.
 granted 2006 plan 2008 vested nonforfeitable merger.
 after 2008 employees consultants allied waste industries.
 not employed republic services.
.
 december 31 2009. 3 million shares common stock future grants 2006 plan.
 binomial option-pricing model.
 compensation expense straight-line period retirement.
 volatility based-year historical average.
 risk-free interest rate federal reserve rates.
 historical data estimate future option exercises.
.
 average values stock options 31 2009 2008 2007 $ 3. 79 $ 4. 36 $ 6. 49 per option assumptions.
 volatility 28. 7%. 7 % 27. 3%. 3 %. 5%. 5 %
 risk-free interest rate. 4%. 7%. 7 8%. 8 %
 dividend yield.1%. 1 %. 9 %. 5%. 5 %
 life. 2.
 life forfeiture. 0%. 0 %. 0% %. 0% 0 %
 services.
 subsidiaries financial statements


eog utilized prices estimated cash flows fair value unproved properties non-cash exchanges.
.
.
 december 31 2017 $ 6040 million $ 6390 million senior notes estimated values $ 6027 million $ 6602 million.
 market prices interest rates.
.
 oil gas properties future cash flows depreciation depletion amortization unamortized capitalized cost.
 adjusted fair value approach.
 accepted offers third-party purchasers fair value.
 2018 properties $ 139 million written down fair value $ 18 million pretax impairment $ 121 million.
 2017 $ 370 million $ 146 million impairment $ 224 million.
 2018 2017 2016.
 costs $ 173 million $ 211 million $ 291 million.
.
retirement obligations short long obligations property plant equipment 31 2018 2017.
 $ 946848 $ 912926
 liabilities incurred
 settled -70829 -61871
 revisions -38932 -9818
 currency translations
 end period $ 954377 $ 946848
 current $ 26214 $ 19259
 noncurrent $ 928163 $ 927589
 settlements asset sales.
 noncurrent retirement obligations consolidated balance sheets.


five-year return citi 2019s common stock 201cc 201d held 65691 stockholders january 31 2018 s&p 500 index financial index five december 31 2017.
 $ 100 invested december 31 2012 citi 2019s common stock s&p 500 index index dividends reinvested.
 five-year return s&p 500 financials.
 100.
 131. 132. 135.
 137. 150. 156.
. 152. 153
. 170. 188.
 193. 208. 230.


consolidated financial statements competitive environment economic business conditions.
 pullmantur brand spanish portu- guese latin american markets diversified sourcing spain largest market.
 2012 european economies insta bility sovereign debt impact auster ity measures.
 spanish econ omy impacted uncertainty.
 costa concordia incident lingering effect impact future uncertain.
 pullmantur goodwill.
 spanish economy worsened challenging environment.
 unemployment rate reached 26% ( 2012 expected rise 2013.
 international monetary fund gdp growth. 8%. revised 2013 gdp projections contraction 1. 3%. reduced 1. 5%. january 2013.
 austerity measures tax cuts benefits exemptions implemented.
 consumer confidence spending.
 deterioration in bookings guests spain 2013 wave season.
factors cash flow projections net yield assumptions expectations future capacity growth.
 determined implied fair value goodwill pullmantur unit $ 145. 5 million impairment charge $ 319. 2 million.
 recognized earnings fourth quarter 2012 reported assets.
 no goodwill impairment charges prior periods.
.
.
 spanish economy weakens.
 worse future cash flows additional impairment charge may required.
.
 intangible assets reported balance sheets.
 intangible 2014pullmantur trademarks names $ 218883 $ 225679
 impairment charge
 foreign currency translation adjustment
 204866
 fourth quarter 2012 annual impairment review trademarks names discounted cash flow model relief-from-royalty method.
 royalty rate based comparable agreements tourism hospitality industry.
trademarks names relate pullmantur used discount rate goodwill impairment test.
.
 deterioration spanish economy cash flow projections pullmantur net yield capacity growth.
 fair value trademarks carrying value.
 impairment charge $ 17. 4 million trademarks fair value $ 204. 9 million.
 charge recognized earnings fourth quarter 2012 reported pullmantur assets consolidated statements income.
 note 13.
 value measurements.
 spanish economy weakens other markets.
./27/13


abiomed.
 subsidiaries financial statements 2014.
 income taxes criteria tax position.
.
 change accounting principle $ 0. 3 million retained earnings long-term liabilities april 1 2007.
 adjustment state failure tax returns 2003 2004 2005.
 initiated voluntary disclosure plan.
 interest penalties income tax statements.
 accrued interest not significant $. 3 million adjustment earnings.
 march 31 2008 no penalties accrued discussions voluntary disclosure plan.
 accrues tax positions penalties.
 liability unrecognized tax benefits $ 0. 2 million march 31 2008.
 unrecognized tax benefit increase 12 months change results.
 reconciliation balance unrecognized tax benefits excluding accrued interest march 31 2008.
 balance april 1 2007 $
reductions tax positions closing statute limitations -56
 balance march 31 2008 $ 168
 company subsidiaries subject.
 federal income tax state foreign jurisdictions.
 accumulated losses since 1981.
 tax years examination federal commonwealth massachusetts.
 net operating loss tax credit carry forwards income authorities.
.
 contingencies acquisition impella abiomed additional contingent payments impella shareholders 2022. payment $ 5583333. $ 5583333 average market price share abiomed common stock $ 22 or more no additional contingent consideration.
 average market price between $ 18 $ 22 payment reduced.
 payments cash stock no more $ 9. 4 million stock.
 carrying value goodwill.
 june 2008 510 ( k ) clearance impella. obligation pay $ 5.6 million contingent payments 2005 acquisition impella.
 cash stock $ 1. 8 million remaining $ 11. 2 million cash.
 satisfy impella 2. 5 510 k ) clearance issuance common shares.


benefit payments funding pension plans determined erisa revenue code rules.
 no contributions 2016.
 2017.
 made $ 23 million contributions 2016 sikorsky pension plan expect $ 45 million 2017.
 estimated future benefit payments service december 31 2016.
 2018 2019 2020 2021 2022 2026
 benefit pension plans $ 2260 2340 2420 2510 2590
 retiree medical life insurance plans
 401 ( k ) employees.
 contributions rates.
 contributions $ 617 million 2016 $ 393 million 2015 $ 385 million 2014 funded common stock.
 plans. shares common stock december 31 2016 2015.
 authorized capital 1. 5 billion shares common stock 50 million shares preferred stock.
290 million shares common stock december 31 2016 289 million remaining separate trust.
 305 million shares 2015 303 million remaining separate trust.
 preferred stock.
 8. 9 million shares $ 2. 1 billion.
 2014 paid $ 3. billion $ 1. billion 15. 11. 5 million.
 2016 approved $ 2. billion increase repurchase program.
 remaining future repurchases $ 3. 5 billion december 31 2016.
 $ 1 par value repurchased excess paid-in capital.
 reduced zero excess. billion retained earnings 2016.
 paid dividends $ 2. billion. per share 2016 $ 1. 9 billion. 2015 $ 1. 8 billion. 2014.
 increased quarterly dividend rate 10% increase fourth quarter 2016.
 dividends $ 1.65 first quarters 2016 $ 1. 82 fourth quarter 1. 50. 65 fourth quarter 1. 33 three quarters 2014 1. 50 fourth quarter.


mississippi.
 net wholesale revenue variance lower profit joint sales reduced capacity municipal energy agency.
 operating revenues fuel power expenses regulatory charges increased $. million fuel cost recovery higher rates offset decrease $ 43 million wholesale revenues generation demand less energy resale system agreement remedy receipts.
 fuel power expenses increased market prices natural gas power offset decreased demand deferred fuel costs.
 regulatory charges grand gulf.
 no effect net income adjustments power management recovery rider.
 2007 2006 revenue fuel-related expenses gas resale power expenses regulatory charges.
 change net revenue 2007 2006.
.
 2006 revenue $ 466.
.
.
.
.
.
.
.
 $ 486.
 revenue variance due formula rate plan increase july 2007.
.
volume/weather variance due increased electricity usage residential commercial weather sales.
 usage increased 214 gwh.
 offset decreased industrial.
 transmission revenue variance due higher rates new customers 2006.
 equalization variance revision receipts.
 reserve equalization variance revision payments ruling


increase cash flows due to timing inventory purchases longer payment terms vendors.
 manage working capital operating cash needs monitor cash conversion cycle sales plus supply inventory minus purchases three-month average.
 components cycle.
 2017 2016 2015
 sales outstanding 52
 supply inventory 12
 purchases outstanding -45
 cash conversion cycle 19 21
 1 three-month average balance accounts receivable divided by average daily net sales.
.
 2 merchandise inventory average daily cost sales.
 3 combined balance accounts payable-trade divided by average daily cost sales.
 cash conversion cycle 19 days at december 31 2017 2016.
 increase in dso driven by higher net sales receivable third-party services.
services unfavorable impact dso receivable recognized sales net.
 favorable dpo payable recognized cost sales.
 dpo increased mix payables vendors longer payment terms.
 cash conversion cycle 19 21 days december 31 2016 2015.
 increase driven higher net sales third-party services.
 services unfavorable dso receivable recognized gross sales net.
 services favorable dpo payable recognized cost net sales.
 dpo increased mix payables vendors longer payment terms.
 cash increased $ 15 million 2017.
 capital expenditures increased $ 17 million to $ 81 million 64 improvements information technology systems.
 net cash decreased $ 289 million 2016.
 due acquisition cdw uk 2015.
 capital expenditures decreased $ 26 million to $ 64 million from new office location 2015.
financing cash increased $ 514 million 2017 2016.
 driven accounts payable-inventory financing $ 228 million share repurchases 2017 $ 167 million.
 share repurchase program part ii item 5 equity purchases. increase cash financing termination inventory financing fourth quarter 2016


adjustments include historical retention costs non-recurring litigation matters secondary-offering expenses consolidation office locations north chicago.
 2013 recorded ipo secondary-offering expenses $ 75. 0 million.
 note 10 stockholder equity consolidated financial statements.
 impact consolidating five months 2015 results.
 non-gaap net income excludes amortization acquisition assets non equity compensation acquisition integration expenses gains losses extinguishment long-term debt.
 non-gaap net income measure.
 amounts.
 measures differ.
 income information operating performance cash flows future debt service capital expenditures working capital requirements.
 table reconciliation net income non-gaap net income periods.
 2015 2014 2013 2012 2011

 income $ 403. $ 244. $ 132. $ 119. $ 17.
 amortization intangibles 173. 161. 163. 7 165.
 non-cash equity-based compensation 31. 16. 8. 22. 19. 5
 non-cash equity-based compensation 20. 2014
 loss extinguishments long-term debt 24. 3 90. 7 64. 17. 118.
 acquisition expenses 10. 2014
 equity investment -98.
 adjustments 3. 7. 61.
 adjustment income taxes -64. -103 -113 -71 -106.
 non-gaap income $ 503. 5 $ 409. $ 314. $ 247. $ 198.
 expenses 10. 2014 gain equity investment. adjustments 3. 61.adjustment income taxes 64. 103. 113. 71. 106. non-gaap net income $ 503. $ 409. $ 314. $ 247. $ 198. amortization acquisition assets customer relationships contracts trade names.
 35% 35 % expense equity awards coworkers 2015 acquisition.
 expenses.
 gain remeasurement 35% 35 equity investment.
 consolidation office locations north chicago secondary- offering expenses.
.
 tax rate 38. 0%. 39. acquisition non- cash equity compensation gain remeasurement 35% equity tax 35. 4%.
 adjustment income taxes $ 4. million deferred tax benefit 2015 tax rate reduction additional tax expense $ 3. million withholding tax unremitted earnings canadian subsidiary.
 acquisition costs non-deductible.


management financial condition results operations 2013 amounts millions liquidity capital resources cash flow tables financial data liquidity capital resources.
 2018 2017 2016
 net income operating $ 1013. $ 852. $ 1018.
 working -431. 431. -410.
 non-current assets liabilities -16. 8 24. -95.
 operating activities $ 565. $ 881. $ 512.
 investing -2491. 2491. -196. -263. 263.
 financing 1853. -1004. -666.
 net income depreciation amortization intangible restricted stock non compensation losses sales deferred income taxes.
 accounts receivable assets accrued liabilities.
use cash first nine months largest impact first quarter generate cash fourth quarter driven strong media spending.
 annual capital results impacted fluctuating media spending budgets changing spending patterns.
 timing media buying affects working capital cash flow volatile.
 agencies pay production media costs.
 pay after funds.
 affect accounts receivable payable accrued liabilities contract liabilities.
 assets include cash received accounts receivable liabilities owed suppliers.
 affected timing payments.
 annual cash incentive awards paid first quarter year.
 net cash 2018 $ 565. decrease $ 316. 2017 increase working capital usage $ 436.
 impacted spending levels.
 attributable media businesses.
 $ 881. increase $ 369. 2016 improvement working capital usage $ 415.
 benefited spending patterns.
2018 $ 2309. 8 acxiom capital expenditures $ 177. 1 leasehold improvements.


company had capital loss carryforwards federal tax $ 3844 $ 4357 at december 31 2013 2012.
 recognized full valuation allowance.
 files tax returns states federal.
 subject.
. tax examinations 2007.
 examinations progress adjustments.
 patient protection affordable care act 23 2010 health care education reconciliation act march 30 2010.
 changes tax treatment federal subsidies retiree health benefit plans.
 payments taxable after december 31 2012 recorded reduction deferred tax assets increase regulatory assets $ 6241 $ 6432 at december 31 2013 2012.
 changes gross liability for unrecognized tax benefits.
 balance january 1 2012 $ 158578
 increases tax positions
 decreases
 december 31 2012 180993
 increases tax positions
tax positions -30275
 balance december 31 2013 $ 177947
 company adopted tax guidance reclassified 2012 $ 74360 unrecognized tax benefit deferred taxes.
 balance include interest penalties $ 242 $ 260 december 2013 2012 income tax expense.
 increased tax position temporary differences.
 change tax accounting 2008 utility.
 changes unrecognized tax benefits.
 positions 2013 2012 unrecognized tax benefit $ 7439 $ 7532 tax rate.


mastercard incorporated financial statements 2010 board authorized plan repurchase $ 1 billion common stock.
 repurchase shares 2010.
 february 16 2011 completed repurchase. 3 million shares $ 75 million.
.
 2006 long-term incentive plan amended restated october 13 2008.
 shareholder-approved equity awards employees.
 granted restricted stock units non-qualified stock options performance stock units.
 vest three four years.
 options expire ten years grant vest four years.
.
 one-time grant non management employees 440 thousand rsus.
 vested three years.
 straight-line method attribution equity awards.
 expense net estimated forfeitures.
 adjusted.
 termination employment unvested awards forfeited.
 retirement retains awards service.
retirement age service 55 ten 60 five 65 two.
 compensation expense recognized shorter vesting periods.
 11550000 shares common stock reserved equity awards.
 no.
 option exercises conversions funded issuance new shares.
 fair value estimated date grant black-scholes option pricing model.
 weighted-average assumptions fair value option 31.
 risk-free rate return 2. 7%. 7 %. 5%. 5 % 3. 2%. 2 %
.
 volatility 32. 7%. 7 7%. 7 % 37. 9%. 9 %
 dividend yield. 3%. 3 % 4%
-average fair value option $ 84. $ 71. $ 78.
 risk-free rate return based.
 treasury yield curve.
company utilizes calculating expected term option vesting terms contractual life.
 volatility options 2010 2009 average implied volatility mastercard historical volatility


deferred tax assets realized.
 accruals subject judgment management reviewed adjusted facts circumstances.
 changes tax audits legislation tax matters.
 2011.
 based on historical operating trends data.
 demand producibility market conditions oil  gas ngls 2011 similar to 2010.
 201cdisclosure statements.
 canadian operations converted to.
 dollars 2011 exchange rate $ 0. dollar to $ 1. canadian dollar.
 operations north america onshore operations.
 international operations brazil angola divesting.
 sell assets brazil for $ 3. billion angola $ 70 million.
 revenues expenses capital international operations reported as discontinued statements.
 forward-looking estimates exclude international operations.
 2011 estimates relate america onshore assets.
 oil gas production.
estimate combined oil gas ngl production 236 to 240.
.
. onshore 17 736 34 174
 canada 28 199 3 64
 north america onshore 45 935 37 238
 gas 2011 average prices oil gas production differ price.
 ranges financial contracts price risk management.
 nymex price oil determined monthly average settled prices west texas intermediate crude oil.
 gas-month south louisiana henry hub price index


consolidated financial statements 2014.
 may 31 2009 $ 55. million purchase price escrow account.
 former parent company pledged stock loan september 24 2009.
 repayment stock released $ 35. million purchase price seller.
 remaining $ 20. million escrow until january 1 2013 liabilities.
 acquisition presence russian market opportunities central eastern europe.
 purchase price determined financial statements.
 not significant financial statements information.
 global payments indirect guarantee.
 default transfer shares trustee pay.
 2009 maximum future payments $ 44. 1 million total $ 21. 8 million due paid june 24 2009 $ 22. 3 million due september 24 2009.
 total $ 55 million escrow.
 obligation guarantee de minimis.
 preliminary purchase price allocation.
assets $ 10657
 35431
 intangible assets 16500
 trademark 3100
 property equipment 19132
 long-term assets 13101
 acquired 97921
 liabilities -7245
 notes payable -8227
 deferred taxes-term liabilities
 assumed -22921
 assets acquired $ 75000
 goodwill non-deductible tax.
 assets amortization 9 15 years.
 trademark amortization 10 years.
 payments asia-pacific philippines 2008 acquired.
 56% 56 %


shareowner return performance graph material future filing securities act 1933 exchange act 1934 except.
 five-year comparison shareowners 2019 returns class b common stock standard 500 index dow jones transportation average.
 quarterly stock price reinvested dividends $ 100 invested december 31 2012 standard 500 index dow jones transportation average class common stock.
 united parcel service. 100. $ 146. $ 159. 148. 182. $ 195.
 500 index. 132. 150. 152. $ 170. $ 208.
 dow jones transportation average. $ 141. 176. 147. 179. $ 213.


blackrock cash investment administration securities lending performance fees distribution fees.
 cash operating expense interest taxes dividends repurchases expenditures co-investments seed investments.
 statements part ii 8.
 include investment fees securities lending performance fees offset operating expenses-end incentive compensation.
 outflows $ 58 million $ 384 million investment purchases $ 119 million property $ 30 million acquisition $ 441 million proceeds sales.
 $ 2831 million $ 1. 4 billion share repurchases $ 1. 1 billion open market transactions $ 274 million employee tax withholdings $ 1. 5 billion dividend payments offset $ 82 million excess tax benefits stock compensation.
 manages financial liquidity.
liquidity resources december 31 2016 2015 millions cash equivalents $ 6091 6083 consolidated.
 2016 2015
 equivalents $ 6091 6083
 consolidated
 liquidity resources $ 10038 $ 9983
 percentage cash equivalents.
 subsidiaries 50% december 31 2016 2015.
.
 access cash operating activities.
 reflect year-end incentive compensation accruals $ 1. 3 billion $. 5 billion 2016 2015.
 liquidity resources increased $ 55 million 2016 cash flows operating offset cash payments 2015 share repurchases $ 1. 4 billion cash dividend payments $ 1. billion.
 $ 2414 million investments illiquid convertible cash.
.
 repurchased 3. million common shares $ 1. billion 2016.
december 31 2016 3 million shares authorized.
 january 2017 board approved increase repurchase program additional 6 million shares 9 million shares blackrock common stock.
.
 capital subsidiaries retaining cash investments.
 subsidiaries cash.
 transfers adverse tax consequences.
 blackrock institutional trust company.
 national bank client deposits powers limited trust fiduciary activities.
 provides investment management services.
 subject regulatory capital liquid asset requirements comptroller.
 december 31 2016 2015 maintain $ 1. 4 billion $ 1. 1 billion net capital regulated subsidiaries.
 compliance net capital requirements.
 undistributed earnings foreign subsidiaries.
 provided.
 federal income taxes $ 5. 3 billion undistributed earnings foreign subsidiaries.
earnings reinvested outside states.
 plans repatriate funds.
 2016 credit facility.
 commitment $ 4. billion amended 2016 maturity march 2021.
 permits additional $ 1. 0 billion borrowing capacity $ 5. 0 billion.
 interest borrowings accrues london interbank rate spread.
 not exceed maximum leverage ratio


entergy texas.
 subsidiaries income decreased $ 31. million lower revenue higher depreciation amortization expenses operation maintenance expenses higher taxes.
 increased $. million lower expenses write-off spindletop gas storage facility higher net revenue.
 fuel expenses gas power expenses regulatory charges.
 change net revenue 2017 2016.
.
 2016 revenue $ 644.
 wholesale revenue.
 purchased power capacity -5.
 transmission revenue.
 reserve equalization.
 retail electric price.
.
 2017 revenue $ 626.
 wholesale revenue variance lower capacity revenues purchased power agreements entergy louisiana texas.
 power capacity increased expenses capacity cost changes.
 transmission revenue.
 equalization expenses entergy texas exit agreement.
 2 statements.


consolidated financial statements 2014income taxes 30 2006 company state foreign tax loss credit carryforwards tax effect $ 55 million.
 carryforwards $ 12 million expire 2016 2019.
 acquired previous acquisitions limitations internal revenue code.
 remaining benefits tax losses credits expire.
 24 2005 valuation allowance $ 5 million deferred tax asset state operating losses.
 forecasted income planning recover remaining deferred tax assets.
 reconciliation income taxes federal income tax rate 35% 35 % 2006 2005 2004 2006 2005 2004 restated.
 computed expected tax $ 987 $ 633 $ 129
 state taxes federal effect
 indefinitely invested earnings foreign subsidiaries -224
 nondeductible executive compensation
 research development credit net -5
-19 4
 income taxes $ 829 $ 480 $ 104
 tax rate 29% 29 % 27% 27 % 28% 28 %
. income taxes reduced benefits employee stock options.
 benefit difference market value stock option price.
 benefits stock transactions $ 419 million $ million $ 83 million 2006 2005 2004 common stock statements 2019.


vertex pharmaceuticals financial statements.
 unrealized losses.
 government.
 enterprise corporate asset-backed.
 losses due interest rates.
 investments high grade no adverse credit events.
 hold until recovery value impaired 2006 2005.
 gains losses 2006 $ 4000 $ 88000.
 2005 $ 15000 $ 75000.
 2004 $ 628000 $ 205000.
.
 held $ 30. 3 million $ 41. 5 million.
 balance deposit stand-by letters landlords.
.
 property equipment depreciation amortization expense 2004 $ 25. 4 million $ 26. 3 million $ 28. 4 million.
 wrote off assets depreciated.
 no effect property equipment.
 assets not depreciated.
 net loss disposal $ 10000 2006 $ 344000 2005 $ 43000 2004.
.
altus pharmaceuticals.
 public offering 2006.
 owned 817749 shares common stock warrants purchase 1962494 shares.
.
 furniture equipment $ 97638 98387
 leasehold improvements 74875 66318
 computers 18971
 21274 18683
 property 213520 202359
 accumulated depreciation amortization 151985 147826
 $ 61535 $ 54533
 97638 98387 66318 18971 61535


$ 55 million reported 201d balance.
 recovery $ 25 million 2007 reduced cash flows sale. industrial transportation business.
 purchases survivor benefit insurance equity investments.
 cash flows financing december 31.
 2007 2006 2005
 short-term debt 2014 -1222 882 $ -258 (
 repayment debt -1580 -440 -656
 proceeds
 cash change debt $ 1222 $ 1135 -485
 purchases treasury stock -3239 -2351 -2377
 reissuances
 dividends -1380
 excess tax benefits stock-based compensation
 distributions minority interests 2014 -76
 cash financing $ -2547 -3625
 total debt december 31 2007 $ 4. 920 billion up $.billion-end 2006.
 short-term debt commercial paper.
 repayment 90 days commercial paper repayments $ 1. billion november 2007 redemption $ 322 million convertible notes.
 long-term commercial paper $ 4 billion.
 eurobond december july $ 1. 5 billion.
 march long-term debt $ 750 million december 2007 fixed rate note $ 500 million commercial paper $ 1. 25 billion.
 long-term debt share repurchase.
 accelerated purchases treasury stock $ 3. 2 billion shares 2007.
 debt 30% capital 26% 2006.
 securities convertible notes.
 issuer future sales.
 150718 shares common stock acquisition diamond productions.
 proceeds future securities sales corporate purposes.
2007 company established medium-term notes program $ 3 billion.
 2007 issued five-year $ 500 million fixed rate note coupon rate. 65%.
 remaining capacity $ 2. 5 billion december 31 2007.
 $ 350 million remarketable securities remarketed 2007.
 350 million $ 62 million floating notes.
 convertible notes value $ 222 million 31 2007.
 next option november 2012.
 364598 bonds redeemed payout $ 322 million.
 repurchases common stock employee compensation.
 february 2007 authorized two-year share repurchase $ 7. 0 billion 2007 2009.
 december 31 $ 4. 1 billion repurchase.
.


consolidated financial statements 2014 amounts millions per share contingent obligations under subsidiaries credit facilities media payables operating leases.
 guarantees $ 255. 7 $ 327. 1 december 31 2008 2007.
 non-payment subsidiary pay.
 31 2008 no material assets pledged security guarantees.
 structured acquisitions contingent purchase price obligations reduce risk negative future performance.
 agreements purchase additional equity interests subsidiaries.
 amounts based on future financial performance timing foreign currency exchange rates.
 recorded liability amounts not determinable distributable.
 acquisition obligations additional cost.
 acquisitions deferred payments fixed determinable acquisition date.
 record liability additional cost.
 deferred payments purchases contingent future employment former owners compensation expense.
 acquisition agreements employment terms former owners.
future expense not allocated assets liabilities amortized over employment terms former owners.
 table details estimated liability contingent acquisition obligations amount paid earliest date.
 options exercisable discretion minority owners december 31 2008.
 estimated acquisition payments $ 5. included payments 2009 not 2010 until.
 payments contingent operating performance targets conditions agreements subject revisions earn.
 estimated future contingent acquisition obligations payable cash.
 2013
 deferred acquisition payments $ 67. 32. 30. 4. 139.
 call options 11. 34. 73. 70. 262.
 contingent acquisition payments 79. 66. 103. 75. 402.
 cash compensation expense.
 $ 76. $ 65. 103. 74. 75..
 entered acquisitions put call options similar terms conditions.
 included contingent acquisition obligation earliest option exercisable.
 revisions 2008 topic.
-98 redeemable securities


years 2008 2007 2006 ineffectiveness hedge not significant.
 contracts obligation purchase.
 dollars sell euros yen pounds canadian dollars australian dollars korean won purchase swiss francs sell.
 january 2009 through june 2011.
 contracts.
 dollars $ 1343. million.
 francs $ 207. 5 million.
 fair value derivative instruments net unrealized gain $ 32. 7 million $ 33. million net taxes deferred comprehensive income $ 16. 4 million $ 17. 9 million reclassified earnings next twelve months.
 foreign currency forward exchange contracts exposures.
 foreign currency gains/losses.
 offset with gains/losses contracts.
 comprehensive income gains losses excluded from net earnings adjustment stockholders equity.
comprehensive income foreign currency translation adjustments unrealized hedge gains losses-for-sale securities amortization prior service costs unrecognized losses actuarial assumptions.
 2006 adopted sfas 158 2019 defined benefit pension postretirement plans amendment fasb statements.
 87 88 106 132. funded status benefit plans deferred gains losses.
 unrealized loss $ 35. million 2006.
 balance december 31 loss.
 2007 31 2008
 foreign currency translation $ 368. -49. $ 319.
 currency hedges -45.
 unrealized gain loss securities -1.
 unrecognized prior service cost gain loss actuarial assumptions. -79 -111
 income $ 290. -50. $ 240.
 reclassified investment available-for-sale.
investment marked market sfas 115 debt equity securities net unrealized gain $ 23. 8 million 2008.
 reclassified investment 2008 proceeds $ 54. 9 million gross gain $ 38. 8 million.
 basis securities consideration acquisition.
 treasury stock repurchases common stock cost method reduction shareholders equity.
 reissue common stock treasury limited purposes.
 2006 fasb issued sfas.
 157 201cfair value measurements defines framework expands disclosures.
 measurements guidance hierarchy.
.
 effective financial statements fiscal years november 2007.
 2008 fasb issued.
 157-2 delays effective date provisions.
 non-financial assets liabilities years november 15 2008.
 adoption.
 financial statements results operations.
.
2 0 0 8 consolidated financial statements job c48761 046000000|02/24/2009 19:24 valid no graphics color d


ability identify acquisition candidates finance acquisitions depends cash reserves financing terms variability stock price integrate acquired business operations services clients personnel effect substantial leverage limit funds acquisitions changes failure government regulations privacy regulations other risks securities exchange commission.
 obligation update alter statements.
 results differ from statements.
.
.
.
.
 corporate headquarters jacksonville florida owned facility.
 fnf occupies rent 86000 square feet.
 lease office space locations.
 california
 texas
 florida
 georgia york
 jersey
 illinois massachusetts
 alabama carolina
.
 lease 72 locations outside united states.
 properties adequate for business.
.
 legal proceedings.
 company involved in litigation matters claims punitive damages.
company believes no actions depart from litigation business.
 note 2022 matters raise factual legal issues uncertainties.
 company reviews follows financial accounting standards.
 accounting contingencies disclosure decisions.
 assessing outcomes ultimate outcome following appeals.


part iii item 10.
 directors executive officers corporate governance directors selection process conduct committees committee 16 beneficial ownership reporting compliance proxy statement annual meeting stockholders may 21 2015 executive officers part form 10-k officers. new york stock exchange certification chief executive officer annual ceo certification section 303a. 12 stock exchange company manual.
 item 11.
 executive compensation- management director discussion analysis leadership talent committee report.
 item 12.
 security ownership beneficial owners management stockholder matters shares ownership common stock shares common stock issued equity compensation plans december 31 2014 table.
 equity compensation plan number shares issued outstanding options warrants rights exercise price stock options securities future issuance equity plans.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
. 41661517 equity compensation plans approved holders.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
 5866475 performance-based share awards 2009 2014 incentive plans shares stock 2012-2014 2013-2015 2014-2016.
 weighted-average price 2014 2015 2016.
 98877 restricted share units performance-based awards settled in shares common stock cash.
.
 settled cash shares common stock.
 restricted cash awards half settled in shares common stock cash.
 2014 closing stock price $ 20. awards rights additional 2721405 shares.
 not included table.
29045044 shares common stock 2014 performance incentive plan 12181214 shares employee stock purchase plan 435259 shares 2009 non-management directors 2019 stock incentive plan.
 category shares stock outstanding options warrants rights 123 weighted-average exercise price stock options securities future equity compensation plans
 equity compensation plans approved 15563666. 41661517
 not
 part iii item 10.
 directors executive officers corporate governance information directors selection process conduct committees committee beneficial ownership reporting compliance proxy statement annual meeting stockholders may 21 2015 executive officers part form 10-k. stock exchange certification 2014 chief executive officer annual ceo certification section. stock exchange company manual.
.
compensation compensation management director compensation discussion analysis leadership talent committee report proxy statement.
.
 security ownership owners management stockholder matters shares ownership common stock shares common stock equity compensation plans december 31 2014.
 compensation plan shares common stock options warrants rights-average exercise price stock options securities future approved security holders.
.
.
.
.
.
.
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. compensation plans approved
.
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.
.
 5866475 performance-based share awards 2009 2014 performance incentive plans target shares common stock issued 2012-2014 2013-2015 2014-2016.
weighted-average exercise price column 2014 2015 2016.
 98877 restricted share units performance-based awards settled common stock cash.
 weighted-average price awards.
 award settled cash shares common stock column.
 ipg issued restricted cash awards half settled common stock cash.
 2014 closing stock price $ 20. 77 awards additional 2721405 shares.
 not included table.
 4 29045044 shares common 2014 performance incentive plan 12181214 employee stock purchase plan 435259 shares 2009 non directors stock incentive plan.


management 2019s discussion analysis jpmorgan chase co. annual report credit derivatives portfolio management qualify hedge accounting.
 reported fair value gains losses recognized transactions revenue.
 loans lending-related commitments risk-managed accounted accrual basis.
 asymmetry accounting treatment credit derivatives causes earnings volatility not representative firm changes value credit exposure.
 effectiveness credit default swap protection exposures vary factors named reference entity. contractual terms cds maturity cds protection shorter.
 firm seeks credit protection maturity same or similar exposure differences maturity monitored managed firm.
 credit portfolio hedges table sets fair value firm 2019s credit derivatives management cva other hedges risk management.
 results vary due market conditions positions.
gains losses credit portfolio hedges december 31 millions 2013 2012 2011 $ 142 163 ) 32 ).
 31 2013 2012 2011
 -142 142 -163 163 -32
 -130 -769
 gains losses $ -36 ) -801
 community reinvestment act encourages banks credit needs low moderate incomes.
 firm national leader community development loans investments services states.
 31 2013 2012 loan portfolio $ 18 billion $ 16 billion.
 50% 62% residential mortgage loans 26% 13% commercial real estate 16% 18% business banking loans 8% 7% 7 % other loans.
 nonaccrual loans 3% 3 % 4% 4 %.
years 2013 2012 net charge-offs portfolio 1% 3% 3 % net charge-offs.


equity securities three months december 31 2007 repurchased 8895570 shares common stock $ 385. 1 million $ 1. 5 billion stock repurchase program february 2007 shares purchased average price paid share dollar value.
 price value
 october 2007 3493426 $ 43. $ 449.
 november 2007 $ 44. $ 322.
 december 2007 2510425 $. $ 216.
 fourth quarter 8895570 $.
 repurchases $ 1. 5 billion stock repurchase program february 2007.
 management authorized february 2008 purchase shares open market prevailing prices securities laws subject market conditions.
 trading plans rule 10b5-1 exchange act insider trading laws trading blackout periods.
december 31 2007 repurchased 4. 3 million shares common stock $ 163. 7 million.
 february 2008 approved new stock repurchase program authorized purchase $ 1. 5 billion stock.
 purchases subject cash 1a report additional financing repurchase refinance indebtedness future growth expansion initiatives 7 financial condition results operations.


share-based compensation cost recorded estimated forfeitures straight-line graded-vesting performance market.
 estimated forfeiture rate based historical trended forfeiture data.
 2014 2013 2012 recorded compensation cost $ 172 million $ 179 million $ 147 million consolidated statements operations.
 capitalized share-based compensation cost immaterial 2014 2013 2012.
 options options expire 10 years grant vest 3 years vesting.
 fair value stock option estimated grant black-scholes option pricing model weighted-average assumptions.
 expected term.
 risk-free rate return. 3%.
 volatility 25. 2% 34 9%. 9
 dividend yield.
 fair value per option granted $ 44. $ 39. $ 29.
 2014 based historical option exercises peer companies comparable.
company 2019s data weighted years measurement date initial public offering contractual term.
 weighting peer 2014 58% 58 % 42% 42 % ).
 2013 2012 peer companies data.
.
 treasury bond rate expected term.
 historical volatility.
 peer companies.
 weighting years stock price information public offering.
 volatilities 22% ( 22 % to 26% ( 26 % ) annual dividend rate date grant.


baker hughes financial statements 2017 10-k value rsus vested outstanding 2017 $ 17 million $ 38 million.
 fair value $ 19 million.
 december 31 $ 98 million unrecognized compensation cost 2. 5 years.
.
 issue 2 billion shares a common. 25 billion class b 50 million preferred stock par value $ 0. 0001 per share.
 july 3 2017 common stock converted a common stock.
 shares outstanding december 31 2017 422 million 707 million.
 issued preferred stock.
 owns class b common stock.
 paired interest.
 no economic rights right dividends assets liquidation.
 stockholders special one-time cash dividend $ 17. per share.
 paid dividends $ 0. 17 $. 18 per share holders september 30 december 31.
table presents changes shares outstanding b.
 balance december 31 2016
 business combination july 3 2017 427709 717111
 vesting restricted stock units
 stock options
 stock repurchase program
 balance december 31 2017 422208 706985
 amounts withheld employee's tax withholding obligation.
 november 2 2017 board directors authorized bhge repurchase $ 3 billion common units.
 proceeds common stock $ 1. billion.
 paired repurchased units par value.
 $ 3 billion repurchase authorization repurchases.
 bhge repurchase $ 2. 5 billion units december 31 2017.
 repurchased canceled 6046735 shares a $ 187 million.
 repurchased canceled 10126467 shares b common stock units $ 314 million.


distribution channels presents doors geographic location ralph lauren-branded products sold april 3 2010 doors.
 united states canada 4402
 4421
 japan
 8940
 asia-pacific products distributed concessions sales.
 american living chaps products sold 1700 doors.
 five key department-store customers sales volume.
 45% wholesale revenues macy.
 18%.
 brands sold sales.
 showrooms new york.
 regional showrooms atlanta chicago dallas milan paris london munich madrid stockholm.
 shop-within-shops.
 brand recognition merchandising differentiate presentation.
 customized fixtures wall cases decorative items flooring.
 april 3 2010 14000-shops lauren-branded products worldwide.
larger shop-within-shops size 300 to 6000 square feet.
 share cost wholesale customers.
.
 knit shirts pants.
 ship three-to-five days order receipt.
 2010 179 full-price 171 factory stores 2. 6 million square feet 281 shop-within-shops two e-commerce websites.
 extension direct-to-consumer reach goal.
 reinforce luxury image exclusive lines.
 opened 3 closed 3 2010.
 assumed 16 stores


consolidated financial statements.
 accounting sop 03-1 effective fiscal years after december 15 2003.
 january 1 2004 cumulative effect sop 03-1 on net income impacts income tax benefit $ 12 may 2003 financial accounting standards board issued.
 financial instruments liabilities equity.
.
 standards classifying liabilities instruments.
.
 requires liability classification instruments obligation buy back issuer shares obligations settled in shares value from underlying instrument.
 related to issuer shares.
 mandatorily redeemable equity options requiring issuer buyback shares reported liabilities.
.
 accounting freestanding financial instruments affect derivative.
.
 effective instruments modified after may 31 2003 other instruments first interim reporting period after june 15 2003.
statement company 2019s financial condition results operations.
 january 2003 fasb issued interpretation.
 46 201cconsolidation variable interest entities.
 required enterprise assess consolidation interests variable interest entity.
 equity investors controlling interest sufficient equity without support.
 initial determination enterprise involved.
 variable interest losses residual returns.
 46 effective new vies january 31 2003.
 adoption 46 financial condition results no vies consolidation.
 december 2003 fasb issued revised version fin 46 201d ) modifications changes original version.
 replaced 46 effective end first reporting period after december 15 2003 end first reporting period after march 15 2004 other.
 early adoption permitted.
 company adopted fin 46r fourth quarter 2003.
adoption fin 46r vies deconsolidation redeemable securities subsidiary trusts.
 company not primary beneficiary.
 own unrelated third parties.
 principal variable interests issued vies.
 no longer consolidated.
 sole assets junior subordinated debentures payment terms identical securities.
 separate liability consolidated balance sheets.
 december impact deconsolidation long debt trust preferred securities by $ 952 $ 1. 5 billion .
 note 14. adoption new accounting standards december 2004 fasb issued sfas.
 123-based payment 201d.
 replaces.
 123 stock-based compensation.
 supercedes apb opinion.
 25.
.
 recognize compensation costs share-based payments employees after june 15 2005.
 pro forma disclosures.
 alternative financial statement recognition.
 transition methods include prospective retrospective adoption options.
.
 cumulative effect adoption
 establishing benefit reserves annuity contracts -54
 reclassifying accounts general
 cumulative effect adoption


-balance sheet securitizations company.
 qualify for sales assets remain on balance sheet.
 table presents carrying amounts classification consolidated assets liabilities transferred from consumer credit card student loan mortgage auto businesses secured borrowings 31.
 2008 2007
 cash.
 available-for-sale securities.
 loans.
 loan losses.
 assets $ 7. $
 long-term debt $ 6.
 liabilities.
 liabilities $ 6.
 assets restricted from sold pledged as collateral.
 cash flows pay liabilities non-recourse to assets.
 citi-administered asset-backed commercial paper conduits active administrator multi paper conduits service provider.
 low-cost funding.
 purchase third-party investors.
 purchase assets originated company.
funding conduit facilitated by liquidity credit enhancements by company third parties.
 administrator responsible for assets decisions funding tenor commercial paper monitoring quality performance operations cash flows.
 company earns structuring fees administration fee equal to income liquidity fees after.
 administration fee stable risks rewards passed back to customers income costs fees stable.
 conduits invest in liquid securities rated third parties.
 assets privately negotiated structured.
 yield tied to commercial paper interest rate risk to client.
 asset structured with transaction-specific credit enhancement features over- collateralization cash excess spread collateral accounts direct recourse guarantees.
 credit rating or above risk.
 funding short- term commercial paper.
 average life commercial paper 37 days.
conduits issued loss notes equity $ 80 million tenors six months to seven years.
 primary credit enhancement transaction-specific credit enhancement.
 two additional forms credit enhancement protect commercial paper investors from defaulting assets.
 subordinate loss notes absorb credit losses full amount.
 majority losses single investor primary beneficiary under 46.
 each conduit obtained letter of credit company 8-10% assets.
 total $ 5. 8 billion included maximum exposure to loss.
 defaulted assets losses allocated subordinate loss note holders company commercial paper investors provides liquidity agreements funding market disruption.
 each asset supported transaction-specific liquidity facility asset purchase agreement.
 non-defaulted receivables.
 subject increased pricing.
 credit support purchase defaulted assets credit risk.
 covers all assets 2019s maximum exposure to loss.
company provides liquidity short-term lending commitments.
 lend disruption commercial paper market conditions.
 total exposure $ 11. 3 billion 2019s maximum exposure loss.
 receives fees fair market.


subsidiaries receipt dividends repayments indebtedness compliance delaware laws contractual.
 dividend rate determined board quarterly current future developments income cash.
 dividends paid march june september december.
 paid quarterly less 30 days distribution.
 not cumulative declared dividends paid.
 2018 2017 2016 paid $ 319 million $ 289 million $ 261 million cash dividends.
 per share cash dividends years december 31.
.
.
 june.
.
 declared quarterly cash dividend $ 0. 455 per share payable march 1  2019 shareholders february 7  2019.
 equity forward transaction note 4 2014acquisitions divestitures sale agreements april 11 2018 settlement june 7 2018.
regulatory restrictions issuance long-term debt equity securities by american water capital.
 subsidiary authorization state puc if no guarantee pledge.
 state puc authorization required long-term debt at subsidiaries.
 obtain approvals financing.
 pay dividends from retained earnings.
 significant loss dividends.
 pay dividends repay indebtedness subject to with regulatory restrictions financial obligations debt service dividends corporate tax laws regulations agreements covenants.
 stock based compensation granted stock options units dividend equivalents to non-employee directors officers key employees 2007 equity compensation plan.
 stock units vest based on continued employment to performance-based goals.
 total shares under 2007 plan is 15. 5 million.


five-year cumulative return compares citigroup common stock s&p 500 financial index five 2009.
 $ 100 invested december 31 2004 citigroup stock&p 500 dividends reinvested.
 five-year return.
 31 citigroup s&p 500 financial index
 104. 106.
 2006 124. 121. 126.
 70. 127. 103.
 18. 81. 47
. 102. 55.


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 benefit plans funded status assets trusts.
 investments risk mitigation strategies tailored.
 allocation liabilities risk criteria.
 updates-term asset allocations studies.
 liability characteristics liquidity needs funding requirements rates return distribution.
 de-risking strategy american water pension plan volatility.
 revised allocations characteristics fixed income assets.


capital resources past three years sufficient financial resources operating requirements fund capital spending share repurchases pension plans dividends.
 cash operating activities $ 1436 million $ 1310 million $ 1345 million 2011 2009.
 higher earnings increased cash 2011 reduced cash working capital $ 212 million sales growth.
 cash capital greater 2009 decline offset higher 2010 earnings.
 operating working capital total capital represents trade receivables inventories less trade creditors liabilities.
 note 3 201cworking capital detail 201d item 8 form 10-k.
 key.
 december 31 2011 2010 $ 2. 7 billion $ 2. 6 billion.
 percentage sales.
. increase $ 195 million year december 31 2011.
 receivables 2011 sales inventory offset trade creditors liabilities.
receivables fourth quarter sales 2011 17. 9 percent down 18. 1 percent 2010.
 66 2011 2010.
 13. 1 percent.
 inventory turnover 5. 4. 6 times 2010.
 capital spending acquisitions $ 446 million $ 341 million $ 265 million 2011 2009.
 modernization expansion environmental control $ 390 million $ 307 million $ 239 million expected $ 450-$ 550 million 2012.
 spending sales 2. 6%. 3%. 0%. 2011 2009.
 acquisitions $ 56 million $ 34 million $ 26 million.
 cash 2012 mid-sized acquisitions.
 acquisitions colpisa dyrup.
 $ 193 million.
 dividends $ 355 million $ 360 million $ 353 million 2011.
ppg paid dividends since 1899 2011 40th year dividend.
 mandatory contribution.
 pension plans 2011 voluntary contributions $ 50 million.
 2010 2009.
 $ 250 $ 360 million $ 100 million ppg stock.
 expect.
 2012 $ 60 million.
 contributions.
 $ 71 million $ 87 million $ 90 million $ 20 million ppg stock 2011 2010 2009 local funding.
 mandatory contributions non.
 2012 $ 90 million.
 share repurchase activity 2011 2010 2009. million shares $ 858 million. $ 586 million. 5 million $ 59 million.
 repurchases 2012 earnings growth.
 $ 250 million to $ 500 million repurchases 2012.
 repurchase 9 million shares authorization board directors.
 annual report.
 capital sales.
 liquidity capital resources past three years sufficient financial resources operating requirements capital spending share repurchases pension plans dividends.
 cash operating activities $ 1436 million $ 1310 million $ 1345 million 2011 2009.
 higher earnings increased cash reduced cash working capital $ 212 million sales growth.
 cash working capital greater 2009 2010 decline offset higher 2010 earnings.
 operating working capital total represents trade receivables inventories trade creditors liabilities.
 note 3 201cworking capital detail 201d item 8 form 10-k.
.
 december 31 2011 2010 $ 2. 7 billion $ 2. 6 billion.
 percentage sales.
 $ 2739 $ 2595 sales. 5%. 2%. $ 195 million december 31.
 receivables sales inventory offset trade creditors liabilities.
receivables fourth quarter sales 2011 17. 9 percent down 18. 1 percent 2010.
 66 2011 2010.
 13. 1 percent.
 inventory turnover 5. 4. 6 times 2010.
 capital spending acquisitions $ 446 million $ 341 million $ 265 million 2011 2009.
 modernization expansion environmental control $ 390 million $ 307 million $ 239 million expected $ 450-$ 550 million 2012.
 spending sales 2. 6%. 3%. 0%. 2011 2009.
 acquisitions $ 56 million $ 34 million $ 26 million.
 cash 2012 mid-sized acquisitions.
 acquisitions colpisa dyrup.
 $ 193 million.
 dividends $ 355 million $ 360 million $ 353 million 2011.
paid dividends since 1899 2011 40th.
 mandatory contribution.
 pension plans 2011 voluntary contributions $ 50 million.
 2009.
 $ 250 $ 360 million $ 100 million ppg stock.
 expect.
 2012 $ 60 million.
 contributions.
 $ 71 million $ 87 million $ 90 million $ 20 million ppg stock 2011 2009 local funding.
 mandatory contributions.
 2012 $ 90 million.
 share repurchase activity 2011 2010 2009. million $ 858 million. 586 million. 5 $ 59 million.
 repurchases 2012 earnings growth.
 $ 250 million to $ 500 million repurchases 2012.
 repurchase 9 million shares authorization board.


contracts valued april 1 2002 gain $ 127 million net taxes accounting principle second quarter 2002.
 majority gain warrior run contract asset value deepwater contract less than $ 1 million.
 warrior run contract cash flow hedge sfas.
 133 hedge accounting.
 valuations electricity gas price quotes market data.
 curves assumptions future gas.
 fluctuations value.
 volatility results.
.
 commitments leases december 31 2002 obligated long-term non leases office rental site leases.
 rental expense $ 31 million 32 million $ 13 million 2002 2000 discontinued $ 6 million 2002 $ 16 million 2001 $ 6 million 2000.
 future minimum lease commitments.
 2004
 2005
 2006
 2007

 $ 169 14
 sale/leaseback 1999 subsidiary acquired six electric stations new york state electric gas.
 sold two plants $ million leasing.
 sale/leaseback.
 rental expense $ 54 million $ 58 million $ 54 million 2002 2001 2000.
 future minimum lease commitments subsidiary rent reserve account maximum semi-annual payment basic rent fixed charges three-year period.
 31 2000 rent reserve


apb.
 25.
 companies account transactions fair-value method recognize expense share-based payments operations.
 sfas 123r effective january 1 2006.
 accounted share-based payments.
 value method.
 recognized compensation expense options.
 adopt provisions sfas 123r modified prospective method cost share-based payments recognized sfas 123r awards.
 tax benefits recognized share-based payments.
 tax expense recognized excess deferred tax assets tax deduction vested option less expense operations.
 equity-based compensation expense $ 35 million to $ 38 million december 31 2006.
 subject revisions.
 sfas 123r requires tax deductions compensation cost financing cash flow.
 future tax benefits future employee stock option exercises.
 no operating cash inflow december 31 2005 2004 excess tax deductions.
march 2005 sec issued accounting bulletin.
 107 interpretation sfas 123r.
 views interactions sfas 123r sec rules regulations valuation share-based payments public companies.
 guidance companies applying provisions sfas 123r investors financial analyzing information.
 guidance.
 107 sfas 123r.
 7. 50%. 50 %. 125%. 125 % tower cash flow reporting requirements.
 note 19 consolidated financial statements reporting requirements.
 table presents tower cash flow adjusted consolidated cash flow non-tower cash flow company restricted subsidiaries.
 tower cash flow three months december 31 2005 $ 139590
 consolidated cash flow twelve months $ 498266
 -524804 524804
 558360
 adjusted consolidated cash flow $ 531822
 non-tower cash flow $ -30584


positions capitalized.
 no positions twelve months.
 liquidity capital resources.
 fiscal years october 2010 2 2009 3 2008
 equivalents $ 364221 225104 241577
 operating activities 222962 182673
 investing -95329 -49528 -94959
 financing -38597 -30160 -104187
 equivalents end period 453257 364221 225104
 restricted cash balances cash flow activities non-cash items assets liabilities.
 2010 generated $ 223. million cash flow increase $ 4. million. million 2009.
 net income increased $ 42. million $ 137. million.
 consistent.
 due 2010 income deferred tax expense $ 38. million. million tax valuation allowance.
 invested working capital higher business activity.
 accounts receivable inventory payable increased $ 60. million.42. 9 million.
 investing capital expenditures acquisitions.
 outflows $ 95. 3 million 2010 $ 49. 5 million.
 $ 49. 8 million capital expenditures.
 spending 2011.
 debt equity.
 outflows $ 38. 6 million $ 30. 2 million.
 retired $ 53. million. 2007 convertible notes $ 80. 7 million $ 29. 6 million premium equity.
 proceeds stock option exercises $ 40. 5 million 38. 7 million.


2016 annual report.
 acquisition.
 2015 acquired equity interests alabama technology payment processing financial services $ 10000.
 funded cash.
 expanded commercial lending.
 purchase price allocation assessment fair value acquired assets liabilities.
.
 current assets $ 1922
 long-term assets 253
 intangible assets 5005
 liabilities assumed
 net assets 3901
 goodwill 6099
 assets acquired $ 10000
 growth potential synergies economies scale operations.
 banking systems services.
 not deductible income tax.
 intangible assets customer relationships $ 3402 $ 659 computer software other intangible assets $ 944.
 average amortization 15 5 20 years.
 cash $ 1725.
 fair value accounts receivable $ 178.
receivables $ 178 uncollectible.
 fiscal year 2016 company incurred $ 55 costs acquisition bayside business solutions.
 included fees legal valuation.
 administrative expenses.
 2016 revenue $ 4273 after-tax net income $ 303.
 consolidated statements include revenues expenses acquisition.
 impact immaterial consolidated financial statements.
 2014 acquired equity interests banno iowa web marketing services mobile for $ 27910 cash.
 acquisition funded operating cash.
 expanded presence online mobile technologies.
 fiscal year 2014 incurred $ 30 costs acquisition.
 included fees legal valuation.
.
 revenue $ 6393 after-tax net loss $ 1289.
 2015 revenue $ 4175 after-tax net loss $ 1784.
 revenue $ 848 after-tax net loss $ 1121.
consolidated statements twelve month june 30 2016 include revenues expenses acquisition.
 impact immaterial current statements pro information provided.


6.
 financial data table represents.
 7 8.
 reflects error corrections accounting policies 8.
 share 31 2012 2011 2010 2008
 sales service revenues $ 6708 $ 6575 6723 $ 6292 6189
 goodwill impairment 2014
 operating income loss 358 100 241 -2332
 net earnings loss 146 131 119 -2397 2397
 assets 6392  6069 5270 5097 4821
 long-term debt 1779 1830 283
 long-term obligations 4341 3838 1637 1708 1823
 free cash flow 170  331 -269
 dividends per share $. 2014
 earnings loss share $ 2. 96.
 earnings loss share $ 2. 91.
 earnings loss share $.96 $. 2. 68 $. 44 $. diluted earnings share. $. $. $. long-term debt former parent 31 2010 due current liabilities.
 free cash flow non-gaap cash less capital expenditures.
 liquidity capital resources item 7.
 march 30 2011 stock 48. 8 million shares $ 0. common stock distributed northrop grumman stockholders.
 basic diluted earnings share three months no common stock impact dilutive securities not meaningful.


2.
 locations december 31 2007.
 facilities leased except 166000 square feet office alpharetta georgia.
 restructuring.
 alpharetta georgia
 arlington virginia
 jersey city
 charlotte north carolina
 menlo park california
 sandy utah
 toronto canada
 new york
 chicago illinois
 facilities used retail institutional segments.
 lease 27 e financial branches 2500 to 13000 square feet.
 leased facilities less 25000 square feet not listed.
 space adequate needs 2008.
.
 june 2002 acquired marketxt holdings.
 entities tradescape securities momentum securities.
 disputes responsibility liabilities.
 2004 marketxt complaint officers directors contingent payments damages $ 1. 5 billion.
april 9 2004 company filed complaint southern new york against directors officers marketxt seeking relief damages fraud 2002 sale fraudulent financial statements momentum securities.
 marketxt bankruptcy filed adversary proceeding january 2005 seeking relief punitive damages chapter 11 bankruptcy proceedings marketxt holdings. filed adversary proceeding omar amanat chapter 7. october 2005 marketxt answered asserted counterclaims 2006 $ 326. 0 million claim company breached promise purchase acquired entities 1999-2000.
 april 2006 omar amanat asserted counterclaims.
 moved dismiss counterclaims marketxt.
.
 ruling september 29 2006 court granted motion dismiss four bases fraud claims conversion demand punitive damages.
bankruptcy court denied marketxt 2019s claims.
 october 26 2006 dismissed 2019s claim.
 december 18 2007


table 20 pro forma transitional basel iii 1 capital ratio december 31.
 2013
 1 capital $ 28484
 regulatory capital adjustments
 basel iii limits -228
 income 39
 intangibles 381
 adjustments 210
 estimated basel iii transitional 1 capital 2014 $ 28886
 risk-weighted assets 272321
 basel iii capital ratio 10. 6%. %
 iii $ 28886. 6%. net adjustments income securities pension postretirement benefit plans.
 pnc utilizes iii capital ratios capital position institutions.
 impacted regulatory guidance analysis ratios advanced approaches validation regulatory approval pnc models.
access cost funding new business initiatives acquisitions expanded business activities pay dividends repurchase shares capital instruments deposit insurance costs regulatory oversight depend financial institution capital strength.
 information enhanced capital requirements impacts on pnc in item 1 business 2013 supervision regulation 1a risk factors note 22 regulatory matters notes consolidated financial statements 8.
 off-balance sheet arrangements variable interest entities activities unconsolidated entities 201coff-balance sheet arrangements. information sections 2022 commitments 2022 note 3 loan sale servicing activities variable interest entities 14 capital securities subsidiary trusts trust 24 commitments guarantees.
 pnc consolidates variable interest entities primary beneficiary.
 criteria decisions economic performance absorb losses receive benefits.
summary of vies consolidated financial statements december 2013 2012 note 3 consolidated financial statements item 8.
 trust reit subject to restrictions dividend payments $ 206 million junior subordinated debenture $ 200 million trust securities 2013 issued by pnc capital trust c subsidiary.
 default pnc payments default under pnc guarantee payment obligations pnc subject restrictions dividends exchange agreement pnc trust ii.
 note 14 capital securities subsidiary trusts perpetual trust securities financial statements 8 limitations on dividend payments securities pnc trust i.
 liquidity risk management item 7 first quarter 2013 redemption of reit preferred securities pnc iii redemptions.
 pnc financial services group.
 2013 form 10-k


risk insurance brokerage services.
 years december 31, 2009 2008 2007
 revenue $ 6305 $ 6197 $ 5918
 operating income 900 846 954
 margin 14. 3%. % 13. 7%. 1%.
 2009 soft market 2007 retail brokerage line.
 business lines geographic areas.
 premium rates decrease commission revenues increased competition increased underwriting capacity.
 changes premiums impact insurance brokerage industry premiums.
 prices fell 2007 large middle-market accounts.
 2008 slowed.
 reinsurance brokerage line pricing 2009 down.
 difficult conditions disruptions global economy credit risk deterioration financial markets.
 reduced demand retail operational results.
 capacity decrease insurer fails withdraws coverages.
 revenues profitability lines types insurance.
 brokerage services generated 83% consolidated revenues 2009.
 revenues generated through fees commissions insurance investment income funds.
 revenues vary policy renewals business services influenced interest rates.
 industry compete with insurance brokerage firms brokers agents writers.
 address specialized product development risk management needs commercial enterprises professional groups insurance companies governments healthcare providers non groups affinity products professional liability life disability personal lines reinsurance services investment banking products mergers acquisitions financial advisory capital raising contingent capital financing insurance-linked securitizations derivative applications underwriting actuarial loss prevention administrative services manage captive insurance companies.
 expanded merger benfield reinsurance.
 products integrated with 2009.
 sale.
 cananwill finance.
 agreements with third parties


green realty corp.
 2017 annual report.
 commitments contingencies legal proceedings partnership involved material litigation litigation.
 properties federal state local ordinances regulations environmental.
 environmental liability financial position operations cash flows.
 significant envi cost properties sold.
 exec utives expire december february.
 minimum cash-based compensation guaranteed bonus payments total $ 5. 4 2018.
 deferred compen- sation awards stock price valued $ 1. 6.
 may change stock price.
-risk property rental value coverage flood earthquake terrorism excluding nuclear biological chemical radiological terrorism property insurance programs liability.
 separate property liability coverage purchased assets.
captive insurance company belmont coverage for nbcr terrorist acts above trigger if belmont record loss.
 no assurance coverage reasonable cost.
 if losses uninsured exceed policy limits could lose capital properties future cash flows rehabilitation plan.
 no surcharges paid to pension plan as of december 2017.
 received contributions $ 257. 8 $ 249. 5 $ 221. 9.
 contributions less than. 0%. of total contributions.
 plan established under collective bargaining agreements between union realty advisory board labor.
.
 provides benefits to participants building service industry.
 administered by board of trustees operates under identification number a013-2928869.
 receives contributions.
 fixed rate.
 2015 received contributions from $ 1. 3.2 $.
 contributions health plan less than. 0%. contributions.
 contributions multi-employer plans years 2017 2016 2015 table.
 benefit plan 2017 2016 2015
 pension plan $ 3856 $ 3979 2732
 health plan 11426
 other plans 1463
 total contributions $ 16745 $ 17092 $ 17184
 401 implemented/retirement plan employees.
 permits defer 15% annual compensation limitations.
 deferrals vested non-forfeitable 401.
 amended discretionary matching contributions.
 2017 2016 2015 matching contribution 50% first 6% annual compensation.
 2017 contribution $ 728782.
 2016 2015 $ 566000 $ 550000.


transfer agent registrar common stock computershare shareowner services llc 480 washington boulevard 29th floor jersey city new jersey 877 363-6398 unregistered securities.
 repurchase equity securities table purchases october 1 december 31 2014.
 purchased average price plans value.
 average price value
 october 1 - 31 5854930 $ 18. 93 $ 159819370
 november 1 - 30 $.
 december 1 - 31 826744 $ 19. 67 $ 143559758
 6685940 $ 19. 02 6676156
 shares common stock $ 0. 10 per share withheld employee stock-based compensation plans tax withholding obligations vesting restricted shares.
repurchased 5413 october 4266 november 105 december 2014.
 average price per share quarter three-month period calculated tax withholding obligations paid shares stock repurchase program note 5 withheld acquired.
 february 2014 board authorized new repurchase program $ 300. 0 million common stock.
 february 13 2015 board approved new repurchase program $ 300. 0 million common stock.
 authorization addition 2014 repurchase program.
 no expiration date.


tower corporation subsidiaries financial statements december 31 2005 federal state loss carryforwards future taxable income $ 2. 2 billion $ 2. 4 billion.
 utilized loss carryforwards expire.
 2006 to 2010 $ 5248 469747
 2011 to 2015
 2016 2020
 2021 2025
 $ 2157503 $ 2418012
.
 valuation allowance. valuation allowance $ 422. 4 million $ 249. 5 million spectrasite loss.
 $ 237. 8 million allowance assumed.
 balance state deferred tax assets.
 remaining deferred tax assets federal operating loss carryforwards twenty-year.
 recover deferred tax asset federal income tax refund claims losses.
 2003 filed income tax refund claims $ 380.million net operating losses prior 2003 company anticipated receiving $ 90. million.
 revised estimate federal income tax refund anticipates refund $ 65. million end 2006.
 no assurances specific amount timing refund.
 recoverability net deferred tax asset assessed stable state projections.
 decrease depreciation interest expense assets depreciated first years debt repayments reducing interest expense.
 recoverability not dependent on improvements operations asset sales non-routine transactions.
 management believes deferred asset realized.
 realization $ 1. 3 billion taxable income january 1 2006 to december 31 2025.
 income reduce net deferred tax asset income tax expense stockholders 2019 equity.
 company subject tax authorities.
 assesses additional assessments.


future pension benefit payments ten years millions.
 2009 14. 9
 2010 15. 9
 2011 16.
 2012 19.
 2013 21.
 2014 2018 142.
 retirement healthcare acquired obligations acquisition.
 provides medical coverage former employees retirement.
 eligibility limited ten or more years service 55 or older december 31 1998 hired before 2005 after 55 years service.
 liabilities $ 1. 2 million $ 1. 3 million  acquisition december 31  2008.
 contribute 25 plans union-.
 acquired responsibility contributions.
 22% ( 22 % ) current employees plans.
 provide retirement benefits service.
.
 managed board trustees unions.
 not represented.
 financial information plans may underfunded.
pension protection act enacted august 2006 requires underfunded pension plans improve funding ratios underfunding.
 until trustees develop improvement determine assessments.
 impact financial position results operations cash flows.
 current law multi-employer benefit plans termination voluntary withdrawal mass withdrawal under-funded pension payments unfunded vested liabilities.
 possible mass withdrawal.
 adjustments financial condition results operations cash flows.
 pension expense multi-employer plans $ 21. 8 million  $ 18. 9 million $ 17. 3 million years december 31 2008 2007 2006.
 republic services.
 subsidiaries financial statements


december 31 priceline s&p 500.
 priceline.&p
 2010 100.
 2011 117. 102.
 155. 27 116. 118. 122.
 290. 166. 156. 82 199.
 285. 37 188. 178. 29 195.
 319. 199. 180. 75 267.


goldman sachs group.
 subsidiaries financial statements lending.
 commitments investment-grade non- investment-grade corporate borrowers.
 operating liquidity corporate purposes.
 extends contingent acquisition financing corporate commercial real estate financing.
 short-term.
 sumitomo mitsui financial group.
 provides credit loss protection loan commitments investment-grade.
 $ 27. 03 billion $ 27. 51 billion december 2015 2014.
 loss protection limited 95% first loss $ 950 million.
 protection 70% additional losses maximum $ 1. 13 billion $ 768 million 2014.
 uses financial instruments mitigate credit risks.
 credit default swaps underlying market index.
 warehouse financing.
 financial assets.
 secured assets consumer corporate loans.
resale repurchase lending firm three business days.
 contingent financing.
 funding depends contractual conditions expire unused.
 letters banks securities cash collateral margin deposit requirements.
 investment $ 6. 05 billion $ 5. 16 billion private equity real estate assets funds.
 $ 2. 86 billion $ 2. 87 billion.
 funded market value date.
 obligations long-term lease agreements office space expiring through 2069.
 subject escalation real estate taxes charges.
 future minimum rental payments sublease rentals.
.
 317
 2017 313
 2018 301
 2019 258
 2020 226
 2021
 2575 rent operating expense $ 249 million 2015 $ 309 million 2014 $ 324 million 2013.
 leases include office space excess current requirements.
 rent expense growth. firm records liability remaining rentals reduced sublease rentals ceased space future benefits.
 costs terminate lease fair value termination.
 sachs 2015 form 10-k


consolidated financial statements.
 collateralized agreements financings purchased borrowed.
 financings repurchase loaned secured.
 firm transactions facilitate client activities invest excess cash acquire securities finance firm activities.
 agreements financings net-by legal right setoff.
 interest recognized included 201cinterest income expense.
 note 23 interest income expense.
 table carrying value resale repurchase agreements securities borrowed loaned transactions.
 millions december 2012 2011
 purchased 141334 187789
 borrowed2 purchased resell 187789 borrowed.
 resale repurchase agreements carried fair value.
 note 8 valuation techniques fair value.
.
 december 2012 2011 $ 38. 40 billion $ 47.62 billion securities borrowed $ 1. 56 billion $ 107 million loaned fair value.
 resale repurchase agreements resale firm purchases instruments cash resell price plus interest future date.
 repurchase firm sells instruments cash repurchase price plus interest future date.
 instruments include u. s.
 government federal agency investment-grade sovereign obligations.
 firm receives monitors market value delivers obtains additional collateral changes market value.
 requires collateral fair value equal carrying value assets consolidated statements financial.
 repurchase resale agreements transfer ownership accounted financing arrangements require maturity.
 201crepos to maturity sales.
 firm transfers security repurchase maturity date matches underlying security.
firm repurchase obligation relinquished control security accounts sale.
 no repos maturity.
 sachs annual report


living first group.
 full lifestyle womenswear childrenswear accessories home furnishings american classics.
 available jcpenney.
 online jcp.
 wholesale sells products upscale mid-tier department stores specialty stores golf pro shops domestically internationally.
 brand unproductive doors-store assortment full-price sell-throughs.
 products sold 10806 doors worldwide invested $ 49 million shop-within-shops.
 price increases products introduced new fashion offerings higher.
 major wholesale customers north america.
 specialty shops.
 collection brands distributed premier fashion retailers.
 sell excess out- of-season products secondary distribution channels stores.
 distributed shop-within-shops premiere department stores.
 business polo ralph lauren blue label.
distribution men women 2019s label expanding stores.
 table doors geographic location products wholesale march 29 2008.
 united states canada 8611
 europe 2075
 japan
 10806
 asia/pacific products distributed licensing partners.
 chains 10% worldwide wholesale net sales 2022 macy.
. 24% dillard stores. 12%.
 brands sold sales forces.
 wholesale segment showrooms new york.
 regional showrooms atlanta chicago dallas los angeles milan paris london munich madrid stockholm.


2022 financial safeguard package credit default swap contracts interest rate swap contracts.
 payment default firm apply assets payment obligation.
 include guaranty fund contributions performance bonds assets membership trading rights.
 demand payment guarantee parent company.
 payment default use corporate contributions financial safeguard package.
 guaranty fund contributions funds solvent firms satisfy deficit.
 maintain $ 5. 0 billion 364-day multi-currency line credit banks.
 option request increase line $ 5. to $ 7. billion.
 proceeds temporary liquidity firm default liquidity constraint default disruption payments systems.
 agreement pledge assets line credit custodian.
 firm guaranty fund deposits.
 treasury securities money market mutual funds.
 performance bond collateral defaulting firm secure draw line.
364-day currency option use $ 1. 8 billion multi-currency credit facility liquidity clearing house default.
 performance bond deposits safeguard packages. 8 billion. billion cash bond deposits. 2 billion
 bond deposits default.
 assets december 31 2012 default firm contributions futures options.
.
.
.
.
.
.
.
. guaranty fund contributions
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
. assets default
.
.
.
.
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.
.
.
.
.
.
.
.
. contributions firm default guaranty contributions bonds satisfy
 guaranty fund contributions excess.
clearing firm default loss after assets working capital guaranty fund contributions assess non-defaulting members rules guaranty fund.
 minimum resources obligations defaulting firm liquidation performance bond collateral.
 millions
 corporate contributions futures options $ 100.
 guaranty fund contributions 2899.
 assessment powers 7973.
 assets default $ 10973.
 safeguard package credit default swap interest rate swap.
 payment default apply assets satisfy payment obligation.
 guaranty fund contributions performance bonds other assets trading rights.
 demand for payment guarantee parent company.
 default unsatisfied use corporate contributions financial safeguard package.
 guaranty fund contributions funds satisfy deficit.
 maintain $ 5. billion 364-day multi-currency line of credit banks.
option request increase line $ 5. to $ 7. billion.
 proceeds temporary liquidity clearing firm default liquidity constraint default disruption payments.
 agreement pledge assets.
 firm guaranty fund deposits.
 securities money market mutual funds.
 performance bond collateral defaulting firm secure draw line.
 option use $ 1. 8 billion multi-currency revolving credit facility liquidity clearing default.
 performance bond deposits packages $ 86. 8 billion $ 5. 6 billion cash bond deposits $ 4. 2 billion letters credit.
 default.
 available assets december 31 2012 payment default firm contributions futures.
.
.
.
.
.
.
.
. guaranty fund
.
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.assets default.
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.
. clearing designates $ 100. million corporate contributions satisfy firm default guaranty contributions performance bonds satisfy deficit.
 guaranty fund contributions excess deposits.
 default loss after fund contributions assess non-defaulting members rules.
 minimum resources satisfy obligations not defaulting firm liquidation performance bond collateral.


recorded other-than-temporary impairment $ 1. 15 billion 2009 compared $ 122 million 2008.
 $ 227 million credit recognized consolidated statement income.
 remaining $ 928 million other credit recognized taxes.
 $ 227 million 151 million credit losses $ 54 million impaired securities $ 22 million adverse changes future cash flows.
 majority impairment losses non-agency securities collateralized mortgages losses.
 asset-backed securities.
 management reviews values other-than-temporary impairment.
 current future interest rates cost basis fair value issuer- specific concerns.
 gains losses years december 31.
 2009 2008 2007
 gains securities $ 418 $ $ 24
 losses -50 -32
losses other-than-temporary impairment -1155 ( 1155 ) -122 ( 122 ) -34 ( 34 )
 losses not related credit 2014
 impairment losses -227 ( 227 ) -122 ( 122 ) -34 ( 34 )
 gains losses related investment securities $ 141 $ -54 ( 54 ) $ -27 ( 27 )
 losses component oci.
 reviews security impaired.
 impairment current fair value below amortized cost.
 impairment recorded securities before cash less than amortized cost impaired credit loss.
 review impaired securities includes identification evaluation impairment analysis future cash flows collectability impaired securities unrealized loss anticipated recovery period discussion evidential matter documentation results.
factors impairment 2022 length security impaired


7a.
 disclosures market risk millions exposed to market risks interest rates foreign currency balance sheet items.
 use derivative instruments manage risks.
 derivative instruments risk management tools not trading speculative.
 exposure risk fair market value cash flows debt obligations.
 majority debt 89% 89 % 93% 93 % ) december 31 2013 2012 bears interest fixed rates.
 debt variable interest rates 10% increase decrease not material interest expense cash flows.
 fair market value debt sensitive changes interest rates impact 10% change interest summarized.
.
 2013.
.
 used interest rate swaps risk management.
 rate swaps outstanding december 31  2013.
 $ 1642. 1 cash equivalents marketable securities 31 conservative short-term bank deposits securities.
interest income investments subject to domestic foreign interest rate movements.
 2013 2012 income $ 24. 7 $ 29. 5.
 100-basis-point increase interest rates income $ 16. cash equivalents securities impacted balances constant.
 translation transaction risks.
.
 changes exchange rates affect revenues expenses.
.
 primary currencies australian dollar brazilian real euro japanese yen south african rand.
.
 dollar 10% operating income 3% 3 4% ( 4 % all currencies international revenue expenses constant 2013.
 operations local currency.
 assets liabilities translated at exchange rates expenses average exchange rates.
 translation adjustments recorded loss.
 foreign subsidiaries collect revenues pay expenses in functional currency.
 subsidiaries transactions.
 assets liabilities susceptible to until final.
currency transaction gains losses included in office expenses.
 not entered foreign currency exchange contracts instruments hedge.


price performance graph shows return common stock 500 index retail index.
 assumes value investment common stock $ 100 january 3 2009 dividends reinvested.
 historical data not future performance.
 return advance auto parts. s&p 500 retail index january 3.
 2009 2010 2011 2012 2013
 advance auto parts $ 100. 119. 195. 206. 213. $ 327.
 s&p 500 index. 119. 134. 150. 197.
 s&p retail index. 141. 174. 179. 219.


performance graph five year returns teleflex common stock 500 stock index healthcare equipment supply index.
 changes $ 100 invested teleflex 31 2010 dividends reinvested.
 market performance.
 2010 2014 2015
 teleflex 117 138 185  229 266
 s&p 500 index 102 118 157 178
 s&p 500 healthcare equipment supply index 116 148 187


tax reconciliation uncertain tax positions millions.
 balance january 1 $ 191 $ 164
 additions 31
 additions 53
 reductions -18 -6
 settlements -32
 business combinations
 statute limitations -5
 foreign currency translation -2
 balance december 31 $ 218 $ 191
 liability uncertain tax positions 2013 includes $ 180 million $ 154 million $ 141 million tax rate.
 unrecognized tax benefits change twelve months.
 settlements audits.
.
 recognizes interest penalties uncertain tax positions.
 accrued interest penalties $ 2 million $ 4 million 2 million 2015 2014 2013.
 liability penalties $ 33 million $ 31 million $ 27 million december 31.
 subsidiaries income tax returns jurisdictions.
 concluded.
 federal income tax 2007.
.
 state local examinations concluded 2005.
 company concluded examinations.
 jurisdictions 2005.
.
 shareholders' equity distributable reserves.
.
 law reserves repurchases dividends.
 earnings.
 parent company reduction share capital.
 not linked.
.
 2014 distributable reserves $ 2. billion $ 4. billion.
 2012 authorized repurchase program $ 5. billion.
 2014 $ 5. billion repurchase program.
 open market privately negotiated transactions.
 2015 repurchased 16. million shares average price per share $ 97. total cost $ 1. 6 billion.
 repurchased 25. million shares $ 87. cost $ 2. 3 billion 2012 repurchase plan.
$ 5 billion 2012 exhausted.
 2014 $ 4. 1 billion.
 repurchased 78. 1 million shares $ 5. 9 billion.


subject ietu recorded tax expense $ 20 million 2007 deferred tax new ietu system.
 federal net operating loss carryforwards $ 206 million 2023.
 $ 47 million pre-acquisition period subject.
 remaining $ 159 million stock ownership 2006.
 net loss carryforwards.
 foreign net loss carryforwards $ 564 million canada germany mexico jurisdictions.
 canada 2007.
 germany no.
 mexico ten year 2009.
 not available new ietu tax regulations mexico.
 no deferred tax asset balance sheet.
 adopted provisions fin 48 january 1 2007.
 minimum recognition threshold.
 derecognition measurement classification interest penalties disclosure transition.
 increased earnings $ 14 million decreased goodwill $ 2 million.
tax liabilities unrecognized benefits reclassified to long-term.
 31 2007 foreign jurisdictions.
 reconciliation year ended december 31 2007 $ millions.
 balance january 1 2007 193
 increases tax positions current year 2
 increases prior years 28
 decreases
 settlements -2 2
 balance december 31 2007
 unrecognized tax benefits million $ 56 million effective tax rate.
 recognizes interest penalties benefits.
 liability $ 36 million for interest penalties.
 increase $ 13 million 2007.
 operates in united states germany 40 foreign jurisdictions mexico.
 examinations ongoing germany 2001 to 2004.
 assessments 2000.
 reduction goodwill $ 42 million net cash outlay $ 29 million.
celanese corporation subsidiaries financial statements 2014 y48011 122000000/26/2008 22:07 valid graphics


asset amortization expense $ 12 million 4 million $ 4 million 2018 2017 2016.
 estimated next five years.
 2020
 2021
 2022
 2023
 shareholders dividend reinvestment purchase plan reinvest dividends purchase common stock commission fees.
 shares purchased newly issued treasury market privately negotiated transactions.
 purchases credited drip accounts week.
 december 31 2018. million shares future issuance.
 stock repurchase program 2015 authorized 10 million shares common stock unrestricted.
 repurchased. million. 7 million open market cost $ 45 million $ 54 million years 2018 2017.
. million shares common stock purchase.


american tower corporation subsidiaries financial statements 2014 restructuring basis assets spin-off radio systems.
 december 31 2006 federal state loss carryforwards future taxable income $ 2. 1 billion $ 2. 5 billion.
 loss carryforwards expire.
 december
 2007 2011
 2012 2016
 2017 2021
 2022 2026
 2093683 2548612
.
 valuation allowance deferred tax assets. december 31 2006 valuation allowance $ 308. 2 million $ 153. 6 million spectrasite net operating loss capital loss carryforwards.
 balance state deferred tax assets.
 allowance remaining deferred tax assets federal net operating loss carryforwards twenty-year tax period.
 valuation allowances deferred tax assets realizable.
.3 million spectrasite valuation allowances december 31 2006 goodwill deferred tax assets utilized.
 company recover deferred tax asset federal income tax refund claims net operating losses.
 filed claims $ 380. million operating losses anticipated $ 90. million.
 revised estimate december 31 2005 anticipates refund $ 65. million plus interest.
 expects settlement first half 2007 no assurances timing refund.
 uncertainty recognized amounts interest.
 recoverability net deferred tax asset assessed stable state projections.
 decrease depreciation later years years.
 recoverability not dependent improvements operations asset sales non-routine transactions.
 believes net deferred tax asset realized.
 $ 1. 4 billion taxable income january 1 2007 to december 31 2026.
company unable generate taxable income carry losses


adobe inc.
 financial statements goodwill purchased intangibles long-lived assets assigned to reporting segments acquisition.
 review goodwill for impairment annually second quarter fiscal year fair value below carrying amount.
 qualitative assessment macroeconomic conditions industry market considerations cost factors financial performance management strategy customers assets stock price.
 fair values segments greater than carrying amounts quantitative goodwill impairment test not performed.
 evaluate goodwill fair value to carrying value.
 equal weighting market approach income approach future cash flows.
 revenue operating costs.
 completed annual goodwill impairment test second quarter fiscal 2018.
 determined likely fair value exceeds carrying amounts.
 no indication of impairment quantitative goodwill impairment test not performed.
events annual goodwill impairment test fiscal year.
 amortize intangible assets over estimated lives review for impairment.
 monitor events-lived.
 assess recoverability future cash flows.
 less than carrying amount recognize impairment loss excess carrying amount over fair value.
 intangible asset impairment charges in 2018 2017 2016.
 assets amortized over estimated useful lives 1 to 14 years.
 amortization based economic benefits.
 weighted average useful lives assets.
 purchased technology
 customer contracts relationships
 trademarks
 rights
 backlog
 intangibles
 asset liability method.
 income tax expense recognized current.
 deferred tax assets liabilities recognized for future tax consequences differences financial reporting tax operating losses tax credit carryforwards.
record reduce deferred tax assets realization.


.
 2 0 1 1 table future obligations in a0millions operating leases cash purchase commitments at december 31  2011.
 commitments include amounts goods services cancelable termination fees.
 fund from future cash flows.
 include operating expenses capital expenditures 2012 future years.
 excludes $ 4. 7 a0million uncertain tax positions note 9.
 2012 2013-14 2015-16
 noncancelable operating leases $ 185  $ 31  $ 63  $ 57  $ 34
 other purchase commitments 160  112
 $ 345  $ 143  $ 101 $ 67
 outstanding commitments fund additional contributions investment partnerships existing investment $ 42. 5 at december 31  2011.
 financial statements accounting methods policies.
estimates judgments selecting applying methods policies assets liabilities balance sheet revenues expenses statement income accounting policies notes consolidated financial statements.
 analysis events facts circumstances.
 actual future results differ from estimates consolidated financial statements accounting policies notes.
 present accounting policies 2011 annual report.
 policies critical preparation financial statements.
 temporary impairments available-for-sale securities.
 classify investment holdings sponsored mutual funds debt securities available-for-sale.
 mark carrying amount fair value recognize unrealized gain loss income statement stockholders equity.
 review each security position unrealized loss.
 factors duration severity impairment changes value intent ability hold security recovery value.
 mutual fund holding unrealized loss persisted daily six months between quarter-ends temporary impairment.
recognize temporary loss less than six months in statement income if circumstances investment warrant near-term recovery.
 impaired debt security savings bank subsidiary temporary loss if credit quality amortized cost or sell security before recovering cost.
 minor impairments 5% or less temporary.
 equity method investments.
 evaluate investments including uti for impairment when carrying value exceeds fair value decline temporary.
.
 report operations investment advisory business.
.
 attribute goodwill single reportable business segment.
 evaluate carrying amount goodwill for impairment fair value.
 goodwill impaired carrying amount exceeds fair value business.
 fair value exceeds carrying amount no impairment exists.
 additional work ascertain non-cash impairment charge.
 perform impairment testing if impairment incurred.
maximum future impairment goodwill recognized in balance sheet $ 665. 7.
 stock options.
 recognize stock option-based compensation expense in consolidated statement income fair value method.
 shorter-term market-traded stock option grants.
 option-pricing model includes variables future expectations expected lives options grant to exercise volatility common shares rate dividends.
 estimates not adjusted.
 resulting charge to earnings non-cash charge measured cash.
 provision for income taxes.
 largest annual expense.
 operate in numerous states countries allocate income expenses earnings under laws regulations.
 total estimate liability.
 file tax returns each jurisdiction settle return liabilities.
 jurisdiction returns income expense allocations earnings determinations.
 provide for estimated liabilities uncertain tax return filing positions.
determination annual provision subject to judgments estimates likely results vary financial statements.
 recognize additions reductions income tax expense reporting period prior period provisions liabilities revised tax returns audits settled.
 recognize prior period adjustment quarterly period.
 2011 fasb issued amended guidance fair value.
 believe adoption guidance january 1  2012 effect consolidated financial statements.
 considered other issued accounting guidance.
 believe guidance effect financial position results.


financial instruments company 2019s instruments include cash equivalents securities accounts receivable investments payable borrowings derivative contracts.
 values-term borrowings long-term debt values.
 securities investments derivative instruments recorded fair values.
 long-term debt third-party quotes fair values level 2.
 carrying amounts values.
 december 31 2012
 long-term debt portion $ 4916 $ 5363 $ 4484 $ 5002
 fair values.
 impacted fixed-to-floating interest rate swaps hedges fixed rate eurobond securities hedging instruments.
 fixed-rate bonds premium december 31 2012 2011 low interest rates credit spreads.


cash flow 2013 $ 6. 2 billion reduced $ 3. billion investing 37% 37 % increase dividends free cash flow $ 1. 4 billion.
 operating activities receivables securitization facility less investing dividends.
 not financial measure accounting principles.
 not defined.
 cash flow important financial performance financings.
.
 table reconciles free cash flow non millions 2012 2011 2010.
 operating activities $ 6161 $ 5873 $ 4105
 receivables securitization facility
 receivables
 investing activities -3633 3633 -2488 2488
 dividends paid -1146 -837
 free cash flow $ 1382 $ 1917 1415
effective january 1 2010 new accounting standard receivables securitization facility secured borrowings financing activities.
 securitization facility included cash flow calculation.
 2013 outlook safety safe railroad benefits employees customers shareholders communities.
 multi approach safety technology risk assessment quality control training engagement capital investments.
 total safety culture practices.
 derailment prevention reduction crossing incidents.
 increase defect detection crossings educate crossing safety programs industry programs community activities.
 six initiatives improve safety service productivity.
 contributions reducing variability improvements standard work.
 agility disruptions.
 railroad capital investments capacity infrastructure failure.
 fuel prices uncertainty projections fuel prices.
 volatile fuel prices sensitive global.
 demand refining capacity geopolitical events weather conditions.
reduce impact fuel price earnings cost recovery fuel surcharge programs fuel conservation.
 capital plan 2013 $ 3. 6 billion positive train control revised laws returns.
 liquidity capital resources 2013 plan.


long-term debt carrying amounts company financial instruments measured fair value short-term.
 asset retirement obligations records asset retirement obligations liabilities asbestos removal decommissioning contractual lease restoration obligations.
 changes asset retirement obligation amounts 2011 2010 2009.
 january 1 2009
 expense
 payment
 december 31 2009
 future retirement
 december 31 2010
 december 31 2011
 conditional asset retirement obligations assets asbestos remediation decommissioning not estimable december 31 2011 2010 insufficient information timing settlement.
 fair value not recorded consolidated financial statements.
 environmental remediation asset decommissioning required.
 conditional environmental asset retirement obligations discovered.
taxes expense financial statements before spin-off returns after positions.
 expense based on prevailing rates.
 federal taxes state income tax rate.
 state local franchise tax provisions allocable contracts included administrative expenses.
 deferred income taxes recorded revenues expenses different periods.
 deferred tax balances calculated using current tax laws rates.
 realizability tax assets need valuation allowances evaluated-alone tax attributes $ 18 million valuation allowance necessary december 31 , 2011.
 no allowance december 31 , 2010.
 uncertain tax positions-likely threshold recognized in financial statements.
 tax benefit greater than 50% upon settlement.
 threshold penalties expense penalty.
 penalties recognized income tax expense.
 accrued interest related uncertain tax positions.
timing accrued interest determined tax law underpayment.
.
 changes accruals uncertainties recorded earnings.


$ 66 million net-of-tax customer credits entergy louisiana settlement combination.
 note 2 financial statements.
 sale 583 mw rhode island state energy center gain $ 154 million $ 100 million net-of-tax $ 77 million 47 million-tax write-off regulatory charges waterford 3 replacement steam generator project.
 note 14.
.
 2016 2015.
.
 2015 net revenue $ 5829
 retail electric price
 credits
 volume
 act 55 financing savings obligation
 2016 net revenue $ 6179
 increase base rates entergy arkansas.
 new rates effective february 24 2016 cycle april 2016.
 interim base rate adjustment surcharge incremental revenue requirement february 24 march 31.
increase power block 2 union 2022 power capacity acquisition cost recovery entergy new orleans approved 2016 power block 1 2022 formula rate plan revenues entergy louisiana first-year revenue power blocks 3 4 2022 increase entergy mississippi approved july 2016 storm damage rider.
 note 2 financial statements rate.
 note 14 union power station purchase.
 louisiana business combination credits variance regulatory liability $ 107 million entergy 2015 gulf states louisiana.
 customers realize credits regulatory liability $ 107 million $ 66 million net-tax.
 corporation subsidiaries management


common stock issued treasury outstanding thousands.
 issued treasury outstanding
 balance december 29 2013 376832
 stock options awards 178
 december 28 377010
 warrants 20480
 common stock sponsors 221666
 acquisition kraft foods group. 592898
 stock options awards -413
 balance january 3 2016 1214392
 stock options awards
 balance december 31 2016 1218947
.
 receivable securitization factoring programs.
 transfers receivables consolidated balance sheet.
 december 31 significant program.
 securitization program amended may 2016 entered october 2015.
 cash $ 800 million $ 500 million february 21 2017 remainder purchase price.
 bankruptcy- remote special-purpose entity.
spe wholly-owned by subsidiary kraft heinz receivables assets from subsidiary transfer bank.
 separate entity creditors liquidation spe assets.
.
 program expires may 2017.
.
 receivable factoring programs australian new zealand dollars british euros japanese yen.
 cash consideration receivable deferred purchase price.
 no deferred purchase price japanese yen.
 cash consideration limit $ 245 million.
 december 31  2016.
 programs renews annually until terminated.
 cash receivables removed $ 904 million at december 31 2016 $ 267 million at january 3  2016.
 fair value deferred purchase price $ 129 million december 31 $ 583 million january 3 2016.
 included in receivables.
 proceeds from recognized operating activities.
act servicer recorded assets liabilities december january 3 not material financial statements.