interest expense $ 17 million less 2004 reduction debt $ 316 million.
 charges declined $ 30 million 2004 lower environmental remediation legal workers compensation expenses absence 2003 charges.
 earnings $ 28 million higher 2004 higher earnings equity affiliates.
 effective tax rate 2004. 29%. 76%. 2003.
 reduction subsidy medicare act tax non-.
 earnings resolution.
 federal income tax years.
 net income 2004 $ 683 million increase $ 189 million 2003 earnings per share 2013 increased $. $ 3. 95 per share.
 business segments net sales income.
 income revised change allocation pension postretirement benefit costs 2004.
 coatings sales increased $ 440 million % 2004.
increased 6% 4% currency translation.
 declined 1% 1 % lower selling prices automotive.
 income increased $ 58 million.
 higher sales volume currency translation manufacturing efficiencies 20 million.
 inflationary cost increases 82 million lower selling prices.
 glass sales increased $ 54 million 3%.
 6% 6 performance glazings automotive.
 increased 2% 2 % currency translation.
 declined 5% 5 % lower selling prices.
 income increased $ 98 million.
 improved manufacturing efficiencies 110 million higher sales volume equity earnings gains sale/leaseback precious metals 19 million.
 lower selling prices.
 fiber glass volumes 15% pricing declined.
 equity earnings joint venture.
 reductions.
 chemicals sales increased $ 263 million 15 %.
 10% improved volumes 4% 4 higher selling prices.
sales increased 1% foreign currency translation european operations.
 income increased $ 63 million 2004.
 higher prices higher sales volume improved manufacturing efficiencies $ 25 million lower environmental expenses.
 decreasing income inflationary cost increases $ 40 million higher energy costs $ 79 million.
 pension postretirement benefit costs 2004 $ 45 million lower 2003.
 reflects market growth pension plan assets $ 140 million cash pension subsidy medicare act 12.
 environmental matters involved lawsuits claims monetary damages.
 3 proceedings 13 proposed settlement asbestos claims.
discussed item 3 note 13 future litigation unpredictable management believes lawsuits ppg including asbestos settlement ppg financial position liquidity outcome material results operations.
 company named defendant antitrust lawsuits.
 suits allege ppg acted fix prices allocate markets flat glass automotive refinish industries.
 2005 ppg annual report form 10-k


republic services .
 financial statements 2014 discount rate obligations expected benefit payments high quality bonds.
 yield curve discount rate.
 yields.
 term obligation retirement dates seven years.
 evaluated historical performance long-term return projections plan assets asset mix timing outflows.
 total return investment approach equity fixed income investments long-term return.
 minimize plan expenses outperforming liabilities.
 risk tolerance plan liabilities funded status financial condition.
 investment portfolio diversified equity fixed income investments.
 diversified.
.
 stocks growth value small capitalizations.
 derivatives market exposure leverage portfolio beyond market value.
 risk monitored annual liability measurements asset liability studies quarterly portfolio reviews.
 table summarizes target asset allocation december 31 2018 actual 2018 2017.

 december 31 2018 targetassetallocation 2017
 debt securities 82% ( 82 % ) 83% ( 83 % ) 70% 70 %
 equity securities
 100% 100 %
 asset allocations reviewed rebalanced funded status.
 strategy diversified portfolio average long-term return. 20%.
.
 assets allocated debt equity portfolios fluctuations.
 asset allocation target ranges strategies reviewed independent consulting firm.


rent $ 83. million $ 59. million $ 41. 8 million years 2015 2014 2013 non-cancelable lease agreements.
 contingent rent $ 11. million $ 11. $ 7. million 2014 2013.
 company promote brand products.
 sponsorship agreements collegiate professional supplier agreements athletic event sponsorships commitments.
 schedule future minimum payments sponsorship agreements december 31 2015 2015.
 2016 126488
 2017 138607
 2018 137591
 2019 98486
 2020 67997
 2021 289374
 future minimum sponsorship payments $ 858543
 minimum compensation obligations guaranteed royalty fees sponsorship agreements.
 performance incentives product supply obligations.
 product supply obligations.
 playing conditions sporting events decisions marketing.
costs to design develop source purchase products endorsers incurred not tracked from customers.
 company agreed to indemnify counterparties against claims infringement intellectual property.
 indemnification obligations apply misconduct bad faith.
 fair value indemnifications not material to financial position results operations.
 involved in litigation commercial intellectual property disputes trade regulatory claims.
 believes proceedings routine incidental business financial position results cash flows.
 new class common stock c common stock $ 0. 0003 1/3 per share four class action lawsuits brought


pricing loans.
 valuation assumptions inputs.
 adjustments uncertainties market conditions liquidity.
 credit risk valuation rates return loans.
 classify portfolio level 3.
 equity investments valuation requires management judgment quoted market prices lack liquidity long-term nature.
 carrying values interests reflect exit price based techniques publicly traded price adjusted earnings independent appraisals financing sale transactions pricing financing.
 2013 fair value measurements disclosures investments net asset value share.
 value indirect investments private equity net asset value financial statements.
 adjustments value change value.
 investments classified level 3.
 resale agreements structured resale agreements economically hedged financial derivatives fair value.
 determined model market data interest rates.
observable market inputs external sources yield curves volatility market-related data.
 instruments classified level 2.
 blackrock series c preferred stock february 2009 2. 9 million shares fair value.
 hedges blackrock ltip liability.
 fair value determined third-party modeling approach includes observable unobservable inputs.
 considers expectations default/liquidation liquidity discounts inability sell security price.
 security classified level 3.
 assets values determined pricing models discounted cash flow methodologies significant model assumption input unobservable.
 assets liabilities assets consolidated.
 assets liabilities consolidated
 december 31 2009 $ 14151 $ 295  22% ( 22 % ) 6% ( 6 % ) 5% ( 5 % )
31 2008 7012 19% 19 % < 1% 2% 2 %
 securities transferred 3 exceeded $ 4. 4 billion.
 securities 3 2009 2008 non residential mortgage asset volume decreased.
 no issues.
 valuation methodology 2009.
 level 3 assets commercial mortgage loans equity securities auction rate corporate debt private equity investments residential mortgage servicing rights.


westrock company notes consolidated financial statements reconciliation unrecognized tax benefits millions.
 2017 2016
 balance fiscal year $ 148. 9 $ 166. $ 106. 6
 additions purchase accounting 3. 7. 16.
 tax positions current year 3. 5. 30.
 prior fiscal years 18. 15. 2 20.
 reductions prior years -5. 3. 6 7.
 reductions settlement. 4 29. -1. 3
 currency translation adjustments. 6 9. 2. 7.
 reductions lapse statute -2. -8. -3.
 end fiscal year $ 127. $ 148. 9 $ 166. 8
 amounts 2018 2017.
 adjustments 2016.
 state audit examinations federal returns.
.
 unrecognized tax benefits $ 127.1 million $ 148. 9 million exclusive interest penalties.
 unrecognized tax benefits $ 108. 7 million $ 138. million benefit effective tax rate.
 evaluate liabilities changing facts circumstances.
 recognize estimated interest penalties unrecognized tax benefits income expense.
 2018 liabilities $ 70. 4 million.
 2017 liabilities $ 81. 7 million.
 results 2018 2017 2016 expense $ 5. 8 million $ 7. 4 million $ 2. 9 million net indirect benefits.
 unrecognized tax benefits decrease $ 5. million next twelve months expiration limitations settlement issues.
 file federal state local income tax returns.
 foreign jurisdictions.
 no longer subject.
 income tax examinations 2015 2008.
.
 2011 not subject 2005.
believe tax positions appropriate subject audit modifications no assurance affect results financial condition cash flows.
.
 report financial results three segments corrugated packaging recycling consumer packaging mills land development real estate charleston sc region.
 combination separation fourth segment specialty chemicals.
 sale consumer packaging segment included hh&b.
 income expenses not allocated segments


management analysis jpmorgan chase co. annual report derivative contracts firm uses market-making activities.
 interest rates currencies markets.
 credit market risk.
 counterparty settlement mechanism affect credit risk.
 credit risk.
 exchange traded derivatives futures options credit risk.
 credit risk legally enforceable netting arrangements collateral agreements.
 contracts settlement note 6.
 table net derivative receivables.
.
 millions 2016 2015
 interest rate $ 28302 $ 26363
 credit derivatives
 foreign exchange
 equity
 commodity
 cash collateral 64078 59677
 liquid securities derivative receivables -16580
 collateral $ 41373 $ 43097
 collateral derivative instruments legal opinion sought.
receivables were $ 64. 1 billion $ 59. 7 billion at december 31 2016 2015.
 represent fair value contracts after master netting agreements cash collateral firm.
 credit risk additional liquid securities.
 government agency securities government bonds cash collateral $ 22. 7 billion $ 16. 6 billion at december 31 2016 2015 security firm favor.
 change receivables related to market-making activities.
 market movements increased foreign exchange receivables reduced commodity receivables.
 firm holds additional collateral cash government securities securities corporate debt equity securities clients contracts non-daily call frequency settled.
 collateral reduce balances available as security against potential exposure value firm.
 include credit enhancements.
 note 6.
net fair value derivative receivables capture future variability.
 firm calculates three measures derivatives credit loss peak derivative risk equivalent average exposure.
 incorporate netting collateral benefits.
 peak conservative exposure counterparty equivalent 97. 5%. confidence level.
 credit limits reporting exposure management.
 dre exposure risk derivative.
 less extreme derivative risk.
 avg expected fair value derivative receivables future collateral.
 primary metric pricing credit capital cva.
 three year avg exposure $ 31. 1 billion $ 32. 4 billion at december 2016 2015 compared receivables collateral $ 41. 4 billion $ 43. 1 billion 2016 2015.
 fair value derivative receivables incorporates credit quality counterparties.
 avg counterparty credit spread.
cva credit spreads deal activity market environment.
 firm risk management credit


prior service cost net actuarial gains losses non-operating income.
 adopted requirements.
 2017-07 january 1 2018 retrospective transition method.
 adoption.
 2017-07 increase consolidated operating profit $ 471 million $ 846 million 2016 2017 decrease non-operating income.
 impact business segment profit net earnings cash flows adopting.
 2017-07.
 intangibles-goodwill 2017 issued.
 2017-04 eliminates requirement implied fair value reporting unit goodwill carrying amount.
 new standard change goodwill impairment.
 impairment test fair value goodwill impairment charge calculated subtracting fair value carrying amount.
 prior standard assets liabilities.
 new standard effective interim annual reporting periods after december 15 2019 early adoption date adoption.
new standard goodwill impairment tests third quarter 2017 simplifies evaluation.
 impact outcomes tests.
 hedging 2017.
 eliminates requirement measure report hedge ineffectiveness.
 effective fiscal years december 15 2018 early adoption.
 significant impact consolidated assets liabilities net earnings cash flows.
 plan january 1  2019.
 2016.
 requires recognition lease assets liabilities disclosure information leasing arrangements lessees.
 standard effective january 1 2019 public companies early.
 requires modified retrospective approach financial statements.
 impact consolidated financial statements.
 plan adopt standard january 1  2019.
 2013 earnings per share average shares.
 shares computations 287. 299
 dilutive effect equity awards.
 290. 303..
 compute diluted earnings share net earnings average shares.
 includes effects vesting restricted stock units performance stock units stock options.
 no anti-dilutive equity awards years december 31 2017 2016 2015.
 acquisitions sikorsky aircraft november 2015 united technologies subsidiaries.
 purchase price $ 9. billion cash.


uncoated freesheet paper market pulp 2009.
 input costs wood constraints kwidzyn mill tariff increases.
 main tenance costs flat operating costs favorable.
 sales $ 50 million 2009 $ 20 million 2008 2007.
 earnings increased less $ 1 million.
.
 market pulp sales $ 575 million 750 2008 2007.
 earnings $ 140 million million $ 156 million shutdown bastrop mill $ 78 million 2007.
 sales volumes decreased weaker global demand.
 price lower.
 costs wood energy chemicals freight costs lower.
 operating costs favorable maintenance downtime costs lower.
 lack-of-order downtime 540000 tons shutdown bastrop mill 135000.
 2010 sales volumes increase demand fluff pulp weaker softwood hard pulp.
 sales price.
input costs increase wood energy chemicals freight.
 maintenance downtime operating costs flat.
 packaging demand pricing correlate spending economic activity.
 profitability raw material energy freight costs manufacturing efficiency product mix.
 net sales 2009 decreased 4% 2008 increased 1% 1 2007.
 operating profits increased.
 fuel mixture credits facility closure costs profits higher 2008 57% 2007.
 higher sales price lower raw material energy costs freight costs business foreign exchange offset lower sales volumes increased lack-of-order downtime 145 million shutdown franklin mill 67 million.
 profits $ 330 million alternative fuel mixture credits.
.
 consumer packaging net sales $ 2. 2 billion. billion 2008. 2007.
 earnings 2009 $ 343 million 2008 70 million 2007.
paperboard sales lower 2009 market.
 higher increases.
 raw material costs wood energy chemicals lower freight costs favorable.
 operating costs unfavorable downtime higher.
 lack-of-order downtime 300000 tons.
 $ 330 million fuel $ 67 million shutdown.
 foodservice sales volumes lower weak economic.


5.
 common equity issuer purchases shares traded since november 17 2011 new york stock exchange. december 4 2017 name aptiv plc symbol. january 25 2019 2 shareholders.
 graph changes value december 2013 2018 initial investment $ 100 reinvestment dividends ordinary shares s&p 500 index automotive peer group.
 prices adjusted separation.
 future returns.
 $ 100 invested december 31 2013 index dividends.
 year 2018.
 aptiv plc delphi technologies s&p 500 automotive peer group american axle manufacturing aptiv borgwarner cooper tire rubber standard dana dorman ford motor garrett motion.general motors gentex gentherm parts goodyear rubber lear lkq meritor motorcar parts standard motor products stoneridge superior industries tenneco tesla tower visteon wabco holdings index december 31.
 2013 2014 2016 2018
 aptiv plc $ 100. 122. 146. 117. 178. 130.
 s&p 500 100. 113. 115. 129. 157. 150.
 automotive peer group. 107. 134.


bermuda subsidiaries not insurers reinsurers.
 insurance reinsurance contracts collateral locs.
 ace global markets satisfy.
 regulatory trust fund requirements issuance locs.
 used corporate purposes underwriting lloyd.
 table shows credit facilities usage expiry date december 31 2010.
.
 expiry.
.
 letter credit facility $ 1000 $ 574.
 revolving credit/loc facility.
.
 capital facilities.
 $ 2400  $ 1784
 facilities guaranteed by subsidiaries ace.
 used locs.
 supports ace global markets underwriting lloyd 2019s syndicate 2488.
 november 2010 four letter credit agreements issuance $ 400 million.
 locs support funds lloyd 2019s requirements corporate purposes.
anticipated commercial facilities renewed expiry subject credit.
 alter native security.
 insurance trusts funds cash resources.
 value letters credit driven by statutory liabilities loss development reserves payment pattern expansion loss experience.
 facilities require covenants met at december 31  2010.
 minimum consolidated net worth not less.
 base amount $ 13. 8 billion plus 25 percent consolidated net income each fiscal quarter plus 50 percent increase net worth issuance.
 subject annual reset.
 maximum debt to capitalization ratio not greater. to 1.
 include trust preferred securities mezzanine equity except 15 percent.
 debt capitalization.
 december 31 2010 minimum consolidated net worth $ 14. 5 billion actual net worth $ 21. 6 billion ratio debt to total capitalization 0.167 to 1 below maximum debt capitalization ratio. 35 to 1.
 failure comply covenants credit facility default.
 repay borrowings collateralize.
 failure ace limited pay obligation $ 50 million default facilities.
 ace limited subsidiaries assigned debt financial strength ratings agencies s&p.
 investors service fitch.
 ratings announced available.
 internet site. acegroup.


jpmorgan chase & co. annual report 125 lending-related commitments firm uses financial instruments revolving credit facilities guarantees financing needs.
 contractual amounts represent maximum credit risk counterparties draw down.
 total contractual amount not representative of future credit exposure funding requirements.
 risk-equivalent 201d amount for each commitment represents unused commitment contingent exposure expected default.
 loan-equivalent amount lending commitments $ 229. 6 billion and $ 218. 9 billion as of december 31 2014 2013.
 clearing services provides securities derivative transactions.
 exposed risk non-performance share losses.
 credit risk through margin inception can cease if adhere obligations.
 note 29.
 derivative contracts firm uses for market-making activities.
derivatives interest rates currencies markets.
 firm uses instruments credit exposure.
 settlement mechanism affect credit risk.
 risk.
 exchange-traded futures credit risk.
 credit risk enforceable master netting arrangements collateral agreements.
 note 6.
 table summarizes net derivative receivables.
.
 2013
 interest rate $ 33725 25782
 derivatives
 foreign exchange
 equity
 commodity
 cash collateral 78975
 liquid securities collateral derivative receivables -19604
 collateral $ 59371 $ 51324
 derivative receivables consolidated balance sheets $ 79. billion $ 65. billion december 31 2014 2013.
 fair value derivative contracts netting agreements cash collateral.
management 2019s credit risk liquid securities.
 government securities g7 bonds cash collateral $ 19. 6 billion $ 14. 4 billion at december 31 2014 2013 security firm favor.
 firm holds additional collateral cash g7 government securities government-agency guaranteed securities corporate debt equity securities delivered clients non-daily call not settled.
 reduce balances available security against exposure value firm.
 december 31 2014 2013 firm held $ 48. 6 billion $ 50. 8 billion  collateral.
 prior period revised current period.
 receivables value include credit enhancements.
 note.


stockholders interest.
 rights plan stockholders unfair offer board time evaluate unsolicited offers.
 prevent takeovers unsolicited transactions premium.
.
 unresolved staff comments.
 2016 properties switching centers data centers call centers warehouses.
 size
 switching centers
 data centers
 call
 warehouses
 leased 60000 cell sites.
 2000 t-mobile metropcs retail locations kiosks 100 to 17000 square feet.
 lease office space 950000 square feet corporate headquarters bellevue washington.
 engineering administrative purposes.
. 1200000 square feet regional offices administrative engineering sales purposes.
.
 legal proceedings note 12 2013 commitments contingencies consolidated financial statements form 10-k.
.
 mine safety disclosures.
.
registrant 2019s common equity stockholder matters issuer purchases securities common stock traded nasdaq global market symbol. december 31 2016 309 stockholders higher shares held brokers dealers.


consolidated financial statements 2013 amounts millions share guarantees obligations subsidiaries credit facilities media payables operating leases.
 guarantees $ 769. 3 $ 706. 7 december 31 2009 2008.
 non-payment subsidiary pay amounts.
 no material assets pledged security guarantees.
 estimated future contingent acquisition obligations payable cash 2009.
 amounts paid earliest exercise date.
 note 6 payment structure.
 payments contingent achieving operating performance targets satisfying conditions subject revisions earn-out periods.
 2011 2012 2013 2014
 deferred acquisition payments $ 20. 5 $ 34. 60.
 redeemable noncontrolling interests call options.
 contingent acquisition payments. 232.
 cash compensation expense.. 2014.
 $ 63. $ 81. $ 40. $ 36. $ 5. $ 228.
 entered acquisitions redeemable noncontrolling interests call options similar terms conditions.
 included estimated contingent acquisition obligation earliest option exercisable.
 redeemable noncontrolling interests exercisable discretion equity owners december 31 2009.
 estimated acquisition payments $ 20. included payments 2010 not carry 2011 exercised.
 interests current exercise price payable cash not redemption value.
 involved proceedings.
 financial condition cash flows.
 accounting standards guidance transfers financial assets extinguishments liabilities.
 effective january 1 2010.
 eliminates qualifying special-purpose entity changes criteria derecognizing financial assets.
 disclosures involvement financial assets transferred.
 impact financial statements.
2009 fasb amended guidance consolidating variable interest entities.
 effective january 1 2010.
 revises factors insufficiently capitalized not controlled.
 includes revised financial statement disclosures risk exposures impact financial statements.
 evaluating impact consolidated financial statements.


annual report 2010 duke realty corporation provide property management leasing construction tenant services unconsolidated companies equity interests.
 2009 2008 earned management fees $ 7. 6 million 8. 4 million. leasing $ 2. 7 million. million construction development fees $ 10. 3 million. $ 12. 7 million.
 recorded fees eliminated ownership percentages statements.
 guaranteed repayment $ 95. 4 million economic development bonds.
 taxes.
.
 guaranteed repayment secured unsecured loans six unconsolidated subsidiaries.
 maximum $ 245. 4 million.
 3630 peachtree joint venture liability $ 36. 3 million.
 lease land december 2080 total obligation $ 103. 6 million.
 payments leases.
 subject legal proceedings claims.
management liability affect financial statements results operations.
 december 31 2010 subject obligations.
 payments due 2011 2012 2013 2014 2015
 long-term debt $ 5413606  $ 629781  $ 548966  $ 725060 498912 473417 $ 2537470
 lines credit 214225  28046  9604 176575
 debt unconsolidated joint ventures 447573  87602 27169 93663 34854 65847 138438
 ground leases 103563
 operating leases 2704 840 395
 development construction backlog costs 521041  476314  44727
 contractual obligations $ 6704679  $ 1225797 $ 633481 $ 998091 536428 541890 2768992
long-term debt secured unsecured principal interest.
 calculated rates december 31 2010.
 unsecured lines operating february 2013 consolidated subsidiary july 2011.
 calculated recent rates.
 unconsolidated joint venture debt principal interest.
 calculated december 31 2010.
 estimated costs owned third-party.


.
 morgan chase & co.
 2003 annual report commercial loss $ 917 million at december 31 2003 decrease 43% from 2002.
 credit quality loan reduction size portfolio.
 commercial expected loss $ 454 million 2003 decrease 26% from 2002.
 quality loan portfolio improving credit envi loss model.
 consumer expected loss $ 2. 3 billion at 2003 decrease 4% from 2002.
 consumer loan portfolio increased 10% collateralized products lower loss rates.
 residual component $ 895 million 2003.
 addresses uncertainties.
 $ 121 million increase addressed uncertainties commercial loan portfolio.
 commercial credit quality allowance declined residual component reduced.
 december 31 2003 20% total loan losses target range.
 positive economic credit quality residual components.
lending-related commitments risk loss credit-extension management computes loss residual commercial lending commitments.
 methodology similar commercial loan port folio modified maturities probabilities drawdown.
 allowance decreased 11% $ 324 million december 31 2003 improvement lending-related commitments.
 credit costs.
 year ended december 31 millions
 loan losses $ -30 $ 1491 $ 118 1579 2371 1589 4039
 lending-related commitments -47 2014 -39 309 292
 securitized credit losses 1870
 managed credit costs $ -77 $ 3361 $ 126 $ 3410 $ 2680 $ 3028 5770


company reclassified amounts invested assets limited partnership income 2013 $ 33686 thousand months march 31 $ 9409 thousand $ 43095 thousand june 30 $ 5638 $ 48733 thousand nine months september 30 2013.
.
 investments.
 fixed maturity equity security reflect unrealized appreciation depreciation temporary changes market value.
 capital gains losses.
 records changes fair value fixed maturities cash flows settle reserve losses loss adjustment liabilities.
 anticipates holding investments extended period cash flow payout.
 fixed maturities convertible bond securities foreign denominated fixed maturity securities settle loss adjustment reserves currency.
 carries equity securities at fair value except mutual fund investments fixed maturity securities.
equity securities company reflects capital gains losses market conditions.
 interest dividend income investment income.
 unrealized losses maturities credit charged to net income losses.
 short-term investments stated at cost market value.
 gains losses sales determined cost.
 non- publicly traded securities market prices determined pricing models.
 credit cash flow.
 publicly traded securities market value based on market prices valuation models.
 inactive company assumptions future cash flows risk-adjusted discount rates fair value.
 retrospective adjustments recalculate values asset-backed securities.
 acquisition effective yield.
 book value.
 factors prepayment history.
 conditional prepayment rates pass-through security types.
 invested assets include limited partnerships trusts affiliated.
partnerships affiliated entity accounted equity recorded monthly.
.
 receivable.
 company reserves uncollectible reinsurance recoverable premium receivable balances.
 reserves table periods.
 2013 2012
 reinsurance premium receivables $ 29905 32011


jpmorgan chase. 281 pledged assets repur financing derivative transactions borrowings deposits.
 sold repledged financial instruments balance sheets.
 december 31 2010 2009 pledged $ 288. 7 billion $ 344. 6 billion financial instruments sold repledged.
 pledged assets.
 securities $ 112. $ 155.
 loans 214. 285.
 trading assets 123.
 $ 450. $.
. consolidated settle liabilities.
 note 16 pages 244 259.
 december 31 2010 2009 firm accepted assets sell repledge $ 655. billion $ 635. 6 billion.
 obtained resale agreements securities borrowing agreements margin loans derivative agreements.
 $ 521. 3 billion $ 472.7 billion sold repledged collateral repurchase short sales deposits agreements.
 reporting revised 2010 securities sales deposits agreements.
 prior amounts revised current.
 revision impact firm balance sheets results operations.
 2008 resolved issues reporting withholding accounts transferred bank new york mellon sale bnym business.
 firm.


entergy subsidiaries new nuclear generation costs joint stipulation mississippi public utilities recovery costs deferred mpsc nuclear generation.
 note 2 financial statements.
 revenue 2015 2014.
.
 2014 revenue $ 5735
 retail electric price 187
 volume/weather 95
 louisiana business credits -107
 miso deferral -35
 waterford 3 replacement steam generator provision
 2015 net revenue $ 5829
 retail electric price variance 2022 formula rate plan increases entergy louisiana energy efficiency revenue entergy arkansas louisiana mississippi.
 offset operation maintenance income annual net rate increase entergy mississippi $ 16 million mpsc order june 2014 rate case.
 note 2.
 volume/weather variance increase 1402 gwh 1% billed electricity usage industrial usage favorable weather.
 increase industrial sales due expansion chemicals industry new customers offset decreased demand maintenance outages.
 louisiana business combination credits regulatory liability $ 107 million entergy 2015.
 customers realize credits regulatory liability $ 107 million $ 66 million net-of-tax.
 note 2 financial statements.


apple inc.
 2018 form 10-k stock performance graph shows shareholder return dividend-reinvested s&p 500 information technology index dow jones.
 supersector index five years 29 2018.
 assumes $ 100 invested common stock s&p 500&p dow.
 index market 27 2013.
 historic stock price performance not indicative future performance.
 $ 100 invested 27 2013 stock index reinvestment dividends.
 last day fiscal year common stock september 30th indexes.
.
.
&p dow jones indices.
.
.
 apple inc. $ 100 149 173 174 242
 s&p 500 index 163
 s&p information technology index 129 209
 dow jones. supersector index 130 203 266


2016 acquisition camber higher volumes fleet support oil gas services offset lower nuclear environmental volumes contract changes.
 technical solutions segment $ 32 million compared $ 21 million 2017.
 increase due allowance accounts receivable nuclear contract higher income investments joint ventures offset employee bonus payments 2018 tax act lower performance fleet support.
 income technical solutions segment $ 21 million $ 8 million 2016.
 increase due improved performance oil gas services higher volume mdis services acquisition offset allowance accounts receivable nuclear environmental contract 2017 resolution 2016 contract changes.
 december 31 2018 approximately $ 23 billion.
 includes funded unfunded.
 excludes unexercised contract options unfunded orders.
 amounts committed customer.
 funded unfunded backlog segment 31 2018.
 2018
ingalls $ 9943 $ 1422 11365 5920 $ 2071 7991
 newport news 6767 4144 10911 6976 5608 12584
 technical solutions 339 380 719 478 314 792
 backlog $ 17049 $ 5946 22995 $ 13374 $ 7993 21367
 30% $ 23 billion backlog converted sales 2019.
.
 government orders backlog.
 $ 9. billion.
 arleigh burke class destroyers design.
.
 procurement long-lead-time material construction nsc 10 11.
 awards 2019 $ 15. 2 billion design.
.
 contract awards $ 8. billion.
 design construction contract bougainville execution contract uss george washington.


stock options december 31 2007.
 exercise prices outstanding shares weighted price contractual life years
 37. 46
. 3634
.
.
 14326 $ 62. 59
 weighted-average contractual life 4. 2 years.
 december 31 2007 13788000 options vested expected.
 weighted-average exercise price $ 62. 07 per share contractual life 5. 2 years intrinsic value december 31 2007 $ 92 million.
 stock options granted 2005 30000 shares non-employee directors.
 2006 2007.
 non-employee directors 2007 20944 deferred stock units outside directors deferred stock unit plan.
 share common stock liability accounting treatment 123r paid cash.
no vestings service requirements compensation expense recognized units.
 value options 2007 2006 2005 $ 11. 37 $ 10. 75 $ 9. 83 per option.
 options reduction forfeitures.
 options 10743000 13582000 shares common stock $ 58. 38 $ 56. 58.
 intrinsic value $ 52 million $ 111 million $ 31 million.
 $ 94 million $ 87 million.
 cash $ 111 million $ 233 million $ 98 million.
 tax benefit $ 39 million $ 82 million $ 34 million.
 no options granted excess market value 2007 2006 2005.
 common stock 40116726 december 31.
 common stock future issuance compensation 41787400 shares.
 issued 2. 1 million shares treasury stock.
utilize treasury stock future stock option exercises.
 adopted fair value recognition provisions sfas 123 employee awards stock options 1 2003.
 recognized compensation expense stock options vesting period.
 compensation expense pnc stock options 2007 $ 29 million $ 31 million 2006 $ 29 million 2005.
 table policies net income earnings sfas 123 2005.
 estimated fair value options black-scholes option pricing model.
.
 2005 results estimates not indicative impact future.


graph compares 4-year return common stock nasdaq composite s&p 400 information technology index.
 investment common stock index $ 100 january 3 2009 december 29 2012.
 4 year return cadence design systems. nasdaq composite index s&p 400 technology.
$ 100 invested 1/3/09 dividends.
 month-end.
 mcgraw-hill companies.
 1/3/2009 1/2/2010 1/1/2011 12/31/2011/29/2012
 cadence design systems.
 nasdaq composite.
 s&p 400 information technology.
 stock price performance not indicative future price performance.


goldman sachs group.
 subsidiaries maximum payout guarantees indemnifications.
 management believes unlikely payments no liabilities recognized statements financial 2017 2016.
.
 firm provides counterparties commercial transactions indemnifies against losses breach.
 indemnifications against changes.
 tax laws transactions.
 provide indemnifications additional taxes owed payments withheld.
 tax laws.
 indemnifications standard contractual terms business.
 no stated notional amounts contingencies triggering not expected.
 estimate maximum payout guarantees indemnifications.
 management believes unlikely material payments no material liabilities recognized consolidated statements financial december 2017 2016.
 guarantees subsidiaries.
.
 guarantees securities issued gs finance corp. wholly-owned subsidiary.
.
guaranteed payment obligations goldman sachs co.
. bank usa exceptions.
 group.
 guarantees obligations subsidiaries transaction-by-transaction.
.
 maximum payout guarantees obligations. liabilities not disclosed.
.
 2017 2016 4. billion shares common stock 200 million nonvoting common stock par value $ 0. 01 per share.
 dividends common share $ 2. 90 2017 $ 2. 60 2016 $ 2. 55 2015.
.
 declared dividend $ 0. 75 per common share march 29 2018.
 share repurchase program common equity.
 open-market purchases amounts determined capital position market conditions price trading volumes.
 repurchasing confirmation.
 common stock repurchased share repurchase program.
millions share 2017 2016 2015
 share repurchases 29. 36.
 cost share $ 231. $ 165. 189.
 repurchases $ 6721 $ 6069 4195
 share-based compensation plans employees remit shares cancel options tax.
 2017 2016 2015 12165 49374 35217 remitted value $ 3 million 7 million 6 million cancelled. million value $ 1. 94 billion 921 million 1. billion.
 cancelled. options value $ 1. billion. billion 406 million 2017 2016 2015.


assure gener restructuring completed terms changed.
 gener restructuring debt subsidiaries termoandes.
.
 expects maturities obligations extended.
 under-performing businesses 2003 sold discontinued under-performing businesses construction projects investment.
 anticipated less activity write-offs impairment charges future.
 businesses affected 2003 listed.
 project name type date location millions.
 dominican republic $ 60
 120
 19
 poland $ 23
 uganda $ 76
 $ 20
 operations.
 credit reduced parent level debt $ 1. 2 billion 2003 including secured equity-linked loan.
 refinanced paid down near-term maturities by $ 3. 5 billion enhanced year-end liquidity over $ 1 billion.
 average debt maturity extended 2009 to 2012.
 subsidiary level limited recourse financing parent credit risk.
 reduced cost capital improved credit statistics expanded access credit aes subsidiaries.
 liquidity parent important agencies credit quality.
 currency political risk cash flow.
 large contractual concession-based cash flow.
 2003 81% cash distributions parent company from.
 large utilities worldwide contract generation.
 february 4 2004 redemption $ 155049000 8% senior notes due 2008 $ 34174000 10% notes 2005.
 redeemed march 8 2004 100% principal amount plus accrued interest.
 mandatory redemption 10% notes 2005 2018 free cash flow 2019 year december 31 2003.
 february 13 2004 issued $ 500 million unsecured senior notes.
 march 1 2014 callable redemption price 100% principal plus make-whole premium.
 issued.pay interest-annually


april 2015 joint venture saudi arabia.
 equity bridge loan until 2020 guaranteed repayment 25% share.
 venture partner guaranteed repayment.
 maximum exposure $ 100.
 noncurrent liability $ 67. 5 future equity contributions.
 air products sale equipment contract engineer construct industrial gas facilities saudi aramco.
 bank guarantees $ 326.
 party equity support agreement operations guarantee air separation facility trinidad 50%.
 maximum potential payments $ 30.
 extinguished 2024.
 2014 sold homecare business operations guarantee.
 maximum potential payment a320 million extinguished 2020.
 no equity contributions payments guarantees.
 not material.
 issued product warranties equipment sales.
 contracts terms warranty infringe third-party intellectual property rights.
 future costs not material financial statements.
expect guarantees warranties financial condition liquidity results operations.
 obligated future payments.
 2016 $ 917
 2017 117
 2018 63
 2019 55
 2020 54
 164
 $ 1370
 $ 390 long-term obligations feedstock supply hyco facilities.
 price related natural gas.
 long-term take-or-pay sales contracts matched feedstock obligations recovery price increases.
 financial condition results operations.
 obligations include product electric power natural gas pass-through contracts.
 commitments $ 540 additional plant equipment 2016.


.
 brokerage receivables payables citi has for financial instruments from brokers dealers customers.
 to risk loss pay deliver at market prices.
 credit risk broker.
 margin collateral.
 margin levels monitored daily deposit additional collateral.
 citi may liquidate financial instruments.
 credit risk impacted by market volatility.
 credit limits monitored for customers brokers dealers.
 brokerage receivables payables.
 millions december 31 2017 2016
 receivables from customers $ 19215 $ 10374
 brokers dealers 19169 18513
 receivables $ 38384 $ 28887
 payables to customers $ 38741 $ 37237
 brokers dealers 22601 19915
 payables $ 61342 $ 57152
brokers dealers 22601 19915 brokerage payables $ 61342 57152 receivables payables citi broker aicpa accounting guide.


tower corporation subsidiaries financial statements 2014 december 1 annual impairment test.
 appraisal estimated value rental management unit goodwill cash.
 rental management segment not impaired.
 intangible assets amortization december 31.
 intangibles $ 2606546 $ 1369607
 deferred financing costs
 licenses
 accumulated amortization -646560 -517444
 assets $ 2077312 985303
 amortizes assets three fifteen years.
 2005 2004 $ 136. million $ 97. 8 million deferred financing costs.
 amortization $ 183. 6 million $ 178. 3 million. 4 million. 7 $ 170. 3 million years 2006 2007 2008 2009 2010.
 subject changes allocation purchase price.
.
.
.
tv azteca owner national television network mexico $ 119. 8 million.
 loan 12. 87%. payable quarterly discounted fair value interest rate 14. 25%.
 amended 2003 interest 13. 11%.
 december 31 2005 2004 $ 119. 8 million undiscounted $ 108. 2 million discounted outstanding receivable long-term assets.
 term seventy years prepaid penalty last fifty years.
 discount amortized interest income seventy-year.
 seventy year economic rights agreement 190 broadcast towers.
 below market interest rate loan annual payment $ 1. 5 million market lease unused tower space.
 azteca retains title responsible operation maintenance.
 100% revenues leases operating expenses.


deferred tax assets liabilities balance sheet.
 decrease 2009 assets pension liabilities minimum tax credit utilization valuation allowance.
 less tax depreciation 2019s assets purchased 2009.
 valuation allowance december 2008 $ 72 million.
 increase $ 274 million.
 $ 211 million french operations allowance $ 55 million deferred tax assets $ 156 million second quarter 2009 assets $ 10 million deferred tax assets united king dom operations $ 47 million reduction.
 state deferred tax assets $ 15 million fourth quarter 2009 louisiana recycling credits.
 tax rate $ 10 million line item 201ctax rate differences.
 earnings. guidance uncertain tax positions.
new guidance company recorded charge earnings $ 94 million reduction january 1 2007 balance.
 reconciliation unrecognized tax benefits december 31 2009 2008 millions.
 balance january 1 $ -435 $ -794 ( 794 -919
 additions tax positions current
 additions prior years -82 -66 -30
 reductions 72 74
 settlements
 expiration statutes limitations
 currency translation adjustment -11 -24
 balance december 31 $ -308 $ -435 $ -794 ( 794
 balance december 31 2009 2008 $ 56 million $ 9 million tax positions benefits uncertainty timing.
 timing affect annual tax rate payment cash.
 accrues interest unrecognized tax benefits expense.
 penal ties income tax expense.
company $ 95 million $ 74 million accrued interest penalties unrecognized tax benefits at december 31 2009 2008.
 major jurisdictions united states brazil france poland russia.
 tax years 2002 2009 open.
 tax examinations overseas.
.
 revenue service tax years 2006 2007.
 unrecognized tax benefits $ 125 million next twelve months.
 2009 tax benefits decreased $ 127 million.
 could.
 2009 income tax provision $ 469 million $ 279 million special items $ 534 million benefit restructuring $ 650 million alternative fuel mixture credit $ 163 million adjustments 156 million loss $ 26 million federal tax audits 15 million recycling $ 18 million other adjustments.


years.
 amounts offset agreements based cash outlays fraction original amount.
 2005 outstanding offset agreements $ 8. 4 bil lion aeronautics through 2015.
 purchase obligations offset table.
 standby letter credit agreements financial institutions advances future performance.
 outstanding letters credit surety bonds guarantees commitment expiration 1 letters credit $ 2630 $ 2425 $ 171 $ 18 16.
 less 1 1-3 years 3-5 years 5 years
 letters credit $ 2630 $ 2425 $ 171 18
 surety bonds 434 79 352
 guarantees
 total commitments $ 3066 $ 2505 $ 524 $ 21 $
$ 2262 million $ 49 million standby letters credit $ 38 million surety bonds renew until completion contractual obligation.
 $ 200 million letter credit surety bond recorded bal sheet reductions inventories customer advances costs.
 $ 2 billion standby letters credit advance payments f-16 contract international.
 available draw down nonperformance events.
 letters surety bonds available draw down nonperformance.
 december 31 2005 no off-balance sheet arrangements commission.
 exposure interest rates foreign currency exchange rates.
 risk fixed- rate floating rate long-term debt.
 interest rates interest expense $ 10 million.
 estimated long-term debt instruments $ 6. 2 billion carrying $ 5. 0 billion.
 majority obligations not callable until maturity.
used interest rate swaps fixed variable year-end 2005 no agreements.
 use foreign exchange contracts currency rates hedge accounting.
 contracts hedge cash flows firm commitments transactions rate changes currency assets liabilities.
 gains losses recog nized income transaction.
 gains losses recognized current period.
 december 31 2005 fair value exchange con tracts gains losses not material.
 hold issue derivative financial instruments speculative.
 2004 fasb issued fas 123 ( ) share- based payments net earnings per share statement cash flows.
 requires stock options share-based payments compensation expense recorded financial condition december 31 2005


capital markets macroeconomic factors affect business.
 changes disruptions limited liquidity uncertainty brexit interest rate volatility increase cost financing risks refinancing debt.
 borrowing costs affected by long-term ratings.
 decrease ratings access capital markets increase borrowing costs financial condition operating results.
 customers leveraged.
 consolidations competition credit market volatility.
 exposure credit risk.
 change financial credit position greater credit risk collect receivables.
 financial condition liquidity.
.
.
.
.
 co-headquarters pittsburgh pennsylvania chicago.
 executive offices.
 business units administrative finance legal human resource functions.
 maintain additional owned leased offices regions.
 manufacture products facilities.
 operated 84 manufacturing processing facilities.
 own 81 lease three.
 facilities.
 leased

 united states 40
 canada
 emea
 world 27
 maintain manufacturing processing facilities good needs.
 co-manufacturing production.
 fourth quarter 2018 plans divest assets operations canada india one manufacturing facility canada leased india.
 5 divestitures financial statements supplementary data.
.
 legal proceedings.
 18 commitments contingencies.
.
 safety disclosures.
.
.
 registrant common equity.
 common stock listed nasdaq 201ckhc.
 june 5 2019 49000 holders.
 equity dividends 7 financial condition results operations cash dividends.


valuation allowance against deferred tax assets.
 changes 2017 2016 fiscal transition period 2015 summarized.
 balance may 31 2014 -7199
 foreign net operating loss carryforwards
 may 31 2015 -3823
 foreign income tax credit -7140
 domestic net operating loss -4474
 unrealized capital loss
 may 31 2016
 net loss
 net unrealized capital loss
 december 31 2016 -16611
 foreign loss -6469
 domestic -3793
 state credit carryforwards -685
 domestic net loss loss
 foreign income tax credit carryforward
 balance december 31 2017
 increase valuation allowance net loss $ 10. 3 million acquisition.
 domestic net operating loss $ 1. 5 million $.5 million 2016 fiscal transition may 31 carryforwards merger heartland.
 foreign $ 43. 2 million domestic $ 28. 9 million december expire 2026 2037.
 business globally file tax returns federal state foreign jurisdictions.
 taxing authorities.
 state tax may 31 2008.
 federal 2013.
 2014.
 global payments.
 2017 10-k annual report


new orleans.
 subsidiaries income increased $ 3. million higher revenue depreciation amortization interest income.
 increased $ 13. million lower operation expenses higher revenue higher income tax rate.
 fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 net revenue $ 293.
 retail electric price.
 gas revenue -2.
.
.
 2016 revenue $ 317.
 retail electric price variance purchased power capacity acquisition cost recovery rider power block 1 union power station.
.
 net gas revenue variance less favorable weather residential commercial sales.
 volume/weather variance decrease 112 gwh 2% electricity usage offset favorable weather commercial sales increase electric customers.


earnings $ 696. 9 million from foreign subsidiaries reinvested abroad not repatriated states.
 no domestic federal state deferred income taxes.
 distribution dividends subject to.
 income taxes withholding taxes.
.
 domestic federal income tax liability.
 valuation allowance against deferred tax assets.
 changes valuation allowance may 31 2015 2014 summarized.
 may 31 2013 -28464
 foreign loss carryforwards
 31 2014
 2015
 operating loss carryforwards of foreign subsidiaries $ 12. 4 million.
 loss carryforwards $ 19. 8 million expire may 2017 2033 if not utilized.
 capital loss carryforwards.
 subsidiaries $ 4. 7 million expire if not utilized by may 31 2017.
tax credit carryforwards $ 8. 4 million 31 2015 expire 2017 2023 not utilized.
 conduct business globally file tax returns.
 federal state foreign jurisdictions.
 subject examination taxing authorities.
 fourth quarter 2015 concluded tax positions foreign jurisdiction $ 65. 6 million sustained.
 liability deferred tax assets eliminated.
 uncertain tax positions examination jurisdiction.
 likelihood increased.
 final closure notice no adjustments taxable income tax returns 2010 through 2013.
 unrecognized tax benefits settled.
 no state income tax examinations 31 2008.
 federal tax prior 2012 united kingdom federal income tax 31 2013.
.
 2015 10-k annual report


table shows reporting units goodwill balances december 31 2010 excess fair value over allocated book value annual impairment test.
 millions fair value % allocated book value.
 north america banking 170% 170 %
 emea
 asia
 latin america
 securities banking
 services 1716
 brokerage asset management
 local consumer lending 121 4560
 excluded no goodwill allocated.
 no impairment noted citigroup lending impairment test july 1 2010 goodwill may sensitive deterioration valuation economic conditions consumer credit risk.
 citigroup engaged independent valuation specialist market approach income approach penalty fee provisions credit card accountability disclosure act 2009.
 selected price multiple.
 operating performance financial condition lending publicly traded companies acquired companies.
expected growth return on tangible equity guideline companies transactions considered.
 guideline prices minority interest selection multiple considers guideline acquisition prices control rights privileges multiple control premium.
 local consumer lending valuation assumptions include cash flows terminal value discount rate.
 cash flows estimated based management recent projections targeted equity capital requirements public guideline companies.
 terminal value 2013 assumptions include long-term growth rate price-to-tangible book multiple guideline companies.
 discount rate based on estimated cost of equity capital model.
 inherent uncertainty economic conditions deteriorate impact business model.
 discount rate at july 1, 2010 risk characteristics uncertainty forecasts assumptions.
 2014economic conditions.
 regulatory actions affect assumptions valuation lending.
deterioration assumptions valuations discount-rate growth-rate net income affect citigroup 2019s impairment evaluation results.
 future cash flows experience impairment charges $ 4560 million goodwill consumer lending.
 charges affect tier 1 capital regulatory ratios ratio equity liquidity position.


sysco corporation sales by type customer past three fiscal years.
 2019 2018 2017
 restaurants 62% 62 % )
 education government
 travel leisure retail
 healthcare
 100% 100 %
 cafeterias bakeries caterers churches civic fraternal vending distributors distributors international exports.
 exceeded 5% total sales.
 purchase thousands suppliers domestic international more 10% purchases.
 suppliers large corporations private label independent regional brand private label processors packers.
 provide specialty seasonal products small mid-sized producers locally sourced products.
 differentiate satisfy support local communities.
 purchasing centrally developed programs direct purchasing programs companies.
 consolidated product procurement program quality food non-food products.
program covers purchasing marketing branded merchandise from national brand suppliers all product lines.
 products purchased internationally optimize supply chain.
 sysco operating companies purchase from consolidated programs products available.
 focus increasing profitability lowering operating costs inventory facility expansion needs value to suppliers customers.
 growth funded through cash flow operations commercial paper issuances long-term borrowings.
.
 extend credit terms customers cash on delivery to 30 days.
 monitor suspend shipments if necessary.
 sales orders filled within 24 hours.
 maintain inventory on hand demand.
.
 additional volumes based supply pricing opportunities.
 advantage cash discounts receive payment terms weekly to 45 days.
 corporate headquarters services center staff services for employees suppliers customers.
administration accounting finance treasury legal technology payroll benefits risk insurance sales marketing merchandising logistics human resources strategy tax compliance.
 corporate office chain warehousing distribution space energy conservation fleet.


two-class method.
 provisions guidance fiscal years after december 2008.
 company adopted earnings updated prior computations.
 adoption first quarter 2009 earnings.
 note 11.
 june 2008 fasb issued guidance derivative contract stock.
 effective fiscal years after december 2008.
 first quarter 2009 consolidated financial statements.
 march 2008 financial reporting derivative instruments hedging activities enhanced disclosures position.
 effective fiscal years after november 15 2008.
 first quarter 2009 financial statements.
 december 2007 fasb issued guidance acquirer assets liabilities non-controlling interest acquired entity at fair value.
 transaction costs expensed as incurred.
 effective for combinations acquisition date fiscal year december 15 2008.
 first quarter 2009 consolidated financial statements.
december 2007 fasb issued guidance standards noncontrolling interest subsidiary deconsolidation.
 effective fiscal years after 2008.
 first quarter 2009 2019s financial statements.
 september 2006 fasb issued guidance fair value framework expands disclosures.
 effective fiscal years after november 2007 delayed effective date 2008 nonfinancial assets liabilities.
 quarter 2009 financial statements.
.
 inventories.
 december 31 2009 2008
 finished goods $ 155596 $ 187072
 raw materials 785
 work-in-process
 subtotal inventories
 reserve
 inventories $ 148488 $ 182232


ace limited subsidiaries.
 2019s insurance reinsurance subsidiaries subject insurance laws regulations.
 dividends distributions loans cash advances without approval insurance.
 no restrictions dividends retained earnings bermuda subsidiaries minimum capital surplus requirements satisfied share capital additional paid-in capital.
.
 subsidiaries file financial statements statutory accounting practices insurance regulators.
 accounting differs reinsurance contracts investments subsidiaries acquis expenses fixed assets deferred income taxes.
 statutory capital surplus.
 subsidiaries 2009 2008 2007.
 dividends 2010 without approval $ 733 million.
 combined statutory capital surplus net income bermuda.
 subsidiaries years december 31 2009 2008 2007.
. bermuda subsidiaries 2009 2008
capital surplus $ 9299 $ 6205 $ 8579 $ 5801 $ 5368 $ 5321
 net income $ 2472 $ 2196 $ 1535 $ 870 $ 818 $ 873
 restructuring.
 subsidiaries discount a&e liabilities increased capital surplus $ 215 million $ 211 million $ 140 million december 31 2009 2008 2007.
 subsidiaries prepare financial statements local laws.
.
 licenses.
 reserves capital solvency tests.
 fines criminal sanctions.
.
 financial information december 31 2009 2008 issuer.
 100 percent-owned subsidiary.
 investments subsidiaries accounted guarantor equity method.
 earnings guarantor accounts.
 guarantees debt subsidiary issuer.


page 43.
 equity investments increased $ 126 million 2006 $ 98 million.
 lpg operations equatorial guinea sales volumes plant expansions.
 ptc income distillate margins.
 revenues increased $ 4. 609 billion 2006 $ 7. 106 billion.
 rm&t segment costs crude oil refinery products.
 manufacturing expenses contract services labor costs energy costs.
 buy/sell transactions decreased $ 6. 968 billion 2006 increased $ 3. 314 billion rm&t.
 decrease accounting.
 crude oil prices.
 depreciation amortization increased $ 215 million 2006 $ 125 million.
 rm&t expense 38 percent interest mpc.
 detroit refinery expansion&t.
 $ 20 million impairment camden hills field.
 gas production water production.
administrative expenses increased $ 73 million 2006 $ 134 million.
 personnel staffing costs variable compensation business activity.
 stock compensation expense.
 stock price equity awards offset severance pension start-up costs.
 exploration expenses increased $ 148 million 2006 $ 59 million.
 $ 166 million $ 111 million $ 47 million.
 $ 47 million exiting cortland empire leases.
 $ 37 million $ 183 million 146 million.
 costs decreased $ 16 million.
 higher interest rates gains.
 decrease increased interest income cash balances tax deficiencies foreign exchange losses.
 foreign currency gains $ 16 million losses $ 17 million gains $ 9 million.
 minority interest decreased $ 148 million 2005 acquisition 38 percent interest.
 income taxes increased $ 2.308 billion 2006 2005 979 million 2004 due 4. 259 billion $ 2. 691 billion increases operations.
 increase income tax rate 2006 operations statutory income tax rate 90 percent.
 analysis income tax rates operations 2006 2005 2004.
 note 11 consolidated financial statements.
 2005 2004 statutory. income tax rate 35. 0%
 foreign operations tax credits.
 local taxes federal income tax.
.
 income tax rate continuing operations 44. 8%. 8 % 36. 3% 2%


$ 32 million federal tax payments deferred paid 2009 allied acquisition.
 table summarizes unrecognized tax benefits years december 31.
 2009 2008
 balance $ 242. 2 $ 611. 9 $ 23.
 additions allied acquisition 13. 582.
 additions positions 2. 3. 10.
 reductions tax positions.
 prior 7. 2
 reductions.
 reductions statute limitations.
. 9 -367
 balance end year $ 222. 8 $ 242. 2 $ 611.
 new accounting guidance business combinations 2009 financial statements.
 acquired uncertain tax liabilities.
.
.
 december 31 2010 $ 206. 5 million $. million unrecognized tax benefits positions 2008 acquisition.
balance december 31 $ 209. 1 million $ 217. 6 million unrecognized tax benefits income tax rate.
 concluded 2005 2007 tax years.
 unrecognized tax benefits $ 1. 9 million.
 resolved state matters $ 10. million.
 settled tax dispute risk.
 reduced benefits $ 299. 6 million.
 settled dispute intercompany insurance premiums.
 reduced tax benefits $ 62. 6 million.
 resolved state matters reduced benefits $ 5. 8 million.
 interest penalties.
 accrued interest $ 19. 2 million liability penalties $ 1. 2 million interest $ 99. 9 million.
 accrued interest $ 24. 5 million $ 1. million interest $ 92. million.
 2008 accrued penalties $. 2 million interest $.2 million 31 2008 penalties 88. interest 180.
 republic services.
 statements


host hotels & resorts . subsidiaries consolidated financial statements.
 accounting policies.
 self-managed real estate investment trust operations through host hotels & resorts.
. delaware limited partnership umbrella partnership structure. maryland corporation sole general partner.
 financial statements terms 201cwe 201d or 201d hotels resorts.
.
.
 201chost. 201d resorts.
. 201d resorts.
.
.
.
 holds 99% of host. partnership interests.
 consolidated portfolio december 31  2018 hotels countries.
 states
 brazil
 canada
 consolidated financial statements include accounts host.
 subsidiaries controlled affiliates joint ventures partnerships.
 consolidate subsidiaries when control.
majority hotel real estate investments consider control rights approval developments plans financing decisions operating budgets investment strategy decisions.
 evaluate subsidiaries variable interest entities.
 subsidiary vie subject consolidation framework.
 entity activities economic performance consolidates.
 entity vie equity investors controlling financial interest equity support.
 review subsidiaries affiliates annually change consolidation determination changes characteristics.
 three partnerships general partner maintains control decisions.
 first operating partnership host. consolidated by host.
 general partner holds 99% interests.
. asset investment host.
. assets liabilities represent.
. debt.
 settled with assets.
 consolidated partnership houston airport marriott george bush intercontinental general partner hold 85% interests.
 total assets at december 31 2018 $ 48 million cash


first quarter 2010 recorded additional charge $ 4. million cost reduction action.
 $ 3. 4 million lease costs cambridge wafer fabrication facility ceased.
 remaining $ 1. 3 million clean-up closure costs.
.
 stock integrant technologies.
 seoul.
 mobile tv market presence asian region.
 paid $ 8. 4 million purchase shares founder july 2007 2009.
 additional goodwill.
 2006 stock audioasics roskilde.
 acquisition low-power audio solutions expanding presence nordic eastern european regions.
 paid additional cash payments $ 3. 1 million 2009 revenue milestones 2006 2009.
 paid $ 3. 2 million technological milestones compensation expense.
 no additional payments.
 results integrant audioasics.
 results consolidated statement income.
.
compensation plan investments.
 trading.
 october 30 31 2009.
 money market funds $ 1840 $ 1730
 mutual funds 6850 6213
 investments 2014 short long-term $ 8690 $ 7943
 values based market quotes october 30 2010 october 31 2009.
 adjustments value operating expenses.
 gains losses not material 2010 2009 2008.
 company liability owed plan participants.
 investments available benefits plan.
 insolvent available unsecured creditors.
.
 equity securities long-term investments.
 fair value based market quotes cost-basis.
 adjustments fair value available-for-sale.
 consolidated financial statements 2014


off-balance sheet transactions contractual obligations december 31 2017 one year interest payments long-term debt thousands include $ 0. 5 million unrecognized tax benefits consolidated financial statements note 201410 tax 201d.
 service providers require collateral.
 terms conditions.
 building additional ships.
 sale ships acquisitions alliances.
 financed indebtedness cash flows issuance debt equity securities.
 debt agreements liquidity limit net funded debt-to-capital ratio ratios restrict dividends.
 ships property equipment pledged as collateral debt.
 compliance covenants december 31  2017.
 changes economies global credit markets reduce consumer demand cruises affect credit risks.
 business financial condition.
believe cash inflows borrowings revolving loan issue fund operations debt capital expenditures compliance debt agreements.
 no assurance cash financings obligations.
 1-3 years 3-5 years 5 years long-term debt 619373 1248463 3002931 1553815 leases 131791 15204 26504 contracts 1141212 facilities 138308 30509 43388 23316 947967 218150 376566 203099 73653 23870.
 less than1 year 1-3 3-5 more years
 long-term debt 6424582 619373 1248463 3002931 1553815
 leases 131791
 contracts 6138219 1016892 1141212
 facilities 138308 23316 41095
 947967 203099
13949545 1954928 3134258 4420932 4439427
 discount premiums $. 5 million.
 capital leases.
 excludes deferred financing fees.
 offices vehicles equipment.
 newbuild ships euro.
 dollar.
 export credit financing.
 port facilities.
 fixed variable rates libor constant.
 commitments service maintenance contracts.


system energy resources.
 has $ 382. 3 million unrecognized tax benefits interest tax uncertainties settlement tax.
 note 3 financial statements tax benefits.
 planned capital investment estimate includes nuclear fleet operational excellence initiative improvements.
 wholly-owned subsidiary dividends earnings monthly.
 internally generated funds cash debt issuances bank financing.
 refinance redeem retire debt maturity.
 debt common stock issuances require regulatory approval.
 subject issuance tests.
 capacity capital needs.
 receivables money pool december 31.
 2016 2015 2014 2013
 $ 33809 $ 39926 $ 2373 $ 9223
 note 4 financial statements.
 energy nuclear fuel company credit facility $ 120 million expire may 2019.
 december 31 2016 $.9 million letters credit commercial paper system energy nuclear fuel company.
 4 statements.
 energy authorizations ferc 2017 2022 short-term borrowings $ 200 million long-term borrowings security issuances borrowings nuclear fuel.
 4 borrowing limits.


includes shares repurchased program tendered exercise price tax withholding employee stock options.
 shareowner return performance graph securities exchange commission future filing securities act 1933 act 1934.
 graph five-year comparison shareowners 2019 returns class b common stock s&p 500 index dow jones transportation average.
 quarterly stock price reinvested dividends assumes $ 100 invested december 31 2004 s&p 500 index dow jones average common stock.
 five year cumulative return $ 40. 60. 80. 100. 120. 140. 160. 2004 20092008200720062005 500.
 parcel service. 100. 89. 91. 87 70. 75.
&p 500 index 100. 104. 121.
 jones average. 111. 122.97. 115.


table illustrates pro forma effect on net income earnings per share outstanding unvested stock options 2005 accounted estimated fair value.
 ended.
 net income $ 838
 stock option compensation expense net income taxes
 stock option compensation expense fair value method
 net income $ 831
 earnings per share
.
.
.
.
 earnings per share calculated net income weighted-average shares excludes unvested shares restricted stock.
 dilutive effect stock options awards equity-related financial instruments.
 excluded from.
 purpose involved entities.
 trusts structure sell certificated interests tax-exempt investment-grade assets mutual fund customers.
 financial statements.
 transfer assets investment portfolio adjusted book value.
 finance acquisition selling certificated interests third-party investors.
investment securities trusts.
 certificated interests-term borrowings owed third-party investors.
 interest revenue expense recorded net interest revenue.


entergy corporation subsidiaries financial analysis five-year comparison financial statements.
 november 2007 board approved plan separation non-utility nuclear business.
 april 2010 unwind infrastructure-off.
 recorded expenses write capitalized costs spin-off.
 costs discussed.
 analysis change revenue 2010 2009.
.
 2009 net revenue $ 4694
 volume 231
 retail electric price
 regulatory proceedings
 production cost equalization
 decommissioning trust
 fuel recovery
 2010 net revenue $ 5051
 variance increase 8362 gwh 8% electricity usage retail sectors colder weather warmer.
 industrial sector sales growth economic recovery.
 improvement driven inventory restocking strong exports chemicals refining miscellaneous manufacturing sectors.
retail electric price variance due increases formula rate plan entergy gulf rate increase entergy arkansas actions entergy texas increases may august plan provision $ 16. 6 million third quarter 2009 refunds recovery entergy arkansas 2008 extraordinary storm costs ceased january 2010.
 offset operation maintenance expenses.
 note 2 financial statements.


2022 obligation payments financial guarantee letter credit subsidiary loss lender triggering defaults debt parent company.
 senior secured credit facility debt securities include default bankruptcy subsidiaries.
 revolving credit agreement includes default payment defaults accelerations debt.
 subsidiaries default indebtedness.
 total non-recourse debt $ 2. 2 billion.
 debt defaults $ 1 billion at december 31 2017 non-recourse subsidiaries 2014 alto maipo aes puerto rico aes ilumina.
 note 2014debt. statements.
 subsidiaries default definition materiality corporate debt agreements december 31  2017 defaults trigger acceleration indebtedness.
 dispositions reductions financial "material subsidiary trigger default indebtedness parent company debt securities.
subsidiary defined credit business 20% parent company cash distributions four fiscal quarters.
 defaults cross-default recourse debt.
 summary obligations liabilities december 31 2017 excludes discontinued operations held-for-sale less than 1 year 5 years debt obligations $ 20404 2250 2431 5003 10720 2014 interest payments long-term debt 9103 1172 2166 1719 4046.
 less than 1 year 1-3 3-5 years more 5 years
 debt obligations $ 20404 2250 2431 5003 10720
 interest payments long-term debt 9103 1172 2166 1719 4046
 capital lease obligations
 operating lease obligations 935
 electricity obligations 4501
 fuel obligations 5859 1759
purchase obligations 4984 1488 1401 781 1314 2014
 long-term liabilities aes consolidated balance sheet 701  2014 284 118  277  22
 $ 46505 $ 7310 $ 8990 $ 9639 $ 20544 22
 recourse non-recourse debt.
 exclude capital lease obligations.
 interest payments estimated maturity dates securities december 31 2017 future refinancing early redemptions new debt issuances.
 variable rate interest obligations december 31 2017.
 include current liabilities uncertain tax obligations.
 obligations column timing.
 include regulatory liabilities contingencies pension postretirement employee benefit liabilities derivatives incentive compensation taxes obligations timing payments.
 consolidated financial statements 8 10-k.
 8.2014financial statements.


advisory revenues decreased $ 44 million. $ 477. 8 million.
 assets $ 129. 5 billion down $ 12. 6 billion 2008.
 assets increased $ 46. 7 billion $ 36. 5 billion market gains $ 10. 2 billion net inflows institutional investors.
 $ 1. 3 billion.
 administrative fees decreased $ 35 million $ 319 million.
 $ 4 million 12b-1 fees $ 31 million reduction servicing revenue cost reduction.
 offset operating expenses.
 compensation decreased $ 42 million $ 773 million.
 $ 19 million reduction bonus program.
 lowered costs $ 14 million workforce reduction benefits.
 headcount. 4%. attrition retirements.
 advertising promotion expenditures $ 31 million.
 depreciation expense occupancy costs increased $ 4 million. 5%2008 capital spending facility growth plans.
 operating expenses decreased $ 33 million 18% 18 % decline $ 4 million distribution service expenses assets mutual fund.
 cost control efforts expense reductions lower professional fees travel costs.
 non-operating investment activity net losses $ 12. million 2009 $ 52. 3 million 2008.
 improvement $ 40 million reduction impairments sponsored mutual funds.
 mutual fund investment gains losses.
 impairments -91.
 capital gain.
 net gain fund dispositions.
 loss holdings.
 lower income $ 16 million money market holdings lower interest rate improvement fund investments.
 2009 income taxes pretax income 37. 1%. 4% 2008.
 reductions tax provisions benefits lowered 2009 tax rate.
.
 stockholders equity increased $ 2. billion $ 3. billion.
 repurchased 5. million shares $ 240. million.
 value $ 2. 6 billion december 31 cash mutual fund holdings $ 1. 5 billion.
 liquidity.
.


aeronautics segment includes fewer larger sales results.
 discussion focuses on lines programs.
 financial information consistent with note 5 financial statements.
 programs classified by.
 government.
 operating results included in results oversight controls.
 research design development manufacture advanced military aircraft combat mobility unmanned.
 combat aircraft programs include f-35 lightning f-16 falcon f-22 raptor.
 air mobility programs include c-130j super hercules c-5m super galaxy.
 provides logistics support sustainment upgrade services.
 2019 operating results 2010 2009 2008.
 net sales $ 13235
 operating profit 1502
 margin 11. 3%.
 backlog-end
 net sales for aeronautics increased 8% in 2010 2009.
 all three lines business.
$ 800 million increase air mobility higher volume c-130 c-5 reliability enhancement program.
 25 c-130j deliveries 2010 16 2009.
 $ 179 million increase higher volume f-35 contracts f-16.
 20 f-16 deliveries 2010 31 2009.
 $ 55 million increase higher volume p-3 advanced development.
 net sales increased 6% 2009.
.
 increase $ 296 million higher volume c-130.
 16 c-130j deliveries 2009 12 2008.
 combat aircraft sales increased $ 316 million higher volume f-35 f-16.
 31 f-16 deliveries 2009 28 2008.
 $ 116 million increase higher volume p-3 advanced development.
 operating profit decreased 5% 2010.
 decline offset aeronautics.
 $ 149 million decrease lower volume performance adjustments f-22 f-35.
decreases profit higher volume performance f-35 contracts.
 $ 35 million increase programs higher volume performance p-3 advanced development favorable performance adjustments sustainment.
 $ 19 million increase mobility profit higher volume improved performance c-130j decrease.
 remaining profit increase other income.
 aeronautics operating margins decreased.
 reflects life cycles.
 more f-35 less f-22 f-16.
 lower profits.
 net sales increased 2010 operating profit decreased margins declined.


contents cdw corporation subsidiaries consolidated financial statements benefits deductions.
 arrangement accounted contingent consideration.
 pre-2009 business combinations former accounting standard precluded recognition contingent consideration.
 contingent consideration additional purchase price goodwill contingency resolved.
 december 31 2013 company accrued $ 20. million arrangement liabilities realized tax benefit compensation deductions 2013 tax year.
 cash contribution first quarter 2014.
.
 earnings per share basic diluted earnings share net income.
 weighted-average shares outstanding.
 reconciliation diluted.
 millions years 31 2015 2014 2013
 weighted-average shares 170.
 dilutive securities.
.
. 2013 basic weighted-average shares impacted common stock 2019 option.
common stock issued july 2 31 shares partially reflected 2013 shares.
 fully reflected 2015 2014 shares.
 note 10 stockholders 2019 equity.
 dilutive effect stock options restricted stock units coworker stock purchase plan reflected diluted shares method.
 0. 4 million shares excluded 2015 insignificant 2014 2013-dilutive.
.
 coworker retirement compensation benefits salary reduction 401 coworkers.
 coworkers outside.
 participate savings plans.
 contributions cash board directors.
 2015 2014 2013 expensed $ 19. 8 million $ 21. 9 million $ 17. 3 million.
 coworker stock purchase plan january 1 2014 first offering period.
 coworkers acquire 5% discount closing market price final offering period.
no compensation expense.
 debt plan established unfunded nonqualified deferred compensation plan.


operating leases require property taxes insurance maintenance costs rent.
 sublease income insignificant.
 noncancelable future lease commitments.
 2019 $ 137.
 2020 115.
 2021.
 2022.
 2023.
 2023 91.
 noncancelable future lease commitments $ 559.
.
 obligations.
 depreciation capital leases expense.
 issued guarantees $ 540. 8 million consolidated subsidiaries $ 167. 3 million non affiliates.
 off-balance sheet arrangements limited future payments non-cancelable operating leases $ 559. 3 million.
.
 packaged foods industry.
 acquired blue buffalo pet operating segment.
 third quarter 2017 new global organization structure leadership scale operational agility.
 reorganization operating segments.
new structure chief north america retail convenience stores foodservice europe australia asia latin america pet.
 america grocery stores mass merchandisers membership stores natural food chains e-commerce.
 product categories-to-eat cereals yogurt soup meal kits dough dessert baking mixes frozen pizza snacks grain fruit snacks organic products nutrition bars salty.
 categories convenience stores foodservice cereals snacks yogurt frozen meals dough baking mixes.
 branded.
 distributors operators.
 europe australia.
 categories refrigerated yogurt meal kits-premium ice cream dough vegetables grain snacks dessert baking mixes.


maintain operate assets contractual obligations lease arrangements guidelines railroad industry.
 no control value leased assets.
 power direct activities control economic performance.
 obligation absorb losses right receive benefits not primary beneficiary consolidate performance fixed-price purchase options not.
 future minimum lease payments totaled $ 2. 6 billion december 31  2015.
 17.
 leases locomotives cars.
 consolidated statements included $ 2273 million $ 1189 million depreciation $ 2454 million 1210 million depreciation.
 charge income depreciation included depreciation expense.
 future minimum lease payments leases operating leases capital leases.
 2016 491 217
 2017 220
 2018 371 198
 2019 339 184
 2020 282
 1501 575
minimum lease payments $ 3430 $ 1587
 interest -319
 $ 1268
 95% capital lease payments locomotives.
 rent expense leases one month $ million 2015 $ 593 million 2014 $ 618 million 2013.
 rental variable rental expense.
 contingent rentals sub-rentals not significant.
.
 commitments contingencies lawsuits pending subsidiaries.
 effect operations financial liquidity.
 recorded liability probable estimated.
 lawsuits claims environmental costs commitments contingent liabilities guarantees financial liquidity.
 cost incidents.
 actuarial analysis expense liability claims.
 federal employers 2019 liability act compensation work-related accidents.
 damages assessed fault-court settlements.
 services rehabilitation programs employees injured work.
personal injury liability discounted uncertainty future payments.
 94% liability claims


agreements pulpwood processing energy one to twenty years fixed prices.
 commitments.
 2010 $ 6951
 2011 5942
 2012 3659
 2013 1486
 2014
 25048
 $ 44572
 agreements not marked.
 purchased $ 37. 3 million $ 29. 4 million $ 14. 5 million 2009 2008 2007.
 legal actions.
 claims.
 believes financial position cash flows.
 environmental liabilities costs uncertain cleanup costs governmental laws regulations alternative cleanup technologies.
 1994 2009 remediation costs mills plants $ 3. 2 million.
 2009 environmental reserve $ 9. 1 million landfills surface impoundments remedial projects.
 contingencies estimates costs.
 estimates may change.
company believes future environmental expenditures asset retirement obligations above $ 9. 1 million december 31 2009 financial condition results cash flows.
 sale pca containerboard corrugated products business liability facilities waste disposal environmental liabilities closed landfill city mill.
.
 retirement obligations landfill capping post-closure costs.
 pca required perform capping closure landfills.
 recognizes liabilities financial statements december 31 2009


option purchase class interests equal current capital account value plus unpaid preferred return prescribed make-whole amount.
 change third-party holder capital account charged to retained earnings net earnings eps.
 issued guarantees $ 505 million consolidated subsidiaries $ 165 million non-consolidated affiliates.
 off-balance sheet arrangements limited future payments non-cancelable operating leases $ 501 million.
 invested five variable interest entities.
 material to results operations financial condition liquidity.
 defined benefit plans subject pension protection act.
 require additional contributions.
 fiscal 2017.
 table summarizes future estimated cash payments contractual obligations payments due by period.
 2018 2019 2021 2023
 long-term debt $ 8290. 604. 2647. 1559. 3479.
interest 83. 2014
 operating leases 500. 118. 182. 110. 89.
 capital leases.
 purchase obligations 3191. 2304. 606. 264. 15.
 contractual obligations 12067. 3112. 3437. 1934. 3583.
 long-term obligations 1372.
 long-term obligations 13440. 3112. 3437. 1934. 3583.
 12067. 3112. 3437. 1934. 3583.-term obligations 13440. 3112. 3437. 1934 3583. cash payments-term debt. million capital leases. million unamortized debt costs premiums discounts fair value adjustments.
 minimum rental commitments non-cancelable.
 purchase obligations raw material packaging consumer marketing.
 terms quantities pricing timing.
 cancelable penalty short notice 30 days.
balance sheets accrued liabilities excluded.
 value foreign exchange equity commodity grain derivative contracts $ 24 million may 28 2017.
 impact cash.
 long-term obligations liabilities accrued compensation bene fits underfunded defined benefit pen.
 pay $ 21 million benefits unfunded postemployment benefit plans $ 14. 6 million deferred com pensation 2018.
 estimate beyond.
 liability uncertain tax positions accrued interest penalties $ 158. 6 million.
 accounting estimates note 2 financial statements page 51.
.
 promotional expenditures valuation assets intangible assets redeemable interest stock-based compensation income taxes defined benefit pension plans.
.
activities include payments discounts distribution new products coupons contests incentives media advertising expenditures.
 recognition costs requires participa performance.
 annual report 29


inc.
 financial statements 2014 changes control issuers repurchase senior notes price equal 101% principal amount plus accrued unpaid interest s&p ratings ba3 bb- conditions repurchase obligation apply.
 2006 53 mortgage loans.
 balances $ 0. 4 million to $ 114. 4 million.
 interest fixed rates 5. 6%. to 8. 5%. per eight loans $ 0. 4 million to $ 114. 4 million variable rates 3. 6%. to 8. 5%.
 fixed rate debt 7. 06%. variable rate 5. 61%.
 loans maturity eight years.
 $ 114. 4 variable mortgage debt repaid january 2007.
 indebtedness maturities.
 2007 130206
 2008 33117
 2009 372725
 2010 265915
 2011 273761
1261265
 maturities 2336989
 less unamortized commission fees discounts -7936
 senior notes debt $ 2329053
 provisions long-term debt incur debt make dividends distributions investments enter transactions merge consolidate transfer assets sell assets.
 maintain unencumbered assets 150% 150 % ) unsecured debt.
 exposed interest rate changes.
 limit risks risk management policies derivatives.
 fix debt manage cost borrowing obligations.
 interest rate swap.
 prohibit derivative instruments trading speculative.
 contracts financial institutions credit ratings factors.
 adverse effect net income financial position derivatives.


2012 $ 50. million loan collateralized land buildings tenant improvements corporate headquarters.
 seven year term maturity december 2019.
 interest one month libor margin 1. 50%. prepayment without penalty.
 includes covenants events default credit agreement.
 requires approval property transfers.
 2016 outstanding balance $ 40. million $ 42. million.
 average interest rate 2. 5%. 0%. years.
 scheduled maturities debt.
 2020 2021
 2022 interest expense $ 34. million $ 26. 4 million 14. 6 million years 2017 2016 2015.
 deferred financing costs bank fees capital built-to-suit lease interest.
 amortization deferred financing costs 1. 3 million. 2 million. million 2016 2015.
company monitors financial health lenders credit long term debt facilities instability lenders.
.
 company leases warehouse office brand factory stores equipment.
 leases expire through 2033 excluding extensions rental adjustments.
 table lease agreements brand stores contingent rent future sales payments maintenance insurance real estate taxes.
 schedule future minimum lease payments non real property leases december 31 2017


amortization expense selling administrative expenses $ 13. million $ 8. million 2016 2015 2014.
 estimated intangible assets.
 2017 10509
 2018 9346
 2019 9240
 2020 7201
 2021 5318
 2022
 $ 58370
 2016 2015 2014 goodwill assets not impaired.
.
 revolving commitments $ 1. 25 billion borrowings term loan maturing january 2021.
 2016 no outstanding balance $ 186. million term loan borrowings.
 borrowings $ 300. million conditions.
 incremental borrowings uncommitted market conditions.
 maturities less one year.
 $ 50. million issuance letters credit.
 $ 2. million letters outstanding december 31 2016.
credit agreement negative covenants limit company subsidiaries incur indebtedness make restricted payments pledge assets make investments loans advances guarantees acquisitions changes enter transactions.
 required maintain ratio consolidated ebitda to interest expense not less than 3. 50 to 1. 00 indebtedness to ebitda greater than 3. 25 to 1. 00.
 december 31 2016 compliance with ratios.
 agreement contains events default customary cross default provision.
 borrowings bear interest at rate per annum equal to alternate base rate or.
 dollars applicable margin.


goldman sachs group.
 subsidiaries financial statements 2030 interests senior subordinated interests secondary market-making securitization entities interests.
 principal interests securitizations 2014 2018 2012 2017.
 fair value $ 3. 28 billion 2018 $ 2. 13 billion 2017.
 derivative transactions commitments.
 net $ 75 million 2018 $ 86 million 2017 notional $ 1. 09 billion 2018 $ 1. 26 billion 2017.
 exposure loss nonconsolidated table.
 weighted average economic assumptions fair value mortgage-backed retained interests.
 december 2018
 $ 3151 $ 2071
 life 7.
 prepayment rate 11. 9%. 9 %. 4%. 4 %
 10% adverse change
 20% 4. 7%. 7 %. 2%. 2 %
10% ( 10 % ) adverse change $ -75 ( 75 ) $ -35 ( 35 )
 20% ( 20 % adverse change $ -147 ( 147 ) $ -70 ( 70 )
 2030 amounts reflect financial instruments risks.
 changes fair value adverse assumptions.
 impact calculated independently.
 simultaneous magnify counteract.
 constant prepayment rate key.
 discount rate.
 government collateralized mortgage obligations include credit loss.
 reflected.
 firm retained interests not fair value $ 133 million life 4. 2 years 2018 $ 56 million 4. 5 years 2017.
 constant prepayment discount rates sensitivity adverse changes not meaningful december 2018.
 maximum exposure adverse changes $ 133 million 2018 $ 56 million 2017.
.
 variable interest. losses residual returns.
 firm 2019s variable interests in vies include debt loans commitments partnership interests preferred equity foreign currency credit risk guarantees fees.
 interest currency derivatives not risk.
 vies purchase assets debt equity securities collateralized indexed.
 subordination.
 involvement includes securitization financial assets investments loans vies.
 note 11 securitization beneficial interests.
 note 3 consolidation policies definition.
 2018 form


issuer purchases equity securities table repurchases common stock three-month period ended december 31 2007.
 total shares purchased average price paid maximum number shares.
 average pricepaid pershare
 october 127100.
 november 1504300. 34068831
 december 1325900. 32742931
 repurchased 2957300 shares common stock quarter december 31 2007 repurchase program announced october 2002.
 board directors approved repurchase program 128 million shares 20 million shares september 2007.
 management determine number price shares timing law.
 december 31 2007 repurchased 95. 3 million shares.
 unregistered sales equity securities.


useful life asset less than physical life.
 factors affect useful life wear and tear obsolescence technical standards contract life market demand competitive position raw material availability geographic location.
 life monitored changed business circumstances.
 changes technology future demand excessive wear tear shorter life.
 depreciate remaining net book value over life depreciation expense.
 if useful life increased decreases depreciation expense.
 long-term customer supply contracts.
 15 to 20 years.
 performance.
 10 to 15 years.
 equipment energy segment five to 10 years.
 depreciable lives extended to 20 years redeployable assets.
 matched.
 extensions prior expiration.
 depreciable life adjusted new contract term physical life.
 depreciable lives of production facilities merchant gases 15 years.
contracts products facilities shorter term.
 depreciable lives facilities electronics materials range 10 to 15 years.
 determined based on historical experience future.
 management monitors assumptions adjust life circumstances.
 change by one year for annual depreciation expense decrease life 1 increase life 1 year.
 merchant gases $ 32 $ -24
 electronics performance materials $ 12  $ -11
 impairment of assets plant equipment for testing lowest level identifiable cash flows.
 impairment testing occurs carrying recoverable.
 decrease in market value adverse change operating cash flow losses changes in expected useful life.
 estimate of future cash flows compared to carrying value impairment.
 loss measured based on difference between fair value and carrying value.
estimate asset group value discounted cash flows.
 assets lower carrying amount less cost.
 assumptions cash estimates impairment review.
 industry market conditions sales volume costs inflation.
 changes impairment charge.
 reasonable assumptions


jpmorgan chase. report loss $ 2. billion $ 919 million.
 private equity $ 292 million 391 million.
 revenue $ 601 million 836 million gains public securities.
 noninterest expense $ 145 million $ 238 million.
 treasury cio loss $ 2. 1 billion $ 1. 3 billion.
 $ 3. billion.
 loss $ 5. billion losses portfolio $ million losses credit derivative positions.
 offset securities gains $ 2. billion.
 revenue $ 888 million extinguishment gains redemption trust preferred securities.
.
 interest income negative $ 683 million $ 1. 4 billion lower portfolio yields higher deposit balances.
 loss $ 221 million $ 821 million.
 noninterest revenue $ 1. 8 billion.billion benefit washington bankruptcy settlement $ 665 million gain recovery bear stearns loan.
 noninterest expense $ 3. 8 billion up $ 1. 0 billion prior year.
 year $ 3. 7 billion litigation reserves mortgage-related.
 prior year $ 3. 2 billion.
 treasury cio liquidity funding interest rate foreign exchange risks capital plan.
 risks four business segments assets liabilities.
-liability high securities longer-term portfolios.
 uses derivatives securities not-liability objectives.
 note 6 pages 220 2013233.
 note 3 pages 195 2013215.
 cio securities portfolio.
.
 government securities mortgage-backed securities corporate debt obligations.
 states municipalities.
december 31 2013 treasury cio securities portfolio $ 347. 6 billion average credit rating aa+ s&p.
 note 12 pages 249 2013254.
 liquidity funding risk liquidity risk management pages 168 2013173.
 interest rate foreign exchange risks treasury value-at-risk-sensitive revenue market risk management pages 142 2013148.
 income statement balance sheet data december 31 2013 2012 2011.
 securities gains $ 659 $ 2028 $ 1385
 353712 358029 330885
 347562 365421 355605
 mortgage loans 5145
 3779 7037
 held-to-maturity balance $ 24. 0 billion december 31 2013.
-maturity balances.


abiomed.
 2005 annual report page 15 consolidated financial statements 2014 31 compensation expense stock option grants expense stock employee stock purchase plan $ 44000 $ 19000 $ 28000 2003 2004 2005.
 not representative future years options granted shares purchased.
 tax effect net losses.
 foreign currencies.
 dollar functional currency foreign subsidiary.
 financial statements.
 remeasured.
 dollars current rates exchange monetary assets historical rates nonmonetary assets.
 foreign exchange gains losses included results operations.
 2004 financial accounting standards board issued.
 costs.
.
 abnormal freight handling costs wasted materials current charges.
 fixed production overhead normal capacity production facility.
 effective first quarter fiscal year 2007.
 impact results financial position cash flows.
december 2004 fasb issued.
 153 nonmonetary eliminates exception replaces exception.
 adopt 153 second quarter fiscal 2006 financial statements.
 2004 issued revised financial accounting standard.
 123-based payment.
 cost employee services equity instruments.
 april 2005 fair value share options granted 2003 2004 2005 $ 1. 69 $ 1. 53 $ 3. 94  share calculated black-scholes option-pricing model assumptions.
 risk-free interest rate 2. 92%. 92 %. 56%. %. 87%. 87 %
 dividend yield 2014
 option term 5. 3. 5
 stock price volatility 85% ( 85 % ) 86% 86 % 84 %


management financial condition results operations 2013 corporate expenses decreased 2012 $ 4. $ 137. 2011 lower office general expenses increase information-technology-upgrade initiatives.
 capital flow tables financial data capital resources.
 2013 2012 2011
 net income adjusted operating $ 598. $ 697. $ 735.
 working capital -9. -293. 293. -359.
 non-current assets liabilities. -46. -102.
 operating activities $ 592. $ 357. $ 273.
 investing activities -224. 224 -210. -58.
 financing activities -1212. 131 -541. 541.
 net income adjusted depreciation amortization restricted stock non compensation early extinguishment debt deferred income taxes.
reflects changes accounts receivable expenditures billable assets accounts payable accrued liabilities.
 activities cash 2013 $ 592. increase $ 235. 2012 improvement working capital usage $ 283. offset decrease net income.
 generate second use first largest impacts first fourth quarters.
 improvement impacted by media businesses management.
 net cash 2012 $ 357. increase $ 83. 2011 decrease working capital usage $ 66.
 impacted media businesses.
 timing media buying affects working capital cash.
 agencies pay production media costs.
.
 affect accounts receivable expenditures billable accounts payable accrued liabilities.
 assets include cash receivable liabilities.
 affected by timing payments.
 annual cash incentive awards paid first quarter.
 cash capital expenditures acquisitions.
 $ 173.hardware leasehold improvements.
 $ 61. acquisitions.


loan sales securitizations residential commercial mortgage loans association fnma fhlmc third-party investors.
 securitize transferred loans securities.
 retain interest loans rights.
 note 9 goodwill intangible assets.
 2009 residential commercial loans sold $ 19. 8 billion $ 5. 7 billion.
 2008 sold $ 3. 1 billion.
 no residential sales acquisition national city.
 involvement servicing repurchase obligations breaches.
 cleanup repurchase option loans.
 advance principal interest payments collateral protection advances.
 risk.
 liability for estimated losses loans.
 recourse arrangements loans fnma fhlmc.
 25 commitments guarantees.
 exposure loss limited repurchase recourse obligations.
loans transferred option repurchase delinquent loans.
.
 control recognize repurchase liability balance sheet.
 december 31 2009 2008 repurchase option asset liability totaled $ 577 million $ 476 million.
 loans transferred special purpose entity distinct transferor.
 bankruptcy-remote trust passive activities.
 self-liquidating real estate mortgage investment conduits.
 financed certificates senior subordinated tranches.
 exempt from consolidation conditions.
 securitization activities acquisition city.
 credit card receivables automobile residential mortgage loans securitized qspes.
 financed issuance sale beneficial interests not consolidated december 31 2009 2008.
 note 1 accounting policies january 1 2010.
 securitization qspes retained interests.
summarizes assets liabilities securitization transactions outstanding december 31 2009.
 millions
 assets $ 2368 $ 232 $ 2129 $ 319
 liabilities 1622 232 1824 319
-end balances loans securitization.
 series 2005-1 2006-1 2007-1 2008-3 outstanding.
 fourth quarter 2009 2008-1 2008-2 matured.
 involvement receivables servicing holding retained interests.
 no servicing asset liability recognized.
 clean-up call repurchase option securitization series extends payoff date.
 balance reaches 5% initial balance


part ii item 5.
 2019s common equity matters issuer purchases common stock traded new york stock exchange.
 february 13 2019 10000 holders.
 board directors declared cash dividend $ 0. 235 per share payable march 15 2019 holders 2019.
 no assurance dividends.
 discretion earnings financial position cash requirements.
 equity compensation plans item 12.
 transfer agent registrar stock computershare shareowner services llc 480 washington boulevard jersey city new jersey ( ) 363-6398 sales unregistered securities.
 repurchases purchases october 1 2018 december 31  2018.
 shares purchased average price paid share plans programs maximum value.
total number average price paidper share maximum dollar value
 october 1 - 31 3824  $ 23. 30 $ 338421933
 november 1 - 30 1750 $ 23. 77
 december 1 - 31
 5574 $ 23. 45
 total shares common stock value $ 0. 10 per share repurchased withheld employee stock compensation plans offset tax withholding obligations.
 average price per share three calculated tax withholding obligations by withheld shares.
 february 2017 board authorized share repurchase program $ 300. 0 million common stock.
 february 2018 $ 300. 0 million addition 2017 share repurchase program.
july 2 , 2018 announcement acxiom acquisition share repurchases suspended reduce increased debt no shares repurchased programs.
 no expiration dates.


realty trust financial statements.
 lease space tenants.
 fixed rentals monthly.
 office building leases tenants reimburse operating costs real estate taxes year.
 shopping center leases pass-through real estate taxes insurance maintenance.
 additional rent 2019 sales.
 31 2011 future base rental revenue non leases excluding less one year renewal options amounts 31.
 2012 1807885
 2013 1718403
 2014
 2015
 2016
 percentage rentals 2019 sales.
 rents $ 8482000 $ 7912000 $ 8394000 years december 31 2011 2010 2009.
 10% total revenues.
 due $ 5000000 per annum additional rent stop shop.
 december 31 2002 reallocated rent leases.
stop & shop additional rent.
 november 7 2011 court determined allocate annual rent unexpired leases agreement judgment pay unpaid rent 2013.
 december 31 2011 $ 41983000 receivable stop shop.


item 5.
 common equity issuer purchases table presents quarterly high low share sale prices common stock 2016 2015.
 march 31 $ 102. 93 $ 83. 07
 june 30 113. 63.
 september 30. 26 107. 57
 december 31.
 march 31 $ 101. 88 $ 93. 21
 june 30 98. 64 91.
 september 30 101. 54 86. 83
 december 31 104. 12 87. 23
 february 17 2017 closing price common stock $ 108. 11 per share.
 427195037 shares 153 holders.
 annually distribute 90% reit taxable income.
 distributed income.
 two series preferred stock. issued may 2014 dividend rate. 25%. b march 2015 dividend rate. 50%.50 %.
 dividends payable quarterly subject declaration board directors.
 amount timing frequency future distributions discretion factors financial condition cash flows taxation income excise taxes limitations distributions debt equity instruments nols requirements cash trss factors.
 distributed approximately $ 3. 2 billion stockholders including dividend january 2017 subject taxation ordinary income.


tower corporation subsidiaries december 31 2010 unrecognized compensation expense unvested stock units 2007 plan $ 57. 5 million recognized two years.
 employees.
 common stock purchased bi-annual 85% fair market value first.
 not 15% gross compensation more $ 25000 year.
 periods june 1 november 30 december 1 may 31.
 2010 2009 2008 employees purchased 75354 77509 55764 shares prices per share $ 34. $ 23. $ 30. .
 fair value offerings estimated commencement date black-scholes pricing model expense recognized expected life.
 average fair value shares 2010 $ 9. 43 $ 6. 65 $ 7. 89 .
 december 31. million shares reserved future issuance.
 assumptions.
 risk-free interest rate.22 %. 23%. 23 %. 29%. 29 %. 44%. 44 %. 99%. 99 %. 28%. 28 %
 average risk-free interest rate. 22%. 22 %. 38%. 38 %. 58%. 58 %
 life shares 6 months
 volatility 35. 26%. 26 %. 27%. 27 %. 31%. 31 %. 63%. 63 % 27. 85%. 85 % 28. 51%. 51 %
 volatility 35. 26%. 26 % 35. 83%. 83 % 28. 51% 28. 51 %
 annual dividends
.
 stockholders equity warrants 2005 merger spectrasite.
 warrants.
.
 two shares.
 price $ 32 per warrant.
.
 3. 575 shares common.
.
.warrants 6. 8 million shares common stock.
 1. 7 million outstanding december 31.
 expired february 10 2010.
 repurchase repurchased 9. 3 million shares $ 420. 8 million commissions $ 418. 6 million paid cash $ 2. 2 million accounts payable accrued expenses balance sheet.