years december 31 2007 2006 2005 $. 5 million $. 8 million $ 1. 4 million depreciation amortization capital leases included.
 company promote brand products.
 sponsorship agreements athletes collegiate professional supplier agreements athletic event sponsorships.
 schedule future minimum payments december 31 2007.
 2008 14684
 2009 14660
 2010 13110
 2011 10125
 2012
 future sponsorship marketing payments $ 53584
 minimum obligations sponsorship marketing agreements.
 incentives performance achievements supply obligations.
 involved legal matters.
 financial position operations cash flows.
 executives agreements severance benefits termination change ownership.
.
 november 2005 initial public offering issued additional 9. 5 million shares common stock.
.2 million shares convertible stock rosewood converted.
 received proceeds $ 112. 7 million $ 10. 8 million stock issue costs $ 25. million term note revolving credit $ 12. 2 million preferred stock $ 12. million.
 recapitalization approved charter issuance 100. million shares a common 16. 2 million b convertible value $ 0. 0003 1/3 per share amendments unissued shares.
 1. million shares b converted a.


visa inc.
 financial statements 2014 market shareholder return 500 index.
 fair value performance based shares estimated grant date monte carlo simulation model.
 grant 2013 2012 2011 $ 164. $ 97. $ 85. 05 per share.
 shares 2013 2012 three years grant date.
 2011.
 earlier vesting.
 compensation cost estimated performance.
 net forfeitures adjusted.
 $ 15 million unrecognized compensation cost unvested performance-based shares. years.
.
 company leases premises equipment expiration dates.
 rent expense $ 94 million $ 89 million $ 76 million 2013 2012 2011.
 future minimum payments leases marketing sponsorship agreements year.
 millions 2014 2015 2016 2018
 operating leases $ 100 $ 77
marketing sponsorships 116  117 61  54 178 580
 $ 216 $ 194 $ 104  $ 89  $ 74 $ 260 $ 937
 sponsorship agreements require spend advertising marketing.
.
 marketing promotional activities.
 represents marketplace costs.
.
 agreements financial clients partners build payments volume increase visa-branded card acceptance win merchant routing transactions.
 one to years card issuance conversion support volume/growth targets marketing program support.
 encourage business increase visa-branded payment transaction volume costs brand awareness.
 payments capitalization obligations reflected consolidated balance sheet.
 incentives reduction


masco corporation notes financial statements.
 goodwill intangible assets december 31 accumulated impairment losses additions discontinued operations pre-tax impairment charge cabinets related products.
.
.
.
.
.
.
.
.
.
.
 587 $ 364 $ 223 $ 2014 181.
 goodwill december 31 2010 accumulated impairment losses 31 additions discontinued pre-tax impairment charge goodwill december 31 2011
 cabinets related products $ 587 $ -364 $ 223 -44 $ 181
 plumbing products 536 -340
 installation services -762 1057
 decorative architectural products 294
 specialty products -367 367 613
 $ 4216 -1833 $ 2383 -486 1891
additions include acquisitions.
 2011 company reclassified goodwill business units sale.
 recognized charge for units loss write-down $ 13 million.
 foreign currency translation purchase price adjustments acquisitions.
 2012 2011 completed annual impairment testing goodwill assets.
 2012 no impairment.
 2011 impaired.
 recognized non-cash pre-tax impairment charges for goodwill $ 486 million $ 330 million 2011.
 declining demand decreased operating margins.
 architectural products builders hardware competitive conditions.
 north american window door business new home construction. reduced repair recovery slower.
 assessed long-lived assets no impairment at december 31 2011.
 indefinite-lived assets were $ 132 million $ 174 million at december included registered trademarks.
2012 2011 impairment test trademark north american specialty plumbing impaired long-term outlook.
 recognized charges $ 42 million $ 27 million $ 8 million 5 2012 2011.
 2010 recognized charges $ 10 million $ 6 million after tax installation services $ 9 million plumbing products $ 1 million.


consolidated financial statements 2014 transactions foreign currency consultoria internacional casa de cambio mexican company owned employees.
 march 31 2008.
 10% shareholder cisa no.
 purchased 6. 1 billion mexican pesos $ 560. 3 million 2008 8. 1 billion $ 736. million 2007 cisa.
 transactions prevailing market exchange rates.
 settled facilities cisa.
 incurred settlement expenses $. 5 million 2008.
 2007 2006 expenses $. 7. 6 million.
 contractors software development.
 2005 employee part owner firm.
 software development next generation front-end processing system.
 2008 capitalized fees $. 3 million.
 2008 2007 $ 4. 9 million $ 4. 6 million property equipment balance sheets.
 expensed amounts $. 3 million. 1 million.million 2008 2007 2006.
 operations leased facilities equipment.
 renewal purchase options property taxes insurance maintenance.
 rent expense leases 2006 $ 30. 4 million $ 27. 1 million $ 24. 4 million.
 lease payments leases may 31 2008.
 22883
 2010 16359
 2011 11746
 2012 5277
 2013
 $ 67446
 claims lawsuits business.
 impact financial position liquidity operations.


tower corporation subsidiaries financial statements.
 acquired 548 towers purchase price $ 329. 3 million contingent consideration $ 4. 6 million.
 strategy.
 table preliminary allocation purchase consideration assets acquired liabilities assumed purchase price allocation.
 non-current assets $ 442
 property equipment 64564
 intangible assets 260898
 current liabilities
 long-term liabilities
 net assets $ 317742
 goodwill
 customer relationships $ 205. 4 million network location intangibles $ 55. million.
 amortized 20 years.
 goodwill deductible income tax.
 domestic rental management segment.
 allocation purchase price finalized fair value assets liabilities.
 agreement cell 1400 towers 1800 additional towers purchase price $ 430 million.
company anticipates 1400 towers 2011 conditions.
 september 3 2010 agreement purchase rights towers colombia telecomunicaciones.
.
 until 2023 ownership no cost.
 completed 508 towers price $ 86. 8 million december 31 2010.
 expects complete 180 towers end 2011.
 transaction capital lease purchase price allocated property equipment non-current assets.
 venture mtn group december 6 2010 agreement mtn joint venture ghana.
 owned company owned american tower subsidiary 51% share mtn group subsidiary 49% % share.
 transaction involves sale 1876 mtn ghana sites


lease agreements.
 contingent rent $ 3. 6 million $ 2. 0 million $ 0. 6 million years 2011 2010 2009.
 lease obligations include contingent rent.
 sponsorships marketing commitments brand products.
 sponsorship agreements collegiate professional supplier agreements athletic event sponsorships.
 schedule future minimum payments december 31 2011.
 2012 $ 52855
 2013 46910
 2014 42514
 2015 22689
 2016 3580
 2017
 future minimum sponsorship marketing payments $ 169514
 minimum obligations sponsorship marketing agreements.
 include performance incentives product supply obligations.
 product supply obligations.
 depends playing conditions sporting events decisions.
 costs design develop source purchase products incurred not tracked.
 legal matters.
company believes resolution proceedings financial position results operations cash flows.
 agreed to indemnify counterparties against claims intellectual property.
 indemnification obligations apply misconduct bad faith.
 fair value indemnifications not material to financial position results operations.
.
 stockholders 2019 class a b convertible 100. 0 million 11. 3 million shares par value $ 0. 0003 1/3 per share.
 identical rights liquidation preferences a one vote per share 10 votes per share.
 b held by kevin plank


tower corporation subsidiaries financial statements revenue collectability amounts billed recognized.
 credit risk business industry conditions.
 recognition deferred until uncertainty resolved.
 amounts uncollectible charged bad debt expense.
 accounts receivable net allowances doubtful accounts losses inability payments reserves.
 allowances estimated based payment patterns days due collection history changes economic conditions bankruptcy liquidation.
 receivables written-off against allowances uncollectible.
 determination includes analysis conditions.
 changes allowances years december 31.
 2008
 balance january 1 $ 28520 $ 11482 $ 8850
 increases 16219 26771 12059
 recoveries
 balance december 31, $ 22505 $ 28520 $ 11482
 largest international customer iusacell.
.
.
iusacell 4% company revenue year december 31 2010.
.
 dollar debt two legal entities filed pre-packaged concurso mercantil.
 bankruptcy law majority financial creditors december 2010.
 iusacell receivable net related assets long-term $ 19. 7 million and $ 51. 2 million .
 changes effective january 1 functional currency subsidiary brazil brazilian real.
 assets liabilities translated into.
 dollars exchange rate reporting period.
 revenues expenses translated monthly exchange rates cumulative translation effect included in stockholders equity.
 change currency.
 real net value non-monetary assets liabilities.
 impact $ 39. 8 million offsetting increase income loss.
 renegotiation agreements iusacell converting contractual obligations from.
mexican pesos company april 1 2010 currency subsidiaries mexican peso.
 assets liabilities translated.
 dollars reporting period.
 revenues expenses translated monthly rates cumulative translation 2019 equity.


credit rating $ 200 million loan libor margin 175 points maturity 2017.
 proceeds acquisition temple- inland.
 international paper repaid $ 1. 2 billion loan.
 interest rate swaps debt expense.
 $ 150 million maturities 2013 14 pages 70 74.
.
 swaps amortization deferred gains decreased cost debt 6. 8%. 6. 6%.
 offsetting interest income investments reduced rate 6. 2%.
 financing 1. 9 million shares treasury stock 1. million common stock options generated $ 108 million cash.
 restricted stock withholding taxes $ 35 million.
 off note 12 pages 67 69.
.
 meet capital expenditures debt working capital dividend requirements.
 credit facilities $ 2. 0 billion.
 compliance debt covenants december 31 2014.
2019s financial covenants require minimum net worth $ 9 billion debt-to- capital ratio less than 60%.
 net worth common stock paid-in capital earnings treasury stock goodwill impairment charges.
 excludes income nonrecourse liabilities.
 debt-to-capital ratio debt divided by plus net worth.
 december 31 2014 net worth $ 14. billion total-debt- to-capital ratio 40%.
 debt capital markets long-term funding.
 decisions guided capital structure planning objectives.
 maximize financial flexibility preserve liquidity interest expense.
 debt accessed public capital markets.
 investment grade credit rating.
 credit ratings bbb baa2.
 contractual obligations future payments.
 millions 2016 2017
 long-term debt $ 742
 obligations right offset
lease 142 106 84 63 45 91
 purchase obligations 3266 761 583 463 422 1690
 $ 4150 $ 6612 738 $ 1755 1072 7965
 debt principal payments.
 obligations non interest entities international paper offset obligations investments.
 $ 5. 2 billion interests $ 5. 3 billion debt obligations 12.
.
 $ 2. 3 billion fiber supply agreements 2006 transformation plan forestland sales 2008 acquisition weyerhaeuser.
 unrecognized tax benefits $ 119 million.
.
 2006 international paper installment sale forestlands received $ 4. 8 billion installment notes non- consolidated borrower entities.
 august 2016.


201cati 201d spectrasite communications.
 international operations subsidiary american tower international. subsidiaries.
 operations mexico brazil india second 2007.
 business segments rental management network development services.
 item 7 annual report 201cmanagement financial condition results note 18 consolidated financial statements.
 primary business communications site leasing.
 97% 98% 98 % total revenues 2008 2007 2006.
 rental management segment domestic international site leasing wireless towers rooftop management.
. leading owner operator wireless communications towers united states mexico brazil.
 own operate communications towers india second half 2007.
 manage wireless sites property owners united states mexico brazil.
 92% 92 91 % rental management revenue wireless communications towers 2008 2007 2006.
december 31 2008 wireless communications tower portfolio sites states.
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 19400 coverage 49 states columbia top 100 markets.
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 coverage populated areas mexico city monterrey guadalajara acapulco.
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 metropolitan central southern brazil sao paulo janeiro brasilia curitiba.
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 coverage 2007.
 wireless communications towers industries.
.
 at&t mobility nextel verizon wireless t-mobile.
 iusacell movil.
.

 united states 19400 49 states district columbia 90% network top 100 markets high traffic corridors.
 mexico 2500 populated areas mexico city monterrey guadalajara acapulco.
 brazil 1100 metropolitan central southern brazil sao paulo rio de janeiro brasilia curitiba.
 india 200 initial-phase coverage second half 2007.
 spectrasite communications.
 international operations subsidiary american tower international. subsidiaries.
 operations mexico brazil india second half 2007.
 two segments rental management network development services.
 item 7 annual report 18.
 primary business communications site leasing.
 97% 98% total revenues 2008 2007 2006.
 rental management segment domestic international site leasing wireless towers broadcast rooftop management.
.leading owner operator wireless communications towers united states mexico brazil.
 operations 2007.
 brazil.
 92% 92 91 rental management revenue 2008 2007 2006.
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 49 states columbia 90% 90 % top 100 markets.
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 populated areas mexico city monterrey guadalajara acapulco.
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 metropolitan areas central southern brazil paulo janeiro.
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 half 2007.
 wireless communications towers industries.
.
domestic customers at&t mobility sprint nextel verizon wireless t-mobile.
 international customers grupo iusacell nextel telefonica movistar vivo movil telecom italia mobile.
 year ended december 31


manage market risks hedging transactions.
 counterparties rated institutions.
 establish credit limits.
 transactions include derivative financial instruments.
 interest rate foreign exchange commodity price equity risk see note 7 financial statements.
 estimates maximum value changes interest rates foreign exchange rates commodity prices equity prices conditions.
 monte carlo value-at-risk methodology.
 95 percent confidence level.
 historical interest foreign exchange rates commodity equity prices volatility.
 data from riskmetrics 2122.
 calculations not represent actual losses.
 correlates underlying exposure offset underlying.
 positions debt investments interest rate swaps foreign exchange forwards commodity swaps futures options equity instruments.
 include foreign exchange commodities equity positions.
table presents estimated potential one-day loss interest rate foreign currency commodity equity-risk instruments may 27 2018 28 2017 average value impact 27.
 interest rate $ 33. $ 27. $ 25.
 foreign currency 21. 23. 24.
 commodity instruments.
 equity instruments.


.
 financial statements 2014 2019s restricted stock unit activity october 31 2015 changes stock units outstanding grant date value share.
 november 1 2014 3188 $ 43.
 units granted 818 $ 52.
 lapsed $ 39.
 forfeited -157 $ 45.
 october 31 2015 2698 $ 47.
 $ 108. million unrecognized compensation cost unvested awards stock options stock units.
. 3 years.
 grant-date fair value shares 2015 2014 2013 $ 65. million $ 57. 4 million $ 63. 9 million.
 since august 2004.
 authorized repurchase $ 5. 6 billion common stock.
 open market privately transactions.
 shares.
 october 31 2015 repurchased 140.7 million shares common stock $ 5. 0 billion.
 additional $ 544. 5 million repurchase current program.
 repurchased shares unissued.
 repurchases shares employee tax withholding obligations restricted stock units stock options.
 withholding based statutory withholding requirement.
 future repurchases financial performance liquidity cash.
 471934 authorized shares $ 1. 00 par value preferred stock none issued outstanding.
 board authorized fix designations rights preferences limitations issuance.
.
 operates tracks results one segment six operating segments.
 designs develops manufactures markets integrated circuits.
 chief executive officer decision maker.
 economic characteristics criteria primary revenue sale integrated circuits.
 manufactured similar semiconductor processes-party.
 sells products thousands customers worldwide.
 products.
2022 integrated circuits marketed sold globally direct distributors independent representatives website customers.
 similar financial model economic characteristics.
 causes variation financial performance life cycle price cost fluctuations competitors product


abiomed inc.
 subsidiaries financial statements 2014.
 commitments contingencies description company 2019s arrangements guarantor.
 indemnifies customers patent infringement products.
 indemnifications contracts limits.
 never incurred costs defend lawsuits settle patent infringement claims.
 enters agreements underwriters contractors clinical sites customers indemnification provisions.
 indemnifies holds harmless indemnified party losses.
 provisions survive termination.
 maximum future payments unlimited.
 incurred costs defend lawsuits settle claims.
 estimated fair value immaterial.
 no liabilities march 31 2012.
 clinical study agreements indemnify institutions losses personal injury subjects.
 indemnification provisions agreements include limits claims.
 never incurred material costs provisions.
company rents danvers massachusetts facility expires february 28 2016.
 monthly rent rent november 2008 june 2010 $ 40000 july 2010 february 2014 $ 64350 march 2014 february 2016 $ 66000.
 terminate early termination fee.
 lease european headquarters aachen germany.
 payments 36000.
 $ 50000 31 2012 per month lease expires december 2012.
 2008 33000 square foot manufacturing facility ireland.
 25 years july 18 2008.
 relocated production equipment aachen vacated 2011.
 march 2011 terminated paid termination fee $ 0. 8 million early.
 rent expense leases $ 1. 6 million $ 2. 7 million $ 2. 2 million fiscal years 2010.
 future minimum lease payments leases.
year operating leases
 2013 1473
 2014 964
 758
 lease payments $ 4218


changes december 31.
 january 42 -39 39 27 december 31 -45 42 40.
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 december 31.
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san clemente dam costs 2019s utility subsidiary earthquake flood.
 june 2012 utilities commission reroute carmel river remove san clemente dam.
 utility subsidiary state conservancy national marine fisheries services.
 recovery


restrictive covenants 2017 credit facility senior unsecured notes include pay dividends investments incur indebtedness liens negative pledge agreements dispose assets compliance financial ratios indebtedness ebitda charges secured indebtedness unsecured indebtedness.
 dividend restriction default distributions common stock equity interests reit federal income tax.
 december 2016 compliance with covenants.
 junior subordinated deferrable interest debentures company issued $ 100. unsecured trust preferred securities.
 securities mature 2035 bear interest floating rate 125 points three-month libor.
 interest payments deferred eight quarters.
 securities redeemable option no prepayment premium.
 consolidate trust.
 debt balance sheets payments classified interest expense.
 risk exposed to changes rates from variable rate debt.
 exposure to interest rate fluctuations managed through derivative instru debt equity investments.
 hypothetical 100 point increase annual interest cost by $ 2. 7 lion joint venture annual interest cost $ 17.
. $ 2. debt equity portfolio indexed to libor.
 derivatives at fair value.
 not adjusted to fair value.
 changes value offset against recog until.
.
 long-term debt of $ 4. 3 bears interest at fixed rates fair value affected by changes market interest rates.
 variable rate debt joint venture debt bore interest libor plus 100 to 415 points.
obligations maturities mortgages loans 2017 credit facility senior unsecured notes trust preferred securities joint venture debt extension put options estimated interest expense obligations capital lease ground leases december 2017.
 2019 2020 2021 2022
 property mortgages loans $ 153593 $ 42289 703018 11656 208003 1656623 2775182
 facilities 90809
 revolving credit facility 40000
 unsecured term loans 1500000
 senior unsecured notes 250000
 trust preferred securities
 capital lease 2387 2411
 ground leases 31049 31436
 estimated interest expense 226815 218019 184376 155398
200250 717682 223330 2119481
 954903 1011467 1645259 1418997 7320946


december 31 2012 liabilities unrecognized tax benefits material.
 subsidiaries file tax returns.
 federal foreign jurisdictions.
 statute limitations open.
.
 income tax examinations 2010.
.
 foreign earnings $ 222 million $ 211 million $ 193 million distributed.
.
 reinvest earnings remittance.
 additional income taxes $ 50 million 2013 $ 45 million 2012 $ 41 million 2011.
 federal foreign income tax payments $ 787 million 2013 $ 890 million 2012 $ 722 million 2011.
 2013 $ 550 million refund pension contributions $ 153 million refund 2011 capital loss $ 250 million refund.
 federal foreign taxes receivable $ 313 million $ 662 million assets tax-deductible pension contributions debt exchange transaction.
 long-term debt.

 rates 2. 13%. to 6. 15%. due 2016 to 2042 5642
 rates 7.%. to. 75%. 2016 to 2036
 rate 7. 38%. % due 2013
 long-term debt
 unamortized discounts
 current maturities
 issued notes $ 1. 3 billion fixed interest rate 4. 07%. % 2042 $ 1. 2 billion interest rates 5. 50%. to 8. 50%. 2023 to 2040 old.
 paid premium $ 393 million $ 225 million cash $ 168 million new notes.
 $ 194 million unamortized discounts amortized additional interest new.
 redeem new notes principal make-whole premium accrued unpaid interest.
 notes payable june 15 december 15 2013.
new notes unsecured senior obligations indebtedness.
 2011 issued $ 2. billion long-term notes october proceeds $ 500 million notes 2013.
 repurchased $ 84 million.
 paid premiums $ 48 million early extinguishments debt non-operating income.
 december 31 2013 $ 1. 5 billion credit facility expires august 2016.
 increase facility $ 500 million.
 no borrowings december 31 2013.
 borrowings unsecured interest eurodollar base.
 obligation loans


liabilities entities represent additional claims on assets.
 creditors have claims on assets variable interest entities.
 company future payments unconditional purchase obligations.
 unconditional purchase obligation arrangements entered product.
 capital lease debt obligations totaled $ 3. 5 billion at recognized liabilities in consolidated balance sheet.
 operating lease obligations unconditional purchase obligations totaled $ 1. 7 billion not recognized liabilities balance sheet.
 summary contractual obligations at end fiscal 2008.
 contractual obligations less than 1 year 1-3 years 3-5 years 5 years
 long-term debt $ 3531. 15. 521. 751. 2242.
 lease obligations 514. 89. 148. 106. 170.
 purchase obligations 1199. 1078. 104.16. 3. 7
 $ 5245. 9 $ 1183. $ 773. $ 875. $ 2414.
 purchase obligations reflect $ 374 million open purchase orders not legally binding.
 settlable less one year.
 company obligated pay interest long-term debt obligations.
 average interest rate 7. 2%.
 consolidates assets liabilities aircraft.
 variable interest primary beneficiary.
 include $ 54 million liabilities creditors.
 debt additional claims assets.
 creditors claims entities.
 obligated rental payments $ 67 million variable interest entities $ 7 million due less than one year $ 13 million one to three years $ 47 million three to five years.
 not reflected table.
 arrangements future cash payments.
 commercial commitments not recognized as liabilities


foodservice sales volumes increased 2012.
 margins higher price increases.
 raw material costs board resins.
 operating distribution costs higher.
.
 shorewood business sold non.
 january paperboard sales volumes increase.
 price lower product mix.
 costs higher energy wood.
 no outages.
 shutdown coated paperboard machine augusta mill 140000 tons.
 sales volumes.
 margins decrease price decreases.
 input costs board resin operating costs.
 packaging sales 2012 $ 380 million 2011.
 operating profits $ 99 million.
 sales volumes.
 price higher lower european.
 costs decreased maintenance downtime costs lower.
 2013 sales volumes decrease russia.
 price higher.
 costs increase wood chemicals.
 no maintenance outages.
 packaging sales $ 830 million 2012 855 2011 705 2010.
profits 2012 $ 4 million 35 million 2011 34 million 2010.
 sales volumes increased new coated paperboard machine.
 sales price lower offset input costs.
 start-up costs profits.
 first quarter 2013 sales volumes increase.
 folding carton board bristols board lower pressures weaker market demand.
 input costs higher pulp chemicals.
 ramp-up paperboard machine lower.
 north leading business-to-business manufacturers facility managers printers customized solutions efficiency reduce costs results.
 demand sensitive economic.
 margins stable.
 best value factor.
 efficient customer service cost-effective logis working capital management.
.
 sales
 profit sales decreased 9 % 2011 10% 10 % 2010.
 profits $ 22 million $ 71 million $ 34 million 2011 $ 78 million 2010.
printing papers graphic arts supplies $ 3. 5 billion 2012 $ 4. 2010 declining demand exiting unprofitable businesses.
 trade margins even.
 revenue packaging $ 1. 6 billion.
 aging margins increased 2012 sourcing initiatives.
 revenue $ 0. 9 billion.
 profits $ 49 million reorganization costs-downs


host hotels resorts. subsidiaries financial statements 2014 cash paid income taxes refunds $ 40 million $ 15 million $ 9 million 2017 2016 2015.
 reconciliation unrecognized tax benefits millions.
 balance january 1 $ 11
 december 31
 uncertain tax amounts impact reconciliation income tax provision.
 federal income tax rate 35% 35 % 21% 21 % ) 2018 actual income tax provision.
 2014-2017.
 no material interest penalties december 31 2017 2016 2015.
.
 hotels wholly owned subsidiary federal income tax restrictions.
 december 31 2017 26 hotels leases multiple renewal options operating leases.
 rent increases lease expense term.
 contingent rentals sales stipulated.
 leases facilities former restaurant business.
leases subleases contain renewal options five- ten-year periods.
 restaurant leases operating.
 contingent liability $ 9 million december 31 2017.
 material funding.
 leasing activity includes computer vehicles telephone.
 leases operating capital leases.
 capital furniture equipment depreciated.
 amortization expense depreciation.


morgan stanley financial statements 2014 senior debt securities denominated non.
 dollar currencies return equity credit commodity.
 debt callable extendible option holders.
 extend $ 2902 million december 31 2015 $ 2175 million 31 2014.
 purchasers repurchase.
 aggregated value $ 650 million december 31 2015 $ 551 million 2014.
 subordinated debt junior debentures issued capital requirements.
 dollar denominated.
 2015 morgan stanley capital trusts vii redeemed 6. 60%. capital securities redeemed junior subordinated debentures.
.
 index-linked equity credit-linked borrowings instruments payments redemption linked performance index. equity.
 swap contracts options borrowing costs floating rates libor.
 carries structured borrowings fair value.
swaps purchased options hedge derivatives carried fair value.
 changes reported trading revenues.
 note 3 structured borrowings.
 subordinated debt junior debentures.
 long-term borrowings notes $ 10404 million coupon 4. 45%. 45 % december 2015 $ 8339 million 4. 57%. 57 % ) 2014.
 junior debentures $ 2870 million 2015 coupon 6. 22%. 22 % $ 4868 million 2014 6. 37%. 37 % ).
 maturities 2022 to 2067 2052.
.
 assets financed deposits short-term funding floating rate debt.
.
 interest rate swaps match borrowings duration characteristics manage risk.
 convert fixed rate borrowings floating rate obligations.
 non.
 currency borrowings currency swaps.
 obligations.
swaps borrowing rate.
.
 average long-term borrowings-end. 0%. 0 %. 2%. 2 %. 4%. 4 %
 borrowing rate borrowings swaps. 1%. 1 %. 3%. 3 %. 2%. 2 %


.
 sales price uncoated freesheet paper decreased weak economic market demand.
 increased masked currency depreciation.
.
 input costs higher wood offset lower chemical costs.
 maintenance downtime costs $ 11 million lower 2014.
 manufacturing operating costs.
 sales volumes weaker flat.
 price steady.
 input costs lower oil offset higher chemicals.
 indian papers sales $ 178 million 2014 $.
 profits $ 8 million $ 145 million.
 sales price realizations improved 2014 price increases.
 economic.
 input costs higher.
 operating costs maintenance lower.
 sales volumes seasonally higher.
 price competitive pressures.
 asian printing papers sales $ 59 million 2014 $ 90 million 2013 $ 85 million 2012.
 operating profits $ 0 million 2014 $ 1 million 2013.
.
pulp sales $ 895 million 2014 $ 815 million 2013 725 million 2012.
 profits $ 57 million 2014 2 loss $ 59 million 2012.
 sales volumes increased fluff market pulp improved demand.
 sales price fluff.
 costs.
 operating costs maintenance downtime costs $ 1 million higher.
 sales volumes 2015 decrease market pulp higher fluff pulp.
 sales price stable.
 input costs.
 maintenance downtime costs $ 13 million higher 2014.
 demand spending economic activity.
 raw material energy costs freight costs manufacturing efficiency product mix.
 sales decreased 1% increased 7% 2012.
 operating profits increased 11% decreased 34%.
 operating profits 11% lower 2013 30% lower 2012.
 lower sales volumes higher operating costs maintenance downtime input costs other costs 7.
profits 2014 8 million plant closures 2013 $ 45 million shutdown paper machine augusta mill $ 2 million sale shorewood business.
 packaging.
 3403
 packaging sales $ 2. billion 2014. 2013. 2012.
 profits $ 92 million 100 plant closure 2014 63 million shutdown 2013 165 million.
 coated paperboard sales volumes 2014 lower 2013 weaker market demand.
 41000 tons downtime 2014 24000 tons 2013.
 sales price realizations increased


average value options 2010 2009 2008 $ 7. 84 $ 7. 18 $ 3. 84  black-scholes option pricing model.
 risk free interest rate. 1%
. 6%
 dividend yield. 7%
 life.
 december 31 2010 2009 unrecognized compensation cost non-vested stock awards $ 129. 3 million $ 93. 5 million pre-tax income. 7 years.
 granted. 5 million restricted stock awards prices $ 25. to $ 28.
 annually three years.
 granted. 9 million performance restricted stock units.
 maximum achievable revenue ebitda goals 2012.
 granted. 5 million shares $ 22. 55 annually 3 years.
 2009. 4 million units $ 24. 85 per share six months.
 2008.4 million shares restricted stock $ 38. 75 2 years.
 2008. 2 million canceled assumed.
 remaining unvested converted 1. 7952.
 vested october 1 2009 metavante acquisition.
 october 27 granted. 8 million shares $ 14. 35 annually 3 years.
 december 31 2. million. 4 million unvested.
. 6 million not vested.
 repurchase 25 2006 repurchases $ 200. million.
 17 2008 $ 250. million.
 repurchased. million shares $ 226. million average $ 38. 97 31 2008.
 repurchased. million $ 10. million average price $ 40.
 repurchased. 6 million shares average $ 49.
 4 2010 repurchases 15. million shares privately january 31 2013.
 repurchased.4 million shares common stock $ 32. 2 million average price $ 22. 97 2010.
 no repurchased.
 13. 6 million shares repurchase.
 may 25 authorized recapitalization repurchase $ 2. 5 billion $ 29. share auction.
 commenced july 6 2010 expired august 3 2010.
 oversubscribed $ 29. 00 purchase 86. 2 million shares 6. 4 million unexercised options.
 repurchased shares added treasury stock.
 services.
 statements 2014


list distribution locations square footage leased owned.
 footage
 frankfort new york 924000
 franklin kentucky 833000
 pendleton indiana 764000
 macon georgia
 waco texas 666000
 casa grande arizona
 hagerstown maryland 482000
 waverly nebraska 592000
 seguin texas
 lakewood washington
 longview texas
 frankfort center merchandise 2018 shipping quarter 2019.
 leased center hagerstown extension not.
 mixing center high-volume bulk products.
 store support center 260000 square feet brentwood tennessee merchandising center 32000 square feet nashville tennessee.
 8000 square feet petsense headquarters arizona.
.
 litigation.
company believes estimated loss accrued liabilities.
 expects resolved effect financial position cash flows.
.
 mine safety disclosures applicable.


maturities december 31 2006.
 2007 $ 2. 6
.
 2009 257.
 2010 240.
 2011 500.
 1247.
 long-term debt $ 2251.
 holders $ 400. notes repurchase. cash march 2008.
 mature 2023.
 2005 redeemed 7. 875% unsecured notes principal amount $ 250. cost $ 258. accrued interest prepayment penalty $ 1.
 proceeds sale 2005 $ 250. notes 2008.
 exchanged $ 250. $ 250. 2010.
 mature november 15 2010 interest three-month libor 200 points 125 less old.
 early participation payment $ 41. $ 1000 total payment $ 10. 3.
 eitf issue.
96-19 debtor modification exchange debt instruments transaction exchange present remaining cash flows different new instrument.
 new floating rate notes reflected balance sheet $ 10. 3 early participation payment amortized discount recorded interest expense.
 direct fees exchange $ 3. 5 interest expense.
 4. 25%. 25 %. 50 % convertible notes 2006 exchanged $ 400. 4. convertible notes 2023. $ 400.
 exchange extinguishment 4. 50%. issuance 4. 25%. % present remaining cash flows fair value conversion option different new instrument.
 4. notes reflected consolidated balance sheet fair value issuance $ 477. 0.
 non-cash charge fourth quarter 2006 $ 77. 0 difference new old debt.
 amortized through march 15 2012 holders repurchase 4. 25%.25 % notes interest expense future.
 recorded non-cash charge $ 3. 8 unamortized debt costs exchanged 4. 50%. notes.
. convertible common stock $ 12. 42 per share subject adjustment cash dividends.
 conversion rate adjustment stock splits combinations dividends cash dividends actions capital notes consolidated financial statements 2014 amounts millions share


financial instruments current assets liabilities approximate carrying amounts.
 non-current assets liabilities derivatives table.
 2005 carrying amount
 notes long-term assets $ 1374 $ 1412 1702 1770
 long-term debt liabilities $ 1636 1685 $ $ 875
 derivative instruments $ 6
 value notes receivables future cash flows-adjusted rates.
 long-term debt liabilities market prices future payments.
 interest rate swap agreement floating fixed rate.
 receivable floating.
 $ 92 million matures 2010.
 fair value hedge.
.
 change value recognized interest income.
 $ 1 million asset year-end 2005 $ 3 million liability year-end 2004.
 hedge effective no net gain loss 2005 2004 2003.
2005 two interest rate swap agreements.
 series f notes c e g notes.
 swaps cash flow hedges.
 133 terminated pricing.
 effective fluctuations.
.
 no net gain loss earnings 2005.
 net loss $ 2 million amortized interest expense.
 year-end six interest rate swap agreements risk residual timeshare sales.
 excess spread.
 swaps $ 380 million expire 2022.
 not accounted hedges.
.
 net asset $ 5 million year-end 2005 $ 3 million 2004.
 $ 2 million net gain 2005 2004 $ 3 million net gain 2003.
 swaps risk timeshare note sales.
 one swap cash flow hedge.
 effective interest rate fluctuations.
.
 second swap qualify hedge accounting.
non-qualifying swaps $ 3 million 2005 gain $ 2 million 2004 loss $ 4 million 2003.
 gains timeshare notes.
 foreign exchange contracts exposure.
 dollar equivalent $ 544 million 2005.
 qualify hedges.
.
 $ 2 million 2005 2004.
 $ 26 million gain 2005 $ 3 million $ 2 million net loss 2004 2003.
 gains losses offset by translating assets.
 dollars.
 2005 2004 2003 foreign exchange contracts volatility.
 dollar equivalent $ 27 million-end 2005.
 less one year cash flow hedges.
 values.
 fair value zero year-end 2005 2004.
 derivatives.
 hedge discontinued loss $ 1 million 2004.
 remaining hedges no net gain loss 2005 2004 2003.
year-end 2005 no deferred gains losses on contracts earnings.
 entered foreign exchange contracts manage currency exchange rate volatility.
 one contract hedge.
.
 $ 1 million net loss translation adjustment 2005.
 contracts hedges.
 gain $ 3 million 2005.
 contracts offset losses translation adjustments.
 contracts dollar equivalent $ 229 million fair value zero year-end 2005.
 lenders hotel owners long-term management contracts.
 guarantees maximum funding term five years or less.
 guarantees lenders fund cash flows inadequate debt repay loan.
 hotel owners fund hotels attain levels.


altria release tuesday february 27 2018 10:00pm design llc verdicts appealed risk relief cases.
 reduced 47 states puerto rico limit dollar bonds require no bond.
 tobacco plaintiffs challenged florida bond cap statute challenge state bond cap statutes other jurisdictions.
 applicability state bond caps federal court.
 states repeal alter bond cap statutes legislation.
 altria group.
 outcome results operations cash flows financial position altria group. subsidiaries affected unfavorable outcome.
 altria group.
 subsidiaries record provisions financial statements unfavorable outcome probable loss.
.
 management loss unable estimate loss provided amounts financial statements unfavorable outcomes.
 litigation defense costs expensed.
 group.
 subsidiaries success managing litigation.
subject uncertainty challenges.
 possible consolidated results operations cash flows financial position altria group . subsidiaries affected by unfavorable outcome settlement litigation.
 altria group.
 subsidiaries believe valid defenses bases for appeal adverse verdicts.
 defended against litigation challenges.
 altria group.
 subsidiaries may enter settlement discussions best interests.
.
.
pm usa tobacco litigation types claims tobacco smoking health cases personal injury personal injury court-supervised programs claims health care cost recovery cases governmental plaintiffs reimbursement care expenditures cigarette smoking disgorgement profits class action suits 201clights 201d lights deceptive unfair trade practices fraud unjust enrichment breach warranty violations racketeer organizations act other tobacco-related litigation.
 recovery defenses smoking recovery 201clights lights 201d cases.
 table lists tobacco-related cases states pm usa altria group.
 december 31 2017 2016.
 smoking health cases
 health class actions aggregated claims litigation
 health care cost recovery actions
 201clights/ultra lights 201d class actions
include 2414 cases flight attendants damages injuries tobacco smoke.
 attendants ets smoking health class action florida settled 1997.
 lawsuits prohibited punitive damages.
 smoking health cases florida state federal courts decertification engle case.
 includes 30 civil actions trials west virginia.
 pm usa defendant nine cases.
 parties agreed resolve immaterial amount.
 health care cost recovery litigation.
 pm usa defendant 10 health care cost recovery actions canada altria group.
.
.
 defendants seven smoking health class actions canadian provinces.
 distribution agreement altria group.
 indemnities liabilities tobacco products.


. financial services group.
 consolidated financial statements.
 commitments contingencies future lease commitments december 31 2016 operating leases.
 42
 2018 35
 2019 28
 2020
 2021
 minimum lease payments $ 163
 future sublease income $ 2 2017 2018 2019 2020 2021.
 lease commitments office space automobiles office equipment.
 unfunded commitments december 31 2016 outstanding commitments $ 1. 6 billion $ 1. 2 billion partnership alternative investments investments expenses.
 $ 313 commitments private placement securities.
 $ 95 mortgage loans first half 2017.
 guaranty funds insurance assessments insurers guaranty fund.
 insolvency guaranty funds assess claims.
 assessments premiums.
 one two percent premiums.
states permit insurers recover assessments surcharges premium tax offsets permit recovery rate filing.
 liabilities guaranty insurance-related assessments accrued when probable estimated obligating occurred.
 not discounted included consolidated balance sheets.
 december 31 2016 2015 liability balance was $ 134 $ 138 .
 premium tax offsets $ 34 $ 44  included in assets.
 derivative commitments derivative agreements tied financial strength ratings legal entity.
 below counterparties demand collateralization settlement derivative positions.
 settlement amount determined by derivative positions.
 termination costs.
 aggregate fair value of derivative instruments-risk net liability december 31 2016 was $ 1. 4 billion.
. legal entities posted collateral $ 1. 7 billion.
company posted collateral $ 31 customized gmwb derivative.
 december 31 2016 downgrade one level below financial strength ratings s&p additional assets collateral.
 downgrade two levels below ratings additional $ 10 assets collateral.
 collateral amounts could change market values hedging activities contractual terms.
 collateral.
 treasury bills.
 treasury notes government agency securities.
 company agreed to indemnify purchasers for losses breaches representations warranties covenants obligations.
 obligations subject to time limitations.
 obligation subject contractual limitations not.
 company expect payments on guarantees not carrying liabilities.


duke realty corporation annual report 2012 credit.
 liquidity non-strategic properties market could impact.
 transactions with unconsolidated entities provide liquidity.
 sell properties receive proceeds.
 unconsolidated entities obtain debt financing distribute proceeds.
 property investment leasing/capital costs dividends distributions long-term debt maturities repurchases debt stock contractual obligations.
 asset repositioning strategy industrial medical office properties reducing suburban.
 tenant improvements $ 26643 $ 50079 $ 36676
 leasing costs 31059 38130 39090
 building improvements 6182 11055
 $ 63884 $ 99264 $ 88723
.
 evaluate development acquisition opportunities market outlook economic conditions supply long-term growth potential.
future property investments acquisition development opportunities liquidity issuances debt equity securities generating cash flow disposing properties.
 leasing costs tenant improvements leasing commissions first generation expenditures.
 real estate deferred leasing costs.
 tenant improvements leasing costs rental space second generation expenditures.
 building improvements second generation expenditures.
 liquidity second generation leasing expenditures.
 reduced expenditures in 2012 repositioning investment office properties.
 summary second generation capital expenditures by


ireland.
 holdings everest dublin holdings insurance conduct business subject to taxation.
.
 annual reports 10-k quarterly 10-q current reports 8-k proxy statements amendments available internet website http://www. everestre. com filed securities exchange commission.
 1a.
 risk factors investment securities.
 business financial condition results operations trading price common shares decline.
 business fluctuations financial markets investment losses.
 disruptions public debt equity markets losses.
 financial markets improved could deteriorate.
 disruption market sectors.
 declines financial markets losses results operations equity business insurer financial strength debt ratings.
 results by catastrophic events.
 exposed to events acts terrorism.
 reduction operating results dividends meet interest principal obligations.
past five years pre-tax catastrophe losses reinsurance.
 millions
 2018 1800. 2
 2017 1472. 6
 2016 301.
 2015 53. 8
 2014 56.
 losses future catastrophic events exceed projections.
 strategic underwriting.
 estimate catastrophe losses retrocessional coverage.
 projections approximations losses exceed projections adverse effect financial condition results operations.


fair value borrowings credit agreement receivables facility level 2 determined inputs interest rates recent financing transactions.
 estimated value upfront cash payment december 31 2016.
 fair value notes level 1 determined market inputs active market.
 euro notes level 2.
.
 leases noncancelable office space warehouse distribution facilities trucks equipment.
 future minimum lease commitments december 31 2016 years.
 2017 200450
 2018
 2019
 2020
 2021
 payments $ 1184594
 rental expense leases $ 211. 5 million $ 168. 4 million $ 148. 5 million 2016 2015 2014.
 guarantee residual values truck equipment leases.
 original cost.
 value responsible shortfall.
 realizes more residual paid realized over residual value.
terminated operating leases december 31 2016 guaranteed residual value $ 59. 0 million.
 not recorded liability guaranteed residual value recovery approximate residual value.
 litigation subject environmental pollution control laws regulations.
 resolution affect financial position results cash flows.


millions 2010 2009 2008.
 cash operating activities $ 3547 $ 3173 $ 4421
 investing -319 -907
 financing -3363 -1476 -3938
 increased $ 374 million $ 3547 million 2010.
 increase working capital balances $ 570 million $ 187 million lower income tax payments.
 reduction cash $ 350 million defined benefit pension plan.
 increased contributions pension trust $ 758 million offset increase costs contracts.
 capital receivables inventories accounts payable customer advances costs.
 improvement decline receivable balances increase customer advances.
 offset decline accounts payable balances.
 higher collections electronic systems is&gs space systems.
 increase customer advances costs government commercial satellite programs space mobility offset decrease electronic systems.
decrease accounts payable timing.
 net cash decreased $ 1248 million $ 3173 million 2009.
 contributions defined benefit pension plan $ 1373 million increase operating working capital $ 147 million.
 lower income tax payments $ 319 million.
 decline cash due growth receivables increase inventories aircraft offset customer advances government satellite programs timing.
 expenditures facilities infrastructure equipment.
.
 $ 820 million 2010 $ 852 million 2009 $ 926 million 2008.
 operating cash flows annual capital expenditures.
 acquisitions divestitures.
 $ 148 million investments.
 paid $ 435 million 2009 $ 233 million 2008.
 proceeds $ 798 million sale eig $ 17 million costs.
 no material divestiture activities.
 increased short-term investments $ 171 million $ 279 million 2009.
financing share activity dividends 2009 2008 repurchased 33. 24. 29. common stock $ 2483 million $ 1851 million $ 2931 million.
 2010. million $ 63 million paid january 2011.
 october approved new repurchase program $ 3. billion.
 timing.
 repurchased 11. 2 million shares $ 776 million december 31 $ 2224 million additional repurchases.
 terminated previous repurchase program.
 cash option exercises 2010 2009 2008 $ 59 million $ 40 million $ 250 million.
 1. 4 million. million.


american tower corporation subsidiaries financial statements 2014 restructuring assets spin-off american radio systems.
 2003 federal state operating loss carryforwards future taxable income $ 0. 9 billion $ 1. 5 billion.
 loss carryforwards expire.
 december
 2004 to 2008 $ 1451 483578
 2009 2013 12234
 2014 2018
 2019 to 2023
 $ 926886 $ 1513972
.
 valuation allowance deferred tax assets. provided valuation allowance $ 156. 7 million state deferred tax assets capital loss carryforwards lost tax benefit costs refund.
 remaining net deferred tax assets federal operating loss carryforwards twenty-year.
 intends recover deferred tax asset tax refund claims 2003 tax planning strategy.
recoverability remaining net deferred tax asset assessed stable projections.
 show decrease depreciation interest expense later years assets depreciated first years debt repayments reducing interest expense.
 recoverability not dependent on improvements operations asset sales non-routine transactions.
 future management believes realized.
 $ 1. 0 billion taxable income january 2004 to december 31 2023.
 income reduce deferred tax asset income tax expense decrease 2019 equity.
 bankruptcy may worthless stock bad debt deduction.
 no income tax benefit uncertainty bankruptcy proceedings.
.
 authorized to issue 20. million shares. stock.
 no preferred shares issued outstanding.


devices inc.
 financial statements 2014 depreciation expense property plant equipment $ 134. 5 million $ 130. 1 million $ 114. 1 million 2016 2015 2014.
 reviews property equipment for impairment.
 recoverability determined future undiscounted cash flows.
 impaired earnings equals carrying value fair value quoted market price discounted cash flow.
 not impaired useful lives decreased remaining net book value depreciated over revised useful life.
 material impairment charges property plant equipment 2016 2015 2014.
.
 evaluates impairment annually.
 tests goodwill for impairment reporting unit level fourth quarter.
 annual impairment assessment 2016 reporting units seven operating segments.
 test two-step process.
 fair values reporting units carrying values.
 fair value income market approaches.
income approach company uses discounted cash flow methodology estimates assumptions forecasted revenues gross profit margins operating income margins working capital cash flow growth rates long-term discount rates.
 market approach uses guideline public company method.
 utilizes information comparable traded companies valuation multiples performance fair values.
 reconciles fair values market capitalization control premium.
 carrying amount unit exceeds fair value performs second step goodwill impairment test impairment loss.
 implied fair value carrying value.
 no impairment.
 next annual impairment assessment first fourth quarter fiscal year october 28 2017.
 changes goodwill 2016 2015.
 balance beginning year $ 1636526 $ 1642438
 acquisition hittite
 goodwill adjustment other acquisitions
currency translation adjustment -1456 ( 1456 -8470
 balance end year $ 1679116 $ 1636526
 fiscal 2015 changes goodwill acquisition acquisition.
 2 goodwill other acquisitions not material.
 reviews impairment value.
 carrying value future undiscounted cash flows


goodwill represents excess solexa purchase price over assets acquired less liabilities assumed.
 believes acquisition solexa benefits increased market presence opportunities.
 combination growth revenue earnings stockholder return.
 solexa technology complementary to portfolio products services capabilities customers develop additional technologies.
 integrating solexa capabilities emerging biomarker research development in-vitro molecular diag- nostic markets.
 revenue from products shipped acquisition first quarter 2007.
 operating efficiencies.
 combination economies of scale cost savings.
 support goodwill purchase price solexa acquired assets in-process research development.
 unaudited information shows results operations reporting periods year ended december 30 31.
 2006
 revenue $ 366854 $ 187103
 net income loss $ 17388 -38957
 loss per share.
.
pro forma results comparative not indicative actual.
 exclude $ 303. 4 million non-cash ipr&d charge quarter 2007.
 november 12 2006 securities purchase agreement invested $ 50 million 5154639 shares.
 investment valued $ 67. 8 million december 31 2006 market value $ 13. 15 per share.
 investment eliminated merger january 26 2007.
.
 financial statements 2014


2017 form 10-k reconciliation unrecognized tax benefits.
 years.
 2017 2016
 balance january 1 $ 1032 $ 968
 prior
 reductions
 reductions
 expiration statute limitations -4
 balance december 31, $ 1286 $ 1032
 tax rate $ 1209 $ 963
 foreign currency impacts.
 cash payment reduction settle liability.
 interest penalties.
 net provision interest penalties $ 38 million $ 34 million $ 20 million december 31 2017 2016 2015.
 total interest penalties $ 157 million $ 120 million 2016.
 january 31 2018 revenue agent report end field examination.
 income tax returns 2010 2012.
audits 2007 2012 loss carryback 2005 irs proposed tax profits transactions csarl doctrines.
 contesting proposed increases tax penalties $ 2. 3 billion.
 transactions complied tax laws violate doctrines.
 filed.
 income tax returns after 2012.
 increase unrecognized tax benefits next 12 months.
 disposition financial position liquidity results operations.
 loss carryback 2005 tax years prior 2007 subject.
 tax assessment.
.
 jurisdictions australia. tax years three ten years.
 uncertainty timing estimate change unrecognized tax benefits next 12.


is&gs 2019 net sales decreased $ 540 million 5%.
 lower volume $ 665 million absence dris program.
 decline jtrs program.
 offset increased net sales.
 operating profit increased $ 60 million 7%.
 $ 180 million volume retirement risks absence reserves programs odin.
 increases offset dris program decline jtrs program $ 120 million.
 $ 130 million higher 2011.
 decreased 2012 completion programs odin.
.
 decrease backlog declining activities jtrs program smaller programs.
 net sales decline 2013 downturn federal information technology budgets.
 operating profit 2013 margins comparable 2012.
 missiles fire control provides air missile defense systems tactical missiles air-to-ground weapon systems fire control systems mission operations logistics manned unmanned ground vehicles.
programs include pac-3 thaad multiple launch rocket system hellfire javelin air-surface standoff missile apache fire control system sniper ae altitude navigation infrared sof clss.
 operating results.
 2011
 net sales $ 7457 $ 6930
 profit
 operating margins. 8%. 3%.
 backlog year-end
 net sales.
 decreased $ 130 million lower volume risk retirements services $ 60 million.
 offset higher sales $ 95 million tactical missile $ 80 million missile defense.
 operating profit increased $ 187 million 17% compared 2011.
 higher risk retirements volume $ 95 million tactical missile $ 60 million defense 45 million contractual matters.
 lower risk retirements volume $ 25 million services.
net profit booking rate $ 145 million higher 2012.


united parcel service.
 subsidiaries financial statements class b common stock quarterly.
 employees purchased. 8 million shares $ 64. 66. $ 64. 54 per share 2007 2006 2005.
 compensation cost 2019 purchase rights discounted stock plan black-scholes option pricing model.
 weighted average assumptions fair value.
 dividend yield. 13%. 79%. 62%.
 risk-free interest rate. 60%. 59%. 84%.
.
 volatility. 26%. 92% 46%.
 average fair value purchase rights $ 9. 80
 10% discount market price.
 volatilities historical price publicly-traded b shares.
 dividend yield historical dividend yields.
 risk-free interest rate.
 treasury securities option.
 three month option period purchase rights.
.
 operations segments..
 domestic international package supply chain freight.
 business regional operations.
 operations managers for domestic export operations.
.
 delivery letters documents packages.
 200 countries territories outside.
 international package asia americas.
 supply chain freight forwarding logistics ups freight business units.
 forwarding logistics 175 countries territories supply chain design management freight distribution customs brokerage mail consulting services.
 ups freight ltl services north america.
 business units mail boxes.
.
 capital.


table includes citigroup 2019s obligations short long-term liquidity capital needs.
 payments obligations by.
 maturity profile long-term debt operating leases liabilities.
 capital lease obligations purchase obligations.
 enforceable legally binding.
 termination date.
 agreements cancel not included unless.
 liabilities include obligations goods services received settlements uncertain tax positions long-term liabilities incurred paid cash.
 excluded obligations short term deposit liabilities securities sold under agreements repurchase.
 excludes insurance investment contracts mortality morbidity risks without defined maturities.
 liabilities included as policy claims reserves contractholder funds accounts.
 funding policy pension plans minimum amounts required.
 december 31 2008 no minimum required contributions planned for.
 pension plans.
no amounts included future contributions.
 pension plans.
.
 discretionary contributions 2009 $ 167 million included in purchase obligations.
 estimated pension plan contributions subject change market performance regulatory legal requirements funding policy.
 retirement obligations note 9 financial statements page 144.
 2009 2010 2011 2012 2013
 long-term debt obligations $ 88472 $ 41431 $ 42112 27999 25955 133624
 operating lease obligations 1470
 purchase obligations 2214
 liabilities consolidated balance sheet
 $ 130377 $ 44301 $ 43981 $ 29489 $ 27310 $ 141548
-term debt note 20 financial statements page 169.
 accounts payable accrued expenses.
 litigation settlements.


obligations 2015 2016 2018 2019
 long-term obligations capital leases 888810 753045 700608 1787451 3159286 7188751 14477951
 cash interest 550000 517000 485000
 capital lease payments 15589 173313
 debt service obligations 1454399 1284094 1198513 2198907 3485046 8016064 17637023
 operating lease payments 574438 553864 538405 502847 4214600
 non-current liabilities 11082 20480 1860071 1915435
 2039919 1858438 1742623 2731852 3992079 14090735 26455646
 march 15.
.
 $. billion secured notes. repaid august 2014.
 june 15 2016.
 towers.
br towers debenture amortizes october 2023.
 credit facility january 15 assumed unison acquisition repayment april 2017 2020 final maturity april 15 2040.
 denominated mxn.
 amortizes march 31 2020.
 cop april 24 2021.
 balances owed joint venture partners ghana uganda.
 ghana loan ghs uganda loan usd.
 february 11 2015 redeemed outstanding 4. notes.
 non-cancellable initial terms renewal periods loss revenues.
 asset retirement obligations excludes non liabilities straight-line rent liability unearned revenue.
 excludes $ 26. 6 million unrecognized tax positions $ 24. 9 million accrued income tax interest penalties.
 cash flows.
 unrecognized tax benefits change.
uncertainty audit settlements estimate impact tax positions.
-balance arrangements.
 no off-balance arrangements item 303 regulation.
.
 variability interest debt colombia south africa.
 cash flow hedges amount $ 79. 9 million interest rates 5. 74%. 7. 83%. expiration dates april 2021.
 2014 repaid costa rica loan terminated interest rate swap agreements.
 2014 terminated pre-existing interest rate


aes corporation financial statements 2014 31 2016 2015 reconciliation unrecognized tax benefits millions.
 december 2016 2015
 balance january 1 $ 373  $ 394  $ 392
 additions current year tax positions
 additions prior years
 reductions -1 1 -7 -2 2
 foreign currency translation -3 3
 settlements -13 13 -2 2
 lapse statute limitations -7
 balance december 31 $ 369 $ 373  $ 394
 company subsidiaries examination taxing authorities years.
 assesses outcome unrecognized tax benefit.
 difficult predict outcome tax accrued tax benefits.
 audit outcomes events unrecognized tax benefits uncertainty.
 examinations exceed provision unrecognized tax benefits december 31 2016.
tax rate net income.
.
 discontinued operations brazil distribution portfolio evaluation management strategic shift distribution companies aes sul eletropaulo.
 disposal sul october 2016.
 eletropaulo restructuring liquidity.
 strategic options eletropaulo reduce exposure listing shares novo mercado.
 agreement sale-owned subsidiary aes sul june 2016.
 results financial position.
 after tax loss $ 382 million pretax impairment charge $ 783 million offset tax benefit $ 266 million $ 135 million deferred taxes.
 carrying value asset group $ 1. 6 billion greater fair value less costs sell.
 impairment charge limited assets.
 sale received final proceeds less costs $ 484 million.
 additional after- tax loss sale $ 737 million.
 cumulative impact earnings $ 1.billion.
 reclassification $ 1 billion translation losses net reduction equity $ 92 million.
 pretax loss 2016 2015 $ 1. 4 billion $ 32 million.
 pretax gain 2014 $ 133 million.
 discontinued operations brazil sbu segment.
 accounting policies july 1 2014 adopted.
 2014-08.
 discontinued operations.
 cameroon saurashtra.
 wind projects sold sale 56% 56 % equity interests sonel dibamba


management 2019s discussion analysis jpmorgan chase co. form 10-k treasury cio overview responsible liquidity funding capital interest rate foreign exchange risks.
 risks from four business segments assets liabilities.
 objectives high- quality securities longer-term.
 use derivatives.
 note 5.
 manage cash position depositing central banks investing short-term instruments.
 liquidity funding risk risk management pages 95 2013100.
 interest rate foreign exchange risks market risk management pages 124 2013131.
 investment securities portfolio mortgage-backed securities.
.
 government securities obligations.
 corporate debt securities.
 december 31 2018 portfolio $ 260. 1 billion average credit rating aa+.
 note 10 portfolio.
income statement balance sheet december 31 millions 2018 2016 securities gains losses $ 395 78 132-sale 203449 219345 226892 31747 47927 51358 235197 267272 278250 228681 200247 236670 31434 47733 50168 260115 247980 286838 securities htm afs first quarter 2018.
 notes 1 10.
 december 31 millions 2018 2017 2016
 securities gains losses $ -395 $ -78 $ 132
 203449 219345 226892
 31747 47927 51358
 235197 267272 278250
 228681 200247 236670
 31434 47733 50168
 260115 247980 286838
 jpmorgan chase co.form 10-k treasury cio overview responsible firm 2019s liquidity funding capital interest rate foreign exchange risks.
 risks from four business segments balance assets liabilities.
-liability objectives high- quality securities longer-term.
 derivatives.
 note 5.
 manage cash position depositing central banks investing short-term instruments.
 liquidity funding risk liquidity risk management pages 95 2013100.
 interest rate foreign exchange risks market risk management pages 124 2013131.
 investment securities portfolio mortgage-backed securities.
.
 government securities obligations.
 corporate debt securities.
 december 31  2018 portfolio $ 260. 1 billion average credit rating aa+.
 note 10 portfolio.
income balance sheet december 31 millions 2018 2016 gains losses $ 395 78 132 203449 219345 226892 31747 47927 51358 235197 267272 278250 228681 200247 236670 31434 47733 50168 260115 247980 286838 securities htm afs first quarter 2018.
 notes 1 10.


maturity requirements long-term debt december 31 2018 years 31.
 2019 $ 124176
 2020 159979
 2021 195848
 2022 267587
 2023 3945053
 2024 475000
 total $ 5167643
 agreement bank america. syndicate financial institutions facility.
 december 31 2018 secured financing $ 1. 5 billion revolving credit facility $ 1. 5 billion term loan $ 1. 37 billion loan $ 1. 14 billion $ 500 million term loan.
 assets domestic subsidiaries pledged collateral.
 borrowings december 31 2018 reflect borrowed acquisitions activities 2018 reduction interest rate margins extension maturity dates increase total financing capacity $ 5. 5 billion june 2018.
 october 2018 additional term loan $ 500 million.
 proceeds pay balance.
credit facility interest rate libor or base rate margin.
 december 31  2018 interest rates b-2 b-4 loan 4. 02%. 02 % 4. 01%. 27%. 27%. revolving credit 3. 92% (. 92 % ).
 quarterly commitment fee unused portion revolving credit. 20%. to. 30%. depending leverage ratio.
 term a a-2 loan january 20 2023.
 b-2 loan matures april 22 2023.
 b-4 loan october 18 2025.
 repaid quarterly installments. 625%. through june 2019. 25%. 2021. 2022. 50%. december 2022 remaining balance due january 2023.
 b-2 loan repaid. through march 2023 april 2023.
 b-4 loan repaid. through september 2025 remaining october 2025.
issue standby letters $ 100 million revolving credit facility.
 reduce borrowings.
 limited covenants. commitments december 31 2018 $ 783. 6 million.
 global payments.
 10-k annual report


divestiture information systems global solutions business august 16 2016 divestiture is&gs business merged subsidiary leidos reverse morris trust transaction.
 multi- step contributed is&gs business abacus innovations corporation wholly owned subsidiary lockheed martin common stock distributed lockheed martin stockholders exchange offer.
 exchange lockheed martin common stock abacus common stock.
 abacus exchanged 9369694 shares lockheed martin common stock.
 retired reducing shares common stock 3%.
 abacus merged subsidiary leidos wholly-owned subsidiary leidos.
 each share abacus common stock converted leidos common stock.
 shares leidos common stock hold.
 exchange offer merger tax-free transactions cash paid fractional shares.
 abacus borrowed approximately $ 1.billion loan-time cash payment $ 1. 80 billion lockheed martin borrowing fees expenses.
 debt dividends repurchase stock quarters 2016.
 obligations guaranteed leidos.
 net gain $ 1. 2 billion.
 $ 2. 5 billion lockheed martin common stock $ 1. 8 billion payment net book value is&gs business $ 3. 0 billion august 16 2016 adjustments $ 100 million.
 final gain subject post-closing adjustments tax 2017.
 results is&gs discontinued operations.
 divestiture strategic shift.
 cash flows not reclassified retained.
 assets liabilities december 31 2015.
 receivables 807
 inventories 143
 current assets
 property equipment
 goodwill 2881
 intangible assets 125
 noncurrent
 assets disposal group
-229
 advances costs
 salaries benefits payroll taxes -209
 liabilities
 deferred taxes
 noncurrent liabilities -60
 liabilities disposal -1153


management financial condition results operations deferrable interest debentures 2005 issued $ 100. trust securities debentures.
 proceeds revolving credit facility.
. 30-year term 2035.
 fixed rate 5. 61%. first 10 years 2015.
 rate three month libor plus 1. 25%.
 securities redeemable.
 covenants 2011 revolving credit facility senior unsecured notes restrictions limit pay dividends investments indebtedness liens negative pledge agreements disposition assets financial ratios minimum net worth indebtedness asset value ebitda charges unsecured indebtedness.
 dividend restriction distributions common stock equity interests federal income tax.
 covenants.
 exposed interest rates floating rate borrowing arrangements.
 interest rate instruments.
100 point increase 2011 annual interest cost $ 12. 3 $ 11. joint venture annual interest cost $ 4. 8 $ 6. 7.
 recognize derivatives fair value.
 adjusted fair value.
 changes fair value offset against recognized income until.
 ineffective change value recognized earnings.
 $ 4. 8 long- term debt interest fixed rates fair value affected changes market interest rates.
 interest rate variable rate debt joint venture debt december 2011 plus 150 to plus 350 points.
 contractual obligations principal maturities mortgages loans 2011 revolving credit facility senior unsecured notes trust preferred securities joint venture debt-right extension options estimated interest expense obligations under capital lease ground leases.
mortgages 52443 568649 647776 270382 556400 2278190 4373840
 revolving credit facility 350000
 securities 100000
 unsecured notes 274804 777194 1270656
 capital lease
 ground leases 615450 782699
 interest expense 312672 309280 244709 212328 470359
 joint venture debt 176457 93683 123983
 695979 1006596 1174607 653245 1956586 5083646


committee approved annual incentive plan payouts executive officer 2017 target payout.
. christopher bakken $ 620125 70% 70 129% 129 % 559973
 marcus. $ 630000 70% 70 129% 568890
. 1230000 135% 135 % 129% 2142045
. 355300 40% 40 % 119% 169123
 andrew. 600000 70% 70 % 129% 129 % 541800
. 366150 60% 137% % 300000
. 328275 40% 40 % 119% %
 charles. 286424 40% 40 79% %
 richard. $ 344200 40% 40 % 204% % 280661
 roderick. 675598 70% 70 % 129% 129 % ) 610065
. officers nuclear industry.
personnel committee authorized plan attract retain management talent nuclear power field technical expertise.
 plan provides bonuses paid annually three-year period bonus opportunity dependent on management level employment.
 annual payment equal 15% to 30% employee base salary enrollment.
. participation commenced may 2016. cash bonus equal 30% base salary 2016.
 plan accelerated prorated payout termination.
 three-year coverage period percentage base salary consistent with other senior nuclear officers.
 2017.
 received cash bonus $ 181500 30% base salary $ 605000.
 corporation executive officers building shareholder value increase ownership common stock.
 uses performance units restricted stock stock options.
 majority target incentive awards.
 reward executive officers total shareholder return stock price appreciation dividend payments philadelphia utility index.
2018-2020 cumulative utility earnings added long-term performance unit program shareholder return measure weighted.
 restricted stock executive officers entergy.
 stock options value common stock.
 long-term incentive compensation 60% performance units 40% stock options restricted stock divided.
 awards executive officers vary performance promotions pay.
 performance units 2015-2017 awarded 2011 equity ownership plan long-term cash incentive plan


utility companies system energy sfas 71 written off regulatory assets segment.
 note 2 transition competition retail regulatory jurisdictions.
 texas retail open access law entergy issues law impact entergy gulf states operations.
 unrestricted liquid debt instruments original maturity three months less cash equivalents.
 more three months temporary investments.
 applies provisions sfas 115 debt equity securities decommissioning trust funds.
 records trust funds fair value balance.
 december 31 2001 fair value securities differs amounts deposited earnings millions.
 arkansas $ 35. $ 69.
 gulf states $. $ 18.
 louisiana. $ 8.
 14.
regulatory treatment decommissioning trust funds entergy arkansas gulf states louisiana unrealized gains losses securities accumulated depreciation.
 gains deferred credits.
 system energy's gains regulatory liabilities.
 derivatives hedging implemented sfas 133 derivative instruments hedging activities january 1 2001.
 derivatives recognized balance sheet assets liabilities fair value.
 changes recorded current earnings income hedge transaction.
 cash-flow hedge transactions changes fair value reported comprehensive income.
 gains losses reclassified as earnings impacted variability cash flows.
 ineffective portions hedges recognized in current earnings.
 contracts commodities purchases sales power fuel not classified derivatives.


five-year performance comparison 2013 graph shareholder returns corporation peer group index dj trans s&p 500.
 assumes $ 100 invested common stock union pacific corporation december 31 2010 dividends reinvested.
 information historical not indicative future performance.
 purchases equity securities 2013 repurchased shares common stock average price $ 99. 16.
 table common stock repurchases fourth quarter 2015 shares purchased average price paid share plan maximum.
 oct. 1. 31 3247731 $. 3221153 56078192
. 2325865.
. 31 1105389. 1102754
 6678985 $ 88. 6646899
 shares purchased quarter 32086 shares employees stock option prices excess tax withholding obligations.
january 2014 authorized repurchase 120 million shares stock december 31 2017.
 open market.
 management discretion timing.


higher net sales offset costs energy wood freight.
 earnings improve reduced manufacturing costs mill opti mization project.
 sales volumes better.
 uncoated paper pulp weaker russian paper.
 price price increases brazil.
 flat.
 wood costs higher supply energy costs mixed.
 acquisition luiz antonio mill earnings.
 pensacola mill container- board reducing.
 production capacity uncoated freesheet paper.
 non-durable processed foods poultry meat agricultural products.
 raw material energy costs manufacturing efficiency product mix.
 net sales 2006 increased 6% 2005 8% 2004.
 profits 82% higher 2005 7% 2004.
improved price realizations 156 million sales volume 29 million mix 21 million reduced downtime 25 million mill performance 43 million offset higher raw material 12 million freight 48 million converting operations 21 other 26 million.
 gain $ 13 million sale property.
 135000 tons downtime 370000 tons 2005 230000 lack-of-order.
.
 profit $ 399
.
 containerboard net sales 2006 $ million 895 million 2005 950 million 2004.
 price first below 2005 improved second higher.
 volumes.
 operating profits 2005 68% 68 % higher 2004.
 reduced lack-of-order downtime performance offset costs freight chemicals energy.
.
 operations net sales $ 2. billion 2006. billion 2005. 2004.
 sales volumes above 2005 demand boxes packaging.
first quarters 2006 margins favorable sales containerboard third quarter.
 profits decreased 72% 2005 86% 2004 higher distribution utility raw material costs inventory.
 european container net sales 2006 $ 1. 0 billion 883 million 2005 865 2004.
 moroccan box plants higher.
 profits up 31% 2005 6% 2004.
 $ 13 million gain sale property spain moroccan acquisition higher energy costs.
 international paper distribution net sales 2006 $ 182 million.
 $ 104 million acquisition.
 small profit 2006 loss 2005.


management 2019s discussion analysis jpmorgan chase co. annual report treasury cio overview responsible measuring managing liquidity funding interest rate foreign exchange risks executing capital plan.
 risks from four business segments on- off-balance sheet assets liabilities.
-liability objectives high- quality securities longer-term.
 derivatives liability objectives.
.
 portfolio agency mortgage- backed securities.
.
 government securities obligations.
 corporate debt securities.
 december 31  2017 portfolio $ 248. 0 billion average credit rating aa+.
 note 10.
 liquidity funding risk liquidity risk management pages 92.
 interest rate foreign exchange risks market risk management pages 121-128.
 income statement balance sheet data year ended december 31 2016 2015.

 securities gains losses $ -78 $ 132 $ 190
 securities 219345 226892 264758
 47927 51358 50044
 267272 278250 314802
 200247 236670 238704
 50168 49073
 247980 286838 287777
 219345 226892 264758 51358 267272 278250 314802 236670 238704 50168 49073 247980 286838 287777


rate derivatives.
 floating rate debt 2008 entered three interest rate swap contracts cash flow hedges hedging interest fluctuations benchmark rate.
 approved plan refinance loan 2011 $ 8. 6 million loss ineffectiveness swap.
 collateralization counterparties.
 cash adjusted daily.
 february 2010 forward starting interest rate swap contract cash flow hedge interest fluctuations benchmark rate fixed rate debt march 2010.
.
 foreign currency derivatives.
 purchase bm&fbovespa stock 2008 purchased put option hedge rate fluctuations.
.
 lehman brothers financing.
 counterparty option.
 2008 lehman brothers.
 filed bankruptcy code.
 terminate put option agreement.
 march 2010 recognized $ 6. million gain instruments settlement lehman bankruptcy proceedings.
.
capital stock shares outstanding.
 table information.
 december 31 2010
 shares authorized 1000000
 a common stock 66847 66511
 b-1. 6.
 b-2. 8.
 b-3.
 b-4 common stock.
 cme group no shares preferred stock.
 trading rights.
 members cme cbot comex own lease trading rights trading floors discounts fees right vote exchange matters rules cme group documents.
 cme b common stock membership division trading.
 trading right separate asset not common stock.
 shareholders retain representation board directors approval rights.
 trading rights cbot evidenced memberships.
 members rights elect board directors receive dividends distributions.
 company required 10 cbot directors until 2012 annual meeting.


.
 2019s common equity stockholder matters issuer purchases securities graph compares annual return common stock 500 stock index peer group five years 2009.
 investment stock s&p 500 index $ 100 december 31 2004 dividends reinvested.
 2005 2006 2007 2008
 loews common stock. 135. 92 179. 47 219. 123. 160. 62
 s&p 500 index. 104. 91 121. 128. 80. 74.
 loews peer group. 133. 59 152. 24 174. 46 106. 30 136.
 ace.
 chubb. ensco. noble spectra transocean.
 travelers.
 paid quarterly cash dividends loews common stock since 1967.
 dividends $ 0. 0625 per share paid 2009.
 paid quarterly dividends carolina separation.
 dividends. share quarters 2008.


failure information systems penetration outside parties privacy laws regulations business disruption litigation regulatory action loss of revenue assets confidential data.
 information systems manage processes collect data with employees suppliers customers.
 managed third-party providers.
 backup systems business continuity plans protect systems data from unauthorized access.
 failure penetration competitive disadvantage loss revenue assets sensitive data regulatory action damage reputation brands remediation costs.
 failure protect personal data rights data fines eu general data protection regulation.
 replace third-party manufacturers service providers with resources.
.
 renew agreements government regulations.
 costs increase.
.
.
.
.
 2017 operated owned 46 manufacturing facilities contract relationships with 25 third-party manufacturers 23 markets.
 with 38 third-party operators in hand-rolled cigarettes.
.

 integrated 7 8 9 31
 make-pack 2
 13 11 46
 heated tobacco units 2017.
 23 facilities manufactured 10 billion cigarettes eight produced 30 billion units.
 largest factories karawang sukorejo izmir krakow.
 krasnodar batangas marikina berlin kharkiv kutna hora.
 smallest factories latin america asia tariff small manufacturing units.
 optimize manufacturing base evolution trade blocks.
 plants properties subsidiaries good condition.
 integrating production heated tobacco units facilities plans build capacity.


consolidated financial statements jpmorgan chase. annual report table accretable yield activity consumer loans years 2010.
 balance january 1 $ 25544 $ 32619
 washington mutual acquisition
 accretion interest income -3232 -4363
 interest rates variable rate loans -819 -4849 -5543 5543
 cash flows
 balance december 31 $ 19097 $ 25544 $ 32619
 accretable yield percentage 4. 35%. 35 %. 14%. 81%. 81 %
 cash flows vary cash model.
 december 31 2010 2009 driven prepayment assumptions reclassification nonaccretable.
 insignificant impact accretable yield percentage.
 factors gross cash flows benchmark interest rate indices variable rate products prepayment assump.
decrease accretable yield percentage related to interest rates-rate loans extended loan liquida tion periods.
 affect timing expected cash flows not amount cash.
 reduce accretable yield percentage recognized against higher loan balance.


reclassifications format changes years 2019 2015 presentation.
.
.
 fixed maturity equity security reflect unrealized appreciation depreciation temporary changes market value taxes income.
 fixed maturity equity securities reflect capital gains losses.
 records changes fair value fixed maturities cash flows settle losses adjustment liabilities.
 anticipates holding investments extended period cash flow payout.
 fixed maturities convertible bond securities foreign denominated fixed maturity securities settle loss adjustment reserves.
 carries equity securities fair value mutual fund investments fixed maturity securities.
 equity securities reflects changes value capital gains losses conditions.
 interest income maturities dividend income equity securities net investment income operations income.
unrealized losses on fixed maturities related credit quality charged to net income.
 short-term investments stated at cost market value.
 gains losses sales determined cost.
 non- publicly traded securities market prices determined pricing models.
 issue credit quality cash flow.
 publicly traded securities market value based market prices models.
 inactive company assumptions future cash flows risk-adjusted discount rates fair value.
 retrospective adjustments values asset-backed securities.
 acquisition yield.
 value.
 factors prepayment history.
 conditional prepayment rates-through.
 invested assets limited partnerships trusts.
 accounted equity method accounting.
.
 uncollectible receivable.
 reserves for receivable balances.
 reserves presented table.
dollars thousands 2015 2014
 reinsurance premium $ 22878 $ 29497


marathon oil corporation financial statements discontinued operations.
 pretax income table 2009 2008 2007.
 revenues discontinued operations $ 188 $ $
 pretax income $ 80 $ 221 $ 281
 sell 20 percent outside interest block 32 offshore angola $ 1. 3 billion effective date january 1 2009.
 net proceeds $ 1. 3 billion february 2010.
 pretax gain $ 800 million.
 retained 10 percent outside interest block 32.
 net proceeds $ 269 million.
 $ 232 million pretax gain.
 sale assets new mexico west texas net proceeds $ 293 million.
 $ 196 million pretax gain.
 properties net proceeds $ 84 million.
 $ 158 million pretax gain.
sale terminated pension plan ireland $ 18 million.
 june 2009 sell subsidiary 19 percent interest corrib natural gas development.
 proceeds estimated $ 235 million $ 400 million timing first commercial gas closing adjustments.
 initial $ 100 million payment closing adjustments.
 fair value $ 311 million.
 sale $ 100 million closing $ 135 million first gas 31 2012 to $ 165 million contingent proceeds.
 $ 154 million impairment operations second quarter 2009 less.
 final proceeds $ 135 million to $ 300 million due first december 31 2012.
 closing.
 writeoff contingent proceeds.
 guarantees subsidiaries sales purchasers.
 indemnified purchasers.
 fair value not.
31 sale e&p properties offshore heimdal proceeds $ 301 million pretax gain $ 254 million december 31.
 october 8 sale 50 percent ptc.
 $ 625 million pretax gain $ 126 million.
 received $ 75 million redemption return investment.
 rm&t.


financial information common stock performance graph compares investment 2019s common stock december 26 2008 through december 31 2013 s&p 500 index financials index.
 $ 100 invested december 26 2008 dividends reinvested without commissions.
 past performance not future performance.
 goldman sachs group.
&p 500 financials shows cumulative returns common stock 500 index five $ 100 invested 26 2008 dividends reinvested without commissions.
 performance past performance future performance.
/31/09/31/11
 goldman sachs group. $ 100. $ 224. 226. 19 123. 176. 42 $ 248. 36
 s&p 500 index 100. 130. 150. 153. 178. 236.
 s&p 500 financials index. 124. 38 139.115. 148.
 sachs 2013


prior year losses $ 135. 6 million unfavorable 2006 $ 26. 4 million favorable 2005 $ 249. 4 million unfavorable 2004.
 losses reserve development uncertainty establishing loss reserves.
 asbestos environmental losses adjustment expenses 2006. 4%. reserves ultimate liability a&e claims.
 a&e liabilities.
 direct insurance everest assumed reinsurance business.
 uncertainties estimating potential losses a&e claims.
 financial condition environmental exposures 3 financial statements.
.
 direct a&e insurance small homogenous.
 limited period 1978 1984.
 excess liability policies exposure analysis policies.
 analyze exposures unusual exposure asbestos.
 insured account asbestos exposure.
.
 final settlement negotiation monitoring claim activity.
sip agreements condition insurer payment claim experience annual payment caps control payments.
 mt.
 mckinley operation eight sip agreements three executed prior to acquisition.
 mckinley 2000.
 preference fixed payments future uncertainty.
 enhanced classification of insureds by exposure characteristics analysis.
 insureds less exposed subject to less rigorous management.
 focuses on estimation processes potential exposure.
 everest re 2019s book of assumed reinsurance concentrated a&e exposed relationships.
 arises from limited period 1977 to 1984.
 claim staff familiar with ceding companies generated liabilities likely future liabilities.
 familiarity ceding claims handling reserving practices.
 enhances quality analysis exposure.
 identify unusual exposure non-products asbestos for attention.
setting reserves reinsurance liabilities company relies on ceding companies.
 loss projections.
 table summarizes reserves for losses years december 31.
 2006 2005 2004
 reserves ceding companies $ 135. $ 125. $ 148.
 additional reserves assumed reinsurance 152. 157. 151.
 direct insurance 213. 243. 272.
 reserves 148. 123. 156.
 gross reserves 650. 649. 728.
 receivable -138. -199. -221. 221.
 net reserves $ 511. 4 $ 450. 5 $ 506.
 additional reserves specific.


entergy corporation subsidiaries financial voluntary severance program.
 200 non-utility 150 utility.
 analysis change net revenue 2008 2007.
.
 2007 net revenue $ 4618
 purchased power capacity -25
 volume/weather
 retail electric price
 2008 net revenue $ 4589
 purchased power capacity variance higher capacity charges.
 amortization deferred capacity costs offset base revenues rate increases.
 volume/weather variance less favorable weather decreased electricity usage.
 hurricane gustav ike $ 46 million decrease electricity usage.
 industrial sales depressed hurricanes decline economy usage mid-sized.
 decreases offset increase residential commercial electricity usage.
 retail electric price variance power plant costs management.
net income return equity offset attala power plant costs operation depreciation taxes storm damage rider 2007 mississippi energy efficiency rider november 2007 arkansas.
 revenue operation maintenance expense no impact net income.
 retail electric price variance offset interim storm recoveries entergy louisiana gulf ceased 2008 credit passed customers 55 storm cost financings.
 hurricane katrina rita note 2 financial statements interim recovery.


financial statements regulatory action gs bank usa requirements-capitalized depository institution 1 capital ratio 6% 6 % total capital ratio 10% 10 % 1 leverage ratio 5% 5 %.
 agreed federal reserve board capital ratios.
 1 capital ratio 8% 8 % total capital ratio 11% 11 leverage 6% 6 %.
 compliance capital requirements december 2013.
 regulatory capital ratios federal board.
 revised market risk regulatory capital requirements january 1 2013.
 increased capital requirements.
.
 1 capital $ 20086 $ 20704
 2 capital $
 20202
 risk-weighted assets $ 134935 $ 109669
 1 capital ratio 14. 9%. 9 % 18.
 total capital ratio 15.
 1 leverage ratio 16. 9%. 9 17. 6%. 6 %
revised capital framework to gs bank usa advanced banking.
 informed federal reserve board completed satisfactory parallel run changes calculations second quarter 2014.
 new minimum cet1 ratio 4% 4 to 4. 5%. 2015.
 changes standards-capitalized status cet1 ratio requirement 6. 5%. 1 capital ratio 6% to 8%.
 1 2018 banking organizations supplementary leverage ratio 3% or greater.
 basel committee guidelines for capital requirements institutions.
.
 impact capital requirements gs bank usa banking regulators.
 deposits insured by fdic.
 federal reserve board cash reserves.
 $ 50. 39 billion $ 58. 67 billion december 2013 2012 exceeded required reserve amounts by $ 50. 29 billion $. billion.
 transactions between gs bank usa subsidiaries.
subsidiaries gs bank regulated federal reserve board.
 limit transactions credit extensions require market terms.
 principal.
 subsidiary gsib wholly-owned credit institution regulated prudential financial conduct authority subject minimum capital requirements.
 2013 2012 capital requirements.
 sachs 2013 annual report


xpedx north american distributes products commercial printers building services away-from-home markets facility manufacturers packaging warehousing delivery.
 leading wholesale distribution north 122 warehouse locations 130 retail stores united states mexico cana owns manages 200000 acres forestlands properties states south.
 remaining forestlands managed portfolio.
 sold.
 sold 2007.
.
.
 50:50 joint venture pulp paper business russia.
 three paper mills bratsk ust-ilimsk koryazhma pulp capacity 2. 5 million tons.
 harvesting rights timberland forest areas 12. 8 million acres 5. 2 million hectares.
 brand trademarks international paper.
 non-durable industrial goods processed foods poultry meat agricultural products.
factors profitability raw material energy freight manufacturing effi product mix.
 results cbpr business.
 net sales 2009 increased 16% $ 8. billion $. billion 2008. billion 2007.
 operating profits 95% higher double 2007.
 higher shipments cbpr operating costs 294 million lower raw material freight costs 295 million offset lower price realizations $ 243 million higher corporate overhead 85 million costs acquisition cbpr 3 million higher other costs $ 7 million.
 profits $ 849 million alternative fuel.
 plant closure costs $ 653 million shutdown mill $ 87 million.
.
 net sales profits cbpr business.
 sales $ 7. billion 2009. billion 2008 3. billion 2007.
profits 2009 $ 791 million million excluding fuel closure cbpr integration $ 322 million 414 million cbpr inventory closure 2008 $ 305 million 2007.
 tainerboard box shipments lower weaker demand.
 sales price lower weaker economic.
 margins


general mills gross margin declined 1 percent.
 flat.
 expenses decreased $ 78 million.
 3 percent decrease advertising media smaller foundation incentive compensation lower pension expense.
 $ 39 million currency devaluation 9 million.
 $ 12 million gration costs acquisition.
 expenses decreased 1 percent.
 restructuring exit costs $ 4 million.
 restructuring productivity cost savings plan.
.
 paid $ 22 million restructuring.
 divestiture gain $ 66 million grain elevators.
.
 no divestitures.
 $ 302 million 15 million lower.
 average interest rate decreased 41 points $ 31 million decrease.
 bearing instruments increased 367 million $ 16 million increase.
 consolidated tax rate. percent. 2013.
.percentage point increase related restructuring general mills cereals subsidiary first quarter 2013 $ 63 million decrease deferred income tax liabilities investment assets non-cash reduction income taxes.
 $ 34 million decrease income tax expense increase deferred tax assets tax benefits medicare part d subsidies reduced 2010.
 fiscal 2013 tax expense includes $ 12 million charge liquidation corporate investment.
 after-tax earnings joint ventures 2014 decreased $ 90 million $ 99 million 2013 increased consumer spending cereal partners unfavorable foreign currency exchange.
.
 change net sales joint venture change net sales.
.
.
.
 2014 net sales declined 1 point unfavorable foreign currency exchange.
 volume growth flat compared 2013.
net sales hdj decreased 8 volume offset foreign currency exchange 2 price realization.
 diluted shares decreased 20 million repurchase 36 million 7 million stock compensation plans.
 cash equivalents increased 126 million.
 receivables increased 37 million timing.
 inventories increased 14 million.
 prepaid expenses assets decreased 29 million liquidation.
 land buildings equipment increased 64 million capital expenditures


.
 postretirement benefit plans company defined benefit plans employees united states international subsidiaries.
 design changes 2011 january 1 2013 participants merck.
 pension plans benefits new cash balance formulas age service pay interest.
 transition 2013 through december 31 2019 participants earn benefit final average pay formula cash balance formula.
 after benefits cash balance formula.
 provides medical benefits eligible.
 retirees dependents.
 uses december 31 year-end measurement pension plans.
 net periodic benefit cost.
 years december 31 2013
 service cost $ 682 $
 interest cost 665 661 718
 return on assets -1097 -970 -126 -136 -142
 net amortization 336  185 201 -50
 termination benefits 58 27 59 50 18
curtailments -23 -10 -86 -11 -7
 settlements 23 18 4 2014
 net benefit cost $ 644 $ 466 $ 543 $ 72 $ 43
 increase cost 2013 discount rate.
.
 $ 348 million 2013 $ 268 million 2012 $ million restructuring actions termination charges recorded 2013 2012 2011 expanded eligibility employees.
 curtailments recorded 2011.
 settlements recorded 2013 2011 domestic international pension plans.


mississippi.
 increased $ 16. million lower operation expenses higher revenues lower income tax rate depreciation amortization expenses.
 increased $ 17. million write-off regulatory assets nuclear generation joint stipulation mississippi public utilities higher depreciation amortization expenses higher taxes operation expenses lower revenue.
 note 2 statements nuclear generation.
 fuel gas power expenses regulatory charges.
 analysis change net revenue 2016 2015.
.
 2015 revenue $ 696.
 retail electric price.
 volume.
 wholesale revenue.
 reserve equalization.
.
 2016 revenue $ 705.
 retail electric price variance due $ 19. million increase revenues mpsc billing cycle 2016 storm damage rider.
 note 2 financial statements formula plan storm damage.
volume/weather variance due 153 gwh 1% electricity industrial usage offset less weather residential commercial sales.
 increase due expansion pulp paper increased demand new customers wood.


logistics subsidiaries crew lodging slower network.
 consulting fees contract expenses maintenance.
 locomotive freight car material expenses increased volumes stored equipment slower network.
 purchased services increased 10% logistics management fees locomotive overhauls repairs.
 road property ties ballast track material.
 depreciation 7%.
 higher depreciable asset base capital spending.
 depreciation 1% 1 %.
 longer service lives capital spending.
 locomotive leases.
 intermodal volumes longer cycle times increased freight car rental expense.
 lower equipment leases rental expense purchase options.
 container costs logistics management automotive shipments lower cycle times $ 51 million increase freight car rental expense.
 lower locomotive freight car lease expenses higher rental.
2013 expenses include taxes freight equipment damage utilities insurance personal injury environmental employee travel telephone cellular software debt.
 higher property taxes personal injury offset environmental expense damaged freight costs 2014.
 costs.
 safety performance lower liability personal injury reduced expense.
 non-operating items 2014 2013 2012 % change.
 income $ 151 $ 128 $ 108 18% 18 % 19% ( 19 %
 interest expense -561
 income taxes 19% 19 % 12% 12 %
 increased higher gains real estate sales permanent easement.
 offset by higher environmental costs non-operating property lower lease income $ 17 million settlement land lease contract.
 increased higher gains real estate lease income.
 offset by interest tax refund 2012.


clearing firm required deposit maintain balances cash.
 government securities foreign government securities bank letters of credit investments performance bond guaranty fund requirements.
 non-cash deposits marked-to-market daily.
 not reflected in financial statements interest.
 balances may fluctuate due investment choices changes contributions.
 rules cbot require collateral for physical commodities capital deposits arbitration matters.
 clearing firms cbot products cash.
 treasury securities letters of credit.
 positions once twice for futures options require lost value gained value.
 mark-to-market frequently.
 simultaneous default unrealized maximum exposure credit default one half day changes fair value positions.
 maximum exposure one full day changes value.
 2017 transferred approximately $ 2.billion clearing system settlement.
 reduces guarantee exposure performance bond guaranty fund contributions.
 guarantee liability immaterial recorded liability december 31 2017.
 2016 performance bond guaranty fund assets cash.
.
 government securities maturity 90 days or less.
.
.
 securities purchased cme cash collateral.
 benefits interest risks ownership accrue cme.
 investment income.
 no.
.
 government securities december 31 2017.
 amortized cost fair value securities 2016.
.
. securities
 cme systemically important financial market utility maintains cash account federal reserve bank chicago.
 maintained $ 34. billion $ 6. 2 billion.
 clearing firms instruct deposit cash programs.
 total principal $ 1.billion december 31. billion


2013. subsidiary agreed trustees.
 contribute $ 11 million per year pension plan three years.
 trustees.
 advance winding-up deficit.
 estimated deficit a3240 million $ 360 million.
 trustees accepted contributions not requested deficit.
 purchase obligations agreements goods services enforceable binding terms timing.
 related information technology services.
 $ 12 million unfunded commitments investment limited partnership.
 $ 218 million liabilities tax positions.
 2015 net assets $ 6. 2 billion decrease from. 2014.
 due to share repurchases $ 1. 6 billion dividends $ 323 million loss $ 289 million post- retirement benefit obligation offset net income $ 1. 4 billion.
 working capital increased $ 77 million from 809 million to $ 886 million.
loss increased $ 289 million 31 2015 2014 driven by 2022 negative foreign currency translation adjustments $ 436 million strengthening.
 dollar decrease $ 155 million post-retirement benefit obligations financial instrument losses $ 8 million.
 2022 risk solutions advisor insurance reinsurance broker.
 partners benefits talent financial challenges performance human capital retirement investment management health care compensation talent management strategies.
.
 years ended december 31 2015 2014 2013
 revenue $ 7426 $ 7834 7789
 income 1506
 operating margin. 3%.
 demand property casualty insurance rises economic activity increases falls decreases commissions fees.
 exposure