transportation own marathon pipe line ohio river pipe line subsidiaries.
 transport crude oil refined products midwest gulf coast refineries terminals.
 mpl orpl systems 1737 miles crude oil 1825 miles refined product lines 32 systems 11 states.
 mpl largest petroleum.
 subject state federal energy regulations tariffs oil.
 parties generated 13 percent crude oil shipments pipelines 2009.
 transported volumes three years.
.
 refined products
 own 196 miles crude oil pipelines 850 miles refined products lease 217 miles product pipelines.
 partial ownership pipeline companies 780 miles crude oil 3600 miles refined products 970 miles operated mpl.
mpl operates private pipelines 985 miles crude oil 160 miles natural gas e&p.
 major pipelines include cardinal wabash pipeline.
 cardinal kenova columbus ohio.
 wabash robinson terminals chicago illinois.
 pipelines extend robinson louisville garyville zachary texas city pasadena texas.
 december 31 2009 pipelines 65 percent louisville-lexington system 60 percent interest muskegon pipeline griffith north muskegon 50 percent interest centennial pipeline gulf coast midwest 17 percent interest explorer pipeline 6 percent interest wolverine pipe line chicago toledo ohio.
crude oil lines patoka catlettsburg robinson lima canton samaria detroit st.
 james garyville.
 december 31 2009 interests oil pipelines 51 percent interest loop llc.
 deepwater oil port 18 miles off louisiana pipeline port storage caverns tanks clovelly 59 percent interest locap llc oil pipeline loop


subsidiaries table shows changes stock options 2008 weighted average exercise price.
 31 2005 12643761 $ 36. 53
 $ 56. 29
 $ 33. 69
 $ 39.
 31 2006 11752521 $ 39. 43
 1549091 $ 56.
 $ 35. 73
 $ 51. 66
 31 2007 11270815 $ 42. 12
 $ 60. 17
 $ 36. 25
 $ 54. 31
 31 2008 9923563 $ 46.
 weighted-average contractual term. years 4. 6 31 2008.
 total intrinsic value $ 66 million $ 81 million exercisable 31 2008.
 weighted-average value $ 17.
 total intrinsic value 2006 $ 54 million $ 44 million $ 43 million.
cash received 2008 from stock options $ 97 million.
 2004 provides grants.
 4-year vesting period.
 granted market close price.
 share-based compensation expense cost unvested restricted stock granted 2004 to 2008.


payments receipts millions.
 arkansas $ 2
 louisiana $ 6
 mississippi $ 4
 new orleans $ 1
 texas $ 3
 september 2016 ferc accepted february 2016 filing further filing november 2016.
 order 2016 january 2016 requests lpsc apsc entergy.
 directed interest.
 entergy ordered removal securitized asset taxes contra-securitization calculation.
 november 2016 entergy compliance filing.
 revised refund calculation 2009 year data.
 lpsc protested interest calculations.
 november 2017 ferc november 2016 filing.
 interest arkansas louisiana.
 december 2017 recalculated interest november 2017 order.
 owed minor payments louisiana mississippi new orleans.
2011 rate filing 2010 production costs may 2011 entergy filed ferc rates orders agreement. parties intervened lpsc. july ferc rates june refund.
 december 2014 consolidated 2011 rate filing 2012 2013 2014 rate filings settlement hearing procedures.
.
 2012 rate filing 2011 production costs may 2012 entergy filed rates orders. parties intervened lpsc. august 2012 rates june refund.
 december 2014 consolidated 2012 rate filing 2011 2013 2014 rate filings settlement hearing procedures.
.
 2013 rate filing 2012 production costs may 2013 entergy filed 2013 rates orders.
 parties intervened lpsc.
 city council filed comments 2013 cost equalization calculation.
2013 ferc accepting 2013 rates effective june 1.
 2014 consolidated 2013 2011 2012 2014 settlement hearing procedures.


nonoperating income excludes merger-over.
 decreased $ 249 million 2014 $ 149 million decrease special charges refinancing $ 100 million less interest expense.
 recognized $ 33 million charges non-cash interest bankruptcy settlement obligations.
 $ 138 million post-petition interest unsecured obligations.
 $ 44 million debt extinguishment costs repayment secured indebtedness cash interest charges non-cash write offs unamortized debt.
 2013 refinancing early extinguishment. $ 100 million less interest expense.
 $ 114 million foreign currency losses $ 43 million charge venezuelan foreign currency $ 56 million charges early debt extinguishment costs.
 foreign currency losses driven strengthening.
currencies 2014 latin american market 48% decrease venezuelan bolivar 14% 14 % decrease brazilian real.
 2013 foreign currency losses $ 56 million early debt extinguishment charges $ 29 million.
 reorganization items revenues expenses gains losses provisions chapter 11.
 reorganization items statement 31 2013 millions.
 labor-related claim $ 1733
 aircraft facility financing renegotiations rejections 325
 fair value conversion discount 218
 professional fees
 reorganization items $ 2655
 contributions reorganization reductions pay benefits employee deemed claim distribution equity reorganized entity.
 cost savings reductions pay work rule changes.
 total value approximately $ 1. 7 billion.
 modification financings aircraft unsecured claims facility agreements special facility revenue bonds.
debtors claim rejection financing


exposed to investors.
 facts in note 12 financial statements 10-k.
 contingencies liquidity capital resources results operations.
 incurrence liabilities liquidity cash.
 arrangements future effect contingencies.
 cash operations financing sufficient contingencies without affecting.
-balance operating leases.
 future payment commitments december 31 .
 millions 2019 2020 2021 2022 - 2023
 long-term debt interest $ 508  $ 1287 3257 8167 13219
 operating leases 167 244 159  119  689
 data acquisition  289  467  135  4  895
 purchase obligations 17  22 15  8  62
 commitments unconsolidated affiliates 2014
 benefit obligations 25  27  29  81  162
uncertain income tax positions 17 2014
 $ 1023 $ 2047 $ 3595 $ 8379 $ 15044
 interest payments debt based interest rates december 31 2018.
 purchase obligations agreements enforceable binding terms quantities pricing timing.
 committed invest $ 120 million private equity funds.
 funded $ 78 million $ 42 million remaining unable predict.
 expected future benefit payments pension postretirement benefit plans contributions 2019 pension.
 cash contributions $ 31 million defined benefit plans 2018 estimate $ 25 million 2019.
 interest rates legislation estimate timing contributions beyond 2019.
 december 31 2018 liability uncertain income tax positions $ 106 million 89 million not included unable predict uncertainties settlement.


company agreements with entities kentucky georgia tennessee tax abatement plans.
 tax abatement plans reduction property taxes transferring title industrial revenue bonds.
 property leased back.
 no cash exchanged.
 lease payments equal to bonds.
 tax abatement period extends lease with maturity date bonds.
 purchase property paying bonds.
 terms amounts revenue bond agreement 2017 amount.
 franklin kentucky center 30 years $ 54. $ 51.
 macon georgia 15 years $ 58. $.
 brentwood tennessee center 10 years $ 78. $ 75.
 recorded bonds lease obligation lease-back.
 original cost property equipment depreciated over estimated useful life.
capitalized software costs company capitalizes costs acquisition development software amortizes estimated useful life three to five years.
 software internal third-party.
 addition upgrade capitalized functionality extends life.
 costs included in software hardware consolidated balance sheets.
 costs not expensed.
 store closing costs evaluates performance stores closes under-performing.
 records liability costs exit disposal.
 significant.
 amortized depreciation policy lease term charge operations included depreciation expense consolidated statements income.
 leases include rent increases lease term.
 recognizes rental expense records difference deferred rent liability.
 receives reimbursements landlords improving store.
 leasehold improvements recorded gross costs.
 deferred amortized reduction rent expense lease.
share-based compensation includes stock option restricted stock unit awards transactions.
 recognized grant value option discount shares employees.
 difference purchase date market value employee purchase price.


performance graph five-year return common shares standard 500 index national association real estate trusts equity index.
 $ 100 invested december 31 2009 common shares s&p 500 equity index dividends reinvested commissions.
 assurance performance trends.
 2013 2014
 vornado realty trust $ 100 123 118 128 147
 s&p 500 index 115 117 136 180
 nareit equity index 128 139 166


obligations table summarizes obligations december 28 2013.
 millions payments due less years
 -------------------------------------------
 operating lease obligations $ 870 $ 208 $ 298 $ 166 $ 198
 capital purchase 5503 5375 125 2014
 1859  772 744  307
 long-term debt 22372 429 2360 3761 15822
-term 1496 569 663 144 120
 $ 32100 $ 7353 $ 4190 $ 4378 $ 16179
 5503 5375 125 2014 772 744 307 obligations construction purchase property equipment.
 not recorded liabilities balance sheets december 28 2013 goods title.
 licenses agreements non-contingent funding obligations.
 agreements.
amounts represent principal interest cash payments debt obligations anticipated interest not recorded.
 future settlement debt payments.
 estimate future payments uncertain tax positions $ 188 million long-term income taxes excluded.
 uncertain tax positions reduced federal deduction state taxes.
 tax credits.
.
 amounts future cash payments long-term liabilities short-term.
 contributions.
.
 pension plans postretirement benefit plans $ 62 million 2014 included funding projections beyond 2014.
 excludes contractual obligations short long debt obligations.
 obligations purchases goods services enforceable quantities price provisions timing.
 cancellation provisions amounts limited non-cancelable minimum cancellation fee.
 agreements purchase raw materials minimum prices quantities market future purchasing requirements.
uncertainty future market purchasing requirements non-binding obligations not included preceding table.
 purchase orders manufacturing needs fulfilled short.
 orders authorizations binding agreements.
 management financial condition results operations


republic services.
 financial statements 2014 monitor credit worthiness financial institutions deposits.
 credit risk limited variety customers markets dispersion operations.
 small commercial large-container industrial municipal residential customers united states puerto rico.
 perform credit evaluations require collateral receivables.
 allowance doubtful accounts credit risk historical trends economic conditions.
 collection transfer recycling disposal energy.
 recorded billed revenue earned claims third parties settled cash.
 estimated realizable value.
 provisions evaluated monthly historical collection experience age information economic conditions.
 review balances account.
 reserves accounts 90 days.
 past due receivable balances written-off collection unsuccessful.
 table activity allowance doubtful accounts years december 31.
 balance beginning $ 38.
.22. 6 16. 1
 accounts written-off. 9. 0. 1 23. 1
 balance end year $ 46. 7 $ 38. 9 $ 38. 3
 restricted cash securities december 31 2015 $ 100. million.
 obtain funds tax-exempt bonds financing expenditures landfills transfer stations collection recycling centers.
 deposited trust accounts.
 restricted restricted consolidated balance sheets.
 financial assurance agencies collection contracts landfills environmental remediation permits business licenses.
 cash trust funds escrow accounts.
 cost.
 expenditures additions improvements maintenance repairs charged.
 cost depreciation removed gain loss reflected consolidated statements income.


cash flow hedges 2013 changes fair value cash hedges earnings.
 december 31 2008 2007 reductions $ 4 million amortized september 30 2014.
 2007 no interest rate cash flow hedges.
 earnings impact derivative financial instruments pre-tax income 31 millions 2008 2007 2006.
 interest expense rate hedging
 fuel expense derivatives
 pre-tax income
 fair value debt instruments 2013 short long-term debt estimated market prices borrowing rates.
 december 31 2008 $ 247 million less carrying value.
 december 31 2007 exceeded $ 96 million.
 2008 2007 $ 320 million $ 181 million fixed-rate debt securities call provisions premiums.
 sale receivables 2013 railroad transfers accounts union pacific receivables.
.
upri sells 364-day undivided interest investors.
 total capacity $ 700 million $ 600 million at december 31 2008 2007.
 outstanding interest $ 584 million $ 600 million 2007.
 upri reduced interest decrease receivables.
 not included consolidated financial statements.
 supported by $ 1015 million $ 1071 million 2008 2007.
 interest retained $ 431 million $ 471 million.
 interest included.
 sold carrying value approximates fair value no gain loss.
 value fluctuate affected business volumes credit risks default dilution.
 receivables $ 6 million.
 credit rating below investment grade value investors discontinue facility.
 railroad services sold receivables servicing asset liability fees.
 collected $ 17. 8 billion $ 16.1 billion 2008 2007.
 used proceeds receivables.


freesheet paper higher russia lower economic demand.
 sales price pulp decreased.
 wood fiber offset energy chemicals packaging.
 freight costs.
 maintenance downtime costs outage outage saillat mill russia poland lower.
 costs 2013 sales volumes weaker russia flat.
 sales price uncoated freesheet paper decrease russia.
 input costs higher wood energy lower.
 no maintenance outages first quarter.
 paper mills 75% interest.
 sales $ 185 million 35 million.
 loss 16 million.
 papers sales $ 85 80.
 profits improved $ 1 million.
.
 pulp sales 725 million.
 profits $ 59 million.
 sales volumes increased start-up pulp production franklin mill.
 sales price lower fluff market pulp.
 input costs wood energy.
 freight costs.
operating costs unfavorable start-up franklin mill.
 maintenance lower.
 sales volumes flat fourth quarter 2012.
 sales price realizations improve increases paper tissue pulp.
 input costs flat.
 maintenance $ 9 million higher 2012.
 manufacturing costs franklin mill lower.
 demand pricing correlate spending economic activity.
 raw material energy freight costs manufacturing efficiency product mix.
 net sales 2012 decreased 15% 2011 7% 2010.
 operating profits increased 64% 2011 29% 2010.
.
 profits 27% lower 2011 23% higher 2010.
 lower raw material costs maintenance lower sales price realizations unfavorable product mix lower sales volumes increased downtime higher operating costs 40.
 profits gain $ 3 million sale $ 129 million asset impairment charge $ 72 million charges.
.
2010
 sales $ 3170 3710
 profit
 north american packaging sales $. billion 2012. billion 2011. billion 2010.
 profits $ 165 million 35 236 million 2011 $ 97 million 105 million 2010.
 coated paperboard sales lower weaker market demand.
 folding carton board.
 costs wood offset chemicals energy.
 maintenance costs.
 market down time 113000 tons 2012 38000 2011.


.
 submission no matters submitted fourth quarter 2005.
.
 2019s common equity issuer purchases series common stock traded new york stock exchange since january 21 2005.
 closing sale price march 6 2006 $ 20. 98.
 table high low intraday sales prices share periods.
 high low
 march $ 18. $.
 $ 18. $ 13.
 $ 20. $ 15.
 312005 $ 19. $ 15.
 shares 2019s series common stock issued.
 march 6 2006 51 holders one holder perpetual preferred stock.
 shareholder base approximately 6800 march 6 2006.
 dividend policy 2005 quarterly cash dividend share common stock 1% $ 16 price per share initial public offering. second quarter 2005.
company paid quarterly dividends $ 0. 04 per share august november 1 2005 february 1 2006.
 anticipated annual cash dividend $ 25 million.
 no assurance sufficient cash dividend.
 dividends declared paid funds set aside unless unpaid dividends.
 board may modify revoke dividend policy.
 pay quarterly dividends subject available funds.
 declare pay set apart funds dividend junior stock parity redeem purchase acquire junior stock stock unless paid set apart funds unpaid dividends.
 company paid quarterly dividends $ 0. 265625 4. 25%. convertible preferred stock august 1 2005 november 1 february 1 2006.
 anticipated annual cash dividend approximately $ 10 million.


finance operations capital expenditures generated cash borrowings senior secured asset-based revolving credit facility.
 current funds sufficient cash requirements next year.
 future macroeconomic adequate liquidity funding longer-term needs.
 factors impact funds.
 cash business plan economic conditions.
 december 31 2014 significant debt refinancings.
 recorded loss on extinguishment long-term debt $ 90. 7 million consolidated statement.
 note 7 financial statements.
 november 6 2014 board approved $ 500 million share repurchase program repurchase shares common open market privately negotiated transactions depending share price market conditions.
 obligate suspended without notice.
 no shares repurchased program.
 2014 dividend activity.
 dividend amount declaration date record payment date
.
.may 8 27 june 10
 $. july 31 august 25 september 10
 $ 0. 0675 november 6 25 december 10
 february 10 2015 board declared quarterly cash dividend $ 0. 0675 per share.
 paid march 10 2015 stockholders february 25 2015.
 future dividends discretion results financial condition business prospects capital requirements contractual restrictions indebtedness law tax considerations.
 limited restrictions subsidiaries current future agreements indebtedness.


fair value options vested 2017 2016 2015 $ 6. million. $ 7. million.
 intrinsic value fortune brands stock options 2015 $ 70. 6 million $ 88. million $ 78. million.
 performance awards granted officers employees right earn shares common stock-wide performance conditions diluted earnings per share return invested capital net assets ebitda three-year period.
 compensation cost amortized expense three based probability performance targets.
 fair value high low stock price date grant.
 table summarizes performance share awards december 31 2017.
 awards granted.
 31 2016.
.
.
.
 31 2017.
 remaining unrecognized pre-tax compensation cost awards $ 6. 8 million weighted-average 1. 3 years.
performance share awards 2017 $ 5. 6 million 100580 shares.
 compensation outside directors.
 issued annually quarter.
 directors fees defer payment.
 compensation cost expensed fair value.
 2017 2016 2015 awarded 15311 16471 19695 shares common stock outside directors average fair value $ 63. 43 $ 57. 37 $ 46. 21 .
.
 closed new hires.
 retirement benefits 55 65.
 right future benefits.
 determined employee length service earnings.
 employer contributions.
.
 service cost 2017 benefit accruals hourly union defined benefit plan.
 accruals plans frozen december 31 2016.


limitations effectiveness controls.
 prevent errors fraud.
 system objectives met.
 design resource constraints benefits relative costs.
 assurance misstatements error fraud fraud.
 assumptions future events assurance goals future conditions.
 subject risks.
 controls inadequate changes conditions compliance policies.
 fail meet financial reporting obligations reputation business operating results harmed market price stock decline.
.
 unresolved.
.
 december 31 2016 major facilities feet millions united states.
.
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. 7 9
 feet unitedstates othercountries 31. 19
.
 34. 26 60
 leases municipal grants land expire 2109.
 leases 2058 renewals.
 executive offices.
 wafer manufacturing activities.
 wafer fabrication facilities reserving building for additional capacity future technologies.
 construction equipment installation.
 information 201cmanufacturing.
 facilities suitable purposes productive capacity.
.
property plant equipment 4 operating segments geographic information ii 8.
.
 201cnote 20 commitments contingencies ii 8.
.
 mine safety disclosures.


marketaxess holdings.
 consolidated financial statements 2014 effect financial operations.
.
 net income.
 march 5 2008 acquired capital stock greenline financial technologies.
 illinois provider integration management solutions ten percent capital stock tradehelm. delaware.
 broadens technology services client base diversifies revenues beyond trading.
 results operations greenline included in consolidated financial statements acquisition.
 consideration acquisition $ 41. 1 million $ 34. 7 million cash 725923 shares common stock $ 5. $ 0. 6 million acquisition-related costs.
 sellers $ 3. million cash earn- out targets 2008 2009.
 $ 1. 4 million paid 2009 $ 42. 4 million.
 2009 earn-out target.
 $ 2.purchase price deposited escrow indemnity distributed sellers 2009.
 shares common stock released installments december 2008 2009.
 value discounted market non-marketability.
 purchase price allocation amortizable intangibles $. million acquired technology $. million customer relationships 1. million non-competition agreements $. million tradenames.
 ten five years customer relationships.
 not deductible tax.
 financial information december 2008 2007.
 not indicative results.
.
 acquisitions.
 cash 6406
 accounts receivable 2139
 amortizable intangibles 8330
 goodwill 29405
 deferred tax assets 3410
 other assets 1429
 accounts payable accrued expenses deferred revenue
 purchase price $ 42418


investment $ 15. billion 95% inflows institutional remaining $. 8 billion 5% retail hnw.
 contribution plans.
 $ 13. 1 billion new business 2012.
 inflows $ 18. 5 billion offset outflows $ 2. 6 billion emea asia-pacific.
 strategies 2022 52% $ 140. 2 billion multi-asset $ 14. 1 billion new business $ 1. 6 billion $ 12. 4 billion foreign exchange gains.
 equity fixed income alternative components.
 risk diversification.
 2022 $ 69. 9 billion $ 20. 8 billion 42%.
 new business $ 14. 5 billion year-over-year 30%.
 institutional investors 90% defined contribution plans 80%.
 remaining 10% retail.
 lifepath retirement.
products utilize asset allocation model risk return retirement.
 2022 fiduciary management services 22% $ 57. 7 billion multi-asset aum 2012 increased $ 7. 7 billion market foreign exchange gains.
 complex mandates pension sponsors retain responsibility management.
 services require partnership clients investment staff trustees strategies risk budgets return objectives.
 new business acquired market.
 commodities
 totaled $ 109. 8 billion year-end 2012 up $ 4. 8 billion 5% $ 3. 3 billion portfolio valuation gains $ 7. billion new assets acquisitions.
 alternative outflows $ 3. 9 billion driven by return capital.
 net outflows $ 5. billion offset by inflows $ 3.ishares funds.
 alternatives platform acquisition srpep renewable power initiative alternatives retail platform $ 10. billion.
.
 institutional investors 69% $ 75. 8 billion alternatives retail hnw investors 9 % $ 9. 7 billion 2012.
 ishares remaining $ 24. 3 billion 22% 22 aum.
 clients geographically diversified 56% 26% 18% americas emea asia-pacific.
 blackrock alternative investors group investment


republic services.
 financial statements 2014 2008 board directors amended.
 2006 incentive stock plan allied waste industries.
.
 shareholders approved may 2006.
 amended restated december 2008 republic new sponsor references common stock awards shares allied acquisition.
 non- qualified stock options incentive stock options restricted stock stock bonuses units appreciation rights performance awards dividend equivalents cash awards awards.
 december 2008 vested nonforfeitable closing.
 no further awards lattice binomial option-pricing model grants.
 compensation expense straight-line service period retirement.
 volatility based recent year historical rolling average.
 risk-free interest rate federal reserve rates.
 historical data estimate future option exercises forfeitures. expected life.
 groups similar behavior considered separately valuation.
 weighted-average stock options 2014 2013 2012 $ 5. 74. 27 4. 77 option calculated assumptions.
 volatility 27. 5%. 5 %. 9 %. 8 %
 risk-free interest rate. 4%. 4 %. 7%. 7 %. 8% 8 %
 dividend yield. 2%. 2 %. 2 %
 life. 6
 life 7.


performance graph compares five-year performance alcoa 2019s common stock standard 500 materials index 27 companies 201cmaterials market sector.
. five-year return initial investment $ 100 december 31 2010 dividends reinvested alcoa.
 s&p 500.
 2010 2011 2012 2014 2015
 alcoainc. $ 100 $ 57 $ 58 $ 72 $ 107 $ 68
 s&p 500 aeindex 102 118 157 178
 s&p 500 aematerials index 130
 2019s division mcgraw-hill companies.
.
 research data group.
.


earnings first quarter 2007 lower fourth quarter 2006.
 containerboard export sales volumes decline main tenance outages.
.
 converted products higher more shipping days demand ship ments.
 sales price comparable fourth- quarter averages.
 containerboard price increase january realized second quarter.
 costs wood energy starch adhesives freight increase.
 manufacturing costs higher main tenance outages.
 results improve higher sales volumes margins offset manufacturing costs.
 packaging demand pricing spending economic activity.
 profitability raw material energy costs manufacturing efficiency product mix.
 net sales increased 2005 7% 2004.
 profits 8% declined 15% 2004.
 higher sales volumes improved sales price reduced lack-of-order downtime offset higher raw material costs freight costs costs.
.
 profit
paperboard sales $ 1. 5 billion 2006 higher $ 1. 3 2005. 2004.
 volumes increased folding board demand.
 mills 4000 tons-order downtime 82000 2005.
 sales price improved folding cupstock.
 profits 51% higher 2006 7% 7 % better 2004.
 manufacturing.
 foodservice sales declined $ 396 million 2006 $ 437 million 2005 $ 480 million 2004 plant.
 sales vol umes lower 2006 higher increases.
 profits improved higher sales prices.
 raw material costs manufacturing costs increased productivity reduced waste.
 sales $ million down 691 2005 687 million 2004.
 sales volumes down weak demand home entertainment consumer products tobacco.
 sales prices lower.
 decline raw material costs inventory adjustment costs.
2007 coated paperboard sales stronger 2006 folding carton board bristols.
 price increase january.
 manufacturing costs improve.
 foodservice earnings decline weaker.
 sales price realizations higher switch hot cup contain ers product mix.
 shorewood sales volumes decline offset pricing improvements improved product mix.
 markets products services


aes corporation financial statements 2014 december 31 2017 2016 2015 dispatched february 2018.
 aes puerto rico lowest cost epa compliant energy provider puerto rico.
 critical supplier prepa.
 prepa facing economic challenges july 2 2017 filed bankruptcy.
 aes puerto rico ilumina non-recourse debt $ 365 million $ 36 million default current december 31  2017.
 november 2017 aes signed forbearance standstill agreement lenders action.
 march 22 2018.
 receivable balances rico december 31 2017 $ 86 million $ 53 million overdue.
 collecting overdue prepa.
 $ 627 million recoverable 2017 no reserve receivables.
 foreign currency risks operates foreign countries impacted currency exchange rates.
.
 earnings.
geographical diversity company significant concentration customers fuel supply.
 businesses rely on ppas output.
 no single customer 10% revenue in 2017 2016 2015.
 cash flows results depend on credit quality obligations ppas fuel supply agreements.
 ppas fuel supply modified terminated replace contracts terms.
.
 businesses panama dominican republic partially owned by governments.
 energy purchase sale transmission agreements institutions.
 two mexico offtakers influence boards.
 offtakers nominal ownership.
 provide capacity energy arrangements equity accounting.
 company provides support management services affiliates.
 consolidated statements operations transactions with related parties.
 years december 31, 2017 2016 2015
 revenue 2014non $ 1297 $ 1100 $ 1099
 cost sales 220 210 330
income 8
 expense 36 39


.
 2012 results lower $ 53. 1 million premium-services margins marketing margins $ 96. million seasonal price differentials marketing optimization $ 87. 7 million storage demand costs.
 loss storage hedges $ 1. million $ 8. 5 million 2011.
 premium services impacted lower natural gas prices volatility.
 reduced storage margins.
 marketing margins.
 loss transportation margins $ 42. 4 million $ 18. 8 million 2011 $ 29. 5 million decrease transportation hedges.
 impacted narrow price location differentials inability.
 supply natural location seasonal price differentials narrowed.
 transportation contracts unprofitable.
 operating costs employee expenses.
 expense $ 10. 3 million impairment goodwill.
 impairment reduced goodwill balance.
.
energy services 2019 net margin 2022 decrease $ 65. 3 million transportation margins narrower location price differentials lower hedge settlements 2022 decrease $ 34. 3 million storage marketing margins 2013 storage price differentials unrealized value changes hedges 2022 decrease $ 7. 3 million premium-services margins low commodity prices reduced natural gas price volatility 2022 decrease $ 4. 3 million financial trading margins low gas prices trading.
 2011 net margin $ 91. 1 million adjustments natural gas inventory cost value.
 reclassified $. million deferred gains cash flow hedges earnings.
 operating costs ad valorem taxes.
 energy services segment.
 2012 2011 2010
 natural gas
 gross margin.
 settled volumes 1433
natural gas decreased 2012 marketing lower volumes reduced capacity.
 decrease 2011 lower reduced capacity.
 location price differentials increased supply natural gas shale increased pipeline capacity new construction.


distribution table presents doors location ralph lauren products sold march 31 2012.
 americas 6587
 4377
 asia
 11047
 american living chaps products sold 1800 doors.
 three key wholesale customers sales volume.
 40% wholesale revenues macy.
 20% revenues.
 brands sold sales.
 showrooms new york.
 regional showrooms chicago dallas milan paris london munich madrid stockholm tokyo.
 shop-within-shops.
 brand recognition merchandising presentation.
 customized fixtures wall cases decorative items flooring.
 march 31 2012 18000-shops lauren products worldwide.
 size 300 to 7400 square feet.
 share cost building customers.
 stock replenishment.
knit shirts chino pants shirts accessories home products stock replenishment programs.
 ship two-to-five days receipt.
 2012 379 stores 2. 9 million square feet 474 six e-commerce websites.
 extension direct-to-consumer reach goal.
 reinforce luxury image exclusive lines.
 opened 10 acquired 3 closed 16 2012.
 upscale street locations regional malls urban markets.


realty trust contribute $ 959000 2004.
.
 leases leases space.
 fixed rentals monthly.
 shopping center leases pass real estate taxes insurance maintenance.
 reimburse operating costs real estate taxes.
 additional rent tenants 2019 sales.
 future base rental revenue non leases excluding less one year renewal options.
 2004 1084934
 2005
 2006
 2007
 2008
 rentals 2019 sales.
 percentage rents $ 3662000 1832000 $ 2157000 years 2003 2002 2001.
.
. 7%. revenue 10% total revenues 31.
 former rentals include $ 5000000 additional rent re-allocated locations marlton turnersville bensalem broomall payable stop shop master agreement guaranty may 1  1992.
rent stop shop former bradlees locations.
 january 8 2003 complaint court right reallocate $ 5000000 annual rent expiration east brunswick jersey city middletown union woodbridge leases.
 expires 2012 complaint.
 february 2003 koninklijke ahold parent overstated 2002 2001 earnings $ 500 million investigation.
 justice department securities exchange commission.
 effect bradlees guarantees leases $ 10. 5 million per annum.
 consolidated financial statements. 4/8/04


.
 junior subordinated debt securities issued march 29 2004 $ 329897 thousand 6. 2%. securities may 24  2013.
 incurred pre-tax expense $ 7282 thousand amortization capitalized issuance costs securities.
 interest expense.
 2015 2013
 interest expense
 guarantee payment obligations.
.
 reinsurance trust agreements subsidiaries investments security assumed losses non-affiliated ceding companies.
 december 31 2015 total deposit trust accounts $ 454384 thousand.
 april 24 2014 two collateralized reinsurance agreements kilimanjaro limited bermuda reinsurer catastrophe reinsurance coverage.
 multi-year storm earthquake events.
 first agreement $ 250000 thousand reinsurance coverage storms southeastern united.
second agreement provides $ 200000 thousand storms southeast mid-atlantic northeast united states puerto rico earthquakes southeast.
 november 18 2014 company collateralized reinsurance agreement kilimanjaro.
 multi-year covers earthquake events.
 $ 500000 thousand states puerto rico canada.
 december 1 2015 two collateralized agreements kilimanjaro.
 multi-year.
 first agreement $ 300000.
 second agreement $ 325000.
 kilimanjaro financed catastrophe catastrophe bonds investors.
 april 24 2014 kilimanjaro issued $ 450000 notes.
 november 18 2014 $ 500000.
 december 1 2015 issued $ 625000 thousand notes.
proceeds series 2014-1 2015-1 held reinsurance trust invested us government funds rating 201caaam 201d standard.


equity securities three months december 31 2012 repurchased 619314 shares common stock approximately $ 46. 0 million including commissions fees stock repurchase program number shares purchased average price paid share dollar value.
 average price paid share dollar value
 october 2012 27524 $ 72.
 november 2012 $ 74. $ 1263.
 december 2012 102400 $ 74. $ 1256.
 fourth quarter 619314 $ 74.
 repurchases $ 1. 5 billion stock repurchase program march 2011.
 management authorized purchase shares open market purchases prevailing prices securities laws requirements subject market conditions.
facilitate repurchases rule 10b5-1 exchange act insider trading laws trading blackout.
 program discontinued.
 average price per share calculated price excluding commissions fees.
 2011 buyback 31 2012.
 january 2013 repurchased additional 15790 shares $ 1. 2 million.
 january 21 2013 repurchased 4. 3 million shares $ 245. 2 million.
 manage remaining $ 1. 3 billion 2011 buyback market conditions.


management business segments sales income.
 performance coatings sales $ 4716 2007 $ 3811 income $ 582 2007 $ 563
 industrial coatings 3999
 architectural coatings
 optical specialty materials
 commodity chemicals 1837
 coatings sales increased $ 905 million 24% % 2008.
 21% acquisitions marine coatings.
 sales grew 3% higher selling prices 2% 2 foreign currency translation.
 volumes declined 2% offset aerospace protective marine.
 volume growth aerospace.
 income increased $ 19 million 2008.
 acquisitions lower overhead costs foreign currency translation.
 higher selling prices inflation.
 reduced lower sales volumes architectural coatings automotive refinish.
 industrial coatings sales increased $ 353 million 10% 2008.
increased 11% acquisitions sigmakalon coatings.
 3% foreign currency 1% higher selling prices.
 volumes declined 5%.
 declines automotive industrial.
 canada.
 declines european asian.
 gains asia north america.
 income declined $ 158 million lower volumes inflation higher raw material freight costs increased selling prices.
 declined higher selling distribution costs bad debt expense.
 earnings acquired foreign currency lower manufacturing costs.
 architectural coatings sales $ 2249 million.
.
 $ 141 million amortization $ 63 million depreciation 58 million.
 optical specialty materials sales increased $ 105 million.
 5% higher volumes 3% foreign currency 2% 2 % increased selling prices.
 income increased $ 9 million.
 sales volumes selling marketing costs.
 selling prices raw material costs.
chemicals sales increased $ million 19% 19 % 2008.
 18% prices 1% 1 improved volumes.
 income increased $ 97 million.
 higher prices raw material energy.
 manufacturing costs margin equity earnings.
 sales decreased $ 281 million 13%.
 11% divestiture automotive 4% 4 lower volumes.
 2% 2 % higher prices.
 income decreased $ 68 million.
 divestiture lower volumes inflation lower equity earnings.
 lower manufacturing costs higher selling prices stronger foreign currency.
 activity volatile downward.
 american economy.
.


part ii item 7 maturity us dollar debt schlumberger interest 4. 74%.
 proceeds repay borrowings.
 april 20 2006 schlumberger approved share repurchase program 40 million shares common stock before april 2010.
 second quarter 2008.
 april 17 2008 $ 8 billion repurchase program before december 31 2011 $ 1. 43 billion repurchased december 31 2009.
 table summarizes repurchase programs cost average price paid share.
 $.
 2008.
 2007.
 cash flow $ 5. 3 billion 2009 $ 6. 9 billion 2008. billion 2007.
 decline cash flow decrease net income pension plan contributions offset working capital requirements.
 2008 net income increase investments working capital.
reduction cash flows schlumberger customers global economic conditions financial condition.
 delay nonpayment amounts owed to schlumberger.
 experienced delays payments.
 operates in 80 countries.
 three countries 5% receivable balance approved increases quarterly dividend 20% 40%.
 total dividends 2009 2007 were $ 1. billion $ 964 million $ 771 million.
 capital expenditures $ 2. 4 billion 2009 $ 3. 7 billion 2008 $ 2. 9 billion 2007.
 record activity levels.
 decrease 2009 due to activity decline 2009.
 capital expenditures expected approach $ 2. 4 billion 2010. 2008
 expenditures $. 3 billion.


three-year period ownership five percent company equity securities.
 ownership change.
 section 382 pre-change nol carryforwards offset post-change income.
 limitation.
 section 382 preclude federal nol carryforwards sufficient taxable income future.
 federal nol carryforwards 2028.
 december 31 2014 2013 state nols $ 542705 $ 628049 portion offset valuation allowance.
 2015 2033.
 canadian nol carryforwards $ 6498 $ 6323.
 majority offset valuation allowance.
 expire 2015 2033.
 capital loss carryforwards $ 3844.
 recognized full valuation allowance capital loss carryforwards.
 files income tax returns united states jurisdictions.
 no longer subject.
.
 income tax examinations before 2008.
.
 tax year 2011 closed.
 company state income tax examinations adjustments.
 patient protection care act march 23 health care education reconciliation act 30 ppaca.
 changes tax treatment federal subsidies retiree health benefit plans medicare.
 subsidy payments taxable after december 31 2012 company reduction deferred tax assets increase regulatory assets $ 6348 $ 6241 december 31 2014 2013.
 gross liability unrecognized tax benefits.
 balance january 1 2013 $ 180993
 increases 27229
 decreases
 december 31 2013 177947
 increases
 decreases
 december 31 2014 $ 195237
 interest penalties $ 157 $ 242 december 31 2014 2013 income tax expense.


discount rate.
 cash flow discounted risk time value.
 market approach valuation prices transactions.
 use multiples comparables.
 cost approach cost replacing asset used property equipment.
 cost reflects cost less loss depreciation.
 preliminary purchase price allocation $ 2. 8 billion goodwill amortizable tax.
 mst business segment.
 attributable revenue synergies integration products technologies sikorsky costs consolidation intangible assets.
 determining fair value assets liabilities requires judgments future cash flows long-term growth rates discount rates.
 cash flows analyses based future sales earnings cash flows market conditions customer budgets orders orders contracts labor agreements working capital business plans performance.
 different estimates judgments could different results.
2015 financial results sikorsky 2019s included november 6 through december 31.
 results reflect full sikorsky.
 sikorsky generated net sales $ 400 million operating loss $ 45 million intangible amortization adjustments.
 incurred $ 38 million non-recoverable transaction costs acquisition.
 consolidated statements.
 incurred $ 48 million costs $ 7. billion november 2015 notes borrowings 364-day facility acquisition.
 financing costs recorded reduction debt amortized interest expense debt.
 supplemental pro financial information 2014.
 net sales $ 50962 $ 53023
 net earnings
 earnings per common share.
 diluted earnings.
 calculated after accounting policies adjusting historical results sikorsky acquisition january 1 2014.
forma adjustments amortization assets interest short-term debt.
 fair value january 2014 amortization $ 125 million $ 148 million interest $ 42 million $ 48 million.
 nonrecurring adjustments $ 72 million pension curtailment loss $ 58 million income tax charge foreign subsidiaries.


jpmorgan chase.
 2008 annual report 115 measure.
 risk profile.
 mortgage pipeline warehouse loans hedges.
 revised measure derivative structured liabilities credit.
 excludes nontrading private equity principal investing. financing tax-oriented investments. corporate balance sheet capital manage positions longer-term investments.
 managed earnings-at-risk cash flow monitoring.
 nontrading principal investing private equity stress scenario analyses.
 95% 95 confidence interval average drop $ 85 million third quarter.
 daily losses twelve times year.
 table basis point increase jpmorgan chase credit spreads.
 31 2008 firm 2007 heritage jpmorgan chase.
 valuation adjustment sensitivity 1 basis point increase credit spread.
 31 2008
 2007
loss advisories drawdowns management trading losses remedies.
 economic value stress testing risk loss exposure events abnormal markets.
 conducts stress tests nontrading two weeks credit spreads equity prices interest rates rise.
 risks business segments adverse moves complex portfolios.
 risk profile economic events.
 stress testing risk.
 enhances risk profile loss poten losses monitored.
 one-off approvals cross-business risk measure economic capital allocation.
 results trends explanations provided two weeks senior management business-sensitive positions.
 earnings-at-risk stress testing economic market variables.
 effect interest rate exposure net income.
 rate risk exposure non trading business activities. results from on- off-balance sheet positions differences timing assets liabilities-balance instruments.
liabilities reprice quicker assets interest rates declining earnings increase.
 differences assets liabilities instruments.
 more deposit liabilities repricing interest rates declining earnings increase.
 differences long-term interest rates.
 yield curve.
 earnings affected by increase short-term rates liabilities. without long-term rates assets.
 higher long-term rates beneficial to earnings not rising short-term rates.
 changes maturity assets.
 more borrowers pay down higher rate loan balances interest rates declining earnings decrease.
 firm manages interest rate exposure.
 interest rate risk transfer-pricing sys.
 liability balances contractual rates principal payment schedules prepayment interest rate reset dates maturities rate indices re-pricing rate ceilings for adjustable rate products.
transfer-pricing assumptions reviewed.
 firm conducts interest income nontrading.
 earnings-at-risk tests measure change income impact


business fluctuations financial markets investment losses.
 disruptions public debt equity markets losses investment portfolio.
 financial markets improved since 2008 could deteriorate.
 disruption market sectors energy sector.
 declines financial losses investments operations equity business insurer financial strength debt ratings.
 results by catastrophic events.
 exposed to unpredictable catastrophic events weather natural catastrophes acts terrorism.
 reduction operating results inhibit dividends meet interest principal obligations.
 past five years pre-tax catastrophe losses contract reinsurance.
.
.
.
.
.
 losses from future catastrophic events could exceed projections.
 use underwriting.
 estimate potential catastrophe losses retrocessional coverage limit losses.
loss projections approximations quantitative qualitative losses exceed projections adverse financial condition results.


state street corporation financial statements 5. 25%. bank notes 2018 semi annual interest payments april october 15 qualify 2 regulatory capital federal.
 5. 30%. notes 2016 floating-rate 2015 semi-annual interest payments. january july 15 quarterly march june september december 8.
 2 regulatory capital.
.
 unfunded-balance commitments $ 21. 30 billion $ 17. 86 billion december 31 2013 2012.
 losses equal contractual amounts collateral.
 75% unfunded commitments expire year.
 represent future cash requirements.
 guarantees indemnified securities financing stable value protection unfunded commitments purchase assets standby letters credit.
 losses equal contractual amounts collateral.
 amounts off-balance sheet guarantees december 31 2013 2012.
 participations third parties.
millions 2013 2012
 indemnified securities financing $ 320078 $ 302341
 stable value protection 24906 33512
 asset purchase agreements 4685 5063
 standby letters credit 4612 4552
 indemnified securities financing securities brokers institutions.
 indemnify fair market value failure return.
 require maintain collateral equal 100% fair market value.
 collateral revalued daily.
 collateral held not recorded consolidated statement condition.
 invested.
 third-party repurchase agreements indemnify loss principal invested.
 require counterparty provide collateral equal 100%.
 collateral not recorded consolidated statement.


republic services.
 financial statements 2014.
 fuel hedges swap agreements cash flow hedges mitigate exposure diesel fuel prices.
 swaps effective hedges diesel fuel.
 table summarizes fuel hedges december 31 2015 hedged average contract price per gallon.
 27000000.
 2017 12000000.
.
 average price diesel fuel exceeds contract price receive difference counterparty.
 less pay difference counterparty.
 fair values fuel hedges determined standard option valuation models commodity prices.
 aggregate values 2015 2014 liabilities $ 37. million $ 34. 4 million recorded accrued liabilities balance sheets.
 changes fair values loss $ 0. 4 million $. 5 million 2015 2014 gain less than $. 1 million 2013 recorded.
 total gain hedges $.million $. 2 million $. 4 million years 2015 2014 2013.
 recycling commodity hedges revenue old cardboard newspaper.
 swaps costless collars cash flow hedges prices.
 no outstanding recycling commodity hedges december 31 2015 2014.
 amounts recognized income ineffective portion changes values.
 total gain loss recycling commodity hedges $ 0. 1 million $. 1 million 2014 2013.
 no recognized income 2015.
 valuation techniques observable inputs minimize unobservable inputs.
 market data assumptions risk.


ace limited subsidiaries premiums years december 31 2008 2007 2006 millions.
 dollars amount ceded amount percentage assumed.
 december 31 2007 2006 millions. dollars ceded
 2008 $ 16087 $ 6144 $ 3260 $ 13203 25%
 2007 $ 14673 $ 5834 $ 3458 $ 12297 28% 28 %
 2006 $ 13562 $ 5198 $ 3461 $ 11825 29% 29 %


kimco realty corporation subsidiaries financial statements uncertain tax positions subject income tax jurisdictions outside. canada mexico.
 statute limitations three to seven years jurisdiction tax issue.
 tax returns local tax authorities.
 under audit canadian revenue agency mexican tax authority.
 internal revenue service.
 2011 issued notice adjustment capital loss krs disposition shares valad property ltd. australian listed company.
 assert 100 percent 201d tax disallow capital loss deduction.
 impose 100 percent tax $ 40. 9 million capital loss.
 documentation business purpose transfer.
 disagrees irs 2019 section 482 disposition 100 percent penalty tax capital loss deduction.
 notice protest requested appeals office conference.
appeals hearing attended by management attorneys irs compliance group officer november 2014 compliance.
 management attorneys.
 consideration appeals officer.
 company believes.
 resolutions financial statements.
 adopted asu 2013-11 reclassified reserve for uncertain tax positions.
 canadian operations.
 unrecognized tax benefits deferred tax assets.
 reduced reserve $ 12. 3 million reduced deferred tax assets.
 total unrecognized tax benefits increase 12 months.
 uncertain tax positions deferred tax assets aggregated $ 10. 4 million.
 liability estimated foreign federal state income tax liabilities statute limitations.
 2008 through 2014.
 aggregate changes balance unrecognized tax benefits december 31 2014 2013.
 $ 4590 $ 16890
 increases tax positions 59 15
adoption 2013-11
 balance year $ 4649 $ 4590
 reclassified deferred tax asset adoption 2013-11.


tower corporation subsidiaries financial statements 2014 december 1 may 31.
 2008 2007 2006 employees purchased 55764 48886 53210 shares prices $ 30. $ 33. 93 $ 24. 98 .
 fair value estimated black-scholes pricing model expense expected life deductions common stock.
 shares 2008 2007 2006 $ 7. 89 $ 9. 09 $ 6. 79 .
 december 31. million shares future issuance.
 assumptions.
 risk free interest rates 1. 99%. 20143 28%. 4 98%. 01%
 risk-free interest rate 2. 58%. 58 %.
 expected life shares
 volatility stock price 27. 85%. % 51%. 53%. 74%. % 60%. 60 %
volatility stock price 28. 51%. 51 %. 22%. 22 % 29. 60%. 60 %
 annual dividends n
.
 stockholders 2019 equity warrants 2003 issued warrants purchase 11. 4 million shares common stock 808000 units $ 1000 12. 25%. discount notes 2008 14. 0953 shares common stock.
 warrants exercisable january 29 2006 $ 0. per share.
 warrants expired august 1 2008 outstanding december 31 2005 merger spectrasite.
 assumed warrants purchase.
.
 two shares.
 $ 32 per warrant.
.
 converted common stock. 575 shares.
.
. warrants exercisable 6. 8 million shares.
 1. 8 million 2. million outstanding december 31 2008 2007.
warrants expire february 10 2010.
 stock repurchase repurchased 18. 3 million shares $ 697. 1 million repurchase programs.


2005 results reduction gross profit decrease inventory $ 5. 2 million.
 store pre-opening costs construction expensed.
 property equipment recorded cost.
 depreciation amortization estimated useful lives.
 land improvements
 buildings
 furniture fixtures equipment
 leased properties amortized lease term life.
 impairment long-lived assets evaluates carrying value operating performance future cash flows.
 reviews impairment stores two years cash flows negative.
 carrying value exceeds undiscounted future cash flows.
 estimate historical operations future profitability.
 asset impaired impairment equal difference carrying value asset fair value.
 value estimated future cash flows risk-free rate estimates market value.
 assets adjusted fair value less cost sell less book value.
company charges $ 9. 4 million 2006 $ 0. 6 million 2005 $. 2 million 2004 value negative sales cash.
 2006 charges strategic initiatives.
 long-term investments expenses debt costs utility deposits insurance goodwill.


company granted 1020 performance shares.
 vesting goals.
 2010 dividends accrued common units paid.
 table activity 2010 date.
 december 31 2009 116677
 granted 275
 vested 257
 cancelled
 31 2010 196462
 total value stock 2008 $ 10. 3 million $ 6. 2 million $ 2. 5 million.
 employees acquire shares common stock after-tax payroll deductions offering periods.
 shares purchased 90% closing price.
 compensation expense recognized.
 2010 2009 2008 4371 4402 5600 shares issued employees.
 six-month holding.
 annual expense $ 0. 1 million purchase discount recognized.
 non-executive directors annual award common stock equal $ 75000.
-executive directors receive cash stipend $ 25000 shares closing price.
 7470 11674 5509 shares common stock issued 2010 2008.
 vesting restrictions.
 expense $ 2. 4 million. stock recognized years 2010 2009 2008.


apple inc.
 2016 form 10-k stock performance graph shareholder return dividend reinvested s&p 500 s&p information technology index dow jones.
 supersector index five years 24 2016.
 assumes $ 100 invested common stock s&p 500&p.
 index market september 23 2011.
 historic stock price performance not future.
 $ 100 invested 9/23/11 stock index reinvestment dividends.
 last day fiscal year common stock september 30th indexes.
 s&p mcgraw hill financial.
.
 dow jones.
.
.
 apple inc. $ 100 166 183
 s&p 500 index
 s&p information technology index 187
 dow jones. supersector index


corporation financial statements assets recorded goodwill.
 allocation assets acquired.
 intangible assets $ 220
 115
 net liabilities -50
 assets acquired $ 285
 assets broadcast licenses $ 185 million tradenames $ 27 million customer relationships $ 8 million.
 indefinite amortized 6 years.
 group news services segment separate reporting unit goodwill review.
 business 2016. sold european business $ 140 million pre-tax gain $ 107 million fiscal year 2017.
 sale core businesses australia asia.
 used $ 62 million additional acquisitions 2017 australian regional media.
 news services.
.
 charges $ 92 million $ 71 million $ 142 million fiscal years $ 77 million $ 58 million $ 133 million news information services segment.
charges 2019 2017 termination benefits.


entergy deferral 2004 $ 7. million fossil plant maintenance costs new orleans stipulation city council.
 2003 2002 net revenue operating revenues fuel power expenses regulatory credits.
 net revenue 2003 2002.
 2002 revenue 4209.
 base rate increases.
 decreases.
 deferred fuel cost revisions.
 asset retirement obligation.
 wholesale revenue.
. settlement agreement -154.
.
 2003 net revenue.
 increases entergy mississippi new orleans january 2003 june.
 rate decreases.
 2003 base rate decrease $ 22. million minimal net income reduction nuclear depreciation decommissioning expenses.
 deferred fuel cost revisions revised sales pricing estimate 2002 costs louisiana.
 asset retirement obligation variance.
estimates 2013 nuclear decommissioning costs.
 increase offset depreciation decommissioning expenses net income.
 wholesale revenue sales volume municipal cooperative customers.
 march 2002 settlement agreement ice storm settlement.
 deferred revenues entergy arkansas revenue.
 decrease offset operation maintenance expenses minimal income.
 fuel cost recovery $ 682 million $ 53 million electric gas higher fuel rates.
 increase offset fuel power expenses.


humana.
 financial statements 2014 grant-date fair value estimated option-pricing models.
 tax effects stock option reported financing cash.
 adopted sfas 123r january 1 2006.
 expensing stock options diluted earnings share 2005 2004 2003 disclosed page 69.
 classification cash inflows tax benefit stock options financing impact.
 operating financing cash flows $ 15. 5 million 2005 $ 3. 7 million 2004 $ 15. 2 million 2003.
 stock option expense sfas 123r stock options 2006.
.
 2006 commercial segment $ 60. million excess statutory surplus.
 second quarter 2006.
 december 20 2005 acquired corphealth. cash $ 54. 2 million.
 medical behavior health benefits.
 assets $ 6. million cash equivalents.
purchase price exceeded $ 48. million.
 allocated excess assets $ 8. million deferred tax liabilities $ 3. million non-deductible goodwill $ 42. million.
 customer contracts life 14. years.
 allocation change valuation.
 16 2005 government acquired careplus health plans florida medical centers pharmacy.
 medicare plans benefits miami broward palm beach counties.
 acquisition enhances medicare market position south florida.
 paid $ 444. million cash.
 financed $ 294. million borrowings $ 150. million cash.
 purchase price subject balance sheet settlement nine month-out.
.
 fair value acquired assets.
 cash equivalents
 premiums receivable assets
 property equipment
 medical expenses


71 94 consolidated financial statements corporation subsidiaries.
 shareholders 2019 equity october 24 2007 discontinuance discount reinvestment dividends voluntary stock purchase plan non- employee shareholders.
 5 percent discount discontinued november 1 2007.
 accumulated earnings loss $ millions foreign currency translation pension postretirement items tax financial derivatives earnings.
 foreign currency pension postretirement items financial derivatives
 31 2004 148. 9 -126. 3 126. 10. 33.
 -74. -43. -133. 133.
 31 2005 74. -169. 169. -5.
 57. 55. 6. 119.
. -47 47.
 31 2006 131. -161. 161 29.
 90. 57. 136.
 31 2007 221. 8 -104..
 2006 annual report shareholders equity 31 2006 transition adjustment $ 47. million net tax sfas.
 158 benefit pension amendment statements.
 87 88 106 132 2006 earnings.
 amounts revised reporting.
 reinvest foreign earnings.
 no taxes foreign currency translation.
 change pension postretirement items tax expense $ 31. million $ 2. million 2007 2006 $ 27. million 2005.
 derivatives tax $. 2 million 2007 $ 5. million 2006 $ 10. million 2005.
 stock-based compensation programs january 1 2006 adopted sfas.
 payment revision.
.
.
 standard accounting equity instruments goods services stock option restricted stock grants.
differences ball expense recorded new stock option grants nonvested grants january 2006 deposit share program variable market value.
 sfas.
 123 ball modified prospective transition method black-scholes valuation model.


network corporation financial statements ciel ii.
 canadian dbs satellite launched december 2008 commercial operation february 2009.
 capital lease depreciated.
 leased 100% capacity 10 year term.
 31 2011 2010 $ 500 million capitalized satellites acquired capital leases depreciation $ 151 million $ 109 million.
 $ 43 million depreciation expense satellites capital lease 2011 2010 2009.
 future minimum lease payments present net minimum lease payments.
 2012 $ 84715
 2013
 2014
 2015
 2016
 314269
 lease payments 705113
 executory costs insurance -323382
 net 381731
 interest
 lease payments 271908
 long-term capital lease obligations $ 242706
future maturities long-term debt december 31 2011 commitments table note 16.
.
 future tax effects differences tax assets liabilities balance operating loss tax credit.
 tax assets offset valuation allowances.
 valuation.
 financial information taxable income planning opportunities.
 consolidated tax returns.
 taxes subsidiaries.
 statements.
 december 31 2011 no net operating loss carryforwards federal tax $ 13 million benefit state tax.
 expire 2020.
 $ 5 million tax benefits credit carryforwards partially offset valuation allowance $ 14 million capital loss carryforwards offset valuation allowance.
 carryforwards expire 2012.


pnc financial services group.
 2013 form 10-k pnc indemnification obligations subject to pending legal proceedings monetary damages relief.
 anticipate liability financial position.
 determine claims results future reporting loss income reported.
 commitments outstanding not included consolidated balance sheet.
 table outstanding commitments extend credit december 31 2017 2016.
 commitments to extend credit commitments millions.
 commitments extend credit
 commercial lending $ 112125 $ 108256
 home equity lines of credit 17852 17438
 credit card 24911 22095
 other 4753 4192
 commitments to extend credit 159641 151981
 standby letters ofcredit 8651 8324
 reinsurance agreements 1654 1835
 bond purchase agreements 843 790
 other commitments 1732 967
commitments to extendcredit $ 172521 $ 163897
 commitments lend funds provide liquidity contractual conditions.
 fixed expiration dates fee contain termination clauses credit quality.
 issue share risk support obligations to third parties insurance requirements transactions capital markets.
 91% 94% standby letters rated as pass december 31  2017 2016 remainder below pass.
 pass risk loss low below pass higher risk.
 customer fails obligation remarketing program make payment.
 letters 2017 terms less than one year to seven years.
 assets of $ 1. 3 billion secured standby letters of credit.
 remaining secured by collateral guarantees obligations.
 liability for obligations was $. 2 billion at december 31 , 2017 included in consolidated balance sheet.


.
 morgan chase.
 2003 annual report credit allocation assigned credit allocation pre tax earnings capital credit portfolio.
 periods revised allocation.
 increased pre-tax results $ 36 million allocated capital $ 712 million decreased sva $ 65 million.
 $ 46 million lower 2002 lower loan volumes higher expenses credit costs.
 revenue 2004 improved equity markets november 2003 bank january 2004 citigroup electronic funds.
 higher costs acquisitions investments business expansion.
 2003 revenue diversification investor services 36% institutional trust services 23% treasury services 40% large corporations middle market 18% banks nonbank financial institutions 44% public sector 6% middle east africa 27% asia/pacific americas 64% revenue chase middle market $ 347 million.
 revenue.
investor services 1449 1513 -4
 institutional trust 928 864
 -312 -303
 treasury securities services $ 3992 3%
 $ 41 million gain business 2003 $ 1 million trust 40 million.
 $ 50 million gain.
 securities clearing firm 2002.


consolidated financial statements 2014 contingencies leases operations leased facilities equipment.
 renewal purchase options property taxes insurance maintenance.
 rent expense leases 2010 2009 2008 $ 32. 8 million $ 30. 2 million $ 30. 4 million.
 future minimum lease payments noncancelable leases may 31 2010.
 9856
 2012 3803
 2013 2538
 2014 1580
 2015
 lease payments $ 20133
 party claims lawsuits business.
 financial position liquidity results operations.
 operating taxes unrelated income sales property taxes.
 states foreign jurisdictions.
 additional taxes.
 may 31 2010 2009 liability operating tax items.
 liability based management estimate.
 acquisition merchant credit card operations sponsorship depository processing agreements banks.
agreements banks 2019 identification numbers visa mastercard credit card transactions visa mastercard.
 agreements contain financial covenants compliance may 31 2010.
 18 cibc sponsorship visa ten.
 visa sponsorship march 2011.


decreased 2002 to 2004 due earned premium cost containment measures.
 business insurance expense ratio expected decrease 2005 increases earned premium.
 specialty commercial expense ratio increase slightly 2005 business mix exit multi-peril crop insurance program expense reimbursements specialty commercial.
 policyholder dividend ratio earned premium.
 combined loss.
 losses expense $ 100 earned premiums.
 ratio below. underwriting profit above 100. losses.
 ratio decreased 2003 to 2004 expense ratio.
 2005 could higher or lower catastrophe losses impacted pricing loss cost trends.
 catastrophe ratio catastrophe losses to earned premiums.
 catastrophe $ 25 insured property losses property policyholders insurers.
 losses vary.
 expected catastrophe ratio-term 3. points.
reduction operation catastrophe reserves $ 298 2004 ratio 5. 3 points.
 management strategy property catastrophe risk management program exposure catastrophe losses.
 combined ratio current.
 profitability volatile catastrophe losses prior.
 combined ratio improved 2002 to 2004 due earned pricing increases favorable claim frequency.
 operations claims asbestos environmental exposures.
 earned premiums underwriting ratios.
 underwriting result meaningful.
 net underwriting loss 2002 2004 due prior accident year loss $ 2. 6 billion net asbestos reserve strengthening 2003.
 reserve estimates uncertain.
 operations segment.
 property casualty investment earnings.
 investment yield after-tax. 1%. 1 %. 2%. %. 5%. 5 %
capital gains losses after-tax $ 87  $ 165  $ -44
 investment return property casualty assets important earnings insurance products premiums invested before loss expenses.
 claims paid years premiums generate investment income.
 determines allocation measures yield market indices.
 preservation capital liquidity majority property casualty assets fixed maturities corporate bonds municipal bonds government debt short-term debt


part ii item 5 2013 market registrant common equity stockholder matters issuer purchases securities common stock listed new york stock exchange traded symbol 201cpnc. close february 16 2017 60763 shareholders.
 entitled dividends declared board directors funds.
 board pay dividends past periods preferred stock capital securities paid.
 quarterly cash dividends.
 future dividends economic market conditions financial condition operating results contractual restrictions government regulations policies regulatory capital limitations.
 dividend subject capital adequacy planning federal reserve bank regulators.
 federal reserve dividends approval.
 information dividend restrictions restrictions loans dividends advances supervision regulation section item 1 risk factors capital liquidity management 7 10 borrowed funds 15 equity 18 regulatory matters consolidated financial statements item 8.
information pnc common stock prices dividends statistical information item 8 report.
 compensation plans pnc equity securities authorized december 31 2016 item 12.
 stock transfer agent registrar computershare trust company.
 250 royall street canton 800-982-7652 shareholders contact dividends shareholder services.
 common stock performance item 5.
.
.
 repurchases pnc common stock fourth quarter 2016 table total shares purchased average paid maximum number shares.
 october 1 2013 31 2277 $ 91.
 november 1 2013 1243 $ 103.
 december 1 2013 31 1449 $.
 4969 $ 101.
 pnc common stock purchased employee benefit plans forfeitures unvested restricted stock awards employee payroll tax withholding.
11 employee benefit 12 stock compensation plans pnc common stock.
 march 11 2015 approved stock repurchase program 100 million shares pnc common stock effective april 1 2015.
 repurchases privately transactions market economic conditions regulatory capital considerations credit contractual regulatory limitations.
 2016 share repurchase programs $ 2. 0 billion $ 200 million.
 2017 $ 300 million increase repurchase.
 fourth quarter repurchased 4. 9 million shares stock average price $ 101. 47 per share aggregate repurchase price $. 5 billion.
 liquidity capital management 7 share repurchase programs july 1 2016 june 30 2017 capital plan.
 pnc financial services group.
 form 10-k


.
 reduced personal injury expense $ 80 million fewer claims lower settlement costs.
 2008 reduced asbestos costs $ 82 million studies reassessment liability asbestos claims.
 environmental toxic tort expenses $ 7 million lower.
 costs lower reduction personal injury expense.
 studies $ 80 million offset adverse development.
 settlement insurance claims hurricane rita higher equity income expenses lower.
-over-year comparison affected settlement insurance claims $ 23 million 2005 storm $ 9 million gain sale two company-owned airplanes.
 2006 % change.
 income $ 92 $ 116 $ 118 21 % 2
 interest expense -511 -482 -477
 income taxes -1318 14 % 26 %
 decreased 2008 lower gains real estate sales decreased returns cash investments.
rental licensing income lower interest expense sale receivables offset decreases.
 gains non-operating asset sales real estate reduction income 2007.
 rental income 2006 dispute decrease.
 cash investment returns increased $ 21 million cash balances higher interest rates.
 increased 2008 higher debt $ 8. 3 billion.
 lower interest rate. 1%
 increase $ 7. 3 billion. billion 2006 higher interest expense.
 lower interest rate.
 higher 2008 higher pre-tax income.
 tax rates 36. 4%
 lower tax rate reductions federal audits state tax law changes.
 tax rate 2007 increased illinois legislation deferred tax expense.
 income taxes $ 235 million higher higher pre-tax income tax legislation.
 increased deferred tax expense $ 27 million.
 effective tax rates 38.2007 2006.


entergy corporation subsidiaries financial statements refunds 20-month period september 13 2001 - may 2 2003.
 ruling refunds interruptible load proceeding ferc concluded refund ruling pending rehearing requests.
 ferc reversed decision ordered bandwidth remedy june 1 2005 january 1 2006.
 entergy calculate additional bandwidth payments june - december 2005 bandwidth formula tariff december 2006 accepted april 2007 order.
 paid utility customers.
 december 2011 entergy filed compliance filing payments receipts utility companies.
 payments receipts millions.
 entergy arkansas
 gulf states louisiana 75
 mississippi 33
 new orleans 5
 texas 43
 january 2012.
february 2012 entergy arkansas filed interim adjustment production cost allocation $ 156 million payment 22-month march 2013.
 apsc issued order payment customers.
 lpsc apsc requested rehearing ferc october 2011 order.
 december 2013 lpsc writ mandamus states court appeals.
.
 lpsc requested.
 final order.
 ferc end february.
 january 2014.
 denied lpsc petition.
 apsc lpsc intervened december 2011 compliance apsc lpsc filed protests.
 2013 production costs preliminary estimate payments receipts december 2013.
 estimate utility companies.


institutional banking earned $ 1. 9 billion 2011 $ 1. 8 billion 2010.
 credit losses mortgage lower net interest income.
 clients cross sales expense discipline.
 asset management group earned $ 141 million 2011 $ 137 million 2010.
 assets $ 210 billion 2011 $ 212 billion 2010.
 provision credit losses noninterest income higher noninterest expense lower income.
 strong sales production high value clients referrals.
 growth assets noninterest income.
 residential mortgage banking earned $ 87 million 2011 $ 269 million 2010.
 noninterest expense lower net interest income loan originations higher sales revenue.
 blackrock earned $ 361 million 2011 $ 351 million 2010.
 increase revenue.
.
 $ 200 million 2011 $ 57 million 2010.
increase lower provision credit losses offset lower net interest income.
 earnings $ 376 million 2011 $ 386 million 2010.
 noncash charge redemption gain sale shares offset lower integration costs.
.
 income $ 3. 1 billion $ 3. 4 billion 2010.
 $ 324 million mortgage foreclosure expenses $ 198 million noncash charge redemption $ 42 million integration costs.
 $ 328 million after-tax gain sale gis $ million integration costs $ 71 million residential mortgage foreclosure expenses.
 impacted noncash reduction $ 250 million redemption.
 driven low interest rates slow economic growth new regulations.
 income.
 income $ 8700 $ 9230
 margin. 92%. 14%.
 assets yields liabilities funding.
2013 net income balance sheet 8 purchase accounting accretion 7.
 decreases net income margin 2011 purchase accounting accretion loans lower cash recoveries.
 loan balances low interest rate funding costs.
 pnc financial services group.
 2013 form 10-k


jpmorgan chase.
 annual report consolidated results three-year period 31.
 business segment.
 accounting estimates pages 96 201398.
.
 31 millions 2007 2006 2005
 investment banking fees 6635 5520
 principal transactions
 lending deposit fees
 asset management administration commissions 14356 11855
 securities gains losses
 mortgage fees 2118
 credit card income
 noninterest revenue 44966
 interest income 26406
 revenue $ 71372
 net revenue $. billion up $ 9. billion 15% %.
 higher net interest income private equity gains asset management administration commissions higher mortgage fees investment banking fees growth.
 lower trading revenue.
 investment banking fees 2006.
advisory equity fees drove results offset lower debt fees.
 results pages 40 201342.
 transactions revenue trading private equity gains.
 trading revenue declined from 2006 due markdowns $ 1. 4 billion subprime positions $ 1. 3 billion leveraged lending commitments.
 markdowns nonsubprime mortgages weak credit trading offset revenue currencies rates equities.
 equities benefited client activity trading results.
 credit portfolio results increased risk management.
 increase private equity gains 2006 fair value adjustment nonpublic private equity investments.
 ib corporate segment results pages 40 201342 59 201360 122.
 lending deposit-related fees rose 2006 higher bank new york.
 43 tss 54 52.
 asset management administration commissions revenue higher 2006.
assets higher performance placement fees record results.
 18% growth assets 2006 from net asset inflows market appreciation institutional retail bank services.
 tss contributed rise asset management administration commissions revenue increased product usage market appreciation.
 commissions revenue increased higher brokerage transaction volume sale insurance business rfs 2006 first 2007 accelerated surrenders annuities.
 ib rfs tss am.
 favorable variance securities gains 2007 losses 2006 repositioning treasury invest ment securities portfolio.
 $ 234 million gain sale mastercard shares.
 corporate segment pages 59 201360.


entergy arkansas.
 subsidiaries financial utility transmission business retirement debt preferred securities.
 operations net income 2011 decreased $ 7. million higher income tax rate lower income higher operation maintenance expenses higher revenue lower interest.
 income increased $. million revenue.
 revenue operating revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 1216.
 retail electric price.
 decommissioning trust.
 transmission revenue.
 volume.
 wholesale revenue.
 capacity acquisition recovery.
.
 2011 net revenue $ 1252.
 retail electric price variance base rate increase july 2010.
 note 2 financial statements rate case settlement.
decommissioning trust variance deferral investment gains 1 2.
 interest income regulatory charges no effect net income.


remediated weakness internal control financial reporting may identify weaknesses future.
 november 2017 restated financial statements quarters april july 1 2017 classify cash receipts receivables investing activities.
 identified weakness internal control financial reporting misapplication accounting standards update 2016-15.
 maintain controls over adoption new accounting standards.
 management concluded maintain effective internal control over financial reporting april july 1 2017.
 remediated weakness disclosure controls procedures effective december 30 2017 no assurance controls remain adequate.
 effectiveness subject to limitations decision transactions assumptions cost limitations.
weaknesses deficiencies control discovered financial statements affect business financial condition restrict access capital markets resources subject fines penalties investigations judgments harm reputation investor confidence.
.
 unresolved staff comments.
.
.
 corporate co-headquarters pittsburgh pennsylvania chicago illinois.
 co-headquarters executive offices.
 business units administrative finance legal human resource functions.
 maintain additional owned leased offices regions.
 manufacture products manufacturing facilities.
 2017 operated 83 manufacturing processing facilities.
 own 80 lease three.
 manufacturing facilities.
 maintain manufacturing facilities in good condition.
 enter co-manufacturing arrangements with third parties production.
.
.
 involved in legal proceedings claims governmental inquiries inspections.
predict results legal matters expect ultimate costs financial condition results operations.
 item 4.
 mine safety disclosures.
 not applicable.


consolidated financial statements.
 prepared.
 accepted accounting principles.
.
 statements include accounts aon plc controlled subsidiaries.
 intercompany accounts transactions eliminated.
 include adjustments company consolidated financial position results operations cash flows.
 prior statements reclassified 2015 presentation.
 long-term investments included.
 non-current assets.
 were $ 135 million at 2015 $ 143 million 31 2014.
 prepaid pensions assets.
 separately disclosed.
 were $ 1033 million at 2015 $ 933 million 31 2014.
 share-based payment employees use shares tax withholding requirements payment taxing authority remits remaining shares.
 presented amounts due to taxing cash flows operating.
 included in shares employee benefit plans cash flows financing.
company believes presentation clarity operating financing activities share repurchase.
 aligns presentation industry practice.
 amounts employee benefit plans $ 227 million $ 170 million $ 120 million years december 31 2015 2014 2013.
 amounts reclassified accounts payable accrued liabilities $ 85 million $ 85 million 2014 $ 62 million $ 58 million 2013.
 changes cash 2014 2013 related items financing activities.
 aggregated new line item interests financing activities.
 december
 purchases shares noncontrolling interests
 dividends
 proceeds sale-leaseback
 consolidated financial statements.
 estimates assumptions assets liabilities assets reserves expenses.
 based management estimates judgments.
 evaluates estimates historical experience economic environment.
.
 adjusts.
illiquid credit markets volatile equity foreign currency increase uncertainty estimates.
 future events results differ estimates.
 changes economic environment reflected in financial statements.


product offerings include alpha-seeking active index strategies.
 returns market benchmark risk profile research models portfolio.
 index strategies track returns securities.
 include non-etf index products ishares etfs.
.
.
 institutional non-etf index assignments large-billion reflect low fee rates.
 net flows small impact blackrock revenues earnings.
 2017 equity aum totaled $ 3. 372 trillion net inflows $ 130. 1 billion.
 $ 174. 4 billion ishares etfs core funds emerging market equities offset non-etf index active net outflows $ 25. 7 billion $ 18. 5 billion.
 blackrock 2019s fee rates fluctuate aum mix.
 half tied international markets.
.
 fluctuations.
 revenues fee.
ended 2017 $ 1. 855 trillion net inflows $ 178. 8 billion.
 inflows $ 21. 5 billion diversified inflows municipal total return bond funds.
 inflows $ 67. 5 billion led core corporate treasury bond funds.
 non-etf index inflows $ 89. 8 billion driven liability-driven investment solutions.
 team manages balanced funds bespoke mandates diversified client base equities bonds currencies commodities risk management.
 solutions long-only portfolios alternative investments tactical asset allocation overlays.
 changes multi-asset aum 2017.
.
 asset allocation $ 176675 196545
 fiduciary
 futureadvisor
 395007
futureadvisor ishares.
-asset inflows demand advice $ 18. 9 billion institutional clients.
 defined contribution plans contributed $ 20. 8 billion inflows 2017 target risk.
 retail inflows $ 1. 1 billion multi income fund family raised $ 5. 8 billion.
 strategies 2022 asset allocation balanced products 41% multi-asset aum.
 equity fixed income alternative components.
 risk diversification derivatives allocation.
 flagship products global allocation multi-asset income fund families.
 target date risk products grew 16% 2017 inflows $ 23. 9 billion.
 institutional investors 93% aum defined contribution plans 87% aum.
 driven investments.
 asset allocation risk return.
 index products.
 fiduciary management services.
 partnership strategies.


accruals sales returns rebates discounts reasonable current facts circumstances.
 global rebate discount liabilities included consolidated balance sheet.
.
 5 percent change sales return $ 275 million effect income taxes.
.
 90 percent december 2018 2017.
 roll-forward significant.
 pharmaceutical sales return rebate discount liability balances managed care medicare medicaid.
 sales return rebate discount liabilities beginning $ 4172. 3601.
 reduction net sales returns discounts rebates.
 payments discounts rebates.
 rebate liabilities end year $ 4678. $ 4172.
 adjustments estimates returns discounts results 1 percent consolidated net sales.
 product litigation liabilities contingencies uncertain complex judgments probabilities.
factors product litigation liability reserves contingent liability amounts include merits jurisdiction litigation nature similar matters nature product assessment science likelihood settlement discussions.
 accrue product liability claims incurred not filed based historical experience data product usage.
 accrue legal defense costs product liability contingencies probable estimable.
 consider insurance coverage exposure.
 policy coverage limits exclusions potential denial coverage financial condition length time collection.
 self-insured for product liability losses marketed products.
 consider third-party indemnification.
 considerations nature financial condition length time collection.
 litigation accruals environmental liabilities estimated insurance recoverables reflected liabilities assets consolidated balance sheets.
 review carrying value long-lived assets for potential impairment carrying value recoverable.
identify impairment projected cash flows asset carrying value.
 loss recorded net book value fair value cost basis adjusted.
 goodwill assets reviewed impairment annually indicators.
 comparison fair value carrying impairment.


asset purchases retail segment $ 294 million 2007 total purchases $ 1. 0 billion.
 7900 employees operating lease commitments $ 1. 1 billion.
 costs retail stores.
 affect financial operating results.
 asia pacific filemaker net sales $ 406 million 30% ( 30 % ) 2007 2006.
 58% ( increase mac portable ipod sales asia pacific region.
 net sales other segments increased 35% ( 35 % 2005 ipod mac.
 updated ipods intel-based mac portable products 16% ( 16 % ) increase mac unit sales 2006 2005.
 gross margin last three fiscal years.
 net sales $ 24006 $ 19315 13931
 cost sales
 gross margin $ 8154
 percentage 34. 0%. 29.
. 2007 increased from. 2006.
drivers increase were favorable costs commodity components higher revenue leverage production costs higher direct sales channels.
 anticipates gross margin personal computer consumer electronics mobile communication industries price competition.
 expects gross margin decline first quarter 2008 product transitions reduced pricing lower sales ilife iwork higher component costs indirect sales.
 offset by higher sales mac os x operating system version 10. leopard.
-looking.
 no assurance current margin targeted levels.
 gross margins under downward pressure global pricing pressures increased competition compressed product life cycles cost raw material manufacturing services shift sales towards lower gross margins.
 expects pricing actions.
 gross margins affected product quality warranty costs


american tower corporation subsidiaries financial statements 2014 purchase 3924 911 shares.
 october 2005.
 require purchase interest atc south america options.
 holders received 4428 shares atc south america 1596 shares tax.
 repurchase minority interest.
.
 recorded purchase price allocation adjustment $ 5. 6 million increase intangible assets minority interest.
 holders require purchase shares fair market value months.
 april 2006 repurchase right exercised paid $ 18. 9 million cash fair market value determined board directors independent financial advisor.
.
 impairments net loss sale restructuring merger loss sale 2006 2005 2004 recorded impairments net loss sale $ 3. million $ 19. 1 million $ 22. 3 million.
2022 non-core asset impairment charges 2006 2005 company recorded net losses sales-core towers assets impairment charges write assets impairment.
 recorded net losses impairments $ 2. 0 million $ 16. 8 million $ 17. 7 million.
 net loss 2006 asset sales $ 7. 0 million offset gains asset sales $ 5. 1 million.
 2022 construction-in-progress impairment charges wrote-off $ 1. 0 million $ 2. 3 million $ 4. 6 million construction-in-progress costs sites.
 restructuring expense table accrued restructuring liability december 2004 2005 2006 liability january 1 expense payments december 31.
 2005 2006
separations 2239 823 -2397 2397 665 84 -448 301 -267 267
 lease terminations facility closing costs 1450 -131 -888 -325 325 -108
 $ 3689 692 -3285 1096 -773 773 419 -277 277 -142
 accrued restructuring liability accounts payable accrued expenses balance sheets december 2005.
 2006


revenue utility analysis change 2013 to 2012.
 millions.
 2012 net revenue $ 4969
 retail electric price 236
 louisiana act 55 financing savings obligation 165
 grand gulf recovery 75
 volume/weather 40
 fuel recovery 35
 deferral 12
 decommissioning trusts
 2013 net revenue $ 5524
 retail electric price variance due formula rate plan increase entergy louisiana january 2013 waterford 3 steam generator replacement project december 2012.
 net income return equity remainder offset operation maintenance taxes recovery hinds plant costs power management rider entergy mississippi billing cycle 2013.
 offset increase capacity acquisition rider entergy arkansas 2012 hot spring plant acquisition.
 offset 2022 increases energy efficiency rider july 2013.
efficiency revenues offset operation effect net income rate increase entergy texas july 2012 order 2011 rate increase entergy mississippi 2013.
 note 2 financial statements.
 louisiana act 55 financing savings regulatory charge second quarter 2012 entergy savings settlement tax hurricane katrina 55.
 note 3 financial statements tax settlement.
 entergy


tables reconciliation balances measurements inputs 2015 2014.
 january 2015 settlements december 31 2015 settlements.
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 allocation.
 allocations.
.
june 2012 company implemented de-risking strategy medical bargaining trust volatility.
 revised asset allocations matching characteristics.
 initial allocation 60% return-generating 40% liability-driven.
 investment strategies balance.
 minimizing volatility asset matching diversification hedging.
 fixed income target asset allocation matches bond-like long-dated postretirement liabilities.
 assets diversified asset volatility.
 assesses investment strategy allocations target allocations.
 asset classes returns diversification liquidity.
 other trusts invested equities fixed income funds.
 invested differently liabilities.
 obligations dominated medical bargaining trust.
 thirty-nine percent four percent obligations medical-bargaining life insurance trusts.
expected benefit payments future medical-bargaining life insurance trusts 2019 obligations large assets strategy equities long-term return funding ratio.
 engages third party investment managers assets.
 not invest outside asset class.
 equity alternatives strategy.
 investment management agreements performance attribution analysis strategy.
 futures options adjust portfolio investment policy.


wood products sales states 2005 $ 1. 6 billion up 3% $. 2004 18%. 2003.
 lumber up 6% 21% 2005.
 lumber sales volumes up 5% 10% 2003.
 plywood down 4% 4 15% higher 2003.
 plywood sales volumes higher 2004.
 operating profits 18% 18 % lower 2004 three times higher 2003.
 lower plywood prices higher raw material costs.
 log costs up 9% 9 % 2004 profits.
 higher glue natural gas costs strong housing market low inventory lumber plywood demand.
 softening housing higher interest rates pricing.
 specialty arizona chemical euro pean distribution mississippi cellulose pulp.
.
 2005 net sales declined 18% 18 26% 26 % 2004 2003.
 operating profits down 2004 2003.
decline sales reflects businesses sold closed.
 profits affected higher energy raw material costs chemical.
.
 sales $ 915 $ 1120 $ 1235
 operating profit $ $
 chemicals sales $ 692 million 2005 $ 672 million 2004 $ 625 million 2003.
 demand strong chemical profits 2005 84% lower 2004 2003 higher energy costs. availability crude oil.
 energy costs increased 41% prices supply interruption.
 cto prices increased 26%.
 european cto receipts decreased 30% lower yields storm.
 businesses sold european distribution oil gas mineral royalty decorative products retail packaging cellulose pulp mill.
 sales $ 223 million 2005 $ 448 million 2004 $ 610 million 2003.
liquidity capital resources major factor planning cash flow sensitive to pricing demand products.
 costs cost controls improved cash flow generation.
 positioned for improvements.
 focused capital spending platform businesses north america growth opportunities.
 spending levels below depreciation amortization charges last three years anticipate 2006.
 low interest rate financing focused repay higher coupon debt net reduction debt $ 1. 7 billion 2005.
 plan continue program reductions transformation plan 2006.
 liquidity position strong $ 3. 2 billion committed liquidity short cash flow requirements.


entergy corporation utility companies system energy clean energy standards emissions credit program long-term agreements energy research development authority new york nypsc approval refueled fitzpatrick plant january february 2017.
 october 2015 pilgrim plant.
 analysis economics operating life decision reactor.
 plant operations may 31  2019 refueling spring 2017.
 december 2015 sale 583 mw rhode island state energy center.
 price $ 490 million.
 purchased risec $ 346 million 2011.
 2016 agreement consumers energy terminate palisades plant may 31  2018.
 $ 172 million early termination.
 regulatory approvals.
 palisades nuclear power plant october 1 2018 refueling spring 2017 fuel cycle.
entergy expects enter new consumers energy plant october 1 2018.
 january 2017 settlement new york state shut down indian point 2 april 30 2020 indian point 3 april 30 2021 resolve legal challenges indian point license renewal.
 agreed issue water quality coastal zone management act consistency certification withdraw objection license renewal.
 water discharge permit license.
 shutdowns conditioned.
 license renewal process 2018.
 entergy plans disposition wholesale commodities nuclear power plants sales vermont yankee fitzpatrick shutdowns pilgrim palisades indian point 2 3.
 wholesale commodities merchant power business.
 ownership nuclear power plants service year location capacity reactor license expiration.
 pilgrim
 fitzpatrick.oswego 838 mw 2034
 indian point 3 1976. buchanan 1041 mw 2015
 indian point. 1028 mw 2013
 vermont yankee 2002 vernon mw boiling water 2032
 palisades 1971. 2007 811 mw pressurized water 2031


jpmorgan chase. annual report 249 note 13 2013 securities financing activities resale repurchase borrowed finance inventory positions short positions financing needs settle obligations.
 agreements collateralized financings balance sheets.
 resale repurchase carried plus accrued interest.
 borrowed loaned cash collateral.
 resale repurchase agreements counterparty reported net basis.
 fees recorded interest income expense.
 elected fair value option agreements.
 note 4 pages 214 2013 216.
 agreements reported purchased loaned borrowed balance sheets.
 interest accruals recorded interest income expense changes fair value principal transactions revenue.
 financial instruments derivatives changes fair value reported principal transactions revenue.
 table details securities financing agreements collateralized financings.
december 31 millions 2012 securities purchased resale $ 295413 $ 235000 borrowed 119017 142462 repurchase $ 215560 $ 197789 loaned 23582 14214 resale agreements $ 24. 3 billion $ 22. 2 billion.
 borrowed $ 10. 2 billion $ 15. 3 billion.
 repurchase agreements $ 3. 9 billion $ 6. 8 billion.
 securities loaned $ 457 million.
 no securities loaned 2011.
 amounts reduced $ 96. 9 billion $ 115. 7 billion agreements presentation.
 jpmorgan chase possession securities purchased resale borrowed.
 monitors underlying securities.
 requests additional collateral returns.
 margin levels established counterparty collateral monitored declines default.
jpmorgan chase netting agreements collateral arrangements resale borrowed counterparties right liquidate securities customer default.
 reserves for credit impairment december 31 2012 note 30 pages 315 2013316 annual report.
 31 millions 2012 2011
 securities purchased resale agreements $ 295413 $ 235000
 borrowed 119017 142462
 repurchase agreements $ 215560 $ 197789
 loaned 23582 14214
 jpmorgan chase. annual report 249 note 13 resale repurchase finance inventory positions short positions financing needs settle securities obligations.
 collateralized financings balance sheets.
 resale repurchase agreements carried accrued interest.
 borrowed loaned cash collateral.
 resale repurchase agreements reported net.
fees received paid securities financing agreements recorded income expense.
 firm elected fair value option.
 note 4 pages 214 2013.
 agreements reported purchased loaned borrowed balance sheets.
 interest accruals recorded income expense changes fair value reported transactions revenue.
 instruments derivatives changes value reported principal transactions revenue.
 table securities financing agreements accounted collateralized financings.
 2012 2011 securities purchased $ 295413 $ 235000 borrowed 119017 142462 sold 215560 $ 197789 loaned resale agreements $ 24. 3 billion $ 22. 2 billion.
 borrowed $ 10. 2 billion $ 15. 3 billion.
 repurchase agreements $ 3. 9 billion $ 6. 8 billion.
 loaned $ 457 million.
no securities loaned fair value at december 31 , 2011.
 amounts reduced by $ 96. 9 billion $ 115. 7 billion at december 2012 2011 agreements net presentation.
 jpmorgan chase 2019s policy possession securities purchased borrowed.
 monitors value.
 requests additional collateral or returns.
 margin levels established based counterparty collateral monitored declines default.
 enters master netting agreements collateral arrangements with resale borrowed counterparties right liquidate customer default.
 reserves for credit impairment as december 31 2012 note 30 pages 315 2013316 annual report.


entergy arkansas.
 subsidiaries restrict retained earnings for cash dividends distributions common preferred stock.
 include internally generated funds cash debt preferred stock issuances bank financing.
 refinance redeem retire debt preferred stock maturity market dividend rates.
 debt preferred stock issuances require regulatory approval.
 subject to tests corporate charters bond agreements.
 capacity capital needs.
 receivables money pool december 31.
 2016 2015 2014 2013
 note 4 financial statements.
 entergy credit facility $ 150 million august 2021.
 $ 20 million credit facility april 2017.
 letters credit against 50% borrowing capacity.
 december 31 2016 no cash borrowings letters of credit outstanding.
entergy arkansas party uncommitted letter credit facility obligations miso.
 2016 $ 1 million letter credit outstanding.
 4.
 entergy arkansas nuclear fuel company credit facility $ 80 million may 2019.
 2016 no letters credit outstanding commercial paper.
.
 arkansas obtained authorizations ferc 2017 for short-term borrowings not $ 250 million long-term borrowings.
.
 long-term securities issuances limited authorized apsc tennessee regulatory authority authorizations extend through december 2018.


restricted awards forfeiture grantee leaves employment expiration.
 new grants vest after 25% four exception three.
 table changes non stock awards may 31 2013 2012 grant-date.
 non-vested 31 2011 869
 granted 472
 vested -321
 forfeited
 2012 941
 granted
 forfeited
 31 2013 1096
 total fair value awards 2012 2011 $ 13. 6 million $ 12. 9 million $ 10. 8 million.
 recognized compensation expense $ 16. 2 million 13. 6 million 12. 5 million.
 $ 33. 5 million unrecognized compensation cost unvested stock awards 2. 5 years.
 sale 2. 4 million shares common stock.
employees designate $ 25000 20% annual compensation purchase stock.
 shares 85% market value last quarterly purchase.
 2013 1. million shares issued 1. 4 million future issuance.
 compensation expense $ 0. 5 million 2013 2012 2011.
 average grant-date value share $ 6 $ 7 $ 6  15% discount.
 granted 100% market value 10-year terms.
 25% increments four year.
 accelerated vesting.
 no options granted 2013 2012.


consolidated financial statements fair values firm financial assets liabilities based prices inputs classified levels 1 2 fair value hierarchy.
 2 3 assets liabilities require valuation adjustments credit quality funding risk transfer restrictions liquidity bid/offer spreads.
 adjustments based market evidence.
 notes 6 7 fair value cash instruments derivatives instruments owned sold 8 assets liabilities.
.
 summarized.
 millions december 2012 2011
 1 assets $ 190737 $ 136780
 2 502293 587416
 3 47095
 cash collateral counterparty
 assets fair value $ 638513 $ 651312
 $ 938555 $ 923225
 3 assets 5. 0%. 2%.
 3 7. 4%. 4 %.
 1 financial liabilities $ 65994 $ 75557
2 318764 319160
 3 25679 25498
 cash collateral counterparty -32760 -31546
 fair value $ 377677 $ 388669
. 8%. 6%.
.
 impact cash collateral counterparty netting fair value hierarchy.
.
 3 assets 2012 decreased derivative assets private equity investments.
 settlements unrealized losses sales offset transfers.
 3 assets declined unrealized losses net transfers.
 increase private equity investments offset settlements transfers.
 notes 6 7 8 level 3 cash instruments derivatives assets liabilities fair value unrealized gains losses transfers.
 sachs 2012 annual report


citigroup elected fair value option fixed adjustable-rate loans.
 hedged derivative instruments.
 accounting mismatches hedge.
 december 31 2009 2008
 amount consolidated balance sheet $ 3338 $ 4273
 unpaid principalbalance
 non-accrual loans 90 days past due
 unpaid principal balance
 changes fair values statement.
 changes fair value december 31 2009 2008 credit risk $ 10 million loss $ 32 million loss.
 interest income measured contractual interest rates.
 accounts fair value.
 determined option-adjusted spread valuation approach.
 cash flows-rate scenarios discounting risk-adjusted rates.
 prepayment speeds discount rates.
 affected mortgage interest rates.
 hedges values interest-rate derivative contracts forward-purchase commitments mortgage-backed securities securities.
note 23 consolidated financial statements accounting reporting msrs.
 totaled $ 6. 5 billion $ 5. 7 billion december 31 2009 2008 classified mortgage servicing rights citigroup balance sheet.
 changes fair value recorded commissions fees income.
 elected fair value option interest rates inflation currency risks.
 trading-related positions.
 classified debt deposits derivatives.
 long-term debt value unpaid principal balance exceeded fair value $ 125 million $ 671 million december 31 2009 2008.
 change fair value reported principal transactions.
 interest expense measured contractual interest rates.
 fair value option fixed floating interest rates.
 interest-rate risk hedged derivative contracts assets.
 accounting mismatches operational simplifications.
positions short long-term debt balance.
 fair value option unpaid principal balance exceeded fair value $ 220 million december 31 2008.
 exceeded fair value $ 1542 million $ 856 million december 2009 2008.
 change fair value transactions.
 interest expense measured contractual interest rates.
 accounting.
 fair value option not elected loans held-investment hedged.
 table mortgage loans fair value