table increases aap stores past five years.
 2012 2011 2010 2009 2008
 beginning stores 3460  3369  3264  3243  3153
 new stores 1 116  95  110  75  109
 closed 2014  -4 4 -5 5 -54 54 )
 ending stores 3576  3460 3369 3264 3243
 relocations renovations.
.
 systems point of sale electronic parts catalog store-level inventory management system.
 pricing marketing merchandising strategies replenish inventory.
 parts selection ordering year make model engine.
 real-time inventory tracking adjust stock levels process returns defective merchandise cycle counts merchandise transfers.
 part ordered.
parts accessories ordered electronically from store vendor confirmation of price availability estimated delivery time.
 centrally-based epc data management system time exchange data catalog deliver parts information.
 store operations with proprietary systems labor scheduling.
 provide real-time information improved customer service productivity in-stock availability.
 new epc in fiscal 2013 customer experience.
 efficient add-on sales repair.
 store support center merchandising.
 by teams roanoke.
 roanoke for parts minnesota for accessories oil chemicals.
 global sourcing.
 fiscal 2012 purchased from 450 vendors no single vendor for more than 9% purchases.
 purchasing strategy agreements with vendors payment.
 team developed strong vendor relationships category management process product offerings customer demand.
process business plan global sourcing sales gross margin inventory productivity.


changes regulatory capital basel iii standards.
 2014 securities pension post-retirement plans regulatory capital affect capital ratios.
 supervision regulation section item 1 2013 business capital balance sheet review 7.
 duration investment securities 2. 9 years december 31 2013.
 duration 3. years 50 increase 2. 8 years decrease.
 comparable amounts 2012 2. 3. years.
 quarterly security-level impairment assessment securities.
 unrealized loss.
 securities recognize credit earnings noncredit unrealized gains losses.
 2013 2012 recognized credit losses $ 16 million $ 111 million.
 residential mortgage-backed asset-backed securities collateralized non residential loans.
 housing economic conditions deteriorate market volatility illiquidity interest rates credit spreads widen valuation investment securities portfolio credit losses income.
investment securities note 8 9 consolidated financial statements.
 loans sale table 15 millions.
 commercial mortgages fair value 586 772
 1392
 mortgages cost
 2255 3693
 mortgages stopped originating.
 december 31 2013 balance $ 586 million 772 million 2012.
 mortgages lower cost sold $ 2. 8 billion 2013. 2012.
 government agencies.
 gains $ 79 million recognized 41 million.
 residential mortgage loan origination volume $ 15. 1 billion 2013.
 loans originated federal housing administration standards.
 sold $ 14. 7 billion recognized gains $ million 2013.
 comparable 2012 $ 13. billion $ 747 million.
 interest income loans $ 157 million 2013 $ 168 million 2012.
 consolidated income statement.
loan sale servicing activities 3 variable interest entities 9 financial statements 8.
 assets $ 11. 3 billion 2013 $ 10. 9 billion 2012.
 increase $. 4 billion mortgage loan servicing rights.
 note 10.
 pnc financial services group.
 2013 form 10-k


tower corporation subsidiaries financial statements 2014 estimate impact changes tax positions.
 reconciliation unrecognized tax benefits 2007.
 balance january 1 2007 $ 183953
 additions tax positions 2598
 additions prior 5412
 reductions -120016
 cash advance settlement
 settlements -5372
 reductions statute limitations -669
 balance december 31 2007 $ 59224
 recorded penalties tax interest income $ 2. 5 million tax refunds $ 1. 5 million.
 unrecognized tax benefits $ 29. 6 million $ 34. 3 million.
 accrued interest penalties $ 30. million $ 33. 2 million.
 quarter tax amnesty program mexican tax authority.
 requirements tax benefits.
 confirmed february 5 2008.
 reduction tax benefits $ 5.penalties interest $ 12. million 2002 reduced income tax expense.
 paid $ 6. million mexican tax authority settlement uncertain tax positions 2003 2004.
 review timing settlement.
 2007 statute limitations tax benefits lapsed $ 0. 7 million decrease liability tax reduced income tax provision.
 files consolidated tax returns.
 federal state foreign returns mexico brazil.
 tax years open three years loss carryforwards.
 completed.
 federal income tax examinations 2002.
 undergoing.
 2004 2005.
 subject examinations.
 jurisdictions under examination brazil 2001 2006 mexico 2002.
.
 valuation allowance deferred tax assets. provided valuation allowance $ 88. million


valuation 2013 cash equivalents short-term instruments valued at cost fair value.
.
 equity level 1 traded active exchanges valued closing prices last trading day.
.
 not trustee obtains quotes pricing vendor broker investment manager.
 categorized level 2 quotes 3.
 equity funds public investment valued net asset value.
 total value divided by shares outstanding.
 level 1 traded exchange 2 corroborated market data.
 fixed income securities level 2 valued market data.
 bids quoted prices.
 private equity funds real estate funds hedge funds fixed income securities level 3 valued models unobservable inputs.
 general partners hedge funds valued independent administrators.
use income market approaches.
 market transactions income uses future cash flows adjusted for liquidity risk.
 commodities level 1 traded active commodity exchange valued closing prices last trading day.
 level 2 represent shares commodity fund corroborated by market data.
 funding requirements defined benefit pension plans revenue code rules.
 2012 contributions $ 3. 6 billion.
 plan $ 1. 5 billion 2013.
 $ 235 million retiree medical life insurance.
 no required contributions 2013.
 estimated future benefit payments service december 31 2012.
 defined benefit pension plans 1900 1970 2050 2130 2220 12880
 retiree medical life insurance plans
 401 ( k ) employees.
 match 2019 eligible contributions rates plan.
contributions 380 million 2012 378 2011 common stock.
 plans 48. 6 million 52. 1 million shares stock.


management jpmorgan chase. annual report wholesale credit portfolio exposure increased $ 70. billion 2011 $ 52. 1 billion lending commitments $ 30. billion loans client activity.
 increase loans growth cb.
 offset $ 17. billion decrease derivative receivables decline.
 dollar tightening credit spreads reductions interest rate credit derivative foreign exchange balances.
 credit portfolio exposure nonperforming.
 loans retained $ 306222 278395
 loans held-for-sale 4406
 fair value
 313183
 derivative receivables 74983
 wholesale credit-related assets 411814 392954
 lending commitments 434814
 wholesale credit exposure $ 846628 775693
portfolio management derivatives -27447 27447
 liquid securities cash collateral -13658 -21807 (
 receivables 23648 17461 2014 credit assets 411814 392954 1784 2878 lending commitments 434814 382739 355 865 credit exposure $ 846628 775693 derivatives 27447 26240 liquid securities cash collateral 13658 21807 margin loans brokerage customers accrued interest receivable balance.
 net protection purchased credit derivatives qualify hedge accounting.
.
 excludes credit portfolio.
 derivatives pages 158 2013159 note 6 218 2013227.
 excludes assets acquired loan.
 amounts defaulted derivatives first quarter 2012 defaulted nonperforming.


consolidated financial statements loss net tax.
 millions december 31 2007 2006 2005
 derivative gains $ 24 15
 unrealized investment gains 76 73
 foreign exchange translation 284 118 -119
 plans -1110 -1077
 loss $ -726 -1155


27 100 liquidity long-term debt rental payments leases purchase obligations commitments december 31 2010 table.
 payments 1-3 3-5
 long-term debt capital leases $ 2750. 34. 188. 367. 2160.
 interest payments long-term debt 1267. 160. 316. 304. 486.
 operating leases 93. 31. 37.
 purchase obligations 6586. 2709. 3779. 98. 2212
 contractual obligations $ 10697. 2935. 4321. 785. 2655.
 10697. 4321. amounts local currencies translated year-end 2010 exchange rates.
 variable rate facilities based interest rates hedging instruments.
 purchase obligations aluminum steel materials.
 natural gas electricity aerospace technologies contracts.
variable prices management estimates.
 early termination penalties payments vary.
 $ 60. 1 million uncertain tax positions.
 contributions benefit pension plans $ 30 million 2011.
 change pension protection act asset performance.
 benefit payments $ 71. 4 million $ 74. $ 77. 1 million $ 80. 3 million $ 84. 9 million 2011 2015 $ 483. 1 million 2016 2020.
 payments unfunded german plans $ 21. 8 million. $ 23. 2 million. 2011 2015 total $ 102. 7 million. 2016 2020.
.
 return asset assumption 8. discount rate. 55 percent.
 pension expense 2011 flat.
 reduction return pension $ 2. 9 million increase global pension expense reduction discount rate $ 3. 5 million additional pension expense.
 information note 14.
dividends 20 cents share.
 $ 35. 8 million 37. 4 million.
 dividends 7 cents share.
 $ 506. 7 million 2010 5. 1 million 2009 299. 6 million 2008.
 acquired 2775408 shares $ 88. 8 million.
 accelerated repurchase $ 125. million shares.
 $ 125. million february received 4323598 shares 90 percent.
 settled may 20 2010 398206 shares.
 repurchases 2008 $ 31 million settlement january 7 2007 repurchase 1350000 shares.
 repurchased $ 143. 3 million.


cash equivalents include investments maturity three months less.
 accounts receivable carried invoiced amounts bear interest.
 company estimates balance write-off collection trend rates.
 receivables circumstances conditions uncollectible.
 balances written off against allowance.
 includes expected return products credits $ 15 million $ 14 million $ 15 million december 31 2017 2016 2015.
 returns credit activity recorded sales.
 table summarizes activity allowance doubtful accounts.
 millions 2016 2015
 beginning balance $ 67. 6 $ 75. 77
 debt expense.
 write-offs.
.
 ending balance $ 71. 5 $ 67. 6 $ 75.
 amounts currency translations allowance returns credits.
 inventory valued lower cost net realizable value.
.
 inventory costs determined last-in first-out.
 39% 40% 40 % consolidated inventories december 2017 2016.
 costs determined average first-in methods.
 replacement.
.
 equipment dispensing systems cleaning sanitizing dishwashing machines process control equipment.
 systems capitalized mass asset capitalized depreciated written off depreciated.
 capitalizes computer software.
 data conversion training maintenance.
 renewals improvements extend lives capitalized.
 repairs maintenance.
 retirement depreciation removed gain loss recognized income.
 depreciation charged operations straight-line lives 5 to 40 years buildings improvements 3 to 20 years machinery equipment 3 15 years merchandising equipment 3 7 years capitalized software.
 depreciation allocation cost earnings economic benefits.
586 561 560 2017 2016 2015.


.
 december 31 2012 2011 included $ 100 million 2012 $ 100 million 2011.
.
 march 2011 five-year $ 3. 5 billion unsecured credit facility.
 march 2012 maturity march 2017 april 2012 aggregate commitment increased to $ 3. 785 billion.
 2012 additional $ 1. billion borrowing capacity not exceed $ 4. 785 billion.
 interest borrowings accrues london interbank rate spread.
 not exceed maximum leverage ratio 3 to 1 less 1 to 1 december 31  2012.
 credit facility provides back-up liquidity working capital investment opportunities.
 december 31 $ 100 million outstanding interest rate 1. 085%. maturity january 2013.
 rolled over $ 100 million borrowings.
.
.
october 14 2009 blackrock established commercial paper program issue unsecured paper notes maximum $ 3. billion.
 may 13 2011 blackrock increased amount $ 3. 5 billion.
 may 17 2012 increased $ 3. 785 billion.
 supported 2012 credit facility.
 december 31 2012 2011 blackrock no cp notes outstanding.
 long-term borrowings carrying value fair value prices dollar amounts maturity amount unamortized discount carrying value fair value.
 floating rate notes 2013 750
 3. 50% 3. 50 % 2014
. 375%. 375 % ) 2015
 6. 25%. 2017
. 2019
. 25%. 25 % 2021
. 375%. 375 % 2022
-term borrowings 5700 5687 6275


entergy arkansas.
 subsidiaries income 2016 increased $ 92. million higher net revenue lower operation maintenance expenses higher income tax rate depreciation amortization expenses.
 decreased $ 47. million operation expenses revenue.
 fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 net revenue $ 1362.
 retail electric price.
.
 2016 net revenue $ 1520.
 retail electric price increase base rates.
 effective february 24 2016 first cycle april 2016.
 interim base rate adjustment surcharge incremental revenue requirement february 31.
 increase purchase power block 2 union power station.
 statements.
.


equity compensation plan information table presents equity securities available as of december 31  2018.
 category number securities issued options warrants rights weighted-average exercise price securities remaining future issuance excluding securities approved 399165. 3995600 plans not approved.
 number securities issued warrants rights weighted-average exercise price rights securities remaining future issuance excluding
 compensation plans approved by holders 399165. 3995600
 plans not approved by
 399165.
 includes grants under huntington ingalls industries.
 2012 long-term incentive stock plan approved stockholders 2 huntington ingalls industries.
 plan approved stockholder.
 27123 stock rights granted under 2011 plan.
includes 31697 stock rights 5051 restricted 335293 restricted performance rights 2012 plan target performance achievement.
 no awards plans not approved security holders.
 13.
 relationships transactions director independence statement 2019 annual meeting 120 days fiscal year.
 14.
 principal accountant fees services 2019 120 days fiscal.


nbcuniversal media statement income.
 december 31 millions 2015
 income $ 3624 $ 3297 2122
 deferred gains cash flow hedges
 employee benefit obligations
 currency translation adjustments -121
 income 3542 3154 2171
 loss noncontrolling interests -210 -154
 loss noncontrolling
 income nbcuniversal $ 3361 $ 2972 2017
 statements.
 2015 annual report


entergy corporation subsidiaries pollution environmental bonds.
 secured collateral first mortgage bonds.
 december 2005 sold 10 million equity units $ 50 each.
 note due 2011 5. 75%. purchase contract $ 50. 5705. 7074 shares common stock 2009.
 paid adjustment payments 1. 875%. $ 50.
 notes 2009 unsuccessful retired issued 6598000 shares common stock.
 nuclear waste policy act 1982 subsidiaries contracts nuclear fuel disposal.
 one-time fee generation april 7 1983.
 arkansas generated electric power nuclear fuel one fee accrued interest fair value excludes lease obligations doe obligations payable debt due one year.
 determined bid prices.
 entergy gulf liable long-term debt.
outstanding december 31 2008 2007.
 debt agreement entergy gulf states texas assumed 46% long-term debt.
 annual maturities december 31 2008 five years.
 2009 516019
 2010 763036
 2011 897367
 2012 3625459
 2013
 2000 entergy business purchased fitzpatrick indian point 3 power plants seller-financed.
 issued notes nypa seven annual installments $ 108 million eight installments $ 20 million.
 implicit interest rate 4. 8%.
 indian point 2 2001 liable nypa $ 10 million year 10 years 2003.
 liability recorded note payable nypa balance.
 july 2003 payment $ 102 million maturity note payable.
 collateral.
 consolidated debt ratio 65% total capitalization.
debt ratio utility companies acceleration notes maturity dates.
 entergy gulf states louisiana mississippi texas system energy received long-term financing orders.
 arkansas


26 2019 expect pay $ 2. million unrecognized tax benefit liabilities accrued interest 12 months.
 estimate future cash flows beyond 12 tax audit outcomes.
 remaining unrecognized tax liability other liabilities.
 accrued interest penalties.
 2019 recognized $. million net interest penalties $ 26. million accrued interest penalties.
 2018 recognized $ 3. million penalties $ 27. million accrued interest penalties.
.
 leases warehouse space equipment.
 rent expense $ 184. million 2019 189. million 2018 188. million 2017.
 require property taxes insurance maintenance costs.
 sublease income insignificant.
 noncancelable future lease commitments.
.
.
.
.
.
.
 noncancelable future lease commitments..
 obligations.
 depreciation leases expense.
 issued guarantees $ 681. 6 million consolidated subsidiaries $ 133. 9 million non-consolidated affiliates.
 off-balance sheet arrangements future payments non-cancelable leases $ 482. 6 million.
.
 packaged foods industry.
 north america retail convenience stores foodservice australia asia latin america pet.
 grocery stores mass merchandisers natural food chains e-commerce.
 product categories ready-to-eat cereals yogurt soup meal kits dough dessert baking mixes pizza grain fruit savory snacks organic products nutrition bars salty.


kimco realty corporation subsidiaries consolidated financial statements 2014 construction development projects infrastructure public agencies require performance surety bonds guarantee company obligations.
 bonds expire completion improvements infrastructure.
 december 31 2010 approximately $ 45. 3 million performance surety bonds outstanding.
 company accrued $ 3. 8 million legal claim development project.
 negotiating plaintiff settle settlement approximate accrued.
 company subject legal proceedings claims.
 outcome effect financial position results operations liquidity.
.
 maintains two equity participation plans 1998 2010.
 prior plan 47000000 shares common stock options restricted stock grants.
 2010 plan 5000000 shares options restricted stock performance awards subject conditions.
 options vest over three to five years expire ten years exercisable market price.
stock grants vest 100% fourth fifth anniversary over three four years 50% after two years third year.
 performance share awards right receive shares restricted stock based company performance criteria board directors.
 plans options restricted stock non-employee directors receive deferred stock awards fees.
 accounts stock options share based payments employees including stock options recognized in statement operations fair values.
 option estimated date grant black-scholes option pricing formula.
 expected volatility grant date.
 determined based historical equity common stock period implied volatility measure.
 assumptions options granted 2010 2009 2008 ended.
 average fair value options granted $ 3. 82 $ 3. 16 $ 5. 73
 risk-free interest rates 2. 40%. 54%. 13%.
 expected option lives years 6..
. 98% 98 %. 81%. 81 %. 16 %
. 21%. 21 %. 48%. 48 %. 33% 33 %


long-lived assets undiscounted cash flows.
 flows value written down estimated values 5.
 retirement obligations 2003 financial accounting standards.
.
 fair value liability.
 liability costs increasing carrying amount asset.
 liability present value capitalized cost depreciated over life.
 settlement settles obligation recorded incurs gain loss.
 obligations.
 include ash landfills water treatment basins removal dismantlement plant equipment.
 december 31 2003 2002 liabilities $ 29 million $ 15 million.
 no assets legally restricted settling.
.
 recorded additional liability $ 13 million net asset $ 9 million cumulative effect change accounting principle $ 2 million taxes.
 amounts retirement obligations december 31 2003.
 balance december 31 2002 $

 liability accounting change 13
 accretion expense 2
 change cash flows -1
 balance at december 31 2003 $ 29
 proforma net income earnings per share presented 2002 2001 sfas.
 143.
 sfas 143 applied asset retirement obligation at january 2001 december 2002 $ 21 million $ 23 million $ 28 million.
 long-term liabilities non-legal obligations removal assets ipalco $ 361 million $ 339 million at december 31 2003 2002.
 deferred financing costs.
 net accumulated amortization of $ 202 million $ 173 million december 31 2003 2002.
 project development costs capitalizes costs projects milestones.
 services permits options interest.
 transferred to construction expensed.


.
 income taxes capital loss carryforwards $ 69 million $ 90 million acquired transaction expire 2013.
 december 31 2012 2011 company $ 95 million $ 95 million valuation allowances deferred income tax assets consolidated statements.
 increase foreign deferred income tax assets.
 transaction reduced tax benefit tax-deductible goodwill.
.
 income taxes statements tax jurisdiction.
 2012 taxes payable $ 102 million $ 121 million.
 2011 taxes $ 108 million $ 102 million.
 provide deferred taxes excess investments foreign subsidiaries.
 excess totaled $ 2125 million $ 1516 million december 31 2012 2011.
 determination additional deferred income taxes complexities hypothetical calculation.
 tabular reconciliation unrecognized tax benefits 2011.

 balance january 1 $ 349 $ 307 285
 additions prior years 10
 reductions -1 -17
 additions 69 35
 statute limitations 2014 -8
 settlements -29 -25 -2 2
 positions acquisitions
 balance december 31 $ 404 $ 349 $ 307
 unrecognized tax benefits 2012 2011 2010 $ 250 million $ 226 million $ 194 million tax benefits tax rate.
 recognizes interest penalties.
 accrued penalties $ 3 million 2012 liability $ 69 million.
 $ 10 million 2011 $ 66 million.
 $ 8 million 2010 $ 56 million.
 indemnified barclays $ 73 million guggenheim $ 6 million.
 blackrock subject.
 federal tax state foreign income tax jurisdictions.
after 2007 open.
 federal 2005 state local after 2006 united kingdom.
 31 2012 company no longer subject to.
 federal examinations before 2006.
 revenue service blackrock 2006 2007.
 2008 2009 years impact financial undetermined not expected.
 july 2011 federal tax audit bgi group acquired 2009.
 years under examination 2007 through december 2009 impact undetermined not expected.
 company under audit local jurisdictions.
 examinations california 2004 2006 new york city 2007 2008 jersey 2003 2009.
 no audits earlier 2007.
 financial statements.


r&d expense increased 36% 36 % 2011 declined net sales due 66% year-over-year growth sales.
 increased 34% 34 % $ 449 million $ 1. 8 billion 2010.
 due headcount expenses.
 capitalization software development $ 71 million mac os x.
&d expense increased 34% 34 % declined net sales 52% 52 % year-over-year increase investments critical future growth new products.
 expects&d.
 increased $ 2. 1 billion 38% 38 % $ 7. 6 billion 2011.
 due expansion retail headcount costs spending professional services marketing variable costs.
 expense increased $ 1. 4 billion 33% 33 % $ 5. 5 billion 2010.
 due expansion retail spending marketing advertising increased share-based compensation expenses variable costs.
 three years 24 2011.

 interest dividend income $ 519 $ 311 $ 407
 expense -104 -156 ( -81 (
 income expense $ 415 $ 155 $ 326
 increased $ 260 million 168% $ 415 million 2011 $ 155 $ 326 million 2010 2009.
 increase higher interest income gains securities.
 decrease 2010 declines interest rates offset higher cash balances.
 higher premium expenses foreign exchange option contracts reduced income expense.
 average interest rate cash equivalents securities. 77%. 75%. 43%. 2011 2010 2009.
 no debt interest expense.
 tax rates 24. 2%. 4%. 2011 2010 2009.
 federal income tax rate


item 8 fourth quarter 2007 schlumberger sold workover rigs $ 32 million pretax gain $ 24 million $ 17 million after-tax interest income consolidated statement.
.
 eastern echo holding december 2007 $ 838 million.
 dubai marine seismic company contracts construction six seismic vessels.
 purchase price allocated assets estimated values.
 cash short-term investments $ 266
 current assets 23
 fixed income investments 54
 vessels construction 694
 accounts payable liabilities -17
 long-term debt
 purchase price $ 838
 $ 514 million 2009 $ 345 million 2008 $ 281 million 2007.
.
.
 40% schlumberger 60% smith international.
 equity.
 value investment $ 1. billion.3 billion affiliated companies.
 schlumberger equity income venture $ 131 million 2009 $ 210 million 2008 $ 178 million 2007.
 received cash distributions $ 106 million 2009 $ 57 million 2008 $ 46 million 2007.
 joint venture agreement interest cash price.
 purchase same price.


graph compares shareholder return pmi common stock compensation survey group s&p 500 index.
 assumes investment $ 100 december 31 2010 pmi common stock new york stock exchange market reinvestment dividends quarterly.
 500.
 2010 $ 100.
 2011 139. 114. 102.
 2012 $ 154. 128. 118.
 2013 $ 167. 163. $ 156.
 164. 170. $ 178.
 186. 179. $ 180.
 pmi compensation survey group companies global sales competitors similar market capitalization consumer products technology financial compensation data bayer british american tobacco. coca-cola diageo glaxosmithkline heineken. imperial brands johnson mcdonald's. novartis pepsico. pfizer.roche holding unilever vodafone group.
 october 1 2012 international.
 kraft foods. spin-off north american grocery business kraft foods.
.
.
 retained pmi compensation survey global footprint.
. shareholder return 65% kraft foods. capitalization december 31 2010. capitalization.
.
 october 2 2012.
 figures rounded nearest $.


black-scholes option-pricing model state street employee stock options grant date.
 weighted average assumptions 2001 2000 1999 risk-free interest rates 3. 99%. 99 % 5. 75%. 75 %. 90%. 90 % dividend yields 1. 08%. 73%. 92%. volatility factors market price common stock. 30.
 life stock options 4. years.
 unrealized income taxes.
 unrealized gain available-for-sale securities $ 96 $
 foreign currency translation
 shareholders 2019 rights plan 1988 dividend one preferred share purchase right each share common stock.
 1998 rights agreement amended restated 2001 impacted 2-for-1 stock split.
 right purchase share participating preferred stock exercise price $ 132. subject adjustment.
rights exercisable if party acquires 10% or state street 2019s common stock after offer.
 right entitles holder to purchase shares stock state or acquirer market value two times-current exercise price.
 rights expire september 2008 redeemed at $. 00125 per right subject adjustment prior expiration acquisition stock.
 rights redeemed after automatic redemption.
 state street subject to regulatory capital requirements federal banking agencies.
 failure capital actions state street financial condition.
 capital adequacy capital guidelines assets liabilities off-balance sheet items.
 capital amounts classification subject to qualitative judgments regulators.


company 2019s obligations under senior notes repurchase control guaranteed by hii 2019s subsidiaries guarantors.
 guarantees rank with.
 100% owned by hii.
 no restrictions hii obtain funds by dividend or loan.
 mississippi economic development revenue bonds company $ 83. 7 million outstanding bonds.
 bonds accrue interest 7. 81%. per annum mature 2024.
 repayment interest guaranteed by northrop grumman systems hii northrop for losses.
 proceeds finance construction reconstruction renovation ship manufacturing repair facilities mississippi.
 gulf opportunity zone industrial development revenue bonds $ 21. 6 million outstanding from bonds.
 $ 200 million hii purchased $ 178 million bonds from $ 178 million loan northrop grumman.
note 20 transactions former parent company equity.
 remaining bonds accrue interest 4. 55%. 55 % per annum payable semi-annually mature 2028.
 proceeds finance construction reconstruction renovation company 2019s interest ship manufacturing repair facilities mississippi.
 estimated value total long-term debt december 31 2011 2010 $ 1864 million $ 128 million.
 calculated recent trades debt instruments interest rates similar risks terms maturities.
 principal payments due long-term debt next five years.
 long-term debt $ 1859
.
 investigations litigation involved legal proceedings subject government examinations inquiries investigations.
 accrued losses investigations claims litigation.
 losses higher.
material loss probable possible estimated company estimate range possible losses estimated range disclosed in notes.
 based on information judgment uncertainties.
 range not represent company 2019s maximum loss exposure.
 company not able estimate loss indicate reasons unable estimate.
 not described in notes company not believe possible liabilities arising from


management financial condition results operations indemnification provisions company may provide indemnifications losses breach warranties commercial intellectual property divestiture agreements.
 significant payments claims.
 increasing risk intellectual property indemnities current legal climate.
 payment conditioned other party claim challenge claims.
 obligations indemnification breach limited duration not 24 months amounts not contract value recourse third parties payments.
 defendant lawsuits claims actions.
 financial position liquidity results operations.
 commentary financial results note 12 segment geographic region consolidated financial statements.
 net sales operating results three segments 2009 2008 2007.
 mobile devices segment designs manufactures sells wireless handsets licenses intellectual property.
 2009 net sales 32% ( 32 % consolidated net sales 40% 40 % 2008 52% % 2007.
millions years 31 2009 2008 2007
 segment net sales $ 7146 $ 12099 $ 18988 41 % 36 %
 operating earnings -1077 51 83%
 segment results 20142009 net sales $ 7. 1 billion decrease 41% 41 % $ 12. 1 billion 2008.
 45% % decrease unit shipments offset 8% increase average selling price.
 sales impacted reduced product offerings segments 3g products limited low-tier products.
 sales decreased gsm cdma 3g offset increase iden.
 sales decreased latin america europe middle east african asia north america.
 operating loss $ 1. 1 billion 2009 improvement 51% $ 2. 2 billion 2008.
decrease operating loss due to selling general administrative expenses lower marketing expenses cost-reduction research development expenditures lower excess inventory charges 2009 2008 $ 370 million software platforms $ 150 million charge 2008 purchase commitment offset decrease gross margin 41% ( % decrease net sales.
 gross margin r&d expenditures increased sg&a expenses decreased.
 segment industry short life cycles new products.
 vital new products.


15 100 shareholder return performance compares annual change corporation return common stock dow jones containers packaging index s&p composite 500 stock index five-year period december 31 2010.
 $ 100 invested december 31 2005 dividends reinvested.
 dow jones containers packaging index return weighted market capitalization.
.
 corporation $ 100. $ 110. $ 115. 107. $ 134. $ 178.
 containers packaging index $ 100. 112. 119. 75. 105. 123.
 s&p 500 index $ 100. $ 115. $ 122. $ 76 $ 97. $ 111.
 mcgraw-hill companies.copyright a9 2011 standard poor 2019s division mcgraw-hill companies. rights reserved. researchdatagroup. copyright a9 2011 standard 2019s division mcgraw-hill companies. rights researchdatagroup. copyright a9 2011 standard poor 2019s division mcgraw-hill companies. rights reserved researchdatagroup. copyright a9 2011 standard 2019s-hill. researchdatagroup.&p
 copyright a9 2011 dow jones company. rights reserved.


consolidated financial statements annual compensation.
 years 2009 2008 2007 contributions $ 450000 $ 503000 $ 457000.
 involved litigation.
 costs affect financial position operating results liquidity.
 employment agreements executives june 2010 january 2013.
 minimum cash-based compensation salary bonus $ 7. million 2010.
 1998 acquired operating sub-leasehold 420 lexington avenue.
 annual lease payments $ 6. million $ 1. million.
 2007 ground lease december 31 2029 option 2080.
 rent payments $. million per year.
 revaluation.
 2009 acquired sub 420 lexington avenue $ 7. million.
 december 2029.
 october 2009 acquired remaining sub-leasehold $ 7. million.
property 711 third avenue sub-lease expires 2083.
 ground rent $ 1. 55 million annually through 2011.
 rent reset after 2011 value.
 option buy sub-lease.
 461 fifth avenue ground lease $ 2. million annually expiration 2027 options renew 21 years 15.
 purchase lease fixed price.
 625 madison avenue $ 4. 6 million annually expiration 2022 options renew 23 years.
 1185 lease $ 8. 5 million 2010 6. million annually expiration 2020 option renew 23 years.
 673 first avenue.
 70% fair market value.
 operating capital lease.
 initial lease term 49 years option 26 years.
 additional rent.
 673 first avenue capital lease cost $ 12. 2 million cumulative amortization $ 5. million.2 million december 31 2009 2008.
 schedule future minimum lease payments capital noncancellable operating leases terms one year 31 2009 non-cancellable capital lease.
 2010 $ 1451 31347
 2011
 2012
 2013
 2014
 45649 580600
 minimum lease payments 53320 $ 725413
 interest -36437
 net minimum lease payments $ 16883
 financial instruments derivatives hedging derivatives balance fair value.
 adjusted fair value.
 changes fair value offset asset recognized income earnings.
 ineffective change fair value recognized earnings.
 net income 2019 equity increase interest rates variables no effect cash flows.


aes corporation financial statements 2014 december 31 2018 2017 2016 reconciliation unrecognized tax benefits millions.
 2017 2016
 balance january 1 $ 348 $ 352 $ 364
 additions current year tax positions
 additions prior years
 reductions prior years
 settlements
 lapse statute limitations
 balance december 31 $ 463 $ 348 $ 352
 company subsidiaries examination taxing authorities years.
 assesses outcome examinations unrecognized tax benefit.
 difficult predict outcome uncertain tax position accrued uncertain tax benefits.
 audit outcomes events unrecognized tax benefits uncertainty.
 examinations exceed provision unrecognized tax benefits december 31 2018.
 effective tax rate net income.
.
operations portfolio evaluation 2016 management shift distribution companies sul eletropaulo reduce exposure.
 disposals sul eletropaulo completed october 2016 june 2018.
 2017 converted preferred shares listing novo mercado brazilian stock exchange.
 aes controlled eletropaulo maintained influence.
 deconsolidated eletropaulo.
 17% ownership equity.
 after-tax loss $ 611 million $ 455 million translation losses $ 243 million pension losses.
 2017 criteria met discontinued operation.
 financial statements.
 june 2018 17% ownership eletropaulo bidding process.
 proceeds $ 340 million subsidiary.
 pre-tax gain sale $ 243 million after $ 199 million.
 pre-tax loss immaterial year december 31 2018.
eletropaulo pre-tax loss 2017 2016 $ 633 million $ 192 million.
 south america sbu.
 sale sul subsidiary 2016.
 discontinued operations statements.
 after-tax loss $ 382 million pre-tax impairment charge $ 783 million offset tax benefit $ 266 million $ 135 million deferred taxes.
 carrying value sul asset group $ 1. 6 billion greater fair value costs.
 impairment charge limited assets.


tower corporation subsidiaries financial statements 2014.
. 25%. discount notes warrants 2003 issued 808000 units $ 1000. notes subsidiary warrant purchase 14. 0953 shares common stock gross proceeds $ 420. million.
 proceeds allocated notes $. 4 million warrants $ 52. 6 million.
 net proceeds $ 397. million loan.
 notes accrue no cash interest.
 value issuance maturity august 1 2008 12. 25%. per annum.
 808000 warrants right purchase 14. 0953 shares common stock $ 0. 01 per share.
 exercisable january 29 2006 expire august 1 2008.
. 5%. common stock.
 notes covenants issuer subsidiary guarantors indebtedness create liens pay dividends equity distributions purchase capital stock sell.
ati notes junior indebtedness.
 loan agreement february 21 2003 amendment credit facilities.
 prepayment loans.
 $ 200. million net proceeds notes january 2003.
 prepayment $ 125. million a $ 75. million b future principal payments.
 prepayment $ 200. million paydown debt proceeds sale mtn $ 24. 5 million february 2003 principal payments long- term debt capital leases next five years december 31.
 2003 $ 268496
 2004 131262
 2005 195082
 2006 538479
 2007 1065437
 1408783
 $ 3607539


recoverability goodwill measured at reporting unit level begins assessment fair value less than carrying amount two-step goodwill impairment test.
 first step compares carrying amount to estimated fair value.
 exceeds carrying not impaired second step not necessary.
 carrying value second step performed carrying value compared to implied fair value.
 carrying value impairment exists recognized.
 calculation estimated fair value based on two valuation techniques discounted cash flow model market adjusted multiple earnings.
 implied fair value determined.
 value allocated to assets liabilities including unrecognized intangible assets price paid to.
 recoverability of intangible assets indefinite useful lives.
 determined on relief from royalty methodology based on implied royalty paid to license use asset.
present value after-tax cost savings.
 indicates estimated fair value asset.
 excess impairment loss.
 intangible assets patents customer finite useful lives amortized straight over estimated economic lives.
 weighted-average lives.
 customer relationships
 trademarks
 technology/patents
 recoverability intangible assets finite assessed property plant equipment.
 income taxes-off income tax expense recorded.
 applies.
 cash tax payments current deferred taxes tax balances.
 cash paid income taxes year december 31 2015 $ 80. 6 million.
 income tax accounts balance sheets include taxes deferred taxes spin-off.
 calculation income taxes involves judgment estimates allocations.
 deferred tax assets liabilities determined temporary differences financial reporting tax bases enacted tax rates.
company recognizes future tax benefits net losses tax credits.
 reviews recoverability deferred tax assets profitability future income tax planning strategies.
 records valuation allowance future tax benefit.
 product warranties accruals recorded sale estimated terms experience.
 assesses liabilities adjustments warranty claims information.


operating administrative expenses increased 2015 due larger film slate.
 inclusion fandango cable networks.
 advertising marketing promotion expenses theatrical releases films dvd digital formats.
 marketing expenses before release film.
 losses profits until generates home entertainment licensing revenue.
 costs producing marketing films increased may.
 advertising marketing promotion expenses increased 2015 due higher promotional costs larger film slate increased advertising expenses fandango.
 decreased 2014 fewer major film releases operations december 31 millions 2013 % change.
 revenue $ 3339  $ 2623  $ 2235 27. 3%. 3%.
 operating costs expenses 1875  1527  1292 22.
 operating income before depreciation amortization $ 1464  $ 1096  $ 943. 5%.
.%. 3%. theme parks 2013 revenue ticket sales guest spending universal theme parks orlando florida hollywood california licensing fees.
 2015 nbcuniversal acquired 51% interest universal studios japan.
 spending food beverages merchandise.
 travel.
 licensing fees agreements third parties universal studios singapore park japan park brand name intellectual property.
 revenue increased 2015 2014 due guest attendance spending orlando hollywood theme parks.
 2015 success attractions wizarding world harry potter fast & furious simpson springfield.
 revenue $ 169 million universal studios japan november 13 december 31 2015.
 increase 2014 due new attractions wizarding despicable me minion mayhem.


cash flows years 30 31 26.
 302017
 cash operating activities $ 22110 21808 19018
 investing -15762 -25817 -8183
 financing -8475 -5739
 cash equivalents -9748 12747
 adjusted non-cash items assets liabilities.
 $ 302 million increase working capital offset adjustments non-cash lower net income.
 tax reform.
 increased income before taxes $ 1. billion customer deposits.
 offset increased inventory accounts receivable.
 taxes $ 2. 9 billion higher income before taxes taxable gains.
 $ 2. 0 billion additional customer deposits 2018.
 $ 2. 8 billion increase adjustments non working capital offset lower net income.
 adjustments non-cash higher 2016 restructuring deferred taxes lower depreciation.
activities capital expenditures purchases sales maturities disposals proceeds divestitures acquisitions.
 capital expenditures $ 11. 8 billion 2017 ( $ 9. billion 2016 $ 7. billion 2015.
 decrease cash due higher-investments divestiture maturities sales.
 offset by capital expenditures.
 increase cash acquisition purchases expenditures.
 offset lower investments non-marketable equity.
 financing activities repurchases common stock dividends issuance repayment short-term debt proceeds sale.
 increase cash to long-term debt activity.
 repurchased $ 3. 6 billion common stock $ 2. 6 billion 2016.
 $ 13. 2 billion.
 repurchases.
 proceeds sale plans $ 770 million 2017 $ 1. billion 2016.
 dividend payments were $ 5. billion 2017.billion 2016.
 paid cash dividend 101 quarters.
 2018 dividend $ 1. 20 share.
 quarterly dividend $ 0. 30 share 2018.
 payable march 1 february 7 2018.
 cash financing 2016 fewer debt issuances repayment.
 offset fewer common stock repurchases.


selling administrative expenses increased $ 65. 2 million 2010 $ 52. 9 million 2009 compensation recruitment costs higher headcount non-cash compensation expense.
 goods sold 2010 2009 $ 2. 1 million $ 1. 7 million royalties arcalyst ae supplies.
 shipments not included.
 decreased $ 2. 1 million 2010 from $ 4. 5 million 2009 lower yields balances cash securities.
 interest expense increased $ 9. 1 million 2010 from $ 2. 3 million 2009.
 imputed interest payments laboratory tarrytown new.
.
 recognized $ 4. 1 million benefit $ 2. 7 million.
 federal minimum tax $ 0. 7 million american recovery reinvestment act unused pre-2006 research tax credits.
2009 2008 $ 67. million $. per share $ 79. million $ 1. per share.
 decrease loss 2009 due collaboration revenue antibody sanofi-aventis $ 20. million performance milestone payment trap-eye bayer healthcare higher arcalyst ae sales research development expenses.
 2009 2008.
 sanofi-aventis 247. $ 154.
 bayer healthcare 67.
 314. 185.
 technology licensing revenue 40.
 product sales 18.
 contract research.
 $ 379. $ 238.


earnings per share operating cash flow performance objectives personnel committee set entergy achievement multiplier at 140% ( 140 % ) target.
 increased 25 percent members chief executive.
 denault.
 smith not other officers committee.
 section 162 internal revenue code management effectiveness factor mechanism achievement factors performance.
 2009 factor performance.
 annual incentive award for executive officers.
.
.
 awarded from incentive pool approved committee.
 supervisor determines annual incentive payment based entergy achievement multiplier.
 decrease performance.
 approval chief executive officer.
 table shows executive management incentive plans payments percentage base salary for 2008 officer target percentage base salary 2008 annual incentive.
. 120% ( 120 % ) 168% ( 168 % ) 2169720
.denault 70% 70 % 98% 98 % $ 617400
 richard. smith 70% 98% 98 % 632100
. renae conley 60% 60 % 102% 102 % 415000
. mcdonald 50% 50 % 160500
 joseph. domino 72% 72 % 230000
 roderick. 40% 40 % 80% 80 % 252000
 haley fisackerly 40% 40 % 46% 46 % 125700
 theodore. 60% 60 % 117% 117 % ) 400023
 carolyn shanks 50% 50 % 72% 72 % $ 229134
. lewis 40% 40 % 60% 60 % $ 128505
.
.
 ceo-entergy mississippi principal financial officer.
.
.
 retention.
.
 bonuses three-year.
employment company employee eligible special cash bonus three payments 15% to 30% base salary.


2006 fasb issued 158 defined benefit pension postretirement plans amendment statements.
 87 88 106 132. 158 recognize over-funded under-funded defined benefit pension plans assets liabilities balance sheets.
 changes funded status recognized income equity.
 adopted sfas 158 september 28 2007.
 rules prospective.
 immaterial adjustment balance sheet no impact net earnings cash flows.
 accounts.
 130 income.
.
.
 financial statement standard disclose non-owner changes equity net income loss.
 accumulated loss adjustments pension liability.
 balance september 30 2005 -1137 1137
 balance september 29 2006 -599 ( 599 )
 adjustment
 adjustment sfas 158
 balance september 28 2007 -214 ( 214
accounting pronouncements 48 2006 fasb interpretation.
 uncertainty income taxes 2014 statement.
 clarifies accounting disclosure uncertainty tax positions.
 diversity accounting income taxes.
 effective fiscal years december 2006 2008.
 evaluating impact fin 48 financial position results operations results.
 september 2006.
 value measurements defines fair value framework measuring.
 effective financial statements years november 15 2007.
 impact operations.
 2006 securities exchange commission accounting bulletin.
 prior year misstatements financial statements guidance carryover reversal skyworks solutions.
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 consolidated financial statements 2014


entergy gulf states louisiana.
 financial debt equity/membership interest issuances require regulatory approval.
 subject to issuance tests bond agreements.
 capacity capital needs.
 receivables money pool december 31 years.
 2011 2010 2009 2008
 $ 23596 $ 63003 $ 50131 $ 11589
 note 4.
 credit facility $ 100 million expire august 2012.
 no borrowings outstanding december 31 2011.
 short-term borrowing authorization ferc through october 2013 $ 200 million.
 note 4 borrowing limits.
 order long-term securities issuances through july 2013.
 hurricane gustav ike caused damage territory.
 power outages damage distribution transmission generation infrastructure loss sales.
october 2008 entergy gulf louisiana drew $ 85 million storm reserve.
 october 15 lpsc approved defer accrue carrying cost unrecovered storm expenditures.
 prejudice incurred storm cost.
 entergy filed hurricane gustav ike storm cost recovery case may 2009.
 september 2009 filed lpsc application financing orders storm costs reserves issuance costs act 55.
 hurricane katrina rita costs financed act 55 financings.
 filed application lpsc approval ancillary issues act 55 financing savings cost offset.
 december 2009 stipulation agreement lpsc recoverable costs $ 234 million $ 394 million.
 recover $ 4. 4 million $ 7. 2 million storm restoration spending.
stipulation permits replenishing louisiana storm reserve $ 90 million $ 200 million act 55 financings accomplished.
 2010 filed lpsc settlement terms proposals act 55 financings commitment pass customers $ 15. 5


oil gas activities 2017 reserves decreased mmboe 2022 revisions increased 49 economic wells 5-year plan increase 44 remainder revisions business.
 extensions discoveries increased 116 expansion areas oklahoma.
 purchases increased 28 acquisitions northern delaware basin mexico.
 production decreased 145.
 sales decreased 685 sale canadian business 10 divestitures assets oklahoma colorado.
.
 financial statements.
 2016 reserves decreased 67 mmboe 2022 revisions estimates increased 63 151 economic wells.
 decrease 64.
 technical revisions.
 extensions discoveries increased 60 expansion areas sales oklahoma.
 purchases increased 34 acquisition assets oklahoma.
 production decreased 144.
 sales decreased 84 divestitures wyoming gulf mexico assets.
2015 reserves decreased 35 2022 revisions estimates decreased 2 105 drilling programs.
 increase 67 discontinued operations reevaluation lower royalty percentages offset decrease 173 capital development program 5-year rule.
 2022 extensions discoveries increased drilling.
.
 2022 production decreased 157.
.
 18 mmboe.
 2017 decrease 6 2016.
 changes reserves 2017.
 552
 revisions estimates
 improved recovery 2014
 purchases
 extensions discoveries additions 57
 dispositions
 transfers -83
 revisions estimates.
 increased 5 44 mmboe increase economic wells 5-year plan offset decrease 40 mmboe removal economic wells.
 extensions discoveries.
 increased 57 mmboe expansion.


increase property operating expenses large market store real estate taxes $ 3. million personnel expenses $ 1. 9 million water $ 1. million cable. million waste removal $. 2 million.
 increase secondary market store 1. 5 million real estate taxes 1. million personnel expenses. 2.
 decrease expenses non-same store personnel expenses $ 2. 4 million utility expenses $ 1. 7 million.
 table shows depreciation amortization expense segment 2015 2014.
 large market same store $ 168872 $ 174957.
 secondary market same store 85008.
 portfolio 253880 -7135.
 non-same store 40640 40797.
 $ 294520 301812 -7292.
 decrease depreciation amortization expense due $ 19.4 million amortization leases resident relationships merger 2014 2015.
 offset depreciation expense $ 11. million real estate assets.
 property management expenses $ 31. million decrease $ 1. million from.
 state franchise taxes $ 2. 1 million offset insurance $ 0. 6 million payroll $. 3 million incentive expense. million.
 general administrative expenses $ 25. 7 million increase $ 4. million 2014.
 increase legal fees $ 2. 7 million stock option expenses $ 1. 6 million.
 merger integration expenses no 2015 facilities costs acquisition integration.
 expenses $ 3. 2 million $ 8. 4 million.
 interest $ 122. 3 million decrease $ 1. 6 million.
 amortization deferred financing cost $ 0. 9 million.
 debt balance decreased $ 3.. 4 billion decrease 85. million.
 average interest rate. 7%. maturity. 8 years.
 mid-america apartment 10-k 20 2016 304352-1.


network corporation financial statements future lease payments present net payments december 31 2015 years 31.
 2016 76676
 2017 75874
 2018 75849
 2019 50320
 2020 48000
 64000
 lease payments 390719
 lease executory costs insurance maintenance profit
 payments 203977
 interest -37485
 lease payments 166492
 current -30849
 long-term capital lease obligations $ 135643
 future maturities long-term debt 2015 commitments table note 15.
.
 future tax effects differences tax assets liabilities operating loss tax credit carryforwards.
 deferred tax assets offset valuation allowances.
 valuation allowance.
 financial information future events taxable income tax planning opportunities.
 consolidated tax returns.
 subsidiaries.
financial statements separate.
 2015 no net loss carryforwards federal tax $ 39 million nol benefit state tax offset valuation allowance.
 2017.
 $ 61 million tax benefits credit carryforwards offset valuation.


stock performance graph shows five-year comparison shareholder return dividend s&p 500 composite computer hardware dow jones.
 technology index.
 assumes $ 100 invested company common stock s&p 500.
 index market september 30 2007.
.
 historic stock price performance not indicative future performance.
.
 500 5 year return. s&p 500$ 100 invested 9/30/07 reinvestment dividends.
 fiscal year.
 copyright 2012 mcgraw-hill companies.
.
.
 apple inc. $ 100 $ 74 121 $ 185 248 437
 s&p 500 $ 100 $ 78 73 80 81
 s&p computer hardware $ 100 $ 84 99
 dow jones us technology $ 100 $ 76 $ 85 $ 95 $ 98


average value options 2012 2011 2010 $ 13 $ 19 $ 20 per share.
 total value $ 19. million $ 4. 2 million $ 15. 6 million.
 company granted 931340 shares common stock 4048 restricted stock units.
 vesting period 2 to 4 years.
 fair value $ 54. 5 million compensation expense.
 dividends accrued paid.
 2012 granted 138410 performance shares.
 fair value $ 7. 7 million compensation expense.
 contingent performance market conditions.
 table summarizes restricted stock performance shares activity 2012 grant date value december 31 2011.
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 cancelled.
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.
.
.
.
 restricted shares 2010 $ 20. 9 million $ 11. 6 million $ 10. 3 million.
 employees acquire shares-tax payroll deductions.
 purchased closing price nasdaq.
 compensation expense recognized.
 2012 2011 2010 27768 32085 21855 shares issued employees.
 six-month holding.
 expense $. 1. 2. million purchase discount 2012 2010.
 non-executive directors annual award stock $ 75000.
 annual stipend $ 25000 closing price.
 40260 40585 37350 shares common stock issued non-executive directors 2012 2011 2010.
 not vesting restrictions.
 expense $ 2. 2 million. 1 million $. 4 million recognized 2011 2010.
.
company uses quoted prices equity investments.
 level 1 assets include.
 treasury equity securities mutual funds quoted prices.
 inputs.
 level 2 asset- backed securities municipal bonds.
 government agency securities interest rate swap contracts.
.
 measured matrix pricing.
 value interest rate swap contracts standard valuation models inputs exchange rates interest rate curves.


2018 ppg annual report 10-k crown group october 2 2017 acquired crown. coatings application services business ppg industrial coatings segment.
 crown leading component product finishers north america.
 applies coatings manufactured parts assembled products 11.
 sites.
 facilities assembly warehousing sequencing services.
 serves automotive construction heavy truck alternative energy industries.
 impact sales results not significant.
 results industrial coatings.
 taiwan chlorine industries established 1986 joint venture ppg china petrochemical development corporation chlorine products ppg owned 60 percent venture.
 2013 separation conveyed axiall 60% ownership.
 agreement 40% ownership axiall $ 100 million.
 axiall ppg purchase.
april 2016 axiall cpdc tci.
 june 2016 axiall designated ppg purchase 40% % tci.
 august 2016 westlake chemical acquired axiall wholly-owned subsidiary westlake.
 april 2017 ppg purchase cpdc tci.
 difference acquisition value purchase price loss discontinued operations december 31 2017.
 ownership equity investment earnings consolidated statement note. july 2016. coatings.
 applies coatings parts products.
 on- site regional service centers. canada mexico germany hungary.
 customers ship parts centers paint adhesion electrocoat.
 stage assembly.
 coats 1. 5 million parts per day.
 estimated fair value assets acquired liabilities assumed final purchase price allocation metokote.
.
plant equipment 73
 assets finite lives 86
 goodwill 166
 deferred income taxes
 assets $ 351
 current liabilities
 long-term liabilities
 liabilities $ 45
 purchase price cash $ 306
 net deferred income tax liability tax.
 impact sales results operations not significant.
 no cost savings operating synergies.
 results industrial coatings.


expenses 2016 transaction costs norcraft acquisition $ 15. 1 million 2015.
 offset higher employee costs lower defined benefit plan income.
.
 general administrative expense $ -80. $ -70.
 defined benefit plan income 2. 6.
 losses -1. -2.
 norcraft transaction costs -15. 1 15.
 corporate expenses $ -79. 9 ( 79. $ -81. 6 ( 81.
 costs acquisition norcraft banking legal accounting services.
 gains losses remeasurement liabilities defined benefit plans.
 fourth quarter year.
 amendments settlements.
 income.
 working capital capital expenditures indebtedness finance acquisitions repurchase pay dividends.
 principal sources liquidity cash flows credit facility debt issuances capital markets.
operating income generated by subsidiaries.
 no restrictions pay dividends to fortune brands.
 december 2017 board increased quarterly cash dividend 11% to $ 0. 20 per share common stock.
 dividend payment opportunities.
 no assurance future dividends on financial condition cash flows capital requirements factors.
 review portfolio transactions value.
 predict acquisitions joint ventures dispositions purchases dividends impact cash flows financial condition.
 cash flows borrowing availability liquidity subject risks.
. 2016 amended credit agreement new $ 1. 25 billion credit facility.
 non-cash transaction.
 terms conditions same 2011.
 facility june 2021 borrowings for general corporate purposes.
 31 2017 2016 outstanding borrowings were $ 615. million $ 540. 0 million.
2017 2016 long- term debt zero.
 interest rates variable libor


westrock financial statements years 2018 2017 share-based compensation expense $ 64. 2 million $ 66. 8 million $ 60. 9 million $ 2. million gain sale hh&b 2017.
 compensation expense reduced $ 5. 4 million rescission shares limits 2014 2015.
 total income tax benefit $ 16. 3 million $ 19. 4 million $ 22. 5 million.
 cash share-based payment arrangements $ 61. 5 million $ 44. 4 million $ 59. 2 million.
 replaced stock westrock stock options.
.
 identical terms. conversion factor.
 acquisition $ 70. 8 million kapstone equity awards balance expensed remaining period.
 issued 2665462 options $ 20. 99 per share black-scholes option pricing model.
 assumptions.
.
volatility 27. 7%. 7 %
 risk-free interest rate 3. 0%. %
 dividend yield 4. 1%. 1 % )
 acquisition replaced westrock.
 no additional shares.
 identical 0. 33 conversion factor.
 granted 119373 awards valued $ 54. 24 per share.
 acquisition $ 1. 9 million equity awards balance expensed remaining service period.
 stock options appreciation rights price equal closing market price vest three years-third increments 10-year contractual terms.
 subject expense retirement eligibility rules.
 change control termination employment vesting.
 fair value options black-scholes option pricing model.
 historical data terminations.
 volatility historical volatility.
 risk-free interest rate.
 treasury securities.
 dividend yield estimated historic annual dividend payments expectations.
replacement acquisitions stock options 2019 2018 2017.


financial statements bancorp fixed interest. until may 15 2058.
 floating rate three-month libor 500.
 interest rate swap $ 275 million fixed-rate debt floating.
 2008. 05%.
 redeemed 15 2013 redemption 100% principal interest.
 redemptions approval federal reserve board.
 fixed-rate bank notes 2009 2019 obligations subsidiary bank.
 $ 36 million 2009 800 million 2010 $ 275 million 2019.
 rate swaps $. billion debt floating.
 2008. 19%. 800 million. 275 million.
 $ 500 million notes 2003 matured.
 fixed rate 3. 375%.
 floating-rate bank notes 2013 obligations subsidiary bank.
 floating three-month libor 11.
 $ 797 million three libor 4 $ 400 million federal funds rate 12.
subordinated fixed-rate bank notes 2015 subsidiary bank.
 interest rate swaps.
 weighted-average rate. 29%. %
 junior bank notes 2032 2033 assumed bancorp subsidiary crown 2007.
 three-month libor 310 325.
 six.
 2033 2034 assumed subsidiary first national bank.
 obligations issued fnb trusts i ii.
 2035 assumed subsidiary 2008.
 obligations issued.
 three-month libor 169 142.
 bancorp guaranteed obligations acquired.
 advances rates 0%. 34%. interest payable monthly.
 secured residential mortgage loans securities $ 8. 6 billion.
 2. billion advances floating rate.
 bancorp interest rate caps $ 1. billion fhlb borrowings.
. billion advances.billion 2009 $ 1 million 2010 $ 2 million 2011 1 billion 2012 $. billion 2013.
 medium-term senior notes maturities one year to 30 years issued two subsidiary banks $ 3. 8 billion outstanding december 31 2008 $ 16. 2 billion future issuance.
 no other medium-term senior notes 2008.
.
 commitments bancorp financial instruments agreements financing.
 interest rate prepayment risks funding equipment communities.
 credit counterparty market risk.
 creditworthiness evaluated case-by-case policies.
 commitments liabilities guarantees summarized future payments.
 december 31.
 commitments extend credit
 letters credit
 mortgage loans
 noncancelable lease obligations
 purchase obligations
 capital expenditures
commitments extend credit are agreements fixed expiration dates fee.
 expire amounts represent future cash flow.
 bancorp exposed to credit risk nonperformance.
 fixed-rate commitments market risk exposure limited to replacement value.
 2007 reserve for unfunded commitments $ 195 million $ 95 million.
 standby commercial letters of credit guarantee performance.
 $ 3. 3 billion expire within one year $ 57 million $ 5. 3 billion between one to five years $ 0. 4 billion thereafter.
 standby letters guarantees.
.
 reserve was $ 3 million.
 66% 70% of letters secured.
 nonperformance bancorp has rights to underlying collateral real estate property inventory receivables cash securities.
 monitors credit risk using dual risk rating system


profit decreased 1% 2010.
 declines defense increase civil intelligence unchanged.
 $ 27 million decrease defense decrease performance adjustments mission combat systems.
 $ 19 million increase civil due higher volume enterprise civilian services.
 decreased 3% 2009.
 declines offset growth defense.
 decrease $ 29 million civil reduction performance adjustments enterprise civilian services.
 decrease $ 27 million intelligence reduction security.
 increase defense $ 29 million due volume improved performance mission combat systems.
 decrease backlog higher sales volume civilian service programs.
 backlog decreased 2009.
 termination clause contract $ 1. 6 billion reduction orders.
 decline increased orders civilian services.
 low digit decrease sales 2011.
 due completion dris 2010 program.
 profit decline sales volume margins comparable.
business design research engineering production satellites strategic defensive missile systems space transportation systems replacement space shuttle.
 satellite programs high frequency mobile positioning-based infrared system satellite-series.
 strategic missile defense programs targets countermeasures fleet ballistic missile program.
 space transportation nasa orion program ownership joint ventures launch services space shuttle processing.
.
 space shuttle final flight mission 2011 involvement.
 2019 results 2010 2009.
 net sales
 operating profit 972
 margin 11. 8%. 2%.
 backlog-end
 net sales decreased 5% 2010.
 declined lines business.
 $ 253 million decrease space transportation lower volume space shuttle external tank commercial launch vehicle space flight programs offset higher volume orion program.
no commercial launches 2010 one.
 sales declined $ 147 million lower volume.
 $ 8 million decline lower volume offset government.
 one delivery one delivery.
 net sales increased 8%.
 growth offset decline.
 growth $ 707 million higher volume government.
 one satellite delivery 2009 two deliveries 2008.
 increase $ 21 million higher volume orion program decline.
 one commercial launch 2009 2008.
 sales decreased $ 102 million lower volume defensive missile.


visa inc.
 financial statements 2014 september 30 2008 millions converted class eu series i to class c true-up.
 results reflected table.
 fractional shares conversion rounded down.
 paid cash stockholders initial redemption class b class c stock.
 outstanding regional classes series common stock reorganization converted-up class usa 1 ) b 2 ) 426390481. 93870 400251872.
 outstanding regional classes common stock reorganization converted classes series-up true-up conversion ratio
 class usa 1 ) class b ( 2 ). 93870 400251872
 class eu series i ) c series iii ) 62213201.
 eu 27904464.
 eu iii c iv 549587.
canada c series i 22034685. 98007 21595528
 119100481. 19043 141780635
 80137915. 07110 85835549
 cemea 36749698. 95101 34949123
 usa common stock 131592008 shares-owned subsidiaries.
 b common stock 123525418 shares.
 issued 51844393 shares c ii common stock $ 44 per share subscription receivable visa.
 temporary equity balance sheet 30 2008.
 446600000 shares common stock net price $ 42. 77. discounts commissions $ 1. 23 share.
 net proceeds $ 19. 1 billion.


marathon oil corporation financial statements sale-leaseback slab caster united states steel fairfield works facility alabama.
 primary obligor.
 obligations.
 amortizing financing final maturity 2012.
 lease equipment steel clairton works facility pennsylvania.
 primary obligor.
.
 amortizing final maturity 2012.
 marathon oil corporation 805 million dollar revolving term credit facility secured assets financial covenants leverage interest coverage.
 2008 balance repaid facility terminated.
 senior secured notes.
.
 guarantee principal interest.
 obligations december 31 2008 $ 126 million assets construction leases.
 reflect future minimum lease obligations $ 209 million.
 payments long-term debt 2009 2013 $ 99 million 98 million 257 million 1487 million 279 million.
payments by united states steel $ 15 million $ 17 million $ 161 million $ 19 million zero.
 change control debt obligations $ 669 million at december 31 2008 due payable.
 note 17 interest rate.
 issued $ 700 million 6. 5 percent maturity february 15 2014 $ 800 million 7. 5 percent 15 2019.
 payable semi annually august 15 2009.
.
 retirement obligations 2008 2007.
 retirement obligations january 1 $ 1134 $ 1044
 liabilities
 settled
 revisions estimates
 deconsolidation
 retirement obligations december 31 $ 965 $
 note 7.
 $ 2 $ 3 million short-term at december 31 2008 2007.


compensation plan approved holders.
 employee stock purchase plan 2005 director stock plan 2005 annual meeting.
 mergers cbot assumed equity plans.
 shares cbot equity compensation plan approved merger transactions.
 number securities issued options weighted-average price securities remaining future equity compensation plans.
.
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. 5156223 equity compensation plans not approved holders.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
 securities issued options weighted-average exercise price securities remaining future issuance
 compensation plans approved holders.
 not approved.
.
relationships transactions director independence cme group proxy statement business relationships 201d governance 2014director independence incorporated.
 14.
 principal accountant fees services cme group proxy statement 201caudit committee disclosures fees policy approval audit non-audit services incorporated.


stockholders 2019 equity derivative instruments activity net tax non-owner changes equity consolidated statements years december 31 2008 2007 2006.
 2007
 balance january 1 $ 2014 $ 16
 fair value -9 -6 ( 6 75
 reclassifications earnings -61 (
 balance december 31 $ -7 ( 2014
 investment foreign operations 31 2007 hedges foreign currency.
 2006 entered zero-cost collar derivative protect price fluctuations. million shares sprint nextel.
 second quarter 2006 received 1. 9 million shares embarq corporation.
 derivative adjusted.
 not hedge.
. recorded net gain $ 99 million year december 31 2006 consolidated statements.
 2006 sprint nextel derivative terminated settled cash.6 million shares sprint nextel converted sold.
 received $ 820 million settlement derivative sale. million.
 loss $ 126 million sale remaining.
 recorded net gain $ 99 million derivative.
 instruments include cash equivalents sigma fund investments short-term investments accounts long receivables payable accrued liabilities derivatives financing commitments.
 derivatives recorded balance sheets fair value.
 instruments long-term debt carried at cost.
 fair value long term debt december 31 2008 $ 2. 8 billion carrying value $ 4. 1 billion.
 not indicative.
-for-sale equity securities portfolio value $ 128 million cost basis $ 125 million net unrealized loss $ 3 million.
 held trading.


compares shareholder return common stock standard 500 composite stock index industrials consumer durables index 2007 2012 closing price common stock $ 16. 66.
 assumes investments $ 100 2007 common stock indices reinvestment dividends.
 graph 2007 2008 2012 s&p 500 index consumer durables apparel index value $ 100 investment 2007 common stock 500 durables apparel reinvestment dividends.
 $ 55. $ 71. 67.
 s&p 500 index $ 63. $ 79. $ 91. $ 93. $ 108.
 s&p industrials index $ 60. $ 72. 92. 91. 105.
&p consumer durables apparel index $ 66. $ 90. 118. 127. $ 154.
2007 authorized purchase 50 million shares stock.
 2012 repurchase 24 million shares.
 first quarter 2012 repurchased retired one million $ 8 million 2012.
 purchased since march 2012.


december 30 2017.
 millions due less 20133 years
 operating lease obligations $ 1245 $ 215 $ 348 $ 241 $ 441
 capital purchase 12068 9689 2266 113 2014
 2692 1577 1040
 tax 6120  490  979 3672
 long-term debt 42278 1495 5377 8489 26917
 1544 799 422 190 133
 $ 65947 $ 14265 $ 10432 $ 10067 $ 31183
 12068 9689 2266-term debt 1495 26917 purchase obligations construction purchase property equipment.
 not recorded liabilities balance sheets december 30 2017 goods title.
 obligations licenses agreements non-contingent funding obligations.
tax obligations future cash payments tax reform 2017 transition tax foreign earnings.
 income taxes financial statements.
 amounts represent principal interest cash payments debt obligations anticipated interest payments not recorded.
 obligations classified maturity date.
 future settlement debt cash payments.
 5 amounts future cash payments long liabilities short-term.
 derivative instruments excluded represent amounts.
 6 total excludes contractual obligations short-term long-term debt obligations.
 expected timing payments estimated current information.
 amounts receipt changes amounts.
 purchases agreements enforceable legally binding terms quantities price provisions timing transaction.
 obligations cancellation provisions amounts limited non-cancelable portion minimum cancellation fee.
purchase raw materials entered agreements minimum prices quantities market future purchasing requirements.
 uncertainty future market non-binding obligations excluded table.
 purchase orders based manufacturing needs fulfilled short.
 purchase orders represent authorizations purchase binding agreements.
 contractual obligations contingent achievement milestones excluded.
 milestone-based contracts capital equipment.
 not obligations until milestone met.
 future milestones additional payments approximately $ 2. 0 billion.
 majority restricted stock units shares common stock issued net minimum withholding requirements taxing authorities.
 obligation pay excluded contingent employment.
 amount obligation unknown based market price common stock.


.
 management financial condition results based consolidated financial statements welltower inc.
.
 accounting principles.
 annual report form 10-k.
 factors 2014 business risk factors.
 welltower.
 s&p 500 toledo ohio transformation health care infrastructure.
 invests seniors housing operators post acute providers health systems real estate infrastructure care wellness.
 real estate investment trust owns interests properties markets united states. canada united kingdom. seniors housing post-acute communities outpatient medical properties.
 planning development property management services single-source solution acquiring developing managing repositioning monetizing real estate assets.
 table consolidated portfolio year december 31 2017 type property percentage.
 43. 3%.
 seniors housing 39. 5%.
outpatient medical 384068 17. 2%. ) 270
 $ 2231178 100. 0%. % ) 1286
 consolidated excludes investments unconsolidated entities.
 joint venture minority partner 100% venture amount.
 non-gaap financial measures.
 objectives protect stockholder capital enhance value.
 pay cash dividends increase dividend payments income portfolio growth.
 invest seniors housing health care real estate diversify investment portfolio property type location.
 revenues lease rentals resident fees interest loans.
 liquidity distributions obligors rent interest payments profitability.
 difficulties results liquidity financial condition.
 monitor investments.
 asset management financial statements data obligor partner creditworthiness inspections covenant compliance.
 property management division monitors outpatient medical portfolio tenant relations


weighted-average grant value altria group.
 restricted deferred stock 2014 2013 2012 $ 53 $ 49 million $ $ 36. 75 $ 33. 76 $ 28. 77 per share.
 total fair value.
 2012 $ 86 million $ 89 million $ 81 million.
.
 granted options since 2002 no options since 29 2012.
 total value options 2012 insignificant.
.
 earnings calculated.
 2014
 net earnings altria group. $ 5070 $ 4535 $ 4180
 distributed earnings unvested restricted deferred shares
 basic diluted $ 5058 $ 4523 $ 4167
-average
 earnings.
5070 4535 4180 earnings unvested deferred shares diluted 5058 4523 4167 shares 1978 1999 2024 2012 no stock options.
 antidilutive options.
 altria group.
 statements. 2/25/15


part ii item 5.
 market registrant common equity stockholder matters issuer purchases equity securities.
 series a b c traded nasdaq global select market 201d symbols 201cdisca 201d 201cdiscb 201cdisck.
 table high low sales prices per share! finance.
 c high low fourth quarter 23. 73 16 26 22 third quarter 27. 27 19 second quarter 29. 29 24 first quarter 29. 26 29 27 28 fourth quarter 29. 28 third quarter 26. second quarter 29. 23 first quarter 29. 24 29 34 24 february 21 2018 approximately 1308 75 1414 record holders series a b c.
 not include shareholders banks brokerage houses institutions include each institution one shareholder.
not paid cash dividends series a b c no intention.
 payment cash dividends determined by board directors after earnings financial condition credit facility restrictions dividends.
 table repurchases common stock three months ended december 31 , 2017 millions per share amounts.
 series c shares purchased average paid per share shares purchased plans approximate dollar value shares october 1  2017 - 2014 november 1 amounts fees commissions costs repurchases.
 stock repurchase program management authorized to purchase common stock open market prevailing prices accelerated stock repurchase agreements subject to stock price business market conditions.
 authorization expired october 8 , 2017 not repurchased shares common stock since.
 funded may fund stock repurchases through cash debt.
future authorization fund stock repurchases through revolving credit future financing transactions.
 no repurchases series a b 2017 series c three months ended december 31 2017.
 company announced stock repurchase program august 3 2010.
 agreement with advance/newhouse to repurchase quarterly series c-1.
 months december 31 2017.
 no planned repurchases series c-1 first quarter 2018 no a c three months december 31 2017.
 cumulative shareholder return a b c compared with companies 500 stock index peer group.
 viacom.
.
 assumes $ 100 invested december 31 2012 in series a s&p 500 index peer group companies including reinvestment dividends years ended 2013 2014 2015 2016 2017.
31.
 100. 139. 42 106. 23 82. 27 84. 53 69.
 100. 144. 61 116. 45 85. 91. 70 78.
 100. 143. 35 115. 28 86. 22 91. 56 72.
 100. 129. 60 144. 36 143. 31 156. 98 187. 47
 100. 163. 16 186. 87 180. 10 200. 65 208.


unit awards 2010 2009 hartford issued 2005 stock plan.
 settled shares cash units.
 economic value identical. settlement cash equal hartford 2019s share price multiplied units awarded.
 cash remeasured period until settlement.
 awards 2009 vested three year period.
 graded cliff vesting units.
 graded vesting attribution method expense period.
 three-year grant annual vesting three sub-grants third.
 first three.
 no restricted units awarded 2013 2012.
 december 31 2013 2012 27 thousand 832 thousand units outstanding.
 deferred stock unit plan july 31 2009 authorized hartford deferred stock unit plan october 22 2009 amended.
 rights cash payments value shares stock.
deferred stock unit plan two award types deferred restricted units.
 units earned over year pay periods.
 credited participant account quarterly market price company common stock fully vested.
 deferred units credited prior january 2010 paid after two years grant date.
 units after paid three installments after first second third anniversaries grant.
 restricted units incentive compensation vest over three years subject to forfeiture.
 plan emergency economic stabilization act 2008 compensation corporate governance rule.
 treasury 2009.
 no deferred stock units awarded in 2013 or 2012.
 summary status non-vested awards december 31 2013 non-vested restricted units weighted-average grant-date fair value.
.
.
forfeited.
 non-vested end year 2014
 stock 2013 hartford compensation 2010 awards non-public subsidiary stock.
 recognized $ 1 31.
 employee vesting noncontrolling equity interest.
 selling stock discretion repurchase.
 stock classified equity not mandatorily redeemable.
 hartford financial services group.
 financial statements.
 stock compensation plans


maintained strong financial position 2018 30 consolidated balance sheet included $ 2791.
 access commercial paper markets cash flows operating financing meet liquidity needs.
 30 $ 995. foreign cash $ 2791.
 earnings foreign subsidiaries affiliates.
 income tax repatriation.
 foreign withholding taxes.
 investment plans outside. intent reinvest majority foreign cash additional taxes.
 note 22 income taxes.
 cash flows from operating investing financing activities summarized.
 cash 2018 2017 2016
 operating activities $ 2554. 7 $ 2534. 1 $ 2258. 8
 investing activities -1649. 1649. -864. 864
 financing -1359. 1359. -860.
 2018 cash $ 2554. 7.
 income continuing operations $ 1455.adjusted depreciation amortization deferred income taxes tax act undistributed earnings unconsolidated share-based compensation noncurrent capital lease receivables.
 adjustments $ 131. $ 54. impact intercompany transactions.
 instruments.
 cross currency swap $ 54. excess pension expense $ 23.
 cash $ 265. payables accrued liabilities inventories trade receivables offset.
 $ 277. decrease customer advances $ 145. sale equipment 67.
 purchase helium molecules.
 noncash impact.
.
 $ 123. contracts activities $ 2534.
 operations $ 1134. goodwill intangible asset impairment charge $ 162. equity investment impairment charge $ 79. write-down long-lived assets restructuring $ 69.
5 cost reduction asset actions 8 equity 10 goodwill 11 intangible assets consolidated statements.
 adjustments $ 165. 4 tax positions value foreign exchange contracts pension contributions.
 working capital accounts $ 48. payables accrued liabilities.
 increase payables liabilities $ 163. 8 timing differences customer advances $ 52. sale equipment.
 $ 124. 7 exchange contracts.
 $ 154. 0 income taxes.
 $ 73. 6 timing differences.


entergy mississippi.
 net wholesale revenue variance due exit 2015.
 reserve equalization revenue variance revenue fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2015 2014.
.
 2014 net revenue $ 701.
 volume/weather.
 retail electric price.
 wholesale revenue.
 transmission equalization.
 reserve equalization.
.
 2015 net revenue $ 696.
 volume/weather variance due increase 86 gwh 1% electricity usage favorable weather residential commercial sales.
 retail electric price variance $ 16 million annual increase revenues 2015 mpsc order june 2014 rate case increase energy efficiency rider decrease storm damage rider.
 realignment costs base rates.
 note 2 financial statements.
net wholesale revenue variance due to customer contract termination october transmission equalization revenue entergy mississippi from companies planning operating bulk transmission facilities.
 equalization variance attributable realignment february 2015.
 revenue 2014 minimal 2015.
 entergy mississippi exited system agreement november 2015.
 note 2 financial statements.
 reserve equalization revenue mississippi from companies maintaining electric generating capacity.
 variance attributable realignment 2015.
 2014 minimal 2015.


generated revenues $ 3. 0 billion oibda $ 848 million 2016 47% 35% 35 % revenues oibda.
 international networks segment national pan-regional networks brands distribution platforms.
 generates every pay-tv market centers london warsaw milan singapore miami.
 brands discovery channel animal planet tlc id science channel turbo. eurosport real time dmax discovery kids.
 2016 operated 400 feeds 40 languages customized.
 networks middle east germany norway sweden expansion.
 fta networks generate revenue.
 penetration growth rates vary.
 pay-tv.
 distribution platform 37 networks 13 networks 220 countries territories.
 distribution platforms local markets commercial agreements.
global networks operate networks internationally brands eurosport leading sports entertainment provider brands  2 viewers europe asia digital.
 viewing subscribers december 31 2016 eurosport 133 million 2 65 million eurosportnews 9 million.
 telecasts sporting events local pan-regional winter sports tennis tour de france home grand slam tennis.
 local sports rights bundesliga motogp.
 invested exclusive localized rights.
 acquired exclusive broadcast rights olympic games 2018 2024. 3 billion $ 1. 5 billion.
 exclude france russia.
 eurosport pay-tv digital platforms.
 november 2 2016 long-term agreement joint venture partnership bamtech bamtech europe digital technology services.
 dmax reached 103 million viewers.
 men 2019s factual entertainment channel asia europe.
 discovery kids 121 million viewers.
2022 discovery kids leading children's network latin america asia.
 international networks segment owns operates regional television networks subscribers viewers pay fta broadcast as december 31  2016 service international subscribers/viewers ( millions ).
 nordic broadcast networks
 frisbee
 tv
 discovery hd world
 discovery history
 discovery world
 discovery espanol.
 familia.
 subscribers corresponds nordic broadcast networks sweden norway finland denmark retransmission agreements pay-tv providers.
 include kanal 5 9 11.
.
 source revenue international networks fees operators linear networks.
 cable dth satellite service providers.
 international television markets vary development.
.advanced digital television markets others analog varying investment channel digital technologies.
 long-term distribution relationships renew contracts annually.
 distribution revenue international networks subscribers rates market demand content.
 revenue advertising networks distribution platforms.
.
 advertising revenue factors development pay television markets subscribers viewership demographics popularity programming sell commercial time multiple platforms.
 advertising sales business in-house teams external sales.
 revenue growth subscriber growth localization strategy shift advertising spending channels


.
 rentals leases sales office facilities distribution centers research manufacturing facilities vehicles equipment.
 rental expense $ 239 million 2017 $ 221 million 2016 2015.
 future minimum payments non-cancelable terms one year.
 131
 2020
 2021
 2022
 leases vehicles non-cancelable one year month-to-month renewal options.
.
 payments $ 62 million 2018.
 leases guaranteed residual values proceeds sale.
.
 research development expenditures improvements.
 $ 201 million 2017 $ 189 million 2016 $ 191 million 2015.
 customer sponsored research 2017 2016 2015.
.
 contingencies workers compensation automobile health care environmental lawsuits.
 income taxes.
 contractual obligations lease commitments.
 liabilities contingent loss.
estimate loss company records most probable minimum no better.
 discloses contingent liability not probable estimable possibility material loss incurred.
 company policies varying deductibility property casualty losses.
 insured for losses excess deductibles recorded liability offsetting receivable.
 self-insured for health care claims employees.
 determines liabilities actuarial basis.
 subsidiaries party to lawsuits claims environmental actions.
 antitrust commercial patent infringement product liability wage hour lawsuits obligations effects chemical substances.
 established accruals for lawsuits claims environmental matters.
 risk material loss excess amounts accrued.
 litigation uncertain unfavorable rulings no certainty incur charges excess recorded liabilities.
 future adverse ruling charges results cash flows.
company believes future charges legal claims financial position.
 participating environmental assessments 45 locations majority. environmental liabilities accrued costs.
 insurance reimbursements not anticipated accruals liabilities.


december 31 2017 company state income tax credit carry-forwards $ 20 million 2018 2020.
 deferred tax asset $ 16 million federal benefit valuation allowance $ 7 million.
 net operating loss carry-forward $ 39 million expires 2027.
 deferred tax asset $ 3 million federal benefit full valuation allowance.
 state loss carry-forwards immaterial deferred tax balances expire 2026 2036.
.
-term.
 31 2017 2016
 15 2021.
 2025.
 2027.
 mississippi economic development revenue bonds 2024.
 gulf opportunity zone industrial development revenue bonds 2028. 55%. 55 %
 unamortized debt
 long-term debt
 2017 terminated second agreement new agreement third-party lenders.
credit facility includes revolving $ 1250 million five years november 2017.
 credit subfacility $ 500 million.
 variable interest rate borrowings london interbank spread company credit rating. 125%. 500%.
 commitment fee rate unutilized balance company leverage ratio.
 december 31 2017. 30%.
 contains affirmative negative covenants financial covenant maximum leverage ratio.
 subsidiaries guarantors.
 2015 used cash prior credit facility $ 345 million loans.
 2017 $ 15 million letters of credit issued undrawn remaining $ 1235 million unutilized.
 unamortized debt issuance costs $ 11 million $ 8 million 2016.
 issued $ 600 million unregistered. senior notes due december 2027 repurchase 5. senior notes due 2021 2017 redemption.
2015 issued $ 600 million unregistered 5.%. notes due 2025 proceeds repurchase 7. 125%. notes 2021 2015 tender offer.
 interest payable semi-annually.
. notes limit create liens sell assets consolidations mergers.
 unamortized debt costs $ 15 million $ 19 million december 31 2017 2016.


information pnc common stock prices dividends statistical information item 8 report.
 compensation plans pnc equity securities authorized december 31 2015 table 201capproval 2016 incentive award plan 2013 item 3 201d proxy statement 2016 annual meeting item 12.
 stock transfer agent registrar computershare trust company.
 250 royall street canton 800-982-7652 shareholders contact phone number dividends shareholder services.
 common stock performance graph item 5.
.
.
 repurchases pnc common stock fourth quarter 2015 table thousands total shares purchased average paid maximum number shares.
 october 1 2013 31 2528 $ 89.
 november 1 2013 1923 $.
 december 1 2013 31 1379 $.
 5830 $.
pnc common stock employee benefit plans forfeitures stock awards payroll tax withholding.
 12 benefit 13 compensation plans statements.
 march 11 2015 board approved new stock repurchase program 100 million shares pnc common stock effective april 1 2015.
 repurchases open market privately negotiated transactions market economic conditions alternative uses credit ratings contractual regulatory limitations supervisory assessment capital.
 2015 capital plan share repurchase $ 2. 875 billion.
 repurchases employee benefit plans.
 fourth quarter 2015 repurchased 5. 8 million shares common stock open market average price $ 92. 26 per share aggregate repurchase price $. 5 billion.
 pnc financial services group.
 2013 form 10-k


eastman notes financial statements stock option awards granted non-employee directors employees eligibility requirements.
 single annual option grant fourth quarter compensation management committee occasional grants.
 exercise price equal closing price company stock.
 term ten years vesting periods three years.
 vesting end vesting period.
.
 option awards market price traded option pricing model.
 fair value options market.
 financial pricing model value.
 model fair value.
 weighted average assumptions options 2006 2005 2004.
 volatility rate 21. 40%. 40 %. 90%. 90 %.
 dividend yield 3. 24%. 24 %. 29%. %. 80%. %
 risk-free interest rate 4. 62%. 62 %. 48%. 46%. 46 %
 forfeiture rate. 75%.75 %
 expected term years 4.
 adoption sfas.
 123 company calculated expected term stock options six years.
 fourth quarter 2005 analyzed grant transactions ten year term.
 analysis year.
 weighted average expected term 4. years 2006 impact option swap reload grants shorter.
 volatility rate derived common stock volatility.
 weekly high closing stock price.
 derived formula.
 dividend yield derived formula fair market value common stock.
 average risk-free interest rate derived united states department treasury interest rates daily yield curves.
 adoption sfas.
 123 estimate forfeitures recognized share-based compensation expense.
 sfas.
 123 estimated forfeitures considered compensation expense.
 rates vary composition characteristics award participants.
 forfeitures awards range 0. 75 percent to.estimated forfeitures. 75.


obligations future payments debt december 31 2005 millions 2006 2010.
 debt $ 1181  $ 570 $ 308 2330 1534 6281
 lease obligations 172 144 119
 purchase obligations 3264  280 240 204 1238
 $ 4617  $ 1107 $ 707 $ 2646 $ 1801 $ 7657
 2006 amount includes $ 2. 4 billion contracts pulpwood logs wood chips.
 obligations take-or-pay raw material energy contracts.
 services.
 plan uncoated papers packaging.
 shareholder return realignments cost improvements options sale spin-off.
 quarter 2005 sale. 5%. interest harvey.
businesses under re- view include 2022 coated supercalendered papers coated groundwood mill assets in brazil beverage packaging business pine bluff mill kraft papers roa noke rapids north carolina mill arizona chemical wood products business company 6. 5 million acres.
 forestlands.
 distributed bid package information for businesses.
 timing evaluation by business decisions during 2006.
 use proceeds from future sales factors cash committed to free cash flow 2006 pay debt return value to shareholders high-return investments.
 accounting policies financial statements requires paper estimates recording assets liabilities revenues expenses.
 estimates require judgments.
 accounting policies.
 contingencies.
 impairment disposal long-lived assets.
 intangible assets.
201cemployers 2019 pensions 201d.
 postretirement benefits amended.
 132 pension postretirement benefits.
 income taxes. impact accounting policies contingent liabilities.
 legal environmental recorded probable incurred impaired loss estimated.
 judgments projected outcomes loss historical experience recommendations legal counsel.
 note 10 statements.
 reserves future claims settlements siding roofing judgments claims rates amounts.
 third party consultant estimates.
 liabilities environmental evaluations environmental regu lations estimates future remediation alternatives costs.
 determines evaluation.
 impairment long-lived assets goodwill.
 carrying amount exceeds fair value not recoverable.
 goodwill impairment exceeds fair value.
 assessments impairments carrying value


note 10 goodwill intangible assets.
 estimated rbc bank ( usa ) revenue net income pnc consolidated income statement 2012 $ 1. 0 billion $ 273 million.
 rbc bank transaction 2012 records bank maintained operations integrated pnc.
 revenue earnings reflect management estimate.
 table unaudited pro forma information 2012 2011 rbc bank acquired january 1  2011.
 combines results company results adjustments fair value adjustments.
 not indicative acquisition january 1 2011.
 no adjustments-temporary impairment losses sale securities.
 changes credit losses loan assets fair value.
 business model changes reflect adjustments accounting policies rbc bank pnc.
 pnc expects operating cost savings business synergies revenue growth acquisition not reflected pro forma amounts.
results differ unaudited.
 rbc bank pnc results.
 31 2012 2011
 revenues $ 15721 15421
 net income
 recognized $ 267 million integration charges 2012.
 $ 42 million 2011.
.
 smartstreet divested deposits assets smartstreet union bank.
 smartstreet nationwide business $ 1 billion assets deposits september 30 2012.
 gain sale reduction goodwill deposit intangibles $ 46 million $ 13 million.
 march consolidated income statement.
 acquired 27 branches northern atlanta flagstar bank.
 assets $ 211. million. million cash $ 24. million fixed assets $ 18. million goodwill intangible assets.
 $ 210. million deposits.
 no deposit premium no loans acquired.
consolidated income statement branch activity december 9 2011 acquisition.
 acquired 19 branches greater tampa florida subsidiary.
 assets acquired $ 324. 9 million $ 256. 9 million cash $ 26. million fixed assets $ 42. million goodwill intangible assets.
 assumed $ 324. 5 million deposits.
 $ 39. million deposit premium paid no loans acquired.
 income statement activity june 6 2011 acquisition.
 sold.
 for $ 2. 3 billion cash.
 pretax gain $ 639 million.
 income discontinued operations net taxes.
 pnc transitional services gis until systems conversion activities.
.


income taxes increased $ 1791 million 2012 due pretax income operations resumption sales libya.
 analysis income tax rates 2011.
 statutory rate operations before 35% 35 %
 foreign operations
 reinvestment assertion
 adjustments valuation
 tax law changes
 income tax rate operations 74% 74 % 61% 61 % )
 influenced geographic sources magnitude.
 allocated pretax segment income items.
 difference unallocated items.
 foreign operations tax rate increased due resumption sales libya first quarter 2012 statutory rate 90 percent.
 recorded $ 716 million deferred.
 tax undistributed earnings $ 2046 million foreign.
 foreign tax credits $ 488 million.
 reduced valuation allowance foreign tax credits $ 228 million recognizing deferred.
 tax undistributed earnings.
valuation allowances 2012 2011 increased foreign tax credits realize.
 benefits foreign taxes.
 item 8.
 statements note 10 taxes.
 discontinued operations net tax downstream business 2011 angola business 2013.
 item 8.
 statements notes 3 6.


augusta georgia mill 2 million.
 packaging.
 2014 2013
 $ 2940 3403 3435
 profit
 packaging sales $ 1. 9 billion 2015 2. billion 2014. billion 2013.
 profits $ 81 million 91 million conversion riegelwood mill 100% pulp production carolina coated bristols plant closure 92 million 2014 63 million 2013.
 coated paperboard sales volumes lower weaker market demand.
 77000 tons downtime 41000 tons.
 sales price.
 costs decreased energy chemicals wood increased.
 maintenance downtime 10 million.
 operating costs inflation.
 foodservice sales volumes increased demand.
 sales margins lower resin costs.
 operating costs distribution costs.
 2016 paperboard sales volumes lower exit coated bristols.
 sales price.
 input costs higher wood chemicals energy.
 maintenance downtime costs $ 4 million outage augusta mill first quarter.
 foodservice sales volumes lower.
 margins improve.
 operating costs.
 sales 2015 $ 319 million 365 2014 380 million 2013.
 operating profits $ 87 million $ 91 100.
 sales volumes increased decreased russia.
 margins improved higher price.
 decreased.
 input costs lower higher.
 first quarter 2016 sales volumes stable.
 price higher russia europe.
 input costs flat operating costs increase.
 sold 55% equity ip-sun.
 profits.
 $ 682 million $ 1. billion 2014 $. 2013.
 profits $ 193 million $ 5 million 2014 $ 2 million 2013.
 volumes lower over-supplied market competitive pressures.
 margins.
 costs freight costs.
october 13 2015 company sale 55% interest asia paperboard shandong sun holding group.
 rmb 149 million $ 23 million.
 third quarter 2015 current book value exceeded estimated $ 23 million.
 2015 loss pre-tax impairment $ 174 million $ 113 million.
 pre-tax charge $ 186 million long-lived assets estimated value.
 fourth quarter 2015 sale deconsolidation ip-sun jv adjustments impairment $ 12 million.
 pre-tax losses 2015 2014 2013 $ 19 million $ 12 million $ 8 million.


aes corporation financial statements 2014 declared quarterly stock dividend $ 0. 13 per share payable february 15 2018 shareholders february 1.
 stock repurchase program 2014 shares repurchased 2017.
 repurchases 2010 2017 154. million shares cost $ 1. 9 billion average price per share $ 12.
 $ 246 million repurchase.
 stock repurchased treasury stock.
 155924785 156878891 shares treasury stock december 2017 2016.
 restricted stock units employee benefit plans treasury stock.
 retired common stock repurchased since 2010.
.
 geographic regions.
 quarter 2017 asia sbus merged eurasia.
 reporting five.
 five operating reportable segments.
 prior results revised reflect new segment reporting structure.
february 2018 announced reorganization simplify portfolio optimize cost structure reduce carbon intensity.
 evaluating impact reorganization segment reporting structure.
 corporate overhead costs not associated five segments included. intercompany charges self-insurance premiums eliminated consolidation.
 uses adjusted ptc primary segment performance measure.
 pre-tax income operations corporation excluding unrealized derivative transactions foreign currency gains dispositions acquisitions plant closures losses impairments early retirement debt costs major restructuring program workforce reduction relocations office consolidation.
 adjusted ptc includes net equity earnings affiliates after-tax gains losses excluded consolidated entities.
 reflects business performance relevant internal evaluation financial performance.
 large transparent investors impact results.
revenue adjusted ptc before inter-segment eliminations intercompany transactions management fees write-off balances.
 intra-segment activity eliminated.
 consolidated results.
 tables financial information segment periods.
 december revenue 2017 2016 2015
 $ 3229 $ 3429 $ 3593
 2710 2506
 2448 2172
 1590 1670
 35
 eliminations
 revenue $ 10530 $ 10281 $ 11260


45 100 ball corporation subsidiaries financial statements.
 acquisitions latapack-ball embalagens.
 2010 paid $ 46. 2 million 10. 1 percent interest brazilian beverage packaging joint venture.
 increased interest 60. 1 percent brazilian market.
 variable interest entity consolidation primary beneficiary.
 operates plants tres jacarei salvador brazil asia.
 gain $ 81. 8 million equity investment.
 table values assets acquired liabilities assumed non controlling interest investment.
 based market income.
 cash $ 69.
 assets 84.
 property plant equipment 265.
 goodwill 100.
 intangible asset 52.
 liabilities.
 long-term liabilities.
 assets acquired $ 345.
 noncontrolling interests.
. intangible asset life 13. 4 years.
intangible asset amortized.
 acquired $ 62 million.
 sales $ 128 million 2009 leading north american manufacturer aluminum slugs cans bottles tubes extrusions.
 operates two plants canada 180 people.
 acquisition not material food household products packaging.
 guangdong jianlibao group. 2010 acquired 65 percent interest metal beverage can plant.
 35 percent plant since 1992.
 acquired 65 percent interest $ 86. 9 million debt long-term supply agreement jianlibao.
 equity earnings $ 24. 1 million 35 percent equity investment.
.
 acquisition not material metal beverage packaging.