10-k18.
 financial.
 cautionary statements risks.
.
 sales revenues $ 54. 722 billion 20 increase 2017.
 sales volume improved demand segments.
 profit per share $ 10. 26 $. 2017.
 $ 6. 147 billion 754 million 2017.
 lower tax expense higher sales volume decreased restructuring costs improved price realization.
 offset manufacturing expenses lower profit financial products.
 fourth-quarter 2018 sales revenues $ 14. 342 billion up $ 1. 446 billion 11. billion 2017.
 profit $ 1. 78 per share.
 profit $ 1. 048 billion $ 1. 299 billion 2017.
 sales revenues $ 54. 722 billion up 20 2017.
 regions three segments.
 operating profit.
 operating profit margin. percent
profit $ 10. 26 share 2018 excluding adjusted profit share $ 11.
 2017 $ 1. 26 per share profit $ 6. 88.
 quantified impact items.
 millions 2018 profit
 $ 7822 $ 10. 26 $ 4082 $ 1. 26
 restructuring costs.
 mark-to-market losses.
 deferred tax valuation allowance adjustments.
. tax reform impact.
 gain sale equity investment.
 adjusted profit $ 8703 $ 11. 5554 $ 6. 88
 machinery energy transportation operating cash flow 2018 $ 6. 3 billion capital expenditures dividends.
 cash flow 2017 $ 5. billion.
 structure.
 incurred $ 386 million restructuring.
 2017 $ 1.256 billion restructuring costs half closure facility gosselies remainder actions.
 lower 2019 2018.
 glossary pages 33-34 italics.
 non-gaap measures pages 42-43.


operating/performance statistics railroad performance measures table 2010 2009 2008 % change.
 average train speed miles per hour 26. 27. 23. 16% 16 %
 terminal dwell time hours 25. 24. 24. 9 2% 2 %
 rail car inventory 274. 283. 300. 7 6
 ton-miles billions 932. 846. 1020. 10% 10 % 17 %
 revenue ton-miles billions 520. 479. 562. 6 ( 9 % 15 %
 operating ratio 70. 76. 77.
 employees 42884 48242
 customer satisfaction index 89  88  83
 average train speed miles hours.
 maintenance activities weather disruptions higher volume levels 4% decrease average train speed 2010 2009.
 fluid efficient network.
volume network management initiatives productivity improvements 16% 16 % train speed 2009 2008.
 terminal dwell time rail car terminals.
 improves asset utilization service.
 increased 2% 2 % 2010 network plan length efficiency higher terminal dwell time.
 improved slightly 2009 lower volume delivering cars.
 rail inventory.
 lower reduces congestion increases speed dwell time improves utilization.
 decreased 3% 3 % 2010 13% 13 increases carloads.
 maintained more off-line retired old.
 inventory decreased 6% 6 % 2009 16% ( 16 % ) decrease volume.
 stored more cars off-line.
 gross revenue ton-miles calculated miles.
.
 increased 10% 9% 2010 due 13% 13 % increase carloads.
mix changes automotive shipments growth gross revenue carloads.
-miles decreased 17% 17 % 15% 15 % 2009 16% 16 % decrease carloads.
 30% 2009 gross revenue.
.
 improved. 70. 6%. 2010. 1%. 2009.
 volume increases core pricing gains productivity initiatives higher fuel prices.
 16% 16 % volume decline.
 levels down 1% 1 % 2010 13% 13 % increase.
 leveraged additional volumes network efficiencies productivity initiatives.
 managed growth full-time-equivalent train engine force levels less than half carload growth 2010.


intel corporation notes consolidated financial statements 16 income changes tax effects unrealized losses investments deferred tax asset valuation allowance derivatives service credits actuarial losses foreign currency translation adjustment.
 millions gains losses investments deferred tax valuation allowance derivatives service credits costs actuarial gains losses foreign currency translation adjustment
 december 27 2014 $ 2459 $ 26 -423 -47 -1004 -345 666
 income loss reclassifications -999 2014 -298 -2 -187 -1413
 amounts reclassified income -93 2014 522 67 506
 tax effects 382 -18 -67 301
 -710 -18 18 157 -170 -606
26 2015 1749 -266 ( 266 -876 -515 60
 income reclassifications 1170 -680 -4 460
 reclassified income -530 ( 530 ) -322
 tax effects -225 ( 225 ) -8 -5 -92 ( )
 income loss 415 -8 -364 ( 364 ) -4 4
 december 31 2016 2164 2014 -259 ( 259 ) -519 519


gross margin percentage decreased 59. 8%. 2013 from 62. 1%. 2012.
 due to pccg.
 from pccg dcg.
 net revenue 2012 decreased $ 658 million 1% 1 compared 2011.
 pccg dcg sales decreased 1% prices unchanged.
 lower netbook sales multi-comm prices.
 offset mcafee segment acquired 2011.
 contributed $ 469 million additional revenue 2012.
 gross margin decreased $ 606 million 2% ( 2 %.
 due $ 494 million excess capacity charges lower revenue pccg dcg.
 390 million higher unit costs lower netbook multi-comm revenue.
 offset $ 643 million lower factory start-up costs 14nm $ 422 million charges intel.
 offset acquisition mcafee $ 334 million.
amortization acquisition intangibles $ 557 million gross margin 2012 $ 482 million 2011 due acquisitions q1 2011.
 gross margin percentage flat higher capacity charges unit costs offset lower factory start-up costs intel 6 series chipset.
 gross margin sale platforms pccg dcg.
 revenue income.
 net revenue $ 33039 $ 34504 35624
 operating income $ 11827 13106
 decreased $ 1. 5 billion 4% 4 % 2013.
 sales down 3% 3 %.
 lower notebook desktop sales down 4% 2%.
 selling prices flat.
 operating income decreased $ 1. 3 billion 2013 1. billion lower gross margin $ 200 million lower operating expenses.
. higher factory start-up costs lower pccg platform revenue.
decreases offset $ 520 million lower pccg costs $ 260 million capacity charges higher sell-through non units.
 revenue pccg decreased $ 1. billion 3% 2012.
 revenue impacted tablets.
 prices sales decreased 2% 1%.
 6% notebook prices 5% desktop sales.
 offset 4% desktop 2% 2 % notebook sales.
 financial condition


determining entergy corporation performance 2006-2008 committee used philadelphia utility index.
 compared entergy shareholder return companies utility index.
 concluded exceeded performance targets 2006-2008 first quartile resulted payment 250% ( 250 % ) target maximum.
 each performance unit converted into cash $ 83. 13 per unit closing price entergy common stock last trading day december 31 2008 plus dividend equivalents accrued three-year cycle.
 2008 option exercises stock vested table amount paid named executive officers 2006-2008.
 stock options personnel committee.
.
.
 chief executive officer supervisor consider factors stock options individual performance market practice targeted long-term value number participants eligible "burn rate". compensation stock option awards.
committee assessment performance officer entergy options awarded.
 table options 2008.
 exercise price each option $ 108. 20 closing market value entergy common stock.
. leonard 175000
. denault
 richard. smith
. conley
. mcdonald
 fisackerly
. domino
 roderick. west
.
 carolyn shanks
 option grants officers.
.
 5000 50000 shares.
.
 lewis stock option awards 2008.
.
 leonard received 175000 stock options committee performance entergy chief executive.


installment notes $ 4. 8 billion $ 400 million paper promissory notes.
 international paper not primary benefi ciary consolidate investments.
 acquired $ 4. 8 bil lion paper debt securities $ 5. 2 billion debt obligations december 31 2006.
 paper offset obligations offset $ 5. billion $ 5. billion debt obligations 2007.
 interests two financing entities 2002 2001.
.
.
 meet capital expenditures service debt working capital dividend requirements cash.
 $ 2. 5 billion bank credit agreements cash flow variability.
 interest rates floating rate index pre margin credit rating.
 $ 1. 5 billion revolving bank credit agreement expires march 2011 facility fee. payable quarterly.
 $ 1.billion commercial financ receivables securitization program expires october 2009 facility fee 0. 10%.
 december 31 2007 no borrowings bank credit agreements securitization program.
 debt capital markets long-term funding.
 guided structure planning objectives.
 maximize financial flexibility preserve liquidity interest expense.
 debt accessed global public capital markets.
 debt covenants.
 minimum net worth $ 9 billion maximum debt to capital ratio 60%.
 investment grade credit rating.
 long credit ratings bbb.
 short-term credit ratings s&p moody a-2 p-3.
 contractual obligations future payments debt lease commitments purchase obligations millions 2008 long-term debt $ 267 $ 1300 $ 1069 $ 396 $ 532 $ 3056 obligations right offset 2013.
millions 2008 2009 2010 2011 2012
 maturities long-term debt $ 267 $ 1300 1069 396 532 3056
 right offset 2013 5000
 lease 136 116 101 84 67
 purchase obligations 1953 294 261 235 212 1480
 $ 2356 $ 1710 $ 1431 $ 715 $ 811 9628
 scheduled principal payments.
 obligations non-consolidated entities paper offset investments.
 paper $ 5. billion interests. obligations.
 $ 2. 1 billion fiber supply agreements transformation plan.
 unrecognized tax benefits $ 280 million.


2022 timing lien positions limitations historical data.
 determination alll non-impaired loans sensitive risk grades loss rates consumer loans.
 factors.
 reflect future changes.
 impact risk rates future deterioration.
 risk grades loss rates appropriate.
 commercial loan risk grades 1% deterioration allowance commercial loans increase $ 35 million december 31 2014.
 consumer loss rates 10% allowance loans $ 37 million december 31 2014.
 purchased impaired loans recorded fair value prohibits carry over valuation allowances.
 reserves performance worse.
 2014 reserves $. 9 billion impaired loans.
 loans acquired after january 1 2009 recorded fair value.
 no allowance losses created acquisition.
 note 4 loans financial statements.
determining appropriateness alll allocations impaired loans commercial consumer loans.
 allocate reserves losses market conditions.
 commercial lending largest sensitive changes.
 allocated $ 1. 6 billion 47% 47 % alll at december 31 2014 commercial lending.
 consumer lending allocations historical loss experience adjusted recent activity.
 $ 1. 7 billion 53% 53 % alll december 2014 allocated.
 maintain allowance unfunded loan commitments letters of credit.
 report liability consolidated balance sheet.
 losses.
 probability funding losses.
 methodology similar determining alll.
 note 1 accounting policies 3 quality consolidated financial statements asset quality indicators.
 table 41 allowance loan lease losses.
 4036
 net charge-offs
 provision credit losses
change unfunded loan commitments letters credit -17
 -3 -1
 $ 3331 $ 3609
 charge-offs loans. 27%. 27 %. 57%. 57 %
 loan lease losses loans.
 commercial lending-offs $ -55 -249
 consumer lending -476 476 -828
 $ -531
 loans
 commercial lending. 04%. 22%. 22 %
 consumer lending.
 charge-offs $ 134 million interagency first quarter 2013.
 credit losses $ 273 million 2014 643 million 2013.
 improved credit quality loan delinquencies value residential real estate cash flows.
 lending losses increased $ 64 million 178% 2013 growth commercial slowing reserve releases.
 decreased $ 434 million 71% % 2013.
.


republic services.
 financial statements 2014 letters credit $ 909. million $ 950. 2 million december 31 2012 2011.
 surety bonds expire 2026.
 issued not debt.
 no liability reflected consolidated balance sheets.
 recorded capping closure post-closure obligations self-insurance reserves.
 obligations.
.
 restricted cash marketable securities deposits capital expenditures pledged regulatory agencies guarantees obligations.
 table restricted cash securities december 31.
 financing proceeds $ 24. $ 22.
 capping closure obligations.
 self-insurance.
.
 restricted cash marketable securities.
 19. 9%. interest company financial surety bonds capping closure post-closure obligations solid waste industry.
 cost method accounting.
no identified events recoverability investment.
 investee parent company surety bonds landfill operations $ 1152. 1 million outstanding december 31  2012.
 reimbursement obligations secured by indemnity agreement investee letters credit totaling $ 23. 4 million $ 45. 0 million as december 31 2012 2011.
 no debt obligations operating leases financial.
 no transactions obligations parties not disclosed financial position results operations.
 guaranteed third-party debt.
 contracts indemnification clauses.
 indemnifications recorded in financial statements future.
 contingent events taxes divestiture agreements.
 obligations financial position results cash flows.


humana inc.
 financial statements 2014 stock options restricted stock awards.
 tax benefit $ 16. 3 million 2009 $ 16. 9 million 2008 $ 48. million 2007.
 no capitalized stock compensation expense.
 one restricted share 1. 7 stock options.
 december 31 2009 12818855 shares stock award plans 4797304 shares common stock 2821944.
 price average market value common stock.
 market value highest lowest stock prices new york stock exchange.
 options vest 1 3 years expire 7 to 10 years grant.
 fair value black-scholes valuation model.
 compensation expense service period.
 stock options granted january 2010 retirement.
 weighted-average fair value option granted 2009 2008 2007.
 estimated black-scholes pricing model.
2009 2008 2007
 weighted-average value grant $ 14. 24 $ 17. 95 $ 21.
 option life years 4. 6 5. 4. 8
 volatility 39. 2%. 2 % 28. 9
 risk-free interest rate 1. 9%. 9 % 2. 9% 9 4. 5%. 5 %
 dividend yield
 groups.
 executive officers directors.
 options assumptions.
 calculate term risk-free interest rate traded zero-coupon.
 treasury bond.
 volatility historical volatility.
 price intervals.


tax liabilities unrecognized benefits 30 2018 $ 233.
 excluded obligations impact tax laws operating results.
 uncertainties settlement tax positions.
 obligations table includes liability $ 184 repatriation tax payable over eight years.
 note 22 financial statements.
 future contribution equity 19 april 2015 venture air products acwa 20-year oxygen nitrogen agreement saudi aramco oil refinery power plant.
 owns 25% guarantees repayment equity bridge loan.
 invest $ 100 joint venture.
 30 2018 noncurrent liability $ 94. future equity contributions 2020.
 12 august 2018 gasification/power joint venture saudi aramco acwa.
 55%.
 assets power utilities $ 8 billion.
 investment excluded obligations pending closing fiscal year 2020.
jv facility 25-year contract fixed monthly fee.
 saudi aramco feedstock power hydrogen utilities.
 subsidiaries sponsor defined worldwide employees.
 principal plans.
.
.
 closed new participants 2005 employees.
 shift volatility.
 fair market value assets decreased $ 4273. $ 4409.
 projected benefit obligation $ 4583. $ 5107.
 net unfunded liability decreased $. $ 698. $ 310. higher discount rates favorable asset experience.
 note 16 retirement consolidated financial statements.
.
 expense 2013 $ 91. $ 72. $ 55.
.
 discount rate 2013 service cost 3. 2%. 2 % 2. 9%. 9 %. 1%. 1 %
 2. 9%. 9 %. 5%. 5 %. 4%. 4 %
return 6. 9 %. 4%. 4 %. 5%. 5 %
 compensation 3. 5%. 5 %. 5 %. %


.
 bankruptcy settlement obligations december 31 2013 american balance sheet millions.
 aag series preferred stock $ 3329
 single-dip equity obligations 1246
 labor-related claim 849
 $ 5424
 double-dip plan reorganization claimholders receive mandatorily convertible aag series preferred stock.
 votes.
 quarter shares convertible 30 th 60th 90th 120th days after effective date.
 holders convert 10 million shares 30-day 120 th day.
 initial value each share $ 25. accrues dividends 6. 25%. per annum.
 converts common stock volume average price five days 3. 5%. discount conversion price floor $ 10. 875 per share cap $ 33. 8080 per share.
aag series preferred stock obligation transfer variable shares fixed monetary amount not treated equity liability until converted to aag common stock.
 american reflected claims liability "bankruptcy settlement obligations balance sheets until satisfied aag common stock.
 additional paid-in capital intercompany equity transfer bankruptcy settlement obligation.
 february 19 2014 107 million shares aag series converted into 95 million shares aag common stock.
 single-dip equity obligations outstanding.
 obligations not satisfied unconditional obligation transfer variable shares fixed monetary not treated equity liabilities until 120 th day after emergence.
 variable common stock obligation plus accrued dividends 12% per annum calculated daily based on volume weighted average price 3. 5%.5 % discount plan shares for unsecured creditors.
 contributions reorganization aag reductions pay benefits aag american employee group deemed claim distribution equity reorganized.
 fixed percentage distributions.
 fair value shares approximately $ 1. 7 billion.
 aag initial distribution $ 595 million common stock american paid $ 300 million cash payroll taxes equity.
 december 31 2013 remaining liability american labor groups employees $ 849 million estimated fair value shares aag common stock price.
 increases after fair value.
 american obligation fair value 120 th day after emergence settled.


american tower corporation subsidiaries financial statements 2014.
 company required interest rate protection agreements 50% variable rate debt.
 exposed credit risk counterparty terms.
 exposure limited current value contract.
 contracts 2004 credit worthy institutions.
 two interest rate caps $ 350. million interest. 2006.
 2003 three interest rate caps $ 500. million 5. expired 2004.
 no fair value interest rate caps.
 2003 unrealized loss $ 0. 3 million tax benefit $. 2 million reclassified $ 5. 9 million $ 3. million results operations.
 2002 unrealized loss $ 9. 1 million net tax benefit $ 4. 9 million reclassified $ 19. 5 million. results operations.
 hedge ineffectiveness gain $ 1. million year 31 2002 recorded consolidated statement operations.
company records changes derivative instruments not.
 reclassify derivative losses operations year december 31 2004 anticipate reclassifying next twelve months no amounts loss 31.
.
 leases land office tower space leases.
 leases contain renewal options increases lease payments.
 escalation clauses straight-lined term lease.
. future minimum rental payments non leases include renewal periods failure loss tower site revenues.
 payments december 31 2004.
 2005 106116
 2006
 2007
 2008
 2009
 $ 2101046
 rent expense leases years december 31 2004 2003 2002 $ 118741000  $ 113956000 $ 109644000.


aes 2019s generating facilities sell electricity to wholesale customers in competitive markets.
 contract generation facilities sell less than 75% output long-term contracts pricing into power pools shorter-term contracts daily spot markets.
 prices for electricity short-term contracts spot markets unpredictable volatile.
 results sensitive to market fluctuations electricity natural gas coal raw materials.
 europe entered administration november 2002 no longer performing under contracts with drax barry.
 failure results.
 two businesses wolf hollow.
 granite ridge have fuel supply agreements with el paso merchant energy.
. financial difficulties.
 financial difficulties.
. performance no assurance deterioration 2019s financial condition.
 obligations.
.
 could lead to default under aes wolf hollow.fuel supply agreement wolf hollow. lenders default.
.
 working avoid default.
 revenues facilities electricity end-use regulation.
 third party approval rate increases.
 large utilities growth distribution.
 revenues contract generation competitive supply not regulated.
 distribution 2002 2001 2000.
 large utilities 36% 36 % 21% 21 % 22% 22 %
 growth distribution 14% 14 %
 contract generation 29% 29 % 32% 32 % 27% 27 %
 competitive supply 21% 21 % 26% 26 % 30% 30 %
 subsidiaries affiliates. greenfield power plants long-term contracts sale electricity.
 completion risks siting financing construction permitting governmental approvals termination contract.
 december 31  2002 costs early $ 15 million construction $ 3. 2 billion.


celanese corporation subsidiaries financial statements amend agreements indebtedness change business agreements dividends subsidiaries.
 senior credit facilities require covenants maximum leverage bank debt interest coverage capital expenditures.
 net bank debt adjusted ebitda ratio eliminated 2005.
 december 31 2005 financial covenants debt.
 debt short term borrowings.
 2007 2008 2009 2010 $ 2 million adjustment assumed debt.
.
.
 retirement disability surviving pensions.
 benefits vary legal economic conditions.
 commitments defined contribution benefit plans.
 years service compensation.
 supplemental retirement benefits non-qualified.
 tax.
 separate trusts non-qualified plans.
 defined benefit pension plans north america.
 december 31 2005 company.
pension plan 85% 75% celanese assets liabilities.
 administer majority.
 actuarial valuations annually.
 sponsors contribution plans europe north america.
.
 contributions based $ 12 million 2005 $ 8 million months 2004 $ 3 million three months $ 11 million 2003.
 acquisition cag $ 463 million pension obligations.
 months 2004 $ 409 million pre-funded.
 $ 54 million non-qualified pension 2005.
 acquisition vinamul acetex assumed assets obligations.
 liabilities $ 128 million.
 assets $ 85 million.


calculating earnings to fixed charges earnings before taxes minus equity investees plus fixed charges.
 interest expense rental expense.
 years 2010 2009 earnings for fixed charges inadequate cover charges $ 37. 0 million $ 461. 2 million.
 ebitda consolidated net income before interest expense tax expense depreciation amortization.
 adjusted ebitda non-cash equity compensation goodwill impairment charges sponsor fees consulting fees debt-related legal accounting costs equity investment income losses severance retention costs early extinguishment debt asset dispositions outside non-recurring extraordinary unusual gains losses expenses.
 reconciliation of ebitda adjusted ebitda table.
 non-gaap financial measures.
 performance amounts.
 measures differ from measures.
ebitda adjusted information operating performance cash flows future debt capital expenditures working capital requirements.
 primary measure financial covenants credit agreements.
 table net income ebitda adjusted ebitda.
 2013 2012 2011 2010 2009
 net income loss $ 132. $ 119. 17. -373. 373.
 depreciation amortization 208. 210. 204. 209. 218.
 income tax expense 62. 67. 11. -7. -87.
 interest expense 250. 307. 324. 391. 431.
 653. 703. 557. 564. 188.
 non-cash equity-based compensation 8. 22. 19. 11 15
 fees. 5
 consulting debt-related professional fees.
goodwill impairment 2014 241.
 loss long-term debt 64. 17. 118. -2. 2014
 litigation -4.
 secondary-offering expenses 75.
 adjustments 8. 13. 11. 7.
 ebitda $ 808. $ 766. $ 717. $. 465.
 non litigation.
 retention costs equity investment income severance costs gain sale informacast software equipment.


forward-looking statements factors 201crisk factors 201d.
 read 201crisk factors 201d. american water works company.
 largest investor-owned united states water wastewater utility company revenues population.
 6400 employees provide drinking water wastewater services 15 million people 47 states one canadian province.
 primary business ownership water wastewater utilities residential commercial industrial.
 regulated businesses subject state regulatory agencies.
 environmental health safety water quality.
 16 states serve 3. 2 million customers.
 results.
 services.
.
 2014 strategic goals.
 growth investment infrastructure expansion customer base market-based operations operational excellence efficiency performance increased value.
 focused on growth addressed regulatory lag efficient use capital improved operation maintenance efficiency ratio.
2014 financial results december 31 net income capital infrastructure operational efficiency improvements rates.
 2013 2012.
 income continuing operations $ 2. 39 $. 07.
 discontinued operations tax.
 diluted earnings per share $ 2. 35.
 operations 4 cents diluted share freedom industries chemical spill west virginia 2014 14 cents share 2013.
 increased 10% 22 cents per share results regulated businesses higher revenues lower operating expenses depreciation expenses.
 lower interest expense 2014 2013.


undistributed foreign earnings no.
 taxes indefinitely reinvested outside.
 lower tax rate 2010 due increase foreign earnings.
 taxes.
 september 25 2010 company had deferred tax assets $ 2. 4 billion liabilities $ 5. 0 billion.
 management believes forecasted income future reversals differences recover deferred tax assets.
 realizability deferred tax assets valuation allowance.
 internal revenue service audit federal income tax returns 2004 2006 proposed adjustments.
 contested adjustments appeals office.
 examining 2007 through 2009.
 audit issues prior 2004 resolved.
 tax settlement 2002 through 2003.
 subject to audits state local foreign tax authorities.
 provision for adjustments tax examinations.
 outcome tax audits.
 adjust provision income taxes.
capital table presents financial information statistics three years 2010 company had $ 51 billion cash equivalents securities increase $ 17 billion 2009.
 operating $ 18. 6 billion offset property $ 2 billion business acquisitions $ 638 million.
 securities portfolio highly rated securities minimum rating single-a.
 $ 30. 8 billion $ 17. 4 billion cash securities foreign subsidiaries.
 dollar-denominated holdings.
 balances working capital asset purchases liquidity requirements 12 months.
 cash equivalents securities $ 51011 $ 33992 $ 24490
 accounts receivable $ 5510 $ 3361
 inventories
 working capital $ 20956
 cash flow $ 18595


unregistered securities.
 repurchases equity securities table purchases equity october 1 to december 31 2017.
 purchased average price plans programs maximum dollar value.
 average price dollar value
 october 1 - 31 1231868 $ 20. 74 1230394 $ 214001430
 november 1 - 30 1723139 $ 18. 181474975
 december 1 - 31 1295639 $ 20. 25 $ 155459545
 4250646 $ 19. 84
 shares common stock $ 0. 10 per share withheld employee stock compensation plans tax withholding obligations.
 repurchased 1474 shares october 893 november 10639 december 2017 total 13006 shares.
average price per share fiscal quarter three-month period calculated tax withholding obligations paid shares acquired repurchase program note 5 withheld acquired repurchase program.
 february 2017 board authorized repurchase program $ 300. 0 million common stock.
 february 14 2018 board approved new repurchase program $ 300. 0 million common stock.
 new authorization addition 2017.
 no expiration date.


.
 feet united states countries
 owned 4530 2417 6947
 leased 1037 1341 2378
 5567 3758 9325
 properties shared segments.
 headquarters santa clara california.
 products semiconductor manufactured austin texas gloucester kalispell montana rehovot israel singapore.
 services austin texas.
 display alzenau.
 treviso italy.
 owns leases offices plants warehouse europe japan north america israel china india southeast asia taiwan.
 facilities manufacturing research development engineering marketing sales customer support.
 owns 269 acres buildable land montana texas california israel italy building space.
 properties requirements.
 assesses size infrastructure.


impairment tests intangible assets july 31 2013 2012 2011 no charges.
 estimated amortization expense finite-lived assets five years millions.
 2014 156
 2015 126
 2016 91
 2017 74
 2018
 indefinite-lived contracts july 2013 acquired $ 231 million.
 march 2012 $ 163 million.
 october 2013 $ 29 million eight years.
 september 2012 $ 40 million contracts 10 years.
.
 march 31 2013 blackrock one- third equity interest in national mortgage acceptance company equity.
 may 8 2013 sole managing member pnmac public offering.
 blackrock recorded gain $ 39 million.
 contributed. 1 million units to new donor advised fund.
charitable contribution $ 124 million included administration expenses consolidated statements income.
 company recorded noncash pre-tax gain $ 80 million tax benefit $ 48 million.
 carrying 2019s remaining interest 20% 16 million shares $ 127 million $ 273 million december 31  2013.
 reflected pennymac stock price.
.
 $ 100 million.
.
 2011 five-year $ 3. 5 billion unsecured credit facility.
 maturity year march 2017 2012 aggregate commitment increased $ 3. 785 billion.
 2013 year march 2018 commitment increased $ 3. 990 billion.
 additional $ 1. billion borrowing capacity $ 4. 990 billion.
 interest borrowings london interbank rate plus spread.
2013 credit facility requires exceed maximum leverage ratio net debt to earnings cash 3 to 1 satisfied less than 1 to 1 december 31 2013.
 provides liquidity working capital investment opportunities.
 no amount outstanding.
.
 2009 blackrock established unsecured notes maximum $ 3. 0 billion.
 2011 increased to $ 3. 5 billion.
 2012 $ 3. 785 billion.
 2013 increased $ 3. 990 billion.
 program supported by 2013 credit facility.
 december 31 2013 2012 no cp notes outstanding.


initial estimate fraud losses fines charges.
 reached resolution made payments charges less estimates.
 difference lower fraud costs.
 table reflects activity fraud losses fines charges twelve months may 31 2013.
 balance may 31 2012 $ 67436
 adjustments -31781
 subtotal 35655
 payments
 balance may 31 2013 $
 insured policies costs.
 $ 30. million policy limits sub-limits liability $ 1. million deductible per claim.
 2013 received assessments submitted additional claims recorded $ 20. million additional insurance recoveries.
 record receivables recoveries.
 class action processing system intrusion filed april 4 2012 natalie willingham.
.
 failed maintain procedures information fraudulent charges credit card 2012.
.
 failed notify public data breach.
.
asserted claims negligence federal communications act fair credit reporting unfair trade practices act negligence breach third-party beneficiary contract implied contract.
.
 sought damages injunctive relief.
 lawsuit filed united court northern district georgia.
 may 14 2012 motion dismiss.
 july 11 granted.
 filed amended complaint.
 causes.
 added plaintiffs nadine robert hielscher dropped claim negligence.
 august 16 motion dismiss amended complaint.
 response october 5 reply brief october 22.
 judge dismissal claims prejudice.
 plaintiffs agreed dismiss lawsuit prejudice each party fees costs.
.
 dismissed prejudice march 6 2013.
 merchant service provider mastercard independent sales organization visa.
designations dependent banks adherence standards.
 sponsors sponsorship agreements.
 agreements route transactions member banks control clear credit card mastercard visa.
 members payment networks process fund transactions without third-party sponsorship.


corporation america financial statements 31 2006.
 stock-based compensation $ 8330000 unrecognized compensation costs restricted stock awards.
 recognize cost. 5 years.
.
 accrued liabilities.
 december 31 2006 2005
 bonuses incentives $ $ 21895
 medical insurance workers 2019 compensation 18279
 vacation holiday pay 14742
 customer volume discounts rebates
 franchise property taxes 8432
 payroll taxes
 100430 $ 86825
.
 employee benefit plans benefits acquisition pactiv resources agreement participation pension plan five years fee.
 january 1 2003 mirror-image pension plan hourly employees.
 recognizes service earned.
 reduced retirement benefits december 31 2002.
 assets liabilities benefits retained.
may 1 2004 pca adopted grandfathered pension plan employees.
 benefit formula comparable pactiv uses career average base pay final.
 recognizes service pca prior pactiv plan.
 benefits reduced retirement benefits april 30 2004.
 assets liabilities april 2004 retained pactiv.
 pca maintains supplemental executive retirement plan augments pension benefits executives excluding ceo.
 benefits determined same formula


2016 2015 revenue fuel expenses power expenses regulatory charges.
 analysis change net revenue 2015.
.
 2015 net revenue $ 696.
 retail electric price.
 volume/weather.
 wholesale revenue -2.
 reserve equalization.
.
 2016 net revenue $ 705.
 retail electric price variance $ 19. million annual increase billing cycle 2016 storm damage rider.
 volume/weather variance increase 153 gwh 1% electricity usage industrial usage less weather residential commercial sales.
 industrial usage expansion pulp paper increased demand wood products.
 net wholesale revenue variance entergy mississippi exit system agreement 2015.
reserve equalization revenue variance entergy mississippi exit variances operation maintenance expenses decreased $ 12 million fossil-fueled generation lower service costs scope plant outages $ 3. 6 million storm damage provisions.
.
 offset increase $ 4. 8 million energy efficiency $ 2. 7 million compensation benefits costs higher incentive compensation accruals.
 entergy mississippi.


.
 1996 new corporate office facility occupied 1997.
 2004 amendment january 1 2004.
 lease extended 10 years 18 years.
 incurred rental expense $ 1. 3 million 2008 2007 2006.
 future lease payments $ 1. 4 million per annum january 2009 2014.
 2015 2019 market rental rates.
 amended lease lessor $ 550000 building refurbishments march 31 2006.
 reduction lease expense.
 noncancellable leases equipment office space.
 $ 9. 3 million 6. million 4. 7 million 2008 2007 2006.
 future lease payments $ 8. million 2009 6. 2010 3. 2011 1. million 2012 1. million 2013.
.
 license agreements access technology sell product line.
royalties payable developers software rates based sales.
 fees goods $ 6. 3 million $ 5. 2 million $ 3. 9 million years 2008 2007 2006.
.
 geographic revenue attributed countries location.
 area.
 united states 151688 131777 94282
 germany 68390
 japan 66960
 canada
 european 127246 108971
 international
 revenue $ 478339 385340 263640


first second liens charge-off amounts proportionate.
 ratio second loans consistent roll-rate calculations.
 variable-rate home equity lines credit seven or ten year draw period 20 year amortization term.
 interest only principal interest.
 balances december 31 2012 draw periods.
 home equity lines credit 2013 millions.
 2013 1338
 2014
 2015
 2016
 2017
 2018 5497
 15553 $ 7376
 $ 166 million $ 208 million $ 213 million $ 61 million $ 70 million $ 526 million home equity lines balloon payments draw periods 2013 2014 2015 2016 2017 2018.
 paying principal interest less risky interest only payments.
 impaired loans december 31  2012 equity lines draw.draw period ended borrowing privileges terminated 3. 86%. 30-89 days past due 5. 96%. 90 days past due.
 60 days past due terminate borrowing privileges not reinstated.
 continue collection/recovery processes loss mitigation loan modification tdr.
 note 5 asset quality.
 debt restructurings modify loans government pnc programs help avoid foreclosure.
 borrower evaluated modification government.
 pnc.
 temporary permanent modifications reduce interest rate extend term defer principal.
 modifications classified tdrs.
 payment plans trial payment arrangements change classified tdrs.
 5.
 temporary modification three 60 months loan terms reverts exit rate remaining.
 permanent modification greater 60 months terms original loan.
 modifications include government home affordable modification program pnc-developed.
consumer loan programs residential mortgages home equity temporary modification borrower hardship delinquent loan balance.
 illness death loss employment.
 permanent modifications borrower income payments lower.
 residential home equity loans modified 60 months three 24 months.
 monitor success rates delinquency status loan modification programs credit losses.
 tables unpaid balance modified real estate loans 60 days past due nine twelve fifteen months modification.
 pnc financial services group.
 2013 form 10-k


2011 3% 3 % ) increase carloads.
 maintenance weather disruptions higher volume 4% 4 % decrease train speed 2010 2009.
 terminal dwell time rail car terminals.
 improves asset utilization service.
 increased 3% 2011.
 additional volume weather challenges track replacement manifest shipments.
 increased 2% ( 2 % ) 2010 network plan length efficiency higher dwell time.
 rail car inventory.
 lower reduces congestion increases speed dwell time rail utilization.
 inventory decreased slightly 2011.
 decreased 3% ( 3 % ) 2010 13% 13 % ) increase carloads.
 maintained more cars off-line retired old cars.
 gross revenue ton-miles calculated weight miles.
.
revenue-ton-miles increased 5% 2011 3% carloads commodity 5% 5 energy shipments.
 increased 10% 9 % 2010 13% increase carloads.
 commodity automotive.
.
 increased. 70. 7%. % 2011.
 higher fuel prices inflation costs offset pricing gains productivity initiatives.
 improved. 6%. 6 % 2010. 1%. % 2009.
 volume increases pricing gains productivity initiatives fuel.
 up 5% % 2011 3% 3 % increase volume levels higher training increased capital projects.
 down 1% 1 % 2010 13% 13 % increase volume.
 leveraged volumes network efficiencies productivity initiatives.
 managed full- time-equivalent train engine force levels less half carload growth 2010.
 reduced force levels productivity initiatives.
satisfaction index 2013 performance 12 months.
 higher score.
 improvement 2011 reflects service quality capital investment program.
 return shareholders 2019 equity.
 net income $ 3292 $ 2780
 average equity $ 18171 17282 16058
 return commonshareholders 2019 equity 18. 1%. 11. 8%.


financial condition results borrow funds 5-year credit facility conditions covenants representations agreements.
 december 31 2006.
 never borrowed domestic revolving credit facilities.
 utilization.
 conditions borrowing.
 contractual obligations guarantees purchase commitments future payments debt lease purchase obligations december 31 2006.
 payments due period 2007.
 long-term debt obligations $ 4134 $ 1340  $ 198  $ 534 $ 607 1451
 lease obligations 2328  351  281  209  178  158  1151
 purchase obligations 1035  326  120  26  539
 contractual obligations $ 7497  $ 599  $ 239  $ 724 $ 777  3141
amounts represent non-cancelable commitments.
 debt obligations 2006 long-term debt obligations totaled $ 4. 1 billion $ 4. billion 2005.
 table debt securities note 4 financial statements.
 lease obligations owns major facilities office factory warehouse space land equipment non-cancelable leases.
 future minimum lease obligations totaled $ 2. 3 billion.
 expense $ 241 million 2006 $ 250 million 2005 $ 205 million 2004.
 purchase obligations inventory software promotional research development agreements not cancelable.
 longest through 2015.
 payments total $ 1. 0 billion.
 long-term agreements software components supplies materials.
 extend one to three years.
 obligate advance notice.
 termination charges.
company liability agreements other. enters arrangements sourcing supplies minimum purchase commitments take-or-pay obligations.
 majority obligations over life contract.
 agreements terminated december 31 2006 obligation significant.
 anticipate cancellation.
 entered take-or-pay arrangements through may 2009 minimum purchase obligations $ 2. 2 billion.
 estimates purchases minimum obligations.
 outsources corporate functions services.
 contracts expire 2013.
 remaining payments approximately $ 1. 3 billion seven years


29 2007 acquired stock manufacture cialis erectile dysfunction.
 value cialis operational development marketing selling.
 purchase price $ 2. 3 bil borrowings.
 accounted business combination goodwill $ 646. 7 million.
 deductible tax.
 estimated fair values assets acquired liabilities assumed acquisition.
.
 short-term investments $ 197.
 1659.
 tax benefit losses 404.
 goodwill 646.
 long-term debt -275.
 deferred taxes -583.
 assets liabilities -32.
 research development 303.
 purchase price $ 2320.
 intangible asset amortized patent lives cialis expiry dates 2015 2017.
 new indications formulations cialis 48 percent estimated fair value.
 remaining products no.
discount rate acquired ipr&d projects 20 percent charge $ 303. 5 million 2007 not deductible tax.
 acquired stock hypnion .
 ivy animal health.
 for $ 445. million cash.
 acquisition hypnion presence sleep disorder research ownership hy10275 novel phase ii compound sleep onset maintenance.
.
 acquired ipr&d charge $ 291. 1 million not deductible tax.
 development-stage assets goodwill not recorded.
 acquisition ivy products animal health business.
.
 allocated $ 88. million purchase price intangible assets $ 37. million acquired ipr&d $ 25. million goodwill.
 amortized over 10 to 20 years.
 $ 37. million ipr&d second quarter 2007.
 goodwill allocated animal health business.
intangible assets goodwill $ 25. million ipr&d $ 37. million deductible tax.
 2008 licensing agreement transpharma medical.
 product drug system osteoporosis.
 administered transdermally phase ii clinical testing no alternative use.
 non access viaderm drug system.


valuation allowance $ 43. 9 million $ 40. 4 million $. 1 million 2012 2011 2010 established deferred income tax assets subsidiary loss carryforwards.
 realization taxable income prior expiration.
 believes likely.
 could change if future taxable income fluctuate.
 reconciliation beginning ending amounts unrecognized tax benefits 2012 2011.
 unrecognized tax benefits beginning year $ 11. $ 11. 1 $ 17. 5
 increases 2013 tax positions. 7. 5
 decreases -4. 9.
 increases. 3
 settlements taxing -1. 2 5
 acquired business.
 -1.
 unrecognized tax benefits end year $ 6. 8 $ 11. $ 11.
 $ 6. 8 million $ 11.$ 11. 1 million unrecognized tax benefits 2012 2011 2010 $ 4. million $ 9. million impact income tax rate.
 penalties recorded tax expense.
 company reversed net $ 0. 5 million $ 1. 4 million interest penalties.
 provided $ 1. 6 million $ 1. 6 million $ 2. 8 million accrued interest penalties.
 long-term liabilities balance sheets.
 snap-on subsidiaries income tax returns states.
 unrecognized tax benefits settled statutes limitations lapse 12 months tax benefits zero to $ 2. 4 million.
 anticipates uncertain tax positions threshold.
 tax benefits increase zero to $ 1. 6 million.
 longer subject.
 income tax examinations 2008.
 income tax examinations 2006.
..
 subsidiaries 492. 2 million 416. 4 million 386. 5 million 2012 2011 2010.
 deferred taxes invested.
 deferred income tax.


performance fiscal 2015 executives granted.
 market condition stock price growth three-year.
 minimum threshold performance no payout.
 maximum award opportunity fixed dollar shares.
 three one-third earned units converts unrestricted common stock.
 two-thirds convert restricted stock installments anniversaries conversion.
 share-based compensation expense grant date fair value monte carlo model.
 2015 executives granted units performance-based restricted stock earned shareholder return three-year&p 500.
 performance results units convert unrestricted common stock.
 grantee earn 200% target shares.
 compensation committee.
 share-based compensation expense grant date fair value units monte carlo model.
 summarizes changes unvested share-based awards may 31 2016 2015-average grant-date fair value.
31 2014 1754 22. 72
 954 36.
 -648 23.
 forfeited -212 212 27.
 31 2015 1848 28. 97
 57.
 -633 27. 55
 forfeited 34.
 31 2016 1606 $ 37.
 restricted stock units units awards 2015 2014 $ 17. 4 million $ 15. 28. 7 million.
 recognized compensation expense $ 28. 8 million 19. million 28. 2 million 2014.
 $ 42. 6 million unrecognized compensation expense. 9.
 accelerated vesting.
 sale 4. 8 million shares stock authorized.
 $ 25000 annual compensation.
 85% market value payments.
 annual


entergy louisiana subsidiaries utility transmission business retirement debt preferred securities.
 operations net income 2011 increased $ 242. million settlement irs mark-to-market income tax power purchase contracts $ 422 million tax benefit.
 offset $ 199 million regulatory charge reduced revenue.
 note 3 financial statements settlement benefit sharing.
 2010 income decreased $ 1. 4 million higher operation maintenance expenses higher income tax rate interest expense net revenue.
 fuel gas power expenses regulatory charges.
 analysis change net revenue.
.
 2010 revenue $ 1043.
 mark-to-market tax settlement -195.
 retail electric price.
.
.
 2011 revenue $ 886.
mark-to-market tax settlement variance regulatory charge benefits settlement shared offset amortization october 2011.
 notes 3 8.
 retail electric price variance due formula rate plan increase may 2011.
 note 2.


kinder morgan  inc.
 form 10-k registrant filed reports section 13 15 d securities exchange act 1934 preceding 12 months subject filing requirements past 90 days.
 submitted electronically posted corporate website interactive data file rule 405 regulation s-t preceding 12 months.
 disclosure delinquent filers item 405 regulation not contained statements iii form 10-k.
 registrant large accelerated filer non filer smaller reporting company rule 12b-2 securities exchange act 1934.
 company rule 12b-2 securities exchange act 1934.
 june 30 , 2010 registrant privately held company market value common equity nonaffiliates zero.
 february 16  2011 shares common stock outstanding.
 class a 597213410
 class b 100000000
 class c 2462927
p common stock 109786590
 february 2011 public offering kinder morgan. delaware liability company holdco llc unitholders stockholders kinder morgan.
 public offering.
 consolidated financial statements data kinder morgan holdco llc subsidiaries conversion.
 wholly subsidiary. changed name kinder morgan kansas.


dividends.
 free cash flow operating less investing.
 not financial measure accounting principles.
 not defined.
 cash flow important financial performance financings.
.
 table reconciles free cash millions 2013 2012 2011.
 operating activities $ 6823 $ 6161 $ 5873
 investing -3405 -3633 ( 3633 (
 dividends paid -1333 ( 1333 -1146 ( -837 (
 free cash flow $ 2085 $ 1382 $ 1917
 safe railroad benefits employees customers shareholders communities.
 multi-faceted approach safety technology risk assessment quality control training employee engagement capital investments.
 safety culture best practices safety.
 derailment prevention reduction grade crossing incidents.
continue efforts increase defects improve crossings educate public crossing safety programs industry programs community activities.
 railroad growing volumes high customer service.
 track structure excellent surplus line terminal capacity.
 solid resource sufficient supplies locomotives freight cars crews growth.
 fuel prices uncertainty economy projections fuel prices difficult.
 volatile fuel prices sensitive.
 demand refining capacity events weather.
 cost recovery fuel surcharge programs fuel conservation efforts.
 capital plan 2014 capital investments $ 3. 9 billion positive train control revised business conditions laws.
. 2015 invested $ 1. 2 billion capital plan spend additional $ 450 million 2014 developing deploying ptc.
 estimate cost $ 2 billion end project.
 includes installing new system upgrading locomotives adding digital data communication equipment.
unlikely rail industry meet 2015 deadline 2012 report good faith effort working regulators new technology.


edwards lifesciences financial statements 2014 lease payments interest leases debt maturities december 31 2004 $ 13. obligations $ 49. 267 debt december 31 2004 2003 unsecured notes japanese yen. billion us$ 67. 1 million. billion$ 55. 8 million.
 facilities equipment leased leases.
 renewal options.
 total expense leases $ 14. million $ 12. 3 million $ 6. 8 million 2004 2003 2002.
.
 risk.
 cash deposits accounts receivables investments unconsolidated affiliates accounts payable accrued liabilities debt.
 estimated market prices.
 valuations cash flows.
 long-term debt market value market rates.
company financial instruments approximate fair values short-term.
 operating leases debt maturities
 $ 13.
 11.
.
.
 7.
. 267.
 obligations commitments $ 49. 267.
 lifesciences financial statements 2014 future lease payments interest leases debt maturities december 31 2004 debt leases $ 13. 11 7 267. obligations 49. december 31 2004 2003 unsecured notes yen. billion us$ 67. 1 million. billion$ 55. 8 million.
 facilities equipment leased operating leases expiring.
 renewal options.
 expense leases $ 14. million $ 12. 3 million $ 6. 8 million 2004 2003 2002.
.
 differ.
instruments cash deposits receivables investments accounts payable accrued liabilities debt.
 values investments estimated market prices.
 methods external valuations discounted cash flows.
 long-term debt approximates rates.
 other instruments short-term.


long-term liabilities.
 company deferred compensation obligations based market value notional investment accounts.
 mutual funds based market prices.
 derivative utilizes fixed-to-floating interest-rate swaps fair-value hedges targeted variable-rate debt.
 variable-to-fixed interest rate swaps economic hedges interest cost variable-rate debt.
 future cash inflows outflows current fair value.
 contract terms counterparty credit risk interest rates market volatility.
 investments money market funds employee benefits.
 current assets.
 equipment.
 rental expenses $ 21 2015 $ 22 2014 $ 23 2013.
 expire 25 years equipment five years.
 renewal options one to five years.
 minimum annual future rental commitment.
 agreements public entities joint ventures-private partnerships.public-private partnerships company constructed utility plant connected property.
 real personal property equal industrial development bonds issued state industrial development commercial development act.
 leased total facilities including portions funded 40 years.
 leases funded required payments.
 ownership facilities revert end lease recorded capital leases.
 lease obligation receivable principal net basis.
 gross cost facilities funded capital lease $ 156 and $ 157 as of december 31 2015 2014 presented property plant equipment consolidated balance sheets.
 future payments lease obligations equal offset by payments receivable idbs.


cash flow operations 2017 $ 2. 7 billion 8 percent increase 2016 earnings capital.
. 23 percent increase. 2015 $ 424 million divestitures.
 capital 6. valves controls.
 expenditures $ million dividends $ 1239 million common stock purchases $ 400 million debt.
 $ 5. 1 billion acquisitions $ 2990 million operations $ 778 million repayments debt $ 1. 3 billion.
 contributions pension plans $ 45 million 66 million 53 million 2015.
 expenditures $ 476 million $ 447 million $ 588 million.
 cash flow $ 2. billion 2017 8 percent.
.
 targeting capital spending $ 550 million 2018.
 acquisitions 2990 million 132 million 324 million.
 proceeds divestitures $ 39 million $ 1812 million 2015.
dividends $ 1239 million. 92 share 2017 1227 million. 90 2016 1269 million. 88 2015.
 quarterly cash dividend 1 percent annualized $ 1. 94 per share.
 purchases emerson common stock $ 400 million 601 million $ 2487 million 2017 2016 2015 average share prices $ 60. 51 48. $ 57.
 authorized purchase 70 million shares 2015. million shares.
 purchased. million shares 2017.
. million shares.
 43. 1 million shares purchased.
.
 assets $ 22088
-term debt $ 4289
 stockholders equity
 debt-to capital ratio 45. 8%. 8 7%.
 debt-to-net capital 31. 3%. 4%.
 cash flow-to-debt 29. 8%. 37 7% 57 8%.
 coverage..
 debt long commercial paper short-term borrowings $ 4. 7 billion $. 6 billion $. 8 billion 2017 2016 2015.
 repaid $ 250 million 5. 125%. % notes 2016.
 issued $ 500 million. 625%. 2021 $ 500 million 3. 150%. 150 % 2025 repaid $ 250 million. 0%. 2014 $ 250 million 4. 125%. april 2015.
 debt-to-capital net-net decreased 2017 debt higher equity.
 increased 2016 equity.
 cash flow-to-debt ratio increased 2017 debt.
 taxes debt.
 coverage ratio earnings.
 increase 2017 lower expense.
 decrease 2016 lower pretax earnings divestiture gains $ 1039 million 2015 higher interest expense.
 2014 $ 3.5 billion five- year credit facility replaced 2010 $ 2. 75 billion.
 corporate purposes commercial paper borrowing.
 incurred borrowings.
 financial covenants termination.
 unsecured accessed interest currency.
 fees immaterial.
 universal shelf registration statement


goodwill intangible assets represents excess purchase price over fair value assets business.
 company reporting units operating segments.
 second quarter 2017 completed annual assessment goodwill impairment eleven units discounted cash flow approach future growth rates terminal values discount rates.
 two-step process estimated fair value carrying value.
 fair value exceeds carrying value not impaired second step test unnecessary.
 carrying exceeds value second step impairment loss.
 estimated fair value carrying amount.
 circumstances goodwill impairment interim periods tests.
 no impairment goodwill.
 fourth quarter 2017 sold equipment care business reporting unit goodwill disposed sale.
 no events.
 changes carrying amount goodwill reportable segments global millions industrial institutional energy other.

 december 31 2015 $ 2560. 662. 7 3151. 5 115. 6490. 8
 62. 7
 december 31 2015 2623. 5 600. 3151. 5 115. 8 6490.
 current year business combinations 3. 6
 year business combinations. 5
 reclassifications.
 foreign currency translation -45. 5. 55 -115. 115.
 december 31 2016 $ 2585. 590. 7 3093. 6 113. 6383.
 current year business combinations 123. 403. 7 8. 63. 9 599.
 year business combinations.
.
 foreign currency translation 88. 32. 101. 227.
 december 31 2017 $ 2797. 1027. 3203. 7 139. 7167.
establishment life sciences unit first quarter 2017 goodwill allocated fair value.
 industrial segment operations food beverage healthcare aggregated industrial institutional segments.
 note 17.
 2017 expects $ 79. 2 million goodwill tax deductible.
 2016 $ 3. 0 million goodwill tax deductible.
 purchase price allocation adjustments acquisitions preliminary.
 immaterial reclassifications balances reclassifications first quarter.


liquidity capital resources table summarizes liquidity data december 31.
 2016 2015
 cash equivalents $ 227400 $ 87397
 debt 3365687 1599695
 maturities 57494
 facilities 2550000 1947000
 1019112 1337653
 liquidity 1246512 1425050
 3365687 1599695 maturities 1337653 debt amounts values repaid debt issuance costs $ 23. 9 million $ 15. million 2016 2015.
 issuance costs $ 2. 3 million $ 1. 5 million.
 revolving credit facilities receivables securitization facility letters credit.
 liquidity fund operations expansion acquisitions.
 primary sources liquidity cash flows operations credit facilities.
 working capital expenditures excess acquisitions debt.
 cash flows investing activities.
acquisitions accessed debt financing revolving credit senior notes receivables securitization facility.
 debt 2022 senior secured credit facilities january 2021 term loans $ 750 million. $ 2. 45 billion revolving credit. billion variable $ 72. 7 million 2022 senior notes $ 600 million may 2023 4. 75%. fixed rate euro notes $ 526 million april 2024. receivables securitization facility $ 100 million november 2019 variable paper financing transactions liquidity january 2016 amendment secured credit 20ac500 million euro notes november 2016 receivables securitization.
 rhiag acquisition million euro notes.
 alternative financing long term notes.
 interest rates acquired debt 6. 45%. 7. 25%.
 20ac500 million senior notes 3.rhiag borrowings term financing rates.
 refinancing financial flexibility growth availability revolver.
 acquisition revolver funding.
 2016 $ 1. 02 billion.
 $ 227. 4 million cash $ 1. 25 billion liquidity decrease $ 178. 5 million.
 proceeds sale pgw's glass pay borrowings increase liquidity $ 310 million transaction.


company consolidates assets liabilities entities leases office buildings aircraft.
 entities variable interest company primary beneficiary.
 reflects property plant equipment $ 156 million $ 183 million assets $ 14 million $ 12 million long-term debt $ 150 million 6 $ 192 million 8 minority interest liabilities $ 22 million $ 6 million accrued liabilities $ 1 million $ 0 may 27 2007 may 28  2006.
 liabilities represent additional claims assets.
 creditors claims assets entities.
 enters arrangements future payments unconditional purchase.
 arrangements.
 capital lease debt obligations totaled $ 3. 6 billion may 27 2007 liabilities balance sheet.
 operating lease obligations unconditional purchase obligations $ 645 million 2007 not.
company obligations 2007 discontinued operations.
 less 1 year 1-3 years 3-5 years 5
 long-term debt $ 3575. 18. 48. 1226. 2281.
 lease. 79. 137 147.
 purchase 188. 57. 69
 $ 4220. 155. 254. 1378. 2432.
 obligations $ 4. 2 billion decrease $ 237 million 2006 fiscal year-end.
 reduction lease obligations sale packaged meats operations.
 obligated pay interest long-term debt obligations.
 average interest rate 7. 2%.


company files income tax returns.
 federal states foreign jurisdictions.
 subject to.
 local.
 income tax examinations before 1999.
 examination.
 tax returns 2002 2004 completed end first quarter 2008.
 adjustments tax positions.
 payments assessments 2002 2004 audit until final agreement resolution.
.
 limited audit activity.
 state foreign jurisdictions.
 expects liability unrecognized tax benefits change insignificant next 12 months.
 adopted fasb interpretation.
 uncertainty income taxes 2007.
 recognized increase liability unrecognized tax benefits reduction january 1 2007 retained earnings.
 reconciliation unrecognized tax benefits federal state foreign tax.
 balance at january 1 2007 691
 additions tax positions current 79
 additions prior years 143
 reductions prior
-24 ( 24 )
 reductions statute limitations -20 ( 20 )
 gross utb balance december 31 2007 $ 680
 net utb impacting tax rate $ 334
 unrecognized tax benefits tax rate $ 261 million $ 334 million.
 net utb adjusting gross balance federal state.
 deferred items interest penalties deductible taxes.
 consolidated balance sheet.
 recognizes interest penalties unrecognized tax benefits.
 january 1 december 31 accrued interest penalties $ 65 million $ 69 million.
.
 disallowance shorter deductibility period tax rate payment cash.
 2007 2006.
 federal state income tax returns changes financial position.
 2006 audit.
 tax returns 2001.
 final settlement refund claim.
 resolved audits european countries.
company completed preparation 2005.
 federal state tax returns.
 adjustments.
 lower.
 taxes on dividends foreign subsidiaries.
 made quarterly adjustments reserves for tax contingencies.
 resulted reserves 2006 by $ 149 million refund claims.
 2005 intent reinvest $ 1. 7 billion foreign earnings united states american jobs creation act 2004.
 opportunity tax


. 1 million acres. 7 million hectares.
 products brand trademarks international paper.
 non-durable goods processed foods poultry meat agricultural products.
 raw material energy costs freight costs manufacturing efficiency product mix.
 sales profits temple-inland brazil packaging business 2013.
 acquisition olmuksa international paper. net sales corrugated packaging totals 2013 higher ownership percentage.
 net sales 2013 increased 12% % $ 14. 8 billion $ 13. 3 billion 2012 42% $. billion 2011.
 profits 69% ( 69 % higher 2012 57% 57 % higher 2011.
 temple-inland 36% ( 36 % higher 2012 59% % higher 2011.
 lower sales volumes 73 higher operating costs 64 maintenance costs input costs $ 102 million.
profits 2013 $ 62 million temple-inland gain $ 13 million turkey net gain $ 1 million other items 2012 $ 184 million temple mill divestiture $ 91 million restructuring european packaging business $ 17 million $ 3 million gain items.
.
 sales $ 14810 13280
 profit
 north american packaging net sales $ 12. 5 billion 2013 $ 11. billion 2012. billion 2011.
 profits $ 1. 8 billion.
 sales volumes decreased 2013 demand.
 sales price higher increases containerboard boxes.
 input costs higher recycled.
 freight costs.
 maintenance downtime costs higher.
 costs decreased offset inflation overhead distribution costs.
 850000 tons downtime 450000 market- related 400000.
 2012 945000 tons downtime 580000 market-related 365000.
profits 2013 $ 62 million temple-inland.
 2012 $ 184 million acquisition $ 91 million divestiture containerboard mills.
 sales volumes shipping days winter weather.
 costs higher energy recycled fiber wood starch.
 maintenance downtime spending $ 51 million higher outages six mills.
 manufacturing costs lower.
 impacted winter weather 2014.
 packaging sales operations turkey consolidated.
 $ 1. 3 billion $. 2012. 2011.
 profits $ 43 million


entergy new orleans.
 financial utility transmission business retirement debt preferred securities.
 operations net income 2011 increased $ 4. 9 million lower operation maintenance expenses lower taxes tax rate lower interest expense revenue.
 2010 unchanged increasing $. 6 million higher net revenue lower interest expense taxes depreciation amortization expenses.
 net revenue operating revenues fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 272.
 retail electric price.
 gas revenue.
 cost recovery.
.
.
 2011 net revenue $ 247.
 retail electric price variance due formula rate plan decreases.
 note 2.
 net gas revenue variance milder weather 2011.
gas cost recovery 2010 $ 3 million gas asset entergy orleans gas rate plan amortization.
 note 2 financial.


goldman sachs group.
 subsidiaries management commissions fees $ 3. 20 billion 2018 5% higher 2017 cash equity futures volumes market.
 revenues $ 9. 45 billion 2018 23% higher 2017 higher equity interest rate commodities.
 offset lower results mortgages lower credit products.
 $ 5. 82 billion 2% lower 2017 losses public equities offset higher gains private equities.
.
 $ 3. 77 billion 2018 28% % higher 2017 higher interest rates collateralized agreements assets deposits loans higher yields.
 offset higher interest expense higher interest rates liabilities collateralized financings deposits long-term borrowings borrowings deposits.
 disclosures 2014 assets liabilities.
 2016 $ 32.billion 2017 6% % higher 2016 higher investment banking interest.
 offset lower market commissions fees.
.
 investment banking $ 7. 37 billion 18% higher 2016.
 financial advisory higher mergers acquisitions.
 underwriting higher debt equity.
 investment management $ 5. 80 billion 7% 7 % higher 2016 higher management fees assets transaction revenues.
 commissions fees $ 3. 05 billion 5% 5 % lower 2016 cash equity.
.
.
 $ 7. 66 billion 23% 23 % lower 2016 lower revenues commodities currencies credit products interest rate equity derivative products.
 offset higher equity cash improved mortgages.
 transactions $ 5. 91 billion 75% higher 2016 net gains private equities.
net gains from public equities higher equity prices increased.
 net interest income.
 $ 2. 93 billion 2017 13% higher than 2016 higher interest rates agreements loans receivable financial instruments interest rates assets deposits.
 increase income offset by higher interest expense interest rates long borrowings deposits short-term borrowings collateralized financings.
 disclosures 2014 2019.
 provision for credit losses loans receivable lending commitments.
 note 9 consolidated financial statements.
.
 millions 2018 2017 2016
 losses $ 674 $ 657 $ 182
 sachs 2018 form 10-k


net revenues increased $ 203. 9 million. $ 5193. 2 million from 4989. 2 million 2017.
 revenues product category.
 apparel 3462372 3287121 175251. 3%.
 footwear.
 accessories.
 sales 4948043 4770799.
.
 fitness 120357.
 revenues $ 5193185 4989244 $ 203941 4. 1%.
 increase apparel sales growth footwear.
 offset decline accessories.
 license revenues increased $ 8. 2 million. $ 124. 8 million 2018 from 116. 6 million 2017.
 fitness revenue increased $ 18. 5 million. $ 120. 4 million 2018 from 101. 9 million 2017 subscribers applications.
 profit increased $ 89. 1 million to $ 2340.2018 2251. 4 million 2017.
 gross profit unchanged 45. 1%.
 impacted lower promotional activity product cost lower air freight international fitness revenue foreign currency offset higher sales-price restructuring charges.
 2019.
 administrative expenses increased $ 82. 8 million $ 2182. 3 million 2018 2099. million 2017
 42.
 marketing costs decreased $ 21. 3 million $ 543. 8 million. 1 million 2017.
 restructuring.
 offset higher costs brand investments international business.
 decreased 10. 5%. 2018.
 other costs increased $ 104. 1 million $ 1638. 5 million. 4 million 2017.
 higher incentive compensation expense expansion international business.
 increased 31. 6%. 2018.
 restructuring charges increased $ 59. 1 million $ 183. 1 million 124. million 2017.
 restructuring plans.
 income decreased $ 52. 8 million. loss $ 25. million 2018 $ 27. 8 million 2017.
 decreased. 4%. 2018. 2017
 impacted $ 203. 9 million restructuring charges.
 impacted $ 129. 1 million restructuring.
 decreased $. 9 million $ 33. 6 million 2018 $ 34. 5 million 2017.


2022 secondary market same store communities 1 million less 1% public multifamily reit units owned stabilized 12 months.
 2022 non-same store communities recent acquisitions development lease-up disposition significant casualty loss.
.
 segments year comparisons.
 apartment community development lease-up added after owned stabilized 12 months.
 stabilized after 90% occupancy 90 days.
 disposition excluded.
 properties acquired post merger non-same store 2017 recent not owned stabilized 12 months january 1 2017.
 note 14 consolidated financial statements annual report form 10-k.
 apartment communities large markets southeast southwest regions states.
 maintain product mix geographic diversification asset allocation.
 efficiency management overhead structure.
 experience acquisition multifamily communities.
 increase apartment communities in growing markets.
acquired apartment communities december 31 2017:.
 units closing
 charlotte midtown nashville tn 279 march 16 2017
 acklen west end nashville 320 december 28 2017
 sell communities assets strategy market conditions favorable redeploy proceeds acquire develop communities rebalance portfolio.
 value provide liquidity.
 redeploy net proceeds.
 market conditions solicit competing bids.
 portfolio dispositions maximize proceeds efficiency.
 december 31 2017 disposed five multifamily properties 1760 units four land parcels 23 acres.
 limited projects.
 wholly-owned companies joint ventures.
 fixed price construction contracts risk.
 manage leasing.
 expansion existing communities.
 maintain development commitment modest.
 31 2017 incurred $ 170. 1 million development costs completed 7 projects.


breakdown aes gross margin 2000 1999.
 north america 2000 $ 844 million 25% 25 1999 $ 649 million 32% 32 % 30% 30 %
 south america $ 416 million 36% 36 % $ 232 million 28% 79% %
 caribbean $ 226 million 21% $ 75 million 24% 24 % 201% 201 %
 europe/africa $ 371 million 29% 29 % $ 124 million
 $ 138 million 22% 22 % $ 183 million 37% 37 % 26% 26 %
 venezuela colombia.
 increased 11 million $ 82 million 2000 71 1999.
 1%.
 business development.
 increased 506 million $. billion 2000 632 million 1999.
 15%.
 new businesses costs senior debt convertible securities.
increased $ 16 million to $ 31 million 2000 from $ 15 million 1999.
 includes foreign currency gains losses non-operating income.
 due to legal judgment sale development projects.
 incurred $ 79 million costs acquisition ipalco.
 sold assets for $ 162 million.
 $ 31 million.
 $ 88 million debt.
 $ 29 million gain buyout power sales agreement.
 proceeds $ 110 million offset costs $ 19 million impairment loss $ 62 million.
 independent appraisal.
 repaid non-recourse debt extraordinary loss $ 11 million.


may 2000 subsidiary acquired 5% non-voting shares eletropaulo $ 90 million.
 january 2000 59% shares acquired $ 1 billion auction national development bank.
 price $ 72. 18 per 1000 shares paid four annual installments 18. 5%. total price installments 25. 9%. 28. 5%. annually.
 december 31 2000 interest 49. 6%. eletropaulo.
 equity method.
 august 2000 subsidiary acquired 49% interest songas limited $ 40 million.
 owns gas-to-electricity project tanzania.
.
 refurbishment five natural gas wells tanzania 65 mmscf/day gas processing plant 230 km marine pipeline dar es salaam conversion 112 mw power station natural gas optional additional unit.
 no rev enues expenses incurred results.
 december 2000 subsidiary..
 ) additional 3. 5%. interest light from two sub sidiaries reliant energy for $ 136 mil- lion.
 acquired 30% shares edf acquired remainder.
 owns 21. 14%. light.
 december 2000 subsidiary edf acquire additional 9. 2%. interest light companhia siderurgica nacional (.
 acquired additional 2. 75%. interest light for $ 114. million.
 transaction closed january 2001.
 aes edf trolling shareholders light eletropaulo.
 edf control eletropaulo businesses edf electric workshop business.
 edf rationalization ownership aes sole controlling shareholder eletropaulo edf light.
 aes eletropaulo operating results.
 approval brazilian regulatory authorities.
 no assurance rationalization.
1999 subsidiary acquired subscription rights eletrobras non voting shares eletropaulo common light.
 purchase price $ 53 million $ 77 million represented. 7%. 4%. ownership capital.
 table financial information investments 50% owned investments equity.
 years december 2000 1999 1998
 revenues $ 6241 $ 5960 8091
 operating income 1989
 net income 859
 assets 2423
 noncurrent 13080
 liabilities 3370
 stockholder's equity 6206


annual report consolidation 2013 february 28 2010 company adopted amended guidance con solidation.
 clarifies decrease ownership provisions applies subsidiary business nonprofit activity transferred equity investee joint venture exchange assets noncontrolling interest.
 expands disclosures deconsolidation subsidiary derecognition.
 impact financial statements.
. acquisitions december 17 2007 acquired capital stock beam wine estates.
 subsidiary fortune brands. subsidiaries atlas peak vineyards. buena vista winery. clos du bois. gary farrell wines.
 peak wines international.
.
 acquired.
 wine portfolio fortune brands. wineries vineyards california super-premium fine california wine brands.
 strengthening portfolio fast-growing super-premium wines.
bwe acquisition leading wine premium.
 consideration paid cash $ 877. 3 million.
 incurred acquisition costs $ 1. 4 million.
 purchase price financed proceeds december 2007 notes revolver borrowings june 2006 credit agreement.
 acquired assets recorded fair value date acquisition.
 purchase price based estimated future results.
 june 2008 sold businesses california wineries brands washington idaho.
 results operations reported wines segment consolidated results.
 table summarizes fair values assets acquired liabilities assumed acquisition.
 assets $ 288. property plant equipment.
.
 equipment.
 goodwill 334.
 trademarks.
 other assets.
 acquired 983.
 liabilities.
 long-term liabilities.
.
 assets acquired 878.
. acquired liabilities. long-term liabilities.liabilities assumed 105. assets acquired $ 878. trademarks not subject amortization.
 goodwill deductible tax.
 acquisition svedka acquired svedka vodka brand spirits marque one.
 svedka premium swedish vodka.
 supported premium spirits business foundation portfolio growth.
 super-premium premium brand.
 cash acquisition $ 385. 8 million.
 incurred direct acquisition costs $ 1. 3 million.
 financed revolver borrowings june 2006 credit agreement.
 acquired assets recorded fair value.
 purchase price based estimated future operating results svedka.
 constellation wines segment consolidated results.


accounts receivable aging expo sures historical trends.
 lower cost market value determined fi rst-in-out fifo method.
 matches products manufacture through sale.
 net value inventory includes saleable promotional products raw materials work process.
 cost includes raw materials labor overhead.
 record inventory obsolescence reserve difference cost estimated realizable value sales projections.
 reserve calcu lated estimated obsolescence percentage trends.
 establish reserves future events.
 post-retirement benefit costs benefi ts domestic-based noncontributory pension plan.
 unfunded domestic pension plan.
 domestic contributory con tribution plan international pension plans deferred compensation arrange other post-retirement benefi t plans.
 future payouts subject assumptions variables.
 discount rate return future compensation levels.
evaluate assumptions actuarial advisors believe within accepted industry ranges increase net earnings.
 pre-retirement discount rate plan benefi cost based rated long-term bonds.
 used discount domestic plans 6. 25%. international plans.
 based bond portfolio long-term bonds aa rating major rating agency.
 timing cash match benefi payment streams domestic plans.
 used expected return on assets 7. 75%. )
 rates 3.%. 25%. international plans.
 long-term rate return consider historical rates strategies.
.
 asset alloca tion 2008 40% equity 42% debt securities 18% 18 % other ments.
 international plans 45% ( 45 % equity investments 38% 38 % debt securities 17% 17 % other.
 difference between actual expected return assets accumulated income.
gains/losses amortization future net benefi cost.
 2008 pension plans negative return $ 19. 3 million expected return $ 47. 0 million net deferred loss $ 66. 3 million $ 34 million amortiza 8 to 16 years.
 negative return related to performance equity markets past year.
 25 basis-point change discount rate 2008 pension expense 25 increase decrease.
 $ -2. $ 2.
 return assets $ -1.
 post-retirement plans health care impacted by cost trend rates.
 one-percentage-point change health care cost trend rates companies.


performance graph shows five-year stockholder return common stock october 31 2010 25 2015.
 compared return standard poor 2019s 500 index rdg semiconductor composite index.
 assumes $ 100 invested october 31 2010 common stock reinvestment dividends.
 rounded nearest dollar.
 represents past future.
 5 year return materials. s&p 500 index semiconductor composite index $ 100 invested reinvestment dividends.
.
 registered trademark standard poor 2019s financial services subsidiary mcgraw-hill companies.
 10/31/2010/28/2012
.
&p 500.
 semiconductor composite index. 170.
 2015 2014 declared quarterly cash dividends $ 0. per share.
2013 declared three dividends $ 0. 10 one $ 0. 09.
 dividends 2015 2014 2013 $ 487 million $ 485 million $ 456 million.
 dividends quarterly future financial capital requirements business conditions stockholders.
 10/31/10 10/30/11/28/12/27/13/26/14 10/25/15.
 s&p 500 semiconductor composite


accounting pronouncements note 1 policies consolidated financial statements item 8 pronouncements relevant business impact statements.
 pronouncements issued fasb.
 2007 141 combinations 160 noncontrolling interests statements amendment arb.
 51 2007 accounting bulletin.
 109 aicpa statement position 07-1 audit accounting guide companies accounting parent companies equity investors. fasb final fsp 2008 delays effective date aicpa sop 07-1.
 position.
 fasb interpretation.
 investment companies settlement.
 159 fair value option financial assets liabilities amendment fasb statement.
 115 issued 2006 2022 sfas 158 accounting defined benefit pension postretirement benefit plans amendment fasb statements.
 87 88 106 132 157 value measurements uncertainty income taxes fasb statement.
2022 13-2 cash flows taxes leveraged lease transaction 156 financial assets amendment fasb statement.
 140 155 hybrid financial instruments fasb statements.
 133 140 issues task force 06-4 deferred compensation postretirement benefit split-dollar life insurance defined benefit pension plan noncontributory plan employees.
 benefits cash balance formula compensation levels age length service.
 pension contributions actuarially determined benefits.
 assets 60% equity remainder fixed income instruments.
 fiduciaries investment policy.
 calculate expense pension plan sfas 87 sfas 87 trust assets fair market value.
 actuarial assumptions plan discount rate compensation increase expected return assets.
 pension expense.
 expected long-term return assets.
 pension cost 2007 8. 25%. unchanged 2006.
current accounting rules difference accumulated amortized pension expense future.
 percentage point difference expense $ 4 million amortized.
 table effects pension expense changes assumptions 2008 expense baseline.
 pension expense.
. 5%. decrease discount rate
. decrease long-term return assets
. increase compensation rate
 pretax pension benefit $ 26 million 2008 $ 30 million


consolidated financial statements 2014acquisitions emagic fourth quarter 2002 acquired provider software music production $ 30 million cash $ 26 million paid immediately $ 4 million held-back future payment 3 years.
 2003 contingent $ 1. 3 million paid.
 acquisition accounted purchase.
 price in-process research development expensed immediately technology tradename amortized 3 years.
 goodwill not subject amortization.
.
 allocated.
 assets.
 technology.
 tradename.
-process research development.
 goodwill.
 consideration.
 purchase price ipr&d expensed acquisition technological feasibility alternative future uses.
 emagic 2019s logic series technology extensions.
 products 43%-83% complete remaining work fiscal 2003 cost $ 415000.
 remaining efforts 2003 user interface design development testing.
fair value ipr&d determined income approach projected free cash flows attributable acquired technology net cash flows discount rate 25%.
 acquisition zayante. prismo graphics silicon grail 2002 acquired technology patent rights. $ 20 million.
 transactions accounted asset acquisitions.
 $ 1 million contingent consideration 3 years technology amortized 3 years assets patent royalty amortized 10 years.
 acquisition 2002 assets tools digital image creation.
 $ 15 million purchase price allocated $ 7 million acquired technology amortized 5 years.
 remaining $ 8 million contingent consideration


.
 commitments contingencies indemnified securities financing commitments standby letters.
 potential loss equal contractual amount collateral.
 summary contractual instruments at december 31.
 third parties.
 2006.
 indemnified securities financing $ 506032
 liquidity asset purchase agreements 35339
 unfunded commitments extend credit 17533 16354
 standby letters credit
 securities brokers.
 indemnify market failure.
 collateral funds not recorded statement.
 borrowers provide collateral equal 100% fair market value.
 revalued daily.
.
 government securities $ 572. billion $. 37 billion collateral indemnified securities december 31 2007 2006.
 82% % unfunded commitments extend credit liquidity asset purchase agreements expire year issue.
commitments expire represent future cash requirements.
 provide liquidity credit enhancements to asset-backed commercial paper programs 2018. note 11.
 issuances supported by liquidity asset purchase agreements backup liquidity lines of credit majority provided by us.
 provide direct credit support standby letters of credit.
 totaled $ 28. 37 billion at december 31 2007.
 standby letters totaled $ 1. 04 billion.
 deterioration performance shift asset risk from to us.
 conduits need back-up facilities repay maturing paper.
 acquire assets or make loans.
 book value protection to participants in postretirement 401 ( k ) plans.
 protection intermediate fixed-income securities safety.
 shortfall


common stock 2009 annual meeting shareholders september 30 2009.
 four compensation plans authorized.
 global payments.
 2000-term incentive plan.
 2005 non director stock option plan employee stock purchase plan approved.
 may 31 2009.
 note 11 financial statements.
 securities options warrants rights issuance compensation plans.
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 equity compensation plans approved holders.
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plan category number securities issued outstanding options warrants rights weighted average exercise price number securities remaining future issuance equity compensation plans excluding
 equity compensation plans approved 4292668 $ 28 6570132 -1 1
 plans not approved 2014
 total 4292668 $ 28 6570132 1
 includes shares common stock issuance option warrant right global payments.
 2000 long-term incentive plan.
 2005 incentive plan 2000 non-employee director stock option plan.
 item 13 relationships transactions director independence affiliates independence board directors headings board proxy statement 2009 annual meeting shareholders september 30.
 item 14 2014principal accounting fees services 2009 annual meeting.


earnings $ 152 million $ 0. 50 per share december 31 2016.
 income tax benefits operating cash flows $ 152 million.
 new accounting standard impact periods prior january 2016 applied changes.
 2015 fasb issued asu.
 2015-16 business combinations 805 simplifies accounting adjustments.
 effect earnings.
 adopted asu january 1 2016 applying business adjustments.
 november 2015 fasb issued asu.
 2015-17 income taxes 740 simplifies deferred income taxes assets liabilities noncurrent balance sheets.
 applied provisions reclassified $ 1. 6 billion noncurrent assets $ 140 million noncurrent liabilities balance december 31 2015.
 2013 earnings per share average.
 common shares outstanding 299.
 dilutive effect equity awards.
 weighted average common shares 303. 314.
 compute diluted earnings net earnings weighted average shares.
 includes dilutive effects assumed vesting restricted stock units stock options.
 no anti-dilutive equity awards years december 31 2016 2015 2014.
 acquisitions sikorsky aircraft november 2015 united technologies.
 purchase price $ 9. billion.
 sikorsky wholly- owned subsidiary.
 research design development manufacture military commercial helicopters.
 products s-76-92.
 acquisition business military commercial markets position aerospace defense industry.
 presence commercial international markets.
 business.
 $. billion acquisition price utilized $ 6. billion proceeds borrowed 364-day revolving credit facility $ 2. cash $ 1. commercial paper.
fourth quarter 2015 repaid borrowings 364-day facility $ 7. billion fixed interest-rate-term notes.
 repaid $ 1. billion commercial paper borrowings.


table illustrates effect 10% unfavorable movement foreign currency exchange rates.
 value forward exchange contracts october 30 2010 31 2009.
 2010 contracts $ 7256 $ 8367
 unfavorable movement 22062 $ 20132
 $ -7396 7396 $ -6781 6781
 unfavorable.
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 22062 20132 value contracts 10% 10 % favorable movement currency rates.
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 calculation assumes exchange rate direction.
 dollar.
 volume sales foreign currency price.
 sales currency selling prices.


synopsys.
 magma design automation.
 22 shares chip design software provider per-share price $ 7. 35.
 assumed stock units options. purchase price $ 550. 2 million.
 acquisition semiconductor designers design tools.
 october 31 purchase consideration preliminary price.
 cash $ 543437
 equity awards 6797
 purchase $ 550234
 goodwill 316263
 assets 184300
 cash 116265
 debt liabilities
 purchase allocation
. million not deductible tax sales growth cost synergies integration magma technology.
 valued income amortized three ten years.
 acquisition-related costs $ 33. 5 million 2012 employee separation contract terminations professional services facilities closure costs.
 equity awards.
company assumed unvested stock units options fair value $ 22. 2 million.
 black-scholes option-pricing model value rsus based market price grant date.
 assumptions expected volatility risk-free interest rates.
 estimated historical stock price volatility.
 total fair equity $ 6. 8 million purchase consideration $ 15. 4 million future services.
.
 financial combined results company magma.


base rate increases entergy texas 2011 settlement december 2009 case july 2012 order 2011.
 2.
 offset formula rate plan decreases entergy new orleans october 2011 gulf states louisiana september 2012.
.
 grand gulf recovery variance costs.
 wholesale revenue decreased sales volume lower prices.
 purchased power capacity price increases.
 decreased electricity usage milder weather residential commercial sales.
 hurricane isaac 2012.
 decreased 1684 gwh 2%.
 louisiana act 55 financing savings obligation variance regulatory charge 2012 entergy gulf states louisiana savings settlement tax hurricane katrina.
 note 3 financial statements tax settlement.
 net revenue 2012 2011.
.
 revenue $ 2045
 2012 revenue $ 1854
net revenue entergy wholesale commodities decreased $ 191 million 9% 2012 due lower pricing lower volume nuclear fleet unplanned refueling outage days offset by resupply options purchase power agreements power.
 options.
 offsetting lower revenue higher revenue rhode island state energy center acquired december 2011.


company share options millions.
 2015 2014 2013
 value $ 104 $ 61 73
 cash 40 38 61
 tax benefit 36 16 15
 unamortized deferred compensation expense $ 378 million december 31 2015 remaining amortization 2. years.
 7. 5 million shares.
 employees.
 purchased 6-month intervals 85% fair market value first.
 2015 2014 2013 411636 439000 556000 issued.
 compensation expense $ 9 million 2015 $ 7 million 2014 $ 6 million 2013.
 plan.
 purchase after 3-year period.
.
 2015 2014 2013 maximum 100000 300000 350000 shares.
 2779 642 172110 issued.
 compensation expense $ 2 million 2015 2014 $ 1 million 2013.
.
 derivatives hedging company exposed to market risks foreign currency exchange rates interest rates.
 manage enters derivative instruments risks.
 derivative transactions trading speculative.
 risk exposed earns revenues pays expenses transfers.
 uses foreign derivatives forward contracts options cross-currency swaps reduce currency fluctuations cash flows.
 exposures hedged less than two years.
 accounted hedges changes value recorded income.
 uses derivatives forward contracts options hedge currency exposure global liquidity profile assets liabilities non currency one.
 not accounted as hedges changes value recorded.


no share repurchases 2016.
 stock performance graph matches fidelity national information services. 5-year shareholder return common stock s&p 500 s&p supercap data processing outsourced services index. tracks $ 100 investment common stock index dividends 2011 to 2016.
 fidelity national information services. 134. 210. 246. 311.
 s&p 500. 116 153. 174. 177. 198.
 s&p supercap data processing outsourced services. 126 194. 218. 247. 267.
 stock price performance not indicative future price performance.
.
 historical statements data.


september 2007 settlement united states department justice financial relationships orthopaedic manufacturers surgeons.
 paid civil settlement $ 169. 5 million recorded expense.
 no tax benefit recorded uncertainty tax treatment.
 intend pursue resolution uncertainty ascertain outcome timing.
 note 15.
 june 2006 financial accounting standards board issued interpretation.
 uncertainty income taxes.
.
 tax benefits financial statements.
 tax benefit uncertain tax position.
 largest benefit fifty percent likelihood settlement.
 derecognition classification interest penalties income taxes disclosures.
 adopted fin 48 january 1 2007.
 long term tax liability settlement federal state foreign income tax liabilities $ 102. 1 million accrued interest liability $ 1. 7 million.
adoption fin 48 components liability.
 liability unrecognized tax benefits $ 6. million january 1 2007.
 reduction retained earnings $ 4. million goodwill $ 61. million tax receivable $ 58. 2 million increase interest/penalty payable $ 7. 9 million 1 2007.
 48 unrecognized tax benefits $ 95. 7 million january 1 2007 $ 28. 6 million effective tax rate.
 $ 135. 2 million december 31 2007.
 $ 41. million effective tax rate.
 reconciliation benefits.
 balance january 1 2007.
 increases.
 decreases.
 increases.
 decreases.
 decreases.
 december 31 2007.
 accrued interest penalties unrecognized tax benefits consolidated statements prior periods.
january 1 2007 liability $ 9. 6 million accrued interest penalties $ 7. 5 million effective tax rate recognized.
 liability $ 19. 6 million december 31 2007.
 $ 14. 7 million tax rate.
 tax liability unrecognized benefits next twelve months significant operations financial position.
.
 federal statute limitations open 2003 2004 examination.
 resolution twelve months impact financial.
 1999 tax year centerpulse acquired october 2003 issue dispute.
 resolution impact tax rate adjustment goodwill.
 state income tax returns examination 3 to 5 years.
 impact federal changes year notification.
 returns.
 next twelve months impact operations financial.
 foreign jurisdictions statutes limitations 3 to 5.
open examination foreign tax authorities jurisdictions include australia 2003 canada 1999 france 2005 germany italy 2003 japan 2001 puerto rico 2005 singapore 2003 switzerland 2004 united kingdom 2005.
.
 0 7 notes consolidated financial statements


2014 benefit plans pension plans employees united states international locations.
 postretirement healthcare life insurance benefits domestic retirees international countries.
 measurement date benefit plans september 30.
 january 1 2018.
 pension plan frozen participation employees hired re-hired net pension cost years september 30.
 plans 2019 2018 2017
 service cost $ 134 $ 136 $
 interest cost
 return assets 180 154
 amortization service credit
 loss 78
 settlements
 net pension cost $ 135 $ 137 138
 $ 32 34 $
 amortization service credit loss reclassifications credits losses.
 settlement losses 2019 2018 lump sum benefit payments.
 supplemental pension plan.
 pension settlements exceed service interest cost net pension cost.
2 accounting standard update october 1 2018 company 2019s pension postretirement costs recorded consolidated statements.
 statements 2014 becton dickinson


management financial condition results operations 2008 asp flat 2007.
 decreased 9% 9 2007 11% 11 % 2006.
 segment large customers.
 2008 sales five largest customers 41% 41 % net sales.
 sells third-party distributors retailers 24% ( 24 % net sales 2008.
.
 largest market 56% 56 % 2008 net sales outside.
 largest international markets brazil china mexico.
 impacted weakening.
.
 international markets latin america impacted 2008.
 home networks mobility segment designs manufactures sells installs services digital video internet protocol video broadcast network set-tops video distribution systems broadband access infrastructure platforms data voice equipment cable television telecom providers wireless access systems.
2009 segment 2019s net sales 36% 36 % consolidated net sales compared 33% 33 % 2008 27% 27 % 2007.
 31 change.
 segment net sales $ 7963 $ 10086 21 % 1% 1 %
 operating earnings 558 709 39 29% 29 % )
 segment results 20142009 2019s net sales $ 8. 0 billion decrease 21% 21 % $ 10. 1 billion 2008.
 22% 22 % decrease networks 21% 21 % home business.
 lower sales gsm cdma umts iden offset higher wimax.
 21% 21 24% ( 24 % ) decrease digital entertainment devices 18% decrease lower shipments lower unfavorable product mix.
 segment shipped 14. 7 million digital entertainment devices 2009 18. million 2008.
21% decrease sales driven lower sales regions.
 decrease north america due to lower home business cdma iden offset higher wimax.
 decrease emea due to lower gsm offset higher wimax home business.
 decrease asia driven by lower sales gsm umts cdma higher home business.
 decrease latin america due to lower home business iden offset higher wimax.
 sales north america 51% segment total net sales 2009 50% 2008.


credit commitments lines table summarizes citigroup commitments 2010 2009.
 millions.
 commercial letters credit $ 1544 $ 7430 $ 8974 7211
 one- four-family residential mortgages 2582 398 2980 1070
 revolving open-end loans 17986 2948  20934 23916
 commercial real estate construction land development 1813  594  2407  1704
 credit card lines 573945 124728 785495
 commercial loan commitments 124142 86262 210404 257342
 $ 722012 $ 222360 $ 944372 $ 1076738
 commitments contingent credit standards.
 commitments floating interest rates fixed expiration dates fees.
 deferred amortized loan.
 commercial letters credit citigroup substitutes credit.
 evidence.
 citigroup.
- to four-family residential mortgages confirmation citigroup seller sums purchase.
 revolving open-end loans secured home equity lines of credit.
 secured second home excess fair market value over debt first.
 commercial real estate construction land development commercial multifamily residential properties land development projects.
 secured-by-real-estate unsecured commitments undistributed loan proceeds payments.
 extensions credit funded classified loans.
 credit.
 cancelable issuer.
 commercial consumer loan commitments overdraft liquidity facilities purchase loans third-party receivables note issuance revolving underwriting invest equity.
 $ 79 billion $ 126 billion original maturity less than one year at december 31  2010 2009.
 highly leveraged financing commitments funding borrower higher debt.
financing acquisitions management buy-outs.


consolidated financial statements jpmorgan chase co. annual report 204 interest income firm 2019s statements.
 changes cash flows prepayments reclassifications.
 quarterly firm updates loan principal interest cash flows default rates loss severities prepayments market conditions.
 decreases loan principal cash flows trigger recognition impairment measured present value principal loss foregone interest cash flows discounted effective interest rate.
 impairments after acquisition recognized loan losses.
 increases principal cash flows reverse allowance loan losses increases recognized interest income.
 impacts prepayments variable interest rates changes timing interest income.
 disposals loans removal loan credit-impaired portfolio.
 no interest nonperforming loans estimable interest accreted reported performing loans.
charge-offs recorded purchased credit-impaired loans until losses exceed estimated acquisition date.
 no charge-offs recorded.
 loans washington reported firm balance sheets.
 2009 allowance loan losses $ 1. 6 billion prime mortgage option arm pools.
 carrying amount $ 47. 2 billion at december 31 2009.
 reduction carrying amount.
 credit-impaired loans.
 outstanding balance $ 103369 $ 118180
 carrying amount
 contractual principal interest fees earned reporting date.
 purchased credit-impaired loans modified under mha programs loss mitigation programs.
 impact incorporated assessment cash accounted purchased.
 acquires borrowers loan restructur foreclosures recorded balance sheets.
 real. commercial personal property.
property valued fair value less costs.
 reviewed adjusted.
 adjustments first 90 days charged loan losses noninterest revenue.
 taxes charged.
 allowance credit losses asset-specific formula-based credit-impaired loans.
 asset-specific loans impaired debt restructuring risk-rated nonaccrual status.
 asset-specific allowance impaired loans discounted cash flows market price lower than recorded investment.
 larger loans evaluated individually smaller historical loss experience.
 risk-rated loans pooled by risk rating scored loans. product type.
-specific allowance difference recorded investment present value cash flows original interest rate.
 changes impairment reported loan losses not interest income.
 asset-specific allowance impaired loan measured difference recorded investment fair value.
impaired loans charged value less costs.
 updated appraisals six twelve months.
 firm considers borrower market-specific factors


performance graph not filed incorporated into valero filings securities act 1933 exchange act 1934.
 graph based historical data not indicative future performance.
 compares return common stock against s&p 500 composite index peer companies five-year period 2007 2012.
 peer group ten alon usa energy. bp cvr energy. hess hollyfrontier marathon petroleum 66 royal dutch shell tesoro western refining.
 chevron exxon mobil replaced with bp psx rds.
 2012 psx independent added group.
 cvx xom replaced with bp rds.
 comparison 5 year cumulative total valero energy s&p 500 index.
 12/2007 12/2008 12/2011
 valero common stock $ 100. $.
 s&p 500.79. 67 91. 93. 61 108.
. 80 76. 88. 111.
. 66. 86. 72 74. 76.
 investment valero stock $ 100 2007.
 return share price appreciation reinvestment dividends.


sales engineered products solutions improved 7% 2016 higher sales two acquired businesses $ 457 ) increased demand industrial gas turbine offset lower volumes oil gas commercial transportation pricing pressures.
 sales improved 27% % 2015 2014 $ 1310 ) three acquired businesses higher volumes.
 offset foreign currency weaker euro.
 increased $ 47  8% 2016 productivity improvements volume increase revenue lower margin product mix pricing pressures.
 increased $ 16 3% 2015 net productivity improvements acquisitions higher volumes.
 offset unfavorable price product mix higher costs growth foreign currency weaker euro.
 demand commercial aerospace strong new engine platforms offset customer destocking engine ramp-up challenges.
 defense market ramp aerospace programs.
net productivity improvements anticipated pricing pressure.
 transportation construction solutions.
 2015
 third-party sales $ 1802 $ 1882 $ 2021
 $ $ 166 $
 transportation solutions segment produces nonresidential building construction commercial transportation.
 aluminum structural systems architectural extrusions forged aluminum commercial vehicle wheels sold distributors.
 small part industrial.
 sales costs expenses transacted local currency.
 dollar euro brazilian real.
 sales decreased 4% 2016 lower demand commercial rising demand building construction.
 decreased 7% unfavorable foreign currency movements weaker euro lower volume.
 increased $ 10 6% 2016 net productivity improvements growth building lower demand north brazilian markets.