount ( in millions ).
 retail electric price variance primarily due to : 2022 formula rate plan increases at entergy louisiana  approved by lpsc  effective december 2014 january 2015 ; 2022 increase in energy efficiency rider revenue due to increases energy efficiency rider at entergy arkansas  approved by apsc  effective july 2015 and july 2014, new energy efficiency riders at entergy louisiana entergy mississippi began fourth quarter 2014 ; 2022 annual net rate increase at entergy mississippi of $ 16 million  effective february 2015  result of mpsc order june 2014 rate case.
 see note 2 to financial statements discussion of rate regulatory proceedings.

| amount ( in millions )
------------------------------------------------- | ----------------------
2014 net revenue                                  | $ 5735
retail electric price                             | 187
volume/weather                                    | 95
waterford 3 replacement steam generator provision | -32 ( 32 )
miso deferral                                     | -35 ( 35 )
louisiana business combination customer credits   | -107 ( 107 )
other                                             | -14 ( 14 )
2015 net revenue                                  | $ 5829


acquired represented by allied 2019s infrastructure of market-based collection routes related integrated waste transfer and disposal channels , value included in goodwill.
 all goodwill and other intangible assets from allied acquisition not deductible for income tax purposes.
 pro forma information consolidated financial statements for republic include operating results of allied from december 5 , 2008 , date of acquisition.
 following pro forma information presented assuming acquisition completed as of january 1 , 2008.
 unaudited pro forma information prepared for illustrative purposes not to indicative of results of operations occurred had acquisition consummated at beginning of periods or of future results of combined operations.
 pro forma results do not give effect to all cost savings or incremental costs result of integration and consolidation of acquisition ( in millions , except share and per share amounts ).
 year ended december 31 , ( unaudited ).
 unaudited pro forma financial information includes adjustments for amortization of identifiable intangible assets  accretion of discounts to fair value associated with debt , environmental , self-insurance other liabilities , accretion of capping , closure and post-closure obligations amortization of related assets  provision for income taxes.
 restructuring charges result of 2008 allied acquisition  committed to restructuring plan related to corporate overhead administrative operating functions.
 plan included closing corporate office in florida , consolidating administrative functions to arizona , former headquarters of allied  reducing staffing levels.
 plan included closing and consolidating certain operating locations terminating certain leases.
 during years ended december 31 , 2010 and 2009  incurred $ 11. 4 million , net of adjustments , and $ 63.2 million , respectively of restructuring integration charges related to our integration of allied.
 charges adjustments primarily related to severance employee termination relocation benefits consulting professional fees.
 substantially all charges recorded in our corporate segment.
 do not expect to incur additional charges to complete plan.
 expect remaining charges paid during 2011.
 republic services , inc.
 notes to consolidated financial statements  continued

| year ended december 31 2008 ( unaudited )
-------------------------- | -----------------------------------------
revenue                    | $ 9362.2
net income                 | 285.7
basic earnings per share   | 0.76
diluted earnings per share | 0.75


entergy corporation subsidiaries management 2019s financial discussion analysis net revenue utility analysis of change in net revenue comparing 2014 to 2013.
 amount ( in millions ).
 retail electric price variance due to 2022 increases in energy efficiency rider at entergy arkansas  approved by apsc  effective july 2013 july 2014.
 energy efficiency revenues offset by costs other operation maintenance expenses minimal effect on net income ; 2022 effect of apsc 2019s order in entergy arkansas 2019s 2013 rate case  annual base rate increase effective january 2014 offset by miso rider provide customers credits in rates for transmission revenue through miso ; 2022 formula rate plan increase at entergy mississippi  approved by mspc  effective september 2013 ; 2022 increase in entergy mississippi 2019s storm damage rider  approved by mpsc  effective october 2013.
 increase storm damage rider offset by other operation maintenance expenses no effect on net income ; 2022 annual base rate increase at entergy texas effective april 2014 result puct 2019s order september 2013 rate case ; 2022 formula rate plan increase at entergy louisiana  approved by lpsc  effective december 2014.
 see note 2 to financial statements for discussion of rate proceedings.
 asset retirement obligation affects net revenue entergy records regulatory debit or credit for difference between asset retirement obligation-related expenses trust earnings plus asset retirement obligation- related costs collected revenue.
 variance caused by increases in regulatory credits decreases in decommissioning trust earnings increases in depreciation accretion expenses increases in regulatory credits realign asset retirement obligation regulatory assets regulatory treatment.
volume/weather variance due to increase of 3129 gwh , or 3% ( 3 % )  in billed electricity usage due to increase in sales to industrial customers and effect of favorable weather on residential sales.
 increase in industrial sales due to expansions  recovery of major refining customer from unplanned outage in 2013  continued moderate growth in manufacturing sector.
 miso deferral variance due to deferral in 2014 of non-fuel miso-related charges  approved by lpsc and mpsc , partially offset by deferral in april 2013 approved by apsc , of costs incurred from march 2010 through december 2012 related to transition and implementation of joining miso

| amount ( in millions )
--------------------------- | ----------------------
2013 net revenue            | $ 5524
retail electric price       | 135
asset retirement obligation | 56
volume/weather              | 36
miso deferral               | 16
net wholesale revenue       | -29 ( 29 )
other                       | -3 ( 3 )
2014 net revenue            | $ 5735


12.
 brokerage receivables and brokerage payables company has receivables payables for financial instruments sold to purchased from brokers  dealers customers  arise in ordinary course of business.
 citi exposed to risk of loss from inability of brokers dealers customers to pay for purchases or deliver financial instruments sold  citi would to sell or purchase financial instruments at prevailing market prices.
 credit risk reduced to exchange or clearing organization acts as counterparty replaces broker  dealer customer in question.
 citi to protect from risks customer activities by requiring customers to maintain margin collateral in compliance with regulatory internal guidelines.
 margin levels monitored daily customers deposit additional collateral as required.
 where customers meet collateral requirements citi may liquidate sufficient underlying financial instruments to bring customer into compliance with required margin level.
 exposure to credit risk impacted by market volatility  may impair ability clients to satisfy obligations to citi.
 credit limits established closely monitored for customers for brokers dealers engaged in forwards  futures other transactions credit sensitive.
 brokerage receivables and brokerage payables consisted of following:.
 total brokerage payables ( 1 ) $ 64571 $ 61342 ( 1 ) includes brokerage receivables and payables recorded by citi broker-dealer entities accounted for in accordance with aicpa accounting guide for brokers dealers in securities as codified in asc 940-320.

in millions of dollars                                      | december 31 , 2018 | december 31 , 2017
----------------------------------------------------------- | ------------------ | ------------------
receivables from customers                                  | $ 14415            | $ 19215
receivables from brokers dealers and clearing organizations | 21035              | 19169
total brokerage receivables ( 1 )                           | $ 35450            | $ 38384
payables to customers                                       | $ 40273            | $ 38741
payables to brokers dealers and clearing organizations      | 24298              | 22601
total brokerage payables ( 1 )                              | $ 64571            | $ 61342


.
 investments.
 fixed maturity equity security investments available for sale at market value reflect unrealized appreciation depreciation temporary changes in market value during period shareholders 2019 equity  net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in consolidated balance sheets.
 fixed maturity equity securities carried at fair value reflect fair value re- measurements as net realized capital gains losses in consolidated statements of operations comprehensive income ( loss ).
 company records changes in fair value for fixed maturities available for sale at market value through shareholders 2019 equity  net of taxes in accumulated other comprehensive income ( loss ) cash flows from investments used to settle reserve for losses loss adjustment expense liabilities.
 company anticipates holding investments for extended period cash flow from interest maturities fund projected payout of liabilities.
 fixed maturities carried at fair value represent portfolio of convertible bond securities characteristics similar to equity securities foreign denominated fixed maturity securities used to settle loss and loss adjustment reserves in same currency.
 company carries all equity securities at fair value except for mutual fund investments underlying investments of fixed maturity securities.
 for equity securities available for sale at fair value company reflects changes in value as net realized capital gains and losses securities may be sold in near term depending on financial market conditions.
 interest income on all fixed maturities dividend income on all equity securities included as part of net investment income in consolidated statements of operations comprehensive income ( loss ).
 unrealized losses on fixed maturities other-than-temporary related to credit quality of security charged to net income ( loss ) as net realized capital losses.
 short-term investments stated at cost  approximates market value.
gains or losses on sales of investments determined on identified cost.
 for non- publicly traded securities market prices determined through pricing models evaluate securities relative to.
 treasury yield curve  account issue type credit quality cash flow characteristics of each security.
 for publicly traded securities market value based on quoted market prices or valuation models use observable market inputs.
 when sector financial markets is inactive or illiquid company may use own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.
 retrospective adjustments employed to recalculate values of asset-backed securities.
 each acquisition lot reviewed to recalculate effective yield.
 recalculated effective yield used to derive book value as if new yield applied at time of acquisition.
 outstanding principal factors from time of acquisition to adjustment date used to calculate prepayment history for all applicable securities.
 conditional prepayment rates computed with life to date factor histories weighted average maturities used to effect calculation of projected and prepayments for pass-through security types.
 other invested assets include limited partnerships and rabbi trusts.
 limited partnerships accounted for under equity method of accounting can be recorded on monthly or quarterly.
.
 uncollectible receivable balances.
 company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management assessment of collectability of outstanding balances.
 such reserves presented in table below for periods indicated.

( dollars in thousands )                        | years ended december 31 , 2014 | years ended december 31 , 2013
----------------------------------------------- | ------------------------------ | ------------------------------
reinsurance receivables and premium receivables | $ 29497                        | $ 29905


result of transaction  recognized net gain of approximately $ 1. 3 billion , including $ 1. 2 billion recognized in 2016.
 net gain represents $ 2. 5 billion fair value of shares of lockheed martin common stock exchanged and retired as part of exchange offer  plus $ 1. 8 billion one-time special cash payment , less net book value of is&gs business of about $ 3. 0 billion at august 16 , 2016 and other adjustments of about $ 100 million.
 in 2017  recognized additional gain of $ 73 million  reflects certain post-closing adjustments including tax adjustments and final determination of net working capital.
 classified operating results of former is&gs business as discontinued operations in consolidated financial statements accordance with.
 divestiture of business represented strategic shift major effect on operations and financial results.
 cash flows generated by is&gs business not reclassified in consolidated statements of cash flows retained this cash as part of transaction.
 operating results  prior to august 16, 2016 divestiture date, of is&gs business reflected within net earnings from discontinued operations for year ended december 31 , 2016 are as follows ( in millions ) :.
 operating results of is&gs business reported as discontinued operations different than results previously reported for is&gs business segment.
 results reported within net earnings from discontinued operations only include costs directly attributable to is&gs business exclude certain corporate overhead costs previously allocated to is&gs business.
 reclassified $ 82 million in 2016 of corporate overhead costs from is&gs business to other unallocated , net on consolidated statement of earnings.
 retained all assets and obligations related to pension benefits earned by former is&gs business salaried employees through date of divestiture.
non-service portion of net pension costs (. , interest cost  actuarial gains and losses expected return on plan assets ) for plans reclassified from operating results of is&gs business segment reported as reduction to fas/cas pension adjustment.
 net pension costs were $ 54 million for year ended december 31 , 2016.
 service portion of net pension costs related to is&gs business 2019s salaried employees transferred to leidos included in operating results is&gs business classified as discontinued operations costs no longer incurred by us.
 significant severance charges related to is&gs business historically recorded at lockheed martin corporate office.
 charges reclassified into operating results is&gs business  classified as discontinued operations  excluded from operating results of our continuing operations.
 severance charges reclassified were $ 19 million in 2016.
 financial information related to cash flows generated by is&gs business  depreciation and amortization  capital expenditures  other non-cash items  included in consolidated statement of cash flows for years ended december 31 , 2016 not significant.

net sales                                                 | $ 3410
--------------------------------------------------------- | --------------
cost of sales                                             | -2953 ( 2953 )
severance charges                                         | -19 ( 19 )
gross profit                                              | 438
other income net                                          | 16
operating profit                                          | 454
earnings from discontinued operations before income taxes | 454
income tax expense                                        | -147 ( 147 )
net gain on divestiture of discontinued operations        | 1205
net earnings from discontinued operations                 | $ 1512


credit agency ratings long-term debt credit ratings as of february 16, 2007 were ba3 with negative outlook , b creditwatch negative b with negative outlook  reported by moody 2019s investors service , standard & poor 2019s fitch ratings .
 downgrade in credit ratings could affect ability to access capital could result in stringent covenants higher interest rates new indebtedness.
 contractual obligations summarizes estimated contractual obligations at december 31, 2006 effect on liquidity cash flow in future periods:.
 contingent acquisition payments 2 47. 2 34. 2 20. 8 2. 5 2. 0 3. 1 109. 8 1 holders of $ 400. 0 4. 50% ( 4. 50 % ) notes may require us to repurchase notes for cash at par in march 2008.
 notes mature in 2023 if not converted or repurchased.
 structured certain acquisitions with additional contingent purchase price obligations to reduce potential risk with negative future performance of acquired entity.
 all payments are contingent upon achieving projected operating performance targets satisfying other conditions in related agreements subject to revisions as earn-out periods progress.
 see note 18 to consolidated financial statements for further information.
 not included obligations under pension and postretirement benefit plans in contractual obligations table.
 funding policy funded pension plan is to contribute amounts necessary to satisfy minimum pension funding requirements plus additional amounts time to time as appropriate to improve plans 2019 funded status.
 funded status of pension plans dependent upon factors including returns on invested assets  market interest rates levels voluntary contributions to plans.
 declines in long-term interest rates negative impact on funded status of plans.
 for 2007  do not expect to contribute to domestic pension plans expect to contribute $ 20. 6 to foreign pension plans.
not included deferred tax obligations in contractual obligations table timing of future payments uncertain.
 derivatives hedging activities periodically enter into interest rate swap agreements forward contracts to manage exposure to interest rate fluctuations mitigate foreign exchange volatility.
 in may 2005  terminated long-term interest rate swap agreements covering $ 350. 0 6. 25% ( 6. 25 % ) senior unsecured notes and $ 150. 0 of $ 500. 0 7. 25% ( 7. 25 % ) senior unsecured notes.
 interest rate swap termination net cash receipts were $ 1. 1, recorded as offset to interest expense over remaining life of related debt.
 entered into foreign currency transactions foreign currencies bought or sold forward.
 contracts entered to meet currency requirements specific transactions.
 changes in value of forward contracts recorded in other income or expense.
 as of december 31 , 2006 and 2005  had contracts covering $ 0. 2 and $ 6. 2 , respectively  notional amount currency fair value of forward contracts negligible.
 terms of 4. 50% ( 4. 50 % ) notes include two embedded derivative instruments terms of 4. 25% ( 4. 25 % ) notes and series b preferred stock each include one embedded derivative instrument.
 fair value of derivatives on december 31 , 2006 negligible.
 interpublic group of companies , inc.
 subsidiaries management 2019s discussion analysis of financial condition and results of operations 2014 ( continued ) amounts in millions  except per share amounts ) %%transmsg*** transmitting job : y31000 pcn : 036000000 ***%pcmsg|36 |00005|yes|no|02/28/2007 01:12|0|0|page valid  no graphics -- color : d|

| 2007  | 2008  | 2009    | 2010    | 2011    | thereafter | total
------------------------------------------ | ----- | ----- | ------- | ------- | ------- | ---------- | --------
long-term debt1                            | $ 2.6 | $ 2.8 | $ 257.0 | $ 240.9 | $ 500.0 | $ 1247.9   | $ 2251.2
interest payments                          | 122.0 | 116.1 | 107.1   | 93.6    | 75.1    | 74.1       | 588.0
non-cancelable operating lease obligations | 292.3 | 265.2 | 237.4   | 207.9   | 181.9   | 861.2      | 2045.9
contingent acquisition payments2           | 47.2  | 34.2  | 20.8    | 2.5     | 2.0     | 3.1        | 109.8


humana inc.
 notes consolidated financial statements 2014 total intrinsic value of stock options exercised 2007 was $ 133. 9 million  compared with $ 133. 7 million 2006 $ 57. 8 million 2005.
 cash received from stock option exercises years ended december 31  2007  2006 2005 totaled $ 62. 7 million  $ 49. 2 million  $ 36. 4 million .
 total compensation expense related to nonvested options was $ 23. 6 million at december 31 , 2007.
 expect to recognize compensation expense over average period approximately 1. 6 years.
 restricted stock awards granted with fair value equal to market price common stock on date of grant.
 compensation expense recorded straight-line over vesting period generally three years from date of grant.
 weighted average grant date fair value of restricted stock awards was $ 63. 59 , $ 54. 36 , $ 32. 81 for years ended december 31 , 2007 2006 2005 .
 activity for restricted stock awards for year ended december 31  2007 : shares weighted average grant-date fair value.
 value of shares vested years ended december 31 2007 2006 2005 was $ 3. 4 million , $ 2. 3 million  $ 0. 6 million .
 total compensation expense related to nonvested restricted stock awards not yet recognized was $ 44. 7 million at december 31 , 2007.
 expect to recognize this compensation expense over weighted average period approximately 1. 4 years.
 no other contractual terms covering restricted stock awards once vested.

| shares           | weighted average grant-date fair value
---------------------------------------------- | ---------------- | --------------------------------------
nonvested restricted stock at december 31 2006 | 1107455          | $ 45.86
granted                                        | 852353           | 63.59
vested                                         | -51206 ( 51206 ) | 56.93
forfeited                                      | -63624 ( 63624 ) | 49.65
nonvested restricted stock at december 31 2007 | 1844978          | $ 53.61