maintained strong financial position fiscal year 2019.
 30 consolidated balance sheet included cash $ 2248.
 access commercial paper markets cash flows operating financing meet liquidity needs.
 30 $ 971. 5 foreign cash total $ 2248. 7
 foreign subsidiaries affiliates earnings.
 income tax repatriation.
 foreign withholding taxes.
 investment plans outside. intent reinvest majority foreign cash items additional taxes.
 note 23 income taxes.
 table summarizes cash flows operating investing financing activities.
 operating $ 2969. 9 2547.
 investing.
 financing activities -1370. -1359
 fiscal year 30 september 2019 cash $ 2969. 9.
 continuing operations $ 1760.adjusted depreciation amortization deferred income taxes tax act facility closure undistributed earnings gain sale share-based compensation noncurrent capital lease receivables adjustments.
 sale $ 14. high gases.
.
 capital cash $ 25. $ 69. trade receivables $ 41. payables accrued liabilities offset $ 79. receivables.
 $ 48. decrease accrued utilities $ 30. decrease accrued interest $ 51. increase advances equipment.
 decrease contract modification lower utility costs.
 cash $ 79. forward exchange contracts value added taxes.
 fiscal year 2018 cash operating activities $ 2547. income operations $ 1455.
 adjustments 131. $ 54. net impact remeasurement intercompany transactions.
 hedging instruments capital adjustment receivables.
adjustments impacted cash cross currency swap $ 54. excess pension expense $ 23.
 working capital accounts cash $ 265. driven payables accrued liabilities inventories trade receivables offset.
 $ 277. decrease customer advances $ 145. sale equipment $ 67. contracts.
 purchase helium molecules.
 noncash impact change accounting.
 fifo.
 cash $ 128. 3 contracts.


.
 eog reviews oil gas properties future cash flows depreciation depletion amortization unamortized cost.
 values adjusted to fair value.
 offers fair value.
 2017 properties $ 370 million written down fair value $ 146 million pretax impairment $ 224 million.
 2016 $ 643 million fair value $ 527 million pretax impairment charges $ 116 million.
 impairments 2017 2016 2015 legacy natural gas assets.
 amortization impairments costs $ 211 million $ 291 million $ 288 million 2017.
.
 retirement obligations reconciliation short-term long-term obligations retirement property plant equipment december 31 2017 2016.
 $ 912926 $ 811554
 liabilities incurred
 settled
currency 16139
 period $ 946848 912926
 19259 18516
 noncurrent 927589 894410
 164 million 2016 yates.
 asset sales.
 current noncurrent asset retirement obligations consolidated balance sheets.


2018 annual report 10-k foreign currency translation offset cost reclassifications new revenue recognition standard.
 recognition 10-k cost management restructuring cost savings 2017.
 2016 administrative expenses decreased $ 1 million lower pension postretirement benefit costs selling advertising costs savings offset wage cost inflation expenses acquired businesses foreign currency translation charges income.
 2017.
 expense income $ 95 $ 85 $ 11. 8%.
 business restructuring $ 66 2014 $ 191.
 pension settlement charges $ 2014 $ 60 $ 968.
 charges $ 122 $ 74 $ 242.
 income $ 114.
 increased $ 10 million 2018 2017 long- term debt.
 income decreased $ 14 million 2017 lower interest rate debt.
pretax $ 83 million second quarter 2018 offset changes estimates $ 17 million.
 pretax charge $ 191 million 2016.
 note 8 restructuring.
 lump-sum payments retirees.
 pension plans $ 127 million.
 costs remeasured benefit obligation settlement charges $ 60 million 38 million after-tax.
 transferred $ 1. 8 billion.
 pension obligations insurance companies.
 remeasurement settlement pension plans.
 $ 968 million pre-tax settlement charge.
 note 13 benefit plans.
 2018 2016 higher environmental remediation.
 former chromium manufacturing plant.
 note 14 contingent liabilities.
 lower 2018 2016 gain sale mexican plaka business $ 25 million legal settlement $ 18 million.
 note 3 divestitures.


management 2019s jpmorgan chase. hold 2. 5%. tier 1 common.
 basel iii establishes 6. 5%. tier i common equity standard act.
 effective first quarter 2015.
 chart presents basel iii minimum risk-based capital ratios transitional phased-in.
 target tier 1 common ratio.
 1 ratio regulatory minimums transition full implementation.
 estimates tier 1 common ratio phased-in 9. 5%. december 31 2013.
 tier 1 common ratio basel iii estimated 9. 4%.
 tier 1 common ratio basel i iii non-gaap measures.
 bank regulators investors analysts assess capital position financial companies.
 table comparison tier 1 common basel rules risk-weighted assets.
differences in calculation rwa basel i iii iii risk-sensitive approaches models i fixed supervisory risk weightings asset class basel iii includes operational risk i.
 losses incorporates losses.
 firm 2019s operational risk capital model iii.
 enhancements risk capital increased 2013 2012.
 tier 1 common basel iii includes adjustments deductions accumulated income afs securities defined benefit pension postretirement employee benefit plans.
 december 31 2013.
 tier 1 common $ 148887
 adjustments afs securities defined benefit pension 1474
 deductions 1780
 deduction deferred tax asset net operating loss foreign tax credit carryforwards
 adjustments
 tier 1 common $ 151202
 risk-weighted assets under basel iii $ 1590873
tier 1 ratio basel iii. 5%.
 risk-weighted assets $ 1590873 1 ratio iii. 5%. exposures deducted capital risked-weighted iii.


entergy arkansas.
 cash flow increased $ 8. million 2004 due to income tax benefits increased recovery deferred fuel costs.
 offset by money pool activity.
 2003 domestic utility companies system energy filed tax accounting method.
 simplified allocation overhead electricity.
 $ 1. 171 billion deduction 2003 income tax return.
 no cash benefit.
 2004 realized $ 173 million cash tax benefit.
 challenged irs.
 31 2004 net operating loss $ 766. 9 million change.
 nol carryforward through 2006.
 cash flow increased $ 80. million 2003 due to income taxes $. million. money pool activity.
 offset by decreased recovery deferred fuel costs.
 receivables december 31.
 2004 2003 2002 2001
23561 4279
 $ 92. 7 million entergy arkansas cash flow 2004 $ 73. 4 million 2003 $ 19. 5 million 2002.
 note 4 utility.
 decrease $ 68. 1 million net cash 2004 construction lower support.
 increase $ 88. 1 million 2003 construction expenditures $ 57. 4 million $ 38. 4 million temporary.
 construction expenditures transmission entergy arkansas generator.
 decrease $ 90. 7 million net cash 2004 redemption $ 2. 4 million long-term debt 109. 3 million offset $ 16. 2 million common stock dividends.


management credit ratings based on agencies liquidity market credit operational risk management practices earnings capital base franchise reputation management corporate governance external operating environment government support.
 firm derivatives transacted under bilateral agreements with counterparties collateral terminate transactions changes credit ratings.
 assess impact collateral termination payments downgrade agencies.
.
 allocate portion gce additional collateral payments two-notch reduction long-term credit ratings collateral not available.
 table presents additional collateral payments net derivative liabilities agreements one two-notch downgrade credit ratings.
 millions december 2013 2012
 additional collateral payments one-notch downgrade $ 911 $ 1534
 two-notch downgrade 2989 2500
one-notch 911 1534 two-notch complex earnings assets.
 cash flow analysis liquidity.
 macro trends initiatives.
.
 cash equivalents decreased $ 11. 54 billion $ 61. 13 billion.
 generated $ 4. 54 billion cash.
 $ 16. 08 billion investing repurchases common stock.
.
 increased $ 16. 66 billion $ 72. 67 billion.
 $ 9. 14 billion.
 $ 7. 52 billion offset repayments unsecured borrowings.
.
 increased $ 16. 22 billion $ 56. 01 billion.
 generated $ 23. 13 billion cash.
 $ 6. 91 billion financing repurchases bank deposits.
 2013 annual report


consolidated financial statements march 2008 fasb issued guidance entities transparency derivative instruments financial position results cash flows.
 effective january 1  2009.
 consolidated financial statements.
 june 2009 fasb issued guidance accounting transfers financial assets.
 amends sale accounting recog nition assets liabilities control assets.
 removes exemption qualifying special purpose entities consolidation guidance.
 effective january 1  2010 early adoption prohibited.
 removal entity exception entities consolidation.
 consolidated financial statement.
 june 2009 fasb amended guidance determin ing variable interest entity qualitative analysis primary beneficiary.
 required consolidate power direct activities economic performance obligation absorb losses right receive benefits.
 effective first annual reporting period after november 15  2009 early adoption prohibited.
evaluating effect guidance financial statements.
 acquisitions 2009 acquired sub-leasehold positions 420 lexington avenue $ 15. million.
 acquired properties 182 broadway 63 nassau street $ 30. million.
 adjacent 180 broadway 2007.
 $ 31. million loan interest 225 basis points 30-day libor.
 three-year term two one-year extensions.
 drew $ 21. mil acquisition costs.
 quarter 2008 acquired interests fee positions 919 third avenue $ 32. million.
 controls fee position.
 acquired reckson $ 6. billion.
 sold $ 2. billion reckson assets venture.
 30 properties. million square feet five. manhattan.
 allocation purchase price assets liabilities reckson.
 land
 building finance investments
-market leases 24661
 30473
 175686
 4924655
 below-market 422177
 minority
 823285
 4101370


land sales from undeveloped land.
 high concentration development plans.
 increase to land sale tenant future expansion.
 recorded $ 424000 $ 560000 impairment charges 2004 2003.
 one parcel owned.
 anticipate selling first quarter 2005.
 86 buildings.
 69 industrial 12 office five retail.
 net income $ 1. 6 million $ 6. 3 million $ 10. 7 million 2004 2003 2002.
 41 properties sold 2004 42 2003 two 2002 one held-for-sale.
 gains on disposal $ 23. 9 million $ 11. 8 million 2004.
 $ 4. 5 million loss on disposal due to impairment charges $ 7. 7 million on three properties 2002 sold 2003 2004.
2003 to 2002 rental income increased $ 652. 8 million 2002 to $ 689. 3 million 2003.
 table reconciles rental income segment.
 office 419962 393810
 industrial
 retail
 $ 689343 652827
 three segments not affected economic industry conditions.
 retail segment high occupancies strong performance 2003 office industrial weaker economic environment.
 primary causes increase rental income in-service occupancy improved 87. 1%. to 89. 3%. 2003.
 increase industrial portfolio occupancy. 1%. slight increase office portfolio occupancy.
 lease termination fees $ 27. 4 million 2002 $ 16. 2 million 2003.
 decrease office segment $ 21. 1 million fees 2002 11. 8 million 2003.
 fees tenants.
high termination fees 2002 office.
 decrease 2003 improving economy stable financial position.
 acquired $ 232 million 2. 1 million square feet.
 office buildings occupancy 90%.
 revenues $ 11. 9 million.
 2002 acquisitions $ 15. 8 million $ 4. 8 million.
 large office acquisition.
 developments revenues $ 6. 6 million $ 13. 7 million 4. 7 million proceeds properties $ 126. 1 million 2003 40. 9 million.
 $ 12. 5 million 2003 19. 6 million.
.
.
 decreased $ 27. 2 million 2002 $ 23. 7 million 2003.


american tower corporation subsidiaries financial statements 2014. convertible notes 2008 2007 issued 8. 9 million 973 shares common stock conversion $ 182. 8 million $ 0. 02 million 3. notes.
 holders. receive 48. 7805 shares common stock $ 1000 converted.
 paid $ 4. 7 million  future interest payments reflected loss retirement long-term obligations.
.
 impairments net loss sale long-lived assets restructuring merger related expense net loss sale assets 2007 2006 recorded net loss $ 11. 2 million $ 9. 2 million $ 2. 6 million .
 recorded net losses sales non-core towers assets impairment charges write-down assets impairment.
 net losses impairments $ 10. 5 million  $ 7.million 2. million years 2008 2007 2006.
 net loss 2008 losses sales $ 10. 7 million offset gains asset sales $ 0. 2 million.
 net loss 2007 net losses $ 7. 8 million gains sales $ 0. 7 million.
 merger expense 2005 company assumed obligations merger spectrasite. employee separation costs.
 severance payments.
.
.
 assumed liability purchase price allocation.
 incurred merger costs employee retention separation costs 2006.
 table activity liability 2008 2007 2006.
.
.
.
 $ 20963 $ 496 $ ( 12389 1743 7327 $ 633 $ 6110 1546 284 $ 1901 paid merger liabilities.
employee separations liability december 31 2005 $ 20963 2006 expense $ 496 cash payments -12389 $ -1743 liability 2006 $ 7327 2007 expense $ 633 cash payments $ -6110 $ -304 liability 2007 $ 1546 2008 expense $ 284 cash payments $ -1901 $ 71 liability 31
 american tower corporation subsidiaries financial statements. convertible notes 2008 2007 issued 8. 9 million 973 shares common stock conversion $ 182. 8 million $. million.
 holders. shares common stock $ 1000 converted.
 paid $ 4. 7 million future interest payments loss retirement long-term obligations statement.
.
impairments net loss sale restructuring merger expense impairments net loss sale assets 2007 2006 recorded impairments net loss rental $ 11. 2 million $ 9. 2 million $ 2. 6 million.
 recorded net losses sales non-core towers assets impairment charges write-down assets.
 recorded net losses impairments $ 10. 5 million $ 7. 1 million $ 2. million 2007 2006.
 net loss 2008 losses $ 10. 7 million offset gains asset sales $ 0. 2 million.
 2007 losses $ 7. 8 million offset gains sales $ 0. 7 million.
 merger expense company assumed obligations merger spectrasite. employee separation costs.
 severance payments.
 agreements.
.
costs recognized assumed liability purchase price allocation.
 company incurred merger costs employee retention separation 2006.
 table displays activity liability years 2008 2007 2006 separations.
.
.
.
 20963 496 $ 12389 1743 7327 $ $ 6110 1546 $ 284 $ 1901 2008 company paid merger liabilities.


diluted earnings per share calculation excludes stock options restricted stock performance units anti-dilutive.
 shares totaled. 6 million. 3 million. 2 million years 2017 2016 2015.
. 5 million shares restricted stock excluded.
.
 cash flow net cash interest income taxes 2015.
 capitalized $ 275305 $ 252030 $ 222088
 income taxes refunds $ 188946
 accrued capital expenditures december 31 2017 2016 2015 $ 475 million $ 388 million $ 416 million.
 non-cash investing activities 2017 additions $ 282 million oil gas properties.
 2016 $ 3834 million additions.
.
 operations crude oil natural gas exploration production.
 standards.
 chief decision maker.
eog chief operating involves chairman chief executive officer key officers.
 reviews areas united states trinidad kingdom china.
 considers united states segment.


humana inc.
 financial statements 2014 market prices unobservable inputs used.
 auction securities valuation methodologies sector issuer collateral maturity liquidity.
 no standards results financial condition cash flows.
.
 metropolitan health networks. care medicare beneficiaries recipients florida.
 paid $ 11. per share shares repaid debt $ 851 million expenses.
 preliminary values assets liabilities assumed.
 cash equivalents
 receivables 28
 current assets
 property equipment
 goodwill 569
 intangible assets 263
 long-term assets
 assets acquired 972
 liabilities
 long-term
 assets acquired
 goodwill health well-being services not deductible tax.
 intangible assets customer contracts trade names life 8. 4 years.
october 29 2012 acquired equity interest mcci holdings miami florida coordinates medical care medicare medicaid beneficiaries florida texas.
 metropolitan mcci transactions integrated care model markets.
 revenues metropolitan services humana medicare advantage members.
 mcci provide services medicare third party plans.
 assume financial risk.


.
 contractual obligations company contracts third parties future payments.
 table contractual obligations 2006 2008 2010.
 debt obligations $. 5 $ 27. $ 449. $ 175. 2013
 operating leases 103. 23. 34. 17. 27.
 purchase obligations 16. 15.
 long-term liabilities 420. 9 135. 30. 254.
 contractual obligations $ 1191. $ 66. $ 619. $ 223. $ 282.
 accounting estimates financial results affected by income taxes accounting policies methods.
.
 accounting policies management commitments contingencies 2013 accruals judgment.
 product liability claims excess inventory instruments legal counsel determine balance sheet date settlement inventory unsaleable fees.
 carrying cost.
company actuarial model instruments level excess product liability claims.
 loss supply.
 reserves adjust development analyzed inventory instruments net realizable value.
 loss estimates level reserves actuarial model.
 evaluates stock levels historical ultimate costs demand products contingencies.
 instrument systems.
 basis goodwill intangible assets determination same all inventory evaluates carrying value goodwill indefinite life instrument items work-in-progress intangible assets annually.
.
 evaluates carrying value written off.
 changes finite life intangible assets valuation reserves market conditions recoverable.
.
 income taxes estimates income tax value of goodwill intangible assets income tax liabilities future cash flows.
.
 deferred tax assets changes ability record impairment charges.
 future taxable income.
company evaluates deferred tax assets accounting pronouncements provides valuation allowances deferred tax note 2 financial statements realized.
 federal income taxes item 8.
 income foreign subsidiaries remitted.
 company operates taxing jurisdictions.
 subject regulatory review audit time.
 information makes judgments tax expense liabilities reserves.


table common shareholders 2019 equity estimated basel iii cet1 phased-in.
.
 shareholders 2019 equity $ 71267
 goodwill -3705
 intangible assets -671
 deferred tax liabilities
 -3468
 deductions investments nonconsolidated financial
 -489
 basel iii cet1 $ 58219
 basel iii advanced $ 594662
 ratio.
.
 phased-in requirement investments nonconsolidated financial institutions thresholds.
 no deduction below thresholds.
.
 credit valuation adjustments debt valuation adjustments credit risk deductions.
 first quarter 2015 disclose ratios standardized approach.
 estimated ratio 60 basis points lower estimated basel iii advanced cet1 ratio.
 subject transitional provisions.
transitional provisions effective january 1 2014 estimated basel iii cet1 standardized cet1 ratio 150 points higher december 2013.
. capital leverage ratios calculated capital framework.
 january 1 2014.
 based basel i adjusted  note 20 financial statements.
 to basel iii april 1 2014.
 estimated cet1 ratio december 2013 unchanged 1 ratio.
.
 revised capital framework increased minimum tier 1 leverage ratio 3% 3 to 4% ( 4 % ) january 1 2014.
 tier 1 supplementary leverage ratio advanced banking organizations.
 capital leverage exposure assets deductions off-sheet exposures.
 minimum supplementary leverage ratio 3% effective january 1  2018 disclosure first quarter 2015.
 increase minimum supplementary leverage ratio largest.
banks institutions basel framework.
 proposals 5% supplementary leverage ratio minimum 3% 3 % 2% 2 % buffer.
 december 2013 estimated supplementary leverage ratio approximates minimum.
 basel committee finalized revisions leverage exposure minimum 3% 3 %.
.
 regulators adopt revised definition leverage.
 goldman sachs 2013 annual report


changes unrecognized tax benefits 29 2007.
 balance december 31 2006 $ 337226
 decreases prior -31608
 increases current 7764
 decreases settlements -6001
 reductions statute limitations
 balance december 29 2007 $ 306870
 $ 228. 4 million unrecognized tax benefits reduce effective tax rate $ 232. 1 million 31 2006.
 interest penalties 2007 net tax benefits $ 11. 1 million $ 0. 4 million due settlement tax audits.
 accrued interest penalties $ 47. 9 million $ 9. 7 million $ 65. 8 million $ 10. 1 million 31 2006.
.
 results estimated value assets liabilities included consolidated financial statements.
financial information 2007 2006 2005 acquisitions presented cadence financial statements.
 acquired invarium. san jose developer lithography-modeling-synthesis technology clear shape technologies. yield loss semiconductor circuits.
 acquired purchase price $ 75. 5 million cash fair value options acquisition costs.
 $ 45. million goodwill not deductible income tax.
. $ 2. million 12% ownership interest accounted cost method accounting.
.
 step acquisition.
 adjustments price goodwill table.
 purchase price $ 25. 8 million cash fair value options acquisition costs.
 preliminary $ 17. 4 million goodwill $ 9. million intangible assets $. million net liabilities.
. goodwill not deductible income tax.
 adjustments purchase price included line goodwill table.


2015 annual report performance graph five-year period june 30 2015 market performance common stock s&p 500 index peer companies 5 year return jack henry associates. s&p 500 index peer group line graph.
 2014 2015
. 127. 148. 263.
. 148. 239.
. 166. 222.
 comparison assumes $ 100 invested june 30 2010 reinvestments dividends.
 returns calculated market capitalization peer group members.
 peer companies computer software hardware services financial institutions.
 aci worldwide. bottomline technology. broadridge financial cardtronics. convergys. corelogic. dst. euronet. fidelity. heartland payment. moneygram. technologies. total systems services.tyler technologies. verifone.
 micros.
 removed peer group acquired.


goldman sachs group.
 subsidiaries 2018 versus 2017.
 credit losses $ 674 million 2018 million 2017 consumer loan growth offset impairment $ 130 million secured loan 2017.
.
 $ 657 million $ 182 million 2016 increase $ 130 million secured loan.
 operating expenses influenced compensation headcount business activity.
 salaries discretionary compensation amortization equity awards.
 impacted net revenues financial performance labor markets business mix share-based compensation programs external environment.
 litigation regulatory proceedings.
 operating expenses line item headcount.
 2018 2017 2016
 compensation benefits 12328 11653
 brokerage clearing exchange distribution fees
 market development
 communications technology
 depreciation amortization
 occupancy
professional fees 1214 1165 1081
 other expenses 2819 1877 1900
 operating expenses $ 23461 20941 20304
 headcount-end 36600 33600 32400
 reclassifications 2030 regulatory-related fees brokerage clearing exchange distribution fees.
.
 excludes consultants temporary staff.
 expenses fees.
.
 2018 2017.
 operating expenses $. billion 2018 12% higher 2017.
 efficiency ratio 2018 64. 1%. 2017.
 increase higher compensation benefits expenses performance provisions litigation regulatory proceedings.
 brokerage clearing exchange distribution fees technology expenses.
 consolidated investments digital lending deposit platform increased depreciation amortization market development.
 increase $ 297 million revenue recognition standard.
 note 3 financial statements.
 contracts customers.provisions litigation regulatory 2018 $ million $ 188 million 2017.
 $ 132 million charitable contribution goldman sachs.
 compensation reduced.
 directors recommendations recipients.
 headcount increased 9% technology professionals new business initiatives.
.
 operating expenses $ 20. 94 billion 3% 3 % higher 2016.
 efficiency ratio 64. 2016
 driven higher compensation benefits expenses investments growth.
 digital lending deposit platform depreciation amortization.
 technology expenses increased professional fees consulting.
 offset lower provisions litigation occupancy expenses.
 goldman sachs 2018 form


five-year return citi 2019s common stock 201cc 201d held 77787 stockholders january 31 2017 s&p 500 index financial index five december 31 2016.
 $ 100 invested december 31 2011 citi 2019s common stock&p 500 index index dividends reinvested.
 five-year return s&p 500 financials.
 100.
 150. 116. 128.
 198. 153. 174.
 206. 174. 201.
 197. 177. 198.
. 198. 243.


lockheed martin corporation management financial space systems results.
 net sales $ 7384
 operating profit
 sales increased 8% 2002 2001.
 higher volume government $ 370 million commercial space $ 180 million.
 $ 470 million satellite $ 130 million ground systems declines 175 million government launch 55 million strategic missile programs.
 commercial nine launches 2002 six 2001.
 net sales decreased 7% 7 % 2001.
 volume declines $ 560 million increases government $ 60 million.
 reductions 480 million launch vehicle $ 80 million satellite programs.
 six launches 2001 14 2000.
 $ 230 mil volume.
 offset $ 110 million decrease declines government launch vehicle $ 50 million adjustments titan.
 operating profit increased 23%.
 reduced losses increased operating profit $ 90 million.
satellite manufacturing losses declined 100 million 2002 performance improved deliveries increased.
 $ 40 million loss contracts.
 oversupply deterioration pricing results.
 profit $ 10 million.
 lower profitability $ 55 mil launches charges $ 60 million $ 20 million market pricing pressures $ 35 million adjustment settlement.
 2001 results reduced profit $ 145 million.
 $ 10 million decrease reduced volume vehicles missile programs $ 80 million offset increases $ 40 million government satellite $ 30 million ground systems.
 profit increased 4% 2001.
 $ 35 million increase government space offset losses $ 20 million commercial.
 higher volume improved performance satellite.
 not affected $ 50 million adjustment 2000 $ 55 million charge government.
 decreased profit $ 15 mil lion losses.
launch vehicle $ 60 million charges market pricing.
 offset $ 50 million contract adjustments.
 satellite manufacturing losses decreased 2000 $ 40 million loss 2001.


citigroup repurchases from government entities.
 representations warranties depend on transaction buyer.
 market conditions credit-ratings requirements affect representations.
 breach representations warranties repurchase mortgage loans or indemnify investor insurer.
 repurchase reserve.
 repurchase company credit loss loans.
 representations warranties not subject to limits.
 contractual liability arises warranties breached loss breach.
 repurchase loan credit- impaired loan accounted for under sop 03-3.
 repurchases nonperforming loan statistics credit-impaired loans not included nonaccrual loans.
 company estimates exposure to losses repurchase loans probability repurchase make-whole estimated loss.
 calculated separately by sales vintage.year loans sold historical trends forecasted repurchases losses requests loan documentation repurchases make-wholes percentage claims success rate appealing claims unresolved claims estimated loss loss principal accrued interest foreclosure costs.
 estimation methodology historical experience trends reserve.
 loan documentation packages potential claim.
 requests outstanding claims increased.
 loss severity estimates increased macroeconomic factors experience.
 $ 493 million change estimate reserve.
 repurchase reserve calculated sales vintage.
 majority repurchases 2006 2007 vintages largest loss--repurchase.
 insignificant percentage prior 2006 expected decrease.
 improved repurchase loss-repurchase statistics 2008 2009 vintages.
 repurchase credit-impaired loan difference fair value unpaid principal balance utilization repurchase reserve.
 payments charged against reserve.
provision for losses from loan sales gain on sale included in consolidated statement income.
 liability for representations warranties estimated when loans updated quarterly.
 adjustment recorded in.
 activity repurchase reserve for years 31 2009 2008.
 balance $ 75 $ 2
 additions new sales 33
 change estimate
 utilizations -119
 balance end year $ 482 $ 75
 goodwill represents company acquisition cost over fair value assets.
 subject to annual impairment tests allocated to reporting units impairment if exceeds fair value.
 goodwill allocated fair.
 intangible assets amortized over estimated useful lives.
 not amortized subject to tests.
 if exceeds fair value.
intangible assets amortization impairment recognized amount exceeds value.
 loans deferred tax equity investments interest fees premises equipment-user derivatives repossessed assets.


goldman sachs group.
 subsidiaries 2030 deduction goodwill assets deferred tax liabilities goodwill $ 3. 67 billion 2017 2016 intangible assets $ 373 million $ 429 million deferred tax liabilities $ 704 million $ 1. 08 billion.
 2030 deduction nonconsolidated institutions thresholds.
 decrease 2016 reductions investments.
 deduction aggregate investments excluding extended conformance.
.
 2014 regulation rule.
 adjustments overfunded defined benefit pension plan obligation deferred tax liabilities disallowed deferred tax assets credit valuation adjustments debt valuation adjustments risk-based deductions.
 2030 subordinated debt.
 maturity five years.
 2 capital reduced maturity five years.
 note 16.
 note 20 transitional capital ratios 2017 2016.
 banking.
 amendments capital framework.
 federal bank approved rule supplementary leverage ratio.
 compares 1 capital leverage exposure daily assets off-balance-sheet exposures deductions.
 requires minimum leverage ratio 5. 0%. 3. 2. buffer.
 january 1 2018.
 supplementary leverage ratio calculated phased-in basis.
 three months.
 1 capital $ 78227 $ 81808
 total assets $ 937424 $ 883515
 deductions -4572
 assets 932852 878618
 off-balance-sheetexposures
 supplementary leverage exposure $ 1341016 $ 1270173
 5. 8%. 6. 4%. 4 %
 off-balance-sheet exposures derivatives securities financing commitments guarantees.
 capital separate regulation capital requirements jurisdictions.
.
gs bank usa capital requirements bhcs ratios risk-based capital leverage requirements state banks.
 note 20 financial statements capital ratios minimum ratios.
 goldman sachs 2017 form 10-k 73


market conditions trust asset performance future discount rates bonds decisions provisions.
 benefit plan contributions 2014 $ 57 million.
 2014 contributions different influenced discretionary funding government requirements asset performance renewals union contracts health care claims cost.
 cash flow operating activities reduced expenditures property additions.
 debt repayment dividend distributions acquisition opportunities share repurchases.
 flow metric gaap measure.
 2012
 net cash operating activities $ 1807 $ 1758 $ 1595
 additions properties
 $ 1170 $ 1225 $ 1001
 year-over-year change.
. decrease cash flow 2013 due higher capital expenditures.
 increase 2012 improved performance working capital pringles acquisition changes capital expenditures.
net cash 2013 $ 641 million decrease $ 2604 million attributable $ 2668 million acquisition pringles.
 supply chain infrastructure capacity markets.
 investment information technology infrastructure.
 cash $ 3245 million increased $ 2658 million due pringles.
 additions increased 4. 3%. 2013 8% cash $ 1141 million 2013 compared $ 1317 million 2012 $ 957 million 2011.
 increase due debt pringles.
 total debt $ 7. 4 billion 2013 $ 7. 9 billion 2012.
 issued $ 250 million two-year floating-rate.
 notes $ 400 million ten-year.
 notes net proceeds debt discount $ 645 million.
 corporate purposes repayment $ 750 million. 25%
 notes.
 issued $ 350 million three-year. 125%
 notes $ 400 million five-year. 75%.
 700 million ten-year. 125% 125 %
 proceeds discount $ 1. 442 billion.
 purposes acquisition pringles.
 issued.
 $ 300 million two-year. 10% dollar notes repayment intercompany debt.
 pringles.
 repaid $ 750 million five-year. 125%. 125 %.
.
 repaid $ 945 million ten-year. 60%
.
 issued $ 400 million seven-year. 25%. % fixed rate.
 proceeds 397 million purposes repayment.
 issued $ 500 million five-year. 875% % fixed rate.
.
 proceeds $ 498 million repayment.


2016 arconic recognized income tax benefits valuation allowances deferred tax assets russia canada $ 19 $ 20.
 tax benefits realizable.
 recorded valuation allowances australia $ 93 spain $ 163 luxembourg $ 280.
 offset changes deferred tax asset balances no net impact tax expense.
 need reassessed allowances increase decrease changes.
 2015 recognized additional $ 141 tax charge valuation allowances deferred tax assets iceland suriname.
 $ 85 valuation allowance deferred tax assets suriname benefits tax.
 expiration 2016 to 2022.
 remaining $ 56 valuation allowance deferred tax assets iceland.
 expiration 2017 to 2023.
 management determined arconic tax benefit.
 driven decline primary metals business prior year losses short expiration period.
2011 arconic brazil applied tax holiday mining refining operations.
 application amended re-filed similar filed.
 deadline government july 11 2014.
 tax holiday july 12 2014.
 tax rate holiday income decreased 34% to. 25%. future cash tax savings 10-year holiday period january 1 2013.
 net deferred tax remeasured new tax rate earnings.
 remeasurement net deferred tax assets noncash charge earnings $ 52 $ 31 interests.
 table changes valuation allowance.
 december 31, 2016 2015 2014
 balance beginning year $ 1291 $ 1151 1252
 increase allowance 772 180
 -209 ( 209 -42 -70
 acquisitions divestitures
 tax apportionment rate law changes -67
currency translation
 balance end year $ 1940 1291
 arconic 2019s foreign earnings no deferred taxes $ 450 december 31 2016.
 commitments obligations growth foreign.
 no plans distribute earnings deferred tax liability.


.
 assets business.
 network covers 23 states western.
 includes 31838 route miles.
 own 26009 miles operate remainder trackage rights leases.
 table describes miles 31 2013 2012.
.
 31838
 6766 switching
 50861 omaha nebraska.
. million square feet space 4000 employees financing.
 harriman dispatching center primary dispatching facility.
 linked regional dispatching locomotive management facilities


corporate/other includes unallocated global staff functions finance risk human resources legal compliance expenses operations technology expenses income taxes treasury north america legacy consumer loan portfolios assets discontinued operations segments.
 december 31 2018 $ 91 billion assets increase 17%.
.
.
.
.
 net interest revenue $ 2254  $ 2000 $ 3045 13% % 34 %
 non-interest revenue -171 1132 2188
 interest $ 2083  $ 3132 $ 5233 33 % 40
 operating expenses $ 2272  $ 3814 $ 5042 24
 net credit losses $ 21  $ 149  $ 435  86 66
 credit reserve -218 -317 -456
 unfunded lending commitments -3
benefits claims -2 2 -7 98 71
 credit losses benefits claims $ -202 $ -175 69
 operations before taxes $ 13 -507 $ 122
 -113 19064 -455
 operations $ 126 $ -19571 $ 577
 discontinued operations taxes -8 ( -111 -58 ( -91 91
 noncontrolling interests $ 118 -19682 $ 519
 noncontrolling interests -6 -2 2
 $ 107 $ 521
.
 income $ 107 million loss $ 19. 7 billion prior $ 19. 8 billion one-time non-cash charge 2017 tax reform.
 one-time benefit $ 94 million.
 accounting policies estimates.
tax reform net income decreased 92% revenues expenses cost credit tax benefits reorganization.
 subsidiaries.
 benefits offset foreign currency adjustment.
 revenues decreased 33%.
 expenses decreased 40% 40 % costs legal expenses.
 provisions decreased $ 27 million $ 202 million lower credit losses loan loss reserve.
 losses declined 86% $ 21 million divestiture activity-down mortgage.
 reserve declined $ 96 million $ 221 million.
.
 loss $ 19. 7 billion $ 521 million.
 income declined 69% % $ 168 million revenues expenses cost credit.
 revenues declined 40% 40 % wind-down legacy assets debt buybacks.
 $ 750 million gains asset sales $ 300 million exit citi.
 mortgage servicing.
expenses declined 24% assets legal expenses offset $ 100 million exit.
 mortgage.
 $ 255 million remediation card.
 decreased $ 244 million $ 175 million lower credit losses benefits claims loan loss reserve.
 credit losses declined 66% divestiture north america mortgage portfolio.
 lower insurance activity.
 net reserve release declined $ 147 million.


entergy louisiana.
 revenues power expenses regulatory credits increase $ 98. million fuel cost recovery higher rates.
 offset decrease $ 31. million unbilled sales $ 12. 2 million rate refund provisions decrease $ 5. 2 million wholesale revenue decreased sales.
 expenses recovery deferred fuel costs market price natural gas.
 credits deferral 2004 $ 14. million capacity charges planning amortization 2003 $ 11. million deferred capacity charges deferral 2004 $ 11. 4 million voluntary severance program.
 net revenue fuel power expenses regulatory charges.
 change net revenue 2003 2002.
 2002 net revenue $ 922.
 deferred fuel cost revisions.
 retirement obligation.
.
.
.
 2003 net revenue $ 973.
deferred fuel cost revisions variance sales pricing 2002 2003 costs.
 asset retirement obligation variance 143 2003.
.
 increase offset decommissioning expense net income.
 volume variance electricity usage territory.
 decreased 1868 gwh industrial loss customer cogeneration.


september 24 2011 unrecognized tax benefits $ 1. 4 billion $ 563 million 2019s tax rate.
 25 2010 $ 943 million $ 404 million tax rate.
 aggregate changes tax benefits three years 24 2011.
 2010 2009
 balance $ 943  971 $ 506
 increases
 decreases
 increases
 decreases settlements
 decreases expiration statute limitations -3
 ending balance $ 1375  $ 943 $ 971
 includes interest penalties tax benefits.
 september 24 2011 25 2010 interest penalties $ 261 million $ 247 million non-current liabilities.
 recognized interest expense 2011 2009 $ 14 million $ 64 million 2010 benefit $ 43 million.
 subject taxation files income tax returns.
jurisdiction foreign jurisdictions.
.
 income tax years prior to 2004 closed.
 internal revenue service audit company federal income tax returns 2004 2006 proposed adjustments.
 company contested adjustments.
 examining 2007 2009.
 company subject to audits state local foreign tax authorities.
 years 1988 2001 open.
 management believes provision adjustments tax examinations.
 outcome tax audits.
 adjust provision income tax.
 unrecognized tax benefits 12 months.
 shareholders equity-based compensation stock five million shares authorized preferred stock none issued outstanding.
 board directors authorized to determine alter rights preferences privileges restrictions authorized unissued shares stock.
 comprehensive income net other comprehensive income.
 revenue expenses gains losses


contractual maturities securities january 30 2009 years $ 31. 4 million cost $ 28. million fair value.
 successor predecessor gains losses securities.
 cost identification method.
 lower.
 gross profit cost-to inventory ratio.
 warehousing distribution capitalized inventory.
 excess current cost $ 50. million january 2009 $ 6. 1 million february 1 2008.
.
 reserves adjusted zero july 6 2007.
 successor provisions $ 43. million $ 6. 1 million 2008 2007.
 predecessor credit $ 1. 5 million 2006.
 increased commodity cost pressures food pet products fruit vegetable prices freight costs.
 increases petroleum resin metals pulp cost increases.
company commodity cost increases increasing retail prices.
 estimates annual impact commodity cost fluctuations information.
 pre-opening costs construction periods expensed.
 property equipment recorded cost.
 depreciation amortization lives.
 land improvements
 buildings
 furniture fixtures equipment
 leased amortized lease term.


operations 2016 $ 2836 million $ 1829 million net-tax impairment entergy wholesale commodities 2 3 plants reduction income tax expense $ 238 million tax classification nuclear power settlement 2010-2011 audit $ 75 million tax benefit vidalia power agreement $ 54 million net benefit hurricane gustav ike reduction expenses $ 100 million $ 64 million net-of-tax final court decisions lawsuits spent nuclear fuel storage.
 note 14 3 8 nuclear fuel litigation.
 revenue 2017 2016.
.
 2016 net revenue $ 6179
 retail electric price
 regulatory credit corporate income tax rate
 gulf recovery
 louisiana act 55 financing savings obligation
 volume
 2017 net revenue $ 6318
retail electric price variance due 2022 2017 entergy arkansas base rates february 24 2016 apsc.
 rate increase power block 2 union power station 2016 2022 waterford 3 replacement transmission cost recovery entergy texas 2016 increase march 2017 increase entergy mississippi mpsc billing july 2016.
 note 2 financial statements rate waterford 3 replacement.
 note 14 union power station purchase.
 entergy corporation subsidiaries


stock performance graph five year returns teleflex common stock 500 stock index healthcare equipment supply index.
 changes $ 100 invested teleflex december 31 2009 dividends reinvested.
 market performance.
 2009 2013 2014
 teleflex 102 119 142 190
 s&p 500 index 115 117 136 180
 s&p 500 healthcare equipment supply index 113 144


activities.
 table reconciles cash free cash flow non.
 millions 2015 2014 2013
 operating activities $ 7344 $ 7385 $ 6823
 investing -4476 -4249 -3405 (
 dividends -2344 ( 2344 -1632 -1333 ( 1333
 free cash flow $ 524 $ 1504 $ 2085
 2016 safe benefits employees customers shareholders communities.
 multi-faceted approach safety technology risk assessment quality control training employee engagement capital investments.
 safety culture.
 increase detection rail defects crossings educate safety.
 align resources customer demand improve network performance maintain surge capability.
 projections uncertain.
 volatile fuel prices sensitive global.
 demand refining capacity geopolitical events weather conditions.
prices fluctuate impact earnings fuel surcharge programs trail fluctuations two months.
 lower fuel prices spending demand products.
 coal sand crude oil shipments.
 capital plan 2013 $ 3. 75 billion ptc 230 locomotives 450 freight cars.
 revised business conditions laws affect.
 liquidity capital resources 2013. financial expectations 2013 conditions uncertainty volume levels.
 down slightly 2016 2015 economy market conditions.
 strong.
 dollar low commodity prices drive volatility.
 outlook energy markets challenges opportunities.
 margin improvement pricing opportunities productivity franchise.
.
 economy some markets outperforming.


management financial condition results operations 2013 amounts millions liquidity capital resources cash flow tables financial data liquidity capital resources.
 2015 2014 2013
 net income operating $ 848. $ 831. $ 598.
 working -117. 117 -131.
 non-current assets liabilities -56. -30.
 cash operating activities $ 674. $ 669. $ 592.
 investing -202. 202 -224.
 financing -472. 472 343.
 income depreciation amortization intangible amortization restricted stock non compensation extinguishment debt losses sales deferred income taxes.
 changes accounts receivable expenditures assets accounts payable accrued liabilities.
 operating activities cash 2015 $ 674. improvement $ 4.compared 2014 improvement working capital usage $ 13.
 seasonality generate second use first largest impacts first fourth quarters.
 net working capital usage 2015 attributable media businesses.
 net cash $ 669. improvement $ 76. 2013 increase net income offset working capital usage $ 121.
 capital impacted media businesses.
 timing media buying affects capital cash flow.
 agencies pay production media costs.
 after funds.
 exceed revenues affect accounts receivable expenditures payable accrued liabilities.
 assets cash accounts receivable liabilities.
 affected timing payments.
 annual cash incentive awards paid first quarter.
 cash 2015 capital expenditures $ 161. leasehold improvements computer hardware.
.
 $ 148. computer hardware software leasehold improvements.
 payments $ 67.acquisitions 2014 cash.


valued monte carlo model.
 volatility based historical common stock three.
 term three years risk-free interest rate three-year.
 treasury rate.
 table average assumptions monte carlo simulation grant date fair values years december 31.
 volatility 17. 23%. 23 %. 40%. 40 %. 90%. 90 %
 risk-free interest rate 2. 36%. 36 %. 53%. 53 %. 91%. 91 %
 expected life 3.
 fair value per share $ 73. $ 72. $ 77
 grant date fair value amortized expense period graded-vesting method.
 dividends paid credits liability.
 pays sum cash payment dividend equivalents.
 $ 1 million deficit equity years december 31 2017 2016.
stock purchase plan maintains nonqualified stock plan payroll deductions common stock discount.
 5 2019 purchase price 90% fair market three -month purchase period.
 27 2018 amended february 5 2019 acquire 85% 85 % fair market value end.
 december 31 2018 1. 9 million shares reserved espp.
 compensatory.
 2017 2016 issued 95 thousand 93 shares.


2.
.
 operations at owned leased facilities.
 new haven connecticut corporate headquarters executive sales research development offices.
 haven connecticut corporate headquarters offices
 dublin ireland supply chain distribution offices 215000
 lexington massachusetts
 bogart georgia
 smithfield rhode island
 zurich switzerland regional executive sales offices 69000
 administrative office space adequate.
 research development manufacturing facility third party.
 lease space.
 foreign countries.
 leased 254000 square feet cheshire connecticut previous corporate headquarters sales offices.
 early termination lease through may 2016.
 2014 purchased fill/finish facility athlone ireland.
 first company-owned fill/finish packaging facility commercial clinical products.
may 2015 announced plans construct new biologics manufacturing facility property dublin ireland completed 2020.
.
.
 received subpoena investigation enforcement sec grant-making activities compliance fcpa.
 alexion recalls soliris securities disclosures.
 october 2015 request doj voluntary production documents compliance.
 cooperating investigations.
 predict duration scope outcome.
 loss probable potential magnitude.
.
 mine safety disclosures.
 applicable.


discount rate pension obligations determined future benefits with yields corporate bonds.
 impact pension expense. 5%. decrease discount rate $ 18 million per year.
 depends economic environment unrecognized actuarial gains losses.
 expected long-term return on assets assumption pension expense.
 returns asset allocation policy.
 refers period benefit obligations disbursed.
 if.
 selection process references historical data environment qualitative judgment future return expectations.
 viewpoints data.
 portfolios.
 equity securities returned 9% annually.
 debt securities 6% 6 % ) annually.
 application returns to plan allocation ranges equities bonds produces result 6. 50%. and 7. 25%.
 plan 2019s historical returns current economic environment.
 experience recent returns not reliable indicators future returns.
 annual returns 2012.48%. 48 %. 29%. 29 % assumption represents estimated long-term returns.
 examine assumption companies determinations.
 data informs process qualitative judgment future investment returns.
 expected long-term return on assets pension cost 2014 7.%. down from. 50%. 2013.
 reducing expected long-term return assets to 6. 75%. % ) pension cost difference accumulated amortized to pension expense.
 point difference expense $ 9 million.
 pretax pension expense $ 9 million 2015 $ 7 million 2014.
 increase reflects lower return asset assumption improved mortality lower discount rate.
 offset by increase plan assets december 31 2014 return $ 200 million voluntary contribution february 2015.
 table estimated effects pension expense changes annual assumptions 2015 expense baseline.
table 26 pension expense 2013 analysis 2015 millions.
. 5%. decrease discount rate
. decrease long-term return assets
. 5%. increase compensation rate
 assumption assumptions.
 pension plan contribution requirements not sensitive actuarial assumptions.
 investment performance contribution contributions future.
 current law pension protection act 2006 limits minimum maximum contributions.
 voluntary contribution contributions 2015.
 maintain defined benefit plans less financial results nonqualified supplemental retirement plans note 13 benefit plans financial statements item 8.
 financial services group.


derivative instruments company exposed market risks interest rates foreign currency commodity prices business.
 management uses derivative commodity instruments futures options swaps manage risks.
 hedges risk designated.
 designates derivatives cash flow fair value net investment reduce volatility interest rates foreign currency commodities.
 speculative hedging transactions.
 derivative instruments december 29 2012 31 2011.
 millions
 foreign currency contracts $ 570 1265
 interest rate contracts 2150
 commodity contracts 136
 2856 2040
 description each category fair value hierarchy financial assets liabilities december 29 2011 recurring.
 level 1 unadjusted quoted prices active market.
 commodity derivative contracts.
 level 2 quoted prices markets.
 interest rate swaps over-the-counter commodity currency contracts.
company 2019s calculation value interest rate swaps discounted cash flow analysis contract interest rate curve.
-counter commodity derivatives valued commodity index prices contract rate.
 foreign currency contracts rates contract rate.
 calculation value level 2 assets liabilities risk nonperformance counterparty credit risk.
 level 3.
 assumptions.
 level 3 assets liabilities december 29 2012 31 2011.
table presents assets liabilities measured fair value consolidated balance sheet december 29 2012 31 2011 derivatives hedging instruments 2012 2011 millions level 1 2 foreign currency exchange contracts current assets 2014 $ interest rate contracts other assets commodity contracts current assets total assets 68 34 liabilities foreign currency exchange contracts current liabilities 2014 commodity contracts current liabilities total liabilities 41 fair value hedged portion company 2019s long-term debt level 2 liability $ 2. 3 billion december 29 2012 $ 626 million december 31 derivatives not 2012 2011 millions level 1 2 commodity contracts other current assets total assets liabilities commodity contracts other current liabilities total liabilities


entergy corporation subsidiaries financial deferral variance due 2014 non-fuel charges approved lpsc mpsc.
 offset operation maintenance expenses.
 note 2 statements.
 waterford 3 replacement steam generator due regulatory charge $ 32 million 2015 uncertainty.
 note 2 financial statements.
 net revenue 2015 2014.
.
 2014 net revenue $ 2224
 nuclear price changes -310
 vermont yankee shutdown 2014 -305
 2015 net revenue $ 1666
 decreased $ 558 million 2015 due lower energy prices northeast market power prices lower capacity prices vermont yankee ceasing production 2014.
 offset higher volume nuclear fleet fewer refueling outage days unplanned outage days.


devon energy subsidiaries financial statements 2013 changes reserves 2014.
.
 reserves december 31 2013 258  443 701
 extensions discoveries 153
 revisions due prices -1 35
 -61 61 -43
 sale reserves -4 -2 -6
 conversion reserves -49 -89
 reserves december 31 2014 384 689
 689 undeveloped reserves.
 2 percent decrease 2013 25 percent reserves.
 drilling development increased reserves 161 89 13 percent 2013 reserves reserves.
 costs development conversion $ 1. billion 2014.
 revisions price decreased reserves 43 evaluations.
 onshore dry-gas areas.
 largest revisions 69 mmboe dry-gas areas shale north texas.
 reserves 2014 jackfish operations.
2014 devon jackfish undeveloped reserves 384 441 mmboe.
 development controlled processing plants 35000 barrel capacity.
 steam capacity-oil ratios.
 steam bitumen processing facilities.
 5 years conversion reserves.
 reserves undeveloped five years.
 development schedule extends 2031.
 reserves increased 9 higher gas prices barnett shale anadarko basin bitumen prices lower-royalty volumes.
 reserves increased 94 gas prices.
 43 19 rocky mountain.
 reserves decreased 171 lower gas prices.
 barnett shale 25 rocky mountain.


uncapped damage provisions rare contracts represent risk.
 damage claim counterparty expenses revenue counterparty.
 indemnification provisions company may provide indemnifications for losses breach warranties commercial intellectual property divestiture agreements.
 significant payments claims.
 increasing risk intellectual property indemnities current legal climate.
 payment conditioned on other party claim challenge claims.
 obligations for indemnification breach warranties limited duration not 24 months amounts not excess contract value may recourse against third parties for payments.
 legal matters defendant in lawsuits claims actions.
 products contracts securities infringements patents violations licensing arrangements intellectual property matters.
 disposition on financial position liquidity results operations.
 commentary read with financial results segment note 12 financial statements.
sales operating results 2019s segments 2008 2007.
 mobile devices segment designs manufactures sells services wireless handsets software licenses intellectual property.
 2008 net sales 40% % consolidated net sales 52% 2007 66% 2006.
.
 net sales $ 12099 $ 18988 $ 28383 36 ) % 33 %
 operating earnings loss -2199 ( 2199 1201 2690 83% %
.
 results 20142008 2007 net sales $ 12. 1 billion decrease 36% ( 36 % $ 19. 0 billion 2007.
 37% ( 37 % ) decrease unit shipments.
 sales impacted limited product offerings 3g products low-tier products.
 impacted global economic downturn 2008 slowing end user demand.
 sales decreased gsm cdma iden 3g.
net sales decreased north america europe middle east africa asia latin america.
 segment operating loss $ 2. 2 billion 2008 $ 1. 2 billion 2007.
 increase loss due decrease gross margin 36% 36 % decrease net sales excess inventory charges $ 370 million 2008 61management financial condition results


american water subsidiaries participate consolidated federal income tax return.
.
 members charged federal income tax expense separate returns.
 income expense items accounted different periods.
 company provides deferred income taxes difference tax basis assets liabilities financial statements.
 based enacted tax rates.
 utility subsidiaries recognize assets liabilities revenues.
 investment tax credits deferred amortized income over service lives.
 recognizes accrued interest penalties tax income tax expense accounts sales tax.
.
 construction non-cash credit income cost borrowed funds return equity funds.
 utility subsidiaries record afudc.
 borrowed funds shown reduction interest statements.
 equity funds included other income.
 summarized table years ended december 31.
 2016 2015
funds construction $ 19 $ 15 $ 13
 borrowed funds
 environmental costs company water wastewater operations businesses.
 requirements environmental protection environmental claims.
 environmental expenditures current operations future benefit expensed capitalized.
 remediation costs past accrued.
 conservation agreement national oceanic atmospheric administration 2010 2017 protect steelhead trout carmel river watershed california.
 $ 1 million annually 2010 final payment 2021.
 remediation costs $ 6 million less than $ 1 million december 31 2017 2016.
 hedging interest rates.


network corporation consolidated financial statements decrease tax benefit net statements operations income loss december 31 2013.
.
 discontinued operations blockbuster ceased operations.
 results discontinued operations financial statements.
 2012 revenue discontinued operations $ 503 million $ 1. 085 billion.
 loss before loss $ 54 million $ 62 million.
 net tax 201d loss $ 47 million $ 37 million.
 net assets discontinued operations.
 current assets 68239
 noncurrent assets 9965
 current liabilities -49471
 long-term liabilities -19804
 net assets $ 8929
 blockbuster domestic evaluated impact factors competitive pressures fewer company-owned domestic retail stores administrative costs financial performance.
 retail stores 2012 2013.
november 6  2013 blockbuster close stores discontinue by-mail dvd service.
 december 31 2013 ceased operations.
 mexico third quarter 2013 operations sale. recorded pre-tax charges $ 19 million exiting recorded loss discontinued operations tax statements income december 31 2013.
 january 14 2014 sale blockbuster mexico.
 january 16 2013 subsidiaries administration proceedings.
 wrote down assets subsidiaries net realizable value balance sheets december 31 2012.
 recorded charges $ 46 million administration loss discontinued operations net tax statements income year 2012.


american tower corporation subsidiaries financial statements 2014. 25%. repurchased $ 74. 9 million. $ 77. 3 million cash.
 recorded charge $ 3. 9 million value deferred financing fees loss retirement long-term obligations statement.
 $ 325. million $ 400. million outstanding.
 capital lease obligations obligations $ 59. 8 million $ 60. 4 million 2006 2005.
 obligations interest 6. 3%. to 9. 5%. seventy years.
 long-term debt capital leases five years.
 2007 $ 253907
 2008
 2009
 2010 1833416
 2011 338501
 1112253 cash obligations $ 3540009
 discount 3.%. notes 7. 125%.
 balance december 31 2006 $ 3543016
 5.% notes require company repurchase maturity 2010 pay purchase price shares common stock subject conditions.
. notes included mature rights 2007.
 february 2007 company cash tender offer outstanding 5. 0%. notes holders require purchase.
.
 entered interest rate protection agreements manage variable rate debt variability cash flows interest payments new fixed rate debt july 31 2007.
 exposed credit risk counterparty terms.
 exposure limited current value contract.
 contracts december 31 2006 2005 credit worthy institutions.
 2005 january 2006 entered ten interest rate swap agreements variable rate obligations


advance auto parts.
 subsidiaries financial statements december 31 january 1 2 2011-12 superseded paragraphs asu 2011-05 income changes 2011-05 reclassification adjustments.
 2011-05 financial condition results operations cash flows.
 issued asu.
 2010-06 value measurements disclosures. 2010-06 disclosures transfers 1 2.
 clarifies disclosures disaggregation assets liabilities valuation techniques.
 effective annual reporting december 15 2009 level 3 activity disclosures 2010.
 adoption asu 2010-06 financial condition results operations cash flows.
.
 used lifo method accounting 95% inventories december 31 2011 january 1 2011.
 sales recently purchased inventories carrying balance inventories purchased 2011 prior years.
 increase cost sales $ 24708 2011 supply chain costs inflationary pressures.
company recorded reduction cost sales $ 29554 $ 16040 2010 2009.
 costs inventory decreased growth merchandise strategies supply chain efficiencies.
 remaining inventories non-consumable parts batteries valued first-in first-out method.
 merchandise costs passed returned vendor.
 not cost changes no difference lifo fifo valuation method.
 inventory overhead purchasing warehousing costs december 31 january 1 2011 $ 126840 $ 103989.
 balance year-end 2011 2010 fifo adjustments lifo december 31 $ 1941055 $ 2043158 january 1737059 1863870.
 inventories 1941055 1737059
 advance auto parts.
subsidiaries financial statements december 31 january 1 2 2011-12 superseded paragraphs asu 2011-05 income changes 2011-05 reclassification adjustments.
 adoption asu 2011-05 financial condition results operations cash flows.
 fasb issued asu.
 2010-06 value measurements disclosures. disclosures transfers 1 2.
 clarifies disclosures disaggregation assets liabilities valuation techniques.
 effective interim annual reporting december 15 2009 level 3 activity disclosures.
 adoption asu 2010-06 financial condition results cash flows.
.
 used lifo accounting 95% inventories december 31 2011 january 1.
 cost sales recently purchased inventories inventory carrying balance inventories purchased 2011 prior years.
 increase cost sales $ 24708 2011 supply chain costs inflationary pressures product.
company cost sales $ 29554 $ 16040 2010 2009.
 costs inventory decreased growth merchandise strategies supply chain efficiencies.
 remaining inventories non-consumable parts batteries valued first-in first-out method.
 costs passed returned.
 cost changes no difference lifo fifo valuation method.
 inventory overhead purchasing warehousing costs december 31 2011 january 1 2011 $ 126840 $ 103989.
 year-end 2011 2010 december 31 $ 1941055 $ 2043158 january 1 $ 1737059


devon energy subsidiaries financial statements 2013 asset divestitures removed $ 26 million $ 706 million goodwill.
 canadian goodwill recognized 2001 gas.
 concluded fair value goodwill zero december 31 2014.
 decline oil prices production targets 2014.
 fourth quarter 2014 wrote off remaining canadian goodwill recognized $ 1. 9 billion impairment.
 intangible assets december 31 2014 $ million $ 36 million amortization.
-average amortization period 13. years.
 expense $ 36 million year december 31 2014.
 assets long-term assets balance sheets.
 estimated aggregate amortization expense next five years.
.
 2016 2017


primary source cash operations.
 generated $ 5. 6 billion cash.
 returned shareholders repurchases dividends.
 cash capital expenditures acquisitions.
 cash notes payable long-term debt shares stock acquisitions.
 may 26 2019 $ 399 million cash equivalents foreign jurisdictions.
 undistributed earnings taxed.
 one-time repatriation tax 2018.
-evaluated earnings 2018 reinvested 2018 earnings.
 recorded local withholding taxes.
 repatriate cash equivalents foreign subsidiaries without.
 income tax liability note 14 financial statements.
 cash flows.
 millions fiscal year 2019 2018
 net earnings noncontrollinginterests $ 1786. $ 2163.
 depreciation amortization 620.
 after-taxearnings joint ventures -72. -84
earnings joint ventures 86. 113.
 stock-based compensation 84. 77.
 deferred income taxes 93. -504.
 postretirement benefit plan contributions.
 costs 6. 4.
 30.
 restructuring exit costs 235. 126.
 assets liabilities -7. 5 542.
. 27. 182.
 cash activities 2807. 2841.
 2019 cash 2807 million 2841 million last.
 34 million decrease million net earnings $ 550 million assets liabilities offset million deferred income taxes.
 550 million 413 million timing accounts payable payment terms.
 deferred income taxes $ 638 million revaluing.
 tax liabilities.
 corporate tax rate.
 capital decreased 34 percent sales increase 7 percent.
may 26 capital $ 385 million 34 percent payment lower inventory.
 2018 decreased 27 percent sales 1 percent.


consolidated financial statements 2013 amounts millions cash flows 2010 expect contribute $ 25. 2 $ 9. 2 foreign domestic pension plans.
 significant contributions.
.
 modifying schedule employer contributions.
 pension plan finalize 2010.
 contributions foreign pension plans increase 2010.
 2009 contributed $ 31. 9 foreign pension plans contributions domestic negligible.
 estimated future benefit payments paid years.
 postretirement benefit.
 17. 23.
.
.
.
.
.
 estimated future payments postretirement benefit plans before federal subsidies medicare prescription drug modernization act 2003.
 subsidies range $ 0. 5 2010 to $ 0. 6 2014 $ 2. 4 2015-2019.
 defined contribution plans domestic employees.
savings plans investment alternatives.
 match contributions based years service.
 expensed 2009 2008 2007 were $ 35. $ 29. $ 31.
 company contribution $ 3. $ 4. $. offset participant forfeitures $ 2. $ 6.
 contribution plans foreign countries contributed $ 25. $ 28. $ 26.
 deferred compensation benefit arrangements salary.
 deferred interest conditions service retirement.
 december 2009 2008 deferred compensation liability balance was $ 100. 3 $ 107. 6 .
 expensed 2007 $ 11. $ 5. 7 $ 11.
 deferred benefit arrangements officers annual payment.
 deferred benefit liability $ 178. $ 182. december 31 2009 2008.
 $ 12. $ 14. $ 15. 5.
purchased life insurance policies 2019 deferred compensation benefit liabilities.
 december 31 2009 2008 cash surrender value $ 119. 4 $ 100. 2.
 investments deferred compensation liabilities.
 separate trust


state street bank issue $ 1 billion fixed zero-coupon notes maturity five to fifteen years.
. 25%. notes due 2018 semi-annual interest payments april october 15 qualify tier 2 capital.
. 30%. notes due 2016 floating-rate due 2015 semi-annual interest payments. january july 15 2006 quarterly interest payments march june september december 8.
 qualify 2 capital.
.
 indemnified securities financing unfunded commitments credit purchase assets standby letters of credit.
 total potential loss commitments equal contractual amount collateral.
 summary contractual credit-related financial instruments at december 31.
.
 indemnified securities financing
 liquidity asset purchase agreements
 unfunded commitments extend credit
 standby letters of credit
customers lend securities to brokers institutions.
 indemnify market against failure.
 collateral funds held by us not recorded in consolidated statement.
 require borrowers provide collateral equal 100% fair market value borrowed.
 revalued daily.
.
 government securities $ 527. 37 billion $ 387. 22 billion collateral for indemnified securities at december 31 2006 2005.
 81% unfunded commitments expire within year.
 represent future cash requirements.
 provide liquidity credit enhancements to-backed commercial paper programs.
 supported by liquidity asset purchase agreements backup liquidity lines of credit.
 provide direct credit support standby letters of credit.
 commitments totaled $ 23. 99 billion at december 31 2006 in.
.
.
.07-2771-1 01 17:10:46 2007.


alexion pharmaceuticals.
 consolidated financial statements years 2016 2015 2014 millions share net leverage ratio.
 december 31 2016 interest rate loans was 2. 52% (. %.
 obligations guaranteed by alexion subsidiaries secured by liens equity interests.
 credit agreement financial covenants quarterly.
 deliver 50 days quarterly financial statements compliance certificate.
 november 2016 waiver from lenders third quarter 2016 financial statements compliance certificate extended to january 18  2017.
 third quarter report form 10-q january 4 2017 compliance certificate.
 credit agreement includes negative covenants incur indebtedness grant liens investment acquisition disposition transactions.
 contains representations warranties affirmative covenants events default.
 interest rate amounts.
credit agreement paid $ 45 financing costs amortized interest.
 deferred 2016 2015 $ 10 $ 6.
 2014.
 acquisition synageva 2015 borrowed $ 3500 term loan $ 200 revolving facility used cash.
 principal payments $ 375 2016.
 $ 3081 outstanding term loan zero revolving facility.
 open letters credit $ 15  borrowing availability revolving facility $ 485.
 long term debt 2 approximates book value.
 contractual maturities debt obligations 2016.
 2017
 2019
 2020
 included $ 175 current liabilities consolidated balance sheet deferred financing costs.
.
 2012 lease agreement office laboratory space new haven connecticut.
 lease 2015 2030 renewal option 10 years.
 building improvements funded construction.
landlord costs non-cash offset facility lease obligation balance.
 construction new completed service first quarter 2016.
 interest rate lease obligation 2016 11%.
 recognized $ 14 $ 5  interest expense.
 total facility lease obligation $ 136 $ 133  recorded liabilities lease obligation balance.


duke realty corporation annual report 2010.
 net income loss common shareholders -14108 -333601 $ 50408
 dividends share-based awards -2513
 net income loss common shareholders -16621 -335360 48777
 noncontrolling interest earnings unitholders 2640
 diluted net income loss -16621 -335360 $ 51417
 average common shares 146915
 partnership units 7619
 potential dilutive shares 19
 common shares dilutive securities 154553
 shares securities criteria transactions involvement management financial assistance seller.
 judgments terms total profit ownership interest future involvement.
 full sales criteria not met defer gain recognition account continued operations finance installment cost recovery methods until full sales criteria met.
future costs after sale included in gain on sales.
 operations gains from sales depreciated property included in discontinued operations proceeds from sale properties classified in investing activities statements.
 gains losses from sale of properties developed or to sell not for long-term rental properties classified as gain on sale.
 other rental properties classified as gain on sale.
 net income loss ) per common share computed by less dividends on by average common shares.
 diluted income by noncontrolling interest units potential dilutive securities.
 2009 adopted new accounting standard on participating securities applied to calculations earnings.
 share-based awards considered participating securities earn dividend equivalents not forfeited even if award vest.
table reconciles diluted net income share


.
 5.
 common equity issuer purchases common stock traded nasdaq global market cdns.
 february 2 2019 523 stockholders 56000 beneficial owners.
 return graph compares 5-year return nasdaq composite index s&p 500 index information technology index.
 investment common stock index december 28 2013 $ 100 fiscal year 2018.
 5 year cumulative return cadence design systems. nasdaq composite s&p 500$ 100 invested 12/28/13 dividends.
 year.
 s&p.
.
 design systems.
&p 500.
 12/28/2013 1/3/2015 1/2/2016 12/31/2016 12/30/2017 12/29/2018
 cadence design systems. $ 100. $ 135. 149. 311.
 nasdaq composite.172. 11 165.
 100. 110. 109. 129. 157. 150.
 100. 115. 121. 144. 201. 200.
 stock price.


abiomed.
 subsidiaries financial statements 2014.
 stock award plans-based compensation restricted stock units table summarizes activity fiscal year 2012 shares grant date fair value.
 restricted stock units 407 $ 9. 84
 granted 607.
 vested. 88
 forfeited.
 end year 871 $ 15.
 remaining unrecognized compensation expense performance-based awards march 31 2012 $ 7. 1 million weighted-average period 2. years.
 grant-date fair value 2011 2010 $ 18. $ 10. $ 7. 67 per share.
 total fair value 2012 2011 $ 1. 5 million $. million $. 4 million.
 performance-based awards criteria.
june 2010 311000 shares restricted stock performance-based award 45000 shares common stock issued executive officers senior management service milestones performance.
 march 31 2011 met performance targets portion shares vested.
 remaining shares vest service conditions.
 months june 30 2011 graded vesting method compensation.
 additional compensation expense $ 0. 6 million.
 financial statements recorded adjustment quarter june 30  2011.
 three months performance-based awards 284000 shares common stock issued executive officers senior management vest service performance milestones.
 march 31 2012 met targets 184000 shares probable targets remaining 100000 shares compensation expense recognized.
 march 31 2012 recorded $ 3. 3 million stock-based compensation expense equity awards performance milestones achieved probable.
unrecognized compensation equity awards 2012 $ 3. 6 million performance milestones.
 2. years.


item 5.
 market common equity stockholder issuer purchases table presents quarterly high low share sale prices common stock new stock exchange 2008 2007.
 march 31 $ 42. $ 32.
 june 30 46. 38
 september 30 43.
 december 31 37. 19
 march 31 $ 41. $ 36.
 june 30 43. 84 37
 september 30 45. 36
 december 31 46. 53
 february 13 2009 closing price common stock $ 28. 85 per share.
 397097677 outstanding shares 499 registered holders.
 never paid dividend common stock.
 retain future earnings fund development growth business.
 indentures 7. 50% notes. prohibit dividends financial covenants.
. restrict pay dividends covenants.
spectrasite subsidiaries unrestricted 7. 50%. 125%. notes subsidiaries restrictions cash loan agreement securitization transaction.
 information restrictions revolving credit facility loan see item 7 annual report 201cmanagement financial condition results operations 2014liquidity capital resources liquidity 201d note 6 consolidated financial statements.


visa inc.
 financial statements 2014 september 30 2008 volume support incentives agreements sales volume increase acceptance payment products.
 agreements one to thirteen years provide card issuance marketing program support performance requirements.
 encourage business increase visa-branded payment volume costs brand awareness.
 payments obligations included balance sheets.
 obligation amortized revenue revenues earned estimate performance.
 agreements may limit incentive payments.
 higher payments volumes potential exposure agreements estimated september 30 2008 fiscal millions volume support incentives.
 1088
 2010 1105
 2011
 2012 798
 2013
 $ 4944
 amounts agreements may estimates.
 increases incentive payments driven by increased transaction volume estimate financial condition cash flows.
 indemnification framework agreement.
visa europe indemnifies.
 claims member banks.
 claims. financial institutions.
 probability loss.
 estimated maximum liability insignificant no liability accrued.
 information see note 4 2014visa 5 2014retrospective responsibility plan 11 2014debt 13 2014settlement guarantee management 23 2014legal matters.


content part ii item 5.
 registrant's common equity stockholder matters issuer purchases stock traded new york stock exchange symbol 201chfc. september 2018 board approved $ 1 billion share repurchase program replaced programs open market privately transactions.
 timing market conditions corporate regulatory considerations.
 program discontinued.
 table repurchases fourth quarter 2018.
 average price paid dollar value.
 october 2018 1360987 $.
 november 2018.
 december 2018 912360 $. $ 787613605
 october december 2018
 quarter december 31 2018 102360 shares withheld executives employees share-based compensation agreements payroll income taxes restricted stock awards.
february 13 2019 97419 stockholders owners.
 dividend quarterly no assurance future dividends earnings capital financial condition.


redemptions early extinguishment charge $ 5 million.
 march 22 2010 redeemed $ 175 million 6. 5%. notes due april 15 2012.
 early extinguishment $ 16 million first quarter 2010.
 november 1 2010 redeemed $ 400 million 6. 65%. notes due january 15 2011.
 redemption $ 5 million early extinguishment charge.
 receivables securitization facility december 31 recorded $ 100 million secured debt facility.
.
.
 interest lease transactions.
 lease transactions equipment facilities headquarters building no other activities liabilities lease.
 right purchase assets fixed prices.
.
 maintain operate assets contractual obligations.
 no control value leased assets.
 direct performance.
obligation absorb losses right receive benefits primary beneficiary consolidate performance fixed-price purchase options not significant.
 future minimum lease payments totaled $ 3. 9 billion december 31 2011.
.
 leases locomotives freight cars.
 consolidated financial position included $ 2458 million $ 915 million depreciation $ 2520 million net $ 901 million depreciation.
 charge income depreciation included depreciation expense.
 future minimum lease payments capital leases-cancelable december 31 2011 capital.
 2012 525 297
 2013
 2014
 2015
 2016
 minimum leasepayments $ 4528 $ 2559
 $ 1874
 majority capital lease payments locomotives.
rent expense leases month million 2011 624 million 2010 686 million 2009.
 variable rental expense.
 contingent sub-rentals.


fourth quarter 2010 schlumberger issued 20ac1. billion. 75%. 75 % guaranteed notes.
 euro notes dollars maturity interest 2. 56% ( 2. 56 %.
 first quarter 2009 schlumberger issued. billion 4. 50%. 50 % guaranteed notes 2014.
 swap euro notes dollars maturity debt interest 4. 95% ( 4. 95 %.
 2008 approved $ 8 billion repurchase program december 31 2011.
 extension repurchase december 31 2013.
 repurchased $ 7. 12 billion shares december 31 2012.
 repurchase 2012 2011 2010 cost average price paid.
 971883.
 2997688.
 1716675.
 cash flow $ 6. 8 billion 2012 $ 6. 1 billion 2011 $ 5.billion 2010.
 schlumberger managed activity venezuela increased delay payment oil customer.
 operates 85 countries.
 five countries accounted 5% receivable balance united states represented 10%.
 dividends 2012 2011 2010 $ 1. 43 billion $. 30 billion $ 1. 04 billion.
 2013 quarterly dividend. 6%. $. 3125.
 2012 10% $. 275.
 2011 dividend 19% $.
 capital expenditures $ 4. 7 billion 2012 $ 4. billion 2011 $ 2. 9 billion 2010.
 expected approach $ 3. 9 billion 2013.
 contributions $ 673 million $ 601 million $ 868 million postretirement benefit plans.
 82% funded december 31 2012.
 87% 2011.
 international benefit pension plans 88% funded.
.
$ 650 million postretirement 2013.
 $ 321 million debentures 2009.
 remaining $ 320 million. debentures 2023 converted. million shares common stock $ 1 million redeemed cash.


company subsidiaries employees participate.
. 401 ( k ) plan contributory.
 contributions based contributions.
 contributions 2010 reinstated contributions 100% match first 4% contributions.
 maximum matching contribution 2010 pro-rated months reinstatement.
 expenses plans 2012 2011 2010 $ 42 million $ 48 million $ 23 million.
 january 1 2012 additional 401 k plan.
 december 31 2012 no matching contributions.
.
 share-based compensation plans plans stock options stock appreciation rights employee stock purchase plan grants options stock employees option holders.
 price 100% fair market value common stock.
 awards life five to ten years vest over two four years.
 if holder terminated within 24 months change control.
 employee stock purchase plan allows purchase common payroll deductions 20% compensation.
participants purchase $ 25000 stock year.
 share 85% fair market value company stock.
 two purchase periods first october 1 march 31 second april 1 september 30.
 2011 2010 employees purchased. 4 million 2. 2 million. 7 million shares $ 34. 52 $ 42.
 company calculates value employee stock option black-scholes option pricing model.
 weighted-average estimated value options 2012 2011 2010 $ 9. 60 $ 13. 25 $ 21. 43  assumptions.
 expected volatility 24. 0%. 8%. 7%.
 risk-free interest rate. 8%. 1%
 dividend yield. 2%.
 expected life.
 uses implied volatility traded options stock black-scholes model.
implied volatility availability traded options future stock price trends.
 risk-free interest rate assumption daily closing rates.
 treasury notes option.
 dividend yield assumption future expectation dividend payouts.
 life stock options contractual term weighted-average vesting period tranches.
 forfeiture rates 13%-50% option values black-scholes option pricing model.
 remaining vesting term revised differ.


retail hnw investors-term asset class region 2012 emea asia-pacific.
 equity 94805 53140
 fixed income 121640
 multi-asset class
 alternatives
 long-term retail $ 298024 77699 27761 403484
 serves investors accounts funds unit trusts private investment funds.
 long-term assets $ 403. 5 billion up 11%. 2011.
 net inflows $ 11. 6 billion augmented market valuation improvements $ 28. 3 billion.
 investors intermediaries broker-dealers banks trust companies insurance advisors.
 mutual funds $ 322. 4 billion 80% remainder private funds accounts.
product mix diversified 41% long-term aum equities 34% fixed income 23% multi-asset 2% alternatives.
 active products.
 client base diversified 74% long-term aum 19% emea 7% asia-pacific.
.
 retail long-term inflows $ 9. 8 billion driven.
 sector specialty fixed income equity.
 broadened distribution funds $. billion.
.
 alternatives $ 5. billion threshold.
 blackrock municipal target term trust $ 2. 1 billion largest municipal fund industry since 2007.
 leading.
 manager managed accounts second closed-end fund manager top-ten long-term open-end mutual.
 retail inflows $ 1. 8 billion fixed income inflows $ 5. 2 billion.
 demand risk-off instability de-risking.
 equity net outflows $.9 billion sector equity strategies uncertainty.
 international luxembourg cross-border blackrock global funds strategic funds $ 83. 1 billion $ 2. 4 billion retail funds.
 67 funds 35 jurisdictions.
 60% rated s&p.
 third largest cross border fund.
 five largest fund innovative offerings natural resources european equity asian equity income.
 relationships global investment expertise local regulations.


management analysis portfolios positions not var.
.
 10% measures.
 table market risk inventory positions.
 determined reduction net revenues 10% decline asset value.
 equity positions private public equity securities corporate equities real estate hedge funds. debt positions corporate senior debt commercial real estate corporate bank loans distressed loans.
. note 6 financial statements.
 measures reflect diversification benefits asset categories market risk.
 10% % amount millions 2013 2012 equity $ 2256 2471.
 2471
 debt
 $ 4147
.
 $ 208 million investment ordinary shares icbc sold first half 2013.
 credit spread sensitivity derivatives borrowings.
 excludes impact credit spreads derivatives unsecured borrowings fair value option.
 estimated sensitivity one point increase credit spreads derivatives $ 4 million $ 3 million 2013 2012.
 increase credit spreads unsecured borrowings $ 8 million $ 7 million.
 impact spreads affected liquidity duration convexity borrowings performance hedges.
.
 2013 firm $ 14. 90 billion $ 6. 50 billion loans investment accounted amortized cost 201creceivables floating interest rates.
 estimated sensitivity 100 point increase interest rates loans $ 136 million $ 62 million additional interest income 12-month increase costs loans.
 note 8 financial statements loans.
 goldman sachs 2013 annual report


research personnel lab facilities expanded portfolio patents license cooperative development program.
 acquired 20 percent interest grt.
 gtftm technology protected intellectual property protection program.
.
 granted 17 patents 22 pending.
 over 300 patents issued 100 countries.
 technology processing transportation costs natural gas creating gas hydrates.
 regasified delivery.
 pilot program proprietary natural gas hydrates manufacturing system.
 expansion lng production facility.
 approvals natural gas volumes regasification capacity.
.
 refining marketing transportation midwest upper great plains gulf coast southeast.
 fifth largest crude oil refiner.
 largest midwest.
 seven-plant refining network integrated terminal transportation system wholesale-brand retail.
wholly-owned subsidiary speedway superamerica llc third largest retail gasoline convenience stores.
 largest midwest.
 seven refineries refining capacity 1. 188 million barrels per day crude oil december 31 2009.
 refineries processed 957 mbpd crude oil 196 mbpd blend stocks.
 daily crude oil refining capacity 31.
.
 catlettsburg.
 refineries include atmospheric vacuum distillation catalytic cracking reforming desulfurization recovery units.
 oils produce refined products heavy fuel oil asphalt.
 manufacture aromatics cumene propane sulfur maleic anhydride.
 garyville refinery mississippi river louisiana.
 processes heavy sour crude oil


goodwill reviewed annually fourth quarter for impairment.
 company performs impairment analysis intangible assets.
 changes membership state funding medical contracts provider networks.
 impairment loss if value exceeds implied fair value.
 impair ment losses.
 paid incurred unpaid.
 developed actuarial methods historical data payment patterns cost trends product mix seasonality.
 reviewed adjustments reflected.
 actuarial methods.
 claims payable unpaid claims december 31 2005 payments may differ estimates.
 medicaid care revenue monthly fixed rates member contracts.
 addi tional premium supplemental services.
 revenue recognized earned covered period.
 recorded membership eligibility data adjusted.
 adjustments immaterial revenue.
 premiums collected advance recorded as unearned revenue.
specialty services segment generates revenue government health plans third-party customers.
 revenues recognized earned.
 performance-based contracts revenue refund until.
 recorded unearned revenue.
 premium receivables net allowance uncol lectible accounts trends.
 december 31.
 2005 2004 2003
 $ 462 $ 607 $ 219
 write-offs uncollectible receivables
 end year $ 343 $ 462 $ 607
 revenues state medicaid managed care programs.
 june 30 2006 august 31 2008.
 indiana kansas texas wisconsin 18% 12% 22% 23% revenues year 31.
 purchased reinsurance healthcare services.
 current reinsurance program covers 90% inpatient healthcare expenses annual deductibles $ 300 lifetime maximum $ 2000.
medicaid subsidiaries for inpatient charges average daily.
 reinsurance recoveries were $ 4014 $ 3730 $ 5345 2005 2004 2003.
 expenses $ 4105 $ 6724 $ 6185.
 included in medical costs.
 investment interest expense.
 from cash equivalents deposits investments.
 interest borrowings credit facility mortgage interest capital leases credit fees.
 deferred tax assets liabilities recorded future tax consequences differences financial tax bases.
 measured using enacted tax rates.
 effect change tax rates recognized.
 valuation allowances provided deferred tax assets.
 future reversals


transaction commercial issues businesses.
 skills valuable monitor regulatory tariff schemes capital budgeting acquisitions.
 expects cost reduction performance improvement earnings cash flows no assurance reductions less earnings cash flows 2004.
 initiative sell subsidiaries.
 dependence capital markets balance sheet financial leverage liquidity.
 chart details asset sales closed 2003.
 proceeds project date.
 cilcorp/medina valley january 2003 $ 495 united states
. $ 59 australia
 mountainview $ 30
 $ 29 south africa
 $ 94 tanzania
 barry$ 62 united
 haripur $ 145 bangladesh
 telasi $ 23 republic georgia
 operations$ 78
 oasis $ 150 pakistan/oman
 portfolio business performance dispose additional businesses.
improvements liquidity lower emphasis asset sales improving liquidity strengthening balance sheet.
 no guarantee proceeds cover investment subsidiaries.
 sale may change financial characteristics portfolio results.
 future sales impact recurring earnings cash flows.
 subsidiary restructuring 2003 restructuring transactions south american businesses.
 efforts improving long-term prospects returns extending short-term debt maturities.
 businesses impacted eletropaulo tiete uruguaiana sul brazil gener chile.
.
 interest eletropaulo since 1998.
 2002 acquired controlling interest.
 financed acquisition eletropaulo loans deferred purchase financing brazilian national development bank subsidiary.
 subsidiaries.
 transgas.
.


item 5.
 common equity issuer purchases common stock nasdaq global market.
 equity compensation plans securities item 12 annual report form 10-k.
 purchases equity table summarizes stock repurchases three months november 2 2019.
 shares purchased average price paid share plans dollar value.
 average price share dollarvalue
 august 4 31 $ 109. 194849 $ 2213017633
 september 1 28 342313 $. 338534 $ 2174639499
 september 29 november 2 1023202 $. $ 2070927831
 1564746 $.
 81832 shares withheld employees tax obligations vesting restricted stock units equity compensation plans.
 average price paid closing stock price vesting date shares withheld.
shares repurchased stock repurchase program august 12 2004.
 21 2018 board approved authorization $ 2. billion $ 8. 2 billion.
 repurchase outstanding shares common stock open market privately negotiated transactions.
 shares.
 holders common stock november 22 2019 2059.
.
 1 2019 last sales price stock nasdaq market $ 109. 37 per share.


state street corporation 52 shareholder return compares return s&p 500 s&p financial index kbw bank index five-year.
 $ 100 state street stock.
 reinvestment dividends.
 s&p financial index capitalization-weighted 67 500 companies 27 financial services 23 insurance 17 banking.
 kbw bank index cap-weighted 24 exchange-listed stocks banks regional institutions.
 state street corporation $ 100 159 172 148 178 227
 s&p 500 index 132 151
 s&p financial index 136
 kbw bank index


consolidated financial statements unrealized gain derivatives years december 31 2010 2009 2008 $ 1 million $ 16 million $ 30 million.
.
 covers all.
 employees.
 company makes matching contributions.
-matching contributions established maximum 6% eligible compensation.
 contribution determined.
 company-matching contribution 100% 2008 first two months 2009.
 suspended march 2009 june 2010 cost savings global recession.
 1 2010 reinstated 50% first 6%.
.
 january 1 2011 match increased to 75% first.
 compensation cash contributions 2010 2009 2008 totaled $ 9 million $ 7 million $ 42 million.
 plan employee stock ownership plan.
 tax deductible dividends on shares were $ 24 million $ 28 million $ 29 million 2010 2009 2008.
.
earnings millions 2010 2009 2008.
 interest income $ 34 $ 28 $ 26
 royalty income 58 45 52
 net earnings equity affiliates
 gain sale assets 8 36 23
 69 74 61
 $ 214 $ 178 $ 165
.
 stock-based compensation stock options restricted stock units contingent shares shareholder return.
 grants ppg industries.
 plan.
 future grants 4. million december 31.
 stock-based compensation cost $ 52 million $ 34 million $ 33 million 2010 2009 2008.
 income tax benefit $ 18 million $ 12 million $ 12 million 2010 2009 2008.
 awards.
.
 employees options purchase common stock fair market value.
 exercisable six 48 months maximum 10 years.
stock option shares issued treasury.
 ppg stock plan restored option 2003 ownership mature shares stock market value.
 fair value options measured date grant expense service period.
 ppg estimates black-scholes option pricing model.
 risk-free interest rate.
 treasury yield curve maturity expected life option.
 life calculated average vesting term maximum term.
 vesting term changed three years 2004 historical data life.
 dividend yield volatility based historical stock prices dividend amounts.
 2010 ppg annual report form 10-k


table presents net pension opeb cost years december 31 millions 2013 2012 2011 2010.
. 2012 2011
 pension cost $ 111 $ 89 $ 78 $ 51
 opeb cost 15
 pension cost $ 111 million 2013 $ 89 million 2012.
 driven decrease discount rate 3. 78%. opeb expense $ 15 million 2013 $ 13 million 2012.
 increase driven decrease discount rate 3. 48%.
 forward-looking securities act 1933 exchange act 1934.
forward-looking statements include ceo 2019s letter planned capital expenditures 201c2013 capital expenditures item 2 dividends item 5 201c2013 outlook 201cliquidity capital resources item 7 financial performance revenue growth cost savings goals targets objectives projections predictions business financial operational results future economic performance economic conditions operational service performance improvements effectiveness operations service expenditures infrastructure improvements equipment acquisitions strategic business acquisitions modifications transportation plans 2 capital new products services impact new regulatory activities legislation environmental remediation restoration tax matters claims litigation environmental costs commitments contingent liabilities labor negotiations results financial condition liquidity historical facts.
-looking statements identified by-looking terminology 201cbelieves 201cexpects 201cshould 201cintends 201cplans similar.
 of future performance results not accurate indications.
 statements information subject to risks uncertainties performance results differ.
 reflect good faith consideration management of available information based on assumptions reasonable.
 information assumptions subject to variables unknown events management influence.
 risk factors in item 1a could affect future results cause differ from.
 update amend risk factors in form 10-q 8-k 10-k.
 all forward-looking statements qualified by read with risk factors.
 statements speak of date made.
 no obligation to update information to reflect actual results changes assumptions factors.


21.
 fourth quarter 2008 support investment accounts ssga purchase asset mortgage-backed securities cash infusion $ 450 million.
 ssga manages investment accounts retirement purchase redeem units constant net asset value volatility.
 arrangements third financial institutions shortfall units redeemed.
 terminate guarantee future investments.
 2008 liquidity pricing issues affected market value securities third-party guarantors guarantees.
 $ 2. 49 billion asset mortgage-backed securities increased risk $ 450 million market value book value.
 no ongoing commitment support.
 securities investment consolidated statement.
 expenses years december 31.
 2008 2007 2006
 customer indemnification obligation $ 200
 securities processing $ 79
 expenses $ 892 $ 478 $ 318
september october 2008 lehman brothers holdings. affiliates filed bankruptcy.
 no indemnified customers repurchase agreements.
 value collateral declined.
 quarter indemnification obligation recorded reserve estimated net exposure.
 $ 200 million cost indemnification obligation collateral purchased fourth quarter 2008.
 commercial real estate loans recorded loans leases consolidated statement condition.


consolidated financial statements accounting policies value accreted over lease operating expense.
 company asset retirement obligations commitments return property original condition lease termination.
 table reconciles asset retirement liabilities 2006 2005 millions.
 liability september 25 2004 $ 8.
 obligations.
 accretion.
 liability september 24 2005 $ 11.
.
.
 liability september 30 2006 $ 14.
 long-lived assets reviews property plant equipment intangibles impairment.
.
 reviewed impairment.
 recoverability measured carrying amount future undiscounted cash flows.
 carrying value fair market value.
 three fiscal years september 30 2006 no material impairment long-lived assets except impairment restructuring actions note 6.
.
goodwill intangible assets not tested impairment annually.
 company performs goodwill impairment tests august 30.
 impairment charges 2006 2005 2004.
 established reporting units.
 testing goodwill impairment allocated.
 requires intangible assets definite amortized estimated lives reviewed impairment.
.
 amortizing acquired intangible assets 3 to 10 years.
 translates assets liabilities.
 subsidiaries.
 dollars exchange rates.
 revenue expenses translated.
 gains losses translations credited charged foreign currency translation


access liquidity issuing bonds credit markets.
 december 31 2009 working capital surplus $ 1. 0 billion cash reserves economic conditions.
 december 31 2008 working capital deficit $ 100 million.
 lack liquidity.
 maintain resources access requirements sufficient financial capacity liabilities.
 cash flows 2009 2008.
 operating activities $ 3234 $ 4070
 investing -2175
 financing -458
 change cash $ 601 $ 371 $ 51
 lower net income 2009 reduction $ 184 million accounts receivable securitization program higher pension contributions $ 72 million changes working capital cash.
 higher income.
 accelerated tax deductions lower income tax payments.
 voluntary pension contributions $ 200 million $ 8 million increase 2007.
higher proceeds decrease cash 2009 2008.
 investments lower proceeds increase cash 2008 2007.


entergy texas.
 subsidiaries financial utility transmission business retirement debt preferred securities.
 operations net income 2011 increased $ 14. million higher revenue higher taxes operation maintenance expenses depreciation amortization expenses.
 increased $ 2. million higher revenue lower interest expense.
 fuel expenses gas power expenses regulatory charges.
 analysis change net revenue 2011 2010.
.
 2010 net revenue $ 540.
 retail electric price.
 volume/weather.
 purchased power capacity.
.
 2011 revenue $ 577.
 retail electric price variance due rate actions annual base rate increase $ 59 million 2010 additional increase $ 9 million may 2011 settlement december 2009 rate case.
.
 volume/weather variance increase 721 gwh. billed electricity usage favorable weather residential commercial sales.
industrial sector increased. 2%. chemicals refining.
 purchased power capacity price increases.


edwards lifesciences corporation financial statements.
 common stock maintains nonemployee directors stock incentive compensation program.
 receive annually 10000 stock options or 4000 restricted stock units common stock annual award exceed $ 0. 2 million.
 receive annual cash retainer stock options restricted stock units.
 granted 2011 vests three installments.
 after 2011 one year.
 initial election receives initial grant stock units fair market value $ 0. 2 million not 10000 shares.
 grants vest three years.
 1. 4 million shares common stock authorized issuance.
 employee stock purchase plan international employees.
 employees purchase shares common stock 85% fair market value lifesciences common stock.
 employees withhold 12% compensation for common stock purchases.
 employees outside law.
espp united states employees qualified section 423 internal revenue code.
 common stock 6. million shares.
 fair value option award employee stock purchase subscription estimated date grant black-scholes option valuation model.
 risk-free interest rate.
 treasury yield curve based expected term.
 volatility historical volatility 2019 volatility traded options.
 term awards vesting period historical exercise behavior.
 data forfeitures annual forfeiture rate 5. 1%.
 black-scholes option pricing model weighted-average assumptions options.
 risk-free interest rate.
 dividend yield
 volatility 31% 31 % 27% 27 %
 life.
 fair value per share $ 19. $.


system energy resources.
 include generated funds cash debt issuances bank financing.
 refinance redeem retire debt prior maturity.
 debt common stock issuances require regulatory approval.
 subject tests bond.
 capacity capital needs.
 february 2012 issued $ 50 million. notes due february 2017.
 purchase additional nuclear fuel.
 short-term borrowing authorization ferc borrow through october 2013 $ 200 million.
 note 4 financial statements short borrowing limits.
 order ferc long-term securities issuances.
 extends through july 2013.
 receivables money pool december 31.
 2011 2010 2009 2008
 120424 97948 90507 42915
.
 owns operates grand gulf.
 subject risks nuclear plant.
include risks from radioactive materials regulatory changes limitations insurance nuclear technological financial uncertainties decommissioning nuclear plants sufficiency funds decommissioning trusts.
 early shutdown grand gulf system energy additional funds decommissioning.
 nuclear incident japan 2011 nrc established task force processes regulations nuclear facilities.
 issued report 2011 recommendations evaluated by nrc.
 issue orders requests to nuclear plant licensees first quarter 2012.
 orders may require.
 nuclear operators entergy plant modifications analyses increased costs capital.