new orleans.
 2007 2006 revenue fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2007 2006.
.
 2006 net revenue $ 192.
 fuel recovery.
 volume/weather.
 revenue.
 wholesale revenue.
.
 2007 revenue $ 231.
 fuel recovery variance grand gulf costs 2006.
 city council approved recovery.
 volume/weather variance increase electricity usage territory 2007.
 customer losses hurricane katrina.
 132000 electric 86000 gas december 31 2007 95000 65000 2006.
 retail electricity usage increased 540 gwh 2006 14%.
 rider revenue variance due storm reserve rider 2007 settlement agreement 2006.
 reserve $ 75 million ten-year restricted escrow account.
 settlement agreement note 2 financial statements.
net wholesale revenue due more energy 2006 retail usage hurricane katrina.
 2006 revenue includes sales entergy new orleans' output grand gulf hurricane operation maintenance expenses decreased storm-related debts $ 11 million $ 6. 2 million legal professional fees $ 3. 4 million employee benefit $ 1. 9 million gas operations higher labor material costs.


interest-earning assets unearned income fair value adjustments discounts acquired loans yield financial.
 timing revenue on estimates judgments assumptions contractual terms.
 changes revenue products market conditions industry norms.
 residential commercial mortgage rights measure fair value.
 risk management strategy hedge changes fair value.
 fair value estimated cash flow valuation model value future net servicing cash flows mortgage loan prepayment rates discount rates servicing costs economic factors market conditions.
 assumptions valuation model reflect estimate factors.
 sales active market precise terms conditions sales not available.
 obtains opinions from independent parties.
 cash flow transactions.
 compares residential msrs value.
 ranges valuation adjustment.
 2011 2010 residential msrs value not fallen outside brokers 2019 ranges.
residential msrs estimate fair value.
 commercial purchased loans sold servicing retained.
 trade active market precise terms conditions sales available.
 recorded fair value accounted lower amortized cost.
 evaluated impairment.
 mortgage servicing rights stratified type risk.
 fair value estimated internal valuation model.
 calculates future servicing cash flows revenue costs discount rates prepayment speeds.
 risk management strategies interest rates market factors.
 hedged with securities derivatives interest-rate swaps options futures contracts.
.
 hedge relationships managed market conditions.
 commercial msrs hedged derivatives decline interest rates.
 selecting instruments judgment prepayment speeds.
 hedging results less predictable short protect economic value.
 inputs december 31 2011 tables.
 expected rates mortgage loan prepayments fair value.
uses third-party model residential commercial loan prepayments.
 refined market conditions.
 future interest rates important valuation.
 utilizes market forward interest rates mortgage discount rates.
 derived current yield curve.
 interest consistent pricing capital markets instruments.
 changes forward curve volatility fair value estimate.
 residential mortgage servicing rights.
 $ $ 1033
 weighted-average life 3. 5
 prepayment rate 22. 10%. % 61%. 61 %
 11. 77%. 77 %
 prepayment. 77%. changes prepayment rate reflect impact rates prepayment expectations model changes.
 pnc financial services group.
 2013 form


realty trust financial statements.
 redeemable noncontrolling interests recorded carrying redemption value.
 changes charged capital.
 table noncontrolling interests.
.
 balance december 31 2008 $ 1177978
 income 25120
 distributions -42451
 conversion units common shares
 adjustment 167049
 balance december 31 2009 $ 1251628
 income 55228
 distributions -53515
 conversion common shares
 adjustment 191826
 redemption d-12 units -13000
 balance december 31 2010 $ 1327974
 redemption value $ 1066974000 $ 971628000.
 interests exclude series g convertible preferred units d-13 cumulative units accounted liabilities vornado common shares.
value units liabilities balance $ 55097000 $ 60271000 december 2010 2009.


income approach value asset liability based present cash flow economic life.
 amount duration cash flows considered market participant perspective.
 estimates pricing developmental effort operational performance aftermarket retention product life cycles material labor pricing factors.
 net cash flows adjusted uncertainties assumptions risk profile.
 adjusted future cash flows discounted to present value rate.
 projected cash flow discounted risk time value.
 market approach valuation uses prices market transactions.
 multiples.
 cost approach estimates value current cost replacing asset.
 estimated reproduction cost less loss due depreciation.
 purchase price allocation $ 2. 8 billion goodwill amortizable tax.
 assigned rms business.
goodwill recognized attributable revenue synergies integration products sikorsky costs consolidation intangible assets.
 determining value assets liabilities assumed requires judgments future cash flows long-term growth rates discount rates.
 flows analyses based future sales earnings cash flows market conditions budgets orders contracts labor agreements capital business plans performance.
 different estimates judgments results.
 2015 financial results results november.
 reflect full year sikorsky.
 sikorsky generated net sales $ 400 million operating loss $ 45 million amortization adjustments.
 incurred $ 38 million non-recoverable transaction costs acquisition.
.
 incurred $ 48 million costs issuing $ 7. billion november 2015 notes borrowings acquisition.
 financing costs recorded reduction debt amortized interest expense.
financial information table sikorsky results 2015 2014.
 net sales $ 45366 $ 47369
 earnings 3534 3475
 earnings common share.
 diluted earnings share.
 data calculated accounting policies adjusting results sikorsky adjustments acquisition january 1 2014.
 adjustments additional amortization expense intangible assets interest expense short-term debt.


tower corporation subsidiaries financial statements customer-related intangibles $ 15. 5 million network location intangibles $ 19. 8 million.
 amortized 20 years.
 goodwill deductible tax.
 allocated international rental management segment.
 december 8 2011 agreement mtn group joint venture uganda.
 controlled company subsidiary holds 51% 51 % interest 49% 49 % interest.
 joint venture managed owns tower operations company uganda.
 1000 communications sites mtn group subsidiary uganda.
 29 2012 acquired 962 communications sites purchase price $ 171. 5 million.
 increased $ 173. 2 million.
 legal title sites transferred conditions mtn group.
 company purchase price consolidated operating results.
table summarizes preliminary allocation purchase price assets acquired liabilities assumed estimated value acquisition.
 non-current assets 2258
 property equipment 102366
 intangible 63500
 non-current liabilities
 assets acquired $ 160596
 goodwill
 customer-related intangibles $ 36. million network location intangibles $ 27. million.
 amortized 20 years.
 goodwill not deductible tax.
 allocated rental management segment.
 communications sites e-plus mobilfunk.
.
 2031 sites purchase price $ 525. million.


consolidated financial statements unrealized currency translation adjustments foreign balance sheets not net tax no deferred.
 income taxes undistributed earnings non-.
 subsidiaries reinvested indefinite.
 tax benefit currency translation adjustments 2011 2010 2009 $ 7 million  $ 8 million $ 62 million.
 tax benefit adjustment pension postretirement benefits $ 98 million $ 65 million $ 18 million.
 cumulative tax benefit $ 990 million $ 889 million.
 unrealized gain loss marketable securities $. million. million. 1 million.
 benefit unrealized gain derivatives $ 19 million $ 1 million $ 16 million.
.
 employee savings plan covers.
 employees.
 company makes matching contributions.
 contributions 6% eligible participant compensation.
participants covered by collective bargaining agreement company-matching contribution determined by.
 contribution 100% first two months 2009.
 suspended march 2009 june 2010 cost savings global recession.
 july 1 2010 company match reinstated 50% first 6% compensation employees.
.
 january 1 2011 match increased to 75% first 6% compensation.
 contributions 2011 2010 2009 totaled $ 26 million $ 9 million $ 7 million.
 plan employee stock ownership plan.
 tax deductible dividends shares $ 20 million $ 24 million $ 28 million 2011 2010 2009.
.
 earnings.
 royalty income
 net earnings equity affiliates
 gain on sale assets
 $ 177 $ 180
.
compensation includes options restricted stock units contingent shares shareholder return.
 grants shares under ppg industries.
 incentive plan april 2011.
 shares for future grants 9. 7 million as december 31 2011.
 stock compensation cost $ 36 million $ 52 million $ 34 million 2011 2010 2009.
 income tax benefit $ 13 million $ 18 million $ 12 million.
 awards.
 ppg.
 employees granted options purchase common stock equal fair market value.
 exercisable six to 48 months after maximum term 10 years.
 issued from treasury stock.
 stock plan includes restored option provision options granted january 1 2003


fixed-price purchase options in leases benefits not significant.
 maintain operate assets contractual obligations.
 no control over value leased assets.
 power direct activities control economic performance.
 obligation to absorb losses or right receive benefits not primary beneficiary consolidate vies performance fixed-price options.
 future minimum lease payments totaled $ 3. 6 billion december 31  2012.
 16.
 leases locomotives.
 consolidated statements included $ 2467 million 966 million $ 2458 million  915 million depreciation for.
 charge to income depreciation.
 future minimum lease payments for operating capital leases-cancelable december operating capital leases.
 2013 $ 525  $ 282
 2014  466  265
 2015 410  253
 2016 375  232
2017 339 243
 2126 1166
 minimum leasepayments $ 4241
 interest -593 593
 value leasepayments $ 1848
 94% capital lease payments locomotives.
 rent expense leases one month $ 631 million 2012 637 million 2011 $ 624 million 2010.
 variable rental expense lease term.
 contingent rentals sub-rentals significant.
.
 commitments contingencies asserted claims subsidiaries.
 effect operations financial condition liquidity recorded liability.
 lawsuits environmental costs commitments contingent liabilities guarantees operations financial condition liquidity.
 injury cost cost incidents.
 actuarial analysis expense liability.
 federal employers 2019 liability act compensation work-related accidents.


stanley consolidated financial statements 2014 table reconciliation unrecognized tax benefits 2013 2012 2011 millions.
 balance december 31 2010 $ 3711
 412
 70
 decreases -79
 decreases settlements -56
 statute limitations
 balance december 31 2011 $ 4045
 increase $ 299
 127
 decreases -21
 decreases settlements -260
 decreases lapse statute limitations -125
 balance december 31 2012 $ 4065
 increase $ 51
 267
 decreases -141
 decreases settlements -146
 balance december 31 2013 $ 4096
 continuous examination irs tax authorities japan.
 review irs appeals office tax years 1999 2013 2005.
 levels field examination new york state tax years 2006 2013 2008 2007 2009.
company expects conclusion.
 tax authorities issues 2010.
 believes resolution tax financial condition resolution statements income effective income tax rate.
 established liability unrecognized tax benefits assessments.
 adjusts benefits more information event.
 evaluates likelihood assessments jurisdiction expiration statute limitations information.
 federal state unrecognized tax benefits released remeasured.
 income tax provision tax benefit $ 161 million $ 299 million 2013 2012.
 possible gross balance unrecognized tax benefits $ 4. 1 billion december 31 2013 may decrease 12 months completion


stock performance graph not 201csoliciting material securities exchange commission future filings securities act 1933 exchange act.
 compares shareholder return common stock standard 500 stock index amex airline index december 9 2013 31 2014.
 assumes $ 100 invested 2013 stock reinvestment dividends.
 historical not indicative future price performance.
 12/9/2013/31/2013 12/31/2014
 american airlines group. $ 100 103 $ 219
 amex airline index
 s&p 500


partners 2019 commodity price risk change ngls crude oil natural gas december 31 2008 excluding hedging normal operating conditions.
 2019 condensate sales based crude oil.
 $ 0. 01 per gallon ngls net margin $ 1. 2 million $ 1. 00 per barrel decrease crude oil $ 1. million $ 0. 10 per mmbtu decrease natural gas $ 0. 6 million.
 effects demand price changes.
 processing spread ethane margins revenues natural gas deliveries ngl volumes.
 exposed commodity price risk ngls storage purchases.
 utilizes fixed-price forward contracts reduce earnings volatility.
 financial instruments ngl marketing activities.
 exposed risk natural gas pipelines collect.
natural gas consumed pipelines buy sell exposes to commodity price risk.
 december 31 2008 no hedges natural gas price risk.
 uses derivative instruments hedge gas purchases winter heating volatility.
 gains losses recoverable monthly purchased gas cost mechanism.
 exposed to commodity price risk from natural gas storage contracts asset management contracts index-based purchases sales.
 minimize volatility derivative instruments cash flow fair value hedges.
 exposed price risk fixed-price purchases sales with derivative instruments.
 recorded fair value.
 excluding $ 21. million net liabilities from derivative instruments hedges.
 fair value derivatives december 31 2007 $ 25171
 derivatives reclassified -55874
 new derivatives 236772
 changes 52731
derivatives december 31 2008 $ 258800
 inject withdrawal periods april consistent business trategy.
 maturities $ 225. march 2009 $ 33. 9 march 2012 $. 1 march 2014.
 energy risk


biomet holdings.
 subsidiaries 2018 report financial statements unsecured financing limitations consolidations mergers sales.
 covenants 2018 2016 2014 agreements indebtedness ebitda ratio 5. 0 to 1. through june 30 2017 4. 5 to 1. 0.
 credit rating below investment grade restrictions investments dividends.
 covenants 2018 2016 2014 agreements december 31.
 no borrowings outstanding multicurrency revolving facility.
 redeem senior notes payment principal make-whole premium accrued interest floating rate notes 2021 march 20 2019.
 redeem 2. 700%. 2020. 375%. 2021. 150%. 2022. 700%. 2023. 550%. 2025. 250%. 450%. 2045 make-whole premium maturity date.
estimated fair value senior notes december 31 2018 $ 7798. million.
 japan loan a b $ 294. 7 million.
 carrying values.
.
 value rates.
 interest rate swap agreements fair value hedges fixed-rate obligations due 2019 2021.
 hedges settled 2016.
 variable-to-fixed interest rate swap agreements cash flow hedges.
.
 cross-currency interest rate swaps net investment hedges.
 excluded.
.
 uncommitted credit facilities $ 55. million.
 december 31 2018 2017 average interest rate borrowings 3. percent 2. 9 percent.
 paid $ 282. million $ 317. 5 million $ 363. 1 million interest 2018 2017 2016.
.
 income losses excluded net earnings.
 earnings.
aoci foreign currency translation adjustments unrealized gains losses investment hedges cash flow hedges amortization service costs benefit plans.
 adjustments reclassified net earnings sale liquidation investment foreign.
 gains losses cash flow hedges reclassified net earnings.
 defined benefit plans reclassified service periods.
 note 14.
 changes aoci foreign currency translation hedges defined benefit plan items.
 balance december 31 2017 $ 121. 5 -66. 5. -138. 2 -83. 83
 -135. 4 135. 68. -96.
 retained earnings -17. 4 -4. 42
 23. 12. 35.
 december 31 2018 -31. 3 31 20 -177. -187. 4 187.


7a.
 disclosures market risk millions exposed to risks interest rates foreign currency balance sheet items.
 use derivative instruments manage risks.
 derivative instruments risk management tools not trading speculative.
 exposure risk fair market value cash flows debt obligations.
 majority debt 89% 89 % 91% 91 % ) december 31 2015 2014 bears interest fixed rates.
 debt variable interest rates 10% increase decrease not material interest expense cash flows.
 fair market value debt sensitive changes interest rates impact 10% change interest summarized.
.
 -33. 34.
.
 used interest rate swaps risk management.
 rate swaps outstanding december 31  2015.
 $ 1509. 7 cash equivalents marketable securities conservative short-term bank deposits securities.
interest income investments subject to domestic foreign interest rate movements.
 2015 2014 income $ 22. 8 $ 27. 4.
 100-basis-point increase interest rates income $ 15. cash equivalents securities impacted balances constant.
 translation transaction risks.
.
 changes exchange rates affect revenues expenses.
.
 primary currencies australian dollar brazilian real british pound euro.
.
 dollar 10% operating income 4% 4 % currencies revenue expenses constant 2015.
 operations local currency.
 assets liabilities translated at exchange rates revenues expenses average exchange rates.
 translation adjustments recorded accumulated loss.
 foreign subsidiaries collect revenues pay expenses in currency.
 subsidiaries currencies other.
 assets liabilities susceptible to movements until final settlement.
currency transaction gains losses included in office general expenses.
 review foreign exchange exposures use currency exchange contracts hedge fluctuations rates.
 enter contracts for speculative purposes.


conduit assets origin.
 billions 2008 percent total assets
 united states $ 11. 46% 46 % 12. 14 42% 42 %
 australia. 30.
 britain. 97. 93
 spain. 71.
 italy. 66. 86
 portugal. 62. 70
 germany. 57.
 netherlands. 40. 55
 belgium. 29.
.
. 26
 conduit assets $ 23. 89 100% 100 % $ 28. 76
 conduits meet definition.
 not primary beneficiary record financial statements.
 no ownership provide subordinated financial support contractual arrangements.
 absorb credit losses $ 1. billion $ 1. 04 billion december 31 2008 2007.
asset purchase agreements provide conduits commercial paper maturing commercial paper disruption market.
 commitment $ 23. 59 billion $ 28. 37 billion at december 2008 2007.
 losses.
 first quarter 2008 $ 850 million conduit assets.
 illiquidity paper.
 securities purchased at prices exceeded fair value.
 securities written down to fair value $ 12 million reduction processing fees carried at fair value.
 liquidity asset purchase agreements drawn upon 2008 no draw-downs on standby letters of credit.
 conduits sell commercial paper investors.
 sometimes purchase.
 held $ 230 million commercial paper issued conduits $ 2 million at december 31 2007.
 $ 5. 70 billion.
 conduit-issued commercial paper sold to cpff.
 october 31  2009.
maturity conduits 2019 paper 25 days 2008 20 2007.
 issued first-loss notes third parties losses credit.
 first-loss notes $ 67 million $ 32 million 2007.
 credit losses


common stock commenced trading nasdaq 201cmktx november 5  2004.
 no public market.
 november 4 2004 registration statement initial public offering declared effective.
 high low bid information march 28  2005 last closing price $ 10. 26.
 188 holders.
 not declared cash dividends.
 intend retain future earnings expansion cash dividends.
 discretion board directors.
 conditions financial results capital requirements.
 november 4 2004 registration statement initial public offering.
 333-112718 declared effective.
 received net proceeds sale $ 53. 9 million  price $ 11. 00 per share discounts commissions expenses.
 outstanding shares convertible preferred stock converted 14484493 common stock 4266310 shares non-voting common stock.
 underwriters credit suisse first boston llc.
morgan securities. banc of america bear stearns co.
.
 ubs securities.
 broker-dealer institutional investor clients.
 stockholders.
 proceeds paid directors officers associates ten percent stock affiliates.
 december 31 2004 used net proceeds for product development sales marketing working capital.
 invested proceeds in cash equivalents short-term marketable securities.
.
 common equity stockholder matters issuer purchases equity securities november 5 2004 december 31 2004.
 24.


impairment charge.
 year may 31 2009
 goodwill $ 136800
 trademark 10000
 long-lived assets 864
 $ 147664
 net income noncontrolling interests increased $ 28. million. million 2008.
 acquisition 51% majority interest hsbc merchant services earnings income $ 37. million $. diluted earnings per share.
 operating cash flows operations expenditures debt service strategic investments.
 cash flow investments acquisitions dividends debt repurchase shares.
 cash balances invested short term instruments.
 plan operational needs growth low cost capital.
 credit settlement acquisitions.
 liquidity capital raise additional funds.
 may 31 2010 cash equivalents $ 769. 9 million.
 $ 268. 1 million available cash settlement merchant reserve cash balances.
settlement cash balances surplus funds sponsors obligation.
 cash balances collateral liabilities.
 2010 equivalents $ 199. 4 million reserves.
 reserves strengthens fiduciary standing guidelines.
 equivalents settlement assets obligations financial statements.
 net cash activities increased $ 82. 8 million $. 8 million 2010.
 income operations increased $ 16. 0 million working capital $ 60. 2 million.
 settlement assets obligations $ 80. 3 million accounts receivable $ 13. 4 million offset


maintain fhlb stock investment equal. 2%. bank assets $ 25 million.
 stock investment equal 4. 5%. advances.
 fhlb evaluates excess stock redemption.
 investment fhlb stock $ 140. 2 million $ 164. 4 million december 2011 2010.
 maintain qualified collateral percent advances varies adjusted annual collateral audit creditworthiness.
 advances secured by mortgage loans-backed securities.
 pledged loans $ 5. billion $. 6 billion one- four-family home equity loans collateral.
 2009 paid down advance maturity $ 1. 6 billion fhlb advances.
 loss on early extinguishment advances $ 50. million.
 loss extinguishment debt.
 similar transactions 2011 2010.
 raised capital trusts.
 securities redeemed due date 30 years after issuance.
trust issued floating rate preferred securities liquidation $ 1000 per capital security.
 used proceeds purchase floating rate junior subordinated debentures issued etbh guarantees trust obligations contributed proceeds e*trade bank capital contribution.
 recent issuance 2007.
 face values trusts at december 31 2011 shown dollars thousands trusts face value maturity date annual interest rate.
 etbh capital trust ii $ 5000 2031 10. 25%. %
 3. 75%. 6-month libor
 trust 2032 3. 25%-3. 65%. % 3-month
. 30%.
 2. 45%-2. 90%. 3-month
. 20%-2. 40%.
 2. 10%. 3-month
 capital trust. 90%-2.%.
$ 433000
 31 2011 2010 borrowings $ 2. 3 million $ 19. 3 million collateral market.
 $ 0. 5 million overnight short-term federal reserve bank tax programs.
 pledged $. 8 million securities.


.
 performance units convert unrestricted shares after three compensation committee.
 share-based compensation expense grant-date fair value stock monte carlo model.
 may 31 2015 granted. market condition stock price growth.
 minimum threshold performance no payout.
 maximum award opportunity fixed dollar number shares.
 three-year 2017 one-third units converted unrestricted common stock.
 two-thirds restricted stock installments anniversaries.
 share-based compensation expense grant date value monte carlo model.
 table summarizes changes unvested restricted stock performance awards december 31 2018 2017 2016 transition period may 31 2016-average grant-date fair value.
 unvested may 31 2015 1848 28.
 granted 461.
 vested -633.
 forfeited.69
 31 2016 1606 37. 25
 348 74. 26
 -639 31.
 52 45. 27
 31 2016 1263 49. 55
 899 79.
 -858 39. 26
 -78 59. 56
 2017 1226. 29
 109. 85
 -722 60.
 91. 47
 2018 1084 108.
 restricted stock $ 43. 4 million 33. 7 million 2018 2017 20. 2016 17. 4 million.
 compensation $ 53. 2 million 35. 2 million 2018 2017 17. million 28. 8 million.
 62. 7 million unrecognized compensation expense 2.
 accelerated vesting.
 2013 payments.
 2018


estimates financial statements estimates assets liabilities.
 results differ.
 acquisitions acquired real estate assets $ 219. 9 million $ 948. 4 million $ 295. 6 million 2007 2006 2005.
 purchased five industrial buildings seattle virginia houston 161 acres undeveloped land 12-acre container storage facility houston.
 total price $ 89. 7 million financed secured debt fair value $ 34. 3 million.
 $ 66. 1 million in-service real estate $ 20. million undeveloped land $ 3. 3 million lease assets remaining working capital assets liabilities.
 preliminary.
 included.
 february 2007 healthcare real estate.
 development capabilities.
 initial consideration $ 47. 1 million contingent payments three years.
 $.purchase price goodwill attributable development capabilities workforce.
 results included financial statements.
 2006 acquired majority washington.
 office industrial properties.
 $ 867. 6 million 32-service properties 2. 9 million square feet rental 166 acres undeveloped land assets winkler.
 financed mortgage loans new borrowings.
 assets liabilities recorded estimated fair value.
 rental properties 602011
 land development 154300
 real estate investments 756311
 assets 10478
 lease assets 86047
 goodwill 14722
 assets 867558
 debt
 liabilities
 liabilities


expects incur higher costs ships construction avondale due reductions productivity.
 increased estimates lpd-23 lpd-25 $ 210 million.
 recognized $ 113 million pre-tax charge operating income contracts.
 exploring alternative uses facility opportunities workforce.
 decision wind down shipbuilding operations incurring employee severance incentive compensation liabilities retirement liabilities amounts owed not meeting requirements cooperative agreement louisiana.
 anticipates restructuring facilities shutdown costs severance relocation asset write-downs.
 allowable government accounting standards recoverable future.
 approximate $ 271 million estimate.
 recoverable future federal acquisition regulation.
.
 navy cost submission recoverability subject review.
.
defense contract audit agency prepared audit report company 2019s proposal restructuring shutdown $ 310 million not supported questioned $ 25 million 8% costs.
 dcaa accept proposal.
 submitted revised proposal concerns estimated cost $ 271 million.
 challenged.
 navy dispute resolution alternatives.
 uncertainty timing allowability costs wind down avondale facility.
 anticipates discussions.
 navy agreement management cost recovery expectations.
 treated costs allowable costs earnings performance.
 restructuring expenses may greater than estimate inability recover financial position cash flows.
 evaluated effect wind down benefit plans.
 not material financial position.
 table summarizes liability for restructuring shutdown costs facility.
 costs employee severance retention incentive bonuses.
 capitalized in inventoried costs recognized as expenses product sales 2014.
 $ millions employee compensation accruals.
 accruals
 balance january 1 2010 $ 0
 27 39 66
 payments
 balance december 31 2010 $ 27 39 $ 66
 payments
 adjustments -3 44
 balance december 31 2011 $ 50 $


consolidated financial statements 2014 becton dickinson company reclassifications interest expense cost products.
 details cash flow hedges note 13.
 august 25 2016 proceeds divestiture respiratory solutions business 2017 accelerated share repurchase agreement.
 2016 received 1. 3 million shares common stock $ 220 million increase.
 2014 earnings per share common shares years september 30.
 2015
 common shares 212702 202537 193299
 equivalents 4834
 shares 2014 207509
 acquisition carefusion corporation march 17 2015 issued 15. million common shares purchase.
 disclosures note 9.
 options purchase shares excluded diluted earnings.
 years september 30 2016 2015 2014 no options purchase diluted earnings.


.
 loss sale $ 14 million impairment expenses.
 quarter 2002 impairment charge $ 40 million equity investment telecommunications company latin.
 poor performance funding problems.
 lost control central electricity supply corporation orissa.
 cost.
 2000 100% tractebel power ltd $ 67 million assumed liabilities $ 200 million.
 46% nigen.
 acquired 6% 6 interest stockholders 2000 99000 shares $ 4. 9 million.
 owns 98% common stock consolidating financial results 2000.
 $ 100 million purchase price excess costs assets amortized january 1 2002.
 ceased amortization.
 august 2000 subsidiary acquired 49% interest songas $ 40 million.
 additional. 79%. $ 12. 5 million 2002.
 owns songo gas-to-electricity project tanzania.
december 2002 company signed agreement songas.
 early 2003.
 note 4.
 table comparative financial information 50% owned investments equity method.
 years
 revenues $ 2832 6147 6241
 operating income 695
 net income 229
 assets 1097 3700
 noncurrent assets 6751 13080
 liabilities 1418
 stockholder's equity 3081 6835
 2002 2001 2000 impacted devaluation brazilian real.
 real devalued 32% 19% 8%.
 recorded $ 83 million 210 million $ 64 million pre-tax non-cash foreign currency losses brazilian equity.


table company 2019s non-vested performance share unit awards changes period average grant date.
 31 2015
 outstanding january 1
 granted.
 forfeited
 december 31,.
.
.
 reinsurance operation writes property casualty reinsurance marine aviation surety accident health brokers ceding companies.
 international operation writes.
 casualty reinsurance branches canada singapore offices brazil miami new jersey.
 bermuda operation provides reinsurance insurance worldwide property casualty markets united kingdom european markets.
 writes property casualty insurance agents brokers.
.
.
 segment represents segregated accounts.
 formed july 1 2013.
.
 diversified catastrophe exposures risk regions.
 exception.
logan re managed independently conform corporate guidelines pricing risk management control catastrophe exposures capital investments operations.
 management monitors evaluates financial performance underwriting results.
.
 logan segment managed independently diverse portfolio catastrophe risks risk return criteria.
 underwriting results include earned premium losses adjustment expenses commission brokerage expenses.
 measure premiums earned.
.
 business sourced subsidiaries activity reflected.
 segment.
 business reported segment.
.
 separate balance sheet data segments.
 review evaluate financial results.


schlumberger subsidiaries common stock treasury millions.
 balance january 1 2008 1334 -138 1196
 shares sold optionees exchanged
 employee stock purchase plan
 repurchase program
 conversions debentures
 december 31 2008 1334 -140 140 1194
 sold optionees exchanged
 restricted stock
 employee stock purchase plan
 repurchase program
 december 31 2009 1334 -139
 smith international. 176
 shares sold optionees exchanged
 stock purchase plan
 repurchase program
 conversions debentures
 balance december 31 2010 1434 -73 ( 1361
 consolidated financial statements


31 2007 2006 2005 millions.
 gain /loss disposition impairment acquired assets obligations -1. 19 3
 consulting professional fees.
 employee severance retention.
 technology integration.
 research development.
.
 employee relocation.
 acquisitions.
 sales lease contract terminations.
.
 25. 6
 research development charges 2007 endius orthosoft.
 gain/loss assets obligations 2006 sale centerpulse land facilities gain $ 5. 1 million settlement pre acquisition contingent liabilities.
 gains offset $ 13. 4 million impairment charge centerpulse tradename trademark intangibles.
 liquid investments maturity three months cash equivalents.
 carrying amounts balance equivalents valued cost fair value.
 restricted cash escrow insurance coverage.
inventories 2013 obsolete slow-moving goods stated lower cost market first-in first-out.
 property  plant equipment carried cost less accumulated depreciation.
 computed lives ten to forty years buildings improvements three eight years machinery equipment five years instruments.
 maintenance repairs expensed incurred.
 financial accounting standards.
 review property plant equipment impairment carrying value recoverable.
 impairment loss future cash flows less carrying amount.
 loss carrying fair value.
 software costs capitalize costs.
 include materials services compensation benefits employees.
 included amortized straight-line service estimated useful lives three to seven years.
 instruments surgeons procedures.
 long-lived assets included property plant equipment.
 undeployed instruments carried at cost net excess obsolete instruments.
instruments field carried at cost less accumulated depreciation.
 depreciation computed straight-line method estimated useful lives product life cycles five years.
 review instruments for impairment sfas.
.
 depreciation recognized as selling general administrative expense.
 account sfas.
 intangible assets.
 not amortized subject annual impairment tests.
 assigned reporting units operating segments.
 annual impairment tests reporting unit fair value carrying potential impairment.
 fourth quarter.
 fair value less than carrying value impairment loss recorded fair value.
 determined market multiples.
 account.
.
 measured at fair value.
 estimated after-tax discounted cash flows.
 assets indefinite life trademarks trade names not amortized.
 assessed annually.
 technology trademarks names.
2 0 0 7 r notes consolidated financial statements continued


development.
 hedge funds real estate currency commodities.
.
 2022 hedge funds $ 26. 6 billion down $ 1. 4 billion. billion
 gains 1. billion.
 single-strategy multi global macro opportunistic.
 open-end hedge closed-end funds.
 increased $ 6. 3 billion 28% $ 29. 1 billion 17. 1 billion hedge hybrid vehicles $ 12. billion private equity.
 6. billion european asian markets.
 real estate assets $ 12. 7 billion down $ 0. 1 billion $. 6 billion net redemptions distributions $. 5 billion portfolio valuation gains.
 high yield debt value-added opportunistic equity portfolios renewable power funds.
 real estate.
 real estate investment trust infrastructure debt team.
.
 currency commodities strategies totaled $ 41. 4 billion 2012 flat 2011 outflows $ 1. 5 billion overlays $. 8 billion market foreign exchange gains.
 claymore contributed $. 9 billion.
 currency commodities products passive.
 commodities $ 24. 3 billion $ 0. 7 billion acquired claymore not eligible performance fees.
 totaled $ 263. 7 billion december 2012 up $ 9. 1 billion 4% 2011.
 taxable tax-exempt funds customized accounts.
.
 dollar euro pound.
 84% institutions 16% retail investors.
 base 69% 31%.
 net inflows $ 5. billion uncertainty regulatory changes investing environment.
 short duration products low interest rate.
 cash management yield.
.
international ishares.
 changes 2013 amounts 12/31/2011 business acquired market.
 equity $ 419651 52973 3517 58507 534648
 fixed income 153802 28785
 multi-asset class 562
 alternatives 19341 3232 701 1064 24338
 long-term $ 593356 $ 85168 7322 66861 752707


table details growth global weighted average berths north american european asia/pacific cruise guests five years average supply berths caribbean cruises.
 berths global american european asia/pacific.
 weighted-averagesupply caribbean cruises. berths globalcruiseguests north american cruise guests european asia/pacific cruise guests
 2012 425000 98650 20813 11641 6225 1474
 2013 432000 98750
 2014 448000 105750 22039 12269 6387
 2015 469000 112700
 2016 493000 123270 12581 6542
 estimates global cruise guests weighted-average supply berths based data cruise industry.
 seatrade insider cruise industry news press releases.
.
estimates incorporate analysis cruise industry data.
 include global.
 include united states canada.
 european countries. germany france italy spain united kingdom.
 southeast asia. thailand east asia. south asia. india pakistan oceanian. australia fiji islands regions.
 majority cruise guests north america 52% global cruise guests 2016.
 annual growth rate 2% ( 2 % ) 2012 to 2016.
 27% % guests.
 growth rate 1% ( 1 % ) 2012 to 2016.
 asia/pacific 15% guests.
 annual growth rate 25% % 2012 to 2016.
 highest growth rate small sector.
 cruise lines.
competitors carnival corporation aida carnival costa cunard holland america p&o princess disney norwegian cruise line owns oceania regent seven seas.


43. 3 million 2011 $ 34. 1 million 2010.
 retail segment 13% 15% 15 % net sales 2010.
 operating income $ 4. 7 billion $ 3. 2 billion $ 2. 3 billion 2012 2011 2010.
 increases higher net sales higher average revenue per store.
.
 sales $ 156508 $ 108249 65225
 $ 68662
 43. 9%. 9 %.
 margin 2012 43. 9%. 5%. 2011.
 increase driven lower commodity product costs higher sales improved leverage fixed costs.
 offset stronger.
.
 gross margin first half 2012 45. 9%. 9 % 41. 4%.
 primary drivers higher margin higher mix sales improved leverage costs.
gross margin second half 2012 affected by new products higher price reductions higher transition costs strengthening.
 dollar offset lower commodity costs.
 gross margin percentage 2011 40. 5%. 39. 4%. 2010.
 increase driven by lower commodity product costs.
 expects decreases margin gross margin 36% ( 36 % ) first quarter 2013.
 future declines due to higher mix new innovative products component cost increases.
 future strengthening.
 dollar could impact gross margin.
 gross margin forward-looking could differ results factors.
 gross margins downward pressure due product pricing pressures increased competition compressed product life cycles product transitions potential increases cost components manufacturing services shift sales mix lower gross margins.
 product pricing actions gross margins.
margins affected company 2019s product quality warranty costs demand.
 international operations financial results exchange rates.


2018 annual report 21 item 3 legal proceedings snap-on involved legal matters.
 financial position operations cash flows.
 item 4 mine safety disclosures.
 part ii item 5 market registrant 2019s common equity stockholder matters issuer purchases snap-on 55610781 shares common stock 2018 end.
 listed new york stock exchange ticker. february 8 2019 4704 registered holders.
 issuer purchases chart shares common stock repurchased fourth quarter fiscal 2018 board authorizations.
 stock repurchases offset dilution employee franchisee stock purchase plans corporate purposes conditions.
 repurchase discretion subject financial market conditions.
 shares purchased average price per share announced plans programs value.

 09/30/18 to 10/27/18 90000 $ 149. 28 $ 292. 4 million
 10/28/18 to 11/24/18 335000 $ 159. 35 $ 239. 1 million
 11/25/18 to 12/29/18 205000 $ 160. 20 $ 215. 7 million
 630000 $ 158. 19
 subject adjustment 1996 december 29 2018 approximate value shares $ 215. 7 million.
 board authorized repurchase shares common stock open market privately negotiated transactions 1996 authorization.
 allows repurchase shares issued.
.
 authorization terminated.
 assumed price $ 148. 71 $ 161. 00 $ 144. 25 per share common stock fiscal 2018 october 27  november 24 december 29  2018.
2017 board authorized repurchase $ 500 million common stock.
 repurchase price limit met unless terminated.


target awards executive officers joseph.
 domino ceo texas 50% 50 % ) hugh.
 mcdonald arkansas 50% 50 % ) haley fisackerly mississippi 40% 40 % ) william.
 60% 60 % ) gulf states louisiana charles.
 rice.
 40% ( 40 % ) new orleans theodore.
.
 principal accounting officer subsidiaries 60% ( 60 % ).
 awards officers set supervisors allocated incentive pool.
 considerations.
 current position management level.
 levels 1 4.
.
 denault.
 taylor 2.
.
 3.
.
.
.
 4.
 incentive targets differ market data factors.
 2010 committee determined executive incentive plan targets annual bonuses 2011.
committee 2019s target levels after review 2011 financial plan entergy corporation recommendation finance committee targets with 2011 financial performance.
 targets performance.
 minimum
 earnings per share $ $ 6.
 operating cash flow $ 2. 97 $.
 2012 earnings determined entergy corporation exceeded earnings per share target $ 6. 60 by $ 0. 95 in 2011 short of operating cash flow goal $ 3. 35 billion by $ 221 million 2011.
 2012 personnel committee certified 2012 entergy achievement multiplier at 128% target.
 increased by 25 percent if performance goals satisfied multiplier or.
 section 162 internal revenue code management effectiveness factor mechanism achievement factors performance.
2012 committee eliminated management effectiveness factor 2011 incentive awards entergy achievement multiplier consistent performance management.
 annual incentive awards executive officers.
.
.
 incentive pool approved committee.
 supervisor determines annual incentive payment entergy achievement multiplier.
 decrease.
 approval entergy chief executive officer.


celanese purchases equity securities common stock months december 31 2014 number shares purchased average price paid share dollar value.
 october 1 - 31 2014 192580 $ 58. 02 164800 $ 490000000
 november 1 - 30 2014 468128 $ 59. $ 463000000
 december 1 - 31 2014 199796 $ 60. 78 190259 $ 451000000
 860504 823187
 27780 9537 october december 2014 shares withheld employees taxes stock.
 board authorized repurchase $ 1. 4 billion common stock since february 2008.
 note 17 stockholders' equity financial statements.
 material securities exchange commission securities act 1933 1934.
 cumulative return


mfc 2019s net sales decreased $ 322 million 5%.
 sales $ 345 million air missile defense fewer deliveries pac-3 lower volume thaad $ 85 million tactical missile fewer deliveries increased deliveries.
 higher sales $ 55 million energy solutions increased volume.
 operating profit decreased $ 62 million 5%.
 lower profit $ 100 million fire control lower risk retirements $ 65 million tactical missile fewer deliveries.
 offset higher profit $ 75 million increased risk retirements.
 $ 60 million lower 2015.
 decreased lower orders pac-3 hellfire jassm.
 higher orders pac-3 lantirn/sniper lower orders thaad.
 2019s net sales increase 2017.
 operating profit increase slightly.
 margin decline 2016 contract fewer risk retirements.
2015 acquired sikorsky rms.
 results financial results.
 consolidated reflect full sikorsky operations.
 rms design manufacture service support military civil helicopters ship submarine mission combat systems sensors rotary fixed-wing aircraft missile defense radar littoral combat ship simulation training services unmanned systems technologies.
 supports cybersecurity communication command control solutions.
 programs black hawk seahawk helicopters aegis combat system lcs space fence hawkeye radar tpq-53 radar ch-53k helicopter vh-92a helicopter.
 results.
 net sales $ 13462 $ 9091
 operating profit
 margin 6. 7%. 3%. 7%.
 backlog $ 28400
 net sales increased $ 4. billion 48%.
 higher net sales $.billion sikorsky acquired 6 2015.
 net sales sikorsky revenue adjustments.
 offset sales $ 70 million training


citi 2019s common stock 2009 2010 note 33 financial statements.
.
 government holds citigroup securities 2009 citigroup pay quarterly stock dividend exceeding $ 0. 01 per quarter exceptions.
 dividend common stock obligations stock.
 comparison five-year return citigroup 2019s common stock s&p 500 index s&p financial index 2010.
 $ 100 invested december 31 2005 citigroup 2019s common stock 500 dividends reinvested.
 500 five-year return 2006 2007 2008 2009 2010.
 citigroup s&p 500 index financial index
 2006 119. 115.
 2007.
.
.
 2010. 111


adobe inc.
 financial statements stock options 2003 plan options employees executive officers consultants non directors.
 until termination board or shares issued restrictions lapsed.
 option vesting periods four years seven years date grant.
 eliminated stock option grants employees non directors issue.
 programs 2018 2017 2016 stockholder value award potential talented individuals.
 executive compensation committee approves terms award calculation methodology.
 shares earned stockholder return three-year period.
 awards awarded vest committee certification achievement three-year anniversary.
 participants receive 200% target shares.
 2018 approved 2018 performance share program terms similar prior.
 november 30  2018 shares awarded 2018 2017 2016 yet achieved.
 options vesting restricted stock units performance shares purchases treasury stock.
 common stock.
impact dilution stock options stock units performance shares instituted stock repurchase program.
 note 12.
 valuation stock-based compensation cost measured grant date fair value.
 awards valued monte carlo simulation model.
 fixed amortized remaining.
 black-scholes option pricing model fair value.
 stock price variables.
 stock price volatility stock option behaviors risk-free interest rate expected dividends.
 term average purchase periods.
 assumptions stock purchase rights.
 expected life years. -.
 volatility 26% 26 % - 29% ( 29 % ) 22% 27% 27 %
 risk free interest rate. 54%. 54 %. 52%. %. 62%. 62 %. 41%. 41 %. 06%


goldman sachs group.
 subsidiaries financial statements lending commitments fixed termination dates contractual conditions.
 net amounts syndicated third parties.
 reflect future cash flows.
 commitments expire unused request.
 table lending commitments.
 december 2018 2017
 investment $ 120997 $ 124504
 sale 8602
 fair value 7983
 $ 137582 $ 143746
 investment accounted accrual basis.
 note 9.
 sale lower cost fair value.
 gains losses fair value recorded net fees.
 commitments investing lending.
.
 investment-grade corporate borrowers.
 $ 93. 99 billion 2018 $ 85. 98 billion 2017 relationship lending $ 27. 92 billion $ 42. 41 billion investment banking contingent acquisition financing short-term.
firm extends lending commitments corporate lending commercial real estate financing.
 note 9.
 sumitomo mitsui financial group.
 provides credit loss protection loan commitments-grade.
 $ 15. 52 billion 2018 $ 25. 70 billion december 2017.
 loss protection limited 95% first loss $ 950 million.
 protection 70% additional losses maximum $ 1. 0 billion $ 550 million protection 2018 2017.
 uses financial instruments mitigate credit risks.
 credit default swaps market index.
 warehouse financing.
 financing clients assets.
 secured consumer corporate loans.
 collateralized agreements resale securities borrowing repurchase secured lending agreements three business days.
 contingent financing resale agreements.
 funding depends contractual conditions expire unused.
firm commitments banks collateral margin deposit requirements.
 investment commitments private equity real estate funds.
 commitments $ 2. 42 billion 2018 $ 2. 09 billion 2017.
 funded at market value.
 goldman sachs 2018 form 10-k


jpmorgan chase. annual report interest income excluding reviews lending investing deposit-raising activities.
 fixed income equity markets.
 data non-gaap measures exclusion interest income.
 exclusion provides non markets business trends comparable institutions lending investing deposit-raising.
 year december 31 millions 2016 2015 2014 net interest income 2013 $ 47292 $ less markets excluding $ 40958 $ $ 38587 average interest-earning assets $ 2101604 $ 2088242 $ 2049093 $ 1581297 $ 1577950 1526104 net interest yield assets 2013. 25%. 14%. 18%. 18 % yield cib markets. yield excluding cib markets. 59%. %. 49%. 53%. 53 % hedges.
 taxable-equivalent amounts.
reconciliation net interest income firm.
 results page 48.
 prior period amounts revised align cib 2019s markets businesses.
 page 61.
.
 non financial measures.
 book value per share overhead ratio noninterest expense net revenue return assets average assets return equity stockholders equity return average book value per share net income equity.
 year december 31 2015
 net interest income 2013 basis $ 47292 $ 44620
 cib markets net interest income 6334
 excluding markets $ 40958 $ 39322 38587
 interest-earning assets $ 2101604 2088242 2049093
 markets assets 520307 510292 522989
 assets $ 1581297 $ 1577950 1526104
interest yield assets 2013 2. 25%. 25 %. 14%. 14 %. 18%. 18 %
 cib markets assets 1. 22. 04 15
 excluding cib markets 2. 59% 2. 59 %. 49%. 49 %. 53%. 53 % )
 jpmorgan chase. annual report interest income excluding performance investing deposit-raising.
 fixed income equity markets.
 data non-gaap measures exclusion interest income.
 exclusion provides analyze non markets business trends comparable institutions investing deposit-raising.
december 31 millions rates interest income 2013 $ 47292 $ 44620 less cib markets 6334 5298 6032 excluding markets $ 40958 $ 39322 $ 38587 assets $ 2101604 $ 2088242 $ 2049093 markets 520307 510292 522989 $ 1581297 $ 1577950 $ 1526104 interest yield 2013. 25%. 14%. 18%. 18 % markets. 59%. 59 %. 49%. %. 53%. 53 % hedges.
 taxable-equivalent amounts.
 reconciliation net interest income.
.
 prior period amounts revised align markets businesses.
.
.
 measures.
non-gaap financial measures book value share 201d stockholders equity shares overhead ratio noninterest expense net revenue return assets return common equity 2019 equity return common equity equity book value share 201d equity shares net income


.
 brokerage receivables payables citi has for financial instruments from brokers dealers customers.
 to risk loss pay deliver at market prices.
 credit risk broker.
 margin collateral.
 margin levels monitored daily deposit additional collateral.
 citi may liquidate financial instruments.
 credit risk impacted by market volatility.
 credit limits monitored for customers brokers dealers.
 brokerage receivables payables.
 millions december 31 2016 2015
 receivables from customers $ 10374 $ 10435
 brokers dealers 18513 17248
 receivables $ 28887 $ 27683
 payables to customers $ 37237 $ 35653
 brokers dealers 19915 18069
 payables $ 57152 $ 53722
brokers dealers 18069 brokerage payables $ 57152 53722 receivables payables citi broker dealer aicpa accounting guide.


december 31 2006 leased office laboratory connecticut distribution storage san diego four foreign facilities japan singapore china netherlands non-cancelable leases expire july 2011.
 leases renewal options one to five years.
 contractual obligations less than 1 year 2013 3 years 5 years 5.
 less 1 year 3 5
 operating leases $ 37899 $ 5320 $ 10410 $ 9371 $ 12798
 orders goods services not enforceable binding.
.
.
 exposure investment portfolio.
 value fixed rate securities impacted income floating rate securities decline.
 interest rate derivative instruments exposure.
 safety funds default market risk reinvestment risk.
 mitigate default risk investment grade securities.
maintained short average maturity investment portfolio believe 100 point adverse move interest rates affect value instruments.
 foreign currency exchange risk revenue.
 dollars some portions foreign currencies.
 financial results affected exchange rates economic conditions.
 functional currencies subsidiaries local currencies.
 accounts translated local.
 dollar current exchange rate average exchange rate.
 effects translation recorded income.


.
 shareholders 2019 equity loss december 31.
 millions 2009 2008 2007
 foreign currency translation $ 281 $ 68 $ 331
 unrealized loss hedges non. subsidiaries -14
 loss-for-sale securities -1636 -678
 loss hedges -113
 losses-temporary impairment -159
 losses -387
 pension liability -192 -229 -146
 unrealized loss cash flow hedges -18
 $ -2238 -5650 $ -575
 net after-tax unrealized loss-for-sale securities $ 1. 64 billion $. 21 billion december 31 2009 2008 $ 635 million $. 39 billion-tax unrealized losses securities reclassified maturity.
decrease losses 2008 amortization impairment securities.
 note 3.
 2009 net gains $ 368 million.
 unrealized pre-tax gains $ 46 million 2008 deferred taxes $ 18 million.
 gains $ 68 million.
 pre-tax gains $ 71 million 2007 deferred taxes $ 28 million.
 net gains $ 7 million.
 unrealized pre-tax losses $ 32 million 2006 deferred taxes $ 13 million.
 2008.
 issued 20000 shares series b-rate $ 100000 liquidation preference per share warrant purchase 5576208 shares $ 53. 80 per share proceeds $ 2 billion.
 allocated stock warrant values.
 $ 1. 88 billion $ 121 million.
.88 billion preferred stock liquidation $ 2 billion retained earnings yield method.
 2008 2009 reduced net income $ 4 million $ 11 million earnings.
.
 preferred shares 1 regulatory capital paid quarterly dividends 5% year.
 2009 accrual dividends reduced net income $ 18 million $ 46 million reduced earnings.
.
 warrant


consolidated financial statements 3 derivative transferred 3 entire gain loss included.
 transfers between reported reporting period.
 negative positive represent transfers derivative liabilities.
 gains losses level 3 derivatives derivative 1 2 inputs classified 3 one significant level 3 input.
 3 entire gain loss inputs. classified 3.
 gains losses 3 offset by gains 1 2 derivatives cash instruments.
 gains losses level 3 rollforward represent impact firm results operations liquidity capital resources.
 tables changes fair value derivatives level 3 end.
millions level 3 derivative assets liabilities fair value december 2013 asset balance net gains losses unrealized gains losses instruments held year-end purchases sales settlements transfers level 3 transfers level 3 2013 asset liability balance year
 interest rates 2014 net $ -355 ( $ -78 ( 78 ) $ 168 $ 1 $ -8 ( 8 ) $ 196 $ -9 ( $ -1 ( 1 $ -86 ( 86 )
 credit 2014 net 6228  -1 ( 1 -977 ( ) 201 -315 ( 315 ) -1508 695 -147 ( ) 4176
currencies 2014 35 -93 ( -419 ) -6 ( 6 ) 169
 commodities -304 ( -6 ( 6 ) -48 281
 equities 2014 -1248 ( 1248 -67 ( ) -202 -472 -15 -52 ( ) -959 ( 959 )
 derivatives 2014 net $ 4356 245 ) 1372 -849 ( ) 158 $ 860 -239 ( ) 2991
.
 losses $ 1. 29 billion $ 324 million.
 net unrealized loss level 3 derivatives $ 1. 37 billion 2013 changes level 2 credit spreads currency foreign exchange rates.
 transfers level 3 derivatives reduced transparency.
 transfers.
 goldman sachs 2013 annual report


tower corporation subsidiaries financial statements 2014 adopted disclosure provisions sfas.
 123 amended.
 148 note 1.
 value option grant estimated black-scholes option pricing model.
 average values options 2004 2003 2002 $ 7. 05 $ 6. 32 $ 2. 23 per share.
 assumptions.
 risk-free interest rate 4. 23%. %. 53%. %
 option grants 4
 volatility stock 80. 6%. 6%. 3%. 3 %
 dividends voluntary option exchanges 2004 issued employees 1032717 options exercise price $ 11. 19 per share.
 issued voluntary option exchange program 2003 accepted options $ 10. 25 purchase 1831981 shares common stock.
program offered full part-time employees excluding executive officers directors grant new options two shares common stock three surrendered.
 no options granted employees between cancellation new grant date.
 may 2002 company issued employees 2027612 options exercise price $ 3. 84 per share fair market value.
 options issued voluntary option exchange program october 2001 accepted surrender options purchase 3471211 shares common stock.
 part-time employees officers new options.
 no options granted between cancellation new grant date.
 atc mexico stock option plan maintains stock option plan atc mexico subsidiary.
 issuance options to officers employees directors consultants.
 limits stock 360 shares capital structure.
 2002 granted options to purchase 318 shares common stock to officers employees.
options issued price $ 10000 per share.
 fair market board independent appraisal.
 atc mexico plan options 2002 $ 3611 per share black-scholes option pricing model.
 options exercised 2004.
 no granted 2004 2003 december 31 2003.
.


fuel prices 2013 crude oil increased 2007 $ 56. barrel january $ 96. per barrel december.
 2007 average fuel price increased 9 added $ 242 million operating expenses 2006.
 fuel surcharge programs higher fuel prices.
 fuel conservation efforts consumption rate 2% 2 %.
 locomotive simulator training operating practices technology 21 million gallons fuel 2007.
 free cash flow 2013 $ 3. billion cash flow $ 487 million 2007.
 operating activities less investing dividends.
 not financial measure accounting principles.
 important financial performance.
.
 reconciles 2007 2006 2005.
 operating activities $ 3277 $ 2880 $ 2595
 investing activities
 dividends paid
 free cash flow $ 487 $ 516
outlook 2022 safety safe railroad benefits employees customers shareholders public.
 multi-faceted approach safety technology risk assessment quality control training.
 implement total safety culture.
 safety.
 maintain upgrade close crossings video cameras educate public crossing safety.
 2022 commodity revenue.
 expect record revenue 2008 customer service.
 yield increases fuel surcharges primary drivers commodity revenue growth.
 volume 1% higher to lower 2007 softness market sectors.
 transportation plan traffic flows network logistic patterns simplify operations improve network efficiency asset utilization.
 maintain manpower locomotives improve productivity operating margins.
 fuel prices volatile.
 prices increase 15% to 20% above average 2007.
 recovery fuel surcharge programs fuel conservation efforts.


wireless providers beginning investments 3g data networks.
 ghana uganda voice data networks increasing demand.
 south africa carriers 3g data networks.
 mexico brazil networks deployed providers invest 3g data networks auctions investments 3g.
 chile peru colombia spectrum auctions drive investment nationwide voice 3g data networks.
 germany demand driven by government rural fourth generation network build-out tenant initiatives next generation wireless services.
 demand tower sites international markets coverage investing next generation data networks.
 rental management new site revenue growth.
 grew portfolio communications real estate acquisitions construction 8810 sites.
 international markets increased pass-through revenues expenses.
 evaluate opportunities larger communications real estate portfolios portfolio.
 new sites
international 1 7850 10000 6870
 majority sites acquired 2012 brazil germany india uganda 2011 brazil colombia ghana india mexico south africa 2010 chile colombia india peru.
 network development services revenue growth.
 rental management operations services revenue small percentage total revenues.
 tower-related services site acquisition zoning permitting structural analysis support site leasing addition new tenants equipment network upgrades.
 expenses.
 ground rent property taxes repairs maintenance security power fuel costs.
 exclude selling administrative development expenses aggregated.
 increase adding tenants modestly year-over-year.
 leasing additional space new tenants provides cash flow.
 incur additional expenses presence areas portfolio.
 profit margin growth impacted addition new tenants diluted development activities.


.
 december 2 capital lease $ 1494627 19681 1514308 1505096 1493969 28492 1522461 1513662 issued $ 600. million. 25%. senior notes 2015 $ 900. million. 75%. notes 2020.
 proceeds $ 1. 5 billion net issuance discount $ 6. 6 million.
 unsecured indebtedness.
 incurred issuance costs $ 10. 7 million.
 amortized interest expense.
 3. 45%. 2015 4. 92%. 2020 notes.
 payable semi-annually february 1 august 1.
 2011 interest payments $ 62. 3 million.
 proceeds corporate purposes repayment balance credit facility.
 fair value $ 1. 6 billion december 2  2011.
 redeem subject premium.
 repurchase 101% principal amount plus accrued unpaid interest repurchase.
 notes include covenants liens sale leaseback transactions.
 december 2 2011 compliance with covenants.
 2007 amendment 201camendment 201d increased senior unsecured revolving facility from $ 500. million to $ 1. billion.
 amendment permits one-year extensions closing majority consent.
 option request additional $ 500. million maximum $ 1. 5 billion.
 2008 second amendment extended maturity date one year to february 16 2013.
 no extensions.
 terms conditions same.
 facility covenant not exceed maximum leverage ratio.
 borrowings accrue interest london interbank rate margin grid base rate.
. 20%.
 commitment fees payable. 15%. per year.
 facility available loans corporate purposes.
 february 1  2010 paid outstanding balance $ 1.billion credit line borrowing.
 capital lease obligation 2010 sale-leaseback agreement equipment $ 32. 2 million leaseback 43 months.
 capital lease obligation recorded fair value.
 december 2 2011 capital lease obligations $ 19. 7 million $ 9. 2 million current debt.
 consolidated financial statements.
 1493969
 lease obligations
.
 december 2 2011 2010 1514308 1505096 1493969 february 2010 issued $ 600. million. 25%. notes 2015 $ 900. million. 75%. 2020.
 proceeds $ 1. 5 billion net issuance discount $ 6. million.
 unsecured unsubordinated indebtedness.
 incurred issuance costs $ 10. 7 million.
discount issuance costs amortized to interest expense interest method.
 rate 3. 45%. % 2015. 92%. 2020.
 interest payable semi-annually february 1 august 1.
 2011 interest payments $ 62. 3 million.
 proceeds available for corporate purposes repayment balance credit facility.
 fair value $ 1. 6 billion december 2 2011.
 redeem premium.
 repurchase equal 101% principal amount plus accrued unpaid interest.
 covenants liens sale leaseback transactions.
 compliance covenants.
 agreement amendment increased senior unsecured revolving facility $ 500. million to $ 1. billion.
 one-year extensions.
 option request additional $ 500. million maximum $ 1. 5 billion.
2008 second amendment credit agreement extended maturity 16 2013.
 extensions.
 terms conditions same.
 covenant maximum leverage ratio.
 borrowings accrue interest london interbank rate six months periods margin pricing base rate.
. 20%. 475%.
 commitment fees payable. 05%. 15%. per year.
 loans corporate purposes.
 february 1 2010 paid outstanding balance $ 1. billion credit line available borrowing.
 june 2010 sale-leaseback agreement equipment $ 32. 2 million leaseback 43 months.
 capital lease obligation recorded fair value.
 december 2 2011 capital lease obligations $ 19. 7 million $ 9. 2 million current debt.


consolidated financial statements notes 6 7 fair value cash instruments derivatives sold not purchased 8 fair value assets liabilities.
 table presents assets liabilities fair value.
.
 cash collateral counterparty netting impact derivatives netting fair value hierarchy.
 netting positions level.
 december 2013
 level 1 assets $ 156030 $ 190737
 2 499480 502293
 3
 cash collateral counterparty netting -95350
 fair value $ 600173 $ 638513
 911507 938555
 3 assets 4. 4%. 4 %. 0%.
 fair value 6. 7%. 7 % 7. 4%. 4 %
 1 68412 65994
 2 300583 318764
 3
 collateral counterparty netting -32760
financial liabilities fair value $ 355173 $ 377677
 level 3 liabilities 3. 4%. 8%.
.
 $ 890 billion $ 915 billion december 2013 2012.
 level 3 assets 2013 decreased derivative assets bank loans loans commercial real estate.
 decline credit settlements unrealized losses.
 settlements sales offset purchases transfers.
 liabilities december 2013 decreased liabilities accrued expenses sale majority stake insurance business.
 notes 6 7 8 level 3 cash instruments derivatives assets liabilities unrealized gains losses transfers.
 sachs 2013 annual report


humana inc.
 financial statements 2014.
 stockholders 2019 equity dividends table dividend payments excluding rights 2016 2017 2018 quarterly cash dividend policy payment.
 2016 $. $ 172
 2017 $. 216
 2018 $. $ 262
 declared cash dividend $ 0. 50 per share paid january 25 2019 stockholders december 31 $ 68 million.
 future dividends.
 cash dividend $ 0. 55 per share april 26 2019 stockholders 29.
 repurchases authorize purchase common shares.
 purchased prices securities exchange act privately-negotiated transactions repurchase agreements regulatory restrictions.
 authorized repurchase $. billion common shares december 31 2017 employee stock plans.
february 16 2017 accelerated share repurchase agreement goldman sachs.
 $ 1. 5 billion common stock $ 2. 25 billion repurchase february 14 2017.
 february 22 2017 $ 1. 5 billion sachs delivery 5. 83 million shares.
 reduction stockholders 2019 equity $ 1. 2 billion increase treasury stock. $ 300 million decrease capital.
 august 28 2017 additional 0. 84 million shares average daily price $ 224. 81  total shares 6. 67 million.
 reclassified $ 300 million treasury stock.
 repurchased additional 3. 04 million shares open market remaining $ 750 million $ 2. 25 billion authorization.
 december 14 2017 board authorized repurchase $ 3.shares 31 2020 repurchased stock plans.


sum buyout cost $ 1. million.
 total rent expense leases $ 893000 $ 856000 $ 823000 fiscal years 2001 2002 2003.
 36-month leases $ 644000 office furniture.
 leases ended 2003 furniture purchased fair market value.
 rental expense $ 215000 $ 215000 $ 127000.
 2000 36 capital lease computer equipment software $ 221000.
 ended 2003 assets purchased stipulated buyout price.
 future minimum lease payments non-cancelable leases march 31 2003.
 leases
 2004
 2005
 2006
 2007 769
 2008
 future minimum lease payments $
 company involved legal administrative proceedings claims.
 outcome adverse effect.
.
 stock option purchase granted fair value underlying common stock date.
stock options not exercised expire 10 years grant.
 1992 combination stock option plan adopted september 1992 incentive.
 2670859 options awarded ten-year may 1 2002.
 march 31 2003 1286042 options outstanding eligible future exercise.
 held by employees exercisable over five years.
 1998 equity incentive plan adopted august 1998.
 grants options employees directors advisors consultants.
 maximum 1000000 shares common stock awarded.
 exercisable subject terms.
 vesting periods 3 to 5 years from grant.
 2000 stock incentive plan adopted august 2000.
 grants options employees directors advisors.
 to 1400000 shares common stock awarded exercisable terms.
 vested 4 years from grant.
 nonqualified stock option plan for non-employee directors.
directors 2019 plan adopted july 1989 options purchase non-employee directors.
 400000 shares.
 options vesting 1 5 years.
 financial statements march 31 2003 page


liquid securities maturity three months or less cash equivalents.
 maturities greater than three months available-for-sale short-term investments.
 carrying value interest-bearing instruments fair value as december 29 2012.
 interest rates revolving credit facility variable interest expense affected rates.
 fluctuate market interest rates consolidated leverage ratio.
 december 29 2012 no outstanding balance credit facility.
 note 3 financial.
 equity price risk convertible notes 2015 2013 notes include conversion settlement provisions based price common stock.
 hedges warrants include settlement provisions based price stock.
 cash shares determined by price common stock.
.
 expiration 2015 warrants shares common stock purchasers price warrant strike price $ 10. 78.
 table shows number shares 2015 warrant counterparties at expiration prices shares millions.

 11.
 12. 4 7
 13.
 14. 10
 15. 13.
 16. 15.
 17. 17
 18. 18
 19. 20.
 20. 21.
 expiration 2015 warrants diluted earnings share shares increase average closing stock price exceeds $ 10.
 2015 2013 3 consolidated financial statements financial condition results operations.


.
 strategic business objectives.
 assets liabilities recorded fair values included consolidated balance sheet.
 purchase price allocation based on value liabilities.
 purchase price reduced for cash equivalents.
 2017 2016 2015 not significant financial statements financial information.
 acquired $ 798. 3 million outstanding debt.
 pre-acquisition sales $ 245 million leading european manufacturer marketer hygiene disinfection products healthcare.
 innovative product line.
 deposited 20ac50 million escrow account released 2017.
 recorded restricted cash consolidated balance sheet december 31.
 incurred acquisition integration costs reflected in consolidated statement income.
 note 3.
 cash paid for anios.
 tangible assets 139.
 intangible assets
 customer relationships.
 trademarks.
 technology.
 assets acquired 473.
511.
 liabilities 187.
 798.
 debt repaid 192.
 sellers 605.
 accounts receivable $ 64. million property equipment $ 24. 7 million inventory 29. 1 million.
 deferred tax 102. 3 million current 62. 5 million.
 trademarks amortized 20 17 11 years.
 511. 7 million acquisition synergies economies healthcare portfolio.
 institutional healthcare specialty food beverage.
 deductible tax.


average grant date performance stock units 2008 2007 $ 84. 33 $ 71. 72.
 total $ 33712 $ 49387 $ 9181 .
 30 vesting term 1. 28 years.
 time-vested three years after grant key executives vest year retirement.
 share-based compensation expense recorded service period retirement eligibility.
 fair value based market value company stock grant.
 summary time-vested stock units september 30 2009 changes average grant date fair value.
 october 1 $ 69. 35
 granted.
.
 forfeited canceled.
 30 $ 69. 36
 vest.
 grant date value-vested units 2008 2007 $ 84. 42 $ 72. 20.
value time-vested stock units 2009 2007 $ 29535 $ 26674 $ 3392 .
 vesting term 1. 71 years.
 unrecognized compensation expense non-vested awards $ 97034 2. 02 years.
 4295402 shares authorized for future grants 2004 plan.
 share-based payments open market purchases or shares treasury.
 sufficient shares treasury payments 2010.
 award plan grants shares employees.
 distribution 25% award deferred after retirement deferred portion five installments.
 balance over five years.
 plan terminated 2004 plan.
 awards for 114197 161145 shares outstanding.
 2014


liquidity citigroup subsidiaries include deposits collateralized financing transactions debt commercial paper trust securities purchased/wholesale funds.
 funding sources diversified across geography franchise.
 diverse retail corporate deposit base $ 774. 2 billion.
 diversified products regions two-thirds outside.
 stable low-cost source funding.
 portion deposits long-term stable core.
 qualitative quantitative assessments calculation core deposits.
 qualitative.
 deposits wholesale funding excluded core.
 quantitative analysis.
 foreign exchange sale retail banking deposit base stable.
 increases in transaction services.
 retail banking smith barney.
 offset by wholesale funding de-leveraging declines consumer banking private bank.
 citigroup subsidiaries global capital markets.
 funding activities by citigroup.issues long-term debt medium-term notes trust securities common stock citigroup funding.
 first-tier subsidiary issues commercial paper medium-term notes equity-linked credit-linked notes guaranteed by citigroup.
 debt collateralized advances federal home loan bank investment vehicles asset-backed outstandings borrowings foreign subsidiaries.
 citigroup operations with capitalization regulatory structure environment.
 attention to businesses international markets.
 citigroup borrowings diversified by geography investor instrument currency.
 from issuance.
 citigroup liquidity commercial paper programs two credit card securitization trusts.
 support trusts.
 economic downturn increased credit enhancement omni trust plans master trust.
 preserves investor sponsorship card securitization franchise.
legal limitations citigroup depository institutions extend credit pay dividends supply funds non subsidiaries.
 approval comptroller supervision required dividends exceed regulations.
 state-chartered depository institutions subject dividend limitations state law.
 risk capital leverage ratio requirements policy statements federal regulatory dividends earnings.
 citigroup receives dividends.
 not regulatory restrictions dividends.
 cgmhi declare dividends restricted capital considerations broker-dealer subsidiaries.
 balance sheet liquid assets marketable securities collateralized short financing agreements.
 monitors evaluates capital borrowing base liquidity regulatory capital requirements subsidiaries.
 non-bank subsidiaries credit facilities institutions.
 borrowings secured section 23a federal reserve act.
legal restrictions bank non-bank subsidiaries credit citigroup.
 transactions secured collateral.
 note 20 consolidated financial statements page 169.
 december 31 2008 long-term debt commercial paper citigroup cgmhi cfi subsidiaries billions citigroup company funding.
 subsidiaries long-term debt $ 192. $. $ 37.
. subsidiaries
 long-term debt $ 192. $. 37.
 commercial paper 28.
 december 31 2008 $ 67. 4 billion collateralized advances federal home loan bank.
 citigroup.
 guarantees cfi debt cgmhi securities.


union-represented mainline employees covered amendable.
 joint reached post-merger groups except maintenance fleet service stock clerks training instructors association separate cbas amendable third quarter 2018.
 negotiations outside traditional bargaining process no self-help permissible.
-owned regional subsidiaries mechanics flight attendants agreements amendable negotiations.
 envoy passenger service employees negotiations.
 piedmont fleet passenger service employees tentative five-year agreement subject to ratification.
.
 disputes strikes labor disruptions affect operations. availability price jet fuel second largest expense.
 one cent per gallon increase fuel price 2018 annual fuel expense $ 45 million.
 aircraft fuel consumption costs mainline regional operations 2017 2016 2015.
.
.73 $ 7510 19. 7%. 7 % )
 2016 4347. 42 6180 17. 7%. 7 % )
 2015 4323. 72 7456 21. 4%. 4 % )
 december 31 2017 fuel hedging contracts.
 exposed fluctuations prices.
 current policy not.
 fuel prices fluctuated.
 predict future availability price volatility cost.
 natural disasters.
 political disruptions wars fuel governmental policy strength.
 dollar petroleum pipelines terminals speculation energy futures fuel production capacity environmental concerns supply shortages distribution challenges fuel price volatility cost increases.
.
 business price availability aircraft fuel.
 high volatility increased prices disruptions operating results liquidity. demand revenues airline second third quarters greater first fourth quarters.
economic conditions fears terrorism fare initiatives fuel prices labor actions weather disasters outbreaks impact seasonal pattern.
 quarterly results year historical results future.


fourth quarter 2002 aes lost voting control cemig ownership.
 owns shares holds project financing debt.
 stopped consolidating december 31 2002.
.
 fourth quarter 2003 sold 25% ownership medway power 688 mw natural gas-fired facility united kingdom medway operations operating valued a347 million $ 78.
 gain $ 23 million.
.
 second quarter 2002 sold investment empresa infovias.
 telecommunications company brazil $ 31 million cemig.
 loss sale $ 14 million sale assets impairment expenses.
 second quarter 2002 impairment charge $ 40 million equity investment telecommunications company latin america.
 poor operating performance funding problems.
 lost control central electricity supply corporation distribution company orissa.
 appointed administrator control.
 cost investment.
 investment negative.
august 2000 subsidiary acquired 49% interest songas $ 40 million.
 acquired additional. 79%. $ 12. 5 million 2002.
 songas owns gas-to-electricity project tanzania.
 december 2002 agreement 100% ownership songas.
 sale closed april 2003 note 4.
 tables comparative financial information entities accounted equity method.
 years december 2003 2001
 revenues $ 2758 $ 2832 $ 6147
 operating income 1039
 net income
 assets 1347
 noncurrent
 liabilities
 stockholder's equity 3597
 february 2002.
 results financial position impacted devaluation brazilian real.
 real devalued 32% 19% 19 % years december 31 2002 2001.


$ 44. 9 million $ 38. 2 million net taxes expected earnings next twelve months.
 foreign currency exchange contracts currency exposures assets liabilities.
 foreign currency translation gains/losses earnings.
 offset gains/losses contracts reporting period.
 refers revenues expenses gains losses excluded net earnings stockholders 2019 equity.
 foreign currency translation adjustments unrealized currency hedge gains losses securities amortization prior service costs unrecognized gains losses actuarial assumptions.
 income balance december 31.
 2007 foreign currency translation $ 267. 7 $ 101. 1 $ 368. 8
 foreign currency hedges.
 unrealized gains losses securities.
 unrecognized prior service cost gain loss actuarial assumptions.31.
 income $ 209. $ 81. $ 290.
 treasury stock repurchases common stock reduction shareholders equity.
 reissue common stock limited purposes.
 2006 fasb issued interpretation.
 uncertainty taxes model.
 income tax disclosures 11.
 2006 fasb issued.
 158 defined benefit pension postretirement plans amendment statements.
 88 106 132. funded status benefit plan.
.
 gains losses deferred pension accounting rules modifies timing reporting adds disclosures.
 fiscal year december 15 2006 15 2008.
 adopted.
 158 december 31 2006.
 pension postretirement disclosures 10.
 2004 fasb issued.
 123 201cshare-based payment 201d revision.
.
 share-based payments options fair values.
adopted sfas 123 january 2006 modified prospective method restate periods.
 september 2006 fasb issued.
 157 201cfair value measurements defines framework expands disclosures.
 measurements guidance hierarchy.
.
 effective financial statements fiscal years november 15 2007.
 february 2008 fasb issued.
 157-2 delays effective date provisions.
 non-financial assets liabilities november 15 2008.
 adoption.
 impact consolidated financial statements results.
 february 2007 issued.
 159 fair value option financial assets liabilities amendment fasb statement.
 201d.
.
.
 value option 201d record financial assets liabilities fair value.
 changes fair value recognized earnings.
 contract-by-contract supported concurrent documentation preexisting policy.
.
 disclose fair.
2 0 0 7 r notes consolidated financial statements continued


selling costs increased $ 25. million to $ 94. 6 million 2010 from 69. million 2009.
 due higher personnel expansion distribution performance incentive plan.
 costs increased 8. 9%. 2010 from. 1%. 2009.
 product innovation supply chain costs increased $ 25. million to $ 96. million 2010 71. million 2009 apparel distribution facilities.
 expenses performance incentive plan.
. 1%. 2010.
 corporate services costs increased $ 24. million to $ 98. 6 million 2010 74. million 2009.
 higher facility costs information technology initiatives personnel costs increased expenses performance incentive plan.
 increased. 3%. 2010 from. 7%. 2009.
 income operations increased $ 27. 1 million. $ 112. 4 million 2010 from 85. 3 million 2009.
. 6%. 2010. 2009.
.
expense unchanged $ 2. 3 million.
 increased. 7 million $ 1. 2 million 2010. million 2009.
 due higher net losses foreign currency exchange rate changes euro canadian dollar derivative financial instruments.
 income taxes increased 4. 8 million to $ 40. 4 million 2010. 6 million 2009.
 effective tax rate 37. 1%. 2% due tax planning federal state tax credits offset valuation allowance foreign operating loss.
 revenues region.
.
 countries.
.
 revenues north american segment increased $ 385. 5 million to $ 1383. 3 million 2011. 8 million 2010 due.
 revenues foreign countries increased $ 23. 2 million to $ 89. 3 million 2011.1 million 2010 footwear unit sales growth latin american.


2011 issued $ 1200 million senior notes credit facility third-party lenders $ 1225 million.
 december 31 2011 long-term debt $ 1859 million senior notes credit facility $ 105 million third party debt spin-off.
 transition services agreement northrop grumman services transition.
 12 months enterprise shared services information technology resource planning financial procurement benefits support.
 transition agreement ends march 31 2012 services-party providers.
 services cost extended six months transition.
 note 20 transactions former parent company equity.
 tax matters agreement northrop grumman rights responsibilities obligations tax liabilities benefits attributes contests.
 federal state local foreign income taxes.
 liabilities northrop grumman consolidated.
 income taxes northrop grumman group periods.
tax matters agreement specifies tax liability northrop grumman.
 rules allocating tax liabilities spin-off transactions not tax-free.
 note 20 transactions parent company equity.
 transition services agreement tax agreement impact financial condition.
 contractual obligations december 31 2011 estimated future cash payments 2012 2013 2014 2015 2016 2017.
 long-term debt $ 1859 $ $ 396 1305
 interest payments
 operating leases
 purchase obligations 2425
 long-term liabilities
 contractual obligations $ 5849  $ 1637 $ 1239 $ 897 $ 2076
 payments $ 554 million variable interest rate debt december 31 2011.
obligation agreement purchase goods enforceable binding terms quantities price provisions timing.
 purchase order commitments vendors subcontractors funded contracts.
 long-term liabilities workers 2019 compensation reserves deferred compensation miscellaneous liabilities $ 201 million compensation liabilities.
 excludes uncertain tax positions $ 9 million.
 excludes retirement contributions.
 2012 minimum contributions pension plans $ 153 million $ 65 million.
 recoveries.
.
 $ 35 million postretirement plans


2006 fasb issued.
 defined benefit pension postretirement plans amendment statements.
 87 88 106 132. eliminated pension liability adjustment.
 underfunded overfunded defined benefit plan financial.
 2006.
 recognized after-tax decrease income $. 187 billion $ 513 million.
 pension benefit plans 218 million postretirement health care life insurance benefit plan.
.
 reclassification adjustments avoid double counting income.
 2007 $ 198 million pre-tax $ 123 million after-tax reclassified pension postretirement expense.
 amortization transition obligation prior service cost net actuarial gain loss.
 reclassification adjustments.
 tax provision translation foreign currency financial statements.
 dollars.
.
 supplemental cash flow information.
 income tax payments
 interest payments
 capitalized interest
consolidated cash flows exclude acquisitions divestitures exchange rate.
 2007 2006 3m restructuring 2005 non-cash impact fin 47 $ 35 million.
 investing financing non-cash 2007 3m purchased assets diamond productions.
 150 thousand shares common stock market value $ 13 million.
 liabilities acquisitions.


graph shows five-year stockholder return common stock october 28 2012 29 2017.
 compared return standard 500 index rdg semiconductor composite index.
 assumes $ 100 invested october 28 2012 stock reinvestment dividends.
 amounts rounded nearest dollar.
 represents past future.
 5 year return. s&p 500 index semiconductor composite index $ 100 invested 10/28/12/31/12 reinvestment dividends.
 month-end.
 s&p.
.
 10/28/2012/27/2013/26/2014 10/25/2015 10/30/2016 10/29/2017
. 293.
&p 500.
 semiconductor composite.
 2017 2016 2015 board directors declared quarterly cash dividends $ 0. 10 per share.
anticipates cash dividends quarterly future board financial condition results capital requirements business conditions stockholders.
 10/28/12/27/13/26/14 10/25/15 10/30/16/29/17 materials.
 s&p 500 rdg semiconductor composite


2008 network operations better customer service.
 fuel prices crude oil prices increased seven months 2008 record high $ 145. barrel july.
 economy worsened fuel prices dropped $ 33. 87 per barrel december five-year low.
 declines 2008 average fuel price increased 39% added $ 1. 1 billion operating expenses 2007.
 fuel surcharge programs prices.
 reduced consumption rate 4% saving 58 million gallons fuel.
 newer fuel efficient locomotives fuel conservation programs improved network operations shift commodity mix bulk shipments.
 free cash flow 2013 record $ 4. 1 billion free cash flow $ 825 million 2008.
 operating investing dividends.
 not financial measure.
 financial performance.
.
 2008 2007 2006.
 $ 4070 3277 2880
investing -2764 2764
 dividends -481 -364
 free cash flow $ 825 $ 487 $ 516
 2009 outlook 2022 safety safe railroad benefits employees customers shareholders public.
 multi-faceted approach safety technology risk assessment quality control training.
 total safety culture.
 safety.
 maintain upgrade close crossings video cameras educate public crossing safety.
 traffic network patterns simplify operations efficiency asset utilization.
 maintain manpower locomotives improve productivity industrial engineering.
 fuel prices decrease 2008.
 economic uncertainty global pressures weather incidents volatile.
 reduce impact fuel price earnings


summary floor space business segment december 31  2010 feet millions owned leased government- owned.
 leased government-owned aeronautics 5. 3. 15. 24.
 electronic systems 10. 11. 7. 28.
 information systems global solutions 2. 10
 space systems 8. 11.
 corporate activities. 3
 29. 25. 5 23. 78.
 owned properties corporate activities leased third parties.
 manufacturing operations job-order nature equipment multiple uses products.
 physical facilities good condition adequate for use.
.
 legal proceedings protection environment.
 corporation unfavorable resolution net earnings.
 predict outcome.
 proceedings note 14 2013 legal proceedings commitments contingencies page 78.
 agencies.
 government investigate operations regulatory requirements.
.
government investigations result in administrative civil criminal liabilities repayments fines penalties suspension debarment.
 contracting.
.
 take years no adverse action.
 subject to federal state requirements environment discharge hazardous materials remediation contaminated sites.
 lawsuits environmental protection.
 legal proceedings claims remediation obligations.
 financial exposure estimated.
 information estimates remediation clean-up see accounting policies 2013 environmental matters management financial condition 14 legal proceedings commitments contingencies page 78.
.
.
 executive officers age at december 31 2010 positions offices occupation business experience five years.
 no family relationships among officers directors.
 serve board directors.
.
 executive vice president 2013 information systems global solutions.
 since 2007.
deputy vice president president lockheed 1997 2006.
 christopher.
 gregoire vice president controller.
 2010.
 sprint nextel august 2006 2009 principal accounting officer assistant controller partner deloitte touche 2003 july 2006.


five year summary performance 2013 corporate income increased earnings $ 214 million $ 139 million after tax $.
 reduction income tax expense $ 62 million $ 0. 14 per share extraterritorial income exclusion.
 increased earnings $ 201 million after tax $ 0. 45 per share.
 items not increased earnings $ 173 million $ 113 million after tax $ 0. 25 per share.
 items not considered decreased earnings $ 215 million  $ 154 million after tax $.
 reduction income tax expense closure internal revenue service examination $ 144 million $ 0. 32 per share.
 reduced earnings $ 10 million after tax $ 0. 02 per share.
 items not considered decreased earnings $ 153 million $ 102 million after tax.22 per share.
 includes earnings before taxes $ 1112 million $ 632 million after tax $ 1. 40 per share.
 return on invested capital net earnings after-tax interest expense divided average invested capital debt postretirement benefit plans.
 reporting roic visibility.
 investment decisions long performance measure management performance incentive compensation plans.
 not measure financial performance.
 earnings.
 calculate roic 2006 2005 2004 2003.
 net earnings $ 2529 $ 1825 1266 1053 500
 interest expense multiplied 65%
 return $ 2764 $ 2066 $ 1542 $ 1370 $ 878
 $ 4727 $ 5077 5932 6612 7491
 7686 7590 6170 6853
 benefit plan 1504
invested capital $ 14419 $ 14212 14243 14286 14685
 19. 2%. 2 % 14. 5%. 5 % 10. 8%. 8 % 9. 6%. 6 % 6. 0%. 0 %
 after-tax interest federal rate 35%.
 long-term short-term borrowings.
 non-cash adjustments minimum pension liability adoption fas 158 2006.
 benefit plan adjustments cumulative. adjustments 2006 $ 1883 million 2005 105 2004 2003 331 2002 1537.
 prior year entries 20% current year value.
 yearly averages calculated end.


table refined products sales average price three years.
 2009 2008 2007.
 gasoline 830 756 791
 distillates 357 377
 propane 23
 feedstocks special products 75 100
 heavy fuel oil
 asphalt 69 76
 1378 1352 1410
 average sales price per barrel $ 70. $ 109.
 gasoline blendstocks.
.
 fuel oils midwest upper plains gulf coast southeastern.
 sold 51 percent gasoline 87 percent distillates 2009.
 demand gasoline seasonal summer.
 blended ethanol gasoline 20 years 2007 regulations.
 60 2009 54 2008 40 2007.
 future expansion driven economics supply government regulations.
sell reformulated gasoline blended ethanol chicago louisville milwaukee wisconsin hartford.
 biodiesel diesel minnesota illinois kentucky.
 produce propane seven refineries.
 home heating cooking petrochemical grain drying.
 sales split home heating industrial consumers.
 producer marketer petrochemicals specialty products.
 benzene cumene naphthalene maleic anhydride sulfur toluene xylene.
 market propylene cumene sulfur.
 maleic anhydride canada.
 1400 tons anode coke robinson 5500 tons.
 discontinued production petroleum aliphatic solvents catlettsburg refinery.
 heavy residual fuel oil seven refineries.
 utility bunkering.
 refinery asphalt production 108 mbpd.
market asphalt 33 terminals midwest southeast.
 base 675 asphalt contractors government entities manufacturers.
 sell asphalt wholesale cargo barge.
 produce cements emulsified industrial asphalts.
 acquired 35 percent interest 110-million-gallon clymers indiana.
 50 percent interest greenville ohio.
.
 co-owner.


2013 ppg annual report form 10-k notes consolidated financial statements.
 accounting policies principles consolidation financial statements include accounts ppg industries.
 subsidiaries.
.
 ppg owns 50% voting stock subsidiaries.
 subsidiaries ownership less 100% outside shareholders noncontrolling interests.
 investments ppg owns 20% to 50% 50 voting stock operating financial policies equity method accounting.
 ppg share earnings losses equity affiliates statement income equity "investments balance sheet.
 transactions ppg subsidiaries eliminated.
 estimates financial statements.
 estimates assumptions assets liabilities income expenses.
 include fair value assets acquired liabilities assumed purchase.
 outcomes differ.
 revenue recognition earnings process complete.
revenue from sales recognized segments goods shipped risk loss customer services rendered.
 shipping handling costs reported in sales.
 shipping handling costs included in depreciation amortization.
 selling administrative costs selling service distribution advertising costs support finance law human resources planning.
 distribution costs storage finished goods owned leased warehouses terminals distribution facilities.
 advertising costs expensed $ 345 million $ 288 million $ 245 million in 2013 2012 2011.
 research development employee related incurred.
 31.
 $ 505  $ 468  $ 443
 depreciation facilities
 $ 488 $ 453 $ 428
 legal costs expensed as incurred.
 acquisition divestiture litigation environmental regulation compliance patent trademark protection purposes.
.
 local.
assets liabilities translated.
 dollars year-end exchange rates income expenses translated average exchange rates.
 unrealized foreign currency adjustments deferred loss 2019 equity.
 cash equivalents liquid valued cost maturity three months less.
 short-term investments high credit maturities three months one year.
 purchases sales investing activities cash.
 marketable equity securities investment recorded fair market value reported assets balance sheet changes fair market value.


systems incorporated consolidated financial statements.
 november 27 2009 28 2008.
 acquired rights technology 84313 90643
 investments
 security deposits
 prepaid royalties
 deferred compensation plan assets
 restricted cash
 prepaid land lease
 prepaid rent
 assets 191265 216529
 acquired rights 2009 $ 6. million $ 100. 4 million.
 2008 $ 56. 4 million future licensing rights amortized fifteen years.
 remaining 2008 $ 27. 2 million historical licensing rights cost sales $ 16. million general administrative costs.
 acquire additional rights.
 note 17.
 acquired rights amortized lives 3 15 years.
 ventures $ 37. million $ 39. million november 27 2008 consolidated.
partnership controlled by granite ventures independent capital partner of adobe.
 primary beneficiary bear risks rewards.
 investment in on financial position results cash flows.
 equity estimated value gains losses in statements income.
 investments at not publicly traded no established market for.
 fair value use recent financing estimates market value.
 policy fair value.
 cash position financing needs earnings revenue outlook operational performance management ownership changes competition.
 based on information.
 not subject to disclosure regulations.
 to timing accuracy.
 note 4 for.
 direct investments in privately-held companies $ 26. 4 million $ 37. 6 million as of november 27 2009 2008 cost method.
 assess for impairment value circumstances.
.
purchase sale agreement 2008 waltham massachusetts.
 office parking improvements.
 purchase price $ 44. 7 million closed june 16 2009.
 deposit $ 7. million november 2008 balance paid closing.
 escrow purchase price.


company restricted stock plan non directors 300000 shares.
 shares issued 2009.
 directors 2019 deferral plan director compensation deferred.
 shares held trust 4356 represented 2019 compensation 2009.
 unsecured contractual commitment.
 deferred compensation plan-compensated employees defer salary incentive awards equity-based compensation.
 30 2009 shares issuable.
 2014 earnings shares diluted earnings.
 common shares 240479 244323 244929
 equivalents 246798 252681.
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2014 segments medical diagnostics biosciences.
 lines needles syringes intravenous catheters medication safety auto-disable devices prefilled syringes insulin prefillable drug delivery devices surgical blades anesthesia critical care monitoring devices ophthalmic surgical instruments sharps disposal containers.
 diagnostics integrated systems specimen collection blood plated media blood culturing molecular testing microorganism identification drug susceptibility cytology cancer rapid diagnostic assays.
 biosciences fluorescence activated cell sorters analyzers cell imaging systems monoclonal antibodies reagent systems life sciences drug discovery cell culture biopharmaceutical manufacturing diagnostic assays.
 operating income.
 revenues reduced costs expenses.
 hedges. products.
 gains losses revenues sales.products.
 becton dickinson statements


retail electric price variance due formula rate plan revenues billing cycle 2016-year revenue power blocks 3 4 union power station waterford 3 replacement steam generator review.
 note 2.
 louisiana act 55 financing savings obligation variance regulatory charge 2016 tax savings.
 savings 2010-2011 audit settlement louisiana act 55 financing storm costs hurricane gustav.
 note 3.
 volume/weather variance due less weather residential sales decreased usage unbilled.
 offset increase 1237 gwh 4% industrial usage demand expansion chemicals industry.
 net revenue fuel expenses power expenses regulatory charges.
 change net revenue 2016 2015.
.
 2408.
.
.
 louisiana act 55 financing savings obligation.
.
 2016 revenue $ 2438.
retail electric price variance due formula rate plan revenues billing cycle 2016 first-year revenue power blocks 3 4 union power.
 note 2 financial.
 volume/weather variance due weather residential sales offset industrial usage volume unbilled.
 usage new customers expansion projects chemicals industry.
 louisiana act 55 financing savings variance tax savings.
 savings 2010-2011 audit settlement act costs hurricane gustav ike.
 note 3 financial.
 provision $ 23 million 2016 waterford 3 replacement steam generator offset $ 32 million 2015


financial statements value.
 no stock options 2015 2014.
 value option $ 4.
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.expected volatility stock options historical volatility common stock implied volatility tradable forward call options.
 estimate average options exercised full vesting date midpoint current. full contractual term.
 factors historical option behavior terms vesting periods.
 risk-free interest rate determined implied yield zero-coupon.
 government issuers term equal.
 expected dividend yield calculated annualized dividend $ 0. 30 per share 2013.
 awards cash performance- based employees.
 depends performance 0% to 300% target.
 awards subject to restrictions vesting requirements determined committee.
 fair value shares grant date amortized over vesting period three years.
 completion vesting period cash-settled awards grantee payment cash based fair market value shares common stock.
 no monetary consideration paid incentive award.
value cash-settled awards adjusted share price.
 holders stock vesting right vote receive dividends.
 dividends accrued vesting paid.
 cash-settled performance-based awards no ownership until issued.